Saratoga Investment 10Q 2021 Q3 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the Quarterly Period Ended November 30, 2020

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

Commission File No. 814-00732

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
6.25% Notes due 2025	SAF	The New York Stock Exchange
7.25% Notes due 2025	SAK	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 Regulation S-T (§ 232.405 of this chapter) 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, a non-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 Rule 12b-2 of the Exchange Act.

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 Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding common shares of the registrant as of January 6, 2021 was 11,170,028.

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION	1

Item 1.	Consolidated Financial Statements	1

	Consolidated Statements of Assets and Liabilities as of November 30, 2020 (unaudited) and February 29, 2020	1

	Consolidated Statements of Operations for the three and nine months ended November 30, 2020 (unaudited) and November 30, 2019 (unaudited)	2

	Consolidated Statements of Changes in Net Assets for three and nine months ended November 30, 2020 (unaudited) and November 30, 2019 (unaudited)	3

	Consolidated Statements of Cash Flows for the three and nine months ended November 30, 2020 (unaudited) and November 30, 2019 (unaudited)	4

	Consolidated Schedules of Investments as of November 30, 2020 (unaudited) and February 29, 2020	5

	Notes to Consolidated Financial Statements as of November 30, 2020 (unaudited)	16

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	64

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	96

Item 4.	Controls and Procedures	97

PART II.	OTHER INFORMATION	98

Item 1.	Legal Proceedings	98

Item 1A.	Risk Factors	98

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	99

Item 3.	Defaults Upon Senior Securities	99

Item 4.	Mine Safety Disclosures	99

Item 5.	Other Information	99

Item 6.	Exhibits	100

Signatures		103

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Saratoga Investment Corp.

Consolidated Statements of Assets and Liabilities

	November 30, 2020			February 29, 2020
	(unaudited)
ASSETS
Investments at fair value
Non-control/Non-affiliate investments (amortized cost of $463,588,455 and $418,006,725, respectively)	$	456,552,179		$	420,442,928
Affiliate investments (amortized cost of $28,338,471 and $23,998,917, respectively)		21,403,802			18,485,854
Control investments (amortized cost of $65,055,003 and $44,293,619, respectively)		68,987,521			46,703,192
Total investments at fair value (amortized cost of $556,981,929 and $486,299,261, respectively)		546,943,502			485,631,974
Cash and cash equivalents		21,060,224			24,598,905
Cash and cash equivalents, reserve accounts		12,836,663			14,851,447
Interest receivable (net of reserve of $1,982,033 and $1,238,049, respectively)		4,192,177			4,810,456
Management fee receivable		284,256			272,207
Other assets		740,361			701,007
Total assets	$	586,057,183		$	530,865,996

LIABILITIES
Revolving credit facility	$	-		$	-
Deferred debt financing costs, revolving credit facility		(674,638	)		(512,628	)
SBA debentures payable		176,000,000			150,000,000
Deferred debt financing costs, SBA debentures payable		(2,725,309	)		(2,561,495	)
6.25% Notes Payable 2025		60,000,000			60,000,000
Deferred debt financing costs, 6.25% notes payable 2025		(1,766,709	)		(2,046,735	)
7.25% Notes Payable 2025		43,125,000			-
Deferred debt financing costs, 7.25% notes payable 2025		(1,480,977	)		-
7.75% Notes Payable 2025		5,000,000			-
Deferred debt financing costs, 7.75% notes payable 2025		(252,746	)		-
Base management and incentive fees payable		4,775,801			15,800,097
Deferred tax liability		1,434,505			1,347,363
Accounts payable and accrued expenses		1,514,585			1,713,157
Interest and debt fees payable		931,938			2,234,042
Directors fees payable		44,500			61,500
Due to manager		278,343			543,842
Total liabilities		286,204,293			226,579,143

Commitments and contingencies (See Note 8)

NET ASSETS
Common stock, par value $0.001, 100,000,000 common shares authorized, 11,170,028 and 11,217,545 common shares issued and outstanding, respectively		11,170			11,218
Capital in excess of par value		288,590,554			289,476,991
Total distributable earnings		11,251,166			14,798,644
Total net assets		299,852,890			304,286,853
Total liabilities and net assets	$	586,057,183		$	530,865,996
NET ASSET VALUE PER SHARE	$	26.84		$	27.13

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Operations

(unaudited)

	For the three months ended						For the nine months ended
	November 30, 2020			November 30, 2019			November 30, 2020			November 30, 2019
INVESTMENT INCOME
Interest from investments
Interest income:
Non-control/Non-affiliate investments	$	10,422,586		$	9,749,294		$	30,585,868		$	26,862,643
Affiliate investments		418,418			356,958			1,204,840			873,816
Control investments		1,654,359			1,300,923			4,037,915			4,627,395
Payment-in-kind interest income:
Non-control/Non-affiliate investments		214,422			198,984			1,125,306			530,728
Affiliate investments		49,333			42,397			143,574			123,812
Control investments		44,896			1,250,824			117,449			3,226,060
Total interest from investments		12,804,014			12,899,380			37,214,952			36,244,454
Interest from cash and cash equivalents		770			119,539			14,176			316,691
Management fee income		623,817			629,671			1,883,825			1,888,932
Structuring and advisory fee income*		545,354			511,500			1,798,660			1,875,225
Other income*		308,802			35,665			523,862			509,850
Total investment income		14,282,757			14,195,755			41,435,475			40,835,152

OPERATING EXPENSES
Interest and debt financing expenses		3,559,870			3,896,968			9,452,193			11,628,266
Base management fees		2,324,564			2,146,214			6,694,144			5,955,623
Incentive management fees expense (benefit)		2,295,000			3,102,139			1,966,367			7,300,794
Professional fees		502,979			401,010			1,257,420			1,181,010
Administrator expenses		693,750			556,250			1,852,083			1,575,000
Insurance		67,010			63,936			202,463			193,174
Directors fees and expenses		60,000			60,000			195,000			217,500
General & administrative		278,734			395,024			963,372			1,036,498
Income tax expense (benefit)		29,748			(1,001,089	)		28,304			(1,464,878	)
Total operating expenses		9,811,655			9,620,452			22,611,346			27,622,987
NET INVESTMENT INCOME		4,471,102			4,575,303			18,824,129			13,212,165

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investments:
Non-control/Non-affiliate investments		1,798			10,739,678			22,207			12,609,767
Net realized gain (loss) from investments		1,798			10,739,678			22,207			12,609,767
Income tax (provision) benefit from realized gain on investments		(3,895,354	)		-			(3,895,354	)		-
Net change in unrealized appreciation (depreciation) on investments:
Non-control/Non-affiliate investments		4,348,888			(4,322,305	)		(9,472,477	)		(1,563,573	)
Affiliate investments		385,414			(41,295	)		(1,421,606	)		859,953
Control investments		1,264,528			3,827,449			1,522,945			5,614,471
Net change in unrealized appreciation (depreciation) on investments		5,998,830			(536,151	)		(9,371,138	)		4,910,851
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(210,057	)		(1,061,608	)		(58,838	)		(1,786,801	)
Net realized and unrealized gain (loss) on investments		1,895,217			9,141,919			(13,303,123	)		15,733,817
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,366,319		$	13,717,222		$	5,521,006		$	28,945,982

WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE	$	0.57		$	1.37		$	0.49		$	3.33
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED		11,169,817			10,036,086			11,198,287			8,702,190

Certain prior period amounts have been reclassified to conform to current period presentation.

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Changes in Net Assets

(unaudited)

	For the nine months ended
	November 30, 2020			November 30, 2019
INCREASE (DECREASE) FROM OPERATIONS:
Net investment income	$	18,824,129		$	13,212,165
Net realized gain from investments		22,207			12,609,767
Income tax (provision) benefit from realized gain on investments		(3,895,354	)		-
Net change in unrealized appreciation (depreciation) on investments		(9,371,138	)		4,910,851
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(58,838	)		(1,786,801	)
Net increase (decrease) in net assets resulting from operations		5,521,006			28,945,982

DECREASE FROM SHAREHOLDER DISTRIBUTIONS:
Total distributions to shareholders		(9,068,484	)		(13,835,741	)
Net decrease in net assets from shareholder distributions		(9,068,484	)		(13,835,741	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from issuance of common stock		-			85,228,325
Stock dividend distribution		1,580,919			2,188,811
Repurchases of common stock		(2,464,661	)		-
Repurchase fees		(2,743	)		-
Offering costs		-			(1,222,214	)
Net increase in net assets from capital share transactions		(886,485	)		86,194,922
Total increase (decrease) in net assets		(4,433,963	)		101,305,163
Net assets at beginning of period		304,286,853			180,875,187
Net assets at end of period	$	299,852,890		$	282,180,350

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Cash Flows

(unaudited)

	For the nine months ended
	November 30, 2020			November 30, 2019
Operating activities
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,521,006		$	28,945,982
ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Payment-in-kind and other adjustments to cost		1,402,751			(3,082,715	)
Net accretion of discount on investments		(964,524	)		(888,292	)
Amortization of deferred debt financing costs		992,592			1,037,764
Income tax expense (benefit)		28,304			-
Net realized (gain) loss from investments		(22,207	)		(12,609,767	)
Net change in unrealized (appreciation) depreciation on investments		9,371,138			(4,910,851	)
Net change in provision for deferred taxes on unrealized appreciation (depreciation) on investments		58,838			1,786,801
Proceeds from sales and repayments of investments		50,928,681			97,152,448
Purchases of investments		(122,027,366	)		(160,672,062	)
(Increase) decrease in operating assets:
Interest receivable		618,279			(1,009,242	)
Due from affiliate		-			1,673,747
Management and incentive fee receivable		(12,049	)		255,374
Other assets		(59,043	)		826
Deferred tax asset		-			(1,464,878	)
Increase (decrease) in operating liabilities:
Base management and incentive fees payable		(11,024,296	)		3,791,110
Accounts payable and accrued expenses		(198,572	)		(162,098	)
Interest and debt fees payable		(1,302,104	)		(1,314,274	)
Directors fees payable		(17,000	)		(60,500	)
Due to manager		(265,499	)		61,580
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(66,971,071	)		(51,469,047	)

Financing activities
Borrowings on debt		26,000,000			20,200,000
Paydowns on debt		-			(20,200,000	)
Issuance of notes		48,125,000			-
Payments of deferred debt financing costs		(2,752,425	)		(745,133	)
Proceeds from issuance of common stock		-			84,064,237
Payments of cash dividends		(7,487,565	)		(11,646,930	)
Repurchases of common stock		(2,464,661	)		-
Repurchases fees		(2,743	)		-
Payments of offering costs		-			(1,184,892	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		61,417,606			70,487,282
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS		(5,553,465	)		19,018,235
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD		39,450,352			62,094,394
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD	$	33,896,887		$	81,112,629

Supplemental information:
Interest paid during the period	$	9,761,705		$	11,904,776
Cash paid for taxes		4,103,200			18,153
Supplemental non-cash information:
Payment-in-kind interest income		(1,402,751	)		3,082,715
Net accretion of discount on investments		964,524			888,292
Amortization of deferred debt financing costs		992,592			1,037,764
Stock dividend distribution		1,580,919			2,188,811

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2020

(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 - 152.3% (b)
CoConstruct, LLC	Construction Management Services	First Lien Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 7/5/2024	7/5/2019	$	14,200,000		14,077,075		14,134,680		4.7	%
CoConstruct, LLC (j)	Construction Management Services	Delayed Draw Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 7/5/2024	7/5/2019	$	-		-		-		0.0	%
		Total Construction Management Services					14,077,075		14,134,680		4.7	%
Targus Holdings, Inc. (d), (h)	Consumer Products	Common Stock	12/31/2009		210,456		1,589,630		392,270		0.1	%
		Total Consumer Products					1,589,630		392,270		0.1	%
My Alarm Center, LLC (k)	Consumer Services	Preferred Equity Class A Units 8.00% PIK	7/14/2017		2,227		2,357,879		-		0.0	%
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		712,343		305,911		0.1	%
My Alarm Center, LLC (h)	Consumer Services	Common Stock	7/14/2017		96,224		-		-		0.0	%
		Total Consumer Services					4,867,102		305,911		0.1	%
Passageways, Inc.	Corporate Governance	First Lien Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 7/5/2023	7/5/2018	$	5,000,000		4,968,225		5,060,000		1.7	%
Passageways, Inc. (j)	Corporate Governance	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 7/5/2023	1/3/2020	$	2,000,000		1,992,775		2,024,000		0.6	%
Passageways, Inc. (h)	Corporate Governance	Series A Preferred Stock	7/5/2018		2,027,205		1,000,000		2,438,010		0.8	%
		Total Corporate Governance					7,961,000		9,522,010		3.1	%
New England Dental Partners	Dental Practice Management	First Lien Term Loan (3M USD LIBOR+8.00%), 8.50% Cash, 11/25/2025	11/25/2020	$	6,555,000		6,489,677		6,489,450		2.2	%
New England Dental Partners (j)	Dental Practice Management	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 8.50% Cash, 11/25/2025	11/25/2020	$	-		-		-		0.0	%
		Total Dental Practice Management					6,489,677		6,489,450		2.2	%
PDDS Buyer, LLC	Dental Practice Management Software	First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 7/15/2024	7/15/2019	$	14,000,000		13,887,080		13,953,800		4.7	%
PDDS Buyer, LLC	Dental Practice Management Software	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 7/15/2024	7/15/2019	$	7,000,000		6,933,884		6,976,900		2.3	%
PDDS Buyer, LLC (h)	Dental Practice Management Software	Series A-1 Preferred Shares	8/10/2020		1,755,831		2,000,000		2,000,000		0.7	%
		Total Dental Practice Management Software					22,820,964		22,930,700		7.7	%

See accompanying notes to consolidated financial statements.

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
C2 Educational Systems (d)	Education Services	First Lien Term Loan (3M USD LIBOR+7.00%), 8.50% Cash, 5/31/2021	5/31/2017	$	16,000,000		15,993,296		12,987,200		4.3	%
Texas Teachers of Tomorrow, LLC (h), (i)	Education Services	Common Stock	12/2/2015		750		750,000		789,168		0.3	%
Texas Teachers of Tomorrow, LLC (d)	Education Services	First Lien Term Loan (3M USD LIBOR+7.25%), 9.75% Cash, 6/28/2024	6/28/2019	$	18,709,024		18,564,444		18,581,803		6.2	%
		Total Education Services					35,307,740		32,358,171		10.8	%
Destiny Solutions Inc. (d)	Education Software	First Lien Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 10/24/2024	5/16/2018	$	38,000,000		37,731,402		37,730,200		12.6	%
Destiny Solutions Inc. (h), (i)	Education Software	Limited Partner Interests	5/16/2018		2,342		2,468,464		3,010,778		1.0	%
Identity Automation Systems (d)	Education Software	First Lien Term Loan (3M USD LIBOR+9.24%), 10.99% Cash, 5/8/2024	8/25/2014	$	17,291,250		17,287,446		17,180,585		5.7	%
Identity Automation Systems (h)	Education Software	Common Stock Class A-2 Units	8/25/2014		232,616		232,616		697,848		0.2	%
Identity Automation Systems (h)	Education Software	Common Stock Class A-1 Units	3/6/2020		43,715		171,571		181,935		0.1	%
GoReact	Education Software	First Lien Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 1/17/2025	1/17/2020	$	5,000,000		4,937,712		5,076,000		1.7	%
GoReact (j)	Education Software	Delayed Draw Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 1/17/2025	1/17/2020	$	-		-		-		0.0	%
Kev Software Inc. (a)	Education Software	First Lien Term Loan (1M USD LIBOR+8.63%), 9.63% Cash, 9/13/2023	9/13/2018	$	21,070,667		20,954,138		20,735,644		6.9	%
		Total Education Software					83,783,349		84,612,990		28.2	%
Davisware, LLC	Field Service Management	First Lien Term Loan (3M USD LIBOR+7.00%), 9.00% Cash, 7/31/2024	9/6/2019	$	3,000,000		2,975,581		2,980,500		1.0	%
Davisware, LLC (j)	Field Service Management	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.00% Cash, 7/31/2024	9/6/2019	$	977,790		969,611		971,434		0.3	%
		Total Field Service Management					3,945,192		3,951,934		1.3	%
GDS Software Holdings, LLC (h)	Financial Services	Common Stock Class A Units	8/23/2018		250,000		250,000		424,507		0.1	%
		Total Financial Services					250,000		424,507		0.1	%
Ohio Medical, LLC (h)	Healthcare Products Manufacturing	Common Stock	1/15/2016		5,000		500,000		852,968		0.3	%
Ohio Medical, LLC	Healthcare Products Manufacturing	Senior Subordinated Note 12.00% Cash, 6/30/2022	1/15/2016	$	7,300,000		7,285,925		7,300,000		2.4	%
		Total Healthcare Products Manufacturing					7,785,925		8,152,968		2.7	%
Axiom Parent Holdings, LLC (h)	Healthcare Services	Common Stock Class A Units	6/19/2018		400,000		400,000		1,443,763		0.5	%
Axiom Purchaser, Inc. (d)	Healthcare Services	First Lien Term Loan (3M USD LIBOR+6.00%), 7.75% Cash, 6/19/2023	6/19/2018	$	10,000,000		9,948,656		10,018,000		3.3	%
Axiom Purchaser, Inc. (d)	Healthcare Services	Delayed Draw Term Loan (3M USD LIBOR+6.00%), 7.75% Cash, 6/19/2023	6/19/2018	$	4,000,000		3,974,808		4,007,200		1.3	%
ComForCare Health Care	Healthcare Services	First Lien Term Loan (3M USD LIBOR+7.50%), 8.50% Cash, 1/31/2022	1/31/2017	$	15,000,000		14,955,975		15,000,000		5.0	%
		Total Healthcare Services					29,279,439		30,468,963		10.1	%

See accompanying notes to consolidated financial statements.

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
TRC HemaTerra, LLC (h)	Healthcare Software	Class D Membership Interests	4/15/2019		2,000,000		2,000,000		2,471,900		0.8	%
HemaTerra Holding Company, LLC	Healthcare Software	First Lien Term Loan (3M USD LIBOR+6.75%), 9.25% Cash, 4/15/2024	4/15/2019	$	6,000,000		5,952,752		6,072,600		2.0	%
HemaTerra Holding Company, LLC (d), (j)	Healthcare Software	Delayed Draw Term Loan (3M USD LIBOR+6.75%), 9.25% Cash, 4/15/2024	4/15/2019	$	12,000,000		11,907,646		12,145,200		4.1	%
Procurement Partners, LLC	Healthcare Software	First Lien Term Loan (3M USD LIBOR+6.50%), 7.50% Cash, 11/12/2025	11/12/2020	$	8,000,000		7,921,058		7,920,000		2.6	%
Procurement Partners, LLC (j)	Healthcare Software	Delayed Draw Term Loan (3M USD LIBOR+6.50%), 7.50% Cash, 11/12/2025	11/12/2020	$	-		-		-		0.0	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class A Units	11/12/2020		300,000		300,000		300,000		0.1	%
		Total Healthcare Software					28,081,456		28,909,700		9.6	%
Roscoe Medical, Inc. (d), (h)	Healthcare Supply	Common Stock	3/26/2014		5,081		508,077		138,107		0.0	%
Roscoe Medical, Inc. (k)	Healthcare Supply	Second Lien Term Loan 11.25% Cash, 3/28/2021	3/26/2014	$	4,200,000		4,200,000		4,200,000		1.4	%
		Total Healthcare Supply					4,708,077		4,338,107		1.4	%
Knowland Group, LLC	Hospitality/Hotel	Second Lien Term Loan (3M USD LIBOR+8.00%), 10.00% Cash, 5/9/2024	11/9/2018	$	15,767,918		15,767,918		12,117,645		3.9	%
Sceptre Hospitality Resources, LLC	Hospitality/Hotel	First Lien Term Loan (1M USD LIBOR+9.00%), 10.00% Cash, 4/27/2025	4/27/2020	$	3,000,000		2,972,698		2,970,000		1.0	%
		Total Hospitality/Hotel					18,740,616		15,087,645		4.9	%
Granite Comfort, LP	HVAC Services and Sales	First Lien Term Loan (1M USD LIBOR+9.00%), 10.00% Cash, 11/16/2025	11/16/2020	$	7,000,000		6,930,701		6,930,000		2.3	%
Granite Comfort, LP (j)	HVAC Services and Sales	Delayed Draw Term Loan (1M USD LIBOR+9.00%), 10.00% Cash, 11/16/2025	11/16/2020	$	-		-		-		0.0	%
		Total HVAC Services and Sales					6,930,701		6,930,000		2.3	%
Vector Controls Holding Co., LLC (d)	Industrial Products	First Lien Term Loan 11.50% (9.75% Cash/1.75% PIK), 3/6/2022	3/6/2013	$	7,590,846		7,590,236		7,544,542		2.5	%
Vector Controls Holding Co., LLC (d), (h)	Industrial Products	Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027	5/31/2015		343		-		1,957,083		0.7	%
		Total Industrial Products					7,590,236		9,501,625		3.2	%
CLEO Communications Holding, LLC (d)	IT Services	First Lien Term Loan (3M USD LIBOR+8.00%), 9.00% Cash/2.00% PIK, 3/31/2022	3/31/2017	$	14,003,828		13,991,467		14,136,865		4.7	%
CLEO Communications Holding, LLC (d), (j)	IT Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.00% Cash/2.00% PIK, 3/31/2022	3/31/2017	$	20,349,838		20,270,501		20,543,161		6.9	%
Erwin, Inc. (d)	IT Services	Second Lien Term Loan (3M USD LIBOR+10.75%), 12.75% Cash/1.00% PIK, 8/28/2021	2/29/2016	$	16,172,271		16,143,067		16,172,270		5.4	%
LogicMonitor, Inc.	IT Services	First Lien Term Loan (3M USD LIBOR+5.00), 6.00% Cash, 5/17/2023	3/20/2020	$	18,000,000		17,889,800		17,847,000		6.0	%
		Total IT Services					68,294,835		68,699,296		23.0	%
inMotionNow, Inc.	Marketing Services	First Lien Term Loan (3M USD LIBOR+7.50), 10.00% Cash, 5/15/2024	5/15/2019	$	12,200,000		12,108,936		12,200,000		4.1	%
inMotionNow, Inc.	Marketing Services	Delayed Draw Term Loan (3M USD LIBOR+7.50) 10.00% Cash, 5/15/2024	5/15/2019	$	5,000,000		4,957,043		5,000,000		1.7	%
		Total Marketing Services					17,065,979		17,200,000		5.8	%

See accompanying notes to consolidated financial statements.

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Omatic Software, LLC	Non-profit Services	First Lien Term Loan (3M USD LIBOR+8.00%), 9.75% Cash, 5/29/2023	5/29/2018	$	5,500,000		5,467,123		5,525,300		1.8	%
		Total Non-profit Services					5,467,123		5,525,300		1.8	%
Emily Street Enterprises, L.L.C.	Office Supplies	Senior Secured Note (3M USD LIBOR+8.50%), 10.00% Cash, 12/31/2020	12/28/2012	$	3,300,000		3,300,000		3,278,880		1.1	%
Emily Street Enterprises, L.L.C. (h)	Office Supplies	Warrant Membership Interests Expires 12/28/2022	12/28/2012		49,318		400,000		247,814		0.1	%
		Total Office Supplies					3,700,000		3,526,694		1.2	%
Apex Holdings Software Technologies, LLC	Payroll Services	First Lien Term Loan (3M USD LIBOR+8.00%), 9.00% Cash, 9/21/2021	9/21/2016	$	18,000,000		17,973,081		17,620,200		5.9	%
Apex Holdings Software Technologies, LLC	Payroll Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.00% Cash, 9/21/2021	10/1/2018	$	1,500,000		1,495,547		1,468,350		0.5	%
		Total Payroll Services					19,468,628		19,088,550		6.4	%
Village Realty Holdings LLC	Property Management	First Lien Term Loan (3M USD LIBOR+6.50%), 8.75% Cash, 10/8/2024	10/8/2019	$	7,250,000		7,186,815		7,264,500		2.4	%
Village Realty Holdings LLC (j)	Property Management	Delayed Draw Term Loan (3M USD LIBOR+6.50%), 8.75% Cash, 10/8/2024	10/8/2019	$	4,876,322		4,835,575		4,886,075		1.7	%
V Rental Holdings LLC (h)	Property Management	Class A-1 Membership Units	10/8/2019		122,578		365,914		822,228		0.3	%
		Total Property Management					12,388,304		12,972,803		4.4	%
Buildout, Inc.	Real Estate Services	First Lien Term Loan (3M USD LIBOR+7.75%), 9.25% Cash, 7/9/2025	7/9/2020	$	14,000,000		13,867,762		13,860,000		4.6	%
Buildout, Inc. (h), (i)	Real Estate Services	Limited Partner Interests	7/9/2020		999		999,000		999,000		0.4	%
		Total Real Estate Services					14,866,762		14,859,000		5.0	%
TMAC Acquisition Co., LLC (k)	Restaurant	Unsecured Term Loan 8.00% PIK, 9/01/2023	3/1/2018	$	2,261,017		2,261,017		1,984,653		0.7	%
		Total Restaurant					2,261,017		1,984,653		0.7	%
ArbiterSports, LLC (d)	Sports Management	First Lien Term Loan (3M USD LIBOR+6.50%), 8.25% Cash, 2/21/2025	2/21/2020	$	26,000,000		25,793,049		23,613,200		7.9	%
ArbiterSports, LLC (d)	Sports Management	Delayed Draw Term Loan (3M USD LIBOR+6.50%), 8.25% Cash, 2/21/2025	2/21/2020	$	1,000,000		1,000,000		908,200		0.3	%
		Total Sports Management					26,793,049		24,521,400		8.3	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		693,452		0.2	%
		Total Staffing Services					100,000		693,452		0.2	%

See accompanying notes to consolidated financial statements.

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
National Waste Partners (d)	Waste Services	Second Lien Term Loan 10.00% Cash, 2/13/2022	2/13/2017	$	9,000,000		8,974,579		8,969,400		3.0	%
		Total Waste Services					8,974,579		8,969,400		3.0	%
Sub Total Non-control/Non-affiliate investments							463,588,455		456,552,179		152.3	%
Affiliate investments - 7.1% (b)
GreyHeller LLC (f)	Cyber Security	First Lien Term Loan (3M USD LIBOR+11.00%), 12.00% Cash, 11/16/2021	11/17/2016	$	7,000,000		6,982,889		6,983,200		2.4	%
GreyHeller LLC (d), (f)	Cyber Security	Delayed Draw Term Loan (3M USD LIBOR+11.00%), 12.00% Cash, 11/16/2021	10/19/2020	$	2,250,000		2,229,956		2,244,600		0.7	%
GreyHeller LLC (f), (h)	Cyber Security	Series A Preferred Units	11/17/2016		850,000		850,000		3,640,200		1.2	%
		Total Cyber Security					10,062,845		12,868,000		4.3	%
Top Gun Pressure Washing, LLC (f)	Facilities Maintenance	First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 8/12/2024	8/12/2019	$	5,000,000		4,959,412		4,644,000		1.5	%
Top Gun Pressure Washing, LLC (f), (j)	Facilities Maintenance	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 8/12/2024	8/12/2019	$	1,825,000		1,809,473		1,695,060		0.6	%
TG Pressure Washing Holdings, LLC (f), (h)	Facilities Maintenance	Preferred Equity	8/12/2019		488,148		488,149		199,100		0.1	%
		Total Facilities Maintenance					7,257,034		6,538,160		2.2	%
Elyria Foundry Company, L.L.C. (d), (f)	Metals	Second Lien Term Loan 15.00% PIK, 8/10/2022	7/30/2010	$	1,333,565		1,333,564		1,267,154		0.4	%
Elyria Foundry Company, L.L.C. (d), (f), (h)	Metals	Common Stock	7/30/2010		60,000		9,685,028		730,488		0.2	%
		Total Metals					11,018,592		1,997,642		0.6	%
Sub Total Affiliate investments							28,338,471		21,403,802		7.1	%
Control investments - 23.0% (b)
Netreo Holdings, LLC (g)	IT Services	First Lien Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.75% PIK, 7/3/2023	7/3/2018	$	5,271,157		5,238,302		5,272,738		1.8	%
Netreo Holdings, LLC (g)	IT Services	Delayed Draw Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.75% PIK, 7/3/2023	5/26/2020	$	1,217,338		1,206,896		1,217,703		0.4	%
Netreo Holdings, LLC (g), (h)	IT Services	Common Stock Class A Unit	7/3/2018		3,150,000		3,150,000		6,365,883		2.2	%
		Total IT Services					9,595,198		12,856,324		4.4	%
Saratoga Investment Corp. CLO 2013-1, Ltd. (a), (e), (g)	Structured Finance Securities	Other/Structured Finance Securities 22.02%, 1/20/2030	1/22/2008	$	69,500,000		20,459,805		21,536,355		7.2	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-2 Note (a), (g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD LIBOR+8.75%), 8.98%, 1/20/2030	12/14/2018	$	2,500,000		2,500,000		2,435,250		0.7	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class G-R-2 Note (a), (g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD LIBOR+10.00%), 10.23%, 1/20/2030	12/14/2018	$	7,500,000		7,500,000		7,327,500		2.4	%
Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (a), (g)	Structured Finance Securities	Unsecured Loan (3M USD LIBOR+4.46%), 4.69%, 8/20/2021	2/18/2020	$	25,000,000		25,000,000		24,832,092		8.3	%
		Total Structured Finance Securities					55,459,805		56,131,197		18.6	%
Sub Total Control investments							65,055,003		68,987,521		23.0	%
TOTAL INVESTMENTS - 182.4% (b)						$	556,981,929	$	546,943,502		182.4	%

See accompanying notes to consolidated financial statements.

	Number of Shares		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 11.3% (b)
U.S. Bank Money Market (l)		33,896,887	$	33,896,887	$	33,896,887		11.3	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts		33,896,887	$	33,896,887	$	33,896,887		11.3	%

(a)

Represents an ineligible investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended. As of November 30, 2020 non-qualifying assets represent 14.1% of the Company's portfolio at fair value. As a BDC, the Company can only invest 30% of its portfolio in non-qualifying assets.

(b)

Percentages are based on net assets of $299,852,890 as of November 30, 2020.

(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 22.02% 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 nine months ended November 30, 2020 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 (Depreciation)
Elyria Foundry Company, L.L.C.	$	-	$	-	$	143,574	$	-	$	-	$	(1,275,722	)
GreyHeller LLC		2,227,500		-		701,592		-		-		644,761
Top Gun Pressure Washing, LLC		1,806,750		-		503,248		-		-		(501,596	)
TG Pressure Washing Holdings, LLC		138,148		-		-		-		-		(289,049	)
Total	$	4,219,898	$	-	$	1,348,414	$	-	$	-	$	(1,421,606	)

(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 nine months ended November 30, 2020 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)
Netreo Holdings, LLC	$	1,188,000	$	-	$	541,309	$	-	$	-	$	(494,344	)
Saratoga Investment Corp. CLO 2013-1, Ltd.		-		-		2,426,007		1,883,825		-		2,039,738
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-2 Notes		-		-		182,964		-		-		(42,750	)
Saratoga Investment Corp. CLO 2013-1, Ltd. Class G-R-2 Notes		-		-		620,508		-		-		(107,250	)
Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (j)		22,500,000		-		384,576		-		-		127,551
Total	$	23,688,000	$	-	$	4,155,364	$	1,883,825	$	-	$	1,522,945

(h)

Non-income producing at November 30, 2020.

(i)

Includes securities issued by an affiliate of the Company.

(j)

All or a portion of this investment has an unfunded commitment as of November 30, 2020. (see Note 8 to the consolidated financial statements).

(k)

As of November 30, 2020, the investment was on non-accrual status. The fair value of these investments was approximately $6.2 million, which represented 1.1% 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 November 30, 2020.

LIBOR - London Interbank Offered Rate

1M USD LIBOR - The 1 month USD LIBOR rate as of November 30, 2020 was 0.15%.

3M USD LIBOR - The 3 month USD LIBOR rate as of November 30, 2020 was 0.23%.

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

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2020

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 - 138.2% (b)
CoConstruct, LLC	Construction Management Services	First Lien Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 7/5/2024	7/5/2019	$	4,200,000		4,161,917		4,284,000		1.4	%
CoConstruct, LLC (j)	Construction Management Services	Delayed Draw Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 7/5/2024	7/5/2019	$	-		-		-		0.0	%
		Total Construction Management Services					4,161,917		4,284,000		1.4	%
Targus Holdings, Inc. (h)	Consumer Products	Common Stock	12/31/2009		210,456		1,589,630		417,619		0.1	%
		Total Consumer Products					1,589,630		417,619		0.1	%
My Alarm Center, LLC (k)	Consumer Services	Preferred Equity Class A Units 8.00% PIK	7/14/2017		2,227		2,357,879		-		0.0	%
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		712,343		1,997,158		0.6	%
My Alarm Center, LLC (h)	Consumer Services	Common Stock	7/14/2017		96,224		-		-		0.0	%
		Total Consumer Services					4,867,102		1,997,158		0.60	%
Passageways, Inc.	Corporate Governance	First Lien Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 7/5/2023	7/5/2018	$	5,000,000		4,961,214		5,034,500		1.7	%
Passageways, Inc. (j)	Corporate Governance	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 7/5/2023	1/3/2020	$	2,000,000		1,991,001		2,013,800		0.7	%
Passageways, Inc. (h)	Corporate Governance	Series A Preferred Stock	7/5/2018		2,027,205		1,000,000		2,042,180		0.8	%
		Total Corporate Governance					7,952,215		9,090,480		0.03
C2 Educational Systems (d)	Education Services	First Lien Term Loan (3M USD LIBOR+7.00%), 8.50% Cash, 5/31/2020	5/31/2017	$	16,000,000		15,981,853		16,000,000		5.3	%
Texas Teachers of Tomorrow, LLC (h), (i)	Education Services	Common Stock	12/2/2015		750,000		750,000		703,910		0.2	%
Texas Teachers of Tomorrow, LLC (d)	Education Services	First Lien Term Loan (3M USD LIBOR+7.25%), 9.75% Cash, 6/28/2024	6/28/2019	$	19,661,200		19,483,213		19,661,200		6.5	%
		Total Education Services					36,215,066		36,365,110		12.0	%
Destiny Solutions Inc. (d)	Education Software	First Lien Term Loan (3M USD LIBOR+7.25%), 9.25% Cash, 10/23/2024	5/16/2018	$	36,000,000		35,686,318		35,888,400		11.8	%
Destiny Solutions Inc. (h), (i)	Education Software	Limited Partner Interests	5/16/2018		2,342		2,468,464		2,805,839		0.9	%
Identity Automation Systems (h)	Education Software	Common Stock Class A Units	8/25/2014		232,616		232,616		860,269		0.4	%
Identity Automation Systems (d)	Education Software	First Lien Term Loan (3M USD LIBOR+9.24%), 10.99% Cash, 5/8/2024	8/25/2014	$	15,422,500		15,389,090		15,524,289		5.1	%
EMS LINQ, Inc.	Education Software	First Lien Term Loan (1M USD LIBOR+8.50%), 10.02% Cash, 8/9/2024	8/9/2019	$	14,925,000		14,780,293		14,823,510		4.8	%
GoReact	Education Software	First Lien Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 1/17/2025	1/17/2020	$	5,000,000		4,930,819		4,950,000		1.6	%
GoReact (j)	Education Software	Delayed Draw Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 1/17/2025	1/17/2020	$	-		-		-		0.0	%
Kev Software Inc. (a)	Education Software	First Lien Term Loan (1M USD LIBOR+8.63%), 10.15% Cash, 9/13/2023	9/13/2018	$	21,231,923		21,086,573		21,202,198		7.0	%
		Total Education Software					94,574,173		96,054,505		31.6	%
Davisware, LLC	Field Service Management	First Lien Term Loan (3M USD LIBOR+7.00%), 9.00% Cash, 7/31/2024	9/6/2019	$	3,000,000		2,971,896		2,970,000		1.0	%
Davisware, LLC (j)	Field Service Management	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.00% Cash, 7/31/2024	9/6/2019	$	-		-		-		0.0	%
		Total Field Service Management					2,971,896		2,970,000		1.0	%

See accompanying notes to consolidated financial statements.

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
GDS Holdings US, Inc. (d)	Financial Services	First Lien Term Loan (3M USD LIBOR+7.00%), 8.50% Cash, 8/23/2023	8/23/2018	$	7,500,000		7,444,170		7,650,000		2.5	%
GDS Holdings US, Inc. (d)	Financial Services	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 8.50% Cash, 8/23/2023	8/23/2018	$	1,000,000		990,526		1,020,000		0.3	%
GDS Software Holdings, LLC (h)	Financial Services	Common Stock Class A Units	8/23/2018		250,000		250,000		421,291		0.1	%
FMG Suite Holdings, LLC (d)	Financial Services	Second Lien Term Loan (1M USD LIBOR+8.00%), 9.52% Cash, 11/16/2023	5/16/2018	$	23,000,000		22,863,835		23,000,000		7.6	%
		Total Financial Services					31,548,531		32,091,291		10.5	%
Ohio Medical, LLC (h)	Healthcare Products Manufacturing	Common Stock	1/15/2016		5,000		500,000		416,550		0.1	%
Ohio Medical, LLC	Healthcare Products Manufacturing	Senior Subordinated Note 12.00% Cash, 7/15/2021	1/15/2016	$	7,300,000		7,274,482		7,300,000		2.4	%
		Total Healthcare Products Manufacturing					7,774,482		7,716,550		2.5	%
Axiom Parent Holdings, LLC (h)	Healthcare Services	Common Stock Class A Units	6/19/2018		400,000		400,000		428,706		0.1	%
Axiom Purchaser, Inc. (d)	Healthcare Services	First Lien Term Loan (3M USD LIBOR+6.00%), 7.75% Cash, 6/19/2023	6/19/2018	$	10,000,000		9,936,612		9,944,000		3.3	%
Axiom Purchaser, Inc. (d), (j)	Healthcare Services	Delayed Draw Term Loan (3M USD LIBOR+6.00%), 7.75% Cash, 6/19/2023	6/19/2018	$	3,000,000		2,977,619		2,983,200		1.0	%
ComForCare Health Care	Healthcare Services	First Lien Term Loan (3M USD LIBOR+7.50%), 8.96% Cash, 1/31/2022	1/31/2017	$	15,000,000		14,929,216		15,099,000		5.0	%
		Total Healthcare Services					28,243,447		28,454,906		9.4	%
HemaTerra Holding Company, LLC	Healthcare Software	First Lien Term Loan (3M USD LIBOR+6.75%), 9.25% Cash, 4/15/2024	4/15/2019	$	6,000,000		5,944,473		6,120,000		2.0	%
HemaTerra Holding Company, LLC (j)	Healthcare Software	Delayed Draw Term Loan (3M USD LIBOR+6.75%), 9.25% Cash, 4/15/2024	4/15/2019	$	10,000,000		9,912,295		10,200,000		3.4	%
TRC HemaTerra, LLC (h)	Healthcare Software	Class D Membership Interests	4/15/2019		2,000,000		2,000,000		2,259,190		0.7	%
PDDS Buyer, LLC	Healthcare Software	First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 7/15/2024	7/15/2019	$	12,000,000		11,888,585		12,184,800		4.0	%
PDDS Buyer, LLC (j)	Healthcare Software	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 7/15/2024	7/15/2019	$	-		-		-		0.0	%
		Total Healthcare Software					29,745,353		30,763,990		10.1	%
Roscoe Medical, Inc. (h)	Healthcare Supply	Common Stock	3/26/2014		5,081		508,077		-		0.0	%
Roscoe Medical, Inc. (k)	Healthcare Supply	Second Lien Term Loan 11.25% Cash, 3/28/2021	3/26/2014	$	4,200,000		4,200,000		2,136,960		0.7	%
		Total Healthcare Supply					4,708,077		2,136,960		0.7	%
Knowland Group, LLC	Hospitality/Hotel	Second Lien Term Loan (3M USD LIBOR+8.00%), 10.00% Cash, 5/9/2024	11/9/2018	$	15,000,000		15,000,000		14,893,500		4.9	%
		Total Hospitality/Hotel					15,000,000		14,893,500		4.9	%
Vector Controls Holding Co., LLC (d)	Industrial Products	First Lien Term Loan 10.50% (9.00% Cash/1.50% PIK), 3/6/2022	3/6/2013	$	7,849,846		7,849,846		7,928,345		2.6	%
Vector Controls Holding Co., LLC (h)	Industrial Products	Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027	5/31/2015		343		-		2,850,231		0.9	%
		Total Industrial Products					7,849,846		10,778,576		3.5	%
CLEO Communications Holding, LLC	IT Services	First Lien Term Loan (3M USD LIBOR+8.00%), 9.46% Cash/2.00% PIK, 3/31/2022	3/31/2017	$	13,791,686		13,773,206		14,048,211		4.6	%
CLEO Communications Holding, LLC	IT Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.46% Cash/2.00% PIK, 3/31/2022	3/31/2017	$	20,041,560		19,919,746		20,414,333		6.7	%
Erwin, Inc. (d)	IT Services	Second Lien Term Loan (3M USD LIBOR+11.50%), 12.96% Cash/1.00% PIK, 8/28/2021	2/29/2016	$	16,049,804		15,990,286		16,049,804		5.3	%
		Total IT Services					49,683,238		50,512,348		16.6	%
inMotionNow, Inc.	Marketing Services	First Lien Term Loan (3M USD LIBOR+7.25), 9.75% Cash, 5/15/2024	5/15/2019	$	12,200,000		12,094,364		12,200,000		4.1	%
inMotionNow, Inc. (j)	Marketing Services	Delayed Draw Term Loan (3M USD LIBOR+7.25) 9.75% Cash, 5/15/2024	5/15/2019	$	2,000,000		1,981,329		2,000,000		0.0	%
		Total Marketing Services					14,075,693		14,200,000		4.1	%
Omatic Software, LLC	Non-profit Services	First Lien Term Loan (3M USD LIBOR+8.00%), 9.75% Cash, 5/29/2023	5/29/2018	$	5,500,000		5,459,192		5,554,999		1.9	%

See accompanying notes to consolidated financial statements.

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Omatic Software, LLC (j)	Non-profit Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.75% Cash, 5/29/2023	5/29/2018	$	-		-		-		0.0	%
		Total Non-profit Services					5,459,192		5,554,999		1.9	%
Emily Street Enterprises, L.L.C.	Office Supplies	Senior Secured Note (3M USD LIBOR+8.50%), 10.00% Cash, 4/22/2020	12/28/2012	$	3,300,000		3,299,987		3,300,000		1.1	%
Emily Street Enterprises, L.L.C. (h)	Office Supplies	Warrant Membership Interests Expires 12/28/2022	12/28/2012		49,318		400,000		499,464		0.2	%
		Total Office Supplies					3,699,987		3,799,464		1.3	%
Apex Holdings Software Technologies, LLC	Payroll Services	First Lien Term Loan (3M USD LIBOR+8.00%), 9.46% Cash, 9/21/2021	9/21/2016	$	18,000,000	$	17,951,463	$	17,589,600		5.8	%
Apex Holdings Software Technologies, LLC	Payroll Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.46% Cash, 9/21/2021	10/1/2018	$	1,500,000		1,491,938		1,465,800		0.5	%
		Total Payroll Services					19,443,401		19,055,400		6.3	%
Village Realty Holdings LLC	Property Management	First Lien Term Loan (3M USD LIBOR+6.50%), 8.75% Cash, 10/8/2024	10/8/2019	$	7,250,000		7,180,560		7,264,500		2.4	%
Village Realty Holdings LLC (j)	Property Management	Delayed Draw Term Loan (3M USD LIBOR+6.50%), 8.75% Cash, 10/8/2024	10/8/2019	$	3,876,322		3,838,783		3,884,075		1.4	%
V Rental Holdings LLC (h)	Property Management	Class A-1 Membership Units	10/8/2019		116,700		338,229		354,280		0.1	%
		Total Property Management					11,357,572		11,502,855		3.9	%
TMAC Acquisition Co., LLC	Restaurant	Unsecured Term Loan 8.00% PIK, 9/01/2023	3/1/2018	$	2,261,017		2,261,017		2,140,880		0.7	%
		Total Restaurant					2,261,017		2,140,880		0.7	%
ArbiterSports, LLC	Sports Management	First Lien Term Loan (3M USD LIBOR+6.50%), 8.25% Cash, 2/21/2025	2/21/2020	$	26,000,000		25,765,288		25,740,000		8.6	%
Arbiter Sports, LLC (j)	Sports Management	Delayed Draw Term Loan (3M USD LIBOR+6.50%), 8.25% Cash, 2/21/2025	2/21/2020	$	-		-		-		0.0	%
		Total Sports Management					25,765,288		25,740,000		8.6	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		922,337		0.3	%
		Total Staffing Services					100,000		922,337		0.3	%
National Waste Partners (d)	Waste Services	Second Lien Term Loan 10.00% Cash, 2/13/2022	2/13/2017	$	9,000,000		8,959,602		9,000,000		3.0	%
		Total Waste Services					8,959,602		9,000,000		3.0	%
Sub Total Non-control/Non-affiliate investments							418,006,725		420,442,928		138.2	%
Affiliate investments - 6.0% (b)
GreyHeller LLC (f)	Cyber Security	First Lien Term Loan (3M USD LIBOR+11.00%), 12.46% Cash, 11/16/2021	11/17/2016	$	7,000,000		6,971,109		7,000,000		2.2	%
GreyHeller LLC (f), (h)	Cyber Security	Series A Preferred Units	11/17/2016		850,000		850,000		2,981,503		1.0	%
		Total Cyber Security					7,821,109		9,981,503		3.2	%
Top Gun Pressure Washing, LLC (f)	Facililties Maintenance	First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 8/12/2024	8/12/2019	$	5,000,000		4,952,729		5,024,500		1.7	%
Top Gun Pressure Washing, LLC (f), (j)	Facililties Maintenance	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 8/12/2024	8/12/2019	$	-		-		-		0.0	%
TG Pressure Washing Holdings, LLC (f), (h)	Facililties Maintenance	Preferred Equity	8/12/2019		350,000		350,000		350,000		0.1	%
		Total Facililties Maintenance					5,302,729		5,374,500		1.8	%
Elyria Foundry Company, L.L.C. (f), (h)	Metals	Common Stock	7/30/2010		60,000		9,685,028		1,939,800		0.6	%
Elyria Foundry Company, L.L.C. (d), (f)	Metals	Second Lien Term Loan 15.00% PIK, 8/10/2022	7/30/2010	$	1,190,051		1,190,051		1,190,051		0.4	%
		Total Metals					10,875,079		3,129,851		1.0	%
Sub Total Affiliate investments							23,998,917		18,485,854		6.0	%
Control investments - 15.4% (b)
Netreo Holdings, LLC (g)	IT Services	First Lien Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.00% PIK, 7/3/2023	7/3/2018	$	5,162,734		5,123,191		5,265,989		1.7	%
Netreo Holdings, LLC (g), (h)	IT Services	Common Stock Class A Unit	7/3/2018		3,150,000		3,150,000		6,762,672		2.3	%
		Total IT Services					8,273,191		12,028,661		4.0	%
Saratoga Investment Corp. CLO 2013-1, Ltd. (a), (e), (g)	Structured Finance Securities	Other/Structured Finance Securities 10.97%, 1/20/2030	1/22/2008	$	69,500,000		23,520,428		22,557,240		7.4	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-2 Note (a), (g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD LIBOR+8.75%), 10.21%, 1/20/2030	12/14/2018	$	2,500,000		2,500,000		2,478,000		0.8	%

See accompanying notes to consolidated financial statements.

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Saratoga Investment Corp. CLO 2013-1, Ltd. Class G-R-2 Note (a), (g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD LIBOR+10.00%), 11.46%, 1/20/2030	12/14/2018	$	7,500,000		7,500,000		7,434,750		2.4	%
Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (a), (g), (j)	Structured Finance Securities	Unsecured Loan (3M USD LIBOR+7.50%), 8.96%, 8/20/2021	2/18/2020	$	2,500,000		2,500,000		2,204,541		0.8	%
		Total Structured Finance Securities					36,020,428		34,674,531		11.4	%
Sub Total Control investments							44,293,619		46,703,192		15.4	%
TOTAL INVESTMENTS - 159.6% (b)						$	486,299,261	$	485,631,974		159.6	%

	Number of Shares		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 13.0% (b)
U.S. Bank Money Market (l)		39,450,352	$	39,450,352	$	39,450,352		13.0	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts		39,450,352	$	39,450,352	$	39,450,352		13.0	%

Certain reclassifications have been made to previously reported industry groupings to show results on a consistent basis across periods.

(a)

Represents a non-qualifying investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended. As of February 29, 2020, non-qualifying assets represent 11.5% of the Company’s portfolio at fair value. As a BDC, the Company can only invest 30% of its portfolio in non-qualifying assets.

(b)

Percentages are based on net assets of $304,286,853 as of February 29, 2020.

(c)

(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 10.97% 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 29, 2020 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 (Depreciation)
GreyHeller LLC	$	-	$	-	$	961,322	$	-	$	-	$	1,331,201
Elyria Foundry Company, L.L.C.		-		-		167,835		-		-		135,600
Top Gun Pressure Washing, LLC		4,950,000		-		269,257		-		-		71,771
TG Pressure Washing Holdings, LLC		350,000		-		-		-		-		-
Total	$	5,300,000	$	-	$	1,398,414	$	-	$	-	$	1,538,572

See accompanying notes to consolidated financial statements.

(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 29, 2020 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	$	-	$	(65,219,080	)	$	3,335,320	$	-	$	31,225,165	$	(3,816,610	)
Easy Ice Masters, LLC		-		(4,169,121	)		382,066		-		-		(51,436	)
Netreo Holdings, LLC		-		-			578,617		-		-		1,654,603
Saratoga Investment Corp. CLO 2013-1, Ltd.		-		-			4,058,715		2,503,804		-		(2,840,298	)
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-2 Notes		-		-			280,689		-		-		(5,500	)
Saratoga Investment Corp. CLO 2013-1, Ltd. Class G-R-2 Notes		-		-			937,378		-		-		(15,750	)
Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd (j)		2,500,000		-			7,642		-		-		(295,459	)
Total	$	2,500,000	$	(69,388,201	)	$	9,580,427	$	2,503,804	$	31,225,165	$	(5,370,450	)

(h)

Non-income producing at February 29, 2020.

(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 29, 2020. (see Note 8 to the consolidated financial statements).

(k)

As of February 29, 2020, the investment was on non-accrual status. The fair value of these investments was approximately $2.1 million, which represented 0.4% 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 29, 2020.

LIBOR - London Interbank Offered Rate

1M USD LIBOR - The 1 month USD LIBOR rate as of February 29, 2020 was 1.52%.

3M USD LIBOR - The 3 month USD LIBOR rate as of February 29, 2020 was 1.46%.

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

See accompanying notes to consolidated financial statements.

SARATOGA INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

November 30, 2020

(unaudited)

Note 1. Organization

Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is a non-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, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed its 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 of 1986, as amended (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” or “Saratoga Investment Advisors”), pursuant to an investment advisory and 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-GH, Inc., SIA-MAC, Inc., SIA-PP, Inc., SIA-TG, Inc., SIA-TT, Inc., SIA-Vector, Inc. and SIA-VR, 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 U.S. federal income tax purposes and may incur U.S. federal income tax expenses as a result of their ownership of portfolio companies.

On February 11, 2020, the Company entered into an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (“CLO 2013-1 Warehouse 2”), a wholly-owned subsidiary of Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”), pursuant to which CLO 2013-1 Warehouse 2 may borrow from time to time up to $20.0 million from the Company in order to provide capital necessary to support warehouse activities. On October 23, 2020, the CLO 2013-1 Warehouse 2 Loan was increased to $25.0 million availability, which was immediately fully drawn and, which expires on August 20, 2021. The interest rate was also amended to be based on a pricing grid, starting at an annual rate of 3M USD LIBOR + 4.46%. As of November 30, 2020, the Company’s investment in the CLO 2013-1 Warehouse 2 had a fair value of $24.8 million.

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 August 14, 2019, our wholly-owned subsidiary, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”), also received an SBIC license from the SBA. The new license will provide up to $175.0 million in additional long-term capital in the form of SBA debentures.

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, SBIC II LP, SIA-Avionte, Inc., SIA-GH, Inc., SIA-MAC, Inc., SIA-PP, Inc., SIA-TG, Inc., SIA-TT, Inc., SIA-Vector, Inc. and SIA-VR, 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, SBIC LP and SBIC II LP are all 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, SBIC LP or SBIC II LP’s status as investment companies during the three months ended November 30, 2020.

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 Rule 12d1-1 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 November 30, 2020, 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 subsidiaries, SBIC LP and SBIC II LP.

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 the beginning-of-period and end-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:

	November 30, 2020		November 30, 2019
Cash and cash equivalents	$	21,060,224	$	51,646,844
Cash and cash equivalents, reserve accounts		12,836,663		29,465,785
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	33,896,887	$	81,112,629

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 those non-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 the Manager and preliminary valuation conclusions are documented, reviewed and discussed with our senior management; and

●

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. CLO 2013-1, 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 the 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 using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts over the life of the investment and amortization of premiums on investments up to the earliest call date.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed on non-accrual status. Interest payments received on non-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 November 30, 2020, certain investments in three portfolio companies, including preferred equity interests, were on non-accrual status with a fair value of approximately $6.2 million, or 1.1% of the fair value of our portfolio. At February 29, 2020, certain investments in two portfolio companies, including preferred equity interests, were on non-accrual status with a fair value of approximately $2.1 million, or 0.4% 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/or re-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.

Payment-in-Kind Interest

The Company holds debt and preferred equity investments in its portfolio that contain a payment-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. The Company stops accruing PIK interest if it is expected that the issuer will not be able to pay all principal and interest when due.

Structuring and Advisory Fee Income

Structuring and advisory fee income represents various fee income earned and received performing certain investment structuring and advisory activities during the closing of new investments.

Other Income

Other income includes dividends received, prepayment income fees, and origination, monitoring, administration and amendment fees and is recorded in the consolidated statements of operations when earned.

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 and long-term capital gains, 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 each one-year period ending on October 31.

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

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

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 its source-of-income requirements as a RIC. Taxable Blockers are consolidated in the Company’s U.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’s tax-basis net investment income until distributed by the Taxable Blocker, which may result in timing and character differences between the Company’s U.S. GAAP and tax-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-likely than-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 29, 2020, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2017, 2018 and 2019 federal tax years for the Company remain subject to examination by the IRS. As of November 30, 2020 and February 29, 2020, 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 the ex-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.

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 only reflected those realized capital gains net of realized and unrealized losses for the period.

New Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. Management does not believe this optional guidance has a material impact on the Company’s consolidated financial statements and disclosures.

SEC Rule 12b-2 Update

In March 2020, the SEC adopted a final rule under SEC Release No. 34-88365 (the “Final Rule”), amending the accelerated filer and large accelerated filer definitions in Exchange Act Rule 12b-2. The amendments include a provision under which a BDC will be excluded from the “accelerated filer” and “large accelerated filer” definitions if the BDC has (1) a public float of $75 million or more, but less than $700 million, and (2) has annual investment income of less than $100 million. In addition, BDCs are subject to the same transition provisions for accelerated filer and large accelerated filer status as other issuers, but instead substituting investment income for revenue. The amendments will reduce the number of issuers required to comply with the auditor attestation on the internal control over financial reporting requirement provided under Section 404(b) of the Sarbanes-Oxley Act of 2002. The Final Rule applies to annual report filings due on or after April 27, 2020. The Company has assessed the Final Rule, and believes that effective February 28, 2021, it will no longer be an accelerated filer. As a result, the Company will file its Annual Report on Form 10-K for the fiscal year ending February 28, 2021 as a non-accelerated filer.

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 or non-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.

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.

The following table presents fair value measurements of investments, by major class, as of November 30, 2020 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
First lien term loans	$	-	$	-	$	407,699	$	407,699
Second lien term loans		-		-		50,027		50,027
Unsecured term loans		-		-		26,817		26,817
Structured finance securities		-		-		31,299		31,299
Equity interests		-		-		31,102		31,102
Total	$	-	$	-	$	546,944	$	546,944

The following table presents fair value measurements of investments, by major class, as of February 29, 2020 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
First lien term loans	$	-	$	-	$	346,233	$	346,233
Second lien term loans		-		-		73,570		73,570
Unsecured term loans		-		-		4,346		4,346
Structured finance securities		-		-		32,470		32,470
Equity interests		-		-		29,013		29,013
Total	$	-	$	-	$	485,632	$	485,632

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended November 30, 2020 (dollars in thousands):

	First lien term loans			Second lien term loans			Unsecured term loans			Structured finance securities			Equity interests			Total
Balance as of February 29, 2020	$	346,233		$	73,570		$	4,346		$	32,470		$	29,013		$	485,632
Payment-in-kind and other adjustments to cost		625			1,034			-			(3,061	)		-			(1,402	)
Net accretion of discount on investments		772			193			-			-			-			965
Net change in unrealized appreciation (depreciation) on investments		(7,915	)		(1,770	)		(29	)		1,890			(1,547	)		(9,371	)
Purchases		95,891			-			22,500			-			3,636			122,027
Sales and repayments		(27,929	)		(23,000	)		-			-			-			(50,929	)
Net realized gain (loss) from investments		22			-			-			-			-			22
Balance as of November 30, 2020	$	407,699		$	50,027		$	26,817		$	31,299		$	31,102		$	546,944
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	$	(7,636	)	$	(1,722	)	$	(29	)	$	1,889		$	(1,546	)	$	(9,044	)

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 interests.

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

Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructures in or out of Levels 1, 2 or 3 during the nine months ended November 30, 2020.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended November 30, 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		488			2,716			-			751			(872	)		3,083
Net accretion of discount on investments		641			247			-			-			-			888
Net change in unrealized appreciation (depreciation) on investments		(672	)		350			(27	)		(1,773	)		7,033			4,911
Purchases		155,588			-			-			-			5,084			160,672
Sales and repayments		(56,178	)		(28,000	)		-			-			(12,975	)		(97,153	)
Net realized gain (loss) from investments		60			-			-			-			12,550			12,610
Balance as of November 30, 2019	$	302,773		$	101,099		$	2,073		$	34,306		$	46,780		$	487,031
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period	$	(558	)	$	196		$	(27	)	$	(1,773	)	$	8,422		$	6,260

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of November 30, 2020 were as follows (dollars in thousands):

Fair Value

Valuation
Technique

Unobservable
Input

Range

Weighted
Average*

First lien term loans

Market Comparables

Market Yield (%)

6.4% - 53.9%

11.3%

407,699

EBITDA Multiples (x)

0.0x

Second lien term loans

Market Comparables

Market Yield (%)

10.3% - 19.4%

14.1%

50,027

EBITDA Multiples (x)

5.0x

Unsecured term loans

Market Comparables

Market Yield (%)

22.0% - 25.5%

22.3%

26,817

EBITDA Multiples (x)

5.2x

Structured finance securities

Discounted Cash Flow

Discount Rate (%)

10.75% - 22.0%

19.0%

Recovery Rate (%)

35% - 70%

70.0%

31,299

Prepayment Rate (%)

20.0%

Equity interests

Market Comparables

EBITDA Multiples (x)

4.0x - 14.0x

9.6x

31,102

Revenue Multiples (x)

0.5x - 38.3x

4.9x

Total

546,944

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

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 29, 2020 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average*

First lien term loans

Market Comparables

Market Yield (%)

7.8% - 12.5%

9.7%

346,233

EBITDA Multiples (x)

0.0x

Second lien term loans

Market Comparables

Market Yield (%)

9.5% - 85.1%

13.0%

73,570

EBITDA Multiples (x)

5.0x

Unsecured term loans

Market Comparables

Market Yield (%)

18.3% - 21.3%

19.8%

4,346

EBITDA Multiples (x)

5.2x

Structured finance securities

Discounted Cash Flow

Discount Rate (%)

9.25% - 16.00%

14.2%

Recovery Rate (%)

35.0% - 70.0%

70.0%

32,470

Prepayment Rate (%)

20.0%

Equity interests

Market Comparables

EBITDA Multiples (x)

4.0x - 14.0x

6.5x

29,013

Revenue Multiples (x)

1.0x - 40.7x

7.3x

Total

485,632

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 and prepayment rate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in recovery rate, in isolation, would result in a significantly higher (lower) 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 November 30, 2020 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	$	412,481		74.1	%	$	407,699		74.5	%
Second lien term loans		53,704		9.6			50,027		9.2
Unsecured term loans		27,261		4.9			26,817		4.9
Structured finance securities		30,460		5.5			31,299		5.7
Equity interests		33,076		5.9			31,102		5.7
Total	$	556,982		100.0	%	$	546,944		100.0	%

The composition of our investments as of February 29, 2020 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	$	343,100		70.5	%	$	346,233		71.3	%
Second lien term loans		75,478		15.5			73,570		15.1
Unsecured term loans		4,761		1.0			4,346		0.9
Structured finance securities		33,521		6.9			32,470		6.7
Equity interests		29,439		6.1			29,013		6.0
Total	$	486,299		100.0	%	$	485,632		100.0	%

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. For non-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 November 30, 2020. The inputs at November 30, 2020 for the valuation model include:

●

Default rate: 2.0%

●

Recovery rate: 35% -70%

●

Discount rate: 22.0%

●

Prepayment rate: 20.0%

●

Reinvestment rate / price: L+365bps / $99.00

Investment Concentration

Set forth is a brief description of each portfolio company in which the fair value of our investment represents greater than 5% of our total assets as of November 30, 2020.

CLEO Communications Holding, LLC

CLEO Communications Holding, LLC (“Cleo”) is a provider of technology enabled data communication and integration platform for daily business transactions. Cleo’s platform allows for the automation of business-to-business transaction information for customers operating in the retail, manufacturing, logistics and the healthcare verticals. The platform also allows for internal application-to-application communication, allowing customers’ core enterprise software applications to easily share and transfer data.

Destiny Solutions Inc.

Destiny Solutions provides a SaaS-based student lifecycle management (“SLM”) software solution used by higher education institutions to manage their continuing education (“CE”) and non-degree educational programs for “non-traditional” students who fall outside of the “traditional” student profile. Traditional students are full-time students working toward an undergraduate, graduate, or doctorate degree. Destiny’s software acts as the ERP, CRM, e-commerce platform, and student information management system for non-traditional student programs.

Saratoga Investment Corp. CLO 2013-1, Ltd.

The Company has a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO invests primarily in senior secured first lien term loans. The Company also holds an investment in the subordinated note and Class F-R-2 and G-R-2 notes of the Saratoga CLO. In addition, the Company entered into an unsecured loan agreement with CLO 2013-1 Warehouse 2, a wholly- owned subsidiary of Saratoga CLO, in order to provide capital necessary to support warehouse activities.

Note 4. Investment in Saratoga Investment Corp. CLO 2013-1, 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.

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. A non-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 the Class F-R-2 and $7.5 million aggregate principal amount of the Class G-R-2 notes tranches at par, with a coupon of 3M USD LIBOR plus 8.75% and 3M USD 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.

On February 11, 2020, the Company entered into an unsecured loan agreement with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd., a wholly-owned subsidiary of Saratoga Investment Corp. CLO 2013-1, Ltd. Pursuant to which CLO 2013-1 Warehouse 2 may borrow from time to time up to $20.0 million from the Company in order to provide capital necessary to support warehouse activities. On October 23, 2020, the CLO 2013-1 Warehouse 2 Loan was increased to $25.0 million availability, which was immediately fully drawn and, which expires on August 20, 2021. The interest rate was also amended to be based on a pricing grid, starting at an annual rate of 3M USD LIBOR + 4.46%. As of November 30, 2020, the Company’s investment in the CLO 2013-1 Warehouse 2 had a fair value of $24.8 million.

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 the 2013-1 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 November 30, 2020 and November 30, 2019, we accrued management fee income of $0.6 million and $0.6 million, respectively, and interest income of $1.1 million and $1.0 million, respectively, from the Saratoga CLO.

For the nine months ended November 30, 2020 and November 30, 2019, we accrued management fee income of $1.9 million and $1.9 million, respectively, and interest income of $2.4 million and $3.2 million, respectively, from the Saratoga CLO.

As of November 30, 2020, the aggregate principal amounts of the Company’s investments in the subordinated notes, Class F-R-2 Notes and Class G-R-2 Notes of the Saratoga CLO was $69.5 million, $2.5 million and $7.5 million, respectively, which had a corresponding fair value of $21.5 million, $2.4 million and $7.3 million, respectively. 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 November 30, 2020, Saratoga CLO had investments with a principal balance of $540.0 million and a weighted average spread over LIBOR of 3.9% and had debt with a principal balance of $509.2 million with a weighted average spread over LIBOR of 2.4%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. As of November 30, 2020, the present value of the projected future cash flows of the subordinated notes was approximately $22.0 million, using a 22.0% 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 $65.7 million, management fees of $24.0 million and incentive fees of $1.2 million. In conjunction with the third refinancing of 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.

As of February 29, 2020, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $22.6 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 February 29, 2020, the fair value of its investment in the Class F-R-2 Notes and G-R-2 Notes of Saratoga CLO was $2.5 million and $7.4 million, respectively. As of February 29, 2020, Saratoga CLO had investments with a principal balance of $528.4 million and a weighted average spread over LIBOR of 4.0% and had debt with a principal balance of $475.1 million with a weighted average spread over LIBOR of 2.2%. As of February 29, 2020, the present value of the projected future cash flows of the subordinated notes was approximately $22.9 million, using a 16.0% discount rate.

Below is certain financial information from the separate financial statements of Saratoga CLO as of November 30, 2020 (unaudited) and February 29, 2020 and for the three and nine months ended November 30, 2020 (unaudited) and November 30, 2019 (unaudited).

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Assets and Liabilities

	November 30, 2020			February 29, 2020
	(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $531,770,821 and $523,438,207, respectively)	$	516,568,831		$	500,999,677
Equities at fair value (amortized cost of $141,797 and $2,566,752, respectively)		145,068			257
Total investments at fair value (amortized cost of $531,912,618 and $526,004,959, respectively)		516,713,899			500,999,934
Cash and cash equivalents		20,123,980			9,081,041
Receivable from open trades		1,041,393			10,419,700
Interest receivable (net of reserve of $63,415 and $307,705, respectively)		1,461,247			1,294,523
Prepaid expenses and other assets		116,579			84,526
Total assets	$	539,457,098		$	521,879,724

LIABILITIES
Interest payable	$	1,482,511		$	2,090,188
Payable from open trades		18,514,109			36,673,471
Accrued base management fee		56,851			54,441
Accrued subordinated management fee		227,405			217,766
Accounts payable and accrued expenses		189,917			81,822
Loan payable, related party		25,000,000			2,500,000
Loan payable, third party		14,161,707			2,600,000
Saratoga Investment Corp. CLO 2013-1, 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 on Class C-R-2 Notes		(489,414	)		(530,448	)
Class D-R-2 Deferrable Mezzanine Floating Rate Notes		31,000,000			31,000,000
Discount on Class D-R-2 Notes		(890,591	)		(965,259	)
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		(2,163,235	)		(2,340,764	)
Subordinated Notes		69,500,000			69,500,000
Discount on Subordinated Notes		(21,127,928	)		(22,899,324	)
Total liabilities	$	574,461,332		$	556,981,893
NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively	$	250		$	250
Total distributable earnings (loss)		(35,004,484	)		(35,102,419	)
Total net assets		(35,004,234	)		(35,102,169	)
Total liabilities and net assets	$	539,457,098		$	521,879,724

Saratoga Investment Corp. CLO 2013-1, Ltd.

Consolidated Statements of Operations

(unaudited)

	For the three months ended						For the nine months ended
	November 30, 2020			November 30, 2019			November 30, 2020			November 30, 2019
INVESTMENT INCOME
Total interest from investments	$	6,646,110.0			8,052,668		$	20,297,400		$	24,560,867
Interest from cash and cash equivalents		191			39,788			3,692			73,591
Other income		174,585			54,333			469,195			235,301
Total investment income		6,820,886			8,146,789			20,770,287			24,869,759
EXPENSES
Interest and debt financing expenses		5,773,135			8,136,345			18,831,060			21,303,661
Base management fee		124,763			125,934			376,765			377,786
Subordinated management fee		499,054			503,737			1,507,060			1,511,146
Professional fees		146,170			37,967			329,442			250,679
Trustee expenses		54,706			56,810			160,440			194,825
Other expense		1,935			(1,606	)		42,215			42,128
Total expenses		6,599,763			8,859,187			21,246,982			23,680,225
NET INVESTMENT INCOME (LOSS)		221,123			(712,398	)		(476,695	)		1,189,534

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(3,089,206	)		-			(9,231,676	)		(2,162,298	)
Net change in unrealized depreciation on investments		14,923,956			(7,516,752	)		9,806,306			(11,896,807	)
Net realized and unrealized gain (loss) on investments		11,834,750.00			(7,516,752	)		574,630			(14,059,105	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	12,055,873		$	(8,229,150	)	$	97,935		$	(12,869,571	)

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

November 30, 2020

(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
J Jill Common Stock	Retail	Common Stock	Equity	-	0.00	%		0.00	%		0.00	%		-		5,085	$	-	$	18,344
McDermott International (Americas) Inc.	Construction & Building	McDermott International - Class A C/S (07/20)	Equity	-	0.00	%		0.00	%		0.00	%		-		141,797		141,797		126,724
1011778 B.C. Unlimited Liability Company	Beverage Food & Tobacco	Term Loan B4	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.90	%		11/19/2026	$	1,488,750		1,449,552		1,445,487
ABB Con-Cise Optical Group LLC	Consumer goods: Non-durable	Term Loan B	Loan	6M USD LIBOR+	5.00	%		1.00	%		6.00	%		6/15/2023		2,065,788		2,050,427		1,817,893
ADMI Corp.	Services: Consumer	Term Loan B	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.90	%		4/30/2025		1,955,276		1,948,516		1,882,305
Advisor Group Holdings Inc	Banking Finance Insurance & Real Estate	Term Loan (7/19)	Loan	1M USD LIBOR+	5.00	%		0.00	%		5.15	%		7/31/2026		496,250		495,154		477,780
Aegis Toxicology Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		6.50	%		5/9/2025		3,920,000		3,893,791		3,170,300
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (1/19)	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		1/5/2026		492,500		492,500		485,113
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (09/20)	Loan	1M USD LIBOR+	3.00	%		0.75	%		3.75	%		1/5/2026		500,000		495,101		496,250
Ahead DB Holdings LLC	Services: Business	Term Loan (10/20)	Loan	3M USD LIBOR+	5.00	%		1.00	%		6.00	%		10/13/2027		3,000,000		2,881,426		2,887,500
AI Convoy (Luxembourg) USD T/L B	Aerospace & Defense		Loan	6M USD LIBOR+	3.50	%		1.00	%		4.50	%		1/15/2027		1,492,500		1,485,717		1,485,978
AI Mistral (Luxembourg) Subco Sarl	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.00	%		1.00	%		4.00	%		3/11/2024		482,500		482,500		388,813
AIS Holdco LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.00	%		5.23	%		8/15/2025		4,275,000		4,128,561		3,975,750
Alchemy Copyrights LLC	Media: Diversified & Production	Term Loan B	Loan	1M USD LIBOR+	3.25	%		0.75	%		4.00	%		8/16/2027		500,000		496,407		498,750
Alchemy US Holdco 1 LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	5.50	%		0.00	%		5.65	%		10/10/2025		1,912,500		1,891,043		1,812,094
Alion Science and Technology Corporation	Aerospace & Defense	Term Loan 7/20	Loan	2M USD LIBOR+	3.75	%		1.00	%		4.75	%		7/23/2024		4,000,000		3,982,859		3,995,000
Allen Media T/L B (1/20)	Media: Advertising Printing & Publishing	Term Loan B (1/20)	Loan	3M USD LIBOR+	5.50	%		0.00	%		5.74	%		2/10/2027		2,984,527		2,971,053		2,950,951
Altisource S.a r.l.	Banking Finance Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.00	%		4/3/2024		1,280,251		1,274,721		928,182
Altra Industrial Motion Corp.	Capital Equipment	Term Loan	Loan	1M USD LIBOR+	2.00	%		0.00	%		2.15	%		10/1/2025		1,582,088		1,579,199		1,554,402
American Greetings Corporation	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.50	%		1.00	%		5.50	%		4/5/2024		4,595,528		4,592,871		4,526,595
Amerilife Holdings LLC	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.15	%		3/18/2027		1,496,383		1,487,246		1,458,973
Amynta Agency Borrower Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.50	%		0.00	%		4.65	%		2/28/2025		3,436,000		3,404,374		3,267,052
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	3.75	%		0.00	%		3.98	%		8/11/2025		980,000		976,431		475,457
Anchor Glass Container Corporation	Containers Packaging & Glass	Term Loan (07/17)	Loan	1M USD LIBOR+	2.75	%		1.00	%		3.75	%		12/7/2023		481,331		480,127		379,198

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
Anchor Packaging Inc.	Containers Packaging & Glass	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.00	%		3.90	%		7/20/2026		1,000,000		990,000		992,500
Api Group DE Inc	Services: Business	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.65	%		10/1/2026		992,500		988,113		975,131
APLP Holdings T/L B (01/20)	Utilities	Term Loan B (01/20)	Loan	1M USD LIBOR+	2.50	%		1.00	%		3.50	%		4/11/2025		1,715,789		1,715,789		1,707,742
Aramark Services Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.90	%		1/15/2027		2,487,500		2,404,586		2,407,278
Arctic Glacier U.S.A. Inc.	Beverage Food & Tobacco	Term Loan (3/18)	Loan	3M USD LIBOR+	3.50	%		1.00	%		4.50	%		3/20/2024		3,350,967		3,335,582		2,881,128
Aretec Group Inc.	Banking Finance Insurance & Real Estate	Term Loan (10/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.40	%		10/1/2025		1,965,000		1,961,394		1,866,750
Aristocrat International PTY Ltd	Hotel Gaming & Leisure	Term Loan (5/20)	Loan	3M USD LIBOR+	3.75	%		1.00	%		4.75	%		10/21/2024		997,500		979,557		998,438
ASG Technologies Group Inc.	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		7/31/2024		462,646		461,303		447,175
Asplundh Tree Expert LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.65	%		9/7/2027		1,000,000		995,111		1,000,890
AssetMark Financial Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		11/14/2025		2,237,500		2,235,829		2,231,906
Asurion LLC	Banking Finance Insurance & Real Estate	Term Loan B-4 (Replacement)	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		8/4/2022		865,408		863,813		861,081
Asurion LLC	Banking Finance Insurance & Real Estate	Term Loan B6	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		11/3/2023		488,886		486,509		483,489
Athenahealth Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD LIBOR+	4.50	%		0.00	%		4.73	%		2/11/2026		1,970,000		1,939,279		1,955,225
Avaya Inc.	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.40	%		12/16/2024		1,413,390		1,397,010		1,410,916
Avaya Inc.	Telecommunications	Term Loan B1	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.40	%		12/15/2027		1,755,766		1,745,581		1,731,993
Avison Young (Canada) Inc.	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.00	%		5.23	%		1/30/2026		3,449,887		3,399,338		3,311,891
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B3	Loan	1M USD LIBOR+	1.75	%		0.75	%		2.50	%		1/15/2025		1,000,000		861,993		979,690
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan (11/20)	Loan	3M USD LIBOR+	2.50	%		0.75	%		3.25	%		12/31/2027		500,000		495,000		496,750
Azalea TopCo Inc.	Services: Business	Incremental Term Loan	Loan	3M USD LIBOR+	4.00	%		0.75	%		4.75	%		7/24/2026		500,000		495,091		493,750
B&G Foods Inc.	Beverage Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.65	%		10/10/2026		206,458		205,571		205,426
Baldwin Risk Partners LLC	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.75	%		4.75	%		10/8/2027		1,000,000		985,182		995,000
Ball Metalpack Finco LLC	Containers Packaging & Glass	Term Loan	Loan	3M USD LIBOR+	4.50	%		0.00	%		4.73	%		7/31/2025		3,914,900		3,900,699		3,780,345
Berry Global Inc.	Chemicals Plastics & Rubber	Term Loan Y	Loan	1M USD LIBOR+	2.00	%		0.00	%		2.15	%		7/1/2026		4,949,906		4,944,854		4,858,234
Blackstone Mortgage Trust Inc.	Banking Finance Insurance & Real Estate	Term Loan B-2	Loan	1M USD LIBOR+	4.75	%		1.00	%		5.75	%		4/23/2026		1,498,750		1,487,375		1,491,256
Blount International Inc.	Forest Products & Paper	Term Loan B (09/18)	Loan	1M USD LIBOR+	3.75	%		1.00	%		4.75	%		4/12/2023		3,427,550		3,425,369		3,428,990
Blucora Inc.	Services: Consumer	Term Loan (11/17)	Loan	6M USD LIBOR+	4.00	%		1.00	%		5.00	%		5/22/2024		2,453,199		2,444,845		2,416,401
Bombardier Recreational Products Inc.	Consumer goods: Durable	Term Loan (1/20)	Loan	1M USD LIBOR+	2.00	%		0.00	%		2.15	%		5/24/2027		987,538		979,627		956,983
Bracket Intermediate Holding Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.25	%		0.00	%		4.48	%		9/5/2025		980,000		976,452		964,692
Broadstreet Partners Inc.	Banking Finance Insurance & Real Estate	Term Loan B3	Loan	1M USD LIBOR+	3.25	%		0.00	%		3.40	%		1/27/2027		2,014,491		2,012,881		1,955,728
Brookfield Property REIT Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.65	%		8/27/2025		3,979,695		3,171,065		3,656,344
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan 1/20	Loan	1M USD LIBOR+	3.00	%		0.75	%		3.75	%		8/1/2025		493,719		492,757		488,549
Buckeye Partners L.P.	Utilities: Oil & Gas	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.90	%		11/2/2026		1,995,000		1,979,702		1,976,546
BW Gas & Convenience Holdings LLC	Beverage Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	6.25	%		0.00	%		6.40	%		11/18/2024		2,230,357		2,156,348		2,229,420

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
Calceus Acquisition Inc.	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+	5.50	%		0.00	%		5.73	%		2/12/2025		956,250		948,027		908,438
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		4.65	%		1/2/2026		691,875		680,665		691,584
Cardtronics USA Inc	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.00	%		6/29/2027		1,498,750		1,492,891		1,495,468
CareerBuilder LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	6.75	%		1.00	%		7.75	%		7/31/2023		3,393,388		3,215,856		3,059,716
Casa Systems Inc.	Telecommunications	Term Loan	Loan	6M USD LIBOR+	4.00	%		1.00	%		5.00	%		12/20/2023		1,443,750		1,436,852		1,382,838
Castle US Holding Corporation	Media: Advertising Printing & Publishing	Term Loan B (USD)	Loan	3M USD LIBOR+	3.75	%		0.00	%		3.98	%		1/29/2027		497,917		495,740		479,947
CCS-CMGC Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%		0.00	%		5.73	%		10/1/2025		2,456,250		2,437,583		2,329,336
Cengage Learning Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan	6M USD LIBOR+	4.25	%		1.00	%		5.25	%		6/7/2023		1,436,209		1,426,740		1,332,687
CenturyLink Inc.	Telecommunications	Term Loan B (1/20)	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.40	%		3/15/2027		2,977,500		2,974,403		2,908,333
Chemours Company The	Chemicals Plastics & Rubber	Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.90	%		4/3/2025		992,366		939,564		968,381
Citadel Securities LP	Banking Finance Insurance & Real Estate	Term Loan (2/20)	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.90	%		2/27/2026		3,985,056		3,961,875		3,967,642
Clarios Global LP	Automotive	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.00	%		3.65	%		4/30/2026		1,458,214		1,445,963		1,441,022
Claros Mortgage Trust Inc	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.25	%		8/10/2026		1,000,000		973,750		978,750
CNT Holdings I Corp	Retail	Term Loan	Loan	6M USD LIBOR+	3.75	%		0.75	%		4.50	%		11/8/2027		500,000		497,519		495,355
Compass Power Generation L.L.C.	Utilities: Electric	Term Loan B (08/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		12/20/2024		1,863,647		1,859,980		1,843,855
Concordia International Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	5.50	%		1.00	%		6.50	%		9/6/2024		1,165,440		1,121,243		1,128,810
Connect U.S. Finco LLC	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	4.50	%		1.00	%		5.50	%		12/11/2026		2,985,000		2,833,008		2,976,911
Consolidated Communications Inc.	Telecommunications	Term Loan B (10/20)	Loan	1M USD LIBOR+	4.75	%		1.00	%		5.75	%		10/4/2027		1,000,000		985,197		999,130
Coral-US Co-Borrower LLC	Telecommunications	Term Loan B-5	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.40	%		1/31/2028		2,000,000		2,000,000		1,955,000
CoreCivic Inc.	Banking Finance Insurance & Real Estate	Term Loan (12/19)	Loan	1M USD LIBOR+	4.50	%		1.00	%		5.50	%		12/12/2024		3,500,000		3,447,500		3,395,000
Covia Holdings Corporation (b)	Metals & Mining	Term Loan	Loan	Prime+	5.00	%		1.00	%		6.00	%		6/2/2025		982,500		982,500		785,823
CPI Acquisition Inc	Banking Finance Insurance & Real Estate	Term Loan B (1st Lien)	Loan	6M USD LIBOR+	4.50	%		1.00	%		5.50	%		8/17/2022		1,436,782		1,430,314		1,305,374
CSC Holdings LLC	Media: Broadcasting & Subscription	Term Loan B (03/17)	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.40	%		7/17/2025		1,959,391		1,940,157		1,907,604
CSC Holdings LLC	Media: Broadcasting & Subscription	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.40	%		1/15/2026		491,250		490,363		477,844
CSC Holdings LLC	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.65	%		4/15/2027		496,250		496,250		484,196
Cushman & Wakefield U.S. Borrower LLC	Construction & Building	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.90	%		8/21/2025		3,925,325		3,911,009		3,797,752
Daseke Companies Inc.	Transportation: Cargo	Replacement Term Loan	Loan	1M USD LIBOR+	5.00	%		1.00	%		6.00	%		2/27/2024		1,940,727		1,933,434		1,921,320
Dealer Tire T/L B-1	Automotive	Term Loan B-1	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.41	%		12/12/2025		2,977,500		2,970,861		2,947,725
Delek US Holdings Inc.	Utilities: Oil & Gas	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.40	%		3/31/2025		6,397,012		6,339,615		5,975,193
Dell International L.L.C.	High Tech Industries	Term Loan B-1	Loan	1M USD LIBOR+	2.00	%		0.75	%		2.75	%		9/19/2025		3,776,190		3,772,472		3,767,392
Delta 2 (Lux) SARL	Hotel Gaming & Leisure	Term Loan B	Loan	1M USD LIBOR+	2.50	%		1.00	%		3.50	%		2/1/2024		818,289		817,451		795,328
Delta Air Lines Inc.	Transportation: Consumer	Term Loan B (4/20)	Loan	3M USD LIBOR+	4.75	%		1.00	%		5.75	%		5/1/2023		2,249,375		2,245,677		2,270,924
DHX Media Ltd.	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	4.25	%		1.00	%		5.25	%		12/29/2023		279,282		278,253		271,602

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
Diamond Sports Group LLC	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.00	%		3.40	%		8/24/2026		3,452,563		2,901,175		2,865,627
Digital Room Holdings Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan	6M USD LIBOR+	5.00	%		0.00	%		5.26	%		5/21/2026		2,962,500		2,930,017		2,714,391
Dole Food Company Inc.	Beverage Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+	2.75	%		1.00	%		3.75	%		4/8/2024		459,375		458,214		454,717
DRW Holdings LLC	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.40	%		11/27/2026		5,962,500		5,911,294		5,873,063
Eagletree-Carbide Acquisition Corp.	Consumer goods: Durable	Eagletree-Carbide T/L (Corsair Components)	Loan	1M USD LIBOR+	3.75	%		1.00	%		4.75	%		8/28/2024		2,192,140		2,184,935		2,183,919
EIG Investors Corp.	High Tech Industries	Term Loan (06/18)	Loan	3M USD LIBOR+	3.75	%		1.00	%		4.75	%		2/9/2023		2,161,472		2,151,966		2,157,235
Encapsys LLC	Chemicals Plastics & Rubber	Term Loan B2	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.25	%		11/7/2024		493,570		489,678		488,634
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan B (4/17)	Loan	3M USD LIBOR+	4.25	%		0.75	%		5.00	%		4/29/2024		3,906,740		3,888,518		3,784,655
Energy Acquisition LP	Capital Equipment	Term Loan (6/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.40	%		6/26/2025		1,955,000		1,949,825		1,856,429
Envision Healthcare Corporation	Healthcare & Pharmaceuticals	Term Loan B (06/18)	Loan	1M USD LIBOR+	3.75	%		0.00	%		3.90	%		10/10/2025		4,912,500		4,903,992		3,991,947
EyeCare Partners DD T/L (a)	Healthcare & Pharmaceuticals	Unfunded Commitment	Loan	6M USD LIBOR+	3.75	%		0.00	%		3.75	%		2/18/2027		32,432		32,432		16,083
EyeCare Partners T/L B	Healthcare & Pharmaceuticals	EyeCare Partners T/L B	Loan	6M USD LIBOR+	3.75	%		0.00	%		4.06	%		2/18/2027		1,613,514		1,612,025		1,543,794
FinCo I LLC	Banking Finance Insurance & Real Estate	Term Loan B (9/20)	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.65	%		6/27/2025		826,839		825,204		817,537
First Brands Group LLC	Automotive	Term Loan B-3	Loan	3M USD LIBOR+	7.50	%		1.00	%		8.50	%		2/2/2024		5,102,673		4,986,035		5,086,753
First Eagle Holdings Inc.	Banking Finance Insurance & Real Estate	Refinancing Term Loan	Loan	3M USD LIBOR+	2.50	%		0.00	%		2.73	%		2/1/2027		5,409,125		5,388,372		5,291,639
Fitness International LLC	Services: Consumer	Term Loan B (4/18)	Loan	3M USD LIBOR+	3.25	%		0.00	%		3.48	%		4/18/2025		1,330,058		1,323,836		1,115,028
Franklin Square Holdings L.P.	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.40	%		8/1/2025		4,409,994		4,384,204		4,299,744
Froneri US Inc.	Beverage Food & Tobacco	Term Loan B-2	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.40	%		1/29/2027		1,995,000		1,990,637		1,945,444
Fusion Connect Inc.	Telecommunications	Take Back 2nd Out Term Loan	Loan	3M USD LIBOR+	1.00	%		2.00	%		3.00	%		7/14/2025		798,815		780,801		319,526
GBT Group Services B.V.	Hotel Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.65	%		8/13/2025		4,410,000		4,409,116		4,128,863
General Nutrition Centers Inc. (b)	Retail	Term Loan B2	Loan	6M USD LIBOR+	6.00	%		0.75	%		6.75	%		3/4/2021		389,896		389,896		301,000
Genesee & Wyoming Inc.	Transportation: Cargo	Term Loan (11/19)	Loan	3M USD LIBOR+	2.00	%		0.00	%		2.23	%		12/30/2026		1,492,500		1,486,008		1,480,381
GEO Group Inc. The	Banking Finance Insurance & Real Estate	Term Loan Refinance	Loan	1M USD LIBOR+	2.00	%		0.75	%		2.75	%		3/25/2024		3,974,267		3,653,766		3,540,952
GI Chill Acquisition LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	4.00	%		0.00	%		4.23	%		8/6/2025		2,450,000		2,440,947		2,404,063
Gigamon Inc.	Services: Business	Term Loan B	Loan	6M USD LIBOR+	4.25	%		1.00	%		5.25	%		12/27/2024		2,937,800		2,918,957		2,904,750
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.40	%		11/28/2025		5,012,922		4,766,294		4,470,574
Go Wireless Inc.	Telecommunications	Term Loan	Loan	1M USD LIBOR+	6.50	%		1.00	%		7.50	%		12/22/2024		3,069,156		3,034,740		3,011,609
Goodyear Tire & Rubber Company The	Chemicals Plastics & Rubber	Second Lien Term Loan	Loan	1M USD LIBOR+	0.00	%		0.00	%		0.00	%		3/7/2025		3,000,000		2,929,942		2,925,000
Graham Packaging Company Inc	Containers Packaging & Glass	Initial Term Loan	Loan	1M USD LIBOR+	3.75	%		0.75	%		4.50	%		8/4/2027		1,000,000		992,806		998,380
Greenhill & Co. Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	3.25	%		0.00	%		3.40	%		4/12/2024		3,628,846		3,598,386		3,574,413

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
Grosvenor Capital Management Holdings LLLP	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.75	%		1.00	%		3.75	%		3/28/2025		1,660,340		1,658,009		1,652,553
Guidehouse LLP	Aerospace & Defense	Term Loan	Loan	1M USD LIBOR+	4.50	%		0.00	%		4.65	%		5/1/2025		3,934,746		3,914,971		3,908,934
Harbor Freight Tools USA Inc.	Retail	Term Loan B (10/20)	Loan	1M USD LIBOR+	3.25	%		0.75	%		4.00	%		10/19/2027		3,000,000		2,974,082		2,976,150
Harland Clarke Holdings Corp.	Media: Advertising Printing & Publishing	Term Loan	Loan	3M USD LIBOR+	4.75	%		1.00	%		5.75	%		11/3/2023		1,640,442		1,634,865		1,409,615
Helix Acquisition Holdings Inc.	Capital Equipment	Term Loan (2019 Incremental)	Loan	3M USD LIBOR+	3.75	%		0.00	%		3.98	%		9/30/2024		2,842,097		2,799,574		2,660,914
Helix Gen Funding LLC	Energy: Electricity	Term Loan B (02/17)	Loan	1M USD LIBOR+	3.75	%		1.00	%		4.75	%		6/3/2024		244,627		244,376		242,256
HLF Financing SaRL LLC	Consumer goods: Non-durable	Term Loan B (08/18)	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.90	%		8/18/2025		3,920,000		3,907,099		3,899,185
Holley Purchaser Inc.	Automotive	Term Loan B	Loan	3M USD LIBOR+	5.00	%		0.00	%		5.23	%		10/24/2025		2,456,250		2,438,060		2,367,211
Hudson River Trading LLC	Banking Finance Insurance & Real Estate	Term Loan B (01/20)	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		2/18/2027		5,955,000		5,934,142		5,899,202
Hyperion Refinance S.a.r.l.	Banking Finance Insurance & Real Estate	Tem Loan (12/17)	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		12/20/2024		1,696,696		1,689,952		1,677,608
ICH US Intermediate Holdings II Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	6M USD LIBOR+	5.75	%		1.00	%		6.75	%		12/24/2026		4,812,500		4,639,656		4,812,500
Idera Inc.	High Tech Industries	Term Loan B	Loan	6M USD LIBOR+	4.00	%		1.00	%		5.00	%		6/28/2024		3,906,897		3,895,231		3,880,838
Inmar Inc.	Services: Business	Term Loan B	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.00	%		5/1/2024		3,430,451		3,364,343		3,306,646
Innophos Holdings Inc.	Chemicals Plastics & Rubber	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.00	%		3.65	%		2/5/2027		497,500		495,259		493,147
Intrado Corporation	Telecommunications	Term Loan B (Olympus Merger)	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.00	%		10/10/2024		1,227,904		1,165,633		1,166,362
Intrado Corporation	Telecommunications	Term Loan B	Loan	3M USD LIBOR+	3.50	%		1.00	%		4.50	%		10/10/2024		2,938,625		2,878,000		2,776,530
ION Media Networks Inc.	Media: Broadcasting & Subscription	Term Loan B	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		12/18/2024		2,987,481		2,942,872		2,970,691
Isagenix International LLC	Beverage Food & Tobacco	Term Loan	Loan	3M USD LIBOR+	5.75	%		1.00	%		6.75	%		6/16/2025		2,671,340		2,632,565		1,471,454
Jane Street Group LLC	Banking Finance Insurance & Real Estate	Term Loan B (1/20)	Loan	3M USD LIBOR+	3.00	%		0.00	%		3.23	%		1/31/2025		1,994,987		1,967,847		1,979,526
Jefferies Finance LLC / JFIN Co-Issuer Corp	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		6/3/2026		3,204,956		3,189,146		3,142,203
Jill Acquisition LLC	Retail	Priming Term Loan	Loan	6M USD LIBOR+	5.00	%		1.00	%		6.00	%		5/8/2024		1,784,383		1,781,768		1,213,381
JP Intermediate B LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		6.50	%		11/20/2025		4,491,342		4,451,315		3,963,609
KAR Auction Services Inc.	Automotive	Term Loan B (09/19)	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.40	%		9/21/2026		247,500		246,987		241,313
Kindred Healthcare Inc.	Healthcare & Pharmaceuticals	Term Loan (6/18)	Loan	1M USD LIBOR+	5.00	%		0.00	%		5.15	%		7/2/2025		1,984,810		1,967,031		1,979,848
KREF Holdings X LLC	Banking Finance Insurance & Real Estate	Term Loan	Loan	3M USD LIBOR+	4.75	%		1.00	%		5.75	%		9/1/2027		500,000		487,836		497,500
Lakeland Tours LLC	Hotel Gaming & Leisure	Term Loan B	Loan	3M USD LIBOR+	4.25	%		1.00	%		5.25	%		12/16/2024		1,872,440		1,867,419		748,976
Lakeland Tours LLC	Hotel Gaming & Leisure	Roll Up DIP Term Loan	Loan	3M USD LIBOR+	1.50	%		1.25	%		2.75	%		1/20/2021		572,536		572,217		458,028
Lakeland Tours LLC	Hotel Gaming & Leisure	Priority Exit PIK Term Loan (9/20)	Loan	1M USD LIBOR+	6.00	%		1.25	%		7.25	%		9/25/2023		302,753		292,230		290,643
Lealand Finance Company B.V.	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD LIBOR+	1.00	%		0.00	%		1.15	%		6/30/2025		322,313		322,313		212,727
Learfield Communications LLC	Media: Advertising Printing & Publishing	Initial Term Loan (A-L Parent)	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.25	%		12/1/2023		481,250		480,118		408,610
Lifetime Brands Inc.	Consumer goods: Non-durable	Term Loan B	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		2/28/2025		2,905,639		2,874,127		2,825,734

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
Lightstone Holdco LLC	Energy: Electricity	Term Loan B	Loan	3M USD LIBOR+	3.75	%		1.00	%		4.75	%		1/30/2024		1,322,520		1,321,010		1,191,921
Lightstone Holdco LLC	Energy: Electricity	Term Loan C	Loan	3M USD LIBOR+	3.75	%		1.00	%		4.75	%		1/30/2024		74,592		74,511		67,226
Lindblad Expeditions Inc.	Hotel Gaming & Leisure	US 2018 Term Loan	Loan	1M USD LIBOR+	3.50	%		0.75	%		4.25	%		3/27/2025		392,565		391,927		365,086
Lindblad Expeditions Inc.	Hotel Gaming & Leisure	Cayman Term Loan	Loan	1M USD LIBOR+	3.50	%		0.75	%		4.25	%		3/27/2025		98,141		97,982		91,271
Liquidnet Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	6M USD LIBOR+	3.25	%		1.00	%		4.25	%		7/15/2024		2,003,392		1,999,416		1,983,358
LogMeIn Inc.	High Tech Industries	Term Loan (8/20)	Loan	1M USD LIBOR+	4.75	%		0.00	%		4.90	%		8/31/2027		3,000,000		2,932,743		2,962,500
LPL Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B1	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.90	%		11/11/2026		1,235,873		1,233,250		1,212,318
MA FinanceCo. LLC	High Tech Industries	Term Loan B4	Loan	3M USD LIBOR+	4.25	%		1.00	%		5.25	%		6/5/2025		2,490,625		2,481,708		2,486,466
Marriott Ownership Resorts Inc.	Hotel Gaming & Leisure	Term Loan (11/19)	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.90	%		8/29/2025		1,488,750		1,488,750		1,440,827
Match Group Inc.	Services: Consumer	Term Loan (1/20)	Loan	3M USD LIBOR+	1.75	%		0.00	%		1.98	%		2/15/2027		250,000		249,453		245,833
McAfee LLC	Services: Business	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.00	%		3.90	%		9/30/2024		2,145,575		2,137,577		2,139,417
McGraw-Hill Global Education Holdings LLC	Media: Advertising Printing & Publishing	Term Loan	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.00	%		5/4/2022		2,918,194		2,674,102		2,751,011
Meredith Corporation	Media: Advertising Printing & Publishing	Term Loan B2	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.65	%		1/31/2025		578,738		577,867		567,886
Messer Industries GMBH	Chemicals Plastics & Rubber	Term Loan B	Loan	3M USD LIBOR+	2.50	%		0.00	%		2.73	%		3/2/2026		3,955,000		3,932,723		3,894,093
Michaels Stores Inc.	Retail	Term Loan B (9/20)	Loan	1M USD LIBOR+	3.50	%		0.75	%		4.25	%		10/1/2027		2,577,875		2,571,175		2,534,051
Midwest Physician Administrative Services LLC	Healthcare & Pharmaceuticals	Term Loan (2/18)	Loan	1M USD LIBOR+	2.75	%		0.75	%		3.50	%		8/15/2024		963,479		960,461		948,228
Milk Specialties Company	Beverage Food & Tobacco	Term Loan (2/17)	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.00	%		8/16/2023		3,841,318		3,800,635		3,785,311
Mitchell International Inc.	Banking Finance Insurance & Real Estate	Term Loan (7/20)	Loan	1M USD LIBOR+	4.25	%		0.50	%		4.75	%		11/29/2024		1,000,000		943,651		983,440
MKS Instruments Inc.	High Tech Industries	Term Loan B6	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.90	%		2/2/2026		880,339		873,475		867,962
MLN US HoldCo LLC	Telecommunications	Term Loan	Loan	1M USD LIBOR+	4.50	%		0.00	%		4.65	%		11/28/2025		982,500		980,984		855,080
MRC Global (US) Inc.	Metals & Mining	Term Loan B2	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		9/20/2024		486,221		485,447		459,479
Natgasoline LLC	Chemicals Plastics & Rubber	Term Loan	Loan	6M USD LIBOR+	3.50	%		0.00	%		3.76	%		11/14/2025		1,491,250		1,459,645		1,435,328
National Mentor Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.40	%		3/9/2026		1,885,456		1,870,141		1,867,959
National Mentor Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan C	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.40	%		3/9/2026		86,065		85,383		85,266
NeuStar Inc.	Telecommunications	Term Loan B4 (03/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		8/8/2024		2,641,566		2,609,026		2,514,110
NeuStar Inc.	Telecommunications	Term Loan B-5	Loan	1M USD LIBOR+	4.50	%		1.00	%		5.50	%		8/8/2024		885,162		872,332		848,207
Nexstar Broadcasting Inc.	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.90	%		9/18/2026		1,113,795		1,100,547		1,099,316
NorthPole Newco S.a r.l	Aerospace & Defense	Term Loan	Loan	3M USD LIBOR+	7.00	%		0.00	%		7.23	%		3/3/2025		4,625,000		4,250,051		4,159,633
Novetta Solutions LLC	Aerospace & Defense	Term Loan	Loan	3M USD LIBOR+	5.00	%		1.00	%		6.00	%		10/17/2022		1,904,870		1,898,604		1,863,210
Novetta Solutions LLC	Aerospace & Defense	Second Lien Term Loan	Loan	3M USD LIBOR+	8.50	%		1.00	%		9.50	%		10/16/2023		1,000,000		995,232		965,000
NPC International Inc. (b)	Beverage Food & Tobacco	Term Loan	Loan	3M USD LIBOR+	3.50	%		1.00	%		4.50	%		4/19/2024		487,500		487,124		457,182
Octave Music Group Inc. The	Services: Business	Term Loan B	Loan	1M USD LIBOR+	5.25	%		1.00	%		6.25	%		5/29/2025		3,931,034		3,895,765		3,420,000
Onex Carestream Finance LP	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	6.75	%		1.00	%		7.75	%		5/8/2023		2,358,581		2,353,833		2,287,824
Owens & Minor Distribution Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		4.65	%		4/30/2025		488,750		481,954		481,951

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
PAE Incorporated	Aerospace & Defense	Term Loan B (10/20)	Loan	3M USD LIBOR+	4.50	%		0.75	%		5.25	%		10/14/2027		2,000,000		1,970,258		1,986,660
Pathway Vet Alliance LLC	Services: Business	Term Loan (3/20)	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.15	%		3/31/2027		460,106		449,175		453,586
Pathway Vet Alliance LLC (a)	Services: Business	Delayed Draw Term Loan (3/20)	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.15	%		3/31/2027		16,112		16,112		15,579
Patriot Container Corp.	Environmental Industries	Term Loan (3/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		3/20/2025		496,183		494,036		483,158
PCI Gaming Authority	Hotel Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.65	%		5/29/2026		878,269		874,562		859,404
Penn National Gaming Inc.	Hotel Gaming & Leisure	Term Loan B-1	Loan	1M USD LIBOR+	2.25	%		0.75	%		3.00	%		10/15/2025		1,788,056		1,724,458		1,756,765
Peraton Corp.	Aerospace & Defense	Term Loan	Loan	2M USD LIBOR+	5.25	%		1.00	%		6.25	%		4/29/2024		1,431,200		1,431,200		1,426,734
PG&E Corporation	Utilities: Electric	Term Loan	Loan	3M USD LIBOR+	4.50	%		1.00	%		5.50	%		6/23/2025		1,498,750		1,490,608		1,508,117
PGX Holdings Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	5.25	%		1.00	%		6.25	%		9/29/2023		3,124,095		3,100,486		2,907,377
PI UK Holdco II Limited	Services: Business	Term Loan B1 (PI UK Holdco II)	Loan	3M USD LIBOR+	3.50	%		1.00	%		4.50	%		1/3/2025		1,462,500		1,456,844		1,441,542
Pitney Bowes Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	5.50	%		0.00	%		5.65	%		1/7/2025		2,925,000		2,645,690		2,884,781
Pixelle Specialty Solutions LLC	Forest Products & Paper	Term Loan	Loan	1M USD LIBOR+	6.50	%		1.00	%		7.50	%		10/31/2024		3,962,121		3,931,283		3,946,035
Plastipak Packaging Inc.	Containers Packaging & Glass	Term Loan B (04/18)	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.65	%		10/15/2024		2,944,583		2,924,426		2,899,796
Playtika Holding Corp.	High Tech Industries	Trm Loan B (12/19)	Loan	6M USD LIBOR+	6.00	%		1.00	%		7.00	%		12/10/2024		2,875,316		2,826,817		2,886,415
Polymer Process Holdings Inc	Containers Packaging & Glass	Term Loan	Loan	1M USD LIBOR+	6.00	%		0.00	%		6.15	%		4/30/2026		2,962,500		2,913,635		2,918,063
Premier Dental Services Inc.	Retail	Term Loan (12/18)	Loan	3M USD LIBOR+	5.25	%		1.00	%		6.25	%		6/30/2023		425,117		425,604		392,523
Pre-Paid Legal Services Inc.	Services: Business	Incremental Term Loan	Loan	1M USD LIBOR+	4.00	%		0.75	%		4.75	%		5/1/2025		1,000,000		985,455		985,420
Presidio Holdings Inc.	Services: Business	Term Loan B (1/20)	Loan	3M USD LIBOR+	3.50	%		0.00	%		3.73	%		1/22/2027		498,750		497,691		492,206
Prime Security Services Borrower LLC	Services: Consumer	Term Loan (Protection One/ADT)	Loan	9M USD LIBOR+	3.25	%		1.00	%		4.25	%		9/23/2026		3,970,000		3,951,407		3,945,187
Priority Payment Systems Holdings LLC	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	6.50	%		1.00	%		7.50	%		1/3/2023		1,696,126		1,690,596		1,645,243
Prometric Holdings Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	3.00	%		1.00	%		4.00	%		1/29/2025		487,575		486,008		465,839
Pug LLC	Services: Consumer	Term Loan B (02/20)	Loan	1M USD LIBOR+	3.50	%		0.00	%		3.65	%		2/12/2027		491,263		489,016		458,716
Rackspace Hosting Inc.	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+	3.00	%		1.00	%		4.00	%		11/3/2023		469,851		467,011		466,548
Radiology Partners Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.25	%		0.00	%		4.48	%		7/9/2025		1,432,727		1,427,203		1,378,699
Redstone Buyer LLC	High Tech Industries	Term Loan	Loan	2M USD LIBOR+	5.00	%		1.00	%		6.00	%		9/1/2027		1,000,000		980,810		996,250
Research Now Group Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan	6M USD LIBOR+	5.50	%		1.00	%		6.50	%		12/20/2024		3,897,349		3,801,391		3,765,112
Resolute Investment Managers Inc.	Banking Finance Insurance & Real Estate	Term Loan (10/20)	Loan	2M USD LIBOR+	3.75	%		1.00	%		4.75	%		2/22/2021		2,658,569		2,658,569		2,635,307
Rexnord LLC	Capital Equipment	Term Loan (11/19)	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.90	%		8/21/2024		862,069		862,069		858,681
Reynolds Consumer Products T/L	Metals & Mining	Reynolds Group (Pactiv Evergreen) 9/20 TL	Loan	1M USD LIBOR+	3.25	%		0.00	%		3.25	%		2/5/2026		1,371,288		1,369,770		1,353,927
Reynolds Group Holdings Inc.	Metals & Mining	Term Loan B2	Loan	1M USD LIBOR+	3.25	%		0.00	%		3.40	%		2/5/2026		2,000,000		1,985,315		1,965,620
Robertshaw US Holding Corp.	Consumer goods: Durable	Term Loan B	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		2/28/2025		975,000		973,291		911,625
Rocket Software Inc.	High Tech Industries	Term Loan (11/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.40	%		11/28/2025		2,942,532		2,932,347		2,890,419
RP Crown Parent LLC	High Tech Industries	Term Loan B (07/20)	Loan	1M USD LIBOR+	3.00	%		1.00	%		4.00	%		2/2/2026		1,995,000		1,985,571		1,975,050

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
Russell Investments US Institutional Holdco Inc.	Banking Finance Insurance & Real Estate	Term Loan (10/20)	Loan	3M USD LIBOR+	3.00	%		1.00	%		4.00	%		5/30/2025		5,637,965		5,588,293		5,581,586
Ryan Specialty Group LLC	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.75	%		4.00	%		9/1/2027		500,000		492,741		497,500
Sahara Parent Inc.	High Tech Industries	Term Loan B (11/18)	Loan	3M USD LIBOR+	6.25	%		0.00	%		6.48	%		8/16/2024		1,940,400		1,926,742		1,901,592
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.40	%		7/5/2024		768,409		766,056		754,962
Sally Holdings LLC	Retail	Term Loan (Fixed)	Loan	Fixed	0.00	%		0.00	%		0.00	%		7/5/2024		810,003		807,788		804,941
Samsonite International S.A.	Consumer goods: Non-durable	Term Loan B2	Loan	1M USD LIBOR+	4.50	%		1.00	%		5.50	%		4/25/2025		997,500		970,130		973,809
Savage Enterprises LLC	Energy: Oil & Gas	Term Loan B (02/20)	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		8/1/2025		1,831,540		1,815,334		1,813,994
SCS Holdings I Inc.	High Tech Industries	Term Loan 1/20	Loan	1M USD LIBOR+	3.50	%		0.00	%		3.65	%		7/1/2026		1,975,075		1,971,183		1,946,693
Seadrill Operating LP (b)	Energy: Oil & Gas	Term Loan B	Loan	3M USD LIBOR+	0.00	%		0.00	%		0.00	%		2/21/2021		897,442		894,400		82,762
Seadrill Operating LP (b)	Energy: Oil & Gas	PIK Revolver	Loan	3M USD LIBOR+	0.00	%		1.00	%		1.00	%		2/22/2021		25,162		25,076		25,162
Shutterfly Inc.	Media: Advertising Printing & Publishing	Term Loan B	Loan	3M USD LIBOR+	6.00	%		1.00	%		7.00	%		9/25/2026		870,968		833,098		844,839
SMB Shipping Logistics LLC	Transportation: Consumer	Term Loan B	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.00	%		2/2/2024		1,931,951		1,930,449		1,893,312
SMG US Midco 2 Inc.	Services: Business	Term Loan (01/20)	Loan	3M USD LIBOR+	2.50	%		0.00	%		2.73	%		1/23/2025		496,250		496,250		452,416
Sotheby's	Services: Business	Term Loan	Loan	1M USD LIBOR+	5.50	%		1.00	%		6.50	%		1/15/2027		3,298,210		3,237,743		3,283,105
SP PF Buyer LLC	Consumer goods: Durable	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		4.65	%		12/19/2025		1,970,000		1,905,459		1,849,692
SRAM LLC	Consumer goods: Durable	Term Loan	Loan	6M USD LIBOR+	2.75	%		1.00	%		3.75	%		3/15/2024		2,502,486		2,499,621		2,480,590
SS&C European Holdings S.A.R.L.	Services: Business	Term Loan B4	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.90	%		4/16/2025		187,832		187,527		184,616
SS&C Technologies Inc.	Services: Business	Term Loan B3	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.90	%		4/16/2025		248,006		247,597		243,760
SS&C Technologies Inc.	Services: Business	Term Loan B-5	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.90	%		4/16/2025		489,872		489,001		482,798
Staples Inc.	Wholesale	Term Loan (03/19)	Loan	3M USD LIBOR+	5.00	%		0.00	%		5.23	%		4/16/2026		2,942,843		2,802,699		2,833,222
Stats Intermediate Holdings LLC	Hotel Gaming & Leisure	Term Loan	Loan	3M USD LIBOR+	5.25	%		0.00	%		5.48	%		7/10/2026		1,985,000		1,943,374		1,945,300
Steak N Shake Operations Inc.	Beverage Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	3.75	%		1.00	%		4.75	%		3/19/2021		816,284		815,695		677,516
Sybil Software LLC	High Tech Industries	Term Loan B (4/18)	Loan	3M USD LIBOR+	2.25	%		1.00	%		3.25	%		9/29/2023		682,747		673,919		678,480
Teneo Holdings LLC	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	5.25	%		1.00	%		6.25	%		7/11/2025		2,475,000		2,394,437		2,410,031
Tenneco Inc.	Capital Equipment	Term Loan B	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		10/1/2025		1,473,750		1,463,107		1,412,220
Ten-X LLC	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.00	%		9/30/2024		1,945,000		1,943,263		1,831,547
Terex Corporation	Capital Equipment	Term Loan	Loan	2M USD LIBOR+	2.75	%		0.75	%		3.50	%		1/31/2024		985,000		982,211		965,300
TGG TS Acquisition Company	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD LIBOR+	6.50	%		0.00	%		6.65	%		12/15/2025		2,608,602		2,501,015		2,559,691
The Edelman Financial Center LLC	Banking Finance Insurance & Real Estate	Term Loan B (06/18)	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.15	%		7/21/2025		1,228,125		1,223,839		1,202,801
Thor Industries Inc.	Automotive	Term Loan (USD)	Loan	1M USD LIBOR+	3.75	%		0.00	%		3.90	%		2/2/2026		2,935,080		2,870,990		2,913,067
Tivity Health Inc.	Healthcare & Pharmaceuticals	Term Loan A	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.40	%		3/8/2024		1,450,000		1,439,655		1,423,900
Tivity Health Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	5.25	%		0.00	%		5.40	%		3/6/2026		2,293,751		2,247,426		2,256,477

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
Tosca Services LLC	Containers Packaging & Glass	Term Loan B	Loan	1M USD LIBOR+	4.25	%		1.00	%		5.25	%		8/18/2027		500,000		492,774		500,210
Transdigm Inc.	Aerospace & Defense	Term Loan G (02/20)	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.40	%		8/22/2024		4,075,496		4,079,399		3,949,970
Travel Leaders Group LLC	Hotel Gaming & Leisure	Term Loan B (08/18)	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.15	%		1/25/2024		2,443,750		2,441,105		2,199,375
TRC Companies Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		6/21/2024		3,315,141		3,306,650		3,219,830
TRC Companies Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	5.00	%		1.00	%		6.00	%		6/21/2024		979,433		967,317		968,414
Truck Hero Inc.	Transportation: Cargo	First Lien Term Loan	Loan	1M USD LIBOR+	3.75	%		0.00	%		3.75	%		4/22/2024		2,904,925		2,891,318		2,833,754
Trugreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.75	%		4.75	%		10/29/2027		973,980		966,099		969,110
Twin River Worldwide Holdings Inc.	Hotel Gaming & Leisure	Term Loan B	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.75	%		5/11/2026		987,500		983,430		945,531
Uber Technologies Inc	Transportation: Consumer	Term Loan B (06/18)	Loan	1M USD LIBOR+	3.50	%		0.00	%		3.50	%		7/13/2023		1,994,805		1,941,902		1,983,275
United Natural Foods Inc.	Beverage Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.25	%		10/22/2025		1,973,611		1,875,220		1,958,533
Univar Solutions USA Inc.	Chemicals Plastics & Rubber	Term Loan B3 (11/17)	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.25	%		7/1/2024		1,627,723		1,622,895		1,606,807
Univision Communications Inc.	Media: Broadcasting & Subscription	2020 Replacement Term Loan	Loan	1M USD LIBOR+	3.75	%		1.00	%		4.75	%		3/13/2026		2,523,362		2,514,424		2,495,680
URS Holdco Inc.	Transportation: Cargo	Term Loan (10/17)	Loan	6M USD LIBOR+	5.75	%		1.00	%		6.75	%		8/30/2024		960,422		951,841		859,577
US Ecology Holdings Inc.	Environmental Industries	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.50	%		11/2/2026		496,250		495,268		491,908
Veregy Consolidated Inc.	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+	6.00	%		1.00	%		7.00	%		11/2/2027		2,000,000		1,940,196		1,945,000
VeriFone Systems Inc.	Banking Finance Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD LIBOR+	4.00	%		0.00	%		4.00	%		8/20/2025		1,400,178		1,393,093		1,325,717
VFH Parent LLC	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.00	%		3/2/2026		3,209,493		3,199,075		3,188,856
Victory Capital Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B (01/20)	Loan	3M USD LIBOR+	2.50	%		0.00	%		2.50	%		7/1/2026		1,760,810		1,726,404		1,738,799
Virtus Investment Partners Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	6M USD LIBOR+	2.25	%		0.75	%		3.00	%		6/3/2024		2,416,856		2,416,533		2,408,809
Vistra Operations Company LLC	Utilities: Electric	2018 Incremental Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.75	%		12/31/2025		919,879		919,129		909,971
Vizient Inc.	Healthcare & Pharmaceuticals	Term Loan B-6	Loan	1M USD LIBOR+	2.00	%		0.00	%		2.00	%		5/6/2026		492,500		491,579		480,311
VM Consolidated Inc.	Construction & Building	Term Loan B1 (02/20)	Loan	1M USD LIBOR+	3.25	%		0.00	%		3.25	%		2/28/2025		476,694		475,079		468,352
WeddingWire Inc.	Services: Consumer	Term Loan	Loan	3M USD LIBOR+	4.50	%		0.00	%		4.50	%		12/19/2025		3,930,000		3,923,643		3,831,750
Western Digital Corporation	High Tech Industries	Term Loan B-4	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.75	%		4/29/2023		743,135		731,826		739,650
Wirepath LLC	Consumer goods: Non-durable	Term Loan	Loan	6M USD LIBOR+	4.00	%		0.00	%		4.00	%		8/5/2024		2,932,674		2,912,941		2,830,031
WP CityMD Bidco LLC	Services: Consumer	Term Loan B	Loan	6M USD LIBOR+	4.50	%		1.00	%		5.50	%		8/13/2026		3,473,750		3,444,780		3,459,751
Xperi Holding Corporation	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.00	%		6/2/2025		3,387,775		3,202,685		3,383,540
YS Garments LLC	Retail	Term Loan	Loan	3M USD LIBOR+	6.00	%		0.00	%		6.00	%		8/9/2024		1,878,750		1,865,342		1,719,056
Zekelman Industries Inc	Metals & Mining	Term Loan (01/20)	Loan	1M USD LIBOR+	2.00	%		0.00	%		2.00	%		1/25/2027		995,000		995,000		975,518
Zep Inc.	Chemicals Plastics & Rubber	Term Loan	Loan	6M USD LIBOR+	4.00	%		1.00	%		5.00	%		8/12/2024		2,425,000		2,417,537		2,275,717
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.00	%		3.50	%		3/14/2025		957,262		954,067		900,430

																	$	531,912,618	$	516,713,899

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (c)		20,123,980	$	20,123,980	$	20,123,980
Total cash and cash equivalents		20,123,980	$	20,123,980	$	20,123,980

(a)

All or a portion of this investment has an unfunded commitment as of November 30, 2020

(b)

As of November 30, 2020, the investment was in default and on non-accrual status.

(c)

Included within cash and cash equivalents in Saratoga CLO's Statements of Assets and Liabilities as of November 30, 2020.

LIBOR—London Interbank Offered Rate

1W USD LIBOR—The 1 week USD LIBOR rate as of November 30, 2020 was 0.01%.

1M USD LIBOR—The 1 month USD LIBOR rate as of November 30, 2020 was 0.15%.

2M USD LIBOR—The 2 month USD LIBOR rate as of November 30, 2020 was 0.18%.

3M USD LIBOR—The 3 month USD LIBOR rate as of November 30, 2020 was 0.23%.

6M USD LIBOR—The 6 month USD LIBOR rate as of November 30, 2020 was 0.26%.

Prime—The Prime Rate as of November 30, 2020 was 3.25%.

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 29, 2020

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-2 Preferred Shares	Equity	-	0.00	%		0.00	%		0.00	%	-		18,975	$	1,897,538	$	190
Education Management II LLC	Services: Consumer	Education Management II A-1 Preferred Shares	Equity	-	0.00	%		0.00	%		0.00	%	-		6,692		669,214		67
1011778 B.C. Unlimited Liability Company	Beverage Food & Tobacco	Term Loan B4	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	11/19/2026	$	500,000.00		498,790		491,665
24 Hour Fitness Worldwide Inc.	Services: Consumer	Term Loan (5/18)	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.02	%	5/30/2025		2,959,950		2,949,872		1,943,710
ABB Con-Cise Optical Group LLC	Consumer goods: Non-durable	Term Loan B	Loan	1M USD LIBOR+	5.00	%		1.00	%		6.52	%	6/15/2023		2,081,927		2,062,239		1,969,149
ADMI Corp.	Services: Consumer	Term Loan B	Loan	1M USD LIBOR+	2.75	%		0.00	%		4.27	%	4/30/2025		1,970,000		1,962,286		1,924,848
Advantage Sales & Marketing Inc.	Services: Business	First Lien Term Loan	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.77	%	7/23/2021		2,371,131		2,370,010		2,286,173
Advantage Sales & Marketing Inc.	Services: Business	Term Loan B Incremental	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.77	%	7/23/2021		489,950		485,523		470,352
Advisor Group Holdings Inc	Banking Finance Insurance & Real Estate	Term Loan (7/19)	Loan	1M USD LIBOR+	5.00	%		0.00	%		6.52	%	7/31/2026		500,000		498,753		486,875
Aegis Toxicology Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		6.96	%	5/9/2025		3,950,000		3,919,494		3,695,225
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (1/19)	Loan	1M USD LIBOR+	3.00	%		0.00	%		4.52	%	1/5/2026		496,250		496,250		486,325
Agrofresh Inc.	Beverage Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	4.75	%		1.00	%		6.27	%	7/30/2021		2,889,487		2,886,790		2,677,601
AI Convoy Bidco Limited	Aerospace & Defense	AI Convoy Bidco T/L B (USD)	Loan	3M USD LIBOR+	3.50	%		1.00	%		4.96	%	1/29/2027		1,500,000		1,492,500		1,483,125
AI Mistral (Luxembourg) Subco Sarl	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.00	%		1.00	%		4.52	%	3/11/2024		486,250		486,250		384,138
AIS Holdco LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.00	%		6.46	%	8/15/2025		2,421,875		2,411,617		2,228,125
Alchemy US Holdco 1 LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	5.50	%		0.00	%		7.02	%	10/10/2025		1,950,000		1,925,236		1,945,125
Alion Science and Technology Corporation	Aerospace & Defense	Term Loan B (1st Lien)	Loan	1M USD LIBOR+	4.50	%		1.00	%		6.02	%	8/19/2021		3,377,293		3,373,263		3,373,071
Allen Media LLC	Media: Advertising Printing & Publishing	Allen Media T/L B (1/20)	Loan	3M USD LIBOR+	5.50	%		0.00	%		6.96	%	2/10/2027		3,000,000		2,985,000		2,936,250
Altisource S.a r.l.	Banking Finance Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.46	%	4/3/2024		1,454,005		1,446,493		1,353,141
Altra Industrial Motion Corp.	Capital Equipment	Term Loan	Loan	1M USD LIBOR+	2.00	%		0.00	%		3.52	%	10/1/2025		1,767,163		1,763,366		1,748,943
American Dental Partners Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD LIBOR+	4.25	%		1.00	%		5.71	%	3/24/2023		990,000		982,019		982,575
American Greetings Corporation	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.50	%		1.00	%		6.02	%	4/5/2024		4,889,524		4,886,331		4,788,702
American Residential Services LLC	Services: Consumer	Term Loan B	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.52	%	6/30/2022		3,925,767		3,916,564		3,896,324
AmeriLife Group LLC	Banking Finance Insurance & Real Estate	AmeriLife T/L	Loan	3M USD LIBOR+	4.00	%		0.00	%		5.46	%	2/5/2027		838,710		836,613		832,419
AmeriLife Group LLC(a)	Banking Finance Insurance & Real Estate	Unfunded Commitment	Loan	3M USD LIBOR+	4.00	%		0.00	%		4.00	%	2/5/2027		-		-		-
Amex GBT (2/20) T/L	Banking Finance Insurance & Real Estate	Term Loan	Loan	3M USD LIBOR+	4.00	%		0.00	%		5.46	%	2/26/2027		2,993,363		2,933,496		2,926,012
Amex GBT 2/20 D/T/L(a)	Banking Finance Insurance & Real Estate	Unfunded Commitment	Loan	3M USD LIBOR+	4.00	%		0.00	%		5.46	%	2/26/2027		-		-		-
Amynta Agency Borrower Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.02	%	2/28/2025		3,462,357		3,425,731		3,224,320

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
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.00	%		5.27	%	8/11/2025		987,500		983,508		759,141
Anchor Glass Container Corporation	Containers Packaging & Glass	Term Loan (07/17)	Loan	3M USD LIBOR+	2.75	%		1.00	%		4.21	%	12/7/2023		485,063		483,537		354,789
Api Group DE Inc	Services: Business	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		4.02	%	10/1/2026		1,000,000		995,123		990,000
APLP Holdings Limited Partnership	Utilities	APLP Holdings T/L B (Atlantic Power)	Loan	1M USD LIBOR+	2.75	%		1.00	%		4.27	%	4/13/2023		2,000,000		2,000,000		1,977,500
Aramark Services Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	1/15/2027		1,500,000		1,498,209		1,484,070
Arctic Glacier U.S.A. Inc.	Beverage Food & Tobacco	Term Loan (3/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.02	%	3/20/2024		3,350,967		3,332,339		3,225,306
Aretec Group Inc.	Banking Finance Insurance & Real Estate	Term Loan (10/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		5.77	%	10/1/2025		1,980,000		1,975,743		1,937,093
ASG Technologies Group Inc.	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.02	%	7/31/2024		488,775		487,107		476,556
AssetMark Financial Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan	3M USD LIBOR+	3.00	%		0.00	%		4.46	%	11/14/2025		1,237,500		1,235,582		1,228,219
Astoria Energy LLC	Energy: Electricity	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.52	%	12/24/2021		1,391,552		1,385,662		1,384,595
Asurion LLC	Banking Finance Insurance & Real Estate	Term Loan B-4 (Replacement)	Loan	1M USD LIBOR+	3.00	%		0.00	%		4.52	%	8/4/2022		1,876,925		1,872,057		1,853,069
Asurion LLC	Banking Finance Insurance & Real Estate	Term Loan B6	Loan	1M USD LIBOR+	3.00	%		0.00	%		4.52	%	11/3/2023		492,773		489,808		485,381
Athenahealth Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.02	%	2/11/2026		1,985,000		1,950,006		1,970,113
Avaya Inc.	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		5.77	%	12/16/2024		3,169,156		3,138,355		3,010,698
Avison Young (Canada) Inc.	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.00	%		6.46	%	1/30/2026		3,476,222		3,418,777		3,406,697
B&G Foods Inc.	Beverage Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		4.02	%	10/10/2026		249,375		248,169		246,881
Ball Metalpack Finco LLC	Containers Packaging & Glass	Term Loan	Loan	3M USD LIBOR+	4.50	%		0.00	%		5.96	%	7/31/2025		3,944,937		3,928,266		3,432,096
Bausch Health Companies Inc.	Healthcare & Pharmaceuticals	Term Loan B (05/18)	Loan	1M USD LIBOR+	3.00	%		0.00	%		4.52	%	6/2/2025		25,355		25,274		25,161
Berry Global Inc.	Chemicals Plastics & Rubber	Term Loan Y	Loan	1M USD LIBOR+	2.00	%		0.00	%		3.52	%	7/1/2026		4,987,500		4,981,754		4,897,974
Blount International Inc.	Forest Products & Paper	Term Loan B (09/18)	Loan	1M USD LIBOR+	3.75	%		1.00	%		5.27	%	4/12/2023		3,453,781		3,450,952		3,432,195
Blucora Inc.	Services: Consumer	Term Loan (11/17)	Loan	2M USD LIBOR+	3.00	%		1.00	%		4.50	%	5/22/2024		955,900		953,639		946,341
Bombardier Recreational Products Inc.	Consumer goods: Durable	Term Loan (1/20)	Loan	1M USD LIBOR+	2.00	%		0.00	%		3.52	%	5/24/2027		995,000		985,847		978,214
Boxer Parent Company Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	4.25	%		0.00	%		5.77	%	10/2/2025		2,475,000		2,454,363		2,374,070
Bracket Intermediate Holding Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.25	%		0.00	%		5.71	%	9/5/2025		987,500		983,437		987,500
Broadstreet Partners Inc.	Banking Finance Insurance & Real Estate	Term Loan B3	Loan	1M USD LIBOR+	3.25	%		0.00	%		4.77	%	1/27/2027		2,024,614		2,022,736		2,002,687
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan 1/20	Loan	1M USD LIBOR+	3.00	%		0.75	%		4.52	%	8/1/2025		497,487		496,370		488,627
Buckeye Partners L.P.	Utilities: Oil & Gas	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.00	%		4.27	%	11/2/2026		1,000,000		995,334		989,170
BW Gas & Convenience Holdings LLC	Beverage Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	6.25	%		0.00	%		7.77	%	11/18/2024		3,000,000		2,884,283		2,992,500
Calceus Acquisition Inc.	Consumer goods: Non-durable	Term Loan B	Loan	1M USD LIBOR+	5.50	%		0.00	%		7.02	%	2/12/2025		975,000		964,353		964,031
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.02	%	1/2/2026		697,500		684,758		696,196
CareerBuilder LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	6.75	%		1.00	%		8.27	%	7/31/2023		2,266,211		2,232,341		2,223,720
CareStream Health Inc.	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	6.25	%		1.00	%		7.77	%	2/28/2021		2,362,278		2,356,691		2,263,062
Casa Systems Inc.	Telecommunications	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.52	%	12/20/2023		1,455,000		1,446,052		1,236,750
Castle US Holding Corporation	High Tech Industries	Term Loan B (USD)	Loan	1M USD LIBOR+	3.75	%		0.00	%		5.27	%	1/27/2027		500,000		497,509		475,000
CCS-CMGC Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%		0.00	%		6.96	%	10/1/2025		2,475,000		2,453,876		2,338,875
Cengage Learning Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.25	%		1.00	%		5.77	%	6/7/2023		1,447,458		1,435,195		1,329,447

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
CenturyLink Inc.	Telecommunications	Term Loan B (1/20)	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	3/15/2027		3,000,000		2,996,438		2,922,180
Citadel Securities LP	Banking Finance Insurance & Real Estate	Term Loan (2/20)	Loan	1M USD LIBOR+	2.75	%		0.00	%		4.27	%	2/27/2026		992,500		991,371		983,816
Clarios Global LP	Automotive	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.02	%	4/30/2026		1,496,250		1,482,216		1,451,991
Compass Power Generation L.L.C.	Utilities: Electric	Term Loan B (08/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.02	%	12/20/2024		1,891,221		1,886,758		1,855,761
Compuware Corporation	High Tech Industries	Term Loan (08/18)	Loan	1M USD LIBOR+	4.00	%		0.00	%		5.52	%	8/22/2025		495,000		493,979		493,763
Concordia International Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		6.96	%	9/6/2024		1,183,650		1,131,380		1,088,224
Connect U.S. Finco LLC	Telecommunications	Delayed Draw Term Loan B	Loan	1M USD LIBOR+	4.50	%		1.00	%		6.02	%	12/11/2026		2,000,000		1,984,055		1,980,000
Consolidated Communications Inc.	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	3.00	%		1.00	%		4.52	%	10/5/2023		1,475,404		1,464,720		1,395,481
Coral-US Co-Borrower LLC	Telecommunications	Term Loan B-5	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	1/31/2028		2,000,000		2,000,000		1,976,660
Covia Holdings Corporation	Metals & Mining	Term Loan	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.46	%	6/2/2025		985,000		985,000		711,663
CPI Acquisition Inc	Banking Finance Insurance & Real Estate	Term Loan B (1st Lien)	Loan	6M USD LIBOR+	4.50	%		1.00	%		5.90	%	8/17/2022		1,436,782		1,427,762		1,089,957
Crown Subsea Communications Holding Inc	Construction & Building	Term Loan	Loan	1M USD LIBOR+	6.00	%		0.00	%		7.52	%	11/3/2025		1,655,837		1,640,398		1,649,627
CSC Holdings LLC	Media: Broadcasting & Subscription	Term Loan B (03/17)	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	7/17/2025		1,974,620		1,952,260		1,941,308
CSC Holdings LLC	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		4.02	%	4/15/2027		500,000		500,000		492,500
CSC Holdings LLC	Media: Broadcasting & Subscription	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	1/15/2026		495,000		493,968		486,031
Cushman & Wakefield U.S. Borrower LLC	Construction & Building	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.00	%		4.27	%	8/21/2025		3,945,050		3,928,487		3,874,789
Daseke Companies Inc.	Transportation: Cargo	Replacement Term Loan	Loan	1M USD LIBOR+	5.00	%		1.00	%		6.52	%	2/27/2024		1,955,694		1,946,628		1,867,688
DaVita Inc.	High Tech Industries	Term Loan B-1	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	8/12/2026		997,500		995,133		985,859
Dealer Tire LLC	Automotive	Dealer Tire T/L B-1	Loan	1M USD LIBOR+	4.25	%		0.00	%		5.77	%	12/12/2025		3,000,000		2,992,500		2,977,500
Delek US Holdings Inc.	Utilities: Oil & Gas	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	3/31/2025		6,446,003		6,379,073		6,317,083
Dell International L.L.C.	High Tech Industries	Term Loan B-1	Loan	1M USD LIBOR+	2.00	%		0.75	%		3.52	%	9/19/2025		3,814,430		3,809,967		3,766,292
Delta 2 (Lux) SARL	Hotel Gaming & Leisure	Term Loan B	Loan	1M USD LIBOR+	2.50	%		1.00	%		4.02	%	2/1/2024		1,318,289		1,315,922		1,275,445
DHX Media Ltd.	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	4.25	%		1.00	%		5.77	%	12/29/2023		279,282		278,012		267,413
Diamond Sports Group LLC	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.00	%		4.77	%	8/24/2026		997,500		992,773		907,725
Digital Room Holdings Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	5.00	%		0.00	%		6.52	%	5/21/2026		2,985,000		2,944,957		2,790,975
Dole Food Company Inc.	Beverage Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+	2.75	%		1.00	%		4.27	%	4/8/2024		468,750		467,304		461,522
DRW Holdings LLC	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		5.77	%	11/27/2026		5,000,000		4,950,804		4,962,500
DynCorp International Inc.	Aerospace & Defense	Term Loan B	Loan	1M USD LIBOR+	6.00	%		1.00	%		7.52	%	8/18/2025		2,962,500		2,879,096		2,925,469
Eagletree-Carbide Acquisition Corp.	Consumer goods: Durable	Term Loan	Loan	3M USD LIBOR+	4.25	%		1.00	%		5.71	%	8/28/2024		4,927,385		4,901,606		4,804,200
EIG Investors Corp.	High Tech Industries	Term Loan (06/18)	Loan	3M USD LIBOR+	3.75	%		1.00	%		5.21	%	2/9/2023		2,199,416		2,186,449		2,160,926
Encapsys LLC	Chemicals Plastics & Rubber	Term Loan B2	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.77	%	11/7/2024		497,428		492,831		491,832
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan B (4/17)	Loan	1M USD LIBOR+	4.25	%		0.75	%		5.77	%	4/29/2024		3,937,025		3,914,795		3,766,985
Energy Acquisition LP	Capital Equipment	Term Loan (6/18)	Loan	3M USD LIBOR+	4.25	%		0.00	%		5.71	%	6/26/2025		1,970,000		1,957,901		1,811,179
Envision Healthcare Corporation	Healthcare & Pharmaceuticals	Term Loan B (06/18)	Loan	1M USD LIBOR+	3.75	%		0.00	%		5.27	%	10/10/2025		4,950,000		4,939,709		3,966,188
EyeCare Partners LLC	Healthcare & Pharmaceuticals	EyeCare Partners T/L B	Loan	1M USD LIBOR+	3.75	%		0.00	%		5.27	%	2/5/2027		1,621,622		1,619,618		1,583,789
EyeCare Partners LLC(a)	Healthcare & Pharmaceuticals	EyeCare Partners Delayed Draw Term Loan	Loan	1M USD LIBOR+	3.75	%		0.00	%		5.27	%	2/5/2027		-		-		-

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
FinCo I LLC	Banking Finance Insurance & Real Estate	2018 Term Loan B	Loan	1M USD LIBOR+	2.00	%		0.00	%		3.52	%	12/27/2022		360,538		359,905		356,752
First Eagle Holdings Inc.	Banking Finance Insurance & Real Estate	Refinancing Term Loan	Loan	3M USD LIBOR+	2.50	%		0.00	%		3.96	%	2/1/2027		5,450,000		5,426,720		5,338,275
Fitness International LLC	Services: Consumer	Term Loan B (4/18)	Loan	1M USD LIBOR+	3.25	%		0.00	%		4.77	%	4/18/2025		1,330,058		1,322,900		1,312,103
Franklin Square Holdings L.P.	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	8/1/2025		4,443,748		4,414,007		4,421,530
Froneri International Ltd	Beverage Food & Tobacco	Term Loan B-2	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	1/29/2027		2,000,000		1,995,162		1,962,500
Fusion Connect Inc.	Telecommunications	Exit Term Loan (1/20)	Loan	3M USD LIBOR+	9.50	%		2.00	%		11.50	%	1/14/2025		1,500,000		1,470,716		1,495,005
Fusion Connect Inc.	Telecommunications	Take Back 2nd Out Term Loan	Loan	6M USD LIBOR+	8.00	%		2.00	%		10.00	%	7/14/2025		757,724		737,560		527,883
GBT Group Services B.V.	Hotel Gaming & Leisure	Term Loan	Loan	3M USD LIBOR+	2.50	%		0.00	%		3.96	%	8/13/2025		4,443,750		4,442,729		4,410,422
GC EOS Buyer Inc.	Automotive	Term Loan B (06/18)	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.02	%	8/1/2025		2,962,500		2,940,820		2,888,438
General Nutrition Centers Inc.	Retail	Term Loan B2	Loan	3M USD LIBOR+	8.75	%		0.75	%		10.21	%	3/4/2021		930,446		929,986		856,010
General Nutrition Centers Inc.	Retail	FILO Term Loan	Loan	1M USD LIBOR+	7.00	%		0.00	%		8.52	%	1/3/2023		585,849		584,748		583,505
Genesee & Wyoming Inc.	Transportation: Cargo	Term Loan (11/19)	Loan	3M USD LIBOR+	2.00	%		0.00	%		3.46	%	12/30/2026		1,500,000		1,492,771		1,489,380
GEO Group Inc. The	Banking Finance Insurance & Real Estate	Term Loan Refinance	Loan	1M USD LIBOR+	2.00	%		0.75	%		3.52	%	3/25/2024		2,000,000		1,911,214		1,846,260
GI Chill Acquisition LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	4.00	%		0.00	%		5.46	%	8/6/2025		2,468,750		2,458,492		2,450,234
GI Revelation Acquisition LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	5.00	%		0.00	%		6.52	%	4/16/2025		1,231,867		1,226,730		1,155,652
Gigamon Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	4.25	%		1.00	%		5.77	%	12/27/2024		2,960,000		2,937,550		2,952,600
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		5.77	%	11/28/2025		3,039,750		3,039,750		2,886,668
Go Wireless Inc.	Telecommunications	Term Loan	Loan	1M USD LIBOR+	6.50	%		1.00	%		8.02	%	12/22/2024		3,202,597		3,161,265		3,005,093
Goodyear Tire & Rubber Company The	Chemicals Plastics & Rubber	Second Lien Term Loan	Loan	1M USD LIBOR+	2.00	%		0.00	%		3.52	%	3/7/2025		2,000,000		2,000,000		1,950,000
Greenhill & Co. Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	3.25	%		0.00	%		4.77	%	4/12/2024		3,661,538		3,624,459		3,644,769
Grosvenor Capital Management Holdings LLLP	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.75	%		1.00	%		4.27	%	3/28/2025		898,530		894,831		898,530
Guidehouse LLP	Aerospace & Defense	Term Loan	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.02	%	5/1/2025		3,964,937		3,941,954		3,895,550
Harland Clarke Holdings Corp.	Media: Advertising Printing & Publishing	Term Loan	Loan	3M USD LIBOR+	4.75	%		1.00	%		6.21	%	11/3/2023		1,723,072		1,715,720		1,356,919
HD Supply Waterworks Ltd.	Construction & Building	Term Loan	Loan	3M USD LIBOR+	2.75	%		1.00	%		4.21	%	8/1/2024		488,750		487,883		481,419
Helix Acquisition Holdings Inc.	Capital Equipment	Term Loan (2019 Incremental)	Loan	3M USD LIBOR+	3.75	%		0.00	%		5.21	%	9/30/2024		2,977,500		2,925,219		2,754,188
Helix Gen Funding LLC	Energy: Electricity	Term Loan B (02/17)	Loan	1M USD LIBOR+	3.75	%		1.00	%		5.27	%	6/3/2024		264,030		263,694		253,799
HLF Financing SaRL LLC	Consumer goods: Non-durable	Term Loan B (08/18)	Loan	1M USD LIBOR+	2.75	%		0.00	%		4.27	%	8/18/2025		3,950,000		3,935,111		3,883,364
Holley Purchaser Inc.	Automotive	Term Loan B	Loan	3M USD LIBOR+	5.00	%		0.00	%		6.46	%	10/24/2025		2,475,000		2,454,070		2,301,750
Hudson River Trading LLC	Banking Finance Insurance & Real Estate	Term Loan B (01/20)	Loan	1M USD LIBOR+	3.00	%		0.00	%		4.52	%	2/18/2027		6,000,000		5,975,621		5,955,000
Hyperion Refinance S.a.r.l.	Banking Finance Insurance & Real Estate	Tem Loan (12/17)	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.02	%	12/20/2024		1,709,781		1,701,824		1,691,623
ICH US Intermediate Holdings II Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD LIBOR+	5.75	%		1.00	%		7.21	%	12/24/2026		5,000,000		4,803,288		4,875,000
Idera Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.52	%	6/28/2024		2,939,742		2,919,274		2,917,694
Informatica LLC	High Tech Industries	Term Loan B (02/20)	Loan	1M USD LIBOR+	3.25	%		0.00	%		4.77	%	2/25/2027		500,000		497,500		489,375
Inmar Inc.	Services: Business	Term Loan B	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.46	%	5/1/2024		3,457,043		3,377,774		3,320,939
Innophos Holdings Inc	Chemicals Plastics & Rubber	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.00	%		5.27	%	2/4/2027		500,000		497,521		496,250
ION Media Networks Inc.	Media: Broadcasting & Subscription	Term Loan B	Loan	1M USD LIBOR+	3.00	%		0.00	%		4.52	%	12/18/2024		997,500		992,818		982,538

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
Isagenix International LLC	Beverage Food & Tobacco	Term Loan	Loan	3M USD LIBOR+	5.75	%		1.00	%		7.21	%	6/16/2025		2,796,876		2,750,718		1,118,750
Jefferies Finance LLC / JFIN Co-Issuer Corp	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.00	%		4.77	%	6/3/2026		3,229,359		3,211,489		3,172,846
Jill Holdings LLC	Retail	Term Loan (1st Lien)	Loan	3M USD LIBOR+	5.00	%		1.00	%		6.46	%	5/9/2022		1,800,290		1,796,697		1,458,235
JP Intermediate B LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		6.96	%	11/20/2025		4,687,500		4,640,380		2,499,984
KAR Auction Services Inc.	Automotive	Term Loan B (09/19)	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	9/19/2026		249,375		248,789		247,505
Kindred Healthcare Inc.	Healthcare & Pharmaceuticals	Kindred Healthcare T/L (6/18)	Loan	1M USD LIBOR+	5.00	%		0.00	%		6.52	%	7/2/2025		2,000,000		1,980,000		1,975,000
Lakeland Tours LLC	Hotel Gaming & Leisure	Term Loan B	Loan	3M USD LIBOR+	4.25	%		1.00	%		5.71	%	12/16/2024		2,457,482		2,450,618		2,248,596
Lannett Company Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	5.38	%		1.00	%		6.89	%	11/25/2022		2,379,293		2,356,101		2,343,175
Learfield Communications LLC	Media: Advertising Printing & Publishing	Initial Term Loan (A-L Parent)	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.77	%	12/1/2023		485,000		483,577		439,531
Lifetime Brands Inc.	Consumer goods: Non-durable	Term Loan B	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.02	%	2/28/2025		2,992,386		2,955,090		2,857,728
Lighthouse Network LLC	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	4.50	%		1.00	%		6.02	%	12/2/2024		4,129,092		4,115,428		4,123,930
Lightstone Holdco LLC	Energy: Electricity	Term Loan B	Loan	1M USD LIBOR+	3.75	%		1.00	%		5.27	%	1/30/2024		1,322,520		1,320,692		1,164,651
Lightstone Holdco LLC	Energy: Electricity	Term Loan C	Loan	1M USD LIBOR+	3.75	%		1.00	%		5.27	%	1/30/2024		74,592		74,493		65,688
Lindblad Expeditions Inc.	Hotel Gaming & Leisure	US 2018 Term Loan	Loan	1M USD LIBOR+	3.25	%		0.00	%		4.77	%	3/27/2025		394,000		393,227		390,060
Lindblad Expeditions Inc.	Hotel Gaming & Leisure	Cayman Term Loan	Loan	1M USD LIBOR+	3.25	%		0.00	%		4.77	%	3/27/2025		98,500		98,307		97,515
Liquidnet Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.77	%	7/15/2024		2,131,268		2,126,212		2,093,970
LPL Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B1	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	11/11/2026		1,245,213		1,242,233		1,243,133
Marriott Ownership Resorts Inc.	Hotel Gaming & Leisure	Term Loan (11/19)	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	3/12/2026		1,500,000		1,500,000		1,432,500
Match Group Inc.	Services: Consumer	Term Loan (1/20)	Loan	3M USD LIBOR+	1.75	%		0.00	%		3.21	%	2/5/2027		250,000		249,377		248,438
McAfee LLC	Services: Business	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.00	%		5.27	%	9/30/2024		3,159,418		3,131,317		3,136,165
McDermott International (Americas) Inc.(b)	Construction & Building	Term Loan B	Loan	3M USD LIBOR+	5.00	%		1.00	%		6.46	%	5/12/2025		1,965,000		1,933,938		1,126,928
McGraw-Hill Global Education Holdings LLC	Media: Advertising Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.52	%	5/4/2022		956,813		954,867		897,807
Meredith Corporation	Media: Advertising Printing & Publishing	Term Loan B2	Loan	1M USD LIBOR+	2.50	%		0.00	%		4.02	%	1/31/2025		578,738		577,724		572,227
Messer Industries GMBH	Chemicals Plastics & Rubber	Term Loan B	Loan	3M USD LIBOR+	2.50	%		0.00	%		3.96	%	3/2/2026		2,977,500		2,970,753		2,917,950
Michaels Stores Inc.	Retail	Term Loan B	Loan	1M USD LIBOR+	2.50	%		1.00	%		4.02	%	1/30/2023		2,599,163		2,590,493		2,393,387
Midwest Physician Administrative Services LLC	Healthcare & Pharmaceuticals	Term Loan (2/18)	Loan	1M USD LIBOR+	2.75	%		0.75	%		4.27	%	8/15/2024		970,910		967,282		951,492
Milk Specialties Company	Beverage Food & Tobacco	Term Loan (2/17)	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.52	%	8/16/2023		3,899,905		3,848,164		3,696,798
MKS Instruments Inc.	High Tech Industries	Term Loan B6	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	2/2/2026		887,425		879,526		875,001
MLN US HoldCo LLC	Telecommunications	Term Loan	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.02	%	11/28/2025		990,000		988,165		932,144
MRC Global (US) Inc.	Metals & Mining	Term Loan B2	Loan	1M USD LIBOR+	3.00	%		0.00	%		4.52	%	9/20/2024		490,000		489,047		477,750
NAI Entertainment Holdings LLC	Hotel Gaming & Leisure	Term Loan B	Loan	1M USD LIBOR+	2.50	%		1.00	%		4.02	%	5/8/2025		870,833		869,104		855,594
Natgasoline LLC	Chemicals Plastics & Rubber	Term Loan	Loan	6M USD LIBOR+	3.50	%		0.00	%		4.90	%	11/14/2025		495,000		492,907		491,288
National Mentor Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.00	%		5.52	%	3/9/2026		1,881,215		1,864,059		1,871,809
National Mentor Holdings Inc.	Healthcare & Pharmaceuticals	Term Loan C	Loan	1M USD LIBOR+	4.00	%		0.00	%		5.52	%	3/9/2026		104,662		103,730		104,139
NeuStar Inc.	Telecommunications	Term Loan B4 (03/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.02	%	8/8/2024		2,962,121		2,918,947		2,688,125
NeuStar Inc.	Telecommunications	Term Loan B-5	Loan	1M USD LIBOR+	4.50	%		1.00	%		6.02	%	8/8/2024		992,500		975,477		959,311

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
Nexstar Broadcasting Inc.	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.00	%		4.27	%	9/18/2026		249,375		248,222		247,298
NMI Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.75	%		1.00	%		6.27	%	5/23/2023		3,454,906		3,457,271		3,420,357
NorthPole Newco S.a r.l	Aerospace & Defense	Term Loan	Loan	3M USD LIBOR+	7.00	%		0.00	%		8.46	%	3/3/2025		4,812,500		4,371,041		4,162,813
Novetta Solutions LLC	Aerospace & Defense	Term Loan	Loan	1M USD LIBOR+	5.00	%		1.00	%		6.52	%	10/17/2022		1,919,870		1,911,097		1,878,478
Novetta Solutions LLC	Aerospace & Defense	Second Lien Term Loan	Loan	1M USD LIBOR+	8.50	%		1.00	%		10.02	%	10/16/2023		1,000,000		994,137		973,750
NPC International Inc.(b)	Beverage Food & Tobacco	Term Loan	Loan	3M USD LIBOR+	3.50	%		1.00	%		4.96	%	4/19/2024		487,500		487,124		237,544
Octave Music Group Inc. The	Services: Business	Term Loan B	Loan	2M USD LIBOR+	5.25	%		1.00	%		6.75	%	5/29/2025		5,000,000		4,950,000		4,937,500
Office Depot Inc.	Retail	Term Loan B	Loan	1M USD LIBOR+	5.25	%		1.00	%		6.77	%	11/8/2022		2,456,367		2,445,611		2,464,547
Owens & Minor Distribution Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.02	%	4/30/2025		492,500		484,678		413,700
Patriot Container Corp.	Environmental Industries	Term Loan (3/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.02	%	3/20/2025		500,000		497,500		492,500
PCI Gaming Authority	Hotel Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		4.02	%	5/29/2026		878,269		874,086		871,682
Peraton Corp.	Aerospace & Defense	Term Loan	Loan	2M USD LIBOR+	5.25	%		1.00	%		6.75	%	4/29/2024		2,447,449		2,437,345		2,386,263
PGX Holdings Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	5.25	%		1.00	%		6.77	%	9/29/2020		3,564,650		3,555,767		1,782,325
PI UK Holdco II Limited	Services: Business	Term Loan B1 (PI UK Holdco II)	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.77	%	1/3/2025		1,473,750		1,467,204		1,449,802
Pixelle Specialty Solutions LLC	Forest Products & Paper	Term Loan	Loan	1M USD LIBOR+	6.50	%		1.00	%		8.02	%	10/31/2024		2,000,000		1,960,340		1,953,120
Plastipak Packaging Inc	Containers Packaging & Glass	Plastipak Packaging T/L B (04/18)	Loan	1M USD LIBOR+	2.50	%		0.00	%		4.02	%	10/15/2024		2,944,583		2,921,203		2,885,691
Playtika Holding Corp.	High Tech Industries	Trm Loan B (12/19)	Loan	1M USD LIBOR+	6.00	%		1.00	%		7.52	%	12/10/2024		4,000,000		3,922,736		3,988,760
Polymer Process Holdings Inc	Containers Packaging & Glass	Term Loan	Loan	1M USD LIBOR+	6.00	%		0.00	%		7.52	%	4/30/2026		2,985,000		2,930,303		2,921,569
Presidio Inc.	Services: Business	Term Loan B (1/20)	Loan	3M USD LIBOR+	3.50	%		0.00	%		4.96	%	1/22/2027		500,000		498,787		495,000
Prime Security Services Borrower LLC	Services: Consumer	Term Loan (Protection One/ADT)	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.77	%	9/23/2026		2,992,500		2,975,658		2,905,717
Priority Payment Systems Holdings LLC	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	5.00	%		1.00	%		6.52	%	1/3/2023		2,472,719		2,462,039		2,404,720
Project Accelerate Parent LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	4.25	%		1.00	%		5.77	%	1/2/2025		1,965,000		1,957,491		1,940,438
Prometric Holdings Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	3.00	%		1.00	%		4.52	%	1/29/2025		491,288		489,418		473,478
Pug LLC	Services: Consumer	Pug T/L B (02/20)	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.02	%	2/12/2027		1,500,000		1,492,500		1,395,000
Rackspace Hosting Inc.	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+	3.00	%		1.00	%		4.46	%	11/3/2023		1,476,064		1,467,715		1,403,486
Radio Systems Corporation	Consumer goods: Durable	Term Loan	Loan	2M USD LIBOR+	2.75	%		1.00	%		4.25	%	5/2/2024		1,462,500		1,462,500		1,449,703
Radiology Partners Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	2M USD LIBOR+	4.25	%		0.00	%		5.75	%	7/9/2025		1,432,727		1,426,403		1,413,386
Research Now Group Inc.	Media: Advertising Printing & Publishing	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		6.96	%	12/20/2024		3,927,406		3,816,352		3,868,494
Resolute Investment Managers Inc.	Banking Finance Insurance & Real Estate	Term Loan (10/17)	Loan	3M USD LIBOR+	3.25	%		1.00	%		4.71	%	4/29/2022		2,680,466		2,681,757		2,673,765
Rexnord LLC	Capital Equipment	Term Loan (11/19)	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	8/21/2024		862,069		862,069		858,431
Reynolds Consumer Products Inc.	Containers Packaging & Glass	Reynolds Consumer Products T/L	Loan	3M USD LIBOR+	1.75	%		0.00	%		3.21	%	2/4/2027		1,500,000		1,498,128		1,483,875
RGIS Services LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	7.50	%		1.00	%		8.96	%	3/31/2023		482,554		477,839		421,994
Robertshaw US Holding Corp.	Consumer goods: Durable	Term Loan B	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.77	%	2/28/2025		982,500		980,484		884,250
Rocket Software Inc.	High Tech Industries	Term Loan (11/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		5.77	%	11/28/2025		3,970,000		3,953,381		3,817,393
Russell Investments US Institutional Holdco Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.75	%		1.00	%		4.27	%	6/1/2023		5,637,965		5,554,276		5,553,396
Sahara Parent Inc.	High Tech Industries	Term Loan B (11/18)	Loan	3M USD LIBOR+	6.25	%		0.00	%		7.71	%	8/16/2024		1,955,250		1,938,956		1,877,040
Sally Holdings LLC	Retail	Term Loan (Fixed)	Loan	1M USD LIBOR+	0.00	%		0.00	%		0.00	%	7/5/2024		1,000,000		996,778		980,000

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
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	7/5/2024		768,409		765,606		753,041
Savage Enterprises LLC	Energy: Oil & Gas	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.00	%		5.52	%	8/1/2025		3,284,831		3,247,280		3,270,049
SCS Holdings I Inc.	High Tech Industries	Term Loan 1/20	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.02	%	7/1/2026		1,990,000		1,985,537		1,976,329
Seadrill Operating LP	Energy: Oil & Gas	Term Loan B	Loan	3M USD LIBOR+	6.00	%		1.00	%		7.46	%	2/21/2021		905,168		891,491		288,359
Shutterfly Inc.	Media: Advertising Printing & Publishing	Term Loan B	Loan	3M USD LIBOR+	6.00	%		1.00	%		7.46	%	9/25/2026		870,968		829,352		827,968
SMB Shipping Logistics LLC	Transportation: Consumer	Term Loan B	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.46	%	2/2/2024		1,947,873		1,946,123		1,913,785
SMG US Midco 2 Inc.	Services: Business	Term Loan (01/20)	Loan	1M USD LIBOR+	2.50	%		0.00	%		4.02	%	1/23/2025		500,000		500,000		495,000
Snacking Investment BidCo Pty Limited	Beverage Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.52	%	12/18/2026		1,000,000		990,193		987,500
Sotheby’s	Services: Business	Term Loan	Loan	1M USD LIBOR+	5.50	%		1.00	%		7.02	%	1/15/2027		3,324,994		3,258,223		3,315,285
SP PF Buyer LLC	Consumer goods: Durable	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.02	%	12/19/2025		1,985,000		1,911,678		1,801,388
SRAM LLC	Consumer goods: Durable	Term Loan	Loan	1M USD LIBOR+	2.75	%		1.00	%		3.72	%	3/15/2024		1,769,661		1,762,426		1,756,388
SS&C European Holdings S.A.R.L.	Services: Business	Term Loan B4	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	4/16/2025		199,839		199,466		196,841
SS&C Technologies Inc.	Services: Business	Term Loan B-5	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	4/16/2025		493,682		492,653		486,000
SS&C Technologies Inc.	Services: Business	Term Loan B3	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	4/16/2025		280,056		279,525		275,855
Staples Inc.	Wholesale	Term Loan (03/19)	Loan	1M USD LIBOR+	5.00	%		0.00	%		6.52	%	4/16/2026		1,960,188		1,960,188		1,928,334
Stats Intermediate Holdings LLC	Hotel Gaming & Leisure	Term Loan	Loan	6M USD LIBOR+	5.25	%		0.00	%		6.65	%	7/10/2026		2,000,000		1,953,068		1,920,000
Steak N Shake Operations Inc.	Beverage Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	3.75	%		1.00	%		5.27	%	3/19/2021		824,991		823,352		662,740
STG-Fairway Holdings LLC	Services: Business	STG Fairway T/L (First Advantage) (Fastball Merger	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.02	%	1/29/2027		500,000		497,500		496,040
Sybil Software LLC	High Tech Industries	Term Loan B (4/18)	Loan	3M USD LIBOR+	2.25	%		1.00	%		3.71	%	9/29/2023		263,565		262,651		261,918
Teneo Holdings LLC	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	5.25	%		1.00	%		6.77	%	7/11/2025		2,493,750		2,401,489		2,381,531
Tenneco Inc	Capital Equipment	Term Loan B	Loan	1M USD LIBOR+	3.00	%		0.00	%		4.52	%	10/1/2025		1,485,000		1,472,625		1,386,619
Ten-X LLC	Banking Finance Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.52	%	9/30/2024		1,960,000		1,958,142		1,927,327
Terex Corporation	Capital Equipment	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.75	%		4.27	%	1/31/2024		992,500		988,635		991,567
TGG TS Acquisition Company	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD LIBOR+	6.50	%		0.00	%		8.02	%	12/15/2025		2,766,667		2,639,073		2,711,333
The Edelman Financial Center LLC	Banking Finance Insurance & Real Estate	Term Loan B (06/18)	Loan	1M USD LIBOR+	3.25	%		0.00	%		4.77	%	7/21/2025		1,237,500		1,232,467		1,211,203
The Knot Worldwide Inc	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	4.50	%		0.00	%		6.02	%	12/19/2025		3,960,000		3,952,856		3,890,700
Thor Industries Inc.	Automotive	Term Loan (USD)	Loan	2M USD LIBOR+	3.75	%		0.00	%		5.25	%	2/2/2026		2,031,203		2,018,102		2,000,735
Tivity Health Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	5.25	%		0.00	%		6.77	%	3/6/2026		2,334,338		2,281,664		2,209,288
Tivity Health Inc.	Healthcare & Pharmaceuticals	Term Loan A	Loan	1M USD LIBOR+	4.25	%		0.00	%		5.77	%	3/8/2024		1,600,000		1,586,231		1,504,000
Transdigm Inc.	Aerospace & Defense	Term Loan G (02/20)	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	8/22/2024		4,106,293		4,111,126		4,013,901
Travel Leaders Group LLC	Hotel Gaming & Leisure	Term Loan B (08/18)	Loan	1M USD LIBOR+	4.00	%		0.00	%		5.52	%	1/25/2024		2,462,500		2,458,773		2,410,172
TRC Companies Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.02	%	6/21/2024		3,376,818		3,366,553		3,250,188
TRC Companies Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	5.00	%		1.00	%		6.52	%	6/21/2024		997,500		982,926		980,044
Trico Group LLC	Containers Packaging & Glass	Incremental Term Loan	Loan	3M USD LIBOR+	7.00	%		1.00	%		8.46	%	2/2/2024		4,758,359		4,645,140		4,675,088
Truck Hero Inc.	Transportation: Cargo	First Lien Term Loan	Loan	1M USD LIBOR+	3.75	%		0.00	%		5.27	%	4/22/2024		2,927,444		2,910,795		2,874,984
Trugreen Limited Partnership	Services: Consumer	Term Loan (03/19)	Loan	1M USD LIBOR+	3.75	%		1.00	%		5.27	%	3/19/2026		981,396		972,628		981,396
Twin River Worldwide Holdings Inc.	Hotel Gaming & Leisure	Term Loan B	Loan	1M USD LIBOR+	2.75	%		0.00	%		4.27	%	5/11/2026		995,000		990,418		971,060
United Natural Foods Inc.	Beverage Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		5.77	%	10/22/2025		3,465,000		3,270,106		2,875,950
Univar Solutions Inc.	Chemicals Plastics & Rubber	Term Loan B3 (11/17)	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	7/1/2024		1,627,723		1,621,989		1,603,307

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	%		4.27	%	3/15/2024		2,746,369		2,735,251		2,634,565
URS Holdco Inc.	Transportation: Cargo	Term Loan (10/17)	Loan	1M USD LIBOR+	5.75	%		1.00	%		7.27	%	8/30/2024		984,169		973,856		821,778
US Ecology Inc.	Environmental Industries	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		4.02	%	11/2/2026		500,000		498,859		496,250
VeriFone Systems Inc.	Banking Finance Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD LIBOR+	4.00	%		0.00	%		5.46	%	8/20/2025		5,431,250		5,403,194		5,214,000
Verra Mobility Corp.	Construction & Building	Term Loan B1 (02/20)	Loan	1M USD LIBOR+	3.25	%		0.00	%		4.77	%	2/28/2025		491,250		489,331		483,881
VFH Parent LLC	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.02	%	3/2/2026		3,801,266		3,787,581		3,793,663
Victory Capital Holdings Inc.	Banking Finance Insurance & Real Estate	Term Loan B (01/20)	Loan	1M USD LIBOR+	2.50	%		0.00	%		4.02	%	7/1/2026		422,273		418,485		415,939
Virtus Investment Partners Inc.	Banking Finance Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.75	%		3.77	%	6/3/2024		3,218,500		3,217,979		3,213,479
Vistra Operations Company LLC	Utilities: Electric	2018 Incremental Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	12/31/2025		927,500		926,595		919,094
Vizient Inc.	Healthcare & Pharmaceuticals	Term Loan B-6	Loan	1M USD LIBOR+	2.00	%		0.00	%		3.52	%	5/6/2026		496,250		495,208		491,600
VS Buyer T/L (Veeam Software)	High Tech Industries	Term Loan	Loan	3M USD LIBOR+	3.25	%		0.00	%		4.71	%	2/28/2027		1,000,000		1,000,000		986,250
Weight Watchers International Inc.	Services: Consumer	Term Loan B	Loan	3M USD LIBOR+	4.75	%		0.75	%		6.21	%	11/29/2024		1,670,130		1,645,266		1,665,955
West Corporation	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	3.50	%		1.00	%		5.02	%	10/10/2024		2,961,172		2,889,546		2,319,573
West Corporation	Telecommunications	Term Loan B (Olympus Merger)	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.52	%	10/10/2024		1,237,374		1,164,156		981,002
Western Dental Services Inc.	Retail	Term Loan (12/18)	Loan	1M USD LIBOR+	5.25	%		1.00	%		6.77	%	6/30/2023		2,438,722		2,424,403		2,444,819
Western Digital Corporation	High Tech Industries	Term Loan B-4	Loan	1M USD LIBOR+	1.75	%		0.00	%		3.27	%	4/29/2023		903,135		885,248		892,975
Winter Park Intermediate Inc.	Automotive	Term Loan	Loan	1M USD LIBOR+	4.75	%		0.00	%		6.27	%	4/4/2025		1,984,953		1,966,855		1,951,864
Wirepath LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.46	%	8/5/2024		2,955,118		2,931,790		2,766,730
WP CityMD Bidco LLC	Services: Consumer	Term Loan B	Loan	3M USD LIBOR+	4.50	%		1.00	%		5.96	%	8/13/2026		3,500,000		3,467,362		3,476,375
YS Garments LLC	Retail	Term Loan	Loan	1W USD LIBOR+	6.00	%		1.00	%		7.57	%	8/9/2024		1,937,500		1,921,365		1,908,438
Zekelman Industries Inc	Metals & Mining	Term Loan (01/20)	Loan	1M USD LIBOR+	2.25	%		0.00	%		3.77	%	1/19/2027		1,000,000		1,000,000		977,500
Zep Inc.	Chemicals Plastics & Rubber	Term Loan	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.46	%	8/12/2024		2,443,750		2,434,999		1,840,461
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.00	%		5.02	%	3/14/2025		982,500		978,750		934,603
																$	526,004,959	$	500,999,934

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (c)		9,081,041	$	9,081,041	$	9,081,041
Total cash and cash equivalents		9,081,041	$	9,081,041	$	9,081,041

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. junior Avg

Saratoga Investment (SAR) 10-Q2021 Q3 Quarterly report

Content analysis