Investcorp Credit Management BDC reported that Bulldog Investors, LLP and two associated individuals filed a Schedule 13G disclosing beneficial ownership of its common stock as of December 31, 2025.
Bulldog Investors, LLP reports beneficial ownership of 593,387 shares, representing 4.11% of the common stock. Phillip Goldstein reports beneficial ownership of 779,201 shares, or 5.4% of the class, while Andrew Dakos reports 557,929 shares, or 3.87%.
The filing details each filer’s sole and shared voting and dispositive power and notes that clients of Bulldog Investors and other accounts associated with Goldstein and Dakos are entitled to receive dividends and sale proceeds. The securities are certified as acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of the company.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Investcorp Credit Management BDC
(Name of Issuer)
Common Stock
(Title of Class of Securities)
46090R104
(CUSIP Number)
12/31/2025
(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)
SCHEDULE 13G
CUSIP No.
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
35,458.00
6
Shared Voting Power
557,929.00
7
Sole Dispositive Power
35,458.00
8
Shared Dispositive Power
557,929.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
593,387.00
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)
4.11 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
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
35,458.00
6
Shared Voting Power
743,743.00
7
Sole Dispositive Power
35,458.00
8
Shared Dispositive Power
743,743.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
779,201.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
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
557,929.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
557,929.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
557,929.00
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)
3.87 %
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 Investors 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.
What did Bulldog Investors disclose about its ICMB holdings in this Schedule 13G?
Bulldog Investors, LLP reported beneficial ownership of 593,387 Investcorp Credit Management BDC shares, equal to 4.11% of the common stock. The firm has both sole and shared voting and dispositive power over these shares, held for clients and related accounts.
How much of Investcorp Credit Management BDC does Phillip Goldstein beneficially own?
Phillip Goldstein reported beneficial ownership of 779,201 shares of Investcorp Credit Management BDC, representing 5.4% of the company’s common stock. His position includes both sole and shared voting and dispositive power, reflecting interests in Bulldog-managed and other associated accounts.
What is Andrew Dakos’s reported ownership in ICMB common stock?
Andrew Dakos reported beneficial ownership of 557,929 Investcorp Credit Management BDC shares, or 3.87% of the outstanding common stock. He has shared voting and dispositive power over these shares, which are held for clients and other accounts where he is deemed a beneficial owner.
Are Bulldog Investors and its principals seeking to influence control of ICMB?
The filers certify the securities were acquired and are held in the ordinary course of business, not for changing or influencing control of Investcorp Credit Management BDC. They also state the holdings are not connected with any transaction intended to have that effect.
Who receives dividends and sale proceeds from the ICMB shares reported in this filing?
The filing states that clients of Bulldog Investors, LLP and other accounts for which Phillip Goldstein and/or Andrew Dakos are deemed beneficial owners are entitled to receive dividends and proceeds from any sale of the Investcorp Credit Management BDC shares.
