ICMB

SEC source: 0001140361-20-006479 · 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: 410,674

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $1.65 to $2.59. 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: 0001140361-20-006124 · 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: 407,915

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.41 to $2.67.

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: 0001140361-20-006124 · 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: 404,941

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.65 to $3.01.

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: 0001140361-20-006124 · 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: 402,141

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.09 to $4.00. 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: 0001140361-20-005644 · 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: 399,146

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.25 to $4.755.

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: 0001140361-20-005644 · 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: 396,066

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $5.93 to $6.56.

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: 0001140361-20-005644 · 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: 394,117

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.50 to $6.65. 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: 0001140361-20-005176 · 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: 393,129

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.60 to $6.78.

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: 0000899243-20-007855 · doc4.xml · nonDerivative · entry 1

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 114,610.34

SEC source: 0001140361-20-005176 · 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: 391,229

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.63 to $6.86.

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: 0000899243-20-007680 · doc4.xml · nonDerivative · entry 1

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,641.34

SEC source: 0000899243-20-007505 · doc4.xml · nonDerivative · entry 3

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 102,320.34

SEC source: 0001140361-20-005176 · 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: 389,181

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.00 to $7.10. 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: 0001140361-20-004860 · form4.xml · nonDerivative · entry 4

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: 387,133

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.94 to $7.06.

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: 0000899243-20-007505 · doc4.xml · nonDerivative · entry 2

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 108,910.34

SEC source: 0000899243-20-007505 · doc4.xml · nonDerivative · entry 1

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 114,410.34

F1 · balance_after: Includes 10,610.22 shares acquired under the Investcorp Credit Management BDC, Inc. dividend reinvestment plan.

SEC source: 0001140361-20-004860 · 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: 386,633

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.71 to $6.92.

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: 0001140361-20-004860 · 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: 384,585

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: 0001140361-20-004860 · 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: 271,085

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.81 to $6.99. 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: 0001140361-20-004432 · 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: 269,131

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.01 to $7.22.

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: 0001140361-20-004432 · 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: 267,108

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.24 to $7.42.

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: 0001140361-20-004432 · 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: 265,608

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.45 to $7.48. 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: 0001140361-20-004011 · 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: 264,408

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.49 to $7.54.

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: 0001140361-20-004011 · 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: 262,508

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.49 to $7.64.

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: 0001140361-20-004011 · 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: 260,693

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.57 to $7.69. 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: 0001140361-20-003730 · 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: 258,645

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.55 to $7.66.

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: 0001140361-20-003730 · 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: 257,345

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.495 to $7.62.

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: 0001140361-20-003730 · 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: 255,297

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.35 to $7.46. 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: 0001140361-20-003439 · 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: 254,003

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.39 to $7.45.

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: 0001140361-20-003439 · 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: 252,165

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.30 to $7.47.

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: 0001140361-20-003439 · 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: 250,365

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.28 to $7.40. 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: 0001140361-20-002842 · 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: 248,495

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.26 to $7.38.

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: 0001140361-20-002842 · 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: 246,674

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.27 to $7.38.

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: 0001140361-20-002842 · 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: 244,626

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.21 to $7.27. 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: 0001140361-20-002507 · 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: 242,720

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.15 to $7.25.

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: 0001140361-20-002507 · 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: 240,672

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.10 to $7.13.

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: 0001140361-20-002507 · 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: 238,772

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.10 to $7.16. 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: 0001140361-20-002126 · 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: 236,724

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.03 to $7.125.

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: 0001140361-20-002126 · 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: 234,796

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.07 to $7.14.

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: 0001140361-20-002126 · 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: 233,096

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.01 to $7.10. 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: 0001140361-20-001746 · 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: 231,373

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.03 to $7.05.

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: 0001140361-20-001746 · 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: 230,373

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.02 to $7.14.

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: 0001140361-20-001746 · 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: 228,773

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.06 to $7.15. 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: 0001140361-20-001440 · 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: 227,373

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.115 to $7.15.

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: 0001140361-20-001440 · 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: 226,273

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.04 to $7.11.

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: 0001140361-20-001440 · 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: 224,225

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.02 to $7.03. 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: 0001140361-20-001174 · 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: 223,425

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.00 to $7.04.

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: 0001140361-20-001174 · 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: 221,976

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.015 to $7.05.

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: 0001140361-20-001174 · 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: 221,055

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.03 to $7.05. 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: 0001140361-20-000845 · 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: 219,304

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.005 to $7.05.

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.