Investcorp Credit Management BDC, Inc.

(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)

(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)

(10)

(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:

(a)

(b)

Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

(c)

(d)

(e)

PRIME — 7.50% as of December 31, 2024

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)