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Investcorp Credit Management BDC, Inc. (ICMB) is the issuer named in an amended beneficial-ownership report by Bulldog Investors, LLP, Phillip Goldstein and Andrew Dakos, with ownership reported as of September 30, 2026. Bulldog Investors reported 763,130 shares (5.29%); Goldstein reported 993,491 shares (6.88%); Dakos reported 596,780 shares (4.13%). The disclosures state that clients of Bulldog Investors and other accounts for which Goldstein and/or Dakos are deemed beneficial owners are entitled to dividends and proceeds from sales of the securities.
Beneficial ownership — Bulldog Investors, LLP763,130 shares; 5.29%As of September 30, 2026; percentage of class.
Beneficial ownership — Phillip Goldstein993,491 shares; 6.88%As of September 30, 2026; percentage of class.
Beneficial ownership — Andrew Dakos596,780 shares; 4.13%As of September 30, 2026; percentage of class.
Key Terms
beneficially owned, Shared Voting Power, Shared Dispositive Power
3 terms
beneficially ownedregulatory
"Aggregate Amount Beneficially Owned by Each Reporting Person"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Shared Voting Powerregulatory
"Shared Voting Power"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
Shared Dispositive Powerregulatory
"Shared Dispositive Power"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many ICMB shares did each reporting person beneficially own?
Bulldog Investors, LLP reported 763,130 shares (5.29%), Phillip Goldstein reported 993,491 shares (6.88%), and Andrew Dakos reported 596,780 shares (4.13%) as of September 30, 2026.
Who receives dividends and sale proceeds from the reported ICMB shares?
Clients of Bulldog Investors, LLP, and other accounts for which Andrew Dakos and/or Phillip Goldstein are deemed beneficial owners, are entitled to receive dividends and proceeds from sales of the securities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Investcorp Credit Management BDC
(Name of Issuer)
Common Stock
(Title of Class of Securities)
46090R104
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
46090R104
1
Names of Reporting Persons
Bulldog Investors, LLP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
166,350.00
6
Shared Voting Power
596,780.00
7
Sole Dispositive Power
166,350.00
8
Shared Dispositive Power
596,780.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
763,130.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.29 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
46090R104
1
Names of Reporting Persons
Phillip Goldstein
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
166,350.00
6
Shared Voting Power
827,141.00
7
Sole Dispositive Power
166,350.00
8
Shared Dispositive Power
827,141.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
993,491.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.88 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
46090R104
1
Names of Reporting Persons
Andrew Dakos
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
596,780.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
598,780.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
596,780.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.13 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Investcorp Credit Management BDC
(b)
Address of issuer's principal executive offices:
280 Park Avenue, 39th FL, New York, NY 10017
Item 2.
(a)
Name of person filing:
Bulldog Investors, LLP
Phillip Goldstein
Andrew Dakos
(b)
Address or principal business office or, if none, residence:
Bulldog Investors, LLP: 250 Pehle Ave. Suite 708, Saddle Brook, NJ 07663
Phillip Goldstein: 250 Pehle Ave. Suite 708, Saddle Brook, NJ 07663
Andrew Dakos: 250 Pehle Ave. Suite 708, Saddle Brook, NJ 07663
(c)
Citizenship:
Bulldog Investros LLP: Delaware
Phillip Goldstein: UNITED STATES
Andrew Dakos: UNITED STATES
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
46090R104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Clients of Bulldog Investors, LLP, and other accounts for which Messrs. Dakos and/or Goldstein are deemed to be the beneficial owners, are entitled to receive dividends and sales proceeds.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
