Saratoga Investment (SAR) 10-Q 2020 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended May 31, 2019

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission FileNo. 001-33376

SARATOGA INVESTMENT CORP.

(Exact name of Registrant as specified in its charter)

Maryland	20-8700615
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

535 Madison Avenue

New York, New York 10022

(Address of principal executive offices)

(212)906-7800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	SAR	The New York Stock Exchange
6.75% Notes due 2023	SAB	The New York Stock Exchange
6.25% Notes due 2025	SAF	The New York Stock Exchange

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 every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T during the preceding 12 months (or for such shorter period that the registrant was required to submit 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” in Rule12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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 in Rule12b-2 of the Act).    Yes  ☐    No  ☒

The number of outstanding common shares of the registrant as of July 9, 2019 was 8,018,188.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

		Page
PART I.	FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements		3
	Consolidated Statements of Assets and Liabilities as of May  31, 2019 (unaudited) and February 28, 2019		3
	Consolidated Statements of Operations for the three months ended May  31, 2019 (unaudited) and May 31, 2018 (unaudited)		4
	Consolidated Schedules of Investments as of May  31, 2019 (unaudited) and February 28, 2019		5
	Consolidated Statements of Changes in Net Assets for the three months ended May 31, 2019 (unaudited) and May 31, 2018 (unaudited)		18
	Consolidated Statements of Cash Flows for the three months ended May  31, 2019 (unaudited) and May 31, 2018 (unaudited)		19
	Notes to Consolidated Financial Statements as of May  31, 2019 (unaudited)		20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		76
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		107
Item 4.	Controls and Procedures		109
PART II.	OTHER INFORMATION		110
Item 1.	Legal Proceedings		110
Item 1A.	Risk Factors		110
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		110
Item 3.	Defaults Upon Senior Securities		110
Item 4.	Mine Safety Disclosures		110
Item 5.	Other Information		110
Item 6.	Exhibits		111
Signatures			114

2

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Saratoga Investment Corp.

Consolidated Statements of Assets and Liabilities

	May 31, 2019			February 28, 2019
	(unaudited)
ASSETS
Investments at fair value
Non-control/Non-affiliate investments (amortized cost of $308,061,752 and $307,136,188, respectively)	$	309,830,182		$	306,511,427
Affiliate investments (amortized cost of $18,557,809 and $18,514,716, respectively)		11,676,118			11,463,081
Control investments (amortized cost of $78,739,023 and $76,265,189, respectively)		87,945,041			84,045,212
Total investments at fair value (amortized cost of $405,358,584 and $401,916,093, respectively)		409,451,341			402,019,720
Cash and cash equivalents		37,183,604			30,799,068
Cash and cash equivalents, reserve accounts		23,812,643			31,295,326
Interest receivable (net of reserve of $873,414 and $647,210, respectively)		3,815,502			3,746,604
Due from affiliate (See Note 6)		1,243,197			1,673,747
Management and incentive fee receivable		279,828			542,094
Other assets		550,093			595,543
Total assets	$	476,336,208		$	470,672,102
LIABILITIES
Revolving credit facility	$	—		$	—
Deferred debt financing costs, revolving credit facility		(581,922	)		(605,189	)
SBA debentures payable		150,000,000			150,000,000
Deferred debt financing costs, SBA debentures payable		(2,274,866	)		(2,396,931	)
2023 Notes payable		74,450,500			74,450,500
Deferred debt financing costs, 2023 notes payable		(1,819,617	)		(1,919,620	)
2025 Notes payable		60,000,000			60,000,000
Deferred debt financing costs, 2025 notes payable		(2,320,888	)		(2,377,551	)
Base management and incentive fees payable		7,522,070			6,684,785
Deferred tax liability		762,783			739,716
Accounts payable and accrued expenses		1,430,701			1,615,443
Interest and debt fees payable		1,978,494			3,224,671
Directors fees payable		63,500			62,000
Due to manager		341,752			319,091
Total liabilities	$	289,552,507		$	289,796,915
Commitments and contingencies (See Note 8)
NET ASSETS
Common stock, par value $.001, 100,000,000 common shares authorized, 7,764,844 and 7,657,156 common shares issued and outstanding, respectively	$	7,765		$	7,657
Capital in excess of par value		205,988,350			203,552,800
Total distributable earnings (loss)		(19,212,414	)		(22,685,270	)
Total net assets		186,783,701			180,875,187
Total liabilities and net assets	$	476,336,208		$	470,672,102
NET ASSET VALUE PER SHARE	$	24.06		$	23.62

See accompanying notes to consolidated financial statements.

3

Saratoga Investment Corp.

Consolidated Statements of Operations

(unaudited)

	For the three months ended
	May 31, 2019			May 31, 2018
INVESTMENT INCOME
Interest from investments
Interest income:
Non-control/Non-affiliate investments	$	8,527,740		$	7,405,909
Affiliate investments		249,325			239,350
Control investments		1,648,146			1,146,665
Payment-in-kind interest income:
Non-control/Non-affiliate investments		151,897			216,010
Affiliate investments		40,150			34,147
Control investments		985,869			564,857
Total interest from investments		11,603,127			9,606,938
Interest from cash and cash equivalents		51,359			16,293
Management fee income		629,516			385,194
Incentive fee income		—			199,183
Other income		467,182			280,410
Total investment income		12,751,184			10,488,018
OPERATING EXPENSES
Interest and debt financing expenses		3,864,576			2,722,792
Base management fees		1,812,169			1,532,468
Incentive management fees		2,113,169			1,072,612
Professional fees		395,126			542,797
Administrator expenses		500,000			437,500
Insurance		64,619			63,859
Directors fees and expenses		60,000			95,500
General & administrative		258,601			347,850
Income tax expense (benefit)		2,136			(267,310	)
Excise tax expense (credit)		—			(270	)
Other expense		—			12,572
Total operating expenses		9,070,396			6,560,370
NET INVESTMENT INCOME		3,680,788			3,927,648
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investments:
Non-control/Non-affiliate investments		—			212,008
Net realized gain (loss) from investments		—			212,008
Net change in unrealized appreciation (depreciation) on investments:
Non-control/Non-affiliate investments		2,393,191			303,705
Affiliate investments		169,944			(475,562	)
Control investments		1,425,995			815,062
Net change in unrealized appreciation (depreciation) on investments		3,989,130			643,205
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(20,930	)		(940,546	)
Net realized and unrealized gain (loss) on investments		3,968,200			(85,333	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,648,988		$	3,842,315
WEIGHTED AVERAGE—BASIC AND DILUTED EARNINGS PER COMMON SHARE	$	0.99		$	0.61
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—BASIC AND DILUTED		7,746,187			6,275,494

See accompanying notes to consolidated financial statements.

4

Saratoga Investment Corp.

Consolidated Schedule of Investments

May 31, 2019

(unaudited)

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Non-control/Non-affiliate investments—165.9% (b)
Apex Holdings Software Technologies, LLC	Business Services	First Lien Term Loan (3M USD LIBOR+8.00%), 10.50% Cash, 9/21/2021		9/21/2016	$	18,000,000	$	17,932,070	$	18,000,000		9.7	%
Apex Holdings Software Technologies, LLC	Business Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 10.50% Cash, 9/21/2021		10/1/2018	$	1,500,000		1,488,728		1,500,000		0.8	%
Avionte Holdings, LLC (h)	Business Services	Class A Units		1/8/2014		100,000		100,000		707,472		0.4	%
CLEO Communications Holding, LLC	Business Services	First Lien Term Loan (3M USD LIBOR+8.00%), 10.50% Cash/2.00% PIK, 3/31/2022		3/31/2017	$	13,583,511		13,517,395		13,583,512		7.3	%
CLEO Communications Holding, LLC	Business Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 10.50% Cash/2.00% PIK, 3/31/2022		3/31/2017	$	12,204,179		12,105,751		12,204,179		6.5	%
Destiny Solutions Inc. (a)	Business Services	First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 5/16/2023		5/16/2018	$	8,500,000		8,429,988		8,513,600		4.6	%
Destiny Solutions Inc. (a), (j)	Business Services	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 5/16/2023		5/16/2018	$	—		—		—		0.0	%
Destiny Solutions Inc. (a), (h), (i)	Business Services	Limited Partner Interests		5/16/2018		999,000		999,000		1,083,543		0.6	%
Emily Street Enterprises, L.L.C.	Business Services	Senior Secured Note (3M USD LIBOR+8.50%), 11.00% Cash, 1/23/2020		12/28/2012	$	3,300,000		3,299,665		3,307,657		1.8	%
Emily Street Enterprises, L.L.C. (h)	Business Services	Warrant Membership Interests Expires 12/28/2022		12/28/2012		49,318		400,000		414,271		0.2	%
Erwin, Inc. (d)	Business Services	Second Lien Term Loan (3M USD LIBOR+11.50%), 14.00% Cash/1.00% PIK, 8/28/2021		2/29/2016	$	15,928,264		15,845,224		15,928,264		8.5	%

See accompanying notes to consolidated financial statements.

5

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Fancy Chap, Inc.	Business Services	First Lien Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 4/8/2024		4/8/2019	$	6,000,000		5,940,434		5,991,000		3.2	%
Fancy Chap, Inc. (j)	Business Services	Delayed Draw Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 4/8/2024		4/8/2019	$	—		—		—		0.0	%
Fancy Chap, Inc. (h)	Business Services	Series C Preferred Stock		4/8/2019		38,398		925,123		2,076,658		1.1	%
FMG Suite Holdings, LLC (d)	Business Services	Second Lien Term Loan (1M USD LIBOR+8.00%), 10.43% Cash, 11/16/2023		5/16/2018	$	23,000,000		22,849,679		22,958,600		12.3	%
GDS Holdings US, Inc. (d)	Business Services	First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 8/23/2023		8/23/2018	$	7,500,000		7,435,464		7,492,500		4.0	%
GDS Holdings US, Inc.	Business Services	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 8/23/2023		3/29/2019	$	1,000,000		990,143		999,000		0.5	%
GDS Software Holdings, LLC (h)	Business Services	Common Stock Class A Units		8/23/2018		250,000		250,000		299,892		0.2	%
Identity Automation Systems (h)	Business Services	Common Stock Class A Units		8/25/2014		232,616		232,616		640,811		0.3	%
Identity Automation Systems (d)	Business Services	First Lien Term Loan (3M USD LIBOR+9.24%), 11.74% Cash, 3/31/2021		8/25/2014	$	15,500,000		15,437,640		15,500,000		8.3	%
inMotionNow, Inc.	Business Services	First Lien Term Loan (3M USD LIBOR+7.25), 9.75% Cash, 5/15/2024		5/15/2019	$	12,200,000		12,078,703		12,078,000		6.5	%
inMotionNow, Inc. (j)	Business Services	Delayed Draw Term Loan (3M USD LIBOR+7.25) 9.75% Cash, 5/15/2024		5/15/2019	$	—		—		—		0.0	%
Knowland Group, LLC	Business Services	Second Lien Term Loan (3M USD LIBOR+8.00%), 10.50% Cash, 5/9/2024		11/9/2018	$	15,000,000		15,000,000		14,953,500		8.0	%
National Waste Partners (d)	Business Services	Second Lien Term Loan 10.00% Cash, 2/13/2022		2/13/2017	$	9,000,000		8,946,185		8,853,300		4.7	%
Omatic Software, LLC	Business Services	First Lien Term Loan (3M USD LIBOR+8.00%), 10.50% Cash, 5/29/2023		5/29/2018	$	5,500,000		5,453,319		5,527,500		3.0	%

See accompanying notes to consolidated financial statements.

6

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Omatic Software, LLC (j)	Business Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 10.50% Cash, 5/29/2023		5/29/2018	$	—		—		—		0.0	%
Passageways, Inc.	Business Services	First Lien Term Loan (3M USD LIBOR+7.75%), 10.25% Cash, 7/5/2023		7/5/2018	$	5,000,000		4,956,214		5,059,500		2.7	%
Passageways, Inc. (h)	Business Services	Series A Preferred Stock		7/5/2018		2,027,205		1,000,000		1,395,128		0.7	%
Vector Controls Holding Co., LLC (d)	Business Services	First Lien Term Loan 11.50% (9.75% Cash/1.75% PIK), 3/6/2022		3/6/2013	$	9,098,356		9,097,625		9,166,594		4.9	%
Vector Controls Holding Co., LLC (h)	Business Services	Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027		5/31/2015		343		—		2,076,854		1.1	%
		Total Business Services						184,710,966		190,311,335		101.9	%
Targus Holdings, Inc. (h)	Consumer Products	Common Stock		12/31/2009		210,456		1,713,605		501,112		0.3	%
		Total Consumer Products						1,713,605		501,112		0.3	%
My Alarm Center, LLC (k)	Consumer Services	Preferred Equity Class A Units 8.00% PIK		7/14/2017		2,227		2,357,879		374,662		0.2	%
My Alarm Center, LLC (h)	Consumer Services	Preferred Equity Class B Units		7/14/2017		1,797		1,796,880		—		0.0	%
My Alarm Center, LLC (h)	Consumer Services	Preferred Equity Class Z Units		9/12/2018		676		655,987		1,997,158		1.0	%
My Alarm Center, LLC (h)	Consumer Services	Common Stock		7/14/2017		96,224		—		—		0.0	%
		Total Consumer Services						4,810,746		2,371,820		1.2	%
C2 Educational Systems (d)	Education	First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 5/31/2020		5/31/2017	$	16,000,000		15,943,708		15,920,139		8.5	%
Kev Software Inc. (a)	Education	First Lien Term Loan (1M USD LIBOR+8.63%), 11.06% Cash, 9/13/2023		9/13/2018	$	21,393,178		21,226,465		21,388,899		11.5	%
M/C Acquisition Corp., L.L.C. (h)	Education	Class A Common Stock		6/22/2009		544,761		30,241		—		0.0	%
M/C Acquisition Corp., L.L.C. (k)	Education	First Lien Term Loan 1.00% Cash, 3/31/2020		8/10/2004	$	2,315,090		1,189,177		6,260		0.0	%
Texas Teachers of Tomorrow, LLC (h), (i)	Education	Common Stock		12/2/2015		750,000		750,000		801,908		0.4	%

See accompanying notes to consolidated financial statements.

7

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Texas Teachers of Tomorrow, LLC	Education	Second Lien Term Loan (3M USD LIBOR+9.75%), 12.25% Cash, 6/2/2021		12/2/2015	$	10,000,000		9,956,443		9,953,204		5.3	%
		Total Education						49,096,034		48,070,410		25.7	%
TMAC Acquisition Co., LLC (k)	Food and Beverage	Unsecured Term Loan 8.00% PIK, 9/01/2023		3/1/2018	$	2,216,427		2,216,427		2,057,888		1.1	%
		Total Food and Beverage						2,216,427		2,057,888		1.1	%
Axiom Parent Holdings, LLC (h)	Healthcare Services	Common Stock Class A Units		6/19/2018		400,000		400,000		424,155		0.2	%
Axiom Purchaser, Inc. (d)	Healthcare Services	First Lien Term Loan (3M USD LIBOR+6.00%), 8.50% Cash, 6/19/2023		6/19/2018	$	10,000,000		9,926,809		9,999,000		5.4	%
Axiom Purchaser, Inc. (j)	Healthcare Services	Delayed Draw Term Loan (3M USD LIBOR+6.00%), 8.50% Cash, 6/19/2023		6/19/2018	$	—		—		—		0.0	%
Censis Technologies, Inc.	Healthcare Services	First Lien Term Loan B (1M USD LIBOR+8.30%), 10.73% Cash, 9/27/2023		7/25/2014	$	19,900,000		19,873,291		19,963,680		10.7	%
Censis Technologies, Inc. (h), (i)	Healthcare Services	Limited Partner Interests		7/25/2014		999		999,000		4,018,452		2.1	%
ComForCare Health Care	Healthcare Services	First Lien Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 1/31/2022		1/31/2017	$	15,000,000		14,905,794		15,063,000		8.1	%
HemaTerra Holding Company, LLC	Healthcare Services	First Lien Term Loan (3M USD LIBOR+6.75%), 9.25% Cash, 4/15/2024		4/15/2019	$	6,000,000		5,941,146		5,940,000		3.2	%
HemaTerra Holding Company, LLC (j)	Healthcare Services	Delayed Draw Term Loan (3M USD LIBOR+6.75%), 9.25% Cash, 4/15/2024		4/15/2019	$	—		—		—		0.0	%
TRC HemaTerra, LLC (h)	Healthcare Services	Class D Membership Interests		4/15/2019		1,000,000		1,000,000		1,000,000		0.5	%
Ohio Medical, LLC (h)	Healthcare Services	Common Stock		1/15/2016		5,000		500,000		441,950		0.2	%
Ohio Medical, LLC	Healthcare Services	Senior Subordinated Note 12.00% Cash, 7/15/2021		1/15/2016	$	7,300,000		7,266,535		7,262,040		4.0	%
Roscoe Medical, Inc. (h)	Healthcare Services	Common Stock		3/26/2014		5,081		508,077		—		0.0	%
Roscoe Medical, Inc. (k)	Healthcare Services	Second Lien Term Loan 11.25% Cash, 3/28/2021		3/26/2014	$	4,200,000		4,193,322		2,405,340		1.3	%
		Total Healthcare Services						65,513,974		66,517,617		35.7	%

See accompanying notes to consolidated financial statements.

8

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Sub TotalNon-control/Non-affiliate investments								308,061,752		309,830,182		165.9	%
Affiliate investments—6.3% (b)
GreyHeller LLC (f)	Business Services	First Lien Term Loan (3M USD LIBOR+11.00%), 13.50% Cash, 11/16/2021		11/17/2016	$	7,000,000		6,960,362		7,140,000		3.8	%
GreyHeller LLC (f), (h)	Business Services	Series A Preferred Units		11/17/2016		850,000		850,000		1,629,899		0.9	%
		Total Business Services						7,810,362		8,769,899		4.7	%
Elyria Foundry Company, L.L.C. (f), (h)	Metals	Common Stock		7/30/2010		60,000		9,685,028		1,843,800		1.0	%
Elyria Foundry Company, L.L.C. (d), (f)	Metals	Second Lien Term Loan 15.00% PIK, 8/10/2022		7/30/2010	$	1,062,419		1,062,419		1,062,419		0.6	%
		Total Metals						10,747,447		2,906,219		1.6	%
Sub Total Affiliate investments								18,557,809		11,676,118		6.3	%
Control investments—47.0% (b)
Easy Ice, LLC (g)	Business Services	Preferred Equity 10.00% PIK		2/3/2017		5,080,000		9,925,702		13,510,126		7.2	%
Easy Ice, LLC (d), (g)	Business Services	Second Lien Term Loan 7.03% Cash/5.97% PIK, 2/28/2023		3/29/2013	$	21,867,482		21,820,919		21,976,819		11.8	%
Easy Ice Masters, LLC (d), (g)	Business Services	Second Lien Term Loan 7.03% Cash/5.97% PIK, 2/28/2023		10/31/2018	$	3,931,585		3,895,045		3,951,243		2.1	%
Netreo Holdings, LLC (g)	Business Services	First Lien Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.00% PIK, 7/3/2023		7/3/2018	$	5,092,999		5,048,142		5,135,271		2.7	%
Netreo Holdings, LLC (g), (h)	Business Services	Common Stock Class A Unit		7/3/2018		3,150,000		3,150,000		5,406,229		2.9	%
		Total Business Services						43,839,808		49,979,688		26.7	%
Saratoga Investment Corp. CLO2013-1, Ltd. (a), (e), (g)	Structured Finance Securities	Other/Structured Finance Securities 19.50%, 1/20/2030		1/22/2008	$	69,500,000		24,899,215		28,024,105		15.0	%
Saratoga Investment Corp. CLO2013-1, Ltd.Class F-R-2 Note (a), (g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD LIBOR+8.75%), 11.25%, 1/20/2030		12/14/2018	$	2,500,000		2,500,000		2,485,183		1.3	%
Saratoga Investment Corp. CLO2013-1, Ltd.Class G-R-2 Note (a), (g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD LIBOR+10.00%), 12.50%, 1/20/2030		12/14/2018	$	7,500,000		7,500,000		7,456,065		4.0	%

See accompanying notes to consolidated financial statements.

9

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
		Total Structured Finance Securities					34,899,215		37,965,353		20.3	%
Sub Total Control investments							78,739,023		87,945,041		47.0	%
TOTAL INVESTMENTS—219.2% (b)						$	405,358,584	$	409,451,341		219.2	%
				Number of Shares		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts—32.7% (b)
U.S. Bank Money Market (l)					60,996,247	$	60,996,247	$	60,996,247		32.7	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts					60,996,247	$	60,996,247	$	60,996,247		32.7	%

(a) Represents anon-qualifying investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended. As of May 31, 2019,non-qualifying assets represent 16.5% of the Company’s portfolio at fair value. As a BDC, the Company can only invest 30% of its portfolio innon-qualifying assets.

(b) Percentages are based on net assets of $186,783,701 as of May 31, 2019.

(c) Because there is no readily available market value for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).

(d) These securities are either fully or partially pledged as collateral under a senior secured revolving credit facility (see Note 6 to the consolidated financial statements).

(e) This investment does not have a stated interest rate that is payable thereon. As a result, the 19.50% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment.

(f) As defined in the Investment Company Act, this portfolio company is an Affiliate as we own between 5.0% and 25.0% of the voting securities. Transactions during the quarter ended May 31, 2019 in which the issuer was an Affiliate are as follows:

Company	Purchases		Sales		Total Interest from Investments		Management Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation
GreyHeller LLC	$	—	$	—	$	249,325	$	—	$	—	$	130,344
Elyria Foundry Company, L.L.C.		—		—		40,150		—		—		39,600
Total	$	—	$	—	$	289,475	$	—	$	—	$	169,944

See accompanying notes to consolidated financial statements.

10

(g) As defined in the Investment Company Act, we “Control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the quarter ended May 31, 2019 in which the issuer was both an Affiliate and a portfolio company that we Control are as follows:

Company	Purchases		Sales		Total Interest from Investments		Management Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation (Depreciation)
Easy Ice, LLC	$	—	$	—	$	961,894	$	—	$	—	$	(76,286	)
Easy Ice Masters, LLC		—		—		130,808		—		—		4,762
Netreo Holdings, LLC		—		—		143,991		—		—		242,491
Saratoga Investment Corp. CLO2013-1, Ltd.		—		—		1,081,435		629,516		—		1,247,780
Saratoga Investment Corp. CLO2013-1, Ltd.Class F-R-2 Notes		—		—		72,982		—		—		1,683
Saratoga Investment Corp. CLO2013-1, Ltd.Class G-R-2 Notes				—		242,905		—		—		5,565
Total	$	—	$	—	$	2,634,015	$	629,516	$	—	$	1,425,995

(h) Non-income producing at May 31, 2019.

(i) Includes securities issued by an affiliate of the Company.

(j) All or a portion of this investment has an unfunded commitment as of May 31, 2019. (see Note 7 to the consolidated financial statements).

(k) As of May 31, 2019, the investment was onnon-accrual status. The fair value of these investments was approximately $4.9 million, which represented 1.2% of the Company’s portfolio (see Note 2 to the consolidated financial statements).

(l) Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of May 31, 2019.

LIBOR—London Interbank Offered Rate

1M USD LIBOR - The 1 month USD LIBOR rate as of May 31, 2019 was 2.43%.

3M USD LIBOR - The 3 month USD LIBOR rate as of May 31, 2019 was 2.50%.

PIK -Payment-in-Kind (see Note 2 to the consolidated financial statements).

See accompanying notes to consolidated financial statements.

11

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2019

Company	Industry		Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Non-control/Non-affiliate investments—169.5% (b)
Apex Holdings Software Technologies, LLC		Business Services	First Lien Term Loan (3M USD LIBOR+8.00%), 10.62% Cash, 9/21/2021		9/21/2016	$	18,000,000	$	17,922,851	$	18,000,000		10.0	%
Apex Holdings Software Technologies, LLC		Business Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 10.62% Cash, 9/21/2021		10/1/2018	$	1,000,000		992,183		1,000,000		0.6	%
Avionte Holdings, LLC (h)		Business Services	Class A Units		1/8/2014		100,000		100,000		635,781		0.4	%
CLEO Communications Holding, LLC		Business Services	First Lien Term Loan (3M USD LIBOR+8.00%), 10.62% Cash/2.00% PIK, 3/31/2022		3/31/2017	$	13,514,320		13,437,153		13,514,320		7.5	%
CLEO Communications Holding, LLC		Business Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 10.62% Cash/2.00% PIK, 3/31/2022		3/31/2017	$	12,142,015		12,040,280		12,142,015		6.7	%
Destiny Solutions Inc. (a)		Business Services	First Lien Term Loan (3M USD LIBOR+7.00%), 9.62% Cash, 5/16/2023		5/16/2018	$	8,500,000		8,426,441		8,489,800		4.7	%
Destiny Solutions Inc. (a), (j)		Business Services	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.62% Cash, 5/16/2023		5/16/2018	$	—		—		—		0.0	%
Destiny Solutions Inc. (a), (h), (i)		Business Services	Limited Partner Interests		5/16/2018		999,000		999,000		1,062,440		0.6	%
Emily Street Enterprises, L.L.C.		Business Services	Senior Secured Note (3M USD LIBOR+8.50%), 11.12% Cash, 1/23/2020		12/28/2012	$	3,300,000		3,299,122		3,314,520		1.8	%
Emily Street Enterprises, L.L.C. (h)		Business Services	Warrant Membership Interests Expires 12/28/2022		12/28/2012		49,318		400,000		505,509		0.3	%
Erwin, Inc. (d)		Business Services	Second Lien Term Loan (3M USD LIBOR+11.50%), 14.12% Cash/1.00% PIK, 8/28/2021		2/29/2016	$	15,888,102		15,796,316		15,888,102		8.8	%
FMG Suite Holdings, LLC (d)		Business Services	Second Lien Term Loan (1M USD LIBOR+8.00%), 10.49% Cash, 11/16/2023		5/16/2018	$	23,000,000		22,844,123		23,000,000		12.7	%

See accompanying notes to consolidated financial statements.

12

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares		Cost		Fair Value (c)		% of Net��Assets
GDS Holdings US, LLC (d)	Business Services	First Lien Term Loan (3M USD LIBOR+7.00%), 9.62% Cash, 8/23/2023		8/23/2018	$	7,500,000		7,430,649		7,495,500		4.0	%
GDS Holdings US, LLC (j)	Business Services	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.62% Cash, 8/23/2023		8/23/2018	$	—		—		—		0.0	%
GDS Software Holdings, LLC (h)	Business Services	Common Stock Class A Units		8/23/2018		250,000		250,000		277,139		0.2	%
Identity Automation Systems (h)	Business Services	Common Stock Class A Units		8/25/2014		232,616		232,616		629,555		0.3	%
Identity Automation Systems (d)	Business Services	First Lien Term Loan (3M USD LIBOR+9.00%), 11.62% Cash, 3/31/2021		8/25/2014	$	24,100,000		23,991,294		24,100,000		13.3	%
Knowland Group, LLC	Business Services	Second Lien Term Loan (3M USD LIBOR+8.00%), 10.62% Cash, 5/9/2024		11/9/2018	$	15,000,000		15,000,000		15,000,000		8.3	%
Microsystems Company	Business Services	Second Lien Term Loan (3M USD LIBOR+8.25%), 10.87% Cash, 7/1/2022		7/1/2016	$	18,000,000		17,889,554		17,881,200		9.9	%
National Waste Partners (d)	Business Services	Second Lien Term Loan 10.00% Cash, 2/13/2022		2/13/2017	$	9,000,000		8,942,155		8,864,100		4.9	%
Omatic Software, LLC	Business Services	First Lien Term Loan (3M USD LIBOR+8.00%), 10.62% Cash, 5/29/2023		5/29/2018	$	5,500,000		5,451,758		5,537,400		3.1	%
Omatic Software, LLC (j)	Business Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 10.62% Cash, 5/29/2023		5/29/2018	$	—		—		—		0.0	%
Passageways, Inc.	Business Services	First Lien Term Loan (3M USD LIBOR+7.75%), 10.37% Cash, 7/5/2023		7/5/2018	$	5,000,000		4,955,204		5,063,500		2.8	%
Passageways, Inc. (h)	Business Services	Series A Preferred Stock		7/5/2018		2,027,205		1,000,000		1,339,705		0.7	%
Vector Controls Holding Co., LLC (d)	Business Services	First Lien Term Loan 11.50% (9.75% Cash/1.75% PIK), 3/6/2022		3/6/2013	$	9,311,956		9,310,703		9,371,929		5.2	%
Vector Controls Holding Co., LLC (h)	Business Services	Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027		5/31/2015		343		—		2,210,149		1.2	%
		Total Business Services						190,711,402		195,322,664		108.0	%
Targus Holdings, Inc. (h)	Consumer Products	Common Stock		12/31/2009		210,456		1,713,605		505,094		0.3	%
		Total Consumer Products						1,713,605		505,094		0.3	%

See accompanying notes to consolidated financial statements.

13

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
My Alarm Center, LLC (k)	Consumer Services	Preferred Equity Class A Units 8.00% PIK		7/14/2017		2,227		2,357,879		1,112,543		0.6	%
My Alarm Center, LLC (h)	Consumer Services	Preferred Equity Class B Units		7/14/2017		1,797		1,796,880		—		0.0	%
My Alarm Center, LLC	Consumer Services	Preferred Equity Class Z Units 25.00% PIK		9/12/2018		676		655,987		2,053,514		1.1	%
My Alarm Center, LLC (h)	Consumer Services	Common Stock		7/14/2017		96,224		—		—		0.0	%
		Total Consumer Services						4,810,746		3,166,057		1.7	%
C2 Educational Systems (d)	Education	First Lien Term Loan (3M USD LIBOR+7.00%), 9.62% Cash, 5/31/2020		5/31/2017	$	16,000,000		15,929,485		16,032,000		8.9	%
Kev Software Inc. (a)	Education	First Lien Term Loan (1M USD LIBOR+8.63%), 11.12% Cash, 9/13/2023		9/13/2018	$	21,446,929		21,273,211		21,438,351		11.9	%
M/C Acquisition Corp., L.L.C. (h)	Education	Class A Common Stock		6/22/2009		544,761		30,241		—		0.0	%
M/C Acquisition Corp., L.L.C. (k)	Education	First Lien Term Loan 1.00% Cash, 3/31/2020		8/10/2004	$	2,315,090		1,189,177		6,260		0.0	%
Texas Teachers of Tomorrow, LLC (h), (i)	Education	Common Stock		12/2/2015		750,000		750,000		792,165		0.4	%
Texas Teachers of Tomorrow, LLC	Education	Second Lien Term Loan (3M USD LIBOR+9.75%), 12.37% Cash, 6/2/2021		12/2/2015	$	10,000,000		9,952,251		9,807,000		5.4	%
		Total Education						49,124,365		48,075,776		26.6	%
TMAC Acquisition Co., LLC (k)	Food and Beverage	Unsecured Term Loan 8.00% PIK, 9/01/2023		3/1/2018	$	2,216,427		2,216,427		2,100,286		1.2	%
		Total Food and Beverage						2,216,427		2,100,286		1.2	%
Axiom Parent Holdings, LLC (h)	Healthcare Services	Common Stock Class A Units		6/19/2018		400,000		400,000		402,990		0.2	%
Axiom Purchaser, Inc. (d)	Healthcare Services	First Lien Term Loan (3M USD LIBOR+6.00%), 8.62% Cash, 6/19/2023		6/19/2018	$	10,000,000		9,923,962		10,020,000		5.5	%
Axiom Purchaser, Inc. (j)	Healthcare Services	Delayed Draw Term Loan (3M USD LIBOR+6.00%), 8.62% Cash, 6/19/2023		6/19/2018	$	—		—		—		0.0	%
Censis Technologies, Inc.	Healthcare Services	First Lien Term Loan B (1M USD LIBOR+8.30%), 10.79% Cash, 9/27/2023		7/25/2014	$	19,950,000		19,877,861		19,991,895		11.1	%

See accompanying notes to consolidated financial statements.

14

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Censis Technologies, Inc. (h), (i)	Healthcare Services	Limited Partner Interests		7/25/2014		999		999,000		2,387,705		1.3	%
ComForCare Health Care	Healthcare Services	First Lien Term Loan (3M USD LIBOR+7.50%), 10.12% Cash, 1/31/2022		1/31/2017	$	15,000,000		14,898,535		15,096,000		8.3	%
Ohio Medical, LLC (h)	Healthcare Services	Common Stock		1/15/2016		5,000		500,000		208,250		0.1	%
Ohio Medical, LLC	Healthcare Services	Senior Subordinated Note 12.00% Cash, 7/15/2021		1/15/2016	$	7,300,000		7,263,114		6,735,710		3.8	%
Roscoe Medical, Inc. (h)	Healthcare Services	Common Stock		3/26/2014		5,081		508,077		—		0.0	%
Roscoe Medical, Inc. (k)	Healthcare Services	Second Lien Term Loan 11.25% Cash, 3/28/2021		3/26/2014	$	4,200,000		4,189,094		2,499,000		1.4	%
		Total Healthcare Services						58,559,643		57,341,550		31.7	%
Sub TotalNon-control/Non-affiliate investments								307,136,188		306,511,427		169.5	%
Affiliate investments - 6.3% (b)
GreyHeller LLC (f)	Business Services	First Lien Term Loan (3M USD LIBOR+11.00%), 13.62% Cash, 11/16/2021		11/17/2016	$	7,000,000		6,956,976		7,140,000		4.0	%
GreyHeller LLC (f), (h)	Business Services	Series A Preferred Units		11/17/2016		850,000		850,000		1,496,169		0.8	%
		Total Business Services						7,806,976		8,636,169		4.8	%
Elyria Foundry Company, L.L.C. (f), (h)	Metals	Common Stock		7/30/2010		60,000		9,685,028		1,804,200		1.0	%
Elyria Foundry Company, L.L.C. (d), (f)	Metals	Second Lien Term Loan 15.00% PIK, 8/10/2022		7/30/2010	$	1,022,712		1,022,712		1,022,712		0.5	%
		Total Metals						10,707,740		2,826,912		1.5	%
Sub Total Affiliate investments								18,514,716		11,463,081		6.3	%
Control investments—46.5% (b)
Easy Ice, LLC (g)	Business Services	Preferred Equity 10.00% PIK		2/3/2017		5,080,000		9,683,612		13,357,444		7.4	%
Easy Ice, LLC (d), (g)	Business Services	Second Lien Term Loan 7.03% Cash/5.97% PIK, 2/28/2023		3/29/2013	$	21,184,063		21,126,021		21,268,799		11.8	%
Easy Ice Masters, LLC (d), (g)	Business Services	Second Lien Term Loan 7.03% Cash/5.97% PIK, 2/28/2023		10/31/2018	$	3,804,244		3,768,025		3,819,461		2.1	%
Netreo Holdings, LLC (g)	Business Services	First Lien Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.00% PIK, 7/3/2023		7/3/2018	$	5,067,057		5,021,133		5,092,899		2.8	%

See accompanying notes to consolidated financial statements.

15

Company	Industry		Investment Interest Rate/ Maturity	Original Acquisition Date		Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Netreo Holdings, LLC (g), (h)		Business Services	Common Stock Class A Unit		7/3/2018		3,150,000		3,150,000		5,179,101		2.9	%
			Total Business Services						42,748,791		48,717,704		27.0	%
Saratoga Investment Corp. CLO2013-1, Ltd. (a), (e), (g)		Structured Finance Securities	Other/Structured Finance Securities 16.67%, 1/20/2030		1/22/2008	$	69,500,000		23,516,398		25,393,508		14.0	%
Saratoga Investment Corp. CLO2013-1, Ltd.Class F-R-2 Note (a), (g)		Structured Finance Securities	Other/Structured Finance Securities (3M USD LIBOR+8.75%), 11.37%, 1/20/2030		12/14/2018	$	2,500,000		2,500,000		2,483,500		1.4	%
Saratoga Investment Corp. CLO2013-1, Ltd.Class G-R-2 Note (a), (g)		Structured Finance Securities	Other/Structured Finance Securities (3M USD LIBOR+10.00%), 12.62%, 1/20/2030		12/14/2018	$	7,500,000		7,500,000		7,450,500		4.1	%
			Total Structured Finance Securities						33,516,398		35,327,508		19.5	%
Sub Total Control investments									76,265,189		84,045,212		46.5	%
TOTAL INVESTMENTS—222.3% (b)								$	401,916,093	$	402,019,720		222.3	%
						Number of Shares		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 34.3% (b)
U.S. Bank Money Market (l)							62,094,394	$	62,094,394	$	62,094,394		34.3	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts							62,094,394	$	62,094,394	$	62,094,394		34.3	%

(a) Represents anon-qualifying investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended. As of February 28, 2019,non-qualifying assets represent 16.5% of the Company’s portfolio at fair value. As a BDC, the Company can only invest 30% of its portfolio innon-qualifying assets.

(b) Percentages are based on net assets of $180,875,187 as of February 28, 2019.

(c) Because there is no readily available market value for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).

(d) These securities are either fully or partially pledged as collateral under a senior secured revolving credit facility (see Note 7 to the consolidated financial statements).

(e) This investment does not have a stated interest rate that is payable thereon. As a result, the 16.67% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment.

(f) As defined in the Investment Company Act, this portfolio company is an Affiliate as we own between 5.0% and 25.0% of the voting securities. Transactions during the year ended February 28, 2019 in which the issuer was an Affiliate are as follows:

Company	Purchases		Sales		Total Interest from Investments		Management and Incentive Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation (Depreciation)
GreyHeller LLC	$	—	$	—	$	963,289	$	—	$	—	$	776,012
Elyria Foundry Company, L.L.C.		—		—		150,284		—		—		(1,629,600	)
Total	$	—	$	—	$	1,113,573	$	—	$	—	$	(853,588	)

See accompanying notes to consolidated financial statements.

16

(g) As defined in the Investment Company Act, we “Control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended February 28, 2019 in which the issuer was both an Affiliate and a portfolio company that we Control are as follows:

Company	Purchases		Sales			Total Interest from Investments		Management and Incentive Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation (Depreciation)
Easy Ice, LLC	$	1,684,448	$	—		$	3,424,369	$	—	$	—	$	1,720,004
Easy Ice Masters, LLC		3,629,682		—			161,468		—		—		51,436
Netreo Holdings, LLC		8,100,000		—			374,843		—		—		2,100,867
Saratoga Investment Corp. CLO2013-1, Ltd.		14,268,609		(48,083	)		2,922,372		2,355,412		—		(701,722	)
Saratoga Investment Corp. CLO2013-1, Ltd. Class F Note		—		(4,500,000	)		412,069		—		—		900
Saratoga Investment Corp. CLO2013-1, Ltd.Class F-R-2 Notes		2,500,000		—			61,761		—		—		(16,500	)
Saratoga Investment Corp. CLO2013-1, Ltd.Class G-R-2 Notes		7,500,000		—			205,333		—		—		(49,500	)
Saratoga Investment Corp. CLO2013-1 Warehouse, Ltd.		20,000,000		(20,000,000	)		511,731		—		—		—
Total	$	57,682,739	$	(24,548,083	)	$	8,073,946	$	2,355,412	$	—	$	3,105,485

(h) Non-income producing at February 28, 2019.

(i) Includes securities issued by an affiliate of the Company.

(j) All or a portion of this investment has an unfunded commitment as of February 28, 2019. (see Note 8 to the consolidated financial statements).

(k) As of February 28, 2019, the investment was onnon-accrual status. The fair value of these investments was approximately $5.7 million, which represented 1.4% of the Company’s portfolio (see Note 2 to the consolidated financial statements).

(l) Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of February 28, 2019.

LIBOR - London Interbank Offered Rate

1M USD LIBOR - The 1 month USD LIBOR rate as of February 28, 2019 was 2.49%.

3M USD LIBOR - The 3 month USD LIBOR rate as of February 28, 2019 was 2.62%.

PIK -Payment-in-Kind (see Note 2 to the consolidated financial statements).

See accompanying notes to consolidated financial statements.

17

Saratoga Investment Corp.

Consolidated Statements of Changes in Net Assets

(unaudited)

	For the three months ended
	May 31, 2019			May 31, 2018
INCREASE FROM OPERATIONS:
Net investment income	$	3,680,788		$	3,927,648
Net realized gain from investments		—			212,008
Net change in unrealized appreciation on investments		3,989,130			643,205
Net change in provision for deferred taxes on unrealized appreciation on investments		(20,930	)		(940,546	)
Net increase in net assets resulting from operations		7,648,988			3,842,315
DECREASE FROM SHAREHOLDER DISTRIBUTIONS:
Total distributions to shareholders		(4,176,132	)		(3,128,513	)
Net decrease in net assets from shareholder distributions		(4,176,132	)		(3,128,513	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from issuance of common stock		1,772,634			—
Stock dividend distribution		667,389			504,878
Offering costs		(4,365	)		—
Net increase in net assets from capital share transactions		2,435,658			504,878
Total increase in net assets		5,908,514			1,218,680
Net assets at beginning of period, as previously reported		180,875,187			143,691,367
Cumulative effect of the adoption of ASC 606 (See Note 2)		—			(65,300	)
Net assets at beginning of period, as adjusted		180,875,187			143,626,067
Net assets at end of period	$	186,783,701		$	144,844,747

See accompanying notes to consolidated financial statements.

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Saratoga Investment Corp.

Consolidated Statements of Cash Flows

(unaudited)

	For the three months ended
	May 31, 2019			May 31, 2018
Operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,648,988		$	3,842,315
ADJUSTMENTS TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Payment-in-kind and other adjustments to cost		(2,672,834	)		(758,415	)
Net accretion of discount on investments		(318,260	)		(380,862	)
Amortization of deferred debt financing costs		341,688			254,601
Net realized (gain) loss from investments		—			(212,008	)
Net change in unrealized (appreciation) depreciation on investments		(3,989,130	)		(643,205	)
Net change in provision for deferred taxes on unrealized appreciation (depreciation) on investments		20,930			940,546
Proceeds from sales and repayments of investments		26,917,351			36,540,803
Purchases of investments		(27,368,748	)		(35,203,552	)
(Increase) decrease in operating assets:
Interest receivable		(68,898	)		(733,644	)
Due from affiliate		430,550			—
Management and incentive fee receivable		262,266			49,099
Cumulative effect of the adoption of ASC 606 (See Note 2)		—			(65,300	)
Other assets		45,304			40,331
Deferred tax asset		2,136			(267,310	)
Receivable from unsettled trades		—			(159,271	)
Increase (decrease) in operating liabilities:
Base management and incentive fees payable		837,285			173,779
Accounts payable and accrued expenses		(184,742	)		135,183
Interest and debt fees payable		(1,246,177	)		(1,036,724	)
Directors fees payable		1,500			43,000
Due to manager		22,661			17,589
NET CASH PROVIDED BY OPERATING ACTIVITIES		681,870			2,576,955
Financing activities
Payments of deferred debt financing costs		(39,689	)		—
Proceeds from issuance of common stock		1,772,634			—
Payments of cash dividends		(3,508,743	)		(2,623,635	)
Payments of offering costs		(4,219	)		—
NET CASH USED IN FINANCING ACTIVITIES		(1,780,017	)		(2,623,635	)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS		(1,098,147	)		(46,680	)
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD		62,094,394			13,777,491
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD	$	60,996,247		$	13,730,811
Supplemental information:
Interest paid during the period	$	4,769,065		$	3,504,914
Cash paid for taxes		5,761			14,070
Supplementalnon-cash information:
Payment-in-kind interest income	$	2,672,834		$	758,415
Net accretion of discount on investments		318,260			380,862
Amortization of deferred debt financing costs		341,688			254,601
Stock dividend distribution		667,389			504,878

See accompanying notes to consolidated financial statements.

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SARATOGA INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

May 31, 2019

(unaudited)

Note 1. Organization

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-HT, Inc., SIA-MAC, Inc., SIA-TT, Inc. and SIA-Vector, Inc., which are structured as Delaware entities, or tax blockers (“Taxable 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 September 27, 2018, the SBA issued a “green light” letter inviting us to file a formal license application for a second SBIC license. If approved, the additional SBIC license would provide the Company with an incremental source of long-term capital by permitting us to issue, subject to SBA approval, up to $175.0 million of additionalSBA-guaranteed debentures in addition to the $150.0 million already approved under the Company’s first license. Receipt of a green light letter from the SBA does not assure an applicant that the SBA will ultimately issue an SBIC license and the Company has received no assurance or indication from the SBA that it will receive an additional SBIC license, or of the timeframe in which it would receive an additional license, should one ultimately be granted.

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Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. 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 subsidiaries, Saratoga Investment Funding, LLC (previously known as GSC Investment Funding LLC), SBIC LP, SIA-Avionte, Inc., SIA-Easy Ice, LLC, SIA-GH, Inc.,SIA-HT, Inc., SIA-MAC, 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 months ended May 31, 2019.

Use of Estimates in the Preparation of Financial Statements

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

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:

• we were to own more than 3.0% of the total outstanding voting stock of the money market fund;

• we were to hold securities in the money market fund having an aggregate value in excess of 5.0% of the value of our total assets, except as allowed pursuant to Rule12d1-1 of Section 12(d)(1) of the 1940 Act which is designed to permit “cash sweep” arrangements rather than investments directly in short-term instruments; or

• we were to hold securities in money market funds and other registered investment companies and BDCs having an aggregate value in excess of 10.0% of the value of our total assets.

As of May 31, 2019, the Company did not exceed any of these limitations.

Cash and Cash Equivalents, Reserve Accounts

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.

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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 and restricted cash equivalents when reconciling thebeginning-of-period andend-of-period total amounts.

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, 2019		May 31, 2018
Cash and cash equivalents	$	37,183,604	$	3,313,448
Cash and cash equivalents, reserve accounts		23,812,643		10,417,363
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	60,996,247	$	13,730,811

Investment Classification

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 Investments” are defined as investments that are neither Control Investments nor Affiliated Investments.

Investment Valuation

The Company accounts for its investments at fair value in accordance with the FASB ASC Topic 820,Fair Value Measurement (“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 or its liabilities are to be transferred 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:

• Each investment is initially valued by the responsible investment professionals of Saratoga Investment Advisors and preliminary valuation conclusions are documented, reviewed and discussed with our senior management; and

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• An independent valuation firm engaged by our board of directors independently reviews a selection of these preliminary valuations each quarter so that the valuation of each investment for which market quotes are not readily available is reviewed by the independent valuation firm at least once each fiscal year.

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

• The audit committee of our board of directors reviews and approves each preliminary valuation and our Manager and independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and

• Our board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of our Manager, independent valuation firm (to the extent applicable) and the audit committee of our board of directors.

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.

Derivative Financial Instruments

The Company accounts for derivative financial instruments in accordance with FASB 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.

Investment Transactions and Income Recognition

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

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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. At May 31, 2019, certain investments in four portfolio companies, including preferred equity interests, were onnon-accrual status with a fair value of approximately $4.9 million, or 1.2% of the fair value of our portfolio. At February 28, 2019, certain investments in four portfolio companies, including preferred equity interests, were onnon-accrual status with a fair value of approximately $5.7 million, or 1.4% of the fair value of our portfolio.

Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325,Investments-Other, Beneficial Interests in Securitized Financial Assets, (“ASC 325”), 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.

Adoption of ASC 606

In May 2014, the FASB issued ASU2014-09,Revenue from Contracts with Customers(“ASC 606”), which supersedes the revenue recognition requirements in Revenue Recognition (ASC 605). In May 2016, ASU2016-12 amended ASU2014-09 and deferred the effective period for annual periods beginning after December 15, 2017.

Under the new guidance, the Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Under this standard, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligation(s) are satisfied and control is transferred to the customer. Management has concluded that the majority of its revenues associated with financial instruments are scoped out of ASC 606, and has concluded that the only significant impact relates to the timing of the recognition of the CLO incentive fee income. The adoption of ASC 606 did not have an impact on the Company’s management fee income or investment income.

The Company adopted ASC 606 to all applicable contracts under the modified retrospective approach using the practical expedient provided for within paragraph606-10-65-1(f)(4); therefore, the presentation of prior year periods has not been adjusted. The Company recognized the cumulative effect of initially adopting ASC 606 as an adjustment to the opening balance of components of equity as of March 1, 2018.

Incentive Fee Income

Incentive fee income is recognized based on the performance of Saratoga CLO during the period, subject to the achievement of minimum return levels in accordance with the terms set out in the investment management agreement between the Company and Saratoga CLO. Incentive fee income is realized in cash on a quarterly basis. Once realized, such fees are no longer subject to reversal.

Upon the adoption of ASC 606, the Company recognizes incentive fee income only when the amount is realized and no longer subject to reversal. Therefore, the Company no longer recognizes unrealized incentive fee income in the consolidated financial statements. The adoption of ASC 606 results in the delayed recognition of unrealized incentive fee income in the consolidated financial statements until it becomes realized at the end of the measurement period and all uncertainties are eliminated, which is typically quarterly.

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The Company adopted ASC 606 for incentive fee income using the modified retrospective approach with an effective date of March 1, 2018. The cumulative effect of the adoption resulted in the reversal of $0.07 million of unrealized incentive fee income and is presented as a reduction to the opening balances of components of equity as of March 1, 2018.

In conjunction with the third refinancing and issuance of the Saratoga CLO’s2013-1 Reset CLO Notes (the“2013-1 Reset CLO Notes”) on December 14, 2018, the Company is no longer entitled to receive an incentive management fee from Saratoga CLO. See Note 4 for additional information. Prior to the refinancing, the Company reported $0.2 million in incentive fees from the Saratoga CLO for the three months ended May 31, 2018 and is reported as incentive fee income on the Company’s consolidated statement of operations.

The following table presents the impact of incentive fees on the consolidated statement of assets and liabilities upon the adoption of ASC 606 effective March 1, 2018:

Consolidated Statement of Assets and Liabilities

	February 28, 2018
	As Reported		Adjustments(1)			As Adjusted for Adoption of ASC 606
Management and incentive fee receivable	$	233,024	$	(65,300	)	$	167,724
Total assets		360,336,361		(65,300	)		360,271,061
Cumulative effect adjustment for Adoption of ASC 606		—		(65,300	)		(65,300	)
Total net assets		143,691,367		(65,300	)		143,626,067
NET ASSET VALUE PER SHARE	$	22.96	$	(0.01	)	$	22.95

(1) Unrealized incentive fees receivable balance as of February 28, 2018.

Without the adoption of ASC 606, there was no impact to either the consolidated statements of assets and liabilities as of May 31, 2019 and February 28, 2019 or the consolidated statement of operations for the three months ended May 31, 2019.

For the three months ended May 31, 2018, the impact on the consolidated statement of operations without the adoption of ASC 606 is shown in the table below:

Consolidated Statement of Operations

	For the Three Months Ended May 31, 2018
	As Reported		Adjustments		Without Adoption of ASC 606
Incentive fee income	$	199,183	$	27,652	$	226,835
Total investment income		10,488,018		27,652		10,515,670
NET INVESTMENT INCOME		3,927,648		27,652		3,955,300
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		3,842,315		27,652		3,869,967
WEIGHTED AVERAGE—BASIC AND DILUTED EARNINGS PER COMMON SHARE	$	0.61	$	0.01	$	0.62

Other Income

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

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Payment-in-Kind Interest

The Company holds debt and preferred equity 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.

Deferred Debt Financing Costs

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 straight-line method over the life of the debentures.

The Company presents deferred debt financing costs on the balance sheet as a contra-liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.

Contingencies

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.

Income Taxes

The Company has 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, except as related to the Taxable Blockers when applicable.

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

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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.

The Company may utilize wholly-owned holding companies taxed under Subchapter C of the Code or tax blockers, when making equity investments in portfolio companies taxed as pass-through entities to meet itssource-of-income requirements as a RIC. Taxable Blockers are consolidated in the Company’s GAAP financial statements and may result in current and deferred federal and state income tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included in the Company’stax-basis net investment income until distributed by the Taxable Blocker, which may result in timing and character differences between the Company’s GAAP andtax-basis net investment income and realized gains and losses. Income tax expense or benefit from Taxable Blockers related to net investment income are included in total operating expenses, while any expense or benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net realized or unrealized gain or loss line item. Deferred tax assets of the Taxable Blockers are reduced by a valuation allowance when, in the opinion of management, it is more-likelythan-not that some portion or all of the deferred tax assets will not be realized.

FASB ASC Topic 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” of being sustained by the applicable tax authority. Tax positions deemed to meet a“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, 2019, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2016, 2017 and 2018 federal tax years for the Company remain subject to examination by the IRS. As of May 31, 2019 and February 28, 2019, 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

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.

Capital Gains Incentive Fee

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 the Manager 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 Manager if the Company were to liquidate its investment portfolio at such time.

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The actual incentive fee payable to the Company’s Manager 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.

Regulatory Matters

In August 2018, the SEC issued Final Rule ReleaseNo.33-10532,Disclosure Update and Simplification, which in part amends certain disclosure requirements of RegulationS-X that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. GAAP or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. The effective date for these disclosures was November 5, 2018. Management has adopted these amendments as currently required and these are reflected in the Company’s consolidated financial statements and related disclosures. The presentation of certain prior year information has been adjusted to conform with these amendments.

New Accounting Pronouncements

In August 2018, FASB issued ASU2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement(“ASU2018-13”). The primary focus of ASU2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management has assessed these changes and does not believe they would have a material impact on the Company’s consolidated financial statements and disclosures.

In March 2017, the 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 interim periods within those fiscal years, beginning after December 15, 2018. Management has assessed these changes and concluded these changes do not have a material impact on the Company’s consolidated financial statements and disclosures.

Risk Management

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.

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Note 3. Investments

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:

• Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

• Level 2— Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally from, or corroborated by, observable market information. Investments which are generally included in this category include illiquid debt securities and less liquid, privately held or restricted equity securities, for which some level of recent trading activity has been observed.

• Level 3— Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. These inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation methodology.

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.

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The following table presents fair value measurements of investments, by major class, as of May 31, 2019 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
First lien term loans	$	—	$	—	$	219,479	$	219,479
Second lien term loans		—		—		109,305		109,305
Unsecured term loans		—		—		2,058		2,058
Structured finance securities		—		—		37,965		37,965
Equity interests		—		—		40,644		40,644
Total	$	—	$	—	$	409,451	$	409,451

The following table presents fair value measurements of investments, by major class, as of February 28, 2019 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
First lien term loans	$	—	$	—	$	202,846	$	202,846
Second lien term loans		—		—		125,786		125,786
Unsecured term loans		—		—		2,100		2,100
Structured finance securities		—		—		35,328		35,328
Equity interests		—		—		35,960		35,960
Total	$	—	$	—	$	402,020	$	402,020

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2019 (dollars in thousands):

	First lien term loans			Second lien term loans			Unsecured term loans			Structured finance securities		Equity interests		Total
Balance as of February 28, 2019	$	202,846		$	125,786		$	2,100		$	35,328	$	35,960	$	402,020
Payment-in-kind and other adjustments to cost		323			1,043			—			1,383		242		2,991
Net change in unrealized appreciation (depreciation) on investments		(217	)		476			(42	)		1,254		2,517		3,988
Purchases		25,444			—			—			—		1,925		27,369
Sales and repayments		(8,917	)		(18,000	)		—			—		—		(26,917	)
Net realized gain (loss) from investments		—			—			—			—		—		—
Balance as of May 31, 2019	$	219,479		$	109,305		$	2,058		$	37,965	$	40,644	$	409,451
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	$	(217	)	$	468		$	(42	)	$	1,254	$	2,517	$	3,980

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.

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Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no restructures in or out of Levels 1, 2 or 3 during the three months ended May 31, 2019.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2018 (dollars in thousands):

	Syndicated loans			First lien term loans			Second lien term loans			Unsecured term loans			Structured finance securities			Equity interests		Total
Balance as of February 28, 2018	$	4,106		$	197,359		$	95,075		$	—		$	16,374		$	29,780	$	342,694
Payment-in-kind and other adjustments to cost		73			271			531			—			—			265		1,140
Net change in unrealized appreciation (depreciation) on investments		(73	)		(22	)		(186	)		(66	)		130			860		643
Purchases		—			16,335			15,653			2,216			—			999		35,203
Sales and repayments		(4,106	)		(18,387	)		(14,000	)		—			(48	)		—		(36,541	)
Net realized gain from investments		—			212			—			—			—			—		212
Restructures in		—			—			—			—			—			—		—
Restructures out		—			—			—			—			—			—		—
Balance as of May 31, 2018	$	—		$	195,768		$	97,073		$	2,150		$	16,456		$	31,904	$	343,351
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	$	—		$	(167	)	$	(93	)	$	(66	)	$	130		$	860	$	664

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2019 were as follows (dollars in thousands):

	Fair Value		Valuation Technique		Unobservable Input	Range		Weighted Average*
First lien term loans	$	219,479		Market Comparables	Market Yield (%)		8.5% - 13.0%		10.8%
					EBITDA Multiples (x)		3.0x		3.0x
Second lien term loans		109,305		Market Comparables	Market Yield (%)		10.5% - 47.5%		12.7%
					EBITDA Multiples (x)	5.0x		5.0x
Unsecured term loans		2,058		Market Comparables	Market Yield (%)		19.2%- 19.2%		19.2%
					EBITDA Multiples (x)		4.8x		4.8x
Structured finance securities		37,965		Discounted Cash Flow	Discount Rate (%)		9.0% - 15.0%		13.7%
Equity interests		40,644		Market Comparables	EBITDA Multiples (x)		4.0x - 14.0x		7.3x
					Revenue Multiples (x)		0.6x - 39.5x		8.2x
Total	$	409,451

* The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input.

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The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2019 were as follows (dollars in thousands):

	Fair Value		Valuation Technique		Unobservable Input	Range		Weighted Average*
First lien term loans	$	202,846		Market Comparables	Market Yield (%)		8.6% - 13.2%		11.0%
					EBITDA Multiples (x)		3.0x		3.0x
Second lien term loans		125,786		Market Comparables	Market Yield (%)		10.5% - 41.1%		12.8%
					EBITDA Multiples (x)		5.0x		5.0x
Unsecured term loans		2,100		Market Comparables	Market Yield (%)		15.00%		15.0%
					EBITDA Multiples (x)		4.8x		4.8x
Structured finance securities		35,328		Discounted Cash Flow	Discount Rate (%)		9.0%- 15.0%		13.6%
Equity interests		35,960		Market Comparables	EBITDA Multiples (x)		4.0x - 14.7x		6.7x
					Revenue Multiples (x)		0.6x - 39.6x		10.1x
Total	$	402,020

* The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input.

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 earnings before interest, tax, depreciation and amortization (“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 31, 2019 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
First lien term loans	$	219,178		54.1	%	$	219,479		53.6	%
Second lien term loans		110,836		27.3			109,305		26.7
Unsecured term loans		2,217		0.6			2,058		0.5
Structured finance securities		34,899		8.6			37,965		9.3
Equity interests		38,229		9.4			40,644		9.9
Total	$	405,359		100.0	%	$	409,451		100.0	%

The composition of our investments as of February 28, 2019 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
First lien term loans	$	202,328		50.3	%	$	202,846		50.5	%
Second lien term loans		127,793		31.8			125,786		31.3
Unsecured term loans		2,217		0.6			2,100		0.5
Structured finance securities		33,516		8.3			35,328		8.8
Equity interests		36,062		9.0			35,960		8.9
Total	$	401,916		100.0	%	$	402,020		100.0	%

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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 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. 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 31, 2019. The significant inputs at May 31, 2019 for the valuation model include:

• Default rate: 2.0%

• Recovery rate:35-70%

• Discount rate: 15.0%

• Prepayment rate: 20.0%

• Reinvestment rate / price: L+375bps / $99.50

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

On January 22, 2008, the Company entered into a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO was initially refinanced in October 2013 with its reinvestment period extended to October 2016. On November 15, 2016, the Company completed a second refinancing of the Saratoga CLO with its reinvestment period extended to October 2018.

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On August 7, 2018, the Company entered into an unsecured loan agreement (“CLO2013-1 Warehouse Loan”) with Saratoga Investment Corp. CLO2013-1 Warehouse, Ltd (“CLO2013-1 Warehouse”), a wholly-owned subsidiary of Saratoga CLO, pursuant to which CLO2013-1 Warehouse may borrow from time to time up to $20 million from the Company in order to provide capital necessary to support warehouse activities. The CLO2013-1 Warehouse Loan, which expires on February 7, 2020, bears interest at an annual rate of 3M USD LIBOR + 7.5%. Interest accrued on the investment in the CLO2013-1 Warehouse Loan is included in interest income on the Company’s consolidated statement of operations. During the year ended February 28, 2019, the maximum amount invested by the Company in the CLO2013-1 Warehouse Loan amounted to $20.0 million.

On December 14, 2018, the Company completed a third refinancing and upsize of the Saratoga CLO (the“2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030. Anon-call period ending January 2020 was also added. Following this refinancing, the Saratoga CLO portfolio increased from approximately $300.0 million in aggregate principal amount to approximately $500.0 million of predominantly senior secured first lien term loans. In addition to refinancing its liabilities, the Company invested an additional $13.8 million in all of the newly issued subordinated notes of the Saratoga CLO and also purchased $2.5 million in aggregate principal amount of theClass F-R-2 and $7.5 million aggregate principal amount of theClass G-R-2 notes tranches at par, with a coupon of LIBOR plus 8.75% and LIBOR plus 10.00%, respectively. As part of this refinancing, the Company also redeemed our existing $4.5 million aggregate amount of the Class F notes tranche at par.

The Saratoga CLO remains 100.0% owned and managed by the Company. We receive a base management fee of 0.10% per annum and a subordinated management fee of 0.40% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following the third refinancing and the issuance of the2013-1 Reset CLO Notes on December 14, 2018, we are no longer 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 31, 2019 and May 31, 2018, we accrued management fee income of $0.6 million and $0.4 million, respectively, and interest income of $1.1 million and $0.8 million, respectively, from the Saratoga CLO. For the three months ended May 31, 2018, we accrued $0.2 million related to the incentive management fee from Saratoga CLO.

As of May 31, 2019, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $28.0 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 31, 2019, the fair value of its investment in theClass F-R-2 Notes andG-R-2 Notes of Saratoga CLO was $2.5 million and $7.5 million, respectively. As of May 31, 2019, Saratoga CLO had investments with a principal balance of $513.4 million and a weighted average spread over LIBOR of 4.0% and had debt with a principal balance of $470.0 million with a weighted average spread over LIBOR of 2.0%. 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. As of May 31, 2019, the present value of the projected future cash flows of the subordinated notes was approximately $28.6 million, using a 15.0% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $43.8 million, which is comprised of the initial investment of $30.0 million in January 2008 plus the additional investment of $13.8 million in December 2018, and to date the Company has since received distributions of $55.9 million, management fees of $20.2 million and incentive fees of $1.2 million.

As of February 28, 2019, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $25.4 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

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subordinated notes over the life of Saratoga CLO. As of February 28, 2019, the fair value of its investment in theClass F-R-2 Notes andG-R-2 Notes of Saratoga CLO was $2.5 million and $7.5 million, respectively. As of February 28, 2019, Saratoga CLO had investments with a principal balance of $510.3 million and a weighted average spread over LIBOR of 4.0% and had debt with a principal balance of $470.0 million with a weighted average spread over LIBOR of 2.3%. As of February 28, 2019, the present value of the projected future cash flows of the subordinated notes was approximately $26.6 million, using a 15.0% discount rate.

Below is certain financial information from the separate financial statements of Saratoga CLO as of May 31, 2019 (unaudited) and February 28, 2019 and for the three months ended May 31, 2019 (unaudited) and May 31, 2018 (unaudited).

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Saratoga Investment Corp. CLO2013-1, Ltd.

Statements of Assets and Liabilities

	May 31, 2019			February 28, 2019
	(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $508,645,633 and $506,145,483, respectively)	$	497,734,598		$	498,389,369
Equities at fair value (amortized cost of $2,566,752 and $3,531,218, respectively)		151			15,691
Total investments at fair value (amortized cost of $511,212,385 and $509,676,701, respectively)		497,734,749			498,405,060
Cash and cash equivalents		8,579,399			18,495,653
Receivable from open trades		1,204,614			7,855,309
Interest receivable (net of reserve of $291,580 and $168,443, respectively)		1,886,128			2,104,495
Total assets	$	509,404,890		$	526,860,517
LIABILITIES
Interest payable	$	2,461,179		$	4,963,472
Payable from open trades		14,504,906			26,232,247
Accrued base management fee		55,966			108,419
Accrued subordinated management fee		223,862			433,675
Due to affiliate		1,243,197			1,673,747
Accounts payable and accrued expenses		23,136			1,221,110
Saratoga Investment Corp. CLO2013-1, Ltd. Notes:
Class  A-1FL-R-2 Senior Secured Floating Rate Notes		255,000,000			255,000,000
Class  A-1FXD-R-2 Senior Secured Fixed Rate Notes		25,000,000			25,000,000
Class-A-2-R-2 Senior Secured Floating Rate Notes		40,000,000			40,000,000
Class B-R-2 Senior Secured Floating Rate Notes		59,500,000			59,500,000
Class C-R-2 Deferrable Mezzanine Floating Rate Notes		22,500,000			22,500,000
Discount onClass C-R-2 Notes		(571,332	)		(585,059	)
Class D-R-2 Deferrable Mezzanine Floating Rate Notes		31,000,000			31,000,000
Discount onClass D-R-2 Notes		(1,039,656	)		(1,064,636	)
Class  E-1-R-2 Deferrable Mezzanine Floating Rate Notes		27,000,000			27,000,000
Class  E-2-R-2 Deferrable Mezzanine Fixed Rate Notes		—			—
Class F-R-2 Deferrable Junior Floating Rate Notes		2,500,000			2,500,000
Class G-R-2 Deferrable Junior Floating Rate Notes		7,500,000			7,500,000
Deferred debt financing costs		(2,408,435	)		(2,465,897	)
Subordinated Notes		69,500,000			69,500,000
Discount on Subordinated Notes		(24,664,279	)		(25,256,892	)
Total liabilities	$	529,328,544		$	544,760,186
NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 issued and outstanding, respectively	$	250		$	250
Total distributable earnings (loss)		(19,923,904	)		(17,899,919	)
Total net assets (deficit)		(19,923,654	)		(17,899,669	)
Total liabilities and net assets	$	509,404,890		$	526,860,517

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Saratoga Investment Corp. CLO2013-1, Ltd.

Statements of Operations

(unaudited)

	For the three months ended
	May 31, 2019			May 31, 2018
INVESTMENT INCOME
Interest from investments	$	8,203,707		$	5,032,427
Interest from cash and cash equivalents		7,363			4,015
Other income		140,123			142,957
Total investment income		8,351,193			5,179,399
EXPENSES
Interest and debt financing expenses		6,418,808			3,994,176
Base management fee		125,903			77,039
Subordinated management fee		503,613			308,155
Incentive fees		—			226,835
Professional fees		124,508			25,888
Trustee expenses		19,879			45,468
Miscellaneous fee expense		32,538			27,389
Total expenses		7,225,249			4,704,950
NET INVESTMENT INCOME		1,125,944			474,449
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on investments		(943,934	)		(1,157,929	)
Net change in unrealized depreciation on investments		(2,205,995	)		(110,177	)
Net realized and unrealized loss on investments		(3,149,929	)		(1,268,106	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,023,985	)	$	(793,657	)

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Saratoga Investment Corp. CLO2013-1 Ltd.

Schedule of Investments

May 31, 2019

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread				LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Education Management II LLC	Services: Consumer	Education Management II A-1 Preferred Shares	Equity		-												6,692	$	669,214	$	134
Education Management II LLC	Services: Consumer	Education Management IIA-2 Preferred Shares	Equity		-												18,975		1,897,538		17
24 Hour Fitness Worldwide Inc.	Services: Consumer	Term Loan (5/18)	Loan		1M USD LIBOR+	3.50	%		0.00	%		5.93	%		5/30/2025	$	2,982,487		2,971,392		2,965,100
ABB Con-Cise Optical Group LLC	Healthcare & Pharmaceuticals	Term Loan B	Loan		3M USD LIBOR+	5.00	%		1.00	%		7.50	%		6/15/2023		2,098,066		2,074,926		1,966,936
Achilles Acquisition LLC	Banking Finance Insurance & Real Estate	Term Loan (09/18)	Loan		1M USD LIBOR+	4.00	%		0.00	%		6.43	%		10/13/2025		3,000,000		2,993,593		2,992,500
Acosta Inc.	Media: Advertising Printing & Publishing	Term Loan B (1st Lien)	Loan		1M USD LIBOR+	3.25	%		1.00	%		5.68	%		9/27/2021		1,910,400		1,904,699		788,040
ADMI Corp.	Services: Consumer	Term Loan B	Loan		1M USD LIBOR+	2.75	%		0.00	%		5.18	%		4/30/2025		1,985,000		1,976,388		1,956,873
Advantage Sales & Marketing Inc.	Services: Business	First Lien Term Loan	Loan		1M USD LIBOR+	3.25	%		1.00	%		5.68	%		7/23/2021		2,389,899		2,388,562		2,067,574
Advantage Sales & Marketing Inc.	Services: Business	Term Loan B Incremental	Loan		1M USD LIBOR+	3.25	%		1.00	%		5.68	%		7/23/2021		493,719		487,181		424,909
Aegis Toxicology Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan		3M USD LIBOR+	5.50	%		1.00	%		8.00	%		5/9/2025		3,980,000		3,946,077		3,831,984
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (1/19)	Loan		1M USD LIBOR+	3.00	%		0.00	%		5.43	%		1/5/2026		500,000		500,000		500,000
Agrofresh Inc.	Beverage Food & Tobacco	Term Loan	Loan		6M USD LIBOR+	4.75	%		1.00	%		7.27	%		7/30/2021		2,912,180		2,908,470		2,824,814
AI Mistral (Luxembourg) Subco Sarl	High Tech Industries	Term Loan	Loan		1M USD LIBOR+	3.00	%		1.00	%		5.43	%		3/11/2024		490,000		490,000		426,300
AIS Holdco LLC	Services: Business	Term Loan	Loan		3M USD LIBOR+	5.00	%		0.00	%		7.50	%		8/15/2025		2,468,750		2,457,800		2,271,250
Akorn Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan		1M USD LIBOR+	7.00	%		1.00	%		9.43	%		4/16/2021		398,255		397,752		371,624
Albertson’s LLC	Retail	Term Loan B7	Loan		1M USD LIBOR+	3.00	%		0.75	%		5.43	%		11/17/2025		4,141,132		4,130,851		4,113,717
Alchemy US Holdco 1 LLC	Metals & Mining	Term Loan	Loan		1M USD LIBOR+	5.50	%		0.00	%		7.93	%		10/10/2025		1,987,500		1,959,956		1,977,562
Alera Group Intermediate Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan		1M USD LIBOR+	4.50	%		0.00	%		6.93	%		8/1/2025		497,500		496,377		498,744
Alion Science and Technology Corporation	Aerospace & Defense	Term Loan B (1st Lien)	Loan		1M USD LIBOR+	4.50	%		1.00	%		6.93	%		8/19/2021		3,626,521		3,620,887		3,626,521

38

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread					LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Allen Media LLC	Media: Diversified & Production	Term Loan B	Loan		4M USD LIBOR+	6.50	%			1.00	%		7.50	%		8/30/2023		2,962,500		2,898,258		2,943,984
Altisource S.a r.l.	Banking Finance Insurance & Real Estate	Term Loan B (03/18)	Loan		3M USD LIBOR+	4.00	%			1.00	%		6.50	%		4/3/2024		1,676,074		1,666,089		1,651,637
Altra Industrial Motion Corp.	Capital Equipment	Term Loan	Loan		1M USD LIBOR+	2.00	%			0.00	%		4.43	%		10/1/2025		1,917,909		1,913,622		1,893,130
American Dental Partners Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan		3M USD LIBOR+	4.25	%			1.00	%		6.75	%		3/24/2023		997,500		987,844		985,031
American Greetings Corporation	Media: Advertising Printing & Publishing	Term Loan	Loan		1M USD LIBOR+	4.50	%			1.00	%		6.93	%		4/5/2024		4,969,900		4,967,612		4,957,475
American Residential Services LLC	Services: Consumer	Term Loan B	Loan		1M USD LIBOR+	4.00	%			1.00	%		6.43	%		6/30/2022		3,956,604		3,945,057		3,897,255
Amynta Agency Borrower Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan		1M USD LIBOR+	4.50	%			0.00	%		6.93	%		2/28/2025		3,488,714		3,448,337		3,384,053
Anastasia Parent LLC	Consumer goods:Non-durable	Term Loan	Loan		1M USD LIBOR+	3.75	%			0.00	%		6.18	%		8/11/2025		995,000		990,594		856,526
Anchor Glass Container Corporation	Containers Packaging & Glass	Term Loan (07/17)	Loan		1M USD LIBOR+	2.75	%			1.00	%		5.18	%		12/7/2023		488,794		487,055		439,000
Arctic Glacier U.S.A. Inc.	Beverage Food & Tobacco	Term Loan (3/18)	Loan		1M USD LIBOR+	3.50	%	��		1.00	%		5.93	%		3/20/2024		3,350,967		3,330,502		3,346,778
Aretec Group Inc.	Banking Finance Insurance & Real Estate	Term Loan (10/18)	Loan		1M USD LIBOR+	4.25	%			0.00	%		6.68	%		10/1/2025		1,995,000		1,990,648		1,960,088
ASG Technologies Group Inc.	High Tech Industries	Term Loan	Loan		1M USD LIBOR+	3.50	%			1.00	%		5.93	%		7/31/2024		492,516		490,599		489,437
AssetMark Financial Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan		3M USD LIBOR+	3.50	%			0.00	%		6.00	%		11/14/2025		2,493,750		2,490,117		2,499,984
Astoria Energy LLC	Energy: Electricity	Term Loan	Loan		1M USD LIBOR+	4.00	%			1.00	%		6.43	%		12/24/2021		1,406,149		1,398,360		1,408,202
Asurion LLC	Banking Finance Insurance & Real Estate	Term LoanB-4 (Replacement)	Loan		1M USD LIBOR+	3.00	%			0.00	%		5.43	%		8/4/2022		2,078,304		2,071,534		2,068,660
Asurion LLC	Banking Finance Insurance & Real Estate	Term Loan B6	Loan		1M USD LIBOR+	3.00	%			0.00	%		5.43	%		11/3/2023		496,660		493,172		494,549
Athenahealth Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan		3M USD LIBOR+	4.50	%			0.00	%		7.00	%		2/11/2026		2,000,000		1,962,053		2,002,500
Avaya Inc.	Telecommunications	Term Loan B	Loan		1M USD LIBOR+	4.25	%			0.00	%		6.68	%		12/16/2024		1,984,975		1,970,465		1,945,275
Avison Young (Canada) Inc.	Services: Business	Term Loan	Loan		3M USD LIBOR+	5.00	%			0.00	%		7.50	%		1/30/2026		1,995,000		1,955,885		1,955,100
Ball Metalpack Finco LLC	Containers Packaging & Glass	Term Loan	Loan		3M USD LIBOR+	4.50	%			0.00	%		7.00	%		7/31/2025		3,974,975		3,956,970		3,967,542
Bausch Health Companies Inc.	Healthcare & Pharmaceuticals	Term Loan B (05/18)	Loan		1M USD LIBOR+	3.00	%			0.00	%		5.43	%		6/2/2025		1,708,604		1,701,767		1,701,137
Berry Global Group Inc.	Chemicals Plastics & Rubber	Term Loan (05/19)	Loan		3M USD LIBOR+	2.50	%			0.00	%		5.00	%		6/15/2026		5,000,000		4,987,500		4,968,050

39

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread				LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Blount International Inc.	Forest Products & Paper	Term Loan B (09/18)	Loan		1M USD LIBOR+	3.75	%		1.00	%		6.18	%		4/12/2023		3,480,013		3,476,754		3,481,091
Blucora Inc.	High Tech Industries	Term Loan (11/17)	Loan		2M USD LIBOR+	3.00	%		1.00	%		4.00	%		5/22/2024		956,667		952,736		954,878
Boxer Parent Company Inc.	Services: Business	Term Loan	Loan		3M USD LIBOR+	4.25	%		0.00	%		6.75	%		10/2/2025		2,493,750		2,471,351		2,411,357
Bracket Intermediate Holding Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan		3M USD LIBOR+	4.25	%		0.00	%		6.75	%		9/5/2025		995,000		990,507		990,025
Broadstreet Partners Inc.	Banking Finance Insurance & Real Estate	Term Loan B2	Loan		1M USD LIBOR+	3.25	%		1.00	%		5.68	%		11/8/2023		1,032,536		1,030,459		1,025,763
Cable & Wireless Communications Limited	Telecommunications	Term Loan B4	Loan		1M USD LIBOR+	3.25	%		0.00	%		5.68	%		1/30/2026		2,186,667		2,184,342		2,188,591
Calceus Acquisition Inc.	Consumer goods:Non-durable	Term Loan B	Loan		1M USD LIBOR+	5.50	%		0.00	%		7.93	%		2/12/2025		993,750		981,768		985,989
Callaway Golf Company	Retail	Term Loan B	Loan		1M USD LIBOR+	4.50	%		0.00	%		6.93	%		1/2/2026		748,125		733,835		754,671
Canyon Valor Companies Inc.	Media: Advertising Printing & Publishing	Term Loan B	Loan		3M USD LIBOR+	2.75	%		0.00	%		5.25	%		6/16/2023		936,691		934,349		929,956
Capital Automotive L.P.	Banking Finance Insurance & Real Estate	First Lien Term Loan	Loan		1M USD LIBOR+	2.50	%		1.00	%		4.93	%		3/25/2024		476,840		475,124		470,965
CareerBuilder LLC	Services: Business	Term Loan	Loan		3M USD LIBOR+	6.75	%		1.00	%		9.25	%		7/31/2023		2,266,211		2,226,525		2,246,382
CareStream Health Inc.	High Tech Industries	Term Loan	Loan		1M USD LIBOR+	5.75	%		1.00	%		8.18	%		2/28/2021		2,809,881		2,798,872		2,725,585
Casa Systems Inc.	Telecommunications	Term Loan	Loan		1M USD LIBOR+	4.00	%		1.00	%		6.43	%		12/20/2023		1,466,250		1,456,054		1,319,625
CCS-CMGC Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan		1M USD LIBOR+	5.25	%		0.00	%		7.68	%		10/1/2025		2,493,750		2,471,156		2,428,288
Cengage Learning Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan		1M USD LIBOR+	4.25	%		1.00	%		6.68	%		6/7/2023		1,458,708		1,444,248		1,390,338
CenturyLink Inc.	Telecommunications	Term Loan B	Loan		1M USD LIBOR+	2.75	%		0.00	%		5.18	%		1/31/2025		3,959,975		3,937,524		3,849,214
Charter Communications Operating LLC.	Media: Broadcasting & Subscription	Term Loan (12/17)	Loan		1M USD LIBOR+	2.00	%		0.00	%		4.43	%		4/30/2025		1,580,000		1,578,463		1,578,562
Compass Power Generation L.L.C.	Utilities: Electric	Term Loan B (08/18)	Loan		1M USD LIBOR+	3.50	%		1.00	%		5.93	%		12/20/2024		1,948,039		1,943,458		1,948,039
Compuware Corporation	High Tech Industries	Term Loan (08/18)	Loan		1M USD LIBOR+	3.50	%		0.00	%		5.93	%		8/22/2025		498,750		497,630		498,336
Concordia International Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan		1M USD LIBOR+	5.50	%		1.00	%		7.93	%		9/6/2024		1,201,860		1,142,088		1,121,636
Consolidated Aerospace Manufacturing LLC	Aerospace & Defense	Term Loan (1st Lien)	Loan		1M USD LIBOR+	3.75	%		1.00	%		6.18	%		8/11/2022		2,418,750		2,412,778		2,400,609
Consolidated Communications Inc.	Telecommunications	Term Loan B	Loan		1M USD LIBOR+	3.00	%		1.00	%		5.43	%		10/5/2023		1,486,781		1,474,512		1,454,726
Covia Holdings Corporation	Metals & Mining	Term Loan	Loan		3M USD LIBOR+	4.00	%		1.00	%		6.50	%		6/2/2025		992,500		992,500		836,181

40

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread				LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
CPI Acquisition Inc	Banking Finance Insurance & Real Estate	Term Loan B (1st Lien)	Loan		3M USD LIBOR+	4.50	%		1.00	%		7.00	%		8/17/2022		1,436,782		1,425,623		1,149,425
Crown Subsea Communications Holding Inc	Construction & Building	Term Loan	Loan		1M USD LIBOR+	6.00	%		0.00	%		8.43	%		11/3/2025		3,950,000		3,908,672		3,903,904
CSC Holdings LLC	Media: Broadcasting & Subscription	Term Loan B (03/17)	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		7/17/2025		1,989,848		1,966,492		1,946,569
CSC Holdings LLC	Media: Broadcasting & Subscription	Term Loan B	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		1/15/2026		498,750		497,591		486,072
CT Technologies Intermediate Hldgs Inc	Healthcare & Pharmaceuticals	New Term Loan	Loan		1M USD LIBOR+	4.25	%		1.00	%		6.68	%		12/1/2021		1,436,531		1,430,430		1,147,070
Cumulus Media New Holdings Inc.	Media: Broadcasting & Subscription	Term Loan	Loan		1M USD LIBOR+	4.50	%		1.00	%		6.93	%		5/13/2022		334,968		332,401		333,504
Daseke Companies Inc.	Transportation: Cargo	Replacement Term Loan	Loan		1M USD LIBOR+	5.00	%		1.00	%		7.43	%		2/27/2024		1,970,662		1,960,592		1,966,346
Dealer Tire LLC	Automotive	Term Loan B	Loan		1M USD LIBOR+	5.50	%		0.00	%		7.93	%		12/12/2025		3,000,000		2,895,065		3,000,000
Delek US Holdings Inc.	Utilities: Oil & Gas	Term Loan B	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		3/31/2025		4,484,924		4,438,638		4,440,075
Dell International L.L.C.	High Tech Industries	Term Loan B	Loan		1M USD LIBOR+	2.00	%		0.75	%		4.43	%		9/7/2023		3,964,874		3,914,817		3,940,966
Delta 2 (Lux) SARL	Hotel Gaming & Leisure	Term Loan B	Loan		1M USD LIBOR+	2.50	%		1.00	%		4.93	%		2/1/2024		1,318,289		1,315,604		1,286,505
DHX Media Ltd.	Media: Broadcasting & Subscription	Term Loan	Loan		Prime+	3.72	%		1.00	%		4.72	%		12/29/2023		332,042		330,617		325,401
Digital Room Holdings Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan		1M USD LIBOR+	5.00	%		0.00	%		7.43	%		5/21/2026		3,000,000		2,955,000		2,947,500
Dole Food Company Inc.	Beverage Food & Tobacco	Term Loan B	Loan		Prime+	2.75	%		1.00	%		3.75	%		4/8/2024		478,125		476,404		466,024
Drew Marine Group Inc.	Transportation: Consumer	First Lien Term Loan	Loan		1M USD LIBOR+	3.25	%		1.00	%		5.68	%		11/19/2020		2,833,564		2,822,926		2,817,639
DTZ U.S. Borrower LLC	Construction & Building	Term Loan B	Loan		1M USD LIBOR+	3.25	%		0.00	%		5.68	%		8/21/2025		3,975,013		3,957,093		3,961,338
Eagletree-Carbide Acquisition Corp.	High Tech Industries	Term Loan	Loan		3M USD LIBOR+	4.25	%		1.00	%		6.75	%		8/28/2024		3,957,456		3,939,756		3,878,307
Education Management II LLC (a)	Services: Consumer	Term Loan B	Loan		Prime+	8.50	%		1.00	%		9.50	%		7/2/2020		954,307		947,426		477
Education Management II LLC (a)	Services: Consumer	Term Loan A	Loan		Prime+	5.50	%		1.00	%		6.50	%		7/2/2020		423,861		420,013		8,477
EIG Investors Corp.	High Tech Industries	Term Loan (06/18)	Loan		3M USD LIBOR+	3.75	%		1.00	%		6.25	%		2/9/2023		2,370,640		2,354,858		2,362,058
Emerald 2 Ltd. (Eagle US / Emerald Newco / ERM Canada / ERM US)	Environmental Industries	Term Loan	Loan		3M USD LIBOR+	4.00	%		1.00	%		6.50	%		5/14/2021		988,553		984,749		985,152
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan B (4/17)	Loan		1M USD LIBOR+	4.25	%		0.75	%		6.68	%		4/29/2024		3,967,310		3,943,497		3,853,250

41

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread				LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Energy Acquisition LP	Capital Equipment	Term Loan (6/18)	Loan		3M USD LIBOR+	4.25	%		0.00	%		6.75	%		6/26/2025		1,985,000		1,967,240		1,875,825
Envision Healthcare Corporation	Healthcare & Pharmaceuticals	Term Loan B (06/18)	Loan		1M USD LIBOR+	3.75	%		0.00	%		6.18	%		10/10/2025		4,987,500		4,976,718		4,518,125
Fastener Acquisition Inc.	Construction & Building	Term Loan B	Loan		Prime+	3.25	%		1.00	%		4.25	%		3/28/2025		495,000		492,889		490,050
FinCo I LLC	Banking Finance Insurance & Real Estate	2018 Term Loan B	Loan		1M USD LIBOR+	2.00	%		0.00	%		4.43	%		12/27/2022		360,542		359,822		359,576
First Eagle Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B (10/18)	Loan		3M USD LIBOR+	2.75	%		0.00	%		5.25	%		12/2/2024		4,987,500		4,961,905		4,968,796
Fitness International LLC	Services: Consumer	Term Loan B (4/18)	Loan		1M USD LIBOR+	3.25	%		0.00	%		5.68	%		4/18/2025		2,717,217		2,699,813		2,702,788
Franklin Square Holdings L.P.	Banking Finance Insurance & Real Estate	Term Loan	Loan		2M USD LIBOR+	2.50	%		0.00	%		2.50	%		8/1/2025		4,477,500		4,447,102		4,477,500
Fusion Connect Inc. (a)	Telecommunications	Term Loan B	Loan		Prime+	7.00	%		1.00	%		8.00	%		5/4/2023		1,964,623		1,900,115		1,326,120
Fusion Connect Inc.	Telecommunications	Bridge Term Loan	Loan		1M USD LIBOR+	10.00	%		0.00	%		12.43	%		6/3/2019		67,108		64,843		62,746
GBT Group Services B.V.	Hotel Gaming & Leisure	Term Loan	Loan		3M USD LIBOR+	2.50	%		0.00	%		5.00	%		8/13/2025		4,477,500		4,476,395		4,466,306
GC EOS Buyer Inc.	Automotive	Term Loan B (06/18)	Loan		1M USD LIBOR+	4.50	%		0.00	%		6.93	%		8/1/2025		2,985,000		2,957,516		2,970,075
General Nutrition Centers Inc.	Retail	Term Loan B2	Loan		1M USD LIBOR+	8.75	%		0.75	%		11.18	%		3/4/2021		930,446		928,194		840,193
General Nutrition Centers Inc.	Retail	FILO Term Loan	Loan		1M USD LIBOR+	7.00	%		0.00	%		9.43	%		1/3/2023		585,849		584,477		590,243
GI Chill Acquisition LLC	Services: Business	Term Loan	Loan		3M USD LIBOR+	4.00	%		0.00	%		6.50	%		8/6/2025		2,487,500		2,476,465		2,475,063
GI Revelation Acquisition LLC	Services: Business	Term Loan	Loan		1M USD LIBOR+	5.00	%		0.00	%		7.43	%		4/16/2025		1,241,247		1,235,779		1,225,731
Gigamon Inc.	Services: Business	Term Loan B	Loan		3M USD LIBOR+	4.25	%		1.00	%		6.75	%		12/27/2024		1,975,000		1,958,439		1,910,813
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan		1M USD LIBOR+	4.25	%		0.00	%		6.68	%		11/28/2025		3,062,779		3,062,779		3,069,150
Go Wireless Inc.	Telecommunications	Term Loan	Loan		1M USD LIBOR+	6.50	%		1.00	%		8.93	%		12/22/2024		3,336,039		3,288,820		3,242,897
GoodRX Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan		1M USD LIBOR+	3.00	%		0.00	%		5.43	%		10/10/2025		2,959,472		2,952,670		2,947,457
Goodyear Tire & Rubber Company The	Chemicals Plastics & Rubber	Second Lien Term Loan	Loan		1M USD LIBOR+	2.00	%		0.00	%		4.43	%		3/7/2025		2,000,000		2,000,000		1,968,120
Greenhill & Co. Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan		1M USD LIBOR+	3.25	%		0.00	%		5.68	%		4/12/2024		2,000,000		1,990,279		1,988,760
Grosvenor Capital Management Holdings LLLP	Banking Finance Insurance & Real Estate	Term Loan B	Loan		1M USD LIBOR+	2.75	%		1.00	%		5.18	%		3/28/2025		920,941		916,908		916,337
Guidehouse LLP	Aerospace & Defense	Term Loan	Loan		1M USD LIBOR+	3.00	%		0.00	%		5.43	%		5/1/2025		1,985,000		1,980,727		1,960,188
Harland Clarke Holdings Corp.	Media: Advertising Printing & Publishing	Term Loan	Loan		3M USD LIBOR+	4.75	%		1.00	%		7.25	%		11/3/2023		1,805,702		1,797,111		1,497,974

42

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread				LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
HD Supply Waterworks Ltd.	Construction & Building	Term Loan	Loan		3M USD LIBOR+	3.00	%		1.00	%		5.50	%		8/1/2024		492,500		491,492		490,860
Helix Acquisition Holdings Inc.	Capital Equipment	Term Loan (04/18)	Loan		3M USD LIBOR+	3.75	%		0.00	%		6.25	%		9/30/2024		3,000,000		2,940,659		2,925,000
Helix Gen Funding LLC	Energy: Electricity	Term Loan B (02/17)	Loan		1M USD LIBOR+	3.75	%		1.00	%		6.18	%		6/3/2024		264,030		263,595		245,474
HLF Financing SaRL LLC	Consumer goods:Non-durable	Term Loan B (08/18)	Loan		1M USD LIBOR+	3.25	%		0.00	%		5.68	%		8/18/2025		3,980,000		3,964,169		3,973,791
Hoffmaster Group Inc.	Forest Products & Paper	Term Loan B1	Loan		1M USD LIBOR+	4.00	%		1.00	%		6.43	%		11/21/2023		1,071,649		1,074,400		1,066,966
Holley Purchaser Inc.	Automotive	Term Loan B	Loan		3M USD LIBOR+	5.00	%		0.00	%		7.50	%		10/24/2025		2,493,750		2,470,922		2,418,938
Hostess Brands LLC	Beverage Food & Tobacco	Cov-Lite Term Loan B	Loan		3M USD LIBOR+	2.25	%		0.75	%		4.75	%		8/3/2022		1,464,027		1,461,004		1,451,583
Hudson River Trading LLC	Banking Finance Insurance & Real Estate	Term Loan B (10/18)	Loan		1M USD LIBOR+	3.50	%		0.00	%		5.93	%		4/3/2025		4,470,050		4,448,109		4,467,279
Hyperion Refinance S.a.r.l.	Banking Finance Insurance & Real Estate	Term Loan (12/17)	Loan		1M USD LIBOR+	3.50	%		1.00	%		5.93	%		12/20/2024		1,722,866		1,714,213		1,719,145
Idera Inc.	High Tech Industries	Term Loan B	Loan		1M USD LIBOR+	4.50	%		1.00	%		6.93	%		6/28/2024		1,959,799		1,942,451		1,953,273
IG Investments Holdings LLC	Services: Business	Term Loan	Loan		3M USD LIBOR+	4.00	%		1.00	%		6.50	%		5/23/2025		1,389,718		1,383,349		1,380,338
Inmar Inc.	Services: Business	Term Loan B	Loan		3M USD LIBOR+	4.00	%		1.00	%		6.50	%		5/1/2024		3,483,636		3,392,605		3,281,167
Isagenix International LLC	Beverage Food & Tobacco	Term Loan	Loan		3M USD LIBOR+	5.75	%		1.00	%		8.25	%		6/16/2025		2,912,179		2,859,684		2,286,061
Jefferies Finance LLC / JFINCo-Issuer Corp	Banking Finance Insurance & Real Estate	Term Loan	Loan		3M USD LIBOR+	3.75	%		0.00	%		6.25	%		5/22/2026		2,000,000		1,995,000		1,996,260
Jill Holdings LLC	Retail	Term Loan (1st Lien)	Loan		3M USD LIBOR+	5.00	%		1.00	%		7.50	%		5/9/2022		1,854,084		1,849,857		1,798,462
JP Intermediate B LLC	Consumer goods:Non-durable	Term Loan	Loan		3M USD LIBOR+	5.50	%		1.00	%		8.00	%		11/20/2025		4,875,000		4,823,515		4,302,188
Kinetic Concepts Inc.	Healthcare & Pharmaceuticals	1/17 USD Term Loan	Loan		3M USD LIBOR+	3.25	%		1.00	%		5.75	%		2/2/2024		2,358,000		2,349,801		2,358,660
KUEHG Corp.	Services: Consumer	Term LoanB-3	Loan		3M USD LIBOR+	3.75	%		1.00	%		6.25	%		2/21/2025		496,250		495,190		494,285
Lakeland Tours LLC	Hotel Gaming & Leisure	Term Loan B	Loan		3M USD LIBOR+	4.00	%		1.00	%		6.50	%		12/16/2024		2,476,241		2,467,719		2,470,050
Lannett Company Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan		1M USD LIBOR+	5.38	%		1.00	%		7.81	%		11/25/2022		2,506,885		2,476,921		2,341,856
Learfield Communications LLC	Media: Advertising Printing & Publishing	Initial Term Loan(A-L Parent)	Loan		1M USD LIBOR+	3.25	%		1.00	%		5.68	%		12/1/2023		488,750		487,145		488,291
Lighthouse Network LLC	Banking Finance Insurance & Real Estate	Term Loan B	Loan		3M USD LIBOR+	4.50	%		1.00	%		7.00	%		12/2/2024		3,406,875		3,394,841		3,404,047
Lightstone Holdco LLC	Energy: Electricity	Term Loan B	Loan		1M USD LIBOR+	3.75	%		1.00	%		6.18	%		1/30/2024		1,322,520		1,320,446		1,306,491
Lightstone Holdco LLC	Energy: Electricity	Term Loan C	Loan		1M USD LIBOR+	3.75	%		1.00	%		6.18	%		1/30/2024		74,592		74,483		73,688
Lindblad Expeditions Inc.	Hotel Gaming & Leisure	US 2018 Term Loan	Loan		1M USD LIBOR+	3.25	%		0.00	%		5.68	%		3/27/2025		397,000		396,154		397,496

43

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread				LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Lindblad Expeditions Inc.	Hotel Gaming & Leisure	Cayman Term Loan	Loan		1M USD LIBOR+	3.25	%		0.00	%		5.68	%		3/27/2025		99,250		99,039		99,374
Liquidnet Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan		1M USD LIBOR+	3.25	%		1.00	%		5.68	%		7/15/2024		3,111,651		3,102,514		3,103,872
LPL Holdings Inc.	Banking Finance Insurance & Real Estate	Incremental Term Loan B	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		9/23/2024		1,719,441		1,716,271		1,712,993
McAfee LLC	Services: Business	Term Loan B	Loan		1M USD LIBOR+	3.75	%		0.00	%		6.18	%		9/30/2024		2,683,414		2,655,341		2,676,329
McDermott International Inc.	Construction & Building	Term Loan B	Loan		1M USD LIBOR+	5.00	%		1.00	%		7.43	%		5/12/2025		1,980,000		1,945,314		1,929,946
McGraw-Hill Global Education Holdings LLC	Media: Advertising Printing & Publishing	Term Loan	Loan		1M USD LIBOR+	4.00	%		1.00	%		6.43	%		5/4/2022		964,313		961,874		917,004
MedPlast Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan (06/18)	Loan		3M USD LIBOR+	3.75	%		0.00	%		6.25	%		7/2/2025		497,500		495,284		492,938
Meredith Corporation	Media: Advertising Printing & Publishing	Term Loan B (10/18)	Loan		1M USD LIBOR+	2.75	%		0.00	%		5.18	%		1/31/2025		619,590		618,326		618,685
Messer Industries GMBH	Chemicals Plastics & Rubber	Term Loan B	Loan		3M USD LIBOR+	2.50	%		0.00	%		5.00	%		3/2/2026		3,000,000		2,992,539		2,947,500
Michaels Stores Inc.	Retail	Term Loan B	Loan		1M USD LIBOR+	2.50	%		1.00	%		4.93	%		1/30/2023		2,621,402		2,610,806		2,552,591
Midwest Physician Administrative Services LLC	Healthcare & Pharmaceuticals	Term Loan (2/18)	Loan		1M USD LIBOR+	2.75	%		0.75	%		5.18	%		8/15/2024		977,985		973,973		954,758
Milk Specialties Company	Beverage Food & Tobacco	Term Loan (2/17)	Loan		1M USD LIBOR+	4.00	%		1.00	%		6.43	%		8/16/2023		3,959,345		3,898,674		3,880,158
MKS Instruments Inc.	High Tech Industries	Term LoanB-5	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		2/2/2026		1,000,000		990,347		999,250
MLN US HoldCo LLC	Telecommunications	Term Loan	Loan		1M USD LIBOR+	4.50	%		0.00	%		6.93	%		11/28/2025		997,500		995,329		984,672
MRC Global (US) Inc.	Metals & Mining	Term Loan B2	Loan		1M USD LIBOR+	3.00	%		0.00	%		5.43	%		9/20/2024		493,750		492,710		493,444
NAI Entertainment Holdings LLC	Hotel Gaming & Leisure	Term Loan B	Loan		1M USD LIBOR+	2.50	%		1.00	%		4.93	%		5/8/2025		995,000		992,867		988,363
Natgasoline LLC	Chemicals Plastics & Rubber	Term Loan	Loan		3M USD LIBOR+	3.50	%		0.00	%		6.00	%		11/14/2025		498,750		496,587		498,750
National Mentor Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan		1M USD LIBOR+	4.25	%		0.00	%		6.68	%		3/9/2026		1,883,041		1,864,622		1,885,790
National Mentor Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan C	Loan		1M USD LIBOR+	4.25	%		0.00	%		6.68	%		3/9/2026		116,959		115,834		117,130
NeuStar Inc.	Telecommunications	Term Loan B4 (03/18)	Loan		1M USD LIBOR+	3.50	%		1.00	%		5.93	%		8/8/2024		2,984,848		2,939,264		2,875,394
NeuStar Inc.	Telecommunications	Term LoanB-5	Loan		1M USD LIBOR+	4.50	%		0.00	%		6.93	%		8/8/2024		1,000,000		980,732		984,380
New Media Holdings II LLC	Media: Diversified & Production	Term Loan	Loan		1M USD LIBOR+	6.25	%		1.00	%		8.68	%		7/14/2022		5,958,652		5,946,847		5,913,962
NMI Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan		1M USD LIBOR+	4.75	%		1.00	%		7.18	%		5/23/2023		3,481,212		3,486,036		3,472,509

44

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread				LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
NorthPole Newco S.a r.l	Aerospace & Defense	Term Loan	Loan		1M USD LIBOR+	7.00	%		0.00	%		9.43	%		4/10/2025		5,000,000		4,500,000		4,475,000
Novetta Solutions LLC	Aerospace & Defense	Term Loan	Loan		1M USD LIBOR+	5.00	%		1.00	%		7.43	%		10/17/2022		1,934,870		1,924,512		1,896,173
Novetta Solutions LLC	Aerospace & Defense	Second Lien Term Loan	Loan		1M USD LIBOR+	8.50	%		1.00	%		10.93	%		10/16/2023		1,000,000		993,643		970,000
NPC International Inc.	Beverage Food & Tobacco	Term Loan	Loan		1M USD LIBOR+	3.50	%		1.00	%		5.93	%		4/19/2024		491,250		490,836		388,579
Ocean Bidco Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan		6M USD LIBOR+	4.75	%		1.00	%		7.27	%		3/21/2025		473,186		471,045		469,046
OCI Partners LP	Chemicals Plastics & Rubber	Term Loan B (2/18)	Loan		3M USD LIBOR+	4.00	%		0.00	%		6.50	%		3/13/2025		3,059,470		3,038,507		3,055,646
Office Depot Inc.	Retail	Term Loan B	Loan		1M USD LIBOR+	5.25	%		1.00	%		7.68	%		11/8/2022		2,796,480		2,779,363		2,826,766
Outcomes Group Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan		3M USD LIBOR+	3.50	%		0.00	%		6.00	%		10/24/2025		498,750		497,590		490,855
Owens & Minor Distribution Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan		1M USD LIBOR+	4.50	%		0.00	%		6.93	%		4/30/2025		496,250		487,460		415,818
Panther BF Aggregator 2 LP	Automotive	Term Loan B	Loan		1M USD LIBOR+	3.50	%		0.00	%		5.93	%		4/30/2026		1,500,000		1,491,226		1,493,130
PCI Gaming Authority	Hotel Gaming & Leisure	Term Loan	Loan		3M USD LIBOR+	3.00	%		0.00	%		5.50	%		5/15/2026		1,000,000		995,000		998,750
Peraton Corp.	Aerospace & Defense	Term Loan	Loan		1M USD LIBOR+	5.25	%		1.00	%		7.68	%		4/29/2024		1,965,000		1,957,705		1,933,069
PGX Holdings Inc.	Services: Consumer	Term Loan	Loan		1M USD LIBOR+	5.25	%		1.00	%		7.68	%		9/29/2020		3,646,940		3,627,894		3,428,124
PI UK Holdco II Limited	Services: Business	Term Loan B1 (PI UK Holdco II)	Loan		1M USD LIBOR+	3.25	%		1.00	%		5.68	%		1/3/2025		1,485,000		1,477,652		1,463,839
Plastipak Packaging Inc	Containers Packaging & Glass	Term Loan B (04/18)	Loan		1M USD LIBOR+	2.50	%		0.00	%		4.93	%		10/15/2024		985,000		980,865		979,090
Polymer Process Holdings Inc	Containers Packaging & Glass	Term Loan	Loan		1M USD LIBOR+	6.00	%		0.00	%		8.43	%		4/30/2026		3,000,000		2,940,389		2,940,000
Presidio Inc.	Services: Business	Term Loan B 2017	Loan		3M USD LIBOR+	2.75	%		1.00	%		5.25	%		2/2/2024		1,644,326		1,612,761		1,636,515
Prime Security Services Borrower LLC	Services: Consumer	Refi Term LoanB-1	Loan		1M USD LIBOR+	2.75	%		1.00	%		5.18	%		5/2/2022		1,696,914		1,691,626		1,681,082
Priority Payment Systems Holdings LLC	High Tech Industries	Term Loan	Loan		1M USD LIBOR+	5.00	%		1.00	%		7.43	%		1/3/2023		2,491,830		2,479,932		2,488,715
Project Accelerate Parent LLC	Services: Business	Term Loan	Loan		1M USD LIBOR+	4.25	%		1.00	%		6.68	%		1/2/2025		1,980,000		1,971,620		1,980,000
Prometric Holdings Inc.	Services: Business	Term Loan	Loan		1M USD LIBOR+	3.00	%		1.00	%		5.43	%		1/29/2025		495,000		492,950		487,575
Quad/Graphics Inc.	Media: Advertising Printing & Publishing	Term Loan B (12/18)	Loan		1M USD LIBOR+	5.00	%		0.00	%		7.43	%		2/2/2026		4,500,000		4,436,948		4,511,250
Rackspace Hosting Inc.	High Tech Industries	Term Loan B	Loan		3M USD LIBOR+	3.00	%		1.00	%		5.50	%		11/3/2023		1,487,418		1,477,523		1,376,101
Radio Systems Corporation	Consumer goods: Durable	Term Loan	Loan		1M USD LIBOR+	2.75	%		1.00	%		5.18	%		5/2/2024		1,473,750		1,473,750		1,457,170
Radiology Partners Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan		6M USD LIBOR+	4.75	%		0.00	%		7.27	%		7/9/2025		1,497,494		1,491,212		1,499,830

45

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread				LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Research Now Group Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan		3M USD LIBOR+	5.50	%		1.00	%		8.00	%		12/20/2024		3,957,462		3,831,367		3,938,664
Resolute Investment Managers Inc.	Banking Finance Insurance & Real Estate	Term Loan (10/17)	Loan		3M USD LIBOR+	3.25	%		1.00	%		5.75	%		4/29/2022		2,702,363		2,704,763		2,712,496
Revspring Inc.	Services: Business	Term Loan B	Loan		1M USD LIBOR+	4.25	%		0.00	%		6.68	%		10/10/2025		997,500		995,294		996,253
Reynolds Group Holdings Inc.	Metals & Mining	Term Loan (01/17)	Loan		1M USD LIBOR+	2.75	%		0.00	%		5.18	%		2/6/2023		1,721,509		1,721,509		1,702,865
RGIS Services LLC	Services: Business	Term Loan	Loan		3M USD LIBOR+	7.50	%		1.00	%		10.00	%		3/31/2023		482,554		477,021		375,587
Robertshaw US Holding Corp.	Consumer goods: Durable	Term Loan B	Loan		1M USD LIBOR+	3.50	%		1.00	%		5.93	%		2/28/2025		990,000		987,840		918,225
Rocket Software Inc.	High Tech Industries	Term Loan (11/18)	Loan		1M USD LIBOR+	4.25	%		0.00	%		6.68	%		11/28/2025		4,000,000		3,983,420		3,923,000
Rovi Solutions Corporation	Media: Diversified & Production	Term Loan B	Loan		1M USD LIBOR+	2.50	%		0.75	%		4.93	%		7/2/2021		1,332,669		1,330,506		1,293,795
Russell Investments US Institutional Holdco Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan		3M USD LIBOR+	3.25	%		1.00	%		5.75	%		6/1/2023		4,174,054		4,060,948		4,140,995
Sahara Parent Inc.	High Tech Industries	Term Loan B (11/18)	Loan		1M USD LIBOR+	4.50	%		0.00	%		6.93	%		8/16/2024		1,970,100		1,952,021		1,959,895
Sally Holdings LLC	Retail	Term Loan (Fixed)	Loan		Fixed	0.00	%		0.00	%		4.50	%		7/5/2024		1,000,000		996,257		962,500
Sally Holdings LLC	Retail	Term Loan B	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		7/5/2024		775,864		772,678		770,045
Savage Enterprises LLC	Transportation: Cargo	Term Loan	Loan		1M USD LIBOR+	4.50	%		0.00	%		6.93	%		8/1/2025		3,582,692		3,537,920		3,590,538
SCS Holdings I Inc.	High Tech Industries	Term Loan	Loan		1M USD LIBOR+	4.25	%		1.00	%		6.68	%		10/31/2022		3,393,482		3,379,666		3,397,724
Seadrill Operating LP	Energy: Oil & Gas	Term Loan B	Loan		3M USD LIBOR+	6.00	%		1.00	%		8.50	%		2/21/2021		912,725		889,081		696,810
SG Acquisition Inc.	Banking Finance Insurance & Real Estate	Term Loan (Safe-Guard)	Loan		3M USD LIBOR+	5.00	%		1.00	%		7.50	%		3/29/2024		1,590,000		1,578,207		1,578,075
Shearer’s Foods LLC	Beverage Food & Tobacco	Term Loan	Loan		1M USD LIBOR+	4.25	%		1.00	%		6.68	%		6/30/2021		2,877,498		2,869,886		2,865,498
Shutterfly Inc.	Media: Advertising Printing & Publishing	Term Loan B2	Loan		1M USD LIBOR+	2.50	%		0.00	%		4.93	%		8/19/2024		3,010,328		2,961,429		2,989,647
Sirius Computer Solutions Inc.	High Tech Industries	Term Loan	Loan		3M USD LIBOR+	4.25	%		0.00	%		6.75	%		5/22/2026		2,000,000		1,995,000		2,001,660
Sirva Worldwide Inc.	Transportation: Cargo	Term Loan B	Loan		3M USD LIBOR+	5.50	%		0.00	%		8.00	%		8/4/2025		2,484,375		2,457,050		2,422,266
SMB Shipping Logistics LLC	Transportation: Consumer	Term Loan B	Loan		6M USD LIBOR+	4.00	%		1.00	%		6.52	%		2/2/2024		1,957,930		1,956,288		1,948,140
SP PF Buyer LLC	Consumer goods: Durable	Term Loan B	Loan		1M USD LIBOR+	4.50	%		0.00	%		6.93	%		12/19/2025		2,000,000		1,923,708		1,907,500
SRAM LLC	Consumer goods: Durable	Term Loan	Loan		Prime+	2.72	%		1.00	%		3.72	%		3/15/2024		1,868,791		1,855,885		1,861,783
SS&C Technologies Inc.	Services: Business	Term LoanB-5	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		4/16/2025		497,459		496,373		494,489
SS&C Technologies Inc.	Services: Business	Term Loan B3	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		4/16/2025		324,131		323,440		322,070

46

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread				LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
SS&C Technologies Inc.	Services: Business	Term Loan B4	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		4/16/2025		227,364		226,879		225,918
SSH Group Holdings Inc.	Consumer goods:Non-durable	Term Loan	Loan		3M USD LIBOR+	4.25	%		0.00	%		6.75	%		7/30/2025		2,390,000		2,381,638		2,354,150
Staples Inc.	Retail	Term Loan (03/19)	Loan		3M USD LIBOR+	5.00	%		0.00	%		7.50	%		4/16/2026		1,975,000		1,970,370		1,896,830
Stats LLC	Hotel Gaming & Leisure	Term Loan	Loan		3M USD LIBOR+	5.25	%		0.00	%		7.75	%		5/22/2026		2,000,000		1,950,000		1,950,000
Steak N Shake Operations Inc.	Beverage Food & Tobacco	Term Loan	Loan		1M USD LIBOR+	3.75	%		1.00	%		6.18	%		3/19/2021		832,491		830,052		645,180
Sybil Software LLC	High Tech Industries	Term Loan B (4/18)	Loan		3M USD LIBOR+	2.25	%		1.00	%		4.75	%		9/29/2023		355,219		353,781		353,571
Tenneco Inc	Capital Equipment	Term Loan B	Loan		1M USD LIBOR+	2.75	%		0.00	%		5.18	%		10/1/2025		1,496,250		1,482,744		1,412,086
Ten-X LLC	Banking Finance Insurance & Real Estate	Term Loan	Loan		1M USD LIBOR+	4.00	%		1.00	%		6.43	%		9/30/2024		1,975,000		1,973,156		1,953,611
Terex Corporation	Capital Equipment	Term Loan	Loan		1M USD LIBOR+	2.75	%		0.75	%		5.18	%		1/31/2024		1,000,000		995,199		999,380
TGG TS Acquisition Company	Media: Diversified & Production	Term Loan (12/18)	Loan		3M USD LIBOR+	6.50	%		0.00	%		9.00	%		12/15/2025		2,962,500		2,821,992		2,936,578
The Edelman Financial Center LLC	Banking Finance Insurance & Real Estate	Term Loan B (06/18)	Loan		1M USD LIBOR+	3.25	%		0.00	%		5.68	%		7/21/2025		1,246,875		1,241,358		1,241,164
Thor Industries Inc.	Automotive	Term Loan (USD)	Loan		1M USD LIBOR+	3.75	%		0.00	%		6.18	%		2/2/2026		2,641,515		2,611,274		2,573,285
Tivity Health Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan		1M USD LIBOR+	5.25	%		0.00	%		7.68	%		3/6/2026		2,390,814		2,332,247		2,380,055
Tivity Health Inc.	Healthcare & Pharmaceuticals	Term Loan A	Loan		1M USD LIBOR+	4.25	%		0.00	%		6.68	%		3/8/2024		1,750,000		1,733,049		1,733,953
Townsquare Media Inc.	Media: Broadcasting & Subscription	Term Loan B (02/17)	Loan		1M USD LIBOR+	3.00	%		1.00	%		5.43	%		4/1/2022		881,975		879,413		880,873
Transdigm Inc.	Aerospace & Defense	Term Loan G	Loan		1M USD LIBOR+	2.50	%		0.00	%		4.93	%		8/22/2024		4,137,719		4,144,231		4,040,317
Travel Leaders Group LLC	Hotel Gaming & Leisure	Term Loan B (08/18)	Loan		1M USD LIBOR+	4.00	%		0.00	%		6.43	%		1/25/2024		2,481,250		2,476,769		2,471,945
TRC Companies Inc.	Services: Business	Term Loan	Loan		1M USD LIBOR+	3.50	%		1.00	%		5.93	%		6/21/2024		3,402,727		3,391,459		3,389,967
Trico Group LLC	Containers Packaging & Glass	Incremental Term Loan	Loan		3M USD LIBOR+	7.00	%		1.00	%		9.50	%		2/2/2024		4,912,852		4,779,805		4,679,491
Truck Hero Inc.	Transportation: Cargo	First Lien Term Loan	Loan		1M USD LIBOR+	3.75	%		1.00	%		6.18	%		4/22/2024		2,949,962		2,931,468		2,800,016
Trugreen Limited Partnership	Services: Consumer	Term Loan (03/19)	Loan		1M USD LIBOR+	3.75	%		1.00	%		6.18	%		3/19/2026		988,813		979,250		991,285
Twin River Worldwide Holdings Inc.	Hotel Gaming & Leisure	Term Loan B	Loan		1M USD LIBOR+	2.75	%		0.00	%		5.18	%		5/11/2026		1,000,000		995,019		998,500
United Natural Foods Inc.	Beverage Food & Tobacco	Term Loan B	Loan		1M USD LIBOR+	4.25	%		0.00	%		6.68	%		10/22/2025		3,489,306		3,274,799		2,974,633
Univar USA Inc.	Chemicals Plastics & Rubber	Term Loan B3 (11/17)	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		7/1/2024		1,851,592		1,844,293		1,844,649
Univar USA Inc.	Chemicals Plastics & Rubber	Term LoanB-4	Loan		1M USD LIBOR+	2.50	%		0.00	%		4.93	%		7/1/2024		1,633,588		1,625,629		1,630,729

47

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread				LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan	Loan		1M USD LIBOR+	2.75	%		1.00	%		5.18	%		3/15/2024		2,746,369		2,734,005		2,607,897
UOS LLC	Capital Equipment	Term Loan B	Loan		1M USD LIBOR+	5.50	%		1.00	%		7.93	%		4/18/2023		589,746		592,139		592,695
UPC Financing Partnership	Media: Broadcasting & Subscription	Term Loan (10/17)	Loan		1M USD LIBOR+	2.50	%		0.00	%		4.93	%		1/15/2026		832,911		832,134		830,912
VeriFone Systems Inc.	Banking Finance Insurance & Real Estate	Term Loan (7/18)	Loan		3M USD LIBOR+	4.00	%		0.00	%		6.50	%		8/20/2025		5,472,500		5,443,430		5,396,377
Verra Mobility Corp.	Construction & Building	Term Loan	Loan		1M USD LIBOR+	3.75	%		0.00	%		6.18	%		3/3/2025		495,000		492,872		496,445
VFH Parent LLC	Banking Finance Insurance & Real Estate	Term Loan B	Loan		3M USD LIBOR+	3.50	%		0.00	%		6.00	%		3/2/2026		2,900,000		2,885,855		2,897,941
Virtus Investment Partners Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan		3M USD LIBOR+	2.25	%		0.75	%		4.75	%		6/3/2024		3,567,004		3,566,338		3,547,671
Vistra Operations Company LLC	Utilities: Electric	2018 Incremental Term Loan	Loan		1M USD LIBOR+	2.00	%		0.00	%		4.43	%		12/31/2025		992,500		991,395		990,644
Vizient Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan		1M USD LIBOR+	2.75	%		0.00	%		5.18	%		5/6/2026		500,000		498,608		500,210
Wand NewCo 3 Inc.	Automotive	Term Loan B	Loan		1M USD LIBOR+	3.50	%		0.00	%		5.93	%		2/5/2026		250,000		247,584		250,625
Web.Com Group Inc.	High Tech Industries	Term Loan B (08/18)	Loan		1M USD LIBOR+	3.75	%		0.00	%		6.18	%		10/10/2025		454,338		453,310		449,890
WeddingWire Inc.	Services: Consumer	Term Loan	Loan		1M USD LIBOR+	4.50	%		0.00	%		6.93	%		12/19/2025		3,990,000		3,983,163		3,980,025
Weight Watchers International Inc.	Services: Consumer	Term Loan B	Loan		3M USD LIBOR+	4.75	%		0.75	%		7.25	%		11/29/2024		1,810,065		1,780,006		1,776,126
West Corporation	Telecommunications	Term Loan B	Loan		3M USD LIBOR+	3.50	%		1.00	%		6.00	%		10/10/2024		2,983,719		2,901,690		2,702,145
West Corporation	Telecommunications	Term Loan B (Olympus Merger)	Loan		3M USD LIBOR+	4.00	%		1.00	%		6.50	%		10/10/2024		1,246,843		1,163,421		1,153,642
Western Dental Services Inc.	Retail	Term Loan (12/18)	Loan		1M USD LIBOR+	5.25	%		1.00	%		7.68	%		6/30/2023		2,457,481		2,441,265		2,408,332
Western Digital Corporation	High Tech Industries	Term LoanB-4	Loan		1M USD LIBOR+	1.75	%		0.00	%		4.18	%		4/29/2023		1,296,349		1,265,285		1,254,217
Wheel Pros LLC	Automotive	Term Loan	Loan		1M USD LIBOR+	4.75	%		0.00	%		7.18	%		4/4/2025		2,000,000		1,982,141		1,980,000
Wirepath LLC	Consumer goods:Non-durable	Term Loan	Loan		1M USD LIBOR+	4.00	%		1.00	%		6.43	%		8/5/2024		2,977,562		2,951,058		2,962,675
Wynn Resorts Limited	Hotel Gaming & Leisure	Term Loan B	Loan		1M USD LIBOR+	2.25	%		0.00	%		4.68	%		10/30/2024		1,995,000		1,977,968		1,978,661
YS Garments LLC	Retail	Term Loan	Loan		1W USD LIBOR+	6.00	%		1.00	%		8.39	%		8/9/2024		1,975,000		1,957,489		1,955,250
Zep Inc.	Chemicals Plastics & Rubber	Term Loan	Loan		3M USD LIBOR+	4.00	%		1.00	%		6.50	%		8/12/2024		2,462,500		2,453,195		1,955,225
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan		1M USD LIBOR+	3.50	%		0.00	%		5.93	%		3/14/2025		990,000		985,734		937,203
																		$	511,212,385	$	497,734,749

48

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (b)		8,579,399	$	8,579,399	$	8,579,399
Total cash and cash equivalents		8,579,399	$	8,579,399	$	8,579,399

(a) Security is in default as of May 31, 2019.

(b) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of May 31, 2019.

LIBOR—London Interbank Offered Rate

1W USD LIBOR—The 1 week USD LIBOR rate as of May 31, 2019 was 2.47%.

1M USD LIBOR—The 1 month USD LIBOR rate as of May 31, 2019 was 2.43%.

2M USD LIBOR—The 2 month USD LIBOR rate as of May 31, 2019 was 2.47%.

3M USD LIBOR—The 3 month USD LIBOR rate as of May 31, 2019 was 2.50%.

6M USD LIBOR—The 6 month USD LIBOR rate as of May 31, 2019 was 2.52%.

Prime—The Prime Rate as of May 31, 2019 was 5.50%.

49

Saratoga Investment Corp. CLO2013-1 Ltd.

Schedule of Investments

February 28, 2019

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Education Management II LLC	Services: Consumer	A-1 Preferred Shares	Equity													6,692	$	669,214	$	13,384
Education Management II LLC	Services: Consumer	A-2 Preferred Shares	Equity													18,975		1,897,538		1,670
New Millennium Holdco, Inc.	Healthcare & Pharmaceuticals	Common Stock	Equity													14,813		964,466		637
24 Hour Fitness Worldwide Inc.	Services: Consumer	Term Loan (5/18)	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.99	%		5/30/2025	$	2,990,000		2,978,426		2,987,518
ABBCon-Cise Optical Group LLC	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	5.00	%		1.00	%		7.49	%		6/15/2023		2,103,445		2,080,167		2,037,712
Achilles Acquisition LLC	Banking Finance Insurance & Real Estate	Term Loan (09/18)	Loan	1M USD LIBOR+	4.00	%		0.00	%		6.49	%		10/13/2025		6,000,000		5,985,885		5,962,500
Acosta Inc.	Media: Advertising Printing & Publishing	Term Loan B (1st Lien)	Loan	1M USD LIBOR+	3.25	%		1.00	%		5.74	%		9/27/2021		1,915,375		1,909,171		957,687
ADMI Corp.	Services: Consumer	Term Loan B	Loan	1M USD LIBOR+	3.00	%		0.00	%		5.49	%		4/30/2025		1,990,000		1,981,204		1,968,607
Advantage Sales & Marketing Inc.	Services: Business	First Lien Term Loan	Loan	1M USD LIBOR+	3.25	%		1.00	%		5.74	%		7/23/2021		2,396,156		2,394,791		2,098,889
Advantage Sales & Marketing Inc.	Services: Business	Term Loan B Incremental	Loan	1M USD LIBOR+	3.25	%		1.00	%		5.74	%		7/23/2021		494,975		487,610		431,247
Aegis Toxicology Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		8.11	%		5/9/2025		3,990,000		3,954,925		3,850,350
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Delayed Draw Term Loan	Loan	1M USD LIBOR+	3.00	%		0.00	%		5.49	%		1/5/2026		500,000		500,000		499,375
Agrofresh Inc.	Beverage Food & Tobacco	Term Loan	Loan	3M USD LIBOR+	4.75	%		1.00	%		7.36	%		7/30/2021		2,919,744		2,915,422		2,883,247
AI Mistral (Luxembourg) Subco Sarl	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.00	%		1.00	%		5.49	%		3/11/2024		491,250		491,250		455,020
AIS Holdco LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.00	%		7.61	%		8/15/2025		2,484,375		2,472,344		2,422,266
Akorn Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	5.50	%		1.00	%		7.99	%		4/16/2021		398,056		397,485		316,455
Albertson’s LLC	Retail	Term Loan B7	Loan	1M USD LIBOR+	3.00	%		0.75	%		5.49	%		11/17/2025		4,151,511		4,140,731		4,124,733
Alchemy US Holdco 1 LLC	Metals & Mining	Term Loan	Loan	6M USD LIBOR+	5.50	%		0.00	%		8.19	%		10/10/2025		2,000,000		1,971,432		1,990,000
Alera Group Intermediate Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.99	%		8/1/2025		498,750		497,585		499,997
Alion Science and Technology Corporation	Aerospace & Defense	Term Loan B (1st Lien)	Loan	1M USD LIBOR+	4.50	%		1.00	%		6.99	%		8/19/2021		3,626,521		3,620,261		3,614,445
Allen Media LLC	Media: Diversified & Production	Term Loan B	Loan	3M USD LIBOR+	6.50	%		1.00	%		7.50	%		8/30/2023		3,000,000		2,931,901		2,872,500

50

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Altisource S.a r.l.	Banking Finance Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD LIBOR+	4.00	%		1.00	%		6.61	%		4/3/2024		1,677,030		1,666,628		1,639,296
Altra Industrial Motion Corp.	Capital Equipment	Term Loan	Loan	1M USD LIBOR+	2.00	%		0.00	%		4.49	%		10/1/2025		1,955,223		1,950,844		1,930,783
American Greetings Corporation	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.50	%		1.00	%		6.99	%		4/5/2024		4,982,450		4,979,868		4,929,536
American Residential Services LLC	Services: Consumer	Term Loan B	Loan	1M USD LIBOR+	4.00	%		1.00	%		6.49	%		6/30/2022		3,966,883		3,954,749		3,907,380
Amynta Agency Borrower Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.00	%		6.49	%		2/28/2025		3,497,500		3,455,778		3,410,063
Anastasia Parent LLC	Consumer goods:Non-durable	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.00	%		6.24	%		8/11/2025		997,500		992,909		944,732
Anchor Glass Container Corporation	Containers Packaging & Glass	Term Loan (07/17)	Loan	1M USD LIBOR+	2.75	%		1.00	%		5.24	%		12/7/2023		490,038		488,206		392,520
AqGen Ascensus Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.99	%		12/5/2022		408,906		408,242		405,839
Aramark Services Inc.	Services: Consumer	Term LoanB-2	Loan	1M USD LIBOR+	1.75	%		0.00	%		4.24	%		3/28/2024		1,294,904		1,294,904		1,287,212
Arctic Glacier U.S.A. Inc.	Beverage Food & Tobacco	Term Loan (3/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.99	%		3/20/2024		3,350,967		3,329,140		3,283,948
Aretec Group Inc.	Banking Finance Insurance & Real Estate	Term Loan (10/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		6.74	%		10/1/2025		2,000,000		1,995,758		1,975,000
ASG Technologies Group Inc.	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.99	%		7/31/2024		493,763		491,798		485,739
AssetMark Financial Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan	3M USD LIBOR+	3.50	%		0.00	%		6.11	%		11/14/2025		2,500,000		2,496,120		2,490,625
Astoria Energy LLC	Energy: Electricity	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		6.49	%		12/24/2021		1,406,149		1,397,673		1,407,612
Asurion LLC	Banking Finance Insurance & Real Estate	Term LoanB-4 (Replacement)	Loan	1M USD LIBOR+	3.00	%		0.00	%		5.49	%		8/4/2022		2,084,268		2,077,055		2,082,788
Asurion LLC	Banking Finance Insurance & Real Estate	Term Loan B6	Loan	1M USD LIBOR+	3.00	%		0.00	%		5.49	%		11/3/2023		497,955		494,277		497,512
Athenahealth Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD LIBOR+	4.50	%		0.00	%		7.11	%		2/11/2026		2,000,000		1,960,211		1,988,760
Avaya Inc.	Telecommunications	Term Loan B	Loan	2M USD LIBOR+	4.25	%		0.00	%		6.82	%		12/16/2024		1,990,000		1,974,743		1,987,015
Avolon TLB Borrower 1 US LLC	Capital Equipment	Term Loan B3	Loan	1M USD LIBOR+	2.00	%		0.75	%		4.49	%		1/15/2025		913,731		909,648		912,763
Ball Metalpack Finco LLC	Containers Packaging & Glass	Term Loan	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.99	%		7/31/2025		3,984,987		3,966,751		3,970,044
Bausch Health Companies Inc.	Healthcare & Pharmaceuticals	Term Loan B (05/18)	Loan	1M USD LIBOR+	3.00	%		0.00	%		5.49	%		6/2/2025		1,752,582		1,745,304		1,752,144
Bausch Health Companies Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.00	%		5.24	%		11/27/2025		481,250		476,571		479,310
Blackboard Inc.	High Tech Industries	Term Loan B4	Loan	3M USD LIBOR+	5.00	%		1.00	%		7.61	%		6/30/2021		2,932,500		2,919,562		2,818,866
Blount International Inc.	Forest Products & Paper	Term Loan B (09/18)	Loan	1M USD LIBOR+	3.75	%		1.00	%		6.24	%		4/12/2023		3,488,756		3,485,266		3,484,395
Blucora Inc.	High Tech Industries	Term Loan (11/17)	Loan	1M USD LIBOR+	3.00	%		1.00	%		5.49	%		5/22/2024		706,667		703,725		704,900

51

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Boxer Parent Company Inc.	Services: Business	Term Loan	Loan	3M USD LIBOR+	4.25	%		0.00	%		6.86	%		10/2/2025		2,500,000		2,476,591		2,484,150
Bracket Intermediate Holding Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.25	%		0.00	%		6.86	%		9/5/2025		997,500		992,812		985,031
Broadstreet Partners Inc.	Banking Finance Insurance & Real Estate	Term Loan B2	Loan	1M USD LIBOR+	3.25	%		1.00	%		5.74	%		11/8/2023		1,035,177		1,032,997		1,032,589
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.75	%		6.24	%		8/1/2025		2,000,000		1,990,924		2,001,880
Cable & Wireless Communications Limited	Telecommunications	Term Loan B4	Loan	1M USD LIBOR+	3.25	%		0.00	%		5.74	%		1/30/2026		2,500,000		2,497,271		2,488,200
Cable One Inc.	Media: Broadcasting & Subscription	Term Loan B	Loan	1M USD LIBOR+	1.75	%		0.00	%		4.24	%		5/1/2024		492,500		492,049		490,348
Calceus Acquisition Inc.	Consumer goods:Non-durable	Term Loan B	Loan	1M USD LIBOR+	5.50	%		0.00	%		7.99	%		2/12/2025		1,000,000		987,601		995,420
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.99	%		1/2/2026		750,000		735,504		753,127
Canyon Valor Companies Inc.	Media: Advertising Printing & Publishing	Term Loan B	Loan	3M USD LIBOR+	2.75	%		0.00	%		5.36	%		6/16/2023		939,191		936,843		929,019
Capital Automotive L.P.	Banking Finance Insurance & Real Estate	First Lien Term Loan	Loan	1M USD LIBOR+	2.50	%		1.00	%		4.99	%		3/25/2024		478,053		476,166		470,284
CareerBuilder LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	6.75	%		1.00	%		9.36	%		7/31/2023		2,266,211		2,224,216		2,257,713
Casa Systems Inc.	Telecommunications	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		6.49	%		12/20/2023		1,470,000		1,459,340		1,451,625
CCS-CMGC Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	5.50	%		0.00	%		7.99	%		10/1/2025		2,500,000		2,476,183		2,393,750
Cengage Learning Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.25	%		1.00	%		6.74	%		6/7/2023		1,462,458		1,450,545		1,343,999
CenturyLink Inc.	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	2.75	%		0.00	%		5.24	%		1/31/2025		3,970,000		3,946,810		3,904,813
CEOC LLC	Hotel Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+	2.00	%		0.00	%		4.49	%		10/4/2024		990,000		990,000		980,734
Charter Communications Operating LLC.	Media: Broadcasting & Subscription	Term Loan (12/17)	Loan	1M USD LIBOR+	2.00	%		0.00	%		4.49	%		4/30/2025		1,584,000		1,582,488		1,578,773
Compass Power Generation L.L.C.	Utilities: Electric	Term Loan B (08/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.99	%		12/20/2024		1,953,052		1,948,283		1,948,775
Compuware Corporation	High Tech Industries	Term Loan (08/18)	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.99	%		8/22/2025		500,000		498,788		501,250
Concordia International Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	5.50	%		1.00	%		7.99	%		9/6/2024		1,207,930		1,145,627		1,145,190
Consolidated Aerospace Manufacturing LLC	Aerospace & Defense	Term Loan (1st Lien)	Loan	1M USD LIBOR+	3.75	%		1.00	%		6.24	%		8/11/2022		2,418,750		2,412,445		2,409,680
Consolidated Communications Inc.	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	3.00	%		1.00	%		5.49	%		10/5/2023		1,490,574		1,477,850		1,451,133
Covia Holdings Corporation	Metals & Mining	Term Loan	Loan	3M USD LIBOR+	3.75	%		1.00	%		6.36	%		6/2/2025		995,000		995,000		844,685
CPI Acquisition Inc	Banking Finance Insurance & Real Estate	Term Loan B (1st Lien)	Loan	6M USD LIBOR+	4.50	%		1.00	%		7.19	%		8/17/2022		1,436,782		1,424,775		894,396
Crown Subsea Communications Holding Inc	Construction & Building	Term Loan	Loan	1M USD LIBOR+	6.00	%		0.00	%		8.49	%		11/3/2025		4,000,000		3,957,810		3,975,000
CSC Holdings LLC	Media: Broadcasting & Subscription	Term Loan B (03/17)	Loan	1M USD LIBOR+	2.25	%		0.00	%		4.74	%		7/17/2025		1,994,924		1,970,647		1,967,853

52

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
CSC Holdings LLC	Media: Broadcasting & Subscription	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		4.74	%		1/15/2026		500,000		498,804		493,250
CT Technologies Intermediate Hldgs Inc	Healthcare & Pharmaceuticals	New Term Loan	Loan	1M USD LIBOR+	4.25	%		1.00	%		6.74	%		12/1/2021		1,440,263		1,433,574		1,229,984
Cumulus Media New Holdings Inc.	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	4.50	%		1.00	%		6.99	%		5/13/2022		335,864		333,061		329,006
Daseke Companies Inc.	Transportation: Cargo	Replacement Term Loan	Loan	1M USD LIBOR+	5.00	%		1.00	%		7.49	%		2/27/2024		1,975,651		1,965,011		1,965,772
Dealer Tire LLC	Automotive	Term Loan B	Loan	1M USD LIBOR+	5.50	%		0.00	%		7.99	%		12/12/2025		3,000,000		2,892,107		3,000,000
Delek US Holdings Inc.	Utilities: Oil & Gas	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		4.74	%		3/31/2025		2,992,462		2,956,032		2,952,572
Dell International L.L.C.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	2.00	%		0.75	%		4.49	%		9/7/2023		3,974,937		3,922,161		3,960,031
Delta 2 (Lux) SARL	Hotel Gaming & Leisure	Term Loan B	Loan	1M USD LIBOR+	2.50	%		1.00	%		4.99	%		2/1/2024		1,318,289		1,315,251		1,289,036
DHX Media Ltd.	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	3.75	%		1.00	%		6.24	%		12/29/2023		332,042		330,546		320,005
Digital Room Holdings Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	5.00	%		1.00	%		7.49	%		12/29/2023		3,101,339		3,074,510		3,070,325
Dole Food Company Inc.	Beverage Food & Tobacco	Term Loan B	Loan	Prime+	2.75	%		1.00	%		3.75	%		4/8/2024		481,250		479,436		473,733
Drew Marine Group Inc.	Transportation: Consumer	First Lien Term Loan	Loan	1M USD LIBOR+	3.25	%		1.00	%		5.74	%		11/19/2020		2,841,040		2,828,735		2,819,732
DTZ U.S. Borrower LLC	Construction & Building	Term Loan B	Loan	1M USD LIBOR+	3.25	%		0.00	%		5.74	%		8/21/2025		5,985,000		5,957,110		5,936,402
Dynatrace LLC	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.00	%		5.74	%		8/22/2025		1,000,000		1,000,000		994,580
Eagletree-Carbide Acquisition Corp.	High Tech Industries	Term Loan	Loan	3M USD LIBOR+	4.25	%		1.00	%		6.86	%		8/28/2024		3,967,480		3,948,716		3,927,805
Education Management II LLC (a)	Services: Consumer	Term Loan A	Loan	Prime+	5.50	%		1.00	%		6.50	%		7/2/2020		423,861		419,105		8,477
Education Management II LLC (a)	Services: Consumer	Term Loan B	Loan	Prime+	8.50	%		1.00	%		9.50	%		7/2/2020		954,307		945,813		840
EIG Investors Corp.	High Tech Industries	Term Loan (06/18)	Loan	3M USD LIBOR+	3.75	%		1.00	%		6.36	%		2/9/2023		2,410,685		2,394,658		2,397,282
Emerald 2 Ltd. (Eagle US / Emerald Newco / ERM Canada / ERM US)	Environmental Industries	Term Loan	Loan	3M USD LIBOR+	4.00	%		1.00	%		6.61	%		5/14/2021		988,553		985,300		978,745
Emerald Performance Materials LLC	Chemicals Plastics & Rubber	Term Loan	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.99	%		7/30/2021		475,777		474,869		469,682
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan B (4/17)	Loan	1M USD LIBOR+	4.25	%		0.75	%		6.74	%		4/29/2024		3,977,405		3,952,044		3,978,240
Energy Acquisition LP	Capital Equipment	Term Loan (6/18)	Loan	3M USD LIBOR+	4.25	%		0.00	%		6.86	%		6/26/2025		1,990,000		1,971,730		1,910,400
Envision Healthcare Corporation	Healthcare & Pharmaceuticals	Term Loan B (06/18)	Loan	1M USD LIBOR+	3.75	%		0.00	%		6.24	%		10/10/2025		5,000,000		4,988,764		4,807,800
Evergreen AcqCo 1 LP	Retail	Term Loan C	Loan	3M USD LIBOR+	3.75	%		1.25	%		6.36	%		7/9/2019		935,156		934,453		883,723
EWT Holdings III Corp.	Capital Equipment	Term Loan	Loan	1M USD LIBOR+	3.00	%		1.00	%		5.49	%		12/20/2024		2,809,641		2,798,064		2,806,129

53

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Extreme Reach Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	6.25	%		1.00	%		8.74	%		2/7/2020		5,492,555		5,432,541		5,351,836
Fastener Acquisition Inc.	Construction & Building	Term Loan B	Loan	3M USD LIBOR+	4.25	%		1.00	%		6.86	%		3/28/2025		496,250		493,979		486,325
FinCo I LLC	Banking Finance Insurance & Real Estate	2018 Term Loan B	Loan	1M USD LIBOR+	2.00	%		0.00	%		4.49	%		12/27/2022		415,611		414,701		412,236
First Eagle Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B (10/18)	Loan	3M USD LIBOR+	2.75	%		0.00	%		5.36	%		12/2/2024		5,000,000		4,973,959		4,987,500
Fitness International LLC	Services: Consumer	Term Loan B (4/18)	Loan	1M USD LIBOR+	3.25	%		0.00	%		5.74	%		4/18/2025		2,776,214		2,759,824		2,755,392
Franklin Square Holdings L.P.	Banking Finance Insurance & Real Estate	Term Loan	Loan	2M USD LIBOR+	2.50	%		0.00	%		5.07	%		8/1/2025		4,488,750		4,457,527		4,474,745
Fusion Connect Inc.	Telecommunications	Term Loan B	Loan	3M USD LIBOR+	7.50	%		1.00	%		10.11	%		5/4/2023		1,925,000		1,857,064		1,732,500
GBT Group Services B.V.	Hotel Gaming & Leisure	Term Loan	Loan	3M USD LIBOR+	2.50	%		0.00	%		5.11	%		8/13/2025		4,488,750		4,487,571		4,466,306
GC EOS Buyer Inc.	Automotive	Term Loan B (06/18)	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.99	%		8/1/2025		2,992,500		2,964,056		2,955,094
General Nutrition Centers Inc.	Retail	FILO Term Loan	Loan	1M USD LIBOR+	7.00	%		0.00	%		9.49	%		1/3/2023		585,849		585,849		593,172
General Nutrition Centers Inc.	Retail	Term Loan B2	Loan	Prime+	9.16	%		0.75	%		9.91	%		3/4/2021		1,035,789		1,035,789		1,008,341
GI Chill Acquisition LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	4.00	%		0.00	%		6.61	%		8/6/2025		2,493,750		2,482,280		2,487,516
GI Revelation Acquisition LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	5.00	%		0.00	%		7.49	%		4/16/2025		1,244,373		1,238,702		1,231,930
Gigamon Inc.	Services: Business	Term Loan B	Loan	3M USD LIBOR+	4.25	%		1.00	%		6.86	%		12/27/2024		1,980,000		1,962,889		1,952,775
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		6.74	%		11/28/2025		3,070,455		3,070,455		3,070,455
Go Wireless Inc.	Telecommunications	Term Loan	Loan	1M USD LIBOR+	6.50	%		1.00	%		8.99	%		12/22/2024		3,380,519		3,331,962		3,250,944
GoodRX Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	3.00	%		0.00	%		5.49	%		10/10/2025		3,000,000		2,992,953		2,976,570
Goodyear Tire & Rubber Company The	Chemicals Plastics & Rubber	Second Lien Term Loan	Loan	1M USD LIBOR+	2.00	%		0.00	%		4.49	%		3/7/2025		2,000,000		2,000,000		1,956,660
Grosvenor Capital Management Holdings LLLP	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.75	%		1.00	%		5.24	%		3/28/2025		920,941		916,777		916,337
Guidehouse LLP	Aerospace & Defense	Term Loan	Loan	1M USD LIBOR+	3.00	%		0.00	%		5.49	%		5/1/2025		1,990,000		1,985,566		1,965,125
Hargray Communications Group Inc.	Media: Broadcasting & Subscription	Term Loan B	Loan	1M USD LIBOR+	3.00	%		1.00	%		5.49	%		5/16/2024		985,000		983,012		973,308
Harland Clarke Holdings Corp.	Media: Advertising Printing & Publishing	Term Loan	Loan	3M USD LIBOR+	4.75	%		1.00	%		7.36	%		11/3/2023		1,833,245		1,824,008		1,741,583
HD Supply Waterworks Ltd.	Construction & Building	Term Loan	Loan	6M USD LIBOR+	3.00	%		1.00	%		5.69	%		8/1/2024		493,750		492,687		489,430
Helix Gen Funding LLC	Energy: Electricity	Term Loan B (02/17)	Loan	1M USD LIBOR+	3.75	%		1.00	%		6.24	%		6/3/2024		264,030		263,460		256,204
HLF Financing SaRL LLC	Consumer goods:Non-durable	Term Loan B (08/18)	Loan	1M USD LIBOR+	3.25	%		0.00	%		5.74	%		8/18/2025		3,990,000		3,973,021		3,990,000
Hoffmaster Group Inc.	Forest Products & Paper	Term Loan B1	Loan	1M USD LIBOR+	4.00	%		1.00	%		6.49	%		11/21/2023		1,074,390		1,077,199		1,070,361
Holley Purchaser Inc.	Automotive	Term Loan B	Loan	3M USD LIBOR+	5.00	%		0.00	%		7.61	%		10/24/2025		2,500,000		2,475,886		2,450,000

54

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Hostess Brands LLC	Beverage Food & Tobacco	Cov-Lite Term Loan B	Loan	3M USD LIBOR+	2.25	%		0.75	%		4.86	%		8/3/2022		1,467,734		1,464,418		1,448,169
Hudson River Trading LLC	Banking Finance Insurance & Real Estate	Term Loan B (10/18)	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.99	%		4/3/2025		3,980,025		3,958,223		3,960,125
Hyland Software Inc.	High Tech Industries	Term Loan 3	Loan	1M USD LIBOR+	3.50	%		0.75	%		5.99	%		7/1/2024		1,586,222		1,584,204		1,588,205
Hyperion Refinance S.a.r.l.	Banking Finance Insurance & Real Estate	Tem Loan (12/17)	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.99	%		12/20/2024		2,229,370		2,219,751		2,225,647
Idera Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	4.50	%		1.00	%		6.99	%		6/28/2024		1,964,786		1,947,430		1,962,330
IG Investments Holdings LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	3.50	%		1.00	%		6.11	%		5/23/2025		3,398,256		3,380,175		3,382,115
Inmar Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.99	%		5/1/2024		3,492,500		3,398,589		3,389,471
Isagenix International LLC	Beverage Food & Tobacco	Term Loan	Loan	3M USD LIBOR+	5.75	%		1.00	%		8.36	%		6/16/2025		2,950,000		2,895,451		2,787,750
Jill Holdings LLC	Retail	Term Loan (1st Lien)	Loan	3M USD LIBOR+	5.00	%		1.00	%		7.61	%		5/9/2022		1,859,387		1,854,837		1,830,343
JP Intermediate B LLC	Consumer goods:Non-durable	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		8.11	%		11/20/2025		4,937,500		4,883,059		4,702,969
Kinetic Concepts Inc.	Healthcare & Pharmaceuticals	1/17 USD Term Loan	Loan	3M USD LIBOR+	3.25	%		1.00	%		5.86	%		2/2/2024		2,364,000		2,355,394		2,357,499
KUEHG Corp.	Services: Consumer	Term LoanB-3	Loan	3M USD LIBOR+	3.75	%		1.00	%		6.36	%		2/21/2025		497,500		496,313		493,023
Lakeland Tours LLC	Hotel Gaming & Leisure	Term Loan B	Loan	3M USD LIBOR+	4.00	%		1.00	%		6.61	%		12/16/2024		2,482,494		2,474,016		2,458,836
Lannett Company Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	5.38	%		1.00	%		7.87	%		11/25/2022		2,546,382		2,513,728		2,338,419
Learfield Communications LLC	Media: Advertising Printing & Publishing	Initial Term Loan(A-L Parent)	Loan	1M USD LIBOR+	3.25	%		1.00	%		5.74	%		12/1/2023		490,000		488,374		488,775
Lighthouse Network LLC	Banking Finance Insurance & Real Estate	Term Loan B	Loan	3M USD LIBOR+	4.50	%		1.00	%		7.11	%		12/2/2024		3,415,500		3,402,695		3,402,692
Lightstone Holdco LLC	Energy: Electricity	Term Loan B	Loan	1M USD LIBOR+	3.75	%		1.00	%		6.24	%		1/30/2024		1,353,009		1,350,840		1,320,199
Lightstone Holdco LLC	Energy: Electricity	Term Loan C	Loan	1M USD LIBOR+	3.75	%		1.00	%		6.24	%		1/30/2024		74,592		74,478		72,783
Lindblad Expeditions Inc.	Hotel Gaming & Leisure	US 2018 Term Loan	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.99	%		3/27/2025		398,000		397,117		397,005
Lindblad Expeditions Inc.	Hotel Gaming & Leisure	Cayman Term Loan	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.99	%		3/27/2025		99,500		99,279		99,251
Liquidnet Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	3.25	%		1.00	%		5.74	%		7/15/2024		3,154,276		3,144,386		3,150,333
LPL Holdings Inc.	Banking Finance Insurance & Real Estate	Incremental Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		4.74	%		9/23/2024		1,723,805		1,720,511		1,708,721
McAfee LLC	Services: Business	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.00	%		6.24	%		9/30/2024		2,690,156		2,661,137		2,694,810
McDermott International Inc.	Construction & Building	Term Loan B	Loan	1M USD LIBOR+	5.00	%		1.00	%		7.49	%		5/12/2025		1,985,000		1,948,934		1,907,625
McGraw-Hill Global Education Holdings LLC	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		6.49	%		5/4/2022		974,920		972,268		897,229
MedPlast Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan (06/18)	Loan	3M USD LIBOR+	3.75	%		0.00	%		6.36	%		7/2/2025		498,750		496,426		500,620

55

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Meredith Corporation	Media: Advertising Printing & Publishing	Term Loan B (10/18)	Loan	1M USD LIBOR+	2.75	%		0.00	%		5.24	%		1/31/2025		681,944		680,552		681,563
Messer Industries LLC	Chemicals Plastics & Rubber	Term Loan	Loan	3M USD LIBOR+	2.50	%		0.00	%		5.11	%		2/5/2026		3,000,000		2,992,500		2,977,500
Michaels Stores Inc.	Retail	Term Loan B	Loan	1M USD LIBOR+	2.50	%		1.00	%		4.99	%		1/30/2023		2,628,816		2,617,545		2,600,898
Midwest Physician Administrative Services LLC	Healthcare & Pharmaceuticals	Term Loan (2/18)	Loan	1M USD LIBOR+	2.75	%		0.75	%		5.24	%		8/15/2024		977,985		973,790		958,836
Milk Specialties Company	Beverage Food & Tobacco	Term Loan (2/17)	Loan	1M USD LIBOR+	4.00	%		1.00	%		6.49	%		8/16/2023		3,969,672		3,905,366		3,946,529
MKS Instruments Inc.	High Tech Industries	Term LoanB-5	Loan	1M USD LIBOR+	2.25	%		0.00	%		4.74	%		2/2/2026		1,000,000		990,327		998,750
MLN US HoldCo LLC	Telecommunications	Term Loan	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.99	%		11/28/2025		1,000,000		997,824		992,500
MRC Global (US) Inc.	Metals & Mining	Term Loan B2	Loan	1M USD LIBOR+	3.00	%		0.00	%		5.49	%		9/20/2024		495,000		493,864		495,000
NAI Entertainment Holdings LLC	Hotel Gaming & Leisure	Term Loan B	Loan	1M USD LIBOR+	2.50	%		1.00	%		4.99	%		5/8/2025		997,500		995,282		989,600
Natgasoline LLC	Chemicals Plastics & Rubber	Term Loan	Loan	3M USD LIBOR+	3.50	%		0.00	%		6.11	%		11/14/2025		500,000		497,720		500,625
National Mentor Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.25	%		0.00	%		6.86	%		2/5/2026		2,000,000		1,980,000		2,005,840
Navistar Financial Corporation	Automotive	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.00	%		6.24	%		7/30/2025		1,990,000		1,980,604		1,982,538
NeuStar Inc.	Telecommunications	Term Loan B4 (03/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.99	%		8/8/2024		3,992,424		3,925,243		3,822,746
New Media Holdings II LLC	Media: Diversified & Production	Term Loan	Loan	1M USD LIBOR+	6.25	%		1.00	%		8.74	%		7/14/2022		5,973,699		5,959,159		5,921,430
NMI Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.75	%		1.00	%		7.24	%		5/23/2023		3,489,981		3,494,699		3,489,981
Novetta Solutions LLC	Aerospace & Defense	Term Loan	Loan	1M USD LIBOR+	5.00	%		1.00	%		7.49	%		10/17/2022		1,939,870		1,928,782		1,898,648
Novetta Solutions LLC	Aerospace & Defense	Second Lien Term Loan	Loan	1M USD LIBOR+	8.50	%		1.00	%		10.99	%		10/16/2023		1,000,000		993,349		945,000
NPC International Inc.	Beverage Food & Tobacco	Term Loan	Loan	2M USD LIBOR+	3.50	%		1.00	%		6.07	%		4/19/2024		492,500		492,068		461,719
Ocean Bidco Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan	2M USD LIBOR+	4.75	%		1.00	%		7.32	%		3/21/2025		473,186		470,976		464,115
OCI Partners LP	Chemicals Plastics & Rubber	Term Loan B (2/18)	Loan	3M USD LIBOR+	4.00	%		0.00	%		6.61	%		3/13/2025		3,067,196		3,045,069		3,059,528
Office Depot Inc.	Retail	Term Loan B	Loan	1M USD LIBOR+	5.25	%		1.00	%		7.74	%		11/8/2022		2,909,851		2,888,913		2,971,685
Onex Carestream Finance LP	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	5.75	%		1.00	%		8.24	%		2/28/2021		2,834,110		2,822,053		2,780,970
Outcomes Group Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan	3M USD LIBOR+	3.50	%		0.00	%		6.11	%		10/24/2025		500,000		498,833		493,125
Owens & Minor Distribution Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.99	%		4/30/2025		497,500		488,393		420,800
P2 Upstream Acquisition Co.	High Tech Industries	Term Loan	Loan	3M USD LIBOR+	4.00	%		1.00	%		6.61	%		10/30/2020		945,558		943,988		929,011
Peraton Corp.	Aerospace & Defense	Term Loan	Loan	3M USD LIBOR+	5.25	%		1.00	%		7.86	%		4/29/2024		1,970,000		1,962,137		1,915,825
PGX Holdings Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	5.25	%		1.00	%		7.74	%		9/29/2020		2,674,370		2,667,939		2,614,197

56

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			LIBOR Floor			Current Rate (All In)			Maturity Date		Principal/ Number of Shares		Cost		Fair Value
PI UK Holdco II Limited	Services: Business	Term Loan B1 (PI UK Holdco II)	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.99	%		1/3/2025		1,488,750		1,481,083		1,473,237
Plastipak Packaging Inc	Containers Packaging & Glass	Term Loan B (04/18)	Loan	1M USD LIBOR+	2.50	%		0.00	%		4.99	%		10/15/2024		987,500		983,130		974,100
Presidio Inc.	Services: Business	Term Loan B 2017	Loan	3M USD LIBOR+	2.75	%		1.00	%		5.36	%		2/2/2024		1,697,600		1,663,332		1,678,078
Prime Security Services Borrower LLC	Services: Consumer	Refi Term LoanB-1	Loan	1M USD LIBOR+	2.75	%		1.00	%		5.24	%		5/2/2022		1,950,361		1,943,928		1,943,925
Priority Payment Systems Holdings LLC	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	5.00	%		1.00	%		7.49	%		1/3/2023		1,150,910		1,145,156		1,145,881
Priority Payment Systems Holdings LLC	High Tech Industries	Delayed Draw Term Loan	Loan	3M USD LIBOR+	5.00	%		1.00	%		7.61	%		1/3/2023		—		—		—
Project Accelerate Parent LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	4.25	%		1.00	%		6.74	%		1/2/2025		1,985,000		1,976,356		1,985,000
Prometric Holdings Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.00	%		1.00	%		5.49	%		1/29/2025		496,250		494,124		492,528
Quad/Graphics Inc.	Media: Advertising Printing & Publishing	Term Loan B (12/18)	Loan	1M USD LIBOR+	5.00	%		0.00	%		7.49	%		2/2/2026		4,500,000		4,434,606		4,483,125
Rackspace Hosting Inc.	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+	3.00	%		1.00	%		5.61	%		11/3/2023		1,491,203		1,480,810		1,418,969
Radio Systems Corporation	Consumer goods: Durable	Term Loan	Loan	1M USD LIBOR+	2.75	%		1.00	%		5.24	%		5/2/2024		1,477,500		1,477,500		1,457,184
Radiology Partners Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.75	%		0.00	%		7.36	%		7/9/2025		1,000,000		995,568		1,005,000
Research Now Group Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	5.50	%		1.00	%		7.99	%		12/20/2024		3,967,481		3,836,608		3,942,684
Resolute Investment Managers Inc.	Banking Finance Insurance & Real Estate	Term Loan (10/17)	Loan	3M USD LIBOR+	3.25	%		1.00	%		5.86	%		4/29/2022		2,709,661		2,712,126		2,713,049
Restaurant Technologies Inc.	Beverage Food & Tobacco	Term Loan (9/18)	Loan	1M USD LIBOR+	3.25	%		0.00	%		5.74	%		10/1/2025		1,000,000		997,720		999,380
Revspring Inc.	Services: Business	Term Loan B	Loan	3M USD LIBOR+	4.25	%		0.00	%		6.86	%		10/10/2025		1,000,000		997,767		985,000
Reynolds Group Holdings Inc.	Metals & Mining	Term Loan (01/17)	Loan	1M USD LIBOR+	2.75	%		0.00	%		5.24	%		2/6/2023		1,725,912		1,725,912		1,718,369
RGIS Services LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	7.50	%		1.00	%		10.11	%		3/31/2023		486,033		480,179		415,558
Robertshaw US Holding Corp.	Consumer goods: Durable	Term Loan B	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.99	%		2/28/2025		992,500		990,321		929,228
Rocket Software Inc.	High Tech Industries	Term Loan (11/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		6.74	%		11/28/2025		4,000,000		3,982,916		4,000,000
Rovi Solutions Corporation	Media: Diversified & Production	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.75	%		4.99	%		7/2/2021		1,332,669		1,330,256		1,311,013
Russell Investments US Institutional Holdco Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	3.25	%		1.00	%		5.74	%		6/1/2023		4,184,784		4,064,980		4,142,936
Sahara Parent Inc.	High Tech Industries	Term Loan B (11/18)	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.99	%		8/16/2024		1,975,050		1,956,153		1,967,031
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		4.74	%		7/5/2024		987,455		983,210		973,877
Sally Holdings LLC	Retail	Term Loan (Fixed)	Loan	Fixed	4.50	%		0.00	%		4.50	%		7/5/2024		1,000,000		996,030		963,750
Savage Enterprises LLC	Transportation: Cargo	Term Loan	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.99	%		8/1/2025		3,823,951		3,774,062		3,836,684

57

Issuer Name

Industry

Asset Name

Asset Type

Reference Rate/Spread

LIBOR Floor

Current Rate (All In)

Maturity Date

Principal/ Number of Shares

Cost

Fair Value

SCS Holdings I Inc.

High Tech Industries

Term Loan

Loan

1M USD LIBOR+

4.25

%

1.00

%

6.74

%

10/31/2022

3,393,482

3,378,749

3,401,966

Seadrill Operating LP

Energy: Oil & Gas

Term Loan B

Loan

3M USD LIBOR+

6.00

%

1.00