ICMB

SEC source: 0001140361-20-000845 · 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: 217,496

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.99 to $7.03.

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: 0001140361-20-000845 · 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: 216,220

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 $7.10. 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: 0001140361-20-000649 · 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: 214,320

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.08 to $7.10.

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: 0001140361-20-000649 · 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: 213,720

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.06 to $7.09.

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: 0001140361-20-000649 · 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: 212,020

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.89 to $7.00. 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: 0001140361-20-000439 · 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: 210,520

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.92 to $7.09.

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: 0001140361-20-000439 · 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: 208,472

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.95 to $6.98.

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.

SEC source: 0001140361-20-000439 · 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: 206,759

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.84 to $6.91. 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: 0001140361-20-000070 · 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: 205,859

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.72 to $6.80.

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: 0001140361-20-000070 · 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: 203,959

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.73 to $6.85.

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: 0001140361-20-000070 · 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: 201,953

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.71 to $6.855. 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: 0001140361-19-023364 · 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: 200,058

F5 · 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 $6.94.

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: 0001140361-19-023364 · 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: 198,661

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.77 to $7.03.

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: 0001140361-19-023364 · 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: 196,663

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.99 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: 0001140361-19-023364 · 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: 194,770

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.97 to $7.06. 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: 0001140361-19-023035 · 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: 192,957

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.96 to $7.01.

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: 0001140361-19-023035 · 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: 191,300

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.94 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: 0000899243-19-029789 · doc4.xml · nonDerivative · entry 1

Sullivan Thomas J · CIK 0001591210 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

SEC source: 0001140361-19-023035 · 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: 189,932

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 $7.06. 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: 0001140361-19-022762 · 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: 187,932

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.98 to $6.99.

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: 0001140361-19-022762 · 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: 186,232

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.95 to $6.97.

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: 0001140361-19-022762 · 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: 184,632

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.93 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: 0001140361-19-022465 · 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: 182,632

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.95 to $7.00.

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: 0001140361-19-022465 · 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: 180,727

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.09 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: 0001140361-19-022465 · 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: 179,126

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 $7.25. 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: 0001140361-19-022184 · 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: 177,136

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.22 to $7.34.

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: 0001140361-19-022184 · 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: 175,219

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.23 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: 0001140361-19-022184 · 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: 173,719

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.175 to $7.33. 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: 0001140361-19-021952 · 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: 172,121

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.12 to $7.16.

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: 0001140361-19-021952 · 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: 170,221

F2 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.11 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.

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: 0001140361-19-021844 · 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: 54,820

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 $7.24.

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: 0001140361-19-021952 · 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: 168,320

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: 0001140361-19-021844 · 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: 53,215

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.06 to $7.195.

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: 0001140361-19-021844 · 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: 51,415

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.12 to $7.26 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: 0001140361-19-021538 · 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: 49,716

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.05 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: 0001140361-19-021393 · 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: 47,668

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.96 to $7.035.

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: 0001140361-19-021393 · 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: 46,468

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.01 to $7.08.

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: 0001140361-19-021393 · 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: 44,420

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $7.04 to $7.13. 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: 0001140361-19-021041 · 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: 43,353

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: 0001140361-19-021041 · 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: 41,953

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.825 to $6.91.

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: 0001140361-19-021041 · 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: 40,153

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.90 to $6.90. 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: 0001140361-19-020725 · 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: 38,453

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.87 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: 0001140361-19-020725 · 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: 36,853

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.87 to $6.94.

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: 0001140361-19-020725 · 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: 35,238

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.80 to $7.00. 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: 0001140361-19-020379 · 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: 34,038

F5 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.785 to $6.83.

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: 0001140361-19-020379 · 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: 33,222

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.69 to $6.84.

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: 0001140361-19-020379 · 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: 32,322

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.70 to $6.75.

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: 0001140361-19-020379 · 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: 30,622

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.71 to $6.71. 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: 0001140361-19-019949 · 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: 30,422

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.74 to $6.74.

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: 0001140361-19-019949 · 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: 29,922

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.74 to $6.74.

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.