Saratoga Investment 10Q 2022 Q1 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 May 31, 2021

☐ 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 July 7, 2021 was 11,183,471.

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements	1

	Consolidated Statements of Assets and Liabilities as of May 31, 2021 (unaudited) and February 28, 2021	1

	Consolidated Statements of Operations for the three months ended May 31, 2021 (unaudited) and May 31, 2020 (unaudited)	2

	Consolidated Statements of Changes in Net Assets for three months ended May 31, 2021 (unaudited) and May 31, 2020 (unaudited)	3

	Consolidated Statements of Cash Flows for the three months ended May 31, 2021 (unaudited) and May 31, 2020 (unaudited)	4

	Consolidated Schedules of Investments as of May 31, 2021 (unaudited) and February 28, 2021	5

	Notes to Consolidated Financial Statements as of May 31, 2021 (unaudited)	17

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	75

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	110

Item 4.	Controls and Procedures	111

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	112

Item 1A.	Risk Factors	112

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	112

Item 3.	Defaults Upon Senior Securities	112

Item 4.	Mine Safety Disclosures	112

Item 5.	Other Information	112

Item 6.	Exhibits	113

Signatures		116

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Saratoga Investment Corp.

Consolidated Statements of Assets and Liabilities

	May 31, 2021			February 28, 2021
	(unaudited)
ASSETS
Investments at fair value
Non-control/Non-affiliate investments (amortized cost of $546,808,095 and $471,328,212, respectively)	$	550,875,264		$	469,946,494
Affiliate investments (amortized cost of $34,774,328 and $17,331,707, respectively)		39,872,709			19,367,740
Control investments (amortized cost of $75,078,830 and $61,353,761, respectively)		87,024,892			64,998,481
Total investments at fair value (amortized cost of $656,661,253 and $550,013,680, respectively)		677,772,865			554,312,715
Cash and cash equivalents		317,932			18,828,047
Cash and cash equivalents, reserve accounts		19,659,681			11,087,027
Interest receivable (net of reserve of $588,904 and $1,152,086, respectively)		6,622,330			4,223,630
Due from affiliate (See Note 6)		2,600,000			2,719,000
Management fee receivable		852,876			34,644
Other assets		848,278			947,315
Total assets	$	708,673,962		$	592,152,378

LIABILITIES
Revolving credit facility	$	39,000,000		$	-
Deferred debt financing costs, revolving credit facility		(715,161	)		(639,983	)
SBA debentures payable		168,000,000			158,000,000
Deferred debt financing costs, SBA debentures payable		(3,397,674	)		(2,642,622	)
6.25% Notes Payable 2025		60,000,000			60,000,000
Deferred debt financing costs, 6.25% notes payable 2025		(1,581,383	)		(1,675,064	)
7.25% Notes Payable 2025		43,125,000			43,125,000
Deferred debt financing costs, 7.25% notes payable 2025		(1,319,867	)		(1,401,307	)
7.75% Notes Payable 2025		5,000,000			5,000,000
Deferred debt financing costs, 7.75% notes payable 2025		(225,397	)		(239,222	)
4.375% Notes Payable 2026		50,000,000			-
Deferred debt financing costs,		(1,205,274	)		-
6.25% Notes Payable 2027		15,000,000			15,000,000
Deferred debt financing costs, 6.25% notes payable 2027		(469,585	)		(476,820	)
Base management and incentive fees payable		10,727,948			6,556,674
Deferred tax liability		2,180,727			1,922,664
Accounts payable and accrued expenses		1,986,517			1,750,267
Interest and debt fees payable		1,763,342			2,645,784
Directors fees payable		92,000			70,500
Due to manager		368,013			279,065
Excise tax payable		-			691,672
Total liabilities		388,329,206			287,966,608

Commitments and contingencies (See Note 8)

NET ASSETS
Common stock, par value $0.001, 100,000,000 common shares authorized, 11,159,995 and 11,161,416 common shares issued and outstanding, respectively		11,160			11,161
Capital in excess of par value		304,784,840			304,874,957
Total distributable earnings (deficit)		15,548,756			(700,348	)
Total net assets		320,344,756			304,185,770
Total liabilities and net assets	$	708,673,962		$	592,152,378
NET ASSET VALUE PER SHARE	$	28.70		$	27.25

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Operations

(unaudited)

	For the three months ended
	May 31, 2021			May 31, 2020
INVESTMENT INCOME
Interest from investments
Interest income:
Non-control/Non-affiliate investments	$	11,236,737		$	9,955,562
Affiliate investments		340,512			398,370
Control investments		1,854,985			1,133,584
Payment-in-kind interest income:
Non-control/Non-affiliate investments		176,766			581,946
Affiliate investments		-			46,223
Control investments		77,675			34,782
Total interest from investments		13,686,675			12,150,467
Interest from cash and cash equivalents		522			11,796
Management fee income		818,232			634,572
Structuring and advisory fee income		1,301,875			313,306
Other income		1,008,686			187,000
Total investment income		16,815,990			13,297,141

OPERATING EXPENSES
Interest and debt financing expenses		4,340,912			2,563,876
Base management fees		2,758,908			2,160,528
Incentive management fees expense (benefit)		5,262,536			(1,858,310	)
Professional fees		507,061			386,888
Administrator expenses		693,750			556,250
Insurance		86,318			67,726
Directors fees and expenses		92,000			60,000
General & administrative		490,651			350,814
Income tax expense (benefit)		27,919			(8,945	)
Total operating expenses		14,260,055			4,278,827
NET INVESTMENT INCOME		2,555,935			9,018,314

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investments:
Non-control/Non-affiliate investments		1,910,141			8,480
Net realized gain (loss) from investments		1,910,141			8,480
Net change in unrealized appreciation (depreciation) on investments:
Non-control/Non-affiliate investments		5,448,887			(24,422,894	)
Affiliate investments		3,062,348			(2,444,252	)
Control investments		8,301,342			(5,083,223	)
Net change in unrealized appreciation (depreciation) on investments		16,812,577			(31,950,369	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(230,144	)		267,740
Net realized and unrealized gain (loss) on investments		18,492,574			(31,674,149	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	21,048,509		$	(22,655,835	)

WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE	$	1.88		$	(2.02	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED		11,170,045			11,217,545

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Changes in Net Assets

(unaudited)

	For the three months ended
	May 31, 2021			May 31, 2020
INCREASE (DECREASE) FROM OPERATIONS:
Net investment income	$	2,555,935		$	9,018,314
Net realized gain from investments		1,910,141			8,480
Net change in unrealized appreciation (depreciation) on investments		16,812,577			(31,950,369	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(230,144	)		267,740
Net increase (decrease) in net assets resulting from operations		21,048,509			(22,655,835	)

DECREASE FROM SHAREHOLDER DISTRIBUTIONS:
Total distributions to shareholders		(4,799,405	)		-
Net decrease in net assets from shareholder distributions		(4,799,405	)		-

CAPITAL SHARE TRANSACTIONS:
Stock dividend distribution		914,102			-
Repurchases of common stock		(1,003,420	)		-
Repurchase fees		(800	)		-
Net increase in net assets from capital share transactions		(90,118	)		-
Total increase (decrease) in net assets		16,158,986			(22,655,835	)
Net assets at beginning of period		304,185,770			304,286,853
Net assets at end of period	$	320,344,756		$	281,631,018

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Cash Flows

(unaudited)

	For the three months ended
	May 31, 2021			May 31, 2020
Operating activities
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	21,048,509		$	(22,655,835	)
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		(191,699	)		703,636
Net accretion of discount on investments		(321,106	)		(312,430	)
Amortization of deferred debt financing costs		470,314			272,683
Income tax expense (benefit)		27,919			(8,945	)
Net realized (gain) loss from investments		(1,910,141	)		(8,480	)
Net change in unrealized (appreciation) depreciation on investments		(16,812,577	)		31,950,369
Net change in provision for deferred taxes on unrealized appreciation (depreciation) on investments		230,144			(267,740	)
Proceeds from sales and repayments of investments		14,941,409			9,350,378
Purchases of investments		(119,166,038	)		(38,998,731	)
(Increase) decrease in operating assets:
Interest receivable		(2,398,700	)		501,475
Due from affiliate		119,000			-
Management and incentive fee receivable		(818,232	)		(13,381	)
Other assets		78,581			40,232
Increase (decrease) in operating liabilities:
Base management and incentive fees payable		4,171,274			(12,247,640	)
Accounts payable and accrued expenses		236,250			(132,244	)
Interest and debt fees payable		(882,442	)		(1,239,086	)
Directors fees payable		21,500			1,500
Excise tax payable		(691,672	)		-
Due to manager		88,948			(104,112	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(101,758,759	)		(33,168,351	)

Financing activities
Borrowings on debt		49,000,000			20,000,000
Paydowns on debt		-			(487,000	)
Issuance of notes		50,000,000			-
Repayments of notes		-			-
Payments of deferred debt financing costs		(2,289,179	)		-
Proceeds from issuance of common stock		-			-
Payments of cash dividends		(3,885,303	)		-
Repurchases of common stock		(1,003,420	)		-
Repurchases fees		(800	)		-
Payments of offering costs		-			-
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		91,821,298			19,513,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS		(9,937,461	)		(13,655,351	)
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD		29,915,074			39,450,352
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD	$	19,977,613		$	25,795,001

Supplemental information:
Interest paid during the period	$	4,753,043		$	3,530,278
Cash paid for taxes		692,740			1,006
Supplemental non-cash information:
Payment-in-kind interest income and other adjustments to cost		191,699			(703,636	)
Net accretion of discount on investments		321,106			312,430
Amortization of deferred debt financing costs		470,314			272,683
Stock dividend distribution		914,102			-

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Schedule of Investments

May 31, 2021

(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 - 171.9% (b)
Targus Holdings, Inc. (d), (h)	Consumer Products	Common Stock	12/31/2009		210,456		1,589,630	$	522,061		0.2	%
		Total Consumer Products					1,589,630		522,061		0.2	%
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		-		0.0	%
My Alarm Center, LLC (h)	Consumer Services	Common Stock	7/14/2017		96,224		-		-		0.0	%
		Total Consumer Services					4,867,102		-		0.0	%
Schoox, Inc. (h), (i)	Corporate Education Software	Series 1 Membership Interest	12/8/2020		226,782		1,050,000		3,107,700		1.0	%
		Total Corporate Education Software					1,050,000		3,107,700		1.0	%
Passageways, Inc.	Corporate Governance	First Lien Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 12/31/2025	7/5/2018	$	5,000,000	$	4,972,664		5,050,000		1.6	%
Passageways, Inc. (j)	Corporate Governance	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 12/31/2025	1/3/2020	$	5,000,000		4,981,026		5,050,000		1.6	%
Passageways, Inc. (h)	Corporate Governance	Series A Preferred Stock	7/5/2018		2,027,205		1,000,000		7,498,384		2.3	%
		Total Corporate Governance					10,953,690		17,598,384		5.5	%
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		6,496,025		6,632,349		2.1	%
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	$	2,150,000		2,130,433		2,175,370		0.7	%
		Total Dental Practice Management					8,626,458		8,807,719		2.8	%
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		13,904,721		14,278,600		4.5	%
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		6,943,964		7,139,300		2.2	%
PDDS Buyer, LLC (h)	Dental Practice Management Software	Series A-1 Preferred Shares	8/10/2020		1,755,831		2,000,000		2,472,430		0.8	%
		Total Dental Practice Management Software					22,848,685		23,890,330		7.5	%
C2 Educational Systems (d)	Education Services	First Lien Term Loan (3M USD LIBOR+8.50%), 10.00% Cash, 5/31/2023	5/31/2017	$	18,500,000		18,474,451		16,033,950		5.0	%
C2 Education Systems, Inc. (h)	Education Services	Series A-1 Preferred Stock	5/18/2021		3,127		499,904		502,621		0.2	%
Texas Teachers of Tomorrow, LLC (h), (i)	Education Services	Common Stock	12/2/2015		750		750,000		1,163,583		0.4	%
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	$	25,763,417		25,581,181		25,737,653		8.0	%

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Zollege PBC	Education Services	First Lien Term Loan (3M USD LIBOR+5.50%), 6.50% Cash, 5/11/2026	5/11/2021	$	16,000,000		15,860,000		15,840,000		4.9	%
Zollege PBC (j)	Education Services	Delayed Draw Term Loan (3M USD LIBOR+5.50%), 6.50% Cash, 5/11/2026	5/11/2021	$	-		-		-		0.0	%
Zollege PBC (h)	Education Services	Class A Units	5/11/2021		250,000		250,000		250,000		0.1	%
		Total Education Services					61,415,536		59,527,807		18.6	%
Destiny Solutions Inc. (d)	Education Software	First Lien Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 10/24/2024	5/16/2018	$	43,500,000		43,240,511		43,500,000		13.6	%
Destiny Solutions Inc. (h), (i)	Education Software	Limited Partner Interests	5/16/2018		2,342		2,468,464		3,894,965		1.2	%
Identity Automation Systems (d)	Education Software	First Lien Term Loan (3M USD LIBOR+9.24%), 10.99% Cash, 5/8/2024	8/25/2014	$	17,203,750		17,203,750		17,203,750		5.4	%
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		189,269		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		4,944,183		5,100,000		1.6	%
GoReact (j)	Education Software	Delayed Draw Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 1/17/2025	1/17/2020	$	1,200,000		1,200,000		1,224,000		0.4	%
Kev Software Inc. (a)	Education Software	First Lien Term Loan (1M USD LIBOR+8.63%), 9.63% Cash, 9/13/2023	9/13/2018	$	17,701,539		17,624,605		17,889,175		5.6	%
		Total Education Software					87,085,700		89,699,007		28.1	%
Top Gun Pressure Washing, LLC	Facilities Maintenance	First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 12/31/2025	8/12/2019	$	5,000,000		4,964,114		4,958,500		1.5	%
Top Gun Pressure Washing, LLC (j)	Facilities Maintenance	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 12/31/2025	8/12/2019	$	5,500,000		5,449,645		5,454,350		1.8	%
TG Pressure Washing Holdings, LLC (f), (h)	Facilities Maintenance	Preferred Equity	8/12/2019		488,148		488,148		318,329		0.1	%
		Total Facilities Maintenance					10,901,907		10,731,179		3.4	%
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		2,979,495		3,032,400		0.9	%
Davisware, LLC	Field Service Management	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.00% Cash, 7/31/2024	9/6/2019	$	977,790		974,822		988,350		0.3	%
		Total Field Service Management					3,954,317		4,020,750		1.2	%
GDS Software Holdings, LLC (h)	Financial Services	Common Stock Class A Units	8/23/2018		250,000		250,000		445,913		0.1	%
		Total Financial Services					250,000		445,913		0.1	%
Ohio Medical, LLC (h)	Healthcare Products Manufacturing	Common Stock	1/15/2016		5,000		380,353		564,042		0.2	%
		Total Healthcare Products Manufacturing					380,353		564,042		0.2	%
Axiom Parent Holdings, LLC (h)	Healthcare Services	Common Stock Class A Units	6/19/2018		400,000		400,000		900,986		0.3	%
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		9,959,761		10,059,000		3.1	%
Axiom Purchaser, Inc. (d)	Healthcare Services	Delayed Draw Term Loan (3M USD LIBOR+6.00%), 7.75% Cash, 6/19/2023	6/19/2018	$	6,000,000		5,965,638		6,035,400		1.9	%
ComForCare Health Care	Healthcare Services	First Lien Term Loan (3M USD LIBOR+7.75%), 8.75% Cash, 1/31/2025	1/31/2017	$	25,000,000		24,875,298		24,957,500		7.8	%
		Total Healthcare Services					41,200,697		41,952,886		13.1	%

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Greenphire, Inc. (h), (i)	Healthcare Software	Series A Preferred Stock	3/24/2021		102		10,181,700		10,381,661		3.2	%
TRC HemaTerra, LLC (h)	Healthcare Software	Class D Membership Interests	4/15/2019		2,241		2,310,929		2,816,291		0.9	%
HemaTerra Holding Company, LLC	Healthcare Software	First Lien Term Loan (3M USD LIBOR+6.75%), 8.25% Cash, 1/31/2026	4/15/2019	$	36,000,000		35,660,359		35,776,800		11.2	%
HemaTerra Holding Company, LLC (d), (j)	Healthcare Software	Delayed Draw Term Loan (3M USD LIBOR+6.75%), 8.25% Cash, 1/31/2026	4/15/2019	$	12,000,000		11,919,627		11,925,600		3.7	%
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		7,928,456		8,023,200		2.5	%
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		11/12/2020		300,000		300,000		339,111		0.1	%
		Total Healthcare Software					68,301,071		69,262,663		21.6	%
Roscoe Medical, Inc. (d), (h)	Healthcare Supply	Common Stock	3/26/2014		5,081		508,077		187,153		0.1	%
Roscoe Medical, Inc.	Healthcare Supply	Second Lien Term Loan 11.25% Cash, 6/28/2021	3/26/2014	$	5,141,413		5,141,413		5,141,413		1.6	%
		Total Healthcare Supply					5,649,490		5,328,566		1.7	%
Book4Time, Inc. (a)	Hospitality/Hotel	First Lien Term Loan (3M USD LIBOR+8.50%), 10.25%, 12/22/2025	12/22/2020	$	3,136,517		3,108,278		3,105,152		1.0	%
Book4Time, Inc. (a), (j)	Hospitality/Hotel	Delayed Draw Term Loan (3M USD LIBOR+8.50%), 10.25%, 12/22/2025	12/22/2020	$	-		-		-		0.0	%
Book4Time, Inc. (a), (i)	Hospitality/Hotel	Class A Preferred Shares	12/22/2020		200,000		156,826		200,000		0.1	%
Knowland Group, LLC	Hospitality/Hotel	Second Lien Term Loan (3M USD LIBOR+8.00%), 10.00% Cash/1.00% PIK, 5/9/2024	11/9/2018	$	15,767,918		15,767,918		11,280,368		3.5	%
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		2,975,728		3,000,000		0.9	%
		Total Hospitality/Hotel					22,008,750		17,585,520		5.5	%
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	$	20,000,000		19,815,082		19,950,000		6.2	%
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					19,815,082		19,950,000		6.2	%
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	$	6,843,746		6,843,746		6,843,746		2.1	%
Vector Controls Holding Co., LLC (d), (h)	Industrial Products	Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027	5/31/2015		343		-		2,188,389		0.7	%
		Total Industrial Products					6,843,746		9,032,135		2.8	%
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	$	14,146,020		14,138,542		14,249,286		4.4	%
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	$	20,556,466		20,507,075		20,706,528		6.5	%
LogicMonitor, Inc.	IT Services	First Lien Term Loan (3M USD LIBOR+5.00), 6.00% Cash, 5/17/2023	3/20/2020	$	23,000,000		22,883,641		23,101,200		7.2	%
		Total IT Services					57,529,258		58,057,014		18.1	%
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		12,124,363		12,389,100		3.9	%

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
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		4,963,878		5,077,500		1.6	%
		Total Marketing Services					17,088,241		17,466,600		5.5	%
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		5,474,886		5,500,000		1.7	%
		Total Non-profit Services					5,474,886		5,500,000		1.7	%
Emily Street Enterprises, L.L.C.	Office Supplies	Senior Secured Note (3M USD LIBOR+8.50%), 10.00% Cash, 12/31/2023	12/28/2012	$	3,300,000		3,300,000		3,248,190		1.0	%
Emily Street Enterprises, L.L.C. (h)	Office Supplies	Warrant Membership Interests Expires 12/28/2022	12/28/2012		49,318		400,000		151,202		0.0	%
		Total Office Supplies					3,700,000		3,399,392		1.0	%
Apex Holdings Software Technologies, LLC	Payroll Services	First Lien Term Loan (3M USD LIBOR+8.00%), 9.00% Cash, 9/21/2024	9/21/2016	$	18,000,000		17,983,170		17,380,801		5.3	%
Apex Holdings Software Technologies, LLC	Payroll Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.00% Cash, 9/21/2024	10/1/2018	$	1,000,000		994,942		965,600		0.3	%
		Total Payroll Services					18,978,112		18,346,401		5.6	%
Lexipol, LLC (h), (i)	Public Safety/Local Government Software	Series A Preferred Stock	3/30/2021		102		10,204,900		10,204,900		3.2	%
		Total Public Safety/Local Government Software					10,204,900		10,204,900		3.2	%
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		13,880,144		13,976,200		4.4	%
Buildout, Inc.	Real Estate Services	Delayed Draw Term Loan (3M USD LIBOR+7.75%), 9.25% Cash, 7/9/2025	2/12/2021	$	3,000,000		2,971,412		2,994,900		0.8	%
Buildout, Inc. (h), (i)	Real Estate Services	Limited Partner Interests	7/9/2020		1,071		1,071,301		1,215,084		0.4	%
		Total Real Estate Services					17,922,857		18,186,184		5.6	%
TMAC Acquisition Co., LLC (k)	Restaurant	Unsecured Term Loan 8.00% PIK, 9/01/2023	3/1/2018	$	2,261,017		2,261,017		2,169,383		0.7	%
		Total Restaurant					2,261,017		2,169,383		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		25,818,242		24,603,800		7.6	%
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		946,300		0.3	%
		Total Sports Management					26,818,242		25,550,100		7.9	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		968,628		0.3	%
		Total Staffing Services					100,000		968,628		0.3	%
National Waste Partners (d)	Waste Services	Second Lien Term Loan 10.00% Cash, 2/13/2022	2/13/2017	$	9,000,000		8,988,368		9,000,000		2.8	%
		Total Waste Services					8,988,368		9,000,000		2.8	%
Sub Total Non-control/Non-affiliate investments							546,808,095		550,875,264		171.9	%

Affiliate investments - 12.4% (b)
Artemis Wax Corp. (f), (j)	Consumer Services	Delayed Draw Term Loan (1M USD LIBOR+9.00%), 12.00% Cash, 5/20/2026	5/20/2021	$	15,295,662		15,142,705		15,142,705		4.7	%
Artemis Wax Corp. (f) (h)	Consumer Services	Series B-1 Preferred Stock	5/20/2021		934,463		1,500,000		1,500,000		0.5	%
Artemis Wax Corp. (f) (h)	Consumer Services	Series C Preferred Stock	5/20/2021		4,099		4,099,260		4,099,261		1.3	%
		Total Consumer Services					20,741,965		20,741,966		6.5	%

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
GreyHeller LLC (f)	Cyber Security	First Lien Term Loan (3M USD LIBOR+9.00%), 10.00% Cash, 12/31/2025	11/17/2016	$	7,000,000		6,988,553		7,000,000		2.2	%
GreyHeller LLC (d), (f), (j)	Cyber Security	Delayed Draw Term Loan (3M USD LIBOR+9.00%), 10.00% Cash, 12/31/2025	10/19/2020	$	6,250,000		6,193,810		6,250,001		1.9	%
GreyHeller LLC (f), (h)	Cyber Security	Series A Preferred Units	11/17/2016		850,000		850,000		5,880,742		1.8	%
		Total Cyber Security					14,032,363		19,130,743		5.9	%
Sub Total Affiliate investments							34,774,328		39,872,709		12.4	%

Control investments - 27.2% (b)
Netreo Holdings, LLC (g)	IT Services	First Lien Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.75% PIK, 12/31/2025	7/3/2018	$	5,332,239		5,304,439		5,361,034		1.6	%
Netreo Holdings, LLC (g), (j)	IT Services	Delayed Draw Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.75% PIK, 12/31/2025	5/26/2020	$	10,241,069		10,142,979		10,296,371		3.2	%
Netreo Holdings, LLC (g), (h)	IT Services	Common Stock Class A Unit	7/3/2018		4,600,677		8,344,500		17,946,180		5.6	%
		Total IT Services					23,791,918		33,603,585		10.4	%
Saratoga Investment Corp. CLO 2013-1, Ltd. (a), (e), (g)	Structured Finance Securities	Other/Structured Finance Securities 15.87%, 4/20/2033	1/22/2008	$	111,000,000		33,411,912		35,546,307		11.1	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-3 Note (a), (g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD LIBOR+10.00%), 10.13%, 4/20/2033	2/26/2021	$	17,875,000		17,875,000		17,875,000		5.7	%
		Total Structured Finance Securities					51,286,912		53,421,307		16.8	%
Sub Total Control investments							75,078,830		87,024,892		27.2	%
TOTAL INVESTMENTS - 211.5% (b)						$	656,661,253	$	677,772,865		211.5	%

	Number of Shares		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 6.1% (b)
U.S. Bank Money Market (l)		19,659,681	$	19,659,681	$	19,659,681		6.1	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts		19,659,681	$	19,659,681	$	19,659,681		6.1	%

(a)

Represents an ineligible investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended. As of May 31, 2021 non-qualifying assets represent 8.4% 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 $320,344,756 as of May 31, 2021.

(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 15.87% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment.

(f)

As defined in the Investment Company Act, this portfolio company is an Affiliate as we own between 5.0% and 25.0% of the voting securities. Transactions during the quarter ended May 31, 2021 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)
Artemis Wax Corp.	$	20,732,455	$	-	$	31,122	$	-	$	-	$	1
GreyHeller LLC		3,960,000		-		309,390		-		-		1,995,811
Total	$	24,692,455	$	-	$	340,512	$	-	$	-	$	1,995,812

(g)

As defined in the Investment Company Act, we “Control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the quarter ended May 31, 2021 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	$	14,104,500	$	-	$	279,628	$	-	$	2	$	4,224,061
Saratoga Investment Corp. CLO 2013-1, Ltd.		-		-		1,133,296		818,232		-		4,531,306
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-3 Note		-		-		465,738		-		-		(454,025	)
Total	$	14,104,500	$	-	$	1,878,661	$	818,232	$	2	$	8,301,342

(h)

Non-income producing at May 31, 2021.

(i)

Includes securities issued by an affiliate of the company.

(j)

All or a portion of this investment has an unfunded commitment as of May 31, 2021. (see Note 8 to the consolidated financial statements).

(k)

As of May 31, 2021, the investment was on non-accrual status. The fair value of these investments was approximately $2.2 million, which represented 0.3% of the Company’s portfolio (see Note 2 to the consolidated financial statements).

(l)

Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of May 31, 2021.

LIBOR - London Interbank Offered Rate

1M USD LIBOR - The 1 month USD LIBOR rate as of May 31, 2021 was 0.09%.

3M USD LIBOR - The 3 month USD LIBOR rate as of May 31, 2021 was 0.13%.

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 28, 2021

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 - 154.5% (b)
Targus Holdings, Inc. (d), (h)	Consumer Products	Common Stock	12/31/2009		210,456		1,589,630	$	475,116		0.2	%
		Total Consumer Products					1,589,630		475,116		0.2	%
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		181,240		0.1	%
My Alarm Center, LLC (h)	Consumer Services	Common Stock	7/14/2017		96,224		-		-		0.0	%
		Total Consumer Services					4,867,102		181,240		0.1	%
Schoox, Inc. (h), (i)	Corporate Education Software	Series 1 Membership Interest	12/8/2020		226,782		1,050,000		1,050,000		0.3	%
		Total Corporate Education Software					1,050,000		1,050,000		0.3	%
Passageways, Inc.	Corporate Governance	First Lien Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 12/31/2025	7/5/2018	$	5,000,000	$	4,972,250		5,050,000		1.7	%
Passageways, Inc. (j)	Corporate Governance	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 12/31/2025	1/3/2020	$	5,000,000		4,980,871		5,050,000		1.7	%
Passageways, Inc. (h)	Corporate Governance	Series A Preferred Stock	7/5/2018		2,027,205		1,000,000		3,164,579		1.0	%
		Total Corporate Governance					10,953,121		13,264,579		4.4	%
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		6,491,331		6,489,450		2.1	%
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	$	650,000		644,419		643,500		0.2	%
		Total Dental Practice Management					7,135,750		7,132,950		2.3	%
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		13,895,777		14,278,600		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		6,938,964		7,139,300		2.3	%
PDDS Buyer, LLC (h)	Dental Practice Management Software	Series A-1 Preferred Shares	8/10/2020		1,755,831		2,000,000		2,240,946		0.7	%
		Total Dental Practice Management Software					22,834,741		23,658,846		7.7	%
C2 Educational Systems (d)	Education Services	First Lien Term Loan (3M USD LIBOR+8.50%), 10.00% Cash, 5/31/2023	5/31/2017	$	16,000,000		15,998,379		13,499,200		4.4	%
Texas Teachers of Tomorrow, LLC (h), (i)	Education Services	Common Stock	12/2/2015		750		750,000		1,011,596		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	$	25,947,024		25,748,711		25,874,372		8.5	%
		Total Education Services					42,497,090		40,385,168		13.2	%
Destiny Solutions Inc. (d)	Education Software	First Lien Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 10/24/2024	5/16/2018	$	43,500,000		43,204,446		43,630,500		14.3	%
Destiny Solutions Inc. (h), (i)	Education Software	Limited Partner Interests	5/16/2018		2,342		2,468,464		3,069,267		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	$	17,247,500		17,247,500		17,357,884		5.7	%

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)			% of Net Assets
Identity Automation Systems (h)	Education Software	Common Stock Class A-2 Units	8/25/2014		232,616		232,616		725,726			0.2	%
Identity Automation Systems (h)	Education Software	Common Stock Class A-1 Units	3/6/2020		43,715		171,571		185,553			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		4,940,297		5,100,000			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	$	17,835,914		17,745,629		18,021,407			5.9	%
		Total Education Software					86,010,523		88,090,337			28.9	%
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		2,977,590		3,030,000			1.0	%
Davisware, LLC	Field Service Management	Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.00% Cash, 7/31/2024	9/6/2019	$	977,790		974,399		987,568			0.3	%
		Total Field Service Management					3,951,989		4,017,568			1.3	%
GDS Software Holdings, LLC (h)	Financial Services	Common Stock Class A Units	8/23/2018		250,000		250,000		418,531			0.1	%
		Total Financial Services					250,000		418,531			0.1	%
Ohio Medical, LLC (h)	Healthcare Products Manufacturing	Common Stock	1/15/2016		5,000		380,353		566,592			0.2	%
		Total Healthcare Products Manufacturing					380,353		566,592			0.2	%
Axiom Parent Holdings, LLC (h)	Healthcare Services	Common Stock Class A Units	6/19/2018		400,000		400,000		1,415,301			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		9,955,177		10,059,000			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	$	6,000,000		5,961,748		6,035,400			2.0	%
ComForCare Health Care	Healthcare Services	First Lien Term Loan (3M USD LIBOR+7.75%), 8.75% Cash, 1/31/2025	1/31/2017	$	25,000,000		24,871,639		24,900,000			8.2	%
		Total Healthcare Services					41,188,564		42,409,701			14.0	%
TRC HemaTerra, LLC (h)	Healthcare Software	Class D Membership Interests	4/15/2019		2,000,000		2,000,000		2,572,002			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		5,956,593		6,060,000			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		11,914,035		12,120,000			4.0	%
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		7,924,230		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		11/12/2020		300,000		300,000		300,000			0.1	%
		Total Healthcare Software					28,094,858		28,972,002			9.5	%
Roscoe Medical, Inc. (d), (h)	Healthcare Supply	Common Stock	3/26/2014		5,081		508,077		280,346	��		0.1	%
Roscoe Medical, Inc.	Healthcare Supply	Second Lien Term Loan 11.25% Cash, 6/28/2021	3/26/2014	$	5,141,413		5,141,413		5,141,413			1.7	%
		Total Healthcare Supply					5,649,490		5,421,759			1.8	%
Book4Time, Inc. (a)	Hospitality/Hotel	First Lien Term Loan (3M USD LIBOR+8.50%), 10.25%, 12/22/2025	12/22/2020	$	3,136,517		3,105,788		3,105,152			1.0	%
Book4Time, Inc. (a), (j)	Hospitality/Hotel	Delayed Draw Term Loan (3M USD LIBOR+8.50%), 10.25%, 12/22/2025	12/22/2020	$	-		-		-			0.0	%

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Book4Time, Inc. (a), (i)	Hospitality/Hotel	Class A Preferred Shares	12/22/2020		200,000		156,826		156,826		0.1	%
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		10,788,409		3.5	%
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		2,973,387		3,030,000		1.0	%
		Total Hospitality/Hotel					22,003,919		17,080,387		5.6	%
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		6,932,689		6,950,300		2.3	%
Granite Comfort, LP	HVAC Services and Sales	Delayed Draw Term Loan (1M USD LIBOR+9.00%), 10.00% Cash, 11/16/2025	11/16/2020	$	8,000,000		7,922,181		7,943,200		2.6	%
		Total HVAC Services and Sales					14,854,870		14,893,500		4.9	%
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	$	7,021,046		7,021,046		7,021,046		2.3	%
Vector Controls Holding Co., LLC (d), (h)	Industrial Products	Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027	5/31/2015		343		-		2,025,598		0.7	%
		Total Industrial Products					7,021,046		9,046,644		3.0	%
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	$	14,073,964		14,064,807		14,176,704		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	$	20,451,756		20,388,504		20,601,054		6.8	%
LogicMonitor, Inc.	IT Services	First Lien Term Loan (3M USD LIBOR+5.00), 6.00% Cash, 5/17/2023	3/20/2020	$	23,000,000		22,865,749		23,089,700		7.6	%
		Total IT Services					57,319,060		57,867,458		19.1	%
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		12,116,232		12,322,000		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		4,960,820		5,050,000		1.7	%
		Total Marketing Services					17,077,052		17,372,000		5.8	%
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		5,470,787		5,554,450		1.8	%
		Total Non-profit Services					5,470,787		5,554,450		1.8	%
Emily Street Enterprises, L.L.C.	Office Supplies	Senior Secured Note (3M USD LIBOR+8.50%), 10.00% Cash, 12/31/2023	12/28/2012	$	3,300,000		3,300,000		3,287,460		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		322,853		0.1	%
		Total Office Supplies					3,700,000		3,610,313		1.2	%
Apex Holdings Software Technologies, LLC	Payroll Services	First Lien Term Loan (3M USD LIBOR+8.00%), 9.00% Cash, 9/21/2024	9/21/2016	$	18,000,000		17,981,413		17,368,200		5.7	%
Apex Holdings Software Technologies, LLC	Payroll Services	Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.00% Cash, 9/21/2024	10/1/2018	$	1,000,000		994,557		964,900		0.3	%
		Total Payroll Services					18,975,970		18,333,100		6.0	%
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		7,189,591		7,395,000		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		4,838,617		4,973,850		1.6	%

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
V Rental Holdings LLC (h)	Property Management	Class A-1 Membership Units	10/8/2019		122,578		365,914		2,208,681		0.7	%
		Total Property Management					12,394,122		14,577,531		4.7	%
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		13,873,317		13,952,400		4.6	%
Buildout, Inc.	Real Estate Services	Delayed Draw Term Loan (3M USD LIBOR+7.75%), 9.25% Cash, 7/9/2025	2/12/2021	$	3,000,000		2,970,361		2,989,800		1.0	%
Buildout, Inc. (h), (i)	Real Estate Services	Limited Partner Interests	7/9/2020		1,071		1,071,301		1,090,002		0.4	%
		Total Real Estate Services					17,914,979		18,032,202		6.0	%
TMAC Acquisition Co., LLC (k)	Restaurant	Unsecured Term Loan 8.00% PIK, 9/01/2023	3/1/2018	$	2,261,017		2,261,017		2,140,911		0.7	%
		Total Restaurant					2,261,017		2,140,911		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		25,800,743		24,525,800		8.1	%
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		943,300		0.3	%
		Total Sports Management					26,800,743		25,469,100		8.4	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		924,509		0.3	%
		Total Staffing Services					100,000		924,509		0.3	%
National Waste Partners (d)	Waste Services	Second Lien Term Loan 10.00% Cash, 2/13/2022	2/13/2017	$	9,000,000		8,981,436		9,000,000		3.0	%
		Total Waste Services					8,981,436		9,000,000		3.0	%
Sub Total Non-control/Non-affiliate investments							471,328,212		469,946,494		154.5	%

Affiliate investments - 6.4% (b)
GreyHeller LLC (f)	Cyber Security	First Lien Term Loan (3M USD LIBOR+11.00%), 12.00% Cash, 12/31/2025	11/17/2016	$	7,000,000		6,988,549		7,000,000		2.3	%
GreyHeller LLC (d), (f), (j)	Cyber Security	Delayed Draw Term Loan (3M USD LIBOR+11.00%), 12.00% Cash, 12/31/2025	10/19/2020	$	2,250,000		2,233,173		2,250,000		0.7	%
GreyHeller LLC (f), (h)	Cyber Security	Series A Preferred Units	11/17/2016		850,000		850,000		3,924,291		1.3	%
		Total Cyber Security					10,071,722		13,174,291		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		4,961,639		4,491,500		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		1,810,198		1,639,397		0.6	%
TG Pressure Washing Holdings, LLC (f), (h)	Facilities Maintenance	Preferred Equity	8/12/2019		488,148		488,148		62,552		0.0	%
		Total Facilities Maintenance					7,259,985		6,193,449		2.1	%
Sub Total Affiliate investments							17,331,707		19,367,740		6.4	%

Control investments - 21.4% (b)
Netreo Holdings, LLC (g)	IT Services	First Lien Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.75% PIK, 12/31/2025	7/3/2018	$	5,296,555		5,268,156		5,349,521		1.8	%
Netreo Holdings, LLC (g), (j)	IT Services	Delayed Draw Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.75% PIK, 12/31/2020	5/26/2020	$	1,223,203		1,213,962		1,235,435		0.4	%
Netreo Holdings, LLC (g), (h)	IT Services	Common Stock Class A Unit	7/3/2018		3,150,000		3,150,000		8,634,768		2.8	%
		Total IT Services					9,632,118		15,219,724		5.0	%

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. (a), (e), (g)	Structured Finance Securities	Other/Structured Finance Securities 11.72%, 1/20/2030	1/22/2008	$	111,000,000		33,846,643		31,449,732		10.3	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-3 Note (a), (g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD LIBOR+10.00%), 10.19%, 4/20/2033	2/26/2021	$	17,875,000		17,875,000		18,329,025		6.1	%
		Total Structured Finance Securities					51,721,643		49,778,757		16.4	%
Sub Total Control investments							61,353,761		64,998,481		21.4	%
TOTAL INVESTMENTS - 182.2% (b)						$	550,013,680	$	554,312,715		182.2	%

				Number of Shares		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 6.2% (b)
U.S. Bank Money Market (l)					18,828,047	$	18,828,047	$	18,828,047		6.2	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts					18,828,047	$	18,828,047	$	18,828,047		6.2	%

(a)

Represents an ineligible investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended. As of February 28, 2021 non-qualifying assets represent 9.5% 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 $304,185,770 as of February 28, 2021.

(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 11.72% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment.

(f)

As defined in the Investment Company Act, this portfolio company is an Affiliate as we own between 5.0% and 25.0% of the voting securities. Transactions during the year ended February 28, 2021 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.	$	-	$	(2,309,806	)	$	172,626	$	-	$	(8,726,013	)	$	7,745,228
GreyHeller LLC		2,227,500		-			987,969		-		-			942,175
Top Gun Pressure Washing, LLC		1,806,750		-			668,294		-		-			(712,711	)
TG Pressure Washing Holdings, LLC		138,148		-			-		-		-			(425,596	)
Total	$	4,172,398	$	(2,309,806	)	$	1,828,889	$	-	$	(8,726,013	)	$	7,549,096

(g)

As defined in the Investment Company Act, we “Control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended February 28, 2021 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	$	-		$	738,012	$	-	$	-	$	1,832,136
Saratoga Investment Corp. CLO 2013-1, Ltd.		14,000,000		-			3,535,591		2,507,626		-		(1,433,723	)
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-2 Notes		-		(2,500,000	)		237,163		-		-		22,000
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-3 Note		17,875,000		-			15,187		-		-		454,025
Saratoga Investment Corp. CLO 2013-1, Ltd. Class G-R-2 Notes		-		(7,500,000	)		805,759		-		-		65,250
Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd.		22,500,000		(25,000,000	)		679,926		-		-		295,459
Total	$	55,563,000	$	(35,000,000	)	$	6,011,638	$	2,507,626	$	-	$	1,235,147

(h)

Non-income producing at February 28, 2021.

(i)

Includes securities issued by an affiliate of the company.

(j)

All or a portion of this investment has an unfunded commitment as of February 28, 2021. (see Note 8 to the consolidated financial statements).

(k)

As of February 28, 2021, 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 28, 2021.

LIBOR - London Interbank Offered Rate

1M USD LIBOR - The 1 month USD LIBOR rate as of February 28, 2021 was 0.12%.

3M USD LIBOR - The 3 month USD LIBOR rate as of February 28, 2021 was 0.19%.

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

May 31, 2021

(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 income tax purposes and may incur income tax expense as a result of their ownership of portfolio companies.

On March 28, 2012, our wholly-owned subsidiary, Saratoga Investment Corp. SBIC, LP (“SBIC LP”), received a Small Business Investment Company (“SBIC”) license from the Small Business Administration (“SBA”). On 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 May 31, 2021.

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 May 31, 2021, 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:

	May 31, 2021		May 31, 2020
Cash and cash equivalents	$	317,932	$	12,842,608
Cash and cash equivalents, reserve accounts		19,659,681		12,952,393
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	19,977,613	$	25,795,001

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 measurement 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.

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.

We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.

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 valuation technique that utilizes prepayment, re-investment and loss inputs 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 flows, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs 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 May 31, 2021, certain investments in two portfolio companies, including preferred equity interests, were on non-accrual status with a fair value of approximately $2.2 million, or 0.3% of the fair value of our portfolio. At February 28, 2021, 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 (1) 98.0% of its net ordinary income in any calendar year, (2) 98.2% of its capital gain net income for each one-year period ending on October 31and (3) any net ordinary income and capital gain net income that it recognized for preceding years, but were not distributed during such year, and on which the Company paid no U.S federal income tax.

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 the 4.0% U.S. federal 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 U.S. federal excise tax purposes, the Company accrues the U.S. federal 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 28, 2021, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2018, 2019, 2020 and 2021 federal tax years for the Company remain subject to examination by the IRS. As of May 31, 2021 and February 28, 2021, 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.

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. 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 independent 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. 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 technique. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.

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

The following table presents fair value measurements of investments, by major class, as of May 31, 2021 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
First lien term loans	$	-	$	-	$	516,154	$	516,154
Second lien term loans		-		-		25,422		25,422
Unsecured term loans		-		-		2,169		2,169
Structured finance securities		-		-		53,421		53,421
Equity interests		-		-		80,607		80,607
Total	$	-	$	-	$	677,773	$	677,773

The following table presents fair value measurements of investments, by major class, as of February 28, 2021 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
First lien term loans	$	-	$	-	$	440,456	$	440,456
Second lien term loans		-		-		24,930		24,930
Unsecured term loans		-		-		2,141		2,141
Structured finance securities		-		-		49,779		49,779
Equity interests		-		-		37,007		37,007
Total	$	-	$	-	$	554,313	$	554,313

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2021 (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, 2021	$	440,456		$	24,930	$	2,141	$	49,779		$	37,007		$	554,313
Payment-in-kind and other adjustments to cost		231							(435	)		396			192
Net accretion of discount on investments		314			7				-			-			321
Net change in unrealized appreciation (depreciation) on investments		497			485		28		4,077			11,725			16,812
Purchases		87,321										31,845			119,166
Sales and repayments		(12,665	)									(2,276	)		(14,941	)
Net realized gain (loss) from investments												1,910			1,910
Balance as of May 31, 2021	$	516,154		$	25,422	$	2,169	$	53,421		$	80,607		$	677,773
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	$	838		$	485	$	28	$	4,076		$	13,568		$	18,995

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 three months ended May 31, 2021.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 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		191			466			-			(1,361	)		-			(704	)
Net accretion of discount on investments		279			33			-			-			-			312
Net change in unrealized appreciation (depreciation) on investments		(19,115	)		(4,582	)		(1,035	)		(3,803	)		(3,415	)		(31,950	)
Purchases		36,189			-			2,500			-			310			38,999
Sales and repayments		(9,350	)		-			-			-			-			(9,350	)
Net realized gain (loss) from investments		8			-			-			-			-			8
Balance as of May 31, 2020	$	354,435		$	69,487		$	5,811		$	27,306		$	25,908		$	482,947
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	$	(18,880	)	$	(4,583	)	$	(1,034	)	$	(3,804	)	$	(3,414	)	$	(31,715	)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2021 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

516,154

Market Comparables

Market Yield (%)

5.8% - 18.1%

9.6%

EBITDA Multiples (x)

6.8x

Revenue Multiples (x)

4.7x - 11.2x

8.2x

Second lien term loans

25,422

Market Comparables

Market Yield (%)

10.0% - 23.7%

17.6%

EBITDA Multiples (x)

7.5x

Unsecured term loans

2,169

Market Comparables

Market Yield (%)

25.2%

EBITDA Multiples (x)

5.2x

Structured finance securities

53,421

Discounted Cash Flow

Discount Rate (%)

10.0% - 15.0%

13.9%

Recovery Rate (%)

35% - 70%

70.0%

Prepayment Rate (%)

20.0%

Equity interests

80,607

Enterprise Value Waterfall

EBITDA Multiples (x)

3.3x - 74.0x

32.6x

Revenue Multiples (x)

0.5x - 21.8x

9.2x

Total

677,773

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 28, 2021 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

440,456

Market Comparables

Market Yield (%)

5.8% - 18.7%

9.7%

EBITDA Multiples (x)

6.8x

Revenue Multiples (x)

4.1x - 8.0x

7.5x

Second lien term loans

24,930

Market Comparables

Market Yield (%)

10.0% - 24.5%

16.5%

EBITDA Multiples (x)

7.5x

Unsecured term loans

2,141

Market Comparables

Market Yield (%)

31.1%

EBITDA Multiples (x)

5.2x

Structured finance securities

49,779

Discounted Cash Flow

Discount Rate (%)

10.0% - 15.00%

13.8%

Recovery Rate (%)

35.0% - 70.0%

70.0%

Prepayment Rate (%)

20.0%

Equity interests

37,007

Enterprise Value Waterfall

EBITDA Multiples (x)

4.0x - 14.0x

9.7x

Revenue Multiples (x)

0.5x - 38.3x

4.6x

Total

554,313

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 May 31, 2021 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	$	516,790	78.7	%	$	516,154	76.2	%
Second lien term loans		29,898	4.6			25,422	3.7
Unsecured term loans		2,261	0.3			2,169	0.3
Structured finance securities		51,287	7.8			53,421	7.9
Equity interests		56,425	8.6			80,607	11.9
Total	$	656,661	100.0	%	$	677,773	100.0	%

The composition of our investments as of February 28, 2021 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	$	441,590	80.3	%	$	440,456	79.5	%
Second lien term loans		29,891	5.4			24,930	4.4
Unsecured term loans		2,261	0.4			2,141	0.4
Structured finance securities		51,722	9.4			49,779	9.0
Equity interests		24,550	4.5			37,007	6.7
Total	$	550,014	100.0	%	$	554,313	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 inputs that a hypothetical market participant would use to value the security in a current hypothetical sale using a market comparables valuation technique. In applying the market comparables valuation technique, we determine the fair value based on such factors as market participant inputs 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 comparables technique is not sufficient or appropriate, we may use additional techniques such as an asset liquidation or expected recovery model.

For equity securities of portfolio companies and partnership interests, we determine the fair value using an enterprise value waterfall valuation technique. Under the enterprise value waterfall valuation technique, 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 techniques and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The techniques 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 valuation technique that utilizes prepayment, re-investment and loss inputs 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 flows, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs 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 inputs about the refinanced Saratoga CLO’s structure, including capital structure, cost of liabilities and reinvestment period. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO at May 31, 2021. The inputs at May 31, 2021 for the valuation model include:

●

Default rate: 2%

●

Recovery rate: 35% -70%

●

Discount rate: 10% – 15%

●

Prepayment rate: 20%

●

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 May 31, 2021.

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 Inc. (“Destiny”) 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.

Hematerra Holdings Company, LLC

HemaTerra Holding Company, LLC (“HemaTerra”) provides SaaS-based software solutions addressing complex supply chain issues across a variety of medical environments, including blood, plasma, tissue, implants and DNA sample management, to customers in blood centers, hospitals, pharmaceuticals, and law enforcement settings.

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-3.

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., (“CLO 2013-1 Warehouse 2”) a wholly-owned subsidiary Saratoga CLO.

On February 26, 2021, the Company completed the fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, and extended its legal maturity to April 2033. A non-call period ending February 2022 was also added. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. As of May 31, 2021, there remained an outstanding receivable of $2.6 million for such transaction costs which is presented as due from affiliate on the Company’s consolidated statement of assets and liabilities.

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 May 31, 2021 and May 31, 2020, we accrued management fee income of $0.8 million and $0.6 million, respectively, and interest income of $1.1 million and $0.6 million, respectively, from the Saratoga CLO.

As of May 31, 2021, the aggregate principal amounts of the Company’s investments in the subordinated notes and Class F-R-3 Notes of the Saratoga CLO was $111.0 million and $17.9 million, respectively, which had a corresponding fair value of $35.5 million and $17.9 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 May 31, 2021, Saratoga CLO had investments with a principal balance of $685.6 million and a weighted average spread over LIBOR of 3.8% and had debt with a principal balance of $611.0 million with a weighted average spread over LIBOR of 2.2%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. As of May 31, 2021, the present value of the projected future cash flows of the subordinated notes was approximately $36.2 million, using a 15.0% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 which consists of investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021; to date the Company has since received distributions of $68.4 million, management fees of $25.7 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 28, 2021, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $31.4 million. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of February 28, 2021, the fair value of its investment in the Class F-R-3 Notes was $18.3 million, As of February 28, 2021, Saratoga CLO had investments with a principal balance of $603.7 million and a weighted average spread over LIBOR of 3.8% and had debt with a principal balance of $611.0 million with a weighted average spread over LIBOR of 2.2%. 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 February 28, 2021, the present value of the projected future cash flows of the subordinated notes was approximately $31.7 million, using a 15.0% discount rate.

Below is certain financial information from the separate financial statements of Saratoga CLO as of May 31, 2021 (unaudited) and February 28, 2021 and for the three months ended May 31, 2021 (unaudited) and May 31, 2020 (unaudited).

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Assets and Liabilities

	May 31, 2021			February 28, 2021
	(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $676,759,933 and $594,722,350, respectively)	$	672,967,501		$	591,518,866
Equities at fair value (amortized cost of $385,327 and $527,124, respectively)		467,214			501,175
Total investments at fair value (amortized cost of $677,145,260 and $595,249,474, respectively)		673,434,715			592,020,041
Cash and cash equivalents		10,710,367			114,145,406
Receivable from open trades		4,531,236			1,901,754
Interest receivable (net of reserve of $37,834 and $35,000, respectively)		2,027,683			1,497,333
Prepaid expenses and other assets		71,753			118,868
Total assets	$	690,775,754		$	709,683,402

LIABILITIES
Interest payable	$	3,847,101		$	124,233
Payable from open trades		41,198,406			66,298,568
Accrued base management fee		170,576			6,930
Accrued subordinated management fee		682,301			27,715
Accounts payable and accrued expenses		78,545			809,760
Due to Affiliate		2,600,000			2,600,000
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-3 Senior Secured Floating Rate Notes		357,500,000			357,500,000
Class A-2-R-3 Senior Secured Floating Rate Notes		65,000,000			65,000,000
Class B-FL-R-3 Senior Secured Floating Rate Notes		60,500,000			60,500,000
Class B-FXD-R-3 Senior Secured Fixed Rate Notes		11,000,000			11,000,000
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes		26,000,000			26,000,000
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes		6,500,000			6,500,000
Class D-R-3 Deferrable Mezzanine Floating Rate Notes		39,000,000			39,000,000
Discount on Class D-R-3 Notes		(286,302	)		(292,368	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(2,974,358	)		(3,037,380	)
Class F-R-3 Notes Deferrable Junior Floating Rate Notes		17,875,000			17,875,000
Deferred debt financing costs		(2,229,317	)		(2,276,780	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(47,042,654	)		(48,039,412	)
Total liabilities	$	718,044,298		$	738,221,266

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)		(27,268,794	)		(28,538,114	)
Total net assets		(27,268,544	)		(28,537,864	)
Total liabilities and net assets	$	690,775,754		$	709,683,402

See accompanying notes to financial statements.

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Operations

(unaudited)

	For the three months ended
	May 31, 2021			May 31, 2020
INVESTMENT INCOME
Total interest from investments	$	7,747,740		$	7,213,489
Interest from cash and cash equivalents		572			3,287
Other income		317,057			109,641
Total investment income		8,065,369			7,326,417
EXPENSES
Interest and debt financing expenses		4,836,177			7,288,568
Base management fee		163,646			125,521
Subordinated management fee		654,586			502,085
Professional fees		35,666			88,490
Trustee expenses		-			51,858
Other expense		59,783			28,052
Total expenses		5,749,858			8,084,574
NET INVESTMENT INCOME (LOSS)		2,315,511			(758,157	)

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(565,094	)		(1,803,884	)
Net change in unrealized depreciation on investments		(481,097	)		(31,575,429	)
Net realized and unrealized gain (loss) on investments		(1,046,191	)		(33,379,313	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,269,320		$	(34,137,470	)

See accompanying notes to financial statements

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

May 31, 2021

(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
Covia Holdings C/S (Unimin)	Metals & Mining	Common Stock	Equity	-	-			-			-			-		49,312		385,327	$	369,840
Fusion Connect Warrant	Telecommunications	Warrants	Equity	-	-			-			-			-		32,832		-		-
J Jill Common Stock	Retail	Common Stock	Equity	-	-			-			-			-		5,085		-		97,374
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	$	2,055,028	$	2,042,826		1,972,827
Adtalem Global Education Inc.	Services: Business	Term Loan B (02/21)	Loan	1M USD LIBOR+	4.50	%		0.75	%		5.25	%		2/12/2028		2,000,000		1,980,000		1,984,580
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		6.50	%		5/9/2025		3,386,421		3,367,055		3,265,797
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (1/19)	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.88	%		1/4/2026		490,000		490,000		488,775
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (09/20)	Loan	1M USD LIBOR+	2.75	%		0.75	%		3.50	%		1/4/2026		384,464		381,065		383,503
AHEAD DB Holdings, LLC	Services: Business	Term Loan (04/21)	Loan	3M USD LIBOR+	3.75	%		0.75	%		4.50	%		10/18/2027		3,000,000		2,888,935		2,995,770
AI Convoy (Luxembourg) S.a.r.l.	Aerospace & Defense	Term Loan B (USD)	Loan	3M USD LIBOR+	3.50	%		1.00	%		4.50	%		1/18/2027		1,485,000		1,479,037		1,484,376
AIS HoldCo, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.00	%		5.19	%		8/15/2025		5,212,127		5,058,226		5,107,885
Alchemy Copyrights, LLC	Media: Diversified & Production	Term Loan B	Loan	1M USD LIBOR+	3.00	%		0.50	%		3.50	%		3/10/2028		497,503		494,212		496,259
Alchemy US Holdco 1, LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	5.50	%		0.00	%		5.59	%		10/10/2025		1,887,500		1,868,406		1,850,939
Alion Science and Technology Corporation	Aerospace & Defense	Term Loan (2/21)	Loan	1M USD LIBOR+	2.75	%		0.75	%		3.50	%		7/23/2024		3,990,000		3,975,478		3,974,040
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		3.25	%		2/4/2028		250,000		249,391		248,958
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	3M USD LIBOR+	2.50	%		0.50	%		3.00	%		3/12/2026		500,000		498,791		496,250
Allen Media, LLC	Media: Diversified & Production	Term Loan	Loan	3M USD LIBOR+	5.50	%		0.00	%		5.70	%		2/10/2027		2,969,527		2,957,931		2,962,103
Alliant Holdings I, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD LIBOR+	3.75	%		0.50	%		4.25	%		11/6/2027		500,000		497,500		500,375
Altisource Solutions 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		1,223,297		1,219,007		1,026,554
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan (01/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		2.84	%		1/29/2028		500,000		497,552		496,485
Altra Industrial Motion Corp.	Capital Equipment	Term Loan	Loan	1M USD LIBOR+	2.00	%		0.00	%		2.09	%		10/1/2025		1,477,611		1,475,296		1,470,223
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.50	%		1.00	%		5.50	%		4/6/2024		3,878,028		3,876,039		3,878,028
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.75	%		4.50	%		3/3/2028		2,000,000		1,990,352		1,996,260
AmeriLife Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.11	%		3/18/2027		1,488,901		1,480,666		1,487,040
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD LIBOR+	2.25	%		0.75	%		3.00	%		2/17/2028		1,995,000		1,990,338		1,984,826
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	3.75	%		0.00	%		3.95	%		8/11/2025		975,000		971,940		698,519
Anchor Glass Container Corporation	Containers, Packaging & Glass	Term Loan (07/17)	Loan	3M USD LIBOR+	2.75	%		1.00	%		3.75	%		12/7/2023		478,844		477,830		431,333

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		Issuer Name
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD LIBOR+		4.00	%		0.00	%		4.11	%		7/18/2026		994,937		985,812		996,180
ANI Pharmaceuticals, Inc.	Healthcare & Pharmaceuticals	ANI Pharmaceuticals 5/21 T/L B	Loan	3M USD LIBOR+		6.00	%		0.75	%		6.75	%		5/24/2027		3,000,000		2,940,000		2,947,500
APi Group DE, Inc. (J2 Acquisition)	Services: Business	Term Loan B	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		10/1/2026		987,500		983,568		980,094
APLP Holdings Limited Partnership	Energy: Electricity	Term Loan B (3/21)	Loan	3M USD LIBOR+		3.75	%		1.00	%		4.75	%		4/1/2027		1,000,000		990,055		1,000,630
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+		2.75	%		0.00	%		2.84	%		5/15/2026		2,992,386		2,954,312		2,962,462
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD LIBOR+		3.50	%		0.50	%		4.00	%		3/6/2028		1,000,000		990,216		997,500
AppLovin Corporation	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+		3.25	%		0.00	%		3.34	%		8/15/2025		997,449		997,449		995,893
Aramark Corporation	Services: Consumer	Term Loan	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		1/15/2027		2,475,000		2,398,873		2,438,915
Aramark Corporation	Services: Consumer	Term Loan B (4/21)	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		4/1/2028		2,000,000		1,990,169		1,989,580
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		3,338,111		3,200,174
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/18)	Loan	1M USD LIBOR+		4.25	%		0.00	%		4.34	%		10/1/2025		2,455,000		2,447,156		2,444,763
ARISTOCRAT LEISURE LIMITED	Hotel, Gaming & Leisure	Term Loan (5/20)	Loan	1M USD LIBOR+		3.75	%		1.00	%		4.75	%		10/19/2024		992,500		976,985		993,741
ASP MSG Acquisition Co., Inc	Beverage, Food & Tobacco	Term Loan (2/17)	Loan	1M USD LIBOR+		4.00	%		1.00	%		5.00	%		8/16/2023		3,820,663		3,787,713		3,820,663
Aspen Dental Management, Inc.	Services: Consumer	Term Loan B	Loan	1M USD LIBOR+		2.75	%		0.00	%		2.84	%		4/30/2025		1,945,276		1,939,344		1,922,069
Asplundh Tree Expert, LLC	Services: Business	Term Loan 2/21	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		9/7/2027		995,000		990,535		992,353
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B6	Loan	1M USD LIBOR+		3.00	%		0.00	%		3.09	%		11/3/2023		328,929		327,614		328,037
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD LIBOR+		3.25	%		0.00	%		3.34	%		12/18/2026		3,017,802		3,005,209		3,001,777
Avast Software S.R.O. (Sybil Finance)	High Tech Industries	Term Loan (Sybil Software)	Loan	3M USD LIBOR+		2.00	%		0.00	%		2.20	%		3/12/2028		2,000,000		1,995,063		1,993,920
Avaya, Inc.	Telecommunications	Term Loan B1	Loan	1M USD LIBOR+		4.25	%		0.00	%		4.35	%		12/15/2027		1,755,766		1,746,470		1,760,156
Avaya, Inc.	Telecommunications	Term Loan B-2 (2/21)	Loan	1M USD LIBOR+		4.00	%		0.00	%		4.10	%		12/15/2027		1,000,000		1,000,000		1,001,880
Avison Young (Canada) Inc	Services: Business	Term Loan	Loan	3M USD LIBOR+		6.00	%		0.00	%		6.19	%		1/31/2026		3,432,330		3,386,981		3,380,845
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		877,024		996,350
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B5	Loan	1M USD LIBOR+		2.50	%		0.75	%		3.25	%		12/1/2027		498,750		494,114		499,234
Azalea TopCo, Inc.	Services: Business	Incremental Term Loan (4/21)	Loan	1M USD LIBOR+		3.75	%		0.75	%		4.50	%		7/24/2026		998,750		991,814		998,331
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		10/10/2026		706,458		701,043		705,724
B.C. Unlimited Liability Co (Burger King)	Beverage, Food & Tobacco	Term Loan B4	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		11/19/2026		1,481,250		1,445,382		1,457,639
Baldwin Risk Partners, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+		4.00	%		0.75	%		4.75	%		10/14/2027		995,000		981,284		996,244
Baldwin Risk Partners, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	3M USD LIBOR+		3.50	%		0.50	%		4.00	%		10/14/2027		250,000		249,375		250,313
BALL METALPACK, LLC (PE Spray)	Containers, Packaging & Glass	Term Loan	Loan	3M USD LIBOR+		4.50	%		0.00	%		4.64	%		7/25/2025		3,894,875		3,882,778		3,881,905
Bass Pro Group, LLC	Retail	Term Loan B (02/21)	Loan	6M USD LIBOR+		4.25	%		0.75	%		5.00	%		3/6/2028		997,500		992,617		1,004,233

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		Issuer Name
Belfor Holdings Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+		4.00	%		0.00	%		4.09	%		4/6/2026		250,000		249,697		250,625
Belron Finance US LLC	Automotive	Term Loan B (3/21)	Loan	3M USD LIBOR+		2.75	%		0.50	%		3.25	%		4/13/2028		2,000,000		1,980,293		1,993,760
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.34	%		4/23/2026		997,468		990,420		987,494
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		1,491,237		1,480,658		1,491,237
Blount International, Inc.	Forest Products & Paper	Term Loan B (09/18)	Loan	1M USD LIBOR+		3.75	%		1.00	%		4.75	%		4/12/2023		3,410,063		3,408,500		3,415,757
Blucora, Inc.	Services: Consumer	Term Loan (11/17)	Loan	3M USD LIBOR+		4.00	%		1.00	%		5.00	%		5/22/2024		2,449,255		2,442,432		2,455,378
Blue Tree Holdings, Inc.	Chemicals, Plastics, & Rubber	Term Loan (2/21)	Loan	3M USD LIBOR+		2.50	%		0.00	%		2.65	%		3/4/2028		1,000,000		997,582		992,500
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan (1/20)	Loan	1M USD LIBOR+		2.00	%		0.00	%		2.09	%		5/24/2027		1,481,300		1,470,721		1,463,613
Boxer Parent Company, Inc.	High Tech Industries	Term Loan (2/21)	Loan	1M USD LIBOR+		3.75	%		0.00	%		3.84	%		10/2/2025		527,385		527,385		524,442
Bracket Intermediate Holding Corp	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+		4.25	%		0.00	%		4.44	%		9/5/2025		975,000		971,950		972,563
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan B-3	Loan	1M USD LIBOR+		3.50	%		0.00	%		3.60	%		3/5/2026		1,000,000		1,000,000		992,500
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD LIBOR+		3.25	%		0.00	%		3.34	%		1/22/2027		3,001,849		2,995,634		2,972,251
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan (1/21)	Loan	1M USD LIBOR+		2.75	%		0.50	%		3.25	%		8/1/2025		1,488,731		1,491,426		1,478,504
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan (1/21)	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.36	%		11/1/2026		1,985,012		1,971,201		1,973,321
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+		3.50	%		0.00	%		4.00	%		3/31/2028		2,500,000		2,475,522		2,503,125
Cable & Wireless Communications Limited	Telecommunications	Term Loan B-5	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.34	%		1/31/2028		4,000,000		3,985,297		3,941,440
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD LIBOR+		4.50	%		0.00	%		4.59	%		1/4/2026		688,125		678,077		691,394
Cardtronics Inc	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+		4.00	%		1.00	%		5.00	%		6/29/2027		1,491,237		1,485,752		1,490,119
CareerBuilder, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+		6.75	%		1.00	%		7.75	%		7/31/2023		5,393,388		5,178,845		5,140,600
CareStream Health, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	6M USD LIBOR+		6.75	%		1.00	%		7.75	%		5/8/2023		2,266,801		2,263,321		2,265,849
Casa Systems, Inc	Telecommunications	Term Loan	Loan	3M USD LIBOR+		4.00	%		1.00	%		5.00	%		12/20/2023		1,402,375		1,396,875		1,391,857
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	3M USD LIBOR+		3.75	%		0.00	%		3.95	%		1/27/2027		1,992,689		1,979,966		1,958,135
CBI BUYER, INC.	Consumer goods: Durable	Term Loan	Loan	1M USD LIBOR+		3.25	%		0.50	%		3.75	%		1/6/2028		1,000,000		997,820		997,500
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD LIBOR+		4.00	%		0.75	%		4.75	%		12/17/2027		250,000		247,660		250,313
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD LIBOR+		4.25	%		0.75	%		5.00	%		3/5/2028		1,000,000		995,059		1,003,750
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+		5.50	%		0.00	%		5.59	%		9/25/2025		2,443,750		2,427,421		2,405,872
Cengage Learning Acquisitions, Inc.	Media: Advertising, Printing & Publishing	Term Loan	Loan	6M USD LIBOR+		4.25	%		1.00	%		5.25	%		6/7/2023		3,922,164		3,896,977		3,917,811
CenturyLink, Inc.	Telecommunications	Term Loan B (1/20)	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.34	%		3/15/2027		3,959,975		3,953,704		3,921,880
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		4/3/2025		987,277		940,471		972,468
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD LIBOR+		2.00	%		0.00	%		2.10	%		3/17/2028		500,000		498,779		495,625
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	USD Term Loan	Loan	1M USD LIBOR+		3.50	%		0.50	%		4.00	%		4/30/2028		1,000,000		990,029		998,130

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		Issuer Name
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		2/2/2028		5,000,000		4,993,963		4,963,400
Clarios Global LP	Automotive	Term Loan B1	Loan	1M USD LIBOR+		3.25	%		0.00	%		3.34	%		4/30/2026		1,432,521		1,421,559		1,424,915
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+		5.00	%		1.00	%		6.00	%		8/9/2026		2,989,886		2,968,157		2,997,361
CNT Holdings I Corp	Retail	Term Loan	Loan	6M USD LIBOR+		3.75	%		0.75	%		4.50	%		11/8/2027		500,000		497,761		500,625
Cole Haan	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+		5.50	%		0.00	%		5.64	%		2/7/2025		943,750		936,747		898,922
Columbus McKinnon Corporation	Capital Equipment	Term Loan (4/21)	Loan	1M USD LIBOR+		2.75	%		0.50	%		3.25	%		4/7/2028		500,000		498,750		500,625
Compass Power Generation, LLC	Utilities: Electric	Term Loan B (08/18)	Loan	1M USD LIBOR+		3.50	%		1.00	%		4.50	%		12/20/2024		1,796,999		1,794,130		1,787,260
Concordia Healthcare Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan	1W USD LIBOR+		5.50	%		1.00	%		6.50	%		9/6/2024		1,153,300		1,114,883		1,146,092
Connect Finco SARL	Telecommunications	Term Loan (1/21)	Loan	1M USD LIBOR+		3.50	%		1.00	%		4.50	%		12/11/2026		2,970,000		2,829,372		2,971,485
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD LIBOR+		3.50	%		0.75	%		4.25	%		10/2/2027		714,005		704,187		714,133
CoreCivic, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (12/19)	Loan	1M USD LIBOR+		4.50	%		1.00	%		5.50	%		12/18/2024		3,386,364		3,340,744		3,259,375
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	3M USD LIBOR+		3.50	%		0.50	%		4.00	%		4/14/2028		2,500,000		2,487,500		2,487,500
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan 2/21	Loan	1M USD LIBOR+		2.75	%		0.00	%		2.86	%		3/2/2027		1,995,000		1,995,000		1,986,282
COWEN INC.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	6M USD LIBOR+		3.25	%		0.00	%		4.00	%		3/12/2028		2,992,500		2,977,753		2,977,538
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD LIBOR+		4.00	%		0.75	%		4.75	%		9/15/2027		500,000		499,401		500,000
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan (4/21)	Loan	1M USD LIBOR+		5.00	%		0.75	%		5.75	%		4/27/2027		2,876,712		2,848,428		2,881,516
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B (03/17)	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.35	%		7/15/2025		1,949,239		1,932,192		1,925,361
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.35	%		1/15/2026		488,750		487,986		483,007
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.60	%		4/15/2027		493,750		493,750		490,417
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+		6.00	%		1.00	%		7.00	%		11/2/2027		1,995,000		1,939,439		1,995,000
Daseke Inc	Transportation: Cargo	Term Loan 2/21	Loan	1M USD LIBOR+		4.00	%		0.75	%		4.75	%		3/5/2028		1,500,000		1,492,658		1,497,495
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	1M USD LIBOR+		4.00	%		0.00	%		4.09	%		10/16/2026		1,496,222		1,496,222		1,496,222
Dealer Tire, LLC	Automotive	Term Loan B-1	Loan	1M USD LIBOR+		4.25	%		0.00	%		4.34	%		12/12/2025		2,962,500		2,956,828		2,958,797
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.34	%		3/31/2025		6,364,352		6,313,748		6,192,514
Dell International LLC	High Tech Industries	Term Loan B-2	Loan	1M USD LIBOR+		1.75	%		0.25	%		2.00	%		9/19/2025		2,524,048		2,522,032		2,523,594
Delta 2 (Lux) S.a.r.l.	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD LIBOR+		2.50	%		1.00	%		3.50	%		2/1/2024		818,289		817,607		812,536
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+		3.25	%		0.00	%		3.35	%		8/24/2026		3,435,126		2,925,919		2,459,344
Digital Room LLC	Media: Advertising, Printing & Publishing	Term Loan	Loan	6M USD LIBOR+		5.00	%		0.00	%		5.20	%		5/21/2026		2,947,500		2,920,541		2,890,024
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B	Loan	3M USD LIBOR+		4.25	%		0.75	%		5.00	%		3/25/2028		500,000		495,153		498,750
Dole Food Company Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+		2.75	%		1.00	%		3.75	%		4/6/2024		451,599		450,672		451,098
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/21)	Loan	1M USD LIBOR+		3.75	%		0.00	%		3.84	%		2/24/2028		6,500,000		6,450,231		6,467,500

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		Issuer Name
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD LIBOR+		2.75	%		0.00	%		2.84	%		8/21/2025		3,905,600		3,893,098		3,857,483
EagleTree - Carbride Acquisition (Corsair Components)	Consumer goods: Durable	Term Loan	Loan	1M USD LIBOR+		3.75	%		1.00	%		4.75	%		8/28/2024		2,622,418		2,622,540		2,625,696
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD LIBOR+		3.75	%		0.75	%		4.50	%		4/7/2028		2,221,875		2,213,226		2,223,275
Electrical Components Inter., Inc.	Capital Equipment	Term Loan (6/18)	Loan	2M USD LIBOR+		4.25	%		0.00	%		4.37	%		6/26/2025		1,918,921		1,918,167		1,884,534
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD LIBOR+		6.50	%		0.00	%		6.59	%		12/14/2025		2,466,935		2,374,020		2,466,935
Encapsys, LLC (Cypress Performance Group)	Chemicals, Plastics, & Rubber	Term Loan B2	Loan	1M USD LIBOR+		3.25	%		1.00	%		4.25	%		11/7/2024		490,998		487,627		490,384
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan (3/21)	Loan	1M USD LIBOR+		5.00	%		0.75	%		5.75	%		3/27/2028		2,364,846		2,355,240		2,306,056
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	6M USD LIBOR+		3.50	%		0.75	%		4.25	%		2/10/2028		2,500,000		2,488,102		2,481,775
Ensemble RCM LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+		3.75	%		0.00	%		3.94	%		8/3/2026		2,992,405		2,985,523		2,995,397
Enterprise Merger Sub Inc.	Healthcare & Pharmaceuticals	Term Loan B (06/18)	Loan	1M USD LIBOR+		3.75	%		0.00	%		3.84	%		10/10/2025		4,887,500		4,880,760		4,162,000
EVERI Payments Inc.	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD LIBOR+		2.75	%		0.75	%		3.50	%		5/9/2024		3,000,000		3,000,000		2,983,140
EyeCare Partners, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+		3.75	%		0.00	%		3.84	%		2/18/2027		1,982,868		1,981,856		1,963,535
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (9/20)	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		6/27/2025		2,815,198		2,810,264		2,808,751
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	3M USD LIBOR+		5.00	%		1.00	%		6.00	%		3/30/2027		9,000,000		8,879,410		9,039,420
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Refinancing Term Loan	Loan	3M USD LIBOR+		2.50	%		0.00	%		2.70	%		2/1/2027		5,241,509		5,223,448		5,184,167
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (4/18)	Loan	1M USD LIBOR+		3.25	%		1.00	%		4.25	%		4/18/2025		1,330,058		1,324,600		1,259,951
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (1/20)	Loan	1M USD LIBOR+		2.00	%		0.00	%		2.09	%		7/3/2024		498,718		498,194		493,626
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	3M USD LIBOR+		4.75	%		0.75	%		5.50	%		3/10/2026		1,000,000		990,447		1,000,000
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.38	%		8/1/2025		4,387,491		4,364,611		4,343,616
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.34	%		1/29/2027		1,985,000		1,981,071		1,956,972
Fusion Telecommunications International Inc.	Telecommunications	Take Back 2nd Out Term Loan	Loan	6M USD LIBOR+		1.00	%		2.00	%		3.00	%		7/14/2025		827,334		811,091		442,624
Garrett LX III S.a r.l.	Automotive	Dollar Term Loan	Loan	3M USD LIBOR+		3.25	%		0.50	%		3.75	%		4/28/2028		1,500,000		1,492,558		1,494,375
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	3M USD LIBOR+		3.00	%		0.50	%		3.50	%		12/31/2027		2,467,432		2,448,531		2,463,311
General Nutrition Centers, Inc.	Retail	Second Lien Term Loan	Loan	3M USD LIBOR+		6.00	%		0.00	%		6.20	%		10/7/2026		362,697		362,697		327,033
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan (11/19)	Loan	3M USD LIBOR+		2.00	%		0.00	%		2.20	%		12/30/2026		1,485,000		1,479,107		1,478,080
GEO Group, Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan Refinance	Loan	1M USD LIBOR+		2.00	%		0.75	%		2.75	%		3/22/2024		3,953,674		3,679,283		3,339,946
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		8/27/2025		3,959,389		3,232,212		3,820,811
GI Chill Acquisition LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+		4.00	%		0.00	%		4.20	%		8/1/2025		3,937,500		3,915,210		3,907,969
Gigamon Inc.	Services: Business	Term Loan B	Loan	3M USD LIBOR+		3.75	%		0.75	%		4.50	%		12/27/2024		2,923,000		2,906,780		2,915,693

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			Issuer Name
Global Business Travel (GBT) III Inc.	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		8/13/2025		4,387,500		4,386,754			4,213,843
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD LIBOR+		4.25	%		0.00	%		4.34	%		11/29/2025		4,938,649		4,716,522			4,517,481
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan 2/21	Loan	1M USD LIBOR+		2.00	%		0.00	%		2.09	%		8/10/2027		1,994,975		1,994,975			1,985,319
Go Wireless Holdings, Inc.	Telecommunications	Term Loan	Loan	1M USD LIBOR+		6.50	%		1.00	%		7.50	%		12/22/2024		2,980,195		2,950,622			2,970,271
Goodyear Tire & Rubber Company, The	Chemicals, Plastics, & Rubber	Second Lien Term Loan	Loan	1M USD LIBOR+		2.00	%		-			2.12	%		3/3/2025		3,000,000		2,937,621			2,949,990
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD LIBOR+		3.00	%		0.75	%		3.75	%		8/7/2027		979,661		973,157			978,995
Greenhill & Co., Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+		3.25	%		0.00	%		3.34	%		4/12/2024		3,210,385		3,187,540			3,202,359
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Amendment 5 Term Loan	Loan	1M USD LIBOR+		2.50	%		0.50	%		3.00	%		2/24/2028		3,899,991		3,894,681			3,886,575
Guidehouse LLP (fka PricewaterhouseCoopers)	Aerospace & Defense	Term Loan	Loan	1M USD LIBOR+		4.00	%		0.00	%		4.09	%		5/1/2025		4,924,683		4,905,261			4,922,910
Harbor Freight Tools USA, Inc.	Retail	Term Loan B (10/20)	Loan	1M USD LIBOR+		3.00	%		0.75	%		3.75	%		10/20/2027		2,985,000		2,960,963			2,989,358
Harland Clarke Holdings Corp.	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD LIBOR+		4.75	%		1.00	%		5.75	%		11/3/2023		1,585,355		1,581,292			1,402,596
Helix Gen Funding, LLc	Energy: Electricity	Term Loan B (02/17)	Loan	1M USD LIBOR+		3.75	%		1.00	%		4.75	%		6/3/2024		238,657		238,480			230,354
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1	Loan	6M USD LIBOR+		2.75	%		0.50	%		3.25	%		2/23/2028		4,156,118		4,145,728			4,148,346
Hillman Group Inc. (The) (New)(a)	Consumer goods: Durable	Delayed Draw Term Loan (2/21)	Loan	6M USD LIBOR+		2.75	%		0.50	%		3.25	%		2/24/2028		-		(2,110	)		(1,578	)
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan B (08/18)	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		8/18/2025		3,900,000		3,888,684			3,875,625
Holley Purchaser, Inc	Automotive	Term Loan B	Loan	3M USD LIBOR+		5.00	%		0.00	%		5.19	%		10/24/2025		2,443,750		2,427,780			2,435,612
Howden Group Holdings	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	1M USD LIBOR+		3.25	%		0.75	%		4.00	%		11/12/2027		1,688,104		1,682,245			1,686,230
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	1M USD LIBOR+		3.00	%		0.00	%		3.09	%		3/17/2028		6,000,000		5,941,399			5,958,000
Idera, Inc.	High Tech Industries	Term Loan (02/21)	Loan	6M USD LIBOR+		3.75	%		0.75	%		4.50	%		3/2/2028		4,896,805		4,884,403			4,871,293
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan (1/21)	Loan	3M USD LIBOR+		2.75	%		0.50	%		3.25	%		1/29/2026		1,000,000		995,462			995,420
INFINITE BIDCO LLC	Wholesale	Term Loan	Loan	1M USD LIBOR+		3.75	%		0.50	%		4.25	%		3/2/2028		1,500,000		1,496,283			1,492,500
Ingram Micro Inc.	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+		3.50	%		0.50	%		4.00	%		3/31/2028		1,500,000		1,485,000			1,500,630
Inmar Acquisition Sub, Inc.	Services: Business	Term Loan B	Loan	3M USD LIBOR+		4.00	%		1.00	%		5.00	%		5/1/2024		3,412,722		3,356,456			3,399,924
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD LIBOR+		3.50	%		0.00	%		3.59	%		2/4/2027		495,000		492,965			492,936
INSTANT BRANDS HOLDINGS INC.	Consumer goods: Durable	Term Loan 4/21	Loan	3M USD LIBOR+		5.00	%		0.75	%		5.75	%		4/7/2028		2,500,000		2,475,429			2,481,250
Intermediate Dutch Holdings	Services: Business	Term Loan B	Loan	1M USD LIBOR+		4.00	%		0.00	%		4.11	%		3/6/2028		1,250,000		1,249,974			1,253,438
Isagenix International, LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD LIBOR+		5.75	%		1.00	%		6.75	%		6/14/2025		2,573,824		2,540,638			2,060,681
Ivory Merger Sub, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+		3.50	%		0.00	%		3.61	%		3/14/2025		2,957,262		2,935,237			2,879,634
J Jill Group, Inc	Retail	Priming Term Loan	Loan	3M USD LIBOR+		5.00	%		1.00	%		6.00	%		5/8/2024		1,773,779		1,772,060			1,259,383
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	1M USD LIBOR+		2.75	%		0.00	%		2.84	%		1/31/2028		3,990,000		3,983,483			3,960,793
Jefferies Finance LLC / JFIN Co-Issuer Corp	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+		3.00	%		0.00	%		3.13	%		6/3/2026		3,785,681		3,771,444			3,765,579

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		Issuer Name
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+		4.25	%		0.75	%		5.00	%		3/1/2028		1,000,000		995,057		1,002,500
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+		5.50	%		1.00	%		6.50	%		11/15/2025		4,356,412		4,321,901		4,149,483
KAR Auction Services, Inc.	Automotive	Term Loan B (09/19)	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.38	%		9/19/2026		246,250		245,803		240,709
Kindred Healthcare, Inc.	Healthcare & Pharmaceuticals	Term Loan (6/18)	Loan	1M USD LIBOR+		4.50	%		0.00	%		4.63	%		7/2/2025		1,979,747		1,964,017		1,974,797
Klockner-Pentaplast of America, Inc.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	3M USD LIBOR+		4.75	%		0.50	%		5.25	%		2/12/2026		1,500,000		1,492,500		1,495,620
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD LIBOR+		3.25	%		0.75	%		4.00	%		3/13/2028		500,000		497,544		498,540
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	3M USD LIBOR+		4.75	%		1.00	%		5.75	%		9/1/2027		498,750		487,470		501,244
Lakeland Tours, LLC	Hotel, Gaming & Leisure	Priority Exit PIK Term Loan (9/20)	Loan	3M USD LIBOR+		6.00	%		1.25	%		7.25	%		9/25/2023		310,482		296,563		310,560
Lakeland Tours, LLC	Hotel, Gaming & Leisure	2nd Out Take Back PIK Term Loan	Loan	3M USD LIBOR+		1.50	%		1.25	%		2.75	%		9/25/2025		593,161		490,262		556,089
Lakeland Tours, LLC	Hotel, Gaming & Leisure	Third Out PIK Term Loan	Loan	3M USD LIBOR+		1.50	%		1.25	%		2.75	%		9/25/2025		787,437		472,454		653,572
Lakeland Tours, LLC	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed		0.00	%		0.00	%		13.25	%		9/27/2027		814,236		168,153		419,331
Lealand Finance Company B.V.	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD LIBOR+		1.00	%		0.00	%		1.09	%		6/30/2025		327,151		327,151		142,965
Learfield Communications, Inc	Media: Advertising, Printing & Publishing	Initial Term Loan (A-L Parent)	Loan	1M USD LIBOR+		3.25	%		1.00	%		4.25	%		12/1/2023		478,750		477,864		444,979
LIAISON ACQUISITION, LLC	High Tech Industries	Term Loan (3/21)	Loan	6M USD LIBOR+		3.75	%		0.75	%		4.50	%		3/4/2028		997,500		995,060		997,500
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan B	Loan	1M USD LIBOR+		3.50	%		1.00	%		4.50	%		2/28/2025		2,694,077		2,668,083		2,673,871
Liftoff Mobile, Inc.	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD LIBOR+		3.50	%		0.75	%		4.25	%		3/16/2028		997,500		992,653		995,006
Lightstone Generation LLC	Energy: Electricity	Term Loan B	Loan	3M USD LIBOR+		3.75	%		1.00	%		4.75	%		1/30/2024		1,322,520		1,321,304		1,051,020
Lightstone Generation LLC	Energy: Electricity	Term Loan C	Loan	3M USD LIBOR+		3.75	%		1.00	%		4.75	%		1/30/2024		74,592		74,526		59,279
Lindblad Expeditions, Inc.	Hotel, Gaming & Leisure	US 2018 Term Loan	Loan	1M USD LIBOR+		4.00	%		0.75	%		4.75	%		3/21/2025		393,005		392,519		368,442
Lindblad Expeditions, Inc.	Hotel, Gaming & Leisure	Cayman Term Loan	Loan	1M USD LIBOR+		4.00	%		0.75	%		4.75	%		3/21/2025		98,251		98,130		92,110
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	6M USD LIBOR+		4.75	%		0.00	%		5.50	%		3/17/2028		1,000,000		995,165		995,000
LogMeIn, Inc.	High Tech Industries	Term Loan (8/20)	Loan	1M USD LIBOR+		4.75	%		0.00	%		4.85	%		8/31/2027		3,990,000		3,920,399		3,989,362
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		11/11/2026		1,229,647		1,227,310		1,220,806
MA FinanceCo LLC	High Tech Industries	Term Loan B4	Loan	3M USD LIBOR+		4.25	%		1.00	%		5.25	%		6/5/2025		2,459,296		2,451,618		2,477,741
MAGNITE, INC.	Services: Business	Term Loan	Loan	3M USD LIBOR+		5.00	%		0.75	%		5.75	%		4/1/2028		2,000,000		1,940,468		1,985,000
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (11/19)	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		8/29/2025		1,317,074		1,317,074		1,295,671
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD LIBOR+		1.75	%		0.00	%		1.91	%		2/15/2027		250,000		249,518		247,500
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+		4.50	%		0.00	%		4.59	%		2/28/2025		3,418,429		3,390,515		3,378,912
McAfee, LLC	Services: Business	Term Loan B	Loan	1M USD LIBOR+		3.75	%		0.00	%		3.84	%		9/30/2024		1,922,926		1,916,721		1,923,407
Meredith Corporation	Media: Advertising, Printing & Publishing	Term Loan B2	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		1/31/2025		578,738		578,006		576,278
Mermaid Bidco Inc.	High Tech Industries	Term Loan 12/20	Loan	3M USD LIBOR+		4.25	%		0.75	%		5.00	%		12/22/2027		498,750		496,516		497,503

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		Issuer Name
Messer Industries, LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	3M USD LIBOR+		2.50	%		0.00	%		2.70	%		3/1/2026		3,844,694		3,824,827		3,812,014
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD LIBOR+		4.25	%		0.75	%		5.00	%		4/8/2028		1,500,000		1,485,239		1,502,970
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		995,000		945,375		997,667
MKS Instruments, Inc.	High Tech Industries	Term Loan B6	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		2/2/2026		875,615		869,473		872,113
MLN US Holdco LLC	Telecommunications	Term Loan	Loan	1M USD LIBOR+		4.50	%		0.00	%		4.61	%		12/1/2025		977,500		976,320		864,648
MMM Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+		5.75	%		1.00	%		6.75	%		12/24/2026		6,635,552		6,525,213		6,639,732
MRC Global Inc.	Metals & Mining	Term Loan B2	Loan	1M USD LIBOR+		3.00	%		0.00	%		3.09	%		9/20/2024		351,484		351,032		348,556
MW Industries, Inc. (Helix Acquisition Holdings)	Capital Equipment	Term Loan (2019 Incremental)	Loan	3M USD LIBOR+		3.75	%		0.00	%		3.95	%		9/30/2024		2,842,097		2,805,201		2,766,299
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+		3.50	%		0.00	%		3.63	%		11/14/2025		1,483,661		1,455,310		1,457,697
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	3M USD LIBOR+		3.75	%		0.75	%		4.50	%		3/2/2028		2,783,615		2,770,882		2,785,369
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD LIBOR+		3.75	%		0.75	%		4.50	%		3/2/2028		87,464		87,043		87,519
National Mentor Holdings, Inc.(a)	Healthcare & Pharmaceuticals	Delayed Draw Term Loan 2/21	Loan	3M USD LIBOR+		3.75	%		0.75	%		4.50	%		3/2/2028		-		-		81
Neenah, Inc.	Forest Products & Paper	Term Loan B (03/21)	Loan	2M USD LIBOR+		3.00	%		0.50	%		3.50	%		4/6/2028		2,000,000		1,990,101		2,000,000
NeuStar, Inc.	Telecommunications	Term Loan B4 (03/18)	Loan	3M USD LIBOR+		3.50	%		1.00	%		4.50	%		8/8/2024		2,641,566		2,613,561		2,553,734
NeuStar, Inc.	Telecommunications	Term Loan B-5	Loan	3M USD LIBOR+		4.50	%		1.00	%		5.50	%		8/8/2024		885,162		874,100		854,624
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.61	%		9/18/2026		1,113,795		1,101,650		1,109,930
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M PL WIBOR+		6.00	%		1.00	%		7.00	%		8/9/2024		1,762,840		1,752,237		1,621,813
NM Z Parent Inc (Zep Inc)	Chemicals, Plastics, & Rubber	Term Loan	Loan	6M USD LIBOR+		4.00	%		1.00	%		5.00	%		8/9/2024		2,412,500		2,406,434		2,374,503
NorthPole Newco S.a.r.l	Aerospace & Defense	Term Loan	Loan	3M USD LIBOR+		7.00	%		0.00	%		7.20	%		3/3/2025		5,239,726		4,845,245		4,506,164
Novetta Solutions, LLC	Aerospace & Defense	Term Loan	Loan	1M USD LIBOR+		5.00	%		1.00	%		6.00	%		10/16/2022		1,894,870		1,890,672		1,886,589
Novetta Solutions, LLC	Aerospace & Defense	Second Lien Term Loan	Loan	1M USD LIBOR+		8.50	%		1.00	%		9.50	%		10/16/2023		823,529		820,462		821,471
Novolex Holdings, Inc (Flex Acquisition)	Containers, Packaging & Glass	Term Loan (02/21)	Loan	3M USD LIBOR+		3.50	%		0.50	%		4.00	%		3/2/2028		1,000,000		995,145		994,110
NPC International, Inc.(b)	Beverage, Food & Tobacco	Term Loan	Loan	Prime+		4.50	%		1.00	%		7.75	%		4/19/2024		69,157		69,104		2,075
Nuvei Technologies Corp.	High Tech Industries	US Term Loan	Loan	1M USD LIBOR+		4.00	%		0.75	%		4.75	%		9/29/2025		250,000		249,767		250,000
Organon & Co.	Healthcare & Pharmaceuticals	Term Loan USD	Loan	3M USD LIBOR+		3.00	%		0.50	%		3.50	%		4/7/2028		2,500,000		2,487,500		2,496,425
Pacific Gas and Electric Company	Utilities: Electric	Term Loan	Loan	3M USD LIBOR+		3.00	%		0.50	%		3.50	%		6/18/2025		1,491,237		1,484,160		1,478,189
PAE Holding Corp	Aerospace & Defense	Term Loan B (10/20)	Loan	1M USD LIBOR+		4.50	%		0.75	%		5.25	%		10/14/2027		1,995,000		1,967,492		1,995,000
Panther Guarantor II, L.P. (Forcepoint)	High Tech Industries	Term Loan 1/21	Loan	3M USD LIBOR+		4.50	%		0.50	%		5.00	%		1/7/2028		500,000		496,497		500,000
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+		3.75	%		0.00	%		3.84	%		3/30/2027		495,196		485,099		492,720
PaySafe Group PLC	Services: Business	Term Loan B1 (PI UK Holdco II)	Loan	1M USD LIBOR+		3.00	%		1.00	%		4.00	%		1/3/2025		1,052,873		1,049,412		1,053,010
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		5/29/2026		855,192		851,939		850,814
Penn National Gaming	Hotel, Gaming & Leisure	Term Loan B-1	Loan	1M USD LIBOR+		2.25	%		0.75	%		3.00	%		10/15/2025		1,777,903		1,720,767		1,774,134

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		Issuer Name
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD LIBOR+		3.75	%		0.75	%		4.50	%		2/1/2028		5,000,000		4,975,338		5,004,850
PGX Holdings, Inc.	Services: Consumer	Term Loan	Loan	12M USD LIBOR+		5.25	%		1.00	%		6.25	%		9/29/2023		3,075,640		3,057,381		2,919,305
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD LIBOR+		4.00	%		0.00	%		4.10	%		3/17/2028		3,000,000		2,981,661		3,001,255
Pixelle Specialty Solutions LLC	Forest Products & Paper	Term Loan	Loan	1M USD LIBOR+		6.50	%		1.00	%		7.50	%		10/31/2024		3,535,026		3,512,371		3,521,028
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (04/18)	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.60	%		10/14/2024		2,789,599		2,773,113		2,784,132
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD LIBOR+		2.75	%		0.00	%		2.84	%		3/13/2028		4,500,000		4,490,104		4,480,560
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan B	Loan	6M USD LIBOR+		3.00	%		0.75	%		3.75	%		12/29/2027		500,000		497,710		499,065
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD LIBOR+		4.75	%		0.75	%		5.50	%		2/12/2028		5,500,000		5,427,787		5,493,125
PPD, Inc.	Healthcare & Pharmaceuticals	Term Loan (12/20)	Loan	1M USD LIBOR+		2.25	%		0.50	%		2.75	%		1/13/2028		500,000		497,667		498,930
Pre-Paid Legal Services, Inc.	Services: Consumer	Incremental Term Loan	Loan	1M USD LIBOR+		4.00	%		0.75	%		4.75	%		5/1/2025		995,000		982,061		994,383
Presidio, Inc.	Services: Business	Term Loan B (1/20)	Loan	1M USD LIBOR+		3.50	%		0.00	%		3.60	%		1/22/2027		496,250		495,369		493,977
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan (1/21)	Loan	12M USD LIBOR+		2.75	%		0.75	%		3.50	%		9/23/2026		3,583,174		3,571,738		3,580,952
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan	Loan	3M USD LIBOR+		5.75	%		1.00	%		6.75	%		4/27/2027		4,525,424		4,435,373		4,440,570
PRIORITY HOLDINGS, LLC(a)	Services: Consumer	Delayed Draw Term Loan	Loan	3M USD LIBOR+		5.75	%		1.00	%		6.75	%		4/21/2027		-		-		(27,648	)
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD LIBOR+		3.25	%		0.75	%		4.00	%		12/28/2027		500,000		497,590		496,640
Project Leopard Holdings Inc	High Tech Industries	Term Loan	Loan	6M USD LIBOR+		4.75	%		1.00	%		5.75	%		7/5/2024		498,750		497,503		499,284
Prometric Inc. (Sarbacane Bidco)	Services: Consumer	Term Loan	Loan	1M USD LIBOR+		3.00	%		1.00	%		4.00	%		1/29/2025		485,100		483,799		477,217
PUG LLC	Services: Consumer	Term Loan B (02/20)	Loan	1M USD LIBOR+		3.50	%		0.00	%		3.59	%		2/12/2027		488,788		486,755		475,957
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (1/21)	Loan	3M USD LIBOR+		2.75	%		0.75	%		3.50	%		2/15/2028		500,000		497,684		497,550
Radiology Partners Holdings, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+		4.25	%		0.00	%		4.35	%		7/4/2025		1,432,727		1,427,844		1,431,452
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD LIBOR+		3.25	%		0.50	%		3.75	%		4/24/2028		1,000,000		997,719		998,500
Renaissance Learning, Inc.	Services: Consumer	Term Loan (5/18)	Loan	1M USD LIBOR+		3.25	%		0.00	%		3.34	%		5/30/2025		2,982,444		2,954,678		2,951,009
Rent-A-Center, Inc.	Retail	Term Loan B (01/21)	Loan	1M USD LIBOR+		4.00	%		0.75	%		4.75	%		2/17/2028		500,000		497,671		502,710
REP WWEX (Worldwide Express) Aquisition Parent, LLC	Transportation: Consumer	Term Loan B	Loan	6M USD LIBOR+		4.00	%		1.00	%		5.00	%		2/2/2024		1,922,830		1,921,852		1,913,812
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan	Loan	6M USD LIBOR+		5.50	%		1.00	%		6.50	%		12/20/2024		3,877,311		3,791,756		3,835,630
Resideo Funding Inc.	Services: Consumer	Term Loan (1/21)	Loan	1M USD LIBOR+		2.25	%		0.50	%		2.75	%		2/11/2028		1,500,000		1,496,263		1,498,125
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	3M USD LIBOR+		3.75	%		1.00	%		4.75	%		4/30/2024		2,644,078		2,644,078		2,647,383
Rexnord LLC	Capital Equipment	Term Loan (11/19)	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		8/21/2024		862,069		862,069		860,681
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		1/29/2027		1,303,182		1,301,941		1,296,666
Reynolds Group Holdings Inc.	Metals & Mining	Term Loan B2	Loan	1M USD LIBOR+		3.25	%		0.00	%		3.34	%		2/5/2026		3,491,250		3,472,633		3,460,073
Robertshaw US Holding Corp.	Consumer goods: Durable	Term Loan B	Loan	1M USD LIBOR+		3.50	%		1.00	%		4.50	%		2/28/2025		970,000		968,628		931,811
Rocket Software, Inc.	High Tech Industries	Term Loan (11/18)	Loan	1M USD LIBOR+		4.25	%		0.00	%		4.34	%		11/28/2025		2,927,595		2,918,755		2,869,951

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		Issuer Name
RP Crown Parent, LLC	High Tech Industries	Term Loan B (07/20)	Loan	1M USD LIBOR+		3.00	%		1.00	%		4.00	%		1/31/2026		1,985,000		1,976,585		1,980,038
Russell Investments US Inst'l Holdco, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	6M USD LIBOR+		3.50	%		1.00	%		4.50	%		6/2/2025		5,637,965		5,593,655		5,590,381
RV Retailer LLC	Automotive	Term Loan	Loan	3M USD LIBOR+		4.00	%		0.75	%		4.75	%		2/8/2028		2,000,000		1,981,119		2,002,500
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+		3.00	%		0.75	%		3.75	%		9/1/2027		497,500		490,812		497,192
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+		5.00	%		0.50	%		5.50	%		3/10/2028		2,000,000		1,941,161		1,960,000
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.35	%		7/5/2024		768,409		766,408		767,449
Samsonite International S.A.	Consumer goods: Non-durable	Term Loan B2	Loan	1M USD LIBOR+		4.50	%		1.00	%		5.50	%		4/25/2025		992,500		968,147		997,463
Savage Enterprises, LLC	Energy: Oil & Gas	Term Loan B (02/20)	Loan	1M USD LIBOR+		3.00	%		0.00	%		3.10	%		8/1/2025		1,769,504		1,755,546		1,769,186
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+		3.75	%		0.75	%		4.50	%		2/9/2028		3,000,000		2,982,752		2,962,500
Shutterfly Inc	Media: Advertising, Printing & Publishing	Term Loan B	Loan	3M USD LIBOR+		6.00	%		1.00	%		7.00	%		9/25/2026		800,968		768,718		803,539
Sirius Computer Solutions, Inc.	High Tech Industries	Term Loan 1/20	Loan	1M USD LIBOR+		3.50	%		0.00	%		3.59	%		7/1/2026		1,965,125		1,961,756		1,957,756
SiteOne Landscape Supply, LLC	Services: Business	Term Loan (3/21)	Loan	3M USD LIBOR+		2.00	%		0.50	%		2.50	%		3/18/2028		1,000,000		997,527		998,125
SMG US Midco 2, Inc.	Services: Business	Term Loan (01/20)	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		1/23/2025		493,750		493,750		477,397
Sotheby's	Services: Business	Term Loan (1/21)	Loan	3M USD LIBOR+		4.75	%		0.75	%		5.50	%		1/15/2027		3,281,059		3,225,334		3,300,188
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	3M USD LIBOR+		3.50	%		0.75	%		4.25	%		4/29/2028		2,000,000		1,990,000		2,001,260
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+		4.50	%		0.75	%		5.25	%		2/24/2028		2,000,000		1,980,475		1,980,000
Spectrum Brands, Inc.	Consumer goods: Durable	Term Loan (2/21)	Loan	3M USD LIBOR+		2.00	%		0.50	%		2.50	%		3/3/2028		500,000		498,801		496,875
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD LIBOR+		4.00	%		0.75	%		4.75	%		3/4/2028		3,000,000		2,982,790		2,994,390
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD LIBOR+		2.75	%		0.50	%		3.25	%		5/12/2028		4,000,000		3,993,419		4,003,320
SS&C Technologies, Inc.	Services: Business	Term Loan B3	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		4/16/2025		227,838		227,511		225,248
SS&C Technologies, Inc.	Services: Business	Term Loan B4	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		4/16/2025		171,974		171,731		170,019
SS&C Technologies, Inc.	Services: Business	Term Loan B-5	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		4/16/2025		487,250		486,503		482,455
Staples, Inc.	Wholesale	Term Loan (03/19)	Loan	3M USD LIBOR+		5.00	%		0.00	%		5.18	%		4/16/2026		4,420,291		4,281,071		4,311,021
Stats LLC	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD LIBOR+		5.25	%		0.00	%		5.41	%		7/10/2026		1,975,000		1,937,408		1,966,369
Storable, Inc	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+		3.25	%		0.50	%		3.75	%		4/17/2028		500,000		498,796		497,500
Syncsort Incorporated	High Tech Industries	Term Loan (3/21)	Loan	3M USD LIBOR+		4.25	%		0.75	%		5.00	%		4/23/2028		2,000,000		1,990,148		1,990,620
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+		5.25	%		1.00	%		6.25	%		7/15/2025		4,462,500		4,375,178		4,458,038
Tenneco Inc	Capital Equipment	Term Loan B	Loan	1M USD LIBOR+		3.00	%		0.00	%		3.09	%		10/1/2025		1,466,250		1,456,872		1,442,057
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+		4.00	%		1.00	%		5.00	%		9/27/2024		1,935,000		1,933,403		1,854,369
The Octave Music Group, Inc (Touchtunes)	Services: Business	Term Loan B	Loan	1M USD LIBOR+		5.25	%		1.00	%		6.25	%		5/29/2025		3,862,069		3,830,224		3,717,241
Thor Industries, Inc.	Automotive	USD Term Loan (3/21)	Loan	1M USD LIBOR+		3.00	%		0.00	%		3.13	%		2/1/2026		2,935,080		2,877,153		2,937,276
Tivity Health, Inc.	Healthcare & Pharmaceuticals	Term Loan A	Loan	1M USD LIBOR+		4.25	%		0.00	%		4.34	%		3/7/2024		558,772		555,397		557,549

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		Issuer Name
Tivity Health, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+		5.25	%		0.00	%		5.34	%		3/6/2026		1,008,704		990,066		1,006,435
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD LIBOR+		3.50	%		0.75	%		4.25	%		8/18/2027		498,750		492,116		498,750
Transdigm, Inc.	Aerospace & Defense	Term Loan G (02/20)	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.34	%		8/22/2024		4,054,964		4,058,185		4,004,277
Travel Leaders Group, LLC	Hotel, Gaming & Leisure	Term Loan B (08/18)	Loan	1M USD LIBOR+		4.00	%		0.00	%		4.09	%		1/25/2024		2,431,250		2,429,510		2,313,748
TRC Companies, Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+		3.50	%		1.00	%		4.50	%		6/21/2024		3,315,141		3,308,144		3,290,277
TRC Companies, Inc.	Services: Business	Term Loan (1/21)	Loan	1M USD LIBOR+		4.50	%		0.75	%		5.25	%		6/21/2024		2,479,433		2,469,041		2,467,035
Trident LS Merger Sub Corporation	Services: Consumer	Term Loan (03/18)	Loan	1M USD LIBOR+		3.25	%		0.00	%		3.34	%		5/1/2025		2,000,000		2,004,661		1,981,880
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD LIBOR+		3.50	%		0.50	%		4.00	%		3/31/2028		1,500,000		1,492,701		1,498,125
Tronox Pigments (Netherlands) B.V.	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD LIBOR+		2.50	%		0.00	%		2.68	%		3/10/2028		495,769		494,555		492,051
Truck Hero, Inc.	Transportation: Cargo	Term Loan (1/21)	Loan	1M USD LIBOR+		3.75	%		0.75	%		4.50	%		1/29/2028		1,500,000		1,500,000		1,500,000
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD LIBOR+		4.00	%		0.75	%		4.75	%		10/29/2027		971,545		964,300		973,061
Twin River Worldwide Holdings, Inc.	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD LIBOR+		2.75	%		0.00	%		2.95	%		5/10/2026		982,500		978,885		973,412
Uber Technologies, Inc.	Transportation: Consumer	Term Loan B (2/21)	Loan	1M USD LIBOR+		3.50	%		0.00	%		3.59	%		2/25/2027		3,979,194		3,935,742		3,976,727
Ultra Clean Holdings, Inc.	High Tech Industries	Incremental Term Loan 3/21	Loan	1M USD LIBOR+		3.75	%		0.00	%		3.84	%		8/27/2025		993,750		988,949		994,992
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD LIBOR+		4.00	%		1.00	%		5.00	%		7/31/2026		496,815		467,847		484,891
United Natural Foods, Inc	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+		3.50	%		0.00	%		3.59	%		10/22/2025		1,929,662		1,842,097		1,931,418
United Road Services Inc.	Transportation: Cargo	Term Loan (10/17)	Loan	6M USD LIBOR+		5.75	%		1.00	%		6.75	%		9/1/2024		944,590		937,482		758,034
Univar Inc.	Chemicals, Plastics, & Rubber	Term Loan B3 (11/17)	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.34	%		7/1/2024		1,627,723		1,623,611		1,625,949
Univar Inc.	Chemicals, Plastics, & Rubber	Univar 5/21 T/L B6	Loan	3M USD LIBOR+		2.00	%		0.00	%		2.00	%		5/26/2028		2,000,000		1,990,000		1,996,260
Univision Communications Inc.	Media: Broadcasting & Subscription	2020 Replacement Term Loan	Loan	1M USD LIBOR+		3.75	%		1.00	%		4.75	%		3/13/2026		2,483,907		2,476,102		2,489,769
US Concrete Inc	Construction & Building	Term Loan (5/21)	Loan	3M USD LIBOR+		3.00	%		0.50	%		3.50	%		6/30/2028		2,000,000		1,995,000		2,000,000
US Ecology, Inc.	Environmental Industries	Term Loan B	Loan	1M USD LIBOR+		2.50	%		0.00	%		2.59	%		11/2/2026		493,750		492,881		494,061
Utz Quality Foods, LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+		3.00	%		0.00	%		3.09	%		1/20/2028		99,750		99,524		99,646
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD LIBOR+		4.00	%		0.00	%		4.15	%		8/20/2025		1,393,034		1,386,950		1,372,724
VFH Parent LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+		3.00	%		0.00	%		3.10	%		3/1/2026		3,100,888		3,091,860		3,098,966
Virence Intermediate Holdings LLC (Athenahealth / VVC Holding)	Healthcare & Pharmaceuticals	Term Loan B (01/21)	Loan	1M USD LIBOR+		4.25	%		0.00	%		4.35	%		2/11/2026		2,965,000		2,937,251		2,973,154
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		2,278,506		2,278,252		2,275,658
Vistra Energy Corp	Utilities: Electric	2018 Incremental Term Loan	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.85	%		12/31/2025		914,798		914,187		909,464
Vizient, Inc	Healthcare & Pharmaceuticals	Term Loan B-6	Loan	1M USD LIBOR+		2.00	%		0.00	%		2.09	%		5/6/2026		490,000		489,184		487,246
VM Consolidated, Inc.	Construction & Building	Term Loan B (3/21)	Loan	3M USD LIBOR+		3.25	%		0.00	%		3.45	%		3/19/2028		2,357,005		2,353,437		2,347,176
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD LIBOR+		3.00	%		1.00	%		4.00	%		3/11/2024		480,000		480,000		429,600
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan G	Loan	1M USD LIBOR+		2.13	%		0.00	%		2.22	%		1/20/2028		1,250,000		1,249,724		1,241,925

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		Issuer Name
Wastequip, LLC (HPCC Merger/Patriot Container)	Environmental Industries	Term Loan (3/18)	Loan	1M USD LIBOR+		3.50	%		1.00	%		4.50	%		3/15/2025		493,639		491,781		488,293
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+		4.00	%		0.50	%		4.50	%		3/2/2028		2,500,000		2,487,754		2,504,175
WeddingWire, Inc.	Services: Consumer	Term Loan	Loan	2M USD LIBOR+		4.50	%		0.00	%		4.65	%		12/19/2025		4,907,449		4,899,471		4,895,180
West Corporation	Telecommunications	Term Loan B (Olympus Merger)	Loan	3M USD LIBOR+		4.00	%		1.00	%		5.00	%		10/10/2024		1,221,591		1,167,084		1,187,802
West Corporation	Telecommunications	Term Loan B	Loan	3M USD LIBOR+		3.50	%		1.00	%		4.50	%		10/10/2024		2,923,593		2,870,970		2,828,986
Western Dental Services, Inc.	Retail	Term Loan (12/18)	Loan	1M USD LIBOR+		5.25	%		1.00	%		6.25	%		6/30/2023		422,920		423,244		421,863
Western Digital Corporation	High Tech Industries	Term Loan B-4	Loan	1M USD LIBOR+		1.75	%		0.00	%		1.84	%		4/29/2023		583,135		576,100		582,511
WEX Inc.	Services: Business	Term Loan B (3/21)	Loan	1M USD LIBOR+		2.25	%		0.00	%		2.34	%		3/31/2028		2,000,000		1,990,153		1,990,500
WildBrain Ltd.	Media: Diversified & Production	Term Loan	Loan	1M USD LIBOR+		4.25	%		0.75	%		5.00	%		3/27/2028		2,000,000		1,960,819		1,987,080
Wirepath LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+		4.00	%		0.00	%		4.20	%		8/5/2024		2,917,712		2,901,034		2,859,358
WP CITYMD BIDCO LLC	Services: Consumer	Term Loan B (1/21)	Loan	6M USD LIBOR+		3.75	%		0.75	%		4.50	%		8/13/2026		5,451,338		5,425,517		5,464,094
Xperi Corporation	High Tech Industries	Term Loan	Loan	1M USD LIBOR+		4.00	%		0.00	%		4.09	%		6/1/2025		2,811,915		2,673,536		2,811,915
ZEBRA BUYER LLC	Banking, Finance, Insurance & Real Estate	Term Loan 4/21	Loan	3M USD LIBOR+		3.25	%		0.50	%		3.75	%		4/22/2028		1,000,000		995,000		1,003,330
Zekelman Industries, Inc.	Metals & Mining	Term Loan (01/20)	Loan	1M USD LIBOR+		2.00	%		0.00	%		2.10	%		1/25/2027		970,775		970,775		961,067
																		$	677,145,260	$	673,434,715

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (c)		10,710,367	$	10,710,367	$	10,710,367
Total cash and cash equivalents		10,710,367	$	10,710,367	$	10,710,367

(a)

All or a portion of this investment has an unfunded commitment as of May 31, 2021

(b)

As of May 31, 2021, 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 May 31, 2021.

LIBOR—London Interbank Offered Rate

1W USD LIBOR—The 1 week USD LIBOR rate as of May 31, 2021 was 0.06%.

1M USD LIBOR—The 1 month USD LIBOR rate as of May 31, 2021 was 0.09%.

2M USD LIBOR—The 2 month USD LIBOR rate as of May 31, 2021 was 0.12%.

3M USD LIBOR—The 3 month USD LIBOR rate as of May 31, 2021 was 0.13%.

6M USD LIBOR—The 6 month USD LIBOR rate as of May 31, 2021 was 0.17%.

12M USD LIBOR - The 12 month USD LIBOR rate as of May 31, 2021 was 0.25%

3M PL WIBOR - The 3 month PL WIBOR rate as of May 31, 2021 was 0.21%

Prime—The Prime Rate as of May 31, 2021 was 3.25%.

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2021

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
Covia Holdings C/S (Unimin)	Metals & Mining	Common Stock	Equity	-	-			-				-			-		49,312		385,327	$	362,443
Fusion Connect Warrant	Telecommunications	Warrants	Equity	-	-			-				-			-		32,832		-		328
J Jill Common Stock	Retail	Common Stock	Equity	-	-			-				-			-		5,085		-		24,966
McDermott International (Americas), Inc.	Energy: Oil & Gas	Lealand Finance (McDermott International) C/S - Cl	Equity	-	-			-				-			-		141,797		141,797		113,438
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		2,060,408	$	2,046,779		1,952,875
Adtalem Global Education Inc.	Services: Business	Adtalem Global Education T/L B (02/21)	Loan	1M USD LIBOR+	4.50	%		0.75	%	��		5.25	%		2/12/2028		2,000,000		1,980,000		1,980,000
Advisor Group, Inc.	Banking, Finance, Insurance & Real Estate	Advisor Group Holdings T/L B1	Loan	1M USD LIBOR+	4.50	%		0.00	%			4.61	%		7/31/2026		995,000		994,026		996,383
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%			6.50	%		5/9/2025		3,867,445		3,842,999		3,527,419
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (09/20)	Loan	1M USD LIBOR+	2.75	%		0.75	%			3.50	%		1/4/2026		500,000		495,337		497,500
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (1/19)	Loan	1M USD LIBOR+	2.75	%		0.00	%			2.88	%		1/4/2026		491,250		491,250		487,566
Ahead Data Blue, LLC	Services: Business	Term Loan (10/20)	Loan	6M USD LIBOR+	5.00	%		1.00	%			6.00	%		9/18/2027		3,000,000		2,885,073		3,017,250
AI Convoy (Luxembourg) S.a.r.l.	Aerospace & Defense	AI Convoy (Luxembourg) USD T/L B	Loan	6M USD LIBOR+	3.50	%		1.00	%			4.50	%		1/18/2027		1,488,750		1,482,360		1,486,353
AIS HoldCo, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.00	%			5.21	%		8/15/2025		5,246,875		5,082,782		5,089,469
Alchemy Copyrights, LLC	Media: Diversified & Production	Term Loan B	Loan	1M USD LIBOR+	3.25	%		0.75	%			4.00	%		8/16/2027		498,750		495,356		498,750
Alchemy US Holdco 1, LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	5.50	%		0.00	%			5.61	%		10/10/2025		1,900,000		1,879,839		1,850,923
Alion Science and Technology Corporation	Aerospace & Defense	Term Loan (2/21)	Loan	1M USD LIBOR+	2.75	%		0.75	%			3.50	%		7/23/2024		3,990,000		3,974,081		3,998,299
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	AlixPartners T/L B (01/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%			3.25	%		1/27/2028		250,000		249,375		249,888
Allen Media, LLC	Media: Diversified & Production	Allen Media T/L B (1/20)	Loan	3M USD LIBOR+	5.50	%		0.00	%			5.75	%		2/10/2027		2,977,027		2,964,383		2,971,460
Altisource Solutions 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		1,223,297		1,218,530		1,040,940
Altium Packaging LLC	Containers, Packaging & Glass	Altium Packaging (Consolidated Container) T/L (01/	Loan	3M USD LIBOR+	2.75	%		0.50	%			3.25	%		1/29/2028		500,000		497,500		499,000
Altra Industrial Motion Corp.	Capital Equipment	Term Loan	Loan	1M USD LIBOR+	2.00	%		0.00	%			2.11	%		10/1/2025		1,522,387		1,519,700		1,520,012
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.50	%		1.00	%			5.50	%		4/6/2024		4,230,503		4,228,066		4,239,302
American Trailer World Corp	Automotive	American Trailer World T/L	Loan	1M USD LIBOR+	3.75	%		0.75	%			4.50	%		2/17/2028		2,000,000		1,990,000		1,990,000
AmeriLife Holdings LLC	Banking, Finance, Insurance & Real Estate	AmeriLife T/L	Loan	1M USD LIBOR+	4.00	%		0.00	%			4.12	%		3/18/2027		1,492,642		1,484,080		1,490,149
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	AmWINS Group (2/21) T/L	Loan	1M USD LIBOR+	2.25	%		0.75	%			3.00	%		2/17/2028		2,000,000		1,995,000		1,999,160

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	3M USD LIBOR+	3.75	%		0.00	%		4.00	%		8/11/2025		977,500		974,191		669,891
Anchor Glass Container Corporation	Containers, Packaging & Glass	Term Loan (07/17)	Loan	3M USD LIBOR+	2.75	%		1.00	%		3.75	%		12/7/2023		480,088		478,981		407,076
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.11	%		7/10/2026		997,468		987,853		999,962
APi Group DE, Inc. (J2 Acquisition)	Services: Business	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.61	%		10/1/2026		990,000		985,758		990,000
APLP Holdings Limited Partnership	Energy: Electricity	APLP Holdings T/L B (01/20)	Loan	1M USD LIBOR+	2.50	%		1.00	%		3.50	%		4/14/2025		1,618,421		1,618,421		1,617,207
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.86	%		5/15/2026		3,000,000		2,960,051		2,925,000
AppLovin Corporation	High Tech Industries	Applovin T/L B	Loan	1M USD LIBOR+	3.50	%		0.00	%		3.61	%		8/15/2025		1,000,000		1,000,000		998,100
Aramark Corporation	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.86	%		1/15/2027		2,481,250		2,401,701		2,454,105
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		3,337,028		3,140,124
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.36	%		10/1/2025		1,960,000		1,956,623		1,954,492
ARISTOCRAT LEISURE LIMITED	Hotel, Gaming & Leisure	Term Loan (5/20)	Loan	2M USD LIBOR+	3.75	%		1.00	%		4.75	%		10/19/2024		995,000		978,205		1,000,184
ASG Technologies Group, Inc	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		7/31/2024		461,401		460,194		454,480
ASP MSG Acquisition Co., Inc	Beverage, Food & Tobacco	Term Loan (2/17)	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.00	%		8/16/2023		3,830,991		3,793,847		3,835,779
Aspen Dental Management, Inc.	Services: Consumer	Term Loan B	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.86	%		4/30/2025		1,950,276		1,944,024		1,926,872
Asplundh Tree Expert, LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.61	%		9/4/2027		997,500		992,854		998,128
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B6	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.11	%		11/3/2023		328,929		327,483		328,244
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD LIBOR+	3.25	%		0.00	%		3.36	%		12/18/2026		1,525,365		1,515,790		1,520,362
Avast Software S.R.O. (Sybil Finance)	High Tech Industries	Term Loan B (4/18)	Loan	3M USD LIBOR+	2.25	%		1.00	%		3.25	%		9/29/2023		650,351		642,686		650,351
Avaya, Inc.	Telecommunications	Term Loan B1	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.36	%		12/15/2027		1,755,766		1,745,975		1,760,437
Avaya, Inc.	Telecommunications	Avaya T/L B-2	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.11	%		12/15/2027		1,000,000		1,000,000		1,001,250
Avison Young (Canada) Inc	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.00	%		5.19	%		1/31/2026		3,441,108		3,392,968		3,441,108
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		869,301		996,390
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B5	Loan	1M USD LIBOR+	2.50	%		0.75	%		3.25	%		12/20/2027		500,000		495,171		500,625
Azalea TopCo, Inc.	Services: Business	Incremental Term Loan	Loan	3M USD LIBOR+	4.00	%		0.75	%		4.75	%		7/24/2026		500,000		495,287		501,250
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.61	%		10/10/2026		706,458		700,750		706,960
B.C. Unlimited Liability Co (Burger King)	Beverage, Food & Tobacco	Term Loan B4	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.86	%		11/19/2026		1,485,000		1,447,423		1,469,912
Baldwin Risk Partners, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.75	%		4.75	%		10/14/2027		997,500		983,184		1,002,488
BALL METALPACK, LLC (PE Spray)	Containers, Packaging & Glass	Term Loan	Loan	3M USD LIBOR+	4.50	%		0.00	%		4.69	%		7/25/2025		3,904,887		3,891,579		3,887,823
Bass Pro Group, LLC	Retail	Term Loan B (02/21)	Loan	1M USD LIBOR+	4.25	%		0.75	%		5.00	%		2/26/2028		1,000,000		995,000		1,000,780
Berry Plastics Holding Corporation	Chemicals, Plastics, & Rubber	Term Loan Y	Loan	1M USD LIBOR+	2.00	%		0.00	%		2.12	%		7/1/2026		4,937,374		4,932,962		4,932,980
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.36	%		4/23/2026		1,000,000		992,500		985,000

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
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Blackstone Mortgage T/L B-2	Loan	1M USD LIBOR+	4.75	%		1.00	%		5.75	%		4/23/2026		1,494,994		1,484,017		1,498,731
Blount International, Inc.	Forest Products & Paper	Term Loan B (09/18)	Loan	1M USD LIBOR+	3.75	%		1.00	%		4.75	%		4/12/2023		3,418,806		3,416,907		3,422,225
Blucora, Inc.	Services: Consumer	Term Loan (11/17)	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.00	%		5/22/2024		2,451,227		2,443,549		2,454,291
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan (1/20)	Loan	1M USD LIBOR+	2.00	%		0.00	%		2.12	%		5/24/2027		1,485,050		1,473,875		1,475,620
Boxer Parent Company, Inc.	High Tech Industries	Boxer Parent Company T/L (BMC Software) (2/21)	Loan	1M USD LIBOR+	3.75	%		0.00	%		3.90	%		10/2/2025		528,897		528,897		528,829
Bracket Intermediate Holding Corp	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.25	%		0.00	%		4.49	%		9/5/2025		977,500		974,177		975,868
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Phoenix Guarantor (Brightspring) T/L (02/21)	Loan	6M USD LIBOR+	3.50	%		0.00	%		3.76	%		3/5/2026		1,000,000		1,000,000		1,000,710
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD LIBOR+	3.25	%		0.00	%		3.36	%		1/22/2027		2,009,429		2,007,872		1,996,207
Brookfield WEC Holdings Inc.	Energy: Electricity	Brookfield WEC T/L (Westinghouse) (1/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		3.25	%		8/1/2025		1,492,462		1,495,340		1,488,492
Buckeye Partners, L.P.	Utilities: Oil & Gas	Buckeye Partners T/L (1/21)	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.37	%		11/1/2026		1,989,987		1,975,617		1,987,182
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	6.25	%		0.00	%		6.37	%		11/18/2024		2,230,357		2,160,253		2,255,449
Cable & Wireless Communications Limited	Telecommunications	Term Loan B-5	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.36	%		1/31/2028		2,000,000		2,000,000		1,988,220
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		4.61	%		1/4/2026		690,000		679,310		692,298
Cardtronics Inc	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		5.00	%		6/29/2027		1,494,994		1,489,184		1,495,936
CareerBuilder, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	6.75	%		1.00	%		7.75	%		7/31/2023		3,393,388		3,230,834		3,230,505
CareStream Health, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	6M USD LIBOR+	6.75	%		1.00	%		7.75	%		5/8/2023		2,306,786		2,302,501		2,298,136
Casa Systems, Inc	Telecommunications	Term Loan	Loan	6M USD LIBOR+	4.00	%		1.00	%		5.00	%		12/20/2023		1,440,000		1,433,828		1,435,205
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	3M USD LIBOR+	3.75	%		0.00	%		4.00	%		1/27/2027		496,875		494,809		493,059
Catalent Pharma Solutions, Inc.	Healthcare & Pharmaceuticals	Term Loan B3 (2/21)	Loan	1M USD LIBOR+	2.00	%		0.50	%		2.50	%		5/18/2026		500,000		500,000		500,780
CBI BUYER, INC.	Consumer goods: Durable	New Trojan Parent (Careismatic/CBI Buyer) 1st Lien	Loan	1M USD LIBOR+	3.25	%		0.50	%		3.75	%		1/6/2028		1,000,000		997,597		1,000,630
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD LIBOR+	4.00	%		0.75	%		4.75	%		12/17/2027		250,000		247,558		251,720
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	5.50	%		0.00	%		5.61	%		9/25/2025		2,450,000		2,432,841		2,417,856
Cengage Learning Acquisitions, Inc.	Media: Advertising, Printing & Publishing	Term Loan	Loan	6M USD LIBOR+	4.25	%		1.00	%		5.25	%		6/7/2023		1,432,459		1,424,074		1,410,370
CenturyLink, Inc.	Telecommunications	Term Loan B (1/20)	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.36	%		3/15/2027		2,970,000		2,967,083		2,957,170
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		1.87	%		4/3/2025		989,822		940,018		979,617
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Citadel Securities T/L B (01/21)	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.61	%		2/27/2028		5,000,000		4,993,750		4,970,300
Clarios Global LP	Automotive	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.00	%		3.61	%		4/30/2026		1,454,464		1,442,855		1,455,381

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
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	5.00	%		1.00	%		6.00	%		8/9/2026		997,475		972,272		999,968
CNT Holdings I Corp	Retail	Term Loan	Loan	6M USD LIBOR+	3.75	%		0.75	%		4.50	%		11/8/2027		500,000		497,627		501,955
Cole Haan	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+	5.50	%		0.00	%		5.69	%		2/7/2025		950,000		942,246		874,000
Compass Power Generation, LLC	Utilities: Electric	Term Loan B (08/18)	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		12/20/2024		1,802,012		1,798,648		1,796,390
Concordia Healthcare Corp.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	5.50	%		1.00	%		6.50	%		9/6/2024		1,159,370		1,118,148		1,156,472
Connect Finco SARL	Telecommunications	Term Loan (1/21)	Loan	1M USD LIBOR+	3.50	%		1.00	%		4.50	%		12/11/2026		2,977,500		2,831,053		2,987,058
Consolidated Communications, Inc.	Telecommunications	Term Loan B (10/20)	Loan	1M USD LIBOR+	4.75	%		1.00	%		5.75	%		10/2/2027		997,500		983,260		1,002,328
CoreCivic, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (12/19)	Loan	1M USD LIBOR+	4.50	%		1.00	%		5.50	%		12/18/2024		3,454,545		3,404,660		3,340,822
CPI Card Group	Banking, Finance, Insurance & Real Estate	Term Loan B (1st Lien)	Loan	3M USD LIBOR+	4.50	%		1.00	%		5.50	%		8/17/2022		1,436,782		1,431,179		1,422,414
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.36	%		1/15/2026		490,000		489,175		486,849
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B (03/17)	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.36	%		7/15/2025		1,954,315		1,936,120		1,941,925
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.61	%		4/15/2027		495,000		495,000		492,911
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+	6.00	%		1.00	%		7.00	%		11/2/2027		2,000,000		1,942,014		2,002,500
Daseke Inc	Transportation: Cargo	Replacement Term Loan	Loan	1M USD LIBOR+	5.00	%		1.00	%		6.00	%		2/27/2024		1,935,738		1,928,854		1,939,978
DCert Buyer, Inc.	High Tech Industries	DCert Buyer T/L (Digicert)	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.11	%		10/16/2026		1,500,000		1,500,000		1,500,540
Dealer Tire, LLC	Automotive	Dealer Tire T/L B-1	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.36	%		12/12/2025		2,970,000		2,963,784		2,966,288
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.36	%		3/31/2025		6,380,682		6,326,939		6,247,773
Dell International LLC	High Tech Industries	Term Loan B-2	Loan	1M USD LIBOR+	1.75	%		0.75	%		2.00	%		9/19/2025		2,530,374		2,528,058		2,537,763
Delta 2 (Lux) S.a.r.l.	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD LIBOR+	2.50	%		1.00	%		3.50	%		2/1/2024		818,289		817,549		813,175
Delta Air Lines, Inc.	Transportation: Consumer	Term Loan B (4/20)	Loan	1M USD LIBOR+	4.75	%		1.00	%		5.75	%		4/29/2023		2,243,737		2,240,713		2,257,761
DHX Media Ltd.	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	4.25	%		1.00	%		5.25	%		12/29/2023		279,282		278,315		278,584
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.00	%		3.37	%		8/24/2026		3,443,844		2,912,847		2,582,883
Digital Room LLC	Media: Advertising, Printing & Publishing	Term Loan	Loan	6M USD LIBOR+	5.00	%		0.00	%		5.27	%		5/21/2026		2,955,000		2,925,480		2,910,675
Dole Food Company Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+	2.75	%		1.00	%		3.75	%		4/6/2024		456,250		455,172		456,410
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	DRW Holdings T/L (2/21)	Loan	1M USD LIBOR+	3.75	%		0.00	%		3.87	%		2/24/2028		552,519		549,756		551,138
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.36	%		11/29/2026		5,947,481		5,897,811		5,932,612
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.86	%		8/21/2025		3,915,462		3,901,786		3,886,801
EagleTree - Carbride Acquisition (Corsair Components)	Consumer goods: Durable	Term Loan	Loan	1M USD LIBOR+	3.75	%		1.00	%		4.75	%		8/28/2024		2,868,047		2,867,816		2,868,047
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (06/18)	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.11	%		7/21/2025		1,225,000		1,220,875		1,214,502
Electrical Components Inter., Inc.	Capital Equipment	Term Loan (6/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.36	%		6/26/2025		1,950,000		1,947,116		1,903,083
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD LIBOR+	6.50	%		0.00	%		6.61	%		12/14/2025		2,558,602		2,457,436		2,564,999

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
Encapsys, LLC (Cypress Performance Group)	Chemicals, Plastics, & Rubber	Term Loan B2	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.25	%		11/7/2024		492,284		488,655		492,284
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		3,896,646		3,879,939		3,869,057
Endure Digital, Inc.	High Tech Industries	Endurance International T/L B	Loan	1M USD LIBOR+	3.50	%		0.75	%		4.25	%		1/27/2028		2,500,000		2,487,500		2,481,250
Ensemble RCM LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	3.75	%		0.00	%		3.96	%		7/24/2026		3,000,000		2,992,500		3,004,230
Enterprise Merger Sub Inc.	Healthcare & Pharmaceuticals	Term Loan B (06/18)	Loan	1M USD LIBOR+	3.75	%		0.00	%		3.86	%		10/10/2025		4,900,000		4,891,890		4,204,200
EVERI Payments Inc.	Hotel, Gaming & Leisure	Everi Payments T/L B	Loan	1M USD LIBOR+	2.75	%		0.75	%		3.50	%		5/9/2024		3,000,000		3,000,000		2,988,120
EyeCare Partners, LLC	Healthcare & Pharmaceuticals	EyeCare Partners T/L B	Loan	1M USD LIBOR+	3.75	%		0.00	%		3.86	%		2/18/2027		1,987,838		1,986,442		1,956,032
Finco I LLC	Banking, Finance, Insurance & Real Estate	FinCo T/L B (9/20) (Fortress Investment)	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.61	%		6/27/2025		1,822,272		1,815,715		1,821,142
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Refinancing Term Loan	Loan	3M USD LIBOR+	2.50	%		0.00	%		2.75	%		2/1/2027		5,395,500		5,375,893		5,378,990
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (4/18)	Loan	1M USD LIBOR+	3.25	%		1.00	%		4.25	%		4/18/2025		1,330,058		1,324,204		1,196,813
Flex Acquisition Company (Hilex Poly/Novolex) T/L (02/21)	Containers, Packaging & Glass	Term Loan	Loan	3M USD LIBOR+	4.00	%		0.50	%		4.50	%		3/2/2028		1,000,000		995,000		997,810
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Focus Financial T/L (1/20)	Loan	1M USD LIBOR+	2.00	%		0.00	%		2.11	%		7/3/2024		500,000		499,435		497,815
Franchise Group, Inc.	Services: Consumer	Franchise Group First Out T/L	Loan	6M USD LIBOR+	4.75	%		0.75	%		5.50	%		10/25/2026		1,000,000		990,000		1,000,000
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.38	%		8/1/2025		4,398,742		4,374,564		4,382,247
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.36	%		1/29/2027		1,990,000		1,985,937		1,971,453
Fusion Telecommunications International Inc.	Telecommunications	Take Back 2nd Out Term Loan	Loan	6M USD LIBOR+	1.00	%		2.00	%		3.00	%		7/14/2025		813,105		795,920		412,651
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	3M USD LIBOR+	3.00	%		0.50	%		3.50	%		12/31/2027		2,000,000		1,980,103		1,995,000
General Nutrition Centers, Inc. (b)	Retail	Term Loan B2	Loan	Prime+	7.75	%		0.75	%		11.00	%		3/4/2021		389,896		389,896		292,422
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan (11/19)	Loan	3M USD LIBOR+	2.00	%		0.00	%		2.25	%		12/30/2026		1,488,750		1,482,600		1,489,986
GEO Group, Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan Refinance	Loan	1M USD LIBOR+	2.00	%		0.75	%		2.75	%		3/22/2024		3,963,971		3,665,551		3,609,710
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.61	%		8/27/2025		3,969,542		3,201,121		3,862,603
GI Chill Acquisition LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	4.00	%		0.00	%		4.25	%		8/1/2025		2,443,750		2,435,372		2,448,344
Gigamon Inc.	Services: Business	Term Loan B	Loan	6M USD LIBOR+	3.75	%		0.75	%		4.50	%		12/27/2024		2,930,400		2,913,040		2,930,400
Global Business Travel (GBT) III Inc.	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.61	%		8/13/2025		4,398,750		4,397,949		4,215,454
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.00	%		4.36	%		11/29/2025		5,000,167		4,764,345		4,675,956
Go Wireless Holdings, Inc.	Telecommunications	Term Loan	Loan	1M USD LIBOR+	6.50	%		1.00	%		7.50	%		12/22/2024		3,024,675		2,992,914		3,017,114
Goodyear Tire & Rubber Company, The	Chemicals, Plastics, & Rubber	Second Lien Term Loan	Loan	1M USD LIBOR+	2.00	%		0.00	%		2.12	%		3/3/2025		3,000,000		2,933,783		2,953,740
Graham Packaging T/L (2/21)	Containers, Packaging & Glass	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.75	%		4.50	%		8/4/2027		979,661		972,912		980,660
Greenhill & Co., Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	3.25	%		0.00	%		3.36	%		4/12/2024		3,419,615		3,393,171		3,398,243

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	%		3/31/2025		2,399,991		2,398,303			2,395,791
Guidehouse LLP (fka PricewaterhouseCoopers)	Aerospace & Defense	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.11	%		5/1/2025		4,924,683		4,903,634			4,951,572
Harbor Freight Tools USA, Inc.	Retail	Term Loan B (10/20)	Loan	1M USD LIBOR+	3.25	%		0.75	%		4.00	%		10/20/2027		2,992,500		2,967,649			3,004,979
Harland Clarke Holdings Corp.	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD LIBOR+	4.75	%		1.00	%		5.75	%		11/3/2023		1,612,899		1,607,974			1,536,738
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		244,418			243,418
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Hillman Group T/L B-1 (2/21)	Loan	6M USD LIBOR+	2.75	%		0.50	%		3.25	%		2/23/2028		3,523,207		3,514,399			3,523,207
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Hillman Group T/L B-2 (2/21)	Loan	6M USD LIBOR+	2.75	%		0.50	%		2.99	%		2/23/2028		632,911		631,329			632,911
Hillman Group Inc. (The) (New)(a)	Consumer goods: Durable	Unfunded Commitment	Loan	3M USD LIBOR+	2.75	%		0.50	%		0.00	%		2/23/2028		-		(2,110	)		-
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan B (08/18)	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.61	%		8/18/2025		3,910,000		3,897,913			3,912,111
Holley Purchaser, Inc	Automotive	Term Loan B	Loan	3M USD LIBOR+	5.00	%		0.00	%		5.21	%		10/24/2025		2,450,000		2,432,788			2,423,981
Howden Group Holdings	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	3M USD LIBOR+	3.25	%		0.75	%		4.00	%		11/12/2027		1,692,335		1,686,025			1,695,212
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (01/20)	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.11	%		2/18/2027		5,940,000		5,920,701			5,925,150
Idera, Inc.	High Tech Industries	Idera T/L (1/21)	Loan	1M USD LIBOR+	3.75	%		0.75	%		4.50	%		6/28/2028		1,000,000		997,500			1,000,000
Idera, Inc.	High Tech Industries	Term Loan B	Loan	6M USD LIBOR+	4.00	%		1.00	%		5.00	%		6/27/2024		3,896,805		3,886,520			3,896,805
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	INEOS US Petrochem T/L (INEOS Quattro)	Loan	1M USD LIBOR+	2.75	%		0.50	%		3.25	%		1/20/2026		1,000,000		995,073			1,003,750
INFINITE BIDCO LLC	Wholesale	Infinite Bidco T/L	Loan	1M USD LIBOR+	3.75	%		0.75	%		4.50	%		2/22/2028		1,500,000		1,496,250			1,500,000
Inmar Acquisition Sub, Inc.	Services: Business	Term Loan B	Loan	3M USD LIBOR+	4.00	%		1.00	%		5.00	%		5/1/2024		3,421,586		3,360,370			3,400,920
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.00	%		3.61	%		2/4/2027		496,250		494,123			498,424
Intermediate Dutch Holdings	Services: Business	Nielsen Consumer T/L B	Loan	1M USD LIBOR+	4.00	%		0.00	%		4.13	%		2/3/2028		250,000		248,750			250,313
Isagenix International, LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD LIBOR+	5.75	%		1.00	%		6.75	%		6/14/2025		2,622,582		2,586,650			1,652,227
Ivory Merger Sub, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.00	%		3.62	%		3/14/2025		957,262		954,285			944,100
J Jill Group, Inc	Retail	Priming Term Loan	Loan	6M USD LIBOR+	5.00	%		1.00	%		6.00	%		5/8/2024		1,779,081		1,776,970			1,138,612
Jane Street Group	Banking, Finance, Insurance & Real Estate	Jane Street Group T/L (1/21)	Loan	1M USD LIBOR+	2.75	%		0.00	%		2.86	%		1/31/2028		2,500,000		2,496,997			2,491,975
Jefferies Finance LLC / JFIN Co-Issuer Corp	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.00	%		0.00	%		3.13	%		6/3/2026		3,796,822		3,781,950			3,789,380
Journey Personal Care Corp.	Consumer goods: Non-durable	Journey Personal Care T/L B (Domtar)	Loan	6M USD LIBOR+	4.25	%		0.75	%		5.00	%		2/19/2028		1,000,000		995,000			1,002,500
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		6.50	%		11/15/2025		4,423,877		4,386,340			4,154,021
KAR Auction Services, Inc.	Automotive	Term Loan B (09/19)	Loan	1M USD LIBOR+	2.25	%		0.00	%		2.44	%		9/19/2026		246,875		246,391			243,172
Kindred Healthcare, Inc.	Healthcare & Pharmaceuticals	Term Loan (6/18)	Loan	1M USD LIBOR+	4.50	%		0.00	%		4.63	%		7/2/2025		1,979,747		1,962,749			1,982,222
Klockner-Pentaplast of America, Inc.	Containers, Packaging & Glass	Klockner Pentaplast T/L (Kleopatra)	Loan	1M USD LIBOR+	4.75	%		0.50	%		5.25	%		2/4/2026		1,500,000		1,492,500			1,500,945
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.75	%		4.00	%		2/26/2028		500,000		497,500

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Saratoga Investment (SAR) 10-Q2022 Q1 Quarterly report

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