(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of RegulationS-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” inRule 12b-2 of the Exchange Act. (check one):

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined inRule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, $0.001 par value, outstanding as of ~~July 12,~~October 11, 2017 was ~~5,967,273.~~6,003,834.


	As of						As of
	May 31, 2017			February 28, 2017			August 31, 2017			February 28, 2017
	(unaudited)						(unaudited)
ASSETS
Investments at fair value
Non-control/Non-affiliate investments (amortized cost of $291,471,679 and $251,198,896, respectively)	$	278,767,064		$	242,531,514
Control investments (cost of $48,625,339 and $49,283,536, respectively)		50,922,884			50,129,799
Non-control/Non-affiliate investments (amortized cost of $295,295,973 and $251,198,896, respectively)							$	289,721,139		$	242,531,514
Control investments (amortized cost of $38,327,248 and $49,283,536, respectively)								43,248,674			50,129,799

Total investments at fair value (amortized cost of $340,097,018 and $300,482,432, respectively)		329,689,948			292,661,313
Total investments at fair value (amortized cost of $333,623,221 and $300,482,432, respectively)								332,969,813			292,661,313
Cash and cash equivalents		1,246,815			9,306,543			1,595,438			9,306,543
Cash and cash equivalents, reserve accounts		26,526,889			12,781,425			16,816,101			12,781,425
Interest receivable (net of reserve of $817,374 and $157,560, respectively)		3,652,935			3,294,450
Interest receivable (net of reserve of $895,998 and $157,560, respectively)								3,773,660			3,294,450
Management and incentive fee receivable		276,484			171,106			255,134			171,106
Other assets		278,376			183,346			464,291			183,346
Receivable from unsettled trades		253,041			253,041			253,041			253,041

Total assets	$	361,924,488		$	318,651,224		$	356,127,478		$	318,651,224

LIABILITIES
Revolving credit facility	$	24,500,000		$	—		$	10,000,000		$	—
Deferred debt financing costs, revolving credit facility		(760,150	)		(437,183	)		(743,272	)		(437,183	)
SBA debentures payable		134,660,000			112,660,000			134,660,000			112,660,000
Deferred debt financing costs, SBA debentures payable		(2,924,288	)		(2,508,280	)		(2,794,750	)		(2,508,280	)
Notes payable		74,450,500			74,450,500			74,450,500			74,450,500
Deferred debt financing costs, notes payable		(2,578,509	)		(2,689,511	)		(2,513,115	)		(2,689,511	)
Base management and incentive fees payable		3,992,960			5,814,692			5,056,994			5,814,692
Accounts payable and accrued expenses		773,025			852,987			1,099,099			852,987
Interest and debt fees payable		1,805,492			2,764,237			3,038,528			2,764,237
Directors fees payable		51,500			51,500			60,500			51,500
Due to manager		345,305			397,505			353,386			397,505

Total liabilities	$	234,315,835		$	191,356,447		$	222,667,870		$	191,356,447

Commitments and contingencies (See Note 7)
NET ASSETS
Common stock, par value $.001, 100,000,000 common shares authorized, 5,884,475 and 5,794,600 common shares issued and outstanding, respectively	$	5,884		$	5,795
Common stock, par value $.001, 100,000,000 common shares authorized, 5,967,272 and 5,794,600 common shares issued and outstanding, respectively							$	5,967		$	5,795
Capital in excess of par value		192,449,147			190,483,931			194,222,453			190,483,931
Distribution in excess of net investment income		(26,898,415	)		(27,737,348	)		(26,799,657	)		(27,737,348	)
Accumulated net realized loss from investments and derivatives		(27,540,893	)		(27,636,482	)		(33,315,747	)		(27,636,482	)
Accumulated net unrealized depreciation on investments and derivatives		(10,407,070	)		(7,821,119	)		(653,408	)		(7,821,119	)

Total net assets		127,608,653			127,294,777			133,459,608			127,294,777

Total liabilities and net assets	$	361,924,488		$	318,651,224		$	356,127,478		$	318,651,224

NET ASSET VALUE PER SHARE	$	21.69		$	21.97		$	22.37		$	21.97


	For the three months ended May 31, 2017			For the three months ended May 31, 2016			For the three months ended August 31, 2017			For the three months ended August 31, 2016			For the six months ended August 31, 2017			For the six months ended August 31, 2016
INVESTMENT INCOME
Interest from investments
Non-control/Non-affiliate investments	$	5,920,433		$	6,620,113		$	7,183,757		$	6,561,838		$	13,104,190		$	13,181,951
Payment-in-kind interest income from Non-control/Non-affiliate investments		223,273			129,090			298,957			184,265			522,230			313,355
Control investments		1,335,386			532,126			1,496,080			557,200			2,831,466			1,089,326
Payment-in-kind interest income from Control investments		262,109			—			207,624			—			469,733			—

Total interest income		7,741,201			7,281,329			9,186,418			7,303,303			16,927,619			14,584,632
Interest from cash and cash equivalents		7,081			3,786			6,493			6,401			13,574			10,187
Management fee income		375,681			373,684			375,957			374,657			751,638			748,341
Incentive fee income		105,295			—			162,358			—			267,653			—
Other income		478,190			249,596			522,440			763,633			1,000,630			1,013,229

Total investment income		8,707,448			7,908,395			10,253,666			8,447,994			18,961,114			16,356,389

OPERATING EXPENSES
Interest and debt financing expenses		2,523,606			2,368,056			2,962,844			2,369,705			5,486,450			4,737,761
Base management fees		1,391,027			1,227,157			1,481,788			1,202,794			2,872,815			2,429,951
Professional fees		384,331			359,299			407,372			302,227			791,703			661,526
Administrator expenses		375,000			325,000			395,833			325,000			770,833			650,000
Incentive management fees		176,096			728,280			1,709,636			1,208,452			1,885,732			1,936,732
Insurance		66,165			70,658			66,165			70,658			132,330			141,316
Directors fees and expenses		51,000			66,000			60,000			60,422			111,000			126,422
General & administrative		197,243			212,209			287,201			304,955			484,444			517,164
Excise tax expense (credit)								(14,738	)		—			(14,738	)		—
Other expense		38,531			13,187			6,514			—			45,045			13,187

Total operating expenses		5,202,999			5,369,846			7,362,615			5,844,213			12,565,614			11,214,059

NET INVESTMENT INCOME		3,504,449			2,538,549			2,891,051			2,603,781			6,395,500			5,142,330

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain from investments		95,589			6,102,905
Net unrealized depreciation on investments		(2,585,951	)		(5,353,867	)
Net realized gain (loss) from investments
Non-control/Non-affiliate investments								(5,838,408	)		5,936,750			(5,742,819	)		12,039,655
Control investments								63,554			—			63,554			—

Net gain (loss) on investments		(2,490,362	)		749,038
Net realized gain (loss) from investments								(5,774,854	)		5,936,750			(5,679,265	)		12,039,655
Net change in unrealized appreciation (depreciation) on investments
Non-control/Non-affiliate investments								7,129,782			(3,857,810	)		3,092,549			(9,794,258	)
Control investments								2,623,880			588,897			4,075,162			1,171,478

Net change in unrealized appreciation (depreciation) on investments								9,753,662			(3,268,913	)		7,167,711			(8,622,780	)

Net gain on investments								3,978,808			2,667,837			1,488,446			3,416,875

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,014,087		$	3,287,587		$	6,869,859		$	5,271,618		$	7,883,946		$	8,559,205

WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE	$	0.17		$	0.57		$	1.15		$	0.92		$	1.33		$	1.49
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED		5,861,654			5,737,496			5,955,251			5,740,816			5,908,453			5,739,157


Company		Industry	Investment Interest Rate/ Maturity	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets				Industry	Investment Interest Rate / Maturity	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Non-control/Non-affiliated investments - 218.5% (b)
Non-control/Non-affiliated investments - 217.1% (b)													Non-control/Non-affiliated investments - 217.1% (b)
Tile Redi Holdings, LLC (d)														Building Products	First Lien Term Loan (L+10.00%), 11.32% Cash, 6/16/2022	$	15,000,000	$	14,850,000	$	14,850,000		11.1	%

															Total Building Products				14,850,000		14,850,000		11.1	%

Apex Holdings Software Technologies, LLC		Business Services	First Lien Term Loan (L+8.00%), 9.21% Cash, 9/21/2021	$	18,000,000	$	17,864,592	$	18,000,000		14.1	%		Business Services	First Lien Term Loan (L+8.00%), 9.32% Cash, 9/21/2021	$	18,000,000		17,871,194		18,000,000		13.5	%
Avionte Holdings, LLC (g)		Business Services	Common Stock		100,000		100,000		257,000		0.2	%		Business Services	Common Stock		100,000		100,000		363,000		0.3	%
BMC Software, Inc. (d)		Business Services	Syndicated Loan (L+4.00%), 5.21% Cash, 9/10/2022	$	4,883,493		4,835,787		4,905,468		3.8	%		Business Services	Syndicated Loan (L+4.00%), 5.32% Cash, 9/10/2022	$	4,871,232		4,825,630		4,829,339		3.6	%
CLEO Communications Holding, LLC		Business Services	First Lien Term Loan (L+7.00%), 8.21% Cash/2.00% PIK, 3/31/2022	$	13,000,000		12,872,436		12,870,000		10.1	%		Business Services	First Lien Term Loan (L+7.00%), 8.32% Cash/2.00% PIK, 3/31/2022	$	13,088,335		12,964,508		12,957,452		9.7	%
CLEO Communications Holding, LLC (j)		Business Services	Delayed Draw Term Loan (L+7.00%), 8.21% Cash/2.00% PIK, 3/31/2022	$	—		—		—		0.0	%
CLEO Communications Holding, LLC (i)														Business Services	Delayed Draw Term Loan (L+7.00%), 8.32% Cash/2.00% PIK, 3/31/2022	$	2,000,000		1,980,000		1,980,000		1.5	%
Courion Corporation		Business Services	Second Lien Term Loan (L+10.00%), 11.21% Cash, 6/1/2021	$	15,000,000		14,885,014		14,229,000		11.1	%		Business Services	Second Lien Term Loan (L+10.00%), 11.32% Cash, 6/1/2021	$	15,000,000		14,890,921		14,313,000		10.7	%
Emily Street Enterprises, L.L.C.		Business Services	Senior Secured Note (L+8.50%), 10.00% Cash, 1/23/2020	$	3,300,000		3,287,284		3,321,450		2.6	%		Business Services	Senior Secured Note (L+8.50%), 10.00% Cash, 1/23/2020	$	3,300,000		3,292,667		3,321,450		2.5	%
Emily Street Enterprises, L.L.C. (g)		Business Services	Warrant Membership Interests Expires 12/28/2022		49,318		400,000		426,600		0.3	%		Business Services	Warrant Membership Interests Expires 12/28/2022		49,318		400,000		523,757		0.4	%
Erwin, Inc.		Business Services	Second Lien Term Loan (L+11.50%), 12.71% Cash/1.00% PIK, 8/28/2021	$	13,143,616		13,036,964		13,143,616		10.3	%		Business Services	Second Lien Term Loan (L+11.50%), 12.82% Cash/1.00% PIK, 8/28/2021	$	13,176,840		13,075,070		13,176,840		9.9	%
FranConnect LLC (d)		Business Services	First Lien Term Loan (L+7.00%), 8.50% Cash, 5/26/2022	$	14,500,000		14,427,500		14,427,500		11.3	%		Business Services	First Lien Term Loan (L+7.00%), 8.50% Cash, 5/26/2022	$	14,500,000		14,427,500		14,433,300		10.8	%
GreyHeller LLC		Business Services	First Lien Term Loan (L+11.00%), 12.21% Cash, 11/16/2021	$	7,000,000		6,935,808		7,000,000		5.5	%		Business Services	First Lien Term Loan (L+11.00%), 12.32% Cash, 11/16/2021	$	7,000,000		6,938,608		7,000,000		5.2	%
GreyHeller LLC (j)		Business Services	Delayed Draw Term Loan B (L+11.00%), 12.21% Cash, 11/16/2021	$	—		—		—		0.0	%		Business Services	Delayed Draw Term Loan B (L+11.00%), 12.32% Cash, 11/16/2021	$	—		—		—		0.0	%
GreyHeller LLC (g)		Business Services	Common Stock		850,000		850,000		850,000		0.7	%		Business Services	Common Stock		850,000		850,000		784,426		0.6	%
Help/Systems Holdings, Inc.(Help/Systems, LLC)		Business Services	First Lien Term Loan (L+5.25%), 6.46% Cash, 10/8/2021	$	5,932,462		5,847,487		5,937,208		4.7	%
Help/Systems Holdings, Inc.(Help/Systems, LLC)		Business Services	Second Lien Term Loan (L+9.50%), 10.71% Cash, 10/8/2022	$	3,000,000		2,925,229		2,928,900		2.3	%
Identity Automation Systems		Business Services	Convertible Promissory Note 13.50% (6.75% Cash/6.75% PIK), 8/18/2018	$	621,695		621,695		621,695		0.5	%
Help/Systems Holdings, Inc. (Help/Systems, LLC)														Business Services	First Lien Term Loan (L+4.50%), 5.82% Cash, 10/8/2021	$	5,404,367		5,310,648		5,417,878		4.1	%
Help/Systems Holdings, Inc. (Help/Systems, LLC)														Business Services	Second Lien Term Loan (L+9.50%), 10.82% Cash, 10/8/2022	$	3,000,000		2,927,863		2,937,600		2.2	%
Identity Automation Systems (g)		Business Services	Common Stock Class A Units		232,616		232,616		514,298		0.4	%		Business Services	Common Stock Class A Units		232,616		232,616		578,283		0.4	%
Identity Automation Systems		Business Services	First Lien Term Loan (L+9.25%), 10.46% Cash/1.75% PIK, 12/18/2020	$	10,324,839		10,261,369		10,324,839		8.1	%		Business Services	First Lien Term Loan (L+9.50%), 10.82% Cash, 3/31/2021	$	18,000,000		17,868,107		17,923,540		13.4	%
Knowland Technology Holdings, L.L.C.		Business Services	First Lien Term Loan (L+8.75%), 9.96% Cash, 7/20/2021	$	16,888,730		16,833,572		16,888,731		13.2	%		Business Services	First Lien Term Loan (L+8.75%), 10.07% Cash, 7/20/2021	$	16,888,730		16,861,820		16,888,730		12.6	%
Microsystems Company		Business Services	Second Lien Term Loan (L+10.00%), 11.21% Cash, 7/1/2022	$	8,000,000		7,929,936		8,000,000		6.3	%		Business Services	Second Lien Term Loan (L+10.00%), 11.32% Cash, 7/1/2022	$	8,000,000		7,932,584		8,040,000		6.0	%
National Waste Partners (d)		Business Services	First Lien Term Loan 10.00% Cash, 2/13/2022	$	9,000,000		8,910,000		8,910,000		7.0	%		Business Services	Second Lien Term Loan 10.00% Cash, 2/13/2022	$	9,000,000		8,910,000		8,959,500		6.7	%
Vector Controls Holding Co., LLC (d)		Business Services	First Lien Term Loan 14.00% (12.00% Cash/2.00% PIK), 3/6/2018	$	8,711,174		8,679,449		8,711,174		6.8	%		Business Services	First Lien Term Loan 14.00% (12.00% Cash/2.00% PIK), 3/6/2018	$	8,499,741		8,478,591		8,499,741		6.4	%
Vector Controls Holding Co., LLC (d), (g)		Business Services	Warrants to Purchase Limited Liability Company Interests, Expires 5/31/2025		343		—		328,008		0.3	%		Business Services	Warrants to Purchase Limited Liability Company Interests, Expires 5/31/2025		343		—		481,356		0.4	%

			Total Business Services				151,736,738		152,595,487		119.6	%			Total Business Services				160,138,327		161,409,192		120.9	%

Targus Holdings, Inc. (d), (g)		Consumer Products	Common Stock		210,456		1,791,242		24,957		0.0	%
Targus Holdings, Inc. (g)														Consumer Products	Common Stock		210,456		1,791,242		279,920		0.2	%
Targus Holdings, Inc. (d)		Consumer Products	Second Lien Term Loan A-2 15.00% PIK, 12/31/2019	$	243,206		243,206		243,206		0.2	%		Consumer Products	Second Lien Term LoanA-2 15.00% PIK, 12/31/2019	$	252,517		252,517		252,517		0.2	%
Targus Holdings, Inc. (d)		Consumer Products	Second Lien Term Loan B 15.00% PIK, 12/31/2019	$	729,230		729,230		729,230		0.6	%		Consumer Products	Second Lien Term Loan B 15.00% PIK, 12/31/2019	$	757,149		757,150		757,149		0.6	%

			Total Consumer Products				2,763,678		997,393		0.8	%			Total Consumer Products				2,800,909		1,289,586		1.0	%

My Alarm Center, LLC														Consumer Services	Preferred Equity Class A Units 8.00% PIK		2,227		2,226,560		2,250,310		1.7	%
My Alarm Center, LLC (g)														Consumer Services	Preferred Equity Class B Units		1,797		1,796,880		1,773,130		1.3	%
My Alarm Center, LLC (g)		Consumer Services	Second Lien Term Loan (L+11.00%), 12.21% Cash, 7/9/2019	$	10,343,750		10,329,743		2,695,581		2.1	%		Consumer Services	Common Stock		96,224		—		—		0.0	%
PrePaid Legal Services, Inc. (d)		Consumer Services	First Lien Term Loan (L+5.25%), 6.50% Cash, 7/1/2019	$	2,558,573		2,546,279		2,564,458		2.0	%		Consumer Services	First Lien Term Loan (L+5.25%), 6.57% Cash, 7/1/2019	$	2,505,496		2,494,954		2,517,021		1.9	%
PrePaid Legal Services, Inc. (d)		Consumer Services	Second Lien Term Loan (L+9.00%), 10.25% Cash, 7/1/2020	$	11,000,000		10,968,443		10,957,100		8.6	%		Consumer Services	Second Lien Term Loan (L+9.00%), 10.32% Cash, 7/1/2020	$	11,000,000		10,970,916		11,028,600		8.3	%

			Total Consumer Services				23,844,465		16,217,139		12.7	%			Total Consumer Services				17,489,310		17,569,061		13.2	%

C2 Educational Systems		Education	First Lien Term Loan (L+8.50%), 10.00% Cash, 5/31/2020	$	16,000,000		15,840,181		15,840,000		12.4	%
M/C Acquisition Corp., L.L.C. (d), (g)		Education	Class A Common Stock		544,761		30,241		—		0.0	%
M/C Acquisition Corp., L.L.C. (d), (g)		Education	First Lien Term Loan 1.00% Cash, 3/31/2018	$	2,321,073		1,193,790		6,320		0.0	%
C2 Educational Systems (d)														Education	First Lien Term Loan (L+8.50%), 10.00% Cash, 5/31/2020	$	16,000,000		15,844,735		15,851,200		11.9	%
M/C Acquisition Corp., L.L.C. (g)														Education	Class A Common Stock		544,761		30,241		—		0.0	%
M/C Acquisition Corp., L.L.C. (g)														Education	First Lien Term Loan 1.00% Cash, 3/31/2018	$	2,318,121		1,190,838		6,320		0.0	%
Texas Teachers of Tomorrow, LLC (g), (h)		Education	Common Stock		750,000		750,000		878,603		0.7	%		Education	Common Stock		750,000		750,000		910,433		0.7	%
Texas Teachers of Tomorrow, LLC		Education	Second Lien Term Loan (L+8.00%), 9.21% Cash, 6/2/2021	$	10,000,000		9,922,434		10,000,000		7.8	%		Education	Second Lien Term Loan (L+9.75%), 11.07% Cash, 6/2/2021	$	10,000,000		9,926,400		10,000,000		7.5	%

			Total Education				27,736,646		26,724,923		20.9	%			Total Education				27,742,214		26,767,953		20.1	%

TM Restaurant Group L.L.C. (g)		Food and Beverage	First Lien Term Loan 14.50% PIK, 7/17/2017	$	9,358,694		9,349,470		8,279,637		6.5	%		Food and Beverage	First Lien Term Loan 14.50% PIK, 10/24/2017	$	9,358,694		9,355,564		7,996,068		6.0	%
TM Restaurant Group L.L.C. (g), (i)		Food and Beverage	Revolver 14.50% PIK, 7/17/2017	$	413,954		413,954		366,225		0.3	%
TM Restaurant Group L.L.C. (g)														Food and Beverage	Revolver 14.50% PIK, 10/24/2017	$	413,954		413,954		353,682		0.3	%

			Total Food and Beverage				9,763,424		8,645,862		6.8	%			Total Food and Beverage				9,769,518		8,349,750		6.3	%

Censis Technologies, Inc.		Healthcare Services	First Lien Term Loan B (L+10.00%), 11.21% Cash, 7/24/2019	$	10,950,000		10,840,545		10,879,920		8.5	%		Healthcare Services	First Lien Term Loan B (L+10.00%), 11.32% Cash, 7/24/2019	$	10,800,000		10,703,416		10,800,000		8.1	%
Censis Technologies, Inc. (g), (h)		Healthcare Services	Limited Partner Interests		999		999,000		907,701		0.7	%		Healthcare Services	Limited Partner Interests		999		999,000		1,092,307		0.8	%
ComForCare Health Care		Healthcare Services	First Lien Term Loan (L+8.50%), 9.71% Cash, 1/31/2022	$	10,500,000		10,400,434		10,500,000		8.2	%		Healthcare Services	First Lien Term Loan (L+8.50%), 9.82% Cash, 1/31/2022	$	10,500,000		10,404,703		10,542,000		7.9	%
Roscoe Medical, Inc. (d), (g)		Healthcare Services	Common Stock		5,081		508,077		585,152		0.5	%		Healthcare Services	Common Stock		5,081		508,077		583,679		0.4	%
Roscoe Medical, Inc.		Healthcare Services	Second Lien Term Loan 11.25% Cash, 9/26/2019	$	4,200,000		4,159,694		4,186,560		3.3	%		Healthcare Services	Second Lien Term Loan 11.25% Cash, 9/26/2019	$	4,200,000		4,163,582		4,190,340		3.1	%
Ohio Medical, LLC (g)		Healthcare Services	Common Stock		5,000		500,000		218,050		0.2	%		Healthcare Services	Common Stock		5,000		500,000		246,350		0.2	%
Ohio Medical, LLC		Healthcare Services	Senior Subordinated Note 12.00% Cash, 7/15/2021	$	7,300,000		7,241,526		6,395,530		5.0	%		Healthcare Services	Senior Subordinated Note 12.00% Cash, 7/15/2021	$	7,300,000		7,244,377		6,515,980		4.9	%
Zest Holdings, LLC (d)		Healthcare Services	Syndicated Loan (L+4.25%), 5.46% Cash, 8/16/2023	$	4,136,911		4,056,579		4,162,973		3.3	%		Healthcare Services	Syndicated Loan (L+4.25%), 5.57% Cash, 8/16/2023	$	4,126,569		4,048,135		4,150,503		3.1	%

			Total Healthcare Services				38,705,855		37,835,886		29.7	%			Total Healthcare Services				38,571,290		38,121,159		28.5	%

HMN Holdco, LLC		Media	First Lien Term Loan 12.00% Cash/2.00% PIK, 7/8/2021	$	8,343,607		8,267,744		8,593,916		6.7	%		Media	First Lien Term Loan 12.00% Cash, 7/8/2021	$	8,266,574		8,200,476		8,504,652		6.4	%
HMN Holdco, LLC		Media	Delayed Draw First Lien Term Loan 12.00% Cash, 7/8/2021	$	4,800,000		4,754,553		4,824,000		3.8	%		Media	Delayed Draw First Lien Term Loan 12.00% Cash, 7/8/2021	$	4,800,000		4,757,943		4,938,240		3.7	%
HMN Holdco, LLC (g)		Media	Class A Series, Expires 1/16/2025		4,264		61,647		263,131		0.2	%		Media	Class A Series, Expires 1/16/2025		4,264		61,647		251,789		0.2	%
HMN Holdco, LLC (g)		Media	Class A Warrant, Expires 1/16/2025		30,320		438,353		1,481,132		1.2	%		Media	Class A Warrant, Expires 1/16/2025		30,320		438,353		1,412,306		1.0	%
HMN Holdco, LLC (g)		Media	Warrants to Purchase Limited Liability Company Interests (Common), Expires 5/16/2024		57,872		—		2,530,743		2.0	%		Media	Warrants to Purchase Limited Liability Company Interests (Common), Expires 5/16/2024		57,872		—		2,399,952		1.8	%
HMN Holdco, LLC (g)		Media	Warrants to Purchase Limited Liability Company Interests (Preferred), Expires 5/16/2024		8,139		—		413,217		0.3	%		Media	Warrants to Purchase Limited Liability Company Interests (Preferred), Expires 5/16/2024		8,139		—		394,742		0.3	%

			Total Media				13,522,297		18,106,139		14.2	%			Total Media				13,458,419		17,901,681		13.4	%

Elyria Foundry Company, L.L.C. (d), (g)		Metals	Common Stock		35,000		9,217,564		1,458,100		1.1	%
Elyria Foundry Company, L.L.C. (g)														Metals	Common Stock		60,000		9,685,029		2,671,800		2.0	%
Elyria Foundry Company, L.L.C. (d)		Metals	Second Lien Term Loan 15.00% PIK, 8/10/2022	$	437,500		437,500		437,500		0.4	%		Metals	Second Lien Term Loan 15.00% PIK, 8/10/2022	$	790,957		790,957		790,957		0.6	%

			Total Metals				9,655,064		1,895,600		1.5	%

Mercury Network, LLC		Real Estate	Second Lien Term Loan (L+10.50%), 11.71% Cash, 3/17/2022	$	12,988,202		12,885,683		13,118,084		10.2	%
Mercury Network, LLC (g)		Real Estate	Common Stock		580,559		857,829		2,630,551		2.1	%

			Total Real Estate				13,743,512		15,748,635		12.3	%			Total Metals				10,475,986		3,462,757		2.6	%
									��
Sub Total Non-control/Non-affiliated investments	Sub Total Non-control/Non-affiliated investments						291,471,679		278,767,064		218.5	%	Sub Total Non-control/Non-affiliated investments						295,295,973		289,721,139		217.1	%

Control investments - 39.9% (b)
Control investments - 32.4% (b)
Easy Ice, LLC (f)		Business Services	Preferred Equity 10.00% PIK		5,080,000		8,124,444		8,131,921		6.4	%		Business Services	Preferred Equity 10.00% PIK		5,080,000		8,124,444		10,212,022		7.6	%
Easy Ice, LLC (d), (f)		Business Services	First Lien Term Loan (L+10.25%), 11.31% Cash, 1/15/2020	$	26,680,000		26,480,450		26,680,000		20.9	%		Business Services	Second Lien Term Loan (L+11.00%), 5.44% Cash/7.56% PIK, 2/28/2023	$	16,500,000		16,380,840		16,500,003		12.4	%

			Total Business Services				34,604,894		34,811,921		27.3	%			Total Business Services				24,505,284		26,712,025		20.0	%

Saratoga Investment Corp. CLO 2013-1, Ltd. (a), (d), (e), (f)		Structured Finance Securities	Other/Structured Finance Securities 22.56%, 10/20/2025	$	30,000,000		9,520,445		11,563,263		9.0	%
Saratoga Investment Corp. Class F Note (a), (d), (f)		Structured Finance Securities	Other/Structured Finance Securities (L+8.50%), 9.71%, 10/20/2025	$	4,500,000		4,500,000		4,547,700		3.6	%
Saratoga Investment Corp. CLO2013-1, Ltd. (a), (e), (f)														Structured Finance Securities	Other/Structured Finance Securities 28.54%, 10/20/2025	$	30,000,000		9,321,964		12,037,549		9.0	%
Saratoga Investment Corp. Class F Note (a), (f)														Structured Finance Securities	Other/Structured Finance Securities (L+8.50%), 9.82%, 10/20/2025	$	4,500,000		4,500,000		4,499,100		3.4	%

			Total Structured Finance Securities				14,020,445		16,110,963		12.6	%			Total Structured Finance Securities				13,821,964		16,536,649		12.4	%

Sub Total Control investments							48,625,339		50,922,884		39.9	%							38,327,248		43,248,674		32.4	%

TOTAL INVESTMENTS - 258.4% (b)						$	340,097,018	$	329,689,948		258.4	%
TOTAL INVESTMENTS - 249.5% (b)																		$	333,623,221	$	332,969,813		249.5	%


				Principal		Cost		Fair Value		% of Net Assets						Principal		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 21.8% (b)
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 13.8% (b)													Cash and cash equivalents and cash and cash equivalents, reserve accounts - 13.8% (b)
U.S. Bank Money Market (k)				$	27,773,704	$	27,773,704	$	27,773,704		21.8	%				$	18,411,539	$	18,411,539	$	18,411,539		13.8	%

Total cash and cash equivalents and cash and cash equivalents, reserve accounts	Total cash and cash equivalents and cash and cash equivalents, reserve accounts			$	27,773,704	$	27,773,704	$	27,773,704		21.8	%	Total cash and cash equivalents and cash and cash equivalents, reserve accounts			$	18,411,539	$	18,411,539	$	18,411,539		13.8	%


Company	Purchases		Redemptions		Sales (Cost)		Interest Income		Management and Incentive Fee Income		Net Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)			Purchases		Redemptions		Sales			Interest Income		Management and Incentive Fee Income		Net Realized Gains (Losses)		Net Change in Unrealized Appreciation (Depreciation)
Easy Ice, LLC	$	—	$	—	$	—	$	1,037,917	$	—	$	—	$	(8,811	)	$	—	$	—	$	(10,180,000	)	$	2,040,242	$	—	$	63,554	$	1,990,902
Saratoga Investment Corp. CLO 2013-1, Ltd.	$	—	$	—	$	—	$	453,586	$	480,976	$	—	$	1,411,943		$	—	$	—	$	—		$	1,048,973	$	1,019,291	$	—	$	2,084,710
Saratoga Investment Corp. Class F Note	$	—	$	—	$	—	$	105,992	$	—	$	—	$	48,150		$	—	$	—	$	—		$	211,984	$	—	$	—	$	(450	)


Company		Industry	Investment Interest Rate/ Maturity	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets				Industry	Investment Interest Rate/ Maturity	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Non-control/Non-affiliated investments - 190.5% (b)	Non-control/Non-affiliated investments - 190.5% (b)												Non-control/Non-affiliated investments - 190.5% (b)
Apex Holdings Software Technologies, LLC		Business Services	First Lien Term Loan (L+8.00%), 9.05% Cash, 9/21/2021	$	18,000,000	$	17,857,818	$	17,843,400		14.0	%		Business Services	First Lien Term Loan (L+8.00%), 9.05% Cash, 9/21/2021	$	18,000,000	$	17,857,818	$	17,843,400		14.0	%
Avionte Holdings, LLC (g)		Business Services	Common Stock		100,000		100,000		251,000		0.2	%		Business Services	Common Stock		100,000		100,000		251,000		0.2	%
BMC Software, Inc. (d)		Business Services	Syndicated Loan (L+4.00%), 5.05% Cash, 9/10/2020	$	5,611,666		5,582,551		5,639,163		4.4	%		Business Services	Syndicated Loan (L+4.00%), 5.05% Cash, 9/10/2020	$	5,611,666		5,582,551		5,639,163		4.4	%
Courion Corporation		Business Services	Second Lien Term Loan (L+10.00%), 11.05% Cash, 6/1/2021	$	15,000,000		14,879,353		14,230,500		11.2	%		Business Services	Second Lien Term Loan (L+10.00%), 11.05% Cash, 6/1/2021	$	15,000,000		14,879,353		14,230,500		11.2	%
Emily Street Enterprises, L.L.C.		Business Services	Senior Secured Note (L+8.50%), 10.00% Cash, 1/23/2020	$	3,300,000		3,282,213		3,316,500		2.6	%		Business Services	Senior Secured Note (L+8.50%), 10.00% Cash, 1/23/2020	$	3,300,000		3,282,213		3,316,500		2.6	%
Emily Street Enterprises, L.L.C. (g)		Business Services	Warrant Membership Interests Expires 12/28/2022		49,318		400,000		394,544		0.3	%		Business Services	Warrant Membership Interests Expires 12/28/2022		49,318		400,000		394,544		0.3	%
Erwin, Inc.		Business Services	Second Lien Term Loan (L+11.50%), 12.55% (11.50% Cash/1.00% PIK), 8/28/2021	$	13,111,929		13,000,581		13,111,929		10.2	%		Business Services	Second Lien Term Loan (L+11.50%), 12.55% (11.50% Cash/1.00% PIK), 8/28/2021	$	13,111,929		13,000,581		13,111,929		10.2	%
GreyHeller LLC		Business Services	First Lien Term Loan (L+11.00%), 12.05% Cash, 11/16/2021	$	7,000,000		6,933,141		6,930,000		5.4	%		Business Services	First Lien Term Loan (L+11.00%), 12.05% Cash, 11/16/2021	$	7,000,000		6,933,141		6,930,000		5.4	%
GreyHeller LLC (i), (j)		Business Services	Delayed Draw Term Loan B (L+11.00%), 12.05% Cash, 11/16/2021	$	—		—		—		0.0	%		Business Services	Delayed Draw Term Loan B (L+11.00%), 12.05% Cash, 11/16/2021	$	—		—		—		0.0	%
GreyHeller LLC (g)		Business Services	Common Stock		850,000		850,000		850,000		0.7	%		Business Services	Common Stock		850,000		850,000		850,000		0.7	%
Help/Systems Holdings, Inc.(Help/Systems, LLC)		Business Services	First Lien Term Loan (L+5.25%), 6.30% Cash, 10/8/2021	$	5,947,481		5,857,960		5,947,481		4.7	%		Business Services	First Lien Term Loan (L+5.25%), 6.30% Cash, 10/8/2021	$	5,947,481		5,857,960		5,947,481		4.7	%
Help/Systems Holdings, Inc.(Help/Systems, LLC)		Business Services	Second Lien Term Loan (L+9.50%), 10.55% Cash, 10/8/2022	$	3,000,000		2,922,606		2,926,800		2.3	%		Business Services	Second Lien Term Loan (L+9.50%), 10.55% Cash, 10/8/2022	$	3,000,000		2,922,606		2,926,800		2.3	%
Identity Automation Systems		Business Services	Convertible Promissory Note 13.50% (6.75% Cash/6.75% PIK), 8/18/2018		611,517		611,517		611,517		0.5	%		Business Services	Convertible Promissory Note 13.50% (6.75% Cash/6.75% PIK), 8/18/2018		611,517		611,517		611,517		0.5	%
Identity Automation Systems (g)		Business Services	Common Stock Class A Units		232,616		232,616		386,143		0.3	%		Business Services	Common Stock Class A Units		232,616		232,616		386,143		0.3	%
Identity Automation Systems		Business Services	First Lien Term Loan (L+9.25%), 10.30% (9.25% Cash/1.75% PIK) 12/18/2020	$	10,293,791		10,223,741		10,293,791		8.1	%		Business Services	First Lien Term Loan (L+9.25%), 10.30% (9.25% Cash/1.75% PIK) 12/18/2020	$	10,293,791		10,223,741		10,293,791		8.1	%
Knowland Technology Holdings, L.L.C.		Business Services	First Lien Term Loan (L+8.75%), 9.80% Cash, 7/20/2021	$	17,777,730		17,692,307		17,777,730		14.0	%		Business Services	First Lien Term Loan (L+8.75%), 9.80% Cash, 7/20/2021	$	17,777,730		17,692,307		17,777,730		14.0	%
Microsystems Company		Business Services	Second Lien Term Loan (L+10.00%), 11.05% Cash, 7/1/2022	$	8,000,000		7,927,489		7,964,800		6.3	%		Business Services	Second Lien Term Loan (L+10.00%), 11.05% Cash, 7/1/2022	$	8,000,000		7,927,489		7,964,800		6.3	%
National Waste Partners		Business Services	First Lien Term Loan 10.00% Cash, 2/13/2022	$	9,000,000		8,910,000		8,910,000		7.0	%		Business Services	Second Lien Term Loan 10.00% Cash, 2/13/2022	$	9,000,000		8,910,000		8,910,000		7.0	%
Vector Controls Holding Co., LLC (d)		Business Services	First Lien Term Loan, 14.00% (12.00% Cash/2.00% PIK), 3/6/2018	$	8,819,270		8,778,186		8,819,270		6.9	%		Business Services	First Lien Term Loan, 14.00% (12.00% Cash/2.00% PIK), 3/6/2018	$	8,819,270		8,778,186		8,819,270		6.9	%
Vector Controls Holding Co., LLC (d), (g)		Business Services	Warrants to Purchase Limited Liability Company Interests, Expires 5/31/2025		343		—		327,200		0.3	%		Business Services	Warrants to Purchase Limited Liability Company Interests, Expires 5/31/2025		343		—		327,200		0.3	%

			Total Business Services				126,042,079		126,531,768		99.4	%			Total Business Services				126,042,079		126,531,768		99.4	%

Targus Holdings, Inc. (d), (g)		Consumer Products	Common Stock		210,456		1,791,242		29,241		0.0	%		Consumer Products	Common Stock		210,456		1,791,242		29,241		0.0	%
Targus Holdings, Inc. (d)		Consumer Products	Second Lien Term Loan A-2 15.00% PIK, 12/31/2019	$	234,630		234,630		234,630		0.2	%		Consumer Products	Second Lien Term LoanA-2 15.00% PIK, 12/31/2019	$	234,630		234,630		234,630		0.2	%
Targus Holdings, Inc. (d)		Consumer Products	Second Lien Term Loan B 15.00% PIK, 12/31/2019	$	703,889		703,889		703,889		0.6	%		Consumer Products	Second Lien Term Loan B 15.00% PIK, 12/31/2019	$	703,889		703,889		703,889		0.6	%

			Total Consumer Products				2,729,761		967,760		0.8	%			Total Consumer Products				2,729,761		967,760		0.8	%

My Alarm Center, LLC		Consumer Services	Second Lien Term Loan (L+11.00%), 12.05% Cash, 7/9/2019	$	9,375,000		9,359,492		7,061,250		5.6	%		Consumer Services	Second Lien Term Loan (L+11.00%), 12.05% Cash, 7/9/2019	$	9,375,000		9,359,492		7,061,250		5.6	%
PrePaid Legal Services, Inc. (d)		Consumer Services	First Lien Term Loan (L+5.25%), 6.50% Cash, 7/1/2019	$	2,687,143		2,672,435		2,687,143		2.1	%		Consumer Services	First Lien Term Loan (L+5.25%), 6.50% Cash, 7/1/2019	$	2,687,143		2,672,435		2,687,143		2.1	%
PrePaid Legal Services, Inc. (d)		Consumer Services	Second Lien Term Loan (L+9.00%), 10.25% Cash, 7/1/2020	$	11,000,000		10,966,188		11,000,000		8.6	%		Consumer Services	Second Lien Term Loan (L+9.00%), 10.25% Cash, 7/1/2020	$	11,000,000		10,966,188		11,000,000		8.6	%

			Total Consumer Services				22,998,115		20,748,393		16.3	%			Total Consumer Services				22,998,115		20,748,393		16.3	%

M/C Acquisition Corp., L.L.C. (d), (g)		Education	Class A Common Stock		544,761		30,241		—		0.0	%		Education	Class A Common Stock		544,761		30,241		—		0.0	%
M/C Acquisition Corp., L.L.C. (d)		Education	First Lien Term Loan 1.0% Cash, 3/31/2018	$	2,321,073		1,193,790		8,087		0.0	%		Education	First Lien Term Loan 1.00% Cash, 3/31/2018	$	2,321,073		1,193,790		8,087		0.0	%
Texas Teachers of Tomorrow, LLC (g), (h)		Education	Common Stock		750		750,000		919,680		0.7	%		Education	Common Stock		750		750,000		919,680		0.7	%
Texas Teachers of Tomorrow, LLC		Education	Second Lien Term Loan (L+9.75%), 10.80% Cash, 6/2/2021	$	10,000,000		9,918,572		10,000,000		7.9	%		Education	Second Lien Term Loan (L+9.75%), 10.80% Cash, 6/2/2021	$	10,000,000		9,918,572		10,000,000		7.9	%

			Total Education				11,892,603		10,927,767		8.6	%			Total Education				11,892,603		10,927,767		8.6	%

TM Restaurant Group L.L.C. (g)		Food and Beverage	First Lien Term Loan (L+8.50%), 9.75% Cash, 7/17/2017	$	9,358,694		9,331,446		8,422,825		6.6	%		Food and Beverage	First Lien Term Loan (L+8.50%), 9.75% Cash, 7/17/2017	$	9,358,694		9,331,446		8,422,825		6.6	%

			Total Food and Beverage				9,331,446		8,422,825		6.6	%			Total Food and Beverage				9,331,446		8,422,825		6.6	%

Censis Technologies, Inc.		Healthcare Services	First Lien Term Loan B (L+10.00%), 11.05% Cash, 7/24/2019	$	11,100,000		10,977,689		10,940,160		8.6	%		Healthcare Services	First Lien Term Loan B (L+10.00%), 11.05% Cash, 7/24/2019	$	11,100,000		10,977,689		10,940,160		8.6	%
Censis Technologies, Inc. (g), (h)		Healthcare Services	Limited Partner Interests		999		999,000		886,772		0.7	%		Healthcare Services	Limited Partner Interests		999		999,000		886,772		0.7	%
ComForCare Health Care		Healthcare Services	First Lien Term Loan (L+8.50%), 9.55% Cash, 1/31/2022	$	10,500,000		10,398,957		10,395,000		8.2	%		Healthcare Services	First Lien Term Loan (L+8.50%), 9.55% Cash, 1/31/2022	$	10,500,000		10,398,957		10,395,000		8.2	%
Roscoe Medical, Inc. (d), (g)		Healthcare Services	Common Stock		5,081		508,077		680,823		0.5	%		Healthcare Services	Common Stock		5,081		508,077		680,823		0.5	%
Roscoe Medical, Inc.		Healthcare Services	Second Lien Term Loan 11.25% Cash, 9/26/2019	$	4,200,000		4,155,827		4,179,000		3.3	%		Healthcare Services	Second Lien Term Loan 11.25% Cash, 9/26/2019	$	4,200,000		4,155,827		4,179,000		3.3	%
Ohio Medical, LLC (g)		Healthcare Services	Common Stock		5,000		500,000		288,800		0.2	%		Healthcare Services	Common Stock		5,000		500,000		288,800		0.2	%
Ohio Medical, LLC		Healthcare Services	Senior Subordinated Note 12.00%, 7/15/2021	$	7,300,000		7,238,831		6,989,750		5.5	%		Healthcare Services	Senior Subordinated Note 12.00%, 7/15/2021	$	7,300,000		7,238,831		6,989,750		5.5	%
Zest Holdings, LLC (d)		Healthcare Services	Syndicated Loan (L+4.75%), 5.80% Cash, 8/17/2020	$	4,136,911		4,085,888		4,183,658		3.3	%		Healthcare Services	Syndicated Loan (L+4.75%), 5.80% Cash, 8/17/2020	$	4,136,911		4,085,888		4,183,658		3.3	%

			Total Healthcare Services				38,864,269		38,543,963		30.3	%			Total Healthcare Services				38,864,269		38,543,963		30.3	%

HMN Holdco, LLC		Media	First Lien Term Loan 12.00% Cash, 7/8/2021	$	8,462,482		8,376,876		8,462,482		6.6	%		Media	First Lien Term Loan 12.00% Cash, 7/8/2021	$	8,462,482		8,376,876		8,462,482		6.6	%
HMN Holdco, LLC		Media	Delayed Draw First Lien Term Loan 12.00% Cash, 7/8/2021	$	4,800,000		4,751,258		4,800,000		3.8	%		Media	Delayed Draw First Lien Term Loan 12.00% Cash, 7/8/2021	$	4,800,000		4,751,258		4,800,000		3.8	%
HMN Holdco, LLC (g)		Media	Class A Series, Expires 1/16/2025		4,264		61,647		294,770		0.2	%		Media	Class A Series, Expires 1/16/2025		4,264		61,647		294,770		0.2	%
HMN Holdco, LLC (g)		Media	Class A Warrant, Expires 1/16/2025		30,320		438,353		1,706,410		1.3	%		Media	Class A Warrant, Expires 1/16/2025		30,320		438,353		1,706,410		1.3	%
HMN Holdco, LLC (g)		Media	Warrants to Purchase Limited Liability Company Interests (Common), Expires 5/16/2024		57,872		—		2,961,310		2.3	%		Media	Warrants to Purchase Limited Liability Company Interests (Common), Expires 5/16/2024		57,872		—		2,961,310		2.3	%
HMN Holdco, LLC (g)		Media	Warrants to Purchase Limited Liability Company Interests (Preferred), Expires 5/16/2024		8,139		—		473,690		0.4	%		Media	Warrants to Purchase Limited Liability Company Interests (Preferred), Expires 5/16/2024		8,139		—		473,690		0.4	%

			Total Media				13,628,134		18,698,662		14.6	%			Total Media				13,628,134		18,698,662		14.6	%

Elyria Foundry Company, L.L.C. (d), (g)		Metals	Common Stock		35,000		9,217,564		413,350		0.3	%		Metals	Common Stock		35,000		9,217,564		413,350		0.3	%
Elyria Foundry Company, L.L.C. (d)		Metals	Second Lien Term Loan 15.00% PIK, 8/10/2022	$	437,500		437,500		437,500		0.4	%		Metals	Second Lien Term Loan 15.00% PIK, 8/10/2022	$	437,500		437,500		437,500		0.4	%

			Total Metals				9,655,064		850,850		0.7	%			Total Metals				9,655,064		850,850		0.7	%

Mercury Network, LLC		Real Estate	First Lien Term Loan (L+9.50%), 10.55% Cash, 8/24/2021	$	15,773,875		15,644,382		15,773,875		12.4	%		Real Estate	First Lien Term Loan (L+9.50%), 10.55% Cash, 8/24/2021	$	15,773,875		15,644,382		15,773,875		12.4	%
Mercury Network, LLC (g)		Real Estate	Common Stock		413,043		413,043		1,065,651		0.8	%		Real Estate	Common Stock		413,043		413,043		1,065,651		0.8	%

			Total Real Estate				16,057,425		16,839,526		13.2	%			Total Real Estate				16,057,425		16,839,526		13.2	%

Sub Total Non-control/Non-affiliated investments	Sub Total Non-control/Non-affiliated investments						251,198,896		242,531,514		190.5	%	Sub TotalNon-control/Non-affiliated investments						251,198,896		242,531,514		190.5	%

Control investments - 39.4% (b)
Easy Ice, LLC (g)		Business Services	Preferred Equity		5,080,000		8,000,000		8,000,000		6.3	%		Business Services	Preferred Equity		5,080,000		8,000,000		8,000,000		6.3	%
Easy Ice, LLC (d), (f)		Business Services	First Lien Term Loan (L+10.25%), 11.02% Cash, 1/15/2020	$	26,680,000		26,464,162		26,680,000		20.9	%		Business Services	First Lien Term Loan (L+10.25%), 11.02% Cash, 1/15/2020	$	26,680,000		26,464,162		26,680,000		20.9	%

			Total Business Services				34,464,162		34,680,000		27.2	%			Total Business Services				34,464,162		34,680,000		27.2	%

Saratoga Investment Corp. CLO 2013-1, Ltd. (a), (d), (e), (f)		Structured Finance Securities	Other/Structured Finance Securities 14.87%, 10/20/2025	$	30,000,000		10,319,374		10,950,249		8.7	%		Structured Finance Securities	Other/Structured Finance Securities 14.87%, 10/20/2025	$	30,000,000		10,319,374		10,950,249		8.7	%
Saratoga Investment Corp. Class F Note (a), (d), (f)		Structured Finance Securities	Other/Structured Finance Securities (L+8.50%), 9.55%, 10/20/2025	$	4,500,000		4,500,000		4,499,550		3.5	%		Structured Finance Securities	Other/Structured Finance Securities (L+8.50%), 9.55%, 10/20/2025	$	4,500,000		4,500,000		4,499,550		3.5	%

			Total Structured Finance Securities				14,819,374		15,449,799		12.2	%			Total Structured Finance Securities				14,819,374		15,449,799		12.2	%

Sub Total Control investments							49,283,536		50,129,799		39.4	%	Sub Total Control investments						49,283,536		50,129,799		39.4	%

TOTAL INVESTMENTS - 229.9% (b)						$	300,482,432	$	292,661,313		229.9	%	TOTAL INVESTMENTS - 229.9% (b)					$	300,482,432	$	292,661,313		229.9	%


				Principal		Cost		Fair Value		% of Net Assets						Principal		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 17.4% (b)	Cash and cash equivalents and cash and cash equivalents, reserve accounts - 17.4% (b)												Cash and cash equivalents and cash and cash equivalents, reserve accounts - 17.4% (b)
U.S. Bank Money Market (k)				$	22,087,968	$	22,087,968	$	22,087,968		17.4	%				$	22,087,968	$	22,087,968	$	22,087,968		17.4	%

Total cash and cash equivalents and cash and cash equivalents, reserve accounts	Total cash and cash equivalents and cash and cash equivalents, reserve accounts			$	22,087,968	$	22,087,968	$	22,087,968		17.4	%	Total cash and cash equivalents and cash and cash equivalents, reserve accounts			$	22,087,968	$	22,087,968	$	22,087,968		17.4	%


					Sales (Cost)			Interest Income			Management Fee Income			Net Realized Gains (Losses)		Net Unrealized Appreciation (Depreciation)
Company	Purchases		Redemptions					Interest Income			Management Fee Income		Purchases			Net Unrealized Appreciation (Depreciation)			Redemptions		Sales		Interest Income		Management Fee Income		Net Realized Gains (Losses)		Net Unrealized Appreciation (Depreciation)
Easy Ice, LLC	$	20,553,200	$	—	Sales (Cost)		$	—		$	217,362		$	Net Realized Gains (Losses)	—	$	—		$	283,226	$	20,553,200	$	—	$	—	$	217,362	$	—	$	—		$	283,226
Saratoga Investment Corp. CLO 2013-1, Ltd.	$	—	$	—	$	—		$	1,941,914		$	1,499,001		$	—	$	833,646		$	—	$	—	$	—	$	1,941,914	$	1,499,001	$	—	$	833,646
Saratoga Investment Corp. Class F Note	$	4,500,000	$	—	$	—		$	122,121		$	—		$	—	$	(450	)	$	4,500,000	$	—	$	—	$	122,121	$	—	$	—	$	(450	)


	For the three months ended May 31, 2017			For the three months ended May 31, 2016			For the six months ended August 31, 2017			For the six months ended August 31, 2016
INCREASE FROM OPERATIONS:
Net investment income	$	3,504,449		$	2,538,549		$	6,395,500		$	5,142,330
Net realized gain from investments		95,589			6,102,905
Net unrealized depreciation on investments		(2,585,951	)		(5,353,867	)
Net realized gain (loss) from investments								(5,679,265	)		12,039,655
Net change in unrealized appreciation (depreciation) on investments								7,167,711			(8,622,780	)

Net increase in net assets from operations		1,014,087			3,287,587			7,883,946			8,559,205

DECREASE FROM SHAREHOLDER DISTRIBUTIONS:
Distributions declared		(2,665,516	)		(2,346,311	)		(5,457,810	)		(5,963,242	)

Net decrease in net assets from shareholder distributions		(2,665,516	)		(2,346,311	)		(5,457,810	)		(5,963,242	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from issuance of common stock		1,367,168			—			2,639,413			—
Stock dividend distribution		622,088			1,750,901			1,147,536			2,700,351
Repurchases of common stock		—			(713,184	)		—			(1,882,567	)
Offering costs		(23,951	)		—			(48,254	)		—

Net increase in net assets from capital share transactions		1,965,305			1,037,717			3,738,695			817,784

Total increase in net assets		313,876			1,978,993			6,164,831			3,413,747
Net assets at beginning of period		127,294,777			125,149,875			127,294,777			125,149,875

Net assets at end of period	$	127,608,653		$	127,128,868		$	133,459,608		$	128,563,622

Net asset value per common share	$	21.69		$	22.11		$	22.37		$	22.39

Common shares outstanding at end of period		5,884,475			5,750,222			5,967,272			5,740,810

Distribution in excess of net investment income	$	(26,898,415	)	$	(26,025,665	)	$	(26,799,657	)	$	(27,038,814	)


	For the three months ended May 31, 2017			For the three months ended May 31, 2016			For the six months ended August 31, 2017			For the six months ended August 31, 2016
Operating activities
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	1,014,087		$	3,287,587		$	7,883,946		$	8,559,205
ADJUSTMENTS TO RECONCILE NET INCREASE IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Payment-in-kind interest income		(261,677	)		(134,256	)		(606,978	)		(276,597	)
Net accretion of discount on investments		(168,970	)		(136,568	)		(335,240	)		(254,323	)
Amortization of deferred debt financing costs		236,124			262,663			491,135			528,850
Net realized gain from investments		(95,589	)		(6,102,905	)
Net unrealized depreciation on investments		2,585,951			5,353,867
Net realized (gain) loss from investments								5,679,265			(12,039,655	)
Net change in unrealized (appreciation) depreciation on investments								(7,167,711	)		8,622,780
Proceeds from sales and repayments of investments		5,876,640			20,588,570			43,784,914			70,867,907
Purchase of investments		(44,964,990	)		—			(81,662,750	)		(55,728,395	)
(Increase) decrease in operating assets:
Interest receivable		(358,485	)		(246,128	)		(479,210	)		(198,008	)
Management and incentive fee receivable		(105,378	)		(478	)		(84,028	)		(881	)
Other assets		1,938			(9,834	)		(136,499	)		38,184
Receivable from unsettled trades		—			300,000			—			15,097
Increase (decrease) in operating liabilities:
Base management and incentive fees payable		(1,821,732	)		159,089			(757,698	)		689,563
Accounts payable and accrued expenses		64,171			82,384			390,245			(224,033	)
Interest and debt fees payable		(958,745	)		(513,146	)		274,291			321,439
Payable for repurchases of common stock		—			15,930			—			(20,957	)
Directors fees payable		—			22,500			9,000			13,500
Due to manager		(52,200	)		6,977			(44,119	)		115,759

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(39,008,855	)		22,936,252			(32,761,437	)		21,029,435

Financing activities
Borrowings on debt		46,500,000			—			46,500,000			—
Paydowns on debt								(14,500,000	)		—
Payments of deferred debt financing costs		(1,108,645	)		(313,400	)		(1,204,517	)		(313,400	)
Proceeds from issuance of common stock		1,367,168			—			2,639,413			—
Payments of offering costs		(20,504	)		—			(39,614	)		—
Repurchases of common stock		—			(713,184	)		—			(1,882,567	)
Payments of cash dividends		(2,043,428	)		(1,471,009	)		(4,310,274	)		(2,987,429	)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		44,694,591			(2,497,593	)		29,085,008			(5,183,396	)

NET INCREASE IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS		5,685,736			20,438,659
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS								(3,676,429	)		15,846,039
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD		22,087,968			7,034,783			22,087,968			7,034,783

CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD	$	27,773,704		$	27,473,442		$	18,411,539		$	22,880,822

Supplemental information:
Interest paid during the period	$	3,246,228		$	2,618,539		$	4,721,025		$	3,887,472
Cash paid for taxes	$	54,084		$	140,029		$	69,345		$	140,029

Supplemental non-cash information:
Payment-in-kind interest income	$	261,677		$	134,256		$	606,978		$	276,597
Net accretion of discount on investments	$	168,970		$	136,568		$	335,240		$	254,323
Amortization of deferred debt financing costs	$	236,124		$	262,663		$	491,135		$	528,850
Stock dividend distribution	$	622,088		$	1,750,901		$	1,147,536		$	2,700,351

Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is anon-diversified closed end management investment company incorporated in Maryland that has elected to be treated and is regulated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed the initial public offering (“IPO”) on March 28, 2007. The Company has elected to be treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code (the “Code”). The Company expects to continue to qualify and to elect to be treated, for tax purposes, as a RIC. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.

GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. As of February 28, 2007, the LLC had not yet commenced its operations and investment activities.

On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company.

On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction.

The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager”), pursuant to a management agreement (the “Management Agreement”). Prior to July 30, 2010, the Company was managed and advised by GSCP (NJ), L.P.

The Company has established wholly-owned subsidiaries, SIA Avionte, Inc., SIA Easy Ice, LLC, SIA GH, Inc., SIA MAC, Inc., SIA Mercury, Inc., SIA TT, Inc., and SIA Vector, Inc., which are structured as Delaware entities, or tax blockers, to hold equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass through entities). Tax blockers are consolidated for accounting purposes, but are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of portfolio companies.

On March 28, 2012, our wholly-owned subsidiary, Saratoga Investment Corp. SBIC, LP (“SBIC LP”), received a Small Business Investment Company (“SBIC”) license from the Small Business Administration (“SBA”).

On April 2, 2015, the SBA issued a “green light” letter inviting the Company to continue the application process to obtain a license to form and operate its second SBIC subsidiary. On September 27, 2016, the SBA informed us that as part of their continued review of our application for a second license, and in order to ensure that they were reviewing the most current information available, we would need to update all previously submitted materials and invited us to reapply. As a result of this request, with which we are in the process of complying, the existing “green light” letter that the SBA issued to us has expired. If approved in the future, a second SBIC license would provide us an incremental source of long-term capital by permitting us to issue up to $150.0 million of additionalSBA-guaranteed debentures in addition to the $150.0 million already approved under the first license.

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with generally accepted accounting principles (“U.S. GAAP”), are stated in U.S. Dollars and include the accounts of the Company

and its special purpose financing subsidiary, Saratoga Investment Funding, LLC (previously known as GSC Investment Funding LLC), SBIC LP, SIA Avionte, Inc., SIA Easy Ice, LLC, SIA GH, Inc., SIA MAC, Inc., SIA Mercury, Inc., SIA TT, Inc., and SIA Vector, Inc. All intercompany accounts and transactions have been eliminated in consolidation. All references made to the “Company,” “we,” and “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise.

The Company and SBIC LP are both considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946,Financial Services — Investment Companies (“ASC 946”). There have been no changes to the Company or SBIC LP’s status as investment companies during the ~~three~~six months ended ~~May~~August 31, 2017.

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains (losses) and expenses during the period reported. Actual results could differ materially from those estimates.

Cash and cash equivalents include short-term, liquid investments in a money market fund. Cash and cash equivalents are carried at cost which approximates fair value. Per section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another registered investment company such as, a money market fund if such investment would cause the Company to exceed any of the following limitations:

As of ~~May~~August 31, 2017, the Company did not exceed any of these limitations.

Cash and cash equivalents, reserve accounts include amounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, representing payments received on secured investments or other reserved amounts associated with the Company’s $45.0 million senior secured revolving credit facility with Madison Capital Funding LLC. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance with the terms of the senior secured revolving credit facility.

In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market funds, within our wholly-owned subsidiary, SBIC LP.

In November 2016, the FASB issued Accounting Standards Update (“ASU”)2016-18, Statement of Cash Flows (Topic 230):Restricted Cash(“ASU2016-18”). ASU2016-18 requires that the statements of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling thebeginning-of-period andend-of-period total amounts shown on the statements of cash flows. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted and is to be applied on a retrospective basis. The Company has adopted the provisions of ASU2016-18 as of November 30, 2016. The adoption of the provisions of ASU2016-18 did not materially impact the Company’s consolidated financial position or results of operations. Prior period amounts were reclassified to conform to the current period presentation.

The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and liabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows:


	May 31, 2017		May 31, 2016		August 31, 2017		August 31, 2016
Cash and cash equivalents	$	1,246,815	$	1,309,111	$	1,595,438	$	12,707,273
Cash and cash equivalents, reserve accounts		26,526,889		26,164,331		16,816,101		10,173,549

Total cash and cash equivalents, and cash and cash equivalents, reserve accounts	$	27,773,704	$	27,473,442	$	18,411,539	$	22,880,822

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in companies in which we own more than 25.0% of the voting securities or maintain greater than 50.0% of the board representation. Under the 1940 Act, “Affiliated Investments” are defined as thosenon-control investments in companies in which we own between 5.0% and 25.0% of the voting securities. Under the 1940 Act, ~~“Non-affiliated~~“Non-affiliated Investments” are defined as investments that are neither Control Investments nor Affiliated Investments.

The Company accounts for its investments at fair value in accordance with the FASB ASC Topic 820,Fair Value Measurements and Disclosures(“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold at the balance sheet date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third party pricing services and market makers subject to any decision by our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from our Manager, the audit committee of our board of directors and a third party independent valuation firm. Determinations of fair value may involve subjective judgments and estimates. The types of factors that may be considered in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow and other relevant factors.

The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:

In addition, all our investments are subject to the following valuation process:

The Company’s investment in Saratoga Investment Corp. CLO2013-1, Ltd. (“Saratoga CLO”) is carried at fair value, which is based on a discounted cash flow model that utilizes prepayment,re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for

equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by our Manager and

recommended to our board of directors. Specifically, we use Intex cash flow models, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The models use a set of assumptions including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The assumptions are based on available market data and projections provided by third parties as well as management estimates. The Company uses the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO.

Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Company’s net asset value could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such investments.

The Company accounts for derivative financial instruments in accordance with ASC Topic 815,Derivatives and Hedging(“ASC 815”). ASC 815 requires recognizing all derivative instruments as either assets or liabilities on the consolidated statements of assets and liabilities at fair value. The Company values derivative contracts at the closing fair value provided by the counterparty. Changes in the values of derivative contracts are included in the consolidated statements of operations.

Purchases and sales of investments and the related realized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized over the life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums on investments.

Loans are generally placed onnon-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed onnon-accrual status. Interest payments received onnon-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability.Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.

Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic325-40,Investments-Other, Beneficial Interests in Securitized Financial Assets, (“ASC325-40”), based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/orre-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.

Other income includes dividends received, origination fees, structuring fees and advisory fees, and is recorded in the consolidated statements of operations when earned.

The Company holds debt investments in its portfolio that contain apayment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. We stop accruing PIK interest if we do not expect the issuer to be able to pay all principal and interest when due. At August 31, 2017, certain investments in two portfolio companies were onnon-accrual status with a combined fair value of approximately $8.4 million, or 2.5% of the fair value of our portfolio.

Financing costs incurred in connection with our credit facility and notes are deferred and amortized using the straight line method over the life of the respective facility and debt securities. Financing costs incurred in connection with our SBA debentures are deferred and amortized using the effective yield method over the life of the debentures.

ASU2015-03,Interest—Imputation of Interest (Subtopic835-30): Simplifying the Presentation of Debt Issuance Costs(“ASU2015-03”) requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Company has adopted the provisions of ASU2015-03 as of February 28, 2015, by reclassifying deferred debt financing costs from within total assets to within total liabilities as a contra-liability. Prior period amounts were reclassified to conform to the current period presentation.

In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications.

In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company.

The Company ~~has filed an election~~elected to be treated for tax purposes as a RIC under the Code and, among other things, intends to make the requisite distributions to its stockholders which will relieve the Company from federal income taxes. Therefore, no provision has been recorded for federal income taxes.

In order to qualify as a RIC, among other requirements, the Company is required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each fiscal tax year. The Company will be subject to a nondeductible U.S. federal excise tax of 4.0% on undistributed income if it does not distribute at least 98.0% of its ordinary income in any calendar year and 98.2% of its capital gain net income for eachone-year period ending on October 31.

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions into the next tax year and pay a 4.0% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned.

In accordance with certain applicable U.S. Treasury regulations and private letter rulings issued by the Internal Revenue Service (“IRS”), a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC subject to a limitation on the aggregate amount of cash to be distributed to all stockholders, which limitation must be at least 20.0% of the aggregate declared distribution. If too many stockholders elect to receive cash, each stockholder electing to receive cash will receive a pro rata amount of cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20.0% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock.

ASC 740,Income Taxes, (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are ~~“more-likely-than-not”~~“more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a ~~“more-likely-than-not”~~“more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 28, 2017, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2014, 2015 and 2016 federal tax years for the Company remain subject to examination by the IRS. As of ~~May~~August 31, 2017 and February 28, 2017, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months.

Dividends to common stockholders are recorded on theex-dividend date. The amount to be paid out as a dividend is determined by the board of directors. Net realized capital gains, if any, are generally distributed at least annually, although we may decide to retain such capital gains for reinvestment.

We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder elects to receive cash. As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividends automatically reinvested into additional shares of our common stock, rather than receiving the cash dividends. We have the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator.

The Company records an expense accrual on the consolidated statements of operations, relating to the capital gains incentive fee payable on the consolidated statements of assets and liabilities, by the Company to its investment adviser when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments given the fact that a capital gains incentive fee would be owed to the investment adviser if the Company were to liquidate its investment portfolio at such time. The actual incentive fee payable to the Company’s investment adviser related to capital gains will be determined and payable in arrears at the end of each fiscal year and will include only realized capital gains net of realized and unrealized losses for the period.

In ~~October 2016,~~March 2017, the ~~U.S.~~FASB issued ASU2017-08,Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20),Premium Amortization on Purchased Callable Debt Securities (“ASU2017-08”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. ASU2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU2017-08 is effective for fiscal years, and Exchange Commission (“SEC”) adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017.interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact ~~that the adoption of the amendments to Regulation S-X~~these changes will have on the Company’s consolidated financial statements and ~~related~~ disclosures.

In August 2016, the FASB issued ASU2016-15,Statement of Cash Flows (Topic 230),Classification of Certain Cash Receipts and Cash Payments(“ASU2016-15”), which is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods therein. Early adoption is permitted. Management is currently evaluating the impact ASU2016-15 will have on the Company’s consolidated financial statements and disclosures.

In February 2016, the FASB issued ASU2016-02,Amendments to the Leases(“ASU Topic 842”), which will require for all operating leases the recognition of aright-of-use asset and a lease liability, in the statement of financial position. The lease cost will be allocated over the lease term on a straight-line basis. This guidance is effective for annual and interim periods beginning after December 15, 2018. Management is currently evaluating the impact these changes will have on the Company’s consolidated financial statements and disclosures.

In January 2016, the FASB issued ASU2016-01,Financial Instruments — Overall (Subtopic825-10): Recognition and Measurement of Financial Assets and Financial Liabilities(“ASU2016-01”). ASU2016-01 retains many current requirements for the classification and measurement of financial instruments; however, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. ASU2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance is effective for annual and interim periods beginning after December 15, 2017, and early adoption is not permitted for public business entities. Management is currently evaluating the impact the adoption of this standard has on the Company’s consolidated financial statements and disclosures.

In May 2014, the FASB issued ASU2014-09,Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605). Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In May 2016, ASU2016-12 amended ASU2014-09 and deferred the effective period to December 15, 2017. Management has concluded that the majority of its revenues associated with financial instruments are scoped out of ASC 606. Management is ~~currently~~ evaluating the impact ~~these changes will have~~of the standard on certain other income earned by the ~~Company’s consolidated financial statements and disclosures.~~Company.

In the ordinary course of its business, the Company manages a variety of risks, including market risk and credit risk. Market risk is the risk of potential adverse changes to the value of investments because of changes in market conditions such as interest rate movements and volatility in investment prices.

Credit risk is the risk of default ornon-performance by portfolio companies, equivalent to the investment’s carrying amount.

The Company is also exposed to credit risk related to maintaining all of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to any of its derivative counterparties.

The Company has investments in lower rated and comparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree of credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because such investments are generally unsecured and are often subordinated to other creditors of the issuer.

As noted above, the Company values all investments in accordance with ASC 820. ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the board of directors that is consistent with ASC 820 and the 1940 Act (see Note 2). Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.

The following table presents fair value measurements of investments, by major class, as of ~~May~~August 31, 2017 (dollars in thousands), according to the fair value hierarchy:


	Level 1		Level 2		Level 3		Total
Syndicated loans	$	—	$	—	$	8,980	$	8,980
First lien term loans		—		—		182,781		182,781
Second lien term loans		—		—		97,462		97,462
Structured finance securities		—		—		16,537		16,537
Equity interests		—		—		27,210		27,210

Total	$	—	$	—	$	332,970	$	332,970

The following table presents fair value measurements of investments, by major class, as of February 28, 2017 (dollars in thousands), according to the fair value hierarchy:


	Fair Value Measurements
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Syndicated loans	$	—	$	—	$	9,823	$	9,823	$	—	$	—	$	9,823	$	9,823
First lien term loans		—		—		159,097		159,097		—		—		159,097		159,097
Second lien term loans		—		—		87,750		87,750		—		—		87,750		87,750
Structured finance securities		—		—		15,450		15,450		—		—		15,450		15,450
Equity interests		—		—		20,541		20,541		—		—		20,541		20,541

Total	$	—	$	—	$	292,661	$	292,661	$	—	$	—	$	292,661	$	292,661

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the ~~three~~six months ended ~~May~~August 31, 2017 (dollars in thousands):


	Syndicated loans			First lien term loans			Second lien term loans			Structured finance securities			Equity interests			Total			Syndicated loans			First lien term loans			Second lien term loans			Structured finance securities			Equity interests			Total
Balance as of February 28, 2017	$	9,823		$	159,097		$	87,750		$	15,450		$	20,541		$	292,661		$	9,823		$	159,097		$	87,750		$	15,450		$	20,541		$	292,661
Net unrealized appreciation (depreciation) on investments		21			387			(5,855	)		1,460			1,401			(2,586	)		(48	)		255			1,799			2,084			3,078			7,168
Purchases and other adjustments to cost		6			43,738			1,073			—			579			45,396			10			78,571			1,560			—			2,464			82,605
Sales and repayments		(728	)		(1,440	)		(2,786	)		(799	)		(124	)		(5,877	)		(751	)		(12,680	)		(25,954	)		(997	)		(3,403	)		(43,785	)
Net realized gain (loss) from investments		(54	)		7			19			—			124			96			(54	)		(8	)		(7,530	)		—			1,913			(5,679	)
Restructures in		—			—			15,774			—			—			15,774			—			—			39,837			—			2,617			42,454
Restructures out		—			(15,774	)		—			—			—			(15,774	)		—			(42,454	)		—			—			—			(42,454	)

Balance as of May 31, 2017	$	9,068		$	186,015		$	95,975		$	16,111		$	22,521		$	329,690
Balance as of August 31, 2017																			$	8,980		$	182,781		$	97,462		$	16,537		$	27,210		$	332,970

Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:	$	21		$	387		$	(5,855	)	$	1,460		$	1,401		$	(2,586	)	$	(48	)	$	255		$	1,928		$	2,084		$	3,731		$	7,950

Purchases and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK.

Sales and repayments represent net proceeds received from investments sold, and principal paydowns received, during the period.

Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur.


	Syndicated loans			First lien term loans			Second lien term loans		Structured finance securities			Equity interests			Total			Syndicated loans			First lien term loans			Second lien term loans			Structured finance securities			Equity interests			Total
Balance as of February 29, 2016	$	11,868		$	144,643		$	88,178	$	12,828		$	26,479		$	283,996		$	11,868		$	144,643		$	88,178		$	12,828		$	26,479		$	283,996
Net unrealized appreciation (depreciation) on investments		1,242			(363	)		1,268		583			(8,084	)		(5,354	)		2,100			217			1,076			1,171			(13,187	)		(8,623	)
Purchases and other adjustments to cost		26			164			73		—			8			271			51			44,689			10,899			—			620			56,259
Sales and redemptions		(95	)		(13,078	)		—		(959	)		(6,457	)		(20,589	)		(4,556	)		(36,518	)		(13,269	)		(2,082	)		(14,443	)		(70,868	)
Net realized gain from investments		1			126			—		—			5,976			6,103			53			245			140			—			11,602			12,040

Balance as of May 31, 2016	$	13,042		$	131,492		$	89,519	$	12,452		$	17,922		$	264,427
Balance as of August 31, 2016																		$	9,516		$	153,276		$	87,024		$	11,917		$	11,071		$	272,804

Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:	$	1,242		$	(297	)	$	1,268	$	583		$	(2,329	)	$	467		$	955		$	594		$	1,135		$	1,171		$	(2,083	)	$	1,772

Sales and repayments represent net proceeds received from investments sold, and principal paydowns received, during the period.

Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of ~~May~~August 31, 2017 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Fair Value

Valuation Technique

Unobservable Input

Range

Syndicated loans

9,068

Market Comparables

Third-Party Bid (%)

100.5% - 101.1%

8,980

Market Comparables

Third-Party Bid (%)

99.1% - 100.6%

First lien term loans

186,015

Market Comparables

Market Yield (%)

6.4% - 13.9%

182,781

Market Comparables

Market Yield (%)

5.8% - 14.0%

EBITDA Multiples (x)

3.0x - 5.5x

EBITDA Multiples (x)

3.0x - 5.5x

Third-Party Bid (%)

100% - 100.5%

Third-Party Bid (%)

100.3% - 100.5%

Second lien term loans

95,975

Market Comparables

Market Yield (%)

9.2% - 90.3%

97,462

Market Comparables

Market Yield (%)

9.2% - 16.0%

Third-Party Bid (%)

97.6% - 99.8%

Third-Party Bid (%)

97.9% - 100.4%

Structured finance securities

16,111

Discounted Cash Flow

Discount Rate (%)

8.0% - 13.0%

16,537

Discounted Cash Flow

Discount Rate (%)

8.5% - 14.0%

Equity interests

22,521

Market Comparables

EBITDA Multiples (x)

3.7x - 16.3x

27,210

Market Comparables

EBITDA Multiples (x)

3.7x - 14.0x

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2017 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Fair Value

Valuation Technique

Unobservable Input

Range

Syndicated loans

9,823

Market Comparables

Third-Party Bid (%)

100.5% - 101.1%

9,823

Market Comparables

Third-Party Bid (%)

100.5% - 101.1%

First lien term loans

159,097

Market Comparables

Market Yield (%)

6.3% - 39.0%

159,097

Market Comparables

Market Yield (%)

6.3% - 39.0%

EBITDA Multiples (x)

3.0x - 10.3x

EBITDA Multiples (x)

3.0x - 10.3x

Third-Party Bid (%)

100.0% - 100.2%

Third-Party Bid (%)

100.0% - 100.2%

Second lien term loans

87,750

Market Comparables

Market Yield (%)

10.1% - 26.4%

87,750

Market Comparables

Market Yield (%)

10.1% - 26.4%

Third-Party Bid (%)

97.6% - 99.9%

Third-Party Bid (%)

97.6% - 99.9%

Structured finance securities

15,450

Discounted Cash Flow

Discount Rate (%)

8.5% - 13.0%

15,450

Discounted Cash Flow

Discount Rate (%)

8.5% - 13.0%

Equity interests

20,541

Market Comparables

EBITDA Multiples (x)

3.7x - 12.0x

20,541

Market Comparables

EBITDA Multiples (x)

3.7x - 12.0x

For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the EBITDA or revenue valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. For investments utilizing a market quote in deriving a value, a significant increase (decrease) in the market quote, in isolation, would result in a significantly higher (lower) fair value measurement.

The composition of our investments as of ~~May~~August 31, 2017, at amortized cost and fair value was as follows (dollars in thousands):


	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio			Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
Syndicated loans	$	8,892		2.6	%	$	9,068		2.8	%	$	8,874		2.7	%	$	8,980		2.7	%
First lien term loans		187,097		55.0			186,015		56.4			184,210		55.2			182,781		54.9
Second lien term loans		104,605		30.8			95,975		29.1			98,223		29.4			97,462		29.2
Structured finance securities		14,020		4.1			16,111		4.9			13,822		4.1			16,537		5.0
Equity interests		25,483		7.5			22,521		6.8			28,494		8.6			27,210		8.2

Total	$	340,097		100.0	%	$	329,690		100.0	%	$	333,623		100.0	%	$	332,970		100.0	%

The composition of our investments as of February 28, 2017, at amortized cost and fair value was as follows (dollars in thousands):

For loans and debt securities for which market quotations are not available, we determine their fair value based on third party indicative broker quotes, where available, or the assumptions that a hypothetical market participant would use to value the security in a current hypothetical sale using a market yield valuation methodology. In applying the market yield valuation methodology, we determine the fair value based on such factors as market participant assumptions including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. If, in our judgment, the market yield methodology is not sufficient or appropriate, we may use additional methodologies such as an asset liquidation or expected recovery model.

For equity securities of portfolio companies and partnership interests, we determine the fair value based on the market approach with value then attributed to equity or equity like securities using the enterprise value waterfall valuation methodology. Under the enterprise value waterfall valuation methodology, we determine the enterprise fair value of the portfolio company and then waterfall the enterprise value over the portfolio company’s securities in order of their preference relative to one another. To estimate the enterprise value of the portfolio company, we weigh some or all of the traditional market valuation methods and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The methodologies for performing investments may be based on, among other things: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, third party valuations of the portfolio company, considering offers from third parties to buy the company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. Fornon-performing investments, we may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities. We also take into account historical and anticipated financial results.

Our investment in Saratoga CLO is carried at fair value, which is based on a discounted cash flow model that utilizes prepayment,re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by our Manager and recommended to our board of directors. Specifically, we use Intex cash flow models, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The models use a set of assumptions including projected default rates, recovery rates, reinvestment rate and prepayment rates in order to arrive at

estimated valuations. The assumptions are based on available market data and projections provided by third parties as well as management estimates. In connection with the refinancing of the Saratoga CLO liabilities, we ran Intex models based on assumptions about the refinanced Saratoga CLO’s structure, including capital structure, cost of liabilities and reinvestment period. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO at ~~May~~August 31, 2017. The significant inputs at ~~May~~August 31, 2017 for the valuation model include:

Note 4. Investment in Saratoga Investment Corp. CLO2013-1, Ltd. (“Saratoga CLO”)

On January 22, 2008, the Company invested $30.0 million in all of the outstanding subordinated notes of GSC Investment Corp. CLO 2007, Ltd., a collateralized loan obligation fund managed by the Company that invests primarily in senior secured loans. Additionally, the Company entered into a collateral management agreement with GSC Investment Corp. CLO 2007, Ltd. pursuant to which we act as collateral manager to it. The Saratoga CLO was initially refinanced in October 2013 and its reinvestment period ended in October 2016. On November 15, 2016, the Company completed the second refinancing of the Saratoga CLO. The Saratoga CLO refinancing, among other things, extended its reinvestment period to October 2018, and extended its legal maturity date to October 2025. Following the refinancing, the Saratoga CLO portfolio remained at the same size and with a similar capital structure of approximately $300.0 million in aggregate principal amount of predominantly senior secured first lien term loans. In addition to refinancing its liabilities, we also purchased $4.5 million in aggregate principal amount of the Class F notes tranche of the Saratoga CLO at par, with a coupon of LIBOR plus 8.5%.

The Saratoga CLO remains 100.0% owned and managed by Saratoga Investment Corp. Following the refinancing, the Company receives a base management fee of 0.10% and a subordinated management fee of 0.40% of the fee basis amount at the beginning of the collection period, paid quarterly to the extent of available proceeds. The Company is also entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%. For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, we accrued $0.4 million and $0.4 million in management fee income, respectively, and ~~$0.5~~$0.6 million and ~~$0.5~~$0.6 million in interest income, respectively, from Saratoga CLO. For the six months ended August 31, 2017 and August 31, 2016, we accrued $0.8 million and $0.7 million in management fee income, respectively, and $1.0 million and $1.1 million in interest income, respectively, from Saratoga CLO. For the three and six months ended ~~May~~August 31, 2017, we accrued ~~$0.1~~$0.2 million and $0.3 million, respectively, related to the incentive management fee from Saratoga CLO. For the three and six months ended ~~May~~August 31, 2016, we did not accrue any amounts related to the incentive management fee from Saratoga CLO as the 12.0% hurdle rate ~~has~~had not yet been achieved.

As of ~~May~~August 31, 2017, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was ~~$11.6~~$12.0 million. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of ~~May~~August 31, 2017, Saratoga CLO had investments with a principal balance of ~~$299.3~~$300.1 million and a weighted average spread over LIBOR of 4.0%, and had debt with a principal balance of $282.4 million with a weighted average spread over LIBOR of 2.4%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. At ~~May~~August 31, 2017, the present value of the projected future cash flows of the subordinated notes was approximately ~~$11.8~~$12.3 million, using a ~~13.0%~~14.0% discount rate. Saratoga Investment Corp. invested $32.8 million into the CLO since January 2008, and to date has since received distributions of ~~$50.6~~$51.4 million, ~~and~~ management fees of ~~$16.9~~$17.2 million, and incentive fees of $0.2 million.

Below is certain financial information from the separate financial statements of Saratoga CLO as of ~~May~~August 31, 2017 (unaudited) and February 28, 2017 and for the three and six months ended ~~May~~August 31, 2017 (unaudited) and ~~May~~August 31, 2016 (unaudited).


	As of						As of
	May 31, 2017			February 28, 2017			August 31, 2017			February 28, 2017
	(unaudited)						(unaudited)
ASSETS
Investments
Fair Value Loans (amortized cost of $296,570,507 and $294,270,284, respectively)	$	294,679,202		$	292,437,930
Fair Value Other/Structured finance securities (amortized cost of $3,531,218 and $3,531,218, respectively)		33,902			22,718
Fair Value Loans (amortized cost of $297,693,136 and $294,270,284, respectively)							$	294,524,360		$	292,437,930
Fair Value Other/Structured finance securities (cost of $3,531,218 and $3,531,218, respectively)								292			22,718

Total investments at fair value (amortized cost of $300,101,725 and $297,801,502, respectively)		294,713,104			292,460,648
Total investments at fair value (amortized cost of $301,224,354 and $297,801,502 respectively)								294,524,652			292,460,648
Cash and cash equivalents		7,039,670			13,046,555			7,475,599			13,046,555
Receivable from open trades		7,927,175			1,505,000			11,671,407			1,505,000
Interest receivable		1,337,584			1,443,865			1,287,219			1,443,865
Other assets		—			6,049			—			6,049

Total assets	$	311,017,533		$	308,462,117		$	314,958,877		$	308,462,117

LIABILITIES
Interest payable	$	1,084,119		$	1,031,457		$	1,155,865		$	1,031,457
Payable from open trades		11,603,306			9,431,552			16,017,662			9,431,552
Accrued base management fee		34,238			34,221			34,273			34,221
Accrued subordinated management fee		136,951			136,885			137,092			136,885
Accrued incentive fee		105,295			—			83,769			—
Class A-1 Notes - SIC CLO 2013-1, Ltd.		170,000,000			170,000,000			170,000,000			170,000,000
Class A-2 Notes - SIC CLO 2013-1, Ltd.		20,000,000			20,000,000			20,000,000			20,000,000
Class B Notes - SIC CLO 2013-1, Ltd.		44,800,000			44,800,000			44,800,000			44,800,000
Class C Notes - SIC CLO 2013-1, Ltd.		16,000,000			16,000,000			16,000,000			16,000,000
Discount on Class C Notes - SIC CLO 2013-1, Ltd.		(75,111	)		(77,383	)		(72,840	)		(77,383	)
Class D Notes - SIC CLO 2013-1, Ltd.		14,000,000			14,000,000			14,000,000			14,000,000
Discount on Class D Notes - SIC CLO 2013-1, Ltd.		(348,703	)		(359,249	)		(338,157	)		(359,249	)
Class E Notes - SIC CLO 2013-1, Ltd.		13,100,000			13,100,000			13,100,000			13,100,000
Class F Notes - SIC CLO 2013-1, Ltd.		4,500,000			4,500,000			4,500,000			4,500,000
Deferred debt financing costs, SIC CLO 2013-1, Ltd. Notes		(1,108,709	)		(1,161,590	)		(1,077,170	)		(1,161,590	)
Subordinated Notes		30,000,000			30,000,000			30,000,000			30,000,000

Total liabilities	$	323,831,386		$	321,435,893		$	328,340,494		$	321,435,893

Commitments and contingencies
NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 issued and outstanding, respectively	$	250		$	250		$	250		$	250
Accumulated loss		(12,974,026	)		(21,557,618	)		(12,974,026	)		(21,557,618	)
Net gain		159,923			8,583,592
Net gain (loss)								(407,841	)		8,583,592

Total net assets		(12,813,853	)		(12,973,776	)		(13,381,617	)		(12,973,776	)

Total liabilities and net assets	$	311,017,533		$	308,462,117		$	314,958,877		$	308,462,117


	For the three months ended May 31					For the three months ended August 31						For the six months ended August 31
	2017			2016		2017			2016			2017			2016
INVESTMENT INCOME
Interest from investments	$	3,977,871		$	3,788,336	$	4,150,598		$	4,028,665		$	8,128,469		$	7,817,001
Interest from cash and cash equivalents		5,083			771		4,343			1,938			9,426			2,709
Other income		160,614			243,301		84,556			189,836			245,170			433,137

Total investment income		4,143,568			4,032,408		4,239,497			4,220,439			8,383,065			8,252,847

EXPENSES
Interest expense		3,623,558			3,281,015		3,312,058			3,608,788			6,935,616			6,889,803
Professional fees		34,551			18,482		18,556			20,944			53,107			39,426
Miscellaneous fee expense		10,126			8,244		19,833			14,147			29,959			22,391
Base management fee		75,136			186,842		75,192			187,329			150,328			374,171
Subordinated management fee		300,545			186,842		300,765			187,329			601,310			374,171
Incentive fees		105,295			—		162,358			—			267,653			—
Trustee expenses		36,168			26,688		38,547			37,839			74,715			64,527
Amortization expense		44,357			239,963		44,357			239,963			88,714			479,926

Total expenses		4,229,736			3,948,076		3,971,666			4,296,339			8,201,402			8,244,415

NET INVESTMENT INCOME (LOSS)		(86,168	)		84,332		267,831			(75,900	)		181,663			8,432

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		293,858			55,562		475,486			165,854			769,344			221,416
Net unrealized appreciation (depreciation) on investments		(47,767	)		9,320,673		(1,311,081	)		467,724			(1,358,848	)		9,788,397

Net gain on investments		246,091			9,376,235
Net gain (loss) on investments							(835,595	)		633,578			(589,504	)		10,009,813

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	159,923		$	9,460,567
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS						$	(567,764	)	$	557,678		$	(407,841	)	$	10,018,245


Issuer Name		Industry	Asset Name	Asset Type	Spread			LIBOR Floor			PIK			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value			Industry	Asset Name	Asset Type	Spread			LIBOR Floor			PIK			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Education Management II, LLC		Leisure Goods/Activities/Movies	A-1 Preferred Shares	Equity		0.00	%		0.00	%		0.00	%		0.00	%				6,692	$	669,214	$	13,384		Leisure Goods/Activities/Movies	A-1 Preferred Shares	Equity		0.00	%		0.00	%		0.00	%		0.00	%				6,692	$	669,214	$	134
Education Management II, LLC		Leisure Goods/Activities/Movies	A-2 Preferred Shares	Equity		0.00	%		0.00	%		0.00	%		0.00	%				18,975		1,897,538		76		Leisure Goods/Activities/Movies	A-2 Preferred Shares	Equity		0.00	%		0.00	%		0.00	%		0.00	%				18,975		1,897,538		1
New Millennium Holdco, Inc.		Healthcare & Pharmaceuticals	Common Stock	Equity		0.00	%		0.00	%		0.00	%		0.00	%				14,813		964,466		20,442		Healthcare & Pharmaceuticals	Common Stock	Equity		0.00	%		0.00	%		0.00	%		0.00	%				14,813		964,466		157
24 Hour Holdings III, LLC		Leisure Goods/Activities/Movies	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.90	%		5/28/2021	$	486,250		483,268		483,211		Leisure Goods/Activities/Movies	Term Loan	Loan		3.75	%		1.00	%		0.00	%		5.05	%		5/28/2021	$	485,000		482,182		483,487
ABB Con-Cise Optical Group, LLC		Healthcare & Pharmaceuticals	Term Loan B	Loan		5.00	%		1.00	%		0.00	%		6.10	%		6/15/2023	$	1,990,000		1,970,291		2,007,413		Healthcare & Pharmaceuticals	Term Loan B	Loan		5.00	%		1.00	%		0.00	%		6.25	%		6/15/2023		1,985,000		1,965,383		1,987,481
Acosta Holdco, Inc.		Media	Term Loan B1	Loan		3.25	%		1.00	%		0.00	%		4.29	%		9/26/2021	$	1,940,025		1,929,835		1,806,997		Media	Term Loan B1	Loan		3.25	%		1.00	%		0.00	%		4.49	%		9/26/2021		1,940,025		1,930,380		1,732,171
Advantage Sales & Marketing, Inc.		Services: Business	Delayed Draw Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.29	%		7/25/2021	$	2,439,950		2,437,594		2,412,061		Services: Business	Delayed Draw Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.55	%		7/25/2021		2,433,693		2,431,479		2,339,388
Aegis Toxicology Science Corporation		Healthcare & Pharmaceuticals	Term B Loan	Loan		4.50	%		1.00	%		0.00	%		5.66	%		2/24/2021	$	2,457,233		2,337,953		2,440,843		Healthcare & Pharmaceuticals	Term B Loan	Loan		4.50	%		1.00	%		0.00	%		5.79	%		2/24/2021		2,450,916		2,338,540		2,431,015
Agrofresh, Inc.		Food Services	Term Loan	Loan		4.75	%		1.00	%		0.00	%		5.90	%		7/30/2021	$	1,965,000		1,957,975		1,953,957		Food Services	Term Loan	Loan		4.75	%		1.00	%		0.00	%		6.05	%		7/30/2021		1,960,000		1,953,244		1,942,850
AI MISTRAL T/L (V. GROUP)		Utilities	Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.18	%		3/11/2024	$	500,000		500,000		499,375		Utilities	Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.24	%		3/11/2024		498,750		498,750		493,763
Akorn, Inc.		Healthcare & Pharmaceuticals	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.31	%		4/16/2021	$	398,056		397,016		402,534		Healthcare & Pharmaceuticals	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.50	%		4/16/2021		398,056		397,084		402,534
Albertson’s LLC		Retailers (Except Food and Drugs)	Term Loan B-4	Loan		3.00	%		0.75	%		0.00	%		4.04	%		8/25/2021	$	2,888,953		2,873,134		2,904,120		Retailers (Except Food and Drugs)	Term LoanB-4	Loan		2.75	%		0.75	%		0.00	%		3.99	%		8/25/2021		2,667,653		2,651,990		2,582,848
Alere Inc. (fka IM US Holdings, LLC)		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.30	%		6/20/2022	$	915,616		913,895		919,050		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.49	%		6/20/2022		913,287		911,647		911,286
Alion Science and Technology Corporation		High Tech Industries	Term Loan B (First Lien)	Loan		4.50	%		1.00	%		0.00	%		5.54	%		8/19/2021	$	2,947,500		2,936,726		2,945,054		High Tech Industries	Term Loan B (First Lien)	Loan		4.50	%		1.00	%		0.00	%		5.74	%		8/19/2021		2,940,000		2,929,838		2,935,090
Alliance Healthcare Services, Inc.		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.36	%		6/3/2019	$	981,997		978,851		979,542		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.55	%		6/3/2019		979,425		976,609		974,528
Almonde, Inc. (Misys)																										High Tech Industries	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.82	%		4/26/2024		1,000,000		995,131		1,004,120
ALPHA 3 T/L B1 (ATOTECH)		Chemicals/Plastics	Term Loan B 1	Loan		3.00	%		1.00	%		0.00	%		4.15	%		1/31/2024	$	250,000		249,380		251,173		Chemicals/Plastics	Term Loan B 1	Loan		3.00	%		1.00	%		0.00	%		4.30	%		1/31/2024		250,000		249,381		250,000
Almonde, Inc. (Misys)		High Tech Industries	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.50	%		4/26/2024	$	1,000,000		995,000		1,001,920
Anchor Glass T/L (11/16)		Containers/Glass Products	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.25	%		12/7/2023	$	498,750		496,452		502,047		Containers/Glass Products	Term Loan	Loan		2.75	%		1.00	%		0.00	%		4.01	%		12/7/2023		497,500		495,075		498,351
APCO Holdings, Inc.		Automotive	Term Loan	Loan		6.00	%		1.00	%		0.00	%		7.00	%		1/31/2022	$	1,896,081		1,851,847		1,848,679		Automotive	Term Loan	Loan		6.00	%		1.00	%		0.00	%		7.24	%		1/31/2022		1,883,581		1,841,381		1,836,492
Aramark Corporation		Food Products	U.S. Term F Loan	Loan		2.00	%		0.00	%		0.00	%		3.05	%		3/28/2024	$	2,000,000		2,000,000		2,013,120		Food Products	U.S. Term F Loan	Loan		2.00	%		0.00	%		0.00	%		3.24	%		3/28/2024		1,995,000		1,995,000		1,999,988
Arctic Glacier U.S.A., Inc.		Beverage, Food & Tobacco	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.30	%		3/20/2024	$	500,000		497,543		505,940		Beverage, Food & Tobacco	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.49	%		3/20/2024		498,750		496,338		500,620
ASG Technologies Group, Inc.																										High Tech Industries	Term Loan	Loan		4.75	%		1.00	%		0.00	%		6.06	%		7/31/2024		500,000		497,515		502,500
Aspen Dental Management, Inc.		Healthcare & Pharmaceuticals	Term Loan Initial	Loan		3.75	%		1.00	%		0.00	%		4.92	%		4/29/2022	$	1,979,905		1,975,830		1,998,477		Healthcare & Pharmaceuticals	Term Loan Initial	Loan		3.75	%		1.00	%		0.00	%		5.07	%		4/29/2022		1,974,867		1,970,938		1,994,616
Astoria Energy T/L B		Utilities	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.15	%		12/24/2021	$	1,495,307		1,480,752		1,491,569		Utilities	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.24	%		12/24/2021		1,458,457		1,445,001		1,461,199
Asurion, LLC (fka Asurion Corporation)		Insurance	Replacement Term Loan B-2	Loan		3.25	%		0.75	%		0.00	%		4.29	%		7/8/2020	$	522,122		518,066		525,495		Insurance	Term Loan B4 (First Lien)	Loan		2.75	%		0.00	%		0.00	%		3.99	%		8/4/2022		2,385,687		2,373,815		2,390,912
Asurion, LLC (fka Asurion Corporation)		Insurance	Term Loan B4 (First Lien)	Loan		3.25	%		1.00	%		0.00	%		4.29	%		8/4/2022	$	2,391,773		2,380,910		2,405,430		Insurance	Term Loan B5	Loan		3.00	%		1.00	%		0.00	%		4.24	%		11/3/2023		520,817		516,172		522,770
Auction.com, LLC		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.05	%		5/13/2019	$	2,711,717		2,711,519		2,728,665		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.24	%		5/13/2019		2,704,799		2,704,613		2,698,037
Avantor Performance Materials Holdings, Inc.		Chemicals/Plastics	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.05	%		3/8/2024	$	3,000,000		2,992,568		3,006,000		Chemicals/Plastics	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.24	%		3/8/2024		2,992,500		2,985,020		2,991,243
AVOLON TLB BORROWER 1 LUXEMBOURG S.A.R.L.		Capital Equipment	Term Loan B-2	Loan		2.75	%		0.75	%		0.00	%		3.76	%		3/20/2022	$	1,000,000		995,342		1,012,430		Capital Equipment	Term LoanB-2	Loan		2.75	%		0.75	%		0.00	%		3.98	%		3/20/2022		1,000,000		995,395		1,002,720
Bass Pro Group, LLC		Retailers (Except Food and Drugs)	Term Loan	Loan		3.25	%		0.75	%		0.00	%		4.24	%		6/5/2020	$	1,470,000		1,468,053		1,468,163		Retailers (Except Food and Drugs)	Term Loan	Loan		3.25	%		0.75	%		0.00	%		4.48	%		6/5/2020		1,466,250		1,464,471		1,457,702
Belmond Interfin Ltd.		Lodging & Casinos	Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.15	%		3/19/2021	$	2,473,003		2,476,208		2,476,094
Blackboard T/L B4		High Tech Industries	Term Loan B4	Loan		5.00	%		1.00	%		0.00	%		6.16	%		6/30/2021	$	2,985,000		2,963,237		2,990,612		High Tech Industries	Term Loan B4	Loan		5.00	%		1.00	%		0.00	%		6.30	%		6/30/2021		2,977,500		2,956,964		2,929,116
Blucora, Inc.		High Tech Industries	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		4.76	%		5/22/2024	$	1,000,000		995,075		1,007,500		High Tech Industries	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		5.04	%		5/22/2024		960,000		955,376		969,600
BMC Software		Technology	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.16	%		9/12/2022	$	1,946,210		1,888,314		1,947,436		Technology	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.30	%		9/12/2022		1,941,323		1,885,799		1,934,043
BMC Software T/L US		Technology	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.16	%		9/12/2022	$	588,449		578,390		591,056		Technology	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.24	%		9/12/2022		586,972		577,295		588,686
Brickman Group Holdings, Inc.		Brokers/Dealers/Investment Houses	Initial Term Loan (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.04	%		12/18/2020	$	1,431,702		1,421,385		1,432,246		Brokers/Dealers/Investment Houses	Initial Term Loan (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.24	%		12/18/2020		1,427,946		1,418,213		1,432,230
BWAY Holding Company		Leisure Goods/Activities/Movies	Term Loan B	Loan		3.25	%		0.00	%		0.00	%		4.25	%		4/3/2024	$	1,000,000		995,071		998,540
Cable One, Inc.		Telecommunications	Term Loan B	Loan		2.25	%		1.00	%		0.00	%		3.43	%		5/1/2024	$	500,000		499,375		503,125		Telecommunications	Term Loan B	Loan		2.25	%		0.00	%		0.00	%		3.57	%		5/1/2024		500,000		499,375		501,250
Candy Intermediate Holdings, Inc.		Beverage, Food & Tobacco	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.65	%		6/15/2023	$	496,250		494,152		470,197		Beverage, Food & Tobacco	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.80	%		6/15/2023		495,000		492,981		479,224
Canyon Valor Companies, Inc.																										High Tech Industries	Term Loan B	Loan		4.25	%		0.00	%		0.00	%		5.50	%		6/16/2023		1,000,000		997,500		1,007,140
Capital Automotive L.P.		Conglomerate	Tranche B-1 Term Loan Facility	Loan		3.00	%		1.00	%		0.00	%		4.03	%		3/25/2024	$	500,000		497,547		503,905		Conglomerate	TrancheB-1 Term Loan Facility	Loan		3.00	%		1.00	%		0.00	%		4.24	%		3/25/2024		490,301		487,934		492,404
Caraustar Industries Inc.		Forest Products & Paper	Term Loan B	Loan		5.50	%		1.00	%		0.00	%		6.65	%		3/14/2022	$	500,000		498,761		501,625		Forest Products & Paper	Term Loan B	Loan		5.50	%		1.00	%		0.00	%		6.80	%		3/14/2022		498,750		497,514		493,264
CareerBuilder, LLC																										Services: Business	Term Loan	Loan		6.75	%		1.00	%		0.00	%		8.01	%		7/31/2023		2,500,000		2,427,878		2,443,750
CASA SYSTEMS T/L		Telecommunications	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.04	%		12/20/2023	$	1,496,250		1,482,060		1,499,991		Telecommunications	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.30	%		12/20/2023		1,492,500		1,478,808		1,499,963
Catalent Pharma Solutions, Inc		Drugs	Initial Term B Loan	Loan		2.75	%		1.00	%		0.00	%		3.79	%		5/20/2021	$	423,560		422,273		427,854		Drugs	Initial Term B Loan	Loan		2.75	%		1.00	%		0.00	%		3.99	%		5/20/2021		422,298		421,090		424,232
Cengage Learning Acquisitions, Inc.		Publishing	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.25	%		6/7/2023	$	1,488,750		1,473,865		1,401,107		Publishing	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.48	%		6/7/2023		1,464,371		1,449,727		1,359,419
CenturyLink, Inc.																										Telecommunications	Term Loan B	Loan		2.75	%		0.00	%		0.00	%		2.75	%		1/31/2025		3,000,000		2,992,505		2,932,500
CH HOLD (CALIBER COLLISION) T/L		Automotive	Term Loan	Loan		3.00	%		0.00	%		0.00	%		4.04	%		2/1/2024	$	227,273		226,761		228,789		Automotive	Term Loan	Loan		3.00	%		0.00	%		0.00	%		4.24	%		2/1/2024		247,917		247,406		248,742
Charter Communications Operating, LLC		Cable and Satellite Television	Term F Loan	Loan		2.00	%		0.00	%		0.00	%		3.05	%		1/3/2021	$	1,605,364		1,599,826		1,614,193		Cable and Satellite Television	Term F Loan	Loan		2.00	%		0.00	%		0.00	%		3.24	%		1/3/2021		1,601,194		1,595,956		1,604,749
CHS/Community Health Systems, Inc.		Healthcare & Pharmaceuticals	Term G Loan	Loan		2.75	%		1.00	%		0.00	%		3.95	%		12/31/2019	$	922,719		901,552		923,181		Healthcare & Pharmaceuticals	Term G Loan	Loan		2.75	%		1.00	%		0.00	%		4.07	%		12/31/2019		719,623		707,383		717,198
CHS/Community Health Systems, Inc.		Healthcare & Pharmaceuticals	Term H Loan	Loan		3.00	%		1.00	%		0.00	%		4.20	%		1/27/2021	$	1,697,791		1,644,603		1,697,859		Healthcare & Pharmaceuticals	Term H Loan	Loan		3.00	%		1.00	%		0.00	%		4.32	%		1/27/2021		1,328,771		1,289,676		1,321,410
CITGO Petroleum Corporation		Oil & Gas	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.65	%		7/29/2021	$	1,959,849		1,942,358		1,960,338		Oil & Gas	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.80	%		7/29/2021		1,954,823		1,938,276		1,952,380
Communications Sales & Leasing, Inc.		Telecommunications	Term Loan B (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.04	%		10/24/2022	$	1,965,137		1,954,120		1,974,609		Telecommunications	Term Loan B (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.24	%		10/24/2022		1,960,212		1,949,526		1,897,113
Concordia Healthcare Corporation		Healthcare & Pharmaceuticals	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.28	%		10/21/2021	$	1,967,500		1,883,686		1,421,519		Healthcare & Pharmaceuticals	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.48	%		10/21/2021		1,955,000		1,875,901		1,385,880
Consolidated Aerospace Manufacturing, LLC		Aerospace and Defense	Term Loan (First Lien)	Loan		3.75	%		1.00	%		0.00	%		4.80	%		8/11/2022	$	1,418,750		1,413,095		1,369,094		Aerospace and Defense	Term Loan (First Lien)	Loan		3.75	%		1.00	%		0.00	%		4.99	%		8/11/2022		1,418,750		1,413,340		1,390,375
Consolidated Communications, Inc.		Telecommunications	Term Loan B-2	Loan		3.00	%		1.00	%		0.00	%		4.00	%		10/5/2023	$	500,000		497,500		502,395		Telecommunications	Term LoanB-2	Loan		3.00	%		1.00	%		0.00	%		4.24	%		10/5/2023		500,000		497,515		490,355
CPI Acquisition Inc.		Technology	Term Loan B (First Lien)	Loan		4.50	%		1.00	%		0.00	%		5.83	%		8/17/2022	$	1,436,782		1,419,495		1,250,000		Technology	Term Loan B (First Lien)	Loan		4.50	%		1.00	%		0.00	%		5.96	%		8/17/2022		1,436,782		1,420,218		933,908
CPI International Acquisition, Inc. (f/k/a Catalyst Holdings, Inc.)		Electronics/Electric	Term B Loan	Loan		3.25	%		1.00	%		0.00	%		4.30	%		4/7/2021	$	2,462,342		2,461,788		2,462,342
Crosby US Acquisition Corporation		Industrial Equipment	Initial Term Loan (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.17	%		11/23/2020	$	725,625		725,152		661,044		Industrial Equipment	Initial Term Loan (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.32	%		11/23/2020		723,750		723,313		659,517
CT Technologies Intermediate Hldgs, Inc		Healthcare & Pharmaceuticals	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.29	%		12/1/2021	$	1,466,381		1,455,744		1,449,884		Healthcare & Pharmaceuticals	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.49	%		12/1/2021		1,462,650		1,452,569		1,463,571
Cypress Intermediate Holdings III, Inc.		Services: Business	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.04	%		4/29/2024	$	500,000		498,776		498,500
Culligan InternationalCompany-T/L																										Conglomerate	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/13/2023		2,039,750		2,039,843		2,053,784
Culligan International Company-T/L		Conglomerate	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/13/2023	$	2,044,875		2,045,149		2,056,388		Utilities	Incremental Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.49	%		12/13/2023		500,000		499,375		500,940
Cumulus Media Holdings Inc.		Broadcast Radio and Television	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.30	%		12/23/2020	$	470,093		467,518		372,548		Broadcast Radio and Television	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.49	%		12/23/2020		448,889		446,593		366,742
Cypress Intermediate Holdings III, Inc.																										Services: Business	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.24	%		4/29/2024		500,000		498,811		498,875
DAE Aviation (StandardAero)		Aerospace and Defense	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.79	%		7/7/2022	$	2,470,000		2,460,059		2,488,525		Aerospace and Defense	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.99	%		7/7/2022		2,463,731		2,454,251		2,482,825
DAE Aviation (StandardAero)																										Aerospace and Defense	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.99	%		7/7/2022		1,000,000		998,750		1,002,500
Daseke Companies, Inc.																										Transportation	Term Loan	Loan		7.44	%		1.00	%		0.00	%		8.75	%		2/27/2024		105,143		105,143		105,800
DASEKE T/L (HENNESSY CAPITAL)		Transportation	Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.54	%		2/27/2024	$	827,143		820,224		832,313		Transportation	Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.74	%		2/27/2024		825,075		818,348		830,232
DCS Business Services, Inc.		Financial Intermediaries	Term B Loan	Loan		7.25	%		1.50	%		0.00	%		8.75	%		3/19/2018	$	1,782,727		1,778,648		1,782,727
DELL INTERNATIONAL 1ST LIEN T/L																										High Tech Industries	Term Loan (01/17)	Loan		2.50	%		0.75	%		0.00	%		3.74	%		9/7/2023		995,000		993,947		998,691
Delta 2 (Lux) S.a.r.l.		Lodging & Casinos	Term Loan B-3	Loan		3.25	%		1.00	%		0.00	%		4.57	%		2/1/2024	$	1,000,000		996,775		1,000,680		Lodging & Casinos	Term LoanB-3	Loan		3.25	%		1.00	%		0.00	%		4.49	%		2/1/2024		1,500,000		1,496,964		1,508,745
DELL INTERNATIONAL 1ST LIEN T/L		High Tech Industries	Term Loan (01/17)	Loan		2.50	%		0.75	%		0.00	%		3.55	%		9/7/2023	$	997,500		996,476		1,003,146
Deluxe Entertainment Service Group, Inc.		Leisure Goods/Activities/Movies	Term Loan (First Lien)	Loan		5.50	%		1.00	%		0.00	%		6.62	%		2/28/2020	$	2,849,297		2,821,745		2,845,735
DEX MEDIA, INC.		Media	Term Loan (07/16)	Loan		10.00	%		1.00	%		0.00	%		11.04	%		7/29/2021	$	35,702		35,702		36,505		Media	Term Loan (07/16)	Loan		10.00	%		1.00	%		0.00	%		11.24	%		7/29/2021		35,702		35,702		36,684
DHX Media Ltd.																										Media	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.49	%		12/29/2023		500,000		497,556		501,875
Diamond (BC) B.V.																										Consumer Goods:Non-Durable	Term Loan	Loan		3.00	%		0.00	%		0.00	%		4.32	%		7/25/2024		500,000		498,750		496,565
DIGITALGLOBE T/L B (12/16)		Aerospace and Defense	Term Loan B	Loan		2.75	%		0.75	%		0.00	%		3.79	%		1/15/2024	$	498,750		497,631		499,373		Aerospace and Defense	Term Loan B	Loan		2.75	%		0.75	%		0.00	%		3.99	%		1/15/2024		497,500		496,388		496,878
DJO Finance, LLC		Healthcare & Pharmaceuticals	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.25	%		6/8/2020	$	491,250		489,802		485,601		Healthcare & Pharmaceuticals	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.49	%		6/8/2020		490,000		488,672		487,447
Dole Food Company, Inc.		Beverage, Food & Tobacco	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.18	%		4/8/2024	$	500,000		497,548		501,965		Beverage, Food & Tobacco	Term Loan B	Loan		2.75	%		1.00	%		0.00	%		4.01	%		4/8/2024		500,000		497,596		501,015
DPX Holdings B.V.		Healthcare & Pharmaceuticals	Term Loan 2015 Incr Dollar	Loan		3.25	%		1.00	%		0.00	%		4.41	%		4/22/2024	$	2,917,500		2,912,750		2,929,170
Drew Marine Group, Inc.		Chemicals/Plastics	Term Loan (First Lien)	Loan		3.25	%		1.00	%		0.00	%		4.40	%		11/19/2020	$	2,863,470		2,839,806		2,852,731		Chemicals/Plastics	Term Loan (First Lien)	Loan		3.50	%		1.00	%		0.00	%		4.74	%		11/19/2020		2,863,470		2,841,317		2,856,311
DTZ U.S. Borrower, LLC		Construction & Building	Term Loan B Add-on	Loan		3.25	%		1.00	%		0.00	%		4.40	%		11/4/2021	$	1,957,576		1,948,917		1,962,019		Construction & Building	Term Loan BAdd-on	Loan		3.25	%		1.00	%		0.00	%		4.57	%		11/4/2021		1,952,594		1,944,254		1,955,738
DUKE FINANCE (OM GROUP/VECTRA) T/L		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.15	%		2/21/2024	$	1,500,000		1,399,164		1,514,370		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.51	%		2/21/2024		1,481,288		1,378,582		1,484,991
Edelman Financial Group, Inc.		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.66	%		12/19/2022	$	1,474,728		1,450,390		1,475,952		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.81	%		12/19/2022		1,474,728		1,451,180		1,474,728
Education Management II, LLC		Leisure Goods/Activities/Movies	Term Loan A	Loan		4.50	%		1.00	%		0.00	%		5.66	%		7/2/2020	$	501,970		489,732		221,494		Leisure Goods/Activities/Movies	Term Loan A	Loan		4.50	%		1.00	%		0.00	%		5.80	%		7/2/2020		501,970		490,615		220,867
Education Management II, LLC		Leisure Goods/Activities/Movies	Term Loan B (2.00% Cash/6.50% PIK)	Loan		1.00	%		1.00	%		6.50	%		8.66	%		7/2/2020	$	954,307		935,402		11,929		Leisure Goods/Activities/Movies	Term Loan B (2.00% Cash/6.50% PIK)	Loan		1.00	%		1.00	%		6.50	%		8.80	%		7/2/2020		954,307		936,841		10,736
EIG Investors Corp.																										High Tech Industries	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.32	%		2/9/2023		496,027		494,787		500,883
Emerald 2 Limited																										Chemicals/Plastics	Term Loan B1A	Loan		4.00	%		1.00	%		0.00	%		5.30	%		5/14/2021		1,000,000		993,668		977,500
Emerald Performance Materials, LLC		Chemicals/Plastics	Term Loan (First Lien)	Loan		3.50	%		1.00	%		0.00	%		4.54	%		8/1/2021	$	480,602		479,081		485,009		Chemicals/Plastics	Term Loan (First Lien)	Loan		3.50	%		1.00	%		0.00	%		4.74	%		8/1/2021		480,448		479,012		482,452
Emerald Performance Materials, LLC		Chemicals/Plastics	Term Loan (Second Lien)	Loan		7.75	%		1.00	%		0.00	%		8.79	%		8/1/2022	$	500,000		498,224		498,595		Chemicals/Plastics	Term Loan (Second Lien)	Loan		7.75	%		1.00	%		0.00	%		8.99	%		8/1/2022		500,000		498,295		498,750
Emerald 2 Limited		Chemicals/Plastics	Term Loan B1A	Loan		4.00	%		1.00	%		0.00	%		5.15	%		5/14/2021	$	1,000,000		993,241		948,330
Endo International plc		Healthcare & Pharmaceuticals	Term Loan B	Loan		4.25	%		0.75	%		0.00	%		5.31	%		4/29/2024	$	1,000,000		995,089		1,016,880		Healthcare & Pharmaceuticals	Term Loan B	Loan		4.25	%		0.75	%		0.00	%		5.50	%		4/29/2024		1,000,000		995,135		1,006,560
Engility Corporation		Aerospace and Defense	Term Loan B-1	Loan		3.25	%		0.00	%		0.00	%		4.29	%		8/12/2020	$	237,500		236,554		239,222		Aerospace and Defense	Term LoanB-1	Loan		2.75	%		0.00	%		0.00	%		3.99	%		8/12/2020		231,250		230,388		231,974
Engineered Machinery Holdings, Inc.																										Capital Equipment	Delayed Draw Term Loan	Loan		5.19	%		1.00	%		0.00	%		6.50	%		7/19/2024		44,248		44,248		44,192
Engineered Machinery Holdings, Inc.																										Capital Equipment	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.56	%		7/19/2024		442,478		441,372		441,925
Equian, LLC																										Services: Business	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		5.07	%		5/20/2024		1,529,412		1,519,629		1,542,794
Equian, LLC		Services: Business	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		4.93	%		5/20/2024	$	1,529,412		1,519,428		1,533,235		Services: Business	Delayed Draw Term Loan	Loan		3.75	%		1.00	%		0.00	%		5.05	%		5/20/2024		235,294		235,294		237,353
Evergreen Acqco 1 LP		Retailers (Except Food and Drugs)	New Term Loan	Loan		3.75	%		1.25	%		0.00	%		5.00	%		7/9/2019	$	952,613		951,841		869,259		Retailers (Except Food and Drugs)	New Term Loan	Loan		3.75	%		1.25	%		0.00	%		5.06	%		7/9/2019		950,119		946,962		883,135
EWT Holdings III Corp. (fka WTG Holdings III Corp.)		Industrial Equipment	Term Loan (First Lien)	Loan		3.75	%		1.00	%		0.00	%		4.90	%		1/15/2021	$	1,942,311		1,939,288		1,949,595		Industrial Equipment	Term Loan (First Lien)	Loan		3.75	%		1.00	%		0.00	%		5.05	%		1/15/2021		3,210,537		3,197,956		3,242,642
EWT Holdings III Corp.		Capital Equipment	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.65	%		1/15/2021	$	990,000		982,363		996,188
Extreme Reach, Inc.		Media	Term Loan B	Loan		6.25	%		1.00	%		0.00	%		7.30	%		2/7/2020	$	2,831,250		2,806,680		2,873,719		Media	Term Loan B	Loan		6.25	%		1.00	%		0.00	%		7.55	%		2/7/2020		2,775,000		2,753,177		2,768,063
Federal-Mogul Corporation		Automotive	Tranche C Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.75	%		4/15/2021	$	2,917,500		2,906,685		2,926,369		Automotive	Tranche C Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.98	%		4/15/2021		2,296,974		2,289,914		2,304,163
FinCo I LLC																										Banking, Finance, Insurance & Real Estate	Term Loan B	Loan		1.38	%		0.00	%		0.00	%		1.38	%		6/14/2022		500,000		498,793		504,000
First Data Corporation		Financial Intermediaries	First Data T/L Ext (2021)	Loan		2.50	%		0.00	%		0.00	%		3.53	%		4/26/2024	$	1,886,914		1,809,171		1,896,651		Financial Intermediaries	First Data T/L Ext (2021)	Loan		2.50	%		0.00	%		0.00	%		3.74	%		4/26/2024		1,864,542		1,792,211		1,864,933
First Eagle Investment Management		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		3.50	%		0.75	%		0.00	%		4.66	%		12/1/2022	$	2,481,250		2,452,109		2,512,266		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		3.50	%		0.75	%		0.00	%		4.80	%		12/1/2022		2,481,250		2,453,237		2,505,293
Fitness International, LLC		Leisure Goods/Activities/Movies	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.40	%		7/1/2020	$	1,624,755		1,604,627		1,643,716		Leisure Goods/Activities/Movies	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.49	%		7/1/2020		1,624,755		1,606,031		1,638,566
Gardner Denver, Inc.		High Tech Industries	Initial Dollar Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.57	%		7/30/2020	$	2,054,505		2,051,123		2,058,614
Gates Global LLC		Leisure Goods/Activities/Movies	Term Loan (First Lien)	Loan		3.25	%		1.00	%		0.00	%		4.41	%		4/1/2024	$	349,886		346,468		351,233		Leisure Goods/Activities/Movies	Term Loan (First Lien)	Loan		3.25	%		1.00	%		0.00	%		4.55	%		4/1/2024		349,011		345,699		349,964
General Nutrition Centers, Inc.		Retailers (Except Food and Drugs)	Amended Tranche B Term Loan	Loan		2.50	%		0.75	%		0.00	%		3.55	%		3/4/2019	$	2,047,169		2,044,152		1,841,715		Retailers (Except Food and Drugs)	Amended Tranche B Term Loan	Loan		2.50	%		0.75	%		0.00	%		3.74	%		3/4/2019		2,047,169		2,044,530		1,930,317
Global Tel*Link Corporation																										Services: Business	Term Loan (First Lien)	Loan		4.00	%		1.25	%		0.00	%		5.30	%		5/26/2020		3,134,046		3,128,201		3,154,417
GLOBALLOGIC HOLDINGS INC TERM LOAN B		Services: Business	Term Loan B	Loan		4.50	%		1.00	%		0.00	%		5.65	%		6/20/2022	$	500,000		495,340		503,125		Services: Business	Term Loan B	Loan		4.50	%		1.00	%		0.00	%		5.80	%		6/20/2022		498,750		494,304		499,997
Global Tel*Link Corporation		Services: Business	Term Loan (First Lien)	Loan		3.75	%		1.25	%		0.00	%		5.00	%		5/26/2020	$	2,641,595		2,635,582		2,640,486
Goodyear Tire & Rubber Company, The		Chemicals/Plastics	Loan (Second Lien)	Loan		2.00	%		0.00	%		0.00	%		3.00	%		4/30/2019	$	1,833,333		1,822,047		1,844,792		Chemicals/Plastics	Loan (Second Lien)	Loan		2.00	%		0.00	%		0.00	%		3.23	%		4/30/2019		1,833,333		1,823,483		1,835,625
Grosvenor Capital Management Holdings, LP		Brokers/Dealers/Investment Houses	Initial Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.04	%		8/18/2023	$	1,000,000		995,091		1,002,500		Brokers/Dealers/Investment Houses	Initial Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.24	%		8/18/2023		997,481		992,679		999,975
GTCR Valor Companies, Inc.		Services: Business	Term Loan B	Loan		6.00	%		1.00	%		0.00	%		7.15	%		6/16/2023	$	1,488,751		1,434,934		1,498,800
Hargray Communications Group, Inc.																										Media	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.24	%		2/9/2022		1,000,000		997,535		1,000,000
Harland Clarke Holdings Corp. (fka Clarke American Corp.)		Publishing	Tranche B-4 Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.65	%		2/9/2022	$	2,162,357		2,105,279		2,160,195		Publishing	TrancheB-4 Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.80	%		2/9/2022		2,148,828		2,094,599		2,155,554
Hargray Communications Group, Inc.		Media	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.03	%		2/9/2022	$	1,000,000		997,509		1,001,500
HD Supply Waterworks, Ltd.																										Construction & Building	Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.46	%		8/1/2024		500,000		498,758		500,625
Heartland Dental, LLC																										Services: Consumer	Term Loan	Loan		4.75	%		1.00	%		0.00	%		6.06	%		7/31/2023		3,000,000		2,985,015		3,000,000
Helix Gen Funding, LLC		Utilities	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		4.96	%		5/3/2024	$	479,104		476,709		479,104		Utilities	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		4.96	%		5/3/2024		479,104		476,900		483,349
Highline Aftermarket Acquisition, LLC		Automotive	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.31	%		3/15/2024	$	1,000,000		995,000		1,005,000
Help/Systems Holdings, Inc.		High Tech Industries	Term Loan	Loan		5.25	%		1.00	%		0.00	%		6.40	%		10/8/2021	$	1,481,250		1,432,668		1,482,479		High Tech Industries	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.80	%		10/8/2021		1,349,392		1,298,024		1,352,766
Hemisphere Media Holdings, LLC		Media	Term Loan B	Loan		3.50	%		0.00	%		0.00	%		4.54	%		2/14/2024	$	2,493,750		2,506,145		2,496,867		Media	Term Loan B	Loan		3.50	%		0.00	%		0.00	%		4.74	%		2/14/2024		2,487,500		2,499,377		2,490,609
Herbalife T/L B (HLF Financing)		Drugs	Term Loan B	Loan		5.50	%		0.75	%		0.00	%		6.54	%		2/15/2023	$	2,000,000		1,985,640		2,010,840		Drugs	Term Loan B	Loan		5.50	%		0.75	%		0.00	%		6.74	%		2/15/2023		1,962,500		1,949,117		1,971,096
Hercules Achievement Holdings, Inc.		Retailers (Except Food and Drugs)	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/10/2021	$	246,222		244,291		247,497		Retailers (Except Food and Drugs)	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.74	%		12/10/2021		245,592		243,758		246,820
Highline Aftermarket Acquisition, LLC																										Automotive	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.56	%		3/15/2024		997,500		992,512		1,002,488
Hoffmaster Group, Inc.		Containers/Glass Products	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.54	%		11/21/2023	$	997,500		1,001,241		1,008,722		Containers/Glass Products	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.80	%		11/21/2023		995,000		998,513		1,002,463
Hostess Brand, LLC		Beverage, Food & Tobacco	Term Loan B (First Lien)	Loan		2.50	%		0.75	%		0.00	%		3.54	%		8/3/2022	$	1,486,275		1,482,559		1,496,619		Beverage, Food & Tobacco	Term Loan B (First Lien)	Loan		2.50	%		0.75	%		0.00	%		3.74	%		8/3/2022		1,486,275		1,482,613		1,489,619
HUB International Limited		Banking, Finance, Insurance & Real Estate	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.42	%		10/2/2022	$	748,072		748,072		751,932		Banking, Finance, Insurance & Real Estate	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.31	%		10/2/2022		746,144		746,144		748,367
Huntsman International LLC		Chemicals/Plastics	Term Loan B (First Lien)	Loan		3.00	%		0.70	%		0.00	%		4.04	%		4/19/2019	$	1,021,487		1,017,292		1,027,023
Husky Injection Molding Systems Ltd.		Services: Business	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.29	%		6/30/2021	$	449,208		447,231		452,690		Services: Business	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.49	%		6/30/2021		445,844		443,968		447,516
Hyland Software, Inc.		High Tech Industries	Term Loan B	Loan		3.25	%		0.75	%		0.00	%		4.00	%		7/1/2022	$	1,000,000		997,500		1,000,000		High Tech Industries	Term Loan B	Loan		3.25	%		0.75	%		0.00	%		4.49	%		7/1/2022		1,000,000		997,506		1,007,500
Hyperion Refinance T/L		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.06	%		4/29/2022	$	1,881,998		1,859,264		1,881,998		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.25	%		4/29/2022		1,877,293		1,856,318		1,899,820
ICSH Parent, Inc.		Containers/Glass Products	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.18	%		4/29/2024	$	847,059		842,847		844,941		Containers/Glass Products	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.32	%		4/29/2024		847,059		842,999		847,059
ICSH Parent, Inc.																										Containers/Glass Products	Delayed Draw Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.32	%		4/29/2024		46,353		46,353		46,353
Idera, Inc.																										High Tech Industries	Term Loan B	Loan		5.00	%		1.00	%		0.00	%		6.00	%		6/28/2024		1,690,909		1,674,000		1,690,909
IG Investments Holdings, LLC		Services: Business	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.08	%		10/29/2021	$	3,441,142		3,425,616		3,466,950		Services: Business	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.30	%		10/29/2021		3,432,539		3,419,826		3,452,551
Imagine! Print Solutions, Inc.		Media	Term Loan B	Loan		6.00	%		1.00	%		0.00	%		7.15	%		3/30/2022	$	495,000		488,876		495,619
Infor US (Lawson) T/L B-6		Services: Business	Term Loan B-6	Loan		2.75	%		1.00	%		0.00	%		3.90	%		2/1/2022	$	1,609,802		1,596,120		1,605,986		Services: Business	Term LoanB-6	Loan		2.75	%		1.00	%		0.00	%		4.05	%		2/1/2022		1,605,777		1,592,693		1,601,265
Informatica Corporation		High Tech Industries	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.65	%		8/5/2022	$	485,671		484,711		485,215		High Tech Industries	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.80	%		8/5/2022		484,433		483,517		484,738
Inmar, Inc.		Services: Business	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.67	%		5/1/2024	$	500,000		495,040		500,625		Services: Business	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.76	%		5/1/2024		500,000		495,138		500,315
ION Media T/L B		Media	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.50	%		12/18/2020	$	500,000		497,761		505,000
J. Crew Group, Inc.		Retailers (Except Food and Drugs)	Term B-1 Loan Retired 03/05/2014	Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/5/2021	$	943,325		943,325		642,131		Retailers (Except Food and Drugs)	TermB-1 Loan Retired 03/05/2014	Loan		3.22	%		1.00	%		0.00	%		4.52	%		3/5/2021		834,971		834,971		486,629
J.Jill Group, Inc.																										Retailers (Except Food and Drugs)	Term Loan (First Lien)	Loan		5.00	%		1.00	%		0.00	%		6.32	%		5/9/2022		876,934		873,747		857,203
Jazz Acquisition, Inc		Aerospace and Defense	First Lien 6/14	Loan		3.50	%		1.00	%		0.00	%		4.65	%		6/19/2021	$	486,667		485,937		472,067		Aerospace and Defense	First Lien 6/14	Loan		3.50	%		1.00	%		0.00	%		4.80	%		6/19/2021		485,455		484,729		471,294
J.Jill Group, Inc.		Retailers (Except Food and Drugs)	Term Loan (First Lien)	Loan		5.00	%		1.00	%		0.00	%		6.18	%		5/9/2022	$	948,238		944,632		923,745
Kinetic Concepts, Inc.		Healthcare & Pharmaceuticals	Term Loan F-1	Loan		3.25	%		1.00	%		0.00	%		4.40	%		2/2/2024	$	2,400,000		2,389,073		2,366,256		Healthcare & Pharmaceuticals	Term LoanF-1	Loan		3.25	%		1.00	%		0.00	%		4.55	%		2/2/2024		2,400,000		2,389,238		2,373,000
Koosharem, LLC		Services: Business	Term Loan	Loan		6.50	%		1.00	%		0.00	%		7.54	%		5/15/2020	$	2,927,613		2,911,567		2,710,969		Services: Business	Term Loan	Loan		6.50	%		1.00	%		0.00	%		7.80	%		5/15/2020		2,920,125		2,905,387		2,737,617
Kraton Polymers, LLC		Chemicals/Plastics	Term Loan (Initial)	Loan		4.00	%		1.00	%		0.00	%		5.05	%		1/6/2022	$	1,733,177		1,592,433		1,754,703
Lannett Company T/L A		Healthcare & Pharmaceuticals	Term Loan A	Loan		4.75	%		1.00	%		0.00	%		5.79	%		11/25/2020	$	986,842		959,754		976,974
Lannett Company, Inc.		Healthcare & Pharmaceuticals	Term Loan B	Loan		5.38	%		1.00	%		0.00	%		6.42	%		11/25/2022	$	1,875,000		1,820,609		1,860,938		Healthcare & Pharmaceuticals	Term Loan B	Loan		5.38	%		1.00	%		0.00	%		6.62	%		11/25/2022		2,850,000		2,798,349		2,821,500
LEARFIELD COMMUNICATIONS INITIAL T/L (A-L PARENT)		Healthcare & Pharmaceuticals	Initial Term Loan (A-L Parent)	Loan		3.25	%		1.00	%		0.00	%		4.30	%		12/1/2023	$	498,750		496,523		504,361		Healthcare & Pharmaceuticals	Initial Term Loan(A-L Parent)	Loan		3.25	%		1.00	%		0.00	%		4.49	%		12/1/2023		497,500		495,311		499,679
Lightstone Generation T/L B		Utilities	Term Loan B	Loan		4.50	%		1.00	%		0.00	%		5.54	%		1/30/2024	$	57,971		56,838		56,667		Utilities	Term Loan C	Loan		4.50	%		1.00	%		0.00	%		5.74	%		1/30/2024		57,971		56,866		57,699
Lightstone Generation T/L C		Utilities	Term Loan C	Loan		4.50	%		1.00	%		0.00	%		5.54	%		1/30/2024	$	939,674		921,338		918,531		Utilities	Term Loan B Refinancing	Loan		4.50	%		1.00	%		0.00	%		5.74	%		1/30/2024		930,362		912,678		925,999
Limetree Bay Terminals T/L (01/17)		Oil & Gas	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.00	%		2/15/2024	$	500,000		495,258		504,375		Oil & Gas	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.23	%		2/15/2024		498,750		494,192		505,608
Liquidnet Holdings, Inc.																										Banking, Finance, Insurance & Real Estate	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.48	%		7/15/2024		500,000		495,020		500,000
LPL Holdings		Banking, Finance, Insurance & Real Estate	Term Loan B (2022)	Loan		2.50	%		0.00	%		0.00	%		3.61	%		3/11/2024	$	1,750,000		1,745,678		1,757,665		Banking, Finance, Insurance & Real Estate	Term Loan B (2022)	Loan		2.50	%		0.00	%		0.00	%		3.73	%		3/11/2024		1,745,625		1,741,382		1,748,540
McGraw-Hill Global Education Holdings, LLC		Publishing	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.04	%		5/4/2022	$	992,500		988,527		980,878		Publishing	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.24	%		5/4/2022		990,000		986,218		970,448
MHVC Acquisition Corp.		Aerospace and Defense	Term Loan	Loan		5.25	%		1.00	%		0.00	%		6.30	%		4/29/2024	$	2,000,000		1,990,154		2,013,760		Aerospace and Defense	Term Loan	Loan		5.25	%		1.00	%		0.00	%		6.49	%		4/29/2024		2,000,000		1,990,197		2,025,000
Michaels Stores, Inc.		Retailers (Except Food and Drugs)	Term Loan B1	Loan		2.75	%		1.00	%		0.00	%		3.79	%		1/30/2023	$	1,675,147		1,669,900		1,673,053		Retailers (Except Food and Drugs)	Term Loan B1	Loan		2.75	%		1.00	%		0.00	%		3.99	%		1/30/2023		1,670,514		1,665,413		1,666,856
Micro Holding Corporation		High Tech Industries	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.79	%		7/8/2021	$	322,700		321,911		325,524		High Tech Industries	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.99	%		7/8/2021		1,475,684		1,471,584		1,471,626
Micro Holding Corporation		High Tech Industries	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.79	%		7/8/2021	$	979,860		976,399		988,130
Microsemi Corporation		Electronics/Electric	Term Loan B	Loan		2.25	%		0.00	%		0.00	%		3.33	%		1/17/2023	$	829,180		808,580		832,173
Midas Intermediate Holdco II, LLC		Automotive	Term Loan (Initial)	Loan		2.75	%		1.00	%		0.00	%		3.90	%		8/18/2021	$	243,764		242,937		244,373		Automotive	Term Loan (Initial)	Loan		2.75	%		1.00	%		0.00	%		4.05	%		8/18/2021		243,153		242,374		242,647
Midwest Physician Administrative Services LLC																										Healthcare & Pharmaceuticals	Term Loan	Loan		3.00	%		0.75	%		0.00	%		4.32	%		8/15/2024		1,000,000		995,097		997,500
Milacron T/L B		Capital Equipment	Term Loan B	Loan		3.00	%		0.00	%		0.00	%		4.04	%		9/28/2023	$	997,500		994,134		999,994		Capital Equipment	Term Loan B	Loan		3.00	%		0.00	%		0.00	%		4.24	%		9/28/2023		995,000		991,655		997,905
Milk Specialties Company		Beverage, Food & Tobacco	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.15	%		8/16/2023	$	995,000		985,645		1,002,463		Beverage, Food & Tobacco	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.30	%		8/16/2023		992,500		983,390		999,944
Mister Car Wash T/L		Automotive	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.30	%		8/20/2021	$	1,495,312		1,489,711		1,497,182		Automotive	Term Loan	Loan		3.75	%		1.00	%		0.00	%		5.03	%		8/20/2021		1,491,470		1,486,113		1,493,961
MWI Holdings, Inc.		Capital Equipment	Term Loan (First Lien)	Loan		5.50	%		1.00	%		0.00	%		6.65	%		6/29/2020	$	2,977,500		2,951,521		2,999,831		Capital Equipment	Term Loan (First Lien)	Loan		5.50	%		1.00	%		0.00	%		6.80	%		6/29/2020		2,970,000		2,946,207		2,970,000
National Vision, Inc.		Retailers (Except Food and Drugs)	Term Loan (Second Lien)	Loan		5.75	%		1.00	%		0.00	%		6.79	%		3/11/2022	$	250,000		249,802		242,813
New Media Holdings II T/L (NEW)		Retailers (Except Food and Drugs)	Term Loan	Loan		6.25	%		1.00	%		0.00	%		7.29	%		6/4/2020	$	3,160,034		3,147,716		3,136,334		Retailers (Except Food and Drugs)	Term Loan	Loan		6.25	%		1.00	%		0.00	%		7.49	%		6/4/2020		4,151,952		4,130,494		4,138,998
New Millennium Holdco, Inc.		Healthcare & Pharmaceuticals	Term Loan	Loan		6.50	%		1.00	%		0.00	%		7.54	%		12/21/2020	$	1,925,088		1,784,595		1,138,208		Healthcare & Pharmaceuticals	Term Loan	Loan		6.50	%		1.00	%		0.00	%		7.74	%		12/21/2020		1,920,070		1,791,552		1,056,039
Novetta Solutions		Aerospace and Defense	Term Loan (200MM)	Loan		5.00	%		1.00	%		0.00	%		6.15	%		10/16/2022	$	1,975,000		1,959,035		1,881,188		Aerospace and Defense	Term Loan (200MM)	Loan		5.00	%		1.00	%		0.00	%		6.30	%		10/16/2022		1,970,000		1,954,718		1,896,125
Novetta Solutions		Aerospace and Defense	Term Loan (2nd Lien)	Loan		8.50	%		1.00	%		0.00	%		9.50	%		10/16/2023	$	1,000,000		991,479		941,250		Aerospace and Defense	Term Loan (2nd Lien)	Loan		8.50	%		1.00	%		0.00	%		9.80	%		10/16/2023		1,000,000		991,731		940,000
NPC International, Inc.		Food Services	Term Loan (2013)	Loan		3.50	%		1.00	%		0.00	%		4.51	%		4/19/2024	$	500,000		499,408		503,335		Food Services	Term Loan (2013)	Loan		3.50	%		1.00	%		0.00	%		4.74	%		4/19/2024		500,000		499,388		502,500
NVA Holdings (National Veterinary) T/L B2		Services: Consumer	Term Loan B2	Loan		3.50	%		1.00	%		0.00	%		4.65	%		8/14/2021	$	1,261,425		1,256,849		1,275,616		Services: Consumer	Term Loan B2	Loan		3.50	%		1.00	%		0.00	%		4.80	%		8/14/2021		1,507,950		1,503,536		1,513,605
NXT Capital T/L (11/16)		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.65	%		11/23/2022	$	1,247,500		1,242,663		1,264,653		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.74	%		11/23/2022		1,244,373		1,239,598		1,263,039
Onex Carestream Finance LP		Healthcare & Pharmaceuticals	Term Loan (First Lien 2013)	Loan		4.00	%		1.00	%		0.00	%		5.15	%		6/7/2019	$	3,558,804		3,552,314		3,475,777		Healthcare & Pharmaceuticals	Term Loan (First Lien 2013)	Loan		4.00	%		1.00	%		0.00	%		5.30	%		6/7/2019		3,504,053		3,494,910		3,496,940
OnexYork Acquisition Co		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		4.90	%		10/1/2021	$	487,500		485,121		476,044		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		4.99	%		10/1/2021		486,250		483,977		478,499
OpenLink International, LLC		Services: Business	Term B Loan	Loan		6.50	%		1.25	%		0.00	%		7.75	%		7/29/2019	$	2,906,156		2,905,864		2,915,834		Services: Business	Term B Loan	Loan		6.50	%		1.25	%		0.00	%		7.81	%		7/29/2019		2,898,488		2,898,374		2,893,068
P.F. Chang’s China Bistro, Inc.																										Food/Drug Retailers	Term B Loan	Loan		3.25	%		1.00	%		0.00	%		4.48	%		6/24/2019		589,978		572,278		572,278
P.F. Chang’s China Bistro, Inc. (Wok Acquisition Corp.)		Food/Drug Retailers	Term Borrowing	Loan		3.25	%		1.00	%		0.00	%		4.54	%		6/24/2019	$	1,413,810		1,410,322		1,403,207		Food/Drug Retailers	Term B Loan	Loan		3.25	%		1.00	%		0.00	%		4.48	%		6/24/2019		1,410,022		1,406,954		1,404,735
P2 Upstream Acquisition Co. (P2 Upstream Canada BC ULC)		Services: Business	Term Loan (First Lien)	Loan		4.00	%		1.00	%		0.00	%		5.18	%		10/30/2020	$	967,500		964,621		945,731		Services: Business	Term Loan (First Lien)	Loan		4.00	%		1.00	%		0.00	%		5.32	%		10/30/2020		965,000		962,318		942,487
Petsmart, Inc. (Argos Merger Sub, Inc.)		Retailers (Except Food and Drugs)	Term Loan B1	Loan		3.00	%		1.00	%		0.00	%		4.01	%		3/11/2022	$	980,000		975,713		940,898		Retailers (Except Food and Drugs)	Term Loan B1	Loan		3.00	%		1.00	%		0.00	%		4.24	%		3/11/2022		977,500		973,373		857,404
PGX Holdings, Inc.		Financial Intermediaries	Term Loan	Loan		5.25	%		1.00	%		0.00	%		6.30	%		9/29/2020	$	2,871,499		2,857,322		2,873,308		Financial Intermediaries	Term Loan	Loan		5.25	%		1.00	%		0.00	%		6.49	%		9/29/2020		2,851,534		2,838,455		2,853,331
Pike Corporation																										Construction & Building	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		4.99	%		3/8/2024		498,750		496,459		503,428
Planet Fitness Holdings LLC		Leisure Goods/Activities/Movies	Term Loan	Loan		3.00	%		0.75	%		0.00	%		4.15	%		3/31/2021	$	2,386,345		2,379,828		2,390,831		Leisure Goods/Activities/Movies	Term Loan	Loan		3.00	%		0.75	%		0.00	%		4.24	%		3/31/2021		2,380,349		2,374,116		2,395,226
Polycom Term Loan (9/16)		Telecommunications	Term Loan	Loan		5.25	%		1.00	%		0.00	%		6.25	%		9/27/2023	$	1,804,333		1,780,636		1,821,023		Telecommunications	Term Loan	Loan		5.25	%		1.00	%		0.00	%		6.49	%		9/27/2023		1,733,167		1,711,253		1,754,398
Pike Corporation		Construction & Building	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		4.80	%		3/8/2024	$	500,000		497,661		504,375
PrePaid Legal Services, Inc.		Services: Business	Term Loan B	Loan		5.25	%		1.25	%		0.00	%		6.50	%		7/1/2019	$	3,169,278		3,172,153		3,184,142		Services: Business	Term Loan B	Loan		5.25	%		1.25	%		0.00	%		6.50	%		7/1/2019		3,103,532		3,106,156		3,120,012
Presidio, Inc.		Services: Business	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.40	%		2/2/2022	$	2,101,767		2,040,643		2,119,505		Services: Business	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.55	%		2/2/2022		1,997,270		1,941,849		2,003,921
Prestige Brands T/L B4		Drugs	Term Loan B4	Loan		2.75	%		0.75	%		0.00	%		3.79	%		1/26/2024	$	477,225		476,160		481,005		Drugs	Term Loan B4	Loan		2.75	%		0.75	%		0.00	%		3.99	%		1/26/2024		456,202		455,187		456,699
Prime Security Services (Protection One)		Services: Business	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.29	%		5/2/2022	$	1,980,062		1,970,177		1,995,982		Services: Business	Term Loan	Loan		2.75	%		1.00	%		0.00	%		3.99	%		5/2/2022		1,980,062		1,970,444		1,988,735
Project Leopard Holdings, Inc.																										High Tech Industries	Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.76	%		7/7/2023		500,000		498,765		502,500
Project Silverback Holdings Corp.																										High Tech Industries	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.32	%		8/21/2024		1,000,000		997,500		1,000,000
Radio Systems Corporation		Leisure Goods/Activities/Movies	Term Loan	Loan		3.50	%		1.00	%		0.00	%		4.54	%		5/2/2024	$	1,500,000		1,500,000		1,505,625		Leisure Goods/Activities/Movies	Term Loan	Loan		3.50	%		1.00	%		0.00	%		4.74	%		5/2/2024		1,500,000		1,500,000		1,511,250
Ranpak Holdings, Inc.		Services: Business	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.29	%		10/1/2021	$	913,716		911,432		914,858		Services: Business	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.49	%		10/1/2021		911,385		909,107		911,385
Ranpak Holdings, Inc.		Services: Business	Term Loan (Second Lien)	Loan		7.25	%		1.00	%		0.00	%		8.25	%		10/3/2022	$	311,111		310,001		309,556
Redtop Acquisitions Limited		Electronics/Electric	Initial Dollar Term Loan (First Lien)	Loan		3.50	%		1.00	%		0.00	%		4.67	%		12/3/2020	$	483,778		481,891		485,592		Electronics/Electric	Initial Dollar Term Loan (First Lien)	Loan		3.50	%		1.00	%		0.00	%		4.81	%		12/3/2020		482,537		480,782		482,841
RGIS Services, LLC		Services: Business	Term Loan	Loan		7.50	%		1.00	%		0.00	%		8.65	%		3/31/2023	$	500,000		492,623		497,815
Research Now Group, Inc		Media	Term Loan B	Loan		4.50	%		1.00	%		0.00	%		5.65	%		3/18/2021	$	2,004,470		1,996,990		1,979,414		Media	Term Loan B	Loan		4.50	%		1.00	%		0.00	%		5.80	%		3/18/2021		2,004,470		1,997,380		1,994,448
Resolute Investment Managers, Inc.		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.40	%		4/30/2022	$	728,517		727,070		729,733		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.55	%		4/30/2022		726,591		725,217		733,856
Rexnord LLC/RBS Global, Inc.		Industrial Equipment	Term B Loan	Loan		2.75	%		1.00	%		0.00	%		3.90	%		8/21/2023	$	1,370,341		1,370,341		1,375,480
Reynolds Group Holdings Inc.		Industrial Equipment	Incremental U.S. Term Loan	Loan		3.00	%		0.00	%		0.00	%		4.04	%		2/3/2023	$	1,756,731		1,756,731		1,765,111		Industrial Equipment	Incremental U.S. Term Loan	Loan		3.00	%		0.00	%		0.00	%		4.24	%		2/3/2023		1,752,329		1,752,329		1,753,485
RGIS Services, LLC																										Services: Business	Term Loan	Loan		7.50	%		1.00	%		0.00	%		8.80	%		3/31/2023		498,750		491,591		455,109
Robertshaw US Holding Corp.																										Consumer Goods: Durable	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.75	%		8/12/2024		500,000		496,250		502,815
Rovi Solutions Corporation / Rovi Guides, Inc.		Electronics/Electric	Tranche B-3 Term Loan	Loan		2.50	%		0.75	%		0.00	%		3.55	%		7/2/2021	$	1,458,750		1,454,281		1,460,880		Electronics/Electric	TrancheB-3 Term Loan	Loan		2.50	%		0.75	%		0.00	%		3.74	%		7/2/2021		1,455,000		1,450,798		1,456,557
Royal Adhesives and Sealants		Chemicals/Plastics	Term Loan (Second Lien)	Loan		7.50	%		1.00	%		0.00	%		8.65	%		6/19/2023	$	275,862		274,177		275,172
Royal Holdings T/L (02/17)		Chemicals/Plastics	Term Loan (Second Lien)	Loan		3.25	%		1.00	%		0.00	%		4.40	%		6/17/2022	$	541,607		539,264		547,364		Chemicals/Plastics	Term Loan (Second Lien)	Loan		3.25	%		1.00	%		0.00	%		4.55	%		6/17/2022		540,253		537,980		542,954
Russell Investment Management T/L B		Banking, Finance, Insurance & Real Estate	Term Loan B	Loan		5.75	%		1.00	%		0.00	%		6.79	%		6/1/2023	$	2,234,372		2,123,883		2,267,887		Banking, Finance, Insurance & Real Estate	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.49	%		6/1/2023		2,228,744		2,123,972		2,238,506
Sable International Finance Ltd		Telecommunications	Term Loan B2	Loan		3.50	%		0.00	%		0.00	%		4.54	%		1/31/2025	$	1,500,000		1,492,500		1,505,250		Telecommunications	Term Loan B2	Loan		3.50	%		0.00	%		0.00	%		4.74	%		1/31/2025		2,500,000		2,487,515		2,485,950
Sally Holdings, LLC																										Retail	Term Loan B1	Loan		2.50	%		0.00	%		0.00	%		3.75	%		7/5/2024		1,000,000		995,057		996,250
Sally Holdings, LLC																										Retail	Term Loan (Fixed)	Loan		4.50	%		0.00	%		0.00	%		4.50	%		7/5/2024		1,000,000		995,002		1,005,000
SBP Holdings LP		Industrial Equipment	Term Loan (First Lien)	Loan		4.00	%		1.00	%		0.00	%		5.04	%		3/27/2021	$	970,000		967,121		887,550		Industrial Equipment	Term Loan (First Lien)	Loan		4.00	%		1.00	%		0.00	%		5.24	%		3/27/2021		967,500		964,802		888,291
Scientific Games International, Inc.		Electronics/Electric	Term Loan B2	Loan		4.00	%		0.75	%		0.00	%		5.01	%		10/1/2021	$	769,549		762,015		781,092
SCS Holdings (Sirius Computer)		High Tech Industries	Term Loan (First Lien)	Loan		4.25	%		1.00	%		0.00	%		5.29	%		10/31/2022	$	1,871,532		1,837,243		1,887,327		High Tech Industries	Term Loan (First Lien)	Loan		4.25	%		1.00	%		0.00	%		5.49	%		10/31/2022		1,852,332		1,819,756		1,863,131
Seadrill Operating LP		Oil & Gas	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.15	%		2/21/2021	$	974,811		923,318		667,746		Oil & Gas	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.30	%		2/21/2021		972,292		924,066		624,698
SG Acquisition, Inc. (Safe Guard)																										Banking, Finance, Insurance & Real Estate	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.30	%		3/29/2024		1,987,500		1,968,665		1,972,594
Shearers Foods LLC		Food Services	Term Loan (First Lien)	Loan		3.94	%		1.00	%		0.00	%		5.09	%		6/30/2021	$	975,000		973,500		971,344		Food Services	Term Loan (First Lien)	Loan		3.94	%		1.00	%		0.00	%		5.24	%		6/30/2021		972,500		971,037		972,092
SG Acquisition, Inc. (Safe Guard)		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.15	%		3/29/2024	$	2,000,000		1,980,387		1,985,000
Sitel Worldwide		Telecommunications	Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.69	%		9/18/2021	$	1,970,000		1,955,355		1,962,120		Telecommunications	Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.81	%		9/18/2021		1,965,000		1,951,088		1,961,325
SMB Shipping Logistics T/L B (REP WWEX Acquisition)		Transportation	Term Loan B	Loan		4.50	%		1.00	%		0.00	%		5.67	%		2/2/2024	$	1,000,000		995,503		1,002,080		Transportation	Term Loan B	Loan		4.50	%		1.00	%		0.00	%		5.95	%		2/2/2024		997,500		993,052		999,166
Sonneborn, LLC		Chemicals/Plastics	Term Loan (First Lien)	Loan		3.75	%		1.00	%		0.00	%		4.79	%		12/10/2020	$	207,451		207,127		209,007		Chemicals/Plastics	Term Loan (First Lien)	Loan		3.75	%		1.00	%		0.00	%		4.99	%		12/10/2020		206,920		206,619		207,954
Sonneborn, LLC		Chemicals/Plastics	Initial US Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.79	%		12/10/2020	$	1,175,553		1,173,719		1,184,370		Chemicals/Plastics	Initial US Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.99	%		12/10/2020		1,172,545		1,170,841		1,178,408
Sophia, L.P.		Electronics/Electric	Term Loan (Closing Date)	Loan		3.25	%		1.00	%		0.00	%		4.40	%		9/30/2022	$	1,935,931		1,927,068		1,929,155		Electronics/Electric	Term Loan (Closing Date)	Loan		3.25	%		1.00	%		0.00	%		4.55	%		9/30/2022		1,935,931		1,927,351		1,932,601
SourceHOV LLC		Services: Business	Term Loan B (First Lien)	Loan		6.75	%		1.00	%		0.00	%		7.90	%		10/31/2019	$	1,812,500		1,782,852		1,703,750
SRAM, LLC		Industrial Equipment	Term Loan (First Lien)	Loan		3.50	%		1.00	%		0.00	%		4.58	%		3/15/2024	$	2,677,652		2,655,727		2,684,346		Industrial Equipment	Term Loan (First Lien)	Loan		3.50	%		1.00	%		0.00	%		4.76	%		3/15/2024		2,600,800		2,579,942		2,613,804
Steak ’n Shake Operations, Inc.		Food Services	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.80	%		3/19/2021	$	852,491		847,501		843,966
Staples, Inc.																										Retail	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.31	%		8/15/2024		2,000,000		1,995,000		1,989,540
Steak ‘n Shake Operations, Inc.																										Food Services	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.99	%		3/19/2021		849,991		845,318		824,491
Survey Sampling International		Services: Business	Term Loan B	Loan		5.00	%		1.00	%		0.00	%		6.15	%		12/16/2020	$	2,714,821		2,701,862		2,711,427		Services: Business	Term Loan B	Loan		5.00	%		1.00	%		0.00	%		6.30	%		12/16/2020		2,707,893		2,695,815		2,667,274
Sybil Finance BV		High Tech Industries	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.40	%		9/29/2023	$	987,500		983,249		1,000,091		High Tech Industries	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.50	%		9/29/2023		975,156		971,083		980,237
Syncsort Incorporated																										High Tech Industries	Term Loan B	Loan		5.00	%		1.00	%		0.00	%		6.00	%		8/16/2024		2,000,000		1,980,000		1,980,500
Syniverse Holdings, Inc.		Telecommunications	Initial Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.17	%		4/23/2019	$	468,409		466,632		445,377		Telecommunications	Initial Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.31	%		4/23/2019		468,409		466,861		448,501
Tennessee Merger T/L (Team Health)		Healthcare & Pharmaceuticals	Term Loan	Loan		2.75	%		1.00	%		0.00	%		3.79	%		2/6/2024	$	1,000,000		997,601		994,060
Townsquare Media, Inc.		Media	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.04	%		4/1/2022	$	911,712		907,481		914,374		Media	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.30	%		4/1/2022		911,712		907,640		911,712
TPF II Power LLC and TPF II Covert Midco LLC		Utilities	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.04	%		10/2/2023	$	1,413,873		1,367,114		1,403,566
TransDigm, Inc.		Aerospace and Defense	Tranche C Term Loan	Loan		3.00	%		0.75	%		0.00	%		4.15	%		2/28/2020	$	4,222,175		4,227,281		4,238,219		Aerospace and Defense	Tranche C Term Loan	Loan		3.00	%		0.75	%		0.00	%		4.26	%		2/28/2020		4,211,151		4,218,677		4,214,898
Travel Leaders Group, LLC		Hotel, Gaming and Leisure	Term Loan B	Loan		5.25	%		0.00	%		0.00	%		6.29	%		1/25/2024	$	2,000,000		1,990,390		2,018,760		Hotel, Gaming and Leisure	Term Loan B	Loan		4.50	%		0.00	%		0.00	%		5.81	%		1/25/2024		1,995,000		1,985,216		2,009,125
TRC Companies, Inc.																										Services: Business	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.23	%		6/21/2024		3,000,000		2,985,204		3,007,500
Truck Hero, Inc. (Tectum Holdings)		Transportation	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.16	%		4/22/2024	$	2,000,000		1,980,000		2,000,000		Transportation	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.23	%		4/22/2024		2,000,000		1,980,517		1,997,500
Trugreen Limited Partnership		Services: Business	Term Loan B	Loan		5.50	%		1.00	%		0.00	%		6.50	%		4/13/2023	$	496,250		489,897		500,592		Services: Business	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.23	%		4/13/2023		495,000		487,643		499,950
Twin River Management Group, Inc.		Lodging & Casinos	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.65	%		7/10/2020	$	792,846		794,051		796,810		Lodging & Casinos	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.80	%		7/10/2020		790,346		791,422		794,796
Univar Inc.		Chemicals/Plastics	Term B Loan	Loan		2.75	%		0.00	%		0.00	%		3.79	%		7/1/2022	$	2,955,094		2,941,679		2,966,175		Chemicals/Plastics	Term B Loan	Loan		2.75	%		0.00	%		0.00	%		3.99	%		7/1/2022		2,947,688		2,934,692		2,949,987
Univision Communications Inc.																										Telecommunications	Replacement First-Lien Term Loan	Loan		2.75	%		1.00	%		0.00	%		3.99	%		3/15/2024		2,870,189		2,852,951		2,845,849
UOS, LLC (Utility One Source)		Capital Equipment	Term Loan B	Loan		5.50	%		1.00	%		0.00	%		6.53	%		4/18/2023	$	500,000		495,062		509,375		Capital Equipment	Term Loan B	Loan		5.50	%		1.00	%		0.00	%		6.80	%		4/18/2023		500,000		495,186		509,065
Univision Communications Inc.		Telecommunications	Replacement First-Lien Term Loan	Loan		2.75	%		1.00	%		0.00	%		3.79	%		3/15/2024	$	2,877,927		2,860,288		2,852,746
Valeant Pharmaceuticals International, Inc.		Drugs	Series D2 Term Loan B	Loan		4.75	%		0.75	%		0.00	%		5.75	%		4/1/2022	$	1,689,182		1,689,182		1,718,743		Drugs	Series D2 Term Loan B	Loan		4.75	%		0.75	%		0.00	%		5.99	%		4/1/2022		1,482,063		1,482,063		1,507,080
Verint Systems Inc.		Services: Business	Term Loan	Loan		2.75	%		0.75	%		0.00	%		3.92	%		9/6/2019	$	1,003,684		1,001,096		1,010,790
Virtus Investment Partners, Inc.		Banking, Finance, Insurance & Real Estate	Term Loan B	Loan		3.75	%		0.75	%		0.00	%		4.95	%		6/3/2024	$	500,000		497,542		507,500		Banking, Finance, Insurance & Real Estate	Term Loan B	Loan		3.75	%		0.75	%		0.00	%		4.95	%		6/3/2024		500,000		497,580		505,625
Vistra Operations Company T/L B (12/16)		Utilities	Term Loan B	Loan		3.25	%		0.75	%		0.00	%		4.28	%		12/13/2023	$	498,750		497,576		498,940
Vizient Inc.		Healthcare & Pharmaceuticals	Term Loan	Loan		3.50	%		1.00	%		0.00	%		4.54	%		2/13/2023	$	879,853		857,810		890,121		Healthcare & Pharmaceuticals	Term Loan	Loan		3.50	%		1.00	%		0.00	%		4.74	%		2/13/2023		879,853		858,575		888,651
Washington Inventory Service		High Tech Industries	Revolver	Loan		5.50	%		0.00	%		0.00	%		9.50	%		7/14/2017	$	31,390		31,390		30,919		High Tech Industries	U.S. Term Loan (First Lien)	Loan		0.00	%		0.00	%		6.00	%		7.22	%		12/20/2018		1,108,260		1,121,429		978,039
Washington Inventory Service		High Tech Industries	U.S. Term Loan (First Lien)	Loan		0.00	%		0.00	%		5.75	%		7.50	%		12/20/2018	$	1,738,077		1,745,574		1,425,223
Western Dental Services, Inc.																										Retail	Term Loan B	Loan		5.25	%		1.00	%		0.00	%		6.49	%		6/30/2023		2,000,000		1,980,073		2,000,000
Western Digital Corporation		High Tech Industries	Term Loan B (USD)	Loan		2.75	%		0.75	%		0.00	%		3.78	%		4/28/2023	$	1,588,020		1,541,984		1,601,661		High Tech Industries	Term Loan B (USD)	Loan		2.75	%		0.75	%		0.00	%		3.98	%		4/28/2023		1,584,040		1,539,726		1,591,517
Windstream Services, LLC		Telecommunications	Term Loan B6	Loan		4.00	%		0.75	%		0.00	%		5.01	%		3/29/2021	$	996,870		987,502		998,116		Telecommunications	Term Loan B6	Loan		4.00	%		0.75	%		0.00	%		5.27	%		3/29/2021		994,366		985,495		905,867
Xerox Business Services T/L B (Conduent)		Services: Business	Term Loan	Loan		4.00	%		0.00	%		0.00	%		4.99	%		12/7/2023	$	748,125		736,442		759,534		Services: Business	Term Loan	Loan		4.00	%		0.00	%		0.00	%		5.24	%		12/7/2023		746,250		734,919		752,220
ZEP, Inc.		Chemicals/Plastics	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.04	%		6/27/2022	$	2,947,500		2,934,504		2,954,869		Chemicals/Plastics	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.23	%		6/27/2022		2,500,000		2,487,507		2,502,075
Zest Holdings 1st Lien T/L (2014 Replacement)		Healthcare & Pharmaceuticals	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.40	%		8/16/2023	$	1,000,000		995,336		1,006,250		Healthcare & Pharmaceuticals	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.49	%		8/16/2023		997,500		992,766		1,003,315

																					$	300,101,725	$	294,713,104																					$	301,224,354	$	294,524,652


																			Principal		Cost		Fair Value																				Principal		Cost		Fair Value
Cash and cash equivalents																									Cash and cash equivalents
U.S. Bank Money Market (a)																			$	7,039,670	$	7,039,670	$	7,039,670	U.S. Bank Money Market (a)																		$	7,475,599	$	7,475,599	$	7,475,599

Total cash and cash equivalents	Total cash and cash equivalents																		$	7,039,670	$	7,039,670	$	7,039,670	Total cash and cash equivalents																		$	7,475,599	$	7,475,599	$	7,475,599

(a) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of ~~May~~August 31, 2017.


Issuer Name		Industry	Asset Name	Asset Type		Spread			LIBOR Floor			PIK			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value			Industry	Asset Name	Asset Type	Spread			LIBOR Floor			PIK			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Education Management II, LLC		Leisure Goods/Activities/Movies	A-1 Preferred Shares		Equity		0.00	%		0.00	%		0.00	%		0.00	%				6,692	$	669,214	$	6,725		Leisure Goods/Activities/Movies	A-1 Preferred Shares	Equity		0.00	%		0.00	%		0.00	%		0.00	%				6,692	$	669,214	$	6,725
Education Management II, LLC		Leisure Goods/Activities/Movies	A-2 Preferred Shares		Equity		0.00	%		0.00	%		0.00	%		0.00	%				18,975		1,897,538		247		Leisure Goods/Activities/Movies	A-2 Preferred Shares	Equity		0.00	%		0.00	%		0.00	%		0.00	%				18,975		1,897,538		247
New Millennium Holdco, Inc.		Healthcare & Pharmaceuticals	Common Stock		Equity		0.00	%		0.00	%		0.00	%		0.00	%				14,813		964,466		15,746		Healthcare & Pharmaceuticals	Common Stock	Equity		0.00	%		0.00	%		0.00	%		0.00	%				14,813		964,466		15,746
24 Hour Holdings III, LLC		Leisure Goods/Activities/Movies	Term Loan		Loan		3.75	%		1.00	%		0.00	%		4.75	%		5/28/2021	$	487,500		484,284		476,127		Leisure Goods/Activities/Movies	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.75	%		5/28/2021	$	487,500		484,284		476,127
ABB Con-Cise Optical Group, LLC		Healthcare & Pharmaceuticals	Term Loan B		Loan		5.00	%		1.00	%		0.00	%		6.00	%		6/15/2023	$	1,995,000		1,975,193		2,009,963		Healthcare & Pharmaceuticals	Term Loan B	Loan		5.00	%		1.00	%		0.00	%		6.00	%		6/15/2023		1,995,000		1,975,193		2,009,963
Acosta Holdco, Inc.		Media	Term Loan B1		Loan		3.25	%		1.00	%		0.00	%		4.29	%		9/26/2021	$	1,940,025		1,929,297		1,893,348		Media	Term Loan B1	Loan		3.25	%		1.00	%		0.00	%		4.29	%		9/26/2021		1,940,025		1,929,297		1,893,348
Advantage Sales & Marketing, Inc.		Services: Business	Delayed Draw Term Loan		Loan		3.25	%		1.00	%		0.00	%		4.25	%		7/25/2021	$	2,446,206		2,443,710		2,438,574		Services: Business	Delayed Draw Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.25	%		7/25/2021		2,446,206		2,443,710		2,438,574
Aegis Toxicology Science Corporation		Healthcare & Pharmaceuticals	Term B Loan		Loan		4.50	%		1.00	%		0.00	%		5.50	%		2/24/2021	$	2,463,550		2,337,204		2,412,234		Healthcare & Pharmaceuticals	Term B Loan	Loan		4.50	%		1.00	%		0.00	%		5.50	%		2/24/2021		2,463,550		2,337,204		2,412,234
Agrofresh, Inc.		Food Services	Term Loan		Loan		4.75	%		1.00	%		0.00	%		5.75	%		7/30/2021	$	1,970,000		1,962,367		1,898,587		Food Services	Term Loan	Loan		4.75	%		1.00	%		0.00	%		5.75	%		7/30/2021		1,970,000		1,962,367		1,898,587
AI MISTRAL T/L (V. GROUP)		Utilities	Term Loan		Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/11/2024	$	500,000		500,000		500,940		Utilities	Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/11/2024		500,000		500,000		500,940
Akorn, Inc.		Healthcare & Pharmaceuticals	Term Loan B		Loan		4.25	%		1.00	%		0.00	%		5.25	%		4/16/2021	$	398,056		396,948		403,529		Healthcare & Pharmaceuticals	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.25	%		4/16/2021		398,056		396,948		403,529
Albertson’s LLC		Retailers (Except Food and Drugs)	Term Loan B-4		Loan		3.00	%		0.75	%		0.00	%		3.78	%		8/25/2021	$	2,896,193		2,879,009		2,931,179		Retailers (Except Food and Drugs)	Term LoanB-4	Loan		3.00	%		0.75	%		0.00	%		3.78	%		8/25/2021		2,896,193		2,879,009		2,931,179
Alere Inc. (fka IM US Holdings, LLC)		Healthcare & Pharmaceuticals	Term Loan B		Loan		3.25	%		1.00	%		0.00	%		4.25	%		6/20/2022	$	917,946		916,144		919,479		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.25	%		6/20/2022		917,946		916,144		919,479
Alion Science and Technology Corporation		High Tech Industries	Term Loan B (First Lien)		Loan		4.50	%		1.00	%		0.00	%		5.50	%		8/19/2021	$	2,955,000		2,943,621		2,951,306		High Tech Industries	Term Loan B (First Lien)	Loan		4.50	%		1.00	%		0.00	%		5.50	%		8/19/2021		2,955,000		2,943,621		2,951,306
Alliance Healthcare Services, Inc.		Healthcare & Pharmaceuticals	Term Loan B		Loan		3.25	%		1.00	%		0.00	%		4.29	%		6/3/2019	$	984,570		981,094		977,184		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.29	%		6/3/2019		984,570		981,094		977,184
ALPHA 3 T/L B1 (ATOTECH)		Chemicals/Plastics	Term Loan B 1		Loan		3.00	%		1.00	%		0.00	%		4.00	%		1/31/2024	$	250,000		249,377		252,500		Chemicals/Plastics	Term Loan B 1	Loan		3.00	%		1.00	%		0.00	%		4.00	%		1/31/2024		250,000		249,377		252,500
Anchor Glass T/L (11/16)		Containers/Glass Products	Term Loan		Loan		3.25	%		1.00	%		0.00	%		4.25	%		12/7/2023	$	500,000		497,626		505,780		Containers/Glass Products	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.25	%		12/7/2023		500,000		497,626		505,780
APCO Holdings, Inc.		Automotive	Term Loan		Loan		6.00	%		1.00	%		0.00	%		7.00	%		1/31/2022	$	1,933,919		1,887,037		1,885,571		Automotive	Term Loan	Loan		6.00	%		1.00	%		0.00	%		7.00	%		1/31/2022		1,933,919		1,887,037		1,885,571
Aramark Corporation		Food Products	U.S. Term F Loan		Loan		2.50	%		0.75	%		0.00	%		3.50	%		2/24/2021	$	3,118,358		3,118,358		3,147,327		Food Products	U.S. Term F Loan	Loan		2.50	%		0.75	%		0.00	%		3.50	%		2/24/2021		3,118,358		3,118,358		3,147,327
Aspen Dental Management, Inc.		Healthcare & Pharmaceuticals	Term Loan Initial		Loan		4.25	%		1.00	%		0.00	%		5.25	%		4/29/2022	$	1,484,941		1,481,061		1,491,446		Healthcare & Pharmaceuticals	Term Loan Initial	Loan		4.25	%		1.00	%		0.00	%		5.25	%		4/29/2022		1,484,941		1,481,061		1,491,446
Astoria Energy T/L B		Utilities	Term Loan		Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/24/2021	$	1,495,307		1,480,354		1,499,045		Utilities	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/24/2021		1,495,307		1,480,354		1,499,045
Asurion, LLC (fka Asurion Corporation)		Insurance	Replacement Term Loan B-2		Loan		3.25	%		0.75	%		0.00	%		4.03	%		7/8/2020	$	531,422		526,976		537,024		Insurance	Replacement Term LoanB-2	Loan		3.25	%		0.75	%		0.00	%		4.03	%		7/8/2020		531,422		526,976		537,024
Asurion, LLC (fka Asurion Corporation)		Insurance	Term Loan B4 (First Lien)		Loan		3.25	%		1.00	%		0.00	%		4.25	%		8/4/2022	$	2,434,375		2,422,950		2,463,661		Insurance	Term Loan B4 (First Lien)	Loan		3.25	%		1.00	%		0.00	%		4.25	%		8/4/2022		2,434,375		2,422,950		2,463,661
Auction.com, LLC		Banking, Finance, Insurance & Real Estate	Term Loan		Loan		5.00	%		1.00	%		0.00	%		6.00	%		5/13/2019	$	2,718,634		2,718,434		2,739,024		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.00	%		5/13/2019		2,718,634		2,718,434		2,739,024
Avantor Performance Materials Holdings, Inc.		Chemicals/Plastics	Term Loan		Loan		5.00	%		1.00	%		0.00	%		6.00	%		6/21/2022	$	2,784,429		2,760,689		2,819,234		Chemicals/Plastics	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.00	%		6/21/2022		2,784,429		2,760,689		2,819,234
AVOLON TLB BORROWER 1 LUXEMBOURG S.A.R.L.		Capital Equipment	Term Loan B-2		Loan		2.75	%		0.75	%		0.00	%		3.50	%		3/20/2022	$	1,000,000		995,000		1,017,300		Capital Equipment	Term LoanB-2	Loan		2.75	%		0.75	%		0.00	%		3.50	%		3/20/2022		1,000,000		995,000		1,017,300
Bass Pro Group, LLC		Retailers (Except Food and Drugs)	Term Loan		Loan		3.25	%		0.75	%		0.00	%		4.02	%		6/5/2020	$	1,473,750		1,471,637		1,411,116		Retailers (Except Food and Drugs)	Term Loan	Loan		3.25	%		0.75	%		0.00	%		4.02	%		6/5/2020		1,473,750		1,471,637		1,411,116
Belmond Interfin Ltd.		Lodging & Casinos	Term Loan		Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/19/2021	$	2,481,122		2,484,502		2,488,888		Lodging & Casinos	Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/19/2021		2,481,122		2,484,502		2,488,888
BJ’s Wholesale Club, Inc.		Food/Drug Retailers	New 2013 (November) Replacement Loan (First Lien)		Loan		3.75	%		1.00	%		0.00	%		4.75	%		2/2/2024	$	1,500,000		1,496,335		1,487,385		Food/Drug Retailers	New 2013 (November) Replacement Loan (First Lien)	Loan		3.75	%		1.00	%		0.00	%		4.75	%		2/2/2024		1,500,000		1,496,335		1,487,385
Blackboard T/L B4		High Tech Industries	Term Loan B4		Loan		5.00	%		1.00	%		0.00	%		6.02	%		6/30/2021	$	2,992,500		2,969,529		3,008,390		High Tech Industries	Term Loan B4	Loan		5.00	%		1.00	%		0.00	%		6.02	%		6/30/2021		2,992,500		2,969,529		3,008,390
BMC Software		Technology	Term Loan		Loan		4.00	%		1.00	%		0.00	%		5.00	%		9/10/2020	$	1,959,596		1,917,256		1,965,729		Technology	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.00	%		9/10/2020		1,959,596		1,917,256		1,965,729
BMC Software T/L US		Technology	Term Loan		Loan		4.00	%		1.00	%		0.00	%		5.00	%		9/10/2020	$	676,193		665,400		679,607		Technology	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.00	%		9/10/2020		676,193		665,400		679,607
Brickman Group Holdings, Inc.		Brokers/Dealers/Investment Houses	Initial Term Loan (First Lien)		Loan		3.00	%		1.00	%		0.00	%		4.00	%		12/18/2020	$	1,461,186		1,451,382		1,467,952		Brokers/Dealers/Investment Houses	Initial Term Loan (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.00	%		12/18/2020		1,461,186		1,451,382		1,467,952
BWAY Holding Company		Leisure Goods/Activities/Movies	Term Loan B		Loan		3.25	%		0.00	%		0.00	%		4.75	%		8/14/2023	$	1,189,327		1,179,242		1,189,826		Leisure Goods/Activities/Movies	Term Loan B	Loan		3.25	%		0.00	%		0.00	%		4.75	%		8/14/2023		1,189,327		1,179,242		1,189,826
Candy Intermediate Holdings, Inc.		Beverage, Food & Tobacco	Term Loan		Loan		4.50	%		1.00	%		0.00	%		5.50	%		6/15/2023	$	497,500		495,317		500,609		Beverage, Food & Tobacco	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.50	%		6/15/2023		497,500		495,317		500,609
Capital Automotive L.P.		Conglomerate	Tranche B-1 Term Loan Facility		Loan		3.00	%		1.00	%		0.00	%		4.00	%		4/10/2019	$	1,487,353		1,489,058		1,500,829		Conglomerate	TrancheB-1 Term Loan Facility	Loan		3.00	%		1.00	%		0.00	%		4.00	%		4/10/2019		1,487,353		1,489,058		1,500,829
CASA SYSTEMS T/L		Telecommunications	Term Loan		Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/20/2023	$	1,500,000		1,485,318		1,500,000		Telecommunications	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/20/2023		1,500,000		1,485,318		1,500,000
Catalent Pharma Solutions, Inc		Drugs	Initial Term B Loan		Loan		2.75	%		1.00	%		0.00	%		3.75	%		5/20/2021	$	424,821		423,456		429,953		Drugs	Initial Term B Loan	Loan		2.75	%		1.00	%		0.00	%		3.75	%		5/20/2021		424,821		423,456		429,953
Cengage Learning Acquisitions, Inc.		Publishing	Term Loan		Loan		4.25	%		1.00	%		0.00	%		5.25	%		6/7/2023	$	1,492,500		1,477,575		1,411,965		Publishing	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.25	%		6/7/2023		1,492,500		1,477,575		1,411,965
CH HOLD (CALIBER COLLISION) T/L		Automotive	Term Loan		Loan		3.00	%		0.00	%		0.00	%		4.00	%		2/1/2024	$	227,273		226,758		229,545		Automotive	Term Loan	Loan		3.00	%		0.00	%		0.00	%		4.00	%		2/1/2024		227,273		226,758		229,545
Charter Communications Operating, LLC		Cable and Satellite Television	Term F Loan		Loan		2.00	%		0.00	%		0.00	%		2.79	%		1/3/2021	$	1,609,533		1,603,525		1,617,130		Cable and Satellite Television	Term F Loan	Loan		2.00	%		0.00	%		0.00	%		2.79	%		1/3/2021		1,609,533		1,603,525		1,617,130
CHS/Community Health Systems, Inc.		Healthcare & Pharmaceuticals	Term G Loan		Loan		2.75	%		1.00	%		0.00	%		3.80	%		12/31/2019	$	981,177		960,939		972,866		Healthcare & Pharmaceuticals	Term G Loan	Loan		2.75	%		1.00	%		0.00	%		3.80	%		12/31/2019		981,177		960,939		972,866
CHS/Community Health Systems, Inc.		Healthcare & Pharmaceuticals	Term H Loan		Loan		3.00	%		1.00	%		0.00	%		4.05	%		1/27/2021	$	1,805,352		1,763,950		1,773,940		Healthcare & Pharmaceuticals	Term H Loan	Loan		3.00	%		1.00	%		0.00	%		4.05	%		1/27/2021		1,805,352		1,763,950		1,773,940
CITGO Petroleum Corporation		Oil & Gas	Term Loan B		Loan		3.50	%		1.00	%		0.00	%		4.50	%		7/29/2021	$	1,964,874		1,946,245		1,976,172		Oil & Gas	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.50	%		7/29/2021		1,964,874		1,946,245		1,976,172
Communications Sales & Leasing, Inc.		Telecommunications	Term Loan B (First Lien)		Loan		3.00	%		1.00	%		0.00	%		4.00	%		10/24/2022	$	1,970,062		1,958,282		1,980,405		Telecommunications	Term Loan B (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.00	%		10/24/2022		1,970,062		1,958,282		1,980,405
Concordia Healthcare Corporation		Healthcare & Pharmaceuticals	Term Loan B		Loan		4.25	%		1.00	%		0.00	%		5.25	%		10/21/2021	$	1,980,000		1,891,488		1,615,522		Healthcare & Pharmaceuticals	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.25	%		10/21/2021		1,980,000		1,891,488		1,615,522
Consolidated Aerospace Manufacturing, LLC		Aerospace and Defense	Term Loan (First Lien)		Loan		3.75	%		1.00	%		0.00	%		4.75	%		8/11/2022	$	1,418,750		1,412,839		1,365,547		Aerospace and Defense	Term Loan (First Lien)	Loan		3.75	%		1.00	%		0.00	%		4.75	%		8/11/2022		1,418,750		1,412,839		1,365,547
Consolidated Communications, Inc.		Telecommunications	Term Loan B-2		Loan		3.00	%		1.00	%		0.00	%		4.00	%		10/5/2023	$	500,000		497,500		502,890		Telecommunications	Term LoanB-2	Loan		3.00	%		1.00	%		0.00	%		4.00	%		10/5/2023		500,000		497,500		502,890
CPI Acquisition Inc.		Technology	Term Loan B (First Lien)		Loan		4.50	%		1.00	%		0.00	%		5.83	%		8/17/2022	$	1,436,782		1,418,783		1,289,511		Technology	Term Loan B (First Lien)	Loan		4.50	%		1.00	%		0.00	%		5.83	%		8/17/2022		1,436,782		1,418,783		1,289,511
CPI International Acquisition, Inc. (f/k/a Catalyst Holdings, Inc.)		Electronics/Electric	Term B Loan		Loan		3.25	%		1.00	%		0.00	%		4.25	%		11/17/2017	$	2,462,342		2,461,490		2,457,934		Electronics/Electric	Term B Loan	Loan		3.25	%		1.00	%		0.00	%		4.25	%		11/17/2017		2,462,342		2,461,490		2,457,934
Crosby US Acquisition Corporation		Industrial Equipment	Initial Term Loan (First Lien)		Loan		3.00	%		1.00	%		0.00	%		4.05	%		11/23/2020	$	727,500		726,911		667,329		Industrial Equipment	Initial Term Loan (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.05	%		11/23/2020		727,500		726,911		667,329
CT Technologies Intermediate Hldgs, Inc		Healthcare & Pharmaceuticals	Term Loan		Loan		4.25	%		1.00	%		0.00	%		5.25	%		12/1/2021	$	1,470,113		1,458,924		1,389,256		Healthcare & Pharmaceuticals	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.25	%		12/1/2021		1,470,113		1,458,924		1,389,256
Culligan International Company-T/L		Conglomerate	Term Loan		Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/13/2023	$	2,050,000		2,049,738		2,083,313		Conglomerate	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/13/2023		2,050,000		2,049,738		2,083,313
Cumulus Media Holdings Inc.		Broadcast Radio and Television	Term Loan		Loan		3.25	%		1.00	%		0.00	%		4.25	%		12/23/2020	$	470,093		467,345		342,580		Broadcast Radio and Television	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.25	%		12/23/2020		470,093		467,345		342,580
DAE Aviation (StandardAero)		Aerospace and Defense	Term Loan		Loan		4.25	%		1.00	%		0.00	%		5.25	%		7/7/2022	$	1,975,000		1,967,190		1,987,838		Aerospace and Defense	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.25	%		7/7/2022		1,975,000		1,967,190		1,987,838
DASEKE T/L (HENNESSY CAPITAL)		Transportation	Term Loan		Loan		5.50	%		1.00	%		0.00	%		6.50	%		2/27/2024	$	714,286		707,143		717,857		Transportation	Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.50	%		2/27/2024		714,286		707,143		717,857
DCS Business Services, Inc.		Financial Intermediaries	Term B Loan		Loan		7.25	%		1.50	%		0.00	%		8.75	%		3/19/2018	$	2,101,458		2,096,045		2,101,458		Financial Intermediaries	Term B Loan	Loan		7.25	%		1.50	%		0.00	%		8.75	%		3/19/2018		2,101,458		2,096,045		2,101,458
Delta 2 (Lux) S.a.r.l.		Lodging & Casinos	Term Loan B-3		Loan		3.75	%		1.00	%		0.00	%		5.07	%		7/30/2021	$	1,000,000		996,568		1,002,920		Lodging & Casinos	Term LoanB-3	Loan		3.75	%		1.00	%		0.00	%		5.07	%		7/30/2021		1,000,000		996,568		1,002,920
DELL INTERNATIONAL 1ST LIEN T/L		High Tech Industries	Term Loan (01/17)		Loan		2.50	%		0.75	%		0.00	%		3.25	%		9/7/2023	$	1,000,000		998,850		1,006,480		High Tech Industries	Term Loan (01/17)	Loan		2.50	%		0.75	%		0.00	%		3.25	%		9/7/2023		1,000,000		998,850		1,006,480
Deluxe Entertainment Service Group, Inc.		Leisure Goods/Activities/Movies	Term Loan (Incremental)		Loan		6.00	%		1.00	%		0.00	%		7.04	%		2/28/2020	$	1,000,000		972,672		997,500		Leisure Goods/Activities/Movies	Term Loan (Incremental)	Loan		6.00	%		1.00	%		0.00	%		7.04	%		2/28/2020		1,000,000		972,672		997,500
Deluxe Entertainment Service Group, Inc.		Leisure Goods/Activities/Movies	Term Loan (First Lien)		Loan		5.50	%		1.00	%		0.00	%		6.54	%		2/28/2020	$	1,868,084		1,869,141		1,864,199		Leisure Goods/Activities/Movies	Term Loan (First Lien)	Loan		5.50	%		1.00	%		0.00	%		6.54	%		2/28/2020		1,868,084		1,869,141		1,864,199
DEX MEDIA, INC.		Media	Term Loan (07/16)		Loan		10.00	%		1.00	%		0.00	%		11.00	%		7/29/2021	$	43,444		43,444		44,041		Media	Term Loan (07/16)	Loan		10.00	%		1.00	%		0.00	%		11.00	%		7/29/2021		43,444		43,444		44,041
Diebold, Inc.		High Tech Industries	Term Loan B		Loan		4.50	%		0.75	%		0.00	%		5.31	%		11/6/2023	$	398,750		395,190		404,731		High Tech Industries	Term Loan B	Loan		4.50	%		0.75	%		0.00	%		5.31	%		11/6/2023		398,750		395,190		404,731
DIGITALGLOBE T/L B (12/16)		Aerospace and Defense	Term Loan B		Loan		2.75	%		0.75	%		0.00	%		3.53	%		1/15/2024	$	500,000		498,815		502,030		Aerospace and Defense	Term Loan B	Loan		2.75	%		0.75	%		0.00	%		3.53	%		1/15/2024		500,000		498,815		502,030
DJO Finance, LLC		Healthcare & Pharmaceuticals	Term Loan		Loan		3.25	%		1.00	%		0.00	%		4.25	%		6/8/2020	$	492,500		490,933		483,388		Healthcare & Pharmaceuticals	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.25	%		6/8/2020		492,500		490,933		483,388
DPX Holdings B.V.		Healthcare & Pharmaceuticals	Term Loan 2015 Incr Dollar		Loan		3.25	%		1.00	%		0.00	%		4.25	%		3/11/2021	$	2,925,000		2,919,916		2,937,431		Healthcare & Pharmaceuticals	Term Loan 2015 Incr Dollar	Loan		3.25	%		1.00	%		0.00	%		4.25	%		3/11/2021		2,925,000		2,919,916		2,937,431
Drew Marine Group, Inc.		Chemicals/Plastics	Term Loan (First Lien)		Loan		3.25	%		1.00	%		0.00	%		4.25	%		11/19/2020	$	2,950,591		2,923,591		2,928,461		Chemicals/Plastics	Term Loan (First Lien)	Loan		3.25	%		1.00	%		0.00	%		4.25	%		11/19/2020		2,950,591		2,923,591		2,928,461
DTZ U.S. Borrower, LLC		Construction & Building	Term Loan B Add-on		Loan		3.25	%		1.00	%		0.00	%		4.30	%		11/4/2021	$	1,962,557		1,954,741		1,973,703		Construction & Building	Term Loan BAdd-on	Loan		3.25	%		1.00	%		0.00	%		4.30	%		11/4/2021		1,962,557		1,954,741		1,973,703
DUKE FINANCE (OM GROUP/VECTRA) T/L		Banking, Finance, Insurance & Real Estate	Term Loan		Loan		5.00	%		1.00	%		0.00	%		6.00	%		2/21/2024	$	1,500,000		1,395,987		1,511,250		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.00	%		2/21/2024		1,500,000		1,395,987		1,511,250
Edelman Financial Group, Inc.		Banking, Finance, Insurance & Real Estate	Term Loan		Loan		5.50	%		1.00	%		0.00	%		6.51	%		12/19/2022	$	1,485,000		1,459,535		1,487,317		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.51	%		12/19/2022		1,485,000		1,459,535		1,487,317
Education Management II, LLC		Leisure Goods/Activities/Movies	Term Loan A		Loan		4.50	%		1.00	%		0.00	%		5.51	%		7/2/2020	$	501,970		488,778		177,446		Leisure Goods/Activities/Movies	Term Loan A	Loan		4.50	%		1.00	%		0.00	%		5.51	%		7/2/2020		501,970		488,778		177,446
Education Management II, LLC		Leisure Goods/Activities/Movies	Term Loan B (2.00% Cash/6.50% PIK)		Loan		1.00	%		1.00	%		6.50	%		8.51	%		7/2/2020	$	954,307		934,189		77,938		Leisure Goods/Activities/Movies	Term Loan B (2.00% Cash/6.50% PIK)	Loan		1.00	%		1.00	%		6.50	%		8.51	%		7/2/2020		954,307		934,189		77,938
Emerald Performance Materials, LLC		Chemicals/Plastics	Term Loan (First Lien)		Loan		3.50	%		1.00	%		0.00	%		4.50	%		8/1/2021	$	480,756		479,151		483,308		Chemicals/Plastics	Term Loan (First Lien)	Loan		3.50	%		1.00	%		0.00	%		4.50	%		8/1/2021		480,756		479,151		483,308
Emerald Performance Materials, LLC		Chemicals/Plastics	Term Loan (Second Lien)		Loan		7.75	%		1.00	%		0.00	%		8.75	%		8/1/2022	$	500,000		498,153		498,595		Chemicals/Plastics	Term Loan (Second Lien)	Loan		7.75	%		1.00	%		0.00	%		8.75	%		8/1/2022		500,000		498,153		498,595
Emerald 2 Limited		Chemicals/Plastics	Term Loan B1A		Loan		4.00	%		1.00	%		0.00	%		5.00	%		5/14/2021	$	1,000,000		994,172		950,000		Chemicals/Plastics	Term Loan B1A	Loan		4.00	%		1.00	%		0.00	%		5.00	%		5/14/2021		1,000,000		994,172		950,000
Endo International plc		Healthcare & Pharmaceuticals	Term Loan B		Loan		3.00	%		0.75	%		0.00	%		3.81	%		9/26/2022	$	990,000		987,999		994,247		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.00	%		0.75	%		0.00	%		3.81	%		9/26/2022		990,000		987,999		994,247
EnergySolutions, LLC		Environmental Industries	Term Loan B		Loan		5.75	%		1.00	%		0.00	%		6.75	%		5/29/2020	$	795,000		785,654		799,969		Environmental Industries	Term Loan B	Loan		5.75	%		1.00	%		0.00	%		6.75	%		5/29/2020		795,000		785,654		799,969
Engility Corporation		Aerospace and Defense	Term Loan B-1		Loan		4.25	%		0.70	%		0.00	%		4.03	%		8/12/2020	$	243,750		242,680		245,503		Aerospace and Defense	Term LoanB-1	Loan		4.25	%		0.70	%		0.00	%		4.03	%		8/12/2020		243,750		242,680		245,503
Evergreen Acqco 1 LP		Retailers (Except Food and Drugs)	New Term Loan		Loan		3.75	%		1.25	%		0.00	%		5.00	%		7/9/2019	$	955,106		954,175		846,224		Retailers (Except Food and Drugs)	New Term Loan	Loan		3.75	%		1.25	%		0.00	%		5.00	%		7/9/2019		955,106		954,175		846,224
EWT Holdings III Corp. (fka WTG Holdings III Corp.)		Industrial Equipment	Term Loan (First Lien)		Loan		3.75	%		1.00	%		0.00	%		4.75	%		1/15/2021	$	1,947,330		1,943,904		1,954,632		Industrial Equipment	Term Loan (First Lien)	Loan		3.75	%		1.00	%		0.00	%		4.75	%		1/15/2021		1,947,330		1,943,904		1,954,632
EWT Holdings III Corp.		Capital Equipment	Term Loan		Loan		4.50	%		1.00	%		0.00	%		5.50	%		1/15/2021	$	992,500		984,248		997,463		Capital Equipment	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.50	%		1/15/2021		992,500		984,248		997,463
Extreme Reach, Inc.		Media	Term Loan B		Loan		6.25	%		1.00	%		0.00	%		7.25	%		2/7/2020	$	2,887,500		2,860,092		2,905,547		Media	Term Loan B	Loan		6.25	%		1.00	%		0.00	%		7.25	%		2/7/2020		2,887,500		2,860,092		2,905,547
Federal-Mogul Corporation		Automotive	Tranche C Term Loan		Loan		3.75	%		1.00	%		0.00	%		4.75	%		4/15/2021	$	2,925,000		2,915,873		2,894,434		Automotive	Tranche C Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.75	%		4/15/2021		2,925,000		2,915,873		2,894,434
First Data Corporation		Financial Intermediaries	First Data T/L Ext (2021)		Loan		3.00	%		0.70	%		0.00	%		3.78	%		3/24/2021	$	1,886,914		1,804,119		1,904,010		Financial Intermediaries	First Data T/L Ext (2021)	Loan		3.00	%		0.70	%		0.00	%		3.78	%		3/24/2021		1,886,914		1,804,119		1,904,010
First Eagle Investment Management		Banking, Finance, Insurance & Real Estate	Term Loan		Loan		4.00	%		0.75	%		0.00	%		5.00	%		12/1/2022	$	1,485,000		1,460,081		1,493,361		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.00	%		0.75	%		0.00	%		5.00	%		12/1/2022		1,485,000		1,460,081		1,493,361
Fitness International, LLC		Leisure Goods/Activities/Movies	Term Loan B		Loan		5.00	%		1.00	%		0.00	%		6.00	%		7/1/2020	$	1,929,311		1,905,661		1,947,793		Leisure Goods/Activities/Movies	Term Loan B	Loan		5.00	%		1.00	%		0.00	%		6.00	%		7/1/2020		1,929,311		1,905,661		1,947,793
FMG Resources (August 2006) Pty LTD (FMG America Finance, Inc.)		Nonferrous Metals/Minerals	Loan		Loan		2.75	%		1.00	%		0.00	%		3.75	%		6/28/2019	$	801,502		802,865		806,279		Nonferrous Metals/Minerals	Loan	Loan		2.75	%		1.00	%		0.00	%		3.75	%		6/28/2019		801,502		802,865		806,279
Garda World Security Corporation		Services: Business	Term B Delayed Draw Loan		Loan		3.00	%		1.00	%		0.00	%		4.00	%		11/6/2020	$	197,083		196,509		197,822		Services: Business	Term B Delayed Draw Loan	Loan		3.00	%		1.00	%		0.00	%		4.00	%		11/6/2020		197,083		196,509		197,822
Garda World Security Corporation		Services: Business	Term B Loan		Loan		3.00	%		1.00	%		0.00	%		4.00	%		11/6/2020	$	770,417		768,226		773,306		Services: Business	Term B Loan	Loan		3.00	%		1.00	%		0.00	%		4.00	%		11/6/2020		770,417		768,226		773,306
Gardner Denver, Inc.		High Tech Industries	Initial Dollar Term Loan		Loan		3.25	%		1.00	%		0.00	%		4.57	%		7/30/2020	$	2,426,061		2,421,316		2,420,263		High Tech Industries	Initial Dollar Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.57	%		7/30/2020		2,426,061		2,421,316		2,420,263
Gates Global LLC		Leisure Goods/Activities/Movies	Term Loan (First Lien)		Loan		3.25	%		1.00	%		0.00	%		4.25	%		7/5/2021	$	481,656		476,839		481,478		Leisure Goods/Activities/Movies	Term Loan (First Lien)	Loan		3.25	%		1.00	%		0.00	%		4.25	%		7/5/2021		481,656		476,839		481,478
General Nutrition Centers, Inc.		Retailers (Except Food and Drugs)	Amended Tranche B Term Loan		Loan		2.50	%		0.75	%		0.00	%		3.29	%		3/4/2019	$	2,121,102		2,117,573		1,765,817		Retailers (Except Food and Drugs)	Amended Tranche B Term Loan	Loan		2.50	%		0.75	%		0.00	%		3.29	%		3/4/2019		2,121,102		2,117,573		1,765,817
GLOBALLOGIC HOLDINGS INC TERM LOAN B		Services: Business	Term Loan B		Loan		4.50	%		1.00	%		0.00	%		5.50	%		6/20/2022	$	500,000		495,133		501,250		Services: Business	Term Loan B	Loan		4.50	%		1.00	%		0.00	%		5.50	%		6/20/2022		500,000		495,133		501,250
Global Tel*Link Corporation		Services: Business	Term Loan (First Lien)		Loan		3.75	%		1.25	%		0.00	%		5.00	%		5/26/2020	$	2,667,633		2,661,035		2,654,962		Services: Business	Term Loan (First Lien)	Loan		3.75	%		1.25	%		0.00	%		5.00	%		5/26/2020		2,667,633		2,661,035		2,654,962
Goodyear Tire & Rubber Company, The		Chemicals/Plastics	Loan (Second Lien)		Loan		3.00	%		0.75	%		0.00	%		3.78	%		4/30/2019	$	1,333,333		1,320,613		1,333,747		Chemicals/Plastics	Loan (Second Lien)	Loan		3.00	%		0.75	%		0.00	%		3.78	%		4/30/2019		1,333,333		1,320,613		1,333,747
Grosvenor Capital Management Holdings, LP		Brokers/Dealers/Investment Houses	Initial Term Loan		Loan		2.75	%		1.00	%		0.00	%		3.75	%		1/4/2021	$	1,014,560		1,011,573		1,010,755		Brokers/Dealers/Investment Houses	Initial Term Loan	Loan		2.75	%		1.00	%		0.00	%		3.75	%		1/4/2021		1,014,560		1,011,573		1,010,755
GTCR Valor Companies, Inc.		Services: Business	Term Loan B		Loan		6.00	%		1.00	%		0.00	%		7.00	%		6/16/2023	$	1,492,500		1,436,528		1,501,201		Services: Business	Term Loan B	Loan		6.00	%		1.00	%		0.00	%		7.00	%		6/16/2023		1,492,500		1,436,528		1,501,201
Harland Clarke Holdings Corp. (fka Clarke American Corp.)		Publishing	Tranche B-4 Term Loan		Loan		5.50	%		1.00	%		0.00	%		6.50	%		2/9/2022	$	2,176,889		2,117,378		2,190,495		Publishing	TrancheB-4 Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.50	%		2/9/2022		2,176,889		2,117,378		2,190,495
Headwaters Incorporated		Building & Development	Term Loan		Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/24/2022	$	242,058		241,141		242,784		Building & Development	Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/24/2022		242,058		241,141		242,784
Help/Systems Holdings, Inc.		High Tech Industries	Term Loan		Loan		5.25	%		1.00	%		0.00	%		6.25	%		10/8/2021	$	1,485,000		1,433,886		1,485,000		High Tech Industries	Term Loan	Loan		5.25	%		1.00	%		0.00	%		6.25	%		10/8/2021		1,485,000		1,433,886		1,485,000
Hemisphere Media Holdings, LLC		Media	Term Loan B		Loan		3.50	%		0.00	%		0.00	%		4.27	%		2/14/2024	$	2,500,000		2,512,500		2,493,750		Media	Term Loan B	Loan		3.50	%		0.00	%		0.00	%		4.27	%		2/14/2024		2,500,000		2,512,500		2,493,750
Herbalife T/L B (HLF Financing)		Drugs	Term Loan B		Loan		5.50	%		0.75	%		0.00	%		6.28	%		2/15/2023	$	2,000,000		1,985,000		2,001,660		Drugs	Term Loan B	Loan		5.50	%		0.75	%		0.00	%		6.28	%		2/15/2023		2,000,000		1,985,000		2,001,660
Hercules Achievement Holdings, Inc.		Retailers (Except Food and Drugs)	Term Loan B		Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/10/2021	$	246,851		244,820		250,431		Retailers (Except Food and Drugs)	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.00	%		12/10/2021		246,851		244,820		250,431
Hoffmaster Group, Inc.		Containers/Glass Products	Term Loan		Loan		4.50	%		1.00	%		0.00	%		5.50	%		11/21/2023	$	1,000,000		1,003,734		1,013,750		Containers/Glass Products	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.50	%		11/21/2023		1,000,000		1,003,734		1,013,750
Hostess Brand, LLC		Beverage, Food & Tobacco	Term Loan B (First Lien)		Loan		3.00	%		1.00	%		0.00	%		4.00	%		8/3/2022	$	1,490,000		1,486,482		1,507,508		Beverage, Food & Tobacco	Term Loan B (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.00	%		8/3/2022		1,490,000		1,486,482		1,507,508
Huntsman International LLC		Chemicals/Plastics	Term Loan B (First Lien)		Loan		3.00	%		0.70	%		0.00	%		3.78	%		4/19/2019	$	1,518,031		1,510,811		1,525,150		Chemicals/Plastics	Term Loan B (First Lien)	Loan		3.00	%		0.70	%		0.00	%		3.78	%		4/19/2019		1,518,031		1,510,811		1,525,150
Husky Injection Molding Systems Ltd.		Services: Business	Term Loan B		Loan		3.25	%		1.00	%		0.00	%		4.25	%		6/30/2021	$	469,398		467,182		472,158		Services: Business	Term Loan B	Loan		3.25	%		1.00	%		0.00	%		4.25	%		6/30/2021		469,398		467,182		472,158
Hyperion Refinance T/L		Banking, Finance, Insurance & Real Estate	Term Loan		Loan		4.50	%		1.00	%		0.00	%		5.50	%		4/29/2022	$	1,994,924		1,971,849		1,998,675		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.50	%		4/29/2022		1,994,924		1,971,849		1,998,675
Imagine! Print Solutions, Inc.		Media	Term Loan B		Loan		6.00	%		1.00	%		0.00	%		7.00	%		3/30/2022	$	496,250		489,837		499,972		Media	Term Loan B	Loan		6.00	%		1.00	%		0.00	%		7.00	%		3/30/2022		496,250		489,837		499,972
Infor US (Lawson) T/L B-6		Services: Business	Term Loan B-6		Loan		2.75	%		1.00	%		0.00	%		3.75	%		2/1/2022	$	1,609,802		1,595,316		1,610,945		Services: Business	Term LoanB-6	Loan		2.75	%		1.00	%		0.00	%		3.75	%		2/1/2022		1,609,802		1,595,316		1,610,945
Informatica Corporation		High Tech Industries	Term Loan B		Loan		3.50	%		1.00	%		0.00	%		4.50	%		8/5/2022	$	493,750		492,732		490,664		High Tech Industries	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.50	%		8/5/2022		493,750		492,732		490,664
Insight Global		Services: Business	Term Loan		Loan		5.00	%		1.00	%		0.00	%		6.00	%		10/29/2021	$	3,450,126		3,434,977		3,471,690		Services: Business	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.00	%		10/29/2021		3,450,126		3,434,977		3,471,690
ION Media T/L B		Media	Term Loan B		Loan		3.50	%		1.00	%		0.00	%		4.50	%		12/18/2020	$	500,000		497,615		506,875		Media	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.50	%		12/18/2020		500,000		497,615		506,875
J. Crew Group, Inc.		Retailers (Except Food and Drugs)	Term B-1 Loan Retired 03/05/2014		Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/5/2021	$	945,756		945,756		540,660		Retailers (Except Food and Drugs)	TermB-1 Loan Retired 03/05/2014	Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/5/2021		945,756		945,756		540,660
Jazz Acquisition, Inc		Aerospace and Defense	First Lien 6/14		Loan		3.50	%		1.00	%		0.00	%		4.50	%		6/19/2021	$	487,879		487,106		471,208		Aerospace and Defense	First Lien 6/14	Loan		3.50	%		1.00	%		0.00	%		4.50	%		6/19/2021		487,879		487,106		471,208
J.Jill Group, Inc.		Retailers (Except Food and Drugs)	Term Loan (First Lien)		Loan		5.00	%		1.00	%		0.00	%		6.04	%		5/9/2022	$	950,648		946,877		935,200		Retailers (Except Food and Drugs)	Term Loan (First Lien)	Loan		5.00	%		1.00	%		0.00	%		6.04	%		5/9/2022		950,648		946,877		935,200
Kinetic Concepts, Inc.		Healthcare & Pharmaceuticals	Term Loan F-1		Loan		4.00	%		1.00	%		0.00	%		4.28	%		2/2/2024	$	2,400,000		2,388,246		2,399,496		Healthcare & Pharmaceuticals	Term LoanF-1	Loan		4.00	%		1.00	%		0.00	%		4.28	%		2/2/2024		2,400,000		2,388,246		2,399,496
Koosharem, LLC		Services: Business	Term Loan		Loan		6.50	%		1.00	%		0.00	%		7.50	%		5/15/2020	$	2,935,100		2,917,778		2,730,259		Services: Business	Term Loan	Loan		6.50	%		1.00	%		0.00	%		7.50	%		5/15/2020		2,935,100		2,917,778		2,730,259
Kraton Polymers, LLC		Chemicals/Plastics	Term Loan (Initial)		Loan		5.00	%		1.00	%		0.00	%		5.00	%		1/6/2022	$	2,500,000		2,286,776		2,533,825		Chemicals/Plastics	Term Loan (Initial)	Loan		5.00	%		1.00	%		0.00	%		5.00	%		1/6/2022		2,500,000		2,286,776		2,533,825
Lannett Company T/L A		Healthcare & Pharmaceuticals	Term Loan A		Loan		4.75	%		1.00	%		0.00	%		5.75	%		11/25/2020	$	1,000,000		970,576		985,000		Healthcare & Pharmaceuticals	Term Loan A	Loan		4.75	%		1.00	%		0.00	%		5.75	%		11/25/2020		1,000,000		970,576		985,000
Lannett Company, Inc.		Healthcare & Pharmaceuticals	Term Loan B		Loan		5.38	%		1.00	%		0.00	%		6.38	%		11/25/2022	$	1,900,000		1,842,852		1,885,750		Healthcare & Pharmaceuticals	Term Loan B	Loan		5.38	%		1.00	%		0.00	%		6.38	%		11/25/2022		1,900,000		1,842,852		1,885,750
LEARFIELD COMMUNICATIONS INITIAL T/L (A-L PARENT)		Healthcare & Pharmaceuticals	Initial Term Loan (A-L Parent)		Loan		3.25	%		1.00	%		0.00	%		4.25	%		12/1/2023	$	500,000		497,713		505,625		Healthcare & Pharmaceuticals	Initial Term Loan(A-L Parent)	Loan		3.25	%		1.00	%		0.00	%		4.25	%		12/1/2023		500,000		497,713		505,625
Lightstone Generation T/L B		Utilities	Term Loan B		Loan		5.50	%		1.00	%		0.00	%		6.54	%		1/30/2024	$	913,043		894,897		925,981		Utilities	Term Loan B	Loan		5.50	%		1.00	%		0.00	%		6.54	%		1/30/2024		913,043		894,897		925,981
Lightstone Generation T/L C		Utilities	Term Loan C		Loan		5.50	%		1.00	%		0.00	%		6.54	%		1/30/2024	$	86,957		85,236		88,189		Utilities	Term Loan C	Loan		5.50	%		1.00	%		0.00	%		6.54	%		1/30/2024		86,957		85,236		88,189
Limetree Bay Terminals T/L (01/17)		Oil & Gas	Term Loan		Loan		5.00	%		1.00	%		0.00	%		6.04	%		2/15/2024	$	500,000		495,000		503,125		Oil & Gas	Term Loan	Loan		5.00	%		1.00	%		0.00	%		6.04	%		2/15/2024		500,000		495,000		503,125
LPL Holdings		Banking, Finance, Insurance & Real Estate	Term Loan B (2022)		Loan		4.00	%		0.75	%		0.00	%		4.78	%		11/21/2022	$	1,980,000		1,963,355		2,007,225		Banking, Finance, Insurance & Real Estate	Term Loan B (2022)	Loan		4.00	%		0.75	%		0.00	%		4.78	%		11/21/2022		1,980,000		1,963,355		2,007,225
Mauser Holdings, Inc.		Containers/Glass Products	Term Loan		Loan		3.50	%		1.00	%		0.00	%		4.50	%		7/31/2021	$	488,750		487,123		488,647		Containers/Glass Products	Term Loan	Loan		3.50	%		1.00	%		0.00	%		4.50	%		7/31/2021		488,750		487,123		488,647
McGraw-Hill Global Education Holdings, LLC		Publishing	Term Loan		Loan		4.00	%		1.00	%		0.00	%		5.00	%		5/4/2022	$	995,000		990,840		977,468		Publishing	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.00	%		5/4/2022		995,000		990,840		977,468
Michaels Stores, Inc.		Retailers (Except Food and Drugs)	Term Loan B1		Loan		2.75	%		1.00	%		0.00	%		3.75	%		1/30/2023	$	1,679,779		1,674,140		1,674,673		Retailers (Except Food and Drugs)	Term Loan B1	Loan		2.75	%		1.00	%		0.00	%		3.75	%		1/30/2023		1,679,779		1,674,140		1,674,673
Micro Holding Corporation		High Tech Industries	Term Loan		Loan		3.75	%		1.00	%		0.00	%		4.75	%		7/8/2021	$	982,378		978,629		985,079		High Tech Industries	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.75	%		7/8/2021		982,378		978,629		985,079
Microsemi Corporation		Electronics/Electric	Term Loan B		Loan		2.25	%		0.00	%		0.00	%		3.03	%		1/17/2023	$	868,445		845,882		874,593		Electronics/Electric	Term Loan B	Loan		2.25	%		0.00	%		0.00	%		3.03	%		1/17/2023		868,445		845,882		874,593
Midas Intermediate Holdco II, LLC		Automotive	Term Loan (Initial)		Loan		3.50	%		1.00	%		0.00	%		3.75	%		8/18/2021	$	244,375		243,499		246,005		Automotive	Term Loan (Initial)	Loan		3.50	%		1.00	%		0.00	%		3.75	%		8/18/2021		244,375		243,499		246,005
Milacron T/L B		Capital Equipment	Term Loan B		Loan		3.00	%		0.00	%		0.00	%		3.78	%		9/28/2023	$	1,000,000		996,250		1,004,380		Capital Equipment	Term Loan B	Loan		3.00	%		0.00	%		0.00	%		3.78	%		9/28/2023		1,000,000		996,250		1,004,380
Milk Specialties Company		Beverage, Food & Tobacco	Term Loan		Loan		5.00	%		1.00	%		0.00	%		5.00	%		8/16/2023	$	997,500		987,646		1,004,562		Beverage, Food & Tobacco	Term Loan	Loan		5.00	%		1.00	%		0.00	%		5.00	%		8/16/2023		997,500		987,646		1,004,562
Mister Car Wash T/L		Automotive	Term Loan		Loan		4.25	%		1.00	%		0.00	%		5.25	%		8/20/2021	$	831,203		825,179		832,931		Automotive	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.25	%		8/20/2021		831,203		825,179		832,931
MSC Software Corporation		Services: Business	Term Loan		Loan		4.00	%		1.00	%		0.00	%		5.00	%		5/29/2020	$	1,969,898		1,931,995		1,972,360		Services: Business	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.00	%		5/29/2020		1,969,898		1,931,995		1,972,360
MWI Holdings, Inc.		Capital Equipment	Term Loan (First Lien)		Loan		5.50	%		1.00	%		0.00	%		6.50	%		6/29/2020	$	2,985,000		2,956,823		3,007,388		Capital Equipment	Term Loan (First Lien)	Loan		5.50	%		1.00	%		0.00	%		6.50	%		6/29/2020		2,985,000		2,956,823		3,007,388
National Veterinary Associates, Inc		Healthcare & Pharmaceuticals	Term Loan B		Loan		3.50	%		1.00	%		0.00	%		4.50	%		8/14/2021	$	977,543		974,893		982,430		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.50	%		8/14/2021		977,543		974,893		982,430
National Vision, Inc.		Retailers (Except Food and Drugs)	Term Loan (Second Lien)		Loan		5.75	%		1.00	%		0.00	%		6.75	%		3/11/2022	$	250,000		249,793		242,750		Retailers (Except Food and Drugs)	Term Loan (Second Lien)	Loan		5.75	%		1.00	%		0.00	%		6.75	%		3/11/2022		250,000		249,793		242,750
New Media Holdings II T/L (NEW)		Retailers (Except Food and Drugs)	Term Loan		Loan		6.25	%		1.00	%		0.00	%		7.25	%		6/4/2020	$	3,168,116		3,154,983		3,140,395		Retailers (Except Food and Drugs)	Term Loan	Loan		6.25	%		1.00	%		0.00	%		7.25	%		6/4/2020		3,168,116		3,154,983		3,140,395
New Millennium Holdco, Inc.		Healthcare & Pharmaceuticals	Term Loan		Loan		6.50	%		1.00	%		0.00	%		7.50	%		12/21/2020	$	1,930,106		1,777,976		980,494		Healthcare & Pharmaceuticals	Term Loan	Loan		6.50	%		1.00	%		0.00	%		7.50	%		12/21/2020		1,930,106		1,777,976		980,494
Novetta Solutions		Aerospace and Defense	Term Loan (200MM)		Loan		5.00	%		1.00	%		0.00	%		6.00	%		10/16/2022	$	1,980,000		1,963,361		1,890,900		Aerospace and Defense	Term Loan (200MM)	Loan		5.00	%		1.00	%		0.00	%		6.00	%		10/16/2022		1,980,000		1,963,361		1,890,900
Novetta Solutions		Aerospace and Defense	Term Loan (2nd Lien)		Loan		8.50	%		1.00	%		0.00	%		9.50	%		10/16/2023	$	1,000,000		991,237		930,000		Aerospace and Defense	Term Loan (2nd Lien)	Loan		8.50	%		1.00	%		0.00	%		9.50	%		10/16/2023		1,000,000		991,237		930,000
NPC International, Inc.		Food Services	Term Loan (2013)		Loan		3.75	%		1.00	%		0.00	%		4.75	%		12/28/2018	$	476,250		476,250		477,241		Food Services	Term Loan (2013)	Loan		3.75	%		1.00	%		0.00	%		4.75	%		12/28/2018		476,250		476,250		477,241
NVA Holdings (National Veterinary) T/L B2		Services: Consumer	Term Loan B2		Loan		3.50	%		1.00	%		0.00	%		4.50	%		8/14/2021	$	129,601		129,601		130,897		Services: Consumer	Term Loan B2	Loan		3.50	%		1.00	%		0.00	%		4.50	%		8/14/2021		129,601		129,601		130,897
NVA Holdings, Inc.		Services: Consumer	Term Loan B1		Loan		3.50	%		1.00	%		0.00	%		4.50	%		8/14/2021	$	157,443		157,108		158,034		Services: Consumer	Term Loan B1	Loan		3.50	%		1.00	%		0.00	%		4.50	%		8/14/2021		157,443		157,108		158,034
NXT Capital T/L (11/16)		Banking, Finance, Insurance & Real Estate	Term Loan		Loan		4.50	%		1.00	%		0.00	%		5.50	%		11/23/2022	$	1,000,000		995,240		1,013,750		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.50	%		1.00	%		0.00	%		5.50	%		11/23/2022		1,000,000		995,240		1,013,750
ON Semiconductor Corporation		High Tech Industries	Term Loan B		Loan		3.25	%		0.70	%		0.00	%		4.03	%		3/31/2023	$	498,750		491,370		503,204		High Tech Industries	Term Loan B	Loan		3.25	%		0.70	%		0.00	%		4.03	%		3/31/2023		498,750		491,370		503,204
Onex Carestream Finance LP		Healthcare & Pharmaceuticals	Term Loan (First Lien 2013)		Loan		4.00	%		1.00	%		0.00	%		5.00	%		6/7/2019	$	3,613,555		3,606,228		3,490,297		Healthcare & Pharmaceuticals	Term Loan (First Lien 2013)	Loan		4.00	%		1.00	%		0.00	%		5.00	%		6/7/2019		3,613,555		3,606,228		3,490,297
OnexYork Acquisition Co		Healthcare & Pharmaceuticals	Term Loan B		Loan		3.75	%		1.00	%		0.00	%		4.75	%		10/1/2021	$	488,750		486,195		475,554		Healthcare & Pharmaceuticals	Term Loan B	Loan		3.75	%		1.00	%		0.00	%		4.75	%		10/1/2021		488,750		486,195		475,554
OpenLink International, LLC		Services: Business	Term B Loan		Loan		6.50	%		1.25	%		0.00	%		7.75	%		7/29/2019	$	2,913,824		2,913,362		2,938,096		Services: Business	Term B Loan	Loan		6.50	%		1.25	%		0.00	%		7.75	%		7/29/2019		2,913,824		2,913,362		2,938,096
P.F. Chang’s China Bistro, Inc. (Wok Acquisition Corp.)		Food/Drug Retailers	Term Borrowing		Loan		3.25	%		1.00	%		0.00	%		4.54	%		6/24/2019	$	1,417,598		1,413,680		1,389,245		Food/Drug Retailers	Term Borrowing	Loan		3.25	%		1.00	%		0.00	%		4.54	%		6/24/2019		1,417,598		1,413,680		1,389,245
P2 Upstream Acquisition Co. (P2 Upstream Canada BC ULC)		Services: Business	Term Loan (First Lien)		Loan		4.00	%		1.00	%		0.00	%		5.25	%		10/30/2020	$	970,000		966,928		933,625		Services: Business	Term Loan (First Lien)	Loan		4.00	%		1.00	%		0.00	%		5.25	%		10/30/2020		970,000		966,928		933,625
Petsmart, Inc. (Argos Merger Sub, Inc.)		Retailers (Except Food and Drugs)	Term Loan B1		Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/11/2022	$	982,500		977,998		967,183		Retailers (Except Food and Drugs)	Term Loan B1	Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/11/2022		982,500		977,998		967,183
PGX Holdings, Inc.		Financial Intermediaries	Term Loan		Loan		5.25	%		1.00	%		0.00	%		6.25	%		9/29/2020	$	2,891,464		2,876,188		2,889,671		Financial Intermediaries	Term Loan	Loan		5.25	%		1.00	%		0.00	%		6.25	%		9/29/2020		2,891,464		2,876,188		2,889,671
Planet Fitness Holdings LLC		Leisure Goods/Activities/Movies	Term Loan		Loan		3.50	%		0.75	%		0.00	%		4.28	%		3/31/2021	$	2,392,341		2,385,223		2,407,293		Leisure Goods/Activities/Movies	Term Loan	Loan		3.50	%		0.75	%		0.00	%		4.28	%		3/31/2021		2,392,341		2,385,223		2,407,293
Polycom Term Loan (9/16)		Telecommunications	Term Loan		Loan		5.25	%		1.00	%		0.00	%		6.25	%		9/27/2023	$	1,894,167		1,868,863		1,907,426		Telecommunications	Term Loan	Loan		5.25	%		1.00	%		0.00	%		6.25	%		9/27/2023		1,894,167		1,868,863		1,907,426
PrePaid Legal Services, Inc.		Services: Business	Term Loan B		Loan		5.25	%		1.25	%		0.00	%		6.50	%		7/1/2019	$	3,328,536		3,330,285		3,335,825		Services: Business	Term Loan B	Loan		5.25	%		1.25	%		0.00	%		6.50	%		7/1/2019		3,328,536		3,330,285		3,335,825
Presidio, Inc.		Services: Business	Term Loan		Loan		3.50	%		1.00	%		0.00	%		4.50	%		2/2/2022	$	2,297,698		2,248,964		2,314,930		Services: Business	Term Loan	Loan		3.50	%		1.00	%		0.00	%		4.50	%		2/2/2022		2,297,698		2,248,964		2,314,930
Prestige Brands T/L B4		Drugs	Term Loan B4		Loan		2.75	%		0.75	%		0.00	%		3.53	%		1/26/2024	$	500,000		498,779		506,040		Drugs	Term Loan B4	Loan		2.75	%		0.75	%		0.00	%		3.53	%		1/26/2024		500,000		498,779		506,040
Prime Security Services (Protection One)		Services: Business	Term Loan		Loan		3.25	%		1.00	%		0.00	%		4.25	%		5/2/2022	$	1,985,025		1,975,632		2,003,645		Services: Business	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.25	%		5/2/2022		1,985,025		1,975,632		2,003,645
Ranpak Holdings, Inc.		Services: Business	Term Loan		Loan		3.25	%		1.00	%		0.00	%		4.25	%		10/1/2021	$	916,047		913,757		918,337		Services: Business	Term Loan	Loan		3.25	%		1.00	%		0.00	%		4.25	%		10/1/2021		916,047		913,757		918,337
Ranpak Holdings, Inc.		Services: Business	Term Loan (Second Lien)		Loan		7.25	%		1.00	%		0.00	%		8.25	%		10/3/2022	$	500,000		498,149		475,000		Services: Business	Term Loan (Second Lien)	Loan		7.25	%		1.00	%		0.00	%		8.25	%		10/3/2022		500,000		498,149		475,000
Redtop Acquisitions Limited		Electronics/Electric	Initial Dollar Term Loan (First Lien)		Loan		3.50	%		1.00	%		0.00	%		4.54	%		12/3/2020	$	485,019		483,001		486,634		Electronics/Electric	Initial Dollar Term Loan (First Lien)	Loan		3.50	%		1.00	%		0.00	%		4.54	%		12/3/2020		485,019		483,001		486,634
Regal Cinemas Corporation		Services: Consumer	Term Loan		Loan		2.50	%		0.75	%		0.00	%		3.28	%		4/1/2022	$	495,009		493,772		499,573		Services: Consumer	Term Loan	Loan		2.50	%		0.75	%		0.00	%		3.28	%		4/1/2022		495,009		493,772		499,573
Research Now Group, Inc		Media	Term Loan B		Loan		4.50	%		1.00	%		0.00	%		5.50	%		3/18/2021	$	2,037,705		2,029,696		2,002,045		Media	Term Loan B	Loan		4.50	%		1.00	%		0.00	%		5.50	%		3/18/2021		2,037,705		2,029,696		2,002,045
Resolute Investment Managers, Inc.		Banking, Finance, Insurance & Real Estate	Term Loan		Loan		4.25	%		1.00	%		0.00	%		5.25	%		4/30/2022	$	240,815		239,883		241,518		Banking, Finance, Insurance & Real Estate	Term Loan	Loan		4.25	%		1.00	%		0.00	%		5.25	%		4/30/2022		240,815		239,883		241,518
Rexnord LLC/RBS Global, Inc.		Industrial Equipment	Term B Loan		Loan		2.75	%		1.00	%		0.00	%		3.75	%		8/21/2023	$	732,374		732,374		736,497		Industrial Equipment	Term B Loan	Loan		2.75	%		1.00	%		0.00	%		3.75	%		8/21/2023		732,374		732,374		736,497
Rexnord LLC/RBS Global, Inc.		Industrial Equipment	Term B Loan		Loan		2.75	%		1.00	%		0.00	%		3.75	%		8/21/2023	$	641,402		641,402		645,013		Industrial Equipment	Term B Loan	Loan		2.75	%		1.00	%		0.00	%		3.75	%		8/21/2023		641,402		641,402		645,013
Reynolds Group Holdings Inc.		Industrial Equipment	Incremental U.S. Term Loan		Loan		3.00	%		0.00	%		0.00	%		3.78	%		2/3/2023	$	1,761,134		1,761,134		1,773,603		Industrial Equipment	Incremental U.S. Term Loan	Loan		3.00	%		0.00	%		0.00	%		3.78	%		2/3/2023		1,761,134		1,761,134		1,773,603
Rovi Solutions Corporation / Rovi Guides, Inc.		Electronics/Electric	Tranche B-3 Term Loan		Loan		2.50	%		0.75	%		0.00	%		3.29	%		7/2/2021	$	1,462,500		1,457,765		1,467,984		Electronics/Electric	TrancheB-3 Term Loan	Loan		2.50	%		0.75	%		0.00	%		3.29	%		7/2/2021		1,462,500		1,457,765		1,467,984
Royal Adhesives and Sealants		Chemicals/Plastics	Term Loan (Second Lien)		Loan		7.50	%		1.00	%		0.00	%		8.50	%		6/19/2023	$	275,862		274,109		276,552		Chemicals/Plastics	Term Loan (Second Lien)	Loan		7.50	%		1.00	%		0.00	%		8.50	%		6/19/2023		275,862		274,109		276,552
Royal Holdings T/L (02/17)		Chemicals/Plastics	Term Loan (Second Lien)		Loan		3.25	%		1.00	%		0.00	%		4.25	%		6/17/2022	$	541,607		539,167		544,992		Chemicals/Plastics	Term Loan (Second Lien)	Loan		3.25	%		1.00	%		0.00	%		4.25	%		6/17/2022		541,607		539,167		544,992
RPI Finance Trust		Financial Intermediaries	Term B-4 Term Loan		Loan		2.50	%		0.00	%		0.00	%		3.50	%		10/14/2022	$	2,554,764		2,554,764		2,580,848		Financial Intermediaries	TermB-4 Term Loan	Loan		2.50	%		0.00	%		0.00	%		3.50	%		10/14/2022		2,554,764		2,554,764		2,580,848
Russell Investment Management T/L B		Banking, Finance, Insurance & Real Estate	Term Loan B		Loan		5.75	%		1.00	%		0.00	%		6.75	%		6/1/2023	$	2,240,000		2,127,043		2,259,600		Banking, Finance, Insurance & Real Estate	Term Loan B	Loan		5.75	%		1.00	%		0.00	%		6.75	%		6/1/2023		2,240,000		2,127,043		2,259,600
Sable International Finance Ltd		Telecommunications	Term Loan B2		Loan		4.75	%		0.75	%		0.00	%		5.53	%		12/30/2022	$	1,500,000		1,470,825		1,521,570		Telecommunications	Term Loan B2	Loan		4.75	%		0.75	%		0.00	%		5.53	%		12/30/2022		1,500,000		1,470,825		1,521,570
SBP Holdings LP		Industrial Equipment	Term Loan (First Lien)		Loan		4.00	%		1.00	%		0.00	%		5.00	%		3/27/2021	$	972,500		969,442		870,388		Industrial Equipment	Term Loan (First Lien)	Loan		4.00	%		1.00	%		0.00	%		5.00	%		3/27/2021		972,500		969,442		870,388
Scientific Games International, Inc.		Electronics/Electric	Term Loan B2		Loan		4.00	%		0.75	%		0.00	%		4.85	%		10/1/2021	$	769,549		762,102		781,416		Electronics/Electric	Term Loan B2	Loan		4.00	%		0.75	%		0.00	%		4.85	%		10/1/2021		769,549		762,102		781,416
SCS Holdings (Sirius Computer)		High Tech Industries	Term Loan (First Lien)		Loan		4.25	%		1.00	%		0.00	%		5.25	%		10/31/2022	$	1,972,528		1,934,960		1,991,030		High Tech Industries	Term Loan (First Lien)	Loan		4.25	%		1.00	%		0.00	%		5.25	%		10/31/2022		1,972,528		1,934,960		1,991,030
Seadrill Operating LP		Oil & Gas	Term Loan B		Loan		3.00	%		1.00	%		0.00	%		4.00	%		2/21/2021	$	977,330		922,444		729,635		Oil & Gas	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.00	%		2/21/2021		977,330		922,444		729,635
Shearers Foods LLC		Food Services	Term Loan (First Lien)		Loan		3.94	%		1.00	%		0.00	%		4.94	%		6/30/2021	$	977,500		975,832		979,944		Food Services	Term Loan (First Lien)	Loan		3.94	%		1.00	%		0.00	%		4.94	%		6/30/2021		977,500		975,832		979,944
Sitel Worldwide		Telecommunications	Term Loan		Loan		5.50	%		1.00	%		0.00	%		6.56	%		9/18/2021	$	1,975,000		1,959,274		1,961,432		Telecommunications	Term Loan	Loan		5.50	%		1.00	%		0.00	%		6.56	%		9/18/2021		1,975,000		1,959,274		1,961,432
SMB Shipping Logistics T/L B (REP WWEX Acquisition)		Transportation	Term Loan B		Loan		4.50	%		1.00	%		0.00	%		5.53	%		2/2/2024	$	1,000,000		995,095		1,008,330		Transportation	Term Loan B	Loan		4.50	%		1.00	%		0.00	%		5.53	%		2/2/2024		1,000,000		995,095		1,008,330
Sonneborn, LLC		Chemicals/Plastics	Term Loan (First Lien)		Loan		3.75	%		1.00	%		0.00	%		4.75	%		12/10/2020	$	207,981		207,633		208,501		Chemicals/Plastics	Term Loan (First Lien)	Loan		3.75	%		1.00	%		0.00	%		4.75	%		12/10/2020		207,981		207,633		208,501
Sonneborn, LLC		Chemicals/Plastics	Initial US Term Loan		Loan		3.75	%		1.00	%		0.00	%		4.75	%		12/10/2020	$	1,178,561		1,176,588		1,181,508		Chemicals/Plastics	Initial US Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.75	%		12/10/2020		1,178,561		1,176,588		1,181,508
Sophia, L.P.		Electronics/Electric	Term Loan (Closing Date)		Loan		3.25	%		1.00	%		0.00	%		4.25	%		9/30/2022	$	1,960,897		1,951,404		1,967,761		Electronics/Electric	Term Loan (Closing Date)	Loan		3.25	%		1.00	%		0.00	%		4.25	%		9/30/2022		1,960,897		1,951,404		1,967,761
SourceHOV LLC		Services: Business	Term Loan B (First Lien)		Loan		6.75	%		1.00	%		0.00	%		7.75	%		10/31/2019	$	1,837,500		1,804,647		1,808,412		Services: Business	Term Loan B (First Lien)	Loan		6.75	%		1.00	%		0.00	%		7.75	%		10/31/2019		1,837,500		1,804,647		1,808,412
SRAM, LLC		Industrial Equipment	Term Loan (First Lien)		Loan		3.00	%		1.00	%		0.00	%		4.00	%		4/10/2020	$	2,725,103		2,719,454		2,718,289		Industrial Equipment	Term Loan (First Lien)	Loan		3.00	%		1.00	%		0.00	%		4.00	%		4/10/2020		2,725,103		2,719,454		2,718,289
Steak ‘n Shake Operations, Inc.		Food Services	Term Loan		Loan		3.75	%		1.00	%		0.00	%		4.75	%		3/19/2021	$	923,173		917,444		930,097		Food Services	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.75	%		3/19/2021		923,173		917,444		930,097
Survey Sampling International		Services: Business	Term Loan B		Loan		5.00	%		1.00	%		0.00	%		6.00	%		12/16/2020	$	2,721,749		2,707,531		2,721,749		Services: Business	Term Loan B	Loan		5.00	%		1.00	%		0.00	%		6.00	%		12/16/2020		2,721,749		2,707,531		2,721,749
Sybil Finance BV		High Tech Industries	Term Loan B		Loan		4.00	%		1.00	%		0.00	%		5.00	%		9/30/2022	$	987,500		982,957		1,002,006		High Tech Industries	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.00	%		9/30/2022		987,500		982,957		1,002,006
Syniverse Holdings, Inc.		Telecommunications	Initial Term Loan		Loan		3.00	%		1.00	%		0.00	%		4.04	%		4/23/2019	$	468,977		466,972		427,473		Telecommunications	Initial Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.04	%		4/23/2019		468,977		466,972		427,473
TaxACT, Inc.		Services: Business	Term Loan B		Loan		6.00	%		1.00	%		0.00	%		7.00	%		1/3/2023	$	1,200,000		1,168,727		1,206,000		Services: Business	Term Loan B	Loan		6.00	%		1.00	%		0.00	%		7.00	%		1/3/2023		1,200,000		1,168,727		1,206,000
Tectum Holdings, Inc.		Transportation	Delayed Draw Term Loan (Initial)		Loan		4.75	%		1.00	%		0.00	%		5.80	%		8/24/2023	$	997,500		988,185		1,004,981		Transportation	Delayed Draw Term Loan (Initial)	Loan		4.75	%		1.00	%		0.00	%		5.80	%		8/24/2023		997,500		988,185		1,004,981
Tennessee Merger T/L (Team Health)		Healthcare & Pharmaceuticals	Term Loan		Loan		2.75	%		1.00	%		0.00	%		3.75	%		2/6/2024	$	1,000,000		997,518		996,880		Healthcare & Pharmaceuticals	Term Loan	Loan		2.75	%		1.00	%		0.00	%		3.75	%		2/6/2024		1,000,000		997,518		996,880
TGI Friday’s, Inc.		Food Services	Term Loan B		Loan		4.25	%		1.00	%		0.00	%		5.25	%		7/15/2020	$	1,651,817		1,648,856		1,646,316		Food Services	Term Loan B	Loan		4.25	%		1.00	%		0.00	%		5.25	%		7/15/2020		1,651,817		1,648,856		1,646,316
Townsquare Media, Inc.		Media	Term Loan B		Loan		3.00	%		1.00	%		0.00	%		4.00	%		4/1/2022	$	932,522		927,933		937,185		Media	Term Loan B	Loan		3.00	%		1.00	%		0.00	%		4.00	%		4/1/2022		932,522		927,933		937,185
TPF II Power LLC and TPF II Covert Midco LLC		Utilities	Term Loan B		Loan		4.00	%		1.00	%		0.00	%		5.00	%		10/2/2021	$	1,413,873		1,364,619		1,426,683		Utilities	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.00	%		10/2/2021		1,413,873		1,364,619		1,426,683
TransDigm, Inc.		Aerospace and Defense	Tranche C Term Loan		Loan		3.00	%		0.75	%		0.00	%		3.78	%		2/28/2020	$	4,233,198		4,238,155		4,249,920		Aerospace and Defense	Tranche C Term Loan	Loan		3.00	%		0.75	%		0.00	%		3.78	%		2/28/2020		4,233,198		4,238,155		4,249,920
Travel Leaders Group, LLC		Hotel, Gaming and Leisure	Term Loan B		Loan		5.25	%		0.00	%		0.00	%		6.03	%		1/25/2024	$	2,000,000		1,990,095		2,025,000		Hotel, Gaming and Leisure	Term Loan B	Loan		5.25	%		0.00	%		0.00	%		6.03	%		1/25/2024		2,000,000		1,990,095		2,025,000
Trugreen Limited Partnership		Services: Business	Term Loan B		Loan		5.50	%		1.00	%		0.00	%		6.50	%		4/13/2023	$	497,500		490,931		503,719		Services: Business	Term Loan B	Loan		5.50	%		1.00	%		0.00	%		6.50	%		4/13/2023		497,500		490,931		503,719
Twin River Management Group, Inc.		Lodging & Casinos	Term Loan B		Loan		3.50	%		1.00	%		0.00	%		4.50	%		7/10/2020	$	809,438		810,684		819,556		Lodging & Casinos	Term Loan B	Loan		3.50	%		1.00	%		0.00	%		4.50	%		7/10/2020		809,438		810,684		819,556
Univar Inc.		Chemicals/Plastics	Term B Loan		Loan		2.75	%		0.00	%		0.00	%		3.61	%		7/1/2022	$	2,962,500		2,948,361		2,971,565		Chemicals/Plastics	Term B Loan	Loan		2.75	%		0.00	%		0.00	%		3.61	%		7/1/2022		2,962,500		2,948,361		2,971,565
Univision Communications Inc.		Telecommunications	Replacement First-Lien Term Loan		Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/1/2020	$	2,885,666		2,876,319		2,896,949		Telecommunications	Replacement First-Lien Term Loan	Loan		3.00	%		1.00	%		0.00	%		4.00	%		3/1/2020		2,885,666		2,876,319		2,896,949
Valeant Pharmaceuticals International, Inc.		Drugs	Series D2 Term Loan B		Loan		4.25	%		0.75	%		0.00	%		5.03	%		2/13/2019	$	2,445,056		2,437,788		2,456,890		Drugs	Series D2 Term Loan B	Loan		4.25	%		0.75	%		0.00	%		5.03	%		2/13/2019		2,445,056		2,437,788		2,456,890
Verint Systems Inc.		Services: Business	Term Loan		Loan		2.75	%		0.75	%		0.00	%		3.53	%		9/6/2019	$	1,006,278		1,003,396		1,010,554		Services: Business	Term Loan	Loan		2.75	%		0.75	%		0.00	%		3.53	%		9/6/2019		1,006,278		1,003,396		1,010,554
Vistra Operations Company T/L B (12/16)		Utilities	Term Loan B		Loan		3.25	%		0.75	%		0.00	%		4.02	%		12/13/2023	$	500,000		498,784		502,970		Utilities	Term Loan B	Loan		3.25	%		0.75	%		0.00	%		4.02	%		12/13/2023		500,000		498,784		502,970
Vizient Inc.		Healthcare & Pharmaceuticals	Term Loan		Loan		4.00	%		1.00	%		0.00	%		5.00	%		2/13/2023	$	879,853		856,884		891,405		Healthcare & Pharmaceuticals	Term Loan	Loan		4.00	%		1.00	%		0.00	%		5.00	%		2/13/2023		879,853		856,884		891,405
Vouvray US Finance		Industrial Equipment	Term Loan		Loan		3.75	%		1.00	%		0.00	%		4.75	%		6/27/2021	$	487,500		485,889		486,891		Industrial Equipment	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.75	%		6/27/2021		487,500		485,889		486,891
Washington Inventory Service		Services: Business	U.S. Term Loan (First Lien)		Loan		0.00	%		0.00	%		5.75	%		5.75	%		12/20/2018	$	1,735,292		1,743,798		1,418,601		Services: Business	U.S. Term Loan (First Lien)	Loan		0.00	%		0.00	%		5.75	%		5.75	%		12/20/2018		1,735,292		1,743,798		1,418,601
Western Digital Corporation		High Tech Industries	Term Loan B (USD)		Loan		3.75	%		0.75	%		0.00	%		4.53	%		5/1/2023	$	1,592,000		1,547,312		1,602,396		High Tech Industries	Term Loan B (USD)	Loan		3.75	%		0.75	%		0.00	%		4.53	%		5/1/2023		1,592,000		1,547,312		1,602,396
Windstream Services, LLC		Telecommunications	Term Loan B6		Loan		4.00	%		0.75	%		0.00	%		4.78	%		3/29/2021	$	999,375		989,489		1,006,121		Telecommunications	Term Loan B6	Loan		4.00	%		0.75	%		0.00	%		4.78	%		3/29/2021		999,375		989,489		1,006,121
Xerox Business Services T/L B (Conduent)		Services: Business	Term Loan		Loan		5.50	%		0.75	%		0.00	%		6.28	%		12/7/2023	$	750,000		737,850		761,955		Services: Business	Term Loan	Loan		5.50	%		0.75	%		0.00	%		6.28	%		12/7/2023		750,000		737,850		761,955
Zekelman Industries (JMC Steel) T/L (01/17)		Nonferrous Metals/Minerals	Term Loan		Loan		3.75	%		1.00	%		0.00	%		4.75	%		6/14/2021	$	500,000		501,250		506,040		Nonferrous Metals/Minerals	Term Loan	Loan		3.75	%		1.00	%		0.00	%		4.75	%		6/14/2021		500,000		501,250		506,040
ZEP, Inc.		Chemicals/Plastics	Term Loan B		Loan		4.00	%		1.00	%		0.00	%		5.00	%		6/27/2022	$	2,955,000		2,941,390		2,984,550		Chemicals/Plastics	Term Loan B	Loan		4.00	%		1.00	%		0.00	%		5.00	%		6/27/2022		2,955,000		2,941,390		2,984,550
Zest Holdings 1st Lien T/L (2014 Replacement)		Healthcare & Pharmaceuticals	Term Loan		Loan		4.75	%		1.00	%		0.00	%		5.75	%		8/17/2020	$	1,000,000		995,523		1,012,500		Healthcare & Pharmaceuticals	Term Loan	Loan		4.75	%		1.00	%		0.00	%		5.75	%		8/17/2020		1,000,000		995,523		1,012,500

																						$	297,801,502	$	292,460,648																					$	297,801,502	$	292,460,648


																				Principal		Cost		Fair Value																				Principal		Cost		Fair Value
Cash and cash equivalents																										Cash and cash equivalents
U.S. Bank Money Market (a)	U.S. Bank Money Market (a)																			$	13,046,555	$	13,046,555	$	13,046,555	U.S. Bank Money Market (a)																		$	13,046,555	$	13,046,555	$	13,046,555

Total cash and cash equivalents	Total cash and cash equivalents																			$	13,046,555	$	13,046,555	$	13,046,555	Total cash and cash equivalents																		$	13,046,555	$	13,046,555	$	13,046,555

(a) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2017.

On July 30, 2010, the Company entered into the Management Agreement with our Manager. The initial term of the Management Agreement was two years, with automatic,one-year renewals at the end of each year, subject to certain approvals by our board of directors and/or the Company’s stockholders. On July 11, 2017, our board of directors approved the renewal of the Management Agreement for an additionalone-year term. Pursuant to the Management Agreement, our Manager implements our business strategy on aday-to-day basis and performs certain services for us, subject to oversight by our board of directors. Our Manager is responsible for, among other duties, determining investment criteria, sourcing, analyzing and executing investments transactions, asset sales, financings and performing asset management duties. Under the Management Agreement, we have agreed to pay our Manager a management fee for investment advisory and management services consisting of a base management fee and an incentive fee.

The base management fee of 1.75% is calculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters.

The first, payable quarterly in arrears, equals 20.0% of ourpre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, that exceeds a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter, subject to a ~~“catch-up”~~“catch-up” provision. Under this provision, in any fiscal quarter, our Manager receives no incentive fee unless ourpre-incentive fee net investment income exceeds the hurdle rate of 1.875%. Our Manager will receive 100.0% ofpre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20.0% of the amount of the ourpre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. There is no accumulation of amounts on the hurdle rate from quarter to quarter, and accordingly there is no claw back of amounts previously paid if subsequent quarters are below the quarterly hurdle rate, and there is no delay of payment if prior quarters are below the quarterly hurdle rate.

The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals 20.0% of our “incentive fee capital gains,” which equals our realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee. Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May 31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital gains portion of the incentive fee, and our Manager will be entitled to 20.0% of incentive fee capital gains that arise after May 31, 2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date.

For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, the Company incurred ~~$1.4~~$1.5 million and $1.2 million in base management fees, respectively. For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, the Company incurred ~~$0.7~~$0.9 million and ~~$0.6~~$0.8 million in incentive fees related topre-incentive fee net investment income, respectively. For the three months ended ~~May~~August 31, 2017 ~~there was a reduction of~~and August 31, 2016, the Company accrued $0.8 million and $0.4 million in incentive fees related to capital gains, respectively. For the six months ended August 31, 2017 and August 31, 2016, the Company incurred $2.9 million and $2.4 million in base management fees, respectively. For the six months ended August 31, 2017 and August 31, 2016, the Company incurred $1.7 million and $1.4 million in incentive fees related topre-incentive fee net investment income, respectively. For the six months ended August 31, 2017 and August 31, 2016, the Company accrued $0.2 million and $0.5 million in incentive fees related to capital ~~gains. For the three months ended May 31, 2016, the Company accrued $0.1 million in incentive fees related to capital gains.~~gains, respectively. The accrual is calculated using both realized and unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable in arrears at the end of the fiscal year and will include only realized capital gains for the period. As of ~~May~~August 31, 2017, the base management fees accrual was ~~$1.4~~$1.5 million and the incentive fees accrual was ~~$2.6~~$3.6 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. As of February 28, 2017, the base management fees accrual was $1.2 million and the incentive fees accrual was $4.6 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities.

On July 30, 2010, the Company entered into a separate administration agreement (the “Administration Agreement”) with our Manager, pursuant to which our Manager, as our administrator, has agreed to furnish us with the facilities and administrative services necessary to conduct ourday-to-day operations and provide managerial assistance on our behalf to those portfolio companies to which we are required to provide such assistance. The initial term of the Administration Agreement was two years, with automatic,one-year renewals at the end of each year subject to certain approvals by our board of directors and/or our stockholders. The amount of expenses payable or reimbursable thereunder by the Company was capped at $1.0 million for the initial two year term of the

Administration Agreement and subsequent renewals. On July 8, 2015, our board of directors approved the renewal of the

Administration Agreement for an additionalone-year term and determined to increase the cap on the payment or reimbursement of expenses by the Company thereunder, which had not been increased since the inception of the agreement, to $1.3 million. On October 5, 2016, our board of directors determined to increase the cap on the payment or reimbursement of expenses by the Company under the Administration Agreement, from $1.3 million to $1.5 million, effective November 1, 2016. On July 11, 2017, our board of directors approved the renewal of the Administration Agreement for an additionalone-year term, and determined to increase the cap on the payment or reimbursement of expenses by the Company from $1.5 million to $1.75 million, effective August 1, 2017.

For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, we recognized $0.4 million and $0.3 million in administrator expenses, respectively, pertaining to bookkeeping, record keeping and other administrative services provided to us in addition to our allocable portion of rent and other overhead related expenses. For the six months ended August 31, 2017 and August 31, 2016, we recognized $0.8 million and $0.7 million in administrator expenses, respectively, pertaining to bookkeeping, record keeping and other administrative services provided to us in addition to our allocable portion of rent and other overhead related expenses. As of ~~May~~August 31, 2017, ~~$0.3~~$0.4 million of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities. As of February 28, 2017, $0.4 million of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities. For the ~~three~~six months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, the Company neither bought nor sold any investments from the Saratoga CLO.

As a BDC, we are only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200.0% after giving effect to such leverage. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing. Our asset coverage ratio, as defined in the 1940 Act, was 258.0% as of August 31, 2017 and 271.0% as of February 28, 2017.

On April 11, 2007, we entered into a $100.0 million revolving securitized credit facility (the “Revolving Facility”). On May 1, 2007, we entered into a $25.7 million term securitized credit facility (the “Term Facility” and, together with the Revolving Facility, the “Facilities”), which was fully drawn at closing. In December 2007, we consolidated the Facilities by using a draw under the Revolving Facility to repay the Term Facility. In response to the market wide decline in financial asset prices, which negatively affected the value of our portfolio, we terminated the revolving period of the Revolving Facility effective January 14, 2009 and commenced atwo-year amortization period during which all principal proceeds from the collateral were used to repay outstanding borrowings. A significant percentage of our total assets had been pledged under the Revolving Facility to secure our obligations thereunder. Under the Revolving Facility, funds were borrowed from or through certain lenders and interest was payable monthly at the greater of the commercial paper rate and our lender’s prime rate plus 4.00% plus a default rate of 2.00% or, if the commercial paper market was unavailable, the greater of the prevailing LIBOR rates and our lender’s prime rate plus 6.00% plus a default rate of 3.00%.

In March 2009, we amended the Revolving Facility to increase the portion of the portfolio that could be invested in “CCC” rated investments in return for an increased interest rate and expedited amortization. As a result of these transactions, we expected to have additional cushion under our borrowing base under the Revolving Facility that would allow us to better manage our capital in times of declining asset prices and market dislocation.

On July 30, 2009, we exceeded the permissible borrowing limit under the Revolving Facility for 30 consecutive days, resulting in an event of default under the Revolving Facility. As a result of this event of default, our lender had the right to accelerate repayment of the outstanding indebtedness under the Revolving Facility and to foreclose and liquidate the collateral pledged thereunder. Acceleration of the outstanding indebtedness and/or liquidation of the collateral could have had a material adverse effect on our liquidity, financial condition and operations.

On July 30, 2010, we used the net proceeds from (i) the stock purchase transaction and (ii) a portion of the funds available to us under the $45.0 million senior secured revolving credit facility (the “Credit Facility”) with Madison Capital Funding LLC, in each case, to pay the full amount of principal and accrued interest, including default interest, outstanding under the Revolving Facility. As a result, the Revolving Facility was terminated in connection therewith. Substantially all of our total assets, other than those held by SBIC LP, have been pledged under the Credit Facility to secure our obligations thereunder.

On February 24, 2012, we amended our senior secured revolving credit facility with Madison Capital Funding LLC to, among other things:

On September 17, 2014, we entered into a second amendment to the Credit Facility with Madison Capital Funding LLC to, among other things:

On May 18, 2017, we entered into a third amendment to the Credit Facility with Madison Capital Funding LLC to, among other things:

As of ~~May~~August 31, 2017 and February 28, 2017, there was ~~$24.5~~$10.0 million and $0.0, respectively, of outstanding borrowings under the Credit Facility and the Company was in compliance with all of the limitations and requirements of the Credit Facility. Financing costs of $3.1 million related to the Credit Facility have been capitalized and are being amortized over the term of the facility. For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, we recorded ~~$0.1~~$0.4 million and $0.1 million of interest expense, respectively. For the six months ended August 31, 2017 and August 31, 2016, we recorded $0.5 million and $0.2 million of interest expense, respectively. For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, we recorded $0.02 million and $0.02 million of amortization of deferred financing costs related to the Credit Facility and Revolving Facility, respectively. For the six months ended August 31, 2017 and August 31, 2016, we recorded $0.04 million and $0.04 million of amortization of deferred financing costs related to the Credit Facility and Revolving Facility, respectively. The weighted average interest ~~rate~~rates during the three and six months ended ~~May~~August 31, 2017 on the outstanding borrowings under the Credit Facility ~~was 5.83%.~~were 5.92% and 5.94%, respectively. During the three and six months ended ~~May~~August 31, 2017, ~~and May 31, 2016,~~ the average dollar amount of outstanding borrowings under the Credit Facility was ~~$0.5~~$21.3 million and ~~$0.0,~~$10.9 million, respectively. During the three and six months ended August 31, 2016, there were no outstanding borrowings under the Credit Facility.

The Credit Facility contains limitations as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination and collateral interests. The Credit Facility also includes certain requirements relating to portfolio performance, the violation of which could result in the limit of further advances and, in some cases, result in an event of default, allowing the lenders to accelerate repayment of amounts owed thereunder. The Credit Facility has an eight year term, consisting of a three year period (the “Revolving Period”), under which the Company may make and repay borrowings, and a final maturity five years from the end of the Revolving Period. Availability on the Credit Facility will be subject to a borrowing base calculation, based on, among other things, applicable advance rates (which vary from 50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets included as part of the Borrowing Base. Funds may be borrowed at the greater of the prevailing LIBOR rate and 1.00%, plus an applicable margin of 4.75%. At the Company’s option, funds may be borrowed based on an alternative base rate, which in no event will be less than 2.00%, and the applicable margin over such alternative base rate is 3.75%. In addition, the Company will pay the lenders a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Credit Facility for the duration of the Revolving Period.

Our borrowing base under the Credit Facility was ~~$45.0~~$34.0 million subject to the Credit Facility cap of $45.0 million at ~~May~~August 31, 2017. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report onForm 10-K or Quarterly Report onForm 10-Q filed with the SEC. Accordingly, the ~~May~~August 31, 2017 borrowing base relies upon the valuations set forth in the ~~Annual~~Quarterly Report onForm ~~10-K~~10-Q for the ~~year~~period ended ~~February 28,~~May 31, 2017, as filed with the SEC on July 12, 2017. The valuations presented in this Quarterly Report onForm 10-Q will not be incorporated into the borrowing base until after this Quarterly Report onForm 10-Q is filed with the SEC.

SBIC LP is able to borrow funds from the SBA against regulatory capital (which approximates equity capital) that is paid in and is subject to customary regulatory requirements including but not limited to an examination by the SBA. As of ~~May~~August 31, 2017, we have funded SBIC LP with $75.0 million of equity capital, and have $134.7 million ofSBA-guaranteed debentures outstanding. SBA debentures arenon-recourse to us, have a10-year maturity, and may be prepaid at any time without penalty. The interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread over10-year U.S. Treasury Notes. SBA current regulations limit the amount that SBIC LP may borrow to a maximum of $150.0 million, which is up to twice its potential regulatory capital.

SBICs are designed to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses. Under present SBA regulations, eligible small businesses include businesses that have a tangible net worth not exceeding $19.5 million and have average annual fully taxed net income not exceeding $6.5 million for the two most recent fiscal years. In addition, an SBIC must devote 25.0% of its investment activity to ‘‘smaller’’ concerns as defined by the SBA. A smaller concern is one that has a tangible net worth not exceeding $6.0 million and has average annual fully taxed net income not exceeding $2.0 million for the two most recent fiscal years. SBA regulations also provide alternative size standard criteria to determine eligibility, which depend on the industry in which the business is engaged and are based on such factors as the number of employees and gross sales. According to SBA regulations, SBICs may make long-term loans to small businesses, invest in the equity securities of such businesses and provide them with consulting and advisory services.

SBIC LP is subject to regulation and oversight by the SBA, including requirements with respect to maintaining certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that SBIC LP will receiveSBA-guaranteed debenture funding, which is dependent upon SBIC LP continuing to be in compliance with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to SBIC LP’s assets over our stockholders and debtholders in the event we liquidate SBIC LP or the SBA exercises its remedies under theSBA-guaranteed debentures issued by SBIC LP upon an event of default.

The Company received exemptive relief from the SEC to permit it to exclude the debt of SBIC LP guaranteed by the SBA from the definition of senior securities in the 200.0% asset coverage test under the 1940 Act. This allows the Company increased flexibility under the 200.0% asset coverage test by permitting it to borrow up to $150.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

As of ~~May~~August 31, 2017 and February 28, 2017, there was $134.7 million and $112.7 million outstanding of SBA debentures, respectively. The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage, $4.6 million, of financing costs related to the SBA debentures, have been capitalized and are being amortized over the term of the commitment and drawdown.

For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, we recorded ~~$0.9~~$1.0 million and $0.8 million of interest expense related to the SBA debentures, respectively. For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, we recorded $0.1 million and $0.1 million of amortization of deferred financing costs related to the SBA debentures, respectively. The weighted average interest rate during the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016 on the outstanding borrowings of the SBA debentures was ~~3.18%~~3.06% and ~~3.09%~~3.19%, respectively. For the six months ended August 31, 2017 and August 31, 2016, we recorded $2.0 million and $1.7 million of interest expense related to the SBA debentures, respectively. For the six months ended August 31, 2017 and August 31, 2016, we recorded $0.2 million and $0.3 million of amortization of deferred financing costs related to the SBA debentures, respectively. The weighted average interest rate during the six months ended August 31, 2017 and August 31, 2016 on the outstanding borrowings of the SBA debentures was 3.11% and 3.14%, respectively. During the three and six months ended ~~May~~August 31, 2017, the average dollar amount of SBA debentures outstanding was $134.7 million and ~~May~~$124.4 million, respectively. During the three and six months ended August 31, 2016, the average dollar amount of SBA debentures outstanding was ~~$114.2 million and~~ $103.7 ~~million, respectively.~~million.

In December 2015, the 2016 omnibus spending bill approved by Congress and signed into law by the President increased the amount ofSBA-guaranteed debentures that affiliated SBIC funds can have outstanding from $225.0 million to $350.0 million, subject to SBA approval. SBA regulations currently limit the amount ofSBA-guaranteed debentures that an SBIC may issue to $150.0 million when it has at least $75.0 million in regulatory capital. Affiliated SBICs are permitted to issue up to a combined maximum amount of $350.0 million inSBA-guaranteed debentures when they have at least $175.0 million in combined regulatory capital.

On May 10, 2013, the Company issued $42.0 million in aggregate principal amount of 7.50% fixed-rate notes due 2020 (the “2020 Notes”). The 2020 Notes will mature on May 31, 2020, and since May 31, 2016, may be redeemed in whole or in part at any time or from time to time at the Company’s option. Interest will be payable quarterly beginning August 15, 2013.

On May 17, 2013, the Company closed an additional $6.3 million in aggregate principal amount of the 2020 Notes, pursuant to the full exercise of the underwriters’ option to purchase additional 2020 Notes. On May 29, 2015, the Company entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through anAt-the-Market (“ATM”) offering. As of ~~May~~August 31, 2017, the Company sold 539,725 bonds with a principal of $13,493,125 at an average price of $25.31 for aggregate net proceeds of $13,385,766 (net of transaction costs).

On December 21, 2016, the Company issued $74.5 million in aggregate principal amount of our 6.75% fixed-rate notes due 2023 (the “2023 Notes”) for net proceeds of $71.7 million after deducting underwriting commissions of approximately $2.3 million and offering costs of approximately $0.5 million. The issuance included the exercise of substantially all of the underwriters’ option to purchase an additional $9.8 million aggregate principal amount of 2023 Notes within 30 days. Interest on the 2023 Notes is paid quarterly in arrears on March 15, June 15, September 15 and December 15, at a rate of 6.75% per year, beginning March 30, 2017. The 2023 Notes mature on December 30, 2023, and commencing December 21, 2019, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used to repay all of the outstanding indebtedness under the 2020 Notes, which amounted to $61.8 million, and for general corporate purposes in accordance with our investment objective and strategies. The 2023 Notes are listed on the NYSE under the trading symbol “SAB” with a par value of $25.00 per share. The remaining unamortized deferred debt financing costs of $1.5 million (including underwriting commissions and net of issuance premiums), was recorded within loss on debt extinguishment in the consolidated statements of operations in the fourth quarter of the fiscal year ended February 28, 2017, when the related 2020 Notes were extinguished. As of ~~May~~August 31, 2017, $2.8 million of financing costs related to the 2023 Notes have been capitalized and are being amortized over the term of the 2023 Notes.

As of ~~May~~August 31, 2017, the carrying amount and fair value of the 2023 Notes was $74.5 million and ~~$78.1~~$77.9 million, respectively. The fair value of the 2023 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. For the three and six months ended ~~May~~August 31, 2017, we recorded $1.3 million and $2.5 million, respectively, of interest expense and $0.1 million and $0.2 million, respectively, of amortization of deferred financing costs related to the 2023 Notes. As of February 28, 2017, the carrying amount and fair value of the 2023 Notes was $74.5 million and $77.1 million, respectively. For the three and six months ended ~~May~~August 31, 2016, we recorded $1.2 million and $2.3 million, respectively, of interest expense and $0.1 million and $0.2 million, respectively, of amortization of deferred financing costs related to the 2020 Notes. During the three and six months ended ~~May~~August 31, 2017, the average dollar amount of 2023 Notes outstanding was $74.5 million. During the three and six months ended ~~May~~August 31, 2016, the average dollar amount of 2020 Notes outstanding was $61.8 million.

The following table shows our payment obligations for repayment of debt and other contractual obligations at ~~May~~August 31, 2017:

The Company’soff-balance sheet arrangements consisted of ~~$7.0~~$5.0 million and $2.0 million of unfunded commitments to provide debt financing to its portfolio companies or to fund limited partnership interests as of ~~May~~August 31, 2017 and February 28, 2017, respectively. Such commitments are generally up to the Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities.

A summary of the composition of the unfunded commitments as of ~~May~~August 31, 2017 and February 28, 2017 is shown in the table below (dollars in thousands):


	As of				As of
	May 31, 2017		February 28, 2017		August 31, 2017		February 28, 2017
CLEO Communications Holding, LLC	$	5,000	$	—	$	3,000	$	—
GreyHeller LLC		2,000		2,000		2,000		2,000
TM Restaurant Group L.L.C.		17		—

Total	$	7,017	$	2,000	$	5,000	$	2,000

The independent directors receive an annual fee of $40,000. They also receive $2,500 plus reimbursement of reasonableout-of- pocket expenses incurred in connection with attending each board meeting and receive $1,000 plus reimbursement of reasonableout-of- pocket expenses incurred in connection with attending each committee meeting. In addition, the chairman of the Audit Committee receives an annual fee of $5,000 and the chairman of each other committee receives an annual fee of $2,000 for their additional services in these capacities. In addition, we have purchased directors’ and officers’ liability insurance on behalf of our directors and officers. Independent directors have the option to receive their directors’ fees in the form of our common stock issued at a price per share equal to the greater of net asset value or the market price at the time of payment. No compensation is paid to directors who are “interested persons” of the Company (as such term is defined in the 1940 Act). For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, we incurred ~~$0.05~~$0.06 million and ~~$0.07~~$0.06 million for directors’ fees and expenses, respectively. For the six months ended August 31, 2017 and August 31, 2016, we incurred $0.1 million and $0.1 million for directors’ fees and expenses, respectively. As of ~~May~~August 31, 2017 and February 28, 2017, ~~$0.05~~$0.06 million and $0.05 million in directors’ fees and expenses were accrued and unpaid, respectively. As of ~~May~~August 31, 2017, we had not issued any common stock to our directors as compensation for their services.

On May 16, 2006, GSC Group, Inc. capitalized the LLC, by contributing $1,000 in exchange for 67 shares, constituting all of the issued and outstanding shares of the LLC.

On March 20, 2007, the Company issued 95,995.5 and 8,136.2 shares of common stock, priced at $150.00 per share, to GSC Group and certain individual employees of GSC Group, respectively, in exchange for the general partnership interest and a limited partnership interest in GSC Partners CDO III GP, LP, collectively valued at $15.6 million. At this time, the 6.7 shares owned by GSC Group in the LLC were exchanged for 6.7 shares of the Company.

On March 28, 2007, the Company completed its IPO of 725,000 shares of common stock, priced at $150.00 per share, before underwriting discounts and commissions. Total proceeds received from the IPO, net of $7.1 million in underwriter’s discount and commissions, and $1.0 million in offering costs, were $100.7 million.

On November 13, 2009, we declared a dividend of $18.25 per share payable on December 31, 2009. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to $2.1 million or $2.50 per share. Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872.5 of newly issued shares of common stock.

On July 30, 2010, our Manager and its affiliates purchased 986,842 shares of common stock at $15.20 per share. Total proceeds received from this sale were $15.0 million.

On August 12, 2010, we effected aone-for-ten reverse stock split of our outstanding common stock. As a result of the reverse stock split, every ten shares of our common stock were converted into one share of our common stock. Any fractional shares received as a result of the reverse stock split were redeemed for cash. The total cash payment in lieu of shares was $230. Immediately after the reverse stock split, we had 2,680,842 shares of our common stock outstanding.

On November 12, 2010, we declared a dividend of $4.40 per share payable on December 29, 2010. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $1.2 million or $0.44 per share. Based on shareholder elections, the dividend consisted of approximately $1.2 million in cash and 596,235 shares of common stock.

On November 15, 2011, we declared a dividend of $3.00 per share payable on December 30, 2011. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $2.0 million or $0.60 per share. Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 599,584 shares of common stock.

On November 9, 2012, the Company declared a dividend of $4.25 per share payable on December 31, 2012. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $3.3 million or $0.85 per share. Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 853,455 shares of common stock.

On October 30, 2013, the Company declared a dividend of $2.65 per share payable on December 27, 2013. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $2.5 million or $0.53 per share. Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock.

On September 24, 2014, the Company declared a dividend of $0.18 per share payable on November 28, 2014. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock pursuant to the Company’s DRIP. Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock.

On September 24, 2014, the Company declared a dividend of $0.22 per share payable on February 27, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock.

On April 9, 2015, the Company declared a dividend of $0.27 per share payable on May 29, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock.

On May 14, 2015, the Company declared a special dividend of $1.00 per share payable on June 5, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock.

On July 8, 2015, the Company declared a dividend of $0.33 per share payable on August 31, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock.

On October 7, 2015, the Company declared a dividend of $0.36 per share payable on November 30, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock.

On January 12, 2016, the Company declared a dividend of $0.40 per share payable on February 29, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock.

On March 31, 2016, the Company declared a dividend of $0.41 per share payable on April 27, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock.

On July 7, 2016, the Company declared a dividend of $0.43 per share payable on August 9, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock.

On August 8, 2016, the Company declared a special dividend of $0.20 per share payable on September 5, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock.

On October 5, 2016, the Company declared a dividend of $0.44 per share payable on November 9, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock.

On January 12, 2017, the Company declared a dividend of $0.45 per share payable on February 9, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock.

On February 28, 2017, the Company declared a dividend of $0.46 per share payable on March 28, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock.

On May 30, 2017, the Company declared a dividend of $0.47 per share payable on June 27, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock.

On August 28, 2017, the Company declared a dividend of $0.48 per share payable on September 26, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock.

On September 24, 2014, the Company announced the approval of an open market share repurchase plan that allowed it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements. On October 7, 2015, the Company’s board of directors extended the open market share repurchase plan for another year and increased the number of shares the Company is permitted to repurchase at prices below its NAV, as reported in its then most recently published consolidated financial statements, to 400,000 shares of its common stock. On October 5, 2016, the Company’s board of directors extended the open market share repurchase plan for another year to October 15, 2017 and increased the number of shares the Company is permitted to repurchase at prices below its NAV, as reported in its then most recently published consolidated financial statements, to 600,000 shares of its common stock. On October 10, 2017, the Company’s board of directors extended the open market share repurchase plan for another year to October 15, 2018, leaving the number of shares unchanged at 600,000 shares of its common stock. As of ~~May~~August 31, 2017, the Company purchased 218,491 shares of common stock, at the average price of $16.87 for approximately $3.7 million pursuant to this repurchase plan.

On March 16, 2017, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $30.0 million of our common stock through an ATM offering. As of ~~May~~August 31, 2017, the Company sold ~~60,779~~117,354 shares for gross proceeds of ~~$1.4~~$2.6 million at an average price of $22.49 for aggregate net proceeds of ~~$1.3~~$2.6 million (net of transaction costs).

In accordance with SEC RegulationS-X Rules3-09 and4-08(g), the Company must determine which of its unconsolidated controlled portfolio companies, if any, are considered “significant subsidiaries.” After performing this analysis, the Company determined that one of its portfolio companies, Easy Ice, LLC (“Easy Ice”) is not a significant subsidiary for the three months ended ~~May~~August 31, 2017 under at least one of the significance conditions of Rule4-08(g) of SEC RegulationS-X, but was a significant subsidiary for the year ended February 28, 2017. Accordingly, audited financial information for the year ended December 31, 2016 and as of December 31, 2016 has been included as follows (in thousands):


	As of
Balance Sheet – Easy Ice, LLC	December 31, 2016
Current assets	$	1,058
Noncurrent assets	$	18,245
Current liabilities	$	3,473
Noncurrent liabilities	$	23,113
Total deficit	$	(7,283	)


	For the year ended			For the year ended
Statement of Operations – Easy Ice, LLC	December 31, 2016
Statements of Operations – Easy Ice, LLC				December 31, 2016
Rental income	$	14,463		$	14,463
Rental expenses	$	8,463		$	8,463
Gross margin	$	6,000		$	6,000
Operating expenses	$	5,123		$	5,123
Income from operations	$	877		$	877
Net loss	$	(1,356	)	$	(1,356	)

In accordance with the provisions of FASB ASC 260, ~~“Earnings~~“Earnings per ~~Share”~~Share” (“ASC 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following information sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations for the three and six months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016 (dollars in thousands except share and per share amounts):


	For the three months ended				For the three months ended				For the six months ended
Basic and diluted	May 31, 2017		May 31, 2016		August 31, 2017		August 31, 2016		August 31, 2017		August 31, 2016
Net increase in net assets from operations	$	1,014	$	3,288	$	6,870	$	5,272	$	7,884	$	8,559
Weighted average common shares outstanding		5,861,654		5,737,496		5,955,251		5,740,816		5,908,453		5,739,157
Weighted average earnings per common share	$	0.17	$	0.57	$	1.15	$	0.92	$	1.33	$	1.49

On May 30, 2017, the Company declared a dividend of $0.47 per share which was paid on June 27, 2017, to common stockholders of record as of June 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to our DRIP.

Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.

On February 28, 2017, the Company declared a dividend of $0.46 per share which was paid on March 28, 2017, to common stockholders of record as of March 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to our DRIP.

Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.

The following table summarizes dividends declared for the ~~three~~six months ended ~~May~~August 31, 2017 (dollars in thousands except per share amounts):


Date Declared	Record Date		Payment Date		Amount Per Share*		Total Amount		Record Date		Payment Date		Amount Per Share*		Total Amount
May 30, 2017										June 15, 2017		June 27, 2017	$	0.47	$	2,792
February 28, 2017		March 15, 2017		March 28, 2017	$	0.46	$	2,666		March 15, 2017		March 28, 2017	$	0.46	$	2,666

Total dividends declared					$	0.46	$	2,666					$	0.93	$	5,458

The following table summarizes dividends declared for the ~~three~~six months ended ~~May~~August 31, 2016 (dollars in thousands except per share amounts):


Date Declared	Record Date		Payment Date		Amount Per Share*		Total Amount		Record Date		Payment Date		Amount Per Share*		Total Amount
August 8, 2016										August 24, 2016		September 5, 2016	$	0.20	$	1,151
July 7, 2016										July 29, 2016		August 9, 2016	$	0.43	$	2,466
March 31, 2016		April 15, 2016		April 27, 2016	$	0.41	$	2,346		April 15, 2016		April 27, 2016	$	0.41	$	2,346

Total dividends declared					$	0.41	$	2,346					$	1.04	$	5,963

The following is a schedule of financial highlights for the ~~three~~six months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016:


	May 31, 2017			May 31, 2016			August 31, 2017			August 31, 2016
Per share data:
Net asset value at beginning of period	$	21.97		$	22.06		$	21.97		$	22.06
Net investment income(1)		0.60			0.44			1.08			0.90
Net realized and unrealized gains and losses on investments		(0.43	)		0.13			0.25			0.59

Net increase in net assets from operations		0.17			0.57			1.33			1.49
Distributions declared from net investment income		(0.46	)		(0.41	)		(0.93	)		(1.04	)

Total distributions to stockholders		(0.46	)		(0.41	)		(0.93	)		(1.04	)
Dilution(4)		0.01			(0.11	)		—			(0.12	)
Net asset value at end of period	$	21.69		$	22.11		$	22.37		$	22.39
Net assets at end of period	$	127,608,653		$	127,128,868		$	133,459,608		$	128,563,622
Shares outstanding at end of period		5,884,475			5,750,222			5,967,272			5,740,810
Per share market value at end of period	$	22.13		$	16.39		$	21.95		$	17.93
Total return based on market value(2)		(0.59	)%		19.71	%		0.92	%		34.41	%
Total return based on net asset value(3)		0.85	%		4.10	%		6.45	%		8.19	%
Ratio/Supplemental data:
Ratio of net investment income to average net assets(8)		11.29	%		7.98	%		11.27	%		9.53	%
Ratio of operating expenses to average net assets(7)		7.77	%		7.15	%		7.99	%		7.09	%
Ratio of incentive management fees to average net assets(6)		0.14	%		0.58	%		1.46	%		1.52	%
Ratio of interest and debt financing expenses to average net assets(7)		7.84	%		7.44	%		8.44	%		7.40	%
Ratio of total expenses to average net assets(8)		15.75	%		15.17	%		17.88	%		16.01	%
Portfolio turnover rate(5)		2.00	%		N/A			14.21	%		20.98	%
Asset coverage ratio per unit(6)		2,290			3,057			2,580			3,081
Average market value per unit:
Credit Facility(9)		N/A			N/A			N/A			N/A
SBA Debentures(9)		N/A			N/A			N/A			N/A
2020 Notes		N/A			25.02			N/A			25.26
2023 Notes		26.04			N/A			26.09			N/A

(1)	Net investment income per share is calculated using the weighted average shares outstanding during the period.

(2)

Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total investment return does not reflect brokerage commissions. Total investment returns covering less than a full period are not annualized.

(3)

Total investment return is calculated assuming a purchase of common shares at the current net asset value on the first day and a sale at the current net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total investment return does not reflect brokerage commissions.

(4)	Represents the dilutive effect of issuing common stock below net asset value per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement. See Note 12, Dividend.

(5)	Portfolio turnover rate is calculated using the lesser ofyear-to-date sales oryear-to-date purchases over the average of the invested assets at fair value.

(6)	Ratios are not annualized.

(7)	Ratios are annualized.

(8)	Ratios are annualized. Incentive management fees included within the ratio are not annualized.

(9)	The Credit Facility and SBA Debentures are not registered for public trading.

The Company has evaluated subsequent events through the filing of this Form10-Q and determined that there have been no events that have occurred that would require adjustments to the Company’s disclosures in the consolidated financial statements except for the following:

On ~~May 30,~~August 28, 2017, the Company declared a dividend of ~~$0.47~~$0.48 per share payable on ~~June 27,~~September 26, 2017, to common stockholders of record on ~~June~~September 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant the Company’s DRIP. Based on shareholder elections, the dividend consisted of approximately ~~$2.3~~$2.2 million in cash and ~~26,222~~33,551 newly issued shares of common stock, or ~~0.4%~~0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of ~~$20.04~~$20.19 per share, which equaled the volume weighted average trading price per share of the common stock on ~~June~~September 13, 14, 15, ~~16,~~18, 19, 20, 21, 22, ~~23,~~25 and 26, ~~and 27,~~ 2017.

ITEM ~~2. MANAGEMENT’S~~2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report onForm 10-Q. In addition to historical information, the following discussion and other parts of this Quarterly Report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under Part I. Item 1A in our Annual Report on Form10-K for the fiscal year ended February 28, 2017.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements.

The forward-looking statements contained in this Quarterly Report onForm 10-Q involve risks and uncertainties, including statements as to:

You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report onForm 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this Quarterly Report onForm 10-Q.

We are a Maryland corporation that has elected to be treated as a BDC under the Investment Company Act of 1940 (the“1940 Act”). Our investment objective is to generate current income and, to a lesser extent, capital appreciation from our investments. We invest primarily in leveraged loans and mezzanine debt issued by private U.S. middle market companies, which we define as companies having EBITDA of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. We may also invest up to 30.0% of the portfolio in opportunistic investments in order to seek to enhance returns to

stockholders. Such investments may include investments in distressed debt, which may include securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention to do so, to the extent we invest in private equity funds, we will limit our investments in entities that are excluded from the definition of “investment company” under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, which includes private equity funds, to no more than 15.0% of its net assets. We have elected and qualified to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

We commenced operations, at the time known as GSC Investment Corp., on March 23, 2007 and completed an initial public offering of shares of common stock on March 28, 2007. Prior to July 30, 2010, we were externally managed and advised by GSCP (NJ), L.P., an entity affiliated with GSC Group, Inc. In connection with the consummation of a recapitalization transaction on July 30, 2010, as described below we engaged Saratoga Investment Advisors (“SIA”) to replace GSCP (NJ), L.P. as our investment adviser and changed our name to Saratoga Investment Corp.

As a result of the event of default under a revolving securitized credit facility with Deutsche Bank we previously had in place, in December 2008 we engaged the investment banking firm of Stifel, Nicolaus & Company to evaluate strategic transaction opportunities and consider alternatives for us. On April 14, 2010, GSC Investment Corp. entered into a stock purchase agreement with Saratoga Investment Advisors and certain of its affiliates and an assignment, assumption and novation agreement with Saratoga Investment Advisors, pursuant to which GSC Investment Corp. assumed certain rights and obligations of Saratoga Investment Advisors under a debt commitment letter Saratoga Investment Advisors received from Madison Capital Funding LLC, which indicated Madison Capital Funding’s willingness to provide GSC Investment Corp. with a $40.0 million senior secured revolving credit facility, subject to the satisfaction of certain terms and conditions. In addition, GSC Investment Corp. and GSCP (NJ), L.P. entered into a termination and release agreement, to be effective as of the closing of the transaction contemplated by the stock purchase agreement, pursuant to which GSCP (NJ), L.P., among other things, agreed to waive any and all accrued and unpaid deferred incentive management fees up to and as of the closing of the transaction contemplated by the stock purchase agreement but continued to be entitled to receive the base management fees earned through the date of the closing of the transaction contemplated by the stock purchase agreement.

On July 30, 2010, the transactions contemplated by the stock purchase agreement with Saratoga Investment Advisors and certain of its affiliates were completed, the private sale of 986,842 shares of our common stock for $15.0 million in aggregate purchase price to Saratoga Investment Advisors and certain of its affiliates closed, the Company entered into the Credit Facility, and the Company began doing business as Saratoga Investment Corp.

We used the net proceeds from the private sale transaction and a portion of the funds available to us under the Credit Facility to pay the full amount of principal and accrued interest, including default interest, outstanding under our revolving securitized credit facility with Deutsche Bank. The revolving securitized credit facility with Deutsche Bank was terminated in connection with our payment of all amounts outstanding thereunder on July 30, 2010.

In January 2011, we registered for public resale of the 986,842 shares of our common stock issued to Saratoga Investment Advisors and certain of its affiliates.

On March 28, 2012, our wholly-owned subsidiary, Saratoga Investment Corp. SBIC, LP (“SBIC LP”), received an SBIC license from the Small Business Administration (“SBA”).

In May 2013, we issued $48.3 million in aggregate principal amount of our 7.50% unsecured notes due 2020 (the “2020 Notes”) for net proceeds of $46.1 million after deducting underwriting commissions of $1.9 million and offering costs of $0.3 million. The proceeds included the underwriters’ full exercise of their overallotment option. Interest on these 2020 Notes is paid quarterly in arrears on February 15, May 15, August 15 and November 15, at a rate of 7.50% per year, beginning August 15, 2013. The 2020 Notes mature on May 31, 2020 and since May 31, 2016, may be redeemed in whole or in part at any time or from time to time at our option. The 2020 Notes were listed on the NYSE under the trading symbol “SAQ” with a par value of $25.00 per share. The 2020 Notes were redeemed in full on January 13, 2017.

On May 29, 2015, we entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which we may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through anAt-the-Market (“ATM”) offering. As of ~~May~~August 31, 2017, the Company sold 539,725 bonds with a principal of $13,493,125 at an average price of $25.31 for aggregate net proceeds of $13,385,766 (net of transaction costs).

On December 21, 2016, we issued $74.5 million in aggregate principal amount of our 6.75% fixed-rate notes due 2023 (the “2023 Notes”) for net proceeds of $72.1 million after deducting underwriting commissions of approximately $2.0 million and offering costs of approximately $0.5 million. The issuance included the exercise of substantially all of the underwriters’ option to purchase an additional $9.8 million aggregate principal amount of 2023 Notes within 30 days. Interest on the 2023 Notes is paid quarterly in arrears on March 15, June 15, September 15 and December 15, at a rate of 6.75% per year, beginning March 30, 2017. The 2023 Notes mature on December 20, 2023, and commencing December 21, 2019, may be redeemed in whole or in part at any time or from time to time at our option. The 2023 Notes are listed on the NYSE under the trading symbol “SAB” with a par value of $25.00 per share.

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make certain estimates and assumptions affecting amounts reported in the Company’s consolidated financial statements. We have identified investment valuation, revenue recognition and the recognition of capital gains incentive fee expense as our most critical accounting estimates. We continuously evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

The Company accounts for its investments at fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820,Fair Value Measurements and Disclosures(“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold at the balance sheet date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third party pricing services and market makers subject to any decision by our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from Saratoga Investment Advisers, the audit committee of our board of directors and a third party independent valuation firm. Determinations of fair value may involve subjective judgments and estimates. The types of factors that may be considered in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow and other relevant factors.

We undertake a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:

In addition, all our investments are subject to the following valuation process:

Our investment in Saratoga Investment Corp. CLO2013-1, Ltd. (“Saratoga CLO”) is carried at fair value, which is based on a discounted cash flow model that utilizes prepayment,re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by SIA and recommended to our board of directors. Specifically, we use Intex cash flow models, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The models use a set of assumptions including projected default rates, recovery rates, reinvestment rate and prepayment rates in order to arrive at estimated valuations. The assumptions are based on available market data and projections provided by third parties as well as management estimates. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized over the life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums on investments.

Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic325-40,Investments-Other, Beneficial Interests in Securitized Financial Assets, based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/orre-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.

The Company records an expense accrual relating to the capital gains incentive fee payable by the Company to its investment adviser when the unrealized gains on its investments exceed all realized capital losses on its investments given the fact that a capital gains incentive fee would be owed to the investment adviser if the Company were to liquidate its investment portfolio at such time. The actual incentive fee payable to the Company’s investment adviser related to capital gains will be determined and payable in arrears at the end of each fiscal year and will include only realized capital gains for the period.

We generate revenue in the form of interest income and capital gains on the debt investments that we hold and capital gains, if any, on equity interests that we may acquire. We expect our debt investments, whether in the form of leveraged loans or mezzanine debt, to have terms of up to ten years, and to bear interest at either a fixed or floating rate. Interest on debt will be payable generally either quarterly or semi-annually. In some cases, our debt investments may provide for a portion of the interest to be PIK. To the extent interest ispaid-in-kind, it will be payable through the increase of the principal amount of the obligation by the amount of interest due on the then-outstanding aggregate principal amount of such obligation. The principal amount of the debt and any accrued

but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance or investment management services and possibly consulting fees. Any such fees will be generated in connection with our investments and recognized as earned. We may also invest in preferred equity securities that pay dividends on a current basis.

On January 22, 2008, we entered into a collateral management agreement with Saratoga CLO, pursuant to which we act as its collateral manager. The Saratoga CLO was initially refinanced in October 2013 and its reinvestment period ended in October 2016. On November 15, 2016, we completed the second refinancing of the Saratoga CLO. The Saratoga CLO refinancing, among other things, extended its reinvestment period to October 2018, and extended its legal maturity date to October 2025. Following the refinancing, the Saratoga CLO portfolio remained at the same size and with a similar capital structure of approximately $300.0 million in aggregate principal amount of predominantly senior secured first lien term loans. In addition to refinancing its liabilities, we also purchased $4.5 million in aggregate principal amount of the Class F notes tranche of the Saratoga CLO at par, with a coupon of LIBOR plus 8.5%.

The Saratoga CLO remains effectively 100% owned and managed by Saratoga Investment Corp. Following the refinancing, we receive a base management fee of 0.10% and a subordinated management fee of 0.40% of the fee basis amount at the beginning of the collection period, paid quarterly to the extent of available proceeds. We are also entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%.

We recognize interest income on our investment in the subordinated notes of Saratoga CLO using the effective interest method, based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/orre-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.

Our primary operating expenses include the payment of investment advisory and management fees, professional fees, directors and officers insurance, fees paid to independent directors and administrator expenses, including our allocable portion of our administrator’s overhead. Our investment advisory and management fees compensate our investment adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other costs and expenses of our operations and transactions, including those relating to:

Pursuant to the investment advisory and management agreement that we had with GSCP (NJ), L.P., our former investment adviser and administrator, we had agreed to pay GSCP (NJ), L.P. as investment adviser a quarterly base management fee of 1.75% of the average value of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters and an incentive fee.

We deferred cash payment of any incentive fee otherwise earned by our former investment adviser if, during the then most recent four full fiscal quarters ending on or prior to the date such payment was to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined as total assets less liabilities) (before taking into account any incentive fees payable during that period) was less than 7.5% of our net assets at the beginning of such period. These calculations were appropriatelypro-rated for the first three fiscal quarters of operation and adjusted for any share issuances or repurchases during the applicable period. Such incentive fee would become payable on the next date on which such test had been satisfied for the most recent four full fiscal quarters or upon certain terminations of the investment advisory and management agreement. We commenced deferring cash payment of incentive fees during the quarterly period ended August 31, 2007, and continued to defer such payments through the quarterly period ended May 31, 2010. As of July 30, 2010, the date on which GSCP (NJ), L.P. ceased to be our investment adviser and administrator, we owed GSCP (NJ), L.P. $2.9 million in fees for services previously provided to us; of which $0.3 million has been paid by us. GSCP (NJ), L.P. agreed to waive payment by us of the remaining $2.6 million in connection with the consummation of the stock purchase transaction with Saratoga Investment Advisors and certain of its affiliates described elsewhere in this Quarterly Report.

The terms of the investment advisory and management agreement with Saratoga Investment Advisors, our current investment adviser, are substantially similar to the terms of the investment advisory and management agreement we had entered into with GSCP (NJ), L.P., our former investment adviser, except for the following material distinctions in the fee terms:

To the extent that any of our leveraged loans are denominated in a currency other than U.S. Dollars, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will be subject to compliance with applicable legal requirements, may include the use of interest rate caps, futures, options and forward contracts. Costs incurred in entering into or settling such contracts will be borne by us.

In ~~October 2016,~~March 2017, the ~~SEC adopted new rules~~FASB issued Accounting Standards Update (“ASU”)2017-08,Receivables— Nonrefundable Fees and ~~amended existing rules (together, “final rules”~~Other Costs (Subtopic310-20),Premium Amortization on Purchased Callable Debt Securities (“ASU2017-08”) ~~intended~~ which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to ~~modernize~~ the ~~reporting~~earliest call date. ASU2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU2017-08 is effective for fiscal years, and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017.interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact ~~that the adoption of the amendments to Regulation S-X~~these changes will have on the Company’s consolidated financial statements and ~~related~~ disclosures.

In August 2016, the FASB issued ~~Accounting Standards Update (“ASU”)~~ ASU2016-15,Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (“ASU2016-15”), which is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods therein. Early adoption is permitted. Management is currently evaluating the impact ASU2016-15 will have on the Company’s consolidated financial statements and disclosures.

In February 2016, the FASB issued ASU2016-02,Amendments to the Leases (“ASU Topic 842”), which will require for all operating leases the recognition of aright-of-use asset and a lease liability, in the statement of financial position. The lease cost will be allocated over the lease term on a straight-line basis. This guidance is effective for annual and interim periods beginning after December 15, 2018. Management is currently evaluating the impact these changes will have on the Company’s consolidated financial statements and disclosures.

In January 2016, the FASB issued ASU2016-01,Financial Instruments — Overall (Subtopic825-10): Recognition and Measurement of Financial Assets and Financial Liabilities(“ASU2016-01”). ASU2016-01 retains many current requirements for the classification and measurement of financial instruments; however, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. ASU2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance is effective for annual and interim periods beginning after December 15, 2017, and early adoption is not permitted for public business entities. Management is currently evaluating the impact the adoption of this standard has on our consolidated financial statements and disclosures.

In May 2014, the FASB issued ASU2014-09,Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605). Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In May 2016, ASU2016-12 amended ASU2014-09 and deferred the effective period to December 15, 2017. Management has concluded that the majority of its revenues associated with financial instruments are scoped out of ASC 606. Management is ~~currently~~ evaluating the impact ~~these changes will have~~of the standard on certain other income earned by the ~~Company’s consolidated financial statements and disclosures.~~Company.


	At May 31, 2017		At February 28, 2017		At August 31, 2017		At February 28, 2017
	($ in millions)		($ in millions)		($ in millions)		($ in millions)
Number of investments(1)		57		52		57		52
Number of portfolio companies(3)		31		28		31		28
Average investment size(1)	$	5.6	$	5.4	$	5.6	$	5.4
Weighted average maturity(1)		3.7 yrs		3.8 yrs		3.8 yrs		3.8 yrs
Number of industries(3)		9		9		9		9
Average investment per portfolio company(1)	$	9.9	$	9.7	$	10.4	$	9.7
Non-performing or delinquent investments	$	11.3	$	8.4	$	8.4	$	8.4
Fixed rate debt (% of interest bearing portfolio)(2)	$	44.0(14.9%)	$	44.2(16.9%)	$	46.0(15.6%)	$	44.2(16.9%)
Weighted average current coupon(2)		11.9%		11.4%		11.3%		11.4%
Floating rate debt (% of interest bearing portfolio)(2)	$	252.2(85.1%)	$	217.6(83.1%)	$	250.0(84.4%)	$	217.6(83.1%)
Weighted average current spread over LIBOR(2)(4)		9.3%		9.3%		9.4%		9.3%

During the three months ended ~~May~~August 31, 2017, we invested ~~$45.0~~$36.7 million in new or existing portfolio companies and had ~~$5.9~~$37.9 million in aggregate amount of exits and repayments resulting in net repayments of $1.2 million for the period. During the three months ended August 31, 2016, we invested $55.7 million in new or existing portfolio companies and had $50.3 million in aggregate amount of exits and repayments resulting in net investments of ~~$39.1~~$5.4 million for the period.

During the ~~three~~six months ended ~~May~~August 31, ~~2016,~~2017, we ~~did not invest~~invested $81.7 million in ~~any~~ new or existing portfolio companies and had ~~$20.6~~$43.8 million in aggregate amount of exits and repayments resulting in net investments of $37.9 million for the period. During the six months ended August 31, 2016, we invested $55.7 million in new or existing portfolio companies and had $70.9 million in aggregate amount of exits and repayments resulting in net investments of ~~$20.6~~$15.2 million for the period.

Our portfolio composition at ~~May~~August 31, 2017 and February 28, 2017 at fair value was as follows:


	At May 31, 2017						At February 28, 2017						At August 31, 2017						At February 28, 2017
	Percentage of Total Portfolio			Weighted Average Current Yield			Percentage of Total Portfolio			Weighted Average Current Yield			Percentage of Total Portfolio			Weighted Average Current Yield			Percentage of Total Portfolio			Weighted Average Current Yield
Syndicated loans		2.8	%		5.3	%		3.4	%		5.3	%		2.7	%		5.4	%		3.4	%		5.3	%
First lien term loans		56.4			10.8			54.3			10.5			54.9			10.7			54.3			10.5
Second lien term loans		29.1			12.5			30.0			11.7			29.2			12.0			30.0			11.7
Structured finance securities		4.9			16.0			5.3			12.7			5.0			18.8			5.3			12.7
Equity interests		6.8			4.0			7.0			0.4			8.2			3.6			7.0			0.4

Total		100.0	%		11.4	%		100.0	%		10.9	%		100.0	%		11.2	%		100.0	%		10.9	%

Our investment in the subordinated notes of Saratoga CLO represents a first loss position in a portfolio that, at ~~May~~August 31, 2017 and February 28, 2017 was composed of ~~$299.3~~$300.1 million and $297.1 million, respectively, in aggregate principal amount of

predominantly senior secured first lien term loans. This investment is subject to unique risks. (See “Risk Factors—Our investment in Saratoga CLO constitutes a leveraged investment in a portfolio of predominantly senior secured first lien term loans and is subject to additional risks and volatility” in our Annual Report on Form10-K for the fiscal year ended February 28, 2017). We do not consolidate the Saratoga CLO portfolio in our consolidated financial statements. Accordingly, the metrics below do not include the

underlying Saratoga CLO portfolio investments. However, at ~~May~~August 31, 2017, ~~$290.2~~$289.4 million or ~~98.5%~~98.3% of the Saratoga CLO portfolio investments in terms of market value had a CMR (as defined below) color rating of green or yellow and there ~~was one~~were no Saratoga CLO portfolio ~~investment~~investments in ~~default with a fair value of $1.4 million.~~default. At February 28, 2017, $288.5 million or 98.7% of the Saratoga CLO portfolio investments in terms of market value had a CMR (as defined below) color rating of green or yellow and one Saratoga CLO portfolio investment was in default with a fair value of $1.4 million.

Saratoga Investment Advisors normally grades all of our investments using a credit and monitoring rating system (“CMR”). The CMR consists of a single component: a color rating. The color rating is based on several criteria, including financial and operating strength, probability of default, and restructuring risk. The color ratings are characterized as follows: (Green)—performing credit; (Yellow)—underperforming credit; (Red)—in payment default and/or risk of principal recovery.

The CMR distribution of our investments at ~~May~~August 31, 2017 and February 28, 2017 was as follows:


	At May 31, 2017					At February 28, 2017					At August 31, 2017					At February 28, 2017
Color Score	Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio
	($ in thousands)										($ in thousands)
Green	$	284,624		86.3	%	$	245,678		83.9	%	$	285,721		85.8	%	$	245,678		83.9	%
Yellow		8,280		2.5			8,423		2.9			7,996		2.4			8,423		2.9
Red		2,702		0.8			7,069		2.4			6		0.0			7,069		2.4
N/A(1)		34,084		10.4			31,491		10.8			39,247		11.8			31,491		10.8

Total	$	329,690		100.0	%	$	292,661		100.0	%	$	332,970		100.0	%	$	292,661		100.0	%

The change in reserve from $0.2 million as of February 28, 2017 to ~~$0.8~~$0.9 million as of ~~May~~August 31, 2017 primarily related to the increase in reserve for the ~~quarter~~six months on ~~two~~ thenon-performing and delinquent ~~investments,~~investment, TM Restaurant Group ~~L.L.C and My Alarm Center, LLC.~~L.L.C.

The CMR distribution of Saratoga CLO investments at ~~May~~August 31, 2017 and February 28, 2017 was as follows:


	At May 31, 2017					At February 28, 2017					At August 31, 2017					At February 28, 2017
Color Score	Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio
	($ in thousands)										($ in thousands)
Green	$	270,009		91.6	%	$	266,449		91.1	%	$	265,782		90.3	%	$	266,449		91.1	%
Yellow		20,194		6.9			22,064		7.6			23,657		8.0			22,064		7.6
Red		4,476		1.5			3,925		1.3			5,086		1.7			3,925		1.3
N/A(1)		34		0.0			23		0.0			—		0.0			23		0.0

Total	$	294,713		100.0	%	$	292,461		100.0	%	$	294,525		100.0	%	$	292,461		100.0	%

The following table shows our portfolio composition by industry grouping at fair value at ~~May~~August 31, 2017 and February 28, 2017:


	At May 31, 2017					At February 28, 2017					At August 31, 2017					At February 28, 2017
	Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio
	($ in thousands)										($ in thousands)
Business Services	$	187,407		56.8	%	$	161,212		55.1	%	$	188,121		56.5	%	$	161,212		55.1	%
Healthcare Services		37,836		11.5			38,544		13.2			38,121		11.4			38,544		13.2
Education		26,725		8.1			10,928		3.7			26,768		8.0			10,928		3.7
Media		18,106		5.5			18,698		6.4			17,902		5.4			18,698		6.4
Consumer Services		16,217		4.9			20,748		7.1			17,569		5.3			20,748		7.1
Structured Finance Securities(1)		16,111		4.9			15,450		5.3
Real Estate		15,749		4.8			16,839		5.7
Structured Finance Securities (1)												16,537		5.0			15,450		5.3
Building Products												14,850		4.5			—		—
Food and Beverage		8,646		2.6			8,423		2.9			8,350		2.5			8,423		2.9
Metals		1,896		0.6			851		0.3			3,463		1.0			851		0.3
Consumer Products		997		0.3			968		0.3			1,289		0.4			968		0.3
Real Estate												—		—			16,839		5.7

Total	$	329,690		100.0	%	$	292,661		100.0	%	$	332,970		100.0	%	$	292,661		100.0	%

The following table shows Saratoga CLO’s portfolio composition by industry grouping at fair value at ~~May~~August 31, 2017 and February 28, 2017:


	At May 31, 2017					At February 28, 2017					At August 31, 2017					At February 28, 2017
	Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio
	($ in thousands)										($ in thousands)
Services: Business	$	37,393		12.7	%	$	40,675		13.9	%	$	38,697		13.2	%	$	40,675		13.9	%
Healthcare & Pharmaceuticals		32,381		11.0			33,002		11.3			28,699		9.8			33,002		11.3
High Tech Industries		21,233		7.2			17,851		6.1			25,751		8.8			17,851		6.1
Banking, Finance, Insurance & Real Estate												20,277		6.9			14,752		5.0
Telecommunications												17,723		6.0			13,704		4.7
Chemicals/Plastics		20,805		7.1			21,492		7.4			17,273		5.9			21,492		7.4
Banking, Finance, Insurance & Real Estate		19,378		6.6			14,752		5.0
Aerospace and Defense												15,152		5.2			11,643		4.0
Retailers (Except Food and Drugs)		14,890		5.1			14,706		5.0			15,108		5.1			14,706		5.0
Aerospace and Defense		14,143		4.8			11,643		4.0
Telecommunications		14,065		4.8			13,704		4.7
Media		12,110		4.1			11,283		3.9			11,435		3.9			11,283		3.9
Industrial Equipment												9,158		3.1			9,853		3.4
Automotive												7,128		2.4			6,088		2.1
Leisure Goods/Activities/Movies		10,466		3.6			9,627		3.3			6,610		2.2			9,627		3.3
Industrial Equipment		9,323		3.2			9,853		3.4
Electronics/Electric		7,951		2.7			8,036		2.7
Automotive		7,750		2.6			6,088		2.1
Retail												5,991		2.0			—		—
Capital Equipment												5,966		2.0			6,026		2.1
Financial Intermediaries		6,553		2.2			9,476		3.2			4,718		1.6			9,476		3.2
Capital Equipment		6,518		2.2			6,026		2.1
Utilities		5,348		1.8			4,944		1.7
Services: Consumer												4,514		1.5			788		0.3
Publishing												4,485		1.5			4,580		1.6
Drugs		4,638		1.6			5,394		1.8			4,359		1.5			5,394		1.8
Publishing		4,542		1.5			4,580		1.6
Lodging and Casinos		4,274		1.4			4,311		1.5
Food Services		4,273		1.4			5,932		2.0			4,242		1.4			5,932		2.0
Beverage, Food & Tobacco		3,977		1.3			3,013		1.0			3,970		1.3			3,013		1.0
Transportation		3,834		1.3			2,731		0.9			3,933		1.3			2,731		0.9
Utilities												3,923		1.3			4,944		1.7
Electronics/Electric												3,872		1.3			8,036		2.7
Technology		3,788		1.3			3,935		1.3			3,457		1.2			3,935		1.3
Oil & Gas		3,132		1.1			3,209		1.1			3,083		1.0			3,209		1.1
Construction & Building												2,960		1.0			1,974		0.7
Insurance		2,931		1.0			3,001		1.0			2,914		1.0			3,001		1.0
Conglomerate		2,560		0.9			3,584		1.2			2,546		0.9			3,584		1.2
Construction & Building		2,466		0.8			1,974		0.7
Brokers/Dealers/Investment Houses		2,435		0.8			2,479		0.8			2,432		0.8			2,479		0.8
Containers/Glass Products		2,356		0.8			2,008		0.7			2,394		0.8			2,008		0.7
Lodging and Casinos												2,304		0.8			4,311		1.5
Hotel, Gaming and Leisure		2,019		0.7			2,025		0.7			2,009		0.7			2,025		0.7
Food Products		2,013		0.7			3,147		1.1			2,000		0.7			3,147		1.1
Food/Drug Retailers												1,977		0.7			2,877		1.0
Cable and Satellite Television		1,614		0.5			1,617		0.6			1,605		0.5			1,617		0.6
Food/Drug Retailers		1,403		0.5			2,877		1.0
Services: Consumer		1,276		0.4			788		0.3
Consumer Goods: Durable												503		0.2			—		—
Consumer Goods:Non-Durable												497		0.2			—		—
Forest Products & Paper		502		0.2			—		—			493		0.2			—		—
Broadcast Radio and Television		373		0.1			343		0.1			367		0.1			343		0.1
Nonferrous Metals/Minerals		—		—			1,312		0.4			—		—			1,312		0.4
Environmental Industries		—		—			800		0.3			—		—			800		0.3
Building and Development		—		—			243		0.1			—		—			243		0.1

Total	$	294,713		100.0	%	$	292,461		100.0	%	$	294,525		100.0	%	$	292,461		100.0	%

The following table shows our portfolio composition by geographic location at fair value at ~~May~~August 31, 2017 and February 28, 2017. The geographic composition is determined by the location of the corporate headquarters of the portfolio company.


	At May 31, 2017					At February 28, 2017					At August 31, 2017					At February 28, 2017
	Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio			Investments at Fair Value		Percentage of Total Portfolio
	($ in thousands)										($ in thousands)
Southeast	$	144,013		43.7	%	$	116,186		39.7	%	$	149,968		45.0	%	$	116,186		39.7	%
Midwest		88,586		26.9			75,154		25.7			83,949		25.2			75,154		25.7
Northeast												35,108		10.6			38,880		13.3
Southwest		34,018		10.3			34,060		11.6			34,183		10.3			34,060		11.6
Northeast		33,952		10.3			38,880		13.3
Other(1)		16,111		4.9			15,450		5.3
Other (1)												16,537		5.0			15,450		5.3
Northwest		7,850		2.4			7,780		2.6			7,785		2.3			7,780		2.6
West		5,160		1.5			5,151		1.8			5,440		1.6			5,151		1.8

Total	$	329,690		100.0	%	$	292,661		100.0	%	$	332,970		100.0	%	$	292,661		100.0	%

Operating results for the three and six months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016 were as follows:


	For the three months ended						For the three months ended
	May 31, 2017			May 31, 2016			August 31, 2017			August 31, 2016
	($ in thousands)						($ in thousands)
Total investment income	$	8,707		$	7,908		$	10,254		$	8,448
Total expenses		5,203			5,369
Total operating expenses								7,363			5,844

Net investment income		3,504			2,539			2,891			2,604
Net realized gains from investments		96			6,103
Net unrealized depreciation on investments		(2,586	)		(5,354	)
Net realized gains (losses) from investments								(5,775	)		5,937
Net change in unrealized appreciation (depreciation) on investments								9,754			(3,269	)

Net increase in net assets resulting from operations	$	1,014		$	3,288		$	6,870		$	5,272


							For the six months ended
							August 31, 2017			August 31, 2016
							($ in thousands)
Total investment income							$	18,961		$	16,356
Total operating expenses								12,566			11,214

Net investment income								6,395			5,142
Net realized gains (losses) from investments								(5,679	)		12,040
Net change in unrealized appreciation (depreciation) on investments								7,168			(8,623	)

Net increase in net assets resulting from operations							$	7,884		$	8,559

The composition of our investment income for the three and six months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016 was as follows:


	For the three months ended				For the three months ended
	May 31, 2017		May 31, 2016		August 31, 2017		August 31, 2016
	($ in thousands)				($ in thousands)
Interest from investments	$	7,741	$	7,281	$	9,187	$	7,303
Management fee income		376		374		376		375
Incentive fee income		105		—		162		—
Interest from cash and cash equivalents and other income		485		253		529		770

Total	$	8,707	$	7,908
Total investment income					$	10,254	$	8,448


					For the six months ended
					August 31, 2017		August 31, 2016
					($ in thousands)
Interest from investments					$	16,927	$	14,585
Management fee income						752		748
Incentive fee income						268		—
Interest from cash and cash equivalents and other income						1,014		1,023

Total investment income					$	18,961	$	16,356

For the three months ended ~~May~~August 31, 2017, total investment income of ~~$8.7~~$10.3 million increased ~~$0.8~~$1.9 million, or ~~10.1%~~21.4% compared to ~~$7.9~~$8.4 million for the three months ended ~~May~~August 31, 2016. Interest income from investments increased ~~$0.4~~$1.9 million, or ~~6.3%~~25.8%, to ~~$7.7~~$9.2 million for the three months ended ~~May~~August 31, 2017 from $7.3 million for the three months ended ~~May~~August 31, 2016. This reflects an

increase of ~~24.7%~~22.1% in total investments to ~~$329.7~~$333.0 million at ~~May~~August 31, 2017 from ~~$264.4~~$272.8 million at ~~May~~August 31, ~~2016, with some of the new investments being towards the end of the period.~~2016. The increase was offset by the weighted average current coupon decreasing from ~~11.5%~~11.9% to ~~11.4%~~11.2%.

For the six months ended August 31, 2017, total investment income of $19.0 million increased $2.6 million, or 15.9% compared to $16.4 million for the six months ended August 31, 2016. Interest income from investments increased $2.3 million, or 16.1%, to $16.9 million for the six months ended August 31, 2017 from $14.6 million for the six months ended August 31, 2016. This reflects an increase of 22.1% in total investments to $333.0 million at August 31, 2017 from $272.8 million at August 31, 2016. The increase was offset by the weighted average current coupon decreasing from 11.9% to 11.2%.

For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, total PIK income was $0.5 million and ~~$0.1~~$0.2 million, respectively. For the six months ended August 31, 2017 and August 31, 2016, total PIK income was $1.0 million and $0.3 million, respectively.

For the three and six months ended ~~May~~August 31, 2017, incentive fee income of ~~$0.1~~$0.2 million and $0.3 million, respectively, was recognized related to the Saratoga CLO, reflecting the 12.0% hurdle rate that has been achieved.

The composition of our operating expenses for the three and six months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016 was as follows:


	For the three months ended				For the three months ended
	May 31, 2017		May 31, 2016		August 31, 2017			August 31, 2016
	($ in thousands)				($ in thousands)
Interest and debt financing expenses	$	2,524	$	2,368	$	2,963		$	2,370
Base management fees		1,391		1,227		1,482			1,203
Professional fees		384		359		407			302
Administrator expenses		375		325		396			325
Incentive management fees		176		728		1,710			1,208
Insurance		66		71		66			71
Directors fees and expenses		51		66		60			60
General and administrative and other expenses		236		225		294			305
Excise tax expense (credit)						(15	)		—

Total expenses	$	5,203	$	5,369
Total operating expenses					$	7,363		$	5,844


					For the six months ended
					August 31, 2017			August 31, 2016
					($ in thousands)
Interest and debt financing expenses					$	5,486		$	4,738
Base management fees						2,873			2,430
Professional fees						792			662
Administrator expenses						771			650
Incentive management fees						1,886			1,937
Insurance						132			141
Directors fees and expenses						111			126
General and administrative and other expenses						530			530
Excise tax expense (credit)						(15	)		—

Total operating expenses					$	12,566		$	11,214

For the three months ended ~~May~~August 31, 2017, total operating expenses ~~decreased $0.2~~increased $1.5 million, or ~~3.1%~~26.0% compared to the three months ended ~~May~~August 31, 2016. For the six months ended August 31, 2017, total operating expenses increased $1.4 million, or 12.1% compared to the six months ended August 31, 2016.

For the three and six months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, the increase in interest and debt financing expenses is primarily attributable to an increase in outstanding debt as compared to the prior year, with increased levels of outstanding SBA debentures, ~~as well as~~ additional notes being ~~issued.~~issued and our Credit Facility having an outstanding balance thisquarter-end. Our SBA debentures increased from $103.7 million at ~~May~~August 31, 2016 to $134.7 million at ~~May~~August 31, 2017, while the 2020 Notes were repaid and the 2023 Notes issued, increasing the notes payable from $61.8 million outstanding to $74.5 million outstanding for these same periods. For the three months ended ~~May~~August 31, 2017, the weighted average interest rate on our outstanding indebtedness was ~~4.59%~~4.52% compared to ~~4.74%~~4.80% for the three months ended ~~May~~August 31, 2016. ~~This~~For the six months ended August 31, 2017, the weighted average interest rate on our outstanding indebtedness was 4.55% compared to 4.77% for the six months ended August 31, 2016. For both periods, the decrease was primarily driven by an increase in SBA debentures that carry a lower interest rate as well as the notes payable interest rate decreasing from 7.50% to 6.75% following the refinancing of the 2020 Notes. SBA debentures decreased from 62.7% of overall debt as of ~~May~~August 31, 2016 to ~~57.6%~~61.5% as of ~~May~~August 31, 2017, primarily due to ~~$24.5~~the increase in notes issued and the $10.0 million outstanding on the Credit ~~Facility, which was drawn towards the end of the quarter.~~Facility.

For the three months ended ~~May~~August 31, 2017, base management fees increased ~~$0.2~~$0.3 million, or ~~13.4%~~23.2% compared to the three months ended ~~May~~August 31, 2016. For the six months ended August 31, 2017, base management fees increased $0.4 million, or 18.2% compared to the six months ended August 31, 2016. The increase in base management fees results from the ~~13.4%~~23.2% increase in the average value of our total assets, less cash and cash equivalents, from ~~$278.2~~$272.7 million as of ~~May~~August 31, 2016 to ~~$315.4~~$335.9 million as of ~~May~~August 31, 2017.

For the three and six months ended ~~May~~August 31, 2017, professional fees increased ~~$0.03~~$0.1 million, or ~~7.0%~~34.8%, and increased $0.1 million, or 19.7%, respectively, compared to the three and six months ended ~~May~~August 31, 2016.

For the three months ended ~~May~~August 31, 2017, incentive management fees ~~decreased $0.6~~increased $0.5 million, or ~~75.8%~~41.5%, compared to the three months ended ~~May~~August 31, 2016. The first part of the incentive management fees increased this year from ~~$0.65~~$0.76 million to ~~$0.74~~$0.92 million as higher average total assets of ~~13.4%~~23.2% has led to increased net investment income above the hurdle rate pursuant to the investment advisory and management agreement. In addition, the incentive management fees related to capital gains increased from incentive fees of $0.4 million for the three months ended August 31, 2016 to $0.8 million for the quarter ended August 31, 2017, reflecting the $4.0 million net gain on investments for the three months ended August 31, 2017.

For the six months ended August 31, 2017, incentive management fees decreased $0.1 million, or 2.6%, compared to the six months ended August 31, 2016. The first part of the incentive management fees increased this year from $1.4 million to $1.7 million as higher average total assets of 23.2% has led to increased net investment income above the hurdle rate pursuant to the investment advisory and management agreement. However, for the ~~three~~six months ended ~~May~~August 31, 2017, incentive management fees in total decreased ~~$0.6~~$0.1 million as the incentive management fees related to capital gains decreased from incentive fees of ~~$0.1~~$0.5 million for the ~~three~~six months ended ~~May~~August 31, 2016 to ~~a reduction in incentive fees of $0.6~~$0.2 million, reflecting the ~~$2.5~~lower $1.5 million net ~~loss~~gain on investments for the ~~three~~six months ended ~~May~~August 31, ~~2017.~~2017 as compared to the $3.4 million net gain on investments for the six months ended August 31, 2016.

As discussed above, the increase in interest and debt financing expenses for the three and six months ended ~~May~~August 31, 2017 as compared to the three and six months ended ~~May~~August 31, 2016 is primarily attributable to an increase in the amount of outstanding debt. ~~For the three months ended May~~As of August 31, 2017, there was ~~also $24.5~~$10.0 million of outstanding borrowings under the Credit ~~Facility. For the three months ended May 31, 2016,~~Facility, whereas there were no outstanding borrowings under the Credit ~~Facility.~~Facility as of August 31, 2016. For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, the weighted average interest rate on the outstanding borrowings of the SBA debentures was ~~3.18%~~3.06% and ~~3.09%~~3.19%, respectively. For the six months ended August 31, 2017 and August 31, 2016, the weighted average interest rate on the outstanding borrowings of the SBA debentures was 3.11% and 3.14%, respectively.

For the three months ended ~~May~~August 31, 2017, the Company had ~~$5.9~~$37.9 million of sales, repayments, exits or restructurings resulting in ~~$0.1~~$5.8 million of net realized losses. For the six months ended August 31, 2017, the Company had $43.8 million of sales, repayments, exits or restructurings resulting in $5.7 million of net realized losses. The most significant realized gains (losses) during the six months ended August 31, 2017 were as follows (dollars in thousands):

The $7.7 million of realized loss on our investment in My Alarm Center, LLC, was due to the completion of a sales transaction, following increasing leverage levels combined with declining market conditions in the sector.

The $1.8 million of realized gain on our investment in Mercury Funding, LLC, was driven by the completion of a sales transaction with a strategic acquirer.

For the three months ended August 31, 2016, the Company had $50.3 million of sales, repayments, exits or restructurings resulting in $5.9 million of net realized gains. For the six months ended August 31, 2016, the Company had $70.9 million of sales, repayments, exits or restructurings resulting in $12.0 million of net realized gains. The most significant realized gains during the ~~three~~six months ended ~~May 31, 2017 were as follows (dollars in thousands):~~

For the three months ended May 31, 2016, the Company had $20.6 million of sales, repayments, exits or restructurings resulting in $6.1 million of net realized gains. The most significant realized gains during the three months ended MayAugust 31, 2016 were as follows (dollars in thousands):


Issuer	Asset Type		Gross Proceeds		Cost		Net Realized Gain		Asset Type	Gross Proceeds		Cost		Net Realized Gain
Take 5 Oil Change, L.L.C		Common Stock	$	6,457	$	481	$	5,976	Common Stock	$	6,457	$	481	$	5,976
Advanced Air & Heat of Florida, LLC		First Lien Term Loan		7,100		7,037		63
Legacy Cabinets, Inc.									Common Stock Voting A-1		2,320		221		2,099
Legacy Cabinets, Inc.									Common Stock VotingB-1		1,464		139		1,325

The $6.0 million of realized gain on our investment in Take 5 Oil Change, L.L.C. was due to the completion of a sales transaction with a strategic acquirer.

The $3.4 million of realized gains on our investments in Legacy Cabinets, Inc. were due to a period of steadily improving performance, leading up to our sale of shares in Legacy Cabinets, Inc.

For the three months ended ~~May~~August 31, 2017, our investments had net unrealized ~~depreciation~~appreciation of ~~$2.6~~$9.8 million versus net unrealized depreciation of ~~$5.4~~$3.3 million for the three months ended ~~May~~August 31, 2016. For the six months ended August 31, 2017, our investments had net unrealized appreciation of $7.2 million versus net unrealized depreciation of $8.6 million for the six months ended August 31, 2016. The most significant cumulative changes in unrealized appreciation and depreciation for the ~~three~~six months ended ~~May~~August 31, 2017, were the following (dollars in thousands):


Issuer	Asset Type		Cost		Fair Value		Total Unrealized Appreciation (Depreciation)			YTD Change in Unrealized Appreciation (Depreciation)			Asset Type	Cost		Fair Value		Total Unrealized Appreciation (Depreciation)			YTD Change in Unrealized Appreciation (Depreciation)
Saratoga Investment Corp. CLO 2013-1, Ltd		Structured Finance Securities	$	9,520	$	11,563	$	2,043		$	1,412
Mercury Network, LLC		Common Stock		858		2,631		1,773			1,120
My Alarm Center, LLC													Second Lien Term Loan	$	—	$	—	$	—		$	2,298
Easy Ice, LLC													Preferred Equity		8,124		10,212		2,088			2,088
Saratoga Investment Corp. CLO2013-1 Ltd.													Structured Finance Securities		9,322		12,038		2,716			2,085
Elyria Foundry Company, L.L.C.		Common Stock		9,218		1,458		(7,760	)		1,044		Common Stock		9,685		2,672		(7,013	)		1,791
Ohio Medical, LLC		Second Lien Term Loan		7,241		6,396		(846	)		(597	)
My Alarm Center, LLC		Second Lien Term Loan		10,330		2,696		(7,634	)		(5,336	)
Mercury Funding, LLC													Common Stock		—		—		—			(653	)

The ~~$1.1~~$2.3 million of change in unrealized appreciation in our investment in ~~Mercury Network,~~My Alarm Center, LLC was driven by the completion of a sales ~~transaction with~~transaction. In recognizing this loss as a result of the sale, unrealized depreciation was adjusted to zero, which resulted in a $2.3 million change in unrealized appreciation for the six months.

The $2.1 million of change in unrealized appreciation in our investment in Easy Ice, LLC was driven by the completion of a strategic ~~acquirer.~~acquisition that increased the scale and earnings of the business.

The ~~$1.0~~$2.1 million of change in unrealized appreciation in our investment in Saratoga Investment Corp. CLO2013-1 Ltd. was driven by continued improved performance of the Saratoga CLO.

The $1.8 million of change in unrealized appreciation in our investment in Elyria Foundry Company, L.L.C. was driven by an increase in oil and gas ~~end~~ markets sinceyear-end, positively impacting the ~~Company’s~~company’s performance.

~~The $5.3 million of change in unrealized depreciation in our investment in My Alarm Center, LLC was driven by increasing leverage levels combined with declining market conditions in the sector.~~

The most significant cumulative changes in unrealized appreciation and depreciation for the ~~three~~six months ended ~~May~~August 31, 2016, were the following (dollars in thousands):


Issuer	Asset Type	Cost		Fair Value		Total Unrealized Appreciation (Depreciation)			YTD Change in Unrealized Appreciation (Depreciation)			Asset Type	Cost		Fair Value		Total Unrealized Appreciation (Depreciation)			YTD Change in Unrealized Appreciation (Depreciation)
Take 5 Oil Change, L.L.C	Common Stock	$	—	$	—	$	—		$	(5,755	)	Common Stock	$	—	$	—	$	—		$	(5,755	)
Elyria Foundry Company, L.L.C	Common Stock		9,218		583		(8,635	)		(1,443	)
Prime Security Services, LLC	Second Lien Term Loan		11,835		12,092		257			1,106
Legacy Cabinets, Inc.												Common Stock Voting A-1		—		—		—			(2,456	)
Legacy Cabinets, Inc.												Common Stock VotingB-1		—		—		—			(1,550	)
Elyria Foundry Company, L.L.C.												Common Stock		9,217		314		(8,903	)		(1,712	)

The $5.8 million of change in unrealized depreciation in our investment in Take 5 Oil Change, L.L.C. was driven by the completion of a sales transaction with a strategic acquirer. In realizing this gain as a result of the sale, unrealized appreciation was adjusted to zero, which resulted in a $5.8 million change in unrealized depreciation for the quarter.

The ~~$1.4~~$4.0 million of change in unrealized depreciation in our investments in Legacy Cabinets, Inc. were driven by the completion of a sales transaction. In realizing these gains as a result of the sale, unrealized appreciation was adjusted to zero, which resulted in a $4.0 million change in unrealized depreciation for the period.

The $1.7 million of change in unrealized depreciation in our investment in Elyria Foundry Company, L.L.C. was driven by a continued decline in oil and gas end markets since ~~quarter end,~~year-end, negatively impacting the company’s performance.

~~The $1.1 million of change in unrealized appreciation in our investment in Prime Security Services, LLC was driven by a narrowing of credit spreads since quarter end.~~

For the three months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016, we recorded a net increase in net assets resulting from operations of ~~$1.0~~$6.9 million and ~~$3.3~~$5.3 million, respectively. Based on ~~5,861,654~~5,955,251 weighted average common shares outstanding as of ~~May~~August 31, 2017, our per share net increase in net assets resulting from operations was ~~$0.17~~$1.15 for the three months ended ~~May~~August 31, 2017. This compares to a per share net increase in net assets resulting from operations of ~~$0.57~~$0.92 for the three months ended ~~May~~August 31, 2016 based on ~~5,737,496~~5,740,816 weighted average common shares outstanding as of ~~May~~August 31, 2016.

For the six months ended August 31, 2017 and August 31, 2016, we recorded a net increase in net assets resulting from operations of $7.9 million and $8.6 million, respectively. Based on 5,908,453 weighted average common shares outstanding as of August 31, 2017, our per share net increase in net assets resulting from operations was $1.33 for the six months ended August 31, 2017. This compares to a per share net increase in net assets resulting from operations of $1.49 for the six months ended August 31, 2016 based on 5,739,157 weighted average common shares outstanding as of August 31, 2016.

We intend to continue to generate cash primarily from cash flows from operations, including interest earned from our investments in debt in middle market companies, interest earned from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less, future borrowings and future offerings of securities.

Although we expect to fund the growth of our investment portfolio through the net proceeds from SBA debenture drawdowns and future equity offerings, including our dividend reinvestment plan (“DRIP”), and issuances of senior securities or future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our plans to raise capital will be successful. In this regard, because our common stock has historically traded at a price below our current net asset value per share and we are limited in our ability to sell our common stock at a price below net asset value per share, we have been and may continue to be limited in our ability to raise equity capital.

In addition, we intend to distribute to our stockholders substantially all of our taxable income in order to satisfy the distribution requirement applicable to RICs under the Code. In satisfying this distribution requirement, we have in the past relied on Internal Revenue Service (“IRS”) issued private letter rulings concluding that a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC subject to a limitation on the aggregate amount of cash to be distributed to all stockholders, which limitation must be at least 20.0% of the aggregate declared distribution. We may rely on these IRS private letter rulings in future periods to satisfy our RIC distribution requirement.

Also, as a BDC, we generally are required to meet a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which include all of our borrowings and any outstanding preferred stock, of at least 200.0%. This requirement limits the amount that we may borrow. Our asset coverage ratio, as defined in the 1940 Act, was ~~229.0%~~258.0% as of ~~May~~August 31, 2017 and 271.0% as of February 28, 2017. To fund growth in our investment portfolio in the future, we anticipate needing to raise additional capital from various sources, including the equity markets and other debt-related markets, which may or may not be available on favorable terms, if at all.

Consequently, we may not have the funds or the ability to fund new investments, to make additional investments in our portfolio companies, to fund our unfunded commitments to portfolio companies or to repay borrowings. Also, the illiquidity of our portfolio investments may make it difficult for us to sell these investments when desired and, if we are required to sell these investments, we may realize significantly less than their recorded value.

Below is a summary of the terms of the senior secured revolving credit facility we entered into with Madison Capital Funding LLC (the “Credit Facility”) on June 30, ~~2010.~~2010, which was most recently amended on May 18, 2017.

Availability. The Company can draw up to the lesser of (i) $40.0 million (the “Facility Amount”) and (ii) the product of the applicable advance rate (which varies from 50.0% to 75.0% depending on the type of loan asset) and the value, determined in accordance with the Credit Facility (the “Adjusted Borrowing Value”), of certain “eligible” loan assets pledged as security for the loan (the “Borrowing Base”), in each case less (a) the amount of any undrawn funding commitments the Company has under any loan asset and which are not covered by amounts in the Unfunded Exposure Account referred to below (the “Unfunded Exposure Amount”) and outstanding borrowings. Each loan asset held by the Company as of the date on which the Credit Facility was closed was valued as of that date and each loan asset that the Company acquires after such date will be valued at the lowest of its fair value, its face value (excluding accrued interest) and the purchase price paid for such loan asset. Adjustments to the value of a loan asset will be made to reflect, among other things, changes in its fair value, a default by the obligor on the loan asset, insolvency of the obligor, acceleration of the loan asset, and certain modifications to the terms of the loan asset.

The Credit Facility contains limitations on the type of loan assets that are “eligible” to be included in the Borrowing Base and as to the concentration level of certain categories of loan assets in the Borrowing Base such as restrictions on geographic and industry concentrations, asset size and quality, payment frequency, status and terms, average life, and collateral interests. In addition, if an asset is to remain an “eligible” loan asset, the Company may not make changes to the payment, amortization, collateral and certain other terms of the loan assets without the consent of the administrative agent that will either result in subordination of the loan asset or be materially adverse to the lenders.

Collateral.The Credit Facility is secured by substantially all of the assets of the Company (other than assets held by our SBIC subsidiary) and includes the subordinated notes (“CLO Notes”) issued by Saratoga CLO and the Company’s rights under the CLO Management Agreement (as defined below).

Interest Rate and Fees. Under the Credit Facility, funds are borrowed from or through certain lenders at the greater of ~~the~~

~~prevailing~~theprevailing LIBOR rate and 1.00%, plus an applicable margin of 4.75%. At the Company’s option, funds may be borrowed based on an alternative base rate, which in no event will be less than 2.00%, and the applicable margin over such alternative base rate is 3.75%. In addition, the Company pays the lenders a commitment fee of 0.75% per year on the unused amount of the Credit Facility for the duration of the Revolving Period (defined below). Accrued interest and commitment fees are payable monthly. The Company was also obligated to pay certain other fees to the lenders in connection with the closing of the Credit Facility.

Revolving Period and Maturity Date. The Company may make and repay borrowings under the Credit Facility for a period of three years following the closing of the Credit Facility (the “Revolving Period”). The Revolving Period may be terminated at an earlier time by the Company or, upon the occurrence of an event of default, by action of the lenders or automatically. All borrowings and other amounts payable under the Credit Facility are due and payable in full five years after the end of the Revolving Period.

Collateral Tests. It is a condition precedent to any borrowing under the Credit Facility that the principal amount outstanding under the Credit Facility, after giving effect to the proposed borrowings, not exceed the lesser of the Borrowing Base or the Facility Amount (the “Borrowing Base Test”). In addition to satisfying the Borrowing Base Test, the following tests must also be satisfied (together with Borrowing Base Test, the “Collateral Tests”):

The Credit Facility also requires payment of outstanding borrowings or replacement of pledged loan assets upon the Company’s breach of its representation and warranty that pledged loan assets included in the Borrowing Base are “eligible” loan assets. Such payments or replacements must equal the lower of the amount by which the Borrowing Base is overstated as a result of such breach or any deficiency under the Collateral Tests at the time of repayment or replacement. Compliance with the Collateral Tests is also a condition to the discretionary sale of pledged loan assets by the Company.

Priority of Payments. During the Revolving Period, the priority of payments provisions of the Credit Facility require, after payment of specified fees and expenses and any necessary funding of the Unfunded Exposure Account, that collections of principal from the loan assets and, to the extent that these are insufficient, collections of interest from the loan assets, be applied on each payment date to payment of outstanding borrowings if the Borrowing Base Test, the Overcollateralization Ratio and the Interest Coverage Ratio would not otherwise be met. Similarly, following termination of the Revolving Period, collections of interest are required to be applied, after payment of certain fees and expenses, to cure any deficiencies in the Borrowing Base Test, the Interest Coverage Ratio and the Overcollateralization Ratio as of the relevant payment date.

Reserve Account.The Credit Facility requires the Company to set aside an amount equal to the sum of accrued interest, commitment fees and administrative agent fees due and payable on the next succeeding three payment dates (or corresponding to three payment periods). If for any monthly period during which fees and other payments accrue, the aggregate Adjusted Borrowing Value of “eligible” pledged loan assets which do not pay cash interest at least quarterly exceeds 15.0% of the aggregate Adjusted Borrowing Value of “eligible” pledged loan assets, the Company is required to set aside such interest and fees due and payable on the next succeeding six payment dates. Amounts in the reserve account can be applied solely to the payment of administrative agent fees, commitment fees, accrued and unpaid interest and any breakage costs payable to the lenders.

Unfunded Exposure Account. With respect to revolver or delayed draw loan assets, the Company is required to set aside in a designated account (the “Unfunded Exposure Account”) 100.0% of its outstanding and undrawn funding commitments with respect to such loan assets. The Unfunded Exposure Account is funded at the time the Company acquires a revolver or delayed draw loan asset and requests a related borrowing under the Credit Facility. The Unfunded Exposure Account is funded through a combination of proceeds of the requested borrowing and other Company funds, and if for any reason such amounts are insufficient, through application of the priority of payment provisions described above.

Operating Expenses. The priority of payments provision of the Credit Facility provides for the payment of certain operating expenses of the Company out of collections on principal and interest during the Revolving Period and out of collections on interest following the termination of the Revolving Period in accordance with the priority established in such provision. The operating expenses payable pursuant to the priority of payment provisions is limited to $350,000 for each monthly payment date or $2.5 million for the immediately preceding period of twelve consecutive monthly payment dates. This ceiling can be increased by the lesser of

5.0% or the percentage increase in the fair market value of all the Company’s assets only on the first monthly payment date to occur after eachone-year anniversary following the closing of the Credit Facility. Upon the occurrence of a Manager Event (described below), the consent of the administrative agent is required in order to pay operating expenses through the priority of payments provision.

Events of Default. The Credit Facility contains certain negative covenants, customary representations and warranties and affirmative covenants and events of default. The Credit Facility does not contain grace periods for breach by the Company of certain covenants, including, without limitation, preservation of existence, negative pledge, change of name or jurisdiction and separate legal entity status of the Company covenants and certain other customary covenants. Other events of default under the Credit Facility include, among other things, the following:

Conditions to Acquisitions and Pledges of Loan Assets. The Credit Facility imposes certain additional conditions to the acquisition and pledge of additional loan assets. Among other things, the Company may not acquire additional loan assets without the prior written consent of the administrative agent until such time that the administrative agent indicates in writing its satisfaction with Saratoga Investment Advisors’ policies, personnel and processes relating to the loan assets.

Fees and Expenses. The Company paid certain fees and reimbursed Madison Capital Funding LLC for the aggregate amount of all documented,out-of-pocket costs and expenses, including the reasonable fees and expenses of lawyers, incurred by Madison Capital Funding LLC in connection with the Credit Facility and the carrying out of any and all acts contemplated thereunder up to and as of the date of closing of the stock purchase transaction with Saratoga Investment Advisors and certain of its affiliates. These amounts totaled $2.0 million.

On February 24, 2012, we amended our senior secured revolving credit facility with Madison Capital Funding LLC to, among other things:

On September 17, 2014, we entered into a second amendment to the Revolving Facility with Madison Capital Funding LLC to, among other things:

On May 18, 2017, we entered into a third amendment to the Credit Facility with Madison Capital Funding LLC to, among other things:

As of ~~May~~August 31, 2017, we had ~~$24.5~~$10.0 million of outstanding borrowings under the Credit Facility and $134.7 million ofSBA-guaranteed debentures outstanding (which are discussed below). As of February 28, 2017, we had no outstanding borrowings under the Credit Facility and $112.7 millionSBA-guaranteed debentures outstanding. Our borrowing base under the Credit Facility at ~~May~~August 31, 2017 and February 28, 2017 was ~~$45.0~~$34.0 million and $24.7 million, respectively.

Our asset coverage ratio, as defined in the 1940 Act, was ~~229.0%~~258.0% as of ~~May~~August 31, 2017 and 271.0% as of February 28, 2017.

In addition, we, through a wholly-owned subsidiary, sought and obtained a license from the SBA to operate an SBIC. In this regard, on March 28, 2012, our wholly-owned subsidiary, Saratoga Investment Corp. SBIC, LP, received a license from the SBA to operate as an SBIC under Section 301(c) of the Small Business Investment Act of 1958. SBICs are designated to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses.

The SBIC license allows our SBIC subsidiary to obtain leverage by issuingSBA-guaranteed debentures.SBA-guaranteed debentures arenon-recourse, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount ofSBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate ofSBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with10-year maturities.

SBA regulations currently limit the amount that our SBIC subsidiary may borrow to a maximum of $150.0 million when it has at least $75.0 million in regulatory capital, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. As of ~~May~~August 31, 2017, our SBIC subsidiary had $75.0 million in regulatory capital and $134.7 millionSBA-guaranteed debentures outstanding.

We received exemptive relief from the SEC to permit us to exclude the debt of our SBIC subsidiary guaranteed by the SBA

from the definition of senior securities in the 200.0% asset coverage test under the 1940 Act. This allows us increased flexibility under the 200.0% asset coverage test by permitting us to borrow up to $150.0 million more than we would otherwise be able to absent the receipt of this exemptive relief.

On April 2, 2015, the SBA issued a “green light” letter inviting the Company to continue our application process to obtain a license to form and operate its second SBIC subsidiary. On September 27, 2016, the SBA informed us that as part of their continued review of our application for a second license, and in order to ensure that they were reviewing the most current information available, we would need to update all previously submitted materials and invited us to reapply. As a result of this request, with which we are in the process of complying, the existing “green light” letter that the SBA issued to us has expired. If approved in the future, a second SBIC license would provide us an incremental source of long-term capital by permitting us to issue up to $150.0 million of additionalSBA-guaranteed debentures in addition to the $150.0 million already approved under the first license.

In May 2013, we issued $48.3 million in aggregate principal amount of our 2020 Notes for net proceeds of $46.1 million after deducting underwriting commissions of $1.9 million and offering costs of $0.3 million. The proceeds included the underwriters’ full exercise of their overallotment option. Interest on these 2020 Notes is paid quarterly in arrears on February 15, May 15, August 15 and November 15, at a rate of 7.50% per year, beginning August 15, 2013. The 2020 Notes mature on May 31, 2020 and since May 31, 2016, may be redeemed in whole or in part at any time or from time to time at our option. In connection with the issuance of the 2020 Notes, we agreed to the following covenants for the period of time during which the 2020 Notes are outstanding:

The 2020 Notes were redeemed in full on January 13, 2017 and are no longer listed on the NYSE.

On May 29, 2015, we entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which we may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an ATM offering. As of ~~May~~August 31, 2017, the Company sold 539,725 bonds with a principal of $13,493,125 at an average price of $25.31 for aggregate net proceeds of $13,385,766 (net of transaction costs).

On December 21, 2016, we issued $74.5 million in aggregate principal amount of our 2023 Notes for net proceeds of $71.7 million after deducting underwriting commissions of approximately $2.3 million and offering costs of approximately $0.5 million. The issuance included the exercise of substantially all of the underwriters’ option to purchase an additional $9.8 million aggregate principal amount of 2023 Notes within 30 days. Interest on the 2023 Notes is paid quarterly in arrears on March 15, June 15, September 15 and December 15, at a rate of 6.75% per year, beginning March 30, 2017. The 2023 Notes mature on December 30, 2023, and commencing December 21, 2019, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used to repay all of the outstanding indebtedness under the 2020 Notes on January 13, 2017, which amounts to $61.8 million, and for general corporate purposes in accordance with our investment objective and strategies. The 2020 Notes were redeemed in full on January 13, 2017. The 2023 Notes are listed on the NYSE under the trading symbol “SAB” with a par value of $25.00 per share. In connection with the issuance of the 2023 Notes, we agreed to the following covenants for the period of time during which the notes are outstanding:

Act or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 200% after such borrowings.

At ~~May~~August 31, 2017 and February 28, 2017, the fair value of investments, cash and cash equivalents and cash and cash equivalents, reserve accounts were as follows:


	At May 31, 2017					At February 28, 2017					At August 31, 2017					At February 28, 2017
	Fair Value		Percentage of Total			Fair Value		Percentage of Total			Fair Value		Percentage of Total			Fair Value		Percentage of Total
	($ in thousands)										($ in thousands)
Cash and cash equivalents	$	1,247		0.4	%	$	9,307		3.0	%	$	1,595		0.5	%	$	9,307		3.0	%
Cash and cash equivalents, reserve accounts		26,527		7.4			12,781		4.1			16,816		4.8			12,781		4.1
Syndicated loans		9,068		2.5			9,823		3.1			8,980		2.6			9,823		3.1
First lien term loans		186,015		52.0			159,097		50.5			182,781		52.0			159,097		50.5
Second lien term loans		95,975		26.9			87,750		27.9			97,462		27.7			87,750		27.9
Structured finance securities		16,111		4.5			15,450		4.9			16,537		4.7			15,450		4.9
Equity interests		22,521		6.3			20,541		6.5			27,210		7.7			20,541		6.5

Total	$	357,464		100.0	%	$	314,749		100.0	%	$	351,381		100.0	%	$	314,749		100.0	%

On September 24, 2014, we announced the approval of an open market share repurchase plan that allows it to repurchase up to 200,000 shares of our common stock at prices below our NAV as reported in its then most recently published consolidated financial statements, which was subsequently increased to 400,000 shares of our common stock. On October 5, 2016, our board of directors extended the open market share repurchase plan for another year to October 15, 2017 and increased the number of shares we are permitted to repurchase at prices below our NAV, as reported in its then most recently published consolidated financial statements, to 600,000 shares of our common stock. On October 10, 2017, the Company’s board of directors extended the open market share repurchase plan for another year to October 15, 2018, leaving the number of shares unchanged at 600,000 shares of its common stock. As of ~~May~~August 31, 2017, we purchased 218,491 shares of common stock, at the average price of $16.87 for approximately $3.7 million pursuant to this repurchase plan.

On August 28, 2017, our board of directors declared a dividend of $0.48 per share payable on September 26, 2017, to common stockholders of record on September 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017.

On May 30, 2017, weour board of directors declared a dividend of $0.47 per share ~~payable~~which was paid on June 27, 2017, to common stockholders of record on June 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.

On February 28, 2017, our board of directors declared a dividend of $0.46 per share, which was paid on March 28, 2017, to common stockholders of record as of March 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.

On January 12, 2017, our board of directors declared a dividend of $0.45 per share, which was paid on February 9, 2017, to common stockholders of record as of January 31, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately ~~$1.6~~

$1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017.

On October 5, 2016, our board of directors declared a dividend of $0.44 per share, which was paid on November 9, 2016, to common stockholders of record as of October 31, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016.

On August 8, 2016, our board of directors declared a special dividend of $0.20 per share, which was paid on September 5, 2016, to common stockholders of record as of August 24, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016.

On July 7, 2016, our board of directors declared a dividend of $0.43 per share, which was paid on August 9, 2016, to common stockholders of record as of July 29, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016.

On March 31, 2016, our board of directors declared a dividend of $0.41 per share, which was paid on April 27, 2016, to common stockholders of record as of April 15, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016.

On January 12, 2016, our board of directors declared a dividend of $0.40 per share, which was paid on February 29, 2016, to common stockholders of record as of February 1, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016.

On October 7, 2015, our board of directors declared a dividend of $0.36 per share, which was paid on November 30, 2015, to common stockholders of record as of November 2, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015.

On July 8, 2015, our board of directors declared a dividend of $0.33 per share, which was paid on August 31, 2015, to common stockholders of record as of August 3, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares

of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015.

On May 14, 2015, our board of directors declared a special dividend of $1.00 per share, which was paid on June 5, 2015, to common stockholders of record on as of May 26, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015.

On April 9, 2015, our board of directors declared a dividend of $0.27 per share, which was paid on May 29, 2015, to common stockholders of record as of May 4, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015.

On September 24, 2014, our board of directors declared a dividend of $0.22 per share, which was paid on February 27, 2015. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015.

Also on September 24, 2014, our board of directors declared a dividend of $0.18 per share, which was paid on November 28, 2014. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock pursuant to our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014.

On October 30, 2013, our board of directors declared a dividend of $2.65 per share, which was paid on December 27, 2013, to common stockholders of record as of November 13, 2013. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $2.5 million or $0.53 per share. This dividend was declared in reliance on certain private letter rulings issued by the IRS concluding that a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC subject to a limitation on the aggregate amount of cash to be distributed to all stockholders, which limitation must be at least 20.0% of the aggregate declared distribution.

Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13, and 16, 2013.

On November 9, 2012, our board of directors declared a dividend of $4.25 per share, which was paid on December 31, 2012, to common stockholders of record as of November 20, 2012. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $3.3 million or $0.85 per share.

Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash

limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012.

On November 15, 2011, our board of directors declared a dividend of $3.00 per share, which was paid on December 30, 2011, to common stockholders of record as of November 25, 2011. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to $2.0 million or $0.60 per share.

Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011.

On November 12, 2010, our board of directors declared a dividend of $4.40 per share to shareholders payable in cash or shares of our common stock, in accordance with the provisions of the IRS Revenue Procedure2010-12, which allows a publicly-traded regulated investment company to satisfy its distribution requirements with a distribution paid partly in common stock provided that at least 10.0% of the distribution is payable in cash. The dividend was paid on December 29, 2010 to common shareholders of record on November 19, 2010.

Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010.

On November 13, 2009, our board of directors declared a dividend of $18.25 per share, which was paid on December 31, 2009, to common stockholders of record as of November 25, 2009. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to $2.1 million or $0.25 per share.

Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872.5 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009.

We cannot provide any assurance that these measures will provide sufficient sources of liquidity to support our operations and growth.

The following table shows our payment obligations for repayment of debt and other contractual obligations at ~~May~~August 31, 2017:

A summary of the composition of the unfunded commitments as of ~~May~~August 31, 2017 and February 28, 2017 is shown in the table below (dollars in thousands):


	As of				As of
	May 31, 2017		February 28, 2017		August 31, 2017		February 28, 2017
CLEO Communications Holding, LLC	$	5,000	$	—	$	3,000	$	—
GreyHeller LLC		2,000		2,000		2,000		2,000
TM Restaurant Group L.L.C.		17		—

Total	$	7,017	$	2,000	$	5,000	$	2,000

Our business activities contain elements of market risk. We consider our principal market risk to be the fluctuation in interest rates. Managing this risk is essential to our business. Accordingly, we have systems and procedures designed to identify and analyze our risks, to establish appropriate policies and thresholds and to continually monitor this risk and thresholds by means of administrative and information technology systems and other policies and processes.

Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, including relative changes in different interest rates, variability of spread relationships, the differencein re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire leveraged loans, high yield bonds and other debt investments and the value of our investment portfolio.

Our investment income is affected by fluctuations in various interest rates, including LIBOR and the prime rate. A large portion of our portfolio is, and we expect will continue to be, comprised of floating rate investments that utilize LIBOR. Our interest expense is affected by fluctuations in LIBOR only on our revolving credit facility. At ~~May~~August 31, 2017, we had ~~$233.6~~$219.1 million of borrowings outstanding, of which ~~$24.5~~$10.0 million was outstanding on the revolving credit facility.

We have analyzed the potential impact of changes in interest rates on interest income from investments. Assuming that our investments as of ~~May~~August 31, 2017 were to remain constant for a full fiscal year and no actions were taken to alter the existing interest rate terms, a hypothetical change of 1.0% in interest rates would cause a corresponding increase of approximately ~~$2.5~~$2.3 million to our interest income.

Although management believes that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in credit quality, size and composition of the assets on the statements of assets and liabilities and other business developments that could magnify or diminish our sensitivity to interest rate changes, nor does it account for divergences in LIBOR and the commercial paper rate, which have historically moved in tandem but, in times of unusual credit dislocations, have experienced periods of divergence. Accordingly no assurances can be given that actual results would not materially differ from the potential outcome simulated by this estimate.

Neither we nor our wholly-owned subsidiaries, Saratoga Investment Funding LLC and Saratoga Investment Corp. SBIC LP, are currently subject to any material legal proceedings.

In addition to information set forth in this report, you should carefully consider the “Risk Factors” discussed in our Annual Report on Form10-K for the year ended February 28, 2017, which could materially affect our business, financial condition and/or operating results. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.

Listed below are the exhibits which are filed as part of this report (according to the number assigned to them in Item 601 of RegulationS-K):

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		Page
PART I.	FINANCIAL INFORMATION		3

Item 1.	Consolidated Financial Statements		3

	Consolidated Statements of Assets and Liabilities as of ~~May~~August 31, 2017 (unaudited) and February 28, 2017		3

	Consolidated Statements of Operations for the three and six months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016 (unaudited)		4

	Consolidated Schedules of Investments as of ~~May~~August 31, 2017 (unaudited) and February 28, 2017		5

	Consolidated Statements of Changes in Net Assets for the ~~three~~six months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016 (unaudited)		7

	Consolidated Statements of Cash Flows for the ~~three~~six months ended ~~May~~August 31, 2017 and ~~May~~August 31, 2016 (unaudited)		8

	Notes to Consolidated Financial Statements as of ~~May~~August 31, 2017 (unaudited)		9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		35

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		5961

Item 4.	Controls and Procedures		6061

PART II.	OTHER INFORMATION		6162

Item 1.	Legal Proceedings		6162

Item 1A.	Risk Factors		6162

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		6162

Item 3.	Defaults Upon Senior Securities		6162

Item 4.	Mine Safety Disclosures		6162

Item 5.	Other Information		6162

Item 6.	Exhibits		6263

Signatures			6465


			Payment Due by Period
	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years		More Than 5 Years
	($ in thousands)
Long-Term Debt Obligations	$	233,611	$	—	$	—	$	—	$	233,611


			Payment Due by Period
	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years		More Than 5 Years
	($ in thousands)
Long-Term Debt Obligations	$	219,111	$	—	$	—	$	—	$	219,111


			Payment Due by Period
	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years		More Than 5 Years
	($ in thousands)
Long-Term Debt Obligations	$	233,611	$	—	$	—	$	—	$	233,611


			Payment Due by Period
	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years		More Than 5 Years
	($ in thousands)
Long-Term Debt Obligations	$	219,111	$	—	$	—	$	—	$	219,111


	Investments at Amortized Cost			Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
Syndicated loans	$	9,669	��		3.2	%	$	9,823		3.4	%
First lien term loans		160,436			53.4			159,097		54.3
Second lien term loans		90,655			30.2			87,750		30.0
Structured finance securities		14,819			4.9			15,450		5.3
Equity interests		24,903			8.3			20,541		7.0

Total	$	300,482			100.0	%	$	292,661		100.0	%


Issuer	Asset Type	Gross Proceeds		Cost		Net Realized Gain (Loss)
My Alarm Center, LLC	Second Lien Term Loan	$	2,617	$	10,330	$	(7,713	)
Mercury Funding, LLC	Common Stock		2,631		858		1,773


Exhibit Number		Description of Document

3.1(a)		Articles of Incorporation of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.’s Form 10-Q for the quarterly period ended May 31, 2007, File No. 001-33376).

3.1(b)		Articles of Amendment of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed August 3, 2010).

3.1(c)		Articles of Amendment of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed August 13, 2010).

3.2		Amended and Restated Bylaws of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on March 5, 2008).

4.1		Specimen certificate of Saratoga Investment Corp.’s common stock, par value $0.001 per share. (incorporated by reference to Saratoga Investment Corp.’s Registration Statement on Form N-2, File No. 333-169135, filed on September 1, 2010).

4.2		Registration Rights Agreement dated July 30, 2010 between GSC Investment Corp., GSC CDO III L.L.C., and the investors party thereto (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on August 3, 2010).

4.3		Dividend Reinvestment Plan (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form8-K filed on September 24, 2014).

4.4		Form of Indenture by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Saratoga Investment Corp.’sPre-Effective Amendment No. 1 to the Registration Statement on Form N-2, File No. 333-186323 filed April 30, 2013).

4.5		Form of First Supplemental Indenture between the Company and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.’sPre-Effective Amendment No. 1 to the Registration Statement on Form N-2, File No. 333-186323 filed April 30, 2013).

4.6		Form of Note (incorporated by reference to Exhibit 4.5 hereto, and Exhibit A therein).

4.7		Form of Second Supplemental Indenture between the Company and U.S. Bank National Association (incorporated by reference to Amendment No. 2 to Saratoga Investment Corp.’s Registration Statement on Form N-2, File No. 333-214182, filed on December 12, 2016).

4.8		Form of Global Note (incorporated by reference to Exhibit 4.7 hereto, and Exhibit A therein).

4.9		Form of Articles Supplementary Establishing and Fixing the Rights and Preferences of Preferred Stock (incorporated by reference to Saratoga Investment Corp.’s registration statement on Form ~~N-2 Pre-Effective~~N-2Pre-Effective Amendment No. 1, File No. 333-196526, filed on December 5, 2014).

10.1		Investment Advisory and Management Agreement dated July 30, 2010 between GSC Investment Corp. and Saratoga Investment Advisors, LLC (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on August 3, 2010).

10.2		Custodian Agreement dated March 21, 2007 between GSC Investment LLC and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.’s Form 10-Q for the quarterly period ended May 31, 2007).

10.3		Administration Agreement dated July 30, 2010 between GSC Investment Corp. and Saratoga Investment Advisors, LLC (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on August 3, 2010).

10.4		Trademark License Agreement dated July 30, 2010 between Saratoga Investment Advisors, LLC and GSC Investment Corp. (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on August 3, 2010).

10.5		Credit, Security and Management Agreement dated July 30, 2010 by and among GSC Investment Funding LLC, Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Madison Capital Funding LLC and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on August 3, 2010).



10.6		Form of Indemnification Agreement between Saratoga Investment Corp. and each officer and director of Saratoga Investment Corp. (incorporated by reference to Amendment No. 2 to Saratoga Investment Corp.’s Registration Statement on Form N-2 filed on January 12, 2007).

10.7		Amendment No. 1 to Credit, Security and Management Agreement dated February 24, 2012 by and among Saratoga Investment Funding LLC, Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Madison Capital Funding LLC and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on February 29, 2012).

10.8		Indenture, dated as of January 22, 2008, among GSC Investment Corp. CLO 2007, Ltd., GSC Investment Corp. CLO 2007, Inc. and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.’s Registration Statement on Form N-2, File No. 333-186323, filed on April 30, 2013).

10.9		Indenture, dated as of October 17, 2013, among Saratoga Investment Corp. CLO2013-1, Ltd., Saratoga Investment Corp. CLO2013-1, Inc. and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.’s Registration Statement on Form N-2, File No. 333-196526, filed on December 5, 2014).

10.10		Amended and Restated Indenture, dated as of November 15, 2016, among Saratoga Investment Corp. CLO2013-1, Ltd., Saratoga Investment Corp. CLO2013-1, Inc. and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.’s Registration Statement on FormN-2, File No. 333-216344, filed on February 28, 2017).

10.11		Amended and Restated Collateral Management Agreement, dated October 17, 2013, by and between Saratoga Investment Corp. and Saratoga Investment Corp. CLO2013-1, Ltd. (incorporated by reference to Saratoga Investment Corp.’s Registration Statement on Form N-2, File No. 333-196526, filed on December 5, 2014).

10.12		Investment Advisory and Management Agreement dated July 30, 2010 between Saratoga Investment Corp. and Saratoga Investment Advisors, LLC (incorporated by reference to Saratoga Investment Corp.’s Registration Statement on Form N-2, File No. 333-196526, filed on December 5, 2014).

10.13		Amendment No. 2 to Credit, Security and Management Agreement dated September 17, 2014 by and among Saratoga Investment Funding LLC, Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Madison Capital Funding LLC and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on September 18, 2014).

10.14		Amendment No. 3 to Credit, Security and Management Agreement, dated May 18, 2017, by and among Saratoga Investment Funding LLC, Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Madison Capital Funding LLC and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on May 18, 2017).

10.15		Equity Distribution Agreement dated March 16, 2017, by and among Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Ladenburg Thalmann and Co. Inc. and BB&T Capital Markets, a division of BB&T Securities, LLC (incorporated by reference to Saratoga Investment Corp.’s Post-Effective Amendment No. 1 to the Registration Statement on FormN-2, File No. 333-216344, filed on March 16, 2017).

11		Computation of Per Share Earnings (included in Note 12 to the consolidated financial statements contained in this report).

14		Code of Ethics of the Company adopted under Rule17j-1 (incorporated by reference to Amendment No.7 to Saratoga Investment Corp.’s Registration Statement on FormN-2, File No. 333-138051, filed on March 22, 2007).

21.1		List of Subsidiaries and jurisdiction of incorporation/organization: Saratoga Investment Funding LLC—Delaware; Saratoga Investment Corp. SBIC, LP—Delaware; and Saratoga Investment Corp. GP, LLC—Delaware.

31.1*		Certification of Chief Executive Officer Pursuant toRule 13a-14(a) under the Securities Exchange Act of 1934

31.2*		Certification of Chief Financial Officer Pursuant toRule 13a-14(a) under the Securities Exchange Act of 1934

32.1*		Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

32.2*		Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)


	SARATOGA INVESTMENT CORP.

Date: ~~July 12,~~October 11, 2017	By:	/s/ CHRISTIAN L. OBERBECK
		Christian L. Oberbeck
		Chief Executive Officer

	By:	/s/ HENRI J. STEENKAMP
		Henri J. Steenkamp
		Chief Financial Officer and Chief Compliance Officer

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company