# EDGAR Filing Document

**Accession Number:** 0001578348
**File Stem:** 0001193125-26-132860
**Filing Date:** 2026-3
**Character Count:** 964993
**Document Hash:** 3f7ad92b142062d082c3f36e6f83346b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-132860.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001193125-26-132860

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investcorp Credit Management BDC, Inc.
- **CENTRAL INDEX KEY:** 0001578348

**ORGANIZATION NAME:**
- **EIN:** 462883380
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01054
- **FILM NUMBER:** 26816496

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 39TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-388-5813

**MAIL ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 39TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CM Finance Inc
- **DATE OF NAME CHANGE:** 20130531

?xml version='1.0' encoding='ASCII'? 10-K

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM** 10-K

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(Mark One)

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscaL year ended** December 31**,** 2025

**OR** 

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**COMMISSION FILE NUMBER:** 814-01054

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Investcorp Credit Management BDC, Inc.

**(Exact Name of Registrant as Specified in Its Charter)** 

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| | |
|:---|:---|
| Maryland | 46-2883380 |
| **(State of Incorporation)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **280 Park Avenue 39**<sup>th</sup> **Floor**<br>New York**,** NY | 10017 |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**(**646**)** 690-5034

**(Registrant's telephone number, including area code)** 

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**Securities registered pursuant to Section 12(b) of the Act:** 

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| | |
|:---|:---|
| **Title of Each Class** | **Name of Each Exchange on Which Registered** |
| Common Stock, par value $0.001 per share<br> ICMB | The NASDAQ Global Select Market |

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**Securities registered pursuant to Section 12(g) of the Act:** 

**None** 

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of "accelerated filer," "large accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ |
|  |  | Emerging Growth Company | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in

the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation

received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of the Registrant's common stock held by non-affiliates of the Registrant as of June 30, 2025 was approximately $29.7 million based upon the last sale price for the Registrant's common stock on that date.

There were 14,432,472 shares of the Registrant's common stock outstanding as of March 30, 2026.

**Documents Incorporated by Reference** 

None.

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**INVESTCORP CREDIT MANAGEMENT BDC, INC.** 

**FORM 10-K**

**FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025** 

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page**  |
| [**<u>PART I</u>**](#part_i) | [**<u>PART I</u>**](#part_i) | 1 |
| ITEM 1. | [<u>BUSINESS</u>](#business) | 1 |
| ITEM 1A. | [<u>RISK FACTORS</u>](#risk_factors) | 27 |
| ITEM 1B. | [<u>UNRESOLVED STAFF COMMENTS</u>](#unresolved_staff_comments) | 57 |
| ITEM 1C. | [<u>CYBERSECURITY</u>](#item_1c_cybersecurity) | 57 |
| ITEM 2. | [<u>PROPERTIES</u>](#properties) | 58 |
| ITEM 3. | [<u>LEGAL PROCEEDINGS</u>](#legal_proceedings) | 58 |
| ITEM 4. | [<u>MINE SAFETY DISCLOSURES</u>](#mine_safety_disclosures) | 58 |
| [**<u>PART II</u>**](#part_ii) | [**<u>PART II</u>**](#part_ii) | 59 |
| ITEM 5. | [<u>MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</u>](#market_for_registrant_common_equity) | 59 |
| ITEM 6. | [<u>\[RESERVED\]</u>](#reserved) | 62 |
| ITEM 7. | [<u>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</u>](#managements_discussion_and_analysis) | 63 |
| ITEM 7A. | [<u>QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</u>](#item_7a_quantitative) | 79 |
| ITEM 8. | [<u>FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</u>](#financial_statements_and_supplementary) | 80 |
| ITEM 9. | [<u>CHANGES IN AND DISAGREEMENTS WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON ACCOUNTING AND FINANCIAL DISCLOSURE</u>](#changes_in_and_disagreements_with_inde) | 127 |
| ITEM 9A. | [<u>CONTROLS AND PROCEDURES</u>](#controls_and_procedures) | 127 |
| ITEM 9B. | [<u>OTHER INFORMATION</u>](#other_information) | 127 |
| ITEM 9C. | [<u>DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</u>](#disclosure_regarding_foreign_jurisdictio) | 129 |
| [**<u>PART III</u>**](#part_iii) | [**<u>PART III</u>**](#part_iii) | 130 |
| ITEM 10. | [<u>DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</u>](#item_10) | 130 |
| ITEM 11. | [<u>EXECUTIVE COMPENSATION</u>](#item_11) | 132 |
| ITEM 12. | [<u>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</u>](#item_12) | 133 |
| ITEM 13. | [<u>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</u>](#item_13) | 135 |
| ITEM 14. | [<u>PRINCIPAL ACCOUNTANT FEES AND SERVICES</u>](#item_14) | 136 |
| [**<u>PART IV</u>**](#part_iv) | [**<u>PART IV</u>**](#part_iv) | 137 |
| ITEM 15. | [<u>EXHIBITS, FINANCIAL STATEMENT SCHEDULES</u>](#exhibits_financial_statement_schedules) | 137 |
| [<u>SIGNATURES</u>](#signatures) | [<u>SIGNATURES</u>](#signatures) | 140 |

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i

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**PART I** 

**Item 1. Business** 

**Our Company** 

Except as otherwise indicated, the terms "we," "us," "our," "Investcorp Credit" and the "Company" refer to Investcorp Credit Management BDC, Inc. (formerly known as CM Finance Inc through August 30, 2019) and "CM Investment Partners" and the "Adviser" refer to our investment adviser and administrator, CM Investment Partners LLC.

We were formed in February 2012 and commenced operations in March 2012 as CM Finance LLC, a Maryland limited liability company. Immediately prior to the pricing of our initial public offering, CM Finance LLC was merged with and into CM Finance Inc, a Maryland corporation (the "Merger"). On August 30, 2019, we changed our name to Investcorp Credit Management BDC, Inc. We are an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and that has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code, as amended (the "Code") for U.S. federal income tax purposes.

On September 18, 2024, the Company changed its fiscal year end from June 30 to December 31. This Annual Report on Form 10-K covers the twelve-month period ended December 31, 2025. Prior to this Annual Report, our Transition Report on Form 10-KT covered the six-month transition period ended December 31, 2024 and reflected our financial results for the six-month period from July 1, 2024 through December 31, 2024 (the "Transition Period"). Prior to this Annual Report and Transition Report, our two most recent prior Annual Reports on Form 10-K covered the fiscal years ended June 30, 2024 and June 30, 2023, respectively, and reflected financial results for the respective twelve-month periods from July 1 to June 30. Unless otherwise noted, all references to "fiscal years" in this Annual Report refer to the twelve-month fiscal year subsequent to December 31, 2024 and fiscal years that, prior to the Transition Period ended December 31, 2024, ended on June 30.

We are a specialty finance company that invests primarily in the debt of U.S. middle-market companies, which we generally define as those companies that have an enterprise value, which represents the aggregate of debt value and equity value of the entity, of less than $750 million. We are externally managed by CM Investment Partners. The Adviser is led by Suhail A. Shaikh, President and Chief Executive Officer of the Company and Chief Investment Officer of the Adviser, and comprises a team of experienced team members including Michael C. Mauer, Chairman of the Company's board of directors, former Co-Chief Investment Officer of the Adviser and member of the Adviser's Investment Committee. Our primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing primarily in debt and related equity of privately held middle-market companies.

We seek to invest primarily in middle-market companies that have annual revenues of at least $50 million and EBITDA of at least $15 million. We focus on companies with leading market positions, significant asset or franchise values, strong free cash flow and experienced senior management teams, with emphasis on companies with high-quality private equity sponsorship. Our investments typically range in size from $5 million to $25 million. We expect that our portfolio companies will use our capital for organic growth, acquisitions, market or product expansion, refinancings, and/or recapitalizations. We invest, and intend to continue to invest, in standalone first and second lien loans and unitranche loans, with an emphasis on floating rate debt. Unitranche loans are loans structured as first lien loans with certain characteristics of mezzanine loan risk in one security. We also selectively invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments, in most cases taking such upside participation interests as part of a broader investment relationship.

We strive to maintain a strong focus on credit quality, investment discipline and investment selectivity. We believe that investing in the debt of private middle-market companies generally provides a more attractive relative value proposition than investing in broadly syndicated debt due to the conservative capital structures and superior default and loss characteristics typically associated with middle-market companies. We believe that, because private middle-market companies have limited access to capital providers, debt investments in these companies typically carry above-market interest rates and include more favorable protections, resulting in attractive risk-adjusted returns across credit cycles while better preserving capital. The companies in which we invest typically are highly leveraged, and, in most cases, our investments in such companies are not rated by national rating agencies. If such investments were rated, we believe that they would likely receive a rating that is often referred to as "junk" or "high yield."

On August 23, 2021, we, through Investcorp Credit Management BDC SPV, LLC ("SPV LLC"), our wholly-owned subsidiary, entered into a five-year, $115 million senior secured revolving credit facility (the "Capital One Revolving Financing") with Capital One, N.A. ("Capital One"), which is secured by collateral consisting primarily of loans in the Company's investment portfolio. On June 14, 2023, we amended the Capital One Revolving Financing to decrease the facility size from $115 million to $100 million. On January 17, 2024, we amended the Capital One Revolving Financing to (i) extend the maturity date to January 17, 2029, (ii) increase the applicable interest

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spreads under the Capital One Revolving Financing and (iii) extend the Scheduled Revolving Period End Date (as defined in the Capital One Revolving Financing) to January 17, 2027. The Capital One Revolving Financing, which will expire on January 17, 2029 (the "Maturity Date"), features a three-year reinvestment period and a two-year amortization period.

Effective January 17, 2024, borrowings under the Capital One Revolving Financing generally bear interest at a rate per annum equal to Secured Overnight Financing Rate ("SOFR") plus 3.10%. The default interest rate will be equal to the interest rate then in effect plus 2.00%. The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base. The Capital One Revolving Financing generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing also requires mandatory prepayment of interest and principal upon certain events.

On November 19, 2024, we amended the Capital One Revolving Financing to provide for, among other things, a decrease of the applicable interest spreads under the Capital One Revolving Financing from SOFR plus 3.10% to SOFR plus 2.50%, and to make amendments to the concentration limits and other fees, and certain other amendments.

As of December 31, 2025, December 31, 2024 and June 30, 2024, there were $58.9 million, $58.5 million and $43.0 million in borrowings outstanding under the Capital One Revolving Financing, respectively.

**Portfolio Composition** 

As of December 31, 2025, our portfolio consisted of debt and equity investments in 37 portfolio companies with a fair value of $172.7 million. As of December 31, 2025, our portfolio at fair value consisted of 80.76% first lien investments and 19.24% equity, warrant or other positions. At December 31, 2025, our average total yield of debt and income producing securities weighted by amortized cost (which includes interest income and amortization of fees and discounts) was 10.34%. At December 31, 2025, our average total yield on the total portfolio weighted by amortized cost (which includes interest income and amortization of fees and discounts) was 7.71%. The weighted average total yield was computed using an internal rate of return calculation of our debt investments based on contractual cash flows, including interest and amortization payments, and, for floating rate investments, SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate as of December 31, 2025 of all of our debt investments. See "Management's Discussion and Analysis of Financial Condition and Results of Operations". The weighted average total yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before payment of all of our fees and expenses, including any sales load paid in connection with an offering of our securities. There can be no assurance that the weighted average total yield will remain at its current level.

The industry composition of our portfolio at fair value at December 31, 2025 was as follows:

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| | |
|:---|:---|
|  | **Percentage of Total <br>Portfolio at December 31, 2025** |
| Professional Services | 14.50% |
| IT Services | 9.18% |
| Insurance | 8.87% |
| Diversified Consumer Services | 8.57% |
| Commercial Services & Supplies | 7.89% |
| Trading Companies & Distributors | 7.82% |
| Specialty Retail | 6.68% |
| Containers & Packaging | 6.61% |
| Food Products | 5.87% |
| Entertainment | 4.66% |
| Health Care Providers & Services | 4.05% |
| Household Durables | 3.53% |
| Interactive Media & Services | 3.15% |
| Consumer Staples Distribution & Retail | 2.68% |
| Software | 2.57% |
| Construction & Engineering | 2.23% |
| Automobile Components | 1.05% |
| Electronic Equipment, Instruments & Components | 0.09% |
| Total | 100.00% |

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**The Adviser and Administrator – CM Investment Partners LLC** 

CM Investment Partners, our external investment adviser, was formed in July 2013 and is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is responsible for sourcing investment opportunities, conducting industry research, performing diligence on potential investments, structuring our investments and monitoring our portfolio companies on an ongoing basis. The Adviser is led by Suhail A. Shaikh, President and Chief Executive Officer of the Company and the Chief Investment Officer of the Adviser, and comprises a team of experienced team members including Michael C. Mauer, Chairman of the Company's board of directors, former Co-Chief Investment Officer of the Adviser and member of the Adviser's Investment Committee. Mr. Mauer also serves as the Chairman of our board of directors, and Mr. Shaikh also serves as our Chief Executive Officer, President and a member of our board of directors. Mr. Mauer was formerly Global Co-Head of Leveraged Finance and Global Co-Head of Fixed Income Currency and Commodity Distribution at Citigroup Inc. and a senior member of its credit committee responsible for all underwriting and principal commitments of leveraged finance capital worldwide. Mr. Shaikh has served as President of Investcorp Credit Management BDC, Inc. since 2023 and as Co-Chief Investment Officer of CM Investment Partners since 2023. In May 2024, Mr. Shaikh was appointed as our Chief Executive Officer and sole Chief Investment Officer of CM Investment Partners. Mr. Shaikh was formerly Head of US Direct Lending and Vice Chairperson of global Direct Lending investment committee of Alcentra Group.

On August 30, 2019, Investcorp Credit Management US LLC ("Investcorp") acquired an approximate 76% ownership interest in the Adviser through the acquisition of the interests held by Stifel Venture Corp. ("Stifel") and certain funds managed Cyrus Capital Partners, L.P. (the "Cyrus Funds") and through a direct purchase of equity from the Adviser (the "Investcorp Transaction"). On August 31, 2023, Investcorp acquired approximately an additional 7% ownership interest in the Adviser. On December 12, 2024, Investcorp assigned its ownership of the Adviser to IVC Credit Management Financing, LLC ("IVC") its parent entity and the entity that manages Investcorp's US credit management regulated entities. Investcorp and its credit advisory affiliates are a leading global credit investment platform with assets under management of $21.3 billion as of December 31, 2025. Investcorp and its credit advisory affiliates manage funds that invest primarily in senior secured corporate debt issued by mid and large-cap corporations in Western Europe and the United States. The Investcorp business has a favorable track record of consistent performance and growth, employing approximately 60 investment professionals in London and New York. Investcorp is a subsidiary of Investcorp Holdings B.S.C. ("Investcorp Holdings"). Investcorp Holdings and its consolidated subsidiaries, including Investcorp, are referred to as "Investcorp Group". Investcorp Group is a global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis. As of December 31, 2025, Investcorp Group had $62.0 billion in total assets under management, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp Group receives fees calculated on the basis of assets under management. Investcorp Group employs approximately 500 people across its offices in Los Angeles, New York, London, Bahrain, Abu Dhabi, Riyadh, Doha, Mumbai, Delhi, Beijing, Singapore, Luxembourg and Tokyo. Investcorp Group has been engaged in the investment management and related services business since 1982, and brings enhanced capabilities to the Adviser.

The Adviser's investment team, led by Mr. Shaikh, is supported by eight additional investment professionals, who, together with Mr. Shaikh, we refer to as the "Investment Team." The members of the Investment Team have over 100 combined years of experience structuring customized debt solutions for middle-market companies, which we believe will enable us to generate favorable returns across credit cycles with an emphasis on preserving capital. Mr. Shaikh has developed an investment process for reviewing lending opportunities, structuring transactions and monitoring investments throughout multiple credit cycles. The members of the Investment Team have extensive networks for sourcing investment opportunities through direct corporate relationships and relationships with private equity firms, investment banks, restructuring advisors, law firms, boutique advisory firms and distressed/specialty lenders. The members of the Investment Team also have extensive experience across various industries, including aviation, cable, defense, healthcare, media, mining, oil and gas, power, retail, telecommunications, trucking and asset-backed special situations. As a result of the Investment Team's extensive experience, we believe we will be able to achieve appropriate risk-adjusted returns by investing in companies that have restructured but do not have sufficient track records to receive traditional lending terms from a commercial bank or the broadly syndicated leveraged finance market. We believe the members of the Investment Team share a common investment philosophy built on a framework of rigorous business assessment, extensive due diligence and disciplined risk valuation methodology.

Every initial investment by us requires the approval by a majority of the Adviser's investment committee (the "Investment Committee") and such majority must include Mr. Shaikh. Every follow-on investment decision in an existing portfolio company and every investment disposition require approval by a majority of the Investment Committee. The Investment Committee currently consists of Mr. Shaikh, Chief Investment Officer of the Adviser, Mr. Mauer, Robert Andrew Muns, a Managing Director of Investcorp, Branko Krmpotic, consultant to Investcorp and Timothy Waller, a Principal of Investcorp.

In connection with the Investcorp Transaction, on June 26, 2019, our board of directors, including all of the directors who are not "interested persons" of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an "Independent Director"), unanimously approved a new investment advisory agreement (the "Advisory Agreement") and recommended that the Advisory Agreement be submitted to our stockholders for approval, which our stockholders approved at the Special Meeting of Stockholders held on August 28, 2019. At the closing of the Investcorp Transaction on August 30, 2019, we entered into the Advisory Agreement with the Adviser, pursuant to which we pay the Adviser a management fee equal to 1.75% of our gross assets, payable in arrears on a quarterly basis. In

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addition, pursuant to the Advisory Agreement, we pay the Adviser an incentive fee equal to 20.0% of pre-incentive fee net investment income, subject to an annualized hurdle rate of 8.0% with a "catch up" fee for returns between the 8.0% hurdle and 10.0%, as well as 20.0% of net capital gains.

At the closing of the Investcorp Transaction on August 30, 2019, we entered into a new administration agreement with the Adviser (the "Administration Agreement"). Under the Administration Agreement, the Adviser provides us with our chief financial officer, accounting and back-office professionals, equipment and clerical, bookkeeping, recordkeeping and other administrative services. The terms of the Administration Agreement, including the reimbursement of expenses by the Company to the Adviser, are identical to those contained in the Company's prior administration agreement with the Adviser.

In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited ("Investcorp BDC"), an affiliate of Investcorp (the "Stock Purchase Agreement"). Under the Stock Purchase Agreement, Investcorp BDC was required by August 30, 2021 to purchase (i) 680,985 newly issued shares of the Company's common stock, par value $0.001 per share, at the most recently determined net asset value per share of the Company's common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company's common stock in open-market or secondary transactions. Investcorp BDC has completed all required purchases under the Stock Purchase Agreement.

**Market Opportunity** 

We believe that the current investment environment presents a compelling case for investing in secured debt (including standalone first and second lien loans and unitranche loans) and unsecured debt (including mezzanine/structured equity) of middle-market companies. The following factors represent the key drivers of our focus on this attractive market segment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Reduced Availability of Capital for Middle-Market Companies.* We believe there are fewer providers of financing and less capital available for middle-market companies compared to prior to the economic downturn. We believe that, as a result of that downturn:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•many financing providers have chosen to focus on large, liquid corporate loans and syndicated capital markets transactions rather than lending to middle-market businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulatory changes have caused decreased capacity to hold non-investment grade leveraged loans, causing banks to curtail lending to middle-market companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•hedge funds and collateralized loan obligation managers are less likely to pursue investment opportunities in our target market as a result of reduced availability of funding for new investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consolidation of regional banks into money center banks has reduced their focus on middle-market lending.

As a result, we believe that less competition facilitates higher quality deal flow and allows for greater selectivity throughout the investment process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Robust Demand for Debt Capital.* According to Pitchbook, a market research firm, private equity firms had over $1.0 trillion of uncalled capital through December 3, 2025 in the US alone, as reported by Pitchbook.<sup>1</sup> There has been substantial growth in the private credit market which stands at approximately $1.7 trillion, according to the latest available research published on the Federal Reserve website as of December 18, 2025.<sup>2</sup> Our focus is the core middle market which we estimate comprises over $900 billion of the $1.7 trillion.<sup>3</sup> Private equity firms have expanded their focus to include middle-market opportunities due to the lack of opportunities in large capital buyout transactions. We expect the large amount of uninvested capital and the expanded focus on middle-market opportunities to drive buyout activity over the next several years, which should, in turn, continue to create lending opportunities for us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Attractive Deal Pricing and Structures.* We believe that, in general, middle-market debt investments are priced more attractively to lenders than larger, more liquid, public debt financings, due to the more limited universe of lenders as well as the highly negotiated nature of these financings. Middle-market transactions tend to offer stronger covenant packages, higher interest rates, lower leverage levels and better call protection compared to larger financings. In addition, middle-market loans typically offer other investor protections such as default penalties, lien protection, change of control provisions and information rights for lenders.

<sup>1</sup> Pitchbook. 2026 US Private Equity Outlook published December 3, 2025.

<sup>2</sup> Federal Reserve: www.federalreserve.gov.

<sup>3</sup> Investcorp and Pitchbook. H1 2025 Global Private Debt Report, published September 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Specialized Lending Requirements.* We believe that several factors render many U.S. financial institutions ill-suited to lend to U.S. middle-market companies. For example, based on the Investment Team's experience, lending to private U.S. middle-market companies is generally more labor-intensive than lending to larger companies due to the smaller size of each investment and the fragmented nature of information for such companies. Lending to smaller capitalization companies requires due diligence and underwriting practices consistent with the demands and economic limitations of the middle-market and may require more extensive ongoing monitoring by the lender. As a result, middle-market companies historically have been served by a limited segment of the lending community.

**Competitive Strengths** 

We believe that the Adviser's disciplined approach to origination, portfolio construction and risk management should allow us to achieve favorable risk-adjusted returns while preserving our capital. We believe that the following competitive strengths provide positive returns for our investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Experienced Team with Substantial Resources.* The Adviser and its Investment Team is led by Mr. Shaikh, who has over 30 years of experience investing in, providing corporate finance services to, restructuring and consulting with middle-market companies. Mr. Shaikh is supported by eight additional investment professionals, who collectively with Mr. Shaikh, have over 100 combined years of structuring strategic capital for business expansion, refinancings, capital restructuring, post-reorganization financing and servicing the general corporate needs of middle-market companies. The Adviser also benefits from its alignment with IVC, its parent company, which is a leading global credit investment platform with assets under management of $21.3 billion as of December 31, 2025. We believe that the Investment Team and its substantial resources, including through its relationship with Investcorp, provide a significant advantage and contribute to the strength of our business and enhance the quantity and quality of investment opportunities available to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Capitalize on the Investment Team's Extensive Relationships with Middle-Market Companies, Private Equity Sponsors (and non-sponsor transactions) and Intermediaries.* The members of the Investment Team have extensive networks for sourcing investment opportunities through corporate relationships and relationships with private equity firms, investment banks, restructuring advisors, law firms, boutique advisory firms and distressed/specialty lenders. We believe that the strength of these relationships in conjunction with the Investment Team's ability to structure financing solutions for companies that incorporate credit protections at attractive returns for us provide us with a competitive advantage in identifying investment opportunities for us in our target market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Disciplined Underwriting Policies and Rigorous Portfolio Management.* The Adviser has established a credit analysis and investment process to analyze investment opportunities thoroughly. This process includes structuring loans with appropriate covenants and pricing loans based on its knowledge of the middle-market and its rigorous underwriting standards. We focus on capital preservation by extending loans to portfolio companies with assets that we believe will retain sufficient value to repay us even in depressed markets or under liquidation scenarios. Each investment is analyzed from its initial stages by Mr. Shaikh, as the Adviser's Chief Investment Officer, and a senior member of the Investment Team. Every initial investment by the Company requires approval by a majority of the Investment Committee and such majority must include Mr. Shaikh. Follow-on investment decisions in existing portfolio companies and any investment dispositions require approval by a majority of the Investment Committee. Under the supervision of Mr. Shaikh, the Investment Team's senior investment professionals monitor the portfolio for developments on a daily basis, perform credit updates on each investment, review financial performance on at least a quarterly basis, and have regular discussions with the management of portfolio companies. We believe that the Adviser's investment and monitoring process and the depth and experience of the Investment Team gives us a competitive advantage in identifying investments and evaluating risks and opportunities throughout the life cycle of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Ability to Structure Investments Creatively.* Our Investment Team has the expertise and ability to structure investments across all levels of a company's capital structure. These individuals have extensive experience in cash flow, asset-based lending, workout situations and investing in distressed debt, which we believe should enable us to take advantage of attractive investments in recently restructured companies. Furthermore, we believe we are in a better position to leverage the existing knowledge and relationships that the Investment Team has developed to lead investments that meet our investment criteria. We believe that current market conditions allow us to structure attractively priced debt investments and may allow us to incorporate other return-enhancing mechanisms such as commitment fees, original issue discounts ("OID"), early redemption premiums, payment-in-kind ("PIK") interest and certain forms of equity securities.

**Investment Strategy** 

We invest in standalone first and second lien loans and unitranche loans, and selectively in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments, in most cases taking advantage of a potential benefit from an increase in

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the value of such portfolio company as part of an overall relationship. We seek to invest primarily in middle-market companies that have annual revenues of at least $50 million and EBITDA of at least $15 million. Our investments typically range in size from $5 million to $25 million. We may invest in smaller or larger companies if there is an attractive opportunity, especially when there are dislocations in the capital markets, including the high yield and large syndicated loan markets. During such dislocations, we expect to see more deep value investment opportunities offering prospective returns that are disproportionate to the associated risk profile. We focus on companies with leading market positions, significant asset or franchise values, strong free cash flow and experienced senior management teams, with an emphasis on companies with high-quality sponsors.

Our primary investment objective is to maximize current income and capital appreciation by investing directly in privately held middle-market companies. The Adviser pursues investments for us with favorable risk-adjusted returns, including debt investments that offer cash origination fees and lower leverage levels. The Adviser seeks to structure our debt investments with strong protections, including default penalties, information rights, and affirmative and negative financial covenants, such as lien protection and restrictions concerning change of control. We believe these protections, coupled with the other features of our investments, allow us to reduce our risk of capital loss and achieve attractive risk-adjusted returns, although there can be no assurance that we are always able to structure our investments to minimize risk of loss and achieve attractive risk-adjusted returns.

***Investment Criteria*** 

The Investment Team uses the following investment criteria and guidelines to evaluate prospective portfolio companies. However, not all of these criteria and guidelines are used or met in connection with each of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Established companies with a history of positive operating cash flow.* We seek to invest in established companies with sound historical financial performance. The Adviser typically focuses on companies with a history of profitability on an operating cash flow basis. We do not intend to invest in start-up companies or companies with speculative business plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Defensible and sustainable business.* We seek to invest in companies with proven products and/or services that provide a competitive advantage versus its competitors or new entrants. The Adviser places an emphasis on the strength of historical operations and profitability and the generation of free cash flow to reinvest in the business or to utilize for debt service. The Adviser also focuses on the relative strength of the valuation and liquidity of collateral used to provide security for our investments, when applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Seasoned management team with meaningful equity ownership*. The Adviser generally requires that our portfolio companies have a seasoned management team, with strong corporate governance. The Adviser also seeks to invest in companies with management teams that have meaningful equity ownership. The Adviser believes that companies that have proper incentives in place, including having significant equity interests, motivate management teams to enhance enterprise value, which will act in accordance with our interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Significant Invested Capital.* The Adviser seeks investments in portfolio companies where it believes that the aggregate enterprise value significantly exceeds aggregate indebtedness, after consideration of our investment. The Adviser believes that the existence of significant underlying equity value (i.e., the amount by which the aggregate enterprise value exceeds the aggregate indebtedness) provides important support to our debt investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Investment Partnerships*. We seek to invest where private equity sponsors have demonstrated capabilities in building enterprise value. In addition, we seek to partner with specialty lenders and other financial institutions. The Adviser believes that private equity sponsors and specialty lenders can serve as committed partners and advisors that will actively work with the Adviser, the company and its management team to meet company goals and create value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Ability to exert meaningful influence.* We target investment opportunities in which we will be a significant investor in the tranche and in which we can add value through active participation in the direction of the company, sometimes through advisory positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Exit strategy.* We generally seek to invest in companies that the Adviser believes possess attributes that will provide us with the ability to exit our investments. We typically expect to exit our investments through one of three scenarios: (i) the sale of the company resulting in repayment of all outstanding debt, (ii) the recapitalization of the company through which our loan is replaced with debt or equity from a third party or parties or (iii) the repayment of the initial or remaining principal amount of our loan then outstanding at maturity. In some investments, there may be scheduled amortization of some portion of our loan, which would result in a partial exit of our investment prior to the maturity of the loan.

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***Deal Origination*** 

The Adviser's deal-originating efforts are focused on its direct corporate relationships and relationships with private equity firms, investment banks, restructuring advisers, law firms, and boutique advisory firms and distressed/specialty lenders. The Adviser's Investment Team continues to enhance and expand these relationships.

The origination process is designed to thoroughly evaluate potential financings and to identify the most attractive of these opportunities on the basis of risk-adjusted returns. Each investment is analyzed from its initial stages through our investment by the Chief Investment Officer of the Adviser and an additional investment professional. If an opportunity fits our criteria for investment and merits further review and consideration, the investment is presented to the Investment Committee. This first stage of analysis involves a preliminary, but detailed, description of the potential financing. An investment summary is then generated after preliminary due diligence. The opportunity may be discussed several times by members of the Investment Team. Prior to funding, every initial investment requires the approval of a majority of the Investment Committee and such majority must include Mr. Shaikh. Follow-on investment decisions in existing portfolio companies and investment dispositions require the approval of a majority of the Investment Committee.

If the Adviser decides to pursue an opportunity, a preliminary term sheet will be produced for the target portfolio company. This term sheet serves as a basis for the discussion and negotiation of the critical terms of the proposed financing. At this stage, the Adviser begins its formal underwriting and investment approval process as described below. After the negotiation of a transaction, the financing is presented to the Investment Committee of the Adviser for approval. Upon approval of a financing transaction, the parties will prepare the relevant loan documentation. An investment is funded only after all due diligence is satisfactorily completed and all closing conditions have been satisfied. The investments in our portfolio are monitored by a member of the Investment Committee aided by the investment professionals of the Investment Team, who also perform credit updates on each investment quarterly.

***Underwriting*** 

*Underwriting process and investment approval* 

The Adviser makes investment decisions only after considering a number of factors regarding the potential investment including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•historical and projected financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•company and industry specific characteristics, such as strengths, weaknesses, opportunities and threats;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•composition and experience of the management team; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•track record of the private equity sponsor leading the transaction, if applicable.

This methodology is employed to screen a high volume of potential investment opportunities on a consistent basis.

If an investment is deemed appropriate to pursue, a more detailed and rigorous evaluation is made after considering relevant investment parameters. The following outlines the general parameters and areas of evaluation and due diligence for investment decisions, although not all are necessarily considered or given equal weighting in the evaluation process.

*Business model and financial assessment* 

The Adviser undertakes a review and analysis of the financial and strategic plans for the potential investment. There is significant evaluation of and reliance upon the due diligence performed by the private equity sponsor, if applicable, and third-party experts, including accountants and consultants. Areas of evaluation include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•historical and projected financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•quality of earnings, including source and predictability of cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•customer and vendor interviews and assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential exit scenarios, including probability of a liquidity event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•internal controls and accounting systems; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assets, liabilities and contingent liabilities.

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*Industry dynamics* 

The Adviser evaluates the portfolio company's industry, and may, if considered appropriate, consult or retain industry experts. The following factors are among those the Adviser analyzes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sensitivity to economic cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competitive environment, including number of competitors, threat of new entrants or substitutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fragmentation and relative market share of industry leaders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•growth potential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulatory and legal environment.

*Management assessment* 

The Adviser makes an in-depth assessment of the management team, including evaluation along several key metrics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•background checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the number of years in their current positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•track record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•industry experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•management incentive, including the level of direct investment in the enterprise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•completeness of the management team (positions that need to be filled or added).

*Sponsor assessment* 

Among critical due diligence investigations is the evaluation of a private equity sponsor or specialty lender that has, or is also making, an investment in the portfolio company. A private equity sponsor is typically a controlling stockholder upon completion of an investment and as such is considered critical to the success of the investment. In addition, a management team with meaningful equity ownership can serve as a committed partner to us and any private equity sponsor or specialty lender. The Adviser evaluates a private equity sponsor or specialty lender along several key criteria, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment track record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•industry experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•capacity and willingness to provide additional financial support to the company through additional capital contributions, if necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reference checks.

***Investments*** 

The following describes the types of loans we generally make:

*Standalone first lien loans*. Standalone first lien loans are loans that are typically senior on a lien basis to other liabilities in the issuer's capital structure and have the benefit of a security interest on the assets of the portfolio company. Standalone first lien loans may provide for moderate loan amortization in the early years of the loan, with the majority of the amortization deferred until loan maturity.

*Standalone second lien loans*. Standalone second lien loans are loans that are typically senior on a lien basis to other liabilities in the issuer's capital structure and have the benefit of a security interest over the assets of the borrower, although ranking junior to first lien loans. Standalone second lien loans may provide for moderate loan amortization in the early years of the loan, with the majority of the amortization deferred until loan maturity. Standalone second lien loans can incur greater "frictional costs" (e.g., increased professional costs relating to resolving conflicts among the lenders) in the event of a workout and, partly because of this possible impact on recovery rates, we expect to demand a significantly higher risk premium in the form of higher spreads, call protection and/or warrants for extending standalone second lien loans, compared to first lien loans of similar credit quality.

*Unitranche loans*. Unitranche loans are loans structured as first lien loans with certain characteristics of mezzanine loan risk in one security. Unitranche loans typically provide for moderate loan amortization in the initial years of the loan with the majority of the

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principal repayment deferred until loan maturity. Unitranche loans usually provide us with greater control over a portfolio company's capital structure, as they provide a one-stop financing solution and limit "frictional costs" (e.g., negotiations with, and concessions to, other lien holders) in the event of a workout process. Consistent with our focus on capital preservation, unitranche loans typically have less volatile returns than standalone second lien or mezzanine loans.

*Mezzanine loans/structured equity*. Mezzanine loans are subordinated to senior secured loans on a payment basis, are typically unsecured and rank pari passu with other unsecured creditors of the issuer. As with standalone second lien loans, we expect to demand a significantly higher risk premium in the form of higher spreads, call protection and/or warrants for mezzanine loans, given the lower recovery rates for such securities due in part to the greater "frictional costs" (e.g., increased professional costs relating to resolving conflicts among the lenders) in a protracted workout. We may take mezzanine type risk in the form of "structured equity" investments. In cases where portfolio companies may be constrained in their ability to raise additional capital in the form of debt, we may have the opportunity to structure preferred equity or other equity-like instruments. These equity instruments typically have redemption rights and will either be convertible into common equity at our option or will have detachable warrants compensating us for the additional risk inherent in such investments. In most cases, these equity instruments will have debt-like characteristics, which provide more downside protection than a typical equity instrument.

*Equity components*. In connection with some of our debt investments, we will also invest in preferred or common stock or receive nominally priced warrants or options to buy an equity interest in the portfolio company. As a result, as a portfolio company appreciates in value, we may achieve additional investment return from this equity interest. The Adviser may structure such equity investments and warrants to include provisions protecting our rights as a minority-interest holder, as well as a "put," or right to sell such securities back to the issuer, upon the occurrence of specified events. In many cases, we may also seek to obtain registration rights in connection with these equity interests, which may include demand and "piggyback" registration rights.

**Portfolio Management Strategy** 

The investments in our portfolio are monitored by a member of the Investment Committee aided by the investment professionals of the Investment Team, who also perform credit updates on each investment quarterly.

***Risk Ratings*** 

In addition to various risk management and monitoring tools, the Adviser utilizes an internal investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio. This investment rating system uses a five-level numeric rating scale, with higher rating indicating greater risk profiles. The following is a description of the conditions associated with each investment rating:

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| | |
|:---|:---|
| Investment Rating 1 | Investments that are performing above expectations, and whose risks remain favorable compared to the expected risk at the time of the original investment. |
| Investment Rating 2 | Investments that are performing within expectations and whose risks remain neutral compared to the expected risk at the time of the original investment. Generally, all new investments are initially rated 2. |
| Investment Rating 3 | Investments that are performing below expectations and that require closer monitoring, but where no loss of return or principal is expected. |
| Investment Rating 4/5 | Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are often or almost always in workout. |

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If the Adviser determines that an investment is underperforming, or circumstances suggest that the risk associated with a particular investment has significantly increased, the Adviser will increase its monitoring intensity and update the Investment Committee, summarizing current operating results and material impending events and suggesting recommended actions. While the investment rating system identifies the relative risk for each investment, the rating alone does not dictate the scope and/or frequency of any monitoring that will be performed. The frequency of the Adviser's monitoring of an investment is determined by a number of factors, including, but not limited to, the trends in the financial performance of the portfolio company, the reporting requirements in the credit agreement and the type of collateral securing the investment.

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The following table shows the investment ratings of the investments in our portfolio:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** |
| **Investment Rating** | **Fair Value** | **% of<br>Portfolio** | **Number of<br>Investments** | **Fair Value** | **% of<br>Portfolio** | **Number of<br>Investments** | **Fair Value** | **% of<br>Portfolio** | **Number of<br>Investments** |
| 1 | $4323793 | 2.5% | 3 | $13652523 | 7.1% | 3 | $18475458 | 10.0% | 3 |
| 2 | 111975828 | 64.9% | 36 | 143015256 | 74.6% | 47 | 116964511 | 63.4% | 35 |
| 3 | 43224192 | 25.0% | 12 | 27867563 | 14.6% | 11 | 34035340 | 18.4% | 13 |
| 4 | 13125458 | 7.6% | 8 |  |  |  | 2621154 | 1.4% | 2 |
| 5 | 9591 | 0.0% | 9 | 7081616 | 3.7% | 10 | 12473067 | 6.8% | 7 |
| Total | $172658862 | 100.0% | 68 | $191616958 | 100.0% | 71 | $184569530 | 100.0% | 60 |

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***Determination of Net Asset Value and Portfolio Valuation Process*** 

The net asset value per share of our outstanding shares of common stock is determined quarterly by dividing total assets minus liabilities by the total number of shares outstanding.

In calculating the value of our total assets, investment transactions will be recorded on the trade date. Realized gains or losses will be computed using the specific identification method. Investments for which market quotations are readily available are valued at such market quotations. Debt and equity securities that are not publicly traded or whose market price is not readily available are valued at fair value as determined in good faith by our board of directors based on the input of our management, our valuation committee and any independent valuation firm that we may retain. We also have adopted Accounting Standards Board Accounting Standards Codification 820, *Fair Value Measurements and Disclosures*, or "ASC 820." This accounting standard requires that the portfolio investment is assumed to be sold in the principal market to market participants, or in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the market in which we can exit portfolio investments with the greatest volume and level activity is considered our principal market.

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker dealers or market makers.

Debt and equity securities for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued at fair value as determined in good faith by our board of directors. Because a readily available market value for many of the investments in our portfolio is often not available, we value many of our portfolio investments at fair value as determined in good faith by our board of directors using a consistently applied valuation process in accordance with a documented valuation policy that has been reviewed and approved by our board of directors. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may also be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security causes current market quotations not to reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently, causing a quoted purchase or sale price to become stale, where there is a "forced" sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid ask spread.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values.

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With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preliminary valuation conclusions are then documented and discussed by senior management and the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on a periodic basis, at least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm engaged by our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the valuation committee of our board of directors then reviews these preliminary valuations and makes a recommendation to our board of directors regarding the fair value of each investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the board of directors then discusses these preliminary valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Adviser, the independent valuation firm and the valuation committee.

Rule 2a-5 under the 1940 Act was adopted by the SEC in December 2020 and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Our board of directors has adopted valuation policies and procedures that are intended to comply with Rule 2a-5.

***Realization of Investments*** 

The potential exit scenarios of a portfolio company will play an important role in evaluating investment decisions. The Adviser will formulate specific exit strategies at the time of each investment. Our debt orientation will provide for increased potential exit opportunities, including the sale of investments in the private markets, the refinancing of investments held, often due to maturity or recapitalizations, and other liquidity events including the sale or merger of the portfolio company. Since we seek to maintain a debt orientation in our investments, we generally expect to receive interest income over the course of the investment period, receiving a significant return on invested capital well in advance of final exit.

***Derivatives*** 

We may utilize hedging techniques such as interest rate swaps to mitigate potential interest rate risk on our indebtedness. Such interest rate swaps would principally be used to protect us against higher costs on our indebtedness resulting from increases in both short-term and long-term interest rates. We also may use various hedging and other risk management strategies to seek to manage various risks, including changes in currency exchange rates and market interest rates. Such hedging strategies would be utilized to seek to protect the value of our portfolio investments, for example, against possible adverse changes in the market value of securities held in our portfolio.

**Managerial Assistance** 

As a BDC, we offer, and must provide upon request, managerial assistance to our portfolio companies. This assistance could involve monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. The Adviser will provide such managerial assistance on our behalf to portfolio companies that request this assistance. We may receive fees for these services and will reimburse the Adviser for its allocated costs in providing such assistance, subject to the review by our board of directors, including our Independent Directors.

**Competition** 

Our primary competitors in providing financing to middle-market companies include public and private funds, other BDCs, commercial and investment banks, commercial finance companies and, to the extent they provide an alternative form of financing, private equity funds and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or to the distribution and other requirements we must satisfy to maintain our qualification as a RIC.

We use the expertise of the investment professionals of the Adviser to assess investment risks and determine appropriate pricing for our investments in portfolio companies. In addition, we believe the relationships of these investment professionals will enable us to learn

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about, and compete effectively for, financing opportunities with attractive middle-market companies in the industries in which we seek to invest.

**Staffing** 

We do not have any direct employees, and our day-to-day investment operations are managed by the Adviser. We have a Chief Executive Officer, President, Chief Financial Officer and Chief Compliance Officer. To the extent necessary, our board of directors may hire additional personnel in the future. Our officers are all employees of the Adviser and our allocable portion of the cost of Robert Andrew Muns, as our Chief Financial Officer, Paolo Cloma, our Chief Compliance Officer, and their staff, is paid by us pursuant to the Administration Agreement with the Adviser.

At the closing of the Investcorp Transaction on August 30, 2019, the Adviser entered into a services agreement with Investcorp International Inc. ("Investcorp International"), an affiliate of Investcorp (the "Investcorp Services Agreement"), through which the Adviser can utilize the expertise of Investcorp's accounting and back-office professionals on an as-needed basis upon the request of the Adviser.

**Management Agreements** 

***Advisory Agreement*** 

The Advisory Agreement went into effect on August 30, 2019 (the "Commencement Date").

*Management Services* 

Subject to the overall supervision of our board of directors and in accordance with the 1940 Act, the Adviser manages our day-to-day operations and provides investment advisory services to us. Under the terms of the Advisory Agreement, the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifies, evaluates and negotiates the structure of the investments we make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•executes, closes, services and monitors the investments we make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determines the securities and other assets that we will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•performs due diligence on prospective portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.

The Adviser's services under the Advisory Agreement are not exclusive, and it may furnish similar services to other entities.

*Management Fee* 

Under the Advisory Agreement, we have agreed to pay the Adviser a fee for investment advisory and management services consisting of two components — a base management fee (the "Base Management Fee") and an incentive fee (the "Incentive Fee"). The cost of both the Base Management Fee and the Incentive Fee will ultimately be borne by our stockholders.

Base Management Fee

Under the Advisory Agreement, the Base Management Fee is calculated at an annual rate of 1.75% of our gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents (such amount, "Gross Assets").

The Base Management Fee is calculated based on the average value of our Gross Assets at the end of the two most recently completed calendar quarters. The Base Management Fee is payable quarterly in arrears and the Base Management Fees for any partial month or quarter will be appropriately pro-rated.

Incentive Fee

Under the Advisory Agreement, the Incentive Fee, which provides the Adviser with a share of the income that it generates for the Company, has two components, ordinary income (the "Income-Based Fee") and capital gains (the "Capital Gains Fee"). Incentive Fees

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are calculated as described below and payable quarterly in arrears (or, upon termination of the Advisory Agreement, as of the termination date).

*Income-Based Fee* 

Under the Advisory Agreement, the Income-Based Fee is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the "Total Return Requirement") and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which our Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its common stock, for the immediately preceding fiscal quarter, exceeds a 2.0% (which is 8.0% annualized) hurdle rate and a "catch-up" provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Incentive Fee until our Pre-Incentive Fee Net Investment Income equals the hurdle rate of 2.0%, but then receives, as a "catch-up," 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 10.0% annualized). The effect of the "catch-up" provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.

"Pre-Incentive Fee Net Investment Income" means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus the Company's operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and any distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the Incentive Fee, it is possible that we may pay an Incentive Fee in a quarter where we incur a loss, subject to the Total Return Requirement and deferral of non-cash amounts. For example, if we receive Pre-Incentive Fee Net Investment Income in excess of the quarterly minimum hurdle rate, we would pay the applicable Incentive Fee even if we have incurred a loss in that quarter due to realized and unrealized capital losses. Our net investment income used to calculate this component of the Incentive Fee is also included in the amount of its gross assets used to calculate the 1.75% Base Management Fee. These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.

Under the Advisory Agreement, the Income-Based Fee is subject to the Total Return Requirement. No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period. For the foregoing purpose, the "cumulative net increase in net assets resulting from operations" is the amount, if positive, of the sum of Pre-Incentive Fee Net Investment Income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current fiscal quarter and the Lookback Period. The "Lookback Period" means (1) through December 31, 2024, the period that commences on the last day of the fiscal quarter in which the Commencement Date occurs and ends on the last day of the fiscal quarter immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated, and (2) after December 31, 2024, the eleven fiscal quarters immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated.

In addition, under the Advisory Agreement, the portion of such Incentive Fee that is attributable to deferred interest (such as PIK interest or OID) will be paid to the Adviser only if and to the extent we actually receive such interest in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write-off or similar treatment of the investment giving rise to any deferred interest accrual. Any reversal of such accounts would reduce net income for the quarter by the net amount of the reversal (after taking into account the reversal of Incentive Fees payable) and would result in a reduction and possible elimination of the Incentive Fees for such quarter. Notwithstanding any such Incentive Fee reduction or elimination, there is no accumulation of amounts on the hurdle rate from quarter to quarter, and accordingly there is no clawback of amounts previously paid if subsequent quarters are below the quarterly hurdle, and there is no delay of payment if prior quarters are below the quarterly hurdle.

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The following is a graphic representation of the calculation of the Income-Based Fee:

**Quarterly Incentive Fee Based on Net Investment Income** 

**Pre-incentive Fee Net Investment Income** 

**(expressed as a percentage of the value of net assets)**![img208183185_0.jpg](img208183185_0.jpg)

**Percentage of Pre-incentive Fee Net Investment Income** 

**Allocated to Income-Based Fee** 

*Capital Gains Fee* 

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of our cumulative aggregate realized capital gains from the Commencement Date through the end of each fiscal year, computed net of our aggregate cumulative realized capital losses and our aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying the Capital Gains Fee.

Under U.S. generally accepted accounting principles, we calculate the Capital Gains Fee as if we had realized all assets at their fair values as of the reporting date. Accordingly, we accrue a provisional Capital Gains Fee taking into account any unrealized gains or losses. As of December 31, 2025, December 31, 2024 and June 30, 2024 there were no Capital Gains Fees. As the provisional Capital Gains Fee is subject to the performance of investments until there is a realization event, the amount of the provisional Capital Gains Fee accrued at a reporting date may vary from the Capital Gains Fee that is ultimately realized and the differences could be material.

*Examples of Quarterly Incentive Fee Calculation* 

**Example 1: Income Related Portion of Incentive Fee before Total Return Requirement Calculation:** 

***Alternative 1*** 

*Assumptions* 

Investment income (including interest, dividends, fees, etc.) = 1.25%

Hurdle rate<sup>(1)</sup>= 2.0%

Management fee<sup>(2)</sup> = 0.4375%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(3)</sup> = 0.2%

Pre-incentive fee net investment income

(investment income – (management fee + other expenses) = 0.6125%

Pre-incentive fee net investment income does not exceed hurdle rate, therefore there is no income-related incentive fee.

***Alternative 2*** 

*Assumptions* 

Investment income (including interest, dividends, fees, etc.) = 2.9%

Hurdle rate<sup>(1)</sup> = 2.0%

Management fee<sup>(2)</sup> = 0.4375%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(3)</sup> = 0.2%

Pre-incentive fee net investment income

(investment income – (management fee + other expenses) = 2.2625%

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Incentive fee = 100% × Pre-incentive fee net investment income (subject to "catch-up")<sup>(4)</sup>

= 100% × (2.2625% – 2.0%)

= 0.2625%

Pre-incentive fee net investment income exceeds the hurdle rate, but does not fully satisfy the "catch-up" provision; therefore, the income related portion of the incentive fee is 0.2625%.

***Alternative 3*** 

*Assumptions* 

Investment income (including interest, dividends, fees, etc.) = 3.5%

Hurdle rate<sup>(1)</sup> = 2.0%

Management fee<sup>(2)</sup> = 0.4375%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(3)</sup> = 0.2%

Pre-incentive fee net investment income

(investment income – (management fee + other expenses) = 2.8625%

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| | |
|:---|:---|
| Incentive fee = | 100% × Pre-incentive fee net investment income (subject to "catch-up")<sup>(4)</sup> |
| Incentive fee = | 100% × "catch-up" + (20.0% × (Pre-Incentive Fee Net Investment Income – 2.5%)) |
| "Catch-up" = 2.5% – 2.0% | "Catch-up" = 2.5% – 2.0% |
| = 0.5% | = 0.5% |
| Incentive fee = | (100% × 0.5%) + (20.0% × (2.8625% – 2.5%)) |
| = 0.5% + (20.0% × 0.3625%) | = 0.5% + (20.0% × 0.3625%) |
| = 0.5% + 0.0725% | = 0.5% + 0.0725% |
| = 0.5725% | = 0.5725% |

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Pre-incentive fee net investment income exceeds the hurdle rate, and fully satisfies the "catch-up" provision; therefore, the income related portion of the incentive fee is 0.5725%.

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(1)Represents 8.0% annualized hurdle rate.

(2)Represents 1.75% annualized base management fee.

(3)Excludes organizational and offering expenses.

(4)The "catch-up" provision is intended to provide the Adviser with an incentive fee of 20.0% on all pre-incentive fee net investment income as if a hurdle rate did not apply when our net investment income exceeds 2.5% in any fiscal quarter.

**Example 2: Income Portion of Incentive Fee with Total Return Requirement Calculation:** 

***Alternative 1:*** 

*Assumptions* 

Investment income (including interest, dividends, fees, etc.) = 3.5%

Hurdle rate<sup>(1)</sup> = 2.0%

Management fee<sup>(2)</sup> = 0.4375%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(3)</sup>= 0.2%

Pre-incentive fee net investment income

(investment income – (management fee + other expenses) = 2.8625%

Cumulative incentive compensation accrued and/or paid for preceding 11 calendar quarters = $9,000,000 20.0% of cumulative net increase in net assets resulting from operations over current and preceding 11 calendar quarters = $8,000,000

Although our pre-incentive fee net investment income exceeds the hurdle rate of 2.0% (as shown in Alternative 3 of Example 1 above), no incentive fee is payable because 20.0% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding calendar quarters did not exceed the cumulative income and capital gains incentive fees accrued and/or paid for the preceding 11 calendar quarters.

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***Alternative 2:*** 

*Assumptions* 

Investment income (including interest, dividends, fees, etc.) = 3.5%

Hurdle rate<sup>(1)</sup> = 2.0%

Management fee<sup>(2)</sup> = 0.4375%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(3)</sup> = 0.2%

Pre-incentive fee net investment income

(investment income – (management fee + other expenses) = 2.8625%

Cumulative incentive compensation accrued and/or paid for preceding 11 calendar quarters = $9,000,000 20.0% of cumulative net increase in net assets resulting from operations over current and preceding 11 calendar quarters = $10,000,000

Because our pre-incentive fee net investment income exceeds the hurdle rate of 2.0% and because 20.0% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding calendar quarters exceeds the cumulative income and capital gains incentive fees accrued and/or paid for the preceding 11 calendar quarters, an incentive fee would be payable, as shown in Alternative 3 of Example 1 above.

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(1)Represents 8.0% annualized hurdle rate.

(2)Represents 1.75% annualized base management fee.

(3)Excludes organizational and offering expenses.

(4)The "catch-up" provision is intended to provide the Adviser with an incentive fee of 20.0% on all pre-incentive fee net investment income as if a hurdle rate did not apply when our net investment income exceeds 2.5% in any fiscal quarter.

**Example 3: Capital Gains Portion of Incentive Fee(\*):** 

***Alternative 1:*** 

*Assumptions* 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Year 1: | $2.0 million investment made in Company A ("Investment A"), and $3.0 million investment made in Company B ("Investment B") |
| &nbsp;&nbsp;&nbsp;Year 2: | Investment A sold for $5.0 million and fair market value ("FMV") of Investment B determined to be $3.5 million |
| &nbsp;&nbsp;&nbsp;Year 3: | FMV of Investment B determined to be $2.0 million |
| &nbsp;&nbsp;&nbsp;Year 4: | Investment B sold for $3.25 million |

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The capital gains portion of the incentive fee would be:

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| | |
|:---|:---|
| &nbsp;&nbsp;Year 1: |  |
| &nbsp;&nbsp;Year 2: | Capital gains incentive fee of $0.6 million — ($3.0 million realized capital gains on sale of Investment A multiplied by 20.0%) |
| &nbsp;&nbsp;Year 3: | None — $0.4 million (20.0% multiplied by ($3.0 million cumulative capital gains less $1.0 million cumulative capital depreciation)) less $0.6 million (previous capital gains fee paid in Year 2) |
| &nbsp;&nbsp;Year 4: | Capital gains incentive fee of $50,000 — $0.65 million ($3.25 million cumulative realized capital gains multiplied by 20%) less $0.6 million (capital gains incentive fee taken in Year 2) |

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***Alternative 2*** 

*Assumptions* 

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| | |
|:---|:---|
| &nbsp;&nbsp;Year 1: | $2.0 million investment made in Company A ("Investment A"), $5.25 million investment made in Company B ("Investment B") and $4.5 million investment made in Company C ("Investment C") |
| &nbsp;&nbsp;Year 2: | Investment A sold for $4.5 million, FMV of Investment B determined to be $4.75 million and FMV of Investment C determined to be $4.5 million |
| &nbsp;&nbsp;Year 3: | FMV of Investment B determined to be $5.0 million and Investment C sold for $5.5 million |
| &nbsp;&nbsp;Year 4: | FMV of Investment B determined to be $6.0 million |
| &nbsp;&nbsp;Year 5: | Investment B sold for $4.0 million |

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The capital gains incentive fee, if any, would be:

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| | |
|:---|:---|
| &nbsp;&nbsp;Year 1: |  |
| &nbsp;&nbsp;Year 2: | Capital gains incentive fee of $0.4 million — 20.0% multiplied by $2.0 million ($2.5 million realized capital gains on Investment A less $0.5 million unrealized capital depreciation on Investment B) |
| &nbsp;&nbsp;Year 3: | $0.25 million capital gains incentive fee<sup>(1)</sup> — $0.65 million (20.0% multiplied by $3.25 million ($3.5 million cumulative realized capital gains less $0.25 million unrealized capital depreciation)) less $0.4 million capital gains incentive fee received in Year 2 |
| &nbsp;&nbsp;Year 4: | $0.05 million capital gains incentive fee — $0.7 million ($3.50 million cumulative realized capital gains multiplied by 20.0%) less $0.65 million cumulative capital gains incentive fee paid in Year 2 and Year 3 |
| &nbsp;&nbsp;Year 5: | None — $0.45 million (20.0% multiplied by $2.25 million (cumulative realized capital gains of $3.5 million less realized capital losses of $1.25 million)) less $0.7 million cumulative capital gains incentive fee paid in Year 2, Year 3 and Year 4<sup>(2)</sup> |

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\* The hypothetical amounts of returns shown are based on a percentage of our total net assets and assume no leverage. There is no guarantee that positive returns will be realized and actual returns may vary from those shown in this example.

(1)As illustrated in Year 3 of Alternative 1 above, if a portfolio company were to be wound up on a date other than its fiscal year end of any year, it may have paid aggregate capital gains incentive fees that are more than the amount of such fees that would be payable if such portfolio company had been wound up on its fiscal year end of such year.

(2)As noted above, it is possible that the cumulative aggregate capital gains fee received by the Adviser ($0.70 million) is effectively greater than $0.45 million (20% of cumulative aggregate realized capital gains less net realized capital losses or net unrealized depreciation ($2.25 million)).

*Payment of Our Expenses* 

The Base Management Fee and Incentive Fee compensation provided for in the Advisory Agreement remunerates the Adviser for work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our organization, the formation transactions and offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calculating our net asset value (including the cost and expenses of any independent valuation firm(s));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses incurred by the Adviser or payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest payable on debt, if any, incurred to finance our investments and expenses related to unsuccessful portfolio acquisition efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other offerings of our common stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees and expenses, if any, payable under the Administration Agreement (including our allocable portion of the Adviser's overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our Chief Compliance Officer, Chief Financial Officer and their respective staffs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent, dividend agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with our reporting and compliance obligations under the 1940 Act, as amended, and other applicable federal and state securities laws, and stock exchange listing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with independent audits and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Independent Directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of any reports, proxy statements or other notices to or communications and meetings with stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with investor relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs and fees associated with any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses incurred by us or the Adviser in connection with administering our business.

*Duration and Termination* 

The Advisory Agreement had an initial term of two years and continues thereafter from year-to-year if approved annually by our board of directors, including a majority of the Independent Directors, or by the affirmative vote of the holders of a majority of the Company's outstanding voting securities and a majority of the Independent Directors.

The Advisory Agreement may be terminated by either party without penalty by delivering notice of termination upon not less than 60 days' written notice to the other party and will automatically terminate in the event of its assignment. The holders of a majority of our outstanding voting securities may also terminate the Advisory Agreement without penalty upon 60 days' written notice.

*Indemnification* 

The Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations under the Advisory Agreement, the Adviser and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Advisory Agreement or otherwise as the Adviser.

*Board Approval of the Advisory Agreement* 

On August 7, 2025, our board of directors, including all of the Independent Directors, held a meeting to consider and approve the continuation of the Advisory Agreement. In its consideration of the Advisory Agreement, our board of directors took into consideration (1) the nature, quality and extent of the advisory and other services to be provided to the Company by the Adviser; (2) comparative data with respect to advisory fees or similar expenses paid by other BDCs with similar investment objectives; (3) the Company's operating expenses and expense ratio compared to BDCs with similar investment objectives; (4) the expected profitability of the Adviser; (5) information about the services to be performed and the personnel performing such services under the Advisory Agreement; (6) the organizational capability and financial condition of the Adviser and its affiliates; and (7) other factors our board of directors deemed to be relevant. In its deliberations, our board of directors did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Based on the information reviewed and the discussion thereof, our board of directors, including all of the Independent Directors, determined that the investment advisory fee rates are reasonable in relation to the services provided and approved the continuation of the Advisory Agreement as being in the best interests of our stockholders. In voting to approve the Advisory Agreement, our board of directors, including all of the Independent Directors, made the following conclusions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Nature, Extent and Quality of Services.** In considering the nature, extent and quality of the services to be provided by the Adviser, our board of directors discussed the experience of current key personnel of the Adviser and considered its experience with the Adviser providing investment management services to the Company. Our board of directors also considered the investment selection process employed by the Adviser, including the flow of transaction opportunities resulting from the Investment Team's significant experience in structuring strategic capital for business expansion, refinancings, capital restructuring, post-reorganization financing and servicing the general corporate needs of middle-market companies; the employment of the Adviser's investment philosophy, diligence procedures, credit recommendation process, investment structuring, and ongoing relationships with and monitoring of portfolio companies, in light of the investment objective of the Company. Our board of directors also considered the Adviser's personnel and their prior experience in connection with the types of investments made by us, including such personnel's corporate relationships and relationships with private equity firms, investment banks, restructuring advisors, law firms, boutique advisory firms and distressed/specialty lenders. In addition, our board of directors considered the other terms and conditions of the Advisory Agreement. Our board of directors determined that the substantive terms of the Advisory Agreement (other than the fees payable thereunder, which our board of directors reviewed separately), including the services to be provided, are similar to those of comparable BDCs described in the available market data and in the best interests of our stockholders. Based on the factors above, as well as those discussed below, our board of directors concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Company by the Adviser under the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Comparison to Other Business Development Companies.** Our board of directors reviewed a detailed comparison of performance metrics of the Company and a sample of peer BDCs. In considering the appropriate performance metrics by

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which to benchmark the Company's performance against its peers, our board of directors focused on certain factors that it believes are significant drivers of stockholder value. Our board of directors considered the comparison of performance metrics as it relates to the management and incentive fees to be paid to the Adviser under the Advisory Agreement, in comparison to the fees paid to other externally managed BDCs.

Our board of directors noted that the exclusion of cash and cash equivalents from the Base Management Fee calculation makes it more beneficial to stockholders than certain other fee structures in the peer group. Our board of directors also noted the stockholder-friendly three-year Total Return Requirement, which would result in the net investment income amount utilized for the income-based Incentive Fee calculation being reduced to the extent of any net realized losses and net unrealized depreciation during the applicable three-year period.

In addition to reviewing the appropriateness of the terms of the Advisory Agreement and the relative performance of the Adviser and the Company, our board of directors considered the differentiated investment strategy of the Company, which focuses on generating both current income and capital appreciation by investing in debt and related equity investments of privately held middle-market companies. The Company invests primarily in middle-market companies in the form of standalone first and second lien loans and unitranche loans. The Company may also invest in unsecured debt and bonds and in the equity of portfolio companies through warrants and other instruments. The Company generally defines middle-market companies as those with an enterprise value that represents the aggregate of debt value and equity value of the entity of less than $750 million, although it may invest in larger or smaller companies. As of December 31, 2025, the Company's portfolio at fair value consisted of 80.76% first lien investments and 19.24% equity, warrant or other positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Costs of Services Provided and Economies of Scale.** Our board of directors considered the extent to which economies of scale would be realized as the Company grows, and whether the fees payable under the Advisory Agreement reflect these economies of scale for the benefit of our stockholders. Taking into account such information, our board of directors determined that the advisory fee structure under the Advisory Agreement was reasonable with respect to any economies of scale that may be realized as the Company grows, and that there were no material economies of scale to be realized at the Company's current asset level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Limited Potential for Additional Benefits Derived by the Adviser.** Our board of directors considered existing and potential sources of indirect income the Adviser receives as a result of the relationship with us, including reimbursements to the Adviser of allocable expenses under the Administration Agreement, and whether there would be potential for additional benefits to be derived by the Adviser as a result of our relationship with the Adviser, and was advised any such potential would be limited.

Our board of directors concluded that the proposed advisory fees are reasonable, taking into consideration these other indirect benefits.

*Conclusions.* No single factor was determinative of the decision of our board of directors, including all of the Independent Directors, to approve the Advisory Agreement and individual directors may have weighed certain factors differently.

***Administration Agreement*** 

Under the Administration Agreement, the Adviser furnishes us with office facilities and equipment and provides us with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. Under the Administration Agreement, the Adviser performs, or oversees the performance of, our required administrative services, which includes, among other things, being responsible for the financial and other records that we are required to maintain and preparing reports to our stockholders and reports and other materials filed with the SEC. In addition, the Adviser assists us in determining and publishing our net asset value, oversees the preparation and filing of our tax returns and the printing and dissemination of reports and other materials to our stockholders, and generally oversees the payment of our expenses and the performance of administrative and professional services rendered to us by others. Under the Administration Agreement, the Adviser also provides managerial assistance on our behalf to those portfolio companies that have accepted our offer to provide such assistance. The Adviser may satisfy certain of its obligations under the Administration Agreement to us through the Investcorp Services Agreement, including supplying us with accounting and back-office professionals upon the request of the Adviser.

Payments under the Administration Agreement equal an amount based upon our allocable portion (subject to the review of our board of directors) of the Adviser's overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. In addition, if requested to provide significant managerial assistance to our portfolio companies, the Adviser will be paid an additional amount based on the services provided, which shall not exceed the amount we receive from such portfolio companies for providing this assistance. The Administration Agreement had an initial term of two years and

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continues thereafter from year-to-year if approved annually by our board of directors. The Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other party. To the extent that the Adviser outsources any of its functions, we pay the fees associated with such functions on a direct basis without any incremental profit to the Adviser.

*Indemnification* 

The Administration Agreement provides that, absent criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Administration Agreement or otherwise as our administrator.

**License Agreement** 

We have entered into a license agreement with the Adviser under which the Adviser has agreed to grant us a non-exclusive, royalty-free license to use the name "Investcorp." Under this agreement, we have a right to use the "Investcorp" name for so long as the Adviser or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the "Investcorp" name. This license agreement will remain in effect for so long as the Advisory Agreement with the Adviser is in effect and Investcorp is the majority owner of the Adviser.

**Investments in and Advice Regarding Different Parts of an Issuer's Capital Structure** 

In some cases, another investment account or vehicle managed or controlled by the Adviser or its affiliates ("Other Accounts"), on the one hand, and the Company, on the other hand, invest in or extend credit to different parts of the capital structure of a single issuer. As a result, such Other Accounts may take actions that adversely affect the Company. In addition, in some cases, the Adviser advises such Other Accounts with respect to different parts of the capital structure of the same issuer, or classes of securities that are subordinate or senior to securities, in which the Company invest. The Adviser is able to pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on behalf of such Other Accounts with respect to an issuer in which the Company has invested, and such actions (or inaction) may have a material adverse effect on the Company.

For example, in the event that the Other Account holds loans, securities or other positions in the capital structure of an issuer that ranks senior in preference to the holdings of the Company in the same issuer, and the issuer experiences financial or operational challenges, the Adviser, acting on behalf of the Other Account, may seek a liquidation, reorganization or restructuring of the issuer that has, or terms in connection with the foregoing, that have, an adverse effect on or otherwise conflict with the interests of the Company's holdings in the issuer. In connection with any such liquidation, reorganization or restructuring, the Company's holdings in the issuer may be extinguished or substantially diluted, while the Other Accounts recover some or all of the amounts due to them. In addition, in connection with any lending arrangements involving the issuer in which such Other Accounts participate, the Other Accounts may seek to exercise rights under the applicable loan agreement or other document, in a manner detrimental to the Company. In situations in which the Adviser advises clients (including the Company) with positions in multiple parts of the capital structure of an issuer, the Adviser may not pursue actions or remedies available to the Company, as a result of legal and regulatory requirements or otherwise. These potential issues are examples of conflicts that the Adviser will face in situations in which the Company and Other Accounts, invest in or extend credit to different parts of the capital structure of a single issuer.

The Adviser addresses these issues based on the circumstances of particular situations. For example, the Adviser may rely on information barriers between different Investcorp business units or portfolio management teams. The Adviser in some circumstances relies on the actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the Company. As a result of the various conflicts and related issues described above and the fact that conflicts will not necessarily be resolved in favor of the interests of the Company, the Company could sustain losses during periods in which Other Accounts achieve profits generally or with respect to particular holdings in the same issuer, or could achieve lower profits or higher losses than would have been the case had the conflicts described above not existed. It should be expected that the negative effects described above will be more pronounced in connection with transactions in, or the Company's use of, small capitalization, emerging market, distressed or less liquid strategies.

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**Exchange Act Reports** 

We maintain a website at *www.icmbdc.com.* The information on our website is not incorporated by reference in this annual report on Form 10-K.

We make available on or through our website certain reports and amendments to those reports that we file with or furnish to the SEC in accordance with the Exchange Act. These include our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K. We make this information available on our website free of charge as soon as reasonably practicable after we electronically file the information with, or furnish it to, the SEC.

**Regulation as a BDC** 

We are a BDC under the 1940 Act. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers), principal underwriters and affiliates of those affiliates or underwriters and requires that a majority of the directors be persons other than "interested persons," as that term is defined in the 1940 Act. In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by a majority of our outstanding voting securities.

We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, we may, for the purpose of public resale, be deemed an "underwriter" as that term is defined in the Securities Act. Our intention is to not write (sell) or buy put or call options to manage risks associated with the publicly traded securities of our portfolio companies, except that we may enter into hedging transactions to manage the risks associated with interest rate fluctuations. However, we may purchase or otherwise receive warrants to purchase the common stock of our portfolio companies in connection with acquisition financing or other investments. Similarly, in connection with an acquisition, we may acquire rights to require the issuers of acquired securities or their affiliates to repurchase them under certain circumstances. We also do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act and the rules thereunder. We generally are prohibited from acquiring more than 3% of the voting stock of any registered investment company or business development company, investing more than 5% of the value of our total assets in the securities of one registered investment company or business development company, or investing more than 10% of the value of our total assets in the securities of more than one registered investment company or business development company without obtaining exemptive relief from the SEC; however, we are allowed to acquire the securities of other registered investment companies and business development companies in excess of the 3%, 5%, and 10% limitations without obtaining exemptive relief if we comply with certain conditions. In addition, we are permitted to invest in money market funds in excess of these limits. If we invest in securities issued by investment companies, if any, it should be noted that such investments might subject our stockholders to additional expenses as they will be indirectly responsible for the costs and expenses of such companies. None of these policies is fundamental and may be changed without stockholder approval upon 60 days' prior written notice to stockholders.

***Qualifying Assets*** 

Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in section 55(a) of the 1940 Act, which are referred to as "qualifying assets," unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. The principal categories of qualifying assets relevant to our business are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. Under the 1940 Act and the rules thereunder, "eligible portfolio companies" include (1) private domestic operating companies, (2) public domestic operating companies whose securities are not listed on a national securities exchange (e.g., NASDAQ), and (3) public domestic operating companies having a market capitalization of less than $250 million. Public domestic operating companies whose securities are quoted on the over-the-counter bulletin board or through Pink Sheets LLC are not listed on a national securities exchange and therefore are eligible portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Securities of any eligible portfolio company which we control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident to such a private transaction, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Securities received in exchange for or distributed on or with respect to securities described above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Cash, cash equivalents, U.S. government securities or high-quality debt securities that mature in one year or less from the date of investment.

The regulations defining qualifying assets may change over time. We may adjust our investment focus as needed to comply with and/or take advantage of any regulatory, legislative, administrative or judicial actions in this area.

***Managerial Assistance to Portfolio Companies*** 

BDCs generally must offer to make available to the issuer of the securities significant managerial assistance, except in circumstances where either (i) the BDC controls such issuer of securities or (ii) the BDC purchases such securities in conjunction with one or more other persons acting together and one of the other persons in the group makes available such managerial assistance. Making available managerial assistance means any arrangement whereby the BDC, through its directors, officers, employees or agents, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company. The Adviser will provide such managerial assistance on our behalf to portfolio companies that request this assistance.

***Temporary Investments*** 

Pending investment in other types of qualifying assets, as described above, our investments may consist of cash, cash equivalents, U.S. government securities, repurchase agreements and high-quality debt investments that mature in one year or less from the date of investment, which we refer to, collectively, as temporary investments, so that 70% of our assets are qualifying assets or temporary investments. Typically, we will invest in U.S. Treasury bills or in repurchase agreements, so long as the agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price that is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our total assets constitute repurchase agreements from a single counterparty, we would not meet the diversification tests in order to qualify as a RIC for U.S. federal income tax purposes. Accordingly, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

***Senior Securities*** 

We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase.

In accordance with the 1940 Act, on May 2, 2018, our board of directors, including a "required majority," approved the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, our asset coverage requirements for senior securities changed from 200% to 150%, effective May 2, 2019. For more information, see "Risk Factors — Risks Related to Our Business and Structure — Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage." We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. For a discussion of the risks associated with leverage, see "Risk Factors — Risks Relating to our Business and Structure — Regulations governing our operation as a business development company will affect our ability to, and the way in which we, raise additional capital. As a business development company, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage."

***Common Stock*** 

We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock at a price below the current net asset value of the common stock (i) in connection with a rights offering to our existing stockholders, (ii) with the consent of the majority of our common stockholders, or (iii) under such other circumstances as the SEC may permit. For example, we may sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then current net asset value of our common stock if our board of directors determines that such sale is in our best interests and that of our stockholders, and our stockholders approve our policy and practice of making such sales. In any such case, the price at which our

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securities are to be issued and sold may not be less than a price which, in the determination of our board of directors, closely approximates the market value of such securities (less any distributing commission or discount).

***Codes of Ethics*** 

We and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each such code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with such code's requirements. Each code of ethics is available on the EDGAR Database on the SEC's website at *www.sec.gov.* You may also obtain copies of each code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: *publicinfo@sec.gov*.

***Proxy Voting Policies and Procedures*** 

We have delegated our proxy voting responsibility to the Adviser. The Proxy Voting Policies and Procedures of the Adviser are set out below. The guidelines will be reviewed periodically by the Adviser and our directors who are not "interested persons," and, accordingly, are subject to change.

*Introduction* 

As an investment adviser registered under the Advisers Act, the Adviser has a fiduciary duty to act solely in our best interests. As part of this duty, the Adviser recognizes that it must vote our securities in a timely manner free of conflicts of interest and in our best interests.

The Adviser's policies and procedures for voting proxies for its investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

*Proxy Policies* 

The Adviser votes proxies relating to our portfolio securities in what it perceives to be the best interest of our stockholders. The Adviser reviews on a case-by-case basis each proposal submitted to a stockholder vote to determine its effect on the portfolio securities we hold. In most cases, the Adviser will vote in favor of proposals that the Adviser believes are likely to increase the value of the portfolio securities we hold. Although the Adviser will generally vote against proposals that may have a negative effect on our portfolio securities, the Adviser may vote for such a proposal if there exist compelling long-term reasons to do so.

The Adviser has established a proxy voting committee and adopted proxy voting guidelines and related procedures. The proxy voting committee establishes proxy voting guidelines and procedures, oversees the internal proxy voting process, and reviews proxy voting issues. To ensure that the Adviser's vote is not the product of a conflict of interest, the Adviser requires that (1) anyone involved in the decision-making process disclose to our Chief Compliance Officer any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (2) employees involved in the decision- making process or vote administration are prohibited from revealing how the Adviser intends to vote on a proposal in order to reduce any attempted influence from interested parties. Where conflicts of interest may be present, the Adviser will disclose such conflicts to us, including to our Independent Directors, and may request guidance from us on how to vote such proxies.

*Proxy Voting Records* 

You may obtain information about how the Adviser voted proxies by making a written request for proxy voting information to: Investcorp Credit Management BDC, Inc., Attention: Investor Relations, 280 Park Avenue, 39<sup>th</sup> Floor, New York, New York 10017, or by calling us collect at (646) 690-5034. The SEC also maintains a website at *www.sec.gov* that contains this information.

***Privacy Principles*** 

We are committed to maintaining the privacy of our stockholders and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, we do not receive any nonpublic personal information relating to our stockholders, although certain nonpublic personal information of our stockholders may become available to us. We do not disclose any nonpublic personal information about our

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stockholders or former stockholders to anyone, except as permitted by law or as is necessary in order to service stockholder accounts (for example, to a transfer agent or third-party administrator).

We restrict access to nonpublic personal information about our stockholders to employees of the Adviser and its affiliates with a legitimate business need for the information. We intend to maintain physical, electronic and procedural safeguards designed to protect the nonpublic personal information of our stockholders.

**Other** 

We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

We and the Adviser are each required to adopt and implement written policies and procedures reasonably designed to prevent violation of relevant federal securities laws, review these policies and procedures annually for their adequacy and the effectiveness of their implementation, and designate a chief compliance officer to be responsible for administering the policies and procedures.

We may be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our board of directors who are not interested persons and, in some cases, prior approval by the SEC. Thus, based on current SEC interpretations, co-investment transactions involving a BDC like us and an entity that is advised by the Adviser or an affiliated adviser generally could not be effected without SEC relief. The staff of the SEC has, however, granted no-action relief permitting purchases of a single class of privately placed securities, provided that the adviser negotiates no term other than price and certain other conditions are met. On July 20, 2021, the SEC issued an order, which superseded a prior order issued on March 19, 2019, granting the Company's application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers (the "Exemptive Relief"). Under the terms of the Exemptive Relief, in order for the Company to participate in a co-investment transaction a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Independent Directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company's stockholders and is consistent with the Company's investment objectives and strategies.

**Sarbanes-Oxley Act of 2002** 

The Sarbanes-Oxley Act of 2002 imposes a wide variety of regulatory requirements on publicly held companies and their insiders. Many of these requirements affect us. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuant to Rule 13a-14 under the Exchange Act, our principal executive officer and principal financial officer must certify the accuracy of the financial statements contained in our periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuant to Item 307 under Regulation S-K, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuant to Rule 13a-15 under the Exchange Act, our management must prepare an annual report regarding its assessment of our internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuant to Item 308 of Regulation S-K and Rule 13a-15 under the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

**Taxation as a Regulated Investment Company** 

As a BDC, we have elected to be treated as a RIC under Subchapter M of the Code. As a RIC, we generally do not have to pay corporate-level U.S. federal income taxes on any income that we timely distribute to our stockholders as dividends. To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to qualify for RIC tax treatment we must distribute to our stockholders, for each taxable year, at least 90% of our "investment company taxable income," which is generally our ordinary income plus the excess of our realized net short-term capital gains over our realized net long-term capital losses (the "Annual Distribution Requirement").

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If we qualify as a RIC and satisfy the Annual Distribution Requirement, then we generally will not be subject to U.S. federal income tax on the portion of our income we distribute (or are deemed to distribute) to stockholders. We will be subject to U.S. federal income tax at the regular corporate rate on any income or capital gains not distributed (or deemed distributed) to our stockholders.

We will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (1) 98% of our net ordinary income for each calendar year, (2) 98.2% of our capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years for which we paid no U.S. federal income taxes (the "Excise Tax Avoidance Requirement").

In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•continue to qualify as a BDC under the 1940 Act at all times during each taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities, net income from certain "qualified publicly traded partnerships," or other income derived with respect to our business of investing in such stock or securities (the "90% Income Test"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•diversify our holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships" (the "Diversification Tests").

We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as PIK interest and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount.

Although we do not presently expect to do so, we are authorized to borrow funds and to sell assets in order to satisfy the distribution requirements. However, under the 1940 Act, we are not permitted in certain circumstances to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous.

In accordance with certain applicable Treasury Regulations and a Revenue Procedure issued by the Internal Revenue Service, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive cash, each stockholder electing to receive cash must receive a pro rata amount of cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. We have no current intention of paying dividends in shares of our stock in accordance with these Treasury Regulations or the Revenue Procedure.

***Failure to Maintain our Qualification as a RIC*** 

If we fail to satisfy the 90% Income Test or the Diversification Tests for any taxable year, we may nevertheless continue to qualify as a RIC for such year if certain relief provisions are applicable (which may, among other things, require us to pay certain corporate-level U.S. federal income taxes or to dispose of certain assets).

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If we were unable to qualify for treatment as a RIC and the foregoing relief provisions are not applicable, we would be subject to tax on all of our taxable income at the regular corporate rate, regardless of whether we make any distributions to our stockholders. Distributions would not be required, and any distributions would be taxable to our stockholders as ordinary dividend income to the extent of our current and accumulated earnings and profits that may be eligible for the 20% maximum rate when received by non-corporate distributees provided certain holding period and other requirements were met. Subject to certain limitations under the Code, corporate distributees would be eligible for the dividends-received deduction. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder's tax basis, and any remaining distributions would be treated as a capital gain. To requalify as a RIC in a subsequent taxable year, we would be required to satisfy the RIC qualification requirements for that year and dispose of any earnings and profits from any year in which we failed to qualify as a RIC. Subject to a limited exception applicable to RICs that qualified as such under Subchapter M of the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the nonqualifying year, we could be subject to tax on any unrealized net built-in gains in the assets held by us during the period in which we failed to qualify as a RIC that are recognized within the subsequent five years, unless we made a special election to pay corporate-level U.S. federal income tax on such built-in gain at the time of our requalification as a RIC.

**The NASDAQ Stock Market Corporate Governance Regulations** 

Our common stock is listed on the NASDAQ Global Select Market under the symbol "ICMB". The NASDAQ Stock Market has adopted corporate governance regulations with which listed companies must comply. We are in compliance with such corporate governance listing standards applicable to BDCs.

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**Item 1A. Risk Factors** 

*Investing in our securities involves a number of significant risks. Before you invest in our securities, you should be aware of various risks, including those described below. You should carefully consider these risk factors, together with all of the other information included in this annual report on Form 10-K, before you decide whether to make an investment in our securities. The risks set out below are the principal risks with respect to an investment in our securities generally and with respect to a BDC with investment objectives, investment policies, capital structures or trading markets similar to ours. However, they may not be the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, the net asset value of our common stock and the trading price of our securities could decline, and you may lose all or part of your investment.* 

The following is a summary of the principal risks that you should carefully consider before investing in our securities. Further details regarding each risk included in the below summary list can be found further below.

**Risks Relating to Our Business and Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We depend upon key personnel of the Adviser for our future success. If the Adviser were to lose any of its key personnel, our ability to achieve our investment objective could be significantly harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our relationship with Investcorp may create conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Because we finance our investments with borrowed money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may default under the Capital One Revolving Financing or any future borrowing facility we enter into or be unable to amend, repay or refinance any such facility on commercially reasonable terms, or at all, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our financial condition, results of operations and cash flows will depend on our ability to manage our business effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The involvement of our interested directors in the valuation process may create conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Efforts to comply with Section 404 of the Sarbanes-Oxley Act involve significant expenditures, and if we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.

**Risks Relating to the Adviser or Its Affiliates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our incentive fee may induce the Adviser to make speculative investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser's liability is limited under the Advisory Agreement and we have agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser can resign as the Adviser or administrator upon 60 days' notice and we may not be able to find a suitable replacement within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.

**Risks Relating to Our Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Economic recessions or downturns could adversely affect our portfolio companies, leading to defaults on our investments, which would harm our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The lack of liquidity in our investments may adversely affect our business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.

**Risks Relating to an Investment in Our Common Stock** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We cannot assure you that the market price of shares of our common stock will not decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There is a risk that you may not receive distributions or that our distributions may not grow over time or a portion of your distributions may be a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The market price of our common stock may fluctuate significantly.

**Risks Relating to an Investment in Our Notes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The indenture under which our 4.875% notes due 2026 (the "2026 Notes") are issued contains limited protection for holders of the 2026 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There is no active trading market for the 2026 Notes. If an active trading market does not develop for the 2026 Notes, you may not be able to sell them.

**Risks Relating to U.S. Federal Income Tax** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We cannot predict how tax reform legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.

**Risks Relating to the Current Environment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Global economic, regulatory and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

**Risks Relating to Our Business and Structure** 

***We depend upon key personnel of the Adviser for our future success. If the Adviser were to lose any of its key personnel, our ability to achieve our investment objective could be significantly harmed.*** 

We depend on the diligence, skill, experience and network of business contacts of the Investment Team of the Adviser, in particular Mr. Shaikh, who is also a member of the Investment Committee and our board of directors, and is our Chief Executive Officer. We can offer no assurance that Mr. Shaikh will continue to provide investment advice to us. The loss of Mr. Shaikh could limit our ability to achieve our investment objective and operate as we anticipate.

In addition, we are dependent on the other members of the Investment Team. If any of the members of the Investment Team were to resign, we may not be able to hire investment professionals with similar expertise and ability to provide the same or equivalent services on acceptable terms. If we are unable to do so quickly, our operations are likely to experience a disruption, and our financial condition, business and results of operations may be adversely affected. Even if we are able to retain comparable professionals the integration of such investment professionals and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations and cash flows.

***Our business model depends to a significant extent upon our Adviser's network of relationships. Any inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.*** 

We depend upon the Adviser to maintain its relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Adviser or members of the Investment Team fail to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser has relationships are not obligated to provide us with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities for us in the future.

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***Our relationship with Investcorp may create conflicts of interest.*** 

Pursuant to the Investcorp Services Agreement, the Adviser is able to utilize personnel of Investcorp International and its affiliates to provide services to the Company from time-to-time on an as-needed basis related to human resources, compensation and technology services. The Adviser may rely on the Investcorp Services Agreement to satisfy its obligations under the Administration Agreement. The personnel of Investcorp International may also provide services for the funds managed by Investcorp, which could result in conflicts of interest and may distract them from their responsibilities to us.

***There are significant potential conflicts of interest that could negatively affect our investment returns.*** 

There may be times when the Adviser or the members of the Investment Team have interests that differ from those of our stockholders, giving rise to conflicts of interest. The members of the Investment Committee and the Investment Team serve, or may serve, as officers, directors, members, or principals of entities that operate in the same or a related line of business as we do or of investment funds, accounts, or investment vehicles managed by the Adviser, Investcorp or their affiliates. Similarly, the Adviser or the members of the Investment Team may have other clients with similar, different or competing investment objectives. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of us or our stockholders. In addition, the Adviser and some of its affiliates, including our officers and our non-Independent Directors, are not prohibited from raising money for, or managing, another investment entity that makes the same types of investments as those we target.

In addition, another investment account or vehicle managed or controlled by the Adviser or its affiliates may hold securities, loans or other instruments of a portfolio company in a different class or a different part of the capital structure than securities, loans or other instruments of such portfolio company held by us. As a result, such other investment account or vehicle or such other client of the Adviser or its affiliates may pursue or enforce rights or activities, or refrain from pursuing or enforcing rights or activities, on behalf of its own account, that could have an adverse effect on us.

***The members of the Investment Team may, from time to time, possess material non-public information, limiting our investment discretion.*** 

Members of the Investment Team may serve as directors of, or in a similar capacity with, portfolio companies in which we invest. In the event that material nonpublic information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us.

***Because we finance our investments with borrowed money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us.*** 

The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. If we continue to use leverage to partially finance our investments through banks, insurance companies and other lenders, you will experience increased risks of investment in our common stock. Lenders of these funds have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such lenders to seek recovery against our assets in the event of a default. As of December 31, 2025, substantially all of our assets were pledged as collateral under the Capital One Revolving Financing. In addition, under the terms of the Capital One Revolving Financing and any borrowing facility or other debt instrument we may enter into, we are likely to be required to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. If the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged, thereby magnifying losses or eliminating our stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make distributions with respect to our common stock or preferred stock. Our ability to service any debt will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, as the Base Management Fee payable to the Adviser will be payable based on the value of our gross assets, including those assets acquired through the use of leverage, the Adviser will have a financial incentive to incur leverage, which may not be consistent with our stockholders' interests. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the Base Management Fee payable to the Adviser.

As a BDC, we generally are required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred stock that we may issue in the future, of at least 150%. If this ratio declines below 150%, we will not be able to incur additional debt and could be required to sell a portion of our investments to repay some debt when it is otherwise disadvantageous for us to do so. This could have a material adverse effect on our operations, and we may not be able to make

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distributions. The amount of leverage that we employ will depend on the Adviser's and our board of directors' assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us.

*Illustration*. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual results may be higher or lower than those appearing below.

**Assumed Return on Our Portfolio**<sup>(1)</sup>

**(net of expenses)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(10.0)%** | **(5.0)%** | **0.0%** | **5.0%** | **10.0%** |
| Corresponding net return to common stockholder | (41.0)% | (25.6)% | (10.1)% | 5.3% | 20.8% |

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(1)Assumes $188.8 million in total assets, $123.9 million in debt outstanding at par value, $61.3 million in net assets, and an average cost of funds of 5.00%. Actual interest payments may be different.

In addition, our debt facilities may impose financial and operating covenants that restrict our business activities, including limitations that hinder our ability to finance additional loans and investments or to make the distributions required to maintain our qualification as a RIC under the Code.

***We may default under the Capital One Revolving Financing or any future borrowing facility we enter into or be unable to amend, repay or refinance any such facility on commercially reasonable terms, or at all, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.*** 

In the event we default under the Capital One Revolving Financing or any other future borrowing facility, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at prices that may be disadvantageous to us in order to meet our outstanding payment obligations and/or support working capital requirements under the Capital One Revolving Financing or such future borrowing facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under the Capital One Revolving Financing or such future borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

***Provisions in the Capital One Revolving Financing or any other future borrowing facility may limit our discretion in operating our business.*** 

The Capital One Revolving Financing is, and any future borrowing facility may be, backed by all or a portion of our loans and securities on which the lenders in the Capital One Revolving Financing will or, in the case of a future facility, may have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, any security interests as well as negative covenants under the Capital One Revolving Financing or any other borrowing facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under the Capital One Revolving Financing or any other borrowing facility were to decrease, we would be required to secure additional assets in an amount equal to any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under the Capital One Revolving Financing or any other borrowing facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make stockholder distributions.

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In addition, under the Capital One Revolving Financing or any future borrowing facility we will be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage, which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under the Capital One Revolving Financing or any other borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our revenues and, by delaying any cash payment allowed to us under the Capital One Revolving Financing or any other borrowing facility until the lenders have been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our qualification as a RIC.

***Because we borrow money to make our investments, if market interest rates were to increase, our cost of capital could increase, which could reduce our net investment income.*** 

Because we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates would not have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income. In periods of declining interest rates, we may earn less interest income from investments and our cost of funds will also decrease, to a lesser extent, given certain of our currently outstanding indebtedness bears interest at fixed rates, resulting in lower net investment income. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. There is no limit on our ability to enter derivative transactions.

If general interest rates rise, there is a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase of the amount of our pre-incentive fee net investment income and, as a result, an increase in incentive fees payable to the Adviser.

***Our financial condition, results of operations and cash flows will depend on our ability to manage our business effectively.*** 

Our ability to achieve our investment objective will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on the Adviser's ability to identify, invest in and monitor portfolio companies that meet our investment criteria. The achievement of our investment objective on a cost-effective basis will depend upon the Adviser's execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. The Adviser's investment professionals may have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. The personnel of the Adviser may also be called upon to provide managerial assistance to our portfolio companies. These activities may distract them from identifying new investment opportunities for us or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***The involvement of our interested directors in the valuation process may create conflicts of interest.*** 

We expect to make most of our portfolio investments in the form of loans and securities that are not publicly traded and for which there are limited or no market-based price quotations available. As a result, our board of directors will determine the fair value of these loans and securities in good faith. Most of our portfolio investments will be recorded at fair value as determined in good faith by our board of directors and, as a result, there may be uncertainty as to the value of our portfolio investments." In connection with that determination, investment professionals from the Adviser may provide our board of directors with valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. While the valuations for portfolio investments will be reviewed by an independent valuation firm periodically, the ultimate determination of fair value will be made by our board of directors and not by such third-party valuation firm. In addition, Mr. Mauer, an interested member of our board of directors, has a direct or indirect pecuniary interest in the Adviser. The participation of the Adviser's investment professionals in our valuation process, and the pecuniary interest in the Adviser by Mr. Mauer, could result in a conflict of interest as the Adviser's management fee is based, in part, on the value of our gross assets, and our incentive fees will be based, in part, on realized gains and realized and unrealized losses.

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***We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.*** 

A number of entities compete with us to make the types of investments that we make. We compete with public and private funds, other BDCs, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements we must satisfy to maintain our RIC qualification. The competitive pressures we face may have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objective.

With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that will be lower than the rates we offer. With respect to all investments, we may lose some investment opportunities if we do not match our competitors' pricing, terms and structure. However, if we match our competitors' pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss.

***We may need to raise additional capital to grow because we must distribute most of our income.*** 

We may need additional capital to fund new investments and grow our portfolio of investments. We intend to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. Unfavorable economic conditions could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. A reduction in the availability of new capital could limit our ability to grow. In addition, we are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our stockholders to maintain our qualification as a RIC. As a result, these earnings will not be available to fund new investments. An inability on our part to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully and could decrease our earnings, if any, which would have an adverse effect on the value of our securities.

***Our distributions to stockholders may be funded, in part, from waivers of investment advisory fees by the Adviser.*** 

To the extent any distributions by us are funded through waivers of the incentive fee portion of our investment advisory fees such distributions will not be based on our investment performance and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser continues to waive such fees. Any such waivers in no way imply that the Adviser will waive incentive fees in any future period. There can be no assurance that we will achieve the performance necessary or that the Adviser will waive all or any portion of the incentive fee necessary to be able to pay distributions at a specific rate or at all.

***Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.*** 

We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as "senior securities," up to the maximum amount permitted by the 1940 Act. The 1940 Act generally prohibits us from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 150% (i.e., the amount of debt may not exceed 66 and <sup>2</sup>/3% of the value of our assets). On May 2, 2018, our board of directors, including a "required majority" approved the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, our asset coverage requirements for senior securities changed from 200% to 150%, effective May 2, 2019. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we would not be able to borrow additional funds until we were able to comply with the 150% asset coverage ratio under the 1940 Act. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders. If we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss. Before the repayment of debt subsequent to year end, the Company's asset coverage ratio was near this 150% limit. If our asset coverage ratio falls below 150%, the 1940 Act limits us from incurring additional indebtedness, declaring dividends or other distributions to our shareholders under certain circumstances, or repurchasing shares of our common stock until such time as our asset coverage ratio would be at least 150%. We have engaged and may continue to engage in a variety of activities as a means to improve our asset coverage ratio and net asset value, including but not limited to: reducing our capacity to borrow under the Capital One Revolving Financing, foregoing or limiting dividend payments in order to retain capital and carefully managing our expenses. We expect to generate sufficient cash flows to meet obligations as they come due and provide ongoing liquidity as well as comply with applicable asset coverage requirements, however, there can be no assurance that we will do so.

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Under the 1940 Act, we generally are prohibited from issuing or selling our common stock at a price below net asset value per share, which may be a disadvantage as compared with certain public companies. We may, however, sell our common stock, or warrants, options, or rights to acquire our common stock, at a price below the current net asset value of our common stock if our Board and Independent Directors determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our shareholders at that time will decrease and you will experience dilution.

***Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.*** 

We may invest in derivatives and other assets that are subject to many of the same types of risks related to the use of leverage. In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act regarding the ability of a BDC to use derivatives and other transactions that create future payment or delivery obligations. Under Rule 18f-4, BDCs that use derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a "limited derivatives user," as defined under Rule 18f-4. Under Rule 18f-4, a BDC may enter into an unfunded commitment agreement (which may include delayed draw and revolving loans) that will not be deemed to be a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

We have adopted updated policies and procedures in compliance with Rule 18f-4. We do not expect to enter into derivatives transactions. Future legislation or rules may modify how we treat derivatives and other financial arrangements for purposes of our compliance with the leverage limitations of the 1940 Act. Future legislation or rules may modify how leverage is calculated under the 1940 Act and, therefore, may increase or decrease the amount of leverage currently available to us under the 1940 Act, which may be materially adverse to us and our shareholders.

***If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to maintain our qualification as a BDC or be precluded from investing according to our current business strategy.*** 

As a BDC, we may not acquire any assets other than "qualifying assets" unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets.

We believe that most of the investments that we may acquire in the future will constitute qualifying assets. However, we may be precluded from investing in what we believe to be attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations and cash flows.

If we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act, which would significantly decrease our operating flexibility.

***Substantially all of our portfolio investments are recorded at fair value as determined in good faith by our board of directors and, as a result, there may be uncertainty as to the value of our portfolio investments.*** 

Substantially all of our portfolio investments are securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we will value these investments at fair value as determined in good faith by our board of directors, including to reflect significant events affecting the value of our investments. Most, if not all, of our investments (other than cash and cash equivalents) will be classified as Level 3 under ASC 820. This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Inputs into the determination of fair value of our portfolio investments require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of

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consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We have retained the services of independent service providers to review the valuation of these loans and securities. The types of factors that the board of directors may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Our net asset value could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such loans and securities.

We adjust quarterly the valuation of our portfolio to reflect our board of directors' determination of the fair value of each investment in our portfolio. Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation.

***Our Compliance with Section 404 of the Sarbanes-Oxley Act involves significant expenditures, and if we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the market price of our common stock.*** 

We are subject to the Sarbanes-Oxley Act, and the related rules and regulations promulgated by the SEC. Under current SEC rules, we are required to report on internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act and regulations of the SEC thereunder. We are required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting.

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley Act may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our consolidated financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock.

***As a non-accelerated filer, we are not required to comply with the auditor attestation requirements of the Sarbanes-Oxley Act.*** 

As of December 31, 2025, we are a non-accelerated filer under the Securities Exchange Act of 1934, as amended, and, therefore, we are not required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act. Therefore, our internal controls over financial reporting will not receive the level of review provided by the process relating to the auditor attestation included in annual reports of issuers that are subject to the auditor attestation requirements. In addition, we cannot predict if investors will find our common stock less attractive because we are not required to comply with the auditor attestation requirements. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and trading price for our common stock may be negatively affected.

***Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval.*** 

Our board of directors has the authority, except as otherwise provided in the 1940 Act, to modify or waive our investment objective or certain of our operating policies and strategies without prior notice and without stockholder approval. However, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results and the market price of our common stock. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions to our stockholders.

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***Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.*** 

Our board of directors is divided into three classes of directors serving staggered terms. A classified board may render a change in control of us or removal of our incumbent management more difficult. The Maryland General Corporation Law and our charter and bylaws contain additional provisions that may discourage, delay or make more difficult a change in control of Investcorp Credit Management BDC, Inc. or the removal of our directors. We are subject to the Maryland Business Combination Act, subject to any applicable requirements of the 1940 Act. Our board of directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board of directors, including approval by a majority of the Independent Directors. If the resolution exempting business combinations is repealed or our board of directors does not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer.

We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our charter classifying our board of directors in three classes serving staggered three-year terms, and authorizing our board of directors to classify or reclassify shares of our stock in one or more classes or series, to cause the issuance of additional shares of our stock, to amend our charter without stockholder approval and to increase or decrease the number of shares of stock that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders.

**Risks Relating to the Adviser or Its Affiliates** 

***The Adviser's incentive fee structure may create incentives to it that are not fully aligned with the interests of our stockholders.*** 

In the course of our investing activities, we pay the Base Management Fee and Incentive Fee to the Adviser. We have entered into the Advisory Agreement with the Adviser that provides that the Base Management Fee will be based on the value of our gross assets. As a result, investors in our common stock will invest on a "gross" basis and receive distributions on a "net" basis after expenses, resulting in a lower rate of return than one might achieve through direct investments. Because the Base Management Fee is based on the value of our gross assets, the Adviser will benefit when we incur debt or use leverage. This fee structure may encourage the Adviser to cause us to borrow money to finance additional investments. Under certain circumstances, the use of borrowed money may increase the likelihood of default, which would disfavor our stockholders.

Our board of directors is charged with protecting our interests by monitoring how the Adviser addresses these and other conflicts of interests associated with its management services and compensation. While our board of directors is not expected to review or approve each investment decision, borrowing or incurrence of leverage, the Independent Directors will periodically review the Adviser's services and fees as well as its portfolio management decisions and portfolio performance. In connection with these reviews, the Independent Directors will consider whether our fees and expenses (including those related to leverage) remain appropriate. As a result of this arrangement, the Adviser may from time to time have interests that differ from those of our stockholders, giving rise to a conflict.

***Our Incentive Fee may induce the Adviser to make speculative investments.*** 

The Adviser receives an Incentive Fee based, in part, upon net capital gains realized on our investments. Unlike that portion of the Income-Based Fee, there is no hurdle rate applicable to the Capital Gains Fee. Additionally, under the incentive fee structure, the Adviser may benefit when we recognize capital gains and, because the Adviser will determine when to sell a holding, the Adviser will control the timing of the recognition of such capital gains. As a result, the Adviser may have a tendency to invest more capital in investments likely to result in capital gains, compared to income-producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

***We may be obligated to pay the Adviser incentive compensation even if we incur a loss and may pay more than 20.0% of our net capital gains because we cannot recover payments made in previous years.*** 

The Adviser is entitled to incentive compensation for each fiscal quarter in an amount equal to a percentage of the excess of our investment income for that quarter (before deducting incentive compensation) above a threshold return for that quarter. The Advisory Agreement entitles our Adviser to receive an incentive fee based on our pre-incentive fee net investment income regardless of any capital losses. Thus, we may be required to pay the Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter. If we pay an incentive fee of 20% of our realized capital gains (net of all realized capital losses and unrealized capital depreciation on a cumulative basis) and thereafter experience additional realized capital losses or unrealized capital depreciation, we will not be able to recover any portion of the incentive fee previously paid. Our board of directors is

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charged with protecting our stockholder's interests by monitoring how the Adviser addresses these and other conflicts of interest associated with its management services and compensation.

***PIK interest payments we receive will increase our assets under management and, as a result, will increase the amount of Base Management Fees and Incentive Fees payable by us to the Adviser.*** 

Certain of our debt investments contain provisions providing for the payment of PIK interest. Because PIK interest results in an increase in the size of the loan balance of the underlying loan, the receipt by us of PIK interest will have the effect of increasing our assets under management. As a result, because the Base Management Fee that we pay to the Adviser is based on the value of our gross assets, receipt of PIK interest will result in an increase in the amount of the Base Management Fee payable by us. In addition, any such increase in a loan balance due to the receipt of PIK interest will cause such loan to accrue interest on the higher loan balance, which will result in an increase in our pre-incentive fee net investment income and, as a result, an increase in incentive fees that are payable to the Adviser. Additionally, the part of the incentive fees payable to our Adviser that relates to our net investment income is computed and paid on income that may include interest income that has been accrued but not yet received in cash, such as market discount, debt instruments with PIK interest, preferred units with PIK dividends, zero coupon securities, and other deferred interest instruments and may create an incentive for the Adviser to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement.

***Our incentive fee arrangements with the Adviser may vary from those of other investment funds, account or investment vehicles that the Adviser may manage in the future, which may create an incentive for the Adviser to devote time and resources to a higher fee-paying fund.*** 

If the Adviser is paid a higher performance-based fee from any other fund that it may manage in the future, it may have an incentive to devote more research and development or other activities, and/or recommend the allocation of investment opportunities, to such higher fee-paying fund. For example, to the extent the Adviser's incentive compensation is not subject to a hurdle or total return requirement with respect to another fund, it may have an incentive to devote time and resources to such other fund. As a result, the investment professionals of the Adviser may devote time and resources to a higher fee-paying fund.

***The Adviser's liability is limited under the Advisory Agreement and we have agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.*** 

Under the Advisory Agreement, the Adviser has not assumed any responsibility to us other than to render the services called for under that agreement. It will not be responsible for any action of our board of directors in following or declining to follow the Adviser's advice or recommendations. Under the Advisory Agreement, the Adviser, its officers, members and personnel, and any person controlling or controlled by the Adviser will not be liable to us, any subsidiary of ours, our directors, our stockholders or any subsidiary's stockholders or partners for acts or omissions performed in accordance with and pursuant to the Advisory Agreement, except those resulting from acts constituting gross negligence, willful misconduct, bad faith or reckless disregard of the duties that the Adviser owes to us under the Advisory Agreement. In addition, as part of the Advisory Agreement, we have agreed to indemnify the Adviser and each of its officers, directors, members, managers and employees from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Advisory Agreement, except where attributable to gross negligence, willful misconduct, bad faith or reckless disregard of such person's duties under the Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.

***The Adviser can resign as the Adviser or administrator upon 60 days' notice and we may not be able to find a suitable replacement within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.*** 

The Adviser has the right under the Advisory Agreement to resign as the Adviser at any time upon not less than 60 days' written notice, whether we have found a replacement or not. Similarly, the Adviser has the right under the Administration Agreement to resign at any time upon not less than 60 days' written notice, whether we have found a replacement or not. If the Adviser were to resign, we may not be able to find a new investment adviser or administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions to our stockholders are likely to be adversely affected and the market price of our shares may decline. In addition, the coordination of our internal management and investment or administrative activities, as applicable, is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Adviser. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our

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investment objective may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations and cash flows.

***There are conflicts related to other arrangements with the Adviser.*** 

We have entered into a license agreement with the Adviser under which the Adviser has agreed to grant us a non-exclusive, royalty-free license to use the name "Investcorp." See "Business — Management Agreements — License Agreement." In addition, we have entered into the Administration Agreement with the Adviser pursuant to which we are required to pay to the Adviser our allocable portion of overhead and other expenses incurred by the Adviser in performing its obligations under such Administration Agreement, such as rent, equipment and our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and his respective staff's compensation and compensation-related expenses. This will create conflicts of interest that our board of directors will monitor. For example, under the terms of the license agreement, we will be unable to preclude the Adviser from licensing or transferring the ownership of the "Investcorp" name to third parties, some of whom may compete against us. Consequently, we will be unable to prevent any damage to goodwill that may occur as a result of the activities of the Adviser or others. Furthermore, in the event the license agreement is terminated, we will be required to change our name and cease using "Investcorp" as part of our name. Any of these events could disrupt our recognition in the marketplace, damage any goodwill we may have generated and otherwise harm our business.

**Risks Relating to Our Investments** 

***Economic recessions or downturns could adversely affect our portfolio companies, leading to defaults on our investments, which would harm our operating results.*** 

Many of the portfolio companies in which we expect to make investments, including those currently included in our portfolio, are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. In such event, the number of our non-performing assets is likely to increase and the value of our portfolio is likely to decrease during such periods. Adverse economic conditions may decrease the value of collateral securing some of our loans and debt securities and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations under the loans and debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company.

***The lack of liquidity in our investments may adversely affect our business.*** 

All of our assets may be invested in illiquid loans and securities, and a substantial portion of our investments in leveraged companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than more broadly traded public securities. The illiquidity of these investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. Also, as noted above, we may be limited or prohibited in our ability to sell or otherwise exit certain positions in our initial portfolio as such a transaction could be considered a joint transaction prohibited by the 1940 Act.

***Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation.*** 

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by our board of directors. As part of the valuation process, we may take into account the following types of factors, if relevant, in determining the fair value of our investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•available current market data, including relevant and applicable market trading and transaction comparables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•applicable market yields and multiples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•security covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•call protection provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•information rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the nature and realizable value of any collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the portfolio company's ability to make payments, its earnings and discounted cash flows and the markets in which it does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparisons of financial ratios of peer companies that are public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparable merger and acquisition transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•principal market and enterprise values.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our net asset value by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***We may hold the loans and debt securities of leveraged companies that may, due to the significant operating volatility typical of such companies, enter into bankruptcy proceedings, and we could lose all or part of our investment, which would harm our operating results.*** 

Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position.

Leveraged companies may also experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversarial proceedings and are beyond the control of the creditors. A bankruptcy filing by a portfolio company may adversely and permanently affect that company. If the proceeding is converted to a liquidation, the value of the portfolio company may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor's return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor's estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets. This could trigger cross-defaults under other agreements and jeopardize such portfolio company's ability to meet its obligations under the loans or debt or equity securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company.

Credit risk is the potential loss we may incur from a failure of a company to make payments according to the terms of a contract. We are subject to credit risk because of our strategy of investing in the debt of leveraged companies and our involvement in derivative instruments. Our exposure to credit risk on our investments is limited to the fair value of the investments. Our derivative contracts are executed pursuant to an International Swaps and Derivatives Association master agreement. Any material exposure due to counter-party risk under the Capital One Revolving Financing, generally, could have a material adverse effect on our operating results.

***There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.*** 

If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, including the extent to which we may have actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower's

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business or exercise control over the borrower. It is possible that we could become subject to a lender's liability claim, including as a result of actions taken if we actually render significant managerial assistance.

***We may be subject to risks associated with unitranche loans.***

We may invest in unitranche loans, which are loans that combine both senior and subordinated debt components, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with the secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term and there is heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate in the "first out" tranche, which will generally receive priority with respect to payments of principal, interest and any other amounts due, or to choose to participate only in the "last out" tranche, which is generally paid after the "first out" tranche is paid. We may participate in "first out" and "last out" tranches of unitranche loans and make single unitranche loans.

***Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of our investment.*** 

Investment in private and middle-market companies involves a number of significant risks. Generally, little public information exists about these companies, and we will rely on the ability of the Adviser's investment professionals to obtain adequate information to evaluate the potential returns and risks from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Middle-market companies may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on one or more of the portfolio companies we invest in and, in turn, on us. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, our executive officers, directors and investment adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in portfolio companies.

***Our investments may include PIK interest.*** 

To the extent that we invest in loans with a PIK interest component and the accretion of PIK interest constitutes a portion of our income, we will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loans with a PIK interest component may have higher interest rates that reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loans with a PIK interest component may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the deferral of PIK interest increases the loan-to-value ratio, which is a fundamental measure of loan risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•even if the accounting conditions for PIK interest accrual are met, the borrower could still default when the borrower's actual payment is due at the maturity of the loan.

***Our investments in original issue discount and payment-in-kind instruments may expose us to investment risk.***

To the extent that the Company invests in OID or PIK instruments and the accretion of OID or PIK interest income constitutes a portion of the Company's income, the Company will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the interest rates on PIK loans are higher to reflect the time-value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments, and PIK instruments generally represent a significantly higher credit risk than coupon loans;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•OID and PIK instruments may have unreliable valuations because the accruals require judgments about ultimate collectability of the deferred payments and the value of any associated collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an election to defer PIK interest payments by adding them to the principal on such instruments increases our future investment income which increases our net assets and, as such, increases the Adviser's future management fees which, thus, increases the Adviser's future income incentive fees at a compounding rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•market prices of OID and PIK instruments and other zero-coupon instruments are affected to a greater extent by interest rate changes, and may be more volatile than instruments that pay interest periodically in cash. While PIK instruments are usually less volatile than zero-coupon debt instruments, PIK instruments are generally more volatile than cash pay securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•even if the conditions for income accrual under GAAP are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•for accounting purposes, cash distributions to investors representing OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash invested by investors, the 1940 Act does not require that investors be given notice of this fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the required recognition of OID or PIK interest for U.S. federal income tax purposes may have a negative impact on liquidity, as it represents a non-cash component of our investment company taxable income that may require cash distributions to shareholders in order to maintain our tax treatment as a RIC for U.S. federal income tax purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•OID may create a risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

***We may expose ourselves to risks if we engage in hedging transactions.*** 

If we engage in hedging transactions, we may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations.

***We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.*** 

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Beyond the asset diversification requirements associated with our qualification as a RIC under the Code, we do not have fixed guidelines for diversification. To the extent that we assume large positions in the securities of a small number of issuers or our investments are concentrated in relatively few industries, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

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***Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.*** 

Our portfolio may be concentrated in a limited number of industries. A downturn in any particular industry in which we are invested could significantly impact the aggregate returns we realize.

As of December 31, 2025, our investments in the professional services industry represented 14.50% of the fair value of our portfolio. If an industry in which we have significant investments suffers from adverse business or economic conditions, as these industries have to varying degrees, a material portion of our investment portfolio could be affected adversely, which, in turn, could adversely affect our financial position and results of operations.

***Our investments in the professional services industry face considerable uncertainties including significant regulatory challenges.*** 

Our investments in portfolio companies that operate in the professional services industry represent approximately 14.50% of our total portfolio as of December 31, 2025. Our investments in portfolio companies in the professional services industry include those that provide services related to data and information, building, cleaning and maintenance services, and energy efficiency services. Portfolio companies in the professional services industry are subject to many risks, including the negative impact of regulation, changing technology, a competitive marketplace and difficulty in obtaining financing. Portfolio companies in the professional services industry must respond quickly to technological changes and understand the impact of these changes on customers' preferences. Adverse economic, business, or regulatory developments affecting the professional services industry could have a negative impact on the value of our investments in portfolio companies operating in this industry, and therefore could negatively impact our business and results of operations.

***Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.*** 

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as "follow-on" investments, including exercising warrants, options or convertible securities that were acquired in the original or subsequent financing; in seeking to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increase or maintain in whole or in part our position as a creditor or our equity ownership percentage in a portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preserve or enhance the value of our investment.

We have discretion to make follow-on investments, subject to the availability of capital resources. Failure on our part to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements of the 1940 Act or the desire to maintain our qualification as a RIC.

***Because we generally do not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.*** 

We do not hold controlling equity positions in any of the portfolio companies included in our portfolio and, although we may do so in the future, we do not currently intend to hold controlling equity positions in our portfolio companies. As a result, we will be subject to the risk that a portfolio company may make business decisions with which we disagree, and that the management and/or stockholders of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the debt and equity investments that we expect to hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments.

***Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and ability to make stockholder distributions and result in a decline in the market price of our shares.*** 

We are subject to the risk that the debt investments we make in portfolio companies may be repaid prior to maturity. We expect that our investments will generally allow for repayment at any time subject to certain penalties. When this occurs, we intend to generally reinvest these proceeds in temporary investments, pending their future investment in accordance with our investment strategy. These temporary investments will typically have substantially lower yields than the debt being prepaid, and we could experience significant delays in reinvesting these amounts. Any future investment may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elects to prepay amounts owed to us.

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Additionally, prepayments could negatively impact our ability to make, or the amount of, stockholder distributions with respect to our common stock, which could result in a decline in the market price of our shares.

***Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.*** 

We intend to invest a portion of our capital in second lien and subordinated loans issued by our portfolio companies. The portfolio companies usually have, or may be permitted to incur, other debt that ranks equally with, or senior to, the loans in which we invest. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments in respect of the loans in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying senior creditors, a portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with loans in which we invest, we would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

Additionally, certain loans that we may make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company's remaining assets, if any.

We may also make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on such portfolio companies' collateral, if any, will secure the portfolio company's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the portfolio company's remaining assets, if any.

The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to cause the commencement of enforcement proceedings against the collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to control the conduct of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the approval of amendments to collateral documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•releases of liens on the collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•waivers of past defaults under collateral documents.

We may not have the ability to control or direct such actions, even if our rights are adversely affected.

***The disposition of our investments may result in contingent liabilities.*** 

We currently expect that substantially all of our investments will involve loans and private securities. In connection with the disposition of such an investment, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment

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to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of distributions previously made to us.

***We may not realize gains from our equity investments.*** 

When we invest in loans and debt securities, we may acquire warrants or other equity securities of portfolio companies as well. We may also invest in equity securities directly. To the extent we hold equity investments, we will attempt to dispose of them and realize gains upon our disposition of them. However, the equity interests we receive may not appreciate in value and may decline in value. As a result, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

**Risks Relating to an Investment in Our Securities** 

***We cannot assure you that the market price of shares of our common stock will not decline.*** 

Shares of closed-end investment companies, including BDCs, frequently trade at a discount from their net asset value and our stock may also be discounted in the market. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share of common stock may decline. In the past, shares of BDCs, including at times shares of our common stock, have traded at prices per share below net asset value per share. We cannot predict whether our common stock will trade at a price per share above, at or below net asset value per share. In addition, if our common stock trades below its net asset value per share, we will generally not be able to sell additional shares of our common stock to the public at its market price without first obtaining the approval of a majority of our shareholders (including a majority of our unaffiliated shareholders) and our independent directors for such issuance.

***There is a risk that you may not receive distributions or that our distributions may not grow over time or a portion of your distributions may be a return of capital.*** 

We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this annual report on Form 10-K. Due to the asset coverage test applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions. If we violate certain covenants under our existing or future borrowing or financing arrangements or other leverage, we may be limited in our ability to make distributions. If we declare a distribution and because more of our stockholders have opted to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to sell some of our investments in order to make cash distribution payments. To the extent we make distributions to stockholders that include a return of capital, such portion of the distribution essentially constitutes a return of the stockholder's investment. Although such return of capital may not be taxable, such distributions would generally decrease a stockholder's basis in our common stock and may therefore increase such stockholder's tax liability for capital gains upon the future sale of such stock. A return of capital distribution may cause a stockholder to recognize a capital gain from the sale of our common stock even if the stockholder sells its shares for less than the original purchase price. All distributions will be made at the discretion of our board of directors and will depend on our earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations, and such other factors as our board of directors may deem relative from time to time. We cannot assure you that we will make distributions to our stockholders in the future.

***We may in the future choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.*** 

We may distribute taxable dividends that are payable in part in our stock. Under certain applicable provisions of the Code and the Treasury Regulations, distributions payable in cash or in shares of stock at the election of stockholders are treated as taxable dividends. The Internal Revenue Service has issued a Revenue Procedure indicating that this rule will apply if the total amount of cash to be distributed is not less than 20% of the total distribution. Under this Revenue Procedure, if too many stockholders elect to receive their distributions in cash, each such stockholder would receive a pro rata share of the total cash to be distributed and would receive the remainder of their distribution in shares of stock. If we decide to make any distributions consistent with this Revenue Procedure that are payable in part in our stock, taxable stockholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, our stock, or combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including

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in respect of all or a portion of such dividend that is payable in stock. If a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock.

***Stockholders may experience dilution in their ownership percentage if they do not participate in our dividend reinvestment plan.*** 

All distributions declared in cash payable to stockholders that are participants in our dividend reinvestment plan are generally automatically reinvested in shares of our common stock. As a result, stockholders that do not participate in the dividend reinvestment plan may experience dilution over time. Stockholders who receive distributions in shares of common stock may experience accretion to the net asset value of their shares if our shares are trading at a premium and dilution if our shares are trading at a discount. The level of accretion or discount would depend on various factors, including the proportion of our stockholders who participate in the plan, the level of premium or discount at which our shares are trading and the amount of the distribution payable to a stockholder.

***Our shares might trade at premiums that are unsustainable or at discounts from net asset value.*** 

Shares of BDCs like us may, during some periods, trade at prices higher than their net asset value per share and, during other periods, as frequently occurs with closed-end investment companies, trade at prices lower than their net asset value per share. The perceived value of our investment portfolio may be affected by a number of factors including perceived prospects for individual companies we invest in, market conditions for common stock generally, for initial public offerings and other exit events for venture capital backed companies, and the mix of companies in our investment portfolio over time. Negative or unforeseen developments affecting the perceived value of companies in our investment portfolio could result in a decline in the trading price of our common stock relative to our net asset value per share.

The possibility that our shares will trade at a discount from net asset value or at premiums that are unsustainable are risks separate and distinct from the risk that our net asset value per share will decrease. The risk of purchasing shares of a BDC that might trade at a discount or unsustainable premium is more pronounced for investors who wish to sell their shares in a relatively short period of time because, for those investors, realization of a gain or loss on their investments is likely to be more dependent upon changes in premium or discount levels than upon increases or decreases in net asset value per share.

***Investing in our common stock may involve an above average degree of risk.*** 

The investments we make in accordance with our investment objective may result in a higher amount of risk, and higher volatility or loss of principal, than alternative investment options. Our investments in portfolio companies may be speculative and, therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance.

***The market price of our common stock may fluctuate significantly.*** 

The market price and liquidity of the market for our securities may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•price and volume fluctuations in the overall stock market from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investor demand for our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which is not necessarily related to the operating performance of these companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loss of our qualification as a RIC or BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the value of our portfolio of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increases in the interest rates we pay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in accounting guidelines governing valuation of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•departure of the Adviser's key personnel;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•change in the Adviser's relationship with Investcorp under the Investcorp Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•operating performance of companies comparable to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic trends and other external factors.

In the past, following periods of volatility in the market price of a company's securities, securities class action litigation has often been brought against that company. Due to the potential volatility of our stock price, we may become the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management's attention and resources from our business.

***Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.*** 

Our two largest investors are Investcorp and Stifel. As of March 20, 2026, Investcorp owns approximately 25% and Stifel owns approximately 17% of our total outstanding common stock. The shares held by Investcorp and Stifel are generally freely tradable in the public market, subject to the volume limitations, applicable holding periods and other provisions of Rule 144 under the Securities Act. Sales of substantial amounts of our common stock, the availability of such common stock for sale or the registration of such common stock for sale and the ability of our stockholders, including Investcorp and Stifel to sell their respective shares at a price per share that is below our then current net asset value per share could adversely affect the prevailing market prices for our common stock. If this occurs and continues it could impair our ability to raise additional capital through the sale of securities should we desire to do so and negatively impact the market of our common stock.

***Our board of directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners.*** 

Under Maryland General Corporation Law and our charter, our board of directors is authorized to classify and reclassify any authorized but unissued shares of stock into one or more classes of stock, including preferred stock. Prior to issuance of shares of each class or series, the board of directors will be required by Maryland law and our charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to stockholder distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the board of directors could authorize the issuance of shares of preferred stock with terms and conditions that could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or that otherwise might be in their best interest. The cost of any such reclassification would be borne by our common stockholders. The issuance of preferred shares convertible into shares of common stock may also reduce the net income and net asset value per share of our common stock upon conversion, provided, that we will only be permitted to issue such convertible preferred stock to the extent we comply with the requirements of Section 61 of the 1940 Act, including obtaining common stockholder approval. These effects, among others, could have an adverse effect on your investment in our common stock.

Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock. For example, the 1940 Act provides that holders of preferred stock are entitled to vote separately from holders of common stock to elect two preferred stock directors. We currently have no plans to issue preferred stock

**Risks Relating to an Investment in Our Notes** 

***The 2026 Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future and rank pari passu with, or equal to, all outstanding and future unsecured indebtedness issued by us and our general liabilities.*** 

The 2026 Notes are not secured by any of our assets or any of the assets of any of our subsidiaries. As a result, the 2026 Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have outstanding (including the Capital One Revolving Financing) or that we or our subsidiaries may incur in the future (or any indebtedness that is initially unsecured as to which we subsequently grant a security interest) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our secured indebtedness or secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the 2026 Notes.

As of December 31, 2025, we had, through SPV LLC, $58.9 million in outstanding indebtedness under the Capital One Revolving Financing, which are secured by the assets held at SPV LLC. The indebtedness under the Capital One Revolving Financing is effectively senior to the 2026 Notes to the extent of the value of the assets securing such indebtedness. The 2026 Notes also rank pari passu with, or equal to, our general liabilities, which consist of trade and other payables, including any outstanding dividend payable, base and incentive management fees payable, interest and debt fees payable, vendor payables and accrued expenses such as auditor fees, legal fees, director fees, etc. In total, these general liabilities were $4.4 million as of December 31, 2025.

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***The 2026 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.*** 

The 2026 Notes are obligations exclusively of Investcorp Credit Management BDC, Inc., and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the 2026 Notes, and the 2026 Notes will not be required to be guaranteed by any subsidiary we may acquire or create in the future. Any assets of our subsidiaries will not be directly available to satisfy the claims of our creditors, including holders of the 2026 Notes. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors of our subsidiaries will have priority over our equity interests in such entities (and therefore the claims of our creditors, including holders of the 2026 Notes) with respect to the assets of such entities. Even if we are recognized as a creditor of one or more of these entities, our claims would still be effectively subordinated to any security interests in the assets of any such current or future subsidiary and to any indebtedness or other liabilities of any such current or future subsidiary senior to our claims, including under the Capital One Revolving Financing. Consequently, the 2026 Notes are structurally subordinated to all indebtedness and other liabilities, including trade payables, of any of our existing or future subsidiaries.

***The indenture under which the 2026 Notes are issued contains limited protection for holders of the 2026 Notes.*** 

The Indenture offers limited protection to holders of the 2026 Notes. The terms of the Indenture and the 2026 Notes do not restrict our or any of our subsidiaries' ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on your investment in the 2026 Notes. In particular, the terms of the Indenture and the 2026 Notes do not place any restrictions on our or our subsidiaries' ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the 2026 Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the 2026 Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the 2026 Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the 2026 Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to us by the SEC, which generally prohibit us from incurring additional indebtedness, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such incurrence or issuance. See "—*Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the 2026 Notes, including subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, giving effect to any no-action relief granted by the SEC to another BDC and upon which we may reasonably rely (or to us if we determine to seek such similar SEC no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act in order to maintain the BDC's status as a RIC under Subchapter M of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into transactions with affiliates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•make investments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

Furthermore, the terms of the Indenture and the 2026 Notes do not protect holders of the 2026 Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, if any, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity.

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Our ability to recapitalize, incur additional debt (including additional debt that matures prior to the maturity of the 2026 Notes) and take a number of other actions that are not limited by the terms of the 2026 Notes may have important consequences for you as a holder of the 2026 Notes, including making it more difficult for us to satisfy our obligations with respect to the 2026 Notes or negatively affecting the market value of the 2026 Notes.

Other debt we issue or incur in the future could contain more protections for its holders than the Indenture and the 2026 Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for trading levels and prices of the 2026 Notes.

***There is no active trading market for the 2026 Notes. If an active trading market does not develop for the 2026 Notes, you may not be able to sell them.*** 

The 2026 Notes are not listed on any securities exchange or for quotation on any automated dealer quotation system. As such, there currently is no trading market. If the 2026 Notes are traded in the future, they may trade at a discount to their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, our financial condition, performance and prospects, general economic conditions, or other relevant factors. Although the underwriter has informed us that it intends to make a market in the 2026 Notes, it is not obligated to do so, and the underwriter may discontinue any market-making activities in the 2026 Notes without notice at any time in its sole discretion. Accordingly, there is no assurance that a liquid trading market will develop or be maintained for the 2026 Notes, that holders will be able to sell the 2026 Notes at a particular time or that the price holders of the 2026 Notes receive when they sell will be favorable. To the extent an active trading market does not develop, the liquidity and trading price for the 2026 Notes may be harmed. Accordingly, holders may be required to bear the financial risk of an investment in the 2026 Notes for an indefinite period of time.

***If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2026 Notes.*** 

Any default under the agreements governing our indebtedness, including a default under the Capital One Revolving Financing or other indebtedness to which we may be a party that is not waived by the required lenders, and the remedies sought by lenders or the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the 2026 Notes and substantially decrease the market value of the 2026 Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness (including the Capital One Revolving Financing), we could be in default under the terms of the agreements governing such indebtedness, including the 2026 Notes. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under the Capital One Revolving Financing or other debt we may incur in the future could elect to terminate their commitment, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation.

Our ability to generate sufficient cash flow in the future is, to some extent, subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from investment activities, or that future borrowings will be available to us under the Capital One Revolving Financing or otherwise, in an amount sufficient to enable us to meet our payment obligations under the 2026 Notes, our other debt, and to fund other liquidity needs.

If our operating performance declines and we are not able to generate sufficient cash flow to service our debt obligations, we may in the future need to refinance or restructure our debt, including any 2026 Notes sold, sell assets, reduce or delay capital investments, seek to raise additional capital or seek to obtain waivers from the lenders under the Capital One Revolving Financing or other debt that we may incur in the future to avoid being in default. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under the 2026 Notes and our other debt. If we breach our covenants under the Capital One Revolving Financing or any of our other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders thereof. If this occurs, we would be in default under the Capital One Revolving Financing or other debt, the lenders or holders could exercise rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt, including the Capital One Revolving Financing. Because the Capital One Revolving Financing has, and any future borrowing or financing arrangements will likely have, customary cross-default provisions, if we have a default under the terms of the 2026 Notes, the obligations under the Capital One Revolving Financing or any future credit facility may be accelerated and we may be unable to repay or finance the amounts due.

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***We may choose to redeem the 2026 Notes when prevailing interest rates are relatively low.*** 

The 2026 Notes are redeemable in whole or in part upon certain conditions at any time or from time to time at our option. We may choose to redeem the 2026 Notes from time to time, especially if prevailing interest rates are lower than the rate borne by the 2026 Notes. If prevailing rates are lower at the time of redemption, and we redeem the 2026 Notes, you likely would not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the 2026 Notes being redeemed.

***We may not be able to repurchase the 2026 Notes upon a Change of Control Repurchase Event.*** 

We may not be able to repurchase the 2026 Notes upon a Change of Control Repurchase Event (as defined in the Indenture) because we may not have sufficient funds. We would not be able to borrow under the Capital One Revolving Financing to finance such a repurchase of the 2026 Notes, and we expect that any future credit facility would have similar limitations. Upon a Change of Control Repurchase Event, holders of the 2026 Notes may require us to repurchase for cash some or all of the 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the 2026 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. The terms of the Capital One Revolving Financing also provide that certain change of control events will constitute an event of default thereunder entitling the lenders to accelerate any indebtedness outstanding under the Capital One Revolving Financing at that time and to terminate the Capital One Revolving Financing. Our and our subsidiaries' future financing facilities may contain similar restrictions and provisions. Our failure to purchase such tendered Notes upon the occurrence of such Change of Control Repurchase Event would cause an event of default under the indenture governing the 2026 Notes and a cross-default under the agreements governing the Capital One Revolving Financing, which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately. If the holders of the 2026 Notes exercise their right to require us to repurchase 2026 Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our current and future debt instruments, and we may not have sufficient funds to repay any such accelerated indebtedness.

**Risks Related to U.S. Federal Income Tax** 

***We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code.*** 

To maintain our qualification as a RIC under Subchapter M of the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The source-of-income requirement will be satisfied if we obtain at least 90% of our income for each year from dividends, interest, gains from the sale of stock or securities or similar sources. The distribution requirement for a RIC is satisfied if we distribute at least 90% of our net ordinary income, net exempt interest income, and net short-term capital gains in excess of net long-term capital losses, if any, to our stockholders on an annual basis. Because we incur debt, we will be subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to maintain our qualification as a RIC. If we are unable to obtain cash from other sources, we may fail to maintain our qualification as a RIC and, thus, may be subject to corporate-level U.S. federal income tax. To maintain our qualification as a RIC, we must also meet certain asset diversification requirements at the end of each calendar quarter. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of our qualification as a RIC. Because most of our investments are in private or thinly traded public companies, any such dispositions may be made at disadvantageous prices and may result in substantial losses. No certainty can be provided that we will satisfy the asset diversification requirements of the other requirements necessary to maintain our qualification as a RIC. If we fail to maintain our qualification as a RIC for any reason and become subject to corporate-level U.S. federal income tax, the resulting taxes could substantially reduce our net assets, the amount of income available for distributions to our stockholders and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and our stockholders. See "Business — Taxation as a Regulated Investment Company."

***We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.*** 

For U.S. federal income tax purposes, we will include in income certain amounts that we have not yet received in cash, such as the accrual of OID. This may arise if we receive warrants in connection with the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such OID, which could be significant relative to our overall investment activities and increases in loan balances as a result of contracted PIK arrangements will be included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash.

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Since in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to maintain our qualification as a RIC. In such a case, we may have to sell some of our investments at times we would not consider advantageous or raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to maintain our qualification as a RIC and thus be subject to corporate-level U.S. federal income tax. See "Business — Taxation as a Regulated Investment Company."

***We cannot predict how tax reform legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.*** 

Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Recent legislation has made many changes to the Code, including significant changes to the taxation of business entities, the deductibility of interest expense, and the tax treatment of capital investment. We cannot predict with certainty how any changes in the tax laws might affect us, our stockholders, or our portfolio investments. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our stockholders of such qualification, or could have other adverse consequences. Investors are urged to consult with their tax adviser regarding tax legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our securities.

**Risks Relating to the Current Environment**

***Political, social and economic uncertainty creates and exacerbates risks.*** 

Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.

Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

Other adverse developments may occur or reoccur, including: (i) the decline in value and performance of us and our portfolio companies; (ii) the ability of our borrowers to continue to meet loan covenants or repay loans provided by us on a timely basis or at all, which may require us to restructure our investments or write down the value of our investments; (iii) our ability to comply with the covenants and other terms of our debt obligations and to repay such obligations, on a timely basis or at all; (iv) our ability to comply with certain regulatory requirements, such as asset coverage requirements under the 1940 Act; (v) our ability to maintain our distributions at their current level or to pay them at all; or (vi) our ability to source, manage and divest investments and achieve our investment objectives, all of which could result in significant losses to us. We will also be negatively affected if the operations and effectiveness of any of our portfolio companies (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted. The U.S. economy, as well as most other major economies, may experience economic recession, and we anticipate our businesses could be materially and adversely affected by a prolonged recession in the United States and other major global markets.

Disruptions in the capital markets, including disruptions resulting from inflation, the uncertain interest rate environment, Russia's military invasion of Ukraine and conflict in the Middle East, have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets, significant write-offs in the financial sector and re-pricing of credit risk in the broadly syndicated market. These and future market disruptions and/or illiquidity can be expected to have an adverse effect on our business, financial

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condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and have a material negative impact on our and our portfolio companies' operating results and the fair values of our debt and equity investments.

In addition, fiscal and monetary actions taken by the United States and non-U.S. government and regulatory authorities, including those related to trade policies, treaties or tariffs, could have a material adverse impact on our business. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be adversely affected. Moreover, Federal Reserve policy, including with respect to certain interest rates, along with the general policies of the current presidential administration, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities.

These conditions, government actions and future developments may cause interest rates and borrowing costs to rise, which may adversely affect our ability to access debt financing on favorable terms and may increase the interest costs of our borrowers, hampering their ability to repay us. Continued or future adverse economic conditions could have a material adverse effect on our business, financial condition and results of operations.

If key economic indicators, such as the unemployment rate or inflation, do not progress at a rate consistent with the Federal Reserve's objectives, the target range for the federal funds rate may increase, or may not decrease at the pace expected by the market, and cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms and may also increase the costs of our borrowers, hampering their ability to repay us.

Legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Areas subject to potential change, amendment or repeal include the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and the authority of the Federal Reserve and the Financial Stability Oversight Council. These or other regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities. The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a material adverse effect on our business, financial condition and results of operations.

These events present material uncertainty and risk with respect to markets globally, which pose potential adverse risks to us and the performance of our investments and operations. Any such market disruptions could affect our portfolio companies' operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations.

***Any public health emergency or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.*** 

The extent of the impact of any public health emergency on our and our portfolio companies' operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our and our portfolio companies' operations may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any of our or our portfolio companies' personnel. This could create widespread business continuity issues for us and our portfolio companies.

These factors may also cause the valuation of our investments to differ materially from the values that we may ultimately realize. Any public health emergency or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.

***Adverse developments in the credit markets may impair our ability to secure debt financing.*** 

In past economic downturns, such as the financial crisis in the United States that began in mid-2007 and during other times of extreme market volatility, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited routine refinancing and loan modification transactions and even reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. As a result, it may be difficult for us to obtain desired financing to finance the growth of our investments on acceptable economic terms, or at all, during such periods of market volatility.

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If we are unable to consummate borrowing or financing arrangements on commercially reasonable terms, our liquidity may be reduced significantly. If we are unable to repay amounts outstanding under any facility we may enter into and are declared in default or are unable to renew or refinance any such facility, it would limit our ability to initiate significant originations or to operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as inaccessibility of the credit markets, a severe decline in the value of the U.S. dollar, a further economic downturn or an operational problem that affects third parties or us and could materially damage our business.

***Further downgrades of the U.S. credit rating, impending automatic spending cuts or another government shutdown could negatively impact our liquidity, financial condition and earnings.*** 

U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, including a suspension of the federal debt ceiling in June 2023, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States.

The impact of this or any further downgrades to the U.S. government's sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

***Global economic, regulatory and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.*** 

From time to time, social and political tensions in the United States and around the world, may contribute to increased market volatility, may have long-term effects on the U.S. and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. For example, U.S. and global capital markets experienced extreme volatility and disruption during the economic downturn that began in mid-2007, and the U.S. economy was in a recession for several consecutive calendar quarters during the same period.

Volatility in the global financial markets resulting from relapse of the Eurozone crisis, geopolitical developments in Eastern Europe, turbulence in the Chinese stock markets and global commodity markets, the United Kingdom's departure from the European Union (the "EU") or otherwise could have a material adverse effect on our business, financial condition and results of operations.

Volatility in the global financial markets could have an adverse effect on the United States and could result from a number of causes, including a relapse in the Eurozone crisis, geopolitical developments in Eastern Europe, turbulence in the Chinese stock markets and global commodity markets or otherwise. In 2010, a financial crisis emerged in Europe, triggered by high budget deficits and rising direct and contingent sovereign debt in Greece, Ireland, Italy, Portugal and Spain, which created concerns about the ability of these nations to continue to service their sovereign debt obligations. While the financial stability of many of such countries has improved significantly, risks resulting from any future debt crisis in Europe or any similar crisis could have a detrimental impact on the global economic recovery, sovereign and non-sovereign debt in these countries and the financial condition of European financial institutions.

Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. Uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused disruptions in the global markets, including markets in which we participate. We cannot assure you that these market conditions will not continue or worsen in the future. Furthermore, we cannot assure you that market disruptions in Europe, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected.

The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, ongoing epidemics of infectious diseases in certain parts of the world, terrorist attacks in the U.S. and around the world, social and political discord, debt crises, sovereign debt downgrades, continued tensions between North Korea and the United States and the international community generally, new and continued political unrest in various countries, such as Venezuela, the exit or potential exit of one or more countries from the EU or the Economic and Monetary Union, the change in the U.S. president and the new administration, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide.

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In addition, the foreign and fiscal policies of foreign nations, such as Russia and mainland China, may have a severe impact on the worldwide and U.S. financial markets. Sanctions imposed by the U.S. and other countries in connection with hostilities between Russia and Ukraine and the tensions between mainland China and Taiwan have caused additional financial market volatility and affected the global economy. Concerns over future increases in inflation, economic recession, as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility.

The current U.S. presidential administration has proposed and implemented significant changes to U.S. trade, healthcare, immigration, tax, foreign policy and government regulatory policy. To the extent the U.S. Congress or the presidential administration implements additional changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them.

***Capital markets disruption and economic uncertainty may make it difficult to extend the maturity of, or refinance, our existing indebtedness or obtain new indebtedness and any failure to do so could have a material adverse effect on our business, financial condition or results of operations.*** 

Capital markets disruptions and economic uncertainty may make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in rising rate environments. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. An inability to extend the maturity of, or refinance, our existing indebtedness or obtain new indebtedness could have a material adverse effect on our business, financial condition or results of operations.

**General Risks** 

***We are subject to risks related to corporate social responsibility.*** 

Our business faces increasing public scrutiny related to environmental, social and governance ("ESG") activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. The consideration of ESG factors as part of the Adviser's investment process (to the extent that the Adviser considers such ESG factors) and the potential exclusion of certain investments due to ESG considerations (to the extent applicable) may reduce the types and number of investment opportunities available to us. As a result, we may underperform compared to other funds that do not consider ESG factors or exclude investments due to ESG considerations. However, the Adviser will likely not make investment decisions for us solely on the basis of ESG considerations. In evaluating an investment that may have scored less favorably on ESG factors initially (to the extent applicable), the Adviser will consider other factors in its investment decision. Additionally, new regulatory initiatives related to ESG could adversely affect our business.

***The failure in cyber security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively.*** 

The occurrence of a disaster such as a cyber-attack against us or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, a terrorist attack or war, pandemics, events unanticipated in our disaster recovery systems, consequential employee error or a support failure from external providers, could have an adverse effect on our ability to communicate or conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or impact the availability, integrity, or confidentiality of our data.

We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computers, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering, employee personation, social engineering or "phishing" attempts. Like other companies, we may experience threats to our data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other information processed, stored in, and transmitted through our computer systems and networks. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks (i.e., efforts to make network services unavailable to intended users) on websites, servers or other online systems.

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Cyber security incidents and cyber-attacks have been occurring more frequently and will likely continue to increase. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation.

Third parties with which we do business may also be sources of cybersecurity or other technological risk. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incident that affects our data, resulting in increased costs and other consequences as described above.

Substantial costs may be incurred in order to prevent any cyber incidents in the future. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. There is no assurance that any efforts to mitigate cybersecurity risks undertaken by us, our affiliates, or our or their respective third-party service providers will be effective.

In addition, cybersecurity has become a top priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. There may be substantial financial penalties or fines for breach of privacy laws (which may include insufficient security for personal or other sensitive information). Non-compliance with any applicable privacy or data security laws represents a serious risk to our business. Some jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal information. Breaches in security could potentially jeopardize our, the Adviser's employees' or our investors' or counterparties' confidential or other information processed and stored in, or transmitted through, our or the Adviser's computer systems and networks (or those of our third-party service providers), or otherwise cause interruptions or malfunctions in our, the Adviser's employees', our investors', our portfolio companies', our counterparties' or third parties' operations, which could result in significant losses, increased costs, disruption of our business, liability to our investors, our portfolio companies and other counterparties, fines or penalties, litigation, regulatory intervention or reputational damage, which could also lead to loss of investors.

Additionally, remote working environments may be less secure and more susceptible to cyber-attacks, including phishing and social engineering attempts.

Many jurisdictions in which we operate have laws and regulations relating to data privacy, cybersecurity and protection of personal information, including, the California Consumer Privacy Act (the "CCPA"), the New York SHIELD Act, the General Data Protection Regulation ("GDPR") and the U.K. GDPR (collectively, "Privacy Laws"). These Privacy Laws and related regulations are quickly evolving and may conflict with one another. Moreover, to the extent that these laws and regulations or the enforcement of the same become more stringent, or if new laws or regulations or enacted, our financial performance or plans for growth may be adversely impacted. In addition, compliance with applicable Privacy Laws may require adhering to stringent legal and operational requirements, which could increase compliance costs for us and our investment adviser and require the dedication of additional time and resources to compliance by us, our investment adviser or Investcorp. A failure to comply with applicable Privacy Laws could result in fines, sanctions, enforcement actions or other penalties or reputational damage.

Further, significant actual or potential theft, loss, corruption, exposure, fraudulent use or misuse of investor, employee or other personal information, proprietary business data or other sensitive information, whether by third parties or as a result of employee malfeasance or otherwise, non-compliance with our, our investment adviser's or Investcorp's contractual or other legal obligations regarding such data or intellectual property or a violation of Investcorp's privacy and security policies with respect to such data could result in significant investigation, remediation and other costs, fines, penalties, litigation or regulatory actions against us and significant reputational harm, any of which could harm our business and results of operations.

There may be substantial financial penalties or fines for breach of Privacy Laws (which may include insufficient security for personal or other sensitive information). For example, the maximum penalty for breach of the GDPR is the greater of 20 million Euros and 4% of group annual worldwide turnover, and fines for each violation of the CCPA are $2,500 per violation, or $7,500 per violation for

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intentional violations. Non-compliance with any applicable privacy or data security laws represents a serious risk to our business, and compliance may be complicated by conflicting or inconsistent laws and regulations.

***We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.*** 

Our business is highly dependent on the communications and information systems of the Adviser, which are provided to us on behalf of the Adviser by Investcorp pursuant to the Investcorp Services Agreement directly or through third party service providers. Any failure or interruption of those systems, including as a result of the termination of the Investcorp Services Agreement or an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disease pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•events arising from local or larger scale political or social matters, including terrorist acts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders.

***Increased geopolitical unrest, terrorist attacks, or acts of war may affect any market for our common stock, impact the businesses in which we invest, and harm our business, operating results, and financial condition.*** 

Terrorist activity and the continued threat of terrorism and acts of civil or international hostility, both within the United States and abroad, as well as ongoing military and other actions and heightened security measures in response to these types of threats, may cause significant volatility and declines in the global markets, loss of life, property damage, disruptions to commerce and reduced economic activity, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results, and financial condition. Losses from terrorist attacks are generally uninsurable.

***Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.*** 

The United States has recently enacted and proposed to enact significant new tariffs. Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

***We are subject to risks associated with artificial intelligence and machine learning technology.***

Artificial intelligence, including machine learning and similar tools and technologies that collect, aggregate, analyze or generate data or other materials (collectively, "artificial intelligence"), and its current and potential future applications, including in the private investment, financial, technology and other sectors and industries, as well as the legal and regulatory frameworks within which artificial intelligence operates, continue to rapidly evolve.

Recent technological advances in artificial intelligence may pose risks to us and our portfolio companies. We and our portfolio companies could be exposed to the risks of artificial intelligence if third-party service providers or any counterparties, whether or not known to us, use artificial intelligence in their business activities and services, as we and our portfolio companies may not be in a position to control such use of artificial intelligence. The use of artificial intelligence could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming partly accessible by other third-party artificial intelligence and machine learning technology applications and users.

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Independent of its context of use, artificial intelligence is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that artificial intelligence utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error, which may be material, and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of artificial intelligence. To the extent that we or our portfolio companies are exposed to the risks of artificial intelligence use, any such inaccuracies or errors could have adverse impacts on us and/or our portfolio companies.

Technological innovations, including artificial intelligence, also have and may disrupt markets and market practices, including traditional businesses, processes and approaches in multiple sectors and industries, and the frequency of such disruptions is expected to increase. For example, artificial intelligence could lower barriers to entry, increase competition and displace existing business models, processes and/or approaches, which could have a material adverse effect on our portfolio companies and us. We can provide no assurance that new businesses, processes and approaches will not be created through the use of technological innovations, including artificial intelligence, that would compete with our portfolio companies and/or us or alter markets and market practices.

Artificial intelligence and its applications, including in the private investment, financial, technology and other sectors and industries, continue to develop rapidly. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could cause significant market disruptions and subject our portfolio companies and us to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the business, financial condition and results of operations of our portfolio companies and us.

***Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.*** 

Economic sanction laws in the United States and other jurisdictions may prohibit us or our affiliates from transacting with certain countries, individuals and companies. In the United States, the U.S. Department of the Treasury's Office of Foreign Assets Control administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain non-U.S. countries, territories, entities and individuals. These types of sanctions may significantly restrict or completely prohibit investment activities in certain jurisdictions, and if we, our portfolio companies or other issuers in which we invest were to violate any such laws or regulations, we may face significant legal and monetary penalties.

The Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations, as well as anti-boycott regulations, may also apply to and restrict our activities, our portfolio companies and other issuers of our investments. If an issuer or we were to violate any such laws or regulations, such issuer or we may face significant legal and monetary penalties. The U.S. government has indicated that it is particularly focused on FCPA enforcement, which may increase the risk that an issuer or us becomes the subject of such actual or threatened enforcement. In addition, certain commentators have suggested that private investment firms and the funds that they manage may face increased scrutiny and/or liability with respect to the activities of their underlying portfolio companies. As such, a violation of the FCPA or other applicable regulations by us or an issuer of our portfolio investments could have a material adverse effect on us. We are committed to complying with the FCPA and other anti-corruption laws and regulations, as well as anti-boycott regulations, to which it is subject. As a result, we may be adversely affected because of our unwillingness to enter into transactions that violate any such laws or regulations.

***The effect of global climate change may impact the operations of our portfolio companies.*** 

There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies' financial condition, through decreased revenues. Extreme weather conditions (including wildfires, droughts, hurricanes and floods) in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Energy companies could also be affected by the potential for lawsuits against or taxes or other regulatory costs imposed on greenhouse gas emitters, based on links drawn between greenhouse gas emissions and climate change.

***We may experience fluctuations in our quarterly operating results.*** 

We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the loans and debt securities we acquire, the default rate on such loans and securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general

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economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

***New or amended laws or regulations governing our operations may adversely affect our business.*** 

We and our portfolio companies will be subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, may change from time to time, and new laws, regulations and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business.

Additionally, changes to the laws and regulations governing our operations related to permitted investments may cause us to alter our investment strategy in order to avail ourselves of new or different opportunities. Such changes could result in material differences to the strategies and plans set forth in this annual report on Form 10-K and our filings with the SEC, and may shift our investment focus from the areas of expertise of the Adviser to other types of investments in which the Adviser may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment.

***We, the Adviser, and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.***

Our cash and our Adviser's cash is held in accounts at U.S. banking institutions that we believe are of high quality. Cash held by us, our Adviser and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limits. If such banking institutions were to fail, we, our Adviser, or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our, our Adviser's and our portfolio companies' business, financial condition, results of operations, or prospects.

Although we and our Adviser assess our and our portfolio companies' banking relationships as we believe necessary or appropriate, our and our portfolio companies' access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our respective current and projected future business operations could be significantly impaired by factors that affect us, our Adviser or our portfolio companies, the financial institutions with which we, our Adviser or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we, our Adviser or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us, our Adviser, or our portfolio companies to acquire financing on acceptable terms or at all.

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**Item 1B. Unresolved Staff Comments** 

Not applicable.

**Item 1C. Cybersecurity**

We have processes in place to assess, identify, and manage material risks from cyber security threats. The Company's business is dependent on the communications and information systems of Investcorp Group, of which the Adviser is a part. The Adviser manages the Company's day-to-day operations and has adopted a cyber security program that applies to the Company and its operations.

**Cyber Security Program Overview**

The Adviser's cyber security program is reliant on the Investcorp Group's information security team, which is responsible for assessing, identifying, and managing material cyber risks, including those applicable to the Company. The cyber security program involves a periodic risk assessment, implementation of security measures, and ongoing monitoring of systems and networks, including networks on which the Company relies. The Investcorp Group's information security team actively monitors the current threat landscape to identify material risks arising from new and evolving cyber security threats, including material risks faced by the Company, and advises the Adviser of such risks during periodic reviews.

The cyber security program relies on the Adviser and the Investcorp Group to engage external experts, which may include assessors, consultants, auditors, or other third parties as appropriate to evaluate its cyber security measures and risk management processes, including those applicable to the Company.

The Company depends on and engages various third parties, including suppliers, vendors and service providers, to operate its business. The Company takes steps to identify and oversee risks from cyber security threats associated with our use of such entities, and the Chief Compliance Officer of the Company periodically reviews cyber security-related reports regarding key service providers.

**Oversight of Cyber Security Risks by our Board of Directors**

The Board of Directors provides oversight on cyber security matters, including risks associated with cyber security threats. The Board of Directors receives periodic updates from the Company's Chief Compliance Officer and the Heads of Technology of Investcorp Group regarding the overall state of the Adviser's cyber security program, information on the current threat landscape, and risks from cyber security threats and cyber security incidents impacting the Company.

**Management's Role in Cyber Security Risk Management** 

The Chief Compliance Office of the Company oversees the Company's compliance oversight function generally and relies on Investcorp Group's Heads of Technology and information security team for assessing and managing material risks from cyber security threats impacting the Company. Investcorp Group's Heads of Technology and information security team have extensive experience in managing cyber security and information security programs for financial services companies with complex information systems. The information security team includes seasoned professionals who are experienced with information security protocols and receive appropriate training and industry certifications regarding information security. The Chief Compliance Officer is responsible for this oversight function as Chief Compliance Officer to the Company more broadly and has significant experience in the financial services industry, during which time the Chief Compliance Officer has gained expertise in assessing and managing risks applicable to the Company.

Management of the Company is informed about and monitors the prevention, detection, mitigation, and remediation of cyber security incidents impacting the Company, including through the receipt of notifications from service providers and reliance on communications with risk management, legal, information technology, and/or compliance personnel of the Adviser.

**Assessment of Cyber Security Risk**

The potential impact of risks from cyber security threats on the Company are assessed on an ongoing basis, and how such risks could materially affect the Company's business strategy, results of operation, and financial condition are regularly evaluated. During the reporting period, the Company has not identified any risks from cyber security threats, including as a result of previous cyber security incidents, that the Company believes have materially affected, or are reasonably likely to materially affect, the Company, including its business strategy, results of operation, and financial condition.

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**Item 2. Properties** 

We do not own any real estate. Our principal executive offices are currently located at 280 Park Avenue 39<sup>th</sup> Floor, New York, New York 10017. All locations are provided to us by the Adviser pursuant to the Administration Agreement. We believe that our office facilities are and will be suitable and adequate for our business as we contemplate conducting it.

**Item 3. Legal Proceedings** 

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

**Item 4. Mine Safety Disclosures** 

Not applicable.

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**PART II** 

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities** 

**Price Range of Common Stock** 

Our common stock is traded on the NASDAQ Global Select Market under the symbol "ICMB." The following table sets forth, for the periods indicated, the range of high and low sales prices of our common stock, as reported on the NASDAQ Global Select Market:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NAV<br>Per Share**<sup>(1)</sup> | **Closing Sales<br>Price**<sup>(2)</sup> | **Closing Sales<br>Price**<sup>(2)</sup> | **Premium or<br>Discount of<br>High Sales<br>to NAV**<sup>(3)</sup> | **Premium or<br>Discount of<br>Low Sales<br>to NAV**<sup>(3)</sup> | **Distributions<br>Per Share**<sup>(4)</sup> |
| **Fiscal Year Ended** |  | **High** | **Low** |  |  |  |
| ***December 31, 2026*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First quarter (through<br> March 20, 2026) | $\* | $3.09 | $1.60 | \* % | \* % | $— |
| ***December 31, 2025*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter | 4.25 | 3.05 | 2.61 | (28.24)% | (38.59)% | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third quarter | 5.04 | 3.07 | 2.65 | (39.19)% | (47.42)% | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second quarter | 5.27 | 3.22 | 2.56 | (38.99)% | (51.42)% | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;First quarter | 5.42 | 3.34 | 3.03 | (38.47)% | (44.10)% | 0.12 |
| ***December 31, 2024*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Second quarter | 5.39 | 3.33 | 2.93 | (38.22)% | (45.64)% | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;First quarter | 5.55 | 3.39 | 3.05 | (38.92)% | (45.05)% | 0.12 |
| ***June 30, 2024*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter | 5.21 | 3.55 | 3.12 | (31.86)% | (40.21)% | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third quarter | 5.49 | 3.73 | 2.99 | (32.06)% | (45.54)% | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second quarter | 5.48 | 4.09 | 3.23 | (25.36)% | (41.06)% | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;First quarter | 5.83 | 4.35 | 3.68 | (25.47)% | (36.88)% | 0.15 |
| ***June 30, 2023*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter | 6.09 | 3.98 | 3.24 | (34.97)% | (46.99)% | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third quarter | 6.13 | 4.23 | 3.39 | (31.00)% | (44.70)% | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second quarter | 6.36 | 4.32 | 3.42 | (32.08)% | (46.23)% | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;First quarter | 6.47 | 4.85 | 3.52 | (25.04)% | (45.60)% | 0.15 |

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(1)Net asset value ("NAV") is determined as of the last date in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

(2)Closing sales price is determined as the high or low closing sales price noted within the respective quarter, not adjusted for dividends.

(3)Calculated as of the respective high or low sales price divided by the quarter end NAV.

(4)Represents the regular and special, if applicable, distribution declared in the specified quarter. We have adopted an "opt out" dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, stockholders' cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically "opt out" of the dividend reinvestment plan so as to receive cash distributions. See "Dividend Reinvestment Plan."

\* The last reported sale price for our common stock on the NASDAQ Global Select Market on March 20, 2026 was $1.71 per share. As of March 20, 2026, we had 24 stockholders of record, which did not include stockholders for whom shares are held in nominee or "street" name.

Shares of BDCs may trade at a market price that is less than the net asset value of those shares. The possibilities that our shares of common stock will trade at a discount from net asset value or at premiums that are unsustainable over the long term are separate and distinct from the risk that our net asset value will decrease. It is not possible to predict whether any common stock offered pursuant to this prospectus will trade at, above, or below net asset value. As of March 20, 2026, our shares of common stock traded at a discount equal to approximately 59.76% of the net assets attributable to those shares based upon our $4.25 net asset value per share as of December 31, 2025. It is not possible to predict whether the shares offered hereby will trade at, above, or below net asset value.

**Dividends** 

Our dividends, if any, are determined by our board of directors. We intend each taxable year to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. If we qualify as a RIC, we will not be taxed on our investment company taxable income or realized net capital gains, to the extent that such taxable income or gains are distributed, or deemed to be distributed, to stockholders on a timely basis.

To qualify for RIC tax treatment, we must, among other things, distribute at least 90% of our net ordinary income, net exempt interest income, and realized net short-term capital gains in excess of realized net long-term capital losses, if any.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income must be distributed through a dividend declared prior to filing the final tax return related to the year which generated such taxable income. We

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may, in the future, make actual distributions to our stockholders of our net capital gains. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, if we issue senior securities, we may be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings.

We have adopted an "opt out" dividend reinvestment plan ("DRIP") for our common stockholders. As a result, if we make cash distributions, then stockholders' cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically "opt out" of the dividend reinvestment plan so as to receive cash distributions.

The following table reflects, for the periods indicated, the distributions per share that our board of directors has declared on our common stock:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Distribution** | **Date Declared** | **Record Date** | **Pay Date** | **Amount per Share** |
| December 31, 2025 |  |  |  |  |  |
| &nbsp;&nbsp;Fourth Quarter | Base | November 10, 2025 | December 1, 2025 | December 12, 2025 | $0.12 |
| &nbsp;&nbsp;Fourth Quarter | Supplemental | November 10, 2025 | December 1, 2025 | December 12, 2025 | 0.02 |
| &nbsp;&nbsp;Third Quarter | Base | August 7, 2025 | September 18, 2025 | October 9, 2025 | 0.12 |
| &nbsp;&nbsp;Third Quarter | Supplemental | August 7, 2025 | September 18, 2025 | October 9, 2025 | 0.02 |
| &nbsp;&nbsp;Second Quarter | Base | April 15, 2025 | May 24, 2025 | June 14, 2025 | 0.12 |
| &nbsp;&nbsp;First Quarter | Base | March 20, 2025 | April 25, 2025 | May 16, 2025 | 0.12 |
| December 31, 2024 |  |  |  |  |  |
| &nbsp;&nbsp;Second Quarter | Base | November 6, 2024 | December 20, 2024 | January 8, 2025 | 0.12 |
| &nbsp;&nbsp;First Quarter | Base | September 18, 2024 | October 16, 2024 | November 6, 2024 | 0.12 |
| June 30, 2024 |  |  |  |  |  |
| &nbsp;&nbsp;Fourth Quarter | Base | April 12, 2024 | May 26, 2024 | June 14, 2024 | 0.12 |
| &nbsp;&nbsp;Fourth Quarter | Supplemental | April 12, 2024 | May 26, 2024 | June 14, 2024 | 0.03 |
| &nbsp;&nbsp;Third Quarter | Base | February 8, 2024 | March 15, 2024 | April 5, 2024 | 0.12 |
| &nbsp;&nbsp;Third Quarter | Supplemental | February 8, 2024 | March 15, 2024 | April 5, 2024 | 0.03 |
| &nbsp;&nbsp;Second Quarter | Base | November 9, 2023 | December 14, 2023 | January 8, 2024 | 0.12 |
| &nbsp;&nbsp;Second Quarter | Supplemental | November 9, 2023 | December 14, 2023 | January 8, 2024 | 0.03 |
| &nbsp;&nbsp;First Quarter | Base | September 14, 2023 | October 12, 2023 | November 2, 2023 | 0.13 |
| &nbsp;&nbsp;First Quarter | Supplemental | September 14, 2023 | October 12, 2023 | November 2, 2023 | 0.02 |
| June 30, 2023 |  |  |  |  |  |
| &nbsp;&nbsp;Fourth Quarter | Base | May 4, 2023 | June 16, 2023 | July 7, 2023 | 0.13 |
| &nbsp;&nbsp;Fourth Quarter | Supplemental | May 4, 2023 | June 16, 2023 | July 7, 2023 | 0.05 |
| &nbsp;&nbsp;Third Quarter | Base | February 2, 2023 | March 10, 2023 | March 30, 2023 | 0.13 |
| &nbsp;&nbsp;Third Quarter | Supplemental | February 2, 2023 | March 10, 2023 | March 30, 2023 | 0.02 |
| &nbsp;&nbsp;Second Quarter | Base | November 11, 2022 | December 16, 2022 | January 10, 2023 | 0.13 |
| &nbsp;&nbsp;Second Quarter | Supplemental | November 11, 2022 | December 16, 2022 | January 10, 2023 | 0.02 |
| &nbsp;&nbsp;First Quarter | Base | August 25, 2022 | September 23, 2022 | October 14, 2022 | 0.15 |
|  |  |  |  |  | $1.99 |

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**Stock Performance Graph** 

This graph compares the return on our common stock with that of the NASDAQ Financial Index and a customized peer group of six companies that includes CION Investment Corporation, Crescent Capital BDC, Inc., Fidus Investment Corporation, Monroe Capital Corporation, Stellus Capital Investment Corporation, and WhiteHorse Finance Inc., for the period from June 30, 2020 through December 31, 2025. The graph assumes that, on June 30, 2020 an investment of $100 (with reinvestment of all dividends) was made in our common stock, in each index and in the peer group. The graph measures total stockholder return, which takes into account both changes in stock price and dividends. It assumes that dividends paid are invested in like securities.

![img208183185_1.jpg](img208183185_1.jpg)

The graph and other information furnished under this Part II Item 5 of this Form 10-K shall not be deemed to be "soliciting material" or to be "filed" with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the 1934 Act. The stock price performance included in the above graph is not necessarily indicative of future stock price performance.

**Sales of Unregistered Securities** 

Except as previously reported by the Company on its current reports on Form 8-K, the Company did not engage in any sales of unregistered securities during the fiscal year ended December 31, 2025.

**Purchases of Equity Securities** 

On August 7, 2025, our Board authorized a share repurchase program to acquire up to $5 million in the aggregate of our common stock at prices below our net asset value per share over a one-year period, effective August 7, 2025 and terminating on August 7, 2026 in accordance with all applicable securities laws and regulations.

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The following table summarizes the shares repurchased under the share repurchase program during the year ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Monthly Period** | **Total Number<br>of Shares<br>Purchased** | **Average<br>Price Paid<br>Per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Approximate Dollar Value <br>of Shares that May Yet be<br>Purchased Under the Program** |
| August 1 - August 31, 2025 |  | $— |  | $5000000 |
| September 1 - September 30, 2025 |  |  |  | 5000000 |
| October 1 - October 31, 2025 | 13627 | 2.84 | 13627 | 4961232 |
| November 1 - November 30, 2025 |  |  |  | 4961232 |
| December 1 - December 31, 2025 |  |  |  | 4961232 |
| Total Repurchases | 13627 |  | 13627 |  |

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**Item 6. [Reserved]** 

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations** 

Some of the statements in this annual report on Form 10-K constitute forward-looking statements, which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation the risks, uncertainties and other factors we identify in "Risk Factors" in this annual report on Form 10-K under Part I, Item 1A, and in our other filings with the SEC that we make from time to time. The forward-looking statements contained in this annual report on Form 10-K involve risks and uncertainties, and include statements regarding the following, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our, or our portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of global health pandemics other large scale events on our or our portfolio companies' business and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•United States trade policy developments, tariffs and other trade restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with Investcorp and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with lenders and other third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with the Adviser (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy, interest rates and the effects of each on the industries in which we invest; the impact to us and our portfolio companies of rapid technological advances, including artificial intelligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the elevating levels of inflation and its impact on our investment activities and the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives or service their debt obligations to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to qualify and maintain our qualification as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code (the "Code") and as a business development company ("BDC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to obtain exemptive relief from the U.S. Securities and Exchange Commission ("SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of changes to tax legislation and our tax position and other legislative and regulatory changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of new or modified laws or regulations governing our operations.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words "may," "might," "will," "intend," "should," "could," "can," "would," "expect," "believe," "estimate," "anticipate," "predict," "potential," "plan" or similar words.

We have based the forward-looking statements included in this annual report on Form 10-K on information available to us on the date of this report on Form 10-K. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, actual results and/or events could differ materially from those anticipated in our forward-looking statements, and future results could differ materially from historical performance. Important assumptions include, without limitation, our ability to originate new loans and investments, borrowing costs and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Annual Report on Form 10-K should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Annual Report on Form 10-K.

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We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law or SEC rule or regulation. You are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

***Overview*** 

Investcorp Credit Management BDC, Inc. ("ICMB," the "Company", "us", "we" or "our"), a Maryland corporation formed in May 2013, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for U.S. federal income tax purposes, we have elected to be treated and intend to continue to qualify as a RIC under Subchapter M of the Code. On August 30, 2019, we changed our name from CM Finance Inc. to Investcorp Credit Management BDC, Inc. On September 18, 2024, the Company changed its fiscal year end from June 30 to December 31.

Our primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. We invest primarily in middle-market companies in the form of standalone first and second lien loans, unitranche loans, and mezzanine loans. We may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

CM Investment Partners LLC (the "Adviser") serves as our investment adviser. On August 30, 2019, Investcorp Credit Management US LLC ("Investcorp") acquired an approximate 76% ownership interest in the Adviser through the acquisition of the interests held by Stifel Venture Corp. ("Stifel") and certain funds managed by Cyrus Capital and through a direct purchase of equity from the Adviser. On August 31, 2023, Investcorp acquired approximately an additional 7% ownership interest in the Adviser. On December 12, 2024, Investcorp assigned its ownership of the Adviser to IVC Credit Management Financing, LLC its parent entity and the entity that manages Investcorp's US credit management regulated entities. Investcorp and its credit advisory affiliates are a leading global credit investment platform with assets under management of $21.3 billion as of December 31, 2025. Investcorp and its credit advisory affiliates manage funds which invest primarily in senior secured corporate debt issued by mid and large-cap corporations in Western Europe and the United States. The business has a favorable track record of consistent performance and growth, employing approximately 60 investment professionals in London and New York. Investcorp is a subsidiary of Investcorp Holdings B.S.C. ("Investcorp Holdings"). Investcorp Holdings and its consolidated subsidiaries, including Investcorp, are referred to as "Investcorp Group". Investcorp Group is a global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis.

In connection with the Investcorp Transaction, on June 26, 2019, our board of directors, including all of the directors who are not "interested persons" of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an "Independent Director"), unanimously approved a new investment advisory agreement (the "Advisory Agreement") and recommended that the Advisory Agreement be submitted to our stockholders for approval, which our stockholders approved at the Special Meeting of Stockholders held on August 28, 2019.

In addition, on June 26, 2019, we entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited ("Investcorp BDC"), an affiliate of Investcorp (the "Stock Purchase Agreement"), pursuant to which, following the initial closing under the Stock Purchase Agreement on August 30, 2019 (the "Closing") and prior to the second anniversary of the date of the Closing, Investcorp BDC was required to purchase (i) 680,985 newly issued shares of our common stock, par value $0.001 per share, at the most recently determined net asset value per share of our common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of our common stock in open-market or secondary transactions. Investcorp BDC has completed all required purchases under the Stock Purchase Agreement.

At the Closing, we entered into the Advisory Agreement with the Adviser, pursuant to which we have agreed to pay the Adviser a fee for investment advisory and management services consisting of two components — a base management fee (the "Base Management Fee") and an incentive fee (the "Incentive Fee"). The Base Management Fee is equal to 1.75% of our gross assets, payable in arrears on a quarterly basis. The Incentive Fee, which provides the Adviser with a share of the income that it generates for the Company, has two components, ordinary income (the "Income-Based Fee") and capital gains (the "Capital Gains Fee"). The Income-Based Fee is equal to 20.0% of pre-incentive fee net investment income, subject to an annualized hurdle rate of 8.0% with a "catch up" fee for returns between the 8.0% hurdle and 10.0%. The Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of the Company's cumulative aggregate realized capital gains from the Commencement Date through the end of each fiscal year, computed net of the Company's aggregate cumulative realized capital losses and the Company's aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees.

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We have entered into an investment advisory agreement (the "Advisory Agreement") and an administration agreement (the "Administration Agreement") with the Adviser, pursuant to which the Adviser provides us with investment advisory and administrative services necessary for our operations. See "Note 7. Agreements and Related Party Transactions" in the notes to our consolidated financial statements in this Annual Report on Form 10-K for more information regarding the Advisory Agreement and Administration Agreement and the fees and expenses paid or reimbursed by us thereunder.

From time to time, we may form taxable subsidiaries (the "Taxable Subsidiaries"), which are taxed as corporations for U.S. federal income tax purposes, to allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements applicable to a RIC under the Code. As of December 31, 2025, December 31, 2024, and June 30, 2024 we had no Taxable Subsidiaries.

We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance.

On July 20, 2021, the SEC issued an order, which superseded a prior order issued on March 19, 2019, granting our application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers (the "Exemptive Relief"). Under the terms of the Exemptive Relief, in order for us to participate in a co-investment transaction a "required majority" (as defined in Section 57(o) of the 1940 Act) of our independent directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching in respect of us or our shareholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of our shareholders and is consistent with our investment objectives and strategies.

***Market Developments*** 

The current inflationary environment and uncertainty as to the probability of, and length and depth of a global recession could affect our portfolio companies. Government spending, government policies and the potential for disruptions in the availability of credit in the United States and elsewhere, in conjunction with other factors, including those described elsewhere in this Transition Report and in other filings we have made with the SEC, could affect our portfolio companies, our financial condition and our results of operations. We will continue to monitor the evolving market environment. In these circumstances, developments outside our control could require us to adjust our plan of operations and could impact our financial condition, results of operations or cash flows in the future. Despite these factors, we believe we and our portfolio are well positioned to manage the current environment. For additional information, see Part I, Item 1A. Risk Factors in this Annual Report on Form 10-K, as well as the risk factors listed in our subsequently filed Quarterly Reports on Form 10-Q.

***Critical accounting policies*** 

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. Management considers the following critical accounting policies important to understanding the financial statements. In addition to the discussion below, our critical accounting policies are further described in the notes to our consolidated financial statements.

*Valuation of portfolio investments* 

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by our board of directors. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker dealers or market makers.

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Debt and equity securities for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued at fair value as determined in good faith by our board of directors. Because a readily available market value for many of the investments in our portfolio is often not available, we value many of our portfolio investments at fair value as determined in good faith by our board of directors using a consistently applied valuation process in accordance with a documented valuation policy that has been reviewed and approved by our board of directors. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may also be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security causes current market quotations not to reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently, causing a quoted purchase or sale price to become stale, where there is a "forced" sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid- ask spread or significant increase in the bid ask spread.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our quarterly valuation process begins with each portfolio company or investment being initially valued by the members of the Adviser's investment team responsible for the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preliminary valuation conclusions are then documented and discussed by senior management and the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on a periodic basis, at least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm engaged by our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the valuation committee of our board of directors then reviews these preliminary valuations and makes a recommendation to our board of directors regarding the fair value of each investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the board of directors then reviews and discusses these preliminary valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Adviser, the independent valuation firm and the valuation committee.

When valuing all of our investments, we strive to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available under the circumstances. The availability of observable inputs can vary depending on the financial instrument and is affected by a variety of factors. To the extent the valuation is based on models or inputs that are less observable, the determination of fair value requires more judgment. As markets change, new types of investments are made, or pricing for certain investments becomes more or less observable, our board of directors may refine our valuation methodologies to best reflect the fair value of our investments appropriately.

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Our investments are categorized based on the types of inputs used in their valuation. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Investments are classified by GAAP into the three broad levels as follows:

Level 1 — valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 — valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 — valuation is based on unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, that is, an exit price from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Unobservable inputs are developed based on the best information available under the circumstances, which might include the Company's own data. The Company's own data used to develop unobservable inputs is adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions.

As of December 31, 2025 and December 31, 2024, our investments were classified as Level 2 and Level 3 investments. Level 3 investments were determined based on valuations by our board of directors. As of June 30, 2024, all of our investments were classified as Level 3 investments determined based on valuations by our board of directors.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the consolidated financial statements.

Rule 2a-5 under the 1940 Act was adopted in December 2020 by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Our board of directors has adopted valuation policies and procedures that are intended to comply with Rule 2a-5.

*Revenue recognition* 

Our revenue recognition policies are as follows:

*Net realized gains (losses) on investments:* Gains or losses on the sale of investments are calculated using the specific identification method.

*Interest Income:* Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, and commitment fees, and purchase and original issue discounts associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as other fee income and unamortized fees and discounts are recorded as interest income and both are non-recurring in nature.

Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

We may hold debt investments in our portfolio that contain a PIK interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected.

*Non-accrual:* Loans are placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. However, capitalized PIK interest will not be reversed when a loan is placed on non-accrual status. Deferred fees (i.e. original issue discounts) are not amortized during periods in which a loan is placed on non<u>-</u>accrual status. Interest payments received on non-accrual loans are applied as reductions to principal. Non-accrual loans are restored to accrual status when past due principal and

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interest is paid and, in management's judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. PIK interest is not accrued if management does not expect the issuer to be able to pay all principal and interest when due. As of December 31, 2025, we had five investments on non-accrual status, which represented approximately 6.93% of our portfolio at fair value. As of December 31, 2024, we had five investments on non-accrual, which represented approximately 3.64% of our portfolio at fair value. As of June 30, 2024, we had four investments on non-accrual, which represented approximately 5.00% of our portfolio at fair value.

Dividend income is recorded on the ex-dividend date.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations.

We may hold equity investments in our portfolio that contain a PIK dividend provision. PIK dividends, which represent contractual dividend payments added to the investment balance, are recorded on an accrual basis to the extent that such amounts are expected to be collected.

***Financing Facility***

On August 23, 2021, we, through Investcorp Credit Management BDC SPV, LLC, our wholly-owned subsidiary, entered into a five-year, $115 million senior secured revolving credit facility (the "Capital One Revolving Financing") with Capital One, N.A. ("Capital One"), which is secured by collateral consisting primarily of loans in our investment portfolio. On June 14, 2023, we amended the Capital One Revolving Financing to decrease the facility size from $115 million to $100 million. On January 17, 2024, we amended the Capital One Revolving Financing to (i) extend the maturity date to January 17, 2029, (ii) increase the applicable interest spreads under the Capital One Revolving Financing and (iii) extend the Scheduled Revolving Period End Date (as defined in the Capital One Revolving Financing) to January 17, 2027. The Capital One Revolving Financing, which will expire on January 17, 2029 (the "Maturity Date"), features a three-year reinvestment period and a two-year amortization period.

Effective January 17, 2024, borrowings under the Capital One Revolving Financing generally bear interest at a rate per annum equal to Secured Overnight Financing Rate ("SOFR") plus 3.10%. The default interest rate will be equal to the interest rate then in effect plus 2.00%. The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base. The Capital One Revolving Financing generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing also requires mandatory prepayment of interest and principal upon certain events.

On November 19, 2024, we amended the Capital One Revolving Financing to provide for, among other things, a decrease of the applicable interest spreads under the Capital One Revolving Financing from SOFR plus 3.10% to SOFR plus 2.50%, and to make amendments to the concentration limits and other fees, and certain other amendments.

As of December 31, 2025, December 31, 2024 and June 30, 2024, there were $58.9 million, $58.5 million and $43.0 million in borrowings outstanding under the Capital One Revolving Financing, respectively.

***Notes due 2026*** 

On March 31, 2021, we closed the public offering of $65 million in aggregate principal amount of 4.875% notes due 2026 (the "2026 Notes"). The total net proceeds to us from the 2026 Notes after deducting underwriting discounts and commissions of approximately $1.3 million and estimated offering expenses of approximately $215,000, were approximately $63.1 million.

The 2026 Notes will mature on April 1, 2026, unless previously redeemed or repurchased in accordance with their terms, and bear interest at a rate of 4.875%. The 2026 Notes are our direct unsecured obligations and rank pari passu, which means equal in right of payment, with all of our outstanding and future unsecured, unsubordinated indebtedness. Because the 2026 Notes are not secured by any of our assets, they are effectively subordinated to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured as to which we subsequently grant a security interest), to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of our existing and future subsidiaries and financing vehicles, including, without limitation, borrowings under the Capital One Financing. The

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2026 Notes are exclusively our obligations and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the 2026 Notes and the 2026 Notes will not be required to be guaranteed by any subsidiary we may acquire or create in the future.

The 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price (as determined by us) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate (as defined in the 2026 Notes Indenture (as defined below)) plus 50 basis points; provided, however, that if we redeem any 2026 Notes on or after January 1, 2026 (the date falling three months prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption; provided, further, that no such partial redemption shall reduce the portion of the principal amount of a 2026 Note not redeemed to less than $2,000. Interest on the 2026 Notes is payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. We may from time to time repurchase 2026 Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of December 31, 2025, December 31, 2024 and June 30, 2024 the outstanding principal balance of the 2026 Notes was approximately $65.0 million.

The indenture under which the 2026 Notes are issued (the "2026 Notes Indenture") contains certain covenants, including covenants requiring us to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of 1940 Act, or any successor provisions, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions but giving effect to any no-action relief granted by the SEC to another BDC and upon which we may reasonably rely (or to us if we determine to seek such similar no-action or other relief), and to provide financial information to the holders of the 2026 Notes and the trustee if we should no longer be subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These covenants are subject to important limitations and exceptions that are set forth in the 2026 Notes Indenture.

On November 10, 2025, the Company entered into a letter of commitment with Investcorp Capital plc ("ICAP"), an affiliate of the Adviser, to provide, or cause to be provided, capital to the Company in the event the Company is unable to repay any portion of the principal balance of the Company's 4.875% Notes due 2026. Under the letter of commitment, ICAP is required to provide, or cause to be provided a loan ("ICAP Loan") to the Company in an amount up to the lesser of (i) the remaining, unredeemed, principal amount of the Notes outstanding on April 1, 2026 and (ii) $65,000,000. In exchange, the Company paid ICAP a fee in an amount equal to the sum of (i) the upfront fee of 0.50% of principal amount and (ii) an ongoing fee of 1.00% of principal amount per annum during the period from November 10, 2025 until April 1, 2026, pro rated for any period of less than one year. On March 29, 2026, the Company entered into a financing arrangement with ICAP pursuant to which ICAP will provide a $65.0 million unsecured note bearing interest at a floating rate of SOFR plus 5.50% per annum and maturing on July 1, 2029.

***Investments*** 

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount we have available to invest as well as the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, as a BDC, we may not acquire any assets other than "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in "eligible portfolio companies." Under the relevant SEC rules, the term "eligible portfolio company" includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250 million. In each case, the company must be organized in the United States. As of December 31, 2025, none of our total assets were non-qualifying assets.

To qualify as a RIC, we must, among other things, meet certain source-of-income, asset diversification and annual distribution requirements. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any income we distribute to our stockholders.

***Revenues*** 

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from royalty income, dividends on our equity interests and capital gains on the sale of warrants and other debt or equity interests that we acquire. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or PIK interest. Any outstanding principal

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amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

***Expenses*** 

Our primary operating expenses include the payment of the base management fee (the "Base Management Fee") and, depending on our operating results, the incentive fees (the "Incentive Fee") under the Advisory Agreement, as well as the payment of reimbursable expenses to the Adviser for the costs and expenses incurred by the Adviser in performing its obligations and providing personnel and facilities under the Administration Agreement, such as our allocable portion of overhead expenses, including rent and the allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs. The Base Management Fee and Incentive Fee compensation under the Advisory Agreement remunerates the Adviser for work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our organization and our offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•valuing our assets and calculating our net asset value per share (including the cost and expenses of any independent valuation firm(s));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses incurred by the Adviser or payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest payable on debt, if any, incurred to finance our investments and expenses related to unsuccessful portfolio acquisition efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•offerings of our common stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees and expenses, if any, payable under the Administration Agreement (including our allocable portion of the Adviser's overhead in performing its obligations under the Administration Agreement, including rent, equipment and the allocable portion of the cost of our chief compliance officer, chief financial officer and his staffs' compensation and compensation-related expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent and custody fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of registration and listing our shares on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing and filing reports or other documents required by the SEC or other regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of any reports, proxy statements or other notices to stockholders including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with individual or group stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our allocable portion of the costs and fees associated with any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other non-investment advisory expenses incurred by us or the Adviser in connection with administering our business.

**Portfolio and Investment Activity** 

***Portfolio composition*** 

We invest primarily in middle-market companies in the form of standalone first and second lien loans and unitranche loans. We may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

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As of December 31, 2025, our investment portfolio of $172.7 million (at fair value) consisted of debt and equity investments in 37 portfolio companies, of which 80.76% were first lien investments and 19.24% were in equities, warrants and other positions. At December 31, 2025, our average and largest portfolio company investment at fair value was $4.7 million and $11.4 million respectively.

As of December 31, 2024, our investment portfolio of $191.6 million (at fair value) consisted of debt and equity investments in 43 portfolio companies, of which 81.17% were first lien investments and 18.83% were in equities, warrants and other positions. At December 31, 2024, our average and largest portfolio company investment at fair value was $4.5 million and $15.4 million, respectively.

As of June 30, 2024, our investment portfolio of $184.6 million (at fair value) consisted of debt and equity investments in 41 portfolio companies, of which 85.02% were first lien investments and 14.98% were in equities, warrants and other positions. At June 30, 2024, our average and largest portfolio company investment at fair value was $4.6 million and $13.5 million, respectively.

As of December 31, 2025, December 31, 2024 and June 30, 2024 our average total yield of debt and income producing securities weighted by amortized cost (which includes interest income and amortization of fees and discounts) was 10.34%, 10.60% and 12.47%, respectively. As of December 31, 2025, December 31, 2024 and June 30, 2024 our average total yield on the total portfolio weighted by amortized cost (which includes interest income and amortization of fees and discounts) was 7.71%, 8.72% and 10.60%, respectively. The weighted average total yield was computed using an internal rate of return calculation of our debt investments based on contractual cash flows, including interest and amortization payments, and, for floating rate investments, the spot SOFR, as applicable, of all of our debt investments. The weighted average total yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before payment of all of our fees and expenses, including any sales load paid in connection with an offering of our securities. There can be no assurance that the weighted average total yield will remain at its current level.

We use Global Industry Classification Standard ("GICS") codes to identify the industry groupings of our portfolio companies. At December 31, 2025, December 31, 2024 and June 30, 2024, respectively, the industry composition of our portfolio in accordance with GICS at fair value, as a percentage of our total portfolio, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Percentage of Total <br>Portfolio at December 31, 2025** | **Percentage of Total <br>Portfolio at December 31, 2024** | **Percentage of Total <br>Portfolio at June 30, 2024** |
| Professional Services | 14.50% | 14.37% | 12.84% |
| IT Services | 9.18% | 7.14% | 4.70% |
| Insurance | 8.87% | 7.77% | 4.01% |
| Diversified Consumer Services | 8.57% | 7.07% | 6.57% |
| Commercial Services & Supplies | 7.89% | 6.67% | 13.50% |
| Trading Companies & Distributors | 7.82% | 8.64% | 9.11% |
| Specialty Retail | 6.68% | 7.12% | 6.69% |
| Containers & Packaging | 6.61% | 10.52% | 10.00% |
| Food Products | 5.87% | 4.67% | 4.79% |
| Entertainment | 4.66% | 3.32% | 4.77% |
| Health Care Providers & Services | 4.05% | 3.13% | 2.93% |
| Household Durables | 3.53% | 4.00% | 4.13% |
| Interactive Media & Services | 3.15% | 2.86% | —% |
| Consumer Staples Distribution & Retail | 2.68% | 3.02% | 2.89% |
| Software | 2.57% | 3.72% | 2.73% |
| Construction & Engineering | 2.23% | 1.93% | 1.99% |
| Automobile Components | 1.05% | 1.57% | 1.42% |
| Electronic Equipment, Instruments & Components | 0.09% | 0.92% | 1.43% |
| Hotels, Restaurants & Leisure | —% | 1.56% | 1.60% |
| Chemicals | —% | —% | 3.90% |
| Total | 100.00% | 100.00% | 100.00% |

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During the twelve months ended December 31, 2025, we made investments in two new portfolio companies and eight existing portfolio companies. These investments totaled approximately $25.6 million. Of these new investments, 97.27% consisted of first lien investments and 2.73% were in equity, warrants, and other investments.

During the six months ended December 31, 2024, we made investments in five new portfolio companies and five existing portfolio companies. These investments totaled approximately $23.0 million. Of these new investments, 99.80% consisted of first lien investments and 0.20% were in equity, warrants, and other investments.

During the twelve months ended June 30, 2024, we made investments in eleven new portfolio companies and four existing portfolio companies. These investments totaled approximately $60.4 million. Of these new investments, 93.23% consisted of first lien investments and 6.77% were in equity, warrants, and other investments.

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At December 31, 2025, 98.0% of our debt investments bore interest based on floating rates based on indices such as SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate (in certain cases, subject to interest rate floors), and 2.0% bore interest at fixed rates. At December 31, 2024, 96.4% of our debt investments bore interest based on floating rates based on indices such as SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate (in certain cases, subject to interest rate floors), and 3.6% bore interest at fixed rates. At June 30, 2024, 97.4% of our debt investments bore interest based on floating rates based on indices such as London Interbank Offering Rate ("LIBOR"), SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate (in certain cases, subject to interest rate floors), and 2.6% bore interest at fixed rates.

Our investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of December 31, 2025, we had nine investments with aggregate unfunded commitments of $3.7 million, as of December 31, 2024, we had eight investments with aggregate unfunded commitments of $4.6 million, and as of June 30, 2024, we had three investments with aggregate unfunded commitments of $1.8 million. As of December 31, 2025, we had sufficient liquidity (through cash on hand and available borrowings under our Capital One Revolving Financing) to fund such unfunded loan commitments should the need arise.

***Asset Quality*** 

In addition to various risk management and monitoring tools, we use the Adviser's investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio. This investment rating system uses a five-level numeric rating scale. The following is a description of the conditions associated with each investment rating:

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| | |
|:---|:---|
| Investment Rating 1 | Investments that are performing above expectations, and whose risks remain favorable compared to the expected risk at the time of the original investment. |
| Investment Rating 2 | Investments that are performing within expectations and whose risks remain neutral compared to the expected risk at the time of the original investment. Generally, all new loans are initially rated 2. |
| Investment Rating 3 | Investments that are performing below expectations and that require closer monitoring, but where no loss of return or principal is expected. Portfolio companies with a rating of 3 may be out of compliance with their financial covenants. |
| Investment Rating 4 | Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are often in workout. Investments with a rating of 4 will be those for which some loss of return but no loss of principal is expected. |
| Investment Rating 5 | Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are almost always in workout. Investments with a rating of 5 will be those for which some loss of return and principal is expected. |

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If the Adviser determines that an investment is underperforming, or circumstances suggest that the risk associated with a particular investment has significantly increased, the Adviser will increase its monitoring intensity and prepare regular updates for the Investment Committee, summarizing current operating results and material impending events and suggesting recommended actions. While the investment rating system identifies the relative risk for each investment, the rating alone does not dictate the scope and/or frequency of any monitoring that will be performed. The frequency of the Adviser's monitoring of an investment will be determined by a number of factors, including, but not limited to, the trends in the financial performance of the portfolio company, the investment structure and the type of collateral securing the investment.

The following table shows the investment ratings of the investments in our portfolio, according to the Adviser's investment rating system:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** |
| **Investment Rating** | **Fair Value** | **% of<br>Portfolio** | **Number of<br>Investments** | **Fair Value** | **% of<br>Portfolio** | **Number of<br>Investments** | **Fair Value** | **% of<br>Portfolio** | **Number of<br>Investments** |
| 1 | $4323793 | 2.5% | 3 | $13652523 | 7.1% | 3 | $18475458 | 10.0% | 3 |
| 2 | 111975828 | 64.9% | 36 | 143015256 | 74.6% | 47 | 116964511 | 63.4% | 35 |
| 3 | 43224192 | 25.0% | 12 | 27867563 | 14.6% | 11 | 34035340 | 18.4% | 13 |
| 4 | 13125458 | 7.6% | 8 |  |  |  | 2621154 | 1.4% | 2 |
| 5 | 9591 | 0.0% | 9 | 7081616 | 3.7% | 10 | 12473067 | 6.8% | 7 |
| Total | $172658862 | 100.0% | 68 | $191616958 | 100.0% | 71 | $184569530 | 100.0% | 60 |

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**Results of Operations** 

***Comparison of the twelve months ended December 31, 2025 and twelve months ended December 31, 2024***

*Investment income* 

Investment income, attributable primarily to dividends, interest and fees on our debt investments, for the twelve months ended December 31, 2025 decreased to $17.4 million from $23.4 million for the twelve months ended December 31, 2024 primarily due to a decrease in interest income due to lower index and interest rates and the sale and repayment of twelve portfolio companies and a decrease in PIK interest income primarily related to the removal of the Klein Hersh, LLC Term Loan from non-accrual status during the twelve months ended December 31, 2024 as well as overall lower PIK rates and a decrease in PIK dividend income related to Fusion Connect, Inc. - Series A Preferred, partially offset by an increase in other fee income related to prepayment fee income on 4L Technologies, Inc. Term Loan.

Payment-in-kind interest income for the twelve months ended December 31, 2025 decreased to $1.5 million from $3.8 million for the twelve months ended December 31, 2024 primarily due to a decrease in PIK interest income primarily related to the removal of the Klein Hersh, LLC Term Loan from non-accrual status during the twelve months ended December 31, 2024. PIK dividend income for the twelve months ended December 31, 2025 of $0.5 million decreased from $0.8 million for the twelve months ended December 31, 2024 primarily due to the decrease in PIK dividend income relating to Fusion Connect, Inc - Series A Preferred.

*Expenses* 

Expenses for the twelve months ended December 31, 2025 decreased to $15.5 million, compared to $16.8 million for the twelve months ended December 31, 2024 primarily due to a decrease in interest expense due to a lower outstanding balance on the Capital One Revolving Financing and lower index rates in 2025 compared to 2024, a decrease in income-based incentive fees and a slight decrease in base management fees and a decrease in other expenses related to the probability of collecting the receivable from the sale of 1888 Industrial Services, LLC.

*Net investment income before taxes*

Net investment income decreased to $2.4 million for the twelve months ended December 31, 2025 from $6.9 million for the twelve months ended December 31, 2024 primarily due to a decrease in interest income due to lower index and interest rates and the sale and repayment of twelve portfolio companies, a decrease in PIK interest income related to the removal of the Klein Hersh, LLC Term Loan from non-accrual status during the twelve months ended December 31, 2024, and a decrease in PIK Dividend income related to Fusion Connect Inc. - Series A Preferred, partially offset by an increase in other fee income, a decrease in interest expense due to a lower outstanding balance on the Capital One Revolving Financing and lower index rates in 2025 compared to 2024, a decrease in income-based incentive fees, a decrease in base management fees, and a decrease in other expenses.

*Net realized gain (loss) from investments* 

There was a net realized loss on investments of $1.8 million for the twelve months ended December 31, 2025 primarily due to the realization of losses associated with the sales of CareerBuilder, LLC Term Loan B3 and LABL, Inc. Term Loan B, the paydown of American Teleconferencing Services, Ltd - Revolver, as well as the restructuring of our investment in American Nuts Holdings, LLC Term Loan B offset by realized gains on the sales of Advanced Solutions International - Preferred Stock and Investcorp Transformer Aggregator LP.

There was a net realized loss on investments of $16.2 million for the twelve months ended December 31, 2024 primarily due to the realization of losses associated with the restructuring of our investments in Klein Hersh, LLC, Crafty Apes, LLC, Sandvine Corporation, as well as realized losses associated with the sale and write-off of 1888 Industrial Services, LLC.

*Net change in unrealized (depreciation) appreciation on investments* 

We recorded a net change in unrealized depreciation of $8.9 million for the twelve months ended December 31, 2025 primarily due to the decrease in fair value of our investments in Bioplan USA, Inc. - Common Stock, Max US Bidco Inc. Term Loan B, Easy Way Leisure Corporation Term Loan, Fusion Connect, Inc - Series A Preferred Stock, American Nuts Holdings, LLC Class A Preferred Units and reversal of unrealized gains in association with the sale of Advanced Solutions International - Preferred Stock and Investcorp Transformer Aggregator LP, partially offset by the reversal of unrealized losses in association with the sale of Career Builder, LLC Term Loan B3.

We recorded a net change in unrealized appreciation of $16.2 million for the twelve months ended December 31, 2024 primarily due to the increase in fair value of our investments in Bioplan USA, Inc. - Common Stock, Advanced Solutions International - Preferred Stock,

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ArborWorks, LLC A-1 - Preferred Units, CareerBuilder, LLC Term Loan B3, Discovery Behavioral Health - Preferred Equity, Investcorp Transformer Aggregator LP and Techniplas Foreign Holdco - Class C Preferred Units and reversal of unrealized gains associated with the restructuring of our investments in Klein Hersh, LLC Term Loan and Crafty Apes, LLC - Common Stock, partially offset by the decrease in value of our investments in Techniplas Foreign Holdco LP - Equity Interest and 4L Technologies, Inc. - Preferred Stock.

***Comparison of the twelve months ended June 30, 2024 and twelve months ended June 30, 2023***

*Investment income* 

Investment income, attributable primarily to dividends, interest and fees on our debt investments, for the twelve months ended June 30, 2024 decreased to $23.9 million from $26.7 million for the twelve months ended June 30, 2023 primarily due to a decrease in interest income related to the sale of two portfolio companies and the repayment of twelve portfolio companies, and portfolio companies on non-accrual status, partially offset by an increase in payment in-kind interest income earned on Crafty Apes, LLC and American Nuts Holdings, LLC - Term Loan A, which were removed from non-accrual status during the quarter ended December 31, 2023.

PIK interest income for the twelve months ended June 30, 2024 increased to $2.1 million from $1.3 million for the twelve months ended June 30, 2023 primarily due to the removal of the Crafty Apes, LLC and American Nuts - Term Loan A from non-accrual status and an increase in PIK interest income on Bioplan USA, Inc. - Take Back Term Loan. PIK dividend income for the twelve months ended June 30, 2024 increased to $0.8 million from $0.7 million for the twelve months ended June 30, 2023 due to an increase in Fusion Connect Inc - Preferred Stock Series A PIK dividend income.

*Expenses* 

Expenses for the twelve months ended June 30, 2024 of $17.3 million were flat compared to $17.3 million for the twelve months ended June 30, 2023. The largest changes year over year were increases in professional fees and the allocation of administrative costs from the Adviser during year ended June 30, 2024 compared to year ended June 30, 2023, offset by decreases in the income-based incentive fees and base management fees.

*Net investment income* 

Net investment income decreased to $6.6 million for the twelve months ended June 30, 2024 from $9.4 million for the twelve months ended June 30, 2023 primarily due to a decrease in interest income related to the sale of two portfolio companies and the repayment of twelve portfolio companies, and portfolio companies on non-accrual status, partially offset by an increase in payment in-kind interest income earned on Crafty Apes, LLC and American Nuts Holdings, LLC - Term Loan A, which were removed from non-accrual status during the quarter ended December 31, 2023.

*Net realized gain (loss) from investments*

The net realized loss on investments totaled $14.0 million for the twelve months ended June 30, 2024 primarily due to the realization of losses from restructurings and loan modifications of our investments in American Nuts Holdings, LLC, Arborworks Acquisition LLC, ArborWorks, LLC, Crafty Apes, LLC, Sandvine Corporation, and Xenon Arc, Inc. and the realization of losses associated with the sale and write off of our investments in 1888 Industrial Services, LLC.

The net realized loss on investments totaled $26.9 million for the twelve months ended June 30, 2023 primarily due to the write off of our investments in the American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) 1st and 2nd lien term loans.

*Net change in unrealized (depreciation) appreciation on investments* 

We recorded a net change in unrealized appreciation of $3.3 million for the twelve months ended June 30, 2024 primarily due to the decrease in fair value of our investments in ArborWorks, LLC A-1 Preferred, Klein Hersh, LLC, and Techniplas Foreign Holdco LP, partially offset by the increase in fair value of our investment in Discovery Behavioral Health and due to the realization of previously unrealized losses resulting from the sale and write off of our investments in 1888 Industrial Services, LLC and the restructuring or Arborworks Acquisition LLC.

We recorded a net change in unrealized appreciation of $20.7 million for the twelve months ended June 30, 2023 primarily due to the reversal of depreciation related to the write off of our investments in the American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) 1st and 2nd lien term loans.

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***Comparison of the twelve months ended June 30, 2023 and twelve months ended June 30, 2022***

*Investment income* 

Investment income, attributable primarily to dividends, interest and fees on our debt investments, for the year ended June 30, 2023 increased to $26.7 million from $24.4 million for the year ended June 30, 2022, primarily due to an increase in the SOFR and LIBOR rates and payment-in-kind income.

*Expenses* 

Expenses for the year ended June 30, 2023 increased to $17.3 million from $15.5 million for the year ended June 30, 2022, primarily due to the increase in SOFR and LIBOR Rates.

*Net investment income* 

Net investment income increased to $9.4 million for the year ended June 30, 2023 from $8.9 million for the year ended June 30, 2022, primarily due to an increase in interest and payment-in-kind income offset by an increase in expenses related to an increase in borrowing costs.

*Net realized gain (loss) from investments* 

The net realized loss on investments totaled $26.9 million for the year ended June 30, 2023, primarily due to the write off of our investments in the American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) 1st and 2nd lien term loans.

The net realized loss on investments totaled $14.4 million for the year ended June 30, 2022, primarily due to the restructure of 1888 Industrial Services, LLC –Term B and Fusion Connect Inc. –Take-Back Term Loan.

*Net change in unrealized (depreciation) appreciation on investments* 

We recorded a net change in unrealized appreciation of $20.7 million for the year ended June 30, 2023, primarily due to the reversal of depreciation related to the write off of our investments in the American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) 1st and 2nd lien term loans.

We recorded a net change in unrealized appreciation of $8.1 million for the year ended June 30, 2022, primarily due to the restructure of 1888 Industrial Services, LLC –Term B and Fusion Connect Inc. –Take-Back Term Loan offset by the decrease in fair value of Techniplas Foreign Holdco LP common stock.

**Liquidity and capital resources** 

*Cash flows* 

For the year ended December 31, 2025, our cash and cash equivalents and restricted cash and cash equivalents balance increased by $2.9 million. During that period, $11.7 million in cash was provided by operating activities primarily due to proceeds from sales and repayments of investments in portfolio companies of $43.2 million, a net change in unrealized depreciation on investments of $8.9 million and a net realized loss on investments of $1.8 million, offset by investments in portfolio companies of $32.0 million, a net decrease in net assets resulting from operations of $8.8 million and payment in-kind interest and dividends of $1.8 million. During the same period, $8.8 million in cash was used in financing activities primarily for $20.1 million in repayments of borrowings under the Capital One Revolving Financing and distributions of approximately $9.1 million to our stockholders, offset by $20.5 million from borrowings under the Capital One Revolving Financing.

*Capital Resources* 

As of December 31, 2025, we had $4.6 million of cash and cash equivalents as well as $10.4 million in restricted cash and cash equivalents and $41.1 million of capacity under the Capital One Revolving Financing. As of December 31, 2025, we had approximately $123.9 million of senior securities outstanding at par value and our asset coverage ratio based on par value was 149.5%. We intend to generate additional cash primarily from future offerings of equity and/or debt securities, future borrowings or debt issuances, as well as cash flows from operations, including income earned from investments in our portfolio companies and, to a lesser extent, from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less.

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As discussed below in further detail, we have elected to be treated as a RIC under the Code. To maintain our RIC status, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends. Our net taxable income does not necessarily equal our net income as calculated in accordance with U.S. GAAP.

*Senior Securities* 

Information about our senior securities is shown in the following table as of the fiscal year ended December 31, 2025, the six-month transition period ended December 31, 2024, and the fiscal years ended June 30, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017 and 2016, respectively.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Year** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities**<sup>(1)</sup> | **Asset<br>Coverage <br>per<br>Unit**<sup>(2)</sup> | **Involuntary<br>Liquidating<br>Preference<br>per <br>Unit**<sup>(3)</sup> | **Average <br>Market<br>Value <br>per<br>Unit**<sup>(4)</sup> |
| Capital One Revolving Financing |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended December 31, 2025 | $58900000<br><sup>(5)</sup> | $1495 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Period ended December 31, 2024 | $58500000<br><sup>(5)</sup> | $1628 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2024 | $43000000<br><sup>(5)</sup> | $1747 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2023 | $71900000<br><sup>(5)</sup> | $1643 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2022 | $84000000<br><sup>(5)</sup> | $1615 |  | N/A |
| UBS Financing Facility |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2021 | $102000000<br><sup>(6)</sup> | $1568 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2020 | $132000000<br><sup>(6)</sup> | $1584 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2019 | $133026670<br><sup>(6)</sup> | $1975 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2018 | $119823000<br><sup>(6)</sup> | $2431 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2017 | $102000000 | $2666 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2016 | $132478329<br><sup>(7)</sup> | $2229 |  | N/A |
| Citi Revolving Financing<sup>(8)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2021 | $— | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2020 | $— | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2019 | $— | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2018 | $— | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2017 | $— | N/A |  | N/A |
| 6.125% notes due 2023<sup>(9)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2021 | $— | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2020 | $51375000 | $1584 |  | $926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2019 | $34500000 | $1975 |  | $1012 |
| 4.875% notes due 2026<sup>(10)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended December 31, 2025 | $65000000 | $1495 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Period ended December 31, 2024 | $65000000 | $1628 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2024 | $65000000 | $1747 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2023 | $65000000 | $1643 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2022 | $65000000 | $1615 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year ended June 30, 2021 | $65000000 | $1568 |  | N/A |

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(1)Total amount of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities and indebtedness not represented by senior securities at par value, in relation to the aggregate amount of senior securities at par value representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(3)The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The "—" indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable, except for the 6.125% notes due 2023 (the "2023 Notes"), which were publicly traded. The Average Market Value Per Unit is calculated by taking the daily average closing price during the period and dividing it by twenty-five dollars per share and multiplying the result by one thousand to determine a unit price per thousand consistent with Asset Coverage Per Unit.

(5)Includes senior securities outstanding under the Capital One Revolving Financing.

(6)On November 19, 2021, we satisfied all obligations under the 2017 UBS Revolving Financing and the agreement was terminated. On November 19, 2021, we repaid the Term Financing in full in accordance with the terms of the Term Financing.

(7)Includes senior securities under the 2013 UBS Revolving Financing and the Term Financing. In connection with the expiration of the 2013 UBS Revolving Financing in accordance with its terms on December 5, 2016, we repaid in full all indebtedness, liabilities and other obligations thereunder.

(8)On December 8, 2017, we repaid in full all indebtedness, liabilities and other obligations under, and terminated, the Citi Revolving Financing.

(9)On March 26, 2021, we caused notice to be issued to the holders of the 2023 Notes regarding our exercise of the option to redeem in full all $51,375,000 in aggregate principal amount of the 2023 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from April 1, 2021, through, but excluding, the redemption date, April 25, 2021. The 2023 Notes were redeemed on April 25, 2021.

(10)On March 31, 2021, we closed the public offering of $65,000,000 in aggregate principal amount of 4.875% notes due 2026 (the "2026 Notes"). The total net proceeds to us from the 2026 Notes after deducting underwriting discounts and commissions of approximately $1.3 million and estimated offering expenses of approximately $215,000, were approximately $63.1 million.

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**Regulated Investment Company Status and Distributions** 

We have elected to be treated as a RIC under Subchapter M of the Code. If we continue to qualify as a RIC for a taxable year, we will not be subject to corporate-level U.S. federal income tax on our investment company taxable income or realized net capital gains, to the extent that such taxable income or gains are distributed, or deemed to be distributed, to stockholders on a timely basis.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation until realized. Dividends declared and paid by us in a year may differ from taxable income for that year as such dividends may include the distribution of current year taxable income or the distribution of prior year taxable income carried forward into and distributed in the current year. Distributions also may include returns of capital.

To continue to qualify for RIC tax treatment, we must, among other things, distribute to our stockholders, with respect to each taxable year, at least 90% of our investment company net taxable income (i.e., our net ordinary income and our realized net short-term capital gains in excess of realized net long-term capital losses, if any). We will also be subject to a federal excise tax, based on distributive requirements of our taxable income on a calendar year basis.

We intend to distribute to our stockholders between 90% and 100% of our annual taxable income (which includes our taxable interest and fee income). However, the covenants contained in the Capital One Revolving Financing and any other borrowing or financing arrangement we or our subsidiaries may have may prohibit us from making distributions to our stockholders, and, as a result, could hinder our ability to satisfy the distribution requirement. In addition, we may retain for investment some or all of our net taxable capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) and treat such amounts as deemed distributions to our stockholders. If we do this, our stockholders will be treated as if they received actual distributions of the capital gains we retained and then reinvested the net after-tax proceeds in our common stock. Our stockholders also may be eligible to claim tax credits (or, in certain circumstances, tax refunds) equal to their allocable share of the tax we paid on the capital gains deemed distributed to them. To the extent our taxable earnings for a fiscal taxable year fall below the total amount of our dividends for that fiscal year, a portion of those dividend distributions may be deemed a return of capital to our stockholders.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a BDC under the 1940 Act and due to provisions in the agreements governing our borrowing or financial arrangements. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.

In accordance with certain applicable U.S. Department of the Treasury Regulations and a Revenue Procedure issued by the Internal Revenue Service, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder elects to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive cash, each stockholder electing to receive cash must receive a pro rata amount of cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. We have no current intention of paying dividends in shares of our stock in accordance with these Treasury Regulations or Revenue Procedure.

**Advisory Agreement** 

The Company is party to the Advisory Agreement with the Adviser. Under the Advisory Agreement, the Base Management Fee is calculated at an annual rate of 1.75% of the Company's gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents (such amount, "Gross Assets").

For the twelve months ended December 31, 2025, $3,465,211 in Base Management Fees were earned by the Adviser, of which $349,320 was waived and $786,986 was payable at December 31, 2025. For the six months ended December 31, 2024, $1,671,831 in Base Management Fees were earned by the Adviser, of which $131,735 was waived and $769,176 was payable at December 31, 2024. For the twelve months ended June 30, 2024, $3,800,693 in Base Management Fees were earned by the Adviser, of which $365,225 was waived and $816,777 was payable at June 30, 2024. For the twelve months ended June 30, 2023, $4,201,394 in Base Management Fees were earned by the Adviser, of which $387,311 was waived and $906,218 was payable at June 30, 2023.

The Base Management Fee is calculated based on the average value of the Company's Gross Assets at the end of the two most recently completed fiscal quarters. The Base Management Fee is payable quarterly in arrears and the Base Management Fees for any partial month or quarter will be appropriately pro-rated.

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Under the Advisory Agreement, the Income-Based Fee is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the "Total Return Requirement") and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which our Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its common stock, for the immediately preceding fiscal quarter, exceeds a 2.0% (which is 8.0% annualized) hurdle rate and a "catch-up" provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Incentive Fee until our Pre-Incentive Fee Net Investment Income equals the hurdle rate of 2.0%, but then receives, as a "catch-up," 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 10.0% annualized). The effect of the "catch-up" provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.

"Pre-Incentive Fee Net Investment Income" means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus our operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and any distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount ("OID"), debt instruments with payment-in-kind ("PIK") interest and zero coupon securities), accrued income that we have not yet received in cash.

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period. For the foregoing purpose, the "cumulative net increase in net assets resulting from operations" is the amount, if positive, of the sum of Pre-Incentive Fee Net Investment Income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current fiscal quarter and the Lookback Period. The "Lookback Period" means (1) through December 31, 2024, the period that commences on the last day of the fiscal quarter in which the Commencement Date occurs and ends on the last day of the fiscal quarter immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated, and (2) after December 31, 2024, the eleven fiscal quarters immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated.

For the twelve months ended December 31, 2025, the Company wrote off $150,384 in previously deferred Income-Based fees and incurred no Income-Based Fees. As of December 31, 2025, $351,571 in incentive fees related to Income-Based Fees incurred by the Company were payable to the Adviser, of which $271 are payable and fees of $351,300 generated from deferred interest (i.e. PIK and certain discount accretion) and are not payable until such amounts are received in cash. For the six months ended December 31, 2024, the Company incurred $501,540 of Income-Based Fees. As of December 31, 2024, $501,955 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e. PIK and certain discount accretion) and are not payable until such amounts are received in cash. For the twelve months ended June 30, 2024, the Company wrote off $72,942 in previously deferred Income-Based Fees and incurred no Income-Based Fees. As of June 30, 2024, $128,876 in incentive fees related to Income-Based Fees incurred by the Company were payable to the Adviser, of which fees of $16,929 are payable and fees of $111,947 generated from deferred interest (i.e. PIK and certain discount accretion) are not payable until such amounts are received in cash. For the twelve months ended June 30, 2023, the Company incurred $401,597 of Income-Based Fees. As of June 30, 2023, $201,817 of Income-Based Fees were currently payable to the Adviser and $201,817 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e. PIK and certain discount accretion) and are not payable until such amounts are received in cash. Any voluntary waivers of the incentive fee in no way implies that the Adviser will agree to waive any incentive fee in any future period. Any portion of the incentive fees waived are not subject to recapture.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of our cumulative aggregate realized capital gains from the Commencement Date through the end of each fiscal year, computed net of our aggregate cumulative realized capital losses and our aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying the Capital Gains Fee.

As required by U.S. GAAP, we accrue the Capital Gains Fee on unrealized gains. This accrual reflects the Incentive Fees that would be payable to the Adviser if our entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an Incentive Fee with respect to unrealized gains unless and until such gains are actually realized. There can

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be no assurance that such unrealized capital appreciation will be realized in the future. Accordingly, the amount of the accrued Capital Gains Fee at a reporting date may vary from the Capital Gains Fee that is ultimately realized, and the differences could be material.

As of December 31, 2025, December 31, 2024, June 30, 2024, and June 30, 2023, there were no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement.

The Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations under the Advisory Agreement, the Adviser and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Advisory Agreement or otherwise as the Adviser.

**Off-Balance Sheet Arrangements** 

We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of December 31, 2025, our off-balance sheet arrangements consisted of $3.7 million in unfunded commitments to six of our portfolio companies. As of December 31, 2024, our off-balance sheet arrangements consisted of $4.6 million in unfunded commitments to six of our portfolio companies. As of June 30, 2024, our off-balance sheet arrangements consisted of $1.8 million in unfunded commitments to three of our portfolio companies. We maintain sufficient liquidity (through cash on hand and available borrowings under our Capital One Revolving Financing) to fund such unfunded loan commitments should the need arise.

**Recent Developments** 

Subsequent to December 31, 2025 and through March 30, 2026, the Company invested a total of $0.8 million, which included investments in two existing portfolio companies, and received approximately $13.3 million from the repayment of four positions. As of March 30, 2026, the Company had investments in 34 portfolio companies.

On March 29, 2026, the Company entered into a financing arrangement with ICAP, an affiliate of the Adviser, pursuant to which ICAP will provide a $65.0 million unsecured note bearing interest at a floating rate of SOFR plus 5.50% per annum and maturing on July 1, 2029. The proceeds from this financing will be used to repay in full the Company's outstanding 2026 Notes due April 1, 2026. Following this financing arrangement, the Company believes it will remain in compliance with all applicable asset coverage requirements.

**Item 7A. Quantitative and Qualitative Disclosure about Market Risk** 

We are subject to financial market risks, including changes in interest rates. At December 31, 2025, 98.0% of our debt investments bore interest based on floating rates, such as SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

Generally, we believe higher yielding assets such as those in our investment portfolio do not necessarily follow a linear interest rate relationship and are less sensitive in price to interest rate changes than many other debt investments. Our investments in fixed rate assets are generally exposed to changes in value due to interest rate fluctuations, and our floating rate assets are generally exposed to cash flow variability from fluctuation in rates. Consequently, our net interest income (interest income less interest expense) is exposed to risks related to interest rate fluctuations. Based on our in-place portfolio with certain interest rate floors and our financing at December 31, 2025, a 1.00% increase or decrease in interest rates would increase or decrease, as applicable, our net interest income by approximately 44.27% or (41.77)%, respectively, and a 2.00% increase or decrease in interest rates would increase or decrease, as applicable, our net interest income by approximately 89.87% or (83.54)%, respectively. Variable-rate instruments subject to a floor generally reset periodically to the applicable floor and, in the case of investments in our portfolio, quarterly to a floor based on SOFR, as applicable, only if the floor exceeds the index. Under these loans, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor.

Although management believes that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit markets, the size, credit quality or composition of the assets in our portfolio and other business developments, including borrowing, that could affect the net increase in net assets resulting from operations, or net income. It also does not adjust for the effect of the time lag between a change in the relevant interest rate index and the rate adjustment under the applicable loan. Accordingly, we can offer no assurances that actual results would not differ materially from the statement above.

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**Item 8. Financial Statements and Supplementary Data** 

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| | |
|:---|:---|
| [<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID</u><u>:</u> 185<u>)</u>](#report_of_independent_registered_public) | 81 |
| [<u>REPORT OF FORMER INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID:</u> 49<u>)</u>](#report_of_prior_independent_accountant) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2025,</u>](#consolidated_statements_of_assets_and_l)[<u>DECEMBER 31</u>](#consolidated_statements_of_assets_and_l)[<u>, 2024, AND JUNE 30, 2024</u>](#consolidated_statements_of_assets_and_l) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2025, THE SIX MONTHS ENDED DECEMBER 31, 2024, AND THE TWELVE MONTHS ENDED JUNE 30, 2024 AND JUNE 30, 2023</u>](#consolidated_statements_of_operations) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2025 , THE SIX MONTHS ENDED DECEMBER 31, 2024, AND THE TWELVE MONTHS ENDED JUNE 30, 2024 AND JUNE 30, 2023</u>](#consolidated_statements_of_changes_in) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2025, THE SIX MONTHS ENDED DECEMBER 31, 2024, AND THE TWELVE MONTHS ENDED JUNE 30, 2024 AND JUNE 30, 2023</u>](#consolidated_statements_of_cash_flows) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2025</u>](#consolidated_schedule_of_investments) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024</u>](#consolidated_schedule_of_investment) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2024</u>](#schedule_of_investments_june_30_2024) | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>CONSOLIDATED NOTES TO FINANCIAL STATEMENTS</u>](#notes_to_consolidated_financial_statem) | 103 |

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|:---|:---|
| ![img208183185_2.gif](img208183185_2.gif) |  |
|  | KPMG LLP<br>Two Manhattan West<br>375 9th Avenue, 17th Floor<br>New York, NY 10001 |

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**Report of Independent Registered Public**

**Accounting Firm** 

To the Stockholders and Board of Directors

Investcorp Credit Management BDC, Inc.:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statements of assets and liabilities of Investcorp Credit Management BDC, Inc. and subsidiaries (the Company), including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for the year ended December 31, 2025 and the six-month period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the year ended December 31, 2025 and the six-month period ended December 31, 2024 in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025 and 2024 by correspondence with the custodian, agent banks, or portfolio companies; when replies were not received, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Assessment of Fair Value of Investments*

As discussed in Note 4(d) to the consolidated financial statements, as of December 31, 2025, the fair value of the Company's investments classified as Level 3 measurements in the fair value hierarchy was approximately $149.2 million. As discussed in

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part ofthe KPMG global organization of independent member firms affiliated with KPMGInternational Limited, a private English company limited by guarantee.

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![img208183185_2.gif](img208183185_2.gif)<br>

Note 2(j) and 4(d) to the consolidated financial statements, investments for which market quotations are not readily available or may be considered unreliable are fair valued, in good faith, using a method determined to be appropriate in the given circumstances, including the cost method, the market approach, and the income approach. Inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

We identified the assessment of the fair value measurements of certain of the Company's Level 3 investments as a critical audit matter. The evaluation of these fair value measurements involved a high degree of subjective auditor judgment and specialized skills and knowledge. Specifically, the evaluation of assumptions related to market yields and risk profiles used in yield analyses for debt and other interest-bearing investments and comparable financial performance multiples used in the market approach for debt and equity investments required subjective auditor judgment as changes in the assumptions could have a significant impact on the estimate of the fair value of the investments.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design of certain internal controls related to the Company's fair value measurement process for Level 3 investments. This included controls related to the development of the market yields and risk profiles used in yield analyses and financial performance multiples assumptions used in the market approach. We evaluated the Company's ability to estimate fair value by comparing a selection of prior period fair values to the prices of transactions occurring subsequent to the prior period fair value measurement date. For a selection of the Company's investments, we involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the Company's estimate of fair value by developing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent market yields, for investments fair valued using an income approach, using available market information, such as market yields of comparable companies of similar credit risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent financial performance multiples, for investments fair valued using a market approach, using relevant market and portfolio company financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent estimates of fair value for the selected investments and comparing the results to the Company's fair value estimates.

/s/ KPMG LLP

We have served as the Company's auditor since 2024.

New York, New York

March 30, 2026

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**Report of Independent Registered Public** 

**Accounting Firm** 

To the Stockholders and the Board of Directors of

Investcorp Credit Management BDC, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Investcorp Credit Management BDC, Inc. and its subsidiaries (the Company), including the consolidated schedule of investments, as of June 30, 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the two years in the period ended June 30, 2024, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024, and the results of their operations, changes in net assets, and cash flows for each of the two years in the period ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of June 30, 2024, by correspondence with the custodian or the agents of the underlying investments or management of the underlying investments themselves or by other appropriate audit procedures where replies from the custodian or agent were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We served as the Company's auditor from 2017 through September 25, 2024.

New York, New York

September 25, 2024

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**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Statements of Assets and Liabilities** 

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** | **June 30, 2024** |
| **Assets** |  |  |  |
| Non-controlled, non-affiliated investments, at fair value (amortized cost of<br> $177,110,265, $184,154,029, and $189,319,802, respectively) | $159985717 | $188602029 | $181948376 |
| Affiliated investments, at fair value (amortized cost of $13,340,494, $16,351,878, and $15,149,238, respectively) | 12673145 | 3014929 | 2621154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (amortized cost of $190,450,759, $200,505,907, and $204,469,040, respectively) | 172658862 | 191616958 | 184569530 |
| Cash and cash equivalents | 4582403 | 771483 | 158768 |
| Restricted cash and cash equivalents | 10416042 | 11333064 | 4950036 |
| Principal receivable | 55377 | 720855 | 50609 |
| Interest receivable | 808703 | 1576381 | 1301516 |
| Payment-in-kind interest receivable | 190790 | 85399 | 66625 |
| Short-term receivable |  | 160901 |  |
| Long-term receivable |  | 489365 | 631667 |
| Escrow receivable |  |  | 97173 |
| Prepaid expenses and other assets | 124928 | 97324 | 411821 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $188837105 | $206851730 | $192237745 |
| **Liabilities** |  |  |  |
| Debt: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility | $58900000 | $58500000 | $43000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2026 Notes payable | 65000000 | 65000000 | 65000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred debt issuance costs | (754121) | (1369415) | (1654870) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized discount | (17778) | (88888) | (124443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt, net | 123128101 | 122041697 | 106220687 |
| Payable for investments purchased |  | 1474677 | 7425000 |
| Interest payable | 1887457 | 1894921 | 1950925 |
| Dividend payable |  | 1728749 |  |
| Base management fees payable | 786986 | 769176 | 816777 |
| Income-based incentive fees payable | 351571 | 501955 | 128876 |
| Deferred income liability | 440084 |  |  |
| Directors' fees payable |  | 81323 |  |
| Accrued expenses and other liabilities | 916894 | 757102 | 685271 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 127511093 | 129249600 | 117227536 |
| Commitments and Contingencies (see Note 6) |  |  |  |
| **Net Assets** |  |  |  |
| Common stock, par value $0.001 per share (100,000,000 shares authorized and 14,432,472, <br>&nbsp;&nbsp;&nbsp;&nbsp;14,406,244, and 14,403,752 shares issued and outstanding, respectively) | 14432 | 14406 | 14404 |
| Additional paid-in capital | 203128982 | 203505480 | 203103263 |
| Distributable earnings (loss) | (141817402) | (125917756) | (128107458) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | 61326012 | 77602130 | 75010209 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $188837105 | $206851730 | $192237745 |
| Net Asset Value Per Share | $4.25 | $5.39 | $5.21 |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries**

**Consolidated Statements of Operations** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Six Months Ended December 31,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
| **Investment Income:** |  |  |  |  |
| Interest income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | $14562641 | $8680899 | $20271776 | $23822181 |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | 43586 | 3660 | 12451 | (20611) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest income** | 14606227 | 8684559 | 20284227 | 23801570 |
| Payment in-kind interest income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 874311 | 2329399 | 2028744 | 1250169 |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | 618203 | 42079 | 77680 | 70070 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total payment-in-kind interest income** | 1492514 | 2371478 | 2106424 | 1320239 |
| Dividend income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 81607 |  | 54138 | 101755 |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total dividend income** | 81607 |  | 54138 | 101755 |
| Payment in-kind dividend income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 452742 | 432669 | 784854 | 691972 |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total payment-in-kind dividend income** | 452742 | 432669 | 784854 | 691972 |
| Other fee income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 636626 | 134051 | 648659 | 768617 |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other fee income** | 636626 | 134051 | 648659 | 768617 |
| Other income | 126519 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 17396235 | 11622757 | 23878302 | 26684153 |
| **Expenses:** |  |  |  |  |
| Interest expense | 7605454 | 3752412 | 8606309 | 8413409 |
| Base management fees | 3465211 | 1671831 | 3800693 | 4201394 |
| Income-based incentive fees | (150384) | 501540 | (72942) | 401597 |
| Professional fees | 1210014 | 718289 | 1239122 | 984290 |
| Allocation of administrative costs from Adviser | 978448 | 382064 | 1360194 | 966045 |
| Amortization of deferred debt issuance costs | 615294 | 306004 | 576475 | 693333 |
| Amortization of original issue discount - 2026 Notes | 71110 | 35555 | 71110 | 71110 |
| Insurance expense | 497149 | 255536 | 479502 | 506963 |
| Directors' fees | 307500 | 175852 | 294907 | 302500 |
| Custodian and administrator fees | 294256 | 147986 | 316128 | 292267 |
| Other expenses | 498948 | 346109 | 713789 | 516160 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 15393000 | 8293178 | 17385287 | 17349068 |
| Waiver of base management fees | (349320) | (131735) | (365225) | (387311) |
| Waiver of income-based incentive fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 15043680 | 8161443 | 17020062 | 16961757 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income before taxes** | 2352555 | 3461314 | 6858240 | 9722396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income tax expense, including excise tax expense** | 447781 | 315075 | 267150 | 294330 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income after taxes** | 1904774 | 3146239 | 6591090 | 9428066 |
| **Net realized and unrealized gain/(loss) on investments:** |  |  |  |  |
| Net realized gain (loss) from investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (1849766) | (8114711) | (7731553) | (26890095) |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments |  |  | (6239984) |  |
| Net realized gain (loss) from investments | (1849766) | (8114711) | (13971537) | (26890095) |
| Net change in unrealized appreciation (depreciation) in value of investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (8706047) | 11819426 | 1797807 | 21966347 |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | (196901) | (808865) | 1490170 | (1269815) |
| Net change in unrealized appreciation (depreciation) on investments | (8902948) | 11010561 | 3287977 | 20696532 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments** | (10752714) | 2895850 | (10683560) | (6193563) |
| **Net increase (decrease) in net assets resulting from operations** | $(8847940) | $6042089 | $(4092470) | $3234503 |
| Basic and diluted: |  |  |  |  |
| Earnings per share | $(0.61) | $0.42 | $(0.28) | $0.22 |
| Weighted average shares of common stock outstanding | 14421798 | 14404510 | 14396201 | 14389163 |
| **Distributions paid per common share** | $0.52 | $0.24 | $0.60 | $0.63 |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Six Months Ended December 31,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
| **Net assets at beginning of period** | $77602130 | $75010209 | $87700308 | $93509392 |
| **Increase (decrease) in net assets resulting from operations:** |  |  |  |  |
| &nbsp;&nbsp;Net investment income after taxes | 1904774 | 3146239 | 6591090 | 9428066 |
| &nbsp;&nbsp;Net realized gain (loss) from investments | (1849766) | (8114711) | (13971537) | (26890095) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (8902948) | 11010561 | 3287977 | 20696532 |
| **Net increase (decrease) in net assets resulting from operations** | (8847940) | 6042089 | (4092470) | 3234503 |
| **Stockholder distributions:** |  |  |  |  |
| &nbsp;&nbsp;Distributions from net investment income | (7499487) | (3457199) | (8637842) | (9065336) |
| &nbsp;&nbsp;Distributions from capital gains |  |  |  |  |
| **Net decrease in net assets resulting from stockholder distributions** | (7499487) | (3457199) | (8637842) | (9065336) |
| **Capital transactions:** |  |  |  |  |
| &nbsp;&nbsp;Reinvestments of stockholder distributions | 110487 | 7031 | 40213 | 21749 |
| &nbsp;&nbsp;Repurchases of common shares (13,627, 0, 0, and 0, respectively) | (39178) |  |  |  |
| **Net increase (decrease) in net assets resulting from capital transactions** | 71309 | 7031 | 40213 | 21749 |
| **Net increase (decrease) in net assets** | (16276118) | 2591921 | (12690099) | (5809084) |
| **Net assets at end of period** | $61326012 | $77602130 | $75010209 | $87700308 |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Statements of Cash Flows** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Six Months Ended December 31,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
| **Cash Flows from Operating Activities** |  |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $(8847940) | $6042089 | $(4092470) | $3234503 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from <br> operations to net cash provided by (used in) operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Origination and purchase of investments | (31951834) | (23516420) | (62524462) | (51269621) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment in-kind interest and dividends | (1839865) | (2785373) | (2870741) | (1968260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and repayments of investments | 43235594 | 22952501 | 92303435 | 61928745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 1849766 | 8114711 | 13971537 | 26890095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | 8902948 | (11010561) | (3287977) | (20696532) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount/premium on investments | (1238513) | (802286) | (2049993) | (1311770) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 615294 | 306004 | 576474 | 693333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of original issue discount | 71110 | 35555 | 71110 | 71110 |
| Net (increase) decrease in operating assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal receivable | 665478 | (670246) | 42972 | 741462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 767678 | (274865) | 740361 | 256566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest receivable | (105391) | (18774) | (20537) | (43951) |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term receivable | 160901 | (160901) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term receivable | 489365 | 142302 | (631667) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Escrow receivable |  | 97173 | (97173) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables |  |  | 1050 | (1050) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (27604) | 314497 | (50102) | 48682 |
| Net increase (decrease) in operating liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | (1474677) | (5950323) | 5629703 | 1548313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (7464) | (56004) | (342841) | 719410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fees payable | 17810 | (47601) | (89441) | (147845) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income-based incentive fees payable | (150384) | 373079 | (447147) | 393928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income liability | 440084 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees payable | (81323) | 81323 | (15755) | (5025) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 159792 | 71831 | 240189 | (375015) |
| **Net cash (used in) provided by operating activities** | 11650825 | (6762289) | 37056525 | 20707078 |
| **Cash Flows from Financing Activities:** |  |  |  |  |
| Payments for deferred financing costs |  | (20549) | (1010788) |  |
| Repurchases of common shares | (39178) |  |  |  |
| Distributions to stockholders | (9117749) | (1721419) | (11188149) | (8610939) |
| Proceeds from borrowing on revolving financing facility | 20500000 | 15500000 | 37100000 | 46900000 |
| Repayments of borrowing on revolving financing facility | (20100000) |  | (66000000) | (59000000) |
| **Net cash (used in) provided by financing activities** | (8756927) | 13758032 | (41098937) | (20710939) |
| **Net change in cash and cash equivalents** | 2893898 | 6995743 | (4042412) | (3861) |
| **Cash and cash equivalents and restricted cash and cash equivalents:** |  |  |  |  |
| Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 12104547 | 5108804 | 9151216 | 9155077 |
| Cash and cash equivalents and restricted cash and cash equivalents at end of period | $14998445 | $12104547 | $5108804 | $9151216 |
| **Supplemental and non-cash financing cash flow information:** |  |  |  |  |
| Cash paid for interest | $7612917 | $3808417 | $8949150 | $7693998 |
| Cash paid for taxes | $470019 | $— | $267150 | $294330 |
| Issuance of shares pursuant to Dividend Reinvestment Plan | $110487 | $7031 | $40213 | $21749 |
| Non-cash purchase of investments | $11326047 | $(29716835) | $(37002608) | $(16865488) |
| Non-cash sale of investments | $(11326047) | $29716835 | $37002608 | $16865488 |
|  | **December 31, 2025** | **December 31, 2024** | **June 30, 2024** | **June 30, 2023** |
| Cash and cash equivalents | $4582403 | $771483 | $158768 | $1093758 |
| Restricted cash and cash equivalents | 10416042 | 11333064 | 4950036 | 8057458 |
| Cash and cash equivalents and restricted cash and cash equivalents | $14998445 | $12104547 | $5108804 | $9151216 |

---

*See accompanying notes to consolidated financial statements.*

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries**

**Consolidated Schedule of Investments** 

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial Acquisition Date** | **Maturity Date** | **Principal Amount/ Shares** | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Non-Controlled/Non-Affiliated Investments** | **Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  |
| **Senior Secured First Lien Debt Investments** | **Senior Secured First Lien Debt Investments** |  |  |  |  |  |  |  |
| **Automobile Components** | **Automobile Components** |  |  |  |  |  |  |  |
| Techniplas Foreign Holdco LP Exit Term Loan | 10.00% PIK |  | 6/18/2027 | 945001 | $876340 | $747080 | 1.22% | (4)(7) |
| Techniplas Foreign Holdco LP Term Loan | 17.00% PIK |  | 12/19/2026 | 1159774 | 1116853 | 978270 | 1.60% | (4)(7) |
| **Total Automobile Components** | **Total Automobile Components** |  |  |  | 1993193 | 1725350 |  |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| Arborworks Acquisition LLC - Reinstated Take Back Term Loan | 1M S + 6.50% PIK (1.00% Floor) |  | 11/6/2028 | 2375727 | 2375727 | 2375727 | 3.87% | (4)(8) |
| Arborworks Acquisition LLC - Revolver | 15.00% PIK |  | 11/6/2028 | 1107527 | 1107527 | 1107527 | 1.81% | (4)(5) |
| Northstar Group Services, Inc. Term Loan | 6M S + 4.75% (0.50% Floor) |  | 5/31/2030 | 5417500 | 5396108 | 5471675 | 8.92% | (3)(8) |
| **Total Commercial Services & Supplies** | **Total Commercial Services & Supplies** |  |  |  | 8879362 | 8954929 |  |  |
| **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |  |  |
| Congruex Group LLC Term Loan B | 3M S + 1.50% + 5.00% PIK (1.50% Floor) |  | 5/3/2029 | 4224541 | 4188783 | 3844332 | 6.27% | (4)(8) |
| **Total Construction & Engineering** | **Total Construction & Engineering** |  |  |  | 4188783 | 3844332 |  |  |
| **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |  |
| Bioplan USA, Inc. - Priority Term Loan | 3M S + 10.00% (4.00% Floor) |  | 3/8/2027 | 571998 | 576345 | 583438 | 0.95% | (8) |
| Bioplan USA, Inc. - Take Back Term Loan | 3M S + 7.75% (4.00% Floor) |  | 3/8/2028 | 6000500 | 5840378 | 5880490 | 9.59% | (4)(8) |
| **Total Containers & Packaging** | **Total Containers & Packaging** |  |  |  | 6416723 | 6463928 |  |  |
| **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |  |
| Axiom Global Inc. Term Loan | 3M S + 4.50% (0.75% Floor) |  | 10/2/2028 | 4873964 | 4836029 | 4825224 | 7.87% | (8) |
| Axiom Global Inc. Term Loan | 3M S + 4.50% (0.75% Floor) |  | 10/2/2028 | 1496250 | 1500414 | 1481287 | 2.42% | (8) |
| KNS MidCo Corp. / Wellfull Inc. Term Loan A | 1M S + 5.00% (1.00% Floor) |  | 4/19/2030 | 1474678 | 1474678 | 1441498 | 2.35% | (8) |
| LaserAway Intermediate Holdings II, LLC Term Loan | 3M S + 5.75% (0.75% Floor) |  | 10/14/2027 | 7084020 | 7046516 | 7048600 | 11.49% | (8) |
| **Total Diversified Consumer Services** | **Total Diversified Consumer Services** |  |  |  | 14857637 | 14796609 |  |  |
| **Food Products** | **Food Products** |  |  |  |  |  |  |  |
| INW Manufacturing, LLC Term Loan | 3M S + 5.75% (0.75% Floor) |  | 3/25/2027 | 3937500 | 3906562 | 3898125 | 6.36% | (8) |
| Max US Bidco Inc. Term Loan B | 3M S + 5.00% |  | 10/2/2030 | 7889773 | 7682081 | 6232920 | 10.16% | (3)(8) |
| **Total Food Products** | **Total Food Products** |  |  |  | 11588643 | 10131045 |  |  |
| **Household Durables** | **Household Durables** |  |  |  |  |  |  |  |
| Easy Way Leisure Corporation Term Loan | 3M S + 7.50% (1.00% Floor) |  | 1/15/2026 | 7593877 | 7585103 | 6094086 | 9.94% | (7)(8) |
| **Total Household Durables** | **Total Household Durables** |  |  |  | 7585103 | 6094086 |  |  |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments – (continued)** 

**December 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial Acquisition Date** | **Maturity Date** | **Principal Amount/ Shares** | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Non-Controlled/Non-Affiliated Investments, continued** | **Non-Controlled/Non-Affiliated Investments, continued** |  |  |  |  |  |  |  |
| **Senior Secured First Lien Debt Investments, continued** | **Senior Secured First Lien Debt Investments, continued** |  |  |  |  |  |  |  |
| **Insurance** | **Insurance** |  |  |  |  |  |  |  |
| Asurion, LLC Term Loan | 1M S + 4.00% |  | 8/21/2028 | 4910586 | $4890122 | $4922862 | 8.03% | (3)(8) |
| Integrity Marketing Acquisition, LLC Term Loan | 3M S + 5.00% (0.75% Floor) |  | 8/25/2028 | 6948103 | 6930071 | 6948103 | 11.33% | (5)(8) |
| Likewize Corporation Term Loan | 3M S + 5.75% (0.50% Floor) |  | 8/27/2029 | 3529167 | 3445912 | 3440937 | 5.61% | (8) |
| **Total Insurance** | **Total Insurance** |  |  |  | 15266105 | 15311902 |  |  |
| **Interactive Media & Services** | **Interactive Media & Services** |  |  |  |  |  |  |  |
| Uniguest Holdings Term Loan | 1M S + 5.00% (1.00% Floor) |  | 11/27/2030 | 5500000 | 5418213 | 5445000 | 8.88% | (5)(8) |
| **Total Interactive Media & Services** | **Total Interactive Media & Services** |  |  |  | 5418213 | 5445000 |  |  |
| **IT Services** | **IT Services** |  |  |  |  |  |  |  |
| Argano, LLC Term Loan | 1M S + 5.50% (1.00% Floor) |  | 9/13/2029 | 7304176 | 7188058 | 7285916 | 11.88% | (5)(8) |
| Accelevation, LLC Term Loan | 1M S + 4.50% (0.75% Floor) |  | 1/2/2031 | 4182767 | 4124781 | 4182767 | 6.82% | (5)(8) |
| Accelevation, LLC - Revolver | 1M S + 4.50% (0.75% Floor) |  | 1/2/2031 | 141026 | 130073 | 141026 | 0.23% | (5) |
| **Total IT Services** | **Total IT Services** |  |  |  | 11442912 | 11609709 |  |  |
| **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |
| Crisis Prevention Institute, Inc. Term Loan | 3M S + 4.00% (0.50% Floor) |  | 4/9/2031 | 2970000 | 2957952 | 2970000 | 4.84% | (8) |
| Klein Hersh, LLC Term Loan - Last Out | 3M S + 0.68% |  | 4/27/2028 | 11523913 | 7936181 | 10054614 | 16.40% | (8)(9) |
| Work Genius Holdings, Inc. Term Loan | 3M S + 7.00% (1.00% Floor) |  | 6/7/2027 | 9651923 | 9618129 | 8831510 | 14.39% | (8) |
| Work Genius Holdings, Inc. Term Loan - Add On | 3M S + 7.00% (1.00% Floor) |  | 6/7/2027 | 1076113 | 1076112 | 984643 | 1.61% | (8) |
| Work Genius Holdings, Inc - Revolver | 3M S + 7.00% (1.00% Floor) |  | 6/7/2027 | 750000 | 750000 | 686250 | 1.12% |  |
| **Total Professional Services** | **Total Professional Services** |  |  |  | 22338374 | 23527017 |  |  |
| **Software** | **Software** |  |  |  |  |  |  |  |
| AppLogic Networks Parent LLC - Sandvine Exit TL | 3M S + 1.00% + 5.00% PIK |  | 3/4/2030 | 1802568 | 1802568 | 1793555 | 2.92% | (4)(8) |
| **Total Software** | **Total Software** |  |  |  | 1802568 | 1793555 |  |  |
| **Specialty Retail** | **Specialty Retail** |  |  |  |  |  |  |  |
| ALCV Purchaser, Inc. Term Loan | 3M S + 6.75% (1.00% Floor) |  | 4/15/2026 | 4700000 | 4694821 | 4700000 | 7.66% | (8) |
| American Auto Auction Group, LLC Term Loan | 3M S + 4.50% |  | 5/28/2032 | 6947500 | 6898503 | 6834603 | 11.15% | (3)(8) |
| **Total Specialty Retail** | **Total Specialty Retail** |  |  |  | 11593324 | 11534603 |  |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |  |  |
| PVI Holdings, Inc. Term Loan - Last Out | 3M S + 5.05% (1.00% Floor) |  | 1/18/2028 | 3870000 | 3853119 | 3870000 | 6.31% | (8)(10) |
| Xenon Arc, Inc. - Term Loan | 3M S + 5.75% (0.75% Floor) |  | 12/20/2028 | 8670000 | 8670000 | 8518275 | 13.89% | (8) |
| **Total Trading Companies & Distributors** | **Total Trading Companies & Distributors** |  |  |  | 12523119 | 12388275 |  |  |
| **Total Senior Secured First Lien Debt Investments** | **Total Senior Secured First Lien Debt Investments** |  |  |  | 135894059 | 133620340 | 217.89% |  |
| **Unsecured Debt Investments** |  |  |  |  |  |  |  |  |
| **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |
| Klein Hersh, LLC Senior Subordinated Note |  |  | 4/27/2032 | 2184078 | $— | $— | —% | (7)(8) |
| **Total Professional Services** | **Total Professional Services** |  |  |  |  |  | —% |  |
| **Total Unsecured Debt Investments** |  |  |  |  |  |  | —% |  |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments – (continued)** 

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial Acquisition Date** | **Maturity Date** | **Principal Amount/ Shares** | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Non-Controlled/Non-Affiliated Investments, continued** | **Non-Controlled/Non-Affiliated Investments, continued** |  |  |  |  |  |  |  |
| **Equity, Warrants and Other Investments**<sup>(13)</sup> | **Equity, Warrants and Other Investments**<sup>(13)</sup> |  |  |  |  |  |  |  |
| **Automobile Components** | **Automobile Components** |  |  |  |  |  |  |  |
| Techniplas Foreign Holdco LP - Equity Interest |  | 6/19/2020 |  | 879559 | 14336791 | 8092 | 0.01% | (6)(15) |
| Techniplas Foreign Holdco LP - Class C Preferred Units |  | 12/5/2024 |  | 2989254 | 46169 | 75644 | 0.13% | (6)(15) |
| **Total Automobile Components** | **Total Automobile Components** |  |  |  | 14382960 | 83736 |  |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| ArborWorks, LLC A-1 - Common Units |  | 11/24/2021 |  | 1035 |  |  | —% | (6) |
| ArborWorks, LLC A-1 - Preferred Units |  | 11/24/2021 |  | 8633 | 4362023 | 4670813 | 7.62% | (6) |
| ArborWorks, LLC B-1 - Preferred Units |  | 11/24/2021 |  | 8633 |  |  | —% | (6) |
| **Total Commercial Services & Supplies** | **Total Commercial Services & Supplies** |  |  |  | 4362023 | 4670813 |  |  |
| **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |  |
| Bioplan USA, Inc. - Common Stock |  | 3/8/2023 |  | 292150 | 1708942 | 4949021 | 8.07% | (6) |
| **Total Containers & Packaging** | **Total Containers & Packaging** |  |  |  | 1708942 | 4949021 |  |  |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |
| 4L Technologies, Inc. - Common Stock |  | 2/4/2020 |  | 149918 | 2171581 | 1499 | —% | (6) |
| 4L Technologies, Inc. - Preferred Stock |  | 5/28/2020 |  | 2289 | 209004 | 58830 | 0.09% | (6) |
| 4L Technologies, Inc. - Preferred Stock |  | 7/2/2025 |  | 250 | 24964 | 95422 | 0.16% | (6) |
| **Total Electronic Equipment, Instruments & Components** | **Total Electronic Equipment, Instruments & Components** |  |  |  | 2405549 | 155751 |  |  |
| **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |
| Discovery Behavioral Health, LLC - Preferred Equity | 13.50% PIK | 10/10/2023 |  | 4000 | 4000000 | 7000000 | 11.41% | (6) |
| **Total Health Care Providers & Services** | **Total Health Care Providers & Services** |  |  |  | 4000000 | 7000000 |  |  |
| **IT Services** | **IT Services** |  |  |  |  |  |  |  |
| Fusion Connect, Inc. - Backstop Warrants |  | 1/12/2022 |  | 8904634 |  |  | —% | (6) |
| Fusion Connect, Inc. - Common Stock |  | 1/18/2022 |  | 230191 | 1184606 |  | —% | (6) |
| Fusion Connect, Inc. - Equity Investor Warrants |  | 1/18/2022 |  | 1345747 |  |  | —% | (6) |
| Fusion Connect, Inc. - Investor Warrants |  | 1/12/2022 |  | 8904634 |  |  | —% | (6) |
| Fusion Connect, Inc. - Series A Preferred | 12.50% PIK | 1/12/2022 |  | 500 | 7645189 | 4148090 | 6.76% | (7) |
| FWS Parent Holding, LLC - Equity Interest |  | 10/3/2022 |  | 4405 | 100000 | 94581 | 0.15% | (6) |
| **Total IT Services** | **Total IT Services** |  |  |  | 8929795 | 4242671 |  |  |
| **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |
| CF Arch Holdings LLC - Equity Interest |  | 8/11/2022 |  | 200000 | 200000 | 348000 | 0.57% | (6) |
| Victors CCC Aggregator LP - Equity Interest |  | 5/27/2022 |  | 500000 | 500000 | 825000 | 1.35% | (6)(14) |
| Work Genius, LLC - Equity Interest |  | 6/6/2022 |  | 500 | 500000 | 117480 | 0.19% | (6) |
| Work Genius, LLC - A-1 Equity Units |  | 3/31/2025 |  | 922 | 674011 | 216707 | 0.35% | (6) |
| **Total Professional Services** | **Total Professional Services** |  |  |  | 1874011 | 1507187 |  |  |
| **Software** | **Software** |  |  |  |  |  |  |  |
| AppLogic Networks Parent LLC - Equity Interest |  | 3/3/2025 |  | 130074 | 2744209 | 2636600 | 4.30% | (6) |
| **Total Software** | **Total Software** |  |  |  | 2744209 | 2636600 |  |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |  |  |
| Pegasus Aggregator Holdings LP - Equity Interest |  | 2/28/2022 |  | 9 | $808717 | $1119598 | 1.83% | (6)(14) |
| **Total Trading Companies & Distributors** | **Total Trading Companies & Distributors** |  |  |  | 808717 | 1119598 |  |  |
| **Total Equity, Warrants and Other Investments** | **Total Equity, Warrants and Other Investments** |  |  |  | 41216206 | 26365377 | 42.99% |  |
| **Total Non-Controlled/Non-Affiliated Investments** | **Total Non-Controlled/Non-Affiliated Investments** |  |  |  | **$177110265** | **$159985717** | **260.88%** |  |

---

*See accompanying notes to consolidated financial statements.*

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments – (continued)** 

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial Acquisition Date** | **Maturity Date** | **Principal Amount/ Shares** | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Non-Controlled/Affiliated Investments** <sup>(15)</sup> | **Non-Controlled/Affiliated Investments** <sup>(15)</sup> |  |  |  |  |  |  |  |
| **Senior Secured First Lien Debt Investments** | **Senior Secured First Lien Debt Investments** |  |  |  |  |  |  |  |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |
| American Nuts Holdings, LLC Term Loan A | 3M S + 8.50% PIK (1.00% Floor) |  | 3/28/2028 | 2013336 | 2013336 | 1867369 | 3.04% | (4)(8)(13) |
| American Nuts Holdings, LLC Term Loan B | 3M S + 8.50% PIK (1.00% Floor) |  | 3/28/2028 | 2013336 | 2013336 | 1827102 | 2.98% | (4)(8)(13) |
| **Total Consumer Staples Distribution & Retail** | **Total Consumer Staples Distribution & Retail** |  |  |  | 4026672 | 3694471 |  |  |
| **Entertainment** | **Entertainment** |  |  |  |  |  |  |  |
| Crafty Apes, LLC Term Loan - Second Out | 1M S + 6.50% PIK (1.00% Floor) |  | 6/1/2027 | 2220339 | 2140434 | 2125975 | 3.47% | (4)(5)(8)(12) |
| **Total Entertainment** | **Total Entertainment** |  |  |  | 2140434 | 2125975 |  |  |
| **Total Senior Secured First Lien Debt Investments** | **Total Senior Secured First Lien Debt Investments** |  |  |  | 6167106 | 5820446 | 9.49% |  |
| **Equity, Warrants and Other Investments**<sup>(13)</sup> | **Equity, Warrants and Other Investments**<sup>(13)</sup> |  |  |  |  |  |  |  |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |
| American Nuts Holdings, LLC Class A Units |  | 3/28/2025 |  | 6784 | 2204980 | 928035 | 1.51% | (6)(8) |
| **Total Consumer Staples Distribution & Retail** | **Total Consumer Staples Distribution & Retail** |  |  |  | 2204980 | 928035 |  |  |
| **Entertainment** |  |  |  |  |  |  |  |  |
| Crafty Apes LLC - Common Stock |  | 11/20/2024 |  | 810 | 4968408 | 5924664 | 9.66% | (6)(8) |
| **Total Entertainment** |  |  |  |  | 4968408 | 5924664 |  |  |
| **Total Equity, Warrants and Other Investments** | **Total Equity, Warrants and Other Investments** |  |  |  | 7173388 | 6852699 | 11.17% |  |
| **Total Non-Controlled/Affiliated Investments** | **Total Non-Controlled/Affiliated Investments** |  |  |  | **$13340494** | **$12673145** | **20.67%** |  |
| **Total Investments** | **Total Investments** |  |  |  | **$190450759** | **$172658862** | **281.54%** |  |

---

------

\* All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 13 of the Consolidated Schedule of Investments as of December 31, 2025 for additional information on our restricted securities.

(2)Unless indicated otherwise, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company's board of directors (see Note 4).

(3)This investment represents a Level 2 investment (see Note 4).

(4)Principal amount includes capitalized PIK interest.

(5)Refer to Note 6 for more detail on the unfunded commitments.

(6)Securities are non-income producing.

(7)Classified as non-accrual asset.

(8)A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A. ("Capital One").

(9)The Company has entered into an Agreement Among Lenders that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority relative to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. The obligor under the first lien secured loans has a contractual obligation to pay a fixed annual amount of interest ratably each month. This payment is first applied to the first out tranche on the basis of SOFR plus 3.75% and the remaining amount (if any) is applied to the last out tranche. Therefore, the Company will receive variable interest income depending on the principal amount of the first out tranche and changes in the SOFR rate. The effective rate cannot be estimated in advance of the start of the SOFR accrual period for the first out tranche.

(10)The Company has entered into an Agreement Among Lenders that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority ahead of the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 4.50% subject to a grid (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(11)The Company has entered into an Agreement Among Lenders that entitles the Company to the "second out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "second out" and "third out" tranches with respect to payments of principal, interest, and any other amounts due thereunder.

(12)The Company has entered into an Agreement Among Lenders that entitles the Company's investment in the Term Loan A to receive priority over its investment in the Term Loan B, whereby the Term Loan A is considered a "first out" tranche that will receive priority ahead of the Term Loan B as a "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances.

*See accompanying notes to consolidated financial statements.*

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments – (continued)** 

**December 31, 2025** 

(13)These securities were acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2025, the Company's portfolio company investments that were subject to restrictions on sales totaled $33,218,076 at fair value and represented 54.17% of the Company's net assets.

(14)Represents co-investment made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission.

(15)As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company's outstanding voting securities ("non-controlled affiliate"). As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" a portfolio company if it owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of December 31, 2025, the Company had no "Control Investments."

Transactions related to investments in non-controlled "Affiliate Investments" for the twelve months ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of Investment**<sup>(a)</sup> | **December 31, 2024 Value** | **Gross Additions** <sup>(b)</sup> | **Gross <br>Reductions** <sup>(c)</sup> | **Net Realized Gains (Losses)** | **Net Unrealized Gains (Losses)** | **December 31, 2025 Value** | **Amount of Interest or Dividends Credited to Income**<sup>(d)</sup> |
| American Nuts Holdings, LLC | Senior Secured First Lien Debt - T/L-A (3M S + 8.50% PIK (1.00% Floor) | $— | $2013336 | $— | $— | $(145967) | $1867369 | $193936 |
|  | Senior Secured First Lien Debt - T/L-B (3M S + 8.50% PIK (1.00% Floor) |  | 2013336 |  |  | (186234) | 1827102 | 193936 |
|  | Class A Units<sup>(e)</sup> |  | 2204980 |  |  | (1276945) | 928035 |  |
| Crafty Apes, LLC | Senior Secured First Lien Debt - Second Out Investment (1M S + 6.50% PIK (1.00% Floor) |  | 2133984 |  |  | (8009) | 2125975 | 273917 |
|  | Common Stock<sup>(e)</sup> |  | 4504410 |  |  | 1420254 | 5924664 |  |
|  |  | $— | $12870046 | $— | $— | $(196901) | $12673145 | $661789 |

---

------

(a)The fair value of all investments were determined using significant unobservable inputs.

(b)Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments and investments transferred into Affiliates effective October 1, 2025.

(c)Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.

(d)Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

(e)Investment is non-income producing.

P — Prime Rate (6.75% as of December 31, 2025)

PIK — Payment-In-Kind

1M S — 1-month SOFR (3.69% as of December 31, 2025)

3M S — 3-month SOFR (3.65% as of December 31, 2025)

6M S — 6-month SOFR (3.57% as of December 31, 2025)

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments** 

**December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial<br>Acquisition<br>Date** | **Maturity<br>Date** | **Principal<br>Amount/<br>Shares** | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Non-Controlled/Non-Affiliated Investments** | **Non-Controlled/Non-Affiliated Investments** | **Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |
| **Senior Secured First Lien Debt Investments** | **Senior Secured First Lien Debt Investments** | **Senior Secured First Lien Debt Investments** |  |  |  |  |  |  |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Arborworks Acquisition LLC - Reinstated Take Back Term Loan | 1M S + 6.50% PIK (1.00% Floor) |  | 11/6/2028 | $2123863 | $2123863 | $2081386 | 2.68% | (4)(11) |
| Arborworks Acquisition LLC - Revolver | 15.00% PIK |  | 11/6/2028 | 529740 | 529740 | 529740 | 0.68% | (4)(5) |
| Northstar Group Services, Inc. Term Loan | 3M S + 4.75% (0.50% Floor) |  | 5/31/2030 | 5472500 | 5447097 | 5472500 | 7.05% | (11) |
| **Total Commercial Services & Supplies** |  |  |  |  | 8100700 | 8083626 |  |  |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| Bioplan USA, Inc. - Priority Term Loan | 3M S + 10.00% (4.00% Floor) |  | 3/8/2027 | 3000075 | 3039635 | 3135078 | 4.04% | (11) |
| Bioplan USA, Inc. - Take Back Term Loan | 3M S + 4.75% + 3.50% PIK (4.00% Floor) |  | 3/8/2028 | 5948942 | 5728360 | 5829963 | 7.51% | (4)(11) |
| LABL, Inc. Term Loan B | 1M S + 5.00% (0.50% Floor) |  | 10/30/2028 | 4938969 | 4901092 | 4784627 | 6.17% | (3)(11) |
| **Total Containers & Packaging** |  |  |  |  | 13669087 | 13749668 |  |  |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |
| American Nuts Holdings, LLC Term Loan A | 3M S + 9.75% PIK (1.00% Floor) |  | 4/10/2026 | 4849251 | 4849251 | 4849251 | 6.25% | (4)(11)(15) |
| American Nuts Holdings, LLC Term Loan B | 3M S + 11.75% PIK (1.00% Floor) |  | 4/10/2026 | 5012146 | 1427117 | 944940 | 1.22% | (4)(10)(11)(15) |
| **Total Consumer Staples Distribution & Retail** | **Total Consumer Staples Distribution & Retail** |  |  |  | 6276368 | 5794191 |  |  |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| Congruex Group LLC Term Loan B | 3M S + 1.50% + 5.00% PIK (1.50% Floor) |  | 5/3/2029 | 4019794 | 3974677 | 3698210 | 4.77% | (4)(11) |
| **Total Construction & Engineering** |  |  |  |  | 3974677 | 3698210 |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Axiom Global Inc. Term Loan | 3M S + 4.75% (0.75% Floor) |  | 10/2/2028 | 4923446 | 4873088 | 4923446 | 6.34% | (11) |
| KNS MidCo Corp. / Wellfull Inc. Term Loan A | 1M S + 5.00% (1.00% Floor) |  | 4/19/2030 | 1474677 | 1474677 | 1474677 | 1.90% | (11) |
| LaserAway Intermediate Holdings II, LLC Term Loan | 3M S + 5.75% (0.75% Floor) |  | 10/14/2027 | 7157812 | 7101703 | 7157812 | 9.22% | (11) |
| **Total Diversified Consumer Services** |  |  |  |  | 13449468 | 13555935 |  |  |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |
| 4L Technologies, Inc. Term Loan | 3M S + 7.50% + 2.00% PIK |  | 6/30/2025 | 1163599 | 1163599 | 1253778 | 1.62% | (4) |
| **Total Electronic Equipment, Instruments & Components** | **Total Electronic Equipment, Instruments & Components** |  |  |  | 1163599 | 1253778 |  |  |
| **Entertainment** |  |  |  |  |  |  |  |  |
| Crafty Apes, LLC Term Loan - Second Out | 1M S + 6.50% PIK (1.00% Floor) |  | 6/1/2027 | 1989111 | 1858313 | 1851862 | 2.39% | (4)(5)(11)(14) |
| **Total Entertainment** |  |  |  |  | 1858313 | 1851862 |  |  |
| **Food Products** |  |  |  |  |  |  |  |  |
| INW Manufacturing, LLC Term Loan | 3M S + 5.75% (0.75% Floor) |  | 3/25/2027 | 4187500 | 4130991 | 4072344 | 5.25% | (11) |
| Max US Bidco Inc. Term Loan B | 1M S + 5.00% (0.50% Floor) |  | 10/2/2030 | 4962500 | 4744622 | 4875656 | 6.28% | (11) |
| **Total Food Products** |  |  |  |  | 8875613 | 8948000 |  |  |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments – (continued)** 

**December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial<br>Acquisition<br>Date** | **Maturity<br>Date** | **Principal<br>Amount/<br>Shares** | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Senior Secured First Lien Debt Investments, continued** | **Senior Secured First Lien Debt Investments, continued** | **Senior Secured First Lien Debt Investments, continued** |  |  |  |  |  |  |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| AMCP Clean Acquisition Company, LLC Term Loan | 3M S + 4.75% (0.50% Floor) |  | 6/15/2028 | $2977500 | $2940523 | $2977500 | 3.84% | (11) |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  | 2940523 | 2977500 |  |  |
| **Household Durables** |  |  |  |  |  |  |  |  |
| Easy Way Leisure Corporation Term Loan | 3M S + 7.50% + 2.00% PIK (1.00% Floor) |  | 1/15/2026 | 7664219 | 7634180 | 7664219 | 9.87% | (4)(11) |
| **Total Household Durables** |  |  |  |  | 7634180 | 7664219 |  |  |
| **Insurance** |  |  |  |  |  |  |  |  |
| Asurion, LLC Term Loan | 1M S + 4.00% |  | 8/21/2028 | 7442893 | 7375251 | 7442893 | 9.59% | (3)(11) |
| Integrity Marketing Acquisition, LLC Term Loan | 3M S + 5.00% (0.75% Floor) |  | 8/25/2028 | 3851399 | 3832941 | 3851399 | 4.96% | (11) |
| Likewize Corporation Term Loan | 3M S + 5.75% (0.50% Floor) |  | 8/15/2029 | 3643750 | 3539939 | 3589094 | 4.62% | (11) |
| **Total Insurance** |  |  |  |  | 14748131 | 14883386 |  |  |
| Interactive Media & Services |  |  |  |  |  |  |  |  |
| Uniguest Holdings Term Loan | 3M S + 5.00% (1.00% Floor) |  | 11/27/2030 | 5555556 | 5460071 | 5472222 | 7.05% | (5)(11) |
| **Total Interactive Media & Services** |  |  |  |  | 5460071 | 5472222 |  |  |
| **IT Services** |  |  |  |  |  |  |  |  |
| Argano, LLC Term Loan | 1M S + 5.75% (1.00% Floor) |  | 8/23/2029 | 3975543 | 3888812 | 3955666 | 5.10% | (5)(11) |
| Flatworld Intermediate Corporation Term Loan | 3M S + 6.75% (1.00% Floor) |  | 10/1/2027 | 2221622 | 2193533 | 2221622 | 2.86% | (5)(11) |
| **Total IT Services** |  |  |  |  | 6082345 | 6177288 |  |  |
| **Professional Services** |  |  |  |  |  |  |  |  |
| CareerBuilder, LLC Term Loan B3 | 1M S + 2.50% + 4.25% PIK (1.00% Floor) |  | 7/31/2026 | 6055631 | 4947137 | 2941738 | 3.79% | (4)(10)(11) |
| Crisis Prevention Institute, Inc. Term Loan | 3M S + 4.50% (0.50% Floor) |  | 4/9/2031 | 3000000 | 2986074 | 3000000 | 3.87% | (11) |
| Klein Hersh, LLC Term Loan - Last Out | 3M S + -1.13% (0.50% Floor) |  | 4/27/2028 | 11645948 | 7616667 | 9258529 | 11.93% | (11)(12) |
| Work Genius Holdings, Inc. Term Loan | 3M S + 7.00% (1.00% Floor) |  | 6/7/2027 | 9751923 | 9697154 | 9849442 | 12.69% | (11) |
| Work Genius Holdings, Inc - Revolver | 3M S + 7.00% (1.00% Floor) |  | 6/7/2027 | 750000 | 750000 | 757500 | 0.98% |  |
| **Total Professional Services** |  |  |  |  | 25997032 | 25807209 |  |  |
| **Software** |  |  |  |  |  |  |  |  |
| American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver | P + 5.50% |  | 4/7/2023 | 1736618 | 1736618 | 260201 | 0.34% | (7)(10) |
| Sandvine Corporation Term Loan | 2.00% |  | 6/28/2027 | 4288503 | 2791891 | 2819691 | 3.63% | (5)(6)(8)(10)(11) |
| Sandvine Corporation Tranche B Super Senior Term Loan | 6M S + 9.00% (0.00% Floor) |  | 11/7/2025 | 1261776 | 880706 | 1261776 | 1.63% | (5)(6)(8)(11) |
| **Total Software** |  |  |  |  | 5409215 | 4341668 |  |  |
| **Specialty Retail** |  |  |  |  |  |  |  |  |
| ALCV Purchaser, Inc. Term Loan | 3M S + 6.75% (1.00% Floor) |  | 4/15/2026 | 4900000 | 4877188 | 4716250 | 6.08% | (11) |
| American Auto Auction Group, LLC Term Loan | 3M S + 4.50% (0.75% Floor) |  | 12/30/2027 | 5663576 | 5404695 | 5663576 | 7.30% | (11) |
| Victra Holdings, LLC Term Loan B | 3M S + 5.25% (0.75% Floor) |  | 3/30/2029 | 3217105 | 3215978 | 3265361 | 4.21% | (3)(11) |
| **Total Specialty Retail** |  |  |  |  | 13497861 | 13645187 |  |  |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| Fleetpride Inc. Term Loan B | 1M S + 4.50% (0.50% Floor) |  | 9/29/2028 | 2962500 | 2937086 | 2762531 | 3.56% | (3)(11) |
| PVI Holdings, Inc. Term Loan - Last Out | 3M S + 4.94% (1.00% Floor) |  | 1/18/2028 | 3910000 | 3885783 | 3910000 | 5.04% | (11)(13) |
| Xenon Arc, Inc. - Term Loan | 3M S + 5.25% (0.75% Floor) |  | 12/20/2028 | 8760000 | 8760000 | 8760000 | 11.28% | (11) |
| **Total Trading Companies & Distributors** | **Total Trading Companies & Distributors** |  |  |  | 15582869 | 15432531 |  |  |
| **Total Senior Secured First Lien Debt Investments** | **Total Senior Secured First Lien Debt Investments** |  |  |  | 154720052 | 153336480 | 197.59% |  |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments – (continued)** 

**December 31, 2024** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial<br>Acquisition<br>Date** | **Maturity<br>Date** | **Principal<br>Amount/<br>Shares** | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Unsecured Debt Investments** |  |  |  |  |  |  |  |  |
| **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |
| Klein Hersh, LLC Senior Subordinated Note |  |  | 4/27/2032 | 2184078 | $— | $— | —% | (10)(11) |
| **Total Professional Services** | **Total Professional Services** |  |  |  |  |  | —% |  |
| **Total Unsecured Debt Investments** |  |  |  |  |  |  | —% |  |
| **Equity, Warrants and Other Investments**<sup>(16)</sup> | **Equity, Warrants and Other Investments**<sup>(16)</sup> |  |  |  |  |  |  |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| ArborWorks, LLC A-1 - Common Units |  | 11/24/2021 |  | 1035 |  |  | —% | (9) |
| ArborWorks, LLC A-1 - Preferred Units |  | 11/24/2021 |  | 8633 | 4362023 | 2591131 | 3.34% | (9) |
| ArborWorks, LLC B-1 - Preferred Units |  | 11/24/2021 |  | 8633 |  |  | —% | (9) |
| Investcorp Transformer Aggregator LP - Equity Interest |  | 12/15/2021 |  | 520710 | 528249 | 2103669 | 2.71% | (9)(17) |
| **Total Commercial Services & Supplies** | **Total Commercial Services & Supplies** |  |  |  | 4890272 | 4694800 |  |  |
| **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |  |
| Bioplan USA, Inc. - Common Stock |  | 3/8/2023 |  | 292150 | 1708942 | 6409771 | 8.26% | (9) |
| **Total Containers & Packaging** | **Total Containers & Packaging** |  |  |  | 1708942 | 6409771 |  |  |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |
| 4L Technologies, Inc. - Common Stock |  | 2/4/2020 |  | 149918 | 2171581 | 22488 | 0.03% | (9) |
| 4L Technologies, Inc. - Preferred Stock |  | 5/28/2020 |  | 2289 | 209004 | 492157 | 0.63% | (9) |
| **Total Electronic Equipment, Instruments & Components** | **Total Electronic Equipment, Instruments & Components** |  |  |  | 2380585 | 514645 |  |  |
| **Entertainment** |  |  |  |  |  |  |  |  |
| Crafty Apes LLC - Common Stock |  | 11/20/2024 |  | 810 | 4968408 | 4504410 | 5.80% | (5)(9)(11) |
| **Total Entertainment** |  |  |  |  | 4968408 | 4504410 |  |  |
| **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |
| Discovery Behavioral Health, LLC - Preferred Equity | + 13.50% PIK | 10/10/2023 |  | 4000 | 4000000 | 6000000 | 7.73% | (4)(9) |
| **Total Health Care Providers & Services** | **Total Health Care Providers & Services** |  |  |  | 4000000 | 6000000 |  |  |
| **IT Services** | **IT Services** |  |  |  |  |  |  |  |
| Fusion Connect, Inc. - Backstop Warrants |  | 1/12/2022 |  | 8904634 |  | 160283 | 0.21% | (9) |
| Fusion Connect, Inc. - Common Stock |  | 1/18/2022 |  | 230191 | 1184606 | 416646 | 0.54% | (9) |
| Fusion Connect, Inc - Equity Investor Warrants |  | 1/18/2022 |  | 1345747 |  |  | —% | (9) |
| Fusion Connect, Inc. - Investor Warrants |  | 1/12/2022 |  | 8904634 |  | 160283 | 0.21% | (9) |
| Fusion Connect, Inc. - Series A Preferred | + 12.50% PIK | 1/12/2022 |  | 500 | 7192447 | 6666775 | 8.59% | (4) |
| FWS Parent Holding, LLC - Equity Interest |  | 10/3/2022 |  | 4405 | 100000 | 96211 | 0.12% | (9) |
| **Total IT Services** | **Total IT Services** |  |  |  | 8477053 | 7500198 |  |  |
| **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |
| CF Arch Holdings LLC - Equity Interest |  | 8/11/2022 |  | 200000 | 200000 | 436000 | 0.56% | (9) |
| Victors CCC Aggregator LP - Equity Interest |  | 5/27/2022 |  | 500000 | 500000 | 735000 | 0.95% | (9)(17) |
| Work Genius Holdings, Inc. - Equity Interest |  | 6/6/2022 |  | 500 | 500000 | 564040 | 0.73% | (9) |
| **Total Professional Services** | **Total Professional Services** |  |  |  | 1200000 | 1735040 |  |  |
| **Software** | **Software** |  |  |  |  |  |  |  |
| Advanced Solutions International - Preferred Stock |  | 9/1/2020 |  | 888170 | 1000000 | 2788854 | 3.59% | (9) |
| Sandvine Corporation - Equity Interest |  | 6/28/2024 |  | 107202 |  |  | —% | (6)(8)(9)(11) |
| **Total Software** | **Total Software** |  |  |  | 1000000 | 2788854 |  |  |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments – (continued)** 

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial<br>Acquisition<br>Date** | **Maturity<br>Date** | **Principal<br>Amount/<br>Shares** | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Equity, Warrants and Other Investments**<sup>(16)</sup>**, continued** | **Equity, Warrants and Other Investments**<sup>(16)</sup>**, continued** |  |  |  |  |  |  |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |  |  |
| Pegasus Aggregator Holdings LP - Equity Interest |  | 2/28/2022 |  | 9 | $808717 | $1117831 | 1.44% | (9)(17) |
| **Total Trading Companies & Distributors** | **Total Trading Companies & Distributors** |  |  |  | 808717 | 1117831 |  |  |
| **Total Equity, Warrants and Other Investments** | **Total Equity, Warrants and Other Investments** |  |  |  | 29433977 | 35265549 | 45.44% |  |
| **Total Non-Controlled/Non-Affiliated Investments** | **Total Non-Controlled/Non-Affiliated Investments** |  |  |  | **$184154029** | **$188602029** | **243.04%** |  |
| **Non-Controlled/Affiliated Investments** <sup>(18)</sup> | **Non-Controlled/Affiliated Investments** <sup>(18)</sup> |  |  |  |  |  |  |  |
| **Senior Secured First Lien Debt Investments** | **Senior Secured First Lien Debt Investments** |  |  |  |  |  |  |  |
| **Automobile Components** | **Automobile Components** |  |  |  |  |  |  |  |
| Techniplas Foreign Holdco LP Term Loan | + 10.00% PIK |  | 6/18/2027 | 854966 | 854966 | 889164 | 1.15% | (4) |
| Techniplas Foreign Holdco Term Loan | + 17.00% PIK |  | 12/19/2026 | 1159774 | 1113952 | 1304746 | 1.68% | (4) |
| **Total Automobile Components** | **Total Automobile Components** |  |  |  | 1968918 | 2193910 |  |  |
| **Total Senior Secured First Lien Debt Investments** | **Total Senior Secured First Lien Debt Investments** |  |  |  | 1968918 | 2193910 | 2.83% |  |
| **Equity, Warrants and Other Investments**<sup>(16)</sup> | **Equity, Warrants and Other Investments**<sup>(16)</sup> |  |  |  |  |  |  |  |
| **Automobile Components** | **Automobile Components** |  |  |  |  |  |  |  |
| Techniplas Foreign Holdco LP - Equity Interest |  | 6/19/2020 |  | 879559 | 14336791 | 115046 | 0.15% | (9) |
| Techniplas Foreign Holdco - Class C Preferred Units |  | 12/5/2024 |  | 2530804 | 46169 | 705973 | 0.91% | (9) |
| **Total Automobile Components** | **Total Automobile Components** |  |  |  | 14382960 | 821019 |  |  |
| **Total Equity, Warrants and Other Investments** | **Total Equity, Warrants and Other Investments** |  |  |  | 14382960 | 821019 | 1.06% |  |
| **Total Non-Controlled/Affiliated Investments** | **Total Non-Controlled/Affiliated Investments** |  |  |  | **$16351878** | **$3014929** | **3.89%** |  |
| **Total Investments** | **Total Investments** |  |  |  | **$200505907** | **$191616958** | **246.92%** |  |

---

------

\* All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 16 of the Consolidated Schedule of Investments as of December 31, 2024 for additional information on our restricted securities.

(2)Unless indicated otherwise, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company's board of directors (see Note 4).

(3)This investment represents a Level 2 investment (see Note 4).

(4)Principal amount includes capitalized PIK interest unless otherwise noted.

(5)Refer to Note 6 for more detail on the unfunded commitments.

(6)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, non-qualifying assets represented 1.93% of the Company's total assets, at fair value.

(7)Security in default.

(8)A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

(9)Securities are non-income producing.

(10)Classified as non-accrual asset.

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments – (continued)** 

**December 31, 2024** 

(11)A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A. ("Capital One")

(12)The Company has entered into an Agreement Among Lenders that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. The obligor under the first lien secured loans has a contractual obligation to pay a fixed annual amount of interest ratably each month. this payment is first applied to the first out tranche on the basis of SOFR plus 3.75% and the remaining amount (if any) is applied to the last out tranche. Therefore, the Company will receive variable interest income depending on the principal amount of the first out tranche and changes in the SOFR rate. The effective rate cannot be estimated in advance of the start of the SOFR accrual period for the first out tranche.

(13)The Company has entered into an Agreement Among Lenders that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority ahead of the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 4.50% subject to a grid (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(14)The Company has entered into an Agreement Among Lenders that entitles the Company to the "second out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "second out" and "third out" tranches with respect to payments of principal, interest, and any other amounts due thereunder.

(15)The Company has entered into an Agreement Among Lenders that entitles the Company's investment in the Term Loan A to receive priority over its investment in the Term Loan B, whereby the Term Loan A is considered a "first out" tranche that will receive priority ahead of the Term Loan B as a "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder in certain circumstances.

(16)Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2024, the Company's portfolio company investments that were subject to restrictions on sales totaled $36,086,568 at fair value and represented 46.50% of the Company's net assets.

(17)Represents co-investment made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission.

(18)As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company's outstanding voting securities ("non-controlled affiliate"). As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" a portfolio company if it owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of December 31, 2024, the Company had no "Control Investments."

Transactions related to investments in non-controlled "Affiliate Investments" for the six months ended December 31, 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of Investment**<sup>(a)</sup> | **June 30, 2024 Value** | **Gross Additions** <sup>(b)</sup> | **Gross <br>Reductions** <sup>(c)</sup> | **Net Realized Gains (Losses)** | **Net Unrealized Gains (Losses)** | **December 31, 2024 Value** | **Amount of Interest or Dividends Credited to Income**<sup>(d)</sup> |
| Techniplas Foreign Holdco LP | Senior Secured First Lien Debt Investment (10.00% PIK) | $509811 | $42519 | $— | $— | $336834 | $889164 | $42079 |
|  | Senior Secured First Lien Debt Investment (17.00% PIK) |  | 1113952 |  |  | 190794 | 1304746 | 3660 |
|  | Class C Preferred Units |  | 46169 |  |  | 659804 | 705973 |  |
|  | Common Stock<sup>(e)</sup> | 2111343 |  |  |  | (1996297) | 115046 |  |
|  |  | $2621154 | $1202640 | $— | $— | $(808865) | $3014929 | $45739 |

---

------

(a)The fair value of all investments were determined using significant unobservable inputs.

(b)Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

(c)Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.

(d)Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

(e)Investment is non-income producing.

PRIME — 7.50% as of December 31, 2024

PIK — Payment-In-Kind

1M S — 1-month SOFR (4.33% as of December 31, 2024)

3M S — 3-month SOFR (4.31% as of December 31, 2024)

6M S — 6-month SOFR (4.25% as of December 31, 2024)

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments** 

**June 30, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial<br>Acquisition<br>Date** | **Maturity<br>Date** | **Principal<br>Amount/<br>Shares**<sup>(3)</sup> | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Non-Controlled/Non-Affiliated Investments** | **Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  |
| **Senior Secured First Lien Debt Investments** | **Senior Secured First Lien Debt Investments** |  |  |  |  |  |  |  |
| **Chemicals** | **Chemicals** |  |  |  |  |  |  |  |
| South Coast Terminals, LLC | 1M S + 6.00% (1.00% Floor) | 12/21/2021 | 12/10/2026 | $7206650 | $7166474 | $7206650 | 9.61% | (4) |
| **Total Chemicals** | **Total Chemicals** |  |  |  | 7166474 | 7206650 |  |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| Amerit | 1M S + 7.00% (2.00% Floor) | 12/13/2023 | 12/24/2025 | 7425000 | 7301918 | 7350750 | 9.80% | (10) |
| Arborworks Acquisition LLC - Reinstated Term Loan (Take Back) | 1M S + 6.50% PIK (1.00% Floor) | 11/24/2021 | 11/6/2028 | 1999641 | 1999641 | 1919656 | 2.56% | (10) |
| Arborworks Acquisition LLC - Revolver (New) | 15.00% PIK | 11/6/2023 | 11/6/2028 | 1011689 | 1011689 | 1011689 | 1.35% | (4) |
| Northstar Group Services, Inc. | 6M S + 4.75% (0.50% Floor) | 5/8/2024 | 5/8/2030 | 5500000 | 5472738 | 5472500 | 7.30% | (10) |
| Retail Services WIS Corporation | 3M S + 8.35% (1.00% Floor) | 5/20/2021 | 5/20/2025 | 6156855 | 6124477 | 6156855 | 8.21% | (10) |
| **Total Commercial Services & Supplies** | **Total Commercial Services & Supplies** |  |  |  | 21910463 | 21911450 |  |  |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |
| American Nuts Holdings, LLC - Term Loan A | 3M S + 9.75% PIK (1.00% Floor) | 4/4/2022 | 4/10/2026 | 4494842 | 4494842 | 4225151 | 5.63% | (10) |
| American Nuts Holdings, LLC - Term Loan B | 3M S + 11.75% PIK (1.00% Floor) | 4/4/2022 | 4/10/2026 | 4600689 | 1427117 | 1116748 | 1.49% | (9)(10) |
| **Total Consumer Staples Distribution & Retail** | **Total Consumer Staples Distribution & Retail** |  |  |  | 5921959 | 5341899 |  |  |
| **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |  |  |
| Congruex Group LLC | 3M S + 5.75% (0.75% Floor) | 9/27/2023 | 5/3/2029 | 3959596 | 3910347 | 3662626 | 4.88% | (10) |
| **Total Construction & Engineering** | **Total Construction & Engineering** |  |  |  | 3910347 | 3662626 |  |  |
| **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |  |
| Bioplan USA, Inc. - Priority Term Loan | 3M S + 10.00% (4.00% Floor) | 2/28/2023 | 3/8/2027 | 3367275 | 3420188 | 3602984 | 4.80% | (10) |
| Bioplan USA, Inc. - Take-Back Term Loan | 3M S + 4.75% + 3.50% PIK (4.00% Floor) | 3/8/2023 | 3/8/2028 | 5844496 | 5595919 | 5712995 | 7.62% | (3)(10) |
| LABL, INC. | 1M S + 5.00% (0.50% Floor) | 9/27/2023 | 10/30/2028 | 4964428 | 4922427 | 4914784 | 6.55% | (10) |
| **Total Containers & Packaging** | **Total Containers & Packaging** |  |  |  | 13938534 | 14230763 |  |  |
| **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |  |
| Axiom Global Inc. | 1M S + 4.75% (0.75% Floor) | 9/12/2023 | 10/1/2026 | 4948187 | 4891149 | 4923445 | 6.56% | (10) |
| LaserAway Intermediate Holdings II, LLC | 3M S + 5.75% (0.75% Floor) | 10/12/2021 | 10/14/2027 | 7194708 | 7129933 | 7194708 | 9.59% | (10) |
| **Total Diversified Consumer Services** | **Total Diversified Consumer Services** |  |  |  | 12021082 | 12118153 |  |  |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |
| 4L Technologies, Inc. | 3M S + 9.50% + 1.68% PIK (1.00% Floor) | 2/4/2020 | 6/30/2025 | 1151858 | 1151858 | 1220970 | 1.63% |  |
| **Total Electronic Equipment, Instruments & Components** | **Total Electronic Equipment, Instruments & Components** |  |  |  | 1151858 | 1220970 |  |  |
| **Entertainment** | **Entertainment** |  |  |  |  |  |  |  |
| Crafty Apes, LLC | 1M S + 9.25% PIK (1.00% Floor) | 12/23/2021 | 11/1/2025 | 9250602 | 8832319 | 8811199 | 11.75% | (10)(13) |
| **Total Entertainment** | **Total Entertainment** |  |  |  | 8832319 | 8811199 |  |  |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments - (continued)**

**June 30, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial<br>Acquisition<br>Date** | **Maturity<br>Date** | **Principal<br>Amount/<br>Shares**<sup>(3)</sup> | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Senior Secured First Lien Debt Investments, continued** | **Senior Secured First Lien Debt Investments, continued** |  |  |  |  |  |  |  |
| **Food Products** | **Food Products** |  |  |  |  |  |  |  |
| INW Manufacturing, LLC | 3M S + 5.75% (0.75% Floor) | 5/5/2021 | 3/25/2027 | $4312500 | $4243162 | $3967500 | 5.29% | (10) |
| Max US Bidco Inc. | 3M S + 5.00% (0.50% Floor) | 10/4/2023 | 10/2/2030 | 4987500 | 4755238 | 4875281 | 6.50% | (10) |
| **Total Food Products** | **Total Food Products** |  |  |  | 8998400 | 8842781 |  |  |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| AMCP Clean Acquisition Company, LLC | 3M S + 5.00% (0.50% Floor) | 2/27/2024 | 6/15/2028 | 2992500 | 2950295 | 2947612 | 3.93% | (10) |
| **Total Hotels, Restaurants & Leisure** | **Total Hotels, Restaurants & Leisure** |  |  |  | 2950295 | 2947612 |  |  |
| **Household Durables** | **Household Durables** |  |  |  |  |  |  |  |
| Easy Way Leisure Corporation | 3M S + 7.50% + 2.00% PIK (1.00% Floor) | 8/2/2021 | 1/15/2026 | 7625716 | 7582340 | 7625716 | 10.17% | (10) |
| **Total Household Durables** | **Total Household Durables** |  |  |  | 7582340 | 7625716 |  |  |
| **Insurance** | **Insurance** |  |  |  |  |  |  |  |
| Asurion, LLC | 3M S + 4.00% | 6/13/2024 | 8/21/2028 | 7480964 | 7406155 | 7406155 | 9.87% | (10) |
| **Total Insurance** | **Total Insurance** |  |  |  | 7406155 | 7406155 |  |  |
| **IT Services** | **IT Services** |  |  |  |  |  |  |  |
| Flatworld Intermediate Corporation | 3M S + 7.00% (1.00% Floor) | 10/3/2022 | 10/1/2027 | 2233784 | 2201362 | 2183524 | 2.91% | (4)(10) |
| **Total IT Services** | **Total IT Services** |  |  |  | 2201362 | 2183524 |  |  |
| **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |
| CareerBuilder, LLC | 1M S + 2.50% + 4.25% PIK (1.00% Floor) | 7/27/2017 | 7/31/2026 | 5924347 | 5177709 | 2525025 | 3.37% | (9)(10) |
| Crisis Prevention Institute, Inc. | 3M S + 4.75% (0.50% Floor) | 4/3/2024 | 4/9/2031 | 3000000 | 2985281 | 2985000 | 3.98% | (10) |
| Klein Hersh, LLC | 3M S + 4.63% + 6.45% PIK (0.50% Floor) | 4/21/2022 | 4/27/2027 | 11645948 | 9684970 | 5581240 | 7.44% | (3)(9)(10)(11) |
| Work Genius Holdings, Inc | 3M S + 7.00% (1.00% Floor) | 6/6/2022 | 6/7/2027 | 9801923 | 9737425 | 9777418 | 13.03% | (10) |
| Work Genius Holdings, Inc - Revolver | 3M S + 7.00% (1.00% Floor) | 12/28/2022 | 6/7/2027 | 750000 | 750000 | 748125 | 1.00% |  |
| **Total Professional Services** | **Total Professional Services** |  |  |  | 28335385 | 21616808 |  |  |
| **Software** | **Software** |  |  |  |  |  |  |  |
| American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver | P + 5.50% (1.00% Floor) | 5/6/2016 | 4/7/2023 | 1736618 | 1736618 |  |  | (6)(9) |
| Sandvine Corporation | 0.02 | 2/3/2023 | 6/28/2027 | 5284642 | 3254202 | 3250055 | 4.33% | (5)(7)(10) |
| **Total Software** | **Total Software** |  |  |  | 4990820 | 3250055 |  |  |
| **Specialty Retail** | **Specialty Retail** |  |  |  |  |  |  |  |
| ALCV Purchaser, Inc. | 3M S + 6.75% (1.00% Floor) | 3/1/2021 | 4/15/2026 | 5000000 | 4968582 | 4687500 | 6.25% | (10) |
| American Auto Auction Group, LLC | 3M S + 5.00% (0.75% Floor) | 4/12/2023 | 12/30/2027 | 5692366 | 5395211 | 5678135 | 7.57% | (10) |
| Victra Holdings, LLC | 3M S + 6.50% (0.75% Floor) | 2/26/2024 | 3/30/2029 | 1948667 | 1948667 | 1977897 | 2.64% | (10) |
| **Total Specialty Retail** | **Total Specialty Retail** |  |  |  | 12312460 | 12343532 |  |  |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments - (continued)**

**June 30, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial<br>Acquisition<br>Date** | **Maturity<br>Date** | **Principal<br>Amount/<br>Shares**<sup>(3)</sup> | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Senior Secured First Lien Debt Investments, continued** | **Senior Secured First Lien Debt Investments, continued** |  |  |  |  |  |  |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |  |  |
| Fleetpride Inc. | 1M S + 4.50% (0.50% Floor) | 9/27/2023 | 9/29/2028 | $2977500 | $2949229 | $2962612 | 3.94% | (10) |
| PVI Holdings, Inc. | 3M S + 6.49% (1.00% Floor) | 7/29/2022 | 1/18/2028 | $3930000 | 3902420 | 3930000 | 5.24% | (10)(12) |
| Xenon Arc, Inc. | 3M S + 6.00% (0.75% Floor) | 12/27/2021 | 12/17/2027 | $8805000 | 8805000 | 8805000 | 11.73% | (10) |
| **Total Trading Companies & Distributors** | **Total Trading Companies & Distributors** |  |  |  | 15656649 | 15697612 |  |  |
| **Total Senior Secured First Lien Debt Investments** | **Total Senior Secured First Lien Debt Investments** |  |  |  | 165286902 | 156417505 | 208.53% |  |
| **Equity, Warrants and Other Investments** | **Equity, Warrants and Other Investments** |  |  |  |  |  |  |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| ArborWorks, LLC A-1 Common Units |  |  |  | 1035 |  |  |  | (8) |
| ArborWorks, LLC A-1 Preferred |  |  |  | 8633 | 4362023 | 1738444 | 2.32% | (8) |
| ArborWorks, LLC B-1 Preferred |  |  |  | 8633 |  |  |  | (8) |
| Investcorp Transformer Aggregator LP |  |  |  | 520710 | 528249 | 1269377 | 1.70% | (8) |
| **Total Commercial Services & Supplies** | **Total Commercial Services & Supplies** |  |  |  | 4890272 | 3007821 |  |  |
| **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |  |
| Bioplan USA, Inc. - Common Stock |  |  |  | 292150 | 1708942 | 4218646 | 5.62% | (8) |
| **Total Containers & Packaging** | **Total Containers & Packaging** |  |  |  | 1708942 | 4218646 |  |  |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |
| 4L Technologies, Inc. Common Stock |  |  |  | 149918 | 2171581 | 62965 | 0.08% | (8) |
| 4L Technologies, Inc. Preferred Stock |  |  |  | 2289 | 209004 | 1362015 | 1.82% | (8) |
| **Total Electronic Equipment, Instruments & Components** | **Total Electronic Equipment, Instruments & Components** |  |  |  | 2380585 | 1424980 |  |  |
| **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |
| Discovery Behavioral Health Preferred Stock | 13.50% PIK |  |  | 4000 | 4000000 | 5400000 | 7.20% | (8) |
| **Total Health Care Providers & Services** | **Total Health Care Providers & Services** |  |  |  | 4000000 | 5400000 |  |  |
| **IT Services** | **IT Services** |  |  |  |  |  |  |  |
| Fusion Connect, Inc. - Backstop Warrants |  |  |  | 8904634 |  | 22702 | 0.03% | (8) |
| Fusion Connect, Inc. - Common Stock |  |  |  | 230191 | 1184606 | 288877 | 0.39% | (8) |
| Fusion Connect, Inc - Equity Investor Warrants |  |  |  | 1345747 |  |  |  | (8) |
| Fusion Connect, Inc. - Investor Warrants |  |  |  | 8904634 |  | 22702 | 0.03% | (8) |
| Fusion Connect, Inc. - Series A Preferred | 12.50% PIK |  |  | 500 | 6759778 | 6126488 | 8.17% | (3) |
| FWS Parent Holding, LLC - Equity Interest |  |  |  | 4405 | 100000 | 37071 | 0.05% | (8) |
| **Total IT Services** | **Total IT Services** |  |  |  | 8044384 | 6497840 |  |  |
| **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |
| CF Arch Holdings LLC (Equity Interest) |  |  |  | 200000 | 200000 | 454000 | 0.61% | (8) |
| Victors CCC Aggregator LP |  |  |  | 500000 | 500000 | 710000 | 0.95% | (8) |
| Work Genius Holdings, Inc (Equity Interest) |  |  |  | 500 | 500000 | 906625 | 1.21% | (8) |
| **Total Professional Services** | **Total Professional Services** |  |  |  | 1200000 | 2070625 |  |  |

---

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments - (continued)** 

**June 30, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments\***<sup>(1)(2)</sup> | **Interest Rate** | **Initial<br>Acquisition<br>Date** | **Maturity<br>Date** | **Principal<br>Amount/<br>Shares**<sup>(3)</sup> | **Amortized Cost** | **Fair Value** | **% of <br>Net Assets** |  |
| **Equity, Warrants and Other Investments, continued** | **Equity, Warrants and Other Investments, continued** |  |  |  |  |  |  |  |
| **Software** | **Software** |  |  |  |  |  |  |  |
| Advanced Solutions International Preferred Equity |  |  |  | 888170 | $1000000 | $1794103 | 2.39% |  |
| Sandvine Corporation - Common Stock |  |  |  | 107202 |  |  |  | (7)(8) |
| Sandvine Corporation - Common Stock |  |  |  | 372930 |  |  |  | (7)(8) |
| **Total Software** | **Total Software** |  |  |  | 1000000 | 1794103 |  |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |  |  |
| Pegasus Aggregator Holdings LP |  |  |  | 9 | 808717 | 1116856 | 1.49% | (8) |
| **Total Trading Companies & Distributors** | **Total Trading Companies & Distributors** |  |  |  | 808717 | 1116856 |  |  |
| **Total Equity, Warrants and Other Investments** | **Total Equity, Warrants and Other Investments** |  |  |  | 24032900 | 25530871 | 34.04% |  |
| **Total Non-Controlled/Non-Affiliated Investments** | **Total Non-Controlled/Non-Affiliated Investments** |  |  |  | **$189319802** | **$181948376** | **242.56%** |  |
| **Non-Controlled/Affiliated Investments**<sup>(14)</sup> | **Non-Controlled/Affiliated Investments**<sup>(14)</sup> |  |  |  |  |  |  |  |
| **Senior Secured First Lien Debt Investments** | **Senior Secured First Lien Debt Investments** |  |  |  |  |  |  |  |
| **Automobile Components** | **Automobile Components** |  |  |  |  |  |  |  |
| Techniplas Foreign Holdco LP | 10.00% PIK | 6/19/2020 | 6/18/2027 | $812447 | 812447 | 509811 | 0.68% | (3) |
| **Total Automobile Components** | **Total Automobile Components** |  |  |  | 812447 | 509811 |  |  |
| **Total Senior Secured First Lien Debt Investments** | **Total Senior Secured First Lien Debt Investments** |  |  |  | 812447 | 509811 | 0.68% |  |
| **Equity, Warrants and Other Investments** | **Equity, Warrants and Other Investments** |  |  |  |  |  |  |  |
| **Automobile Components** | **Automobile Components** |  |  |  |  |  |  |  |
| Techniplas Foreign Holdco LP Common Stock |  |  |  | 879559 | 14336791 | 2111343 | 2.81% | (8) |
| **Total Automobile Components** | **Total Automobile Components** |  |  |  | 14336791 | 2111343 |  |  |
| **Total Equity, Warrants and Other Investments** | **Total Equity, Warrants and Other Investments** |  |  |  | 14336791 | 2111343 | 2.81% |  |
| **Total Affiliated Investments** | **Total Affiliated Investments** |  |  |  | **$15149238** | **$2621154** | **3.49%** |  |
| **Total Investments** | **Total Investments** |  |  |  | **$204469040** | **$184569530** | **246.06%** |  |

---

------

\* All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(1)The Company's investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Unless otherwise indicated, all of the Company's portfolio company investments are subject to restrictions on sales. As of June 30, 2024, the Company's portfolio company investments that were subject to restrictions on sales totaled $184,569,530 at fair value and represented 246.06% of the Company's net assets.

(2)All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company's board of directors.

(3)Principal amount includes capitalized PIK interest unless otherwise noted.

(4)Refer to Note 6 for more detail on the unfunded commitments.

(5)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2024, non-qualifying assets represented 1.68% of the Company's total assets, at fair value.

(6)Security in default.

(7)A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

(8)Securities are non-income producing.

(9)Classified as non-accrual asset.

(10)A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A.

(11)The Company has entered into an Agreement Among Lenders that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 7.50% plus 3.00% PIK (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

*See accompanying notes to consolidated financial statements.*

------

**Investcorp Credit Management BDC, Inc. and Subsidiaries** 

**Consolidated Schedule of Investments - (continued)** 

**June 30, 2024**

(12)The Company has entered into an Agreement Among Lenders with the "first out lenders", whereby the "first out" tranche will receive priority ahead of the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 6.00% subject to a grid (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(13)The Company has entered into an Agreement Among Lenders that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 7.50% (Floor 1.00%) with an election for SOFR plus 9.25% PIK (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(14)As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company's outstanding voting securities ("non-controlled affiliate"). As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" a portfolio company if it owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of June 30, 2024, the Company had no "Control Investments."

Transactions related to investments in non-controlled "Affiliate Investments" for the twelve months ended June 30, 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of Investment**<sup>(a)</sup> | **June 30, 2023 Value** | **Gross Additions** <sup>(b)</sup> | **Gross <br>Reductions** <sup>(c)</sup> | **Net Realized Gains (Losses)** | **Net Unrealized Gains (Losses)** | **June 30, 2024 Value** | **Amount of Interest or Dividends Credited to Income**<sup>(d)</sup> |
| 1888 Industrial Services, LLC | Senior Secured First Lien Term Loan A (3M LIBOR + 5.00% PIK) | $1477807 | $— | $— | $(5911230) | $4433423 | $— | $— |
|  | Senior Secured First Lien Term Loan C (3M LIBOR + 5.00%) | 630870 |  | (302116) | (328754) |  |  |  |
|  | Revolver (3M LIBOR + 5.00%) | 591359 |  | (2365434) |  | 1774075 |  | 12451 |
|  | Common Equity Interest<sup>(e)</sup> |  |  |  |  |  |  |  |
| Techniplas Foreign Holdco LP | Senior Secured First Lien Term Loan (10.00% PIK) | 827410 | 77207 |  |  | (394806) | 509811 | 77680 |
|  | Common Stock<sup>(e)</sup> | 6433865 |  |  |  | (4322522) | 2111343 |  |
|  |  | $9961311 | $77207 | $(2667550) | $(6239984) | $1490170 | $2621154 | $90131 |

---

------

(a)The fair value of all investments were determined using significant unobservable inputs.

(b)Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

(c)Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.

(d)Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

(e)Investment is non-income producing.

PRIME — 8.50% as of June 30, 2024

PIK — Payment-In-Kind

1M S — 1-month SOFR (5.34% as of June 30, 2024)

3M S — 3-month SOFR (5.32% as of June 30, 2024)

6M S — 6-month SOFR (5.25% as of June 30, 2024)

*See accompanying notes to consolidated financial statements.* 

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

**Note 1. Organization** 

Investcorp Credit Management BDC, Inc. ("ICMB" or the "Company"), a Maryland corporation formed in May 2013, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code (the "Code") for U.S. federal income tax purposes. The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services — Investment Companies ("ASC 946").

On February 11, 2014, the Company completed its initial public offering (the "Offering"), selling 7,666,666 shares of its common stock, par value $0.001, including the underwriters' over-allotment, at a price of $15.00 per share with net proceeds of approximately $111.5 million.

CM Finance LLC, a Maryland limited liability company, commenced operations in March 2012. Immediately prior to the Offering, CM Finance LLC was merged with and into the Company (the "Merger"). In connection with the Merger, the Company issued 6,000,000 shares of common stock and $39.8 million in debt to the pre-existing CM Finance LLC investors, consisting of funds managed by Cyrus Capital Partners, L.P. (the "Original Investors" or the "Cyrus Funds"). The Company had no assets or operations prior to completion of the Merger and, as a result, the books and records of CM Finance LLC became the books and records of the Company, as the surviving entity. Immediately after the Merger, the Company issued 2,181,818 shares of its common stock to Stifel Venture Corp. ("Stifel"), in exchange for $32.7 million in cash. The Company used all of the proceeds of the sale of shares to Stifel to repurchase 2,181,818 shares of common stock from the Original Investors. Immediately after the completion of the Offering, the Company had 13,666,666 shares outstanding. The Company used a portion of the net proceeds of the Offering to repay 100% of the debt issued to the Original Investors in connection with the Merger.

CM Investment Partners LLC (the "Adviser") serves as the Company's investment adviser. On August 30, 2019, Investcorp Credit Management US LLC ("Investcorp"), a subsidiary of Investcorp Bank Holdings B.S.C., acquired the interests in the Adviser, which were previously held by the Cyrus Funds and Stifel and paid off certain debt owed by the Adviser, resulting in Investcorp having a majority ownership interest in the Adviser (the "Investcorp Transaction"). On August 30, 2019, CM Finance, Inc. changed its name to Investcorp Credit Management BDC, Inc. On August 31, 2023, Investcorp acquired approximately an additional 7% ownership interest in the Adviser. On December 12, 2024, Investcorp assigned its ownership of the Adviser to IVC Credit Management Financing, LLC its parent entity and the entity that manages Investcorp's US credit management regulated entities.

In connection with the Investcorp Transaction, on June 26, 2019, the Company's board of directors, including all of the directors who are not "interested persons" of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an "Independent Director"), unanimously approved a new investment advisory agreement (the "Advisory Agreement") which was subsequently approved by the Company's stockholders at a special meeting of stockholders held on August 28, 2019. In connection with the closing of the Investcorp Transaction, on August 30, 2019, the Company entered into the Advisory Agreement and a new administration agreement (the "Administration Agreement") with the Adviser as its investment adviser and administrator, respectively. The Advisory Agreement and the Administration Agreement are substantially similar to the Company's prior investment advisory agreement between the Company and the Adviser and the Company's prior administration agreement, respectively.

The Company's primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. The Company invests primarily in middle-market companies in the form of standalone first and second lien, unitranche loans and mezzanine loans. The Company may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

As a BDC, the Company is required to comply with certain regulatory requirements. For instance, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70% of total assets are qualifying assets. Qualifying assets generally include investments in "eligible portfolio companies," which, under the 1940 Act, are generally defined as any issuer that (1) is organized under the laws of, and has its principal place of business, in the United States; (2) is not an investment company (other than a small business investment company wholly-owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and (3) either does not have any class of securities listed on a national securities exchange or has any class of securities listed on a national securities exchange and

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

have a market capitalization of less than $250 million, in each case organized and with their principal place of business in the United States. As of December 31, 2025, the Company did not hold any non-qualifying assets in its portfolio.

From time-to-time, the Company may form taxable subsidiaries that are taxed as corporations for U.S. federal income tax purposes (the "Taxable Subsidiaries"). At December 31, 2025, December 31, 2024 and June 30, 2024, the Company had no Taxable Subsidiaries. The Taxable Subsidiaries, if any, allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements applicable to a RIC under the Code.

From inception through June 30, 2024, the Company reported on a June 30 fiscal year-end. On September 18, 2024, the Company changed its fiscal year end from June 30 to December 31. Our 2024 fiscal year consisted of the six month transition period beginning July 1, 2024 through December 31, 2024. Financial statements for the twelve months ended June 30, 2024 and 2023 continue to be presented on the basis of our previous fiscal year end.

**Note 2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Company.

**a. Basis of Presentation** 

The accompanying consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). All values are stated in U.S. dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods included herein as required by U.S. GAAP. These adjustments are normal and recurring in nature.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company's consolidated financial statements are reasonable and prudent. Actual results could differ materially from these estimates. All material inter-company balances and transactions have been eliminated.

As permitted under Regulation S-X and ASC 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company's wholly-owned subsidiaries, CM Finance SPV Ltd. ("SPV") and Investcorp Credit Management BDC SPV LLC ("SPV LLC"), which are special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation.

The Company reclassified prior period affiliate and other information in the accompanying Consolidated Statements of Assets and Liabilities and Consolidated Statements of Operations to conform to its current period presentation. These reclassifications had no effect on the Company's consolidated financial position or the consolidated results of operations as previously reported.

**b. Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses** 

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, and commitment fees, and purchase and original issue discounts ("OID") associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties are included in other fee income and unamortized fees and discounts are recorded as interest income and are non-recurring in nature. During the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023, $633,808, $221,882, $1,181,653 and $892,483, respectively, of prepayment penalties and unamortized discounts upon prepayment were recorded as investment income.

Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

Management reviews all debt investments that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. Accrued and unpaid interest is generally

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

reversed when a debt investment is placed on non-accrual status. However, capitalized PIK interest will not be reversed when a debt investment is placed on non-accrual status. Interest payments received on non-accrual debt investments are recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual debt investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current, although management may make exceptions to this general rule if the debt investment has sufficient collateral value and is in the process of collection. As of December 31, 2025, the Company had five investments on non-accrual status comprised of Easy Way Leisure Corporation Term Loan, Fusion Connect, Inc. - Series A Preferred, Klein Hersh, LLC Senior Subordinated Note, Techniplas Foreign Holdco LP Exit Loan, and Techniplas Foreign Holdco LP Term Loan, which collectively represented 6.93% of the Company's portfolio at fair value. As of December 31, 2024, the Company had five investments on non-accrual status comprised of American Nuts Holdings, LLC Term Loan B, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver, CareerBuilder, LLC Term Loan B3, Klein Hersh, LLC Senior Subordinated Note and Sandvine Corporation Term Loan, which collectively represented 3.64% of the Company's portfolio at fair value. As of June 30, 2024, the Company had four investments on non-accrual status comprised of American Nuts Holdings, LLC - Term Loan Term Loan B, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver, CareerBuilder, LLC Term Loan B3 and Klein Hersh, LLC Term Loan - Last Out, which collectively represented 5.00% of the Company's portfolio at fair value.

Dividend income is recorded on the ex-dividend date.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations.

The Company holds debt investments in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. The Company earned PIK interest of $1,492,514, $2,371,478, $2,106,424 and $1,320,239 during the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023, respectively.

The Company may hold equity investments in its portfolio that contain a PIK dividend provision. PIK dividends, which represent contractual dividend payments added to the investment balance, are recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company earned PIK dividends of $452,742, $432,669, $784,854 and $691,972 during the periods ended December 31, 2025, December 31, 2024, June 30, 2024, and June 30, 2023 respectively.

**c. Paid In Capital** 

The Company records the proceeds from the sale of its common stock to common stock and additional paid-in capital, net of commissions and marketing support fees.

**d. Net Increase (Decrease) in Net Assets Resulting from Operations per Share** 

The net increase (decrease) in net assets resulting from operations per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period.

**e. Distributions** 

Dividends and distributions to common stockholders are recorded on the declaration date. The amount to be paid out as a dividend or distribution is determined by the Company's board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company's stockholders, unless a stockholder elects to receive cash. As a result, if the Company's board of directors authorizes, and the Company declares, a cash distribution, then the Company's stockholders who have not "opted out" of the

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

Company's dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company's common stock, rather than receiving the cash distribution.

**f. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents**

Cash and cash equivalents and restricted cash and cash equivalents consist of cash and short-term, highly liquid investments. The Company deposits its cash in financial institutions, and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company's cash deposits are held at what management believes to be large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity such that there is insignificant risk of changes in value. The Company has restrictions on the uses of the cash held by SPV LLC based on the terms of the relevant financing arrangement. For more information on the Company's financing arrangements and borrowings, see Note 5.

**g. Due from the Sale of 1888 Industrial Services, LLC**

During the year ended June 30, 2024, the Company completed the sale of its investments in 1888 Industrial Services, LLC resulting in $2.5 million in proceeds. As of December 31, 2024, a portion was included in "Long-term receivable" in the amount of $489,365 and a portion was included in "Short-term receivable" in the amount of $160,901 on the Consolidated Statements of Assets and Liabilities. The Long-term receivable was recorded at estimated fair value using Level 3 inputs as determined using a discounted cash flow analysis with the unobservable input being a discount rate (6.8%). During 2025, the Company received a payment of $478,827. This payment relieved the remaining receivable and the Company realized other income of $126,519.

**h. Deferred Offering Costs** 

Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company's common stock and bonds, including legal, accounting, printing fees and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is completed.

**i. Investment Transactions and Expenses** 

The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Purchases of loans, including delayed draw term loans and revolving credit facilities, are recorded on a fully committed basis.

Expenses are accrued as incurred.

Deferred debt issuance costs and deferred financing costs, incurred in connection with the Company's financing arrangements and borrowings, are amortized using the straight-line method which approximates the effective interest method over the life of the debt.

**j. Investment Valuation** 

The Company applies fair value accounting to all of its financial instruments in accordance with the 1940 Act and ASC Topic 820 — Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company's own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

(including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Securities that are traded on securities exchanges (including such securities traded in the after-hours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last "bid" and "ask" prices for such options are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall between the last "bid" and "ask" prices are valued at the average of the last "bid" and "ask" prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company held no Level 1 investments as of December 31, 2025, December 31, 2024, or June 30, 2024.

Investments that are not traded on securities exchanges but are traded on the over-the-counter markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Investments for which market quotations are not readily available or may be considered unreliable are fair valued, in good faith, using a method determined to be appropriate in the given circumstances. The valuation methods used include the Cost Approach, the Market Approach and the Income Approach. Inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. The valuation method the Company uses may change as changes in the underlying portfolio company dictates, such as moving from the Cost Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material.

The Adviser seeks to ensure that the Company's valuation policies and procedures, as approved by the Company's board of directors, are consistently applied across all investments of the Company. The valuations are continuously monitored and the valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The quarterly valuation process begins with each portfolio company or investment being initially valued by the Adviser, with such valuation taking into account information received from any approved third-party valuation firm that the Company may retain with respect to certain investments. The Adviser's investment professionals will prepare portfolio company valuations using sources and/or proprietary models depending on the availability of information on the Company's assets and the type of asset being valued.

Valuation models are typically calibrated upon initial funding and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, one or more third-party independent valuation firm(s) engaged by the Company conduct independent appraisals and review the Adviser's preliminary valuations and make their own independent assessment. The Valuation Committee of the Company's board of directors then reviews the preliminary valuations of the Adviser and, as applicable, that of any independent valuation firms. The Valuation Committee discusses the valuations and makes a recommendation to the Company's board of directors regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Valuation Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the board of directors of the Company determines, in good faith, the fair value of each investment.

For more information on the classification of the Company's investments by major categories, see Note 4.

The fair value of the Company's assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Consolidated Statements of Assets and Liabilities.

**k. Income Taxes** 

The Company has elected to be treated, for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code. To maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of the Company's "investment company taxable income,'' which is

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

generally the Company's net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not have to pay corporate-level U.S. federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible U.S. federal excise taxes if the Company does not distribute to its stockholders at least 98% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. Additionally, certain of the Company's consolidated subsidiaries are subject to U.S. federal and state income taxes. At December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023, the Company had no Taxable Subsidiaries. The Company incurred excise tax expenses of $447,781, $165,919 and $264,386 for the periods ended December 31, 2025, 2024 and 2023, respectively. The Company also incurred federal tax expense of $149,156 related to tax years ending June 30, 2023 and 2022 recorded during the year ended December 31, 2024. These expenses are included in the provision for tax expenses on the consolidated statement of operations.

Book and tax basis differences that are permanent differences are reclassified among the Company's capital accounts, as appropriate at year-end. Additionally, the tax character of distributions is determined in accordance with the Code, which differs from U.S. GAAP. During the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023, the Company recorded distributions of $7.5 million, $3.5 million, $8.6 million and $9.1 million, respectively. For certain years, the tax character of a portion of distributions may be return of capital.

U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company's policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision.

The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions. The tax years ended June 30, 2022 through present remain subject to examinations by taxing authorities. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof.

Permanent differences between investment company taxable income and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to prior year under distribution of ordinary income and nondeductible taxes paid as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
| Additional paid-in capital | $(447781) | $395188 | $(264652) | $(284155) |
| Distributable earnings | 447781 | (395188) | 264652 | 284155 |

---

The tax character of all distributions paid by the Company during the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023 were ordinary income.

At December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023, the components of distributable earnings/(loss) on a tax basis are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
| Undistributed net investment income | $2762312 | $7434221 | $7476383 | $11648379 |
| Accumulated capital gains (losses) and other | (929942) | (996499) | (14786107) | (27970779) |
| Capital loss carryover | (125428982) | (123567107) | (101070039) | (73713555) |
| Unrealized appreciation (depreciation) | (18220790) | (8788371) | (19727695) | (23015323) |
| Distributions payable |  |  |  | (2590520) |
| Distributable earnings (loss) | $(141817402) | $(125917756) | $(128107458) | $(115641798) |

---

For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short-term or long-term capital losses. As

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

of December 31, 2025, the Company had a net short-term capital loss carryforward of $2,758,719 and a net long-term capital loss carryforward of $122,670,263 available to be carried forward for an indefinite period.

A RIC may elect to defer any capital losses incurred after October 31 of a taxable year ("post-October") to the beginning of the following fiscal year. As of December 31, 2025, the Company had a post-October short-term capital loss deferral of $115 and a post-October long-term capital loss deferral of $578,527. These losses were deemed to arise on January 1, 2026.

**l. Segment Reporting**

In accordance with ASC Topic 280, *Segment Reporting* ("ASC 280"), the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

**Note 3. Recent Accounting Pronouncements**

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements upon adoption.

In December 2023, FASB issued ASU 2023-09, *Income Taxes (Topic 740) - Improvements to income tax disclosures* ("ASU 2023-09"), which requires more detailed income tax disclosures, chiefly by providing disaggregated information about the effective tax rate reconciliation and expanded information on income taxes paid by jurisdiction. The new guidance is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company evaluated the disclosure requirements of ASU 2023-09 and determined that the standard did not have a material effect on the Company's income tax disclosures or overall financial statements; therefore, no additional disclosures were required upon adoption.

In November 2024, the FASB issued ASU 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures* ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements upon adoption.

**Note 4. Investments** 

The Company's investments, at any time, may include securities and other financial instruments, including, without limitation, corporate and government bonds, convertible securities, collateralized loan obligations, term loans, revolvers and delayed draw facilities, trade claims, equity securities, privately negotiated securities, direct placements, working interests, warrants and investment derivatives (such as credit default swaps, recovery swaps, total return swaps, options, forward contracts, and futures) (all of the foregoing collectively referred to in these financial statements as "investments").

**a. Certain Risk Factors** 

In the ordinary course of business, the Company manages a variety of risks including market risk, liquidity risk and credit risk. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

With respect to liquidity risk, the Company's assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making the purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Credit risk is the potential loss the Company may incur from a failure of an issuer to make payments according to the terms of a contract. The Company is subject to credit risk because of its strategy of investing in the debt of leveraged companies and its involvement in derivative instruments. The Company's exposure to credit risk on its investments is limited to the fair value of the investments. With regard to derivatives, the Company attempts to limit its credit risk by considering its counterparty's (or its guarantor's) credit rating.

**b. Investments** 

The composition of the Company's investments as of December 31, 2025, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Investments at <br>Amortized Cost** | **Percentage of <br>Total Portfolio** | **Investments at <br>Fair Value** | **Percentage of <br>Total Portfolio** |
| Senior Secured First Lien Debt Investments | $142061165 | 74.59% | $139440786 | 80.76% |
| Unsecured Debt Investments |  | —% |  | —% |
| Equity, Warrants and Other Investments | 48389594 | 25.41% | 33218076 | 19.24% |
| Total | $190450759 | 100.00% | $172658862 | 100.00% |

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The composition of the Company's investments as of December 31, 2024, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Investments at <br>Amortized Cost** | **Percentage of <br>Total Portfolio** | **Investments at <br>Fair Value** | **Percentage of <br>Total Portfolio** |
| Senior Secured First Lien Debt Investments | $156688970 | 78.15% | $155530390 | 81.17% |
| Unsecured Debt Investments |  | —% |  | —% |
| Equity, Warrants and Other Investments | 43816937 | 21.85% | 36086568 | 18.83% |
| Total | $200505907 | 100.00% | $191616958 | 100.00% |

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The composition of the Company's investments as of June 30, 2024, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Investments at <br>Amortized Cost** | **Percentage of <br>Total Portfolio** | **Investments at <br>Fair Value** | **Percentage of <br>Total Portfolio** |
| Senior Secured First Lien Debt Investments | $166099349 | 81.23% | $156927316 | 85.02% |
| Equity, Warrants and Other Investments | 38369691 | 18.77% | 27642214 | 14.98% |
| Total | $204469040 | 100.00% | $184569530 | 100.00% |

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**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

The Company uses Global Industry Classification Standard ("GICS") codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at December 31, 2025, December 31, 2024 and June 30, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **June 30, 2024** | **June 30, 2024** |
| **Industry Classification** | **Investments at <br>Fair Value** | **Percentage of <br>Total Portfolio** | **Investments at <br>Fair Value** | **Percentage of <br>Total Portfolio** | **Investments at <br>Fair Value** | **Percentage of <br>Total Portfolio** |
| Professional Services | $25034204 | 14.50% | $27542249 | 14.37% | $23687433 | 12.84% |
| IT Services | 15852380 | 9.18% | 13677485 | 7.14% | 8681364 | 4.70% |
| Insurance | 15311902 | 8.87% | 14883386 | 7.77% | 7406155 | 4.01% |
| Diversified Consumer Services | 14796609 | 8.57% | 13555936 | 7.07% | 12118153 | 6.57% |
| Commercial Services & Supplies | 13625742 | 7.89% | 12778427 | 6.67% | 24919271 | 13.50% |
| Trading Companies & Distributors | 13507873 | 7.82% | 16550362 | 8.64% | 16814468 | 9.11% |
| Specialty Retail | 11534603 | 6.68% | 13645186 | 7.12% | 12343532 | 6.69% |
| Containers & Packaging | 11412949 | 6.61% | 20159439 | 10.52% | 18449409 | 10.00% |
| Food Products | 10131045 | 5.87% | 8948000 | 4.67% | 8842781 | 4.79% |
| Entertainment | 8050639 | 4.66% | 6356272 | 3.32% | 8811199 | 4.77% |
| Health Care Providers & Services | 7000000 | 4.05% | 6000000 | 3.13% | 5400000 | 2.93% |
| Household Durables | 6094086 | 3.53% | 7664219 | 4.00% | 7625716 | 4.13% |
| Interactive Media & Services | 5445000 | 3.15% | 5472222 | 2.86% |  | —% |
| Consumer Staples Distribution & Retail | 4622506 | 2.68% | 5794191 | 3.02% | 5341899 | 2.89% |
| Software | 4430155 | 2.57% | 7130522 | 3.72% | 5044158 | 2.73% |
| Construction & Engineering | 3844332 | 2.23% | 3698210 | 1.93% | 3662626 | 1.99% |
| Automobile Components | 1809086 | 1.05% | 3014929 | 1.57% | 2621154 | 1.42% |
| Electronic Equipment, Instruments & Components | 155751 | 0.09% | 1768423 | 0.92% | 2645950 | 1.43% |
| Hotels, Restaurants & Leisure |  | —% | 2977500 | 1.56% | 2947612 | 1.60% |
| Chemicals |  | —% |  | —% | 7206650 | 3.90% |
| Total | $172658862 | 100.00% | $191616958 | 100.00% | $184569530 | 100.00% |

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The following table shows the portfolio composition by geographic grouping at fair value at December 31, 2025, December 31, 2024 and June 30, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **June 30, 2024** | **June 30, 2024** |
| **Geographic Region** | **Investments at <br>Fair Value** | **Percentage of <br>Total Portfolio** | **Investments at <br>Fair Value** | **Percentage of <br>Total Portfolio** | **Investments at <br>Fair Value** | **Percentage of <br>Total Portfolio** |
| U.S. West | $53471338 | 30.97% | $50821899 | 26.52% | $56404520 | 30.56% |
| U.S. Northeast | 48984997 | 28.37% | 57924569 | 30.23% | 58910596 | 31.92% |
| U.S. Southwest | 29287714 | 16.96% | 14594690 | 7.62% | 3416612 | 1.85% |
| U.S. Southeast | 18135987 | 10.51% | 32190267 | 16.80% | 31435714 | 17.03% |
| U.S. Midwest | 16472314 | 9.54% | 24291767 | 12.68% | 24434485 | 13.24% |
| U.S. Mid-Atlantic | 6306512 | 3.65% | 7712299 | 4.02% | 6717548 | 3.64% |
| International |  | —% | 4081467 | 2.13% | 3250055 | 1.76% |
| Total | $172658862 | 100.00% | $191616958 | 100.00% | $184569530 | 100.00% |

---

The Company's primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. During the twelve months ended December 31, 2025, the Company made investments in new and existing portfolio companies of approximately $25.6 million, to which it was not previously contractually committed to provide financial support. During the six months ended December 31, 2024, the Company made investments in new and existing portfolio companies of approximately $23.0 million, to which it was not previously contractually committed to provide financial support. During the twelve months ended June 30, 2024, the Company made investments in new and existing portfolio companies of approximately $60.4 million, to which it was not previously contractually committed to provide financial support. During the twelve months ended December 31, 2025, the Company made investments of $6.4 million in companies to which it was committed to provide financial support through the terms of the revolvers and delayed draw term loans. During the six months ended December 31, 2024, the Company made investments of $0.5 million in companies to which it was committed to provide financial support through the terms of the revolvers and delayed draw term loans. During the twelve months ended June 30, 2024, the Company made investments of $2.2 million in companies to which

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

it was committed to provide financial support through the terms of revolvers and delayed draw term loans. The details of the Company's investments have been disclosed on the Consolidated Schedules of Investments.

**c. Derivatives** 

Derivative contracts include total return swaps and embedded derivatives in the Company's borrowings. The Company enters into derivative contracts as part of its investment strategies. The Company may enter into derivative contracts as part of its investment strategies. On October 28, 2020, the SEC adopted a rule that modifies the conditions by which BDCs can enter into, or "cover" open positions pursuant to, certain derivatives contracts that involve potential future payment obligations (the "Derivatives Rule"). The Derivatives Rule requires a BDC entering into a derivatives contract to develop and implement a derivatives risk management program, to comply with an outer limit on asset coverage ratio based on the VaR ("value-at-risk") test, and to report its derivative activity to its board of directors on a regular basis. The Derivatives Rule also contains exceptions to these conditions for any fund that limits its exposure to derivatives positions to 10 percent of its net assets. At December 31, 2025, December 31, 2024 and June 30, 2024 the Company held no derivative contracts.

**d. Fair Value Measurements** 

ASC 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a valuation hierarchy that prioritizes the inputs used in the valuation of an asset or liability based upon their transparency. The valuation hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company's assets and liabilities measured at fair value have been classified in the following three categories:

Level 1 — valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 — valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 — valuation is based on unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, that is, an exit price from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Unobservable inputs are developed based on the best information available under the circumstances, which might include the Company's own data. The Company's own data used to develop unobservable inputs is adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the market and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Estimates of fair value for cash and cash equivalents and restricted cash and cash equivalents are measured using observable, quoted market prices, or Level 1 inputs. All other fair value significant estimates are measured using observable inputs other than quoted prices, or Level 2 inputs and unobservable inputs, or Level 3 inputs.

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

The following table summarizes the classifications within the fair value hierarchy of the Company's assets and liabilities measured at fair value as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Secured First Lien Debt Investments | $— | $23462060 | $115978726 | $139440786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured Debt Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity, Warrants and Other Investments |  |  | 33218076 | 33218076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $— | $23462060 | $149196802 | $172658862 |

---

The following table summarizes the classifications within the fair value hierarchy of the Company's assets and liabilities measured at fair value as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Secured First Lien Debt Investments | $— | $18255412 | $137274978 | $155530390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured Debt Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity, Warrants and Other Investments |  |  | 36086568 | 36086568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $— | $18255412 | $173361546 | $191616958 |

---

The following table summarizes the classifications within the fair value hierarchy of the Company's assets and liabilities measured at fair value as of June 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Secured First Lien Debt Investments | $— | $— | $156927316 | $156927316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity, Warrants and Other Investments |  |  | 27642214 | 27642214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $— | $— | $184569530 | $184569530 |

---

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the twelve months ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Senior Secured<br>First Lien<br>Debt Investments** | **Unsecured<br>Debt<br>Investments** | **Equity, Warrants<br>and Other<br>Investments** | **Total<br>Investments** |
| Fair value at December 31, 2024 | $137274978 | $— | $36086568 | $173361546 |
| Purchases (including PIK interest) | 27174547 |  | 1151716 | 28326263 |
| Sales and repayments | (21522420) |  | (6533916) | (28056336) |
| Amortization | 1154236 |  |  | 1154236 |
| Net realized gains (losses) | (5832480) |  | 5005667 | (826813) |
| Transfers in | 2973778 |  | 4949189 | 7922967 |
| Transfers out | (25139108) |  |  | (25139108) |
| Net change in unrealized (depreciation) appreciation | (104805) |  | (7441148) | (7545953) |
| Fair value at December 31, 2025 | $115978726 | $— | $33218076 | $149196802 |
| Change in unrealized appreciation (depreciation) relating to assets still held as of December 31, 2025 | $(3205070) | $— | $(4076872) | $(7281942) |

---

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Senior Secured<br>First Lien<br>Debt Investments** | **Unsecured<br>Debt<br>Investments** | **Equity, Warrants<br>and Other<br>Investments** | **Total<br>Investments** |
| Fair value at June 30, 2024 | $156927316 | $— | $27642214 | $184569530 |
| Purchases (including PIK interest) | 25822955 |  | 478838 | 26301793 |
| Sales and repayments | (22871991) |  |  | (22871991) |
| Amortization | 794619 |  |  | 794619 |
| Net realized gains (losses) | (8114711) |  |  | (8114711) |
| Transfers in |  |  | 4968408 | 4968408 |
| Transfers out | (23328055) |  |  | (23328055) |
| Net change in unrealized (depreciation) appreciation | 8044845 |  | 2997108 | 11041953 |
| Fair value at December 31, 2024 | $137274978 | $— | $36086568 | $173361546 |
| Change in unrealized appreciation (depreciation) relating to assets still held as of December 31, 2024 | $8193187 | $— | $2997108 | $11190295 |

---

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the twelve months ended June 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Senior Secured<br>First Lien<br>Debt Investments** | **Unsecured<br>Debt<br>Investments** | **Equity, Warrants<br>and Other<br>Investments** | **Total<br>Investments** |
| Fair value at June 30, 2023 | $196370955 | $— | $23740374 | $220111329 |
| Purchases (including PIK interest) | 60523383 |  | 4871820 | 65395203 |
| Sales and repayments | (92303435) |  |  | (92303435) |
| Amortization | 2049993 |  |  | 2049993 |
| Net realized gains (losses) | (13909425) |  | (62112) | (13971537) |
| Transfers in |  |  | 4362023 | 4362023 |
| Transfers out | (4362023) |  |  | (4362023) |
| Net change in unrealized (depreciation) appreciation | 8557868 |  | (5269891) | 3287977 |
| Fair value at June 30, 2024 | $156927316 | $— | $27642214 | $184569530 |
| Change in unrealized appreciation (depreciation) relating to assets still held as of June 30, 2024 | $(69131) | $— | $(5332004) | $(5401135) |

---

Transfers into Level 3 during or at the end of the reporting period are reported under Level 1 or Level 2 as of the beginning of the period. Transfers out of Level 3 during or at the end of the reporting period are reported under Level 3 as of the beginning of the period. During the twelve months ended December 31, 2025, $20,189,919 at cost of Senior Secured First Lien Debt Investments transferred from Level 3 to Level 2 due to greater pricing transparency and $2,973,778 of Senior Secured First Lien Debt Investments transferred to Level 3 from Level 2. During the six months ended December 31, 2024, $18,359,647 at cost of Senior Secured First Lien Debt Investments transferred from Level 3 to Level 2 due to greater pricing transparency. During the twelve months ended June 30, 2024, there were no transfers from Level 3 to Level 2. Changes in unrealized gains (losses) relating to Level 3 instruments are included in net change in unrealized (depreciation) appreciation on investments and derivatives on the Consolidated Statements of Operations.

During the twelve months ended December 31, 2025, $4,949,189 transferred from Senior Secured First Lien Debt Investments Level 3 to Equity, Warrants and Other Investments Level 3 due to restructuring. During the six months ended December 31, 2024, and the twelve months ended June 30, 2024, and June 30, 2023, $4,968,408, $4,362,023, and $1,708,942, respectively, transferred from Senior Secured First Lien Debt Investments Level 3 to Equity, Warrants and Other Investments Level 3 due to restructuring.

The following tables provide quantitative information regarding the Company's Level 3 fair value measurements as of December 31, 2025, December 31, 2024 and June 30, 2024. This information presents the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured debt is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company's Level 3 investments. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company's determination of fair values.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br>December 31, 2025** | **Valuation<br>Methodology** | **Unobservable<br>Input(s)** | **Weighted<br>Average** <sup>(2)</sup> | **Range** |
| Senior Secured First Lien Debt Investments | $108159290 | Income Approach | Market Yields | 11.9% | 4.6% - 19.59% |
| Senior Secured First Lien Debt Investments | 1725350 | Market Comparable Approach | Revenue Multiple | 0.35x | 0.35x |
| Senior Secured First Lien Debt Investments | 6094086 | Recovery Analysis | Recovery Amount <sup>(1)</sup> | N/A | N/A |
| Unsecured Debt Investments |  | Recovery Analysis | Recovery Amount <sup>(1)</sup> | N/A | N/A |
| Equity, Warrants and Other Investments | 4148090 | Income Approach | Market Yields | 24.1% | 24.1% |
| Equity, Warrants and Other Investments | 23061586 | Market Comparable Approach | EBITDA multiple | 10.5x | 6.1x - 18.2x |
| Equity, Warrants and Other Investments | 6008400 | Market Comparable Approach | Revenue Multiple | 1.53x | 0.35x - 1.55x |
|  | $149196802 |  |  |  |  |

---

(1) Recovery amounts involve various unobservable inputs including probabilities of different recovery scenarios, valuation multiples under such scenarios, and the timing to realize the associated recovery values.

(2) Weighted by fair value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br>December 31, 2024** | **Valuation<br>Methodology** | **Unobservable<br>Input(s)** | **Weighted<br>Average** <sup>(2)</sup> | **Range** |
| Senior Secured First Lien Debt Investments | $102502885 | Income Approach | Market Yields | 11.8% | 8.7%-18.0% |
| Senior Secured First Lien Debt Investments | 6080589 | Market Comparable Approach | EBITDA Multiple | 18.4x | 11.5x - 28.4x |
| Senior Secured First Lien Debt Investments |  | Market Comparable Approach | Revenue Multiple | N/A | N/A |
| Senior Secured First Lien Debt Investments | 25611612 | Recent Transaction | Recent Transaction | N/A | N/A |
| Senior Secured First Lien Debt Investments | 3079892 | Recovery Analysis | Recovery Amount (1) | N/A | N/A |
| Unsecured Debt Investments |  | Recovery Analysis | Recovery Amount (1) | N/A | N/A |
| Equity, Warrants and Other Investments | 6666774 | Income Approach | Market Yields | 17.4% | 17.4% |
| Equity, Warrants and Other Investments | 24915384 | Market Comparable Approach | EBITDA multiple | 12.6x | 4.7x - 28.4x |
| Equity, Warrants and Other Investments | 4504410 | Recent Transaction | Recent Transaction | N/A | N/A |
|  | $173361546 |  |  |  |  |

---

(1) Recovery amounts involve various unobservable inputs including probabilities of different recovery scenarios, valuation multiples under such scenarios, and the timing to realize the associated recovery values.

2) Weighted by fair value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br>June 30, 2024** | **Valuation<br>Methodology** | **Unobservable<br>Input(s)** | **Weighted<br>Average** <sup>(2)</sup> | **Range** |
| Senior Secured First Lien Debt Investments | $118225491 | Income Approach | Market Yields | 13.8% | 10.3% - 22.8% |
| Senior Secured First Lien Debt Investments | 10365103 | Market Comparable Approach | EBITDA Multiple | 9.3x | 4.5x – 13.3x |
| Senior Secured First Lien Debt Investments |  | Market Comparable Approach | Revenue Multiple | N/A | N/A |
| Senior Secured First Lien Debt Investments | 15863655 | Recent Transaction | Recent Transaction | N/A | N/A |
| Senior Secured First Lien Debt Investments | 12473067 | Recovery Analysis | Recovery Amount <sup>(1)</sup> | N/A | N/A |
| Equity, Warrants and Other Investments | 6126488 | Income Approach | Market Yields | 16.5% | 16.5% |
| Equity, Warrants and Other Investments | 21515726 | Market Comparable Approach | EBITDA Multiple | 10.3x | 4.5x – 18.2x |
| Equity, Warrants and Other Investments |  | Recent Transaction | Recent Transaction | N/A | N/A |
|  | $184569530 |  |  |  |  |

---

(1) Recovery amounts involve various unobservable inputs including probabilities of different recovery scenarios, valuation multiples under such scenarios, and the timing to realize the associated recovery values.

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

(2) Weighted by fair value.

Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. Significant increases in illiquidity discounts, PIK discounts and market yields would result in significantly lower fair value measurements. Significant increases in EBITDA multiples or recent transaction values would result in significantly higher fair value measurements.

**Note 5. Borrowings** 

On August 23, 2021, the Company, through SPV LLC entered into a five-year, $115 million senior secured revolving credit facility (the "Capital One Revolving Financing") with Capital One, which is secured by collateral consisting primarily of loans in the Company's investment portfolio. On June 14, 2023, we amended the Capital One Revolving Financing to decrease the facility size from $115 million to $100 million. On January 17, 2024, we amended the Capital One Revolving Financing to (i) extend the maturity date to January 17, 2029, (ii) increase of the applicable interest spreads under the Capital One Revolving Financing and (iii) extend the Scheduled Revolving Period End Date (as defined in the Capital One Revolving Financing) to January 17, 2027. The Capital One Revolving Financing, which will expire on January 17, 2029 (the "Maturity Date"), features a three-year reinvestment period and a two-year amortization period.

Effective January 17, 2024, borrowings under the Capital One Revolving Financing generally bear interest at a rate per annum equal to the Secured Overnight Financing Rate ("SOFR") plus 3.10%. The default interest rate will be equal to the interest rate then in effect plus 2.00%. The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base. As of December 31, 2025, the Company had availability to borrow $8.7 million based on the borrowing base. The Capital One Revolving Financing generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing also requires mandatory prepayment of interest and principal upon certain events.

On November 19, 2024, we amended the Capital One Revolving Financing to provide for, among other things, a decrease of the applicable interest spreads under the Capital One Revolving Financing from SOFR plus 3.10% to SOFR plus 2.50%, and to make amendments to the concentration limits and other fees, and certain other amendments.

As of December 31, 2025, December 31, 2024, and June 30, 2024 there were $58.9 million, $58.5 million, and $43.0 million in borrowings outstanding under the Capital One Revolving Financing, respectively.

Restricted cash and cash equivalents (as shown on the Consolidated Statements of Assets and Liabilities) is held by the trustee of the Capital One Revolving Financing and is restricted to purchases of investments by SPV LLC that must meet certain eligibility criteria identified by the loan, security and investment management agreement governing the Capital One Revolving Financing. As of December 31, 2025, SPV LLC had a notional amount of $153.2 million, which included $141.8 million of the Company's portfolio investments at fair value, $1.0 million in accrued interest receivable and $10.4 million in restricted cash and cash equivalents held by the trustees of the Capital One Revolving Financing. As of December 31, 2024, SPV LLC had a notional amount of $167.7 million, which included $154.7 million of the Company's portfolio investments at fair value, $1.6 million in accrued interest receivable and $11.3 million in restricted cash and cash equivalents held by the trustees of the Capital One Revolving Financing. As of June 30, 2024, SPV LLC had a notional amount of $167.7 million, which included $153.4 million of the Company's portfolio investments at fair value, no accrued interest receivable and $5.0 million in restricted cash and cash equivalents held by the trustees of the Capital One Revolving Financing. For the twelve months ended December 31, 2025, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing, in aggregate was $61.9 million and 6.32%, respectively. For the six months ended December 31, 2024, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing, in aggregate was $49.1 million and 7.99%, respectively. For the twelve months ended June 30, 2024, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing, in aggregate was $63.7 million and 8.09%, respectively. For the twelve months ended June 30, 2023, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing, in aggregate was $80.4 million and 5.95%, respectively.

The fair value of the Company's borrowings is estimated based on the rate at which similar credit facilities or debentures would be priced. At December 31, 2025, December 31, 2024, and June 30, 2024 the fair value of the Company's total borrowings under the

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

Capital One Revolving Financing, was estimated at $58.9 million, $58.5 million, and $43.0 million, respectively, which the Company concluded was a Level 3 fair value.

As of December 31, 2025, the carrying amount of the Capital One Revolving Financing was $58.2 million aggregate principal balance of $58.9 million net with deferred debt issuance costs of $0.7 million. As of December 31, 2024, the carrying amount of the Capital One Revolving Financing was $57.5 million, aggregate principal balance of $58.5 million net with deferred debt issuance costs of $1.0 million. As of June 30, 2024, the carrying amount of the Capital One Revolving Financing was $41.3 million, aggregate principal balance of $43.0 million net with deferred debt issuance costs of $1.7 million.

On March 31, 2021, the Company closed the public offering of $65 million in aggregate principal amount of 4.875% notes due 2026 (the "2026 Notes"). The total net proceeds to the Company from the sale of the 2026 Notes, after deducting the underwriting discounts and commissions of approximately $1.3 million and estimated offering expenses of approximately $215,000 were approximately $63.1 million.

The 2026 Notes will mature on April 1, 2026, unless previously redeemed or repurchased in accordance with their terms, and bear interest at a rate of 4.875%. The 2026 Notes are direct unsecured obligations and rank pari passu, which means equal in right of payment, with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. Because the 2026 Notes are not secured by any of the Company's assets, they are effectively subordinated to all of the Company's existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which the Company subsequently grants a security interest), to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of the Company's subsidiaries and financing vehicles, including, without limitation, borrowings under the Capital One Revolving Financing. The 2026 Notes are obligations exclusively of the Company and not of any of the Company's subsidiaries. None of the Company's subsidiaries is a guarantor of the 2026 Notes and the 2026 Notes will not be required to be guaranteed by any subsidiary the Company may acquire or create in the future.

The 2026 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price (as determined by the Company) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any 2026 Notes on or after January 1, 2026 (the date falling three months prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption; provided, further, that no such partial redemption shall reduce the portion of the principal amount of a 2026 Note not redeemed to less than $2,000. Interest on the 2026 Notes is payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. The Company may from time to time repurchase 2026 Notes in accordance with the 1940 Act and the rules promulgated thereunder.

On November 10, 2025, the Company entered into a letter of commitment with Investcorp Capital plc, an Affiliate of the Adviser, to provide, or cause to be provided, capital to the Company in the event the Company is unable to repay any portion of the principal balance of the Company's 4.875% Notes due 2026. Under the letter of commitment, ICAP is required to provide, or cause to be provided a loan ("ICAP Loan") to the Company in an amount up to the lesser of (i) the remaining, unredeemed, principal amount of the Notes outstanding on April 1, 2026 and (ii) $65,000,000. In exchange, the Company paid ICAP a fee in an amount equal to the sum of (i) the upfront fee of 0.50% of principal amount and (ii) an ongoing fee of 1.00% of principal amount per annum during the period from November 10, 2025 until April 1, 2026, pro rated for any period of less than one year. On March 29, 2026, the Company entered into a financing arrangement with ICAP pursuant to which ICAP will provide a $65.0 million unsecured note bearing interest at a floating rate of SOFR plus 5.50% per annum and maturing on July 1, 2029.

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

As of December 31, 2025, the carrying amount of the 2026 Notes was $64.9 million, aggregate principal balance of $65.0 million net with deferred debt issuance costs of $65,000 and unamortized discount of $17,778, at a current yield of 4.93%. As of December 31, 2024, the carrying amount of the 2026 Notes was $64.6 million on an aggregate principal balance of $65.0 million net with deferred debt issuance costs of $0.3 million and unamortized discount of $0.09 million, at a current yield of 5.02%. As of June 30, 2024, the carrying amount of the 2026 Notes was $64.9 million on an aggregate principal balance of $65.0 million, net with deferred debt issuance costs of $0.5 million and unamortized discount of $0.1 million, at a current yield of 5.29%. As of December 31, 2025, December 31, 2024 and June 30, 2024, the fair value of the 2026 Notes was $64.3 million, $63.2 million, and $59.9 million, respectively. The Company concluded that this was Level 3 fair value under ASC 820.

For the twelve months ended December 31, 2025, the weighted average outstanding debt balance and the weighted average stated interest rate for overall debt outstanding, in aggregate was $126.9 million and 5.58%, respectively. For the six months ended December 31, 2024, the weighted average outstanding debt balance and the weighted average stated interest rate for overall debt outstanding, in aggregate was $114.1 million and 6.20%, respectively. For the twelve months ended June 30, 2024, the weighted average outstanding debt balance and the weighted average stated interest rate for overall debt outstanding, in aggregate was $128.7 million and 6.44%, respectively. For the twelve months ended June 30, 2023, the weighted average outstanding debt balance and the weighted average stated interest rate for overall debt outstanding, in aggregate was $145.4 million and 5.64%, respectively.

**Long-Term Debt Maturities** 

Set forth below is the aggregate principal amount of our long-term debt as of December 31, 2025, December 31, 2024 and June 30, 2024 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable) maturing during the following years:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** | **June 30, 2024** |
| &nbsp;&nbsp;2024 | $— | $— | $— |
| &nbsp;&nbsp;2025 |  |  |  |
| &nbsp;&nbsp;2026 and beyond | 58900000 | 123500000 | 108000000 |
| Total long-term debt | $58900000 | $123500000 | $108000000 |

---

**Note 6. Indemnification, Guarantees, Commitments and Contingencies** 

In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company's experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

The Company's board of directors declared the following quarterly distributions during the twelve months ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declared Date** | **Ex-Date** | **Record Date** | **Pay Date** | **Amount per Share** | **Fiscal Quarter** |
| March 20, 2025 | April 24, 2025 | April 25, 2025 | May 16, 2025 | $0.12 | 1st 2025 |
| April 15, 2025 | May 23, 2025 | May 24, 2025 | June 14, 2025 | $0.12 | 2nd 2025 |
| August 7, 2025 | September 17, 2025 | September 18, 2025 | October 9, 2025 | $0.14 | 3rd 2025 |
| November 10, 2025 | November 30, 2025 | December 1, 2025 | December 12, 2025 | $0.14 | 4th 2025 |

---

Loans purchased by the Company may include revolving credit agreements or other financing commitments obligating the Company to advance additional amounts on demand. The Company generally sets aside sufficient liquid assets to cover its unfunded commitments, if any.

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

The following table details the Company's unfunded commitments to portfolio companies as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Unfunded<br>Commitment** | **Fair Value** | **Annual<br>Non-use Fee** | **Expiration<br>Date** |
| Accelevation, LLC - DDTL | $451846 | $— | 1.00% | 1/2/2031 |
| Accelevation, LLC - Revolver | 705128 |  | 0.50% | 1/2/2031 |
| Arborworks Acquisition LLC – Revolver | 134709 |  |  | 11/6/2028 |
| Argano, LLC - Revolver | 144928 |  | 1.00% | 9/13/2029 |
| Crafty Apes LLC - DDTL - Second Out | 492735 |  |  | 6/1/2027 |
| Integrity Marketing Acquisition, LLC DDTL | 172350 |  | 1.00% | 8/25/2028 |
| Integrity Marketing Acquisition, LLC Revolver | 168692 |  | 0.50% | 8/25/2028 |
| Uniguest Holdings - DDTL | 1111111 |  | 1.00% | 11/27/2030 |
| Uniguest Holdings - Revolver | 333333 |  | 0.50% | 11/27/2030 |
| Total Unfunded Commitments | $3714832 | $— |  |  |

---

The following table details the Company's unfunded commitments to portfolio companies as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Unfunded<br>Commitment** | **Fair Value** | **Annual<br>Non-use Fee** | **Expiration<br>Date** |
| Arborworks Acquisition LLC – Revolver | $712496 | $— |  | 11/6/2028 |
| Argano, LLC - DDTL | 869565 |  |  | 8/23/2029 |
| Argano, LLC - Revolver | 144928 |  |  | 8/23/2029 |
| Crafty Apes LLC - DDTL - Second Out | 492735 |  |  | 6/1/2027 |
| Flatworld Intermediate Corporation – Revolver | 567568 |  | 0.50% | 10/1/2027 |
| Sandvine Corporation - DDTL | 398456 |  |  | 10/3/2025 |
| Uniguest Holdings - DDTL | 1111111 |  |  | 11/27/2030 |
| Uniguest Holdings - Revolver | 333333 |  |  | 11/27/2030 |
| Total Unfunded Commitments | $4630192 | $— |  |  |

---

The following table details the Company's unfunded commitments to portfolio companies as of June 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Unfunded<br>Commitment** | **Fair Value** | **Annual<br>Non-use Fee** | **Expiration<br>Date** |
| Arborworks Acquisition LLC – Revolver | $230547 | $— |  | 11/6/2028 |
| Flatworld Intermediate Corporation – Revolver | 567568 |  | 0.50% | 10/1/2027 |
| South Coast Terminals LLC – Revolver | 967742 |  | 0.50% | 12/10/2026 |
| Total Unfunded Commitments | $1765857 | $— |  |  |

---

**Note 7. Agreements and Related Party Transactions**

The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser for the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Six Months Ended December 31,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
| Base management fees | $3465211 | $1671831 | $3800693 | $4201394 |
| Waiver of base management fees | (349320) | (131735) | (365225) | (387311) |
| Income-based incentive fees | (150384) | 501540 | (72942) | 401597 |
| Waiver of income-based incentive fees |  |  |  |  |
| Capital gains fee |  |  |  |  |
| Allocation of administrative costs from Adviser | 978448 | 382064 | 1360194 | 966045 |
| Total net expense to affiliates | $3943955 | $2423700 | $4722720 | $5181725 |

---

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

The following table provides a summary of related party transaction balances under the Advisory and Administration Agreements with the Adviser as of December 31, 2025, December 31, 2024 and June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** | **June 30, 2024** |
| Due from affiliate | $— | $— | $— |
| Total amount due from affiliate | $— | $— | $— |
| Base management fees payable | $786986 | $769176 | $816777 |
| Income-based incentive fees payable | 351571 | 501955 | 128876 |
| Capital gains fee payable |  |  |  |
| Allocation of administrative costs from Adviser payable<sup>(1)</sup> | 275037 | 27868 | 52874 |
| Total amount due to affiliates | $1413594 | $1298999 | $998527 |

---

(1)Balances are reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities.

**Advisory Agreement** 

The Company is party to the Advisory Agreement with the Adviser. Under the Advisory Agreement, the Company has agreed to pay the Adviser a fee for investment advisory and management services consisting of two components: a base management fee (the "Base Management Fee") and an incentive fee (the "Incentive Fee"). The Incentive Fee has two components: one based on the Company's pre-Incentive Fee net investment income (the "Income-Based Fee") and one based on capital gains (the "Capital Gains Fee").

Under the Advisory Agreement, the Base Management Fee is calculated at an annual rate of 1.75% of the Company's gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents (such amount, "Gross Assets").

For the twelve months ended December 31, 2025, $3,465,211 in Base Management Fees were earned by the Adviser, of which $349,320 was waived and $786,986 was payable at December 31, 2025. For the six months ended December 31, 2024, $1,671,831 in Base Management Fees were earned by the Adviser, of which $131,735 was waived and $769,176 was payable at December 31, 2024. For the twelve months ended June 30, 2024, $3,800,693 in Base Management Fees were earned by the Adviser, of which $365,225 was waived and $816,777 was payable at June 30, 2024. For the twelve months ended June 30, 2023, $4,201,394 in Base Management Fees were earned by the Adviser, of which $387,311 was waived and $906,218 was payable at June 30, 2023. There is no guarantee that the Adviser will waive Base Management Fees in the future. Any portion of the Base Management Fee waived is not subject to recapture.

The Base Management Fee is calculated based on the average value of the Company's Gross Assets at the end of the two most recently completed fiscal quarters prior to the quarter for which such fees are being calculated. The Base Management Fee is payable quarterly in arrears and the Base Management Fees for any partial month or quarter will be appropriately pro-rated.

Under the Advisory Agreement, the Income-Based Fee is calculated and payable quarterly in arrears based on the Company's Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the "Total Return Requirement") and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which the Company's Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its common stock, for the immediately preceding fiscal quarter, exceeds a 2.0% (which is 8.0% annualized) hurdle rate and a "catch-up" provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Income-Based Fee until the Company's Pre-Incentive Fee Net Investment Income exceeds the hurdle rate of 2.0%, but then receives, as a "catch-up," 100% of the Company's Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 10.0% annualized). The effect of the "catch-up" provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

"Pre-Incentive Fee Net Investment Income" means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus the Company's operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and any distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period (as defined below) exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period. The "cumulative net increase in net assets resulting from operations" is the amount, if positive, of the sum of Pre-Incentive Fee Net Investment Income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current fiscal quarter and the Lookback Period. The "Lookback Period" means (1) through December 31, 2024, the period that commences on the last day of the fiscal quarter in which the Advisory Agreement became effective and ends on the last day of the fiscal quarter immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated, and (2) after December 31, 2024, the eleven fiscal quarters immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated.

For the twelve months ended December 31, 2025, the Company wrote off $150,384 in previously deferred Income-Based Fees and incurred no Income-Based Fees. As of December 31, 2025, 351,571 in incentive fees related to Income-Based Fees incurred by the Company were payable to the Adviser, of which fees of $271 are payable and fees of $351,300 generated from deferred interest (i.e. PIK and certain discount accretion) are not payable until such amounts are received in cash. For the six months ended December 31, 2024, the Company incurred $501,540 of Income-Based Fees. As of December 31, 2024, $501,955 in incentive fees related to Income-Based Fees incurred by the Company were payable to the Adviser, of which fees of $0 are payable and fees of $501,955 generated from deferred interest (i.e. PIK and certain discount accretion) are not payable until such amounts are received in cash. For the twelve months ended June 30, 2024, the Company wrote off $72,942 in previously deferred Income-Bases Fees and incurred no Income Based-Fees. As of June 30, 2024, $128,876 in incentive fees related to Income-Based Fees incurred by the Company were currently payable to the Adviser, of which fees of $16,929 are payable and fees of $111,947 were generated from deferred interest (i.e., PIK and certain discount accretion) and are not payable until such amounts are received in cash. For the twelve months ended June 30, 2023, the Company incurred $401,597 of Income-Based Fees. As of June 30, 2023, $201,817 of Income-Based Fees were currently payable to the Adviser and $201,187 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e., PIK and certain discount accretion) and are not payable until such amounts are received in cash. Any voluntary waivers of the incentive fee in no way implies that the Adviser will agree to waive any incentive fee in any future period. Any portion of the incentive fees waived are not subject to recapture.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of our cumulative aggregate realized capital gains from the Commencement Date through the end of that fiscal year, computed net of the Company's aggregate cumulative realized capital losses and our aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying the Capital Gains Fee.

As required by U.S. GAAP, we accrue the Capital Gains Fee on unrealized gains. This accrual reflects the Incentive Fees that would be payable to the Adviser if our entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an Incentive Fee with respect to unrealized gains unless and until such gains are actually realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. Accordingly, the amount of the accrued Capital Gains Fee at a reporting date may vary from the Capital Gains Fee that is ultimately realized, and the differences could be material.

As of December 31, 2025, December 31, 2024, June 30, 2024, and June 30, 2023, there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement.

The Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of its duties and obligations under the Advisory Agreement, the Adviser and its officers,

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Advisory Agreement or otherwise as the Adviser.

Mr. Mauer holds an approximate 17% interest in the Adviser. Investcorp holds an approximate 83% ownership interest in the Adviser. Pursuant to the Advisory Agreement, the Company has agreed to pay to the Adviser a Base Management Fee and an Incentive Fee. Mr. Mauer, an interested member of the Company's board of directors, has a direct or indirect pecuniary interest in the Adviser. The Incentive Fee will be computed and paid on income that we may not have yet received in cash at the time of payment. This fee structure may create an incentive for the Adviser to invest in certain types of speculative securities. Additionally, the Company will rely on investment professionals from the Adviser to assist the board of directors with the valuation of the Company's portfolio investments. The Adviser's Base Management Fee and Incentive Fee is based on the value of our investments and, therefore, there may be a conflict of interest when personnel of the Adviser are involved in the valuation process for the Company's portfolio investments.

**Administration Agreement** 

Pursuant to the Administration Agreement, the Adviser furnishes the Company with office facilities and equipment and provides it with the clerical, bookkeeping, recordkeeping and other administrative services necessary to conduct day-to-day operations. Under the Administration Agreement, the Adviser performs, or oversees the performance of the Company's required administrative services, which includes, among other things, being responsible for the financial records which it is required to maintain and preparing reports to its stockholders and reports filed with the SEC. In addition, the Adviser assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its stockholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to it by others. Under the Administration Agreement, the Adviser also provides managerial assistance on the Company's behalf to those portfolio companies that have accepted its offer to provide such assistance. In addition, the Adviser may satisfy certain of its obligations to the Company under the Administration Agreement through the services agreement with Investcorp International Inc., an affiliate of Investcorp, including supplying the Company with accounting and back-office professionals upon the request of the Adviser.

The Company reimburses the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement. Payments under the Administration Agreement equal an amount based upon the Company's allocable portion (subject to the review of the Company's board of directors) of the Adviser's overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company's chief financial officer and chief compliance officer and their respective staffs. The Company incurred costs of $978,448, $382,064, $1,360,194, and $966,045 under the Administration Agreement for the periods ended December 31, 2025, December 31, 2024, June 30, 2024, and June 30, 2023 respectively. As of December 31, 2025, December 31, 2024, and June 30, 2024, the Company recorded an Allocation of Administrative Costs from Adviser Payable of $275,037, $27,868, and $52,874, respectively, reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities for reimbursement of expenses owed to the Adviser under the Administration Agreement.

**Co-investment Exemptive Relief** 

On July 20, 2021, the SEC issued an order, which superseded a prior order issued on March 19, 2019, granting the Company's application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers (the "Exemptive Relief"). Under the terms of the Exemptive Relief, in order for the Company to participate in a co-investment transaction a "required majority" (as defined in Section 57(o) of the 1940 Act) of the directors who are not "interested persons" of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an "Independent Director") must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company's stockholders and is consistent with the Company's investment objectives and strategies.

------

**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

**License Agreement** 

The Company has entered into a license agreement with the Adviser under which the Adviser has agreed to grant the Company a non-exclusive, royalty-free license to use the name "Investcorp." Under this agreement, the Company has a right to use the "Investcorp" name for so long as the Adviser or one of its affiliates remains the Company's investment adviser. Other than with respect to this limited license, the Company has no legal right to the "Investcorp" name. This license agreement will remain in effect for so long as the Advisory Agreement with the Adviser is in effect and Investcorp is the majority owner of the Adviser.

**Note 8. Directors' Fees** 

Each Independent Director receives (i) an annual fee of $75,000, and (ii) $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending in person or telephonically each regular board of directors meeting and each special telephonic meeting. Each Independent Director also receives $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with each committee meeting attended in person and each telephonic committee meeting. The chairperson of the audit committee receives an additional annual fee of $7,500. The chairperson(s) of the valuation committee, the nominating and corporate governance committee and the compensation committee receives an additional annual fee of $2,500, $2,500 and $2,500, respectively. The Company has obtained directors' and officers' liability insurance on behalf of the Company's directors and officers. For the periods ended December 31, 2025, December 31, 2024, June 30, 2024, and June 30, 2023, the Company recorded directors' fees of $307,500, $175,852, $294,907, and $302,500 respectively. As of December 31, 2025, December 31, 2024, and June 30, 2024 the Company recorded directors' fees payable of $0, $81,323, and $0 respectively.

**Note 9. Net Change in Net Assets Resulting from Operations Per Share** 

Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Six Months Ended December 31,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** |
| **Basic and Diluted Net Increase (Decrease) in Net Assets Per Share:** | **2025** | **2024** | **2024** | **2023** |
| Net increase (decrease) in net assets resulting from operations | $(8847940) | $6042089 | $(4092470) | $3234503 |
| Weighted average shares of common stock outstanding | 14421798 | 14404510 | 14396201 | 14389163 |
| Basic/diluted net increase (decrease) in net assets from operations per share | $(0.61) | $0.42 | $(0.28) | $0.22 |

---

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**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

**Note 10. Distributions** 

The following table reflects the distributions declared on shares of the Company's common stock since July 1, 2023. Stockholders of record as of each respective record date were entitled to receive the distribution:

---

| | | | |
|:---|:---|:---|:---|
| **Declaration Date** | **Record Date** | **Payment Date** | **Amount per Share** |
| August 25, 2022 | September 23, 2022 | October 14, 2022 | $0.15 |
| November 11, 2022 | December 16, 2022 | January 10, 2023 | $0.13 |
| November 11, 2022\* | December 16, 2022 | January 10, 2023 | $0.02 |
| February 2, 2023 | March 10, 2023 | March 30, 2023 | $0.13 |
| February 2, 2023\* | March 10, 2023 | March 30, 2023 | $0.02 |
| May 4, 2023 | June 16, 2023 | July 7, 2023 | $0.13 |
| May 4, 2023\* | June 16, 2023 | July 7, 2023 | $0.05 |
| September 14, 2023 | October 12, 2023 | November 2, 2023 | $0.13 |
| September 14, 2023\* | October 12, 2023 | November 2, 2023 | $0.02 |
| November 9, 2023 | December 14, 2023 | January 8, 2024 | $0.12 |
| November 9, 2023\* | December 14, 2023 | January 8, 2024 | $0.03 |
| February 8, 2024 | March 15, 2024 | April 5, 2024 | $0.12 |
| February 8, 2024\* | March 15, 2024 | April 5, 2024 | $0.03 |
| April 12, 2024 | May 26, 2024 | June 14, 2024 | $0.12 |
| April 12, 2024\* | May 26, 2024 | June 14, 2024 | $0.03 |
| September 18, 2024 | October 16, 2024 | November 6, 2024 | $0.12 |
| November 6, 2024 | December 20, 2024 | January 8, 2025 | $0.12 |
| March 20, 2025 | April 25, 2025 | May 16, 2025 | $0.12 |
| April 15, 2025 | May 24, 2025 | June 14, 2025 | $0.12 |
| August 7, 2025 | September 18, 2025 | October 9, 2025 | $0.12 |
| August 7, 2025\* | September 18, 2025 | October 9, 2025 | $0.02 |
| November 10, 2025 | December 1, 2025 | December 12, 2025 | $0.12 |
| November 10, 2025\* | December 1, 2025 | December 12, 2025 | $0.02 |

---

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\* Supplemental distribution

The following table reflects for U.S. federal income tax purposes the sources of the cash dividend distributions that the Company has paid on its common stock during the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** |
|  | **Amount** | **Percentage** | **Amount** | **Percentage** | **Amount** | **Percentage** | **Amount** | **Percentage** |
| Ordinary income and short-term capital gains | $7499487 | 100% | $3457199 | 100% | $8637842 | 100% | $9065336 | 100% |
| Long-term capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $7499487 | 100% | $3457199 | 100% | $8637842 | 100% | $9065336 | 100% |

---

**Note 11. Share Transactions** 

The following table summarizes the total shares issued and repurchased for the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Balance at beginning of period | 14406244 | $205859495 | 14403752 | $205852464 | 14391775 | $205812251 | 14385810 | $205790502 |
| Issuance of common shares |  |  |  |  |  |  |  |  |
| Reinvestments of stockholder distributions | 39855 | 110487 | 2492 | 7031 | 11977 | 40213 | 5965 | 21749 |
| Share repurchases | (13627) | (39178) |  |  |  |  |  |  |
| Balance at end of period | 14432472 | $205930804 | 14406244 | $205859495 | 14403752 | $205852464 | 14391775 | $205812251 |

---

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**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

On August 7, 2025, the Board authorized a share repurchase program of up to $5 million (the "2025 Stock Repurchase Program") for a one-year period, effective August 7, 2025 and terminating on August 7, 2026. The 2025 Stock Repurchase Program may be suspended or discontinued at any time. Subject to these restrictions, the Company will selectively pursue opportunities to repurchase shares which are accretive to net asset value per share. During the twelve months ended December 31, 2025, the Company repurchased 13,627 shares at an average price per share of $2.84. As of December 31, 2025, all repurchased shares have been retired.

**Note 12. Financial Highlights** 

The following represents the per share data and the ratios to average net assets for the Company:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Six Months Ended December 31,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** |
|  | **2025** | **2024** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data:**<sup>(1)</sup> |  |  |  |  |  |  |
| **Net asset value, beginning of period** | $5.39 | $5.21 | $6.09 | $6.50 | $6.92 | $7.79 |
| Net investment income | 0.13 | 0.22 | 0.46 | 0.65 | 0.62 | 0.65 |
| Net realized and unrealized gains (losses) | (0.75) | 0.20 | (0.74) | (0.43) | (0.44) | (0.82) |
| **Net increase (decrease) in net assets resulting from operations** | (0.62) | 0.42 | (0.28) | 0.22 | 0.18 | (0.17) |
| **Capital transactions**<sup>(2)</sup> |  |  |  |  |  |  |
| Share repurchases |  |  |  |  |  |  |
| Dividends from net investment income | (0.52) | (0.24) | (0.60) | (0.63) | (0.60) | (0.70) |
| Distributions from net realized gains |  |  |  |  |  |  |
| **Net decrease in net assets resulting from capital transactions** | (0.52) | (0.24) | (0.60) | (0.63) | (0.60) | (0.70) |
| Offering costs |  |  |  |  |  |  |
| **Net asset value, end of period** | $4.25 | $5.39 | $5.21 | $6.09 | $6.50 | $6.92 |
| **Market value per share, end of period** | $2.70 | $3.03 | $3.36 | $3.62 | $4.24 | $5.40 |
| Total return based on market value<sup>(3)</sup> | 7.16% | (2.12)% | 10.52% | 1.65% | (11.29)% | 80.93% |
| Shares outstanding at end of year | 14432472 | 14406244 | 14403752 | 14391775 | 14385810 | 13921767 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, at end of period | $61326012 | $77602130 | $75010209 | $87700308 | $93509392 | $96355849 |
| Ratio of total expenses to average net assets<sup>(6)</sup> | 21.66% | 22.03% | 22.29% | 19.58% | 16.15% | 16.93% |
| Ratio of net expenses to average net assets<sup>(6)</sup> | 21.18% | 21.70% | 21.83% | 19.15% | 15.67% | 16.58% |
| Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets<sup>(6)</sup> | 11.24% | 10.39% | 11.59% | 10.11% | 7.33% | 6.96% |
| Ratio of net investment income before fee waiver to average net assets<sup>(5)(6)</sup> | 2.13% | 7.72% | 7.86% | 10.03% | 8.53% | 8.24% |
| Ratio of net investment income after fee waiver to average net assets<sup>(6)</sup> | 2.60% | 8.05% | 8.32% | 10.46% | 9.02% | 8.58% |
| Total Borrowings | $123900000 | $123500000 | $108000000 | $136900000 | $149000000 | $167000000 |
| Asset Coverage Ratio<sup>(4)</sup> | 1.50 | 1.63 | 1.69 | 1.64 | 1.63 | 1.58 |
| Portfolio Turnover Rate | 16% | 12% | 31% | 22% | 58% | 35% |

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(1)All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2)The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

(3)Total returns are historical and are calculated by determining the percentage change in the market value with all dividend distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company's dividend reinvestment plan. Total investment return does not reflect sales load.

(4)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

(5)Percentages have been revised for the twelve months ended June 30, 2024, 2023, 2022 and 2021.

(6)Ratios are annualized for the six months ended December 31, 2024.

Total return is calculated based on a time-weighted rate of return methodology for the stockholders and is not annualized. Total return is reflected after all investment-related and operating expenses. A stockholder's return may vary from these returns based on the timing of capital transactions. The ratios to average stockholders' capital are calculated based on the monthly average stockholders' capital during the period. Credit facility related expenses include interest expense and amortization of deferred debt issuance costs.

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**Investcorp Credit Management BDC, Inc. and subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

**Note 13. Other Fee Income** 

Other fee income includes amendment fees, prepayment fees, structuring fees and other fees. The following table summarizes the Company's other fee income for the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and June 30, 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Six Months Ended December 31,** | **Twelve Months Ended June 30,** | **Twelve Months Ended June 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
| Amendment fees | $— | $6639 | $105677 | $80186 |
| Prepayment fees | 286907 | 25703 | 179485 | 401125 |
| Other fees | 349719 | 101709 | 363497 | 287306 |
| Total other fee income | $636626 | $134051 | $648659 | $768617 |

---

**Note 14. Tax Information** 

As of December 31, 2025, December 31, 2024 and June 30, 2024, the Company's aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** | **June 30, 2024** |
| Tax cost | $190879654 | $200405331 | $204297727 |
| Gross unrealized appreciation | 11023462 | 15986982 | 9137901 |
| Gross unrealized depreciation | (29244252) | (24775355) | (28865596) |
| Net unrealized investment depreciation | $(18220790) | $(8788373) | $(19727695) |

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**Note 15. Segment Reporting**

An operating segment is defined by ASC 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Company's president and chief executive officer, and the chief financial officer act as the Company's CODM. The Company represents a single operating segment, as the CODM monitors the operating results of the Company as a whole and the Company's long-term strategic asset allocation is pre-determined in accordance with the terms of its offering memorandum, based on a defined investment strategy which is executed by the Company's portfolio managers as a team. The financial information in the form of changes in net assets (i.e. net increase in net assets resulting from operations), which is used by the CODM to make resource allocation decisions for the fund's single segment and as a key metric in determining the amount of dividends to be distributed to the Company's shareholders, is consistent with that presented within the Company's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

**Note 16. Subsequent Events** 

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued.

Subsequent to December 31, 2025 and through March 30, 2026, the Company invested a total of $0.8 million, which included investments in two existing portfolio companies, and received approximately $13.3 million from the sale and repayment of four positions. As of March 30, 2026, the Company had investments in 34 portfolio companies.

On March 29, 2026, the Company entered into a financing arrangement with ICAP, an affiliate of the Adviser, pursuant to which ICAP will provide a $65.0 million unsecured note bearing interest at a floating rate of SOFR plus 5.50% per annum and maturing on July 1, 2029. The proceeds from this financing will be used to repay in full the Company's outstanding 2026 Notes due April 1, 2026. Following this financing arrangement, the Company believes it will remain in compliance with all applicable asset coverage requirements.

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**Item 9. Changes in and Disagreements with Independent Registered Public Accounting Firm on Accounting and Financial Disclosure** 

None.

**Item 9A. Controls and Procedures** 

***(a) Evaluation of Disclosure Controls and Procedures*** 

As of December 31, 2025 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

***(b) Management's Report on Internal Control Over Financial Reporting*** 

Management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Exchange Act Rule 13a-15(f), and for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2025. Internal control over financial reporting is a process designed by, or under the supervision of, our principal executive and principal financial officers, or persons performing similar functions, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Management performed an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2025 based upon the criteria set forth in Internal Control — Integrated Framework 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO 2013"). Based on our assessment, management determined that our internal control over financial reporting was effective as of December 31, 2025. Pursuant to rules established by the SEC, this annual report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting.

***(c) Changes in Internal Control Over Financial Reporting*** 

Management did not identify any change in the Company's internal control over financial reporting that occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

**Item 9B. Other Information** 

***Rule 10b5-1 Trading Plans***

During the fiscal quarter ended December 31, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any "non Rule 10b5-1 trading arrangement."

***2029 Notes Indenture***

On March 29, 2026, Investcorp Credit Management BDC, Inc. (the "Company") and Investcorp Capital PLC, an affiliate of the Company's investment adviser, acting in its capacity as 'Agent', entered into an indenture (the "2029 Notes Indenture") pursuant to

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which, on March 30, 2026, the Company issued and sold $65.0 million in aggregate principal amount of its Floating Rate Senior Unsecured Notes due 2029 (the "2029 Notes") to Investcorp Capital PLC, acting in its capacity as 'Purchaser' (the "Purchaser").

The 2029 Notes will mature on July 1, 2029, unless previously redeemed in accordance with their terms. The 2029 Notes bear interest at a floating rate equal to the Secured Overnight Financing Rate (SOFR) plus 5.50% per annum. Interest on the 2029 Notes is payable on the last business day of each calendar quarter, commencing June 30, 2026. The 2029 Notes are the Company's direct unsecured obligations and rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness.

The Company may redeem the 2029 Notes in whole or in part (1) on or prior to July 1, 2028, (a) if the net proceeds the Company receives from a debt financing or refinancing are used to directly or indirectly redeem the 2029 Notes, at a price equal to par plus an additional amount that would provide holders of the Notes with a minimum cash return of not less than 1.09x of the principal amount of the 2029 Notes (the "Minimum Return"), in which case the redemption price will equal the difference (but not less than zero) of the (i) Minimum Return less (ii) sum of all cash interest payments received by the holders of the 2029 Notes through the calculation date, or (b) if the redemption is not funded from the net proceeds from a debt financing or refinancing, at par plus any accrued and unpaid interest, and (2) after July 1, 2028, at par plus any accrued and unpaid interest. Holders of the 2029 Notes will not have the option to have the 2029 Notes repaid prior to maturity.

The 2029 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), or any successor provisions, whether or not the Company continues to be subject to such provisions of the Investment Company Act, but giving effect, in either case, to any exemptive relief granted to the Company by the Securities and Exchange Commission (the "SEC") and Section 18(a)(1)(B) as modified by Section 61(a)(2) of the Investment Company Act, or any successor provisions but giving effect to any no-action relief granted by the SEC to another business development company and upon which the Company may reasonably rely (or to the Company if the Company determines to seek such similar no-action or other relief). The 2029 Notes Indenture also contains covenants (i) restricting consolidations, mergers, asset transfer, equity and debt transactions, dispositions of portfolio investments having an aggregate fair value of 10% or more of the aggregate fair value of all portfolio investments ("Disposal Transactions"), change of control transactions, and the use of the Company's and its subsidiaries' unrestricted cash and cash equivalents to the redemption of the Notes if the Board of Directors of the Company (the "Board") determines that some or all of such unrestricted cash should be applied in repaying an amount of the Company's or any of its subsidiaries' indebtedness, in each case without the prior written consent of holders of greater than 50% in principal amount of the 2029 Notes (the "Required Holders"), and (ii) requiring the Company to consult with the Required Holders prior to commencing discussions or negotiations for any debt or equity transaction, Disposal Transaction, change of control transaction, or declaration or payment of dividends or other distributions. The 2029 Notes Indenture also contains a covenant that prohibits the Company and its subsidiaries from entering into any transaction or arrangement with any affiliate unless such transaction or arrangement is on arm's length terms, is no less favorable to the Company than those that would be available from a non affiliate in comparable circumstances and is approved by the Board (or any committee thereof) acting reasonably and in good faith.

These covenants are subject to important limitations and exceptions that are set forth in the 2029 Notes Indenture, including that the consent and consultation rights of the Required Holders will terminate upon the Purchaser or its affiliates ceasing to hold greater than 50% in aggregate principal amount of the outstanding Notes. The 2029 Notes Indenture also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, breach of covenant, change of control, including if the Company ceases to be managed by its investment adviser or another affiliate, certain cross-defaults under other indebtedness of the Company or its subsidiaries in excess of $25 million, certain events of bankruptcy or insolvency, and an event of default for failure of the 2029 Notes to have an asset coverage of less than 125% pursuant to Sections 18(a)(1)(c)(ii) and 61 of the Investment Company Act as of the last business day of any calendar quarter.

Pursuant to an upfront fee agreement between the Company and the Purchaser, dated March 30, 2026 (the "Fee Letter"), on March 30, 2026 the Company paid a $650,000 cash fee to the Purchaser in connection with the issuance and sale of the 2029 Notes.

The Company used the net proceeds from the issuance and sale of the 2029 Notes to fully repay its existing 4.875% Notes due 2026.

The foregoing description of the 2029 Notes Indenture and the Fee Letter do not purport to be complete and are qualified in their entirety by reference to the full text of the 2029 Notes Indenture and Fee Letter, filed as exhibits 10.30 and 10.31, respectively, to this Annual Report on Form 10-K.

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**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not Applicable.

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**PART III** 

**Item 10. Directors, Executive Officers and Corporate Governance** 

The following table sets forth the names, ages, positions held by each of our directors and executive officers, followed by a brief biography of each individual, including the business experience of each individual during the past five years and the specific qualifications that led to the conclusion that each individual should serve as a director.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position(s) Held with Company** | **Terms of Office and Length of Time Served** |
| **Interested Director** |  |  |  |
| Michael C. Mauer | 1961 | Chairman of the Board | Director since 2013; Term expires 2028 |
| Suhail A. Shaikh | 1968 | President, Chief Executive Officer and Director | Director since 2023; Term expires in 2027 |
| **Independent Director** |  |  |  |
| Julie Persily | 1965 | Director | Director since 2013; Term expires 2026 |
| Lee Shaiman | 1956 | Director | Director since 2020; Term expires 2026 |
| Thomas Sullivan | 1962 | Director | Director since 2019; Term expires 2027 |

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| | | | |
|:---|:---|:---|:---|
| **Executive Officer Who Is Not a Director**  | **Executive Officer Who Is Not a Director**  | **Executive Officer Who Is Not a Director**  | **Executive Officer Who Is Not a Director**  |
| Robert Andrew Muns | 1973 | Chief Operating Officer, Chief Financial Officer, Treasurer and Secretary | Officer since 2025 |

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***Biographical Information***

The Board considered whether each of the directors is qualified to serve as a director, based on a review of the experience, qualifications, attributes and skills of each director, including those described below. The Board considered whether each director has significant experience in the investment or financial services industries and has held management, board or oversight positions in other companies and organizations. For the purposes of this presentation, our directors have been divided into two groups — independent directors and interested directors. Interested directors are "interested persons" as defined in Section 2(a)(19) of the 1940 Act.

***Independent Directors***

***Julie Persily*** has served as a member of the Board and chair of the Compensation Committee of the Board since 2013. Since September 2019, Ms. Persily has served as chair of the Valuation Committee of the Board. Ms. Persily has also served as a director/trustee of Investcorp US Private Credit BDC II, a private BDC, since June 2023; StepStone Private Credit Fund LLC, a private company that has elected to be regulated as a BDC, since 2023; Runway Growth Credit Fund Inc. (NASDAQ: RWAY), a publicly traded company that has elected to be regulated as a BDC, since 2016; and SEACOR Marine Holdings Inc. (NYSE: SMHI), a global marine and support transportation services company, since April 2018. Ms. Persily retired in 2011 after serving as the Co-Head of Leveraged Finance and Capital Markets of Nomura Securities North America, a unit of Nomura Holdings Inc. (NYSE: NMR), a securities and investment banking company, since July 2010. Ms. Persily previously served in various capacities at Citigroup Inc. (NYSE: C), a financial services company, including as the Co-Head of the Leveraged Finance Group from December 2006 to November 2008, the Head of Acquisition Finance Group from December 2001 to November 2006 and as Managing Director from July 1999 to November 2001. From 1990 to 1999, Ms. Persily served in various capacities including as a Managing Director, Leveraged Finance at BT Securities Corp., a financial services company and a subsidiary of Bankers Trust Corp., which was acquired by Deutsche Bank in April 1999. From 1987 to 1989, Ms. Persily served as an analyst at Drexel Burnham Lambert, a securities and investment banking company. Ms. Persily received a B.A. in psychology and economics from Columbia College and a M.B.A in financing and accounting from Columbia Business School. We believe Ms. Persily's extensive experience with structuring, negotiating and marketing senior loans, high yield and mezzanine financings brings important and valuable skills to the Board.

***Lee Shaiman*** has served as a member of the Board and chair of the Audit Committee of the Board since May 7, 2020, and as a trustee and chair of the audit committee of the board of trustees for Investcorp US Private Credit BDC II, a private BDC, since September 2025. Mr. Shaiman served as Executive Director of the Loan Syndications and Trading Association ("LSTA") from January 2018 until his retirement in May 2024. Prior to joining the LSTA, Mr. Shaiman was the Chief Investment Officer and Portfolio Manager for the liquid-credit business at ArrowMark Colorado Holdings, LLC, where he led an investment team focused on investing in senior secured loans, held primarily in collateralized loan obligation vehicles. Prior to joining ArrowMark, Mr. Shaiman was a Managing Director and Senior Portfolio Manager and Chairman of the Debt Funds investment committee at Blackstone Credit (formerly, GSO Capital Partners). He was directly involved in all aspects of managing, structuring and raising funds primarily invested in senior secured loans. Since August 2024, Mr. Shaiman has also served as a director of certain open-end funds and closed-end funds of the Credit Suisse U.S. mutual fund complex. Mr. Shaiman received a Bachelor of Science in Economics from Rutgers University and a Master of Science in Accounting and Taxation from The Wharton School, University of Pennsylvania. We believe Mr. Shaiman's extensive experience with financial institutions and his knowledge of capital markets, accounting and public company regulatory issues brings important and valuable skills to the Board.

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***Thomas Sullivan*** has served as a member of the Board since September 15, 2019. Since November 2019, Mr. Sullivan has served as chair of the Nominating and Corporate Governance Committee of the Board. Mr. Sullivan has also served as a trustee of Investcorp US Private Credit BDC II, a private BDC, since September 2025. Mr. Sullivan has served as a partner of SG Special Situations Fund L.P., whose investment manager is Standard General L.P., a New York-based investment firm that manages event-driven opportunity funds, from June 2016 to October 2024 where he was responsible for portfolio management. Prior to joining Standard General L.P., Mr. Sullivan was the managing partner of Smallwood Partners, LLC, a financial advisory services firm from 2009 to 2015 and a managing director of Investcorp International, Inc., a global middle market private equity firm from 1996 to 2008. Mr. Sullivan has served on numerous boards and committees over the prior twenty-five years. Mr. Sullivan served on the board of directors and as the chairman of the compensation committee of Spirit Realty Capital, Inc., a Maryland corporation from 2021 to February 2024. Mr. Sullivan also serves on the board of trustees of SMTA Liquidating Trust (successor to Spirit MTA REIT), a Maryland common law trust. Mr. Sullivan served as the chairman of the board of directors of NewHold Investment Corp., and as a member of its nominating committee, from July 2020 to July 2021. Mr. Sullivan served as the chairman of NewHold Investment Corp. II, and as chairman of its nominating committee from September 2021 to April 2023. Mr. Sullivan serves as the chairman of NewHold Investment Corp. III, and as chairman of its nominating committee since February 2025. Prior to its dissolution on January 1, 2020 and the establishment of SMTA Liquidating Trust, Mr. Sullivan served on the board of trustees of Spirit MTA REIT, an externally managed, publicly traded REIT, and was chair of its compensation committee and a member of its audit committee and related party transactions committee. Mr. Sullivan also served as the chairman of the board of directors of Totes Isotoner Corporation, a private company, and was chairman of its compensation committee from 2020 to June 2024. Mr. Sullivan served as a member of the board of directors, including as a member of the audit committee, finance committee and budget advisory committee, of Media General Inc. from November 2013 to February 2017. Additionally, Mr. Sullivan served as a member of the board of directors, lead director of the suitability committee and chairperson of the nominating and governance committee of American Apparel Inc. from August 2014 to March 2016. Mr. Sullivan received a Bachelor of Science in Accountancy from Villanova University. We believe Mr. Sullivan's extensive experience with financial institutions and his knowledge of capital markets and structured financing brings important and valuable skills to the Board.

***Interested Directors***

***Michael C. Mauer*** has served as Vice Chairman of Private Credit at Investcorp since May 2024 and has served as Chairman of the Board and as a member of the Adviser's investment committee since 2013. From 2013 to May 2024, Mr. Mauer served as Chief Executive Officer of the Company and as Co-Chief Investment Officer of the Adviser. Mr. Mauer has also served as a trustee and chairman of the board of trustees of Investcorp US Private Credit BDC II, a private BDC, since June 2023. Mr. Mauer served as a Senior Managing Director and head of the leveraged loan effort at Cyrus Capital Partners, L.P. ("Cyrus Capital") from September 2011 to February 2014. From July 2009 to September 2010, Mr. Mauer worked for Icahn Capital where he was a Senior Managing Director and a member of the investment team. In addition, he was in charge of the firm's Marketing and Investor Relations. Prior to that, Mr. Mauer was a Managing Director at Citigroup Inc. (NYSE: C), a financial services company, from 2001 to 2009. During that time, he led several businesses including Global Co-Head of Leveraged Finance and Global Co-Head of Fixed Income Currency and Commodity Distribution. In addition, during this period he was a senior member of Citigroup Inc.'s credit committee responsible for all underwriting and principal commitments of leveraged finance capital worldwide. From 1988 to 2001, Mr. Mauer held several positions at JPMorgan including Head of North American Investment Grade and Leverage Loan Syndicate, Sales and Trading businesses. Mr. Mauer began his career in 1982 at Price Waterhouse & Co., where he was a Senior Accountant and a C.P.A. Mr. Mauer received a B.S. from the University of Scranton and an M.B.A. from Columbia University. We believe Mr. Mauer's extensive investing, finance, and restructuring experience bring important and valuable skills to the Board.

***Suhail A. Shaikh*** has served as Chief Executive Officer of the Company and Chief Investment Officer of the Adviser since May 2024, as President of the Company and member of the Adviser's investment committee since February 2023 and as a member of the Board since September 2023. Mr. Shaikh also serves as a trustee, Chief Executive Officer and President of Investcorp US Private Credit BDC II, a private BDC, since September 2025. Mr. Shaikh has also served on the College Board of Advisors of Middlebury College since July 2025. Prior to joining Investcorp, Mr. Shaikh served as the Head of U.S. Private Credit for Alcentra Group. Mr. Shaikh also served as Vice Chair of the Global Private Credit Investment Committee and was a Board member of Alcentra NY, LLC, external manager to funds managed by Alcentra Group. Mr. Shaikh also served as a member of Alcentra's management committee. Mr. Shaikh was the Chief Executive Officer and Co-President of Alcentra Capital Corporation, a publicly listed business development company managed by Alcentra NY, LLC, and served on its Board of Directors. Prior to joining Alcentra, Mr. Shaikh was a senior investment professional with Solar Capital Partners LLC. Prior to being a private credit investor, Mr. Shaikh was in investment banking for over fifteen years as a leveraged finance specialist and financial sponsor banker at Bank of America Merrill Lynch, CIBC World Markets and JPMorgan & Co. He began his career as an investment analyst at Bankers Trust. Mr. Shaikh earned an M.B.A. from The Wharton School with a concentration in Finance and graduated with an A.B. in Computer Science and Economics from Middlebury College. We believe Mr. Shaikh's extensive experience in investing, finance, and management bring important and valuable skills to the Board.

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***Executive Officer Who Is Not a Director***

***Robert Andrew Muns*** has served as our Chief Operating Officer since March 2025, Chief Financial Officer since July 2025, and Treasurer and Secretary since October 2025. Mr. Muns has also served as Chief Operating Officer, Chief Financial Officer, Treasurer and Secretary of Investcorp US Private Credit BDC II, a private BDC, since September 2025. Mr. Muns also serves on CM Investment Partners LLC's investment committee. Mr. Muns joined Investcorp in 2019 as part of the acquisition of CM Investment Partners LLC, serving as a Managing Director at CM Investment Partners LLC and a joint employee of both CM Investment Partners LLC and Stifel, where he co-founded the Credit Investments Group and served as its Head of Credit. He joined Stifel in 2012 from Cantor Fitzgerald, where he was a Managing Director on the Special Situations and Leveraged Loans Desk. Mr. Muns holds an M.B.A. from Columbia Business School and a B.A. in Mathematics from Northwestern University.

***Nomination of Directors***

There have been no material changes to the procedures by which stockholders may recommend nominees to our Board implemented since the filing of our proxy statement for our 2025 Annual Meeting of Stockholders.

***Code of Business Conduct and Ethics***

Our code of ethics, which is signed by directors and executive officers of the Company, requires that directors and executive officers avoid any conflict, or the appearance of a conflict, between an individual's personal interests and the interests of the Company. Pursuant to the code of ethics, which is available on our website under the "Corporate Governance" link at www.icmbdc.com, each director and executive officer must disclose any conflicts of interest, or actions or relationships that might give rise to a conflict, to the Audit Committee. Certain actions or relationships that might give rise to a conflict of interest are reviewed and approved by the Board.

***Audit Committee*** 

The members of the Audit Committee are Ms. Persily, Mr. Shaiman and Mr. Sullivan, each of whom is independent for purposes of the 1940 Act and NASDAQ corporate governance regulations. Mr. Shaiman serves as the chairperson of the Audit Committee. Our Board has determined that Mr. Shaiman is an "audit committee financial expert" as that term is defined under Item 407 of Regulation S-K of the Securities Act. The Board has adopted a charter of the Audit Committee, which is available in print to any stockholder who requests it and it is also available on the Company's website at www.icmbdc.com.

The Audit Committee is responsible for approving our independent accountants, reviewing with our independent accountants the plans and results of the audit engagement, approving professional services provided by our independent accountants, reviewing the independence of our independent accountants and reviewing the adequacy of our internal accounting controls.

***Insider Trading***

The Company has adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of the Company's securities by directors and officers that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company.

**Item 11. Executive Compensation**

**Compensation of Chief Executive Officer and Other Executive Officers**

Currently, none of our executive officers are compensated by us. We currently have no employees, and each of our executive officers is also an employee of our Adviser. Mr. Mauer has a direct ownership and financial interest in and may receive compensation and/or profit distributions from the Adviser. Mr. Shaikh also has a financial interest in and may receive compensation from the Adviser. None of Mr. Mauer or Mr. Shaikh receives any direct compensation from us. Services necessary for our business are provided by individuals who are employees of our Adviser, pursuant to the terms of the Advisory Agreement and the Administration Agreement. Robert Andrew Muns, our Chief Financial Officer, is paid by the Adviser, as our Administrator, subject to reimbursement by us of an allocable portion of such compensation for services rendered by Mr. Muns to us. To the extent that the Adviser outsources any of its functions, we will pay the fees associated with such functions on a direct basis without profit to the Adviser.

------

**Compensation of Directors**

The following table shows information regarding the compensation received by our independent directors in office for the twelve months ended December 31, 2025. No compensation is paid to directors who are "interested persons" for their service as directors.

---

| | | |
|:---|:---|:---|
| **Name** | **Aggregate Cash<br>Compensation**<br>**from**<br>**Investcorp**<br>**Credit**<br>**Management BDC, Inc.**<sup>(1)</sup> | **Total**<br>**Compensation**<br>**from Fund**<br>**Complex**<sup>(1)(2)</sup> |
| **Independent Directors** |  |  |
| Julie Persily | $102500 | $111473 |
| Lee Shaiman | $105000 | $113973 |
| Thomas Sullivan | $100000 | $108973 |

---

(1)For a discussion of the independent directors' compensation, see below. We do not have a profit-sharing or retirement plan, and directors do not receive any pension or retirement benefits.

(2)This fund complex includes Investcorp US Private Credit BDC II.

The independent directors receive an annual fee of $75,000. They also receive $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending in person or telephonically each regular Board meeting and each special telephonic Board meeting. They also receive $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with each committee meeting attended in person and each telephonic committee meeting. The chair of the Audit Committee receives an additional annual fee of $7,500. The chairs of the Valuation Committee, the Nominating and Corporate Governance Committee and the Compensation Committee receive an additional annual fee of $2,500, $2,500 and $2,500, respectively. We have obtained directors' and officers' liability insurance on behalf of our directors and officers. No compensation is paid to directors who are "interested persons" for their service as directors.

**Compensation Committee**

The members of the Compensation Committee are Ms. Persily, Mr. Shaiman and Mr. Sullivan, each of whom is independent for purposes of the 1940 Act and the NASDAQ corporate governance regulations. Ms. Persily serves as chairperson of the Compensation Committee. The Compensation Committee is responsible for overseeing our compensation policies generally, evaluating executive officer performance, overseeing and setting compensation for our directors and, as applicable, our executive officers and, as applicable, preparing the report on executive officer compensation that SEC rules require to be included in our annual proxy statement.

The Compensation Committee has the sole authority to retain and terminate any compensation consultant assisting the Compensation Committee, including sole authority to approve all such compensation consultants' fees and other retention terms. The Compensation Committee may delegate its authority to subcommittees or the chairperson of the Compensation Committee when it deems appropriate and in our best interests.

A charter of the Compensation Committee is available in print to any stockholder who requests it, and it is also available on the Company's website at <u>www.icmbdc.com</u>.

The Compensation Committee met one time during the twelve months ended December 31, 2025.

***Compensation Committee Interlocks and Insider Participation***

All members of the Compensation Committee are independent directors and none of the members is a present or past employee of the Company. No member of the Compensation Committee: (i) has had any relationship with the Company requiring disclosure under Item 404 of Regulation S-K under the Securities Exchange Act of 1934, as amended; or (ii) is an executive officer of another entity, at which one of our executive officers serves on the Board.

***Compensation Committee Report***

Currently, none of our executive officers are compensated by the Company and as such the Compensation Committee is not required to produce a report on executive officer compensation for inclusion in our annual report on Form 10-K.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The following table sets forth, as of March 20, 2026, the beneficial ownership of each current director, each nominee for director, the Company's executive officers, each person known to us to beneficially own 5% or more of the outstanding shares of our common stock, and the executive officers and directors as a group.

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Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. Common stock subject to options or warrants that are currently exercisable or exercisable within 60 days of March 20, 2026, are deemed to be outstanding and beneficially owned by the person holding such options or warrants. Such shares, however, are not deemed outstanding for the purposes of computing the percentage ownership of any other person. Percentage of ownership is based on 14,432,472 shares of common stock outstanding as of March 20, 2026.

Unless otherwise indicated, to our knowledge, each stockholder listed below has sole voting and investment power with respect to the shares beneficially owned by the stockholder, except to the extent authority is shared by their spouses under applicable law. Unless otherwise indicated, the address of all executive officers and directors is c/o Investcorp Credit Management BDC, Inc., 280 Park Avenue, 39th Floor, New York, NY 10017.

The Company's directors are divided into two groups — interested directors and independent directors. Interested directors are "interested persons" as defined in Section 2(a)(19) of the 1940 Act.

---

| | | |
|:---|:---|:---|
| **Name and Address of Beneficial Owner** | **Number of Shares<br>Owned Beneficially**<sup>(1)</sup> | **Percentage**<br>**of Class**<sup>(1)</sup> |
| **Interested Directors** |  |  |
| Michael C. Mauer | 143515<br><sup>(2)</sup> | \* |
| Suhail A. Shaikh | 7000 | \* |
| **Independent Directors** |  |  |
| Julie Persily | 37604 | \* |
| Thomas Sullivan | 10000 | \* |
| Lee Shaiman | 1000 | \* |
| **Executive Officer** |  |  |
| Robert Andrew Muns |  | \* |
| **Executive officers and directors as a group** | 199119 | 1.38% |
| **5% Holders** |  |  |
| Stifel Venture Corp. | 2444939<br><sup>(3)</sup> | 16.94% |
| Investcorp BDC Holdings Limited | 3582354<br><sup>(4)</sup> | 24.82% |
| Phillip Goldstein | 779201<br><sup>(5)</sup> | 5.40% |

---

------

\* Less than 1%

(1)Beneficial ownership has been determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Assumes no other purchases or sales of our common stock since the most recently available SEC filings. This assumption has been made under the rules and regulations of the SEC and does not reflect any knowledge that we have with regard to the present intent of the beneficial owners of our common stock listed in this table.

(2)Includes one share held by Mr. Mauer's wife.

(3)Based on information obtained from The Depository Trust Company Security Position Report as of March 20, 2026.

(4)Based on information obtained in a Schedule 13D/A as filed jointly on May 10, 2022 by Investcorp Credit Management US LLC ("Investcorp Credit Management US"), Investcorp BDC Holdings Limited, SIPCO Holdings Limited, and Investcorp S.A. Includes 3,582,354 shares directly owned by Investcorp BDC Holdings Limited, which includes 680,935 shares purchased in transactions exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and Regulation D thereunder, as reported in Current Reports on Form 8-K filed by the Company on December 5, 2019, March 6, 2020 and September 7, 2021.

(5)Based on information disclosed in the Schedule 13G filed by Bulldog Investors, LLP, Messrs. Phillip Goldstein and Andrew Dakos on February 13, 2026. Mr. Goldstein has sole voting power and sole dispositive power over 35,458 shares; he has shared voting and dispositive power over 743,743 shares. Additionally, clients of Bulldog Investors, LLP, and other accounts for which Messrs. Dakos and Goldstein are deemed to be the beneficial owners, are entitled to receive dividends and sales proceeds. The address of their principal place of business and principal office is 250 Pehle Ave. Suite 708, Saddle Brook, NJ, 07663.

The following table sets forth as of March 20, 2026, the dollar range of our securities owned by our directors and executive officers.

---

| | |
|:---|:---|
| **Name** | **Dollar Range of**<br>**Equity Securities**<br>**Beneficially Owned**<sup>(1)(2)</sup> |
| **Interested Directors:** |  |
| Michael C. Mauer | Over $100,000 |
| Suhail A. Shaikh | $10001-$50000 |
| **Independent Directors:** |  |
| Julie Persily | $50001-$100000 |
| Thomas Sullivan | $10001-$50000 |
| Lee Shaiman | $1–$10000 |
| **Executive Officer:** |  |
| Robert Andrew Muns |  |

---

(1)The dollar range of equity securities beneficially owned is based on the closing price for our common stock of $1.71 on March 20, 2026, on the NASDAQ Global Select Market. Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) of the Exchange Act.

(2)Dollar ranges are as follows: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, or Over $100,000.

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**Item 13. Certain Relationships and Related Transactions, and Director Independence**

**Transactions with Related Persons** 

The Company has procedures in place for the review, approval and monitoring of transactions involving the Company and certain persons related to the Company. As a BDC, the 1940 Act restricts the Company from participating in certain transactions with certain persons affiliated with the Company, including our officers, directors, and employees and any person controlling or under common control with us.

In order to ensure that we do not engage in any prohibited transactions with any persons affiliated with the Company, our officers screen each of our transactions for any possible affiliations, close or remote, between the proposed portfolio investment, the Company, Investcorp US Institutional Private Credit Fund, companies controlled by us and our employees and directors. The Company will not enter into any transactions unless and until we are satisfied that the transaction is not prohibited by the 1940 Act or, if such prohibitions exist, the Company has taken appropriate actions to seek Board review and approval or exemptive relief from the SEC for such transaction.

***Investment Advisory Agreement***

The Company entered into an investment advisory agreement with the Adviser on August 30, 2019 (the "Advisory Agreement"), in which certain of the Company's directors and executive officers have ownership and financial interests. Mr. Mauer holds an approximate 17% interest in our Adviser. IVC Credit Management Financing, LLC holds an approximate 83% ownership interest in the Adviser. Pursuant to the Advisory Agreement, the Company has agreed to pay to the Adviser a base management fee and an incentive fee. Mr. Mauer, an interested member of the Board, has a direct or indirect pecuniary interest in the Adviser. The incentive fee will be computed and paid on income that we may not have yet received in cash at the time of payment. This fee structure may create an incentive for the Adviser to invest in certain types of speculative securities. Additionally, we will rely on investment professionals from the Adviser to assist the Board with the valuation of our portfolio investments. The Adviser's management fee and incentive fee is based on the value of our investments and, therefore, there may be a conflict of interest when personnel of the Adviser are involved in the valuation process for our portfolio investments.

***Administration Agreement***

The Company entered into an administration agreement with the Adviser on August 30, 2019 (the "Administration Agreement") pursuant to which the Adviser furnishes the Company with office facilities and equipment and provides it with the clerical, bookkeeping, recordkeeping and other administrative services necessary to conduct day-to-day operations. Under this Administration Agreement, the Adviser performs, or oversees the performance of, the Company's required administrative services, which include, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to its stockholders and reports filed with the SEC. The Company reimburses the Adviser for the allocable portion (subject to the review of the Board) of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and the Company's allocable portion of the cost of its chief financial officer and chief compliance officer and his respective staff. In addition, the Adviser may satisfy certain of its obligations to the Company under the Administration Agreement through the services agreement with Investcorp International Inc., an affiliate of Investcorp, including supplying the Company with accounting and back-office professionals upon the request of the Adviser.

***Co-investment Exemptive Relief***

On July 20, 2021, the SEC issued an exemptive order (the "Exemptive Order"), which superseded a prior order issued on March 19, 2019, which permits the Company to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers. Under the terms of the exemptive order, in order for the Company to participate in a co-investment transaction a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company's stockholders and is consistent with the Company's investment objectives and strategies.

***License Agreement***

The Company has entered into a license agreement with the Adviser pursuant to which the Adviser has granted the Company a non-exclusive, royalty-free license to use the name "Investcorp."

***Other Conflicts of Interest***

The Company may also have conflicts of interest arising out of the investment advisory activities of the Adviser. The Adviser may manage other investment funds, accounts or investment vehicles that invest or may invest in assets eligible for purchase by the Company. To the extent that the Company competes with entities managed by the Adviser or any of its affiliates for a particular investment opportunity, the Adviser will allocate investment opportunities across the entities for which such opportunities are appropriate, consistent

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with (a) its internal investment allocation policies, (b) the requirements of the Investment Advisers Act of 1940, as amended, and (c) certain restrictions under the 1940 Act regarding co-investments with affiliates.

***Director Independence***

For information regarding the independence of our directors, see "Item 10. Directors Executive Officers and Corporate Governance."

**Item 14. Principal Accountant Fees and Services**

KPMG LLP ("KPMG") served as the Company's independent registered public accounting firm for the twelve months ended December 31, 2025 and the six months ended December 31, 2024 and RSM US LLP ("RSM") served as the Company's independent registered public accounting firm for the fiscal year ended June 30, 2024 and June 30, 2023. KPMG and RSM have advised us that neither the firm nor any present member or associate of it has any material financial interest, direct or indirect, in the Company or its affiliates.

The following table presents fees for professional services rendered by KPMG for the fiscal year ended December 31, 2025, KPMG and RSM for the six months ended December 31, 2024 and by RSM for the fiscal years ended June 30, 2024 and 2023. Aggregate audit and tax fees in the table below consist of fees billed and paid:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fiscal Year**<br>**Ended December 31,**<br>**2025** | **Six Months**<br>**Ended December 31,**<br>**2024** | **Fiscal Year**<br>**Ended June 30,**<br>**2024** | **Fiscal Year**<br>**Ended June 30,**<br>**2023** |
| Audit fees | $506750 | $594575 | $416125 | $326308 |
| Audit-related fees |  |  |  |  |
| Tax fees | 141272 | 18900 | 19500 | 19500 |
| All other fees |  |  |  |  |
| **Total Fees** | $**648022** | $**613475** | $**435625** | $**345808** |

---

Services rendered by KPMG and RSM in connection with fees presented above were as follows:

*Audit Fees.* Audit fees include fees for services that normally would be provided by the accountant in connection with statutory and regulatory filings or engagements and that generally only the independent accountant can provide. In addition to fees for the audit of our annual financial statements and the review of our quarterly financial statements in accordance with generally accepted auditing standards, this category contains fees for comfort letters, consents, and assistance with and review of documents filed with the SEC.

*Audit-Related Fees.* Audit related fees are assurance related services that traditionally are performed by the independent accountant, such as attest services that are not required by statute or regulation.

*Tax Fees.* Tax fees include professional fees for tax compliance and tax advice.

*All Other Fees.* Fees for other services would include fees for products and services other than the services reported above.

**Pre-Approval Policy**

The Audit Committee has established a pre-approval policy that describes the permitted audit, audit-related, tax and other services to be provided by the Company's independent registered public accounting firm. The policy requires that the Audit Committee pre-approve all audit and non-audit services performed by the independent auditor in order to assure that the provision of such service does not impair the auditor's independence. In accordance with the pre-approval policy, the Audit Committee includes every year a discussion and pre-approval of such services and the expected costs of such services for the year.

Any requests for audit, audit-related, tax and other services that have not received general pre-approval at the first Audit Committee meeting of the year must be submitted to the Audit Committee for specific pre-approval, irrespective of the amount, and cannot commence until such approval has been granted. Normally, pre-approval is provided at regularly scheduled meetings of the Audit Committee. However, the Audit Committee may delegate pre-approval authority to one or more of its members. The member or members to whom such authority is delegated shall report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Audit Committee does not delegate its responsibilities to pre-approve services performed by the independent registered public accounting firm to management. The Audit Committee pre-approved 100% of services described in this policy.

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**PART IV** 

**Item 15. Exhibits, Financial Statement Schedules**

**a.** **Documents Filed as Part of this Report** 

The following financial statements are set forth in Item 8:

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Report of Independent Registered Public Accounting Firm</u>](#report_of_independent_registered_public) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Report of Former Independent Registered Public Accounting Firm</u>](#report_of_prior_independent_accountant) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of December 31, 2025, December 31, 2024, and June 30, 2024</u>](#consolidated_statements_of_assets_and_l) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and</u>](#tx353085_52)[<u>June 30, 2023</u>](#tx353085_52) | 85 |
| &nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the periods ended December 31, 2025, December 31, 2024, June 30, 2024</u>](#consolidated_statements_of_changes_in)[<u>and</u>](#consolidated_statements_of_changes_in)[<u>June 30, 2023</u>](#consolidated_statements_of_changes_in) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the periods ended December 31, 2025, December 31, 2024, June 30, 2024 and</u>](#consolidated_statements_of_cash_flows)[<u>June 30, 2023</u>](#consolidated_statements_of_changes_in) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of December 31, 2025</u>](#consolidated_schedule_of_investments) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of December 31, 2024</u>](#consolidated_schedule_of_investment) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of June 30, 2024</u>](#schedule_of_investments_june_30_2024) | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Notes to Financial Statements</u>](#notes_to_consolidated_financial_statem) | 103 |

---

**b.** **Exhibits**

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2<br> [<u>Articles of Amendment</u><sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312519235920/d773752dex9931.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3<br> [<u>Bylaws</u><sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312513444081/d623720dex99b1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1<br> [<u>Form of Stock Certificate</u><sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312513444081/d623720dex99d.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2<br> [<u>Base Indenture, dated July 2, 2018, by and between Registrant and U.S. Bank National Association</u><sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312519101750/d669551dex99d2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3<br> [<u>Description of Securities</u><sup>(16)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000095017024109384/icmb-ex4_4.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4<br> [<u>Second Supplemental Indenture, dated March 31, 2021, by and between Registrant and U.S. Bank National Association, relating to the 4.875% Notes due 2026</u><sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312521102329/d156250dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6<br> [<u>Form of Global Note with respect to the 4.875% Notes due 2026</u><sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312521102329/d156250dex41.htm) |
| 10.1<br> [<u>Investment Advisory Agreement, dated August 30, 2019, by and between Registrant and CM Investment Partners LLC</u><sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312519235920/d773752dex99102.htm) |
| 10.2<br> [<u>Administration Agreement, dated August 30, 2019, by and between Registrant and CM Investment Partners LLC</u><sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/0001578348/000119312519235920/d773752dex99103.htm) |
| 10.3<br> [<u>Form of Dividend Reinvestment Plan</u><sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312513481249/d623720dex99e.htm) |
| 10.4<br> [<u>Custody Agreement, dated August 31, 2017, by and between Registrant and U.S. Bank National Association</u><sup>(6)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312517277801/d419533dex105.htm) |
| 10.5<br> [<u>Trademark License Agreement, dated August 30, 2019, by and between Registrant and CM Investment Partners LLC</u><sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312519235920/d773752dex99104.htm) |
| 10.6<br> [<u>Form of Indemnification Agreement, by and between Registrant and the Directors</u><sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312513444081/d623720dex99k3.htm) |
| 10.7<br> [<u>Registration Rights Agreement, dated December 17, 2013, by and between Registrant and certain stockholders</u><sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312513481249/d623720dex99k18.htm) |
| 10.8<br> [<u>Amended and Restated Collateral Management Agreement, dated February 28, 2017, by and among CM SPV and CM Investment Partners LLC</u><sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312517065702/d344521dex104.htm) |
| 10.9<br> [<u>Contribution Agreement, dated June 21, 2019, by and between Registrant and CM SPV</u><sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/0001578348/000119312519184337/d666182dex99104.htm) |
| 10.10<br> [<u>Total Return Swap Transaction Confirmation Letter Agreement, dated June 21, 2019, by and between UBS and Registrant regarding the Class A-R Notes</u><sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312519184337/d666182dex99105.htm) |
| 10.11<br> [<u>Global Master Repurchase Agreement (the "GMRA"), dated June 11, 2019, by and between UBS and Registrant</u><sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/0001578348/000119312519184337/d666182dex99106.htm) |
| 10.12<br> [<u>Class A-2 Notes Subscription Agreement, dated June 21, 2019, by and between CM SPV and CM Finance Inc.</u><sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/0001578348/000119312519184337/d666182dex99109.htm) |
| 10.13<br> [<u>Class A-2 Notes Placement Agency Agreement, dated June 21, 2019, by and between CM SPV and UBS Securities LLC</u><sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/0001578348/000119312519184337/d666182dex991010.htm) |
| 10.14<br> [<u>Second Amended and Restated Revolving Credit Note Agreement, dated June 21, 2019, by and among CM SPV and U.S. Bank National Association</u><sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312519184337/d666182dex99101.htm) |
| 10.15<br> [<u>Stock Purchase and Transaction Agreement, dated June 26, 2019, by and between Registrant and Investcorp BDC Holdings Limited</u><sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/0001578348/000119312519186701/d58610dex99101.htm) |

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10.16 [<u>Mutual Purchase Agreement Waiver and Agreement, dated August 28, 2019, by and between the Company and Investcorp BDC Holdings Limited</u> <sup>(4)</sup> <sup></sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312519235920/d773752dex99101.htm)

10.17 [<u>Second Mutual Purchase Agreement Waiver and Agreement, dated March 9, 2020, by and between the Company and Investcorp BDC Holdings Limited</u> <sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312520068922/d897510dex99101.htm)

10.18 [<u>Third Amended and Restated Revolving Credit Note Agreement, dated September 30, 2020, by and among the Company, CM SPV, UBS, and U.S. Bank National Association, as Revolving Credit Note Agent and Trustee</u> <sup>(10)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312520263374/d13212dex101.htm)

10.19 [<u>Eighth Supplemental Indenture with an attached Eighth Amended and Restated Indenture, dated September 30, 2020, by and between CM SPV and U.S. Bank National Association</u> <sup>(10)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312520263374/d13212dex102.htm)

10.20 [<u>Amended Confirmation under the GMRA with respect to the Class A-1 Notes, dated September 30, 2020, by and between the Company and UBS</u> <sup>(10)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312520263374/d13212dex103.htm)

10.21 [<u>Amended and Restated Confirmation under the GMRA with respect to the Class A-4 Notes, dated September 30, 2020, by and between the Company and UBS</u> <sup>(10)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312520263374/d13212dex104.htm)

10.22 [<u>Loan, Security and Investment Management Agreement, dated August 23, 2021, by and among CM Investment Partners LLC, Investcorp BDC SPV, as borrower, each of the lenders from time to time party thereto, Capital One, as administrative agent, hedge counterparty, swingline lender and arranger, and Wells Fargo Bank, National Association, as collateral custodian</u> <sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312521256357/d222182dex101.htm)

10.23 [<u>Sale and Contribution Agreement, dated August 23, 2021, by and between Investcorp BDC SPV, as buyer, and the Company, as seller</u> <sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312521256357/d222182dex102.htm)

10.24 [<u>Pledge Agreement, dated August 23, 2021, by and between the Company, as pledgor, in favor of Capital One, as administrative agent</u> <sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312521256357/d222182dex103.htm)

10.25 [<u>Second Amendment to Loan, Security and Investment Management Agreement, dated November 18, 2022, by and among CM Investment Partners, LLC, as investment manager, Investcorp Credit Management BDC SPV, LLC, as borrower, each of the lenders from time to time party thereto, Webster Bank, N.A., and Capital One, as administrative agent, swingline lender and as arranger</u> <sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312522290577/d370785dex101.htm)

10.26 [<u>Third Amendment to Loan, Security and Investment Management Agreement, dated June 14, 2023, by and among Investcorp Credit Management BDC SPV, LLC, as borrower, each of the lenders party thereto, Capital One, National Association, as administrative agent, swingline lender and as arranger, Wells Fargo Bank, National Association, as collateral custodian, and CM Investment Partners, LLC, as collateral manager</u> <sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312523171147/d427198dex101.htm)

10.27 [<u>Fourth Amendment to Loan, Security and Collateral Management Agreement, dated January 17, 2024, by and among Investors Credit Management BDC SPV, LLC, as borrower, each of the lenders party thereto, Capital One, National Association, as administrative agent, swingline lender and as arranger, Wells Fargo Bank, National Association, as collateral custodian, and CM Investment Partners, LLC, as collateral manager</u> <sup>(15)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312524012976/d720664dex101.htm)

10.28 [<u>Fifth Amendment, dated November 19, 2024, to Loan, Security and Collateral Management Agreement by and among Investcorp Credit Management BDC SPV, LLC, as borrower, each of the lenders party thereto, Capital One, National Association, as administrative agent, hedge counterparty, swingline lender and as arranger, Wells Fargo Bank, National Association, as collateral custodian, and CM Investment Partners, LLC, as collateral manager</u> <sup>(17)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312524262532/d858111dex101.htm)

10.29 [<u>Commitment Letter, dated November 10, 2025, by and between Investcorp Capital plc, as lender, and Investcorp Credit Management BDC, Inc., as borrower</u> <sup>(18)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312525277953/icmb-ex10_2.htm)

10.30 [<u>Indenture, dated as of March 29, 2026, between Investcorp Credit Management BDC, Inc. and Investcorp Capital PLC\*</u>](icmb-ex10_30.htm)

10.31 [<u>Upfront Fee Letter, dated as of March 30, 2026, between Investcorp Credit Management BDC, Inc. and Investcorp Capital PLC\*</u>](icmb-ex10_31.htm)

14.1 [<u>Code of Ethics of Registrant</u> <sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000119312513444081/d623720dex99r1.htm)

19.1 [<u>Statement of Policy on Insider Trading</u> <sup>(16)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000095017024109384/icmb-ex19_1.htm)

21.1 Subsidiaries of Registrant: CM Finance SPV Ltd. (Cayman) Investcorp Credit Management BDC SPV, LLC (Delaware)

31.1 [<u>Chief Executive Officer Certification Pursuant to Exchange Act Rule 13a-14 (a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*</u>](icmb-ex31_1.htm)

31.2 [<u>Chief Financial Officer Certification Pursuant to Exchange Act Rule 13a-14 (a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*</u>](icmb-ex31_2.htm)

32.1 [<u>Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*</u>](icmb-ex32_1.htm)

32.2 [<u>Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*</u>](icmb-ex32_2.htm)

97.1 [<u>Clawback Policy</u> <sup>(16)</sup>](https://www.sec.gov/Archives/edgar/data/1578348/000095017024109384/icmb-ex97_1.htm)

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| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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\* Filed herewith

(1)Incorporated by reference to Registrant's Registration Statement on Form N-2 (File No. 333-192370), filed on November 15, 2013.

(2)Incorporated by reference to Registrant's Post-Effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-223999), filed on April 9, 2019.

(3)Incorporated by reference to Registrant's Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-223999), filed on July 2, 2018.

(4)Incorporated by reference to Registrant's Current Report on Form 8-K (File No. 814-01054), filed on September 3, 2019.

(5)Incorporated by reference to Registrant's Registration Statement on Form N-2 (File No. 333-192370), filed on December 20, 2013.

(6)Incorporated by reference to Registrant's Form 10-K (File No. 814-01054), filed on September 6, 2017.

(7)Incorporated by reference to Registrant's Current Report on Form 8-K (File No. 814-01054), filed on June 27, 2019.

(8)Incorporated by reference to Registrant's Current Report on Form 8-K (File No. 814-01054), filed on July 1, 2019.

(9)Incorporated by reference to Registrant's Current Report on Form 8-K (File No. 814-01054), filed on March 10, 2020.

(10)Incorporated by reference to Registrant's Current Report on Form 8-K (File No. 814-01054), filed on October 5, 2020.

(11)Incorporated by reference to Registrant's Current Report on Form 8-K (File No. 814-01054), filed on March 31, 2021.

(12)Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 814-01054), filed on August 25, 2021.

(13)Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01054), filed with the SEC on November 22, 2022.

(14)Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01054), filed with the SEC on June 21, 2023.

(15)Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01054), filed with the SEC on January 23, 2024.

(16)Incorporated by reference to Registrant's Form 10-K (File No. 814-01054), filed with the SEC on September 25, 2024.

(17)Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 814-01054), filed on November 20, 2024.

(18)Incorporated by reference to the Registrant's Form 10-Q (File No. 814-01054), filed on November 12, 2025.

------

**SIGNATURES** 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | INVESTCORP CREDIT MANAGEMENT BDC, INC. |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: March 30, 2026 | /s/ Suhail A. Shaikh |
|  | **Suhail A. Shaikh**<br>**Director, President and Chief Executive Officer**<br>**(Principal Executive Officer)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: March 30, 2026 | /s/ Robert Andrew Muns |
|  | **Robert Andrew Muns**<br>**Chief Financial Officer**<br>**(Principal Accounting and Financial Officer)** |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacity and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Date: March 30, 2026 | /s/ Suhail A. Shaikh |
|  | **Suhail A. Shaikh**<br>**Director, President and Chief Executive Officer**<br>**(Principal Executive Officer)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: March 30, 2026 | /s/ Robert Andrew Muns |
|  | **Robert Andrew Muns**<br>**Chief Financial Officer**<br>**(Principal Accounting and Financial Officer)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: March 30, 2026 | /s/ Michael C. Mauer |
|  | **Michael C. Mauer**<br>**Chairman of the Board of Directors** |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: March 30, 2026 | /s/ Julie Persily |
|  | **Julie Persily**<br>**Director** |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: March 30, 2026 | /s/ Lee M. Shaiman |
|  | **Lee M. Shaiman**<br>**Director** |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: March 30, 2026 | /s/ Thomas Sullivan |
|  | **Thomas Sullivan**<br>**Director** |

---

------

## Exhibit 10.30

**Exhibit 10.30**

**Execution Version** 

**[Certain identified information has been excluded from the exhibit because it is both not material and is the type that the registrant treats as private and confidential.]** 

**INVESTCORP CREDIT MANAGEMENT BDC, INC.** 

**as Issuer and** 

# INVESTCORP CAPITAL PLC
**as Agent** 

**Indenture** 

**Dated as of March 29, 2026** 

**Providing for the Issuance** 

**of** 

**Floating Rate Senior Unsecured Notes** 

------

# **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION  | ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION  | 1 |
| Section 1.01. | Definitions | 1 |
| Section 1.02. | Compliance Certificates and Opinions.  | 16 |
| Section 1.03. | Form of Documents Delivered to Agent.  | 17 |
| Section 1.04. | Acts of Holders.  | 17 |
| Section 1.05. | Directions and Consents of Required Holders  | 19 |
| Section 1.06. | Notices, Etc., to Agent and Company.  | 19 |
| Section 1.07. | Notice to Holders; Waiver.  | 20 |
| Section 1.08. | Effect of Headings and **Table of Contents**.  | 20 |
| Section 1.09. | Successors and Assigns | 21 |
| Section 1.10. | Separability Clause.  | 21 |
| Section 1.11. | Benefits of Indenture | 21 |
| Section 1.12. | Governing Law. . | 21 |
| Section 1.13. | Legal Holidays.  | 21 |
| Section 1.14. | Submission to Jurisdiction.  | 21 |
| ARTICLE TWO SECURITIES FORMS | ARTICLE TWO SECURITIES FORMS | 22 |
| Section 2.01. | Forms of Securities.  | 22 |
| Section 2.02. | Form of Agent's Certificate of Authentication.  | 22 |
| ARTICLE THREE THE SECURITIES | ARTICLE THREE THE SECURITIES | 22 |
| Section 3.01. | Terms of the Securities.  | 22 |
| Section 3.02. | Benchmark Replacement.  | 24 |
| Section 3.03. | Execution, Authentication, Delivery and Dating.  | 26 |
| Section 3.04. | [Reserved.]  | 26 |
| Section 3.05. | Registration, Registration of Transfer and Exchange.  | 26 |
| Section 3.06. | Representations and Warranties  | 27 |
| Section 3.07. | Mutilated, Destroyed, Lost and Stolen Securities.  | 28 |
| Section 3.08. | Payment of Interest; Interest Rights Preserved.  | 29 |
| Section 3.09. | Persons Deemed Owners.  | 30 |
| Section 3.10. | Cancellation.  | 30 |
| Section 3.11. | Computation of Interest.  | 30 |
| Section 3.12. | Currency and Manner of Payments in Respect of Securities.  | 31 |
| Section 3.13. | CUSIP Numbers | 31 |
| ARTICLE FOUR SATISFACTION AND DISCHARGE | ARTICLE FOUR SATISFACTION AND DISCHARGE | 31 |
| Section 4.01. | Satisfaction and Discharge of Indenture.  | 31 |
| Section 4.02. | Application of Trust Funds.  | 32 |

---

i

------

---

| | | |
|:---|:---|:---|
| ARTICLE FIVE REMEDIES | ARTICLE FIVE REMEDIES | 33 |
| Section 5.01. | Events of Default.  | 33 |
| Section 5.02. | Acceleration of Maturity; Rescission and Annulment.  | 34 |
| Section 5.03. | Collection of Indebtedness and Suits for Enforcement by Agent.  | 36 |
| Section 5.04. | Agent May File Proofs of Claim.  | 36 |
| Section 5.05. | Agent May Enforce Claims Without Possession of Securities.  | 37 |
| Section 5.06. | Application of Money Collected.  | 37 |
| Section 5.07. | Limitation on Suits.  | 38 |
| Section 5.08. | Unconditional Right of Holders to Receive Principal, Premium and Interest. | 38 |
| Section 5.09. | Restoration of Rights and Remedies.  | 39 |
| Section 5.10. | Rights and Remedies Cumulative.  | 39 |
| Section 5.11. | Delay or Omission Not Waiver. | 39 |
| Section 5.12. | Control by Holders of Securities. | 39 |
| Section 5.13. | Waiver of Past Defaults.  | 40 |
| Section 5.14. | Waiver of Stay or Extension Laws.  | 40 |
| ARTICLE SIX THE AGENT | ARTICLE SIX THE AGENT | 41 |
| Section 6.01. | Notice of Defaults.  | 41 |
| Section 6.02. | Certain Rights and Duties of Agent.  | 41 |
| Section 6.03. | Not Responsible for Recitals or Issuance of Securities.  | 44 |
| Section 6.04. | May Hold Securities.  | 44 |
| Section 6.05. | Money Held in Trust.  | 44 |
| Section 6.06. | Compensation and Reimbursement and Indemnification of Agent.  | 44 |
| Section 6.07. | Resignation; Appointment of Successor.  | 46 |
| Section 6.08. | Acceptance of Appointment by Successor.  | 46 |
| Section 6.09. | Merger, Conversion, Consolidation or Succession to Business.  | 46 |
| ARTICLE SEVEN HOLDERS' LISTS AND REPORTS BY AGENT AND COMPANY | ARTICLE SEVEN HOLDERS' LISTS AND REPORTS BY AGENT AND COMPANY | 47 |
| Section 7.01. | Company to Furnish Agent Names and Addresses of Holders. | 47 |
| Section 7.02. | Preservation of Information; Communications to Holders.  | 47 |
| Section 7.03. | [Reserved.] | 47 |
| ARTICLE EIGHT'S CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER | ARTICLE EIGHT'S CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER | 48 |
| Section 8.01. | Company May Consolidate, Etc., Only on Certain Terms.  | 48 |
| Section 8.02. | Successor Person Substituted.  | 48 |
| Section 8.03. | Change of Control  | 49 |
| ARTICLE NINE SUPPLEMENTAL INDENTURES | ARTICLE NINE SUPPLEMENTAL INDENTURES | 50 |
| Section 9.01. | Supplemental Indentures Without Consent of Holders.  | 50 |
| Section 9.02. | Supplemental Indentures with Consent of Holders.  | 51 |
| Section 9.03. | Execution of Supplemental Indentures.  | 52 |

---

ii

------

---

| | | |
|:---|:---|:---|
| Section 9.04. | Effect of Supplemental Indentures | 52 |
| ARTICLE TEN COVENANTS | ARTICLE TEN COVENANTS | 52 |
| Section 10.01. | Payment of Principal, Premium, if any, and Interest.  | 52 |
| Section 10.02. | Maintenance of Office or Agency.  | 52 |
| Section 10.03. | Money for Securities Payments to Be Held in Trust.  | 53 |
| Section 10.04. | Additional Amounts.  | 53 |
| Section 10.05. | Statement as to Compliance.  | 54 |
| Section 10.06. | Section 18(a)(1)(A) of the Investment Company Act | 55 |
| Section 10.07. | Section 18(a)(1)(B) of the Investment Company Act.  | 55 |
| Section 10.08. | Commission Reports and Reports to Holders.  | 55 |
| Section 10.09. | Dispositions | 55 |
| Section 10.10. | Affiliate Transactions | 56 |
| Section 10.11. | Indebtedness and Security Interests.  | 57 |
| Section 10.12. | Equity Transactions.  | 58 |
| Section 10.13. | Restricted Payments.  | 59 |
| ARTICLE ELEVEN REDEMPTION OF SECURITIES | ARTICLE ELEVEN REDEMPTION OF SECURITIES | 60 |
| Section 11.01. | Redemption.  | 60 |
| Section 11.02. | Notice of Redemption.  | 60 |
| Section 11.03. | Deposit of Redemption Price.  | 61 |
| Section 11.04. | Securities Payable on Redemption Date.  | 61 |
| ARTICLE TWELVE MEETINGS OF HOLDERS OF SECURITIES | ARTICLE TWELVE MEETINGS OF HOLDERS OF SECURITIES | 62 |
| Section 12.01. | Purposes for Which Meetings May Be Called.  | 62 |
| Section 12.02. | Call, Notice and Place of Meetings. | 62 |
| Section 12.03. | Persons Entitled to Vote at Meetings.  | 62 |
| Section 12.04. | Quorum; Action.  | 63 |
| Section 12.05. | Determination of Voting Rights; Conduct and Adjournment of Meetings. | 64 |
| Section 12.06. | Counting Votes and Recording Action of Meetings.  | 64 |

---

## <u>Exhibits</u> 
Exhibit A - Form of Securities <br> Exhibit B - Form of Eligible Investor Certificate

iii

------

INDENTURE, dated as of March 29, 2026, between Investcorp Credit Management BDC, Inc., a Maryland corporation (hereinafter called the "Company"), having its principal office at 280 Park Avenue, 39<sup>th</sup> Floor, New York, NY 10017, and Investcorp Capital PLC, a company established under the laws of the Abu Dhabi Global Market in the United Arab Emirates, as Agent (hereinafter called the "Agent"), having its office at 1137 Register 17, 17, Al Maqam Tower, Abu Dhabi Global Market Square Al Maryah Island, Abu Dhabi, United Arab Emirates.

# RECITALS OF THE COMPANY
The Company desires to issue and sell up to $65,000,000 in aggregate principal amount of the Company's Floating Rate Senior Unsecured Notes due 2029 (the "Securities").

The Company desires to establish the form and terms of the Securities.

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of the Securities and all acts and things necessary to make this Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of the Company, in accordance with its terms, have been done and performed.

NOW, THEREFORE, for and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities, as follows:

# ARTICLE ONE
**DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION** 

**Section 1.01. Definitions.** 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular and, pursuant to Section 3.01, any such item may be amended or modified as permitted by the terms of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States of America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the words "herein", "hereof" and "hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

------

Certain terms used in other Articles herein are defined in those Articles.

"<u>Accredited Investor</u>" means any Person that is an "accredited investor" for purposes of Rule 501(a) of Regulation D under the Securities Act.

"<u>Act</u>", when used with respect to any Holder of a Security, has the meaning specified in Section 1.04.

"<u>Additional Amounts</u>" means any additional amounts that are required under the Securities under circumstances specified therein, to be paid by the Company in respect of certain taxes imposed on certain Holders and that are owing to such Holders.

"<u>Adjusted SOFR Rate</u>" means, for any Floating Interest Period, the rate per annum equal to the Benchmark for such Floating Interest Period plus the Margin.

"<u>Adviser</u>" means CM Investment Partners LLC.

"<u>Affiliate</u>" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing.

"<u>Benchmark</u>" means, initially, Term SOFR, as such term is defined herein; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Term SOFR or the then-current Benchmark, in each case, in accordance with Section 3.02, then "Benchmark" means the applicable Benchmark Replacement; provided, however, that if either Term SOFR or the Benchmark Replacement shall ever be less than the Floor, then Term SOFR or the Benchmark Replacement, as applicable, shall be deemed to be the Floor.

"<u>Benchmark Replacement</u>" means, with respect to the Securities, the first alternative set forth in the order below that can be determined by the Company as of the Benchmark Replacement Date (in each case, with the consent of the Required Holders; provided that the Required Holders shall be deemed to have consented to any such Benchmark Replacement unless they shall object thereto by written notice to the Company within ten (10) Business Days after having received notice thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Daily Simple SOFR plus 0.10%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the sum of (a) an alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the sum of (a) the alternate rate of interest that has been selected by the Company (with the consent of the Required Holders) as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes with a Corresponding Tenor at such time and (b) the Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to the above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Indenture.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to the Securities, the first alternative set forth in the order below that can be determined by the Company as of the Benchmark Replacement Date (in each case, with the consent of the Required Holders; provided that the Required Holders shall be deemed to have consented to any such Benchmark Replacement Adjustment unless they shall object thereto by written notice to the Company within ten (10) Business Days after having received notice thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the spread adjustment (which may be a positive or negative value or zero) that has been selected by such Required Holders giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating rate notes with a Corresponding Tenor at such time.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to the Securities, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of "Floating Interest Period" (or any similar or analogous definition), the timing and frequency of determining rates and making payments of interest, the rounding of amounts or tenors, and other administrative matters) that the Company, with the consent of the Required Holders, or the Required Holders decide may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if any portion of such market practice is not administratively feasible or if no market practice for use of the Benchmark Replacement exists, in such other manner as the Company determines is reasonably practicable); provided that the Required Holders shall be deemed to have consented to any such Benchmark Replacement Conforming Changes made by

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the Company unless they shall object thereto by written notice to the Company within ten (10) Business Days after having received notice thereof.

"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the case of clause (1) or (2) of the definition of "Benchmark Transition Event", the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the case of clause (3) of the definition of "Benchmark Transition Event", the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

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"<u>Board of Directors</u>" means the board of directors of the Company, the executive committee or any committee of that board duly authorized to act hereunder.

"<u>Board Resolution</u>" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Agent.

"<u>Business Day</u>", when used with respect to any Place of Payment or any other particular location referred to in this Indenture, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York City or in that Place of Payment or particular location are authorized or obligated by law or executive order to close.

"<u>Capital One Revolving Facility</u>" means the senior secured revolving credit facility entered into between Investcorp Credit Management BDC SPV, LLC and Capital One, N.A. on August 23, 2021, as amended from time to time.

"<u>Change of Control</u>" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any "person" or "group" (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any "person" or "group" (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the approval by the Company's stockholders of any plan or proposal relating to the liquidation or dissolution of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Company ceases to be managed by the Adviser or another Investcorp Affiliate.

"<u>Change of Control Transaction</u>" means any transaction, or series of related transactions, that results in (or could reasonably be expected to result in, as applicable) a Change of Control.

"<u>Commission</u>" means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act.

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"<u>Company</u>" means the Person named as the "Company" in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "Company" shall mean such successor Person.

"<u>Company Request</u>" and "<u>Company Order</u>" mean, respectively, a written request or order signed in the name of the Company by the Chief Executive Officer, President or a Vice President of the Company, and by the Chief Financial Officer, Chief Operating Officer, Secretary or an Assistant Secretary of the Company, and delivered to the Agent.

"<u>Controlled Subsidiary</u>" means any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by the Company and its direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise.

"<u>Corporate Office</u>" means the principal designated office of the Agent, which at the date hereof is 1137 Register 17, 17, Al Maqam Tower, Abu Dhabi Global Market Square Al Maryah Island, Abu Dhabi, United Arab Emirates, Attention: Investcorp Credit Management BDC, Inc., or such other address as the Agent may designate from time to time by notice to the Holders and the Company, or the principal designated corporate office of any successor Agent (or such other address as such successor Agent may designate from time to time by notice to the Holders and the Company).

"Corporation" includes corporations, associations, companies and business trusts.

"<u>Corresponding Tenor</u>" means a tenor (including overnight) or any Floating Interest Period having approximately the same length (disregarding business day adjustment) as the Securities.

"<u>Daily Simple SOFR</u>" means, for any day (a "SOFR Rate Day"), a rate per annum equal to SOFR for the day (such day "SOFR Determination Date"") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website. If by 5:00 p.m. (New York City time) on the second (2nd) U.S. Government Securities Business Day immediately following any SOFR Determination Date, the SOFR in respect of such SOFR Determination Date has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred, then the SOFR for such SOFR Determination Date will be the SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of the calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Company.

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"<u>Debt Transaction</u>" means a transaction pursuant to which the Company and/or one or more of its Subsidiaries, (i) incurs, raises, assumes or otherwise becomes liable for (or would incur, raise, assume or otherwise become liable for, as applicable) additional Indebtedness (other than Permitted Indebtedness) including any refinancing, replacement or substitution of Indebtedness (whether or not such transaction results in an increase in the aggregate outstanding principal amount of Indebtedness), and/or (ii) amends, restructures, compromises, waives, extends, forbears or otherwise modifies the terms of any Existing Indebtedness, or otherwise consents to do any of the foregoing (or would amend, restructure, compromise, waive, extend, forbear or otherwise modify the terms of any Existing Indebtedness, or otherwise consent to do any of the foregoing, as applicable).

"<u>Default</u>" means any event that is, or after notice or passage of time or both would be, an Event of Default.

"<u>Defaulted Interest</u>" has the meaning specified in Section 3.08.

"<u>Disposal Transaction</u>" means a transaction, or series of related transactions, pursuant to which the Company and/or one or more of its Subsidiaries, sells, transfers, or otherwise disposes of (or would sell, transfer or otherwise dispose of, as applicable), whether directly and/or indirectly, the legal and/or beneficial interest in (and/or an economic interest with respect to the legal and/or beneficial interest in) one or more Portfolio Investments which, individually or in the aggregate, have an aggregate Fair Value equal to or greater than 10% of the aggregate Fair Value of all Portfolio Investments.

"<u>Dollar</u>" or "$" means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender for the payment of public and private debts.

"<u>DRIP</u>" means the dividend reinvestment plan of the Company in effect on the date of this Indenture.

"<u>Eligible Investor Certificate</u>" means a certificate in the form of Exhibit B affirming that prospective investors are either (a) Accredited Investors, (b) Qualified Institutional Buyers or (c) not United States Persons, and making certain other representations set forth therein.

"<u>Emergency Disposal Transaction</u>" means any Disposal Transaction with respect to which the Company determines, acting reasonably and in good faith, that it is not reasonably possible to obtain, prior to the consummation thereof, the written consent of the Required Holders in accordance with Section 10.09. without causing, directly or indirectly, the Company and/or any of its Subsidiaries to breach any material legal, contractual or regulatory restriction (including, without limitation, material restrictions pursuant to the terms of any Existing Indebtedness) and provided that the Company shall notify the Required Holders as soon as reasonably practicable following such Emergency Disposal Transaction and shall provide reasonable supporting evidence of the circumstances giving rise to such Emergency Disposal Transaction.

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"<u>Equity Interests</u>" means, with respect to any Person, any shares of capital stock, partnership interests, membership interests, limited liability company interests, trust interests, joint venture interests or other equity or ownership interests (including beneficial interests), whether voting or non-voting, and any warrants, options or other rights to acquire any of the foregoing, but excluding any debt securities convertible into, or exchangeable for, such equity or ownership interests until such conversion or exchange.

"<u>Equity</u> <u>Transaction</u>" means a transaction or series of related transactions (other than a Debt Transaction or a transaction to raise Permitted Indebtedness), pursuant to which the Company and/or one or more of its Subsidiaries (a) raises or would raise additional equity finance, including, without limitation, by way of the issue of additional Equity Interests to any Person; and/or (b) issues, consolidates, sub-divides or redesignates any Equity Interests, or reduces, reorganizes or otherwise alters its share capital or equity capital; and/or (c) amends, waives or modifies, or consents to the amendment, waiver or modification of, the DRIP or any similar equity incentive or issuance program of the Company or any of its Subsidiaries.

"<u>Event of Default</u>" has the meaning specified in Article Five.

"<u>Existing Indebtedness</u>" means Indebtedness outstanding prior to the date of this Indenture.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and any statute successor thereto.

"<u>Fair Value</u>" means fair value in accordance with the Investment Company Act and Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures;

"<u>Financing or Refinancing Proceeds</u>" means the net cash proceeds received by the Company from (a) the issuance of any Indebtedness pursuant to any Debt Transaction entered into in accordance with this Indenture after the date of this Indenture for the primary purpose of funding a redemption of the Securities, or (b) the refinancing, replacement, or extension of any Existing Indebtedness pursuant to any Debt Transaction entered into in accordance with this Indenture after the date of this Indenture for such purpose; but excluding, in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)drawings under any Existing Indebtedness, including any revolving credit facility, subscription facility, credit line, or other lending arrangement entered into or committed by the Company or any Subsidiary thereof prior to the date of this Indenture, including the Capital One Revolving Financing, to the extent such drawings are made in the ordinary course of the Company's business and not for the primary purpose of funding a redemption of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any equity or capital contributions received by the Company pursuant to any Equity Transaction entered into in accordance with this Indenture after the date of this Indenture;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)proceeds from the issuance of any Equity Interests or any exchange or conversion of Equity Interests pursuant to any Equity Transaction entered into in accordance with this Indenture after the date of this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)cash generated in the ordinary course of the Company's business (including, without limitation, yield or repayment from Portfolio Investments, proceeds from Disposal Transactions entered into prior to the date of this Indenture or in accordance with this Indenture after the date of this Indenture, interest income, dividend income, yield payments, repayment or prepayment of principal from Portfolio Investments, return of capital distributions from Portfolio Investments, and proceeds from any other realization event in respect of Portfolio Investments).

"<u>Floating Interest Period</u>" means, with respect to any Security, each period from and including the Reset Date for such Security to but excluding the immediately subsequent Reset Date for such Security. Notwithstanding the foregoing, (a) the first Floating Interest Period shall begin on the date the Securities are issued and end on the first Interest Payment Date and (b) the final Floating Interest Period shall end on, and exclude the earlier of (x) the respective date on which the principal amount of the Securities are paid in full and (y) the Maturity for such Security.

"<u>Floating Interest Rate Determination Date</u>" means, with respect to any Security, the first day of the applicable Floating Interest Period.

"<u>Floor</u>" means zero percent (0.00%).

"<u>GAAP</u>" means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.

"Holder" means the Person in whose name a Security is registered in the Security Register.

"<u>ICAP</u>" means Investcorp Capital PLC, a company established under the laws of the Abu Dhabi Global Market in the United Arab Emirates, having its registered office at 1137 Register 17, 17, Al Maqam Tower, Abu Dhabi Global Market Square Al Maryah Island, Abu Dhabi, United Arab Emirates and registered with the Abu Dhabi Global Market Registration Authority under number 000009782.

"<u>Indebtedness</u>" means, in respect of the Company or any of its Subsidiaries, any indebtedness for or in respect of: (a) moneys borrowed; (b) any amount raised by acceptance under any acceptance credit facility or dematerialized equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with the Company or the relevant Subsidiary's accounting principles applied consistently with past practice, be treated as a balance sheet liability; (e) receivables sold or

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discounted (other than any receivables to the extent they are sold on a non-recourse basis); (f) the deferred purchase price of property or services (including any forward sale or purchase agreement) having the commercial effect of a borrowing; (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account); (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution in respect of any person's indebtedness for any of the items referred to in paragraphs (a) to (g) above; and (i) (without double counting) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above.

"<u>Indenture</u>" means this Indenture as it may from time to time be supplemented or amended pursuant to the terms of this Indenture.

<u>"Interest"</u> and "interest" includes Additional Amounts payable in respect of the Securities.

"<u>Interest Payment Date</u>" shall mean the last Business Day of each calendar quarter, commencing June 30, 2026.

"<u>Investcorp Affiliate</u>" means (i) each Affiliate of Investcorp Holdings, (ii) IHL and each Affiliate thereof, and (iii) ICAP and each Affiliate thereof, in each case from time to time.

"<u>Investcorp Holdings</u>" means Investcorp Holdings B.S.C. (Closed), a closed joint stock company duly established in the Kingdom of Bahrain under commercial registration number 12411, with its registered office at Flat 61, Building 499, Road 1706, Block 317, Diplomatic Area, PO Box 5340, Manama, Bahrain.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations promulgated thereunder, to the extent applicable, and any statute successor thereto.

"<u>ISDA Definitions</u>" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto or any successor definitional booklet for interest rate derivatives published from time to time.

"<u>ISDA Fallback Adjustment</u>" means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.

"<u>ISDA Fallback Rate</u>" means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

"<u>Margin</u>" means 5.50 per cent. per annum.

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"<u>Maturity</u>" means the earlier of (i) July 1, 2029 or (ii) the date the principal of such Security or an installment of principal becomes due and payable as herein provided, by declaration of acceleration, notice of redemption, notice of option to elect repayment, notice of exchange or otherwise.

"<u>Minimum Return</u>" has the meaning provided in Section 11.01.

"<u>Minimum Return Payment</u>" has the meaning provided in Section 11.01.

"<u>Notice of Default</u>" has the meaning provided in Section 5.01.

"<u>Officers' Certificate</u>" means a certificate signed by the Chief Executive Officer, President or a Vice President of the Company, and by the Chief Financial Officer, Chief Operating Officer, Chief Compliance Officer, Secretary or an Assistant Secretary of the Company, and delivered to the Agent.

"<u>Opinion of Counsel</u>" means a written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company and who shall be reasonably satisfactory to the Agent.

"<u>Outstanding</u>", when used with respect to Securities, means, as of the date of determination, all Securities, theretofore authenticated and delivered under this Indenture, <u>except:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Securities theretofore cancelled by the Agent or delivered to the Agent for cancellation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Securities which have been paid pursuant to Section 3.07 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Agent proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Company; <u>provided</u>, <u>however</u>, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Agent shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination as to the presence of a quorum, only Securities which a Responsible Officer of the Agent actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Agent the pledgee's right so to act with respect to such Securities and that the pledgee is not the

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Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

"<u>Paying Agent</u>" means any Person authorized by the Company to pay the principal of (or premium, if any) or interest, if any, on any Securities on behalf of the Company.

"<u>Permitted Holders</u>" means (i) the Company, (ii) one or more of the Company's Controlled Subsidiaries or (iii) one or more Investcorp Affiliates.

"<u>Permitted Indebtedness</u>" means: (i) Indebtedness under the Securities; (ii) unsecured Indebtedness incurred by the Company or any Controlled Subsidiary in the ordinary course of business for administrative, operational or tax purposes, in an aggregate outstanding principal amount not exceeding $10 million at any time; (iii) Indebtedness arising under cash-management, netting, settlement, custody or deposit arrangements entered into in the ordinary course of business; (iv) Indebtedness consisting of guarantees by the Company or any Subsidiary of obligations that constitute Permitted Indebtedness; (v) Indebtedness in respect of taxes, assessments, governmental charges or claims being contested in good faith and by appropriate proceedings; (vi) Indebtedness arising by operation of law in the ordinary course of business, including mechanics', suppliers', judgment or similar obligations; (vii) Existing Indebtedness (including, for the avoidance of doubt, any drawings, rollovers, extensions or renewals, in each case to the extent permitted by this Indenture); and (viii) any other Indebtedness expressly approved in writing by the Required Holders.

"<u>Permitted Security Interest</u>" means (i) Security Interests securing obligations that constitute Permitted Indebtedness, but only to the extent expressly consented to in writing by the Required Holders; (ii) Security Interests arising solely by operation of law in the ordinary course of business and securing obligations that are not overdue for more than thirty (30) days or are being contested in good faith by appropriate proceedings; (iii) Security Interests on cash or Cash Equivalents in connection with customary cash-management, netting, clearing, custody, settlement or deposit account arrangements entered into in the ordinary course of business; (iv) Security Interests securing obligations in respect of taxes, assessments, governmental charges or claims not yet due or which are being contested in good faith by appropriate proceedings; (v) Security Interests securing judgments that do not constitute an Event of Default and are being contested in good faith by appropriate proceedings; (vi) Security Interests arising pursuant to and in accordance with the terms of the Capital One Revolving Facility; and (vii) any other Security Interest approved in writing by the Required Holders.

"<u>Person</u>" means any individual, corporation, partnership, joint venture, association, jointstock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof, or any other entity.

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"<u>Place of Payment</u>", when used with respect to the Securities, means the place or places where the principal of (and premium, if any) and interest, if any, on such Securities are payable as specified and as contemplated by Sections 3.01 and 10.02.

"<u>Portfolio Investments</u>" means any debt, equity, or other investment held by the Company and/or any of its Subsidiaries (other than cash, cash equivalents, and money market instruments held in the ordinary course of treasury management), including, without limitation: (i) any loan, note, bond, debenture, or other debt instrument; (ii) any share, membership interest, partnership interest, or other equity interest; (iii) any warrant, option, or other right to acquire any of the foregoing; and (iv) any other investment held in the ordinary course of the Company's business as a business development company regulated under the Investment Company Act, in each case, as reflected in the Company's most recent annual report and quarterly report filed with the Commission prior to the relevant date of determination;

"<u>Predecessor Security</u>" of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.07 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

"<u>Qualified Institutional Buyer</u>" has the meaning set forth in Rule 144A under the Exchange Act.

"<u>Redemption Date</u>", when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

"<u>Redemption Price</u>", when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

"<u>Reference Time</u>" with respect to any determination of the Benchmark means (1) if such Benchmark is Term SOFR, 5:00 a.m. (Chicago time) on the day that is two Business Days preceding the date of such setting, and (2) if the Benchmark is not based on SOFR, the time determined by the Company in accordance with the Benchmark Replacement Conforming Changes.

"Registered Security" means any Security that is registered in the Security Register.

"<u>Regular Record Date</u>" for the interest payable on any Interest Payment Date on the Registered Securities means the date specified for that purpose as contemplated by Section 3.01, whether or not a Business Day.

"<u>Relevant Governmental Body</u>" means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York (the "FRBNY"), or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the FRBNY, or any successor thereto.

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"<u>Required Holders</u>" means at any time on or after the date of issuance and sale of the Securities pursuant to this Indenture, the holders of greater than 50% in principal amount of the Securities at the time Outstanding (exclusive of Securities then owned by the Company or, when Investcorp Affiliates have ceased to be the holders of greater than 50% in principal amount of the Securities at the time Outstanding, any of the Company's Affiliates).

"<u>Repo</u>" means a securities repurchase or resale agreement or reverse repurchase or resale agreement, a securities borrowing agreement, or any agreement relating to securities which is similar in effect to any of the foregoing, and for the purposes of this definition, the term "securities" shall mean any capital stock, share, debenture or other debt or equity instrument, whether issued by any private or public company, any government or agency or instrumentality thereof or any supranational, international or multilateral institution or organization.

"<u>Reset Date</u>" means, with respect to any Security, the last business day of each fiscal quarter, commencing June 30, 2026.

"<u>Responsible Officer</u>", when used with respect to the Agent, means any officer of the Agent assigned by the Agent to administer its corporate matters and who shall have direct responsibility for the administration of this Indenture.

"<u>Security</u>" or "<u>Securities</u>" has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities delivered under this Indenture.

"<u>Security Interest</u>" means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect but, for the avoidance of doubt, excludes any Repo.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and any statute successor thereto.

"<u>Security Register</u>" and "<u>Security Registrar</u>" have the respective meanings specified in Section 3.05.

"<u>Significant Subsidiary</u>" means any Subsidiary that would be a "significant subsidiary" as defined in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act, as such regulation is in effect on the date of this Indenture (but excluding any Subsidiary which is (a) a non-recourse or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with the Company for purposes of GAAP).

"<u>SOFR</u>" means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator's Website.

<u>"SOFR Administrator"</u> means the FRBNY (or a successor administrator of SOFR).

"<u>SOFR Administrator's Website</u>" means the website of the FRBNY, currently at http://www.newyorkfed.org, or any successor source.

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"<u>Special Record Date</u>" for the payment of any Defaulted Interest on the Registered Securities means a date fixed by the Agent pursuant to Section 3.08.

"<u>Specified Transaction</u>" means [\*\*\*].

"<u>Subsidiary</u>" means (1) any corporation a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries of the Company, (2) any other Person (other than a corporation) in which such Person, one or more Subsidiaries of such Person, or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof has a majority ownership interest, (3) a partnership in which such Person or a Subsidiary of such Person is, at the time, a general partner and in which such Person, directly or indirectly, at the date of determination thereof has a majority ownership interest, or (4) with respect to the Company, any Person directly or indirectly controlled by the Company. For the purposes of this definition, (a) "voting stock" means stock having voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency, and (b) "control", when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the term "controlled" shall have the meaning correlative to the foregoing. In addition, for purposes of this definition, 'Subsidiary' shall exclude any investments held by the Company in the ordinary course of business which are not, under GAAP, consolidated on the financial statements of the Company and its Subsidiaries.

"<u>Term SOFR</u>" means, for any calculation with respect to a Security for any Floating Interest Period, the TSFR3M Index Screen Rate for the first day of such Floating Interest Period.

"<u>TSFR3M Index Screen Rate</u>" means the TSFR3M Index Screen Rate (as provided by the CME Group Benchmark Administration Limited or any successor administrator or service) as displayed on Bloomberg Financial Markets.

"<u>United States</u>" means the United States of America (including the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.

"<u>United States Person</u>" means any individual who is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia (other than a partnership that is not treated as a United States Person under any applicable Treasury regulations), any estate the income of which is subject to United States federal income taxation regardless of its source, or any trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States Persons have the authority to control all substantial decisions of the trust. Notwithstanding the preceding sentence, to the extent provided in the Treasury regulations, certain trusts in existence on August 20, 1996, and treated as United States Persons prior to such date that elect to continue to be treated as United States Persons, will also be United States Persons.

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"<u>Unadjusted Benchmark Replacement</u>" means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

"<u>Unrestricted Cash</u>" means, as of the date of the relevant determination, the aggregate amount of cash and cash equivalents (including, without limitation, immediately available deposits and money market funds) of the Company and its Subsidiaries, less the aggregate amount of cash and cash equivalents that: (a) are subject to any Security Interest (other than a Permitted Security Interest), escrow, trust, reserve, retention or similar arrangement in favor of any third party (including any lender, counterparty, governmental authority or customer); (b) are subject to legal, contractual or regulatory restrictions (including restriction under applicable law, regulation, court order, agreement or organizational document or restrictions pursuant to the terms of any Existing Indebtedness) on their use for payments pursuant to this Indenture; (c) are required to be maintained for operational, insurance, tax, pension, payroll or similar purposes in the ordinary course of business, as reasonably determined by the Company or the relevant Subsidiary (but excluding, for the avoidance of doubt, any amounts of cash comprising working capital); (d) constitute cash collateral posted in respect of Existing Indebtedness comprising letters of credit, bank guarantees, hedging obligations, performance bonds or similar instruments; (e) may not be repatriated from a particular jurisdiction due to currency controls, restrictions on upstreaming or similar limitations on repatriation (in each case other than customary delays or de minimis restrictions); or (f) represent deferred revenue or other amounts held for the account of third parties.

"<u>U.S. Government Securities Business Day</u>" means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association or any successor organization recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

"<u>Voting Stock</u>" as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

**Section 1.02. Compliance Certificates and Opinions.** 

Upon any application or request by the Company to the Agent to take any action under any provision of this Indenture, the Company shall furnish to the Agent an Officers' Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

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Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 10.05) shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable such individual to express an informed opinion as to whether or not such condition or covenant has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

**Section 1.03. Form of Documents Delivered to Agent.** 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion as to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate or representations may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information as to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations as to such matters are erroneous.

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

**Section 1.04. Acts of Holders.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of the Outstanding Securities, may be embodied in and evidenced by one or more instruments of substantially

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similar tenor signed by such Holders in person or by agents duly appointed in writing. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities may, alternatively, be embodied in and evidenced by the record of Holders of Securities voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities duly called and held in accordance with the provisions of Article Twelve, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Agent and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Agent and the Company and any agent of the Agent or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 12.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing or the authority of the Person executing the same may also be proved in any other reasonable manner that the Agent deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The ownership of Registered Securities shall be proved by the Security Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and

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for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Agent, any Security Registrar or the Company in reliance thereon, whether or not notation of such action is made upon such Security.

**Section 1.05. Directions and Consents of Required Holders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any consent, approval, waiver, direction or instruction that, pursuant to this Indenture, may be provided by, or any consultation (including, without limitation, take into account the relevant Person's views and recommendations with respect to the relevant subject matter) that, pursuant to this Indenture, is required to be entered into with, the Required Holders may be provided by or entered into with (as applicable) (a) the Required Holders, or (b) any Person designated in writing by the Required Holders for such purpose (a "Required Holder Nominee"), and each reference in each such context in this Indenture to "the Required Holders" shall be interpreted as a reference to "the Required Holders or any Required Holder Nominee". As of the date hereof, it is acknowledged and agreed that Investcorp S.A. and each of its directors has been designated as a Required Holder Nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company and the Agent may rely conclusively on any consent, approval, waiver, direction or instruction delivered by, and any consultation entered into with, a Required Holder Nominee unless and until written notice of revocation of such designation is received from the Required Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Where this Indenture requires the Company to consult with, or take into account the views of, the Required Holders or any Required Holder Nominee, the Company shall act in good faith in doing so, but neither the Company nor any member of the Board of Directors shall be required to act inconsistently with applicable law (including, without limitation, the Investment Company Act) and/or, in the case of each member of the Board of Directors, any of their respective fiduciary duties.

**Section 1.06. Notices, Etc., to Agent and Company.** 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Agent by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished, filed or mailed, first-class postage prepaid in

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writing to or with the Agent at its Corporate Office, Attention: Investcorp Credit Management BDC, Inc. or at any other address previously furnished in writing to the Company by the Agent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Company by the Agent or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this Indenture, to the attention of its Secretary or at any other address previously furnished in writing to the Agent by the Company.

**Section 1.07. Notice to Holders; Waiver.** 

Where this Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Agent, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders of Registered Securities. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice.

If by reason of the suspension of or irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification to Holders of Registered Securities as shall be made with the approval of the Agent shall constitute a sufficient notification to such Holders for every purpose hereunder.

Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication.

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Agent, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

**Section 1.08. Effect of Headings and **Table of Contents**.** 

The Article and Section headings herein and the **Table of Contents** are for convenience only and shall not affect the construction hereof.

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**Section 1.09. Successors and Assigns.** 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

**Section 1.10. Separability Clause.** 

In case any provision in this Indenture or in any Security shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

**Section 1.11. Benefits of Indenture.** 

Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture.

**Section 1.12. Governing Law.** 

This Indenture and the Securities shall be governed by and construed in accordance with the law of the State of New York without regard to principles of conflicts of laws.

**Section 1.13. Legal Holidays.** 

In any case where any Interest Payment Date, Redemption Date, or Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security other than a provision in the Securities which specifically states that such provision shall apply in lieu of this Section), payment of principal (or premium, if any) or interest, if any, need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date, or at the Maturity; <u>provided</u> that no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, or Maturity, as the case may be.

**Section 1.14. Submission to Jurisdiction.** 

The Company hereby irrevocably submits to the non-exclusive jurisdiction of any New York state or federal court sitting in The City of New York in any action or proceeding arising out of or relating to the Indenture and the Securities, and the Company hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York state or federal court. The Company hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.

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**ARTICLE TWO** 

# SECURITIES FORMS
**Section 2.01. Forms of Securities.** 

The Registered Securities shall be in substantially the form of Exhibit A in accordance with Section 3.01, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto, or to conform to usage.

**Section 2.02. Form of Agent's Certificate of Authentication.** 

Subject to Section 6.09, the Agent's certificate of authentication shall be in substantially the following form:

This is one of the Securities designated therein referred to in the within-mentioned Indenture.

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| |
|:---|
| Investcorp Capital PLC, as Agent  |
| By  |
| Authorized Officer  |

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**ARTICLE THREE** 

**THE SECURITIES** 

**Section 3.01. Terms of the Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The aggregate principal amount of the Securities that may be authenticated and delivered under the Indenture shall be $65,000,000. No Securities may be issued by the Company pursuant to this Indenture after March 30, 2026 (except for Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Securities pursuant to Sections 3.05 or 3.07 hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The entire Outstanding principal amount of the Securities shall be payable on July 1, 2029, unless earlier redeemed or repurchased in accordance with the provisions of this Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The rate at which the Securities shall bear interest shall be at a floating rate equal to the Adjusted SOFR Rate from time to time applicable to the Securities, except if any Event of Default occurs, the Securities shall bear interest from and after such date at a rate of 10.0% per annum upon the earlier of (a) notice of such Event of Default by the Agent to the Company, and (b) the occurrence of an Event of Default under subsection (a), (b), (d) or (e) of Section 5.01. The date from which interest shall accrue on the Securities shall be April 1, 2026, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Securities shall be the last business day of each fiscal quarter, commencing June 30, 2026; the initial interest period will be the period from the date that the Securities are issued to and including June 29, 2026, and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be March 15, June 15, September 15 and December 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Securities will be made to each Holder by wire transfer of immediately available funds to an account at a bank designated by such Holder (upon not less than 15 Business Days' notice prior to the time of payment). Interest on the Securities will be computed on the basis of a 360-day year of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For each Floating Interest Period, the Adjusted SOFR Rate applicable to the Securities shall be determined by the Adviser on the Floating Interest Rate Determination Date, and notice of the Adjusted SOFR Rate shall be given to the Holders of the Securities on such day, together with a copy of the relevant screen used for the determination of SOFR, a calculation of the Adjusted SOFR Rate for such Floating Interest Period in reasonable detail, the number of days in such Floating Interest Period and the date on which interest for such Floating Interest Period will be paid in accordance with Section 3.01(b) hereof. In the event that the Holders of not less than a majority in aggregate principal amount of all Outstanding Securities (the "Required Holders") do not concur with any such determination by the Adviser, within ten (10) Business Days after receipt by the holders of a notice delivered by the Adviser pursuant to the immediately preceding sentence, such holders shall provide notice to the Company, together with a copy of the relevant screen used for the determination of SOFR, a calculation of the Adjusted SOFR Rate for such Floating Interest Period in reasonable detail, the number of days in such Floating Interest Period, the date on which interest for such Floating Interest Period will be paid in accordance with Section 3.01(b) hereof and the amount of interest to be paid to each holder of Securities on such date, and any such determination made in accordance with the provisions of this Agreement by the Required Holders shall be binding upon the Company absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Agent's certificate of authentication on the Securities shall be substantially in the form in Section 2.02 hereto. Each Security shall represent the aggregate amount of the Outstanding Securities as shall be specified therein and that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Security to reflect the amount of any

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increase or decrease in the amount of Outstanding Securities represented thereby shall be made by the Agent or the Security Registrar, in accordance with Section 3.05 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Securities shall be issuable and may be transferred in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Holders of the Securities will not have the option to have the Securities repaid prior to the Maturity.

**Section 3.02. Benchmark Replacement.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Benchmark.* Notwithstanding anything to the contrary herein, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then, such Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Benchmark Replacement Conforming Changes.* In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Company, with the consent of the Required Holders, will have the right to make Benchmark Replacement Conforming Changes with respect to such Benchmark Replacement from time to time and, notwithstanding anything to the contrary herein, any amendments implementing such conforming changes with respect to such Benchmark Replacement will become effective with respect to the Securities with the consent of the Required Holders; <u>provided</u> that the Required Holders shall be deemed to have consented to any such Benchmark Replacement Conforming Changes unless they shall object thereto by written notice to the Company within ten (10) Business Days after having received notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Notices; Standards for Decisions and Determinations.* The Company will promptly notify the Holders in writing of (i) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, and (iii) the effectiveness of any Benchmark Replacement Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. Any determination, decision or election that may be made by the Company pursuant to this Section 3.02(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will become effective with respect to the Securities with the consent of the Required Holders; <u>provided</u> that the Required Holders shall be deemed to have consented to any such determination, decision or election unless they shall object thereto by written notice to the Company within ten (10) Business Days after having received notice thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Unavailability of Tenor of Benchmark*. Notwithstanding anything to the contrary herein or in any other document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Company in its reasonable discretion, or (B) the administration of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Company, with the consent of the Required Holders, may modify the definition of "Floating Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor; <u>provided</u> that the Required Holders shall be deemed to have consented to any such modification unless they shall object thereto by written notice to the Company within ten (10) Business Days after having received notice thereof; and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Company, with the consent of the Required Holders, may modify the definition of "Floating Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor; <u>provided</u> that the Required Holders shall be deemed to have consented to any such modification unless they shall object thereto by written notice to the Company within ten (10) Business Days after having received notice thereof .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Rates*. The Company does not warrant or accept responsibility for, and shall have no liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to SOFR, Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, SOFR, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Company may select information sources or services in their reasonable discretion to ascertain SOFR, Term SOFR or any other Benchmark, in each case pursuant to the terms of this Indenture, and shall have no liability to the Purchaser, any holder of Securities or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

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**Section 3.03. Execution, Authentication, Delivery and Dating**.

The Securities shall be executed on behalf of the Company by its Chief Executive Officer, its President, its Chief Operating Officer, its Chief Financial Officer, or any of its Vice Presidents and attested by its Secretary or any of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or electronic (with original manual signature to be sent to the Agent as promptly as practicable thereafter) signatures of the present or any future such authorized officer and may be imprinted or otherwise reproduced on the Securities.

Securities bearing the manual or electronic signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.

**Section 3.04. [Reserved.]** 

**Section 3.05. Registration, Registration of Transfer and Exchange.** 

The Company shall cause to be kept at the Corporate Office of the Agent or in any office or agency of the Company in a Place of Payment a register of Securities (the registers maintained in such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively as the "Security Register") in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be in written form or any other form capable of being converted into written form within a reasonable time. The Agent, at its Corporate Office, is hereby initially appointed "Security Registrar" for the purpose of registering Registered Securities and transfers of Registered Securities on such Security Register as herein provided, and for facilitating exchanges of temporary Securities for permanent Securities, as herein provided. In the event that the Agent shall cease to be Security Registrar, it shall have the right to examine the Security Register at all reasonable times.

Upon surrender for registration of transfer of any Registered Security at any office or agency of the Company in a Place of Payment, the Company shall execute, and the Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities, of any authorized denominations and of a like aggregate principal amount, bearing a number not contemporaneously outstanding and containing identical terms and provisions.

At the option of the Holder, Registered Securities may be exchanged for other Registered Securities, of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the Registered Securities to be exchanged at any such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and the Agent shall authenticate and deliver, the Registered Securities that the Holder making the exchange is entitled to receive.

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Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Agent shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive.

All Securities issued upon any registration of transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

Every Registered Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar or any transfer agent) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney or any transfer agent duly authorized in writing.

No service charge shall be made for any registration of transfer or exchange of Securities, but the Company or the Agent may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities.

The Company shall not be required (i) to register the transfer of or exchange any Registered Security selected for redemption or (iii) to issue, register the transfer of or exchange any Security that has been surrendered for repayment at the option of the Holder.

**Section 3.06. Representations and Warranties** 

Each Holder (including subsequent transferees) of the Securities (including any beneficial or economic interest therein) will be required to represent, warrant, acknowledge and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Holder is either (A) an Accredited Investor, (B) a Qualified Institutional Buyer, is aware that the offer and sale to it may be made in reliance on Rule 144A or another exemption from registration under the Securities Act and is acquiring the Securities for its own account or for the account of a Qualified Institutional Buyer, not with a view to, or for offer or sale in connection with, any distribution of Securities in violation of the Securities Act or (C) not a United States Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Holder understands that the Securities are being offered in a transaction not involving any public offering in the United States or elsewhere within the meaning of the Securities Act, that the Securities have not been and will not be registered under the Securities Act and that if in the future it decides to offer, resell, pledge or otherwise transfer any of the Securities, such Securities may not be offered, resold, pledged or otherwise transferred except pursuant to an exemption from registration. Notwithstanding the availability of an exemption from the registration requirements under the Securities Act, the Securities may be offered, resold, pledged or otherwise transferred only (A)(i) to the Company or (ii) to a person that is either (x) an Accredited Investor , (y) a Qualified Institutional Buyer acquiring the Securities for its own account or the account of a person that is a Qualified Institutional Buyer, in a transaction meeting

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the requirements of Rule 144A or another exemption from registration under the Securities Act or (z) not a United States Person, (B) in accordance with any applicable securities laws of any State of the United States and other jurisdictions and (C) subject to and in accordance with the terms and conditions set forth in this Indenture. In connection with any transfer of the Securities pursuant to clause (A) above, the Holder will furnish to the Company, prior to such transfer, such certifications, legal opinions or other information as the Company may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Holder and each account for which it is purchasing or otherwise acquiring the Securities will purchase, hold or transfer at least the minimum denomination of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Holder understands that the Securities will, unless otherwise agreed by the Company and the holder thereof, bear a legend substantially to the effect included in the form of Securities attached as <u>Exhibit A</u> hereto.

**Section 3.07. Mutilated, Destroyed, Lost and Stolen Securities.** 

If any mutilated Security is surrendered to the Agent or the Company, together with, in proper cases, such security or indemnity as may be required by the Company or the Agent to save each of them or any agent of either of them harmless, the Company shall execute and the Agent shall authenticate and deliver in exchange therefor a new Security and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding.

If there shall be delivered to the Company and to the Agent (i) evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Agent that such Security has been acquired by a protected purchaser, the Company shall, subject to the following paragraph, execute and upon its request the Agent shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding.

Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

Upon the issuance of any new Security under this Section, the Company, the Paying Agent, or the Security Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Agent, the Paying Agent, or the Security Registrar) connected therewith.

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Every new Security issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities duly issued hereunder.

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

**Section 3.08. Payment of Interest; Interest Rights Preserved.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Interest, if any, on any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest by wire transfer of immediately available funds to an account maintained by such Holder.

Any interest on any Registered Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called "Defaulted Interest") shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify each Holder in writing of the amount of Defaulted Interest proposed to be paid on each Registered Security and the date of the proposed payment (which shall not be less than 20 days after such notice is received by such Holder), and at the same time the Company shall pay each Holder an amount of money in Dollars in which the Securities are payable equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to such Holder for such deposit on or prior to the date of the proposed payment. Thereupon the Agent shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Holders of the notice of the proposed payment. The Agent shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Registered Securities at his address as it appears in the Security Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Registered Securities (or their respective Predecessor Securities) are registered at the close of business

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on such Special Record Date and shall no longer be payable pursuant to the following clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company may make payment of any Defaulted Interest on the Registered Securities in any other lawful manner, if, after notice given by the Company to the Holders of the proposed payment pursuant to this clause.

Subject to the foregoing provisions of this Section and Section 3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.

**Section 3.09. Persons Deemed Owners.** 

Prior to due presentment of a Registered Security for registration of transfer, the Company, the Agent and any agent of the Company or the Agent shall treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 3.05 and 3.08) interest, if any, on such Registered Security and for all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Agent nor any agent of the Company or the Agent shall be affected by notice to the contrary.

**Section 3.10. Cancellation.** 

All Securities surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than the Agent, be delivered to the Agent, and any such Securities surrendered directly to the Agent for any such purpose shall be promptly cancelled by the Agent. The Company may at any time deliver to the Agent for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Agent (or to any other Person for delivery to the Agent) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Agent. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Agent for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. Cancelled Securities held by the Agent shall be destroyed by the Agent in accordance with its customary procedures, unless by a Company Order the Company directs the Agent to deliver a certificate of such destruction to the Company or to return them to the Company.

**Section 3.11. Computation of Interest.** 

Interest on the Securities shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

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**Section 3.12. Currency and Manner of Payments in Respect of Securities.** 

Payment of the principal of (and premium, if any, on) and interest, if any, on any Registered Security will be made in Dollars.

**Section 3.13. CUSIP Numbers.** 

The Company in issuing the Securities may use "CUSIP" numbers (if then generally in use), and, if so, the Agent shall indicate the respective "CUSIP" numbers of the Securities in notices of redemption as a convenience to Holders; <u>provided</u> that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall advise the Agent as promptly as practicable in writing of any change in the CUSIP numbers.

**ARTICLE FOUR** 

# SATISFACTION AND DISCHARGE
**Section 4.01. Satisfaction and Discharge of Indenture.** 

Except as set forth below, this Indenture shall upon Company Request cease to be of further effect with respect to Securities specified in such Company Request (except as to any surviving rights of registration of transfer or exchange of Securities expressly provided for herein or pursuant hereto, any surviving rights of tender for repayment at the option of the Holders and any right to receive Additional Amounts, as provided in Section 10.04), and the Agent, upon receipt of a Company Order, and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture when

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.07 and (ii) Securities for whose payment money has theretofore been deposited in trust with the Agent or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Agent for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)all Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)have become due and payable, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Agent for the giving of notice of redemption by the Agent in the name, and at the expense, of the Company,

and the Company, in the case of (i) or (ii) above, has irrevocably deposited or caused to be deposited with the Agent as trust funds in trust for such purpose, solely for the benefit of the Holders, an amount in Dollars in which the Securities are payable, sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Agent for cancellation, for principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of Securities which have become due and payable) or to the Maturity or Redemption Date, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Company has irrevocably paid or caused to be irrevocably paid all other sums payable hereunder by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Company has delivered to the Agent an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Agent and any predecessor Agent under Section 6.06 and, if money shall have been deposited with the Agent pursuant to subclause (B) of clause (a) of this Section, the obligations of the Agent under Section 4.02 and the last paragraph of Section 10.03 shall survive any termination of this Indenture.

**Section 4.02. Application of Trust Funds.** 

Subject to the provisions of the last paragraph of Section 10.03, all money deposited with the Agent pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Agent may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest, if any, for whose payment such money has been deposited with or received by the Agent, but such money need not be segregated from other funds except to the extent required by law. In acting under this Indenture and in connection with the Securities, the Paying Agent shall act solely as an agent of the Company, and will not thereby assume any obligations towards or relationship of agency or trust for or with any Holder.

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**ARTICLE FIVE** 

# REMEDIES
**Section 5.01. Events of Default.** 

"Event of Default", wherever used herein with respect to Securities, means any one of the following events (whatever the reason for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)default in the payment of any interest upon any Security when such interest becomes due and payable, and continuance of such default for a period of 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)default in the payment of the principal of (or premium, if any, on) any Security when it becomes due and payable at its Maturity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)default in the performance, or breach, of any covenant or agreement of the Company in this Indenture with respect to any Security, and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Agent or to the Company and the Agent by the Holders of at least 50% in principal amount of the Outstanding Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Company, pursuant to or within the meaning of any Bankruptcy Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)commences a voluntary case or proceeding under any Bankruptcy Law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)consents to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition or answer or consent seeking reorganization or relief against it,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)consents to the entry of a decree or order for relief against it in an involuntary case or proceeding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)consents to the filing of such petition or to the appointment of or taking possession by a Custodian of the Company or for all or substantially all of its property, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)makes an assignment for the benefit of creditors, or admits in writing of its inability to pay its debts generally as they become due or takes any corporate action in furtherance of any such action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)is for relief against the Company in an involuntary case or proceeding, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)adjudges the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)appoints a Custodian of the Company or for all or substantially all of its property, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)orders the winding up or liquidation of the Company,

and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)if, pursuant to Sections 18(a)(1)(c)(ii) and 61 of the Investment Company Act, on the last business day of any calendar quarter the Securities shall have an asset coverage (as such term is used in the Investment Company Act) of less than 125.00 per centum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any other Event of Default provided with respect to Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)a Change of Control occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)default by the Company or any of its Significant Subsidiaries with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $25 million in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to the Company by the Agent or to the Company and the Agent by the Holders of at least 50% in aggregate principal amount of the Securities then Outstanding.

The term "Bankruptcy Law" means title 11, U.S. Code or any applicable federal or state bankruptcy, insolvency, reorganization or other similar law. The term "Custodian" means any custodian, receiver, trustee, assignee, liquidator, sequestrator or other similar official under any Bankruptcy Law.

**Section 5.02. Acceleration of Maturity; Rescission and Annulment.** 

If an Event of Default (other than an Event of Default under Section 5.01(d) or Section 5.01(e)) with respect to the Securities at the time Outstanding occurs and is continuing, then and in every such case the Agent or the Holders of not less than 50% in principal amount of the Outstanding Securities may (and the Agent shall at the written request of such Holders) declare the principal of all the Securities, together with any applicable redemption premium and all accrued

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and unpaid interest, to be due and payable immediately, by a notice in writing to the Company (and to the Agent if given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due and payable. If an Event of Default under Section 5.01(d) or Section 5.01(e) occurs, the entire principal amount of all the Securities, together with any application redemption premium and all accrued and unpaid interest, will automatically become due and immediately payable.

Any application by the Agent for written instructions from the requisite amount of Holders (as determined pursuant to this Indenture) may, at the option of the Agent, set forth in writing any action proposed to be taken or omitted by the Agent under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Agent shall not be liable for any action taken by, or omission of, the Agent in accordance with a proposal included in such application on or after the date specified in such application unless prior to taking any such action (or the effective date in the case of an omission), the Agent shall have received written instructions from the requisite amount of Holders (as determined pursuant to this Indenture) in response to such application specifying the action to be taken or omitted.

At any time after such a declaration of acceleration with respect to Securities has been made and before a judgment or decree for payment of the money due has been obtained by the Agent as hereinafter provided in this Article, the Holders of a majority in principal amount of the Outstanding Securities, by written notice to the Company and the Agent, may rescind and annul such declaration and its consequences if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Company has paid or deposited with the Agent a sum sufficient to pay in Dollars in which the Securities are payable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)all overdue installments of interest, if any, on all Outstanding Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the principal of (and premium, if any, on) all Outstanding Securities which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)to the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or provided for in such Securities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)all sums paid or advanced by the Agent hereunder and the reasonable compensation, expenses, disbursements and advances of the Agent, its agents and counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Events of Default with respect to Securities, other than the nonpayment of the principal of (or premium, if any) or interest on Securities that have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

No such rescission shall affect any subsequent default or impair any right consequent thereon.

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**Section 5.03. Collection of Indebtedness and Suits for Enforcement by Agent.** 

The Company covenants that if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)default is made in the payment of any installment of interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)default is made in the payment of the principal of (or premium, if any, on) any Security at its Maturity,

then the Company will, upon demand of the Agent, pay to the Holders of Securities, the whole amount then due and payable on such Securities for principal (and premium, if any) and interest, if any, with interest upon any overdue principal (and premium, if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest, if any, at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Agent and its agents and counsel, the Paying Agent, and the Security Registrar.

If the Company fails to pay such amounts forthwith upon such demand, the Agent, in its own name, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.

If an Event of Default with respect to Securities occurs and is continuing, the Agent may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities by such appropriate judicial proceedings as the Agent shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

**Section 5.04. Agent May File Proofs of Claim.** 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Agent (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Agent shall have made any demand on the Company for the payment of any overdue principal, premium or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to file and prove a claim for the whole amount of principal (and premium, if any) and interest, if any, owing and unpaid in respect of the Securities

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and to file such other papers or documents, and take such other actions, including serving on a committee of creditors, as may be necessary or advisable in order to have the claims of the Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Agent, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities to make such payments to the Agent, and in the event that the Agent shall consent to the making of such payments directly to the Holders, to pay to the Agent any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Agent and any predecessor Agent, their agents and counsel, and any other amounts due the Agent or any predecessor Agent under Section 6.06.

Subject to Article Eight and Section 9.02, nothing herein contained shall be deemed to authorize the Agent to authorize or consent to or accept or adopt on behalf of any Holder of a Security any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Agent to vote in respect of the claim of any Holder of a Security in any such proceeding.

**Section 5.05. Agent May Enforce Claims Without Possession of Securities.** 

All rights of action and claims under this Indenture or any of the Securities may be prosecuted and enforced by the Agent without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Agent shall be brought in its own name, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Agent, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

The Agent shall be entitled to participate, in its capacity as Agent, on behalf of (and at the request of) the Holders, as a member of any official committee of creditors in the matters it deems advisable.

**Section 5.06. Application of Money Collected.** 

Any money collected by the Agent pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Agent and, in case of the distribution of such money on account of principal (or premium, if any) or interest, if any, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

FIRST: To the payment of all amounts due the Agent and any predecessor Agent (in its capacity as Agent) under Section 6.06 and any other agent hereunder;

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SECOND: To the payment of the amounts then due and unpaid upon the Securities for principal (and premium, if any) and interest, if any, in respect of which or for the benefit of which such money has been collected, giving effect to, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities for principal (and premium, if any) and interest, if any, respectively; and

THIRD: To the payment of the remainder, if any, to the Company or any other Person or Persons entitled thereto.

**Section 5.07. Limitation on Suits.** 

No Holder of any Security shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)such Holder has previously given written notice to the Agent of a continuing Event of Default with respect to the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Holders of not less than 50% in principal amount of the Outstanding Securities shall have made written request to the Agent to institute proceedings in respect of such Event of Default in its own name as Agent hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)such Holder or Holders have offered to the Agent indemnity, security, or both, reasonably satisfactory to the Agent, against the costs, expenses and liabilities to be incurred in compliance with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Agent for 60 days after its receipt of such notice, request and offer of indemnity and/or security has failed to institute any such proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)no direction inconsistent with such written request has been given to the Agent during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities;

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

**Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest.** 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right which is absolute and unconditional to receive payment of the principal of (and premium, if any) and (subject to Sections 3.05 and 3.08) interest, if any, on such Security on the Maturity expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

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**Section 5.09. Restoration of Rights and Remedies.** 

If the Agent or any Holder of a Security has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Agent or to such Holder, then and in every such case the Company, the Agent and the Holders of Securities shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Agent and the Holders shall continue as though no such proceeding had been instituted.

**Section 5.10. Rights and Remedies Cumulative.** 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.07, no right or remedy herein conferred upon or reserved to the Agent or to the Holders of Securities is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

**Section 5.11. Delay or Omission Not Waiver.** 

No delay or omission of the Agent or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Agent or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Agent or by the Holders of Securities, as the case may be.

**Section 5.12. Control by Holders of Securities.** 

Subject to Section 6.02, the Holders of a majority in principal amount of the Outstanding Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Agent or exercising any trust or power conferred on the Agent with respect to the Securities, <u>provided</u> that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)such direction shall not be in conflict with any rule of law or with this Indenture,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Agent may take any other action deemed proper by the Agent that is not inconsistent with such direction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Agent need not take any action that might involve it in personal liability or be unjustly prejudicial to the Holders of Securities not consenting, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)prior to taking any such action hereunder, the Agent may demand security or indemnity reasonably satisfactory to it in accordance with Section 6.02.

**Section 5.13. Waiver of Past Defaults.** 

Subject to Section 5.02, the Holders of not less than a majority in principal amount of the Outstanding Securities may on behalf of the Holders of all the Securities waive any past default hereunder with respect to Securities and its consequences, except a default

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the payment of the principal of (or premium, if any) or interest, if any, on any Security, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security affected.

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

**Section 5.14. Waiver of Stay or Extension Laws.** 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Agent, but will suffer and permit the execution of every such power as though no such law had been enacted.

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**ARTICLE SIX** 

# THE AGENT
**Section 6.01. Notice of Defaults.** 

Within 90 days after the occurrence of any Default hereunder with respect to the Securities, the Agent shall transmit notice of such Default hereunder known to a Responsible Officer of the Agent, unless such Default shall have been cured or waived; <u>provided</u>, <u>however</u>, that, except in the case of a Default in the payment of the principal of (or premium, if any) or interest on any Security, the Agent shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Agent in good faith determines that the withholding of such notice is in the interest of the Holders of the Securities; and <u>provided</u> <u>further</u> that in the case of any Default or breach of the character specified in Section 5.01(4) with respect to the Securities, no such notice to Holders shall be given until at least 60 days after the occurrence thereof.

**Section 6.02. Certain Rights and Duties of Agent.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the time when the occurrence of an Event of Default becomes known to a Responsible Officer of the Agent and after the curing or waiving of all such Events of Default with respect to the Securities that may have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the duties and obligations of the Agent hereunder and with respect to the Securities shall be determined solely by the express provisions of this Indenture, and the Agent shall not be liable with respect to the Securities except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the absence of bad faith on the part of the Agent, the Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Agent and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Agent, the Agent shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If an Event of Default has occurred and is continuing, the Agent shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such person's own affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Agent shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers, unless it shall be proved that the Agent was negligent in ascertaining the pertinent facts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Agent may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than delivery of any Security, to the Agent for authentication and delivery pursuant to Section 3.03 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Whenever in the administration of this Indenture the Agent shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Agent (unless other evidence be herein specifically prescribed) may require and, in the absence of bad faith on its part, rely upon a Board Resolution, an Opinion of Counsel or an Officers' Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Agent may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Agent shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities pursuant to this Indenture, unless such Holders shall have offered to the Agent security or indemnity reasonably satisfactory to the Agent against the costs, expenses and liabilities (including the reasonable fees and expenses of its agents and counsel) which might be incurred by it in compliance with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, but the Agent, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Agent shall determine to make such further inquiry or investigation, it shall be entitled upon reasonable notice and at reasonable times during normal business hours to examine the books, records and premises of the Company, personally or by agent or attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Agent may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The Agent shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Agent has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Agent at the Corporate Office of the Agent, and such notice references the Securities and this Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)The rights, privileges, protections, immunities and benefits given to the Agent, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Agent in each of its capacities hereunder, and to each agent, custodian and other Person retained to act hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)The permissive rights of the Agent enumerated herein shall not be construed as duties and the Agent shall not be answerable for other than its own negligent action, its own negligent failure to act or its own willful misconduct with respect to such permissive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Agent shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority in principal amount of the Outstanding Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Agent, or exercising any trust or power conferred upon the Agent under this Indenture with respect to such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)The Agent shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)The Agent may request that the Company deliver an Officers' Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers' Certificate may be signed by any person authorized to sign an Officers' Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Anything in this Indenture notwithstanding, in no event shall the Agent be liable for special, indirect, punitive or consequential loss or damage of any kind (including, but not limited to, loss of profit) irrespective of whether the Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)The Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authorities and governmental action.

Every provision of this Indenture relating to the conduct of, or affecting the liability of, or affording protection to, the Agent shall be subject to the relevant provisions of this Section 6.02.

The Agent shall not be required to expend or risk its own funds, give any bond or surety in respect of the performance of its powers and duties hereunder, or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

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The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act) all financial institutions are required to obtain, verify, record and update information that identifies each person establishing a relationship or opening an account. The parties to this Indenture agree that they will provide to the Agent such information as it may request, from time to time, in order for the Agent to satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided.

**Section 6.03. Not Responsible for Recitals or Issuance of Securities.** 

The recitals contained herein and in the Securities, except the Agent's certificate of authentication, shall be taken as the statements of the Company, the Agent does not assume any responsibility for their correctness. The Agent makes no representations as to the validity or sufficiency of this Indenture or of the Securities, except that the Agent represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder, subject to the qualifications set forth therein. The Agent shall not be accountable for the use or application by the Company of Securities or the proceeds thereof.

**Section 6.04. May Hold Securities.** 

The Agent, any Paying Agent, Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company with the same rights it would have if it were not Agent, Paying Agent, Security Registrar or such other agent.

**Section 6.05. Money Held in Trust.** 

Money held by the Agent in trust hereunder need not be segregated from other funds except to the extent required by law. The Agent shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

**Section 6.06. Compensation and Reimbursement and Indemnification of Agent.** 

The Company agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To pay to the Agent or any predecessor Agent from time to time such compensation for all services rendered by it hereunder as has been agreed upon from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as otherwise expressly provided herein, to reimburse each of the Agent and any predecessor Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Agent or any predecessor Agent in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its

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agents, counsel, accountants and experts), except any such expense, disbursement or advance as may be attributable to its negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To indemnify each of the Agent or any predecessor Agent and their respective officers, directors, employees, representatives and agents, for, and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its own part, arising out of or in connection with its role as the Agent under this Indenture, including (i) the fees, costs and expenses (including, without limitation, reasonable fees and expenses of its agents, counsel, consultants, advisors, independent appraisers and auditors retained by Agent) (a) of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder (whether asserted by any Holder, the Company or otherwise), (b) of any amendments, modifications, consents and waivers to this Indenture (regardless of whether such amendments, modifications, consents or waivers become effective), and (ii) all reasonable and documented, out-of-pocket costs and expenses of Agent in connection with any workout, collection, bankruptcy, insolvency and other enforcement proceedings under this Indenture. The Agent shall notify the Company promptly of any third-party claim for which it may seek indemnity of which it has received written notice. Failure by the Agent to so notify the Company shall not relieve the Company of its obligations hereunder unless, and solely to the extent that, such failure materially prejudices the Company's defense of such claim. The Company shall defend the claim, with counsel reasonably satisfactory to the Agent, and the Agent shall provide reasonable cooperation at the Company's expense in the defense; provided that if the defendants in any such claim include both the Company and the Agent shall have concluded that there may be legal defenses available to it which are different from or additional to those available to the Company, or the Agent has concluded that there may be any other actual or potential conflicting interests between the Company and the Agent, the Agent shall have the right to select separate counsel and the Company shall be required to pay the reasonable fees and expenses of such separate counsel. Any settlement which affects the Agent may not be entered into without the written consent of the Agent, unless the Agent is given a full and unconditional release from liability with respect to the claims covered thereby and such settlement does not include a statement or admission of fault, culpability or failure to act by or on behalf of the Agent. Any settlement by the Agent which affects the Company may not be entered into without the written consent of the Company, unless such settlement does not include a statement or admission of fault, culpability or failure to act by or on behalf of the Company.

As security for the performance of the obligations of the Company under this Section, the Agent shall have a claim prior to the Securities upon all property and funds held or collected by the Agent as such, except funds held in trust for the payment of principal of (or premium, if any) or interest on particular Securities.

When the Agent incurs expenses or renders services after an Event of Default specified in Section 5.01 occurs, the expenses and compensation for such services are intended to constitute expenses of administration under Title 11, U.S. Code, or any similar Federal, State or analogous foreign law for the relief of debtors.

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The provisions of this Section 6.06 shall survive the resignation of the Agent and the satisfaction, termination or discharge of this Indenture.

**Section 6.07. Resignation; Appointment of Successor.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No resignation of the Agent and no appointment of a successor Agent pursuant to this Article shall become effective until the acceptance of appointment by the successor Agent in accordance with the applicable requirements of Section 6.08. All outstanding fees, expenses and indemnities of the Agent shall be satisfied by the Company upon resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Agent may at any time assign its rights, powers, privileges and duties hereunder at any time with respect to the Securities by giving written notice thereof to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company shall give notice of each resignation of the Agent with respect to the Securities and each appointment of a successor Agent with respect to the Securities in the manner provided for notices to the Holders of Securities in Section 1.07. Each notice shall include the name of the successor Agent with respect to the Securities and the address of its Corporate Office.

**Section 6.08. Acceptance of Appointment by Successor.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In case of the appointment hereunder of a successor Agent with respect to all Securities, every such successor Agent shall execute, acknowledge and deliver to the Company and to the retiring Agent an instrument accepting such appointment, and thereupon the resignation of the retiring Agent shall become effective and such successor Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Agent; but, on request of the Company or the successor Agent, such retiring Agent shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Agent all the rights, powers and trusts of the retiring Agent, and shall duly assign, transfer and deliver to such successor Agent all property and money held by such retiring Agent hereunder, subject nevertheless to its claim, if any, provided for in Section 6.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon request of any such successor Agent, the Company shall execute any and all instruments necessary to vest in and confirm to such successor Agent all such rights, powers and trusts referred to in paragraph (a) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No successor Agent shall accept its appointment unless at the time of such acceptance such successor Agent shall be qualified and eligible under this Article.

**Section 6.09. Merger, Conversion, Consolidation or Succession to Business.** 

Any corporation into which the Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate business of the Agent, shall be the successor of the Agent hereunder, <u>provided</u> such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Agent then in office, any successor by

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merger, conversion or consolidation to such authenticating Agent may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Agent had itself authenticated such Securities. In case any Securities shall not have been authenticated by such predecessor Agent, any such successor Agent may authenticate and deliver such Securities, in either its own name or that of its predecessor Agent, with the full force and effect which this Indenture provides for the certificate of authentication of the Agent; provided, however, that the right to adopt the certificate of authentication of any predecessor Agent or to authenticate Securities in the name of any predecessor Agent shall apply only to its successor or successors by merger, conversion or consolidation.

**ARTICLE SEVEN** 

# HOLDERS' LISTS AND REPORTS BY AGENT AND COMPANY
**Section 7.01. Company to Furnish Agent Names and Addresses of Holders.** 

The Company will furnish or cause to be furnished to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Quarterly, not later than March 15, June 15, September 15 and December 15 in each year, a list, in such form as the Agent may reasonably require, of the names and addresses of the Holders of Securities as of the preceding March 1, June 1, September 1, December 1 as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At such other times as the Agent may request in writing, within thirty (30) calendar days after receipt by the Company of any such request, a list of similar form and content as of a date not more than fifteen (15) calendar days prior to the time such list is furnished;

*Excluding* from any such list names and addresses received by the Agent in its capacity as Security Registrar.

**Section 7.02. Preservation of Information; Communications to Holders.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Agent shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Agent as provided in Section 7.01 and the names and addresses of Holders received by the Agent in its capacity as Security Registrar. The Agent may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Agent that neither the Company nor the Agent nor any Paying Agent nor any Security Registrar nor any agent of any of them shall be held accountable by reason of the disclosure of any information as to the names and addresses of the Holders of Securities, regardless of the source from which such information was derived, and that the Agent shall not be held accountable by reason of mailing any material pursuant to a request made.

**Section 7.03. [Reserved.]** 

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**ARTICLE EIGHT** 

# CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER
**Section 8.01. Company May Consolidate, Etc., Only on Certain Terms.** 

Without the prior written consent of the Required Holders, the Company shall not consolidate with or merge with or into any other Person, or convey or transfer all or substantially all of its properties and assets to any Person, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Company shall be the continuing entity, or the Person (if other than the Company) formed by such consolidation or into which the Company is merged or to which such conveyance or transfer is made expressly assumes, pursuant to a supplemental indenture executed and delivered to the Agent in form satisfactory to the Agent, the due and punctual payment of the principal of (and premium, if any) and interest on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Company has delivered to the Agent an Officers' Certificate and an Opinion of Counsel stating that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Section 8.01 and that all conditions precedent herein provided for relating to such transaction have been complied with.

For the avoidance of doubt, compliance with this Section 8.01 shall not relieve the Company of its obligations to comply with Section 8.03, and any transaction that results in a Change of Control shall also require compliance with Section 8.03.

The consent rights of the Required Holders set forth in this Section 8.01 are personal to the Investcorp Affiliates and shall not be transferable to, or exercisable by, any Person that is not an Investcorp Affiliate. Such consent rights shall automatically and immediately terminate, without any further action by any party, upon Investcorp Affiliates ceasing to hold, in the aggregate, greater than 50% in principal amount of the then Outstanding Securities.

**Section 8.02. Successor Person Substituted.** 

Upon any consolidation or merger, or any conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with Section 8.01, the successor entity formed by such consolidation or into which the Company is merged or the successor Person to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor had been named as the Company herein; and in the event of any such conveyance

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or transfer, the Company shall be discharged from all obligations and covenants under this Indenture and the Securities and may be dissolved and liquidated.

**Section 8.03. Change of Control** 

Other than with respect to the initial engagement of a single third-party financial advisor in connection with the Specified Transaction, prior to the commencement of any discussions and/or negotiations by the Company, by any of its Subsidiaries and/or by any Person(s) acting on behalf of the Company and/or any of its Subsidiaries, respectively with respect to a prospective Change of Control Transaction, the Company shall consult with the Required Holders and, acting in good faith, shall take into account their views and recommendations with respect to the commercial rationale, process, strategy and commercial terms proposed with respect to such prospective Change of Control Transaction.

Without the prior written consent of the Required Holders, the Company shall not, and shall procure that none of its Subsidiaries or any Person(s) acting on behalf of the Company and/or any of its Subsidiaries shall, with respect to a prospective Change of Control Transaction, (i) commence any process to engage, or engage, any third-party financial, legal, accounting or other professional advisor, or (ii) replace or terminate the engagement of any such advisor so engaged, except that the Company may, without such consent, effect the initial engagement of a single third-party financial advisor in connection with the Specified Transaction.

With respect to any prospective Change of Control Transaction with respect to which discussions and/or negotiations have commenced in accordance with this Section 8.03 and with respect to the Specified Transaction, the Company shall keep the Required Holders reasonably and promptly informed of the progress of, and of all material developments with respect to, such prospective Change of Control Transaction and shall, acting in good faith, take into account the views and recommendations of the Required Holders in connection therewith.

Without limiting the foregoing, without the prior written consent of the Required Holders, the Company shall not, and shall procure that none of its Subsidiaries or any Person(s) acting on behalf of the Company and/or any of its Subsidiaries shall, whether directly and/or indirectly, enter into, agree, implement or consummate any Change of Control Transaction.

The rights of the Required Holders set forth in this Section 8.03 (including, without limitation, any rights to consultation, information, input, consent or approval) and the corresponding obligations of the Company, are personal to the Investcorp Affiliates and shall not be transferable to, or exercisable by, any Person that is not an Investcorp Affiliate. All such rights and obligations shall automatically and immediately terminate, without any further action by any party, upon Investcorp Affiliates ceasing to hold, in the aggregate, greater than 50% in principal amount of the then Outstanding Securities.

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**ARTICLE NINE** 

# SUPPLEMENTAL INDENTURES
**Section 9.01. Supplemental Indentures Without Consent of Holders.** 

Without the consent of any Holders of Securities, the Company, when authorized by or pursuant to a Board Resolution, and the Agent, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Agent, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities contained; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to add to the covenants of the Company for the benefit of the Holders of all or any Securities or to surrender any right or power herein conferred upon the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)to add any additional Events of Default for the benefit of the Holders of all or any Securities; <u>provided</u>, <u>however</u>, that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Agent upon such default or may limit the right of the Holders to which such additional Events of Default apply to waive such default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)to secure the Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)to evidence and provide for the acceptance of appointment hereunder by a successor Agent with respect to the Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; <u>provided</u> that such action shall not adversely affect the interests of the Holders of Securities in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the discharge of Securities pursuant to Section 4.01; <u>provided</u> that any such action shall not adversely affect the interests of the Holders of Securities in any material respect.

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**Section 9.02. Supplemental Indentures with Consent of Holders.** 

With the consent of the Holders of not less than a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Agent, the Company, when authorized by or pursuant to a Board Resolution, and the Agent may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture that affects Securities or of modifying in any manner the rights of the Holders of Securities under this Indenture; <u>provided</u>, <u>however</u>, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)change the Maturity of the principal of (or premium, if any) or any installment of principal of or interest on, any Security; or reduce the principal amount thereof or the rate of interest (or change the manner of calculating the rate of interest, thereon, or any premium payable upon the redemption thereof, or change any obligation of the Company to pay Additional Amounts pursuant to Section 10.04 (except as contemplated by Section 8.01(a) and permitted by Section 901(a)), or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Maturity thereof (or, in the case of redemption or repayment at the option of the Holder, on or after the Redemption Date), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)reduce the percentage in principal amount of the Outstanding Securities, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such Securities (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements of Section 12.04 for quorum or voting, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)modify any of the provisions of this Section or Section 5.13, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; <u>provided</u>, <u>however</u>, that this clause shall not be deemed to require the consent of any Holder of a Security with respect to changes in the references to "the Agent" and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of Section 9.01(f).

It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain

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Holders after such record date; provided, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date that is 90 days after such record date, any such consent previously given shall automatically and without further action by any Holder be cancelled and of no further effect.

**Section 9.03. Execution of Supplemental Indentures.** 

**Section 9.04. Effect of Supplemental Indentures.** 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

**ARTICLE TEN** 

# COVENANTS
**Section 10.01. Payment of Principal, Premium, if any, and Interest.** 

The Company covenants and agrees for the benefit of the Holders of Securities that it will duly and punctually pay the principal of (and premium, if any, on) and interest, if any, on the Securities in accordance with the terms of Securities and this Indenture. The Company will pay the principal of (and premium, if any, on) and interest, if any, on the Securities by wire transfer of immediately available funds to an account designated by the Holder at least 15 Business Days before the payment is due, on the date when such amount is due and payable. In the case of any interest payment due on an Interest Payment Date, the instructions must be given by the person who is the registered Holder on the relevant Regular Record Date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in accordance with this Section.

**Section 10.02. Maintenance of Office or Agency.** 

The Company shall maintain in each Place of Payment for Securities an office or agency where Securities may be presented or surrendered for payment, where Securities may be surrendered for registration of transfer or exchange, where Securities that are convertible or exchangeable may be surrendered for exchange, and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company will give

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prompt written notice to the Agent of the location, and any change in the location, of each such office or agency. If at any time the Company shall fail to maintain any such required office or agency in respect of Securities or shall fail to furnish the Agent with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Office of the Agent, and the Company hereby appoints the Agent at its Corporate Office as its agent to receive such respective presentations, surrenders, notices and demands.

The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all of such purposes, and may from time to time rescind such designations; <u>provided</u>, <u>however</u>, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities for such purposes. The Company will give prompt written notice to the Agent of any such designation or rescission and of any change in the location of any such other office or agency. The Company hereby designates as a Place of Payment for Securities the office or agency of the Company in the Borough of Manhattan, The City of New York, and initially appoints the Agent at its Corporate Office in the Borough of Manhattan, The City of New York as its agent to receive all such presentations, surrenders, notices and demands.

**Section 10.03. Money for Securities Payments to Be Held in Trust.** 

If the Company shall at any time act as its own Paying Agent with respect to any Securities, it will, on or before each due date of the principal of (or premium, if any) or interest, if any, on any of the Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in Dollars, sufficient to pay the principal (and premium, if any) and interest, if any, on Securities so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Agent of its action or failure so to act.

Whenever the Company shall have one or more Paying Agents for Securities, it will, on or before each due date of the principal of (or premium, if any) or interest, if any, on any Securities, deposit with a Paying Agent a sum in Dollars sufficient to pay the principal (or premium, if any) or interest, if any, so becoming due, such sum of money to be held in trust for the benefit of the Persons entitled to such principal, premium or interest and (unless such Paying Agent is the Agent) the Company will promptly notify the Agent of its action or failure so to act.

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Agent all sums of money held in trust by the Company or such Paying Agent, such sums to be held by the Agent upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Agent, such Paying Agent shall be released from all further liability with respect to such sums.

**Section 10.04. Additional Amounts.** 

The Company shall pay to the Holder of any Security such Additional Amounts as may be required to be paid pursuant to the terms of the Securities.

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Unless the context otherwise requires, any reference in this Indenture to the payment of principal of (or premium, if any) or interest on any Security, or to the net proceeds received on the sale or exchange of any Security, shall be deemed to include any Additional Amounts payable in connection therewith, whether or not such Additional Amounts are expressly referred to in the relevant provision.

At least 10 days prior to the first Interest Payment Date with respect to Securities, and at least 10 days prior to each date of payment of principal, premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers' Certificate, the Company will furnish the Company's principal Paying Agent or Paying Agents, if other than the Agent, with an Officers' Certificate instructing such Paying Agent or Paying Agents whether such payment of principal, premium or interest on the Securities shall be made to Holders of Securities who are not United States Persons without withholding for or on account of any tax, assessment or other governmental charge described in the Securities. If any such withholding shall be required, then such Officers' Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities and the Company will pay to such Paying Agent the Additional Amounts required by the terms of such Securities. In the event that any Paying Agent shall not so receive the above-mentioned certificate, then such Paying Agent shall be entitled (i) to assume that no such withholding or deduction is required with respect to any payment of principal or interest with respect to any Securities until it shall have received a certificate advising otherwise and (ii) to make all payments of principal and interest with respect to the Securities without withholding or deductions until otherwise advised. The Company covenants to indemnify any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers' Certificate furnished pursuant to this Section or in reliance on the Company's not furnishing such an Officers' Certificate.

**Section 10.05. Statement as to Compliance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company will deliver to the Agent, (i) within 45 days after the end of each fiscal quarter ending after the date hereof, and (ii) within 120 days after the end of each fiscal year ending after the date hereof (which fiscal year ends on June 30), so long as any Security is Outstanding hereunder, a brief certificate from the principal executive officer, principal financial officer or principal accounting officer of the Company as to his or her knowledge of the Company's compliance with all conditions and covenants under this Indenture. For purposes of this Section 10.05, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company will, so long as any Securities are Outstanding, deliver to the Agent, within 5 Business Days of any officer listed in (1) above becoming aware of any Default, Event of Default or default in the performance of any covenant, agreement or condition contained in this Indenture, an Officers' Certificate specifying such Default, Event of Default, default or event of default and what action the Company is taking or proposes to take with respect thereto and the status thereof.

**Section 10.06. Section 18(a)(1)(A) of the Investment Company Act.** 

The Company hereby agrees that for the period of time during which the Securities are Outstanding, the Company will not violate Section 18(a)(1)(A) as modified by Section 61(a)(2) of the Investment Company Act or any successor provisions thereto, whether or not the Company continues to be subject to such provisions of the Investment Company Act, but giving effect, in either case, to any exemptive relief granted to the Company by the Commission.

**Section 10.07. Section 18(a)(1)(B) of the Investment Company Act.** 

The Company hereby agrees that, for the period of time during which the Securities are Outstanding, the Company will not violate Section 18(a)(1)(B) as modified by Section 61(a)(2) of the Investment Company Act or any successor provisions thereto giving effect to any no-action relief granted by the Commission to another business development company and upon which the Company may reasonably rely (or to the Company if the Company determines to seek such similar no-action or other relief) permitting the business development company to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the Investment Company Act in order to maintain such business development company's status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

**Section 10.08. Commission Reports and Reports to Holders.** 

If, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the Commission, the Company agrees to furnish to the Holders of the Securities and the Agent for the period of time during which the Securities are Outstanding: (i) within 90 days after the end of each fiscal year of the Company, audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company's fourth fiscal quarter), unaudited interim consolidated financial statements of the Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP or IFRS, as applicable.

**Section 10.09. Dispositions.** 

Other than with respect to the initial engagement of a single third-party financial advisor in connection with the Specified Transaction, prior to the commencement of any discussions and/or negotiations by the Company, by any of its Subsidiaries and/or by any Person(s) acting on behalf of the Company and/or any of its Subsidiaries, respectively, with respect to a prospective Disposal Transaction, the Company shall consult with the Required Holders and, acting in good

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faith, shall take into account their views and recommendations with respect to the commercial rationale, process, strategy and commercial terms proposed with respect to such prospective Disposal Transaction.

Without the prior written consent of the Required Holders, the Company shall not, and shall procure that none of its Subsidiaries or any Person(s) acting on behalf of the Company and/or any of its Subsidiaries shall, with respect to a prospective Disposal Transaction, (i) commence any process to engage, or engage, any third-party financial, legal, accounting or other professional advisor, or (ii) replace or terminate the engagement of any such advisor so engaged, except that the Company may, without such consent, effect the initial engagement of a single third-party financial advisor in connection with the Specified Transaction.

With respect to any prospective Disposal Transaction with respect to which discussions and/or negotiations have commenced in accordance with this Section 10.09 and with respect to the Specified Transaction, the Company shall keep the Required Holders reasonably and promptly informed of the progress of, and of all material developments with respect to, such prospective Disposal Transaction and shall, acting in good faith, take into account the views and recommendations of the Required Holders in connection therewith.

Without limiting the foregoing, without the prior written consent of the Required Holders, the Company shall not, and shall procure that none of its Subsidiaries or any Person(s) acting on behalf of the Company and/or any of its Subsidiaries shall, whether directly and/or indirectly, enter into, agree, implement or consummate any Disposal Transaction, except for Emergency Disposal Transactions.

The Company shall procure that all sales, transfers and other disposals of Portfolio Investments and other assets of the Company and/or any of its Subsidiaries shall be made (a) for Fair Value; (b) on arm's length terms; and (c) for consideration, not less than 75% of the aggregate amount of which is satisfied in cash at or before the time of completion of such sale, transfer or other disposal, unless otherwise approved in advance in writing by the Required Holders.

The rights of the Required Holders set forth in this Section 10.09 (including, without limitation, any rights to consultation, information, input, consent or approval) and the corresponding obligations of the Company, are personal to the Investcorp Affiliates and shall not be transferable to, or exercisable by, any Person that is not an Investcorp Affiliate. All such rights and obligations shall automatically and immediately terminate, without any further action by any party, upon Investcorp Affiliates ceasing to hold, in the aggregate, greater than 50% in principal amount of the then Outstanding Securities.

**Section 10.10. Affiliate Transactions.**

The Company shall not, and shall not permit any of its Subsidiaries to, enter into any transaction or arrangement with any Affiliate unless such transaction or arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is on arm's length terms;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is no less favourable to the Company than those that would be available from a non-Affiliate in comparable circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is approved by the Board of Directors (or any committee thereof) acting reasonably and in good faith.

**Section 10.11. Indebtedness and Security Interests.** 

Other than with respect to the initial engagement of a single third-party financial advisor in connection with the Specified Transaction, prior to the commencement of any discussions and/or negotiations by the Company, by any of its Subsidiaries and/or by any Person(s) acting on behalf of the Company and/or any of its Subsidiaries, respectively with respect to a prospective Debt Transaction, the Company shall consult with the Required Holders and, acting in good faith, shall take into account their views and recommendations with respect to the commercial rationale, process, strategy and commercial terms proposed with respect to such prospective Debt Transaction.

Without the prior written consent of the Required Holders, the Company shall not, and shall procure that none of its Subsidiaries or any Person(s) acting on behalf of the Company and/or any of its Subsidiaries shall, with respect to a prospective Debt Transaction, (i) commence any process to engage, or engage, any third-party financial, legal, accounting or other professional advisor, or (ii) replace or terminate the engagement of any such advisor so engaged, except that the Company may, without such consent, effect the initial engagement of a single third-party financial advisor in connection with the Specified Transaction.

With respect to any prospective Debt Transaction with respect to which discussions and/or negotiations have commenced in accordance with this Section 10.11 and with respect to the Specified Transaction, the Company shall keep the Required Holders reasonably and promptly informed of the progress of, and of all material developments with respect to, such prospective Debt Transaction and shall, acting in good faith, take into account the views and recommendations of the Required Holders in connection therewith.

Without limiting the foregoing, without the prior written consent of the Required Holders, the Company shall not, and shall procure that none of its Subsidiaries or any Person(s) acting on behalf of the Company and/or any of its Subsidiaries shall, whether directly and/or indirectly, enter into, agree, implement or consummate any Debt Transaction.

Without the prior written consent of the Required Holders, the Company shall not, and shall procure that none of its Subsidiaries shall, guarantee, assume, indemnify or otherwise become liable for any Indebtedness or other obligations of any third party.

If, with respect to any Unrestricted Cash, the Board of Directors (acting reasonably and in good faith) determines that some or all of such Unrestricted Cash should be applied in repaying an amount of the Company's and/or any of its Subsidiaries' Indebtedness, then, unless (a) the Company or any member of the Board of Directors is advised by its legal counsel that to do so would breach applicable law or any other binding obligation to which the Company or any

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Subsidiary is subject, or (b) any member of the Board of Directors is advised by its legal counsel that to do so would be inconsistent with their fiduciary duties, the amount of such Unrestricted Cash so determined shall be applied in redeeming the Securities (in whole or in part, as applicable) in accordance with Article Eleven.

Without the prior written consent of the Required Holders, and except as expressly permitted pursuant to this Section, the Company shall not, and shall not permit any Subsidiary to, create, incur or permit to exist any Security Interest on any of their property or assets, other than a Permitted Security Interest.

The rights of the Required Holders set forth in this Section 10.11 (including, without limitation, any rights to consultation, information, input, consent or approval) and the corresponding obligations of the Company, are personal to the Investcorp Affiliates and shall not be transferable to, or exercisable by, any Person that is not an Investcorp Affiliate. All such rights and obligations shall automatically and immediately terminate, without any further action by any party, upon Investcorp Affiliates ceasing to hold, in the aggregate, greater than 50% in principal amount of the then Outstanding Securities.

**Section 10.12. Equity Transactions.**

Other than with respect to (i) the initial engagement of a single third-party financial advisor in connection with the Specified Transaction, and (ii) the issuance of Equity Interests pursuant to the DRIP, prior to the commencement of any discussions and/or negotiations by the Company, by any of its Subsidiaries and/or by any Person(s) acting on behalf of the Company and/or any of its Subsidiaries, respectively, with respect to a prospective Equity Transaction, the Company shall consult with the Required Holders and, acting in good faith, shall take into account their views and recommendations with respect to the commercial rationale, process, strategy and commercial terms proposed with respect to such prospective Equity Transaction.

Without the prior written consent of the Required Holders, the Company shall not, and shall procure that none of its Subsidiaries or any Person(s) acting on behalf of the Company and/or any of its Subsidiaries shall, with respect to a prospective Equity Transaction, (i) commence any process to engage, or engage, any third-party financial, legal, accounting or other professional advisor, or (ii) replace or terminate the engagement of any such advisor so engaged, except that the Company may, without such consent, (a) effect the initial engagement of a single third-party financial advisor in connection with the Specified Transaction; and (b) engage, replace or terminate advisors in connection with the issuance of Equity Interests pursuant to the DRIP.

With respect to any prospective Equity Transaction with respect to which discussions and/or negotiations have commenced in accordance with this Section 10.12. and with respect to the Specified Transaction, the Company shall keep the Required Holders reasonably and promptly informed of the progress of, and of all material developments with respect to, such prospective Equity Transaction and shall, acting in good faith, take into account the views and recommendations of the Required Holders in connection therewith.

Without limiting the foregoing, without the prior written consent of the Required Holders, the Company shall not, and shall procure that none of its Subsidiaries or any Person(s) acting on

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behalf of the Company and/or any of its Subsidiaries shall, whether directly and/or indirectly, enter into, agree, implement or consummate any Equity Transaction.

The Company shall not, and shall not permit any of its Subsidiaries to, without the prior written consent of the Required Holders make any distribution, redemption, repurchase or other return of capital in respect of any Equity Interests, other than, in each case, as expressly permitted under Section 10.13.

The rights of the Required Holders set forth in this Section 10.12 (including, without limitation, any rights to consultation, information, input, consent or approval) and the corresponding obligations of the Company, are personal to the Investcorp Affiliates and shall not be transferable to, or exercisable by, any Person that is not an Investcorp Affiliate. All such rights and obligations shall automatically and immediately terminate, without any further action by any party, upon Investcorp Affiliates ceasing to hold, in the aggregate, greater than 50% in principal amount of the then Outstanding Securities.

**Section 10.13. Restricted Payments.** 

Prior to making any determination to declare and/or pay any dividend or other distribution (whether in cash, in-kind, scrip or otherwise), the Company shall consult with the Required Holders (or any Required Holder Nominee) and, acting in good faith, shall (a) reasonably consider the commercial rationale for the proposed declaration and/or payment, including, without limitation, whether the proposed declaration and/or payment (and the proposed amount thereof, if applicable) is in the best interests of the Company, notwithstanding any tax implications and/or the implications for the Company's status as a regulated investment company as a consequence of not making such declaration and/or payment (or not making it in the amount proposed), and (b) take into account the views and recommendations of the Required Holders (or any Required Holder Nominee) prior to declaring and/or paying any such distribution.

Nothing in this Section shall require the Company nor any member of the Board of Directors to act inconsistently with applicable law (including, without limitation, the Investment Company Act) and/or, in the case of each member of the Board of Directors, any of their respective fiduciary duties.

The rights of the Required Holders set forth in this Section 10.13 (including, without limitation, any rights to consultation or input) and the corresponding obligations of the Company, are personal to the Investcorp Affiliates and shall not be transferable to, or exercisable by, any Person that is not an Investcorp Affiliate. All such rights and obligations shall automatically and immediately terminate, without any further action by any party, upon Investcorp Affiliates ceasing to hold, in the aggregate, greater than 50% in principal amount of the then Outstanding Securities.

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**ARTICLE ELEVEN** 

# REDEMPTION OF SECURITIES
**Section 11.01. Redemption.** 

The Company may redeem the Securities, in whole or in part (1) on or prior to July 1, 2028, (a) if Financing or Refinancing Proceeds are used to directly or indirectly redeem the Securities, at a price equal to par plus, except where Required Holders agree to waive such additional amount, an additional amount that would provide Holders with a minimum cash return of not less than 1.09x of the principal amount of the Securities (the "Minimum Return"), provided that, in the event of a partial redemption, the Minimum Return shall apply only with respect to the portion of the Securities redeemed, or (b) if the redemption is not funded from Financing or Refinancing Proceeds, at par, and (2) after July 1, 2028, at par. The Redemption Price pursuant to clause (1)(a) of this Section 11.01 shall equal the difference (but not less than zero) of the (i) Minimum Return less (ii) sum of all cash interest payments received by the Holders through the calculation date (the "Minimum Return Payment"). The Minimum Return Payment will be calculated and is due and payable only upon the earlier of (a) repayment or redemption of the Securities, or (b) the acceleration of the Securities, in each case, on or prior to July 1, 2028.

**Section 11.02. Notice of Redemption.** 

Notice of redemption shall be given in the manner provided in Section 1.07, not less than 30 days nor more than 60 days prior to the Redemption Date, to each Holder of Securities, but failure to give such notice in the manner herein provided to the Holder of any Security, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other such Security.

Any notice that is mailed to the Holders of Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice.

All notices of redemption shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Redemption Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 11.04,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)that on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 11.04 will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon shall cease to accrue on and after said date,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Place or Places of Payment where such Securities, are to be surrendered for payment of the Redemption Price and accrued interest, if any, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the CUSIP number of such Security, if any.

A notice of redemption published as contemplated by Section 1.07 need not identify particular Registered Securities to be redeemed. Notice of redemption of Securities to be redeemed shall be given by the Company or, at the Company's request, by the Agent in the name and at the expense of the Company.

**Section 11.03. Deposit of Redemption Price.** 

On or prior to 10:00 am, New York City time, on the Redemption Date, the Company shall deposit an amount of money in Dollars sufficient to pay each Holder of Securities on the Redemption Date the Redemption Price of, and accrued interest, if any, on, the Securities to be redeemed; provided, however, that to the extent any such funds are received by a Holder of Securities from the Company after 10:00 am, New York City time, on the due date, such funds will be deemed deposited within one Business Day of receipt thereof.

**Section 11.04. Securities Payable on Redemption Date.** 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in Dollars (together with accrued interest to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest, if any) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; <u>provided</u>, <u>however</u>, that, installments of interest on Registered Securities whose Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.08.

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the Redemption Price shall, until paid, bear interest from the Redemption Date at the rate of interest set forth in such Security.

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**ARTICLE TWELVE** 

# MEETINGS OF HOLDERS OF SECURITIES
**Section 12.01. Purposes for Which Meetings May Be Called.** 

A meeting of Holders of Securities may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities.

**Section 12.02. Call, Notice and Place of Meetings.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Agent may at any time call a meeting of Holders of Securities for any purpose specified in Section 12.01, to be held at such time and at such place in the Borough of Manhattan, The City of New York as the Agent shall determine. Notice of every meeting of Holders of Securities, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 50% in principal amount of the Outstanding Securities shall have requested the Agent to call a meeting of the Holders of Securities for any purpose specified in Section 12.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Agent shall not have made the first publication or mailing of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities in the amount above specified, as the case may be, may determine the time and the place in the Borough of Manhattan, The City of New York for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this Section.

**Section 12.03. Persons Entitled to Vote at Meetings.** 

To be entitled to vote at any meeting of Holders of Securities, a Person shall be (1) a Holder of one or more Outstanding Securities, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Agent and its counsel and any representatives of the Company and its counsel.

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**Section 12.04. Quorum; Action.** 

The Persons entitled to vote a majority in principal amount of the Outstanding Securities shall constitute a quorum for a meeting of Holders of Securities; <u>provided</u>, <u>however</u>, that if any action is to be taken at such meeting with respect to a consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be made, given or taken by the Holders of not less than a specified percentage in principal amount of the

Outstanding Securities, the Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities shall constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 12.02(a), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of any adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities which shall constitute a quorum.

Except as limited by the proviso to Section 9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities; <u>provided</u>, <u>however</u>, that, except as limited by the proviso to Section 9.02, any resolution with respect to any consent, waiver, request, demand, notice, authorization, direction or other action which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities.

Any resolution passed or decision taken at any meeting of Holders of Securities duly held in accordance with this Section shall be binding on all the Holders of Securities, whether or not present or represented at the meeting.

Notwithstanding the foregoing provisions of this Section 12.04, if any action is to be taken at a meeting of Holders of Securities with respect to any consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)there shall be no minimum quorum requirement for such meeting; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the principal amount of the Outstanding Securities that vote in favor of such consent, waiver, request, demand, notice, authorization, direction or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under this Indenture.

**Section 12.05. Determination of Voting Rights; Conduct and Adjournment of Meetings.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding any other provisions of this Indenture, the Agent may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities in regard to proof of the holding of Securities and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.04 and the appointment of any proxy shall be proved in the manner specified in Section 1.04. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.04 or other proof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Agent shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 12.02(b), in which case the Company or the Holders of Securities calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities represented at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)At any meeting of Holders, each Holder of a Security or proxy shall be entitled to one vote for each $1,000 principal amount of the Outstanding Securities held or represented by such Holder; <u>provided</u>, <u>however</u>, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security or proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any meeting of Holders of Securities duly called pursuant to Section 12.02 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities represented at the meeting, and the meeting may be held as so adjourned without further notice.

**Section 12.06. Counting Votes and Recording Action of Meetings.** 

The vote upon any resolution submitted to any meeting of Holders of Securities shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and

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who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 12.02 and, if applicable, Section 12.04. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Agent to be preserved by the Agent, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

\* \* \* \* \*

This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. The exchange of copies of this Indenture and delivery of signature pages by facsimile, .pdf transmission, e-mail or other electronic means shall constitute effective execution and delivery of this Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, e-mail or other electronic means shall be deemed to be their original signatures for all purposes.

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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the day and year first above written.

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| | |
|:---|:---|
| INVESTCORP CREDIT MANAGEMENT BDC,  | INVESTCORP CREDIT MANAGEMENT BDC,  |
| INC., as Issuer  | INC., as Issuer  |
| By:  | /s/ Suhail A. Shaikh |
|  | Name: Suhail A. Shaikh  |
|  | Title: President and Chief Executive Officer  |

---

---

| | |
|:---|:---|
| INVESTCORP CAPITAL PLC, as Agent  | INVESTCORP CAPITAL PLC, as Agent  |
| By:  | /s/ Sana Khater  |
|  | Name: Sana Khater  |
|  | Title: Authorized Signatory  |

---

[Signature Page to Indenture]

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**EXHIBIT A** 

**FORM OF SECURITIES** 

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I**NVESTCORP CREDIT MANAGEMENT BDC, INC.** 

**<u>FLOATING RATE SENIOR UNSECURED NOTES DUE 2029 ("NOTE")</u>** 

**USD $_________________ _______________, 20__** 

**FOR VALUE RECEIVED,** INVESTCORP CREDIT MANAGEMENT BDC, INC., a

Maryland corporation (hereinafter referred to as the "<u>Company</u>") promises to pay to the order of ______________________________ (hereinafter referred to as "<u>Holder</u>"), the principal sum of __________________ and NO/100<sup>ths</sup> DOLLARS (US$______________) or such lesser amount as may be outstanding from time to time, with interest thereon upon the terms and conditions set forth herein. Capitalized terms used below but not defined herein shall have the meanings assigned to them in the Indenture dated as of March 29, 2026 between the Company and Investcorp Capital PLC as agent (the "<u>Agent</u>"), as may be amended from time to time (the "<u>Indenture</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Note.** Pursuant to the Indenture between the Company and the Holder, the Holder has agreed to purchase this Note and in connection therewith has advanced funds to the Company on the date hereof. This Note is issued to evidence the loans made by the Holder to the Company. Each Note is unsecured and shall rank equally in right of payment with each other Note issued in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Interest Rate.** The unpaid principal shall bear interest at a floating rate per annum equal to the Benchmark (as defined in the Indenture) plus 5.50% (550 basis points) (the "<u>Margin</u>"), as further provided in and in accordance with, and as may be adjusted in accordance with, the Indenture, from the date hereof ("<u>Interest Rate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Interest and Principal Payment Terms.** Pursuant to Section 3.08 of the Indenture, the Company shall pay interest to the Holder on each Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Repayment and Redemption.** This Note may be redeemed at any time by the Company, in whole or in part from time to time, as set forth and in accordance with Article XI of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Representations and Covenants.** The Company represents and warrants to the Holder that the Company (i) is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation; (ii) has full power and authority to enter into and perform this Note; (iii) is bound and obligated by this Note, which is valid and enforceable against it in accordance with its respective terms; and (iv) has authorized, by all necessary corporate action, the execution, delivery, and performance of this Note, the terms of which will not violate any contract, restriction, or commitment of, or applicable to, the Company or any of its Affiliates, or, to the best of the Company's knowledge, any applicable law or government regulation. The Company agrees to promptly notify the Holder should the Company become aware of any change in the information set forth in these representations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Default.** The Company shall be in default of this Note on the occurrence of an Event of Default, as described in Section 501 of the Indenture. In the event that the Company shall be deemed in default of this Note, the Holder shall become entitled to the application of remedies as set forth and in accordance with Article V of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Registered Holder.** For the purpose of this Note, "<u>Registered Holder</u>" shall mean only the person or persons whose name or names appear on the face of this Note as issued by the Company and who shall at that time be registered on the Company's records and the Register. The initial Registered Holder of this Note is the Holder set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Registration.** A register for this Note (the "<u>Register</u>") shall be kept by the Company. The name and address of the Registered Holder of this Note shall be set forth on the Register, both with respect to the payment of principal and interest on the Note. The Holder agrees to provide any information requested by the Company necessary for the Company to maintain its records and the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Payment of Principal and Interest.** Payment of either principal or interest on the Note shall be made only to the Registered Holder of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Additional Amounts.** All amounts (whether in respect of principal, redemption amount, interest or otherwise) on this Note will be paid by the Company free and clear of, and without deducting or withholding for, or on account of, any and all present or future taxes, levies, duties, assessments, imposts or governmental charges of whatever nature imposed, assessed, levied or collected by or on behalf of the government of the United States or for the account of any jurisdiction in which the Company is resident for tax purposes (or any political subdivision or taxing authority of the United States or any such jurisdiction) unless the deduction or withholding of any such taxes, duties, levies, imposts, assessments or governmental charges is required by applicable law or regulation of such jurisdiction or any such subdivision or authority, in which case the Company will pay such additional amounts in respect of principal and interest, if any, as may be necessary in order that the net amounts received by the Holder of the Note after such deduction or withholding, shall equal the respective amounts of principal and interest, if any to which such Holder be entitled had such deduction or withholding not been so imposed, assessed, levied or collected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**Legend.** The following restrictive legend is applicable to this Note:

The Notes evidenced hereby have not been registered under United States federal or state securities laws or any applicable federal, state or local securities laws of any other jurisdiction and may not be offered for sale, sold, pledged, encumbered or otherwise transferred or assigned for value, directly or indirectly, without registration of such securities under all applicable United States federal and state securities laws, or any applicable federal, state or local securities laws of any other jurisdiction or compliance with an applicable exemption therefrom, such compliance at the option of the Company, to be evidenced by an opinion of Holder's counsel, in form acceptable to the Company, that no violation of such registration provisions would result from any proposed transfer or assignment. Any Holder that is not a United States Person, agrees for the benefit of the

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Company that prior to the end of the 40-day distribution compliance period within the meaning of Regulation S under the Securities Act of 1933, as amended, any offer, sale, pledge, encumbrance or other transfer or assignment of the Notes shall not be made by it to a United States Person or for the account or benefit of a United States Person, within the meaning of Rule 902 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**Tax Treatment.** The Company will treat the Notes as debt in the Company for United States federal income tax purposes. The Holder, by executing this Note hereby agrees to treat the Notes as debt for its own United States federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.**Cancellation of Note to be Paid in Full.** At such time as this Note and all amounts owing in respect thereof in accordance with the Indenture is paid by the Company in full, the Note shall be retired and the Register updated to provide for its cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.**No Waiver by Failure to Act.** Neither any failure nor delay on the part of the Holder in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.**Descriptive Headings.** The descriptive headings of the several paragraphs of this Note are inserted for convenience only and do not constitute a part of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.**Governing Law.** This Note shall be governed by and construed and interpreted in accordance with the laws of the State of New York without reference to the conflict of laws principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.**Waiver of Jury Trial.** THE COMPANY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a suit in equity, action at law or other judicial or non-judicial enforcement or administrative proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Note by, among other things, the mutual waivers and certifications in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6.**Severability.** It is the intention of the parties that this Note be enforceable, in accordance with its terms, to the fullest extent permitted by law. Accordingly, the parties hereto expressly agree that if any portion of this Note or any of its provisions shall, for any reason, be adjudged by any court of competent jurisdiction to be invalid or unenforceable, that adjudication shall not affect, impair, or invalidate the remainder of this Note but shall

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be confined in its operation to the provision or provisions of this Note directly involved in the controversy in which such adjudication shall have been rendered. Moreover, the parties hereto hereby agree that a court of competent jurisdiction may modify any provision hereof held invalid or unenforceable (including, without limitation, provisions relating to time or geographic limits) only to the extent necessary to render it valid and enforceable. Any language in this Note to the contrary notwithstanding, no interest shall be charged or collected in excess of the Interest Rate, and in the event of the acceleration of the amounts evidenced by this Note any prepaid and unearned interest and points in excess of a lawful rate of interest to the date of enforcement of payment shall thereupon be refunded to the Company automatically by the crediting of same against the sum then due, but such credit shall not cure or waive any default occasioning acceleration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.**Amendment and Waiver.** Except as otherwise expressly set forth herein or in the Indenture, any term of this Note may be amended only in writing in one or more counterparts signed by the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8.**Counterparts.** This Note may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument.

(THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.)

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**SIGNATURE PAGE** 

**<u>NOTE</u>** 

**IN WITNESS WHEREOF,** the Company has executed this Note on the date and year first above written.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **INVESTCORP CREDIT MANAGEMENT BDC,** <br>**INC.**  | **INVESTCORP CREDIT MANAGEMENT BDC,** <br>**INC.**  |
| By: |  |
|  | Name: |
|  | Title: |

---

------

**<u>Holder's Acknowledgment</u>** 

The undersigned Holder has read this Note in its entirety and does hereby accept and agree to the terms and conditions as set forth in such this Note.

---

| | |
|:---|:---|
| Name of Holder  | Name of Holder  |
| By: |  |
|  | Name: |
|  | Title: |

---

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**EXHIBIT B** 

**FORM OF ELIGIBLE INVESTOR CERTIFICATE** 

Investcorp Capital PLC, a company established under the laws of the Abu Dhabi Global Market in the United Arab Emirates (the **"Agent"**)

as Agent

1137 Register 17, 17, Al Maqam Tower, Abu Dhabi Global Market Square Al Maryah Island,

Abu Dhabi, United Arab Emirates

Attention: The Directors

Investcorp Credit Management BDC, Inc. (the **"Issuer"**)

280 Park Avenue, 39<sup>th</sup> Floor

New York, NY 10017

Attention: Suhail A. Shaikh

Re: Eligible Investor Certificate to the Indenture, dated as of March 29, 2026, among the Issuer and Agent (the **"Indenture"**)

Ladies and Gentlemen:

The undersigned is a prospective investor in and transferee of Securities issued under the Indenture. Terms used, but not otherwise defined, herein shall have the meanings set forth in the Indenture.

The undersigned hereby certifies that it is (a) an Accredited Investor, (b) a Qualified Institutional Buyer, is aware that the offer and sale to it may be made in reliance on Rule 144A or another exemption from registration under the Securities Act and is acquiring the Securities for its own account or for the account of an Accredited Investor or Qualified Institutional Buyer, not with a view to, or for offer or sale in connection with, any distribution of Securities in violation of the Securities Act, or (c) not a United States Person.

Submission of this certificate bearing the purchaser's electronic signature shall constitute effective delivery hereof. This certificate shall be construed in accordance with, and this certificate and all matters arising out of or relating in any way whatsoever (whether in contract, tort or otherwise) to this certificate shall be governed by, the law of the State of New York.

IN WITNESS WHEREOF, the undersigned has caused this certificate to be duly executed this _____ day of __________, 20__.

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---

| | |
|:---|:---|
| Investcorp Capital PLC  | Investcorp Capital PLC  |
| By: |  |
|  | Name: |
|  | Title: Authorized Signatory  |

---

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## Exhibit 10.31

**Exhibit 10.31**

**Execution Version**

**UPFRONT FEE AGREEMENT** 

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| | |
|:---|:---|
| To:  | **INVESTCORP CREDIT MANAGEMENT BDC, INC.** (the "<u>Issuer</u>")  |
| Date: | 30 March 2026  |

---

Dear Sirs

1. In this letter agreement (the "<u>Agreement</u>"), we refer to the indenture providing for the issuance of Floating Rate Senior Unsecured Notes due 2029 in an aggregate principal amount up to USD 65,000,000 (United States Dollars Sixty-five Million) dated as of March 29, 2026 made between, Investcorp Capital PLC as agent (the "<u>Agent</u>") and the Issuer (the "<u>Indenture</u>").

2. Except as otherwise provided in this Agreement, each capitalised term used in this Agreement shall have the meaning given to it in the Indenture.

3. Pursuant to the Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the Agent has agreed to subscribe for, and the Issuer has agreed to issue to the Agent, an aggregate amount of USD 65,000,000 (United States Dollars Sixty-five Million) of Securities (the "<u>Relevant Securities</u>"), and the Agent has agreed to pay to the Issuer an aggregate principal amount of USD 65,000,000 (United States Dollars Sixty-five Million) in cash as consideration for the issue of such Securities to the Agent (the "<u>Subscription Consideration</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)subject to and conditional upon the payment by the Agent to the Issuer of the Subscription Consideration on the date hereof (the "<u>Completion Date</u>"), the Issuer has agreed to issue the Relevant Securities to the Agent on and with effect from the Completion Date.

4. Pursuant to Section 6.06 *(Compensation and Reimbursement and Indemnification of Agent)* of the Indenture and pursuant to this Agreement, the Issuer agrees to pay an upfront fee to the Agent in an aggregate amount of USD 650,000 (United States Dollars Six Hundred and Fifty Thousand) in cash (the "<u>Upfront Fee</u>"), and that the Upfront Fee shall be due and payable to the Agent on the Completion Date, on and subject to the terms of this Agreement.

5. The Issuer and the Agent agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the Issuer's obligation, pursuant to the Indenture and this Agreement, to pay the Upfront Fee to the Agent on the Completion Date shall be set-off against the Agent's obligation, pursuant to the Indenture, to pay an equal amount of the Subscription Consideration to the Issuer on the Completion Date, so that only the net amount of USD 64,350,000 (United States Dollars Sixty-four Million Three Hundred and Fifty Thousand) of the Subscription Consideration (the "<u>Net Subscription Consideration</u>") shall be payable in cash by the Agent to the Issuer on the Completion Date (the "<u>Contractual Set-off</u>").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the Contractual Set-off notwithstanding, the payment in cash by the Agent to either an account of the Issuer or to a third-party account at the direction of the Issuer, of the Net Subscription Consideration shall, and shall be deemed for all purposes to, constitute:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)payment in full by the Agent to the Issuer of the Subscription Consideration, and shall fully and finally discharge the Agent's obligation pursuant to the Indenture to pay the Subscription Consideration to the Issuer on the Completion Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)payment in full by the Issuer to the Agent of the Upfront Fee, and shall fully and finally discharge the Issuer's obligation, pursuant to the Indenture and this Agreement, to pay the Upfront Fee to the Agent on the Completion Date.

6. All amounts payable under this letter are exclusive of any sales tax, value added tax or any other tax of similar nature. If such tax is chargeable, the Issuer shall pay to the Agent the amount of such tax at the same time as making the Upfront Fee payment.

7. This Agreement may be executed in any number of counterparts and all those counterparts taken together shall be deemed to constitute one and the same Agreement.

8. This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, the laws of the State of New York without regard to the principles of conflict.

9. Section 1.14 (Submission to Jurisdiction) of the Indenture applies mutatis mutandis to this Agreement as though it is set out in full in this Agreement.

Please confirm your agreement with the above by signing where indicated below.

*- Signature pages to follow -* 

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---

| |
|:---|
| Yours faithfully,  |
| /s/ Sana Khater<br>For and on behalf of  |
| **INVESTCORP CAPITAL PLC**  |
| (as Agent)  |
| Sana Khater  |
| Authorized Signatory |

---

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

---

| |
|:---|
| We agree to the terms of the Fee Agreement.  |
| /s/ Robert Andrew Muns |
| Robert Andrew Muns  |
| For and on behalf of  |
| **INVESTCORP CREDIT MANAGEMENT BDC, INC.**  |
| (as Issuer)  |

---

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## Exhibit 31.1

**Exhibit 31.1** 

I, Suhail A. Shaikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Investcorp Credit Management BDC, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 30, 2026

---

| |
|:---|
| /s/ Suhail A. Shaikh |
| **Suhail A. Shaikh** |
| **Chief Executive Officer** |

---

------

## Exhibit 31.2

**Exhibit 31.2** 

I, Robert Andrew Muns, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Investcorp Credit Management BDC, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 30, 2026

---

| |
|:---|
| /s/ Robert Andrew Muns |
| **Robert Andrew Muns** |
| **Chief Financial Officer** |

---

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## Exhibit 32.1

**Exhibit 32.1** 

**Certification of Chief Executive Officer** 

**Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)** 

In connection with this Annual Report on Form 10-K (the "Report") of Investcorp Credit Management BDC, Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Suhail A. Shaikh, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
|  | /s/ Suhail A. Shaikh |
| **Name:** | **Suhail A. Shaikh** |
| **Date:** | **March 30, 2026** |

---

------

## Exhibit 32.2

**Exhibit 32.2** 

**Certification of Chief Financial Officer** 

**Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)** 

In connection with this Annual Report on Form 10-K (the "Report") of Investcorp Credit Management BDC, Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Robert Andrew Muns, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
|  | /s/ Robert Andrew Muns |
| **Name:** | **Robert Andrew Muns** |
| **Date:** | **March 30, 2026** |

---

------