<SEC-DOCUMENT>0001193125-25-041344.txt : 20250617
<SEC-HEADER>0001193125-25-041344.hdr.sgml : 20250617
<ACCEPTANCE-DATETIME>20250228104710
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-041344
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250228

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:		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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1900 K Street, NW</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="3">


<IMG SRC="g918231g0228051126110.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;</TD>
<TD ROWSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Washington, DC 20006-1110</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">+1 202 261 3300 Main</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">+1 202 261 3333 Fax</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">www.dechert.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;28, 2025 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA
EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Christina DiAngelo Fettig </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Investcorp Credit Management BDC, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Year Ended June&nbsp;30, 2024 (&#147;<B><I>Form
<FONT STYLE="white-space:nowrap">10-K</FONT></I></B>&#148;) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">File Number: <FONT STYLE="white-space:nowrap">814-01054</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Fettig: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Investcorp Credit Management
BDC, Inc. (the &#147;<B><I>Company</I></B>&#148;), set forth below are the Company&#146;s responses to the verbal comments provided by the Staff (the &#147;<B><I>Staff</I></B>&#148;) of the U.S. Securities and Exchange Commission (the
&#147;<B><I>SEC</I></B>&#148;) to Dechert LLP, counsel to the Company, on February&nbsp;6, 2025, relating to the Form <FONT STYLE="white-space:nowrap">10-K.</FONT> Unless explicitly provided, we understand that your comments are intended to apply to
disclosure in the Company&#146;s future filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For your convenience, the Staff&#146;s comments are summarized in this letter, and each comment is
followed by the responses of the Company. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment:</B> The Staff refers to the XBRL tagging requirements with respect to the Form <FONT
STYLE="white-space:nowrap">10-K.</FONT> In future SEC filings, please utilize the standard U.S. GAAP taxonomy where available, as opposed to custom tags, for &#147;change in unrealized,&#148; &#147;affiliates,&#148; &#147;management fee
waivers&#148; and &#147;other income.&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s
comment and confirms that it will undertake to comply with the Staff&#146;s comment in future SEC filings with respect to the XBRL tagging requirements for &#147;change in unrealized,&#148; &#147;affiliates,&#148; &#147;management fee waivers&#148;
and &#147;other income.&#148; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: The Staff notes the below variations between debt outstanding and actual par amount
outstanding. Please clarify these discrepancies. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g918231g0228051126110.jpg" ALT="LOGO" STYLE="width:1.26806in;height:0.434028in;">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 28, 2025</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 2
</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The chart on page 30 assumes $106.2&nbsp;million in debt outstanding when the actual par amount outstanding is
$108&nbsp;million. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully advises the Staff that it will undertake to ensure that the
par amount of outstanding debt is used to calculate the figures in this chart for future filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&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:10pt; font-family:Times New Roman; " ALIGN="left">Page 71 assumes $106.3&nbsp;million in debt outstanding when the actual par amount outstanding is
$108&nbsp;million. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully advises the Staff that it will undertake to disclose the
par amount of debt outstanding in this section for future filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: The Staff requests the Company to review and enhance the following disclosures to
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; in future filings. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Staff notes that the disclosure on page 70 under &#147;Expenses&#148; states: &#147;Total expenses for the
year ended June&nbsp;30, 2024 of $17.3&nbsp;million were flat compared to $17.3&nbsp;million for the year ended June&nbsp;30, 2023.&#148; However, the Staff notes that there could have been material changes in individual line items that offset each
other. Pursuant to Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> Item 303(b), &#147;[w]here the financial statements reflect material changes from
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> in one or more line items, including where material changes within a line item offset one another, describe the underlying reasons for these material
changes in quantitative and qualitative terms.&#148; Please consider reviewing and enhancing the disclosure in future filings in compliance with Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> Item 303(b). </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and undertakes to revise the disclosure in future SEC filings,
as required by Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> Item 303(b). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&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:10pt; font-family:Times New Roman; " ALIGN="left">The Staff notes the trending increase in PIK interest income and PIK dividend income over the past three years.
Please describe the underlying reasons for these material changes in quantitative and qualitative terms. Pursuant to Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> Item 303(a), &#147;[a] discussion and analysis that meets the requirements of
this paragraph (a)&nbsp;is expected to better allow investors to view the registrant from management&#146;s perspective.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and undertakes to revise the disclosure in future SEC filings,
as required by Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> Item 303(a). </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g918231g0228051126110.jpg" ALT="LOGO" STYLE="width:1.26806in;height:0.434028in;">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 28, 2025</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 3
</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&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:10pt; font-family:Times New Roman; " ALIGN="left">The Staff notes that on page 71 under &#147;Capital Resources,&#148; the Company discloses an asset coverage
ratio of 169.5%. However, the Staff was unable to recalculate the asset coverage per unit amounts on page 72 under &#147;Senior Securities.&#148; The Staff notes the Company&#146;s previous response to a similar comment in correspondence with the
SEC dated March&nbsp;30, 2022 to &#147;ensure that the methodology used to calculate the asset coverage ratio is consistent across the narrative and tabular disclosure in future filings.&#148; Please confirm that narrative and tabular disclosure are
calculated using same methodology. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully advises the Staff that it will undertake to
ensure that the methodology used to calculate the asset coverage ratio is consistent across the narrative and tabular disclosure in future filings. The Company undertakes to revise the figures in the tabular disclosure in future SEC filings. An
additional level of review will be added to the process prior to submission of Form <FONT STYLE="white-space:nowrap">10-K</FONT> to avoid a recurrence of this issue going forward. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: The Company is described as
<FONT STYLE="white-space:nowrap">&#147;non-diversified&#148;;</FONT> however, given the Company&#146;s investing activity, please consider if the Company is still operating as <FONT STYLE="white-space:nowrap">&#147;non-diversified&#148;</FONT> and
update the disclosure as appropriate. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment
and confirms that it appropriately discloses its status as a <FONT STYLE="white-space:nowrap">non-diversified</FONT> investment company. For this reason, the Company respectfully declines to make any changes in response to this comment. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: The Staff notes the following comments regarding unitranche loans. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Staff notes that footnotes <FONT STYLE="white-space:nowrap">11-13</FONT> under the &#147;Consolidated
Schedule of Investments&#148; appear to identify unitranche loans; however, it is not clear from footnote 12 whether the Company owns the &#147;last out&#148; or the &#147;first out&#148; tranche. Please clarify this disclosure in future SEC
filings. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and undertakes to revise the
disclosure in future SEC filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&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:10pt; font-family:Times New Roman; " ALIGN="left">The Staff notes the unitranche loans described in footnotes <FONT STYLE="white-space:nowrap">11-13</FONT> under
the &#147;Consolidated Schedule of Investments&#148; are categorized as senior secured first lien debt investments. Please consider revising and clarifying the disclosure for how the unitranche loans are categorized. The Staff notes that in other
parts of the Form <FONT STYLE="white-space:nowrap">10-K,</FONT> the Company discloses standalone first and second lien loans, standalone unitranche loans, and mezzanine loans. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g918231g0228051126110.jpg" ALT="LOGO" STYLE="width:1.26806in;height:0.434028in;">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 28, 2025</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 4
</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; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and
undertakes to revise the disclosure in future SEC filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&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:10pt; font-family:Times New Roman; " ALIGN="left">Please enhance the risk disclosure to disclose the risks of the &#147;last out&#148; tranche.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and undertakes to revise the disclosure
in future SEC filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: Please consider whether the common stock investments in Sandvine Corporation disclosed on page
85 of the &#147;Consolidated Schedule of Investments&#148; should include a footnote identifying these investments as <FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets under Section&nbsp;55(a) of the Investment Company Act of 1940, as
amended. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and undertakes to revise the
disclosure in future SEC filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: The Staff notes that footnote 10 of the &#147;Consolidated Schedule of Investments&#148;
identifies investments held through Investcorp Credit Management BDC SPV, LLC. Please confirm whether the disclosure &#147;indirectly held&#148; is appropriate as Investcorp Credit Management BDC SPV, LLC is wholly owned and consolidated with the
Company. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and confirms that while
Investcorp Credit Management BDC SPV, LLC is consolidated for U.S. GAAP purposes, its investments are not directly held by the Company as a matter of law. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: The Staff notes the disclosure of net investment income per share on page 81 of the
&#147;Statement of Operations.&#148; Please consider removing the disclosure of net investment income per share from the &#147;Statement of Operations&#148; pursuant to Accounting Standards Codification (&#147;<B><I>ASC</I></B>&#148;) <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-45</FONT></FONT> issued by the Financial Accounting Standards Board (&#147;<B><I>FASB</I></B>&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and will undertake to revise the disclosure as required by FASB
ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-45</FONT></FONT> in future SEC filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: In future SEC filings, please disclose how &#147;weighted average&#148; is calculated for
quantitative information relating to the Company&#146;s Level&nbsp;3 fair value measurements, as required by FASB ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-50-2(bbb)(2).</FONT></FONT></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and undertakes to revise the disclosure in future SEC filings,
as required by FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">820-10-50-2(bbb)(2).</FONT></FONT></FONT> </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g918231g0228051126110.jpg" ALT="LOGO" STYLE="width:1.26806in;height:0.434028in;">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 28, 2025</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 5
</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: In future SEC filings, please disclose the average dollar amount of borrowings and average
interest rate overall, as required by Rule <FONT STYLE="white-space:nowrap">6-07(3)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and undertakes to revise the disclosure in future SEC filings,
as required by Rule <FONT STYLE="white-space:nowrap">6-07(3)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: Please review and confirm whether the captions for &#147;ratio of net investment income before
fee waiver to average net assets&#148; and &#147;ratio of net investment income after fee waiver to average net assets&#148; in the &#147;Ratio/Supplemental Data&#148; section under &#147;Note 12. Financial Highlights&#148; on page 114 are accurate,
as the ratio of net investment income before the fee waiver is higher than the ratio of net investment income after the fee waiver. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully acknowledges the Staff&#146;s comment and undertakes to revise the figures in the tabular disclosure
in future SEC filings. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g918231g0228051126110.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 28, 2025</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 6
</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:10pt; font-family:Times New Roman">Please contact the undersigned at (202) <FONT STYLE="white-space:nowrap">261-3402</FONT> (or by email at
alexander.karampatsos@dechert.com) or Harry S. Pangas at (202) <FONT STYLE="white-space:nowrap">261-3466</FONT> (or by email at harry.pangas@dechert.com) or with any questions or comments. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Alexander Karampatsos</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Alexander Karampatsos</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g918231g0228051126110.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g918231g0228051126110.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  I '@# 2(  A$! Q$!_\0
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M,<@X9?SZ>V*U[B[MK0*;FYAA#< RN%S^=>0>!M9C\(:=\2G*[K72=3FFABZ
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MK"W*(B9P.,'/O^)C&G+\,_B%HUOI+RIX<U^1K:2R:0LEO<=59,]-V<8^OM@
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B#:_ND8[8Q][N<< YP>**Z31O^1E\2_\ 7S!_Z(2B@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
