ICMB

SEC source: 0001140361-19-019949 · 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: 29,522

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 $6.72. 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: 0001140361-19-019639 · 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: 29,417

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.67 to $6.72.

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: 0001140361-19-019639 · 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: 27,476

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.64 to $6.77.

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

SEC source: 0001140361-19-019639 · 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: 26,476

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.70 to $6.70. 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: 0001140361-19-019293 · 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: 26,376

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.665 to $6.71.

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: 0001140361-19-019293 · 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: 24,776

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.53 to $6.67. 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: 0001140361-19-019090 · 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: 23,339

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 $6.68.

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: 0001140361-19-019090 · 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: 22,839

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.65 to $6.69. 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: 0001140361-19-018934 · 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: 21,939

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.60 to $6.70.

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: 0001140361-19-018934 · 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: 21,039

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.415 to $6.55. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

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

SEC source: 0001140361-19-018813 · 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: 19,339

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.65 to $6.655.

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: 0001140361-19-018813 · 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: 19,039

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.68 to $6.73. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

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

SEC source: 0001140361-19-018606 · form4.xml · nonDerivative · entry 11

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: 17,624

F12 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.52 to $6.60.

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: 0001140361-19-018606 · form4.xml · nonDerivative · entry 10

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: 15,820

F11 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.49 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: 0001140361-19-018606 · form4.xml · nonDerivative · entry 9

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: 14,250

F10 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.41 to $6.60.

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: 0001140361-19-018606 · form4.xml · nonDerivative · entry 8

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: 12,250

F9 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.45 to $6.54.

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: 0001140361-19-018606 · form4.xml · nonDerivative · entry 7

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: 10,450

F8 · 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 $6.55.

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: 0001140361-19-018606 · form4.xml · nonDerivative · entry 6

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: 8,850

F7 · 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 $6.58.

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: 0001140361-19-018606 · form4.xml · nonDerivative · entry 5

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: 7,450

F6 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.49 to $6.52.

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

SEC source: 0001140361-19-018606 · 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: 5,751

F5 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.48 to $6.525.

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: 0001140361-19-018606 · 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: 5,151

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.50 to $6.53.

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: 0001140361-19-018606 · 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: 3,521

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.49 to $6.60.

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: 0001140361-19-018606 · 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: 2,920

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.48 to $6.515. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

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

SEC source: 0000899243-19-023851 · doc4.xml · nonDerivative · entry 1

DELGUERCIO ROCCO · CIK 0001240047 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,000.13

F1 · balance_after: Includes 459.965 shares acquired under the Investcorp Credit Management BDC, Inc. (formerly CM Finance Inc) dividend reinvestment plan.

SEC source: 0000899243-18-028930 · doc4.xml · nonDerivative · entry 2

DELGUERCIO ROCCO · CIK 0001240047 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,146.165

SEC source: 0000899243-18-028930 · doc4.xml · nonDerivative · entry 1

DELGUERCIO ROCCO · CIK 0001240047 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,646.165

F1 · balance_after: Includes 59.791 shares acquired under the CM Finance Inc dividend reinvestment plan.

SEC source: 0000899243-18-024853 · doc4.xml · nonDerivative · entry 1

DELGUERCIO ROCCO · CIK 0001240047 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,086.374

F1 · balance_after: Includes 56.5 shares acquired under the CM Finance Inc dividend reinvestment plan.

SEC source: 0000899243-18-013394 · doc4.xml · nonDerivative · entry 1

DELGUERCIO ROCCO · CIK 0001240047 · CFO, CCO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,029.874

F1 · balance_after: Includes 29.874 shares acquired under the CM Finance Inc dividend reinvestment plan.

SEC source: 0000899243-17-026340 · doc4.xml · nonDerivative · entry 1

DELGUERCIO ROCCO · CIK 0001240047 · CFO, CCO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,000

SEC source: 0000899243-17-021981 · doc4.xml · nonDerivative · entry 4

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 104,000.12

SEC source: 0000899243-17-021981 · doc4.xml · nonDerivative · entry 3

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 103,800.12

SEC source: 0000899243-17-021981 · doc4.xml · nonDerivative · entry 2

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 103,000.12

SEC source: 0000899243-17-021981 · doc4.xml · nonDerivative · entry 1

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 101,000.12

F1 · balance_after: Includes 0.154 shares acquired under the CM Finance Inc dividend reinvestment plan.

SEC source: 0000899243-17-008346 · doc4.xml · nonDerivative · entry 6

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,999.966

SEC source: 0000899243-17-008346 · doc4.xml · nonDerivative · entry 5

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,200.966

SEC source: 0000899243-17-008346 · doc4.xml · nonDerivative · entry 4

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,100.966

SEC source: 0000899243-17-008346 · doc4.xml · nonDerivative · entry 3

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,000.966

SEC source: 0000899243-17-008346 · doc4.xml · nonDerivative · entry 2

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 98,000.966

SEC source: 0000899243-17-008346 · doc4.xml · nonDerivative · entry 1

MAUER MICHAEL · CIK 0001498608 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 97,499.966

F1 · balance_after: Includes 0.324 shares acquired under the CM Finance Inc dividend reinvestment plan.

SEC source: 0000899243-18-007160 · doc4a.xml · nonDerivative · entry 1

Jansen Christopher E · CIK 0001592804 · Director · President and Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 73,669.099

F1 · price: The price shown in Column 4 is the weighted average purchase price of the shares of common stock of CM Finance Inc (the "Issuer"), par value $0.001 per share, on the transaction date. The price range for the purchases is $12.50 to $12.65 per share. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares purchased at each separate price.

F2 · balance_after: Includes 0.053 shares acquired under the CM Finance Inc dividend reinvestment plan.

F3 · balance_after: This Form 4 amendment is being filed to correct a typographical error in the number of shares of the Issuer's common stock previously reported as being beneficially owned by Mr. Jansen following his November 18, 2014 purchase of 2,000 shares.