<SEC-DOCUMENT>0001193125-22-089905.txt : 20220428
<SEC-HEADER>0001193125-22-089905.hdr.sgml : 20220428
<ACCEPTANCE-DATETIME>20220330163901
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-089905
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Investcorp Credit Management BDC, Inc.
		CENTRAL INDEX KEY:			0001578348
		IRS NUMBER:				462883380
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	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
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><B>Eversheds Sutherland (US) LLP</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">700 Sixth Street, NW, Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Washington, DC
20001-3980</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">D: +1 202.383.0845</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">F: +1 202.637.3593</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">stephanihildebrandt@eversheds-sutherland.com</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:9pt; font-family:ARIAL">March&nbsp;30, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:9pt; font-family:ARIAL">Christina DiAngelo Fettig, Staff
Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:9pt; font-family:ARIAL">Division of Investment Management, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:9pt; font-family:ARIAL">Disclosure Review and Accounting </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:9pt; font-family:ARIAL">Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:9pt; font-family:ARIAL">100 F Street NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:9pt; font-family:ARIAL">Washington,
DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify"><B>Investcorp Credit Management BDC, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;814-01054)</FONT>
</B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:9pt; font-family:ARIAL">Dear Ms.&nbsp;Fettig: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:9pt; font-family:ARIAL">On behalf of
Investcorp Credit Management BDC, Inc. (the &#147;Company&#148;), set forth below are the oral accounting comments provided by the staff of the Division of Investment Management (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission
(the &#147;SEC&#148;) on November&nbsp;29, 2021 to the Company&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed on September&nbsp;14, 2021 (the <FONT STYLE="white-space:nowrap">&#147;10-K&#148;)</FONT> in connection
with the SEC&#146;s review of the <FONT STYLE="white-space:nowrap">10-K</FONT> as required by Section&nbsp;408 of Sarbanes-Oxley Act of 2002, as amended.<B> </B>The Staff&#146;s comments are set forth below and are followed by the Company&#146;s
responses. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the <FONT STYLE="white-space:nowrap">10-K.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B><U>ACCOUNTING COMMENTS &#150; <FONT STYLE="white-space:nowrap">10-K</FONT> </U></B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">On page 88 under Portfolio Composition, the Company discloses weighted average total yield of its debt investments. In
future filings, please also include a disclosure of total return in each instance where there is a disclosure of yield. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response</B>: The Company respectfully advises the Staff that it will include a disclosure of total return in future filings as
requested. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">The Company includes narrative disclosure that its asset coverage ratio as of June&nbsp;30, 2021 was 158% on pages 92
and 141, which is consistent with the disclosure in the Financial Highlights. The Senior Securities table is also included on page 92. Please advise whether the Company used the same methodology to calculate asset coverage ratios between the
narrative disclosure and the Senior Securities table on page 92. The Staff believes that the Company has added back the debt offering costs in one of the calculations. Please ensure in future filings that the methodology used to calculate the asset
coverage ratio is consistent across the narrative and tabular disclosure. </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B> The Company
respectfully advises the Staff that it will ensure that the methodology used to calculate the asset coverage ratio is consistent across the narrative and tabular disclosure in future filings. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">In the Schedule of Investments on page 107, footnote 2 states that all investments are
<FONT STYLE="white-space:nowrap">non-controlled</FONT> and <FONT STYLE="white-space:nowrap">non-affiliated.</FONT> Footnote 8 identifies an affiliated investment. In future </P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">1 </P>

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<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Christina DiAngelo Fettig, Staff</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Accountant</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">March 30, 2022</P>
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filings, please ensure that the Company&#146;s footnote disclosure to the Schedule of Investments is consistent. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response</B>: The Company respectfully advises the Staff that it will ensure the disclosure is revised in future filings as
requested. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">Footnote 2 to the Schedule of Investments on page 107 states that all investments are valued in good faith. Regulation <FONT
STYLE="white-space:nowrap">S-X</FONT> <FONT STYLE="white-space:nowrap">12-12</FONT> footnote 9 requires that the Company identify investments valued using significant unobservable inputs. Please consider modifying footnote 2 in future filings to
state that those securities were valued using significant unobservable inputs per <FONT STYLE="white-space:nowrap">S-X</FONT> <FONT STYLE="white-space:nowrap">12-12</FONT> footnote 9. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B> The Company respectfully advises the Staff that it will revise footnote 2 in future filings to state that those
securities were valued using significant unobservable inputs per <FONT STYLE="white-space:nowrap">S-X</FONT> <FONT STYLE="white-space:nowrap">12-12</FONT> footnote 9. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">Footnote 5 to the Schedule of Investments on page 107 states that
<FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets is 6.81%. The Staff was unable to reconcile this calculation. Please advise whether there are additional <FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets that were not
identified by footnote 5. </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response: </B>The Company respectfully advises the Staff that certain portfolio
company investments in the Schedule of Investments were not footnoted properly and should have been identified as <FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets; the Company will ensure that all
<FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets are properly identified in future filings. Specifically, the Company advises the Staff that FR Flow Control CB, LLC - Term B and Infrastructure&nbsp;&amp; Energy Alternatives, Inc. should
have been identified as <FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets, in addition to DSG Entertainment Services, Inc. and Liberty Oilfield Services, LLC which were properly identified as
<FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets in the Schedule of Investments. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">Footnote 8 to the Schedule of Investments on page 107 identifies an affiliate investment. The Staff notes the following
with respect to investments in affiliates: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">An affiliates table is required per <FONT STYLE="white-space:nowrap">S-X</FONT>
<FONT STYLE="white-space:nowrap">12-14;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">Investments in affiliates need to be stated separately on the Company&#146;s balance sheet per <FONT
STYLE="white-space:nowrap">S-X</FONT> <FONT STYLE="white-space:nowrap">6-04;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">In the Statement of Operations, any income from affiliates is required to be disclosed separately per <FONT
STYLE="white-space:nowrap">S-X</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-07-1.</FONT></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">In the Statement of Operations, any realized gains from affiliates and unrealized gains from affiliates is required to
be disclosed separately per <FONT STYLE="white-space:nowrap">S-X</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-07-7(a).</FONT></FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">In the Statement of Operations, any increase or decrease in unrealized appreciation or depreciation from affiliates is
required to be disclosed separately per <FONT STYLE="white-space:nowrap">S-X</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-07-7(c).</FONT></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B> The Company respectfully advises the Staff that it will ensure the disclosure is revised in future filings. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">Please refer to page 115, Note 2. Significant Accounting Policies, which includes &#147;g. Deferred Offering
Costs&#148; and &#147;h. Investment Transactions and Expenses.&#148; </P></TD></TR></TABLE>

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<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Christina DiAngelo Fettig, Staff</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Accountant</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">March 30, 2022</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">Please explain why offering expenses are recorded as expenses in the June&nbsp;30, 2020 and 2019 Statement of
Operations. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:20%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B> The Company respectfully advises the Staff that for the years ended June&nbsp;30,
2019 and 2020, the Company recorded deferred offering costs as offering expenses; however, such amounts should have been classified as deferred offering costs. The Company corrected this error in the June&nbsp;30, 2021 annual report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> by reclassifying the amounts as deferred offering costs pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">946-20-25-5.</FONT></FONT></FONT> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">The Staff notes that there seems to be an inconsistency between the disclosures of paragraphs (g)&nbsp;and (h).
Paragraph (h)&nbsp;notes that offering costs were charged to <FONT STYLE="white-space:nowrap">paid-in</FONT> capital upon the sale of shares in the Offering.&nbsp;&nbsp;&nbsp;&nbsp;Please explain. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:20%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B> The Company respectfully advises the Staff that the following sentence should not have been included in paragraph (h):
&#147;Offering costs were charged <FONT STYLE="white-space:nowrap">to&nbsp;paid-in&nbsp;capital</FONT> upon the sale of shares in the Offering.&#148; The Company respectfully advises the Staff that it will ensure that sentence is removed from
paragraph (h)&nbsp;in future filings. The Company has not sold any shares that should have been charged to paid in capital for the years ended June&nbsp;30, 2019, 2020 or 2021 or the quarters ended September&nbsp;30, 2021 or December&nbsp;31, 2021.
To the extent the Company issues any shares in the future, it will include disclosure in the notes to the financial statements that describes how the offering expenses are accounted for by the Company. The Company further notes that debt issuance
costs are amortized over the life of the related debt instrument using the straight-line method per FASB Accounting Standards Update (ASU) <FONT STYLE="white-space:nowrap">No.&nbsp;2015-03,</FONT> Interest &#150; Imputation of Interest (Subtopic <FONT
STYLE="white-space:nowrap">835-30).</FONT> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">In Note 3. Recent Accounting Pronouncements on page 119, there is a statement that recently issued standards will not
have a material impact on the Company&#146;s financial statements. There is Staff interpretive guidance that requires a description of standards that the Company is referencing in that footnote. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B> The Company respectfully advises the Staff that it will ensure the disclosure is revised in future filings in
accordance with the Staff interpretative guidance, as requested. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">Note 5. Notes Payable on page 128, the Company states that the portion of the SPV Assets pledged as collateral are
noted in the Consolidated Schedule of Investments. The Schedule of Investments did not appear to note assets pledged as collateral. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B> The Company respectfully advises the Staff that it will ensure that the assets pledged as collateral are identified in
the Schedule of Investments in future filings. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">The Statement of Operations reflects a base management fee waiver. The Staff did not see any description of that waiver
in the Notes. Please advise whether the waiver is voluntary and if it is subject to recapture. </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B>
The Company respectfully advises the Staff that the base management fee waiver is voluntary and not subject to recapture, and that the Company will ensure that such description is included in Note 7 in future filings. </P>

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<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Christina DiAngelo Fettig, Staff</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Accountant</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">March 30, 2022</P>
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<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">The Statement of Operations reflects an income-based incentive fee waiver. The Staff did not see any description of
that waiver in the Notes. Please advise whether the waiver is voluntary and if it is subject to recapture. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B> The Company respectfully advises the Staff that the income-based incentive fee waiver is voluntary and not subject to
recapture. The Company advises the Staff that Note 7 on page 134 references that the waiver of income-based incentive fee is voluntary. The Company will ensure that the description of any income-based incentive fee waiver as voluntary and not
subject to recapture is included in Note 7 in future filings. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">In the Financial Highlights table on page 141, please review and confirm the accuracy of the footnotes, particularly
with respect to the below. </P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">The Staff notes that there is an asterisk that does not appear to be used. </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">Footnote 6 appears to relate to the asset coverage ratio but that has footnote 4 on the line. </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">Footnotes 4, 5 and 7 do not appear to apply. </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">Regarding the fourth line item in the table&#151;Ratio of interest expense and fees and amortization of deferred debt
issuance costs to average net assets&#151;please confirm the calculation presented. </P></TD></TR></TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B> The Company
respectfully advises the Staff that it will remove the extraneous asterisk in future filings. The Company also advises the Staff that footnotes 4, 5 and 7 are no longer applicable to the Company&#146;s financial highlights table, and the Company
will ensure those footnotes are removed in future filings. The Company will also ensure that footnote 6 (or the appropriate footnote) appears on the asset coverage ratio line item in future filings. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The Company also respectfully advises the Staff that it agrees that the percentage for &#147;ratio of interest expense and fees and
amortization of deferred debt issuance costs to average net assets&#148; should have been 7.98%. The calculation for the &#147;ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets&#148; is
interest expenses plus amortization of deferred debt issuance costs divided by the average net assets. The Company respectfully advises the Staff that it inadvertently included &#147;amortization of original issue discount&#148; for the 2026 Notes
and inadvertently omitted &#147;amortization of deferred debt issuance costs&#148; in the Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended June&nbsp;30, 2021. The Company corrected this calculation in the Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended September&nbsp;30, 2021. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">In the Financial Highlights table on page 141, footnote 8 states that the first two years are not covered by the
current year&#146;s audit report. Please explain how the <FONT STYLE="white-space:nowrap">N-2</FONT> requirement is met. See General Instruction 8 to Item 4 of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> which requires that at least the latest
five years must be audited and so state. </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response:</B> The Company respectfully advises the Staff that
footnote 8 to the Financial Highlights table is intended to refer only to the fact that the Company&#146;s current independent registered public accounting firm, RSM US LLP, has audited the financial highlights presented for the Company&#146;s
fiscal years ended June&nbsp;30, 2021, 2020, 2019 and 2018. The Company&#146;s former independent registered public accounting firm was </P>

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<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Christina DiAngelo Fettig, Staff</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Accountant</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">March 30, 2022</P>
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responsible for auditing the financial highlights presented for the Company&#146;s fiscal year ended June&nbsp;30, 2017. The Company also respectfully advises the Staff that it believes it has
satisfied the requirement of Item 24.10, which requires business development companies to include the information required by Instruction 4.b in each annual report on Form <FONT STYLE="white-space:nowrap">10-K.</FONT> Further, Instruction 4.b
requires financial highlights for the most recent five fiscal years, with at least the most recent fiscal year audited. The Company has included financial highlights for the most recent five years, and the most recent fiscal year has been audited,
which satisfies the requirements for the Company&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The
Company acknowledges that when relying on incorporation by reference to satisfy the requirements of Instruction 8 to Item 4 of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> the Financial Highlights table included in the Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> must include five years of audited financial highlights, and must so state. However, the Company has decided to withdraw its Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> at this
time, and therefore is not relying on incorporation by reference. To the extent the Company decides to submit a Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> in the future, it recognizes that it will not be permitted to
rely on incorporation by reference with respect to the Financial Highlights and it will ensure that the Financial Highlights table included therein and each subsequent Form <FONT STYLE="white-space:nowrap">10-K</FONT> conform to the requirements of
General Instruction 8 to Item 4 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="justify">The Company appears to have been forward incorporating by reference since April 2019. Please explain why the Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the 6/30/2019 reporting period did not include a consent from the auditors. In addition, please explain why the full disclosure requirements of General Instruction 4.h to Item 24 of Form <FONT
STYLE="white-space:nowrap">N-2</FONT> have not been included in the <FONT STYLE="white-space:nowrap">10-Ks</FONT> filed since the Company has been forward incorporating by reference. Please also refer to General Instruction 10 to Item 24 of Form <FONT
STYLE="white-space:nowrap">N-2.</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Response: </B>The Company respectfully advises the Staff on a
supplemental basis that at the time of filing the Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the 6/30/2019 reporting period, the Company intended to file a consent from the auditors at the time of any offering and did file the
auditor&#146;s consent as Exhibits (n)(5) and (n)(6) to the Company&#146;s Post-Effective Amendment No.&nbsp;4 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-223999)</FONT> filed on October&nbsp;15, 2019. The Company did not complete any offerings prior to filing the auditor consents with Post-Effective Amendment No.&nbsp;4. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The Company acknowledges that to rely on forward incorporation by reference it was required to file the auditor consent at the time of
filing its Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended June&nbsp;30, 2019 and the Company did file the auditor consent with its Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the fiscal years ended June&nbsp;30, 2020 and 2021. The Company also respectfully advises the Staff that it did not rely on forward incorporation by reference to complete any offerings prior to filing the Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended June&nbsp;30, 2020, which included the auditor consent. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:16%; font-size:9pt; font-family:ARIAL" ALIGN="justify">Similarly,
the Company acknowledges that to rely on forward incorporation by reference pursuant to General Instruction A.2 of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> the Company must include the full disclosure requirements of General Instruction 4.h
to Item 24 of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> including the Audited Senior Securities Table, Price Range of Common Stock Table, Fees and Expenses Table and Unresolved Staff Comments (See Item 24.10 in Form <FONT
STYLE="white-space:nowrap">N-2</FONT> by reference to General Instruction 4.h to Item 24). The Company respectfully advises the Staff that it did not rely on forward incorporation by reference to complete any offerings prior to filing the Annual
Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended June&nbsp;30, 2020, which </P>

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<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Christina DiAngelo Fettig, Staff</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">Accountant</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="justify">March 30, 2022</P>
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included the disclosure requirements of General Instruction 4.h to Item 24. The Company also respectfully advises the Staff that it has determined to withdraw its Registration Statement on Form <FONT
STYLE="white-space:nowrap">N-2</FONT> at this time, and therefore is not relying on incorporation by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; font-size:9pt; font-family:ARIAL" ALIGN="justify">If you have any questions or additional comments concerning the foregoing, please contact me at at (202)
<FONT STYLE="white-space:nowrap">383-0845.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom"><U>/s/ Stephani M. Hildebrandt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">Stephani M. Hildebrandt</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


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<TD WIDTH="11%"></TD>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify">Michael C. Mauer, Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="justify">Steven B. Boehm, Eversheds Sutherland (US) LLP</P></TD></TR>
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