Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2023 | May 01, 2023 | Aug. 31, 2022 | |
Document Information [Line Items] | |||
Entity Registrant Name | SARATOGA INVESTMENT CORP. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --02-28 | ||
Entity Common Stock, Shares Outstanding | 11,861,318 | ||
Entity Public Float | $ 211.1 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001377936 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Feb. 28, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Securities Act File Number | 814-00732 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-8700615 | ||
Entity Address, Address Line One | 535 Madison Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10022 | ||
City Area Code | (212) | ||
Local Phone Number | 906-7800 | ||
Entity Interactive Data Current | Yes | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | New York | ||
Common Stock, par value $0.001 per share | |||
Document Information [Line Items] | |||
Trading Symbol | SAR | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Security Exchange Name | NYSE | ||
6.00% Notes due 2027 | |||
Document Information [Line Items] | |||
Trading Symbol | SAT | ||
Title of 12(b) Security | 6.00% Notes due 2027 | ||
Security Exchange Name | NYSE |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
Investments at fair value | ||
Non-control/Non-affiliate investments (amortized cost of $819,966,208 and $654,965,044, respectively) | $ 828,028,800 | $ 668,358,516 |
Affiliate investments (amortized cost of $25,722,320 and $46,224,927, respectively) | 28,305,871 | 48,234,124 |
Control investments (amortized cost of $120,800,829 and $95,058,356, respectively) | 116,255,582 | 100,974,715 |
Total investments at fair value (amortized cost of $966,489,357 and $796,248,327, respectively) | 972,590,253 | 817,567,355 |
Cash and cash equivalents | 65,746,494 | 47,257,801 |
Cash and cash equivalents, reserve accounts | 30,329,779 | 5,612,541 |
Interest receivable (net of reserve of $2,217,300 and $0, respectively) | 8,159,951 | 5,093,561 |
Due from affiliate (See Note 7) | 90,968 | |
Management fee receivable | 363,809 | 362,549 |
Other assets | 531,337 | 254,980 |
Current tax receivable | 436,551 | |
Total assets | 1,078,158,174 | 876,239,755 |
LIABILITIES | ||
Revolving credit facility | 32,500,000 | 12,500,000 |
Base management and incentive fees payable | 12,114,878 | 12,947,025 |
Deferred tax liability | 2,816,572 | 1,249,015 |
Accounts payable and accrued expenses | 1,464,343 | 799,058 |
Current income tax payable | 2,820,036 | |
Interest and debt fees payable | 3,652,936 | 2,801,621 |
Directors fees payable | 14,932 | 70,000 |
Due to manager | 10,935 | 263,814 |
Excise tax payable | 630,183 | |
Total liabilities | 731,200,132 | 520,459,232 |
Commitments and contingencies (See Note 9) | ||
NET ASSETS | ||
Common stock, par value $0.001, 100,000,000 common shares authorized, 11,890,500 and 12,131,350 common shares issued and outstanding, respectively | 11,891 | 12,131 |
Capital in excess of par value | 321,893,806 | 328,062,246 |
Total distributable earnings | 25,052,345 | 27,706,146 |
Total net assets | 346,958,042 | 355,780,523 |
Total liabilities and net assets | $ 1,078,158,174 | $ 876,239,755 |
NET ASSET VALUE PER SHARE (in Dollars per share) | $ 29.18 | $ 29.33 |
Revolving credit facility | ||
LIABILITIES | ||
Deferred debt financing costs | $ (1,344,005) | $ (1,191,115) |
SBA debentures payable | ||
LIABILITIES | ||
Deferred debt financing costs | (4,923,488) | (4,344,983) |
Notes payable | 202,000,000 | 185,000,000 |
7.00% Notes Payable 2025 | ||
LIABILITIES | ||
Deferred debt financing costs | (40,118) | |
Notes payable | 12,000,000 | |
Discount on notes payable | (304,946) | |
7.25% Notes Payable 2025 | ||
LIABILITIES | ||
Deferred debt financing costs | (1,078,201) | |
Notes payable | 43,125,000 | |
7.75% Notes Payable 2025 | ||
LIABILITIES | ||
Deferred debt financing costs | (129,528) | (184,375) |
Notes payable | 5,000,000 | 5,000,000 |
4.375% Notes Payable 2026 | ||
LIABILITIES | ||
Deferred debt financing costs | (2,552,924) | (3,395,435) |
Notes payable | 175,000,000 | 175,000,000 |
Premium on 4.375% notes payable 2026 | 830,824 | 1,086,013 |
4.35% Notes Payable 2027 | ||
LIABILITIES | ||
Deferred debt financing costs | (1,378,515) | (1,722,908) |
Notes payable | 75,000,000 | 75,000,000 |
Discount on notes payable | (408,932) | (499,263) |
6.25% Notes Payable 2027 | ||
LIABILITIES | ||
Deferred debt financing costs | (344,949) | (416,253) |
Notes payable | 15,000,000 | 15,000,000 |
6.00% Notes Payable 2027 | ||
LIABILITIES | ||
Deferred debt financing costs | (2,926,637) | |
Notes payable | 105,500,000 | |
Discount on notes payable | (159,334) | |
8.00% Notes Payable 2027 | ||
LIABILITIES | ||
Deferred debt financing costs | (1,622,376) | |
Notes payable | 46,000,000 | |
8.125% Notes Payable 2027 | ||
LIABILITIES | ||
Deferred debt financing costs | (1,944,536) | |
Notes payable | $ 60,375,000 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
Amortized cost of investments (in Dollars) | $ 819,966,208 | $ 654,965,044 |
Amortized cost of affiliate investments (in Dollars) | 25,722,320 | 46,224,927 |
Amortized cost of control investments (in Dollars) | 120,800,829 | 95,058,356 |
Amortized cost of investment at fair value (in Dollars) | 966,489,357 | 796,248,327 |
Net reserve of interest receivable (in Dollars) | $ 2,217,300 | $ 0 |
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in Shares) | 11,890,500 | 12,131,350 |
Common stock, shares outstanding (in Shares) | 11,890,500 | 12,131,350 |
7.00% Notes Payable 2025 | ||
Notes payable discount, percentage | 7% | |
Debt financing costs, percentage | 7% | |
7.25% Notes Payable 2025 | ||
Notes payable discount, percentage | 7.25% | |
Debt financing costs, percentage | 7.25% | |
7.75% Notes Payable 2025 | ||
Notes payable discount, percentage | 7.75% | |
Debt financing costs, percentage | 7.75% | |
4.375% Notes Payable 2026 | ||
Notes payable discount, percentage | 4.375% | |
Debt financing costs, percentage | 4.375% | |
Notes payable premium, percentage | 4.375% | |
4.35% Notes Payable 2027 | ||
Notes payable discount, percentage | 4.35% | |
Debt financing costs, percentage | 4.35% | |
6.25% Notes Payable 2027 | ||
Notes payable discount, percentage | 6.25% | |
Debt financing costs, percentage | 6.25% | |
6.00% Notes Payable 2027 | ||
Notes payable discount, percentage | 6% | |
Debt financing costs, percentage | 6% | |
8.00% Notes Payable 2027 | ||
Notes payable discount, percentage | 8% | |
Debt financing costs, percentage | 8% | |
8.125% Notes Payable 2027 | ||
Notes payable discount, percentage | 8.125% | |
Debt financing costs, percentage | 8.125% |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
Interest income: | |||
Non-control/Non-affiliate investments | $ 72,677,237 | $ 46,369,544 | $ 41,621,899 |
Affiliate investments | 4,773,527 | 3,308,471 | 1,656,263 |
Control investments | 6,602,594 | 7,345,691 | 5,848,980 |
Payment-in-kind interest income: | |||
Non-control/Non-affiliate investments | 359,910 | 1,150,695 | 2,251,499 |
Affiliate investments | 416,711 | 172,626 | |
Control investments | 386,889 | 327,171 | 162,658 |
Total interest from investments | 85,216,868 | 58,501,572 | 51,713,925 |
Interest from cash and cash equivalents | 1,368,489 | 3,584 | 14,609 |
Management fee income | 3,269,820 | 3,262,591 | 2,507,626 |
Dividend Income | 2,720,272 | 1,925,791 | 158,045 |
Structuring and advisory fee income | 3,585,061 | 4,307,647 | 2,157,405 |
Other income | 2,943,610 | 2,739,372 | 1,098,646 |
Total investment income | 99,104,120 | 70,740,557 | 57,650,256 |
OPERATING EXPENSES | |||
Interest and debt financing expenses | 33,498,489 | 19,880,693 | 13,587,201 |
Base management fees | 16,423,960 | 11,901,729 | 9,098,495 |
Incentive management fees expense (benefit) | 5,057,117 | 11,794,208 | 4,903,499 |
Professional fees | 1,812,259 | 1,378,134 | 1,705,942 |
Administrator expenses | 3,160,417 | 2,906,250 | 2,545,833 |
Insurance | 347,483 | 348,671 | 285,529 |
Directors fees and expenses | 360,000 | 335,596 | 290,000 |
General and administrative | 2,328,672 | 1,661,932 | 1,428,293 |
Income tax expense (benefit) | (152,956) | (39,649) | 667 |
Excise tax expense (credit) | 1,067,532 | 630,183 | 691,672 |
Total operating expenses | 63,902,973 | 50,797,747 | 34,537,131 |
NET INVESTMENT INCOME | 35,201,147 | 19,942,810 | 23,113,125 |
Net realized gain (loss) from investments: | |||
Non-control/Non-affiliate investments | 7,446,596 | 6,209,737 | 22,207 |
Affiliate investments | 7,328,457 | (8,726,013) | |
Control investments | (139,867) | ||
Net realized gain (loss) from investments | 7,446,596 | 13,398,327 | (8,703,806) |
Income tax (provision) benefit from realized gain on investments | 548,568 | (2,886,444) | (3,895,354) |
Net change in unrealized appreciation (depreciation) on investments: | |||
Non-control/Non-affiliate investments | (5,330,880) | 14,775,190 | (3,817,921) |
Affiliate investments | 574,354 | (26,836) | 7,549,096 |
Control investments | (10,461,606) | 2,271,639 | 1,235,147 |
Net change in unrealized appreciation (depreciation) on investments | (15,218,132) | 17,019,993 | 4,966,322 |
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (1,715,333) | 694,908 | (574,634) |
Net realized and unrealized gain (loss) on investments | (8,938,301) | 28,226,784 | (8,207,472) |
Realized losses on extinguishment of debt | (1,587,083) | (2,434,410) | (128,617) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 24,675,763 | $ 45,735,184 | $ 14,777,036 |
WEIGHTED AVERAGE - BASIC EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share) | $ 2.06 | $ 3.99 | $ 1.32 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC (in Shares) | 11,963,533 | 11,456,631 | 11,188,629 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
Income Statement [Abstract] | |||
WEIGHTED AVERAGE - DILUTED EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share) | $ 2.06 | $ 3.99 | $ 1.32 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED | 11,963,533 | 11,456,631 | 11,188,629 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
INCREASE (DECREASE) FROM OPERATIONS: | |||
Net investment income | $ 35,201,147 | $ 19,942,810 | $ 23,113,125 |
Net realized gain from investments | 7,446,596 | 13,398,327 | (8,703,806) |
Realized losses on extinguishment of debt | (1,587,083) | (2,434,410) | (128,617) |
Income tax (provision) benefit from realized gain on investments | 548,568 | (2,886,444) | (3,895,354) |
Net change in unrealized appreciation (depreciation) on investments | (15,218,132) | 17,019,993 | 4,966,322 |
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (1,715,333) | 694,908 | (574,634) |
Net increase (decrease) in net assets resulting from operations | 24,675,763 | 45,735,184 | 14,777,036 |
DECREASE FROM SHAREHOLDER DISTRIBUTIONS: | |||
Total distributions to shareholders | (27,313,402) | (22,033,235) | (13,746,998) |
Net decrease in net assets from shareholder distributions | (27,313,402) | (22,033,235) | (13,746,998) |
CAPITAL SHARE TRANSACTIONS: | |||
Proceeds from issuance of common stock | 26,835,203 | ||
Stock dividend distribution | 4,648,262 | 3,875,206 | 2,481,084 |
Repurchases of common stock | (10,824,340) | (2,545,037) | (3,608,459) |
Repurchase fees | (8,764) | (1,992) | (3,746) |
Offering costs | (270,576) | ||
Net increase (decrease) in net assets from capital share transactions | (6,184,842) | 27,892,804 | (1,131,121) |
Total increase (decrease) in net assets | (8,822,481) | 51,594,753 | (101,083) |
Net assets at beginning of period | 355,780,523 | 304,185,770 | 304,286,853 |
Net assets at end of period | $ 346,958,042 | $ 355,780,523 | $ 304,185,770 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
Operating activities | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 24,675,763 | $ 45,735,184 | $ 14,777,036 |
ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | |||
Payment-in-kind and other adjustments to cost | 1,882,734 | 349,292 | 973,606 |
Net accretion of discount on investments | (1,816,934) | (2,043,088) | (1,390,128) |
Amortization of deferred debt financing costs | 3,587,139 | 2,164,761 | 1,372,662 |
Realized losses on extinguishment of debt | 1,587,083 | 2,434,410 | 128,617 |
Income tax expense (benefit) | (152,956) | 21,260 | 667 |
Net realized (gain) loss from investments | (7,446,596) | (13,398,327) | 8,703,806 |
Net change in unrealized (appreciation) depreciation on investments | 15,218,132 | (17,019,993) | (4,966,322) |
Net change in provision for deferred taxes on unrealized appreciation (depreciation) on investments | 1,715,333 | (694,908) | 574,634 |
Proceeds from sales and repayments of investments | 222,215,062 | 226,931,104 | 130,259,061 |
Purchases of investments | (385,075,296) | (458,073,629) | (202,260,764) |
(Increase) decrease in operating assets: | |||
Interest receivable | (3,066,390) | (869,931) | 586,826 |
Due from affiliate | 90,968 | 2,628,032 | (2,719,000) |
Management fee receivable | (1,260) | (327,905) | 237,563 |
Other assets | (276,357) | 692,335 | (265,997) |
Current income tax receivable | (436,551) | ||
Increase (decrease) in operating liabilities: | |||
Base management and incentive fees payable | (832,147) | 6,390,351 | (9,243,423) |
Accounts payable and accrued expenses | 665,285 | (951,208) | 37,109 |
Current tax payable | (2,820,036) | 2,820,036 | |
Interest and debt fees payable | 851,315 | 155,837 | 411,742 |
Directors fees payable | (55,068) | (500) | 9,000 |
Excise tax payable | (630,183) | (61,489) | 691,672 |
Due to manager | (252,879) | (15,251) | (264,777) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (130,373,839) | (203,133,627) | (62,346,410) |
Financing activities | |||
Borrowings on debt | 113,000,000 | 135,000,000 | 41,000,000 |
Paydowns on debt | (76,000,000) | (95,500,000) | (33,000,000) |
Issuance of notes | 223,875,000 | 250,000,000 | 63,125,000 |
Repayments of notes | (43,125,000) | (60,000,000) | |
Payments of deferred debt financing costs | (10,135,986) | (10,008,424) | (3,435,749) |
Proceeds from issuance of common stock | 26,835,203 | ||
Payments of cash dividends | (22,665,140) | (18,158,029) | (11,265,914) |
Repurchases of common stock | (10,824,340) | (2,545,037) | (3,608,459) |
Repurchases fees | (8,764) | (1,992) | (3,746) |
Payments of offering costs | (270,576) | ||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 173,579,770 | 226,088,895 | 52,811,132 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS | 43,205,931 | 22,955,268 | (9,535,278) |
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD | 52,870,342 | 29,915,074 | 39,450,352 |
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD | 96,076,273 | 52,870,342 | 29,915,074 |
Supplemental information: | |||
Interest paid during the period | 28,904,198 | 17,560,094 | 11,802,800 |
Cash paid for taxes | 2,770,984 | 1,355,083 | 4,140,241 |
Supplemental non-cash information: | |||
Payment-in-kind interest income and other adjustments to cost | (1,882,734) | (349,292) | (973,606) |
Net accretion of discount on investments | 1,816,934 | 2,043,088 | 1,390,128 |
Amortization of deferred debt financing costs | 3,587,139 | 2,164,761 | 1,372,662 |
Stock dividend distribution | 4,648,262 | 3,875,206 | $ 2,481,084 |
Notes 2027 | |||
Financing activities | |||
Discount on debt issuance, | (176,000) | ||
Notes 2025 | |||
Financing activities | |||
Discount on debt issuance, | (360,000) | ||
Notes 2026 | |||
Financing activities | |||
Premium on debt issuance, 4.375% notes 2026 | 1,250,000 | ||
Notes 2027 One | |||
Financing activities | |||
Discount on debt issuance, | $ (512,250) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Notes 2027 | ||
Discount on debt issuance percentage | 6% | 6% |
Notes 2025 | ||
Discount on debt issuance percentage | 7% | 7% |
Notes 2026 | ||
Premium on debt issuance percentage | 4.375% | 4.375% |
Notes 2027 One | ||
Discount on debt issuance percentage | 4.35% | 4.35% |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - Saratoga CLO [Member] - USD ($) | 12 Months Ended | ||||
Feb. 28, 2023 | Feb. 28, 2022 | ||||
Alternative Investment Management Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1] | $ 10,459,372 | |||
Cost | $ 9,907,457 | ||||
% of Net Assets | 3% | ||||
Alternative Investment Management Software [Member] | Altvia MidCo, LLC. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3] | $ 7,911,372 | |||
Cost | [2],[3] | $ 7,907,457 | |||
% of Net Assets | [2],[3] | 2.30% | |||
Principal/ Number of Shares | [2],[3] | $ 7,980,000 | |||
Original Acquisition Date | [2],[3] | Jul. 18, 2022 | |||
Alternative Investment Management Software [Member] | Altvia MidCo, LLC. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[4] | $ 2,548,000 | |||
Cost | [2],[3],[4] | $ 2,000,000 | |||
% of Net Assets | [2],[3],[4] | 0.70% | |||
Principal/ Number of Shares | [2],[3],[4] | $ 2,000,000 | |||
Original Acquisition Date | [2],[3],[4] | Jul. 18, 2022 | |||
Total Consumer Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 63,642,327 | [1] | $ 38,234,178 | [3],[5],[6] | |
Cost | $ 60,059,057 | $ 36,773,891 | [3],[6] | ||
% of Net Assets | 18.30% | 10.80% | [3],[6] | ||
Total Consumer Services [Member] | Artemis Wax Corp. Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 57,500,000 | [1],[2],[7] | $ 5,546,605 | [5],[6],[8],[9] |
Cost | [3] | $ 57,059,057 | [2],[7] | $ 5,546,609 | [6],[8],[9] |
% of Net Assets | [3] | 16.60% | [2],[7] | 1.60% | [6],[8],[9] |
Principal/ Number of Shares | [3] | $ 57,500,000 | [2],[7] | $ 5,547 | [6],[8],[9] |
Original Acquisition Date | [3] | May 20, 2021 | [2],[7] | May 20, 2021 | [6],[8],[9] |
Total Consumer Services [Member] | Artemis Wax Corp. Three [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[4] | $ 4,642,322 | |||
Cost | [2],[3],[4] | $ 1,500,000 | |||
% of Net Assets | [2],[3],[4] | 1.30% | |||
Principal/ Number of Shares | [2],[3],[4] | $ 934,463 | |||
Original Acquisition Date | [2],[3],[4] | May 20, 2021 | |||
Total Consumer Services [Member] | Artemis Wax Corp. Four [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[4] | $ 1,500,005 | |||
Cost | [2],[3],[4] | $ 1,500,000 | |||
% of Net Assets | [2],[3],[4] | 0.40% | |||
Principal/ Number of Shares | [2],[3],[4] | $ 278,769 | |||
Original Acquisition Date | [2],[3],[4] | Dec. 22, 2022 | |||
Total Consumer Services [Member] | Artemis Wax Corp.[Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[8],[10] | $ 30,000,000 | |||
Cost | [3],[6],[8],[10] | $ 29,727,282 | |||
% of Net Assets | [3],[6],[8],[10] | 8.40% | |||
Principal/ Number of Shares | [3],[6],[8],[10] | $ 30,000,000 | |||
Original Acquisition Date | [3],[6],[8],[10] | May 20, 2021 | |||
Total Consumer Services [Member] | Artemis Wax Corp. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[8],[9] | $ 2,687,573 | |||
Cost | [3],[6],[8],[9] | $ 1,500,000 | |||
% of Net Assets | [3],[6],[8],[9] | 0.80% | |||
Principal/ Number of Shares | [3],[6],[8],[9] | $ 934,463 | |||
Original Acquisition Date | [3],[6],[8],[9] | May 20, 2021 | |||
Total Corporate Education Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 3,809,091 | [1] | $ 3,305,839 | [3],[5],[6],[7],[9] | |
Cost | $ 475,698 | $ 475,698 | [3],[6],[7],[9] | ||
% of Net Assets | 1.10% | 0.90% | [3],[6],[7],[9] | ||
Total Corporate Education Software [Member] | Schoox, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[7] | $ 3,809,091 | [1],[2],[4] | $ 3,305,839 | [5],[6],[9] |
Cost | [3],[7] | $ 475,698 | [2],[4] | $ 475,698 | [6],[9] |
% of Net Assets | [3],[7] | 1.10% | [2],[4] | 0.90% | [6],[9] |
Principal/ Number of Shares | [3],[7] | $ 1,050 | [2],[4] | $ 1,050 | [6],[9] |
Original Acquisition Date | [3],[7] | Dec. 08, 2020 | [2],[4] | Dec. 08, 2020 | [6],[9] |
Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3] | $ 7,006,300 | |||
Cost | [2],[3] | $ 6,935,556 | |||
% of Net Assets | [2],[3] | 2% | |||
Principal/ Number of Shares | [2],[3] | $ 7,000,000 | |||
Original Acquisition Date | [2],[3] | Aug. 18, 2022 | |||
Total Corporate Education Software [Member] | ETU Holdings, Inc. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[11] | $ 5,175,327 | |||
Cost | [2],[3],[11] | $ 5,235,433 | |||
% of Net Assets | [2],[3],[11] | 1.50% | |||
Principal/ Number of Shares | [2],[3],[11] | $ 5,282,563 | |||
Original Acquisition Date | [2],[3],[11] | Aug. 18, 2022 | |||
Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[4],[11] | $ 3,072,504 | |||
Cost | [2],[3],[4],[11] | $ 3,000,000 | |||
% of Net Assets | [2],[3],[4],[11] | 0.90% | |||
Principal/ Number of Shares | [2],[3],[4],[11] | $ 3,000,000 | |||
Original Acquisition Date | [2],[3],[4],[11] | Aug. 18, 2022 | |||
Total Cyber Security [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 2,509,210 | [1] | $ 1,635,704 | [3],[5],[6],[9] | |
Cost | $ 1,906,275 | $ 1,635,704 | [3],[6],[9] | ||
% of Net Assets | 0.70% | 0.50% | [3],[6],[9] | ||
Total Cyber Security [Member] | GreyHeller LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 2,509,210 | [1],[2],[4] | $ 1,635,704 | [5],[6],[9] |
Cost | [3] | $ 1,906,275 | [2],[4] | $ 1,635,704 | [6],[9] |
% of Net Assets | [3] | 0.70% | [2],[4] | 0.50% | [6],[9] |
Principal/ Number of Shares | [3] | $ 7,857,689 | [2],[4] | $ 6,742,392 | [6],[9] |
Original Acquisition Date | [3] | Nov. 10, 2021 | [2],[4] | Nov. 10, 2021 | [6],[9] |
Total Dental Practice Management [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 12,151,216 | [1] | $ 8,402,606 | [3],[5],[6],[10] | |
Cost | $ 12,046,965 | $ 8,635,311 | [3],[6],[10] | ||
% of Net Assets | 3.50% | 2.40% | [3],[6],[10] | ||
Total Dental Practice Management [Member] | New England Dental Partners [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 6,523,536 | [1],[2] | $ 6,404,891 | [5],[6] |
Cost | [3] | $ 6,514,437 | [2] | $ 6,502,672 | [6] |
% of Net Assets | [3] | 1.90% | [2] | 1.80% | [6] |
Principal/ Number of Shares | [3] | $ 6,555,000 | [2] | $ 6,555,000 | [6] |
Original Acquisition Date | [3] | Nov. 25, 2020 | [2] | Nov. 25, 2020 | [6] |
Total Dental Practice Management [Member] | New England Dental Partners One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 4,627,680 | [1],[2] | $ 1,997,715 | [5],[6],[10] |
Cost | [3] | $ 4,627,032 | [2] | $ 2,132,639 | [6],[10] |
% of Net Assets | [3] | 1.30% | [2] | 0.60% | [6],[10] |
Principal/ Number of Shares | [3] | $ 4,650,000 | [2] | $ 2,150,000 | [6],[10] |
Original Acquisition Date | [3] | Nov. 25, 2020 | [2] | Nov. 25, 2020 | [6],[10] |
Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[7] | ||||
Cost | [2],[3],[7] | $ (94,504) | |||
% of Net Assets | [2],[3],[7] | 0% | |||
Principal/ Number of Shares | [2],[3],[7] | ||||
Original Acquisition Date | [2],[3],[7] | Feb. 08, 2023 | |||
Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[7] | $ 1,000,000 | |||
Cost | [2],[3],[7] | $ 1,000,000 | |||
% of Net Assets | [2],[3],[7] | 0.30% | |||
Principal/ Number of Shares | [2],[3],[7] | $ 480,769 | |||
Original Acquisition Date | [2],[3],[7] | Feb. 08, 2023 | |||
Total Direct Selling Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1] | $ 25,770,150 | |||
Cost | $ 25,882,494 | ||||
% of Net Assets | 7.50% | ||||
Total Direct Selling Software [Member] | Exigo, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[12] | $ 24,504,825 | |||
Cost | [2],[3],[12] | $ 24,632,494 | |||
% of Net Assets | [2],[3],[12] | 7.10% | |||
Principal/ Number of Shares | [2],[3],[12] | $ 24,812,500 | |||
Original Acquisition Date | [2],[3],[12] | Mar. 16, 2022 | |||
Total Direct Selling Software [Member] | Exigo, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[13] | $ (51,667) | |||
Cost | [2],[3],[13] | ||||
% of Net Assets | [2],[3],[13] | 0% | |||
Principal/ Number of Shares | [2],[3],[13] | ||||
Original Acquisition Date | [2],[3],[13] | Mar. 16, 2022 | |||
Total Direct Selling Software [Member] | Exigo, LLC Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[13] | $ 195,417 | |||
Cost | [2],[3],[13] | $ 208,333 | |||
% of Net Assets | [2],[3],[13] | 0.10% | |||
Principal/ Number of Shares | [2],[3],[13] | $ 208,334 | |||
Original Acquisition Date | [2],[3],[13] | Mar. 16, 2022 | |||
Total Direct Selling Software [Member] | Exigo, LLC Three [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[4],[7] | $ 1,121,575 | |||
Cost | [2],[3],[4],[7] | $ 1,041,667 | |||
% of Net Assets | [2],[3],[4],[7] | 0.30% | |||
Principal/ Number of Shares | [2],[3],[4],[7] | $ 1,041,667 | |||
Original Acquisition Date | [2],[3],[4],[7] | Mar. 16, 2022 | |||
Total Education Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 34,488,718 | [1] | $ 35,309,414 | [3],[5],[6] | |
Cost | $ 35,649,689 | $ 35,608,370 | [3],[6] | ||
% of Net Assets | 9.90% | 9.90% | [3],[6] | ||
Total Education Services [Member] | C2 Educational Systems [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 18,525,900 | [1],[2],[12] | $ 18,220,650 | [5],[6] |
Cost | [3] | $ 18,497,146 | [2],[12] | $ 18,484,747 | [6] |
% of Net Assets | [3] | 5.30% | [2],[12] | 5.10% | [6] |
Principal/ Number of Shares | [3] | $ 18,500,000 | [2],[12] | $ 18,500,000 | [6] |
Original Acquisition Date | [3] | May 31, 2017 | [2],[12] | May 31, 2017 | [6] |
Total Education Services [Member] | C2 Educational Systems [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 629,892 | [1],[2],[4] | $ 599,296 | [5],[6],[9] |
Cost | [3] | $ 499,904 | [2],[4] | $ 499,904 | [6],[9] |
% of Net Assets | [3] | 0.20% | [2],[4] | 0.20% | [6],[9] |
Principal/ Number of Shares | [3] | $ 3,127 | [2],[4] | $ 3,127 | [6],[9] |
Original Acquisition Date | [3] | May 18, 2021 | [2],[4] | May 18, 2021 | [6],[9] |
Total Education Services [Member] | Zollege PBC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 14,827,200 | [1],[2] | $ 15,794,300 | [5],[6] |
Cost | [3] | $ 15,905,830 | [2] | $ 15,877,908 | [6] |
% of Net Assets | [3] | 4.30% | [2] | 4.40% | [6] |
Principal/ Number of Shares | [3] | $ 16,000,000 | [2] | $ 16,000,000 | [6] |
Original Acquisition Date | [3] | May 11, 2021 | [2] | May 11, 2021 | [6] |
Total Education Services [Member] | Zollege PBC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 390,050 | [1],[2],[7] | $ 493,950 | [5],[6],[10] |
Cost | [3] | $ 496,809 | [2],[7] | $ 495,811 | [6],[10] |
% of Net Assets | [3] | 0.10% | [2],[7] | 0.10% | [6],[10] |
Principal/ Number of Shares | [3] | $ 500,000 | [2],[7] | $ 500,000 | [6],[10] |
Original Acquisition Date | [3] | May 11, 2021 | [2],[7] | May 11, 2021 | [6],[10] |
Total Education Services [Member] | Zollege PBC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 115,676 | [1],[2],[4] | $ 201,218 | [5],[6],[9] |
Cost | [3] | $ 250,000 | [2],[4] | $ 250,000 | [6],[9] |
% of Net Assets | [3] | 0% | [2],[4] | 0.10% | [6],[9] |
Principal/ Number of Shares | [3] | $ 250,000 | [2],[4] | $ 250,000 | [6],[9] |
Original Acquisition Date | [3] | May 11, 2021 | [2],[4] | May 11, 2021 | [6],[9] |
Total Education Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 44,955,219 | [1] | $ 33,656,054 | [3],[5],[6] | |
Cost | $ 40,077,843 | $ 29,234,761 | [3],[6] | ||
% of Net Assets | 13.10% | 9.50% | [3],[6] | ||
Total Education Software [Member] | Destiny Solutions Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[7] | $ 8,941,350 | [1],[2],[4] | $ 7,632,061 | [5],[6],[9] |
Cost | [3],[7] | $ 3,969,291 | [2],[4] | $ 3,969,291 | [6],[9] |
% of Net Assets | [3],[7] | 2.60% | [2],[4] | 2.10% | [6],[9] |
Principal/ Number of Shares | [3],[7] | $ 3,068 | [2],[4] | $ 3,065 | [6],[9] |
Original Acquisition Date | [3],[7] | May 16, 2018 | [2],[4] | May 16, 2018 | [6],[9] |
Total Education Software [Member] | GoReact [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 7,982,783 | [1],[2] | $ 8,080,000 | [5],[6] |
Cost | [3] | $ 7,952,042 | [2] | $ 7,920,033 | [6] |
% of Net Assets | [3] | 2.30% | [2] | 2.30% | [6] |
Principal/ Number of Shares | [3] | $ 8,006,000 | [2] | $ 8,000,000 | [6] |
Original Acquisition Date | [3] | Jan. 17, 2020 | [2] | Jan. 17, 2020 | [6] |
Total Education Software [Member] | GoReact One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 997,848 | [1],[2],[7] | [5],[6],[10] | |
Cost | [3] | $ 1,000,750 | [2],[7] | [6],[10] | |
% of Net Assets | [3] | 0.30% | [2],[7] | 0% | [6],[10] |
Principal/ Number of Shares | [3] | $ 1,000,750 | [2],[7] | [6],[10] | |
Original Acquisition Date | [3] | Jan. 18, 2022 | [2],[7] | Jan. 18, 2022 | [6],[10] |
Total Education Software [Member] | Identity Automation Systems [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 218,168 | [1],[2],[4] | $ 16,941,250 | [5],[6],[14] |
Cost | [3] | $ 232,616 | [2],[4] | $ 16,941,250 | [6],[14] |
% of Net Assets | [3] | 0.10% | [2],[4] | 4.80% | [6],[14] |
Principal/ Number of Shares | [3] | $ 232,616 | [2],[4] | $ 16,941,250 | [6],[14] |
Original Acquisition Date | [3] | Aug. 25, 2014 | [2],[4] | Aug. 25, 2014 | [6],[14] |
Total Education Software [Member] | Identity Automation Systems [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 217,370 | [1],[2],[4] | $ 801,923 | [5],[6],[9] |
Cost | [3] | $ 171,571 | [2],[4] | $ 232,616 | [6],[9] |
% of Net Assets | [3] | 0.10% | [2],[4] | 0.20% | [6],[9] |
Principal/ Number of Shares | [3] | $ 43,715 | [2],[4] | $ 232,616 | [6],[9] |
Original Acquisition Date | [3] | Mar. 06, 2020 | [2],[4] | Aug. 25, 2014 | [6],[9] |
Total Education Software [Member] | Ready Education [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3] | $ 26,597,700 | |||
Cost | [2],[3] | $ 26,751,573 | |||
% of Net Assets | [2],[3] | 7.70% | |||
Principal/ Number of Shares | [2],[3] | $ 27,000,000 | |||
Original Acquisition Date | [2],[3] | Aug. 05, 2022 | |||
Total Education Software [Member] | Identity Automation Systems Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[9] | $ 200,820 | |||
Cost | [3],[6],[9] | $ 171,571 | |||
% of Net Assets | [3],[6],[9] | 0.10% | |||
Principal/ Number of Shares | [3],[6],[9] | $ 43,715 | |||
Original Acquisition Date | [3],[6],[9] | Mar. 06, 2020 | |||
Total Facilities Maintenance [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 407,760 | [1] | $ 482,036 | [3],[5],[6],[9] | |
Cost | $ 488,148 | $ 488,148 | [3],[6],[9] | ||
% of Net Assets | 0.10% | 0.10% | [3],[6],[9] | ||
Total Facilities Maintenance [Member] | TG Pressure Washing Holdings, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 407,760 | [1],[2],[4] | $ 482,036 | [5],[6],[9] |
Cost | [3] | $ 488,148 | [2],[4] | $ 488,148 | [6],[9] |
% of Net Assets | [3] | 0.10% | [2],[4] | 0.10% | [6],[9] |
Principal/ Number of Shares | [3] | $ 488,148 | [2],[4] | $ 488,148 | [6],[9] |
Original Acquisition Date | [3] | Aug. 12, 2019 | [2],[4] | Aug. 12, 2019 | [6],[9] |
Total Field Service Management [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 9,957,834 | [1] | $ 6,981,279 | [3],[5],[6] | |
Cost | $ 9,923,727 | $ 6,930,209 | [3],[6] | ||
% of Net Assets | 2.80% | 2% | [3],[6] | ||
Total Field Service Management [Member] | Davisware, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 5,988,000 | [1],[2] | $ 6,003,000 | [5],[6] |
Cost | [3] | $ 5,972,735 | [2] | $ 5,954,705 | [6] |
% of Net Assets | [3] | 1.70% | [2] | 1.70% | [6] |
Principal/ Number of Shares | [3] | $ 6,000,000 | [2] | $ 6,000,000 | [6] |
Original Acquisition Date | [3] | Sep. 06, 2019 | [2] | Sep. 06, 2019 | [6] |
Total Field Service Management [Member] | Davisware, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 3,969,834 | [1],[2] | $ 978,279 | [5],[6],[10] |
Cost | [3] | $ 3,950,992 | [2] | $ 975,504 | [6],[10] |
% of Net Assets | [3] | 1.10% | [2] | 0.30% | [6],[10] |
Principal/ Number of Shares | [3] | $ 3,977,790 | [2] | $ 977,790 | [6],[10] |
Original Acquisition Date | [3] | Sep. 06, 2019 | [2] | Sep. 06, 2019 | [6],[10] |
Total Financial Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 26,218,290 | [1] | $ 23,539,688 | [3],[5],[6] | |
Cost | $ 26,276,568 | $ 23,324,895 | [3],[6] | ||
% of Net Assets | 7.40% | 6.50% | [3],[6] | ||
Total Financial Services [Member] | B. Riley Financial, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[15] | $ 160,077 | |||
Cost | [2],[3],[15] | $ 165,301 | |||
% of Net Assets | [2],[3],[15] | 0% | |||
Principal/ Number of Shares | [2],[3],[15] | $ 165,301 | |||
Original Acquisition Date | [2],[3],[15] | Oct. 18, 2022 | |||
Total Financial Services [Member] | GDS Software Holdings, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 22,311,890 | [1],[2] | $ 22,570,829 | [5],[6] |
Cost | [3] | $ 22,603,970 | [2] | $ 22,579,864 | [6] |
% of Net Assets | [3] | 6.40% | [2] | 6.30% | [6] |
Principal/ Number of Shares | [3] | $ 22,713,926 | [2] | $ 22,713,926 | [6] |
Original Acquisition Date | [3] | Dec. 30, 2021 | [2] | Dec. 30, 2021 | [6] |
Total Financial Services [Member] | GDS Software Holdings, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 3,227,910 | [1],[2] | $ 496,850 | [5],[6],[10] |
Cost | [3] | $ 3,257,297 | [2] | $ 495,031 | [6],[10] |
% of Net Assets | [3] | 0.90% | [2] | 0.10% | [6],[10] |
Principal/ Number of Shares | [3] | $ 3,286,074 | [2] | $ 500,000 | [6],[10] |
Original Acquisition Date | [3] | Dec. 30, 2021 | [2] | Dec. 18, 2021 | [6],[10] |
Total Financial Services [Member] | GDS Software Holdings, LLC Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 518,413 | [1],[2],[4] | $ 472,009 | [5],[6],[9] |
Cost | [3] | $ 250,000 | [2],[4] | $ 250,000 | [6],[9] |
% of Net Assets | [3] | 0.10% | [2],[4] | 0.10% | [6],[9] |
Principal/ Number of Shares | [3] | $ 250,000 | [2],[4] | $ 250,000 | [6],[9] |
Original Acquisition Date | [3] | Aug. 23, 2018 | [2],[4] | Aug. 23, 2018 | [6],[9] |
Total Financial Services Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 9,096,250 | [1] | $ 5,940,000 | [3],[5],[6] | |
Cost | $ 9,221,637 | $ 5,942,482 | [3],[6] | ||
% of Net Assets | 2.60% | 1.70% | [3],[6] | ||
Total Financial Services Software [Member] | Ascend Software, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 5,902,200 | [1],[2] | $ 5,940,000 | [5],[6] |
Cost | [3] | $ 5,952,354 | [2] | $ 5,942,482 | [6] |
% of Net Assets | [3] | 1.70% | [2] | 1.70% | [6] |
Principal/ Number of Shares | [3] | $ 6,000,000 | [2] | $ 6,000,000 | [6] |
Original Acquisition Date | [3] | Dec. 15, 2021 | [2] | Dec. 15, 2021 | [6] |
Total Financial Services Software [Member] | Ascend Software, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 3,194,050 | [1],[2],[13] | [5],[6],[10] | |
Cost | [3] | $ 3,269,283 | [2],[13] | [6],[10] | |
% of Net Assets | [3] | 0.90% | [2],[13] | 0% | [6],[10] |
Principal/ Number of Shares | [3] | $ 3,300,000 | [2],[13] | [6],[10] | |
Original Acquisition Date | [3] | Dec. 15, 2021 | [2],[13] | Dec. 15, 2021 | [6],[10] |
Total Healthcare Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 26,286,156 | [1] | $ 42,053,734 | [3],[5],[6] | |
Cost | $ 25,338,666 | $ 41,255,644 | [3],[6] | ||
% of Net Assets | 7.60% | 11.80% | [3],[6] | ||
Total Healthcare Services [Member] | Axiom Parent Holdings, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 1,286,156 | [1],[2],[4] | $ 1,032,934 | [5],[6],[9] |
Cost | [3] | $ 400,000 | [2],[4] | $ 400,000 | [6],[9] |
% of Net Assets | [3] | 0.40% | [2],[4] | 0.30% | [6],[9] |
Principal/ Number of Shares | [3] | $ 400,000 | [2],[4] | $ 400,000 | [6],[9] |
Original Acquisition Date | [3] | Jun. 19, 2018 | [2],[4] | Jun. 19, 2018 | [6],[9] |
Total Healthcare Services [Member] | ComForCare Health Care [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 25,000,000 | [1],[2],[12] | $ 25,000,000 | [5],[6],[14] |
Cost | [3] | $ 24,938,666 | [2],[12] | $ 24,903,581 | [6],[14] |
% of Net Assets | [3] | 7.20% | [2],[12] | 7% | [6],[14] |
Principal/ Number of Shares | [3] | $ 25,000,000 | [2],[12] | $ 25,000,000 | [6],[14] |
Original Acquisition Date | [3] | Jan. 31, 2017 | [2],[12] | Jan. 31, 2017 | [6],[14] |
Total Healthcare Services [Member] | Axiom Purchaser, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[14] | $ 10,013,000 | |||
Cost | [3],[6],[14] | $ 9,974,217 | |||
% of Net Assets | [3],[6],[14] | 2.80% | |||
Principal/ Number of Shares | [3],[6],[14] | $ 10,000,000 | |||
Original Acquisition Date | [3],[6],[14] | Jun. 19, 2018 | |||
Total Healthcare Services [Member] | Axiom Purchaser, Inc. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[14] | $ 6,007,800 | |||
Cost | [3],[6],[14] | $ 5,977,846 | |||
% of Net Assets | [3],[6],[14] | 1.70% | |||
Principal/ Number of Shares | [3],[6],[14] | $ 6,000,000 | |||
Original Acquisition Date | [3],[6],[14] | Jun. 19, 2018 | |||
Total Healthcare Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 119,123,921 | [1] | $ 90,126,043 | [3],[5],[6] | |
Cost | $ 116,448,819 | $ 89,011,164 | [3],[6] | ||
% of Net Assets | 34.30% | 25.30% | [3],[6] | ||
Total Healthcare Software [Member] | HemaTerra Holding Company, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 55,445,104 | [1],[2],[12] | $ 35,640,000 | [5],[6],[14] |
Cost | [3] | $ 55,105,372 | [2],[12] | $ 35,715,061 | [6],[14] |
% of Net Assets | [3] | 16% | [2],[12] | 10% | [6],[14] |
Principal/ Number of Shares | [3] | $ 55,483,943 | [2],[12] | $ 36,000,000 | [6],[14] |
Original Acquisition Date | [3] | Apr. 15, 2019 | [2],[12] | Apr. 15, 2019 | [6],[14] |
Total Healthcare Software [Member] | HemaTerra Holding Company, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 13,885,448 | [1],[2] | $ 13,860,000 | [5],[6],[14] |
Cost | [3] | $ 13,829,142 | [2] | $ 13,912,744 | [6],[14] |
% of Net Assets | [3] | 4% | [2] | 3.90% | [6],[14] |
Principal/ Number of Shares | [3] | $ 13,895,175 | [2] | $ 14,000,000 | [6],[14] |
Original Acquisition Date | [3] | Apr. 15, 2019 | [2] | Apr. 15, 2019 | [6],[14] |
Total Healthcare Software [Member] | TRC HemaTerra, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 4,606,741 | [1],[2],[4] | $ 3,788,769 | [5],[6],[9] |
Cost | [3] | $ 2,816,693 | [2],[4] | $ 2,816,693 | [6],[9] |
% of Net Assets | [3] | 1.30% | [2],[4] | 1.10% | [6],[9] |
Principal/ Number of Shares | [3] | $ 2,487 | [2],[4] | $ 2,487 | [6],[9] |
Original Acquisition Date | [3] | Apr. 15, 2019 | [2],[4] | Apr. 15, 2019 | [6],[9] |
Total Healthcare Software [Member] | Procurement Partners, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 35,103,925 | [1],[2] | $ 34,998,550 | [5],[6] |
Cost | [3] | $ 34,906,981 | [2] | $ 34,827,633 | [6] |
% of Net Assets | [3] | 10.10% | [2] | 9.80% | [6] |
Principal/ Number of Shares | [3] | $ 35,125,000 | [2] | $ 35,125,000 | [6] |
Original Acquisition Date | [3] | Nov. 12, 2020 | [2] | Nov. 12, 2020 | [6] |
Total Healthcare Software [Member] | Procurement Partners, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 9,294,420 | [1],[2],[13] | $ 1,195,680 | [5],[6],[10] |
Cost | [3] | $ 9,219,412 | [2],[13] | $ 1,188,047 | [6],[10] |
% of Net Assets | [3] | 2.70% | [2],[13] | 0.30% | [6],[10] |
Principal/ Number of Shares | [3] | $ 9,300,000 | [2],[13] | $ 1,200,000 | [6],[10] |
Original Acquisition Date | [3] | Nov. 12, 2020 | [2],[13] | Nov. 12, 2020 | [6],[10] |
Total Healthcare Software [Member] | Procurement Partners Holdings LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 788,283 | [1],[2],[4] | $ 643,044 | [5],[6],[9] |
Cost | [3] | $ 571,219 | [2],[4] | $ 550,986 | [6],[9] |
% of Net Assets | [3] | 0.20% | [2],[4] | 0.20% | [6],[9] |
Principal/ Number of Shares | [3] | $ 571,219 | [2],[4] | $ 550,986 | [6],[9] |
Original Acquisition Date | [3] | Nov. 12, 2020 | [2],[4] | Nov. 12, 2020 | [6],[9] |
Total Healthcare Supply [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1] | $ 5,194,266 | [3],[5],[6] | ||
Cost | $ 508,077 | $ 5,649,490 | [3],[6] | ||
% of Net Assets | 0% | 1.40% | [3],[6] | ||
Total Healthcare Supply [Member] | Roscoe Medical, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | [1],[2],[4] | $ 52,853 | [5],[6],[9] | |
Cost | [3] | $ 508,077 | [2],[4] | $ 508,077 | [6],[9] |
% of Net Assets | [3] | 0% | [2],[4] | 0% | [6],[9] |
Principal/ Number of Shares | [3] | $ 5,081 | [2],[4] | $ 5,081 | [6],[9] |
Original Acquisition Date | [3] | Mar. 26, 2014 | [2],[4] | Mar. 26, 2014 | [6],[9] |
Total Healthcare Supply [Member] | Roscoe Medical, Inc. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6] | $ 5,141,413 | |||
Cost | [3],[6] | $ 5,141,413 | |||
% of Net Assets | [3],[6] | 1.40% | |||
Principal/ Number of Shares | [3],[6] | $ 5,141,413 | |||
Original Acquisition Date | [3],[6] | Mar. 26, 2014 | |||
Total Hospitality/Hotel [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 37,972,116 | [1] | $ 19,924,563 | [3],[5],[6] | |
Cost | $ 43,943,239 | $ 25,099,553 | [3],[6] | ||
% of Net Assets | 11% | 5.70% | [3],[6] | ||
Total Hospitality/Hotel [Member] | Book4Time, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 3,136,517 | [1],[2],[12],[15] | $ 3,112,052 | [5],[6],[14],[16] |
Cost | [3] | $ 3,116,896 | [2],[12],[15] | $ 3,111,278 | [6],[14],[16] |
% of Net Assets | [3] | 0.90% | [2],[12],[15] | 0.90% | [6],[14],[16] |
Principal/ Number of Shares | [3] | $ 3,136,517 | [2],[12],[15] | $ 3,136,517 | [6],[14],[16] |
Original Acquisition Date | [3] | Dec. 22, 2020 | [2],[12],[15] | Dec. 22, 2020 | [6],[14],[16] |
Total Hospitality/Hotel [Member] | Book4Time, Inc. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 2,000,000 | [1],[2],[15] | [5],[6],[10],[16] | |
Cost | [3] | $ 1,984,212 | [2],[15] | [6],[10],[16] | |
% of Net Assets | [3] | 0.60% | [2],[15] | 0% | [6],[10],[16] |
Principal/ Number of Shares | [3] | $ 2,000,000 | [2],[15] | [6],[10],[16] | |
Original Acquisition Date | [3] | Dec. 22, 2020 | [2],[15] | Dec. 22, 2020 | [6],[10],[16] |
Total Hospitality/Hotel [Member] | Book4Time, Inc. Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[7] | $ 281,778 | [1],[2],[4],[15] | $ 198,638 | [5],[6],[9],[16] |
Cost | [3],[7] | $ 156,826 | [2],[4],[15] | $ 156,826 | [6],[9],[16] |
% of Net Assets | [3],[7] | 0.10% | [2],[4],[15] | 0.10% | [6],[9],[16] |
Principal/ Number of Shares | [3],[7] | $ 200,000 | [2],[4],[15] | $ 200,000 | [6],[9],[16] |
Original Acquisition Date | [3],[7] | Dec. 22, 2020 | [2],[4],[15] | Dec. 22, 2020 | [6],[9],[16] |
Total Hospitality/Hotel [Member] | Knowland Group, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 9,760,821 | [1],[2],[4],[17] | $ 10,592,873 | [5],[6] |
Cost | [3] | $ 15,878,989 | [2],[4],[17] | $ 15,878,989 | [6] |
% of Net Assets | [3] | 2.80% | [2],[4],[17] | 3% | [6] |
Principal/ Number of Shares | [3] | $ 15,878,989 | [2],[4],[17] | $ 15,878,989 | [6] |
Original Acquisition Date | [3] | Nov. 09, 2018 | [2],[4],[17] | Nov. 09, 2018 | [6] |
Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 22,793,000 | [1],[2] | $ 6,021,000 | [5],[6] |
Cost | [3] | $ 22,806,316 | [2] | $ 5,952,460 | [6] |
% of Net Assets | [3] | 6.60% | [2] | 1.70% | [6] |
Principal/ Number of Shares | [3] | $ 23,000,000 | [2] | $ 6,000,000 | [6] |
Original Acquisition Date | [3] | Apr. 27, 2020 | [2] | Apr. 27, 2020 | [6] |
Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | [1],[2],[13] | [5],[6],[10] | ||
Cost | [3] | [2],[13] | [6],[10] | ||
% of Net Assets | [3] | 0% | [2],[13] | 0% | [6],[10] |
Principal/ Number of Shares | [3] | [2],[13] | [6],[10] | ||
Original Acquisition Date | [3] | Sep. 02, 2021 | [2],[13] | Sep. 02, 2021 | [6],[10] |
Total HVAC Services and Sales [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 54,450,000 | [1] | $ 29,976,000 | [3],[5],[6] | |
Cost | $ 54,589,008 | $ 29,744,951 | [3],[6] | ||
% of Net Assets | 15.70% | 8.50% | [3],[6] | ||
Total HVAC Services and Sales [Member] | Granite Comfort, LP [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 42,570,000 | [1],[2],[12] | $ 27,977,600 | [5],[6] |
Cost | [3] | $ 42,694,831 | [2],[12] | $ 27,764,146 | [6] |
% of Net Assets | [3] | 12.30% | [2],[12] | 7.90% | [6] |
Principal/ Number of Shares | [3] | $ 43,000,000 | [2],[12] | $ 28,000,000 | [6] |
Original Acquisition Date | [3] | Nov. 16, 2020 | [2],[12] | Nov. 16, 2020 | [6] |
Total HVAC Services and Sales [Member] | Granite Comfort, LP One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 11,880,000 | [1],[2],[13] | $ 1,998,400 | [5],[6],[10] |
Cost | [3] | $ 11,894,177 | [2],[13] | $ 1,980,805 | [6],[10] |
% of Net Assets | [3] | 3.40% | [2],[13] | 0.60% | [6],[10] |
Principal/ Number of Shares | [3] | $ 12,000,000 | [2],[13] | $ 2,000,000 | [6],[10] |
Original Acquisition Date | [3] | Nov. 16, 2020 | [2],[13] | Nov. 16, 2020 | [6],[10] |
Total Industrial Products [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 9,607,909 | [1] | $ 8,427,179 | [3],[5],[6] | |
Cost | $ 3,089,986 | $ 5,008,186 | [3],[6] | ||
% of Net Assets | 2.80% | 2.40% | [3],[6] | ||
Total Industrial Products [Member] | Vector Controls Holding Co., LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 3,089,986 | [1],[2],[12] | $ 5,008,186 | [5],[6],[14] |
Cost | [3] | $ 3,089,986 | [2],[12] | $ 5,008,186 | [6],[14] |
% of Net Assets | [3] | 0.90% | [2],[12] | 1.40% | [6],[14] |
Principal/ Number of Shares | [3] | $ 3,089,986 | [2],[12] | $ 5,008,186 | [6],[14] |
Original Acquisition Date | [3] | Mar. 06, 2013 | [2],[12] | Mar. 06, 2013 | [6],[14] |
Total Industrial Products [Member] | Vector Controls Holding Co., LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 6,517,923 | [1],[2],[4] | $ 3,418,993 | [5],[6],[9] |
Cost | [3] | [2],[4] | [6],[9] | ||
% of Net Assets | [3] | 1.90% | [2],[4] | 1% | [6],[9] |
Principal/ Number of Shares | [3] | $ 343 | [2],[4] | $ 343 | [6],[9] |
Original Acquisition Date | [3] | May 31, 2015 | [2],[4] | May 31, 2015 | [6],[9] |
Total Insurance Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 16,760,556 | [1] | $ 10,920,800 | [3],[5],[6] | |
Cost | $ 15,876,121 | $ 10,925,938 | [3],[6] | ||
% of Net Assets | 4.90% | 3.10% | [3],[6] | ||
Total Insurance Software [Member] | AgencyBloc, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 13,449,114 | [1],[2] | $ 8,920,800 | [5],[6] |
Cost | [3] | $ 13,376,121 | [2] | $ 8,925,938 | [6] |
% of Net Assets | [3] | 3.90% | [2] | 2.50% | [6] |
Principal/ Number of Shares | [3] | $ 13,469,318 | [2] | $ 9,000,000 | [6] |
Original Acquisition Date | [3] | Oct. 01, 2021 | [2] | Oct. 01, 2021 | [6] |
Total Insurance Software [Member] | Panther ParentCo LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 3,311,442 | [1],[2],[4] | $ 2,000,000 | [5],[6],[9] |
Cost | [3] | $ 2,500,000 | [2],[4] | $ 2,000,000 | [6],[9] |
% of Net Assets | [3] | 1% | [2],[4] | 0.60% | [6],[9] |
Principal/ Number of Shares | [3] | $ 2,500,000 | [2],[4] | $ 2,000,000 | [6],[9] |
Original Acquisition Date | [3] | Oct. 01, 2021 | [2],[4] | Oct. 01, 2021 | [6],[9] |
Total IT Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 43,000,000 | [1] | $ 43,000,000 | [3],[5],[6] | |
Cost | $ 42,953,087 | $ 42,806,801 | [3],[6] | ||
% of Net Assets | 12.40% | 12.10% | [3],[6] | ||
Total IT Services [Member] | LogicMonitor, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 43,000,000 | [1],[2],[12] | $ 43,000,000 | [5],[6],[14] |
Cost | [3] | $ 42,953,087 | [2],[12] | $ 42,806,801 | [6],[14] |
% of Net Assets | [3] | 12.40% | [2],[12] | 12.10% | [6],[14] |
Principal/ Number of Shares | [3] | $ 43,000,000 | [2],[12] | $ 43,000,000 | [6],[14] |
Original Acquisition Date | [3] | Mar. 20, 2020 | [2],[12] | Mar. 20, 2020 | [6],[14] |
Total IT Services [Member] | Netreo Holdings, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[18] | $ 5,421,575 | |||
Cost | [3],[6],[18] | $ 5,409,201 | |||
% of Net Assets | [3],[6],[18] | 1.40% | |||
Principal/ Number of Shares | [3],[6],[18] | $ 5,432,440 | |||
Original Acquisition Date | [3],[6],[18] | Jul. 03, 2018 | |||
Total IT Services [Member] | Netreo Holdings, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[10],[14],[18] | $ 13,406,648 | |||
Cost | [3],[6],[10],[14],[18] | $ 13,406,530 | |||
% of Net Assets | [3],[6],[10],[14],[18] | 3.80% | |||
Principal/ Number of Shares | [3],[6],[10],[14],[18] | $ 13,433,515 | |||
Original Acquisition Date | [3],[6],[10],[14],[18] | May 26, 2020 | |||
Total IT Services [Member] | Netreo Holdings, LLC Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[9],[18] | $ 18,975,523 | |||
Cost | [3],[6],[9],[18] | $ 8,344,500 | |||
% of Net Assets | [3],[6],[9],[18] | 5.30% | |||
Principal/ Number of Shares | [3],[6],[9],[18] | $ 4,600,677 | |||
Original Acquisition Date | [3],[6],[9],[18] | Jul. 03, 2018 | |||
Total Lead management Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1] | $ 12,090,000 | |||
Cost | $ 11,906,362 | ||||
% of Net Assets | 3.50% | ||||
Total Lead management Software [Member] | ActiveProspect, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[12] | $ 12,090,000 | |||
Cost | [2],[3],[12] | $ 11,906,362 | |||
% of Net Assets | [2],[3],[12] | 3.50% | |||
Principal/ Number of Shares | [2],[3],[12] | $ 12,000,000 | |||
Original Acquisition Date | [2],[3],[12] | Aug. 08, 2022 | |||
Total Lead management Software [Member] | ActiveProspect, Inc. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[13] | ||||
Cost | [2],[3],[13] | ||||
% of Net Assets | [2],[3],[13] | 0% | |||
Principal/ Number of Shares | [2],[3],[13] | ||||
Original Acquisition Date | [2],[3],[13] | Aug. 08, 2022 | |||
Total Legal Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | $ 20,699,256 | [1] | $ 7,425,000 | [3],[5],[6] | |
Cost | $ 21,055,931 | $ 7,409,860 | [3],[6] | ||
% of Net Assets | 6% | 2.10% | [3],[6] | ||
Total Legal Software [Member] | Centerbase, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 20,699,256 | [1] | $ 7,425,000 | [5],[6] |
Cost | [3] | $ 21,055,931 | $ 7,409,860 | [6] | |
% of Net Assets | [3] | 6% | 2.10% | [6] | |
Principal/ Number of Shares | [3] | $ 21,247,440 | $ 7,500,000 | [6] | |
Original Acquisition Date | [3] | Jan. 18, 2022 | Jan. 18, 2022 | [6] | |
Total Marketing Orchestration Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 18,715,000 | [1] | $ 28,776,867 | [5],[6] |
Cost | [3] | $ 18,626,777 | $ 28,782,977 | [6] | |
% of Net Assets | [3] | 5.40% | 8.10% | [6] | |
Total Marketing Orchestration Software [Member] | Madison Logic, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 18,715,000 | [1],[12] | $ 28,776,867 | [5],[6] |
Cost | [3] | $ 18,626,777 | [12] | $ 28,782,977 | [6] |
% of Net Assets | [3] | 5.40% | [12] | 8.10% | [6] |
Principal/ Number of Shares | [3] | $ 19,000,000 | [12] | $ 28,915,663 | [6] |
Original Acquisition Date | [3] | Dec. 10, 2021 | [12] | Dec. 10, 2021 | [6] |
Total Marketing Orchestration Software [Member] | Madison Logic, Inc. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[10] | ||||
Cost | [3],[6],[10] | ||||
% of Net Assets | [3],[6],[10] | 0% | |||
Principal/ Number of Shares | [3],[6],[10] | ||||
Original Acquisition Date | [3],[6],[10] | Dec. 10, 2021 | |||
Total Mental Healthcare Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3],[4] | $ 16,921,769 | |||
Cost | [3],[4] | $ 17,097,115 | |||
% of Net Assets | [3],[4] | 4.90% | |||
Total Mental Healthcare Services [Member] | ARC Health OpCo LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3],[12] | $ 6,461,000 | |||
Cost | [3],[12] | $ 6,427,296 | |||
% of Net Assets | [3],[12] | 1.90% | |||
Principal/ Number of Shares | [3],[12] | $ 6,500,000 | |||
Original Acquisition Date | [3],[12] | Aug. 05, 2022 | |||
Total Mental Healthcare Services [Member] | ARC Health OpCo LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3],[12],[13] | $ 7,680,616 | |||
Cost | [3],[12],[13] | $ 7,634,711 | |||
% of Net Assets | [3],[12],[13] | 2.20% | |||
Principal/ Number of Shares | [3],[12],[13] | $ 7,726,978 | |||
Original Acquisition Date | [3],[12],[13] | Aug. 05, 2022 | |||
Total Mental Healthcare Services [Member] | ARC Health OpCo LLC Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3],[4] | $ 2,780,153 | |||
Cost | [3],[4] | $ 3,035,108 | |||
% of Net Assets | [3],[4] | 0.80% | |||
Principal/ Number of Shares | [3],[4] | $ 2,808,236 | |||
Original Acquisition Date | [3],[4] | Aug. 05, 2022 | |||
Total Mentoring Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 21,359,003 | [1] | $ 18,321,125 | [5],[6] |
Cost | [3] | $ 20,861,414 | $ 17,861,338 | [6] | |
% of Net Assets | [3] | 6.20% | 5.20% | [6] | |
Total Mentoring Software [Member] | Chronus LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 14,890,500 | [1] | $ 14,938,500 | [5],[6] |
Cost | [3] | $ 14,887,780 | $ 14,861,338 | [6] | |
% of Net Assets | [3] | 4.30% | 4.20% | [6] | |
Principal/ Number of Shares | [3] | $ 15,000,000 | $ 15,000,000 | [6] | |
Original Acquisition Date | [3] | Aug. 26, 2021 | Aug. 26, 2021 | [6] | |
Total Mentoring Software [Member] | Chronus LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 2,978,100 | [1] | $ 3,382,625 | [5],[6],[9] |
Cost | [3] | $ 2,973,634 | $ 3,000,000 | [6],[9] | |
% of Net Assets | [3] | 0.90% | 1% | [6],[9] | |
Principal/ Number of Shares | [3] | $ 3,000,000 | $ 3,000 | [6],[9] | |
Original Acquisition Date | [3] | Aug. 26, 2021 | Aug. 26, 2021 | [6],[9] | |
Total Mentoring Software [Member] | Chronus LLC Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3],[4] | $ 3,490,403 | |||
Cost | [3],[4] | $ 3,000,000 | |||
% of Net Assets | [3],[4] | 1% | |||
Principal/ Number of Shares | [3],[4] | $ 3,000 | |||
Original Acquisition Date | [3],[4] | Aug. 26, 2021 | |||
Total Non-profit Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 13,095,223 | [1] | $ 10,038,714 | [5],[6] |
Cost | [3] | $ 13,091,197 | $ 9,955,082 | [6] | |
% of Net Assets | [3] | 3.80% | 2.80% | [6] | |
Total Non-profit Services [Member] | Omatic Software, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 13,095,223 | [1] | $ 10,038,714 | [5],[6] |
Cost | [3] | $ 13,091,197 | $ 9,955,082 | [6] | |
% of Net Assets | [3] | 3.80% | 2.80% | [6] | |
Principal/ Number of Shares | [3] | $ 13,122,781 | $ 10,010,685 | [6] | |
Original Acquisition Date | [3] | May 29, 2018 | May 29, 2018 | [6] | |
Total Office Supplies [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 6,372,555 | [1],[4] | $ 3,725,807 | [5],[6] |
Cost | [3] | $ 6,374,379 | [4] | $ 3,700,000 | [6] |
% of Net Assets | [3] | 1.80% | [4] | 1% | [6] |
Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3] | $ 5,965,800 | |||
Cost | [3] | $ 5,974,379 | |||
% of Net Assets | [3] | 1.70% | |||
Principal/ Number of Shares | [3] | $ 6,000,000 | |||
Original Acquisition Date | [3] | Dec. 28, 2012 | |||
Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 406,755 | [1],[4] | $ 446,927 | [5],[6],[9] |
Cost | [3] | $ 400,000 | [4] | $ 400,000 | [6],[9] |
% of Net Assets | [3] | 0.10% | [4] | 0.10% | [6],[9] |
Principal/ Number of Shares | [3] | $ 49,318 | [4] | $ 49,318 | [6],[9] |
Original Acquisition Date | [3] | Dec. 28, 2012 | [4] | Dec. 28, 2012 | [6],[9] |
Total Real Estate Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 53,406,469 | [1] | $ 53,506,014 | [5],[6] |
Cost | [3] | $ 53,554,581 | $ 53,276,852 | [6] | |
% of Net Assets | [3] | 15.40% | 14.90% | [6] | |
Total Real Estate Services [Member] | Buildout, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 13,855,800 | [1] | $ 13,904,800 | [5],[6] |
Cost | [3] | $ 13,924,435 | $ 13,897,546 | [6] | |
% of Net Assets | [3] | 4% | 3.90% | [6] | |
Principal/ Number of Shares | [3] | $ 14,000,000 | $ 14,000,000 | [6] | |
Original Acquisition Date | [3] | Jul. 09, 2020 | Jul. 09, 2020 | [6] | |
Total Real Estate Services [Member] | Buildout, Inc. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 38,103,450 | [1] | $ 38,238,200 | [5],[6] |
Cost | [3] | $ 38,257,589 | $ 38,173,998 | [6] | |
% of Net Assets | [3] | 11% | 10.60% | [6] | |
Principal/ Number of Shares | [3] | $ 38,500,000 | $ 38,500,000 | [6] | |
Original Acquisition Date | [3] | Feb. 12, 2021 | Feb. 12, 2021 | [6] | |
Total Real Estate Services [Member] | Buildout, Inc. Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[7] | $ 1,447,219 | [1],[4] | $ 1,363,014 | [5],[6],[9] |
Cost | [3],[7] | $ 1,372,557 | [4] | $ 1,205,308 | [6],[9] |
% of Net Assets | [3],[7] | 0.40% | [4] | 0.40% | [6],[9] |
Principal/ Number of Shares | [3],[7] | $ 1,250 | [4] | $ 1,205 | [6],[9] |
Original Acquisition Date | [3],[7] | Jul. 09, 2020 | [4] | Jul. 09, 2020 | [6],[9] |
Total Research Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3] | $ 10,676,983 | |||
Cost | [3] | $ 10,628,283 | |||
% of Net Assets | [3] | 3% | |||
Total Research Software [Member] | Archimedes Parent LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3],[4] | $ 1,136,503 | |||
Cost | [3],[4] | $ 1,125,160 | |||
% of Net Assets | [3],[4] | 0.30% | |||
Principal/ Number of Shares | [3],[4] | $ 1,125,160 | |||
Original Acquisition Date | [3],[4] | Jun. 27, 2022 | |||
Total Research Software [Member] | Wellspring Worldwide Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3] | $ 9,540,480 | |||
Cost | [3] | $ 9,503,123 | |||
% of Net Assets | [3] | 2.70% | |||
Principal/ Number of Shares | [3] | $ 9,600,000 | |||
Original Acquisition Date | [3] | Jun. 27, 2022 | |||
Total Restaurant [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 24,826,161 | [1] | $ 15,685,525 | [5],[6] |
Cost | [3] | $ 25,051,847 | $ 15,865,900 | [6] | |
% of Net Assets | [3] | 7.10% | 4.40% | [6] | |
Total Restaurant [Member] | Emily Street Enterprises, L.L.C. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6] | $ 3,278,880 | |||
Cost | [3],[6] | $ 3,300,000 | |||
% of Net Assets | [3],[6] | 0.90% | |||
Principal/ Number of Shares | [3],[6] | $ 3,300,000 | |||
Original Acquisition Date | [3],[6] | Dec. 28, 2012 | |||
Total Restaurant [Member] | LFR Chicken LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 11,866,800 | [1] | $ 11,880,000 | [5],[6] |
Cost | [3] | $ 11,906,864 | $ 11,886,588 | [6] | |
% of Net Assets | [3] | 3.40% | 3.30% | [6] | |
Principal/ Number of Shares | [3] | $ 12,000,000 | $ 12,000,000 | [6] | |
Original Acquisition Date | [3] | Nov. 19, 2021 | Nov. 19, 2021 | [6] | |
Total Restaurant [Member] | LFR Chicken LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 8,900,100 | [1],[13] | [5],[6],[10] | |
Cost | [3] | $ 8,927,326 | [13] | [6],[10] | |
% of Net Assets | [3] | 2.60% | [13] | 0% | [6],[10] |
Principal/ Number of Shares | [3] | $ 9,000,000 | [13] | [6],[10] | |
Original Acquisition Date | [3] | Nov. 19, 2021 | [13] | Nov. 19, 2021 | [6],[10] |
Total Restaurant [Member] | LFR Chicken LLC Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 1,177,373 | [1],[4] | $ 999,984 | [5],[6],[9] |
Cost | [3] | $ 1,000,000 | [4] | $ 1,000,000 | [6],[9] |
% of Net Assets | [3] | 0.30% | [4] | 0.30% | [6],[9] |
Principal/ Number of Shares | [3] | $ 497,183 | [4] | $ 497,183 | [6],[9] |
Original Acquisition Date | [3] | Nov. 19, 2021 | [4] | Nov. 19, 2021 | [6],[9] |
Total Restaurant [Member] | TMAC Acquisition Co., LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 2,881,888 | [1] | $ 2,805,541 | [5],[6] |
Cost | [3] | $ 3,217,657 | $ 2,979,312 | [6] | |
% of Net Assets | [3] | 0.80% | 0.80% | [6] | |
Principal/ Number of Shares | [3] | $ 3,217,657 | $ 2,979,312 | [6] | |
Original Acquisition Date | [3] | Mar. 01, 2018 | Mar. 01, 2018 | [6] | |
Total Specialty Food Retailer [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 24,410,861 | [1] | $ 34,013,106 | [5],[6] |
Cost | [3] | $ 34,255,863 | $ 34,531,592 | [6] | |
% of Net Assets | [3] | 7% | 9.30% | [6] | |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 24,410,861 | [1],[12] | $ 33,261,656 | [5],[6],[14] |
Cost | [3] | $ 33,255,863 | [12] | $ 33,531,592 | [6],[14] |
% of Net Assets | [3] | 7% | [12] | 9.20% | [6],[14] |
Principal/ Number of Shares | [3] | $ 33,490,000 | [12] | $ 33,830,000 | [6],[14] |
Original Acquisition Date | [3] | Jun. 30, 2021 | [12] | Jun. 30, 2021 | [6],[14] |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | [1],[13] | $ (33,600) | [5],[6],[10] | |
Cost | [3] | [13] | [6],[10] | ||
% of Net Assets | [3] | 0% | [13] | 0% | [6],[10] |
Principal/ Number of Shares | [3] | [13] | [6],[10] | ||
Original Acquisition Date | [3] | Jun. 30, 2021 | [13] | Jun. 30, 2021 | [6],[10] |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | [1],[13] | $ (42,000) | [5],[6],[10] | |
Cost | [3] | [13] | [6],[10] | ||
% of Net Assets | [3] | 0% | [13] | 0% | [6],[10] |
Principal/ Number of Shares | [3] | [13] | [6],[10] | ||
Original Acquisition Date | [3] | Jun. 30, 2021 | [13] | Jun. 30, 2021 | [6],[10] |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Three [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | [1],[4] | $ 827,050 | [5],[6],[9] | |
Cost | [3] | $ 1,000,000 | [4] | $ 1,000,000 | [6],[9] |
% of Net Assets | [3] | 0% | [4] | 0.10% | [6],[9] |
Principal/ Number of Shares | [3] | $ 1,000,000 | [4] | $ 1,000,000 | [6],[9] |
Original Acquisition Date | [3] | Jun. 30, 2021 | [4] | Jun. 30, 2021 | [6],[9] |
Total Sports Management [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 26,711,100 | [1] | $ 26,654,399 | [5],[6] |
Cost | [3] | $ 26,894,505 | $ 26,846,088 | [6] | |
% of Net Assets | [3] | 7.70% | 7.40% | [6] | |
Total Sports Management [Member] | ArbiterSports, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 25,721,800 | [1],[12] | $ 25,667,199 | [5],[6],[14] |
Cost | [3] | $ 25,894,505 | [12] | $ 25,846,091 | [6],[14] |
% of Net Assets | [3] | 7.40% | [12] | 7.10% | [6],[14] |
Principal/ Number of Shares | [3] | $ 26,000,000 | [12] | $ 26,000,000 | [6],[14] |
Original Acquisition Date | [3] | Feb. 21, 2020 | [12] | Feb. 21, 2020 | [6],[14] |
Total Sports Management [Member] | ArbiterSports, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 989,300 | [1] | $ 987,200 | [5],[6],[14] |
Cost | [3] | $ 1,000,000 | $ 999,997 | [6],[14] | |
% of Net Assets | [3] | 0.30% | 0.30% | [6],[14] | |
Principal/ Number of Shares | [3] | $ 1,000,000 | $ 1,000,000 | [6],[14] | |
Original Acquisition Date | [3] | Feb. 21, 2020 | Feb. 21, 2020 | [6],[14] | |
Total Staffing Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 2,079,325 | [1],[4] | $ 1,912,328 | [5],[6] |
Cost | [3] | $ 100,000 | [4] | $ 100,000 | [6] |
% of Net Assets | [3] | 0.60% | [4] | 0.50% | [6] |
Total Staffing Services [Member] | Avionte Holdings, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 2,079,325 | [1],[4] | $ 1,912,328 | [5],[6],[9] |
Cost | [3] | $ 100,000 | [4] | $ 100,000 | [6],[9] |
% of Net Assets | [3] | 0.60% | [4] | 0.50% | [6],[9] |
Principal/ Number of Shares | [3] | $ 100,000 | [4] | $ 100,000 | [6],[9] |
Original Acquisition Date | [3] | Jan. 08, 2014 | [4] | Jan. 08, 2014 | [6],[9] |
Total Talent Acquisition Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 25,999,000 | [1] | $ 19,652,000 | [5],[6] |
Cost | [3] | $ 25,805,393 | $ 19,841,684 | [6] | |
% of Net Assets | [3] | 7.50% | 5.50% | [6] | |
Total Talent Acquisition Software [Member] | JDXpert [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3] | $ 6,045,000 | |||
Cost | [3] | $ 5,947,780 | |||
% of Net Assets | [3] | 1.70% | |||
Principal/ Number of Shares | [3] | $ 6,000,000 | |||
Original Acquisition Date | [3] | May 02, 2022 | |||
Total Talent Acquisition Software [Member] | JDXpert One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[3],[13] | ||||
Cost | [3],[13] | ||||
% of Net Assets | [3],[13] | 0% | |||
Principal/ Number of Shares | [3],[13] | ||||
Original Acquisition Date | [3],[13] | May 02, 2022 | |||
Total Talent Acquisition Software [Member] | Jobvite, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 19,954,000 | [1],[12] | $ 19,652,000 | [5],[6],[14] |
Cost | [3] | $ 19,857,613 | [12] | $ 19,841,684 | [6],[14] |
% of Net Assets | [3] | 5.80% | [12] | 5.50% | [6],[14] |
Principal/ Number of Shares | [3] | $ 20,000,000 | [12] | $ 20,000,000 | [6],[14] |
Original Acquisition Date | [3] | Aug. 05, 2022 | [12] | Jul. 06, 2021 | [6],[14] |
Sub Total Non-control/Non-affiliate investments [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 828,028,800 | [1] | $ 668,358,516 | [5],[6] |
Cost | [3] | $ 819,966,208 | $ 654,965,044 | [6] | |
% of Net Assets | [3] | 238.60% | 187.40% | [6] | |
Total Corporate Education Software One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3] | $ 15,254,131 | |||
Cost | [2],[3] | $ 15,170,989 | |||
% of Net Assets | [2],[3] | 4.40% | |||
Total Employee Collaboration Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 13,051,740 | [1],[2] | $ 9,999,946 | [5],[6] |
Cost | [3] | $ 10,551,331 | [2] | $ 9,451,036 | [6] |
% of Net Assets | [3] | 3.70% | [2] | 2.70% | [6] |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 5,513,200 | [1],[2],[11] | $ 5,482,950 | [5],[6],[8] |
Cost | [3] | $ 5,460,448 | [2],[11] | $ 5,451,036 | [6],[8] |
% of Net Assets | [3] | 1.60% | [2],[11] | 1.50% | [6],[8] |
Principal/ Number of Shares | [3] | $ 5,500,000 | [2],[11] | $ 5,500,000 | [6],[8] |
Original Acquisition Date | [3] | Jun. 30, 2021 | [2],[11] | Jun. 30, 2021 | [6],[8] |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 1,102,640 | [1],[2],[11] | [5],[6],[8],[10] | |
Cost | [3] | $ 1,090,883 | [2],[11] | [6],[8],[10] | |
% of Net Assets | [3] | 0.30% | [2],[11] | 0% | [6],[8],[10] |
Principal/ Number of Shares | [3] | $ 1,100,000 | [2],[11] | [6],[8],[10] | |
Original Acquisition Date | [3] | Jun. 30, 2021 | [2],[11] | Jun. 30, 2021 | [6],[8],[10] |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | [1],[2],[11],[13] | [5],[6],[8],[10] | ||
Cost | [3] | [2],[11],[13] | [6],[8],[10] | ||
% of Net Assets | [3] | 0% | [2],[11],[13] | 0% | [6],[8],[10] |
Principal/ Number of Shares | [3] | [2],[11],[13] | [6],[8],[10] | ||
Original Acquisition Date | [3] | Feb. 03, 2022 | [2],[11],[13] | Feb. 03, 2022 | [6],[8],[10] |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC Three [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 2,498,000 | [1],[2],[4],[11] | $ 2,198,000 | [5],[6],[8],[9] |
Cost | [3] | $ 2,000,000 | [2],[4],[11] | $ 2,000,000 | [6],[8],[9] |
% of Net Assets | [3] | 0.70% | [2],[4],[11] | 0.50% | [6],[8],[9] |
Principal/ Number of Shares | [3] | $ 2,000,000 | [2],[4],[11] | $ 2,000,000 | [6],[8],[9] |
Original Acquisition Date | [3] | Jun. 30, 2021 | [2],[4],[11] | Jun. 30, 2021 | [6],[8],[9] |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC Four [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 3,937,900 | [1],[2],[4],[11] | $ 2,318,996 | [5],[6],[8],[9] |
Cost | [3] | $ 2,000,000 | [2],[4],[11] | $ 2,000,000 | [6],[8],[9] |
% of Net Assets | [3] | 1.10% | [2],[4],[11] | 0.70% | [6],[8],[9] |
Principal/ Number of Shares | [3] | $ 2,000,000 | [2],[4],[11] | $ 2,000,000 | [6],[8],[9] |
Original Acquisition Date | [3] | Jun. 30, 2021 | [2],[4],[11] | Jun. 30, 2021 | [6],[8],[9] |
Sub Total Affiliate investments [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 28,305,871 | [1],[2] | $ 48,234,124 | [5],[6] |
Cost | [3] | $ 25,722,320 | [2] | $ 46,224,927 | [6] |
% of Net Assets | [3] | 8.10% | [2] | 13.50% | [6] |
IT Services [Member] | Netreo Holdings, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[19] | $ 5,443,757 | |||
Cost | [2],[3],[19] | $ 5,522,608 | |||
% of Net Assets | [2],[3],[19] | 1.60% | |||
Principal/ Number of Shares | [2],[3],[19] | $ 5,539,029 | |||
Original Acquisition Date | [2],[3],[19] | Jul. 03, 2018 | |||
IT Services [Member] | Netreo Holdings, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[12],[19] | $ 21,730,699 | |||
Cost | [2],[3],[12],[19] | $ 22,019,877 | |||
% of Net Assets | [2],[3],[12],[19] | 6.30% | |||
Principal/ Number of Shares | [2],[3],[12],[19] | $ 22,111,008 | |||
Original Acquisition Date | [2],[3],[12],[19] | May 26, 2020 | |||
IT Services [Member] | Netreo Holdings, LLC Two [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[4],[19] | $ 16,992,742 | |||
Cost | [2],[3],[4],[19] | $ 8,344,500 | |||
% of Net Assets | [2],[3],[4],[19] | 4.90% | |||
Principal/ Number of Shares | [2],[3],[4],[19] | $ 4,600,677 | |||
Original Acquisition Date | [2],[3],[4],[19] | Jul. 03, 2018 | |||
Total IT Services One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 44,167,198 | [1],[2] | $ 37,803,746 | [5],[6] |
Cost | [3] | $ 35,886,985 | [2] | $ 27,160,231 | [6] |
% of Net Assets | [3] | 12.80% | [2] | 10.50% | [6] |
Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[15],[19] | $ 21,176,578 | |||
Cost | [2],[3],[15],[19] | $ 28,943,904 | |||
% of Net Assets | [2],[3],[15],[19] | 6.10% | |||
Principal/ Number of Shares | [2],[3],[15],[19] | $ 111,000,000 | |||
Original Acquisition Date | [2],[3],[15],[19] | Jan. 22, 2008 | |||
Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[15],[19] | $ 8,831,406 | |||
Cost | [2],[3],[15],[19] | $ 9,375,000 | |||
% of Net Assets | [2],[3],[15],[19] | 2.50% | |||
Principal/ Number of Shares | [2],[3],[15],[19] | $ 9,375,000 | |||
Original Acquisition Date | [2],[3],[15],[19] | Aug. 09, 2021 | |||
Structured Finance Securities [Member] | Saratoga Senior Loan Fund I JV, LLC Class E Note [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[15],[19] | $ 11,354,495 | |||
Cost | [2],[3],[15],[19] | $ 11,392,500 | |||
% of Net Assets | [2],[3],[15],[19] | 3.30% | |||
Principal/ Number of Shares | [2],[3],[15],[19] | $ 12,250,000 | |||
Original Acquisition Date | [2],[3],[15],[19] | Oct. 28, 2022 | |||
Total Structured Finance Securities [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 41,362,479 | [1],[2] | $ 38,029,905 | [5],[6] |
Cost | [3] | $ 49,711,404 | [2] | $ 41,648,125 | [6] |
% of Net Assets | [3] | 11.90% | [2] | 10.70% | [6] |
Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[16],[18],[20] | $ 28,654,905 | |||
Cost | [3],[6],[16],[18],[20] | $ 32,273,125 | |||
% of Net Assets | [3],[6],[16],[18],[20] | 8.10% | |||
Principal/ Number of Shares | [3],[6],[16],[18],[20] | $ 111,000,000 | |||
Original Acquisition Date | [3],[6],[16],[18],[20] | Jan. 22, 2008 | |||
Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[16],[18] | $ 9,375,000 | |||
Cost | [3],[6],[16],[18] | $ 9,375,000 | |||
% of Net Assets | [3],[6],[16],[18] | 2.60% | |||
Principal/ Number of Shares | [3],[6],[16],[18] | $ 9,375,000 | |||
Original Acquisition Date | [3],[6],[16],[18] | Aug. 09, 2021 | |||
Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[13],[15],[19] | $ 17,618,954 | |||
Cost | [2],[3],[13],[15],[19] | $ 17,618,954 | |||
% of Net Assets | [2],[3],[13],[15],[19] | 5.10% | |||
Principal/ Number of Shares | [2],[3],[13],[15],[19] | $ 17,618,954 | |||
Original Acquisition Date | [2],[3],[13],[15],[19] | Feb. 17, 2022 | |||
Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3],[4],[15],[19] | $ 13,106,951 | |||
Cost | [2],[3],[4],[15],[19] | $ 17,583,486 | |||
% of Net Assets | [2],[3],[4],[15],[19] | 3.80% | |||
Principal/ Number of Shares | [2],[3],[4],[15],[19] | $ 17,583,486 | |||
Original Acquisition Date | [2],[3],[4],[15],[19] | Feb. 17, 2022 | |||
Total Investment Fund [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [1],[2],[3] | $ 30,725,905 | |||
Cost | [2],[3] | $ 35,202,440 | |||
% of Net Assets | [2],[3] | 8.90% | |||
Sub Total Control investments [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 116,255,582 | [1],[2] | $ 100,974,715 | [5],[6] |
Cost | [3] | $ 120,800,829 | [2] | $ 95,058,356 | [6] |
% of Net Assets | [3] | 33.60% | [2] | 28.30% | [6] |
Total Investments [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3] | $ 972,590,253 | [1],[2] | $ 817,567,355 | [5],[6] |
Cost | [3] | $ 966,489,357 | [2] | $ 796,248,327 | [6] |
% of Net Assets | [3] | 280.30% | [2] | 229.20% | [6] |
Total Consumer Products[Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[9] | $ 692,535 | |||
Cost | [3],[6],[9] | $ 1,589,630 | |||
% of Net Assets | [3],[6],[9] | 0.20% | |||
Total Consumer Products[Member] | Targus Holdings, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[9] | $ 692,535 | |||
Cost | [3],[6],[9] | $ 1,589,630 | |||
% of Net Assets | [3],[6],[9] | 0.20% | |||
Principal/ Number of Shares | [3],[6],[9] | $ 210,456 | |||
Original Acquisition Date | [3],[6],[9] | Dec. 31, 2009 | |||
Total Dental Practice Management Software [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6] | $ 35,038,340 | |||
Cost | [3],[6] | $ 29,943,852 | |||
% of Net Assets | [3],[6] | 9.90% | |||
Total Dental Practice Management Software [Member] | PDDS Buyer, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[14] | $ 27,938,400 | |||
Cost | [3],[6],[14] | $ 27,943,852 | |||
% of Net Assets | [3],[6],[14] | 7.90% | |||
Principal/ Number of Shares | [3],[6],[14] | $ 28,000,000 | |||
Original Acquisition Date | [3],[6],[14] | Jul. 15, 2019 | |||
Total Dental Practice Management Software [Member] | PDDS Buyer, LLC One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[9] | $ 7,099,940 | |||
Cost | [3],[6],[9] | $ 2,000,000 | |||
% of Net Assets | [3],[6],[9] | 2% | |||
Principal/ Number of Shares | [3],[6],[9] | $ 1,755,831 | |||
Original Acquisition Date | [3],[6],[9] | Aug. 10, 2020 | |||
Total Healthcare Products Manufacturing [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6] | $ 714,271 | |||
Cost | [3],[6] | $ 380,353 | |||
% of Net Assets | [3],[6] | 0.20% | |||
Total Healthcare Products Manufacturing [Member] | Ohio Medical, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[9] | $ 714,271 | |||
Cost | [3],[6],[9] | $ 380,353 | |||
% of Net Assets | [3],[6],[9] | 0.20% | |||
Principal/ Number of Shares | [3],[6],[9] | $ 5,000 | |||
Original Acquisition Date | [3],[6],[9] | Jan. 15, 2016 | |||
Total Marketing Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6] | $ 17,327,280 | |||
Cost | [3],[6] | $ 17,112,525 | |||
% of Net Assets | [3],[6] | 4.90% | |||
Total Marketing Services [Member] | inMotionNow, Inc. [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6] | $ 12,290,280 | |||
Cost | [3],[6] | $ 12,139,533 | |||
% of Net Assets | [3],[6] | 3.50% | |||
Principal/ Number of Shares | [3],[6] | $ 12,200,000 | |||
Original Acquisition Date | [3],[6] | May 15, 2019 | |||
Total Marketing Services [Member] | inMotionNow, Inc. One [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[14] | $ 5,037,000 | |||
Cost | [3],[6],[14] | $ 4,972,992 | |||
% of Net Assets | [3],[6],[14] | 1.40% | |||
Principal/ Number of Shares | [3],[6],[14] | $ 5,000,000 | |||
Original Acquisition Date | [3],[6],[14] | May 15, 2019 | |||
Total Payroll Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6] | $ 17,000,000 | |||
Cost | [3],[6] | $ 16,990,006 | |||
% of Net Assets | [3],[6] | 4.70% | |||
Total Payroll Services [Member] | Apex Holdings Software Technologies, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6] | $ 17,000,000 | |||
Cost | [3],[6] | $ 16,990,006 | |||
% of Net Assets | [3],[6] | 4.70% | |||
Principal/ Number of Shares | [3],[6] | $ 17,000,000 | |||
Original Acquisition Date | [3],[6] | Sep. 21, 2016 | |||
Total Waste Services [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6] | $ 9,000,000 | |||
Cost | [3],[6] | $ 9,000,000 | |||
% of Net Assets | [3],[6] | 2.50% | |||
Total Waste Services [Member] | National Waste Partners [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[14] | $ 9,000,000 | |||
Cost | [3],[6],[14] | $ 9,000,000 | |||
% of Net Assets | [3],[6],[14] | 2.50% | |||
Principal/ Number of Shares | [3],[6],[14] | $ 9,000,000 | |||
Original Acquisition Date | [3],[6],[14] | Feb. 13, 2017 | |||
Total Investment Fund [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6] | $ 25,141,064 | |||
Cost | [3],[6] | $ 26,250,000 | |||
% of Net Assets | [3],[6] | 7.10% | |||
Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[10],[16],[18] | $ 12,016,064 | |||
Cost | [3],[6],[10],[16],[18] | $ 13,125,000 | |||
% of Net Assets | [3],[6],[10],[16],[18] | 3.40% | |||
Principal/ Number of Shares | [3],[6],[10],[16],[18] | $ 13,125,000 | |||
Original Acquisition Date | [3],[6],[10],[16],[18] | Feb. 17, 2022 | |||
Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV LLC [Member] | |||||
Non-control/Non-affiliate investments - 238.5% (b) | |||||
Fair Value | [3],[5],[6],[10],[16],[18] | $ 13,125,000 | |||
Cost | [3],[6],[10],[16],[18] | $ 13,125,000 | |||
% of Net Assets | [3],[6],[10],[16],[18] | 3.70% | |||
Principal/ Number of Shares | [3],[6],[10],[16],[18] | $ 13,125,000 | |||
Original Acquisition Date | [3],[6],[10],[16],[18] | Feb. 17, 2022 | |||
[1] Because there is no “readily available market quotations” (as defined in the 1940 Act) 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). Percentages are based on net assets of $346,958,042 as of February 28, 2023. Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Non-income producing at February 28, 2023. Includes securities issued by an affiliate of the company. These securities are either fully or partially pledged as collateral under the Company’s senior secured revolving credit facility (see Note 8 to the consolidated financial statements). All or a portion of this investment has an unfunded commitment as of February 28, 2023. (See Note 9 to the consolidated financial statements). Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of February 28, 2023, non-qualifying assets represent 8.6% of the Company’s portfolio at fair value. As a BDC, the Company generally has to invest at least 70% of its total assets in qualifying assets. As of February 28, 2023, the investment was on non-accrual status. The fair value of these investments was approximately $9.8 million, which represented 2.8% of the Company’s portfolio (see Note 2 to the consolidated financial statements). |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parentheticals) - Saratoga CLO [Member] | Feb. 28, 2023 | Feb. 28, 2022 |
Alternative Investment Management Software [Member] | Altvia MidCo, LLC. [Member] | ||
Investment variable rate | 8.50% | |
Investment interest rate | 13.39% | |
Investment maturity date | Jul. 18, 2027 | |
Total Consumer Services [Member] | Artemis Wax Corp. Two [Member] | ||
Investment variable rate | 6.75% | |
Investment interest rate | 11.41% | |
Investment maturity date | May 20, 2026 | |
Total Consumer Services [Member] | Artemis Wax Corp.[Member] | ||
Investment variable rate | 9% | |
Investment interest rate | 11% | |
Investment maturity date | May 20, 2026 | |
Total Dental Practice Management [Member] | New England Dental Partners [Member] | ||
Investment variable rate | 8% | 8% |
Investment interest rate | 12.97% | 8.50% |
Investment maturity date | Nov. 25, 2025 | Nov. 25, 2025 |
Total Dental Practice Management [Member] | New England Dental Partners One [Member] | ||
Investment variable rate | 8% | 8% |
Investment interest rate | 12.97% | 8.50% |
Investment maturity date | Nov. 25, 2025 | Jan. 25, 2025 |
Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC [Member] | ||
Investment variable rate | 10.35% | |
Investment interest rate | 15.24% | |
Investment maturity date | Apr. 29, 2026 | |
Total Direct Selling Software [Member] | Exigo, LLC [Member] | ||
Investment variable rate | 5.75% | |
Investment interest rate | 10.42% | |
Investment maturity date | Mar. 16, 2027 | |
Total Direct Selling Software [Member] | Exigo, LLC One [Member] | ||
Investment variable rate | 5.75% | |
Investment interest rate | 10.42% | |
Investment maturity date | Mar. 16, 2027 | |
Total Direct Selling Software [Member] | Exigo, LLC Two [Member] | ||
Investment variable rate | 5.75% | |
Investment interest rate | 10.42% | |
Investment maturity date | Mar. 16, 2027 | |
Total Education Services [Member] | C2 Educational Systems [Member] | ||
Investment variable rate | 8.50% | 8.50% |
Investment interest rate | 13.47% | 10% |
Investment maturity date | May 31, 2023 | May 31, 2023 |
Total Education Services [Member] | Zollege PBC [Member] | ||
Investment variable rate | 7% | 5.50% |
Investment interest rate | 11.97% | 6.50% |
Investment maturity date | May 11, 2026 | May 11, 2026 |
Total Education Services [Member] | Zollege PBC One [Member] | ||
Investment variable rate | 7% | 5.50% |
Investment interest rate | 11.97% | 6.50% |
Investment maturity date | May 11, 2026 | May 11, 2026 |
Total Education Software [Member] | GoReact [Member] | ||
Investment variable rate | 7.50% | 7.50% |
Investment interest rate | 13.59% | 9.50% |
Investment maturity date | Jan. 17, 2025 | Jan. 17, 2025 |
Total Education Software [Member] | GoReact One [Member] | ||
Investment variable rate | 7.50% | 7.50% |
Investment interest rate | 13.59% | 9.50% |
Investment maturity date | Jan. 17, 2025 | Jan. 17, 2025 |
Total Education Software [Member] | Ready Education [Member] | ||
Investment variable rate | 6% | |
Investment interest rate | 10.89% | |
Investment maturity date | Aug. 05, 2027 | |
Total Education Software [Member] | Identity Automation Systems [Member] | ||
Investment variable rate | 9.24% | |
Investment interest rate | 10.99% | |
Investment maturity date | May 08, 2024 | |
Total Field Service Management [Member] | Davisware, LLC [Member] | ||
Investment variable rate | 7% | 7% |
Investment interest rate | 11.89% | 9% |
Investment maturity date | Jul. 31, 2024 | Jul. 31, 2024 |
Total Field Service Management [Member] | Davisware, LLC One [Member] | ||
Investment variable rate | 7% | 7% |
Investment interest rate | 11.89% | 9% |
Investment maturity date | Jul. 31, 2024 | Jul. 31, 2024 |
Total Financial Services [Member] | B. Riley Financial, Inc. [Member] | ||
Investment interest rate | 6.75% | |
Investment maturity date | May 31, 2024 | |
Total Financial Services [Member] | GDS Software Holdings, LLC [Member] | ||
Investment variable rate | 7% | 7% |
Investment interest rate | 11.97% | 8% |
Investment maturity date | Dec. 30, 2026 | Dec. 30, 2026 |
Total Financial Services [Member] | GDS Software Holdings, LLC One [Member] | ||
Investment variable rate | 7% | |
Investment interest rate | 8% | |
Investment maturity date | Dec. 30, 2026 | |
Total Financial Services Software [Member] | Ascend Software LLC [Member] | ||
Investment variable rate | 7.50% | 7.50% |
Investment interest rate | 12.47% | 8.50% |
Investment maturity date | Dec. 15, 2026 | Dec. 15, 2026 |
Total Financial Services Software [Member] | Ascend Software, LLC [Member] | ||
Investment variable rate | 7.50% | 7.50% |
Investment interest rate | 12.47% | 8.50% |
Investment maturity date | Dec. 15, 2026 | Dec. 15, 2026 |
Total Healthcare Services [Member] | ComForCare Health Care [Member] | ||
Investment variable rate | 6.25% | 7.25% |
Investment interest rate | 11.22% | 8.25% |
Investment maturity date | Jan. 31, 2025 | Jan. 31, 2025 |
Total Healthcare Services [Member] | Axiom Purchaser, Inc. [Member] | ||
Investment variable rate | 6% | |
Investment interest rate | 7.75% | |
Investment maturity date | Jun. 19, 2023 | |
Total Healthcare Services [Member] | Axiom Purchaser, Inc. One [Member] | ||
Investment variable rate | 6% | |
Investment interest rate | 7.75% | |
Investment maturity date | Jun. 19, 2023 | |
Total Healthcare Software [Member] | HemaTerra Holding Company, LLC [Member] | ||
Investment variable rate | 8.25% | 8.25% |
Investment interest rate | 12.91% | 9.25% |
Investment maturity date | Jan. 31, 2027 | Jan. 31, 2026 |
Total Healthcare Software [Member] | HemaTerra Holding Company, LLC One [Member] | ||
Investment variable rate | 8.25% | 8.25% |
Investment interest rate | 12.91% | 9.25% |
Investment maturity date | Jan. 31, 2027 | Jan. 31, 2026 |
Total Healthcare Software [Member] | Procurement Partners, LLC [Member] | ||
Investment variable rate | 6.50% | 5.50% |
Investment interest rate | 11.39% | 6.50% |
Investment maturity date | May 12, 2026 | Nov. 12, 2025 |
Total Healthcare Software [Member] | Procurement Partners, LLC [Member] | ||
Investment variable rate | 6.50% | 5.50% |
Investment interest rate | 11.39% | 6.50% |
Investment maturity date | May 12, 2026 | Nov. 12, 2025 |
Total Hospitality/Hotel [Member] | Book4Time, Inc. [Member] | ||
Investment variable rate | 7.50% | 8.50% |
Investment interest rate | 12.47% | 10.25% |
Investment maturity date | Dec. 22, 2025 | Dec. 22, 2025 |
Total Hospitality/Hotel [Member] | Book4Time, Inc. One [Member] | ||
Investment variable rate | 7.50% | 8.50% |
Investment interest rate | 12.47% | 10.25% |
Investment maturity date | Dec. 22, 2025 | Dec. 22, 2025 |
Total Hospitality/Hotel [Member] | Knowland Group, LLC [Member] | ||
Investment variable rate | 8% | 8% |
Investment interest rate | 13.97% | 10% |
Investment maturity date | May 09, 2024 | May 09, 2024 |
PIK rate | 1% | 1% |
Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC [Member] | ||
Investment variable rate | 7.25% | 8% |
Investment interest rate | 12.14% | 9% |
Investment maturity date | Nov. 15, 2027 | Sep. 02, 2026 |
Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC One [Member] | ||
Investment variable rate | 7.25% | 8% |
Investment interest rate | 12.14% | 9% |
Investment maturity date | Nov. 15, 2027 | Sep. 02, 2026 |
Total HVAC Services and Sales [Member] | Granite Comfort, LP [Member] | ||
Investment variable rate | 7.86% | 8% |
Investment interest rate | 12.75% | 9% |
Investment maturity date | Nov. 16, 2025 | Nov. 16, 2025 |
Total HVAC Services and Sales [Member] | Granite Comfort, LP One [Member] | ||
Investment variable rate | 7.86% | 8% |
Investment interest rate | 12.75% | 9% |
Investment maturity date | Nov. 16, 2025 | Nov. 16, 2025 |
Total Industrial Products [Member] | Vector Controls Holding Co., LLC [Member] | ||
Investment variable rate | 6.50% | 6.50% |
Investment interest rate | 11.47% | 8% |
Investment maturity date | Mar. 06, 2025 | Mar. 06, 2025 |
Total Industrial Products [Member] | Vector Controls Holding Co., LLC One [Member] | ||
Investment maturity date | Nov. 30, 2027 | Nov. 30, 2027 |
Total Insurance Software [Member] | AgencyBloc, LLC [Member] | ||
Investment variable rate | 8% | 8% |
Investment interest rate | 12.58% | 9% |
Investment maturity date | Oct. 01, 2026 | Oct. 01, 2026 |
Total IT Services [Member] | LogicMonitor, Inc. [Member] | ||
Investment variable rate | 6.50% | 5% |
Investment interest rate | 11.39% | 6% |
Investment maturity date | May 17, 2026 | May 17, 2023 |
Total IT Services [Member] | Netreo Holdings, LLC [Member] | ||
Investment variable rate | 8% | |
Investment interest rate | 9% | |
Investment maturity date | Dec. 31, 2025 | |
Total IT Services [Member] | Netreo Holdings, LLC One [Member] | ||
Investment variable rate | 8% | |
Investment interest rate | 9% | |
Investment maturity date | Dec. 31, 2025 | |
Total Lead management Software [Member] | ActiveProspect, Inc. [Member] | ||
Investment variable rate | 6% | |
Investment interest rate | 10.97% | |
Investment maturity date | Aug. 08, 2027 | |
Total Lead management Software [Member] | ActiveProspect, Inc. One [Member] | ||
Investment variable rate | 6% | |
Investment interest rate | 10.97% | |
Investment maturity date | Aug. 08, 2027 | |
Total Legal Software [Member] | Centerbase, LLC [Member] | ||
Investment variable rate | 7.75% | 7.50% |
Investment interest rate | 12.41% | 8.50% |
Investment maturity date | Jan. 18, 2027 | Jan. 18, 2027 |
Total Marketing Orchestration Software [Member] | Madison Logic, Inc. [Member] | ||
Investment variable rate | 7% | 5.75% |
Investment interest rate | 11.89% | 6.75% |
Investment maturity date | Dec. 30, 2028 | Nov. 22, 2026 |
Total Marketing Orchestration Software [Member] | Madison Logic, Inc. One [Member] | ||
Investment variable rate | 5.75% | |
Investment interest rate | 6.75% | |
Investment maturity date | Jan. 18, 2027 | |
Total Mental Healthcare Services [Member] | ARC Health OpCo LLC [Member] | ||
Investment variable rate | 8.48% | |
Investment interest rate | 13.37% | |
Investment maturity date | Aug. 05, 2027 | |
Total Mental Healthcare Services [Member] | ARC Health OpCo LLC One [Member] | ||
Investment variable rate | 8.48% | |
Investment interest rate | 13.37% | |
Investment maturity date | Aug. 05, 2027 | |
Total Mentoring Software [Member] | Chronus LLC [Member] | ||
Investment variable rate | 5.25% | |
Investment interest rate | 10.22% | |
Investment maturity date | Aug. 26, 2026 | |
Total Mentoring Software [Member] | Chronus LLC One [Member] | ||
Investment variable rate | 6% | |
Investment interest rate | 10.97% | |
Investment maturity date | Aug. 26, 2026 | |
Total Mentoring Software [Member] | Chronus LLC [Member] | ||
Investment variable rate | 5.25% | |
Investment interest rate | 6.25% | |
Investment maturity date | Aug. 26, 2026 | |
Total Non-profit Services [Member] | Omatic Software, LLC [Member] | ||
Investment variable rate | 8% | 8% |
Investment interest rate | 14.15% | 9.75% |
Investment maturity date | Jan. 31, 2024 | May 29, 2023 |
PIK rate | 1% | 1% |
Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. [Member] | ||
Investment variable rate | 7.50% | 8.50% |
Investment interest rate | 12.39% | 10% |
Investment maturity date | Dec. 31, 2025 | Dec. 31, 2023 |
Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. One [Member] | ||
Investment maturity date | Dec. 31, 2025 | Dec. 28, 2022 |
Total Real Estate Services [Member] | Buildout, Inc. [Member] | ||
Investment variable rate | 7% | 7% |
Investment interest rate | 11.97% | 8% |
Investment maturity date | Jul. 09, 2025 | Jul. 09, 2025 |
Total Real Estate Services [Member] | Buildout, Inc. One [Member] | ||
Investment variable rate | 7% | 7% |
Investment interest rate | 11.97% | 8% |
Investment maturity date | Jul. 09, 2025 | Jul. 09, 2025 |
Total Research Software [Member] | Wellspring Worldwide Inc. [Member] | ||
Investment variable rate | 7.25% | |
Investment interest rate | 11.83% | |
Investment maturity date | Jun. 27, 2027 | |
Total Restaurant [Member] | LFR Chicken LLC [Member] | ||
Investment variable rate | 7% | 7% |
Investment interest rate | 11.67% | 8% |
Investment maturity date | Nov. 19, 2026 | Nov. 19, 2026 |
Total Restaurant [Member] | LFR Chicken LLC One [Member] | ||
Investment variable rate | 7% | 7% |
Investment interest rate | 11.67% | 8% |
Investment maturity date | Nov. 19, 2026 | Nov. 19, 2026 |
Total Restaurant [Member] | TMAC Acquisition Co., LLC [Member] | ||
Investment interest rate | 8% | |
Investment maturity date | Mar. 01, 2024 | Sep. 01, 2023 |
PIK rate | 8% | |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc [Member] | ||
Investment variable rate | 6.25% | 6.25% |
Investment interest rate | 11.22% | 7.25% |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc. One [Member] | ||
Investment variable rate | 6.25% | 6.25% |
Investment interest rate | 11.22% | 7.25% |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Two [Member] | ||
Investment variable rate | 6.25% | 6.25% |
Investment interest rate | 11.22% | 7.25% |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
Total Sports Management [Member] | ArbiterSports, LLC [Member] | ||
Investment variable rate | 6.50% | 6.50% |
Investment interest rate | 11.47% | 8.25% |
Investment maturity date | Feb. 21, 2025 | Feb. 21, 2025 |
Total Sports Management [Member] | ArbiterSports, LLC One [Member] | ||
Investment variable rate | 6.50% | 6.50% |
Investment interest rate | 11.47% | 8.25% |
Investment maturity date | Feb. 21, 2025 | Feb. 21, 2025 |
Total Talent Acquisition Software [Member] | JDXpert [Member] | ||
Investment variable rate | 8.50% | |
Investment interest rate | 13.47% | |
Investment maturity date | May 02, 2027 | |
Total Talent Acquisition Software [Member] | JDXpert One [Member] | ||
Investment variable rate | 8.50% | |
Investment interest rate | 13.47% | |
Investment maturity date | May 02, 2027 | |
Total Talent Acquisition Software [Member] | Jobvite, Inc. [Member] | ||
Investment variable rate | 8% | 7.50% |
Investment interest rate | 12.89% | 8.50% |
Investment maturity date | Aug. 05, 2028 | Jan. 06, 2027 |
Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member] | ||
Investment variable rate | 9% | |
Investment interest rate | 13.97% | |
Investment maturity date | Aug. 18, 2027 | |
Total Corporate Education Software [Member] | ETU Holdings, Inc. One [Member] | ||
Investment interest rate | 15% | |
Investment maturity date | Feb. 18, 2028 | |
PIK rate | 15% | |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC [Member] | ||
Investment variable rate | 8% | 10% |
Investment interest rate | 13.04% | 11% |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC One [Member] | ||
Investment variable rate | 8% | 10% |
Investment interest rate | 13.04% | 11% |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC Two [Member] | ||
Investment variable rate | 8% | 10% |
Investment interest rate | 13.04% | 11% |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 |
IT Services [Member] | Netreo Holdings, LLC [Member] | ||
Investment variable rate | 6.50% | |
Investment interest rate | 13.47% | |
Investment maturity date | Dec. 31, 2025 | |
PIK rate | 2% | |
IT Services [Member] | Netreo Holdings, LLC One [Member] | ||
Investment variable rate | 6.50% | |
Investment interest rate | 13.47% | |
Investment maturity date | Dec. 31, 2025 | |
PIK rate | 2% | |
Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ||
Investment interest rate | 0% | |
Investment maturity date | Apr. 20, 2033 | |
Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | ||
Investment variable rate | 10% | |
Investment interest rate | 14.97% | |
Investment maturity date | Apr. 20, 2033 | |
Structured Finance Securities [Member] | Saratoga Senior Loan Fund I JV, LLC Class E Note [Member] | ||
Investment variable rate | 8.55% | |
Investment interest rate | 13.44% | |
Investment maturity date | Oct. 20, 2033 | |
Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | ||
Investment variable rate | 10% | |
Investment maturity date | Jun. 15, 2023 | |
Total Dental Practice Management Software [Member] | PDDS Buyer, LLC [Member] | ||
Investment variable rate | 5.50% | |
Investment interest rate | 6% | |
Investment maturity date | Jul. 15, 2024 | |
Total Healthcare Supply [Member] | Roscoe Medical, Inc. One [Member] | ||
Investment interest rate | 11.25% | |
Investment maturity date | Mar. 31, 2022 | |
Total Marketing Services [Member] | inMotionNow, Inc. [Member] | ||
Investment variable rate | 7.50% | |
Investment interest rate | 10% | |
Investment maturity date | May 15, 2024 | |
Total Marketing Services [Member] | inMotionNow, Inc. One [Member] | ||
Investment variable rate | 7.50% | |
Investment interest rate | 10% | |
Investment maturity date | May 15, 2024 | |
Total Payroll Services [Member] | Apex Holdings Software Technologies, LLC [Member] | ||
Investment variable rate | 8% | |
Investment interest rate | 9% | |
Investment maturity date | Sep. 21, 2024 | |
Total Waste Services [Member] | National Waste Partners [Member] | ||
Investment interest rate | 10% | |
Investment maturity date | Nov. 13, 2022 | |
Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ||
Investment interest rate | 9.27% | |
Investment maturity date | Apr. 20, 2033 | |
Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | ||
Investment variable rate | 10% | |
Investment interest rate | 10.17% | |
Investment maturity date | Apr. 20, 2033 | |
Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV LLC [Member] | ||
Investment variable rate | 10% | |
Investment maturity date | Jun. 15, 2023 |
Schedule of cash and cash equiv
Schedule of cash and cash equivalents and cash and cash equivalents - USD ($) | Feb. 28, 2023 | [1] | Feb. 28, 2022 | [2] |
Cost | $ 96,076,273 | $ 52,870,342 | ||
Number of Shares (in Shares) | 96,076,273 | 52,870,342 | ||
% of Net Assets | 27.70% | 14.90% | ||
Fair Value | $ 96,076,273 | $ 52,870,342 | ||
U.S. Bank Money Market [Member] | ||||
Cost | $ 96,076,273 | [3] | $ 52,870,342 | [4] |
Number of Shares (in Shares) | 96,076,273 | [3] | 52,870,342 | [4] |
% of Net Assets | 27.70% | [3] | 14.90% | [4] |
Fair Value | $ 96,076,273 | [3] | $ 52,870,342 | [4] |
[1] Percentages are based on net assets of $346,958,042 as of February 28, 2023. |
Schedule of transactions relate
Schedule of transactions related to affiliates - USD ($) | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Affiliate [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | $ (26,836) | |
Net Realized Gain (Loss) from Investments | 7,328,457 | |
Sales | (26,428,457) | |
Purchases | 54,555,000 | |
Management Fee Income | ||
Total Interest from Investments | 3,308,471 | |
Affiliate [Member] | Saratoga CLO [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | $ 574,354 | |
Net Realized Gain (Loss) from Investments | ||
Sales | 6,162,526 | |
Purchases | 43,409,000 | |
Management Fee Income | ||
Total Interest from Investments | 5,190,237 | |
Affiliate [Member] | Artemis Wax Corp.[Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | 1,460,287 | |
Net Realized Gain (Loss) from Investments | ||
Sales | ||
Purchases | 36,200,000 | |
Management Fee Income | ||
Total Interest from Investments | 1,919,100 | |
Affiliate [Member] | Artemis Wax Corp.[Member] | Saratoga CLO [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (1,460,287) | |
Sales | 6,162,526 | |
Purchases | 27,440,000 | |
Total Interest from Investments | 3,418,378 | |
Affiliate [Member] | Axero Holdings, LLC [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | 548,910 | |
Net Realized Gain (Loss) from Investments | ||
Sales | ||
Purchases | 9,445,000 | |
Management Fee Income | ||
Total Interest from Investments | 416,092 | |
Affiliate [Member] | Axero Holdings, LLC [Member] | Saratoga CLO [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | 1,951,499 | |
Net Realized Gain (Loss) from Investments | ||
Sales | ||
Purchases | 1,089,000 | |
Management Fee Income | ||
Total Interest from Investments | 848,422 | |
Affiliate [Member] | ETU Holdings, Inc. [Member] | Saratoga CLO [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | 83,142 | |
Net Realized Gain (Loss) from Investments | ||
Sales | ||
Purchases | 14,880,000 | |
Management Fee Income | ||
Total Interest from Investments | 923,437 | |
Affiliate [Member] | GreyHeller, LLC [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (3,102,569) | |
Net Realized Gain (Loss) from Investments | 7,328,457 | |
Sales | (26,428,457) | |
Purchases | 8,910,000 | |
Management Fee Income | ||
Total Interest from Investments | 973,278 | |
Affiliate [Member] | Top Gun [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | 1,066,536 | |
Net Realized Gain (Loss) from Investments | ||
Sales | ||
Purchases | ||
Management Fee Income | ||
Total Interest from Investments | ||
Control [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (10,461,606) | 2,271,639 |
Net Realized Gain (Loss) from Investments | (139,867) | |
Management Fee Income | 3,269,820 | 3,262,591 |
Total Interest from Investments | 6,989,483 | 7,672,863 |
Sales | (26,375,000) | |
Purchases | 28,634,940 | 61,199,500 |
Control [Member] | Netreo Holdings, LLC [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (2,363,302) | 5,055,909 |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | 2,529,483 | 1,814,735 |
Sales | ||
Purchases | 8,290,000 | 17,074,500 |
Control [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (4,149,106) | (1,221,309) |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | 3,269,820 | 3,262,591 |
Total Interest from Investments | 1,228,486 | 4,372,958 |
Sales | ||
Purchases | ||
Control [Member] | Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (38,005) | |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | 552,330 | |
Sales | ||
Purchases | 11,392,500 | |
Control [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (543,594) | |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | 1,195,662 | 539,564 |
Sales | ||
Purchases | 9,375,000 | |
Control [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | ||
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | 1,483,522 | 126,389 |
Sales | ||
Purchases | 4,493,954 | 13,125,000 |
Control [Member] | Saratoga Senior Loan Fund I JV, LLC One [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (3,367,599) | (1,108,936) |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | ||
Sales | ||
Purchases | $ 4,458,486 | 13,125,000 |
Control [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-3 Note [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (454,025) | |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | 814,431 | |
Sales | (17,875,000) | |
Purchases | ||
Control [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-1-R-3 Note [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | ||
Net Realized Gain (Loss) from Investments | (139,867) | |
Management Fee Income | ||
Total Interest from Investments | 4,786 | |
Sales | (8,500,000) | |
Purchases | $ 8,500,000 |
N-2
N-2 - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||||
May 31, 2022 | May 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | Nov. 30, 2022 | Nov. 30, 2021 | Feb. 28, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |||
Cover [Abstract] | |||||||||||
Entity Central Index Key | 0001377936 | ||||||||||
Amendment Flag | false | ||||||||||
Securities Act File Number | 814-00732 | ||||||||||
Document Type | 10-K | ||||||||||
Entity Registrant Name | SARATOGA INVESTMENT CORP. | ||||||||||
Entity Address, Address Line One | 535 Madison Avenue | ||||||||||
Entity Address, City or Town | New York | ||||||||||
Entity Address, State or Province | NY | ||||||||||
Entity Address, Postal Zip Code | 10022 | ||||||||||
City Area Code | (212) | ||||||||||
Local Phone Number | 906-7800 | ||||||||||
Entity Well-known Seasoned Issuer | No | ||||||||||
Entity Emerging Growth Company | false | ||||||||||
Fee Table [Abstract] | |||||||||||
Shareholder Transaction Expenses [Table Text Block] | Stockholder transaction expenses (as a percentage of offering price): Sales load paid - - None - | ||||||||||
Sales Load [Percent] | [1] | ||||||||||
Dividend Reinvestment and Cash Purchase Fees | [2] | $ 0 | |||||||||
Other Transaction Expenses [Abstract] | |||||||||||
Other Transaction Expense 1 [Percent] | [3] | ||||||||||
Other Transaction Expenses [Percent] | |||||||||||
Annual Expenses [Table Text Block] | Annual estimated expenses (as a percentage of average net assets attributable to common stock): Management fees 4.7%(4)Incentive fees payable under the Management Agreement 1.4%(5)Interest payments on borrowed funds 9.5%(6)Other expenses 2.9%(7)Total annual expenses 18.5%(8) | ||||||||||
Management Fees [Percent] | [4] | 4.70% | |||||||||
Interest Expenses on Borrowings [Percent] | [5] | 9.50% | |||||||||
Incentive Fees [Percent] | [6] | 1.40% | |||||||||
Other Annual Expenses [Abstract] | |||||||||||
Other Annual Expenses [Percent] | [7] | 2.90% | |||||||||
Total Annual Expenses [Percent] | [8] | 18.50% | |||||||||
Expense Example [Table Text Block] | Example The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical $1,000 investment in our common stock, assuming an asset coverage ratio of 165.9% (the Company’s actual asset coverage as of February 28, 2023) and total annual expenses of 18.52% of net assets attributable to common stock as set forth in the fees and expenses table above, and (x) a 5.0% annual return resulting entirely from net realized capital gains (none of which is subject to the incentive fee) and (y) a 5.0% annual return resulting entirely from net realized capital gains (all of which is subject to the incentive fee based on capital gains). Transaction expenses are included in the following example. This example and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses (including cost of debt, if any, and other expenses) may be greater or less than those shown. 1 Year 3 Years 5 years 10 years Assuming a 5% annual return on portfolio resulting entirely from net realized capital gains (none of which is subject to the capital gains incentive fee)(1) $ 190 $ 598 $ 1,049 $ 2,388 Assuming a 5% annual return resulting entirely from net realized capital gains (all of which is subject to incentive fee based on capital gains)(2) $ 200 $ 630 $ 1,104 $ 2,513 (1) Assumes that we will not realize any capital gains computed net of all realized capital losses and unrealized capital depreciation. (2) Assumes no unrealized capital depreciation and a 5% annual return resulting entirely from net realized capital gains and therefore subject to the incentive fee based on capital gains. Because our investment strategy involves investments that generate primarily current income, we believe that a 5% annual return resulting entirely from net realized capital gains is unlikely. | ||||||||||
Expense Example, Year 01 | [9] | $ 190 | |||||||||
Expense Example, Years 1 to 3 | [9] | 598 | |||||||||
Expense Example, Years 1 to 5 | [9] | 1,049 | |||||||||
Expense Example, Years 1 to 10 | [9] | $ 2,388 | |||||||||
Purpose of Fee Table , Note [Text Block] | The following table is intended to assist you in understanding the costs and expenses that an investor will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this report contains a reference to fees or expenses paid by “you,” “us” or “Saratoga Investment Corp.,” or that “we” will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in Saratoga Investment Corp. | ||||||||||
Basis of Transaction Fees, Note [Text Block] | Our base management fee under the Management Agreement with Saratoga Investment Advisors is based on our gross assets, which is defined as our total assets, including those acquired using borrowings for investment purposes, but excluding cash and cash equivalents. See “Investment Advisory and Management Agreement” in Part I, Item 1 of this Annual Report. The fact that our base management fee is payable based upon our gross assets, rather than our net assets (i.e., total assets after deduction of any liabilities, including borrowings) means that our base management fee as a percentage of net assets attributable to common stock will increase when we utilize leverage | ||||||||||
General Description of Registrant [Abstract] | |||||||||||
Investment Objectives and Practices [Text Block] | OVERVIEW We are a Maryland corporation that has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. We invest primarily in senior and unitranche leveraged loans and mezzanine debt issued by private U.S. middle-market companies, which we define as companies having earnings before interest, tax, depreciation and amortization (“EBITDA”) of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. We may also invest up to 30.0% of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed debt, which may include securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention to do so, to the extent we invest in private equity funds, we will limit our investments in entities that are excluded from the definition of “investment company” under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, which includes private equity funds, to no more than 15.0% of its net assets. We have elected and qualified to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). | ||||||||||
Risk Factors [Table Text Block] | ITEM 1A. RISK FACTORS Investing in our securities involves a number of significant risks. In addition to other information contained in this Annual Report on Form 10-K, you should consider carefully the following information before making an investment in our securities. The risks set forth below are the principal risks with respect to the Company generally and with respect to BDCs, they may not be the only risks we face. This section nonetheless describes the principal risk factors associated with investment in the Company specifically, as well as those factors generally associated with investment in a company with investment objectives, investment policies, capital structure or trading markets similar to the Company’s. If any of the risks occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our NAV and the trading price of our securities could decline and you may lose all or part of your investment. SUMMARY OF RISK FACTORS The following is a summary of the principal risks that you should carefully consider before investing in our securities. These and other risk factors are described more fully in this “Item 1A. Risk Factors.” Risks Related to Our Business and Structure ● Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability. ● Inflation may adversely affect the business results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies. ● We are currently operating in a period of capital markets disruption and economic uncertainty. ● Economic recessions or downturns could impair the ability of our portfolio companies to repay loans and harm our operating results. Risks Related to the Current Environment ● Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability. ● Inflation may adversely affect the business results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies. ● We are currently operating in a period of capital markets disruption and economic uncertainty. ● Economic recessions or downturns could impair the ability of our portfolio companies to repay loans and harm our operating results. Risks Related to Our Adviser and Its Affiliates ● We may be obligated to pay Saratoga Investment Advisors incentive fees even if we incur a net loss, or there is a decline in the value of our portfolio. ● The way in which the base management and incentive fees under the Management Agreement is determined may encourage Saratoga Investment Advisors to take actions that may not be in our best interests. ● Saratoga Investment Advisors’ liability is limited under the Management Agreement and we will indemnify Saratoga Investment Advisors against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account. ● Our ability to enter into transactions with our affiliates is restricted. Risks Related to Our Investments ● A majority of our debt investments are not required to make principal payments until the maturity of such debt securities and are generally riskier than other types of loans. ● The lack of liquidity in our investments may adversely affect our business. ● Our investment in Saratoga CLO constitutes a leveraged investment in a portfolio of subordinated notes representing the lowest-rated securities issued by a pool of predominantly senior secured first lien term loans and is subject to additional risks and volatility. All losses in the pool of loans will be borne by our subordinated notes and only after the value of our subordinated notes is reduced to zero will the higher-rated notes issued by the pool bear any losses. ● Investments in equity securities involve a substantial degree of risk. Risks Related to Our Common Stock ● We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive. ● Due to current market conditions, we may defer our dividends and choose to incur US federal excise tax in order preserve cash and maintain flexibility. ● The market price of our common stock may fluctuate significantly. ● There is a risk that you may not receive distributions or that our distributions may not grow over time. Risks Related to Our Notes ● The Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness, including indebtedness under our Encina Credit Facility. ● An active trading market for the Public Notes may not develop or be sustained, which could limit the market price of the Public Notes or the ability to sell them. ● Public health threats may affect the market for the Public Notes, impact the businesses in which we invest and affect our business, operating results and financial condition. RISKS RELATED TO OUR BUSINESS AND STRUCTURE We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us. Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in us. We borrow from and issue senior debt securities to banks and other lenders that is secured by a lien on our assets. Holders of these senior securities have fixed dollar claims on our assets that are superior to the claims of the holders of our securities. Leverage is generally considered a speculative investment technique. Any increase in our income in excess of interest payable on our outstanding indebtedness would cause our net income to increase more than it would have had we not incurred leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make common stock distributions or scheduled debt payments, including with respect to the Notes, as defined below. There can be no assurance that our leveraging strategy will be successful. Our outstanding indebtedness imposes, and additional debt we may incur in the future will likely impose, financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC. A failure to add new debt facilities or issue additional debt securities or other evidences of indebtedness in lieu of or in addition to existing indebtedness could have a material adverse effect on our business, financial condition or results of operations. As of February 28, 2023, there were $32.5 million outstanding borrowings under the Encina Credit Facility. As of February 28, 2023, we had issued $202.0 million in SBA-guaranteed debentures and our $12.0 million principal amount of 7.00% fixed-rate notes due 2025 (the “7.00% 2025 Notes”), our $5.0 million principal amount of 7.75% fixed-rate notes due in 2025 (the “7.75% 2025 Notes”), our $175.0 million principal amount of 4.375% fixed-rate notes due in 2026 (the “4.375% 2026 Notes”), our $75.0 million principal amount of 4.35% fixed-rate notes due in 2027 (the “4.35% 2027 Notes”), our $105.5 million principal amount of 6.00% fixed-rate notes due in 2027 (the “6.00% 2027 Notes”), our $15.0 million principal amount of 6.25% fixed-rate notes due in 2027 (the “6.25% 2027 Notes”) our $46.0 million principal amount of 8.00% fixed-rate notes due 2027 (the “8.00% 2027 Notes”), and our $60.375 million principal amount of 8.125% fixed-rate notes due 2027 (the “8.125% 2027 Notes” and together with the 6.00% 2027 Notes and the 8.00% 2027 Notes, the “Public Notes”). Together, the 7.00% 2025 Notes, the 7.75% 2025 Notes, the 4.35% 2027 Notes, the 6.00% 2027 Notes, the 6.25% 2027 Notes, the 8.00% 2027 Notes, and the 8.125% 2027 Notes are referred to as the “Notes”. We may incur additional indebtedness in the future, including, but not limited to, borrowings under the Encina Credit Facility or the issuance of additional debt securities in one or more public or private offerings, although there can be no assurance that we will be successful in doing so. Our ability to service our debt depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ at any particular time will depend on our management’s and our board of directors’ assessment of market and other factors at the time of any proposed borrowing. As a BDC, we are generally permitted to issue senior securities only in amounts such that our asset coverage ratio equals at least 150% of total assets to total borrowings and other senior securities, which include all of our borrowings (other than the senior securities of SBIC I LP’s, SBIC II LP’s and SBIC III LP’s under the terms of our SEC exemptive relief) and any preferred stock we may issue in the future. If this ratio declines below 150%, we may not be able to incur additional debt and may need to sell a portion of our investments to repay some debt when it is disadvantageous to do so, and we may not be able to make distributions to our stockholders. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (net of expenses) Assumed Return on Portfolio (Net of Expenses) -10.0% -5.0% 0% 5% 10% Corresponding Return to Common Stockholder (1) -37% -23% -9% 5% 19% (1) Assumes $977.2 million in average total assets, $619.50 million in average debt outstanding, $351.4 million in average net assets and an average interest rate of 5.1%. Actual interest payments may be different. The various return scenarios above exclude borrowing costs, which are then separately deducted from the net return to common stockholders calculated base on average debt outstanding and average interest rate. Substantially all of SIF II’s and each SBIC Subsidiary’s assets are subject to security interests under our Encina Credit Facility or claims of the SBA with respect to SBA-guaranteed debentures we may issue and if we default on our obligations thereunder, we may suffer adverse consequences, including the foreclosure on our assets. Substantially all of SIF II’s and each SBIC Subsidiary’s assets are pledged as collateral under the Encina Credit Facility or are subject to a superior claim over the holders of our common stock or the Notes by the SBA pursuant to the SBA-guaranteed debentures. If we default on our obligations under the Encina Credit Facility or the SBA-guaranteed debentures, Encina Lender Finance, LLC and/or the SBA may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests or superior claim. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings in order to avoid foreclosure and these forced sales may be at times and at prices we would not consider advantageous. Moreover, such deleveraging of our company could significantly impair our ability to effectively operate our business in the manner in which we have historically operated. In addition, if Encina Lender Finance, LLC the lender under the Encina Credit Facility exercises its right to sell the assets pledged under the Encina Credit Facility, such sales may be completed at distressed sale prices, thereby diminishing or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding under the Encina Credit Facility. We are exposed to risks associated with changes in interest rates including potential effects on our cost of capital and net investment income. General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital. In addition, in response to market indicators showing a rise in inflation, since March 2022, the Federal Reserve has been rapidly increasing interest rates and has indicated that it would consider additional rate hikes in response to ongoing inflation concerns. An increase in interest rates would make it more expensive to use debt to finance our investments. Decreases in credit spreads on debt that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities. Although we have no policy governing the maturities of our investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to ten years. This means that we will be subject to greater risk (other things being equal) than an entity investing solely in shorter-term securities. Because we may borrow to fund our investments, a portion of our net investment income may be dependent upon the difference between the interest rate at which we borrow funds and the interest rate at which we invest these funds. A portion of our investments will have fixed interest rates, while a portion of our borrowings will likely have floating interest rates. As a result, a significant change in market interest rates could have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds could increase, which would reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. Further, rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum (or “floor”) interest rates, while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may temporarily increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner if market rates remain lower than the existing floor rate. If general interest rates rise, there is also a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments. We may hedge against such interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts, subject to applicable legal requirements, including without limitation, all necessary registrations (or exemptions from registration) with the Commodity Futures Trading Commission. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. The interest rates of our loans to our portfolio companies, any LIBOR-linked securities, and other financial obligations that extended beyond 2021 might be subject to change based on recent regulatory changes, including the decommissioning of LIBOR. The London Interbank Offered Rate (“LIBOR”) is an index rate that historically has been widely used in lending transactions and remains a common reference rate for setting the floating interest rate on private loans. LIBOR typically has been the reference rate used in floating-rate loans extended to our portfolio companies and, to some degree, is expected to continue to be used as a reference rate until such time that private markets have fully transitioned to using the Secured Overnight Financing Rate (“SOFR”), or other alternative reference rates recommended by applicable market regulators. Uncertainty relating to the LIBOR calculation process, the valuation of LIBOR alternatives, and other economic consequences from the phasing out of LIBOR may adversely affect our results of operations, financial condition and liquidity. On March 5, 2021, the United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates LIBOR, announced that the ICE Benchmark Administration (the entity regulated by the FCA that is responsible for calculating LIBOR) had notified the FCA of its intent, among other things, to cease providing overnight, 1, 3, 6 and 12 months USD LIBOR tenors after June 30, 2023 and all other tenors after December 31, 2021. On November 16, 2021, the FCA issued a statement confirming that starting January 1, 2022, entities supervised by the FCA will be prohibited from using LIBORs, including USD LIBOR, that will be discontinued as of December 31, 2021 as well as, except in very limited circumstances, those tenors of USD LIBOR that will be discontinued or declared non-representative after June 30, 2023. While LIBOR will cease to exist or be declared non-representative, there continues to be uncertainty regarding the nature of potential changes to specific USD LIBOR tenors, the development and acceptance of alternative reference rates and other reforms. Central banks and regulators in a number of major jurisdictions (for example, United States, United Kingdom, European Union, Switzerland and Japan) have convened working groups to find, and implement the transition to, suitable replacements for LIBORs and other interbank offered rates (“IBORs”). To identify a successor rate for USD LIBOR, the Alternative Reference Rates Committee (“ARRC”), U.S.-based group convened by the U.S. Federal Reserve Board and the Federal Reserve Bank of New York, was formed. The ARRC has identified SOFR as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. On July 29, 2021, the ARRC formally recommended SOFR as its preferred alternative replacement rate for LIBOR. On July 29, 2021, the ARRC also recommended a forward-looking term rate based on SOFR published by CME Group. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere. Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the same or similar economic results as LIBOR over the lives of such transactions. There can be no guarantee that SOFR will become the dominant alternative to USD LIBOR or that SOFR will be widely used and other alternatives may or may not be developed and adopted with additional consequences. New York and several other states have passed laws intended to apply to U.S. dollar LIBOR-based contracts, securities, and instruments governed by those states’ laws. These laws established fallbacks for LIBOR when there is no or insufficient fallback rates in these contracts. The federal Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was signed into law on March 15, 2022. The federal legislation provides a statutory fallback mechanism on a nation-wide basis to replace U.S. dollar LIBOR with a benchmark rate, selected by the Federal Reserve Board and based on SOFR, for certain contracts that reference U.S. dollar LIBOR and contain no or insufficient fallback provisions. The New York and other state laws were superseded by the LIBOR Act. On December 16, 2022, the Federal Reserve Board adopted a final rule implementing certain provisions of the LIBOR Act (“Regulation ZZ”). Regulation ZZ specifies that on the LIBOR replacement date, which is the first London banking day after June 30, 2023, the Federal Reserve Board-selected benchmark replacement, based on SOFR and including any tenor spread adjustment as provided by Regulation ZZ, will replace references to overnight, 1, 3, 6, and 12-month LIBOR in certain contracts that do not mature before the LIBOR replacement date and that do not contain adequate fallback language. The LIBOR Act Regulation ZZ could apply to certain our investments that reference LIBOR to the extent that they do not have fallback provisions or adequate fallback provisions. The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us, valuation measurements used by us that include LIBOR as an input, our operational processes or our overall financial condition or results of operations. For instance, if the LIBOR reference rate of our LIBOR-linked securities, loans, and other financial obligations is higher than an alternative reference rate, such as SOFR, on our alternative reference rate-linked portfolio investments, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. In addition, while the majority of our LIBOR-linked loans contemplate that LIBOR may cease to exist and allow for amendment to a new alternative reference rate without the approval of 100% of the lenders, if LIBOR ceases to exist, we could be required, in such situations, to negotiate modifications to credit agreements governing such instruments, in order to replace LIBOR with such alternative reference rate and to incorporate any conforming changes to applicable credit spreads or margins. Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of our investment in these portfolio companies and, as a result, on our results of operations. Such adverse impacts and the uncertainty of the transition could result in disputes and litigation with counterparties and borrowers regarding the implementation of alternative reference rates. Uncertainty about U.S. Presidential Administration initiatives could negatively impact our business, financial condition and results of operations. The U.S. government has recently called for significant changes to U.S. trade, healthcare, immigration, foreign and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them. There are significant potential conflicts of interest which could adversely impact our investment returns. Our executive officers and directors, and the members of our Investment Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by our affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders. For example, Christian L. Oberbeck, our chief executive officer and managing member of our Investment Adviser, is the managing partner of Saratoga Partners, a middle-market private equity investment firm. In addition, the principals of our Investment Adviser may manage other funds which may from time to time have overlapping investment objectives with those of us and accordingly invest in, whether principally or secondarily, asset classes similar to those targeted by us. If this should occur, the principals of our Investment Adviser will face conflicts of interest in the allocation of investment opportunities to us and such other funds. Although our investment professionals will endeavor to allocate investment opportunities in a fair and equitable manner, we and our common stockholders could be adversely affected in the event investment opportunities are allocated among us and other investment vehicles managed or sponsored by, or affiliated with, our executive officers, directors and Investment Adviser, and the members of our Investment Adviser. Changes in laws or regulations governing our operations, or changes in the interpretation thereof, and any failure by us to comply with laws or regulations governing our operations may adversely affect our business. We are subject to regulation at the local, state and federal level. New legislation may be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make, any of which could harm us and our stockholders, potentially with retroactive effect. For example, the current U.S. presidential administration could support an enhanced regulatory agenda that imposes greater costs on all sectors and on financial services companies in particular. In addition, any change to the SBA’s current debenture program could have a significant impact on our ability to obtain low-cost leverage and, therefore, our competitive advantage over other funds. Legal, tax and regulatory changes could occur that may adversely affect us. For example, from time to time the market for private equity transactions has been (and is currently being) adversely affected by a decrease in the availability of senior and subordinated financings for transactions, in part in response to credit market disruptions and/or regulatory pressures on providers of financing to reduce or eliminate their exposure to the risks involved in such transactions. Additionally, any changes to the laws and regulations governing our operations related to permitted investments may cause us to alter our investment strategy in order to meet our investment objectives. Such changes could result in material differences to the strategies and plans set forth in this Annual Report and may shift our investment focus from the areas of expertise of our Investment Adviser to other types of investments in which our Investment Adviser may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment. Legislative or other actions relating to taxes could have a negative effect on the Company. Legislative or other actions relating to taxes could have a negative effect on the Company and its investors. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. We cannot predict with certainty how any changes in the tax laws might affect the Company, its investments or its investors. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect the Company’s ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to the Company and its investors of such qualification or could have other adverse consequences. You are urged to consult with your tax advisor with respect to the impact of the status of any legislative, regulatory or administrative developments and proposals and their potential effect on your investment in our securities. There is uncertainty surrounding potential legal, regulatory and policy changes by the current presidential administration and Congress in the United States that may directly affect financial institutions and the global economy. Following the November 2022 elections in the United States, the Democratic Party controls the Presidency and the Senate, with the Republican Party controlling the House of Representatives. Despite political tensions and uncertainty in a divided legislature, changes in federal policy, including tax policies, and at regulatory agencies are expected to occur over time through policy and personnel changes, which may lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic and political effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain. Uncertainty surrounding future changes may adversely affect our operating environment and therefore our business, financial condition, results of operations and growth prospects. Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us. There has been ongoing discussion and commentary regarding potential significant changes to United States trade policies, treaties and tariffs. The current U.S. presidential administration, along with Congress, has created significant uncertainty about the future relationship between the United States and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us. We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends. Our business is dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholl | ||||||||||
Share Price [Table Text Block] | Price range of common stock Our common stock is traded on the New York Stock Exchange under the symbol “SAR.” The following table lists the high and low closing sales prices for the Company’s common stock and such closing sales prices’ percentage of premium or discount to the net asset value (“NAV”) for the two most recent fiscal years and the current fiscal year to date. Price Range NAV(1) High Low Percentage of High Closing Sales Price as a Premium (Discount) to NAV(2) Percentage of Low Closing Sales Price as a Premium (Discount) to NAV(2) Fiscal Year Ending February 28, 2024 First Quarter through May 1, 2023 $ * $ 27.76 $ 22.82 * * Fiscal Year Ended February 28, 2023 First Quarter $ 28.69 $ 28.31 $ 24.98 (1.3 )% (12.9 )% Second Quarter $ 28.27 $ 26.95 $ 22.70 (4.7 )% (19.7 )% Third Quarter $ 28.25 $ 27.16 $ 20.36 (3.9 )% (27.9 )% Fourth Quarter $ 29.17 $ 27.77 $ 25.02 (4.8 )% (14.2 )% Fiscal Year Ended February 28, 2022 First Quarter $ 28.70 $ 26.54 $ 22.66 (7.5 )% (21.1 )% Second Quarter $ 28.97 $ 28.90 $ 25.70 (0.2 )% (11.3 )% Third Quarter $ 29.17 $ 29.80 $ 27.19 2.2 % (6.8 )% Fourth Quarter $ 29.32 $ 29.51 $ 25.20 0.6 % (14.1 )% * Net asset value has not yet been calculated for this period. (1) Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. (2) Calculated as the respective high or low closing sales price divided by the quarter end net asset value and subtracting 1. | ||||||||||
Lowest Price or Bid | $ 24.98 | $ 22.66 | $ 22.7 | $ 25.7 | $ 20.36 | $ 27.19 | $ 22.82 | $ 25.02 | $ 25.2 | ||
Highest Price or Bid | $ 28.31 | $ 26.54 | $ 26.95 | $ 28.9 | $ 27.16 | $ 29.8 | $ 27.76 | $ 27.77 | $ 29.51 | ||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | [10] | (1.30%) | (7.50%) | (4.70%) | (0.20%) | (3.90%) | 2.20% | [11] | (4.80%) | 0.60% | |
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | [10] | (12.90%) | (21.10%) | (19.70%) | (11.30%) | (27.90%) | (6.80%) | [11] | (14.20%) | (14.10%) | |
Latest NAV | $ 28.69 | $ 28.7 | $ 28.27 | $ 28.97 | $ 28.25 | $ 29.17 | [11] | $ 29.17 | $ 29.32 | ||
RISKS RELATED TO OUR BUSINESS AND STRUCTURE [Member] | |||||||||||
General Description of Registrant [Abstract] | |||||||||||
Risk [Text Block] | RISKS RELATED TO OUR BUSINESS AND STRUCTURE We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us. Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in us. We borrow from and issue senior debt securities to banks and other lenders that is secured by a lien on our assets. Holders of these senior securities have fixed dollar claims on our assets that are superior to the claims of the holders of our securities. Leverage is generally considered a speculative investment technique. Any increase in our income in excess of interest payable on our outstanding indebtedness would cause our net income to increase more than it would have had we not incurred leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make common stock distributions or scheduled debt payments, including with respect to the Notes, as defined below. There can be no assurance that our leveraging strategy will be successful. Our outstanding indebtedness imposes, and additional debt we may incur in the future will likely impose, financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC. A failure to add new debt facilities or issue additional debt securities or other evidences of indebtedness in lieu of or in addition to existing indebtedness could have a material adverse effect on our business, financial condition or results of operations. As of February 28, 2023, there were $32.5 million outstanding borrowings under the Encina Credit Facility. As of February 28, 2023, we had issued $202.0 million in SBA-guaranteed debentures and our $12.0 million principal amount of 7.00% fixed-rate notes due 2025 (the “7.00% 2025 Notes”), our $5.0 million principal amount of 7.75% fixed-rate notes due in 2025 (the “7.75% 2025 Notes”), our $175.0 million principal amount of 4.375% fixed-rate notes due in 2026 (the “4.375% 2026 Notes”), our $75.0 million principal amount of 4.35% fixed-rate notes due in 2027 (the “4.35% 2027 Notes”), our $105.5 million principal amount of 6.00% fixed-rate notes due in 2027 (the “6.00% 2027 Notes”), our $15.0 million principal amount of 6.25% fixed-rate notes due in 2027 (the “6.25% 2027 Notes”) our $46.0 million principal amount of 8.00% fixed-rate notes due 2027 (the “8.00% 2027 Notes”), and our $60.375 million principal amount of 8.125% fixed-rate notes due 2027 (the “8.125% 2027 Notes” and together with the 6.00% 2027 Notes and the 8.00% 2027 Notes, the “Public Notes”). Together, the 7.00% 2025 Notes, the 7.75% 2025 Notes, the 4.35% 2027 Notes, the 6.00% 2027 Notes, the 6.25% 2027 Notes, the 8.00% 2027 Notes, and the 8.125% 2027 Notes are referred to as the “Notes”. We may incur additional indebtedness in the future, including, but not limited to, borrowings under the Encina Credit Facility or the issuance of additional debt securities in one or more public or private offerings, although there can be no assurance that we will be successful in doing so. Our ability to service our debt depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ at any particular time will depend on our management’s and our board of directors’ assessment of market and other factors at the time of any proposed borrowing. As a BDC, we are generally permitted to issue senior securities only in amounts such that our asset coverage ratio equals at least 150% of total assets to total borrowings and other senior securities, which include all of our borrowings (other than the senior securities of SBIC I LP’s, SBIC II LP’s and SBIC III LP’s under the terms of our SEC exemptive relief) and any preferred stock we may issue in the future. If this ratio declines below 150%, we may not be able to incur additional debt and may need to sell a portion of our investments to repay some debt when it is disadvantageous to do so, and we may not be able to make distributions to our stockholders. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (net of expenses) Assumed Return on Portfolio (Net of Expenses) -10.0% -5.0% 0% 5% 10% Corresponding Return to Common Stockholder (1) -37% -23% -9% 5% 19% (1) Assumes $977.2 million in average total assets, $619.50 million in average debt outstanding, $351.4 million in average net assets and an average interest rate of 5.1%. Actual interest payments may be different. The various return scenarios above exclude borrowing costs, which are then separately deducted from the net return to common stockholders calculated base on average debt outstanding and average interest rate. Substantially all of SIF II’s and each SBIC Subsidiary’s assets are subject to security interests under our Encina Credit Facility or claims of the SBA with respect to SBA-guaranteed debentures we may issue and if we default on our obligations thereunder, we may suffer adverse consequences, including the foreclosure on our assets. Substantially all of SIF II’s and each SBIC Subsidiary’s assets are pledged as collateral under the Encina Credit Facility or are subject to a superior claim over the holders of our common stock or the Notes by the SBA pursuant to the SBA-guaranteed debentures. If we default on our obligations under the Encina Credit Facility or the SBA-guaranteed debentures, Encina Lender Finance, LLC and/or the SBA may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests or superior claim. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings in order to avoid foreclosure and these forced sales may be at times and at prices we would not consider advantageous. Moreover, such deleveraging of our company could significantly impair our ability to effectively operate our business in the manner in which we have historically operated. In addition, if Encina Lender Finance, LLC the lender under the Encina Credit Facility exercises its right to sell the assets pledged under the Encina Credit Facility, such sales may be completed at distressed sale prices, thereby diminishing or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding under the Encina Credit Facility. We are exposed to risks associated with changes in interest rates including potential effects on our cost of capital and net investment income. General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital. In addition, in response to market indicators showing a rise in inflation, since March 2022, the Federal Reserve has been rapidly increasing interest rates and has indicated that it would consider additional rate hikes in response to ongoing inflation concerns. An increase in interest rates would make it more expensive to use debt to finance our investments. Decreases in credit spreads on debt that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities. Although we have no policy governing the maturities of our investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to ten years. This means that we will be subject to greater risk (other things being equal) than an entity investing solely in shorter-term securities. Because we may borrow to fund our investments, a portion of our net investment income may be dependent upon the difference between the interest rate at which we borrow funds and the interest rate at which we invest these funds. A portion of our investments will have fixed interest rates, while a portion of our borrowings will likely have floating interest rates. As a result, a significant change in market interest rates could have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds could increase, which would reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. Further, rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum (or “floor”) interest rates, while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may temporarily increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner if market rates remain lower than the existing floor rate. If general interest rates rise, there is also a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments. We may hedge against such interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts, subject to applicable legal requirements, including without limitation, all necessary registrations (or exemptions from registration) with the Commodity Futures Trading Commission. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. The interest rates of our loans to our portfolio companies, any LIBOR-linked securities, and other financial obligations that extended beyond 2021 might be subject to change based on recent regulatory changes, including the decommissioning of LIBOR. The London Interbank Offered Rate (“LIBOR”) is an index rate that historically has been widely used in lending transactions and remains a common reference rate for setting the floating interest rate on private loans. LIBOR typically has been the reference rate used in floating-rate loans extended to our portfolio companies and, to some degree, is expected to continue to be used as a reference rate until such time that private markets have fully transitioned to using the Secured Overnight Financing Rate (“SOFR”), or other alternative reference rates recommended by applicable market regulators. Uncertainty relating to the LIBOR calculation process, the valuation of LIBOR alternatives, and other economic consequences from the phasing out of LIBOR may adversely affect our results of operations, financial condition and liquidity. On March 5, 2021, the United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates LIBOR, announced that the ICE Benchmark Administration (the entity regulated by the FCA that is responsible for calculating LIBOR) had notified the FCA of its intent, among other things, to cease providing overnight, 1, 3, 6 and 12 months USD LIBOR tenors after June 30, 2023 and all other tenors after December 31, 2021. On November 16, 2021, the FCA issued a statement confirming that starting January 1, 2022, entities supervised by the FCA will be prohibited from using LIBORs, including USD LIBOR, that will be discontinued as of December 31, 2021 as well as, except in very limited circumstances, those tenors of USD LIBOR that will be discontinued or declared non-representative after June 30, 2023. While LIBOR will cease to exist or be declared non-representative, there continues to be uncertainty regarding the nature of potential changes to specific USD LIBOR tenors, the development and acceptance of alternative reference rates and other reforms. Central banks and regulators in a number of major jurisdictions (for example, United States, United Kingdom, European Union, Switzerland and Japan) have convened working groups to find, and implement the transition to, suitable replacements for LIBORs and other interbank offered rates (“IBORs”). To identify a successor rate for USD LIBOR, the Alternative Reference Rates Committee (“ARRC”), U.S.-based group convened by the U.S. Federal Reserve Board and the Federal Reserve Bank of New York, was formed. The ARRC has identified SOFR as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. On July 29, 2021, the ARRC formally recommended SOFR as its preferred alternative replacement rate for LIBOR. On July 29, 2021, the ARRC also recommended a forward-looking term rate based on SOFR published by CME Group. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere. Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the same or similar economic results as LIBOR over the lives of such transactions. There can be no guarantee that SOFR will become the dominant alternative to USD LIBOR or that SOFR will be widely used and other alternatives may or may not be developed and adopted with additional consequences. New York and several other states have passed laws intended to apply to U.S. dollar LIBOR-based contracts, securities, and instruments governed by those states’ laws. These laws established fallbacks for LIBOR when there is no or insufficient fallback rates in these contracts. The federal Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was signed into law on March 15, 2022. The federal legislation provides a statutory fallback mechanism on a nation-wide basis to replace U.S. dollar LIBOR with a benchmark rate, selected by the Federal Reserve Board and based on SOFR, for certain contracts that reference U.S. dollar LIBOR and contain no or insufficient fallback provisions. The New York and other state laws were superseded by the LIBOR Act. On December 16, 2022, the Federal Reserve Board adopted a final rule implementing certain provisions of the LIBOR Act (“Regulation ZZ”). Regulation ZZ specifies that on the LIBOR replacement date, which is the first London banking day after June 30, 2023, the Federal Reserve Board-selected benchmark replacement, based on SOFR and including any tenor spread adjustment as provided by Regulation ZZ, will replace references to overnight, 1, 3, 6, and 12-month LIBOR in certain contracts that do not mature before the LIBOR replacement date and that do not contain adequate fallback language. The LIBOR Act Regulation ZZ could apply to certain our investments that reference LIBOR to the extent that they do not have fallback provisions or adequate fallback provisions. The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us, valuation measurements used by us that include LIBOR as an input, our operational processes or our overall financial condition or results of operations. For instance, if the LIBOR reference rate of our LIBOR-linked securities, loans, and other financial obligations is higher than an alternative reference rate, such as SOFR, on our alternative reference rate-linked portfolio investments, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. In addition, while the majority of our LIBOR-linked loans contemplate that LIBOR may cease to exist and allow for amendment to a new alternative reference rate without the approval of 100% of the lenders, if LIBOR ceases to exist, we could be required, in such situations, to negotiate modifications to credit agreements governing such instruments, in order to replace LIBOR with such alternative reference rate and to incorporate any conforming changes to applicable credit spreads or margins. Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of our investment in these portfolio companies and, as a result, on our results of operations. Such adverse impacts and the uncertainty of the transition could result in disputes and litigation with counterparties and borrowers regarding the implementation of alternative reference rates. Uncertainty about U.S. Presidential Administration initiatives could negatively impact our business, financial condition and results of operations. The U.S. government has recently called for significant changes to U.S. trade, healthcare, immigration, foreign and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them. There are significant potential conflicts of interest which could adversely impact our investment returns. Our executive officers and directors, and the members of our Investment Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by our affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders. For example, Christian L. Oberbeck, our chief executive officer and managing member of our Investment Adviser, is the managing partner of Saratoga Partners, a middle-market private equity investment firm. In addition, the principals of our Investment Adviser may manage other funds which may from time to time have overlapping investment objectives with those of us and accordingly invest in, whether principally or secondarily, asset classes similar to those targeted by us. If this should occur, the principals of our Investment Adviser will face conflicts of interest in the allocation of investment opportunities to us and such other funds. Although our investment professionals will endeavor to allocate investment opportunities in a fair and equitable manner, we and our common stockholders could be adversely affected in the event investment opportunities are allocated among us and other investment vehicles managed or sponsored by, or affiliated with, our executive officers, directors and Investment Adviser, and the members of our Investment Adviser. Changes in laws or regulations governing our operations, or changes in the interpretation thereof, and any failure by us to comply with laws or regulations governing our operations may adversely affect our business. We are subject to regulation at the local, state and federal level. New legislation may be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make, any of which could harm us and our stockholders, potentially with retroactive effect. For example, the current U.S. presidential administration could support an enhanced regulatory agenda that imposes greater costs on all sectors and on financial services companies in particular. In addition, any change to the SBA’s current debenture program could have a significant impact on our ability to obtain low-cost leverage and, therefore, our competitive advantage over other funds. Legal, tax and regulatory changes could occur that may adversely affect us. For example, from time to time the market for private equity transactions has been (and is currently being) adversely affected by a decrease in the availability of senior and subordinated financings for transactions, in part in response to credit market disruptions and/or regulatory pressures on providers of financing to reduce or eliminate their exposure to the risks involved in such transactions. Additionally, any changes to the laws and regulations governing our operations related to permitted investments may cause us to alter our investment strategy in order to meet our investment objectives. Such changes could result in material differences to the strategies and plans set forth in this Annual Report and may shift our investment focus from the areas of expertise of our Investment Adviser to other types of investments in which our Investment Adviser may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment. Legislative or other actions relating to taxes could have a negative effect on the Company. Legislative or other actions relating to taxes could have a negative effect on the Company and its investors. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. We cannot predict with certainty how any changes in the tax laws might affect the Company, its investments or its investors. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect the Company’s ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to the Company and its investors of such qualification or could have other adverse consequences. You are urged to consult with your tax advisor with respect to the impact of the status of any legislative, regulatory or administrative developments and proposals and their potential effect on your investment in our securities. There is uncertainty surrounding potential legal, regulatory and policy changes by the current presidential administration and Congress in the United States that may directly affect financial institutions and the global economy. Following the November 2022 elections in the United States, the Democratic Party controls the Presidency and the Senate, with the Republican Party controlling the House of Representatives. Despite political tensions and uncertainty in a divided legislature, changes in federal policy, including tax policies, and at regulatory agencies are expected to occur over time through policy and personnel changes, which may lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic and political effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain. Uncertainty surrounding future changes may adversely affect our operating environment and therefore our business, financial condition, results of operations and growth prospects. Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us. There has been ongoing discussion and commentary regarding potential significant changes to United States trade policies, treaties and tariffs. The current U.S. presidential administration, along with Congress, has created significant uncertainty about the future relationship between the United States and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us. We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends. Our business is dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be: ● sudden electrical or telecommunications outages; ● natural disasters such as earthquakes, tornadoes and hurricanes; ● disease pandemics or other serious public health events, such as the ongoing COVID-19 pandemic; ● events arising from local or larger scale political or social matters, including terrorist acts; ● acts of war; and ● cyber-attacks. These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders. Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. In 2020, the SEC adopted Rule 18f-4 under the 1940 Act, which relates to the use of derivatives and other transactions that create future payment or delivery obligations by BDCs (and other funds that are registered investment companies). Under Rule 18f-4, for which compliance was required beginning in August 2022, Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively. The occurrence of a disaster, such as a cyber-attack against us or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, failure of our disaster recovery systems, or consequential employee error, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data. Saratoga Investment Advisors and third-party service providers with which we do business depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering, malware and computer virus attacks, unauthorized access, or system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. If unauthorized parties gain access to such information and technology systems, they may be able to steal, publish, delete or modify private and sensitive information, including nonpublic personal information related to stockholders (and their beneficial owners) and material nonpublic information. The systems we have implemented to manage risks relating to these types of events could prove to be inadequate and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail to adequately secure private information. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing them from being addressed appropriately. The failure of these systems or of disaster recovery plans for any reason could cause significant interruptions in our and our investment advisor’s operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to stockholders, material nonpublic information and other sensitive information in our possession. Third parties with which we do business may also be sources of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. Cybersecurity failures or breaches by Saratoga Investment Advisors and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate its NAV, impediments to trading, the inability of our shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. In addition, cybersecurity has become a top priority for regulators ar | ||||||||||
RISKS RELATED TO THE CURRENT ENVIRONMENT [Member] | |||||||||||
General Description of Registrant [Abstract] | |||||||||||
Risk [Text Block] | RISKS RELATED TO THE CURRENT ENVIRONMENT Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability. The current worldwide financial market situation, as well as various social and political tensions in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may contribute to increased market volatility, may have long-term effects on the U.S. and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. On January 31, 2020, the United Kingdom ended its membership in the European Union, referred to as “Brexit.” Following the termination of a transition period, the United Kingdom and the European Union entered into a trade and cooperation agreement to govern the future relationship between the parties, which was provisionally applied as of January 1, 2021 and entered into force on May 1, 2021 following ratification by the European Union. With respect to financial services, the agreement leaves decisions on equivalence and adequacy to be determined by each of the United Kingdom and the European Union unilaterally in due course. Such agreement is untested and could lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the United Kingdom and in wider European and global markets for some time. In addition, on December 24, 2020, the European Union and United Kingdom governments signed a trade deal that became provisionally effective on January 1, 2021 and that now governs the relationship between the United Kingdom and the European Union (the “Trade Agreement”). The Trade Agreement implements significant regulation around trade, transport of goods and travel restrictions between the United Kingdom and the European Union. Notwithstanding the foregoing, the longer term economic, legal, political and social implications of Brexit are unclear at this stage and are likely to continue to lead to ongoing political and economic uncertainty and periods of increased volatility in both the United Kingdom and in wider European markets for some time. In particular, Brexit could lead to calls for similar referendums in other European Union jurisdictions, which could cause increased economic volatility in the European and global markets. This mid- to long-term uncertainty could have adverse effects on the economy generally and on our ability to earn attractive returns. In particular, currency volatility could mean that our returns are adversely affected by market movements and could make it more difficult, or more expensive, for us to execute prudent currency hedging policies. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential further downgrading of the United Kingdom’s sovereign credit rating, could also have an impact on the performance of certain investments made in the United Kingdom or European Union. We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business, financial condition and results of operations. From time to time, capital markets may experience periods of disruption and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of COVID-19 that began in December 2019 and the conflict between Russia and Ukraine that began in late February 2022 (see “Terrorist attacks, acts of war, or natural disasters may affect any market for our common stock, impact the businesses in which we invest and harm our business, operating results and financial condition” for more information). Even after the COVID-19 pandemic subsides, the U.S. economy, as well as most other major economies, may continue to experience a recession, and we anticipate our businesses would be materially and adversely affected by a prolonged recession in the United States and other major markets. The economic conditions caused by the COVID-19 pandemic could have an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. With respect to the U.S. credit markets (in particular for middle-market loans), the COVID-19 pandemic has resulted in, and until fully resolved is likely to continue to result in, the following among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; and (iii) greater volatility and disruption of these markets including greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility, and liquidity issues. These and future market disruptions and/or illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations and our ability to grow and could also have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations. While we intend to continue to source and invest in new loan transactions to U.S. middle-market companies, we cannot be certain that we will be able to do so successfully or consistently. A lack of suitable investment opportunities may impair our ability to make new investments, and may reduce our earnings and dividends as a result. If economic conditions caused by the COVID-19 pandemic continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor net worth could result in increased costs and reduced income which would have a material adverse effect on our business, financial condition or results of operations. While economic activity is well improved from the beginning of the COVID-19 pandemic, we continue to observe supply chain interruptions, labor difficulties, commodity inflation and elements of economic and financial market instability both globally and in the United States. Additionally, continued travel restrictions may prolong the global economic downturn. We cannot be certain as to the duration or magnitude of the economic impact of the COVID-19 pandemic on the markets in which we and our portfolio companies operate and corresponding declines in economic activity that may negatively impact the U.S. economy and the markets for the various types of goods and services provided by U.S. middle-market companies. Depending on the duration, magnitude and severity of these conditions and their related economic and market impacts, certain portfolio companies may suffer declines in earnings and could experience financial distress, which could cause them to default on their financial obligations to us and their other lenders. We will also be negatively affected if our operations and effectiveness or the operations and effectiveness of a portfolio company (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted. Events outside of our control, such as the COVID-19 pandemic, could negatively affect our portfolio companies and our results of our operations and financial condition. Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control. These types of events have adversely affected—and could continue to adversely affect—operating results for us and for our portfolio companies. For example, the COVID-19 pandemic has led to, and for an unknown period of time will continue to lead to, disruptions in local, regional, national and global markets and the economies affected thereby, including the United States. With respect to loans to portfolio companies, the Company will be impacted if, among other things, (i) amendments and waivers are granted (or are required to be granted) to borrowers permitting deferral of loan payments or allowing for PIK interest payments, (ii) borrowers default on their loans, are unable to refinance their loans at maturity, or go out of business, or (iii) the value of loans held by the Company decreases as a result of such events and the uncertainty they cause. Portfolio companies may also be more likely to seek to draw on unfunded commitments we have made, and the risk of being unable to fund such commitments is heightened during such periods. Depending on the duration and extent of the disruption to the business operations of our portfolio companies, we expect some portfolio companies, particularly those in vulnerable industries, to experience financial distress and possibly to default on their financial obligations to us and/or their other capital providers. In addition, if such portfolio companies are subjected to prolonged and severe financial distress, we expect some of them to substantially curtail their operations, defer capital expenditures, and lay off workers. These developments would be likely to permanently impair their businesses and result in a reduction in the value of our investments in them. Any potential impact to our results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of the COVID-19 pandemic and the actions taken by authorities and other entities to contain the spread or treat its impact, all of which are beyond our control. These potential impacts, while uncertain, could adversely affect our and our portfolio companies’ operating results and financial condition. Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies. Certain of our portfolio companies may be impacted by inflation, which may, in turn, impact the valuation of such portfolio companies. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Further downgrades of the U.S. credit rating, automatic spending cuts, or another government shutdown could negatively impact our liquidity, financial condition and earnings. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, including an increase in the federal debt ceiling in December 2021, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. [The December 2021 legislation suspends the debt ceiling through 2023, unless Congress takes legislative action to further extend or defer it..] The impact of this or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations. Economic recessions or downturns could impair the ability of our portfolio companies to repay loans and harm our operating results. Many of our portfolio companies are susceptible to economic slowdowns or recessions (including industry specific downturns) and may be unable to repay our debt investments during these periods. As a result of among other things, the global outbreak of COVID-19, elevated levels of inflation, and a rising interest rate environment, economic markets have been disrupted, and the prolonged economic impact is uncertain. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. In addition, continued uncertainty surrounding the negotiation of trade deals between Britain and the European Union following the United Kingdom’s exit from the European Union and uncertainty between the United States and other countries, including China, with respect to trade policies, treaties, and tariffs, among other factors, have caused disruption in the global markets. There can be no assurance that market conditions will not worsen in the future. In an economic downturn, we may have non-performing assets or non-performing assets may increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing some of our debt investments and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm our operating results. The occurrence of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our investments, and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and financial condition. | ||||||||||
RISKS RELATED TO OUR ADVISER AND ITS AFFILIATES [Member] | |||||||||||
General Description of Registrant [Abstract] | |||||||||||
Risk [Text Block] | RISKS RELATED TO OUR ADVISER AND ITS AFFILIATES We may be obligated to pay Saratoga Investment Advisors incentive fees even if we incur a net loss, or there is a decline in the value of our portfolio. Saratoga Investment Advisors is entitled to incentive fees for each fiscal quarter in an amount equal to a percentage of the excess of our investment income for that quarter (before deducting incentive compensation, but net of operating expenses and certain other items) above a threshold return for that quarter. Our pre-incentive fee net investment income, for incentive compensation purposes, excludes realized and unrealized capital gains or losses that we may incur in the fiscal quarter, even if such capital gains or losses result in a net gain or loss on our consolidated statements of operations for that quarter. Thus, we may be required to pay Saratoga Investment Advisors incentive fees for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter. Under the terms of the Management Agreement, we may have to pay incentive fees to Saratoga Investment Advisors in connection with the sale of an investment that is sold at a price higher than the fair value of such investment on May 31, 2010, even if we incur a loss on the sale of such investment. Incentive fees on capital gains paid to Saratoga Investment Advisors under the Management Agreement equals 20.0% of our “incentive fee capital gains,” which equals our realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis on each investment in the Company’s portfolio, less the aggregate amount of any previously paid capital gain incentive fee. Under the Management Agreement, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May 31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital gains portion of the incentive fee, and Saratoga Investment Advisors will be entitled to 20.0% of the incentive fee capital gains that arise after May 31, 2010. In addition, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date. See our Form 10-Q for the quarter ended May 31, 2010 that was filed with the SEC on July 15, 2010 for the fair value and other information related to our investments as of such date. As a result, we may be required to pay incentive fees to Saratoga Investment Advisors on the sale of an investment even if we incur a realized loss on such investment, so long as the investment is sold for an amount greater than its fair value as of May 31, 2010. The way in which the base management and incentive fees under the Management Agreement is determined may encourage Saratoga Investment Advisors to take actions that may not be in our best interests. The incentive fee payable by us to our Investment Adviser may create an incentive for it to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement, which could result in higher investment losses, particularly during cyclical economic downturns. The way in which the incentive fee payable to our Investment Adviser is determined, which is calculated separately in two components as a percentage of the income (subject to a hurdle rate) and as a percentage of the realized gain on invested capital, may encourage our Investment Adviser to use leverage to increase the return on our investments or otherwise manipulate our income so as to recognize income in quarters where the hurdle rate is exceeded. Moreover, we pay Saratoga Investment Advisors a base management fee based on our total assets, including any investments made with borrowings, which may create an incentive for it to cause us to incur more leverage than is prudent, or not to repay our outstanding indebtedness when it may be advantageous for us to do so, in order to maximize its compensation. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor the holders of our securities. The incentive fee payable by us to our Investment Adviser also may create an incentive for our Investment Adviser to invest on our behalf in instruments that have a deferred interest feature. Under these investments, we would accrue the interest over the life of the investment but would not receive the cash income from the investment until the end of the investment’s term, if at all. Our net investment income used to calculate the income portion of our incentive fee, however, includes accrued interest. Thus, a portion of the incentive fee would be based on income that we have not yet received in cash and may never receive in cash if the portfolio company is unable to satisfy such interest payment obligation to us. Consequently, while we may make incentive fee payments on income accruals that we may not collect in the future and with respect to which we do not have a “claw back” right against our Investment Adviser per se, the amount of accrued income written off in any period will reduce the income in the period in which such write-off was taken and may thereby reduce such period’s incentive fee payment. In addition, Saratoga Investment Advisors receives a quarterly income incentive fee based, in part, on our pre-incentive fee net investment income, if any, for the immediately preceding calendar quarter. This income incentive fee is subject to a fixed quarterly hurdle rate before providing an income incentive fee return to Saratoga Investment Advisors. This fixed hurdle rate was determined when then current interest rates were relatively low on a historical basis. Thus, if interest rates rise, it would become easier for our investment income to exceed the hurdle rate and, as a result, more likely that Saratoga Investment Advisors will receive an income incentive fee than if interest rates on our investments remained constant or decreased. However, if we repurchase our outstanding debt securities, including the Notes, and such repurchase results in our recording a net gain or loss on the extinguishment of debt for financial reporting and tax purposes, such net gain or loss will not be included in our pre-incentive fee net investment income for purposes of determining the income incentive fee payable to our Investment Adviser under the Management Agreement. Moreover, our Investment Adviser receives the incentive fee based, in part, upon net capital gains realized on our investments. Unlike the portion of the incentive fee based on income, there is no performance threshold applicable to the portion of the incentive fee based on net capital gains. As a result, our Investment Adviser may have a tendency to invest more in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns. Our board of directors will seek to ensure that Saratoga Investment Advisors is acting in our best interests and that any conflict of interest faced by Saratoga Investment Advisors in its capacity as our Investment Adviser does not negatively impact us. The base management fee we pay to Saratoga Investment Advisors may induce it to influence our leverage, which may be contrary to our interest. We pay Saratoga Investment Advisors a quarterly base management fee based on the value of our total assets (including any assets acquired with leverage). Accordingly, Saratoga Investment Advisors has an economic incentive to increase our leverage. Our board of directors monitors the conflicts presented by this compensation structure by approving the amount of leverage that we incur. If our leverage is increased, we will be exposed to increased risk of loss, bear the increase cost of issuing and servicing such senior indebtedness, and will be subject to any additional covenant restrictions imposed on us in an indenture or other instrument or by the applicable lender. Saratoga Investment Advisors’ liability is limited under the Management Agreement and we will indemnify Saratoga Investment Advisors against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account. Saratoga Investment Advisors has not assumed any responsibility to us other than to render the services described in the Management Agreement. Pursuant to the Management Agreement, Saratoga Investment Advisors and its officers and employees are not liable to us for their acts under the Management Agreement absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. We have agreed to indemnify, defend and protect Saratoga Investment Advisors and its officers and employees with respect to all damages, liabilities, costs and expenses resulting from acts of Saratoga Investment Advisors not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Management Agreement. These protections may lead Saratoga Investment Advisors to act in a riskier manner when acting on our behalf than it would when acting for its own account. Our ability to enter into transactions with our affiliates is restricted. Because we have elected to be treated as a BDC, we are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5.0% or more of our outstanding voting securities is our affiliate for purposes of the 1940 Act and we are generally prohibited from buying or selling any securities (other than any security of which we are the issuer) from or to such affiliate, absent the prior approval of our independent directors. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company, without prior approval of our independent directors and, in some cases, the SEC. If a person acquires more than 25.0% of our voting securities, we are prohibited from buying or selling any security (other than any security of which we are the issuer) from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such person, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers, directors or Investment Adviser or their affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security (other than any security of which we are the issuer) from or to any portfolio company of a private equity fund managed by our Investment Adviser without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us. RISKS RELATED TO OUR INVESTMENTS If we make unsecured debt investments, we may lack adequate protection in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event our portfolio companies default on their indebtedness. We make unsecured debt investments in portfolio companies. Unsecured debt investments are unsecured and junior to other indebtedness of the portfolio company. As a consequence, the holder of an unsecured debt investment may lack adequate protection in the event the portfolio company becomes distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event the portfolio company defaults on its indebtedness. In addition, unsecured debt investments of middle- market companies are often highly illiquid and in adverse market conditions may experience steep declines in valuation even if they are fully performing. If we invest in the securities and other obligations of distressed or bankrupt companies, such investments may be subject to significant risks, including lack of income, extraordinary expenses, uncertainty with respect to satisfaction of debt, lower-than expected investment values or income potentials and resale restrictions. We are authorized to invest in the securities and other obligations of distressed or bankrupt companies. At times, distressed debt obligations may not produce income and may require us to bear certain extraordinary expenses (including legal, accounting, valuation and transaction expenses) in order to protect and recover our investment. Therefore, to the extent we invest in distressed debt, our ability to achieve current income may be diminished which may affect our ability to make distributions on our common stock or make interest and principal payments of the Notes. We also will be subject to significant uncertainty as to when and in what manner and for what value the distressed debt we invest in will eventually be satisfied (e.g., through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt held by us, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by us upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of our participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities if we are in possession of material non-public information relating to the issuer. Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us. Certain loans that we make to portfolio companies will be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the company’s remaining assets, if any. The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken with respect to the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected. A majority of our debt investments are not required to make principal payments until the maturity of such debt securities and are generally riskier than other types of loans. As of February 28, 2023, 77% of our debt portfolio consisted of “interest-only” loans, which are structured such that the borrower makes only interest payments throughout the life of the loan and makes a large, “balloon payment” at the end of the loan term. The ability of a borrower to make or refinance a balloon payment may be affected by a number of factors, including the financial condition of the borrower, prevailing economic conditions, interest rates, and collateral values. If the interest-only loan borrower is unable to make or refinance a balloon payment, we may experience greater losses than if the loan were structured as amortizing. We may be exposed to higher risks with respect to our investments that include PIK interest, particularly our investments in interest-only loans. To the extent our portfolio investments permit PIK interest and our portfolio companies elect to pay PIK interest, we will be exposed to higher risks, including the following: ● Because PIK interest results in an increase in the size of the loan balance of the underlying loan, our exposure to potential loss increases when we receive PIK interest; ● PIK instruments may have higher yields, which reflect the payment deferral and credit risk associated with these instruments; ● PIK accruals may create uncertainty about the source of our distributions to stockholders; ● PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of the collateral. To the extent our investments are structured as interest-only loans, PIK interest will increase the size of the balloon payment due at the end of the loan term. PIK interest payments on such loans may increase the probability and magnitude of a loss on our investment, particularly with respect to our interest-only loans. As of February 28, 2023, 22.5% of our interest-only loans provided for contractual PIK interest, which represents contractual interest added to a loan balance and due at the end of such loan’s term, and 46.4% of such investments elected to pay a portion of interest due in PIK. As of February 28, 2023, 6.9% of the Company’s interest-only loans are loans that pay contractual PIK interest only. The lack of liquidity in our investments may adversely affect our business. We primarily make investments in private companies. A portion of these securities may be subject to legal and other restrictions on resale, transfer, pledge or other disposition or will otherwise be less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. In addition, we may face other restrictions on our ability to liquidate an investment in a business entity to the extent that we or our Investment Adviser has or could be deemed to have material non-public information regarding such business entity. We may not have the funds to make additional investments in our portfolio companies which could impair the value of our portfolio. After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation or may reduce the expected yield on the investment. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements, SBA regulations or the desire to maintain our RIC tax treatment. Our ability to make follow-on investments may also be limited by our Investment Adviser allocation policy. The debt securities in which we invest are subject to credit risk and prepayment risk. An issuer of a debt security may be unable to make interest payments and repay principal. We could lose money if the issuer of a debt obligation is, or is perceived to be, unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Substantially all of the debt investments held in our portfolio hold a non-investment grade rating by one or more rating agencies or, if not rated, would be rated below investment grade if they were rated, which are often referred to as “junk.” Certain debt instruments may contain call or redemption provisions which would allow the issuer thereof to prepay principal prior to the debt instrument’s stated maturity. This is known as prepayment risk. Prepayment risk is greater during a falling interest rate environment as issuers can reduce their cost of capital by refinancing higher interest debt instruments with lower interest debt instruments. An issuer may also elect to refinance their debt instruments with lower interest debt instruments if the credit standing of the issuer improves. To the extent debt securities in our portfolio are called or redeemed, we may receive less than we paid for such security and we may be forced to reinvest in lower yielding securities or debt securities of issuers of lower credit quality. Our investment in Saratoga CLO constitutes a leveraged investment in a portfolio of subordinated notes representing the lowest-rated securities issued by a pool of predominantly senior secured first lien term loans and is subject to additional risks and volatility. All losses in the pool of loans will be borne by our subordinated notes and only after the value of our subordinated notes is reduced to zero will the higher-rated notes issued by the pool bear any losses. At February 28, 2023, our investment in the subordinated notes of Saratoga CLO, a collateralized loan obligation fund, had a fair value of $21.2 million and constituted 2.2% of our portfolio. This investment constitutes a first loss position in a portfolio that, as of February 28, 2023, was composed of $656.9 million in aggregate principal amount of primarily senior secured first lien term loans and $23.8 million in uninvested cash. In addition, as of February 28, 2023, we also own $9.4 million in aggregate principal of the F-2-R-3 Notes with a fair value of $8.8 million in the Saratoga CLO, that only rank senior to the subordinated notes. A first loss position means that we will suffer the first economic losses if the value of Saratoga CLO decreases. First loss positions typically carry a higher risk and earn a higher yield. Interest payments generated from this portfolio will be used to pay the administrative expenses of Saratoga CLO and interest on the debt issued by Saratoga CLO before paying a return on the subordinated notes. Principal payments will be similarly applied to pay administrative expenses of Saratoga CLO and for reinvestment or repayment of Saratoga CLO debt before paying a return on, or repayment of, the subordinated notes. In addition, 80.0% of our fixed management fee and 100.0% our incentive management fee for acting as the collateral manager of Saratoga CLO is subordinated to the payment of interest and principal on Saratoga CLO debt. Any losses on the portfolio will accordingly reduce the cash flow available to pay these management fees and provide a return on, or repayment of, our investment. Depending on the amount and timing of such losses, we may experience smaller than expected returns and, potentially, the loss of our entire investment. As the manager of the portfolio of Saratoga CLO, we will have some ability to direct the composition of the portfolio, but our discretion is limited by the terms of the debt issued by Saratoga CLO which may limit our ability to make investments that we feel are in the best interests of the subordinated notes, and the availability of suitable investments. The performance of Saratoga CLO’s portfolio is also subject to many of the same risks sets forth in this Annual Report with respect to portfolio investments in leveraged loans. In the event that a bankruptcy court orders the substantive consolidation of us with Saratoga CLO, the creditors of Saratoga CLO, including the holders of $658.0 million aggregate principal amount of debt, as of February 28, 2023 issued by Saratoga CLO, would have claims against the consolidated bankruptcy estate, which would include our assets. We believe that we have observed and will observe certain formalities and operating procedures that are generally recognized requirements for maintaining our separate existence and that our assets and liabilities can be readily identified as distinct from those of Saratoga CLO. However, we cannot assure you that a bankruptcy court would agree in the event that we or Saratoga CLO became a debtor in connection with a bankruptcy proceeding. If a bankruptcy court concludes that substantive consolidation of us with Saratoga CLO is warranted, the creditors of Saratoga CLO would have claims against the consolidated bankruptcy estate. Substantive consolidation means that our assets are placed in a single bankruptcy estate with those of Saratoga CLO, rather than kept separate, and that the creditors of Saratoga CLO have a claim against that single estate (including our assets), as opposed to retaining their claims against only Saratoga CLO. Our investments in Saratoga CLO have a different risk profile than would direct investments made by us, including less information available and fewer rights regarding repayment compared to companies we invest in directly as well as complicated accounting and tax implications. Due to our investments in the Saratoga CLO being primarily broadly syndicated loans, there may be less information available to us on those companies as compared to most investments that we make directly. For example, we will typically have fewer rights relating to how such companies manage their cash flow to repay debt, the inclusion of protective covenants, default penalties, lien protection, change of control provisions and board observation rights in deal terms, and our general ability to oversee the company’s operations. Our investment in Saratoga CLO is also subject to the risk of leverage associated with the debt issued by Saratoga CLO and the repayment priority of senior debt holders in Saratoga CLO. The accounting and tax implications of such investments are complicated. In particular, reported earnings from the equity tranche investment of Saratoga CLO are recorded according to U.S. GAAP based upon an effective yield calculation. Current taxable earnings on these investments, however, will generally not be determinable until after the end of the fiscal year of Saratoga CLO that ends within the Company’s fiscal year, even though the investment is generating cash flow. In general, the U.S. federal income tax treatment of investment in Saratoga CLO may result in higher distributable earnings in the early years and a capital loss at maturity, while for reporting purposes the totality of cash flows are reflected in a constant yield to maturity. The senior loan portfolio of Saratoga CLO may be concentrated in a limited number of industries or borrowers, which may subject Saratoga CLO, and in turn us, to a risk of significant loss if there is a downturn in a particular industry in which Saratoga CLO is concentrated. Saratoga CLO has senior loan portfolios that may be concentrated in a limited number of industries or borrowers. A downturn in any particular industry or borrower in which Saratoga CLO is heavily invested may subject Saratoga CLO, and in turn us, to a risk of significant loss and could significantly impact the aggregate returns we realize. If an industry in which Saratoga CLO is heavily invested suffers from adverse business or economic conditions, a material portion of our investment in Saratoga CLO could be affected adversely, which, in turn, could adversely affect our financial position and results of operations. For example, as of February 28, 2023, Saratoga CLO’s investments in the banking, finance, insurance & real estate industry represented approximately 18.90% of the fair value of Saratoga CLO’s portfolio. Companies in the banking, finance, insurance & real estate industry are subject to general economic downturns and business cycles and will often suffer reduced revenues and rate pressures during periods of economic uncertainty. In addition, investments in business service represented approximately 10.9% of the fair value of Saratoga CLO’s portfolio. Changes in healthcare or other laws and regulations applicable to the businesses of some of the companies in which Saratoga CLO invests may occur that could increase their compliance and other costs of doing business, require significant systems enhancements, or render their products or services less profitable or obsolete, any of which could have a material adverse effect on their results of operations. There has also been an increased political and regulatory focus on healthcare laws in recent years, and new legislation could have a material effect on the business and operations of companies in which Saratoga CLO invests. Failure by Saratoga CLO to satisfy certain debt compliance ratios may entitle senior debtholders to additional payments, which may harm our operating results by reducing payments we would otherwise be entitled to receive from Saratoga CLO. The failure by Saratoga CLO to satisfy certain debt compliance ratios, specifically those with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that Saratoga CLO failed these certain tests, senior debt holders may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. Separately, we may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with Saratoga CLO or any other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows. Downgrades by rating agencies of broadly syndicated loans could adversely impact the financial performance of Saratoga CLO and its ability to pay equity distributions in the future. Ratings agencies have undergone reviews of CLO tranches and their broadly syndicated loans in light of the COVID-19 pandemic’s adverse impact on the economic market. Such reviews have, in some cases, resulted in downgrades of broadly syndicated loans. Such downgrades of broadly syndicated loans, as well as downgrades of broadly syndicated loans in the future, could adversely impact the financial performance of Saratoga CLO, thereby limiting Saratoga CLO’s ability to pay equity distributions and subordinated management fees to the Company in the future. | ||||||||||
RISKS RELATED TO OUR COMMON STOCK [Member] | |||||||||||
General Description of Registrant [Abstract] | |||||||||||
Risk [Text Block] | RISKS RELATED TO OUR COMMON STOCK Investing in our common stock may involve an above average degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive, and therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance. We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive. We have in the past, and may in the future, distribute taxable dividends that are payable to our stockholders in part through the issuance of shares of our common stock. For example, on October 30, 2013, our board of directors declared a dividend of $2.65 per share to shareholders payable in cash or shares of our common stock. Under certain applicable provisions of the Code and the Treasury regulations and a revenue procedure issued by the 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 that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive their distributions in cash, we must allocate the cash available for distribution among the shareholders electing to receive cash (with the balance of the distribution paid in shares of our common stock). If we decide to make any distributions consistent with this revenue procedure that are payable in part in our stock, taxable stockholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. If a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock. Due to the current market conditions, we may defer our dividends and choose to incur US federal excise tax in order preserve cash and maintain flexibility. As a BDC, we are not required to make any distributions to shareholders other than in connection with our election to be treated a RIC for U.S. federal income tax purposes as under Subchapter M of the Code. In order to maintain our tax treatment as a RIC, we generally must distribute to shareholders for each taxable year at least 90% of our investment company taxable income (i.e., net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses). If we qualify for taxation as a RIC, we generally will not be subject to US federal income tax at corporate rates on our investment company taxable income and net capital gains (i.e., realized net long- term capital gains in excess of realized net short-term capital losses) that we timely distribute to shareholders. We will be subject to U.S. federal income tax on our investment company taxable income and net capital gains that we do not timely distribute to shareholders. In addition, we will be subject to a nondeductible 4% U.S. federal excise tax on undistributed earnings of a RIC unless we distribute each calendar year at least the sum of (i) 98% of our net ordinary income for the calendar year, (ii) 98.2% of our capital gain net income for the one-year period ending on October 31 of the calendar year, and (iii) any net ordinary income and capital gain net income that we recognized for preceding years, but were not distributed during such years, and on which we paid no U.S. federal income tax. Under the Code, we may satisfy certain of our RIC distributions with dividends paid after the end of the current calendar year. In particular, if we pay a distribution in January of the following year that was declared in October, November, or December of the current year and is payable to shareholders of record in the current year, the dividend will be treated for all US federal tax purposes as if it were paid on December 31 of the current year. In addition, under the Code, we may pay dividends, referred to as “spillover dividends,” that are paid during the following taxable year that will allow us to maintain our qualification for taxation as a RIC and eliminate our liability for U.S. federal income tax at corporate rates. Under these spillover dividend procedures, because our taxable year ends on February 28 or 29, we may defer distribution of income earned during the current taxable year until February of the following taxable year. For example, we may defer distributions of income earned during the year ended February 28, 2023 until as late as February 28, 2024. If we choose to carry-over this distribution of income in the form of a spillover dividend, we will incur the 4% U.S. federal excise tax on some or all of the distribution. Due to current market conditions (as described herein) we anticipate that we may take certain actions with respect to the timing and amounts of our distributions in order to preserve cash and maintain flexibility. For example, we may reduce our dividends and/or defer our dividends to the following taxable year. If we defer our dividends, we may choose to utilize the spillover dividend rules discussed above and incur the 4% U.S. federal excise tax on such amounts. To further preserve cash, we may combine these reductions or deferrals of dividends with one or more distributions that are payable partially in our stock. (see “We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive” for more information). The market price of our common stock may fluctuate significantly. The market price and liquidity of the market for our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to: ● significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies; ● changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs, BDCs or SBICs; ● failure to qualify for RIC tax treatment; ● changes in the value of our portfolio of investments; ● any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; ● departure of any of Saratoga Investment Advisors’ key personnel; ● operating performance of companies comparable to us; ● general economic trends and other external factors; or ● loss of a major funding source. Our business and operation could be negatively affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price. In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Shareholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space recently. While we are currently not subject to any securities litigation or shareholder activism, due to the potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of securities litigation or shareholder activism. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business. Additionally, such securities litigation and shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist shareholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder activism. There is a risk that you may not receive distributions or that our distributions may not grow over time. As a BDC for 1940 Act purposes and a RIC for U.S. federal income tax purposes, we intend to make distributions out of assets legally available for distribution to our stockholders once such distributions are authorized by our board of directors and declared by us. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or periodically increase our dividend rate. In addition, due to the asset coverage test that is applicable to us as a BDC, and provisions contained in the agreements governing our borrowings, we may be limited in our ability to make distributions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution. Provisions of our governing documents and the Maryland General Corporation Law could deter future takeover attempts and have an adverse impact on the price of our common stock. We are governed by our charter and bylaws, which we refer to as our “governing documents.” Our governing documents and the Maryland General Corporation Law contain provisions that may have the effect of delaying, deferring or preventing a future transaction or change in control of us that might involve a premium price for our stockholders or otherwise be in their best interest. Our charter provides for the classification of our board of directors into three classes of directors, serving staggered three-year terms, which may render a change of control of us or removal of our incumbent management more difficult. Furthermore, any and all vacancies on our board of directors will be filled generally only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term until a successor is elected and qualifies. Our board of directors is authorized to create and issue new series of shares, to classify or reclassify any unissued shares of stock into one or more classes or series, including preferred stock and, without stockholder approval, to amend our charter to increase or decrease the number of shares of stock that we have authority to issue, which could have the effect of diluting a stockholder’s ownership interest. Prior to the issuance of shares of stock of each class or series, including any reclassified series, our board of directors is required by our governing documents to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series of shares of stock. Our governing documents also provide that our board of directors has the exclusive power to adopt, alter or repeal any provision of our bylaws, and to make new bylaws. The Maryland General Corporation Law also contains certain provisions that may limit the ability of a third party to acquire control of us, such as: ● The Maryland Business Combination Act, which, subject to certain limitations, prohibits certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of the common stock or an affiliate thereof) for five years after the most recent date on which the stockholder becomes an interested stockholder and, thereafter, imposes special minimum price provisions and special stockholder voting requirements on these combinations; and ● The Maryland Control Share Acquisition Act, which provides that “control shares” of a Maryland corporation (defined as shares of common stock which, when aggregated with other shares of common stock controlled by the stockholder, entitles the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of “control shares”) have no voting rights except to the extent approved by stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares of common stock. In addition, the provisions of the Maryland Business Combination Act will not apply, however, if our board of directors adopts a resolution that any business combination between us and any other person will be exempt from the provisions of the Maryland Business Combination Act. Although our board of directors has adopted such a resolution, there can be no assurance that this resolution will not be altered or repealed in whole or in part at any time. If the resolution is altered or repealed, the provisions of the Maryland Business Combination Act may discourage others from trying to acquire control of us. As permitted by Maryland law, our bylaws contain a provision exempting from the Maryland Control Share Acquisition Act any and all acquisitions by any person of our common stock. Although our bylaws include such a provision, such a provision may also be amended or eliminated by our board of directors at any time in the future, subject to obtaining confirmation from the SEC that it does not object to us being subject to the Maryland Control Share Acquisition Act. Our common stock may trade at a discount to our NAV per share. Common stock of BDCs, as closed-end investment companies, frequently trade at a discount to NAV. Our common stock has traded at a discount to our NAV since shortly after our initial public offering. The risk that our common stock may continue to trade at a discount to our NAV is separate and distinct from the risk that our NAV per share may decline. Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock. The 1940 Act prohibits us from selling shares of our common stock at a price below the current NAV per share of such stock, with certain exceptions. One such exception is prior stockholder approval of issuances below NAV provided that our board of directors makes certain determinations. We do not currently have stockholder approval of issuances below NAV. If we were to sell shares of our common stock below NAV per share, such sales would result in an immediate dilution to the NAV per share. This dilution would occur as a result of the sale of shares at a price below the then current NAV per share of our common stock and a proportionately greater decrease in a stockholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted. The issuance of subscription rights, warrants or convertible debt that are exchangeable for our common stock, will cause your economic interest and voting power in us to be diluted as a result of our offering of any such securities. Stockholders who do not fully exercise rights, warrants or convertible debt issued to them in any offering of subscription rights, warrants or convertible debt to purchase our common stock should expect that they will, at the completion of the offering, own a smaller proportional economic interest and have diminished voting power in us than would otherwise be the case if they fully exercised their rights, warrants or convertible debt. We cannot state precisely the amount of any such dilution in share ownership or voting power because we do not know what proportion of the common stock would be purchased as a result of any such offering. In addition, if the subscription price, warrant price or convertible debt price is less than our NAV per share of common stock at the time of such offering, then our stockholders would experience an immediate dilution of the aggregate NAV of their shares as a result of the offering. The amount of any such decrease in NAV is not predictable because it is not known at this time what the subscription price, warrant price, convertible debt price or NAV per share will be on the expiration date of such offering or what proportion of our common stock will be purchased as a result of any such offering. The risk of dilution is greater if there are multiple rights offerings. However, our board of directors will make a good faith determination that any offering of subscription rights, warrants or convertible debt would result in a net benefit to existing stockholders. Finally, our common stockholders will bear all costs and expenses incurred by us in connection with any proposed offering of subscription rights, warrants or convertible debt that are exchangeable for our common stock, whether or not such offering is actually completed by us. | ||||||||||
RISKS RELATED TO OUR NOTES [Member] | |||||||||||
General Description of Registrant [Abstract] | |||||||||||
Risk [Text Block] | RISKS RELATED TO OUR NOTES The Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness, including indebtedness under our Encina Credit Facility. The Notes are not secured by any of our assets or any of the assets of any of our subsidiaries, including our wholly owned subsidiaries. As a result, the Notes are effectively subordinated to any existing and future secured indebtedness we or our subsidiaries have outstanding (including our Encina Credit Facility) or that we or our subsidiaries may incur in the future (or any indebtedness that is initially unsecured as to which we have granted or subsequently grant a security interest) to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under our Encina Credit Facility. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our secured indebtedness or secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. As of February 28, 2023, there was $32.5 million outstanding borrowings under the Credit Facility and we had the ability to borrow up to $65.0 million under the Encina Credit Facility, subject to certain conditions. The Encina Credit Facility is secured by substantially all of the assets of SIF II, our wholly owned subsidiary. The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries. The Notes are obligations exclusively of Saratoga Investment Corp., and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiary we may acquire or create in the future. Any assets of our subsidiaries are not directly available to satisfy the claims of our creditors, including holders of the Notes. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors of our subsidiaries will have priority over our equity interests in such entities (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such entities. Even if we are recognized as a creditor of one or more of these entities, our claims would still be effectively subordinated to any security interests in the assets of any such entity and to any indebtedness or other liabilities of any such entity senior to our claims. Consequently, the Notes are structurally subordinated to all indebtedness and other liabilities of any of our existing or future indebtedness of our subsidiaries, including the SBA-guaranteed debentures. These entities may incur substantial indebtedness in the future, all of which would be structurally senior to the Notes. As of February 28, 2023, we had $202.0 million in SBA-guaranteed debentures outstanding. The indebtedness under the SBA-guaranteed debentures is structurally senior to the Notes. The indenture under which the Notes are issued contains limited protection for holders of the Notes. The indenture under which the Notes are issued offers limited protection to holders of the Notes. The terms of the indenture and the Notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on your investment in the Notes. In particular, the terms of the indenture and the Notes do not place any restrictions on our or our subsidiaries’ ability to: ● issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries continue to be incurring ● sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets); ● enter into transactions with affiliates; ● create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions; ● make investments; or ● create restrictions on the payment of dividends or other amounts to us from our subsidiaries. Furthermore, the terms of the indenture and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, if any, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow, or liquidity. Our ability to recapitalize, incur additional debt (including additional debt that matures prior to the maturity of the Notes), and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the market value of the Notes. Other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default. For example, the indenture under which the Notes is issued do not contain cross-default provisions that are contained in the Encina Credit Facility. The issuance or incurrence of any such debt with incremental protections could affect the market for, trading levels and prices of the Notes. We may not be able to repurchase the 4.375% 2026 Notes and the 4.35% 2027 Notes upon a Change of Control Repurchase Event. Upon a Change of Control Repurchase Event (as defined in the relevant indenture), holders of the 4.375% 2026 Notes and the 4.35% 2027 Notes may require us to repurchase for cash some or all of the 4.375% 2026 Notes and the 4.35% 2027 Notes, respectively, at a repurchase price equal to 100% of the aggregate principal amount of the 4.375% 2026 Notes and the 4.35% 2027 Notes, respectively, being repurchased, plus their respective accrued and unpaid interest to, but not including, the repurchase date. We may not be able to repurchase the 4.375% 2026 Notes and the 4.35% 2027 Notes upon a Change of Control Repurchase Event because we may not have sufficient funds. Our and our subsidiaries’ future financing facilities may contain similar restrictions and provisions. Our failure to purchase such tendered 4.375% 2026 Notes and the 4.35% 2027 Notes upon the occurrence of such Change of Control Repurchase Event would cause an event of default under the respective indenture governing the 4.375% 2026 Notes and the 4.35% 2027 Notes, respectively, which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately. If the holders of the 4.375% 2026 Notes and the 4.35% 2027 Notes exercise their respective right to require us to repurchase the 4.375% 2026 Notes and the 4.35% 2027 Notes, respectively, upon a Change of Control Repurchase Event, the financial effect of any such repurchase could cause a default under our current and future debt instruments, even if the Change of Control Repurchase Event itself would not cause a default. If a Change of Control Repurchase Event were to occur, we may not have sufficient funds to repay any such accelerated indebtedness. An active trading market for the Public Notes may not develop or be sustained, which could limit the market price of the Public Notes or the ability to sell them. Although each of the 6.00% 2027 Notes, 8.00% 2027 Notes, 8.125% 2027 Notes, and the 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) are listed on the NYSE under the symbol “SAT”, “SAJ”, “SAY”, and “SAZ”, respectively, we cannot provide any assurances that an active trading market will develop or be maintained for the Public Notes or that the Public Notes will be able to be sold. At various times, the Public Notes may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, if any, general economic conditions, our financial condition, performance and prospects and other factors. Accordingly, we cannot provide any assurance that a liquid trading market will develop for the Public Notes, or that the Public Notes will be able to be sold at a particular time or at a favorable price. To the extent an active trading market does not develop, the liquidity and trading price for the Public Notes may be harmed. At the same time, the trading market for the Public Notes may also be very volatile, and many of the risk factors related to our common stock and outlined above in “Risks Related to Our Common Stock” could also be applicable to the Public Notes. Terms relating to redemption may materially adversely affect the return on our Notes. Subject to their terms, we may redeem the Notes from time to time, especially when prevailing interest rates are lower than the rate borne by the Notes. If prevailing rates are lower at the time of redemption, you would not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Notes being redeemed. Our redemption right also may adversely impact your ability to sell the Notes as the optional redemption date or period approaches. The 6.00% 2027 Notes mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The 8.00% 2027 Notes mature on October 31, 2027 and commencing October 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The 8.50% 2028 Notes mature on April 15, 2028 and commencing April 14, 2025, may be redeemed in whole or in part at any time or from time to time at our option. The 4.375% 2026 Notes are redeemable, in whole or in part, at any time at our option prior to November 28. 2025, at par plus a “make-whole” premium, and thereafter at par. The 4.35% 2027 Notes are redeemable, in whole or in part, at any time at our option prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par. The 7.00% 2025 Notes mature on September 8, 2025 and commencing September 8, 2024, may be redeemed in whole or in part at any time or from time to time at our option, at par plus a “make-whole” premium, and thereafter at par. The 7.75% Notes 2025 mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at our option, subject to a fee depending on the date of repayment, at par plus a “make-whole” premium, and thereafter at par. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at our option, on or after December 29, 2024, at par plus a “make-whole” premium, and thereafter at par. If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes. Any default under the agreements governing our indebtedness, including a default under the Encina Credit Facility, indenture governing each of the Notes or other indebtedness to which we may be a party that is not waived by the required lenders or the holders, and the remedies sought by the lenders or the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, as applicable, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness (including the Encina Credit Facility and the Notes. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under the Encina Credit Facility or other debt we may incur in the future could elect to terminate their commitment, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. In addition, any such default may constitute a default under the Notes, which could further limit our ability to repay our debt, including the Notes. Our ability to generate sufficient cash flow in the future is, to some extent, subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from operations, or that future borrowings will be available to us under the Encina Credit Facility or otherwise, in an amount sufficient to enable us to meet our payment obligations under the Notes and the Encina Credit Facility, and to fund other liquidity needs. If our operating performance declines and we are not able to generate sufficient cash flow to service our debt obligations, we may, in the future, need to refinance or restructure our debt, including any Notes sold, sell assets, reduce or delay capital investments, seek to raise additional capital or seek to obtain waivers from the required lenders under the Encina Credit Facility, the holders of the respective Notes, or other debt that we may incur in the future to avoid being in default. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under the Notes and our other debt. If we breach our covenants under the Encina Credit Facility, the Notes or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or the holders thereof. If this occurs, we would be in default under the Encina Credit Facility, the Notes or other debt, the lenders or holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt. | ||||||||||
Scenario, Plan [Member] | |||||||||||
Other Annual Expenses [Abstract] | |||||||||||
Expense Example, Year 01 | [12] | $ 200 | |||||||||
Expense Example, Years 1 to 3 | [12] | 630 | |||||||||
Expense Example, Years 1 to 5 | [12] | 1,104 | |||||||||
Expense Example, Years 1 to 10 | [12] | $ 2,513 | |||||||||
[1] In the event that the shares of common stock are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load. The prospectus supplement corresponding to each offering will disclose the applicable offering expenses and total stockholder transaction expenses. Our base management fee under the Management Agreement with Saratoga Investment Advisors is based on our gross assets, which is defined as our total assets, including those acquired using borrowings for investment purposes, but excluding cash and cash equivalents. See “Investment Advisory and Management Agreement” in Part I, Item 1 of this Annual Report. The fact that our base management fee is payable based upon our gross assets, rather than our net assets (i.e., total assets after deduction of any liabilities, including borrowings) means that our base management fee as a percentage of net assets attributable to common stock will increase when we utilize leverage. The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20% of our “pre-incentive fee net investment income” for the immediately preceding quarter, subject to a preferred return, or “hurdle,” and a “catch up” feature. For this purpose, “pre-incentive fee net investment income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees that we receive from portfolio companies) accrued by us during the fiscal quarter, minus our operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement described below, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals 20% of our “incentive fee capital gains,” which equals our realized capital gains on a cumulative basis from May 31, 2010 through the end of the year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee. Under the Management Agreement, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May 31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital gains portion of the incentive fee, and Saratoga Investment Advisors will be entitled to 20% of incentive fee capital gains that arise after May 31, 2010. In addition, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date. See “Investment Advisory and Management Agreement.” “Other expenses” are based on estimated amounts for the current fiscal year and include our overhead expenses, including payments under our administration agreement based on our allocable portion of overhead and other expenses incurred by Saratoga Investment Advisors in performing its obligations under the administration agreement. See “Administration Agreement.” Assumes that we will not realize any capital gains computed net of all realized capital losses and unrealized capital depreciation. Calculated as the respective high or low closing sales price divided by the quarter end net asset value and subtracting 1. Net asset value has not yet been calculated for this period. (2) Assumes no unrealized capital depreciation and a 5% annual return resulting entirely from net realized capital gains and therefore subject to the incentive fee based on capital gains. Because our investment strategy involves investments that generate primarily current income, we believe that a 5% annual return resulting entirely from net realized capital gains is unlikely. |
Organization
Organization | 12 Months Ended |
Feb. 28, 2023 | |
Organization [Abstract] | |
Organization | 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 the initial public offering (“IPO”) on March 28, 2007. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). 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-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, 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 that are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass through entities). These entities are consolidated for accounting purposes, but are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expenses as a result of their ownership of portfolio companies. In February 2022, SIA-GH, Inc., SIA-TT Inc. and SIA-VR, Inc. received an approved plan of liquidation following the sale of equity held by each of the portfolio companies. Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC LP (“SBIC LP”), Saratoga Investment Corp. SBIC II LP (“SBIC II LP”), and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC LP and SBIC II LP, the “SBIC Subsidiaries”), received an SBIC license from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively. SBIC LP’s license provided up to $150.0 million in additional long-term capital in the form of SBA debentures, while SBIC II LP’s and SBIC III LP’s SBIC licenses provide up to $175.0 million each. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million with at least $175.0 million in combined regulatory capital. The Company has formed a wholly owned special purpose entity, Saratoga Investment Funding II LLC, a Delaware limited liability company (“SIF II”), for the purpose of entering into a $50.0 million senior secured revolving credit facility with Encina Lender Finance, LLC (the “Lender”), supported by loans held by SIF II and pledged to the Lender under the credit facility (the “Encina Credit Facility”). The Encina Credit Facility closed on October 4, 2021. During the first two years following the closing date, SIF II may request an increase in the commitment amount under the Encina Credit Facility to up to $75.0 million. The terms of the Encina Credit Facility require a minimum drawn amount of $12.5 million at all times during the first six months following the closing date, which increases to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility bear interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related to the selection by the Lender and the Company of a replacement benchmark rate. Concurrently with the closing of the Encina Credit Facility, all remaining amounts outstanding on the Company’s existing revolving credit facility with Madison Capital Funding, LLC were repaid and the revolving credit facility terminated. On January 27, 2023, among other things, the borrowings available under the Encina Credit Facility was increased from up to $50.0 million to up to $65.0 million, the underlying benchmark rate used to compute interest changed from LIBOR to Term SOFR for one-month tenor plus a 0.10% credit spread adjustment; the applicable effective margin rate on borrowings increased from 4.00% to 4.25% and the maturity date was extended from October 4, 2024 to January 27, 2026. On October 26, 2021, the Company and TJHA JV I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV LLC (“SLF JV”). SLF JV is under joint control and is not consolidated. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (“SLF 2022”), which is a wholly owned subsidiary of SLF JV. SLF 2022 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. On October 28, 2022, SLF 2022 issued $402.1 million of debt (the “2022 JV CLO Notes”) through a collateralized loan obligation trust (the “JV CLO trust”). The 2022 JV CLO Notes were issued pursuant to an indenture, dated October 28, 2022 (the “JV Indenture”), with U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (the “Trustee”) servicing as the trustee. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 28, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 wholly owned special purpose financing subsidiaries, Saratoga Investment Funding, LLC (previously known as GSC Investment Funding LLC), SIF II, SBIC LP, SBIC II LP, SBIC III LP, SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, 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, SBIC II LP, and SBIC III 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 Principles of Consolidation Under the investment company rules and regulations pursuant to ASC 946, the Company is precluded from consolidating any entity other than another investment company or controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly owned subsidiaries, including the Funds. All intercompany balances and transactions have been eliminated. The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate its investment in SLF JV. 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. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are carried at cost which approximates fair value. Pursuant to Section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another 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 investment company’s total outstanding voting; ● we were to hold securities in the investment company having an aggregate value in excess of 5.0% of the value of our total assets; or ● we were to hold securities in investment companies having an aggregate value in excess of 10.0% of the value of our total assets. As of February 28, 2023, 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, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits, representing payments received on secured investments or other reserved amounts associated with the Encina Credit Facility within SIF II, our wholly owned subsidiary. 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 Encina 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, SBIC II LP and SBIC III 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: February 28, February 28, February 28, Cash and cash equivalents $ 65,746,494 $ 47,257,801 $ 18,828,047 Cash and cash equivalents, reserve accounts 30,329,779 5,612,541 11,087,027 Total cash and cash equivalents and cash and cash equivalents, reserve accounts $ 96,076,273 $ 52,870,342 $ 29,915,074 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 Measurements and Disclosure 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. We use a third-party independent valuation firm to value our investment in the subordinated notes of Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”), the Class F-2-R-3 Notes tranche of the Saratoga CLO, and the Class E Notes tranche of the SLF 2022 every quarter. 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 investments in Saratoga CLO Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes tranche of SLF 2022 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. The Company’s equity investment in SLF JV is measured using the proportionate share of the net asset value (“NAV”), or equivalent, of SLF JV as a practical expedient for fair value, provided by ASC 820. 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 NAV 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. In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted new Rule 2a-5 under the 1940 Act (“Rule 2a-5”) that establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of directors, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”) that provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021 and had a compliance date of September 8, 2022. While our board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with FASB ASC Topic 815, Derivatives and Hedging 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 February 28, 2023 our investment in one portfolio company was on non-accrual status with a fair value of approximately $9.8 million, or 1.0% of the fair value of our portfolio. At February 28, 2022, there were no investments on non-accrual status. 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 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. Dividend Income Dividend income is recorded in the consolidated statements of operations when earned. Structuring and Advisory Fee Income Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments. Other Income Other income includes prepayment income fees, and monitoring, administration, redemption 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 the SBA debentures of SBIC LP, SBIC II LP, and SBIC III LP are deferred and amortized using the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized using the effective interest method over the life of the respective debt security. 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. Realized Loss on Extinguishment of Debt Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying debt obligation). 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 reasonably believes 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, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. By meeting these requirements, the Company will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders. 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 generally is required to timely distribute to its stockholders at least 90% of its “investment company taxable income”, as defined by the Code, for each fiscal tax year. The Company will be subject to U.S. federal income tax at corporate rates on its investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject to a nondeductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least (1) 98% 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 investment company taxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry forward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year and pay U.S. federal income tax, and possibly 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 investment company 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. For the years ended February 28, 2023, 2022 and 2021, the excise tax accrual on estimated excess table income was $1.1 million, $0.6 million and $0.7 million, respectively. In accordance with U.S. Treasury regulations and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution in either cash or stock of the RIC. This published guidance indicates that the rule will apply where the aggregate amount of cash to be distributed to all stockholders is not at least 20.0% of the aggregate declared distribution. Under the published guidance, if too many stockholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive 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, 2023, February 28, 2022 and 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 2020, 2021, 2022 and 2023 federal tax years for the Company remain subject to examination by the IRS. At February 28, 2023, and February 28, 2022, 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 some or all of our net 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 by the Company to the Manager on the consolidated statements of assets and liabilities when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments because 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 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. Recent Accounting Pronouncements In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2022-03 on its consolidated financial statements . In March 2020, the FASB issued “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 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. |
Investments
Investments | 12 Months Ended |
Feb. 28, 2023 | |
Saratoga Investment Corp. [Member] | |
Investments [Line Items] | |
Investments | 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 that 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 February 28, 2023 (dollars in thousands), according to the fair value hierarchy: Fair Value Measurements Valued Using Level 1 Level 2 Level 3 Value* Total First lien term loans $ - $ - $ 798,534 $ - $ 798,534 Second lien term loans - - 14,936 - 14,936 Unsecured loans - - 20,661 - 20,661 Structured finance securities - - 41,362 - 41,362 Equity interests - - 83,990 13,107 97,097 Total $ - $ - $ 959,483 $ 13,107 $ 972,590 * The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy. The following table presents fair value measurements of investments, by major class, as of February 28, 2022 (dollars in thousands), according to the fair value hierarchy: Fair Value Measurements Valued Using Level 1 Level 2 Level 3 Value* Total First lien term loans $ - $ - $ 631,572 $ - $ 631,572 Second lien term loans - - 44,386 - 44,386 Unsecured loans - - 15,931 - 15,931 Structured finance securities - - 38,030 - 38,030 Equity interests - - 75,632 12,016 87,648 Total $ - $ - $ 805,551 $ 12,016 $ 817,567 * The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 2023 (dollars in thousands): First lien Second lien Unsecured Structured Equity Total Balance as of February 28, 2022 $ 631,572 $ 44,386 $ 15,931 $ 38,030 $ 75,632 $ 805,551 Payment-in-kind and other adjustments to cost 391 283 238 (3,329 ) 535 (1,882 ) Net accretion of discount on investments 1,831 (14 ) - - - 1,817 Net change in unrealized appreciation (depreciation) on investments (10,465 ) (703 ) (167 ) (4,731 ) 4,215 (11,851 ) Purchases 345,955 4,950 4,659 11,392 13,660 380,616 Sales and repayments (170,913 ) (33,966 ) - - (17,336 ) (222,215 ) Net realized gain (loss) from investments 163 - - - 7,284 7,447 Balance as of February 28, 2023 $ 798,534 $ 14,936 $ 20,661 $ 41,362 $ 83,990 $ 959,483 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 year $ (10,575 ) $ (892 ) $ (167 ) $ (4,731 ) $ 6,111 $ (10,254 ) Purchases, PIK 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 year. Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2, or 3 during the year ended February 28, 2023. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 2022 (dollars in thousands): First lien Second lien Unsecured Structured Equity 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 (546 ) 111 718 (1,574 ) 943 (348 ) Net accretion of discount on investments 2,008 35 - - - 2,043 Net change in unrealized appreciation (depreciation) on investments 1,670 (515 ) (54 ) (1,676 ) 18,703 18,128 Purchases 364,216 19,825 13,126 - 47,783 444,950 Sales and repayments (176,264 ) - - (8,359 ) (42,309 ) (226,932 ) Net realized gain (loss) from investments 32 - - (140 ) 13,505 13,397 Balance as of February 28, 2022 $ 631,572 $ 44,386 $ 15,931 $ 38,030 $ 75,632 $ 805,551 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 year $ 2,605 $ (515 ) $ (54 ) $ (1,222 ) $ 21,361 $ 22,175 Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2, or 3 during the year ended February 28, 2022 The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2023 were as follows (dollars in thousands): Fair Value Valuation Technique Unobservable Input Range Weighted First lien term loans $ 798,534 Market Comparables Market Yield (%) 10.5% - 23.1% 12.8% Revenue Multiples (x) 4.1x 4.1x EBITDA Multiples (x) 8.0x 8.0x Second lien term loans 14,936 Market Comparables Market Yield (%) 15.6% - 61.8% 45.8% Unsecured term loans 20,661 Market Comparables Market Yield (%) 10.0% - 28.8% 12.6% Market Comparables Market Quote (%) 100.0% 100% Collateral Value Coverage Net Asset Value (%) 100.0% 100% Structured finance securities 41,362 Discounted Cash Flow Discount Rate (%) 12.0% - 22.0% 17.6% Recovery Rate (%) 35.0% - 70.0% 70.0% Prepayment Rate (%) 20.0% 20.0% Equity interests 83,990 Enterprise Value Waterfall EBITDA Multiples (x) 5.5x - 28.6x 11.0x Revenue Multiples (x) 1.3x - 11.2x 6.4x Total $ 959,483 * 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, 2022 were as follows (dollars in thousands): Fair Value Valuation Technique Unobservable Input Range Weighted First lien term loans $ 631,572 Market Comparables Market Yield (%) 6.0% - 11.3% 8.4% Revenue Multiples (x) 3.5x 3.5x Second lien term loans 44,386 Market Comparables Market Yield (%) 8.9% - 32.9% 15.6% EBITDA Multiples (x) 7.5x 7.5x Unsecured term loans 15,931 Market Comparables Market Yield (%) 22.3% 22.3% Net Asset Value 100.0% 100.0% Structured finance securities 38,030 Discounted Cash Flow Discount Rate (%) 10.0% - 15.0% 14,2% Recovery Rate (%) 35.0% - 70.0% 70.0% Prepayment Rate (%) 20.0% 20.0% Equity interests 75,632 Enterprise Value Waterfall EBITDA Multiples (x) 4.0x - 28.6x 9.3x Revenue Multiples (x) 1.0x - 11.7x 6.6x Third-party bid 100.0% 100.0% Total $ 805,551 * 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, third party bid or net asset value in deriving a value, a significant increase (decrease) in the market quote, bid or net asset value in isolation, would result in a significantly higher (lower) fair value measurement. The composition of our investments as of February 28, 2023 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 $ 808,464 83.7 % $ 798,534 82.1 % Second lien term loans 21,114 2.2 14,936 1.5 Unsecured loans 21,001 2.2 20,661 2.1 Structured finance securities 49,711 5.1 41,362 4.3 Equity interests 66,199 6.8 97,097 10.0 Total $ 966,489 100.0 % $ 972,590 100.0 % The composition of our investments as of February 28, 2022 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 $ 631,037 79.3 % $ 631,572 77.3 % Second lien term loans 49,862 6.3 44,386 5.4 Unsecured loans 16,104 2.0 15,931 1.9 Structured finance securities 41,648 5.2 38,030 4.7 Equity interests 57,597 7.2 87,648 10.7 Total $ 796,248 100.0 % $ 817,567 100.0 % For loans and debt securities for which market quotations are not readily 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 investments in Saratoga CLO and SLF 2022 are 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 and SLF 2022, 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 and SLF 2022. 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. We ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 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 investments in Saratoga CLO and SLF 2022 at February 28, 2023. The inputs at February 28, 2023 for the valuation model include: ● Default rate: 2.0% ● Recovery rate: 35%-70% ● Discount rate: 14.0%-22.0% ● Prepayment rate: 20.0% ● Reinvestment rate / price: $97.00 for eighteen months; then 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 February 28, 2023, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4 and Note 5 for more information on Saratoga CLO, SLF JV and SLF 2022, respectively). 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. Buildout, Inc. Buildout, Inc. provides SaaS-based real estate marketing and customer relationship management software to commercial real estate brokerages. Buildout provides a suite of software solutions brokers use to manage relationships, efficiently create and distribute marketing materials over a wide variety of channels, including direct mail, multiple listing websites, brokerage website, property specific websites and manage back office functions like commission calculations and broker productivity. Artemis Wax Corp. Artemis Wax Corporation is a U.S. based retail aggregator of European Wax Center (“EWC”) franchise locations with a concentration in the northeast. Founded in 2004, EWC is the largest U.S. body waxing national chain with more than 800 locations across the country. Granite Comfort, LP Granite Comfort, LP is a U.S. based heating, ventilation and air conditioning (“HVAC”) company. The company provides traditional service and replacement of HVAC / plumbing systems, as well as a rental model that is in the early stages of implementation. |
Saratoga CLO [Member] | |
Investments [Line Items] | |
Investments | Note 4. Investment in 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 of January 2020 was also added. Following this refinancing, the Saratoga CLO portfolio increased its aggregate principal amount from approximately $300.0 million 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 in 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 in aggregate amount of the Class F notes tranche at par and the $20.0 million CLO 2013-1 Warehouse Loan was repaid. On February 11, 2020, the Company entered into an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (“CLO 2013-1 Warehouse 2”), a wholly owned subsidiary of Saratoga 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 ended 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. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full. On August 9, 2021, the Company exchanged its existing $17.9 million Class F-R-3 Note for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million. The Saratoga CLO remains effectively 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 years ended February 28, 2023, February 28, 2022 and February 28, 2021, we accrued management fee income of $3.3 million, $3.3 million and $2.5 million, respectively, and interest income of $1.2 million, $4.9 million and $3.5 million, respectively, from the Saratoga CLO. As of February 28, 2023, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $21.2 million. As of February 28, 2023, the fair value of its investment in the Class F-R-3 Notes of Saratoga CLO was $8.8 million. As of February 28, 2023, Saratoga CLO had investments with a principal balance of $645.6 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 of February 28, 2023, the present value of the projected future cash flows of the subordinated notes, was approximately $21.2 million, using a 22.0% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 which consists of additional 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 $77.7 million, management fees of $31.9 million and incentive fees of $1.2 million. As of February 28, 2022, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $28.7 million. As of February 28, 2022, the fair value of its investment in the Class F-R-3 Notes of Saratoga CLO was $9.4 million. As of February 28, 2022, Saratoga CLO had investments with a principal balance of $660.2 million and a weighted average spread over LIBOR of 3.7% and had debt with a principal balance of $611.0 million with a weighted average spread over LIBOR of 2.2%. As of February 28, 2022, the present value of the projected future cash flows of the subordinated notes, was approximately $27.9 million, using a 15.0% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 million which consists of additional 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 $72.8 million, management fees of $28.6 million and incentive fees of $1.2 million. The separate audited financial statements of the Saratoga CLO as of February 28, 2023 and February 28, 2022, pursuant to Rule 3-09 of SEC rules Regulation S-X, and for the years ended February 28, 2023, February 28, 2022 and February 28, 2021, are presented on page S-1. |
SLF JV [Member] | |
Investments [Line Items] | |
Investments | Note 5. Investment in SLF JV On October 26, 2021, the Company and TJHA entered into the LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. On September 30, 2022, SLF 2021 was renamed to Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”). The Company and TJHA have equal voting interest on all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate governance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally. The Company and TJHA have committed to provide up to a combined $50.0 million of financing to SLF JV through cash contributions, with the Company providing $43.75 million and TJHA providing $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured note and equity. The unsecured note will pay a fixed rate of 10.0% per annum and is due and payable in full on June 15, 2023. As of February 28, 2023, the Company and TJHA’s investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and $2.5 million, respectively. As of February 28, 2022, the Company and TJHA’s investment in SLF JV consisted of an unsecured note of $13.1 million and $1.9 million, respectively; and membership interest of $13.1 million and $1.9 million, respectively. As of February 28, 2023, and February 28, 2022, the Company’s investment in the unsecured note of SLF JV had a fair value of $17.6 million and $13.1 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $13.1 million and $12.0 million, respectively. The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810, Consolidation For the year ended February 28, 2023, the Company earned approximately $1.5 million of interest income related to SLF JV, which is included in interest income. As of February 28, 2023, approximately $0.4 million of interest income related to SLF JV was included in interest receivable. For the period from October 26, 2021, through February 28, 2022, the Company earned approximately $0.1 million of interest income related to SLF JV, which is included in interest income. As of February 28, 2022, approximately $0.1 million of interest income related to SLF JV was included in interest receivable. SLF JV’s initial investment in SLF 2022 was in the form of an unsecured loan. The unsecured loan paid a floating rate of LIBOR plus 7.00% per annum and was due and payable in full on June 9, 2023. The unsecured loan was repaid in full on October 28, 2022, as part of the CLO closing. On October 28, 2022, SLF 2022 issued $402.1 million of the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee. As part of the transaction, the Company purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.25 million. As of February 28, 2023 and February 28, 2022, the fair value of these Class E Notes were $11.4 million and $0.0 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6. Income Taxes The Company intends to operate so as to qualify to be taxed as a RIC under Subchapter M of the Code and, as such, will not be subject to U.S. federal income tax on the portion of taxable income and gains distributed to stockholders. The Company owns 100.0% of Saratoga CLO, an exempted company incorporated in the Cayman Islands. For financial reporting purposes, the Saratoga CLO is not included as part of the consolidated financial statements. For U.S. federal income tax purposes, the Company has requested and received approval from the IRS to treat the Saratoga CLO as a disregarded entity. As such, for U.S. federal income tax purposes and for purposes of meeting the RIC qualification and diversification tests, the results of operations of the Saratoga CLO are included with those of the Company to qualify as a RIC. The Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90% of its investment company taxable income, as defined by the Code. Because U.S. federal income tax regulations differ from U.S. GAAP, distributions as required in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between these distributions and U.S. GAAP financial results may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. As of February 28, 2023 and February 28, 2022, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to nondeductible U.S. federal excise and capital gains tax and worthless securities losses (dollars in thousands): February 28, February 28, Capital in excess of par value $ 16 $ (4,704 ) Total distributable earnings (loss) (16 ) 4,704 For U.S federal income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid for the years ended February 28, 2023, February 28, 2022 and February 28, 2021 was as follows (dollars in thousands): February 28, 2023 February 28, 2022 February 28, 2021 Ordinary income $ 27,313 $ 22,033 $ 13,747 Capital gains - - Total $ 27,313 $ 22,033 $ 13,747 For U.S. federal income tax purposes, as of February 28, 2023, the aggregate net unrealized depreciation for all securities was $15.5 million. The aggregate cost of securities for U.S. federal income tax purposes was $1.6 billion. For U.S. federal income tax purposes, as of February 28, 2022, the aggregate net unrealized appreciation for all securities was $21.2 million. The aggregate cost of securities for U.S. federal income tax purposes was $1.4 billion. As of February 28, 2023 and February 28, 2022, the components of accumulated losses on a tax basis as detailed below differ from the amounts reflected per the Company’s consolidated statements of assets and liabilities by temporary book/tax differences primarily arising from the consolidation of the Saratoga CLO for U.S federal tax purposes, market discount and original issue discount income, interest income accrual on defaulted bonds, write-off of investments, and amortization of organizational expenditures and partnership interests (dollars in thousands). February 28, February 28, Post October loss deferred $ - $ - Accumulated capital losses (1,580 ) (1,143 ) Other temporary differences 1,971 (1,601 ) Undistributed Long Term Gain - - Undistributed ordinary income 19,771 9,897 Unrealized appreciation (depreciation) (15,500 ) 21,283 Total components of accumulated losses $ 4,662 $ 28,436 At February 28, 2023, the Company had a short-term capital loss of $0.0 million and a long-term capital loss of $1.6 million, available to offset future capital gains. At February 28, 2023 the company did not utilized any short-term capital losses or long-term capital losses. Post RIC-modernization act losses are deemed to arise on the first day of the fund’s following fiscal year and there is no expiration for these losses. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions into the next tax year and pay a 4.0% 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 excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the calendar years ended December 31, 2022 and December 31, 2021, the Company did not distribute at least 98% of its ordinary income and 98.2% of its capital gains and accrued $1.1 million and $0.7 million in U.S. federal excise taxes on undistributed taxable income for the years ended February 28, 2023 and February 28, 2022, respectively. As of February 28, 2023 and 2022, the Company had net long-term capital losses of $1.6 million and $1.1 million. Management has analyzed the Company’s tax positions taken on U.S. federal income tax returns for all open years (fiscal years 2019- 2022) and has concluded that no provision for uncertain income tax positions is required in the Company’s consolidated financial statements. SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MAC, Inc., SIA-PP Inc., SIA-TG, Inc., SIA-TT Inc., SIA-Vector, Inc., and SIA-VR, Inc. each 100% owned by the Company, are each filing standalone C Corporation tax returns for U.S. federal and state tax purposes. As separately regarded entities for tax purposes, these entities are subject to U.S. federal income tax at normal corporate rates. For tax purposes, any distributions by the entities to the parent company would generally need to be distributed to the Company’s shareholders. Generally, such distributions of the entities’ income to the Company’s shareholders will be considered as qualified dividends for tax purposes. The entities’ taxable net income will differ from U.S. GAAP net income because of deferred tax temporary differences arising from net operating losses and unrealized appreciation and deprecation of securities held. Deferred tax assets and liabilities are measured using enacted corporate federal and state tax rates expected to apply to taxable income in the years in which those net operating losses are utilized and the unrealized gains and losses are realized. Deferred tax assets and deferred tax liabilities are netted off by entity, as allowed. The recoverability of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of a history of operating losses combined with insufficient projected taxable income or other taxable events in the taxable blockers. In February 2022, SIA-GH, Inc., SIA-TT Inc. and SIA-VR, Inc. received an approved plan of liquidation following the sale of equity held by each of the portfolio companies. The Company’s V Rental Holdings LLC Class A-1 membership units was sold during the ended February 28, 2022. The entity which held this investment, SIA-VR, Inc. will remain in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved. For purposes of tax accounting, the Company had an $0.1 million current tax receivable as of February 28, 2023. The Company’s Texas Teachers of Tomorrow, LLC common stock was sold during the year ended February 28, 2022. The entity which held this investment, SIA-TT, Inc. will remain in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved. For purposes of tax accounting, the Company had an $0.1 million current tax receivable as of February 28, 2023. The Company’s GreyHeller LLC Series A preferred units was sold during the year ended February 28, 2022. The entity which held this investment, SIA-TT, Inc. will remain in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved. For purposes of tax accounting, the Company had an $0.4 million current tax receivable as of February 28, 2023. The Company may distribute a portion of its realized net long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a portion, or all, of its net capital gains and elect to pay the 21% U.S. federal tax on the net capital gain, potentially in the form of a “deemed distribution” to its stockholders. Income tax (provision) relating to an election to retain its net capital gains, including in the form of a deemed distribution, is included as a component of income tax (provision) benefit from realized gains on investments, depending on the character of the underlying taxable income (ordinary or capital gains), on the consolidated statements of operations. Deferred tax assets and liabilities, and related valuation allowances, as of February 28, 2023 and February 28, 2022, were as follows: February 28, 2023 February 28, 2022 Total deferred tax assets $ 2,542,373 $ 1,991,241 Total deferred tax liabilities (3,008,829 ) (1,293,496 ) Valuation allowance on net deferred tax assets (2,350,116 ) (1,946,761 ) Net deferred tax liability $ (2,816,572 ) $ (1,249,016 ) As of February 28, 2023, the valuation allowance on deferred tax assets was $2.4 million, which represents the federal and state tax effect of net operating losses and unrealized losses that we do not believe we will realize through future taxable income. Any adjustments to the Company’s valuation allowance will depend on estimates of future taxable income and will be made in the period such determination is made. Net deferred tax (benefit) expense for the year ended February 28, 2023 includes $1.7 million net change in unrealized appreciation (depreciation) on investments and $(0.2) million net change in total operating expense (benefit), in the consolidated statement of operations, respectively. Net deferred tax (benefit) expense for the year ended February 28, 2022 includes $(0.7) million net change in unrealized appreciation (depreciation) on investments and $(0.0) million net change in total operating expense, in the consolidated statement of operations, respectively. Net deferred tax (benefit) expense for the year ended February 28, 2021 includes $0.6 million net change in unrealized appreciation (depreciation) on investments and $0.0 million net change in total operating expense, in the consolidated statement of operations, respectively. Deferred tax temporary differences may include differences for state taxes and joint venture interests. Federal and state income tax provisions (benefits) on investments for the year ended February 28, 2023, February 28, 2022 and February 28, 2021 are as follows: February 28, 2023 February 28, 2022 February 28, 2021 Current Federal $ (473,475 ) $ 2,498,515 $ - State (80,273 ) 327,021 - Net current expense (553,748 ) 2,825,536 - Deferred Federal 1,467,975 (444,628 ) 461,503 State 99,582 (227,737 ) 113,798 Net deferred expense 1,567,557 (672,365 ) 575,301 Net tax provision $ 1,013,809 $ 2,153,171 $ 575,301 The Company has remaining federal net operating loss carryforwards of $3.7 million which has an indefinite life. In addition, the Company has state net operating loss carryforwards of $0.1 million, which begin to expire in fiscal year 2028. Income tax expense was computed by applying the U.S. federal statutory rate of 21% combined with the weighted average state tax rate applicable to each taxable blocker based on the states they operate in. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 12 Months Ended |
Feb. 28, 2023 | |
Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | Note 7. Agreements and Related Party Transactions Investment Advisory and Management Agreement On July 30, 2010, the Company entered into the Management Agreement with our Manager. The initial term of the Management Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by our board of directors and/or the Company’s stockholders. Most recently, on July 5, 2022, our board of directors approved the renewal of the Management Agreement for an additional one-year term. Pursuant to the Management Agreement, our Manager implements our business strategy on a day-to-day basis and performs certain services for us, subject to oversight by our board of directors. Our Manager is responsible for, among other duties, determining investment criteria, sourcing, analyzing and executing investments transactions, asset sales, financings and performing asset management duties. Under the Management Agreement, we have agreed to pay our Manager a management fee for investment advisory and management services consisting of a base management fee and an incentive management fee. Base Management Fee and Incentive Management Fee The base management fee of 1.75% per year is calculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters. The base management fee is paid quarterly following the filing of the most recent quarterly report on Form 10-Q. The incentive management fee consists of the following two parts: The first, payable quarterly in arrears, equals 20.0% of our pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, that exceeds a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter, subject to a “catch-up” provision. Under this provision, in any fiscal quarter, our Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. Our Manager will receive 100.0% of pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. There is no accumulation of amounts on the hurdle rate from quarter to quarter, and accordingly there is no claw back of amounts previously paid if subsequent quarters are below the quarterly hurdle rate, and there is no delay of payment if prior quarters are below the quarterly hurdle rate. The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals 20.0% of our “incentive fee capital gains,” which equals our realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis on each investment in the Company’s portfolio, less the aggregate amount of any previously paid capital gain incentive fee. Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May 31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital gains portion of the incentive fee, and our Manager will be entitled to 20.0% of incentive fee capital gains that arise after May 31, 2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date. For the years ended February 28, 2023, February 28, 2022 and February 28, 2021, the Company incurred $16.4 million, $11.9 million and $9.1 million in base management fees, respectively. For the years ended February 28, 2023, February 28, 2022 and February 28, 2021, the Company incurred $6.8 million, $6.4 million and $5.4 million in incentive fees related to pre-incentive fee net investment income. For the years ended February 28, 2023, February 28, 2022 and February 28, 2021, we accrued $(1.8) million, $5.5 million and $0.0 million, respectively, in incentive fees related to capital gains. The accrual is calculated using both realized and unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable in arrears at the end of the fiscal year and will include only realized capital gains for the period. As of February 28, 2023, the base management fees accrual was $4.3 million and the incentive fees accrual was $7.9 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. As of February 28, 2022, the base management fees accrual was $3.2 million and the incentive fees accrual was $9.8 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. Administration Agreement On July 30, 2010, the Company entered into a separate administration agreement (the “Administration Agreement”) with our Manager, pursuant to which our Manager, as our administrator, has agreed to furnish us with the facilities and administrative services necessary to conduct our day-to-day operations and provide managerial assistance on our behalf to those portfolio companies to which we are required to provide such assistance. The initial term of the Administration Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by our board of directors and/or our stockholders. The amount of expenses payable or reimbursable thereunder by the Company was capped at $1.0 million for the initial two-year term of the Administration Agreement and subsequent renewals. Most recently, on July 5, 2022, our board of directors approved the renewal of the Administration Agreement for an additional one-year term and determined to increase the cap on the payment or reimbursement of expenses by the Company from $3.0 million to $3.275 million effective August 1, 2022. For the years ended February 28, 2023, February 28, 2022 and February 28, 2021, we recognized $3.2 million, $2.9 million and $2.5 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to us in addition to our allocable portion of rent and other overhead related expenses. As of February 28, 2023, $0.001 million of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities. As of February 28, 2022, $0.3 million of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities. Saratoga CLO On December 14, 2018, the Company completed the third refinancing and issuance of the 2013-1 Reset CLO Notes. This refinancing, among other things, extended the Saratoga CLO reinvestment period to January 2021, and extended its legal maturity to January 2030. A non-call period ending January 2020 was also added. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $300 million in assets to approximately $500 million. As part of this refinancing and upsizing, the Company invested an additional $13.8 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $2.5 million in aggregate principal amount of the Class F-R-2 Notes tranche and $7.5 million in aggregate principal amount of the Class G-R-2 Notes tranche at par. Concurrently, the existing $4.5 million of Class F notes and $20.0 million CLO 2013-1 Warehouse Loan were repaid. The Company also paid $2.0 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. During the year ended February 29, 2020, the Company received full payment of $1.7 million from the Saratoga CLO for such transaction costs. In conjunction with the third refinancing and issuance 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. See Note 4 for additional information. 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. The non-call period was extended to February 2022. 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 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. At August 31, 2021, the outstanding receivable of 2.6 million was repaid in full. On August 9, 2021, the Company exchanged its existing $17.9 million Class F-R-3 Notes for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million. During the year ended February 28, 2021, the maximum amount invested by the Company in the CLO 2013-1 Warehouse 2 Loan amounted to $25.0 million, with interest income of $0.7 million recognized related to the CLO 2013-1 Warehouse 2 Loan and is included in interest from investments on the Company’s consolidated statement of operations for the year ended February 28, 2021. For the years ended February 28, 2023, February 28, 2022 and February 28, 2021, we recognized $3.3 million, $3.3 million and $2.5 million in management fee income, respectively, related to the Saratoga CLO. For the years ended February 28, 2023, February 28, 2022 and February 28, 2021, the Company neither bought nor sold any investments from the Saratoga CLO. SLF JV On October 26, 2021, the Company and TJHA entered into an LLC Agreement to co-manage the SLF JV. SLF JV is a joint venture that invests in the debt or equity interests of collateralized loan obligations, loan, notes and other debt instruments. On October 28, 2022, SLF 2022 issued $402.1 million of the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee. As of February 28, 2023 and February 28, 2022 respectively, the Company’s investment in the SLF JV had a fair value of $30.7 million and $25.1 million, consisting of an unsecured loan of $17.6 million and $13.1 million, and membership interest of $13.1 million and $12.0 million. In addition, the Company has no outstanding receivable balance from the SLF JV, as of February 28, 2023. As part of the JV CLO trust transaction, the Company purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.25 million. |
Borrowings
Borrowings | 12 Months Ended |
Feb. 28, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 8. Borrowings Credit Facility As a BDC, we are only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage, or, 150% if certain requirements under the 1940 Act are met. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which was signed into law on March 23, 2018, our board of directors, including a majority of our directors who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act”) of the Company (“independent directors”), approved a minimum asset coverage ratio of 150%. The 150% asset coverage ratio became effective on April 16, 2019. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing. Our asset coverage ratio, as defined in the 1940 Act, was 165.9% as of February 28, 2023 and 209.3% as of February 28, 2022. On April 11, 2007, we entered into a $100.0 million revolving securitized credit facility (the “Revolving Facility”). On May 1, 2007, we entered into a $25.7 million term securitized credit facility (the “Term Facility” and, together with the Revolving Facility, the “Facilities”), which was fully drawn at closing. In December 2007, we consolidated the Facilities by using a draw under the Revolving Facility to repay the Term Facility. In response to the market wide decline in financial asset prices, which negatively affected the value of our portfolio, we terminated the revolving period of the Revolving Facility effective January 14, 2009 and commenced a two-year amortization period during which all principal proceeds from the collateral were used to repay outstanding borrowings. A significant percentage of our total assets had been pledged under the Revolving Facility to secure our obligations thereunder. Under the Revolving Facility, funds were borrowed from or through certain lenders and interest was payable monthly at the greater of the commercial paper rate and our lender’s prime rate plus 4.00% plus a default rate of 2.00% or, if the commercial paper market was unavailable, the greater of the prevailing LIBOR rates and our lender’s prime rate plus 6.00% plus a default rate of 3.00%. On July 30, 2010, we used the net proceeds from (i) the stock purchase transaction and (ii) a portion of the funds available to us under the $45.0 million senior secured revolving credit facility with Madison Capital Funding LLC (the “Madison Credit Facility”), in each case, to pay the full amount of principal and accrued interest, including default interest, outstanding under the Revolving Facility. As a result, the Revolving Facility was terminated in connection therewith. Substantially all of our total assets, other than those held by SBIC LP, SBIC II LP and SBIC III LP, was pledged under the Madison Credit Facility to secure our obligations thereunder. On February 24, 2012, we amended the Madison Credit Facility to, among other things: ● expand the borrowing capacity under the Madison Credit Facility from $40.0 million to $45.0 million; ● extend the period during which we may make and repay borrowings under the Madison Credit Facility from July 30, 2013 to February 24, 2015 (the “Revolving Period”). The Revolving Period may, upon the occurrence of an event of default, by action of the lenders or automatically, be terminated. All borrowings and other amounts payable under the Madison Credit Facility are due and payable five years after the end of the Revolving Period; and ● remove the condition that we may not acquire additional loan assets without the prior written consent of Madison Capital Funding LLC. On September 17, 2014, we entered into a second amendment to the Madison Credit Facility to, among other things: ● extend the commitment termination date from February 24, 2015 to September 17, 2017; ● extend the maturity date of the Madison Credit Facility from February 24, 2020 to September 17, 2022 (unless terminated sooner upon certain events); ● reduce the applicable margin rate on base rate borrowings from 4.50% to 3.75%, and on LIBOR borrowings from 5.50% to 4.75%; and ● reduce the floor on base rate borrowings from 3.00% to 2.25%, and on LIBOR borrowings from 2.00% to 1.25%. On May 18, 2017, we entered into a third amendment to the Madison Credit Facility to, among other things: ● extend the commitment termination date from September 17, 2017 to September 17, 2020; ● extend the final maturity date of the Madison Credit Facility from September 17, 2022 to September 17, 2025 (unless terminated sooner upon certain events); ● reduce the floor on base rate borrowings from 2.25% to 2.00%; ● reduce the floor on LIBOR borrowings from 1.25% to 1.00%; and ● reduce the commitment fee rate from 0.75% to 0.50% for any period during which the ratio of advances outstanding to aggregate commitments, expressed as a percentage, is greater than or equal to 50%. On April 24, 2020, we entered into a fourth amendment to the Madison Credit Facility to, among other things: ● permit certain amendments related to the Paycheck Protection Program (“Permitted PPP Amendment”) to Loan Asset Documents; ● exclude certain debt and interest amounts allowed by the Permitted PPP Amendments from certain calculations related to Net Leverage Ratio, Interest Coverage Ratio and EBITDA; and ● exclude such Permitted PPP Amendments from constituting a Material Modification. On September 14, 2020, we entered into a fifth amendment to the Madison Credit Facility to, among other things: ● extend the commitment termination date of the Madison Credit Facility from September 17, 2020 to September 17, 2021, with no change to the maturity date of September 17, 2025. ● provide for the transition away from the LIBOR Rate in the market, and ● expand the definition of “Eligible Loan Asset” to allow investments with certain recurring revenue features to qualify as collateral and be included in the borrowing base. On September 13, 2021, we entered into a sixth amendment to the Madison Credit Facility to, among other things: ● Extend the commitment termination date of the Madison Credit Facility from September 17, 2021 to October 1, 2021, with no change to maturity date of September 17, 2025. On October 4, 2021, all outstanding amounts on the Madison Credit Facility were repaid and the Madison Credit Facility was terminated. The repayment and termination of the Madison Credit Facility resulted in a realized loss on the extinguishment of debt of $0.8 million. In addition to any fees or other amounts payable under the terms of the Madison Credit Facility, an administrative agent fee per annum equal to $0.1 million is payable in equal monthly installments in arrears. Encina Credit Facility On October 4, 2021, the Company entered into the Credit and Security Agreement (the “Credit Agreement”) relating to a $50.0 million senior secured revolving credit facility with the Lender, supported by loans held by SIF II and pledged to the Encina Credit Facility. The terms of the Encina Credit Facility required a minimum drawn amount of $12.5 million at all times during the first six months following the closing date, which increased to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility originally bore interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related to the selection by the Lender and the Company of a replacement benchmark rate. The commitment termination date was October 4, 2024. On January 27, 2023, we entered into the first amendment to the Credit Agreement to, among other things: ● increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; ● changed the underlying benchmark used to compute interest under the Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; ● increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; ● extended the revolving period from October 4, 2024 to January 27, 2026; ● extended the period during which the borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase, a “Facility Increase”) from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant to such Facility Increase from $75.0 million to $150.0 million; ● revised the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and ● amended the provisions permitting the borrower to request an extension in the Commitment Termination Date (as defined in the Credit Agreement) to allow requests to extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date, subject to a notice requirement. In addition to any fees or other amounts payable under the terms of the Encina Credit Facility, an administrative agent fee per annum equal to $0.1 million is payable in equal monthly installments in arrears. As of February 28, 2023 and February 28, 2022, there were $32.5 million and $12.5 million outstanding borrowings under the Encina Credit Facility. During the applicable periods, the Company was in compliance with all of the limitations and requirements of the facility. Financing costs of $2.0 million related to the Encina Credit Facility have been capitalized and are being amortized over the term of the facility, with all existing financing costs amortized through January 27, 2026 from the date of the amendment and extension. For the years ended February 28, 2023, February 28, 2022 and February 28, 2021, we recorded $0.5 million, $0.3 million and $0.1 million of amortization of deferred financing costs related to the Encina Credit Facility and Madison Credit Facility, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expenses on the consolidated statements of operations. For the fiscal year ended February 28, 2023, the average borrowings outstanding and the weighted average interest rate on outstanding borrowings under the Encina Credit Facility and the Madison Credit Facility were approximately $26.3 million and 6.72%, respectively. For the fiscal year ended February 28, 2022, the average borrowings outstanding and the weighted average interest rate on outstanding borrowings under the Encina Credit Facility and the Madison Credit Facility were approximately $8.7 million and 5.22%, respectively. For the fiscal year ended February 28, 2021, the average borrowings outstanding and the weighted average interest rate on outstanding borrowings under the Madison Credit Facility were approximately $1.8 million and 0.17%, respectively. The Encina Credit Facility contains limitations as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination and collateral interests. The Encina Credit Facility also includes certain requirements relating to portfolio performance, the violation of which could result in the limit of further advances and, in some cases, result in an event of default, allowing the lenders to accelerate repayment of amounts owed thereunder. The Encina Credit Facility has a three-year term. Availability on the Encina Credit Facility will be subject to a borrowing base calculation, based on, among other things, applicable advance rates (which vary from 50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets included as part of the borrowing base. Funds may be borrowed at the greater of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%. In addition, the Company will pay the lender a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Encina Credit Facility. Our borrowing base under the Encina Credit Facility was $63.6 million subject to the Encina Credit Facility cap of $65.0 million at February 28, 2023. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, the February 28, 2023 borrowing base relies upon the valuations set forth in the Quarterly Report on Form 10-Q for the period ended November 30, 2022. The valuations presented in this Quarterly Report on Form 10-Q will not be incorporated into the borrowing base until after this Annual Report on Form 10-K is filed with the SEC. SBA Debentures Our wholly owned SBIC Subsidiaries are able to borrow funds from the SBA against regulatory capital (which approximates equity capital in respective SBIC) and is subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA. Our wholly owned Subsidiaries, SBIC LP, SBIC II LP, and SBIC III LP, received an SBIC license from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively. SBIC LP’s license provided up to $150.0 million in additional long-term capital in the form of SBA debentures, while SBIC II LP’s and SBIC III LP’s SBIC licenses provide up to $175.0 million each. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million. With the third license approval, Saratoga can continue to grow its SBA relationship from $150.0 million to $350.0 million of committed capital. As of February 28, 2023, we have funded SBIC LP, SBIC II LP and SBIC III LP with an aggregate total of equity capital of $75.0 million, $87.5 million and $2.5 million, respectively, and have $202.0 million in SBA-guaranteed debentures outstanding, of which $27.0 million was held in SBIC LP, $175.0 million held was SBIC II LP and $0.0 million held in SBIC III LP. SBICs are designed to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses. Under present SBA regulations, eligible small businesses include businesses that have a tangible net worth not exceeding $24.0 million and have average annual fully taxed net income not exceeding $8.0 million for the two most recent fiscal years. In addition, an SBIC must devote 25.0% of its investment activity to “smaller enterprises’’ as defined by the SBA. A smaller enterprise is one that has a tangible net worth not exceeding $6.0 million and has average annual fully taxed net income not exceeding $2.0 million for the two most recent fiscal years. SBA regulations also provide alternative size standard criteria to determine eligibility, which depend on the industry in which the business is engaged and are based on such factors as the number of employees and gross sales. According to SBA regulations, SBICs may make long-term loans to small businesses, invest in the equity securities of such businesses and provide them with consulting and advisory services. The SBIC Subsidiaries are subject to regulation and oversight by the SBA, including requirements with respect to maintaining certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that the SBIC Subsidiaries will receive SBA-guaranteed debenture funding, which is dependent upon the SBIC Subsidiaries continuing to be in compliance with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to each SBIC Subsidiaries’ assets over our stockholders and debtholders in the event we liquidate such SBIC Subsidiary or the SBA exercises its remedies under the SBA-guaranteed debentures issued by the SBIC Subsidiary upon an event of default. The Company received exemptive relief from the SEC to permit it to exclude the senior securities issued by SBIC subsidiaries from the definition of senior securities in the asset coverage test under the 1940 Act. This allows the Company increased flexibility under the asset coverage requirement by permitting it to borrow up to $325.0 million more than it would otherwise be able to absent the receipt of this exemptive relief. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which was signed into law on March 23, 2018, the independent directors of the Company approved of the Company becoming subject to a minimum asset coverage ratio of 150% from 200% under Sections 18(a)(1) and 18(a)(2) of the Investment Company Act, as amended. The 150% asset coverage ratio became effective on April 16, 2019. At February 28, 2023 and February 28, 2022, there was $202.0 million and $185.0 million outstanding of SBA debentures, respectively. The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $5.0 million, $6.0, and $0.4 million related to the SBA debentures issued by SBIC LP, SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment and drawdown. During the year ended February 28, 2023, the Company repaid $59.0 million of SBA debentures, resulting in a realized loss on extinguishment of $0.6 million related to the acceleration of deferred debt financing costs. For the years ended February 28, 2023, February 28, 2022 and February 28, 2021, we recorded $6.4 million, $4.7 million and $5.5 million of interest expense related to the SBA debentures, respectively. For the years ended February 28, 2023, February 28, 2022 and February 28, 2021, we recorded $1.0 million, $0.7 million and $0.6 million of amortization of deferred financing costs related to the SBA debentures, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. The weighted average interest rate during the years ended February 28, 2023, February 28, 2022 and February 28, 2021 on the outstanding borrowings of the SBA debentures was 2.78%, 2.60% and 3.25%, respectively. During the years ended February 28, 2023 and February 28, 2022, the average dollar amount of SBA debentures outstanding was $229.9 million and $180.4 million, respectively. Notes On May 10, 2013, the Company issued $48.3 million in aggregate principal amount of 7.50% fixed-rate notes due 2020 (the “2020 Notes”). The 2020 Notes were redeemed in full on January 13, 2017 and are no longer listed on the NYSE. On May 29, 2015, the Company entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an At-the-Market (“ATM”) offering. Prior to the 2020 Notes being redeemed in full, the Company had sold 539,725 units of the 2022 Notes with a principal of $13.5 million at an average price of $25.31 for aggregate net proceeds of $13.4 million (net of transaction costs). On December 21, 2016, the Company issued $74.5 million in aggregate principal amount of our 6.75% fixed-rate notes due 2023 (the “2023 Notes”) for net proceeds of $71.7 million after deducting underwriting commissions of approximately $2.3 million and offering costs of approximately $0.5 million. The net proceeds from the offering were used to repay all of the outstanding indebtedness under the 2020 Notes (as described above), and for general corporate purposes in accordance with our investment objective and strategies. On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.5 million, respectively, in aggregate principal amount of the $74.5 million in aggregate principal amount of issued and outstanding 2023 Notes. The 2023 Notes were listed on the NYSE under the trading symbol “SAB” with a par value of $25.00 per note and have been delisted following the redemption. On August 28, 2018, the Company issued $40.0 million in aggregate principal amount of our 6.25% fixed-rate notes due 2025 (the “6.25% 2025 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.3 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $5.0 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 6.25% 2025 Notes have been capitalized and were amortized over the term of the 6.25% 2025 Notes. On February 5, 2019, the Company issued an additional $20.0 million in aggregate principal amount of the 6.25% 2025 Notes for net proceeds of $19.2 million after deducting underwriting commissions of approximately $0.6 million and discount of $0.2 million. Offering costs incurred were approximately $0.2 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $2.5 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The additional 6.25% 2025 Notes were treated as a single series with the existing 6.25% 2025 Notes under the indenture and had the same terms as the existing 6.25% 2025 Notes. The net proceeds from this offering were used for general corporate purposes in accordance with our investment objective and strategies. The financing costs and discount of $1.0 million related to the 6.25% 2025 Notes have been capitalized and are being amortized over the term of the 6.25% 2025 Notes. On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of issued and outstanding 6.25% 2025 Notes. The 6.25% 2025 Notes were listed on the NYSE under the trading symbol of “SAF”, and have been delisted following the full redemption on August 31, 2021. At August 31, 2021, the debt was extinguished. As such, it was not fair valued with market quotes and is not fair value leveled. As of February 28, 2021, the carrying amount and fair value of the 6.25% 2025 Notes was $60.0 million and $61.2 million, respectively. The repayment of the 6.25% 2025 Notes resulted in a realized loss on the extinguishment of debt of $1.5 million. As discussed above, during the fourth quarter of 2020 fiscal year, the Company redeemed $74.45 million in aggregate principal amount of issued outstanding 2023 Notes. On June 24, 2020, the Company issued $37.5 million in aggregate principal amount of our 7.25% fixed-rate notes due 2025 (the “7.25% 2025 Notes”) for net proceeds of $36.3 million after deducting underwriting commissions of approximately $1.2 million. Offering costs incurred were approximately $0.2 million. On July 6, 2020, the underwriters exercised their option in full to purchase an additional $5.625 million in aggregate principal amount of its 7.25% 2025 Notes. Net proceeds to the Company were $5.4 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 7.25% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.25% per year, beginning August 31, 2020. The 7.25% 2025 Notes mature on June 30, 2025 and commencing June 24, 2022, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes have been capitalized and were being amortized over the term of the 7.25% 2025 Notes. On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes. The 7.25% 2025 Notes were listed on the NYSE under the trading symbol of “SAK” and have been delisted following the full redemption on July 14, 2022. On July 14, 2022, the debt was extinguished. As such, it was not fair valued with market quotes and is not fair value leveled. The repayment of the 7.25% 2025 Notes resulted in a realized loss on the extinguishment of debt of $1.0 million. For the years ended February 28, 2023 and February 28, 2022, we recorded $1.2 million and $3.1 million, respectively, of interest expense and $0.1 million and $0.3 million, respectively, of amortization of deferred financing costs related to the 7.25% 2025 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. For the year ended February 28, 2023 and February 28, 2022, the average dollar amount of 7.25% 2025 Notes outstanding was $13.5 million and $43.1 million, respectively. On July 9, 2020, the Company issued $5.0 million aggregate principal amount of our 7.75% fixed-rate notes due in 2025 (the “7.75% 2025 Notes”) for net proceeds of $4.8 million after deducting underwriting commissions of approximately $0.2 million. Offering costs incurred were approximately $0.1 million. Interest on the 7.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year. The 7.75% 2025 Notes mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at our option subject to a fee depending on the date of repayment. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.3 million related to the 7.75% 2025 Notes have been capitalized and are being amortized over the term of the 7.75% 2025 Notes. As of February 28, 2023, the total 7.75% 2025 Notes outstanding was $5.0 million. The 7.75% 2025 Notes are not listed and have a par value of $25.00 per note. The carrying amount of the outstanding 7.75% 2025 Notes had a fair value of $4.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. For the years ended February 28, 2023 and February 28, 2022, we recorded $0.4 million and $0.4 million, respectively, of interest expense and $0.05 million and $0.05 million, respectively, of amortization of deferred financing costs related to the 7.75% 2025 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. For the year ended February 28, 2023 and February 28, 2022, the average dollar amount of 7.75% 2025 Notes outstanding was $5.0 million and $5.0 million, respectively. On December 29, 2020, the Company issued $5.0 million aggregate principal amount of our 6.25% fixed-rate notes due in 2027 (the “6.25% 2027 Notes”). Offering costs incurred were approximately $0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at our option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.1 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes. On January 28, 2021, the Company issued $10.0 million aggregate principal amount of the 6.25% 2027 Notes for net proceeds of $9.7 million after deducting underwriting commissions of approximately $0.3 million. Offering costs incurred were approximately $0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year, beginning February 28, 2021. The 6.25% 2027 Notes mature on January 28, 2027 and commencing January 28, 2023, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.4 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the 6.25% 2027 Notes. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note. As of February 28, 2023, the total 6.25% 2027 Notes outstanding was $15.0 million. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note. The carrying amount of the outstanding 6.25% 2027 Notes had a fair value of $13.7 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. For the years ended February 28, 2023 and February 28, 2022, we recorded $0.9 million and $0.9 million, respectively, of interest expense and $0.07 million and $0.07 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing cost are reported as interest and debt financing expense on the consolidated statements of operations. For the year ended February 28, 2022 and February 28, 2022, the average dollar amount of 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million, respectively. On March 10, 2021, the Company issued $50.0 million aggregate principal amount of our 4.375% fixed-rate Notes due in 2026 (the “4.375% 2026 Notes”) for net proceeds of $49.0 million after deducting underwriting commissions of approximately $1.0 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.375% 2026 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The 4.375% 2026 Notes mature on February 28, 2026 and may be redeemed in whole or in part at any time on or after November 28, 2025 at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.3 million related to the 4.375% 2026 Notes have been capitalized and are being amortized over the term of the 4.375% 2026 Notes. On July 15, 2021, the Company issued an additional $125.0 million aggregate principal amount of the Company’s 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes”) for net proceeds for approximately $123.5 million, based on the public offering price of 101.00% of the aggregate principal amount of the Additional 4.375% 2026 Notes, after deducting the underwriting discount of $2.5 million and the offering payable by the Company. The Additional 4.375% 2026 Notes are treated as a single series with the existing 4.375% 2026 Notes under the indenture and had the same terms as the existing 4.375% 2026 Notes. The net proceeds from the offering were used to redeem all of the outstanding 6.25% 2025 Notes (as described above), and for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $2.7 million have been capitalized and are being amortized over the term of the additional 4.375% 2026 Notes. As of February 28, 2023, the total 4.375% 2026 Notes outstanding was $175.0 million. The 4.375% 2026 Notes are not listed and are issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As of February 28, 2022, there was $175.0 million outstanding. The carrying amount of the outstanding 4.375% 2026 Notes had a fair value of $156.1 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. For the years ended February 28, 2023 and February 28, 2022, we recorded $7.7 million and $5.5 million, respectively, of interest expense, $0.8 million and $0.4 million, respectively, of amortization of deferred financing costs and $0.3 million and $0.2 million, respectively, of amortization of premium on issuance of 4.375% Notes due 2026 (inclusive of the issuance of the |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Contractual Obligations The following table shows our payment obligations for repayment of debt and other contractual obligations at February 28, 2023: Payment Due by Period Long-Term Debt Obligations Total Less Than 1 - 3 3 - 5 More Than ($ in thousands) Encina credit facility $ 32,500 $ - $ 32,500 $ - $ - SBA debentures 202,000 - 15,000 12,000 175,000 6.00% 2025 Notes 12,000 - 12,000 - - 7.75% 2025 Notes 5,000 - 5,000 - - 4.375% 2026 Notes 175,000 - - 175,000 - 4.35% 2027 Notes 75,000 - - 75,000 - 6.00% 2027 Notes 105,500 - - 105,500 - 6.25% 2027 Notes 15,000 - - 15,000 - 8.00% 2027 Notes 46,000 - - 46,000 - 8.125% 2027 Notes 60,375 - - 60,375 - Total Long-Term Debt Obligations $ 728,375 $ - $ 64,500 $ 488,875 $ 175,000 Off-balance Sheet Arrangements At February 28, 2023 and February 28, 2022, the Company’s off-balance sheet arrangements consisted of $108.8 million and $83.4 million, respectively, of unfunded commitments outstanding to provide debt financing to its portfolio companies or to fund limited partnership interests. Such commitments are generally up to the Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities. A summary of the unfunded commitments outstanding as of February 28, 2023 and February 28, 2022 is shown in the table below (dollars in thousands): February 28, 2023 February 28, 2022 At Company’s discretion ActiveProspect, Inc. $ 10,000 $ - Artemis Wax Corp. - 3,700 Ascend Software, LLC 5,000 5,000 Axero Holdings, LLC - 3,000 Book4Time, Inc. - 2,000 Davisware, LLC - 2,000 Granite Comfort, LP 15,000 - JDXpert 5,000 - LFR Chicken LLC 4,000 10,000 Netreo Holdings, LLC - 4,000 Pepper Palace, Inc. 3,000 3,000 Procurement Partners, LLC 4,250 2,800 Saratoga Senior Loan Fund I JV, LLC 8,548 17,500 Sceptre Hospitality Resources, LLC 5,000 1,000 Total 59,798 54,000 At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required ARC Health OpCo LLC 10,773 - Artemis Wax Corp. 8,500 Ascend Software, LLC 3,200 6,500 Axero Holdings, LLC - 2,000 Axero Holdings, LLC - Revolver 500 500 Davisware, LLC - 1,000 Exigo, LLC 4,167 Exigo, LLC - Revolver 833 GDS Software Holdings, LLC - 2,786 Gen4 Dental Partners Holdings, LLC 11,000 - GoReact 2,500 2,500 HemaTerra Holding Company, LLC - - JDXpert 1,000 - LFR Chicken LLC - 3,000 Madison Logic, Inc. - Revolver - 1,084 New England Dental Partners - 4,500 Passageways, Inc. - - Pepper Palace, Inc. 2,000 2,000 Pepper Palace, Inc. - Revolver 2,500 2,500 Procurement Partners, LLC 1,000 - Zollege PBC 1,000 1,000 48,973 29,370 Total $ 108,771 $ 83,370 The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of February 28, 2023, the Company had cash and cash equivalents of $65.7 million and $31.1 million in available borrowings under the Encina Credit Facility. |
Directors Fees
Directors Fees | 12 Months Ended |
Feb. 28, 2023 | |
Directors Fees [Abstract] | |
Directors Fees | Note 10. Directors Fees The independent directors each receive an annual fee of $70,000. They also receive $3,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and receive $1,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting. In addition, the chairman of the Audit Committee receives an annual fee of $12,500 and the chairman of each other committee receives an annual fee of $6,000 for their additional services in these capacities. In addition, we have purchased directors’ and officers’ liability insurance on behalf of our directors and officers. Independent directors have the option to receive their directors’ fees in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. No compensation is paid to directors who are “interested persons” of the Company (as defined in Section 2(a)(19) of the 1940 Act). For the years ended February 28, 2023, February 28, 2022 and February 28, 2021, we incurred $0.4 million, $0.3 million and $0.3 million for directors’ fees and expenses, respectively. As of February 28, 2023 and February 28, 2022, $0.01 million and $0.07 million in directors’ fees and expenses were accrued and unpaid, respectively. As of February 28, 2023, we had not issued any common stock to our directors as compensation for their services. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Feb. 28, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | Note 11. Stockholders’ Equity On May 16, 2006, GSC Group, Inc. capitalized the LLC, by contributing $1,000 in exchange for 67 shares, constituting all of the issued and outstanding shares of the LLC. On March 20, 2007, the Company issued 95,995.5 and 8,136.2 shares of common stock, priced at $150.00 per share, to GSC Group and certain individual employees of GSC Group, respectively, in exchange for the general partnership interest and a limited partnership interest in GSC Partners CDO III GP, LP, collectively valued at $15.6 million. At this time, the 6.7 shares owned by GSC Group in the LLC were exchanged for 6.7 shares of the Company. On March 28, 2007, the Company completed its IPO of 725,000 shares of common stock, priced at $150.00 per share, before underwriting discounts and commissions. Total proceeds received from the IPO, net of $7.1 million in underwriter’s discount and commissions, and $1.0 million in offering costs, were $100.7 million. On July 30, 2010, our Manager and its affiliates purchased 986,842 shares of common stock at $15.20 per share. Total proceeds received from this sale were $15.0 million. On August 12, 2010, we effected a one-for-ten reverse stock split of our outstanding common stock. As a result of the reverse stock split, every ten shares of our common stock were converted into one share of our common stock. Any fractional shares received as a result of the reverse stock split were redeemed for cash. The total cash payment in lieu of shares was $230. Immediately after the reverse stock split, we had 2,680,842 shares of our common stock outstanding. On September 24, 2014, the Company announced the approval of an open market share repurchase plan that allowed it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements (the “Share Repurchase Plan”). On October 7, 2015, our board of directors extended the Share Repurchase Plan for another year and increased the number of shares the Company is permitted to repurchase at prices below its NAV, as reported in its then most recently published consolidated financial statements, to 400,000 shares of its common stock. On October 5, 2016, our board of directors extended the Share Repurchase Plan for another year to October 15, 2017 and increased the number of shares the Company is permitted to repurchase at prices below its NAV, as reported in its then most recently published consolidated financial statements, to 600,000 shares of its common stock. On October 10, 2017, January 8, 2019 and January 7, 2020, our board of directors extended the Share Repurchase Plan for another year to October 15, 2018, January 15, 2020 and January 15, 2021, respectively, each time leaving the number of shares unchanged at 600,000 shares of its common stock. On May 4, 2020, our board of directors increased the Share Repurchase Plan to 1.3 million shares of common stock. On January 5, 2021 and January 4, 2022, our board of directors extended the Shares Repurchase Plan for another year to January 15, 2022 and January 15, 2023, respectively, each time leaving the number of shares unchanged at 1.3 million shares of common stock. On January 9, 2023, our board of directors extended the Share Repurchase Plan for another year to January 15, 2024, increasing the number of shares to 1.7 million shares of common stock. As of February 28, 2023, the Company purchased 946,627 shares of common stock, at the average price of $21.83 for approximately $20.7 million pursuant to the Share Repurchase Plan. During the three months ended February 28, 2023 the Company purchased 48,594 shares of common stock, at the average price $25.19 for approximately $1.2 million pursuant to the Share Repurchase Plan. During the year ended February 28, 2023, the Company purchased 438,192 shares of common stock, at the average price $24.70 for approximately $10.8 million pursuant to the Share Repurchase Plan. On March 16, 2017, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $30.0 million of our common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of the common stock to be offered was increased to $70.0 million, and on October 8, 2019, the amount of the common stock to be offered was increased to $130.0 million. This agreement was terminated as of July 29, 2021. As of February 28, 2021, the Company sold 3,922,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs). For the year ended February 28, 2021, there was no activity related to the ATM offerings. On July 13, 2018, the Company issued 1,150,000 shares of its common stock priced at $25.00 per share (par value $0.001 per share) at an aggregate total of $28.75 million. The net proceeds, after deducting underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of its common stock, which was not exercised. On July 30, 2021, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. and Compass Point Research and Trading, LLC (collectively the “Agents”), through which we may offer for sale, from time to time, up to $150.0 million of our common stock through the Agents, or to them, as principal for their account. As of February 28, 2023, the Company sold 4,840,361 shares for gross proceeds of $123.9 million at an average price of $25.61 for aggregate net proceeds of $122.4 million (net of transaction costs). For the year ended February 28, 2023, there was no activity related to the ATM offerings. The Company adopted Rule 3-04/Rule 8-03(a)(5) under Regulation S-X (Note 2). Pursuant to Regulation S-X, the Company has presented a reconciliation of the changes in each significant caption of stockholders’ equity as shown in the tables below: Capital Total Common Stock in Excess Earnings Shares Amount of Par Value (Loss) Net Assets Balance at February 28, 2021 11,161,416 $ 11,161 $ 304,874,957 $ (700,348 ) $ 304,185,770 Increase (Decrease) from Operations: Net investment income - - - 2,555,935 2,555,935 Net realized gain (loss) from investments - - - 1,910,141 1,910,141 Net change in unrealized appreciation (depreciation) on investments - - - 16,812,577 16,812,577 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (230,144 ) (230,144 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (4,799,405 ) (4,799,405 ) Capital Share Transactions: Proceeds from issuance of common stock - - - - - Stock dividend distribution 38,580 39 914,063 - 914,102 Repurchases of common stock (40,000 ) (40 ) (1,003,380 ) - (1,003,420 ) Repurchase fees - - (800 ) - (800 ) Offering costs - - - - - Balance at May 31, 2021 11,159,995 $ 11,160 $ 304,784,840 $ 15,548,756 $ 320,344,756 Increase (Decrease) from Operations: Net investment income - - - 6,393,261 6,393,261 Net realized gain (loss) from investments - - - 1,501,597 1,501,597 Income tax (provision) benefit from realized gain on investments - - - (448,883 ) (448,883 ) Realized losses on extinguishment of debt (1,552,140 ) (1,552,140 ) Net change in unrealized appreciation (depreciation) on investments - - - 3,376,540 3,376,540 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (1,328,711 ) (1,328,711 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (4,910,394 ) (4,910,394 ) Capital Share Transactions: Proceeds from issuance of common stock 5,441 6 157,034 - 157,040 Stock dividend distribution 33,099 33 828,479 - 828,512 Repurchases of common stock (9,623 ) (10 ) (248,713 ) - (248,723 ) Repurchase fees - - (192 ) - (192 ) Offering costs - - (817 ) - (817 ) Balance at August 31, 2021 11,188,912 $ 11,189 $ 305,520,631 $ 18,580,025 $ 324,111,845 Capital in Total Common Stock Excess of Earnings Shares Amount Par Value (Loss) Net Assets Increase (Decrease) from Operations: Net investment income - - - 5,196,635 5,196,635 Net realized gain (loss) from investments - - - 9,916,925 9,916,925 Income tax (provision) benefit from realized gain on investments - - - (2,447,173 ) (2,447,173 ) Realized losses on extinguishment of debt (764,123 ) (764,123 ) Net change in unrealized appreciation (depreciation) on investments - - - (6,042,616 ) (6,042,616 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - 2,480,465 2,480,465 Decrease from Shareholder Distributions: Distributions of investment income – net - - - (5,889,329 ) (5,889,329 ) Capital Share Transactions: Proceeds from issuance of common stock 520,076 520 15,163,259 - 15,163,779 Stock dividend distribution 38,016 38 1,017,625 - 1,017,663 Repurchases of common stock - - - - - Repurchase fees - - - - - Offering costs - - (142,326 ) - (142,326 ) Balance at November 30, 2021 11,747,004 $ 11,747 $ 321,559,189 $ 21,030,809 $ 342,601,745 Increase (Decrease) from Operations: Net investment income - - - 5,796,910 5,796,910 Net realized gain (loss) from investments - - - 69,664 69,664 Income tax (provision) benefit from realized gain on investments - - - 9,612 9,612 Realized losses on extinguishment of debt (118,147 ) (118,147 ) Net change in unrealized appreciation (depreciation) on investments - - - 2,873,561 2,873,561 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (226,702 ) (226,702 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (6,434,106 ) (6,434,106 ) Capital Share Transactions: Proceeds from issuance of common stock 392,826 392 11,513,992 - 11,514,383 Stock dividend distribution 41,520 42 1,114,886 - 1,114,929 Repurchases of common stock (50,000 ) (50 ) (1,292,843 ) - (1,292,893 ) Repurchase fees (1,000 ) - (1,000 ) Offering costs - - (127,433 ) - (127,433 ) Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles - - (4,704,545 ) 4,704,545 - Balance at February 28, 2022 12,131,350 $ 12,131 $ 328,062,246 $ 27,706,146 $ 355,780,523 Increase (Decrease) from Operations: Net investment income - - - 7,976,222 7,976,222 Net realized gain (loss) from investments - - - 162,509 162,509 Income tax (provision) benefit from realized gain on investments - - - 69,250 69,250 Net change in unrealized appreciation (depreciation) on investments - - - (9,333,449 ) (9,333,449 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (361,951 ) (361,951 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (6,428,817 ) (6,428,817 ) Capital Share Transactions: Stock dividend distribution 42,825 43 1,108,637 - 1,108,680 Repurchases of common stock (142,177 ) (142 ) (3,734,174 ) - (3,734,316 ) Repurchase fees - - (2,840 ) - (2,840 ) Balance at May 31, 2022 12,031,998 $ 12,032 $ 325,433,869 $ 19,789,910 $ 345,235,811 Capital in Total Common Stock Excess of Earnings Shares Amount Par Value (Loss) Net Assets Increase (Decrease) from Operations: Net investment income - - - 7,698,014 7,698,014 Net realized gain (loss) from investments - - - 7,943,838 7,943,838 Realized losses on extinguishment of debt - - - (1,204,809 ) (1,204,809 ) Net change in unrealized appreciation (depreciation) on investments - - - (13,258,456 ) (13,258,456 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (230,154 ) (230,154 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (6,369,981 ) (6,369,981 ) Capital Share Transactions: Stock dividend distribution 48,590 49 1,088,139 - 1,088,188 Repurchases of common stock (153,350 ) (154 ) (3,685,951 ) - (3,686,105 ) Repurchase fees - - (3,071 ) - (3,071 ) Balance at August 31, 2022 11,927,238 $ 11,927 $ 322,832,986 $ 14,368,362 $ 337,213,275 Increase (Decrease) from Operations: Net investment income - - - 9,877,437 9,877,437 Net realized gain (loss) from investments - - - (740,434 ) (740,434 ) Income tax (provision) benefit from realized gain on investments - - - 479,318 479,318 Net change in unrealized appreciation (depreciation) on investments - - - (3,176,208 ) (3,176,208 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (425,848 ) (425,848 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (6,433,298 ) (6,433,298 ) Capital Share Transactions: Stock dividend distribution 52,312 53 1,150,881 - 1,150,934 Repurchases of common stock (94,071 ) (95 ) (2,179,600 ) - (2,179,695 ) Repurchase fees - - (1,881 ) - (1,881 ) Balance at November 30, 2022 11,885,479 $ 11,885 $ 321,802,386 $ 13,949,329 $ 335,763,600 Increase (Decrease) from Operations: Net investment income - - - 9,649,474 9,649,474 Net realized gain (loss) from investments - - - 80,683 80,683 Realized losses on extinguishment of debt - - - (382,274 ) (382,274 ) Net change in unrealized appreciation (depreciation) on investments - - - 10,549,981 10,549,981 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (697,380 ) (697,380 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (8,081,306 ) (8,081,306 ) Capital Share Transactions: Stock dividend distribution 53,615 55 1,300,405 - 1,300,460 Repurchases of common stock (48,594 ) (49 ) (1,224,175 ) - (1,224,224 ) Repurchase fees - - (972 ) - (972 ) Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles - - 16,162 (16,162 ) - Balance at February 28, 2023 11,890,500 $ 11,891 $ 321,893,806 $ 25,052,345 $ 346,958,042 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Feb. 28, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 12. Earnings Per Share In accordance with the provisions of FASB ASC Topic 260, Earnings per Share The following information sets forth the computation of the weighted average basic and diluted net increase in net assets resulting from operations per share for the years ended February 28, 2023, February 28, 2022 and February 28, 2021 (dollars in thousands except share and per share amounts): Basic and Diluted February 28, 2023 February 28, 2022 February 28, 2021 Net increase in net assets resulting from operations $ 24,676 $ 45,735 $ 14,777 Weighted average common shares outstanding 11,963,533 11,456,631 11,188,629 Weighted average earnings per common share $ 2.06 $ 3.99 $ 1.32 |
Dividend
Dividend | 12 Months Ended |
Feb. 28, 2023 | |
Disclosure of Dividend [Abstract] | |
Dividend | Note 13. Dividend We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to tax in that year on all of our taxable income, regardless of whether we made any distributions to our shareholders. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock. Our distributions for the tax years ended February 28, 2023 to inception were as follows: Payment date Cash Dividend Tax Year Ended February 28, 2024 March 30, 2023 $ 0.69 (1) $ 0.69 Tax Year Ended February 28, 2023 January 4, 2023 $ 0.68 (2) September 29, 2022 0.54 (3) June 29, 2022 0.53 (4) March 28, 2022 0.53 (5) $ 2.28 Tax Year Ended February 28, 2022 January 19, 2022 $ 0.53 (6) September 28, 2021 0.52 (7) June 29, 2021 0.44 (8) April 22, 2021 0.43 (9) $ 1.92 Tax Year Ended February 28, 2021 February 10, 2021 $ 0.42 (10) November 10, 2020 0.41 (11) August 12, 2020 0.40 (12) $ 1.03 Tax Year Ended February 29, 2020 February 6, 2020 $ 0.56 (13) September 26, 2019 0.56 (14) June 27, 2019 0.55 (15) March 28, 2019 0.54 (16) $ 2.21 Tax Year Ended February 28, 2019 January 2, 2019 $ 0.53 (17) September 27, 2018 0.52 (18) June 27, 2018 0.51 (19) March 26, 2018 0.50 (20) $ 2.06 Tax Year Ended February 28, 2018 December 27, 2017 $ 0.49 (21) September 26, 2017 0.48 (22) June 27, 2017 0.47 (23) March 28, 2017 0.46 (24) $ 1.90 Payment date Cash Dividend Tax Year Ended February 28, 2017 February 9, 2017 $ 0.45 (25) November 9, 2016 0.44 (26) September 5, 2016 0.20 (27) August 9, 2016 0.43 (28) April 27, 2016 0.41 (29) $ 1.93 Tax Year Ended February 29, 2016 February 29, 2016 $ 0.40 (30) November 30, 2015 0.36 (31) August 31, 2015 0.33 (32) June 5, 2015 1.00 (33) May 29. 2015 0.27 (34) $ 2.36 Tax Year Ended February 28, 2015 February 27, 2015 $ 0.22 (35) November 28, 2014 0.18 (36) $ 0.40 Tax Year Ended February 28. 2014 December 27, 2013 $ 2.65 (37) $ 2.65 Tax Year Ended February 28, 2013 December 31, 2012 $ 4.25 (38) $ 4.25 Tax Year Ended February 29, 2012 December 30, 2011 $ 3.00 (39) $ 3.00 Tax Year Ended February 28, 2011 December 29, 2010 $ 4.40 (40) $ 4.40 Tax Year Ended February 28, 2010 December 31, 2009 $ 18.25 (41) $ 18.25 (1) Based on shareholder elections, the dividend consisted of approximately $7.1 million in cash and 46,818 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 17, 20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023. (2) Based on shareholder elections, the dividend consisted of approximately $6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.26 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023. (3) Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 52,313 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.00 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022. (4) Based on shareholder elections, the dividend consisted of approximately $5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.40 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022. (5) Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.89 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022. (6) Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022. (7) Based on shareholder elections, the dividend consisted of approximately $4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.77 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021. (8) Based on shareholder elections, the dividend consisted of approximately $4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.03 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021. (9) Based on shareholder elections, the dividend consisted of approximately $3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.69 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021. (10) Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.75 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021. (11) Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.63 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020. (12) Based on shareholder elections, the dividend consisted of approximately $3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.45 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020. (13) Based on shareholder elections, the dividend consisted of approximately $5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.44 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020. (14) Based on shareholder elections, the dividend consisted of approximately $4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.34 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019. (15) Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.65 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019. (16) Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.36 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019. (17) Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $18.88 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019. (18) Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.35 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018. (19) Based on shareholder elections, the dividend consisted of approximately $2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.72 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018. (20) Based on shareholder elections, the dividend consisted of approximately $2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $19.91 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018. (21) Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017. (22) Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017. (23) Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017. (24) Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017. (25) Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017. (26) Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016. (27) Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016. (28) Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016. (29) Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016. (30) Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016. (31) Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015. (32) Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015. (33) Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015. (34) Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015. (35) Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015. (36) Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014. (37) Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013. (38) Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012. (39) Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011. (40) Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010. (41) Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872.5 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009. The following tables summarize dividends declared for the years ended February 28, 2023, February 28, 2022, February 28, 2021, February 29, 2020 and February 28, 2019 (dollars in thousands except for share amounts): Date Declared Record Date Payment Date Amount per Share Total Amount* February 28, 2023 March 16, 2023 March 30, 2023 $ 0.69 $ 8,193 November 15, 2022 December 15, 2022 January 4, 2023 0.68 8,081 August 29, 2022 September 14, 2022 September 29, 2022 0.54 6,433 May 26, 2022 June 14, 2022 June 29, 2022 0.53 6,370 Total dividends declared $ 2.44 $ 29,077 Date Declared Record Date Payment Date Amount per Share Total Amount* February 24, 2022 March 14, 2022 March 28, 2022 $ 0.53 $ 6,434 August 26, 2021 September 14, 2021 September 28, 2021 0.52 5,889 May 27, 2021 June 15, 2021 June 29, 2021 0.44 4,910 March 22, 2021 April 8, 2021 April 22, 2021 0.43 4,799 Total dividends declared $ 1.92 $ 22,032 Date Declared Record Date Payment Date Amount per Share Total Amount* January 5, 2021 January 26, 2021 February 10, 2021 $ 0.42 $ 4,679 October 7, 2020 October 26, 2020 November 10, 2020 0.41 4,581 July 7, 2020 July 27, 2020 August 12, 2020 0.40 4,487 Total dividends declared $ 1.23 $ 13,747 Date Declared Record Date Payment Date Amount per Share Total Amount* January 7, 2020 January 24, 2020 February 6, 2020 $ 0.56 $ 6,262 August 27, 2019 September 13, 2019 September 26, 2019 0.56 5,323 May 28, 2019 June 13, 2019 June 27, 2019 0.55 4,336 February 26, 2019 March 14, 2019 March 28, 2019 0.54 4,176 Total dividends declared $ 2.21 $ 20,097 Date Declared Record Date Payment Date Amount per Share Total Amount* November 27, 2018 December 17, 2018 January 2, 2019 $ 0.53 $ 3,980 August 28, 2018 September 17, 2018 September 27, 2018 0.52 3,876 May 30, 2018 June 15, 2018 June 27, 2018 0.51 3,204 February 26, 2018 March 14, 2018 March 26, 2018 0.50 3,129 Total dividends declared $ 2.06 $ 14,189 * Total amount is calculated based on the number of shares outstanding at the date of record. |
Financial Highlights
Financial Highlights | 9 Months Ended |
Nov. 30, 2022 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Note 14. Financial Highlights The following is a schedule of financial highlights as of and for the years ended February 28, 2023, February 28, 2022, February 28, 2021, February 29, 2020 and February 28, 2019: Per share data February 28, 2023 February 28, 2022 February 28, 2021 February 29, 2020 February 28, 2019 Net asset value at beginning of period $ 29.33 $ 27.25 $ 27.13 $ 23.62 $ 22.96 Adoption of ASC 606 - - - - (0.01 ) Net asset value at beginning of period, as adjusted 29.33 27.25 27.13 23.62 22.95 Net investment income(1) 2.94 1.74 2.07 1.59 2.60 Net realized and unrealized gain and losses on investments(1) (0.75 ) 2.46 (0.74 ) 4.56 0.03 Realized losses on extinguishment of debt* (0.13 ) (0.21 ) (0.01 ) (0.17 ) - Net increase in net assets resulting from operations 2.06 3.99 1.32 5.98 2.63 Distributions declared from net investment income (2.28 ) (1.93 ) (1.23 ) (2.21 ) (2.06 ) Total distributions to stockholders (2.28 ) (1.93 ) (1.23 ) (2.21 ) (2.06 ) Issuance of common stock above net asset value(2) - - - - 0.15 Repurchases of common stock(3) 0.17 0.01 0.13 - - Dilution(4) (0.10 ) - (0.10 ) (0.26 ) (0.05 ) Net asset value at end of period $ 29.18 $ 29.33 $ 27.25 $ 27.13 $ 23.62 Net assets at end of period $ 346,958,042 $ 355,780,523 $ 304,185,770 $ 304,286,853 $ 180,875,187 Shares outstanding at end of period 11,890,500 12,131,350 11,161,416 11,217,545 7,657,156 Per share market value at end of period $ 27.55 $ 27.47 $ 23.08 $ 22.91 $ 23.04 Total return based on market value(5) 10.35 % 28.19 % 7.63 % 9.28 % 16.11 % Total return based on net asset value(6) 9.46 % 15.88 % 7.31 % 26.22 % 13.33 % Ratio/Supplemental data: Ratio of net investment income to average net assets 10.23 % 6.05 % 7.77 % 6.31 % 11.22 % Ratio of loss on extinguishment of debt to average net assets 0.46 % 0.74 % 0.04 % 0.67 % - Expenses: Ratios of operating expenses and income taxes to average net assets* 7.71 % 6.48 % 6.90 % 6.10 % 8.07 % Ratio of incentive management fees to average net assets 1.47 % 3.58 % 1.65 % 6.01 % 3.00 % Ratio of interest and debt financing expenses to average net assets 9.73 % 6.03 % 4.56 % 6.23 % 8.05 % Ratio of total expenses and income taxes to average net assets* 18.91 % 16.09 % 13.11 % 18.34 % 19.12 % Portfolio turnover rate(7) 24.05 % 33.59 % 25.26 % 36.82 % 35.26 % Asset coverage ratio per unit(8) 1,659 2,092 3,471 6,071 2,345 Average market value per unit Revolving Credit Facility(9) N/A N/A N/A N/A N/A SBA Debentures Payable(9) N/A N/A N/A N/A N/A 6.75% Notes Payable 2023(10) N/A N/A N/A N/A $ 25.74 6.25% Notes Payable 2025(11) N/A N/A $ 24.24 $ 25.75 24.97 7.00% Notes Payable 2025(9) N/A N/A N/A N/A N/A 7.25% Notes Payable 2025(12) N/A $ 26.18 25.77 N/A N/A 7.75% Notes Payable 2025(9) N/A N/A N/A N/A N/A 4.375% Notes Payable(9) N/A N/A N/A N/A N/A 4.35% Notes Payable(9) N/A N/A N/A N/A N/A 6.25% Notes Payable 2027(9) N/A N/A N/A N/A N/A 6.00% Notes Payable 2027 $ 23.97 N/A N/A N/A N/A 8.00% Notes Payable 2027 $ 25.08 N/A N/A N/A N/A 8.125% Notes Payable 2027 $ 25.10 N/A N/A N/A N/A * Certain prior period amounts have been reclassified to conform to current period presentation. (1) Per share amounts are calculated using the weighted average shares outstanding during the period. (2) The continuous issuance of common stock may cause an incremental increase in NAV per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period. (3) Represents the anti-dilutive impact on the NAV per share of the Company due to the repurchase of common shares. (4) Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13, Dividend. (5) Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. (6) Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current NAV on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. (7) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. (8) Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage. (9) The Revolving Credit Facility, SBA Debentures, 7.00% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2026, 7.75% Notes Payable 2025 and 6.25% Notes Payable 2027 are not registered for public trading. (10) On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.5 million, respectively, in aggregate principal amount of the $74.5 million in aggregate principal amount of issued and outstanding 2023 Notes and are no longer listed on the NYSE. (11) On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and, as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE. (12) On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Feb. 28, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data (Unaudited) | Note 15. Selected Quarterly Data (Unaudited) 2023 ($ in thousands, except per share numbers) Qtr 4 Qtr 3 Qtr 2 Qtr 1 Total investment income $ 32,315 $ 26,257 $ 21,853 $ 18,679 Net investment income 9,650 9,877 7,698 7,976 Net realized and unrealized gain (loss) 9,934 (3,863 ) (5,545 ) (9,464 ) Realized losses on extinguishment of debt* (382 ) - (1,205 ) - Net increase in net assets resulting from operations 19,202 6,014 948 (1,488 ) Net investment income per common share $ 0.81 $ 0.83 $ 0.64 $ 0.66 Net realized and unrealized gain (loss) per common share $ 0.81 $ (0.32 ) $ (0.46 ) $ (0.78 ) Dividends declared per common share $ 0.68 $ 0.54 $ 0.53 $ 0.53 Net asset value per common share $ 29.18 $ 28.25 $ 28.27 $ 28.69 2022 ($ in thousands, except per share numbers) Qtr 4 Qtr 3 Qtr 2 Qtr 1 Total investment income $ 18,980 $ 16,502 $ 18,442 $ 16,816 Net investment income 5,796 5,197 6,393 2,556 Net realized and unrealized gain (loss) 2,725 3,908 3,101 18,493 Realized losses on extinguishment of debt* (2,434 ) (118 ) (1,552 ) - Net increase in net assets resulting from operations 8,404 8,340 7,942 21,049 Net investment income per common share $ 0.48 $ 0.45 $ 0.57 $ 0.23 Net realized and unrealized gain (loss) per common share $ 0.23 $ 0.34 $ 0.29 $ 1.66 Dividends declared per common share $ 0.53 $ 0.52 $ 0.44 $ 0.43 Net asset value per common share $ 29.33 $ 29.17 $ 28.97 $ 28.70 2021 ($ in thousands, except per share numbers) Qtr 4 Qtr 3 Qtr 2 Qtr 1 Total investment income $ 16,214 $ 14,283 $ 13,856 $ 13,297 Net investment income 4,289 4,471 5,335 9,018 Net realized and unrealized gain (loss) 5,096 1,895 16,476 (31,674 ) Realized losses on extinguishment of debt* (129 ) - - - Net increase in net assets resulting from operations 9,257 6,366 21,811 (22,656 ) Net investment income per common share $ 0.38 $ 0.40 $ 0.48 $ 0.80 Net realized and unrealized gain (loss) per common share $ 0.46 $ 0.17 $ 1.48 $ (2.82 ) Dividends declared per common share $ 0.42 $ 0.41 $ 0.40 $ - Net asset value per common share $ 27.25 $ 26.84 $ 26.68 $ 25.11 * Certain prior period amounts have been reclassified to conform to current period presentation. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Feb. 28, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16. Subsequent Events The Company has evaluated subsequent events through the filing of this Form 10-K and determined that there have been no events that have occurred that would require adjustments to the Company’s consolidated financial statements and disclosures in the consolidated financial statements except for the following: On March 31, 2023 and May 1, 2023, we issued $10.0 million and $10.0 million, respectively, in aggregate principal amount of our 8.75% 2024 Notes for net proceeds in each issuance of approximately $9.6 million after deducting customary fees of 3.50% and offering expenses of approximately $0.1 million. Interest on the 8.75% 2024 Notes will be paid quarterly in arrears on February 28, May 31, August 31 and November 30, beginning on May 31, 2023, at a rate of 8.75% per year. The 8.75% 2024 Notes will mature on March 31, 2024, unless extended to March 31, 2025 at the sole discretion of the Company. The net proceeds from the offering were used make investments in middle-market companies in accordance with our investment objective and strategies (including investments made through SBIC III LP) and for general corporate purposes. On April 14, 2023, we issued $50.0 million in aggregate principal amount of 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) for net proceeds of $48.2 million, based on a public offering price of 100% of par, after deducting underwriting discounts and commissions of approximately $1.6 million and estimated offering expenses of approximately $0.2 million. On April 25, 2023, the underwriters exercised their option in full to purchase an additional $7.5 million in aggregate principal amount of its 8.50% notes due 2028 within 30 days. Net proceeds to the Company were $7.3 million after deducting underwriting commissions of approximately $0.2 million. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ” with a par value of $25.00 per share. Interest on the 8.50% 2028 Notes will be paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per year, beginning May 31, 2023. The 8.50% 2028 Notes mature on April 15, 2028 and commencing April 14, 2025, may be redeemed in whole or in part at any time or from time to time at our option. We intend to use the net proceeds of the offering to repay a portion of outstanding indebtedness under the Encina Credit Facility, make investments in middle-market companies in accordance with our investment objective and strategies (including investments made through SBIC III LP) and for general corporate purposes. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Feb. 28, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 wholly owned special purpose financing subsidiaries, Saratoga Investment Funding, LLC (previously known as GSC Investment Funding LLC), SIF II, SBIC LP, SBIC II LP, SBIC III LP, SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, 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, SBIC II LP, and SBIC III 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 |
Principles of Consolidation | Principles of Consolidation Under the investment company rules and regulations pursuant to ASC 946, the Company is precluded from consolidating any entity other than another investment company or controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly owned subsidiaries, including the Funds. All intercompany balances and transactions have been eliminated. The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate its investment in SLF JV. |
Use of Estimates in the Preparation of Financial Statements | 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 Cash and cash equivalents include short-term, liquid investments in a money market fund. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are carried at cost which approximates fair value. Pursuant to Section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another 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 investment company’s total outstanding voting; ● we were to hold securities in the investment company having an aggregate value in excess of 5.0% of the value of our total assets; or ● we were to hold securities in investment companies having an aggregate value in excess of 10.0% of the value of our total assets. As of February 28, 2023, the Company did not exceed any of these limitations. |
Cash and Cash Equivalents, Reserve Accounts | 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, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits, representing payments received on secured investments or other reserved amounts associated with the Encina Credit Facility within SIF II, our wholly owned subsidiary. 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 Encina 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, SBIC II LP and SBIC III 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: February 28, February 28, February 28, Cash and cash equivalents $ 65,746,494 $ 47,257,801 $ 18,828,047 Cash and cash equivalents, reserve accounts 30,329,779 5,612,541 11,087,027 Total cash and cash equivalents and cash and cash equivalents, reserve accounts $ 96,076,273 $ 52,870,342 $ 29,915,074 |
Investment Classification | 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 | Investment Valuation The Company accounts for its investments at fair value in accordance with the FASB ASC Topic 820, Fair Value Measurements and Disclosure 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. We use a third-party independent valuation firm to value our investment in the subordinated notes of Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”), the Class F-2-R-3 Notes tranche of the Saratoga CLO, and the Class E Notes tranche of the SLF 2022 every quarter. 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 investments in Saratoga CLO Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes tranche of SLF 2022 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. The Company’s equity investment in SLF JV is measured using the proportionate share of the net asset value (“NAV”), or equivalent, of SLF JV as a practical expedient for fair value, provided by ASC 820. 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 NAV 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. In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted new Rule 2a-5 under the 1940 Act (“Rule 2a-5”) that establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of directors, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”) that provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021 and had a compliance date of September 8, 2022. While our board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. |
Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with FASB ASC Topic 815, Derivatives and Hedging |
Investment Transactions and Income Recognition | 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 February 28, 2023 our investment in one portfolio company was on non-accrual status with a fair value of approximately $9.8 million, or 1.0% of the fair value of our portfolio. At February 28, 2022, there were no investments on non-accrual status. 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 |
Payment-in-Kind Interest | 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. |
Dividend Income | Dividend Income Dividend income is recorded in the consolidated statements of operations when earned. |
Structuring and Advisory Fee Income | Structuring and Advisory Fee Income Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments. |
Other Income | Other Income Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned.. |
Deferred Debt Financing Costs | 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 the SBA debentures of SBIC LP, SBIC II LP, and SBIC III LP are deferred and amortized using the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized using the effective interest method over the life of the respective debt security. 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. |
Realized Loss on Extinguishment of Debt | Realized Loss on Extinguishment of Debt Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying debt obligation). |
Contingencies | 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 reasonably believes 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 | Income Taxes The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. By meeting these requirements, the Company will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders. 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 generally is required to timely distribute to its stockholders at least 90% of its “investment company taxable income”, as defined by the Code, for each fiscal tax year. The Company will be subject to U.S. federal income tax at corporate rates on its investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject to a nondeductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least (1) 98% 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 investment company taxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry forward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year and pay U.S. federal income tax, and possibly 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 investment company 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. For the years ended February 28, 2023, 2022 and 2021, the excise tax accrual on estimated excess table income was $1.1 million, $0.6 million and $0.7 million, respectively. In accordance with U.S. Treasury regulations and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution in either cash or stock of the RIC. This published guidance indicates that the rule will apply where the aggregate amount of cash to be distributed to all stockholders is not at least 20.0% of the aggregate declared distribution. Under the published guidance, if too many stockholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive 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, 2023, February 28, 2022 and 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 2020, 2021, 2022 and 2023 federal tax years for the Company remain subject to examination by the IRS. At February 28, 2023, and February 28, 2022, 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 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 some or all of our net 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 | Capital Gains Incentive Fee The Company records an expense accrual on the consolidated statements of operations relating to the capital gains incentive fee payable by the Company to the Manager on the consolidated statements of assets and liabilities when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments because 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 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 | Recent Accounting Pronouncements In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2022-03 on its consolidated financial statements . In March 2020, the FASB issued “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 |
Risk Management | 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Accounting Policies [Abstract] | |
Schedule of reconciliation of cash and cash equivalents and cash and cash equivalents | February 28, February 28, February 28, Cash and cash equivalents $ 65,746,494 $ 47,257,801 $ 18,828,047 Cash and cash equivalents, reserve accounts 30,329,779 5,612,541 11,087,027 Total cash and cash equivalents and cash and cash equivalents, reserve accounts $ 96,076,273 $ 52,870,342 $ 29,915,074 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Investments [Abstract] | |
Schedule of fair value measurements of investments, by major class | Fair Value Measurements Valued Using Level 1 Level 2 Level 3 Value* Total First lien term loans $ - $ - $ 798,534 $ - $ 798,534 Second lien term loans - - 14,936 - 14,936 Unsecured loans - - 20,661 - 20,661 Structured finance securities - - 41,362 - 41,362 Equity interests - - 83,990 13,107 97,097 Total $ - $ - $ 959,483 $ 13,107 $ 972,590 * The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy. Fair Value Measurements Valued Using Level 1 Level 2 Level 3 Value* Total First lien term loans $ - $ - $ 631,572 $ - $ 631,572 Second lien term loans - - 44,386 - 44,386 Unsecured loans - - 15,931 - 15,931 Structured finance securities - - 38,030 - 38,030 Equity interests - - 75,632 12,016 87,648 Total $ - $ - $ 805,551 $ 12,016 $ 817,567 |
Schedule of reconciliation of beginning and ending balances for investments | First lien Second lien Unsecured Structured Equity Total Balance as of February 28, 2022 $ 631,572 $ 44,386 $ 15,931 $ 38,030 $ 75,632 $ 805,551 Payment-in-kind and other adjustments to cost 391 283 238 (3,329 ) 535 (1,882 ) Net accretion of discount on investments 1,831 (14 ) - - - 1,817 Net change in unrealized appreciation (depreciation) on investments (10,465 ) (703 ) (167 ) (4,731 ) 4,215 (11,851 ) Purchases 345,955 4,950 4,659 11,392 13,660 380,616 Sales and repayments (170,913 ) (33,966 ) - - (17,336 ) (222,215 ) Net realized gain (loss) from investments 163 - - - 7,284 7,447 Balance as of February 28, 2023 $ 798,534 $ 14,936 $ 20,661 $ 41,362 $ 83,990 $ 959,483 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 year $ (10,575 ) $ (892 ) $ (167 ) $ (4,731 ) $ 6,111 $ (10,254 ) First lien Second lien Unsecured Structured Equity 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 (546 ) 111 718 (1,574 ) 943 (348 ) Net accretion of discount on investments 2,008 35 - - - 2,043 Net change in unrealized appreciation (depreciation) on investments 1,670 (515 ) (54 ) (1,676 ) 18,703 18,128 Purchases 364,216 19,825 13,126 - 47,783 444,950 Sales and repayments (176,264 ) - - (8,359 ) (42,309 ) (226,932 ) Net realized gain (loss) from investments 32 - - (140 ) 13,505 13,397 Balance as of February 28, 2022 $ 631,572 $ 44,386 $ 15,931 $ 38,030 $ 75,632 $ 805,551 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 year $ 2,605 $ (515 ) $ (54 ) $ (1,222 ) $ 21,361 $ 22,175 |
Schedule of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets | Fair Value Valuation Technique Unobservable Input Range Weighted First lien term loans $ 798,534 Market Comparables Market Yield (%) 10.5% - 23.1% 12.8% Revenue Multiples (x) 4.1x 4.1x EBITDA Multiples (x) 8.0x 8.0x Second lien term loans 14,936 Market Comparables Market Yield (%) 15.6% - 61.8% 45.8% Unsecured term loans 20,661 Market Comparables Market Yield (%) 10.0% - 28.8% 12.6% Market Comparables Market Quote (%) 100.0% 100% Collateral Value Coverage Net Asset Value (%) 100.0% 100% Structured finance securities 41,362 Discounted Cash Flow Discount Rate (%) 12.0% - 22.0% 17.6% Recovery Rate (%) 35.0% - 70.0% 70.0% Prepayment Rate (%) 20.0% 20.0% Equity interests 83,990 Enterprise Value Waterfall EBITDA Multiples (x) 5.5x - 28.6x 11.0x Revenue Multiples (x) 1.3x - 11.2x 6.4x Total $ 959,483 * The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input. Fair Value Valuation Technique Unobservable Input Range Weighted First lien term loans $ 631,572 Market Comparables Market Yield (%) 6.0% - 11.3% 8.4% Revenue Multiples (x) 3.5x 3.5x Second lien term loans 44,386 Market Comparables Market Yield (%) 8.9% - 32.9% 15.6% EBITDA Multiples (x) 7.5x 7.5x Unsecured term loans 15,931 Market Comparables Market Yield (%) 22.3% 22.3% Net Asset Value 100.0% 100.0% Structured finance securities 38,030 Discounted Cash Flow Discount Rate (%) 10.0% - 15.0% 14,2% Recovery Rate (%) 35.0% - 70.0% 70.0% Prepayment Rate (%) 20.0% 20.0% Equity interests 75,632 Enterprise Value Waterfall EBITDA Multiples (x) 4.0x - 28.6x 9.3x Revenue Multiples (x) 1.0x - 11.7x 6.6x Third-party bid 100.0% 100.0% Total $ 805,551 * The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input. |
Schedule of investments at amortized cost and fair value | Investments at Amortized Cost Amortized Cost Percentage of Total Portfolio Investments at Fair Value Fair Value Percentage of Total Portfolio First lien term loans $ 808,464 83.7 % $ 798,534 82.1 % Second lien term loans 21,114 2.2 14,936 1.5 Unsecured loans 21,001 2.2 20,661 2.1 Structured finance securities 49,711 5.1 41,362 4.3 Equity interests 66,199 6.8 97,097 10.0 Total $ 966,489 100.0 % $ 972,590 100.0 % Investments at Amortized Cost Amortized Cost Percentage of Total Portfolio Investments at Fair Value Fair Value Percentage of Total Portfolio First lien term loans $ 631,037 79.3 % $ 631,572 77.3 % Second lien term loans 49,862 6.3 44,386 5.4 Unsecured loans 16,104 2.0 15,931 1.9 Structured finance securities 41,648 5.2 38,030 4.7 Equity interests 57,597 7.2 87,648 10.7 Total $ 796,248 100.0 % $ 817,567 100.0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of U.S. federal excise and capital gains tax and worthless securities losses | February 28, February 28, Capital in excess of par value $ 16 $ (4,704 ) Total distributable earnings (loss) (16 ) 4,704 |
Schedule of tax character of distributions paid | February 28, 2023 February 28, 2022 February 28, 2021 Ordinary income $ 27,313 $ 22,033 $ 13,747 Capital gains - - Total $ 27,313 $ 22,033 $ 13,747 |
Schedule of components of accumulated losses on a tax basis | February 28, February 28, Post October loss deferred $ - $ - Accumulated capital losses (1,580 ) (1,143 ) Other temporary differences 1,971 (1,601 ) Undistributed Long Term Gain - - Undistributed ordinary income 19,771 9,897 Unrealized appreciation (depreciation) (15,500 ) 21,283 Total components of accumulated losses $ 4,662 $ 28,436 |
Schedule of deferred tax assets and liabilities | February 28, 2023 February 28, 2022 Total deferred tax assets $ 2,542,373 $ 1,991,241 Total deferred tax liabilities (3,008,829 ) (1,293,496 ) Valuation allowance on net deferred tax assets (2,350,116 ) (1,946,761 ) Net deferred tax liability $ (2,816,572 ) $ (1,249,016 ) |
Schedule of federal and state income tax provisions benefit | February 28, 2023 February 28, 2022 February 28, 2021 Current Federal $ (473,475 ) $ 2,498,515 $ - State (80,273 ) 327,021 - Net current expense (553,748 ) 2,825,536 - Deferred Federal 1,467,975 (444,628 ) 461,503 State 99,582 (227,737 ) 113,798 Net deferred expense 1,567,557 (672,365 ) 575,301 Net tax provision $ 1,013,809 $ 2,153,171 $ 575,301 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of credit facility | Class and Year(1)(2) Total Amount Outstanding Exclusive of Treasury Securities(3) Asset Coverage per Unit(4) Involuntary Liquidating Preference per Share(5) Average Market Value per Share(6) (in thousands) Credit Facility with Encina Lender Finance, LLC Fiscal year 2023 (as of February 28, 2023) $ 32,500 $ 1,659 - N/A Fiscal yaer 2022 (as of February 28, 2022) $ 12,500 $ 2,093 - N/A Credit Facility with Madison Capital Funding(14) Fiscal year 2021 (as of February 28, 2021) $ - $ 3,471 - N/A Fiscal year 2020 (as of February 29, 2020) $ - $ 6,071 - N/A Fiscal year 2019 (as of February 28, 2019) $ - $ 2,345 - N/A Fiscal year 2018 (as of February 28, 2018) $ - $ 2,930 - N/A Fiscal year 2017 (as of February 28, 2017) $ - $ 2,710 - N/A Fiscal year 2016 (as of February 29, 2016) $ - $ 3,025 - N/A Fiscal year 2015 (as of February 28, 2015) $ 9,600 $ 3,117 - N/A Fiscal year 2014 (as of February 28, 2014) $ - $ 3,348 - N/A Fiscal year 2013 (as of February 28, 2013) $ 24,300 $ 5,421 - N/A Fiscal year 2012 (as of February 29, 2012) $ 20,000 $ 5,834 - N/A Fiscal year 2011 (as of February 28, 2011) $ 4,500 $ 20,077 - N/A Fiscal year 2010 (as of February 28, 2010) $ - $ - - N/A Fiscal year 2009 (as of February 28, 2009) $ - $ - - N/A Fiscal year 2008 (as of February 29, 2008) $ - $ - - N/A Fiscal year 2007 (as of February 28, 2007) $ - $ - - N/A 7.50% Notes due 2020(7) Fiscal year 2017 (as of February 28, 2017) $ - $ - - N/A Fiscal year 2016 (as of February 29, 2016) $ 61,793 $ 3,025 - $ 25.24 (8) Fiscal year 2015 (as of February 28, 2015) $ 48,300 $ 3,117 - $ 25.46 (8) Fiscal year 2014 (as of February 28, 2014) $ 48,300 $ 3,348 - $ 25.18 (8) Fiscal year 2013 (as of February 28, 2013) $ - $ - - N/A Fiscal year 2012 (as of February 29, 2012) $ - $ - - N/A Fiscal year 2011 (as of February 28, 2011) $ - $ - - N/A Fiscal year 2010 (as of February 28, 2010) $ - $ - - N/A Fiscal year 2009 (as of February 28, 2009) $ - $ - - N/A Fiscal year 2008 (as of February 29, 2008) $ - $ - - N/A Fiscal year 2007 (as of February 28, 2007) $ - $ - - N/A 6.75% Notes due 2023(9) Fiscal year 2020 (as of February 29, 2020) $ - $ - - N/A Fiscal year 2019 (as of February 28, 2019) $ 74,451 $ 2,345 - $ 25.74 (10) Fiscal year 2018 (as of February 28, 2018) $ 74,451 $ 2,930 - $ 26.05 (10) Fiscal year 2017 (as of February 28, 2017) $ 74,451 $ 2,710 - $ 25.89 (10) 6.25% Notes due 2025(13) Fiscal year 2022 (as of February 28, 2022) - - - N/A Fiscal year 2021 (as of February 28, 2021) $ 60,000 $ 3,471 - $ 24.24 (11) Fiscal year 2020 (as of February 29, 2020) $ 60,000 $ 6,071 - $ 25.75 (11) Fiscal year 2019 (as of February 28, 2019) $ 60,000 $ 2,345 - $ 24.97 (11) 7.00% Notes due 2025 Fiscal year 2023 (as of February 28, 2023) $ 12,000 $ 1,659 - $ 25.00 (12) 7.25% Notes due 2025(16) Fiscal year 2023 (as of February 28, 2023) - - - N/A Fiscal year 2022 (as of February 28, 2022) $ 43,125 $ 2,093 - $ 25.46 (11) Fiscal year 2021 (as of February 28, 2021) $ 43,125 $ 3,471 - $ 25.77 (11) 7.75% Notes due 2025 Fiscal year 2023 (as of February 28, 2023) $ 5,000 $ 1,659 - $ 25.00 (12) Fiscal year 2022 (as of February 28, 2022) $ 5,000 $ 2,093 - $ 25.00 (12) Fiscal year 2021 (as of February 28, 2021) $ 5,000 $ 3,471 - $ 25.00 (12) 4.375% Notes due 2026 Fiscal year 2023 (as of February 28, 2023) $ 175,000 $ 1,659 - $ 25.00 (12) Fiscal year 2022 (as of February 28, 2022) $ 175,000 $ 2,093 - $ 25.00 (12) 4.35% Notes due 2027 Fiscal year 2023 (as of February 28, 2023) $ 75,000 $ 1,659 - $ 25.00 (12) Fiscal year 2022 (as of February 28, 2022) $ 75,000 $ 2,093 - $ 25.00 (12) 6.25% Notes due 2027 Fiscal year 2023 (as of February 28, 2023) $ 15,000 $ 1,659 - $ 25.00 (12) Fiscal year 2022 (as of February 28, 2022) $ 15,000 $ 2,093 - $ 25.00 (12) Fiscal year 2021 (as of February 28, 2021) $ 15,000 $ 3,471 - $ 25.00 (12) 6.00% Notes due 2027 Fiscal year 2023 (as of February 28, 2023) $ 105,500 $ 1,659 - $ 23.97 (15) 8.00% Notes due 2027 Fiscal year 2023 (as of February 28, 2023) $ 46,000 $ 1,659 - $ 25.08 (15) 8.125% Notes due 2027 Fiscal year 2023 (as of February 28, 2023) $ 60,375 $ 1,659 - $ 25.10 (15) (1) We have excluded our SBA-guaranteed debentures from this table because the SEC has granted us exemptive relief that permits us to exclude such debentures from the definition of senior securities in the 150% asset coverage ratio we are required to maintain under the 1940 Act. (2) This table does not include the senior securities of our predecessor entity, GSC Investment Corp., relating to a revolving securitized credit facility with Deutsche Bank, in light of the fact that the Company was under different management during the time that such credit facility was outstanding. (3) Total amount of senior securities outstanding at the end of the period presented. (4) Asset coverage per unit is the ratio of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness, calculated on a total basis. (5) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities. (6) Not applicable for credit facility because not registered for public trading. (7) On January 13, 2017, the Company redeemed in full its 2020 Notes. The Company used a portion of the net proceeds from the 2023 Notes offering, which was completed in December 2016, to redeem the 2020 Notes in full. (8) Based on the average daily trading price of the 2020 Notes on the NYSE. (9) On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.45 million, respectively, in aggregate principal amount of the $74.45 million in aggregate principal amount of issued and outstanding 2023 Notes. (10) Based on the average daily trading price of the 2023 Notes on the NYSE. (11) Based on the average daily trading price of the 2025 Notes on the NYSE. (12) The carrying value of this unlisted security approximates its fair value, based on a waterfall analysis showing adequate collateral coverage. (13) On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes. The Company used a portion of the net proceeds from the 4.375% 2026 Notes offering, which was completed in July 2021, to redeem the 6.25% 2025 Notes in full. (14) On October 4, 2021, the Company repaid all remaining amounts outstanding under the Madison Credit Facility and the credit agreement relating to the Madison Credit Facility was terminated. (15) Based on the average daily trading price of the 2027 Notes on the NYSE. (16) On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of payment obligations for repayment of debt and other contractual obligations | Payment Due by Period Long-Term Debt Obligations Total Less Than 1 - 3 3 - 5 More Than ($ in thousands) Encina credit facility $ 32,500 $ - $ 32,500 $ - $ - SBA debentures 202,000 - 15,000 12,000 175,000 6.00% 2025 Notes 12,000 - 12,000 - - 7.75% 2025 Notes 5,000 - 5,000 - - 4.375% 2026 Notes 175,000 - - 175,000 - 4.35% 2027 Notes 75,000 - - 75,000 - 6.00% 2027 Notes 105,500 - - 105,500 - 6.25% 2027 Notes 15,000 - - 15,000 - 8.00% 2027 Notes 46,000 - - 46,000 - 8.125% 2027 Notes 60,375 - - 60,375 - Total Long-Term Debt Obligations $ 728,375 $ - $ 64,500 $ 488,875 $ 175,000 |
Schedule of unfunded commitments outstanding | February 28, 2023 February 28, 2022 At Company’s discretion ActiveProspect, Inc. $ 10,000 $ - Artemis Wax Corp. - 3,700 Ascend Software, LLC 5,000 5,000 Axero Holdings, LLC - 3,000 Book4Time, Inc. - 2,000 Davisware, LLC - 2,000 Granite Comfort, LP 15,000 - JDXpert 5,000 - LFR Chicken LLC 4,000 10,000 Netreo Holdings, LLC - 4,000 Pepper Palace, Inc. 3,000 3,000 Procurement Partners, LLC 4,250 2,800 Saratoga Senior Loan Fund I JV, LLC 8,548 17,500 Sceptre Hospitality Resources, LLC 5,000 1,000 Total 59,798 54,000 At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required ARC Health OpCo LLC 10,773 - Artemis Wax Corp. 8,500 Ascend Software, LLC 3,200 6,500 Axero Holdings, LLC - 2,000 Axero Holdings, LLC - Revolver 500 500 Davisware, LLC - 1,000 Exigo, LLC 4,167 Exigo, LLC - Revolver 833 GDS Software Holdings, LLC - 2,786 Gen4 Dental Partners Holdings, LLC 11,000 - GoReact 2,500 2,500 HemaTerra Holding Company, LLC - - JDXpert 1,000 - LFR Chicken LLC - 3,000 Madison Logic, Inc. - Revolver - 1,084 New England Dental Partners - 4,500 Passageways, Inc. - - Pepper Palace, Inc. 2,000 2,000 Pepper Palace, Inc. - Revolver 2,500 2,500 Procurement Partners, LLC 1,000 - Zollege PBC 1,000 1,000 48,973 29,370 Total $ 108,771 $ 83,370 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of reconciliation of the changes in each significant caption of stockholders’ equity | Capital Total Common Stock in Excess Earnings Shares Amount of Par Value (Loss) Net Assets Balance at February 28, 2021 11,161,416 $ 11,161 $ 304,874,957 $ (700,348 ) $ 304,185,770 Increase (Decrease) from Operations: Net investment income - - - 2,555,935 2,555,935 Net realized gain (loss) from investments - - - 1,910,141 1,910,141 Net change in unrealized appreciation (depreciation) on investments - - - 16,812,577 16,812,577 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (230,144 ) (230,144 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (4,799,405 ) (4,799,405 ) Capital Share Transactions: Proceeds from issuance of common stock - - - - - Stock dividend distribution 38,580 39 914,063 - 914,102 Repurchases of common stock (40,000 ) (40 ) (1,003,380 ) - (1,003,420 ) Repurchase fees - - (800 ) - (800 ) Offering costs - - - - - Balance at May 31, 2021 11,159,995 $ 11,160 $ 304,784,840 $ 15,548,756 $ 320,344,756 Increase (Decrease) from Operations: Net investment income - - - 6,393,261 6,393,261 Net realized gain (loss) from investments - - - 1,501,597 1,501,597 Income tax (provision) benefit from realized gain on investments - - - (448,883 ) (448,883 ) Realized losses on extinguishment of debt (1,552,140 ) (1,552,140 ) Net change in unrealized appreciation (depreciation) on investments - - - 3,376,540 3,376,540 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (1,328,711 ) (1,328,711 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (4,910,394 ) (4,910,394 ) Capital Share Transactions: Proceeds from issuance of common stock 5,441 6 157,034 - 157,040 Stock dividend distribution 33,099 33 828,479 - 828,512 Repurchases of common stock (9,623 ) (10 ) (248,713 ) - (248,723 ) Repurchase fees - - (192 ) - (192 ) Offering costs - - (817 ) - (817 ) Balance at August 31, 2021 11,188,912 $ 11,189 $ 305,520,631 $ 18,580,025 $ 324,111,845 Capital in Total Common Stock Excess of Earnings Shares Amount Par Value (Loss) Net Assets Increase (Decrease) from Operations: Net investment income - - - 5,196,635 5,196,635 Net realized gain (loss) from investments - - - 9,916,925 9,916,925 Income tax (provision) benefit from realized gain on investments - - - (2,447,173 ) (2,447,173 ) Realized losses on extinguishment of debt (764,123 ) (764,123 ) Net change in unrealized appreciation (depreciation) on investments - - - (6,042,616 ) (6,042,616 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - 2,480,465 2,480,465 Decrease from Shareholder Distributions: Distributions of investment income – net - - - (5,889,329 ) (5,889,329 ) Capital Share Transactions: Proceeds from issuance of common stock 520,076 520 15,163,259 - 15,163,779 Stock dividend distribution 38,016 38 1,017,625 - 1,017,663 Repurchases of common stock - - - - - Repurchase fees - - - - - Offering costs - - (142,326 ) - (142,326 ) Balance at November 30, 2021 11,747,004 $ 11,747 $ 321,559,189 $ 21,030,809 $ 342,601,745 Increase (Decrease) from Operations: Net investment income - - - 5,796,910 5,796,910 Net realized gain (loss) from investments - - - 69,664 69,664 Income tax (provision) benefit from realized gain on investments - - - 9,612 9,612 Realized losses on extinguishment of debt (118,147 ) (118,147 ) Net change in unrealized appreciation (depreciation) on investments - - - 2,873,561 2,873,561 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (226,702 ) (226,702 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (6,434,106 ) (6,434,106 ) Capital Share Transactions: Proceeds from issuance of common stock 392,826 392 11,513,992 - 11,514,383 Stock dividend distribution 41,520 42 1,114,886 - 1,114,929 Repurchases of common stock (50,000 ) (50 ) (1,292,843 ) - (1,292,893 ) Repurchase fees (1,000 ) - (1,000 ) Offering costs - - (127,433 ) - (127,433 ) Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles - - (4,704,545 ) 4,704,545 - Balance at February 28, 2022 12,131,350 $ 12,131 $ 328,062,246 $ 27,706,146 $ 355,780,523 Increase (Decrease) from Operations: Net investment income - - - 7,976,222 7,976,222 Net realized gain (loss) from investments - - - 162,509 162,509 Income tax (provision) benefit from realized gain on investments - - - 69,250 69,250 Net change in unrealized appreciation (depreciation) on investments - - - (9,333,449 ) (9,333,449 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (361,951 ) (361,951 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (6,428,817 ) (6,428,817 ) Capital Share Transactions: Stock dividend distribution 42,825 43 1,108,637 - 1,108,680 Repurchases of common stock (142,177 ) (142 ) (3,734,174 ) - (3,734,316 ) Repurchase fees - - (2,840 ) - (2,840 ) Balance at May 31, 2022 12,031,998 $ 12,032 $ 325,433,869 $ 19,789,910 $ 345,235,811 Capital in Total Common Stock Excess of Earnings Shares Amount Par Value (Loss) Net Assets Increase (Decrease) from Operations: Net investment income - - - 7,698,014 7,698,014 Net realized gain (loss) from investments - - - 7,943,838 7,943,838 Realized losses on extinguishment of debt - - - (1,204,809 ) (1,204,809 ) Net change in unrealized appreciation (depreciation) on investments - - - (13,258,456 ) (13,258,456 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (230,154 ) (230,154 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (6,369,981 ) (6,369,981 ) Capital Share Transactions: Stock dividend distribution 48,590 49 1,088,139 - 1,088,188 Repurchases of common stock (153,350 ) (154 ) (3,685,951 ) - (3,686,105 ) Repurchase fees - - (3,071 ) - (3,071 ) Balance at August 31, 2022 11,927,238 $ 11,927 $ 322,832,986 $ 14,368,362 $ 337,213,275 Increase (Decrease) from Operations: Net investment income - - - 9,877,437 9,877,437 Net realized gain (loss) from investments - - - (740,434 ) (740,434 ) Income tax (provision) benefit from realized gain on investments - - - 479,318 479,318 Net change in unrealized appreciation (depreciation) on investments - - - (3,176,208 ) (3,176,208 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (425,848 ) (425,848 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (6,433,298 ) (6,433,298 ) Capital Share Transactions: Stock dividend distribution 52,312 53 1,150,881 - 1,150,934 Repurchases of common stock (94,071 ) (95 ) (2,179,600 ) - (2,179,695 ) Repurchase fees - - (1,881 ) - (1,881 ) Balance at November 30, 2022 11,885,479 $ 11,885 $ 321,802,386 $ 13,949,329 $ 335,763,600 Increase (Decrease) from Operations: Net investment income - - - 9,649,474 9,649,474 Net realized gain (loss) from investments - - - 80,683 80,683 Realized losses on extinguishment of debt - - - (382,274 ) (382,274 ) Net change in unrealized appreciation (depreciation) on investments - - - 10,549,981 10,549,981 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (697,380 ) (697,380 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (8,081,306 ) (8,081,306 ) Capital Share Transactions: Stock dividend distribution 53,615 55 1,300,405 - 1,300,460 Repurchases of common stock (48,594 ) (49 ) (1,224,175 ) - (1,224,224 ) Repurchase fees - - (972 ) - (972 ) Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles - - 16,162 (16,162 ) - Balance at February 28, 2023 11,890,500 $ 11,891 $ 321,893,806 $ 25,052,345 $ 346,958,042 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of weighted average basic and diluted net increase (decrease) in net assets | Basic and Diluted February 28, 2023 February 28, 2022 February 28, 2021 Net increase in net assets resulting from operations $ 24,676 $ 45,735 $ 14,777 Weighted average common shares outstanding 11,963,533 11,456,631 11,188,629 Weighted average earnings per common share $ 2.06 $ 3.99 $ 1.32 |
Dividend (Tables)
Dividend (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Dividend [Abstract] | |
Schedule of payment date | Payment date Cash Dividend Tax Year Ended February 28, 2024 March 30, 2023 $ 0.69 (1) $ 0.69 Tax Year Ended February 28, 2023 January 4, 2023 $ 0.68 (2) September 29, 2022 0.54 (3) June 29, 2022 0.53 (4) March 28, 2022 0.53 (5) $ 2.28 Tax Year Ended February 28, 2022 January 19, 2022 $ 0.53 (6) September 28, 2021 0.52 (7) June 29, 2021 0.44 (8) April 22, 2021 0.43 (9) $ 1.92 Tax Year Ended February 28, 2021 February 10, 2021 $ 0.42 (10) November 10, 2020 0.41 (11) August 12, 2020 0.40 (12) $ 1.03 Tax Year Ended February 29, 2020 February 6, 2020 $ 0.56 (13) September 26, 2019 0.56 (14) June 27, 2019 0.55 (15) March 28, 2019 0.54 (16) $ 2.21 Tax Year Ended February 28, 2019 January 2, 2019 $ 0.53 (17) September 27, 2018 0.52 (18) June 27, 2018 0.51 (19) March 26, 2018 0.50 (20) $ 2.06 Tax Year Ended February 28, 2018 December 27, 2017 $ 0.49 (21) September 26, 2017 0.48 (22) June 27, 2017 0.47 (23) March 28, 2017 0.46 (24) $ 1.90 Payment date Cash Dividend Tax Year Ended February 28, 2017 February 9, 2017 $ 0.45 (25) November 9, 2016 0.44 (26) September 5, 2016 0.20 (27) August 9, 2016 0.43 (28) April 27, 2016 0.41 (29) $ 1.93 Tax Year Ended February 29, 2016 February 29, 2016 $ 0.40 (30) November 30, 2015 0.36 (31) August 31, 2015 0.33 (32) June 5, 2015 1.00 (33) May 29. 2015 0.27 (34) $ 2.36 Tax Year Ended February 28, 2015 February 27, 2015 $ 0.22 (35) November 28, 2014 0.18 (36) $ 0.40 Tax Year Ended February 28. 2014 December 27, 2013 $ 2.65 (37) $ 2.65 Tax Year Ended February 28, 2013 December 31, 2012 $ 4.25 (38) $ 4.25 Tax Year Ended February 29, 2012 December 30, 2011 $ 3.00 (39) $ 3.00 Tax Year Ended February 28, 2011 December 29, 2010 $ 4.40 (40) $ 4.40 Tax Year Ended February 28, 2010 December 31, 2009 $ 18.25 (41) $ 18.25 (1) Based on shareholder elections, the dividend consisted of approximately $7.1 million in cash and 46,818 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 17, 20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023. (2) Based on shareholder elections, the dividend consisted of approximately $6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.26 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023. (3) Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 52,313 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.00 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022. (4) Based on shareholder elections, the dividend consisted of approximately $5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.40 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022. (5) Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.89 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022. (6) Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022. (7) Based on shareholder elections, the dividend consisted of approximately $4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.77 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021. (8) Based on shareholder elections, the dividend consisted of approximately $4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.03 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021. (9) Based on shareholder elections, the dividend consisted of approximately $3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.69 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021. (10) Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.75 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021. (11) Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.63 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020. (12) Based on shareholder elections, the dividend consisted of approximately $3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.45 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020. (13) Based on shareholder elections, the dividend consisted of approximately $5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.44 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020. (14) Based on shareholder elections, the dividend consisted of approximately $4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.34 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019. (15) Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.65 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019. (16) Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.36 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019. (17) Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $18.88 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019. (18) Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.35 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018. (19) Based on shareholder elections, the dividend consisted of approximately $2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.72 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018. (20) Based on shareholder elections, the dividend consisted of approximately $2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $19.91 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018. (21) Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017. (22) Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017. (23) Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017. (24) Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017. (25) Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017. (26) Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016. (27) Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016. (28) Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016. (29) Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016. (30) Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016. (31) Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015. (32) Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015. (33) Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015. (34) Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015. (35) Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015. (36) Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014. (37) Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013. (38) Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012. (39) Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011. (40) Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010. (41) Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872.5 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009. |
Schedule of payment date | Date Declared Record Date Payment Date Amount per Share Total Amount* February 28, 2023 March 16, 2023 March 30, 2023 $ 0.69 $ 8,193 November 15, 2022 December 15, 2022 January 4, 2023 0.68 8,081 August 29, 2022 September 14, 2022 September 29, 2022 0.54 6,433 May 26, 2022 June 14, 2022 June 29, 2022 0.53 6,370 Total dividends declared $ 2.44 $ 29,077 Date Declared Record Date Payment Date Amount per Share Total Amount* February 24, 2022 March 14, 2022 March 28, 2022 $ 0.53 $ 6,434 August 26, 2021 September 14, 2021 September 28, 2021 0.52 5,889 May 27, 2021 June 15, 2021 June 29, 2021 0.44 4,910 March 22, 2021 April 8, 2021 April 22, 2021 0.43 4,799 Total dividends declared $ 1.92 $ 22,032 Date Declared Record Date Payment Date Amount per Share Total Amount* January 5, 2021 January 26, 2021 February 10, 2021 $ 0.42 $ 4,679 October 7, 2020 October 26, 2020 November 10, 2020 0.41 4,581 July 7, 2020 July 27, 2020 August 12, 2020 0.40 4,487 Total dividends declared $ 1.23 $ 13,747 Date Declared Record Date Payment Date Amount per Share Total Amount* January 7, 2020 January 24, 2020 February 6, 2020 $ 0.56 $ 6,262 August 27, 2019 September 13, 2019 September 26, 2019 0.56 5,323 May 28, 2019 June 13, 2019 June 27, 2019 0.55 4,336 February 26, 2019 March 14, 2019 March 28, 2019 0.54 4,176 Total dividends declared $ 2.21 $ 20,097 Date Declared Record Date Payment Date Amount per Share Total Amount* November 27, 2018 December 17, 2018 January 2, 2019 $ 0.53 $ 3,980 August 28, 2018 September 17, 2018 September 27, 2018 0.52 3,876 May 30, 2018 June 15, 2018 June 27, 2018 0.51 3,204 February 26, 2018 March 14, 2018 March 26, 2018 0.50 3,129 Total dividends declared $ 2.06 $ 14,189 * Total amount is calculated based on the number of shares outstanding at the date of record. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of financial highlights | Per share data February 28, 2023 February 28, 2022 February 28, 2021 February 29, 2020 February 28, 2019 Net asset value at beginning of period $ 29.33 $ 27.25 $ 27.13 $ 23.62 $ 22.96 Adoption of ASC 606 - - - - (0.01 ) Net asset value at beginning of period, as adjusted 29.33 27.25 27.13 23.62 22.95 Net investment income(1) 2.94 1.74 2.07 1.59 2.60 Net realized and unrealized gain and losses on investments(1) (0.75 ) 2.46 (0.74 ) 4.56 0.03 Realized losses on extinguishment of debt* (0.13 ) (0.21 ) (0.01 ) (0.17 ) - Net increase in net assets resulting from operations 2.06 3.99 1.32 5.98 2.63 Distributions declared from net investment income (2.28 ) (1.93 ) (1.23 ) (2.21 ) (2.06 ) Total distributions to stockholders (2.28 ) (1.93 ) (1.23 ) (2.21 ) (2.06 ) Issuance of common stock above net asset value(2) - - - - 0.15 Repurchases of common stock(3) 0.17 0.01 0.13 - - Dilution(4) (0.10 ) - (0.10 ) (0.26 ) (0.05 ) Net asset value at end of period $ 29.18 $ 29.33 $ 27.25 $ 27.13 $ 23.62 Net assets at end of period $ 346,958,042 $ 355,780,523 $ 304,185,770 $ 304,286,853 $ 180,875,187 Shares outstanding at end of period 11,890,500 12,131,350 11,161,416 11,217,545 7,657,156 Per share market value at end of period $ 27.55 $ 27.47 $ 23.08 $ 22.91 $ 23.04 Total return based on market value(5) 10.35 % 28.19 % 7.63 % 9.28 % 16.11 % Total return based on net asset value(6) 9.46 % 15.88 % 7.31 % 26.22 % 13.33 % Ratio/Supplemental data: Ratio of net investment income to average net assets 10.23 % 6.05 % 7.77 % 6.31 % 11.22 % Ratio of loss on extinguishment of debt to average net assets 0.46 % 0.74 % 0.04 % 0.67 % - Expenses: Ratios of operating expenses and income taxes to average net assets* 7.71 % 6.48 % 6.90 % 6.10 % 8.07 % Ratio of incentive management fees to average net assets 1.47 % 3.58 % 1.65 % 6.01 % 3.00 % Ratio of interest and debt financing expenses to average net assets 9.73 % 6.03 % 4.56 % 6.23 % 8.05 % Ratio of total expenses and income taxes to average net assets* 18.91 % 16.09 % 13.11 % 18.34 % 19.12 % Portfolio turnover rate(7) 24.05 % 33.59 % 25.26 % 36.82 % 35.26 % Asset coverage ratio per unit(8) 1,659 2,092 3,471 6,071 2,345 Average market value per unit Revolving Credit Facility(9) N/A N/A N/A N/A N/A SBA Debentures Payable(9) N/A N/A N/A N/A N/A 6.75% Notes Payable 2023(10) N/A N/A N/A N/A $ 25.74 6.25% Notes Payable 2025(11) N/A N/A $ 24.24 $ 25.75 24.97 7.00% Notes Payable 2025(9) N/A N/A N/A N/A N/A 7.25% Notes Payable 2025(12) N/A $ 26.18 25.77 N/A N/A 7.75% Notes Payable 2025(9) N/A N/A N/A N/A N/A 4.375% Notes Payable(9) N/A N/A N/A N/A N/A 4.35% Notes Payable(9) N/A N/A N/A N/A N/A 6.25% Notes Payable 2027(9) N/A N/A N/A N/A N/A 6.00% Notes Payable 2027 $ 23.97 N/A N/A N/A N/A 8.00% Notes Payable 2027 $ 25.08 N/A N/A N/A N/A 8.125% Notes Payable 2027 $ 25.10 N/A N/A N/A N/A * Certain prior period amounts have been reclassified to conform to current period presentation. (1) Per share amounts are calculated using the weighted average shares outstanding during the period. (2) The continuous issuance of common stock may cause an incremental increase in NAV per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period. (3) Represents the anti-dilutive impact on the NAV per share of the Company due to the repurchase of common shares. (4) Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13, Dividend. (5) Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. (6) Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current NAV on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. (7) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. (8) Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage. (9) The Revolving Credit Facility, SBA Debentures, 7.00% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2026, 7.75% Notes Payable 2025 and 6.25% Notes Payable 2027 are not registered for public trading. (10) On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.5 million, respectively, in aggregate principal amount of the $74.5 million in aggregate principal amount of issued and outstanding 2023 Notes and are no longer listed on the NYSE. (11) On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and, as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE. (12) On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE. |
Selected Quarterly Data (Unau_2
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of selected quarterly data | 2023 ($ in thousands, except per share numbers) Qtr 4 Qtr 3 Qtr 2 Qtr 1 Total investment income $ 32,315 $ 26,257 $ 21,853 $ 18,679 Net investment income 9,650 9,877 7,698 7,976 Net realized and unrealized gain (loss) 9,934 (3,863 ) (5,545 ) (9,464 ) Realized losses on extinguishment of debt* (382 ) - (1,205 ) - Net increase in net assets resulting from operations 19,202 6,014 948 (1,488 ) Net investment income per common share $ 0.81 $ 0.83 $ 0.64 $ 0.66 Net realized and unrealized gain (loss) per common share $ 0.81 $ (0.32 ) $ (0.46 ) $ (0.78 ) Dividends declared per common share $ 0.68 $ 0.54 $ 0.53 $ 0.53 Net asset value per common share $ 29.18 $ 28.25 $ 28.27 $ 28.69 2022 ($ in thousands, except per share numbers) Qtr 4 Qtr 3 Qtr 2 Qtr 1 Total investment income $ 18,980 $ 16,502 $ 18,442 $ 16,816 Net investment income 5,796 5,197 6,393 2,556 Net realized and unrealized gain (loss) 2,725 3,908 3,101 18,493 Realized losses on extinguishment of debt* (2,434 ) (118 ) (1,552 ) - Net increase in net assets resulting from operations 8,404 8,340 7,942 21,049 Net investment income per common share $ 0.48 $ 0.45 $ 0.57 $ 0.23 Net realized and unrealized gain (loss) per common share $ 0.23 $ 0.34 $ 0.29 $ 1.66 Dividends declared per common share $ 0.53 $ 0.52 $ 0.44 $ 0.43 Net asset value per common share $ 29.33 $ 29.17 $ 28.97 $ 28.70 2021 ($ in thousands, except per share numbers) Qtr 4 Qtr 3 Qtr 2 Qtr 1 Total investment income $ 16,214 $ 14,283 $ 13,856 $ 13,297 Net investment income 4,289 4,471 5,335 9,018 Net realized and unrealized gain (loss) 5,096 1,895 16,476 (31,674 ) Realized losses on extinguishment of debt* (129 ) - - - Net increase in net assets resulting from operations 9,257 6,366 21,811 (22,656 ) Net investment income per common share $ 0.38 $ 0.40 $ 0.48 $ 0.80 Net realized and unrealized gain (loss) per common share $ 0.46 $ 0.17 $ 1.48 $ (2.82 ) Dividends declared per common share $ 0.42 $ 0.41 $ 0.40 $ - Net asset value per common share $ 27.25 $ 26.84 $ 26.68 $ 25.11 * Certain prior period amounts have been reclassified to conform to current period presentation. |
Organization (Details)
Organization (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 27, 2023 | Oct. 28, 2022 | Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
Organization (Details) [Line Items] | |||||
Principal of a Loan | $ 175,000,000 | ||||
Credit facility | 32,500,000 | $ 12,500,000 | |||
Borrowings encina credit facility amount | $ 325,000,000 | ||||
Interest rate | 0.10% | ||||
Collateralized Loan Obligations [Member] | |||||
Organization (Details) [Line Items] | |||||
Issued of debt | $ 402,100,000 | ||||
Maximum [Member] | |||||
Organization (Details) [Line Items] | |||||
Borrowings encina credit facility amount | $ 65,000,000 | ||||
Borrowing rate | 4.25% | ||||
Maturity date | Jan. 27, 2026 | ||||
Minimum [Member] | |||||
Organization (Details) [Line Items] | |||||
Borrowings encina credit facility amount | $ 50,000,000 | ||||
Borrowing rate | 4% | ||||
Maturity date | Oct. 04, 2024 | ||||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Organization (Details) [Line Items] | |||||
Floating rate, percentage | 4% | ||||
LIBOR floor, percentage | 0.75% | ||||
SBA Debentures [Member] | |||||
Organization (Details) [Line Items] | |||||
Principal of a Loan | $ 150,000,000 | ||||
SBA Debentures [Member] | Maximum [Member] | |||||
Organization (Details) [Line Items] | |||||
Principal of a Loan | 350,000,000 | ||||
SBA Debentures [Member] | Minimum [Member] | |||||
Organization (Details) [Line Items] | |||||
Principal of a Loan | $ 175,000,000 | ||||
Borrowing rate | 2.78% | 2.60% | 3.25% | ||
Encina Lender Finance, LLC [Member] | |||||
Organization (Details) [Line Items] | |||||
Credit facility | $ 50,000,000 | ||||
Maximum loan increasable amount | 75,000,000 | ||||
Credit facility minimum drawn amount | $ 25,000,000 | ||||
Loan increasable, percentage | 50% | ||||
Encina Lender Finance, LLC [Member] | |||||
Organization (Details) [Line Items] | |||||
Initial minimum amount drawn to increase loan facility | $ 12,500,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Aggregate value of total assets, percentage | 5% | ||
Non-accrual fair value (in Dollars) | $ 9.8 | ||
Fair value percentage | 1% | ||
Minimum distribute percent to qualify RIC | 90% | ||
Federal excise tax, percentage | 4% | ||
Net ordinary income, percentage | 98% | ||
Capital gain net income, percentage | 98.20% | ||
Percentage of federal excise tax on income | 4% | ||
Estimated excess table income (in Dollars) | $ 1.1 | $ 0.6 | $ 0.7 |
Aggregate declared distribution, percentage | 20% | ||
Cash declared distribution, percentage | 20% | ||
SLF JV [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Percentage of voting interest | 50% | ||
Cash and Cash Equivalents [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Investment owned outstanding voting shares percentage | 3% | ||
Investment Companies [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Aggregate value of total assets, percentage | 10% | ||
Control investments [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Investment owned outstanding voting shares percentage | 25% | ||
Investment owned board representation percentage | 50% | ||
Affiliated Investments [Member] | Minimum [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Investment owned outstanding voting shares percentage | 5% | ||
Affiliated Investments [Member] | Maximum [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Investment owned outstanding voting shares percentage | 25% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of reconciliation of cash and cash equivalents and cash and cash equivalents - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 |
Schedule of reconciliation of cash and cash equivalents and cash and cash equivalents [Abstract] | |||
Cash and cash equivalents | $ 65,746,494 | $ 47,257,801 | $ 18,828,047 |
Cash and cash equivalents, reserve accounts | 30,329,779 | 5,612,541 | 11,087,027 |
Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ 96,076,273 | $ 52,870,342 | $ 29,915,074 |
Investments (Details)
Investments (Details) - USD ($) | 1 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||
Aug. 11, 2021 | Dec. 14, 2018 | Dec. 14, 2018 | Oct. 28, 2022 | Aug. 31, 2021 | Feb. 26, 2021 | Feb. 28, 2022 | Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | Jan. 27, 2023 | Aug. 09, 2021 | Dec. 31, 2018 | Dec. 31, 2008 | Jan. 31, 2008 | |
Investments (Details) [Line Items] | |||||||||||||||
Description of valuation model rate | ●Default rate: 2.0% ● Recovery rate: 35%-70% ● Discount rate: 14.0%-22.0% ● Prepayment rate: 20.0% ● Reinvestment rate / price: $97.00 for eighteen months; then L+365bps / $99.00 | ||||||||||||||
Fair value investment, percentage | 5% | ||||||||||||||
Cash contributions | $ 100,974,715 | $ 116,255,582 | $ 100,974,715 | ||||||||||||
Membership interest | 12,000,000 | 13,100,000 | 12,000,000 | ||||||||||||
Company earned | 1,500,000 | ||||||||||||||
Interest income | $ 4,900,000 | 1,200,000 | $ 3,500,000 | ||||||||||||
Interest income | 100,000 | ||||||||||||||
Unsecured percentage | 7% | ||||||||||||||
Purchased of fair value percentage | 87.50% | ||||||||||||||
Aggregate fair value | 668,358,516 | $ 828,028,800 | 668,358,516 | ||||||||||||
Legal maturity date | January 2030 | ||||||||||||||
Additional an invested | $ 13,800,000 | $ 14,000,000 | |||||||||||||
Investment interest rate | 0.10% | ||||||||||||||
Related transaction costs | 2,600,000 | ||||||||||||||
outstanding receivable | $ 2,600,000 | ||||||||||||||
Realized loss | $ 100,000 | 7,446,596 | 13,398,327 | (8,703,806) | |||||||||||
Percentage owned and managed | 100% | ||||||||||||||
Percentage of management fee | 0.10% | ||||||||||||||
Percentage subordinated management fee | 0.40% | ||||||||||||||
Percentage of excess cash flow | 20% | ||||||||||||||
Internal rate of return paid, percentage | 12% | ||||||||||||||
Management fee income | 3,269,820 | 3,262,591 | 2,507,626 | ||||||||||||
Investment principal balance | 660,200,000 | $ 645,600,000 | $ 660,200,000 | ||||||||||||
Weighted average spread percentage | 3.80% | 3.70% | |||||||||||||
Debt principal balance | $ 611,000,000 | $ 611,000,000 | |||||||||||||
Percentage of debt weighted average spread | 2.20% | 2.20% | |||||||||||||
Future cash flow amount | $ 21,200,000 | $ 27,900,000 | |||||||||||||
Discount rate | 22% | 15% | |||||||||||||
Additional investment | 14,000,000 | $ 13,800,000 | $ 30,000,000 | ||||||||||||
Received distributions | $ 77,700,000 | ||||||||||||||
Management fee | 31,900,000 | ||||||||||||||
Investment fee | 1,200,000 | ||||||||||||||
Total investment | 654,965,044 | 819,966,208 | $ 654,965,044 | ||||||||||||
Incentive fees | 6,800,000 | 6,400,000 | 5,400,000 | ||||||||||||
Maximum [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Aggregate principal amount | $ 500,000,000 | $ 500,000,000 | |||||||||||||
Minimum [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Aggregate principal amount | 300,000,000 | 300,000,000 | |||||||||||||
The Class F-R-2 [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Aggregate principal amount | 2,500,000 | 2,500,000 | 2,500,000 | ||||||||||||
Notes exchanged | $ 9,400,000 | ||||||||||||||
The Class G-R-2 [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Aggregate principal amount | 7,500,000 | 7,500,000 | 7,500,000 | ||||||||||||
The Class F notes [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Aggregate principal amount | 4,500,000 | 4,500,000 | |||||||||||||
The Class F-R-3 Notes [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Aggregate fair value | 9,400,000 | 9,400,000 | |||||||||||||
Aggregate principal amount | 17,900,000 | ||||||||||||||
Notes exchanged | 17,900,000 | ||||||||||||||
The CLO 2013-1 [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Aggregate principal amount | 25,000,000 | ||||||||||||||
The Class F-1-R-3 Notes [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Notes exchanged | $ 8,500,000 | ||||||||||||||
Realized loss | $ 100,000 | ||||||||||||||
The subordinated notes [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Aggregate fair value | 28,700,000 | 28,700,000 | |||||||||||||
Aggregate principal amount | 21,200,000 | ||||||||||||||
Management fee income | 2,500,000 | ||||||||||||||
TJHA [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Cash contributions | 6,250,000 | ||||||||||||||
TJHA [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Unsecured note | 17,600,000 | 13,100,000 | |||||||||||||
Membership interest | 13,100,000 | $ 17,600,000 | 13,100,000 | ||||||||||||
TJHA [Member] | Maximum [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Ownership percentage | 87.50% | ||||||||||||||
TJHA [Member] | Minimum [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Ownership percentage | 12.50% | ||||||||||||||
Voting Interest in SLF JV [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Ownership percentage | 50% | ||||||||||||||
SLF JV [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Ownership percentage | 50% | ||||||||||||||
Interest income | $ 400,000 | ||||||||||||||
Class E [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Purchased of fair value percentage | 87.50% | ||||||||||||||
Purchased of fair value per value | $ 12,250,000 | ||||||||||||||
Aggregate fair value | 0 | 11,400,000 | 0 | ||||||||||||
The Class F notes [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Loan repaid | 20,000,000 | ||||||||||||||
Saratoga CLO [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Incentive fees | 25,000,000 | ||||||||||||||
Saratoga CLO [Member] | Maximum [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Cash contributions | 500,000,000 | 500,000,000 | 650,000,000 | ||||||||||||
Saratoga CLO [Member] | Minimum [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Cash contributions | $ 300,000,000 | $ 300,000,000 | $ 500,000,000 | ||||||||||||
CLO [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Management fee income | 3.3 | ||||||||||||||
Total investment | 57,800,000 | 57,800,000 | $ 14,000,000 | $ 13,800,000 | $ 30,000,000 | ||||||||||
Received distributions | 72,800,000 | ||||||||||||||
Incentive fees | 1,200,000 | ||||||||||||||
CLO [Member] | The Class F-R-3 Notes [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Aggregate fair value | 8,800,000 | ||||||||||||||
CLO [Member] | The subordinated notes [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Management fee income | 28,600,000 | 3,300,000 | |||||||||||||
3M USD LIBOR plus [Member] | Maximum [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Investment interest rate | 10% | 10% | |||||||||||||
3M USD LIBOR plus [Member] | Minimum [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Investment interest rate | 8.75% | 8.75% | |||||||||||||
SLF JV [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Cash contributions | $ 50,000,000 | ||||||||||||||
Fixed interest rate | 10% | ||||||||||||||
Unsecured note | $ 2,500,000 | 1,900,000 | |||||||||||||
Membership interest | 1,900,000 | 2,500,000 | 1,900,000 | ||||||||||||
Investment unsecured note | 13,100,000 | 17,600,000 | 13,100,000 | ||||||||||||
Investment interests | $ 12,000,000 | 13,100,000 | 12,000,000 | ||||||||||||
Collateralized loan obligation trust | $ 402,100,000 | ||||||||||||||
TJHA [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Cash contributions | $ 43,750,000 | ||||||||||||||
Interest Income [Member] | |||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||
Interest income | $ 100,000 |
Investments (Details) - Schedul
Investments (Details) - Schedule of fair value measurements of investments, by major class - USD ($) | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items] | ||
First lien term loans | $ 798,534,000 | $ 631,572,000 |
Second lien term loans | 14,936,000 | 44,386,000 |
Unsecured term loans | 20,661,000 | 15,931,000 |
Structured finance securities | 41,362,000 | 38,030,000 |
Equity interests | 97,097,000 | 87,648,000 |
Total | 972,590,253 | 817,567,355 |
Level 1 [Member] | ||
Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items] | ||
First lien term loans | ||
Second lien term loans | ||
Unsecured term loans | ||
Structured finance securities | ||
Equity interests | ||
Total | ||
Level 2 [Member] | ||
Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items] | ||
First lien term loans | ||
Second lien term loans | ||
Unsecured term loans | ||
Structured finance securities | ||
Equity interests | ||
Total | ||
Level 3 [Member] | ||
Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items] | ||
First lien term loans | 798,534,000 | 631,572,000 |
Second lien term loans | 14,936,000 | 44,386,000 |
Unsecured term loans | 20,661,000 | 15,931,000 |
Structured finance securities | 41,362,000 | 38,030,000 |
Equity interests | 83,990,000 | 75,632,000 |
Total | 959,483,000 | 805,551,000 |
Valued Using Net Asset Value [Member] | ||
Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items] | ||
First lien term loans | ||
Second lien term loans | ||
Unsecured term loans | ||
Structured finance securities | ||
Equity interests | 13,107,000 | 12,016,000 |
Total | $ 13,107,000 | $ 12,016,000 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
Beginning Balance | $ 805,551 | $ 554,313 |
Payment-in-kind and other adjustments to cost | (1,882) | (348) |
Net accretion of discount on investments | 1,817 | 2,043 |
Net change in unrealized appreciation (depreciation) on investments | (11,851) | 18,128 |
Purchases | 380,616 | 444,950 |
Sales and repayments | (222,215) | (226,932) |
Net realized gain (loss) from investments | 7,447 | 13,397 |
Ending Balance | 959,483 | 805,551 |
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 year | (10,254) | 22,175 |
First lien term loans [Member] | ||
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
Beginning Balance | 631,572 | 440,456 |
Payment-in-kind and other adjustments to cost | 391 | (546) |
Net accretion of discount on investments | 1,831 | 2,008 |
Net change in unrealized appreciation (depreciation) on investments | (10,465) | 1,670 |
Purchases | 345,955 | 364,216 |
Sales and repayments | (170,913) | (176,264) |
Net realized gain (loss) from investments | 163 | 32 |
Ending Balance | 798,534 | 631,572 |
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 year | (10,575) | 2,605 |
Second lien term loans [Member] | ||
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
Beginning Balance | 44,386 | 24,930 |
Payment-in-kind and other adjustments to cost | 283 | 111 |
Net accretion of discount on investments | (14) | 35 |
Net change in unrealized appreciation (depreciation) on investments | (703) | (515) |
Purchases | 4,950 | 19,825 |
Sales and repayments | (33,966) | |
Net realized gain (loss) from investments | ||
Ending Balance | 14,936 | 44,386 |
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 year | (892) | (515) |
Unsecured term loans [Member] | ||
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
Beginning Balance | 15,931 | 2,141 |
Payment-in-kind and other adjustments to cost | 238 | 718 |
Net accretion of discount on investments | ||
Net change in unrealized appreciation (depreciation) on investments | (167) | (54) |
Purchases | 4,659 | 13,126 |
Sales and repayments | ||
Net realized gain (loss) from investments | ||
Ending Balance | 20,661 | 15,931 |
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 year | (167) | (54) |
Structured finance securities [Member] | ||
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
Beginning Balance | 38,030 | 49,779 |
Payment-in-kind and other adjustments to cost | (3,329) | (1,574) |
Net accretion of discount on investments | ||
Net change in unrealized appreciation (depreciation) on investments | (4,731) | (1,676) |
Purchases | 11,392 | |
Sales and repayments | (8,359) | |
Net realized gain (loss) from investments | (140) | |
Ending Balance | 41,362 | 38,030 |
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 year | (4,731) | (1,222) |
Equity interests [Member] | ||
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items] | ||
Beginning Balance | 75,632 | 37,007 |
Payment-in-kind and other adjustments to cost | 535 | 943 |
Net accretion of discount on investments | ||
Net change in unrealized appreciation (depreciation) on investments | 4,215 | 18,703 |
Purchases | 13,660 | 47,783 |
Sales and repayments | (17,336) | (42,309) |
Net realized gain (loss) from investments | 7,284 | 13,505 |
Ending Balance | 83,990 | 75,632 |
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 year | $ 6,111 | $ 21,361 |
Investments (Details) - Sched_3
Investments (Details) - Schedule of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 959,483 | $ 805,551 | |
First lien term loans [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 798,534 | $ 631,572 | |
Valuation Technique | Market Comparables | Market Comparables | |
Unobservable Input | Market Yield (%) | Market Yield (%) | |
Range | 10.5% - 23.1% | 6.0% - 11.3% | |
Weighted Average | [1] | 12.8% | 8.4% |
First lien term loans 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unobservable Input | Revenue Multiples (x) | Revenue Multiples (x) | |
Range | 4.1x | 3.5x | |
Weighted Average | [1] | 4.1x | 3.5x |
First lien term loans 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unobservable Input | EBITDA Multiples (x) | ||
Range | 8.0x | ||
Weighted Average | [1] | 8.0x | |
Second lien term loans [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 14,936 | $ 44,386 | |
Valuation Technique | Market Comparables | Market Comparables | |
Unobservable Input | Market Yield (%) | Market Yield (%) | |
Range | 15.6% - 61.8% | 8.9% - 32.9% | |
Weighted Average | [1] | 45.8% | 15.6% |
Unsecured term loans [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 20,661 | ||
Valuation Technique | Market Comparables | ||
Unobservable Input | Market Yield (%) | ||
Range | 10.0% - 28.8% | ||
Weighted Average | [1] | 12.6% | |
Unsecured term loans 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Valuation Technique | Market Comparables | ||
Unobservable Input | Market Quote (%) | ||
Range | 100.0% | ||
Weighted Average | [1] | 100% | |
Unsecured term loans 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Valuation Technique | Collateral Value Coverage | ||
Unobservable Input | Net Asset Value (%) | ||
Range | 100.0% | ||
Weighted Average | [1] | 100% | |
Structured finance securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 41,362 | $ 38,030 | |
Valuation Technique | Discounted Cash Flow | Discounted Cash Flow | |
Unobservable Input | Discount Rate (%) | Discount Rate (%) | |
Range | 12.0% - 22.0% | 10.0% - 15.0% | |
Weighted Average | [1] | 17.6% | 14,2% |
Structured finance securities 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unobservable Input | Recovery Rate (%) | Recovery Rate (%) | |
Range | 35.0% - 70.0% | 35.0% - 70.0% | |
Weighted Average | [1] | 70.0% | 70.0% |
Structured finance securities 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unobservable Input | Prepayment Rate (%) | Prepayment Rate (%) | |
Range | 20.0% | 20.0% | |
Weighted Average | [1] | 20.0% | 20.0% |
Equity interests [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 83,990 | $ 75,632 | |
Valuation Technique | Enterprise Value Waterfall | Enterprise Value Waterfall | |
Unobservable Input | EBITDA Multiples (x) | EBITDA Multiples (x) | |
Range | 5.5x - 28.6x | 4.0x - 28.6x | |
Weighted Average | [1] | 11.0x | 9.3x |
Equity interests 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unobservable Input | Revenue Multiples (x) | Revenue Multiples (x) | |
Range | 1.3x - 11.2x | 1.0x - 11.7x | |
Weighted Average | [1] | 6.4x | 6.6x |
Second lien term loans 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unobservable Input | EBITDA Multiples (x) | ||
Range | 7.5x | ||
Weighted Average | [1] | 7.5x | |
Unsecured term loans [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 15,931 | ||
Valuation Technique | Market Comparables | ||
Unobservable Input | Market Yield (%) | ||
Range | 22.3% | ||
Weighted Average | [1] | 22.3% | |
Unsecured term loans 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unobservable Input | Net Asset Value | ||
Range | 100.0% | ||
Weighted Average | [1] | 100.0% | |
Equity interests 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unobservable Input | Third-party bid | ||
Range | 100.0% | ||
Weighted Average | [1] | 100.0% | |
[1] The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input. |
Investments (Details) - Sched_4
Investments (Details) - Schedule of investments at amortized cost and fair value - USD ($) $ in Thousands | Feb. 28, 2023 | Feb. 28, 2022 |
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 966,489 | $ 796,248 |
Amortized Cost Percentage of Total Portfolio | 100% | 100% |
Investments at Fair Value | $ 972,590 | $ 817,567 |
Fair Value Percentage of Total Portfolio | 100% | 100% |
First lien Term Loans [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 808,464 | $ 631,037 |
Amortized Cost Percentage of Total Portfolio | 83.70% | 79.30% |
Investments at Fair Value | $ 798,534 | $ 631,572 |
Fair Value Percentage of Total Portfolio | 82.10% | 77.30% |
Second Lien Term Loans [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 21,114 | $ 49,862 |
Amortized Cost Percentage of Total Portfolio | 2.20% | 6.30% |
Investments at Fair Value | $ 14,936 | $ 44,386 |
Fair Value Percentage of Total Portfolio | 1.50% | 5.40% |
Unsecured term loans [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 21,001 | $ 16,104 |
Amortized Cost Percentage of Total Portfolio | 2.20% | 2% |
Investments at Fair Value | $ 20,661 | $ 15,931 |
Fair Value Percentage of Total Portfolio | 2.10% | 1.90% |
Structured Finance Securities [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 49,711 | $ 41,648 |
Amortized Cost Percentage of Total Portfolio | 5.10% | 5.20% |
Investments at Fair Value | $ 41,362 | $ 38,030 |
Fair Value Percentage of Total Portfolio | 4.30% | 4.70% |
Equity Interests [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 66,199 | $ 57,597 |
Amortized Cost Percentage of Total Portfolio | 6.80% | 7.20% |
Investments at Fair Value | $ 97,097 | $ 87,648 |
Fair Value Percentage of Total Portfolio | 10% | 10.70% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||||
Feb. 28, 2023 | Dec. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | Feb. 28, 2021 | |
Income Taxes (Details) [Line Items] | |||||
Percentage of investment of taxable income | 90% | ||||
Net unrealized appreciation | $ 15,500,000 | $ 21,200,000 | |||
Cost of securities for federal income tax purposes | 1,400,000,000 | 1,600,000,000 | |||
Short-term capital loss | 0 | ||||
Long-term capital loss | $ 1,600,000 | ||||
Percentage of U.S. federal excise tax | 4% | ||||
Percentage of ordinary income | 98% | 98% | |||
Percentage of capital gains | 98.20% | 98.20% | |||
Accrued U.S. federal excise taxes | $ 1,100,000 | 700,000 | |||
Net long-term capital losses | $ 1,100,000 | 1,600,000 | |||
Owned percentage | 100% | ||||
Current tax receivable | $ 436,551 | ||||
U.S. federal tax percentage | 21% | ||||
Deferred tax assets | $ 2,400,000 | ||||
Net change in unrealized appreciation (depreciation) on investments | 1,700,000 | (700,000) | $ 600,000 | ||
Net change in total operating expense | (200,000) | $ 0 | $ 0 | ||
Federal net operating loss carryforwards | 3,700,000 | ||||
State net operating loss carryforwards | $ 100,000 | ||||
U.S. federal statutory rate | 21% | ||||
Saratoga CLO [Member] | |||||
Income Taxes (Details) [Line Items] | |||||
Percentage of ownership | 100% | ||||
SIA-VR, Inc. [Member] | |||||
Income Taxes (Details) [Line Items] | |||||
Current tax receivable | $ 100,000 | ||||
SIA-TT, Inc. [Member] | |||||
Income Taxes (Details) [Line Items] | |||||
Current tax receivable | 100,000 | ||||
SIA-TT, Inc. 1 [Member] | |||||
Income Taxes (Details) [Line Items] | |||||
Current tax receivable | $ 400,000 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of U.S. federal excise and capital gains tax and worthless securities losses - USD ($) $ in Thousands | Feb. 28, 2023 | Feb. 28, 2022 |
Schedule of U.S. federal excise and capital gains tax and worthless securities losses [Abstract] | ||
Capital in excess of par value | $ 16 | $ (4,704) |
Total distributable earnings (loss) | $ (16) | $ 4,704 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of tax character of distributions paid - USD ($) $ in Thousands | Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 |
Schedule of tax character of distributions paid [Abstract] | |||
Ordinary income | $ 27,313 | $ 22,033 | $ 13,747 |
Capital gains | |||
Total | $ 27,313 | $ 22,033 | $ 13,747 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of components of accumulated losses on a tax basis - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Schedule of components of accumulated losses on a tax basis [Abstract] | ||
Post October loss deferred | ||
Accumulated capital losses | (1,580) | (1,143) |
Other temporary differences | 1,971 | (1,601) |
Undistributed Long Term Gain | ||
Undistributed ordinary income | 19,771 | 9,897 |
Unrealized appreciation (depreciation) | (15,500) | 21,283 |
Total components of accumulated losses | $ 4,662 | $ 28,436 |
Income Taxes (Details) - Sche_4
Income Taxes (Details) - Schedule of deferred tax assets and liabilities - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
Schedule of deferred tax assets and liabilities [Abstract] | ||
Total deferred tax assets | $ 2,542,373 | $ 1,991,241 |
Total deferred tax liabilities | (3,008,829) | (1,293,496) |
Valuation allowance on net deferred tax assets | (2,350,116) | (1,946,761) |
Net deferred tax liability | $ (2,816,572) | $ (1,249,016) |
Income Taxes (Details) - Sche_5
Income Taxes (Details) - Schedule of federal and state income tax provisions benefit - USD ($) | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
Current | |||
Federal | $ (473,475) | $ 2,498,515 | |
State | (80,273) | 327,021 | |
Net current expense | (553,748) | 2,825,536 | |
Deferred | |||
Federal | 1,467,975 | (444,628) | 461,503 |
State | 99,582 | (227,737) | 113,798 |
Net deferred expense | 1,567,557 | (672,365) | 575,301 |
Net tax provision | $ 1,013,809 | $ 2,153,171 | $ 575,301 |
Agreements and Related Party _2
Agreements and Related Party Transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 05, 2022 | Aug. 11, 2021 | Feb. 26, 2021 | Dec. 14, 2018 | Jul. 30, 2010 | Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | May 01, 2023 | Oct. 28, 2022 | Jul. 14, 2022 | Aug. 31, 2021 | Aug. 09, 2021 | Feb. 29, 2020 | Feb. 07, 2020 | Dec. 21, 2019 | Jul. 13, 2018 | May 10, 2013 | |
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Management agreement | 2 years | |||||||||||||||||
Management fee, description | The base management fee of 1.75% per year is calculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters. | |||||||||||||||||
Net investment income percentage | 20% | |||||||||||||||||
Quarterly hurdle rate measured | 1.875% | |||||||||||||||||
Incentive fee description | Under this provision, in any fiscal quarter, our Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. Our Manager will receive 100.0% of pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. | |||||||||||||||||
Incentive fee capital gains percentage | 20% | |||||||||||||||||
Management fees | $ 16,423,960 | $ 11,901,729 | $ 9,098,495 | |||||||||||||||
Incentive fees | 6,800,000 | 6,400,000 | 5,400,000 | |||||||||||||||
Management fee accrual | 4,300,000 | 3,200,000 | ||||||||||||||||
Incentive fees accrual | 7,900,000 | 9,800,000 | ||||||||||||||||
Upsized in assets | 116,255,582 | 100,974,715 | ||||||||||||||||
Aggregate principal amount | 350,000,000 | 74,450,000 | $ 10,000,000 | $ 43,100,000 | $ 74,450,000 | $ 74,450,000 | $ 48,300,000 | |||||||||||
Repayment of loan | 76,000,000 | 95,500,000 | 33,000,000 | |||||||||||||||
Realized loss | $ 100,000 | 7,446,596 | 13,398,327 | (8,703,806) | ||||||||||||||
Management fees income | 3,300,000 | 3,300,000 | 2,500,000 | |||||||||||||||
Investment fair value | 25,100,000 | $ 402,100,000 | ||||||||||||||||
Membership interest | $ 13,100,000 | 12,000,000 | ||||||||||||||||
Share percentage | 87.50% | |||||||||||||||||
Price par value (in Dollars per share) | $ 15.2 | $ 12,250,000 | $ 25 | |||||||||||||||
Minimum [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Aggregate principal amount | 24,450,000 | 24,450,000 | ||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Aggregate principal amount | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||
Management Agreement [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Incentive fee capital gains percentage | 20% | |||||||||||||||||
Administration Agreements [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Expenses payable | $ 1,000,000 | |||||||||||||||||
Reimbursement of expenses | $ 3,200,000 | 2,900,000 | 2,500,000 | |||||||||||||||
Administration Agreements [Member] | Minimum [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Reimbursement of expenses | $ 3,000,000 | |||||||||||||||||
Administration Agreements [Member] | Maximum [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Reimbursement of expenses | $ 3,275,000 | |||||||||||||||||
Fair Value [Member] | Unsecured Loan [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Unsecured loan | 17,600,000 | |||||||||||||||||
Warehouse [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Repayment of loan | $ 25,000,000 | $ 20,000,000 | ||||||||||||||||
Membership Interest [Member] | Fair Value [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Unsecured loan | 13,100,000 | |||||||||||||||||
Class F-R-3 Notes [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Aggregate principal amount | $ 17,900,000 | |||||||||||||||||
Class F-1-R-3 Notes [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Aggregate principal amount | 8,500,000 | |||||||||||||||||
Class F-2-R-3 Notes [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Aggregate principal amount | $ 9,400,000 | |||||||||||||||||
Manager [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Administrator expenses | 1,000 | 300,000 | ||||||||||||||||
Saratoga CLO [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Incentive fees | 25,000,000 | |||||||||||||||||
Incentive fees capital | (1,800,000) | (5,500,000) | $ 0 | |||||||||||||||
Newly issued subordinated notes | 14,000,000 | 13,800,000 | ||||||||||||||||
Related party transaction costs | 2,600,000 | 2,000,000 | ||||||||||||||||
Payment received from related party | $ 2,600,000 | $ 1,700,000 | ||||||||||||||||
Interest income | $ 700,000 | |||||||||||||||||
Saratoga CLO [Member] | Minimum [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Upsized in assets | 500,000,000 | 300,000,000 | ||||||||||||||||
Saratoga CLO [Member] | Maximum [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Upsized in assets | 650,000,000 | 500,000,000 | ||||||||||||||||
Class F-R-2 Notes Tranche [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Aggregate principal amount | 2,500,000 | 2,500,000 | ||||||||||||||||
Class G-R-2 Notes Tranche [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Aggregate principal amount | 7,500,000 | 7,500,000 | ||||||||||||||||
Class F Notes [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Repayment of loan | $ 4,500,000 | |||||||||||||||||
Class F-R-3 Notes Tranche [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Aggregate principal amount | $ 17,900,000 | |||||||||||||||||
SLF JV [Member] | Fair Value [Member] | ||||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | ||||||||||||||||||
Investment fair value | $ 30,700,000 |
Borrowings (Details)
Borrowings (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 13, 2022 | Nov. 10, 2022 | Sep. 08, 2022 | Aug. 15, 2022 | Jul. 14, 2022 | May 10, 2022 | Oct. 04, 2021 | Sep. 13, 2021 | Jul. 15, 2021 | Mar. 10, 2021 | Jan. 28, 2021 | Jan. 28, 2021 | Sep. 14, 2020 | Jul. 09, 2020 | Jul. 06, 2020 | Feb. 07, 2020 | Dec. 21, 2019 | Apr. 16, 2019 | Apr. 16, 2019 | Feb. 05, 2019 | Apr. 16, 2018 | Jan. 27, 2023 | Dec. 21, 2022 | Oct. 27, 2022 | Apr. 27, 2022 | Jan. 19, 2022 | Aug. 31, 2021 | Jan. 28, 2021 | Dec. 29, 2020 | Jun. 24, 2020 | Apr. 24, 2020 | Dec. 21, 2019 | Aug. 28, 2018 | Mar. 23, 2018 | May 18, 2017 | Dec. 21, 2016 | May 29, 2015 | Sep. 17, 2014 | Feb. 24, 2012 | Aug. 31, 2021 | Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | May 01, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | May 10, 2013 | Jul. 30, 2010 | May 01, 2007 | Apr. 11, 2007 | |
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate, description | The Revolving Credit Facility, SBA Debentures, 7.00% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2026, 7.75% Notes Payable 2025 and 6.25% Notes Payable 2027 are not registered for public trading. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on the extinguishment of debt | $ (1,587,083) | $ (2,434,410) | $ (128,617) | ||||||||||||||||||||||||||||||||||||||||||||||||
Administrative agent fee | 3,160,417 | 2,906,250 | 2,545,833 | ||||||||||||||||||||||||||||||||||||||||||||||||
Securitized credit facility | $ 32,500,000 | 12,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Encina Credit Facility percentage | 50% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 10,135,986 | 10,008,424 | 3,435,749 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing cost | $ 1,000,000 | 700,000 | 600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | Our wholly owned SBIC Subsidiaries are able to borrow funds from the SBA against regulatory capital (which approximates equity capital in respective SBIC) and is subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Additional long-term capital | $ 175,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 43,100,000 | $ 74,450,000 | $ 74,450,000 | $ 74,450,000 | $ 350,000,000 | 74,450,000 | $ 10,000,000 | $ 48,300,000 | |||||||||||||||||||||||||||||||||||||||||||
SBA guaranteed debentures, description | With the third license approval, Saratoga can continue to grow its SBA relationship from $150.0 million to $350.0 million of committed capital. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income taxes | $ 2,770,984 | 1,355,083 | 4,140,241 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment percentage | 0.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing amount | 325,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 7.25% | 6.25% | 6.25% | 7.50% | |||||||||||||||||||||||||||||||||||||||||||||||
Debt distribution agreement, description | On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE. | On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.5 million, respectively, in aggregate principal amount of the $74.5 million in aggregate principal amount of issued and outstanding 2023 Notes and are no longer listed on the NYSE. | On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and, as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE. | On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.5 million, respectively, in aggregate principal amount of the $74.5 million in aggregate principal amount of issued and outstanding 2023 Notes and are no longer listed on the NYSE. | On May 29, 2015, the Company entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an At-the-Market (“ATM”) offering. Prior to the 2020 Notes being redeemed in full, the Company had sold 539,725 units of the 2022 Notes with a principal of $13.5 million at an average price of $25.31 for aggregate net proceeds of $13.4 million (net of transaction costs). | ||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | 19,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Underwriting commissions | 600,000 | 3,585,061 | 4,307,647 | 2,157,405 | |||||||||||||||||||||||||||||||||||||||||||||||
Discount amount | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | 11,500,000 | 61,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed interest, description | Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financing cost | 3,587,139 | 2,164,761 | 1,372,662 | ||||||||||||||||||||||||||||||||||||||||||||||||
Indebtedness | 1,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redeem percentage | 6.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asset coverage ratio | 150% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Encina Credit Facility | 12,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 24,450,000 | 24,450,000 | $ 24,450,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing amount | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing interest rate | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Encina Credit Facility | 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing amount | $ 65,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing interest rate | 4.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||
2025 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 6.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Smaller Enterprise [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net | 6,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income taxes | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBA Debentures [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 6,400,000 | 4,700,000 | $ 5,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional long-term capital | 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
6.25% 2025 Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 6.25% | 6.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
4.375% Notes 2026 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 5,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 Liability [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | At February 28, 2023 and February 28, 2022, there was $202.0 million and $185.0 million outstanding of SBA debentures, respectively. The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $5.0 million, $6.0, and $0.4 million related to the SBA debentures issued by SBIC LP, SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment and drawdown. During the year ended February 28, 2023, the Company repaid $59.0 million of SBA debentures, resulting in a realized loss on extinguishment of $0.6 million related to the acceleration of deferred debt financing costs. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Encina Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | $ 32,500,000 | $ 12,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
SBIC LP [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate cost of capital | 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | 27,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBIC II LP [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate cost of capital | 87,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | 175,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBIC III LP [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate cost of capital | 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBA-Guaranteed Debentures [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | 202,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBIC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net | 24,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income taxes | $ 8,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment percentage | 25% | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBA Debentures [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asset coverage ratio | 150% | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBA Debentures [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing interest rate | 2.78% | 2.60% | 3.25% | ||||||||||||||||||||||||||||||||||||||||||||||||
SBA Debentures [Member] | Three Months Ended [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 229,900,000 | $ 180,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
6.75% 2023 Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 74,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 6.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due date | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 71,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 2,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
6.25% Notes 2027 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 400,000 | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 900,000 | 900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 10,000,000 | $ 10,000,000 | 74,500,000 | 74,500,000 | $ 10,000,000 | 5,000,000 | 74,500,000 | 15,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | 15,000,000 | 15,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 6.25% | 6.25% | 6.25% | ||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 9,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Per share (in Dollars per share) | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | 13,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 70,000 | 70,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed interest, description | Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt par value of per share (in Dollars per share) | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||
6.25% Notes 2027 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | 24,500,000 | 24,500,000 | 24,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
6.25% Notes 2027 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
6.25% Notes 2027 [Member] | Borrowings [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 6.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Per share (in Dollars per share) | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||
6.25% 2025 Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 60,000,000 | $ 60,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 6.25% | 6.25% | 6.25% | ||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing note, description | Offering costs incurred were approximately $0.2 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $2.5 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The additional 6.25% 2025 Notes were treated as a single series with the existing 6.25% 2025 Notes under the indenture and had the same terms as the existing 6.25% 2025 Notes. The net proceeds from this offering were used for general corporate purposes in accordance with our investment objective and strategies. The financing costs and discount of $1.0 million related to the 6.25% 2025 Notes have been capitalized and are being amortized over the term of the 6.25% 2025 Notes. | On August 28, 2018, the Company issued $40.0 million in aggregate principal amount of our 6.25% fixed-rate notes due 2025 (the “6.25% 2025 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.3 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $5.0 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 6.25% 2025 Notes have been capitalized and were amortized over the term of the 6.25% 2025 Notes. | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ 60,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
7.25% 2025 Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on the extinguishment of debt | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | On July 6, 2020, the underwriters exercised their option in full to purchase an additional $5.625 million in aggregate principal amount of its 7.25% 2025 Notes. Net proceeds to the Company were $5.4 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 7.25% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.25% per year, beginning August 31, 2020. The 7.25% 2025 Notes mature on June 30, 2025 and commencing June 24, 2022, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes have been capitalized and were being amortized over the term of the 7.25% 2025 Notes. | Offering costs incurred were approximately $0.2 million. | |||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 5,000,000 | $ 37,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 7.75% | 7.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Due date | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 4,800,000 | $ 36,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 200,000 | $ 1,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 100,000 | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed interest, description | Interest on the 7.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year. | ||||||||||||||||||||||||||||||||||||||||||||||||||
7.25% 2025 Notes [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 43,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
7.25% 2025 Notes [Member] | Borrowings [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 13,500,000 | 43,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 1,200,000 | 3,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
7.75% Notes 2025 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 5,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 400,000 | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing cost | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ 4,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt par value of per share (in Dollars per share) | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||
7.75% Notes 2025 [Member] | Borrowings [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
4.375% Notes 2026 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 175,000,000 | 130,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 2,700,000 | $ 1,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 7,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | 125,000,000 | $ 50,000,000 | 175,000,000 | 175,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 4.375% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 123,500,000 | $ 49,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Public offering price percentage | 101% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Underwriting discount | $ 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum denominations amount | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Integral multiples of excess | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of premium on issuances | 300,000 | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
4.375% Notes 2026 [Member] | Borrowings [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 4.375% | ||||||||||||||||||||||||||||||||||||||||||||||||||
8.00% 2027 Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | 1,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 40,000,000 | $ 46,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 8% | 8% | |||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 5,800,000 | $ 38,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ 46,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 1,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed interest, description | Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year, beginning February 28, 2023. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt par value of per share (in Dollars per share) | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Additional aggregate principal amount | $ 6,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amount | $ 46,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
8.00% 2027 Notes [Member] | Borrowings [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt par value of per share (in Dollars per share) | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||
4.375% 2026 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | 156,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
4.35% Notes 2027 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 1,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ 3,300,000 | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 75,000,000 | 75,000,000 | 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 4.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 73,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | 64,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 300,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed interest, description | Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Public offering price percentage | 99.317% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of discount on issuance | 90,000 | 70,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
4.35% Notes 2027 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 75,000,000 | $ 8,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
8.125% Notes 2027 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 52,500,000 | $ 60,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 8.125% | 8.125% | 8.125% | 8.125% | 8.125% | 8.125% | 8.125% | ||||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 1,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt par value of per share (in Dollars per share) | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Additional aggregate principal amount | 7,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
8.125% Notes 2027 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 7,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ 60,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
8.125% Notes 2027 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 50,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ 61,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
8.125% Notes 2027 [Member] | Borrowings [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt par value of per share (in Dollars per share) | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||
6.00% 2027 Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 3,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 8,000,000 | $ 87,500,000 | $ 105,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 7,800,000 | 9,700,000 | $ 84,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | $ 300,000 | $ 2,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ 100,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt par value of per share (in Dollars per share) | $ 25 | $ 25 | |||||||||||||||||||||||||||||||||||||||||||||||||
Public offering price percentage | 97.80% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Additional aggregate principal amount | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Incurred cost | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financing cost | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amount | $ 105,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
7.00% 2025 Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 5,800,000 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 400,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 7% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 11,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 10,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed interest, description | Interest on the 7.00% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of discount on issuance | 60,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Offering expenses | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
7.00% 2025 Notes [Member] | Borrowings [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
6.25% Notes 2025 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $ 60,000,000 | $ 60,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
principal amount Percentage | 6.25% | 6.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes offering [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redeem percentage | 4.375% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Employ leverage, description | As a BDC, we are only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage, or, 150% if certain requirements under the 1940 Act are met. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Asset coverage ratio | 150% | 150% | 165.90% | 209.30% | |||||||||||||||||||||||||||||||||||||||||||||||
Securitized credit facility | $ 25,700,000 | $ 100,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit facility, description | On February 24, 2012, we amended the Madison Credit Facility to, among other things: ● expand the borrowing capacity under the Madison Credit Facility from $40.0 million to $45.0 million; ● extend the period during which we may make and repay borrowings under the Madison Credit Facility from July 30, 2013 to February 24, 2015 (the “Revolving Period”). The Revolving Period may, upon the occurrence of an event of default, by action of the lenders or automatically, be terminated. All borrowings and other amounts payable under the Madison Credit Facility are due and payable five years after the end of the Revolving Period; and ● remove the condition that we may not acquire additional loan assets without the prior written consent of Madison Capital Funding LLC. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facility [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asset coverage ratio | 150% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facility [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asset coverage ratio | 200% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facility [Member] | LIBOR [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate, description | Under the Revolving Facility, funds were borrowed from or through certain lenders and interest was payable monthly at the greater of the commercial paper rate and our lender’s prime rate plus 4.00% plus a default rate of 2.00% or, if the commercial paper market was unavailable, the greater of the prevailing LIBOR rates and our lender’s prime rate plus 6.00% plus a default rate of 3.00%. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Madison Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Senior secured revolving | $ 45,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit facility, description | On September 13, 2021, we entered into a sixth amendment to the Madison Credit Facility to, among other things: ● Extend the commitment termination date of the Madison Credit Facility from September 17, 2021 to October 1, 2021, with no change to maturity date of September 17, 2025. | On September 14, 2020, we entered into a fifth amendment to the Madison Credit Facility to, among other things: ● extend the commitment termination date of the Madison Credit Facility from September 17, 2020 to September 17, 2021, with no change to the maturity date of September 17, 2025. ● provide for the transition away from the LIBOR Rate in the market, and ● expand the definition of “Eligible Loan Asset” to allow investments with certain recurring revenue features to qualify as collateral and be included in the borrowing base. | On April 24, 2020, we entered into a fourth amendment to the Madison Credit Facility to, among other things: ● permit certain amendments related to the Paycheck Protection Program (“Permitted PPP Amendment”) to Loan Asset Documents; ● exclude certain debt and interest amounts allowed by the Permitted PPP Amendments from certain calculations related to Net Leverage Ratio, Interest Coverage Ratio and EBITDA; and | On May 18, 2017, we entered into a third amendment to the Madison Credit Facility to, among other things: ● extend the commitment termination date from September 17, 2017 to September 17, 2020; ● extend the final maturity date of the Madison Credit Facility from September 17, 2022 to September 17, 2025 (unless terminated sooner upon certain events); ● reduce the floor on base rate borrowings from 2.25% to 2.00%; ● reduce the floor on LIBOR borrowings from 1.25% to 1.00%; and ● reduce the commitment fee rate from 0.75% to 0.50% for any period during which the ratio of advances outstanding to aggregate commitments, expressed as a percentage, is greater than or equal to 50%. | ●extend the commitment termination date from February 24, 2015 to September 17, 2017; ● extend the maturity date of the Madison Credit Facility from February 24, 2020 to September 17, 2022 (unless terminated sooner upon certain events); ● reduce the applicable margin rate on base rate borrowings from 4.50% to 3.75%, and on LIBOR borrowings from 5.50% to 4.75%; and ● reduce the floor on base rate borrowings from 3.00% to 2.25%, and on LIBOR borrowings from 2.00% to 1.25%. | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on the extinguishment of debt | $ 800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative agent fee | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest rate | 6.72% | 5.22% | 0.17% | ||||||||||||||||||||||||||||||||||||||||||||||||
Average borrowings outstanding | $ 1,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Encina Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Credit facility, description | The terms of the Encina Credit Facility required a minimum drawn amount of $12.5 million at all times during the first six months following the closing date, which increased to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility originally bore interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related to the selection by the Lender and the Company of a replacement benchmark rate. The commitment termination date was October 4, 2024. | On January 27, 2023, we entered into the first amendment to the Credit Agreement to, among other things: ● increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; ● changed the underlying benchmark used to compute interest under the Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; ● increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; ● extended the revolving period from October 4, 2024 to January 27, 2026; ● extended the period during which the borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase, a “Facility Increase”) from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant to such Facility Increase from $75.0 million to $150.0 million; | |||||||||||||||||||||||||||||||||||||||||||||||||
Administrative agent fee | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securitized credit facility | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 26,300,000 | $ 8,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 2,000,000 | 800,000 | 500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing cost | $ 500,000 | $ 300,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, borrowing capacity, description | Availability on the Encina Credit Facility will be subject to a borrowing base calculation, based on, among other things, applicable advance rates (which vary from 50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets included as part of the borrowing base. Funds may be borrowed at the greater of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%. In addition, the Company will pay the lender a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Encina Credit Facility. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility current borrowing capacity | $ 63,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility maximum borrowing capacity | $ 65,000,000 |
Borrowings (Details) - Schedule
Borrowings (Details) - Schedule of credit facility $ / shares in Units, $ in Thousands | 12 Months Ended | |
Feb. 28, 2023 USD ($) $ / shares | ||
4.35% Notes due 2027 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 75,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
Credit Facility with Encina Lender Finance, LLC [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 32,500 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6] | |
Credit Facility with Encina Lender Finance, LLC [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 12,500 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2021 (as of February 28, 2021) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | $ 3,471 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2020 (as of February 29, 2020) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | $ 6,071 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2019 (as of February 28, 2019) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | $ 2,345 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2018 (as of February 28, 2018) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | $ 2,930 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2017 (as of February 28, 2017) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | $ 2,710 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2016 (as of February 29, 2016) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | $ 3,025 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2015 (as of February 28, 2015) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 9,600 | [1],[2],[3],[8] |
Asset Coverage per Unit | $ | $ 3,117 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2014 (as of February 28, 2014) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | $ 3,348 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2013 (as of February 28, 2013) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 24,300 | [1],[2],[3],[8] |
Asset Coverage per Unit | $ | $ 5,421 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2012 (as of February 29, 2012) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 20,000 | [1],[2],[3],[8] |
Asset Coverage per Unit | $ | $ 5,834 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2011 (as of February 28, 2011) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 4,500 | [1],[2],[3],[8] |
Asset Coverage per Unit | $ | $ 20,077 | [1],[3],[4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2010 (as of February 28, 2010) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | [1],[3],[4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2009 (as of February 28, 2009) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | [1],[3],[4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2008 (as of February 29, 2008) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | [1],[3],[4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
Credit Facility with Madison Capital Funding [Member] | Fiscal year 2007 (as of February 28, 2007) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[8] | |
Asset Coverage per Unit | $ | [1],[3],[4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[8] | |
7.50% Notes due 2020 [Member] | Fiscal year 2017 (as of February 28, 2017) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[9] | |
Asset Coverage per Unit | $ | [1],[3],[4],[9] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[9] | |
7.50% Notes due 2020 [Member] | Fiscal year 2016 (as of February 29, 2016) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 61,793 | [1],[2],[3],[9] |
Asset Coverage per Unit | $ | $ 3,025 | [1],[3],[4],[9] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9],[10] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,240 | [1],[3],[6],[9],[10] |
7.50% Notes due 2020 [Member] | Fiscal year 2015 (as of February 28, 2015) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 48,300 | [1],[2],[3],[9] |
Asset Coverage per Unit | $ | $ 3,117 | [1],[3],[4],[9] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,460 | [1],[3],[6],[9],[10] |
7.50% Notes due 2020 [Member] | Fiscal year 2014 (as of February 28, 2014) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 48,300 | [1],[2],[3],[9] |
Asset Coverage per Unit | $ | $ 3,348 | [1],[3],[4],[9] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,180 | [1],[3],[6],[9],[10] |
7.50% Notes due 2020 [Member] | Fiscal year 2013 (as of February 28, 2013) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[9] | |
Asset Coverage per Unit | $ | [1],[3],[4],[9] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[9] | |
7.50% Notes due 2020 [Member] | Fiscal year 2012 (as of February 29, 2012) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[9] | |
Asset Coverage per Unit | $ | [1],[3],[4],[9] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[9] | |
7.50% Notes due 2020 [Member] | Fiscal year 2011 (as of February 28, 2011) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[9] | |
Asset Coverage per Unit | $ | [1],[3],[4],[9] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[9] | |
7.50% Notes due 2020 [Member] | Fiscal year 2010 (as of February 28, 2010) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[9] | |
Asset Coverage per Unit | $ | [1],[3],[4],[9] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[9] | |
7.50% Notes due 2020 [Member] | Fiscal year 2009 (as of February 28, 2009) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[9] | |
Asset Coverage per Unit | $ | [1],[3],[4],[9] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[9] | |
7.50% Notes due 2020 [Member] | Fiscal year 2008 (as of February 29, 2008) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[9] | |
Asset Coverage per Unit | $ | [1],[3],[4],[9] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[9] | |
7.50% Notes due 2020 [Member] | Fiscal year 2007 (as of February 28, 2007) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[9] | |
Asset Coverage per Unit | $ | [1],[3],[4],[9] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[9] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[9] | |
6.75% Notes due 2023 [Member] | Fiscal year 2020 (as of February 29, 2020) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[11] | |
Asset Coverage per Unit | $ | [1],[3],[4],[11] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[11] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[11] | |
6.75% Notes due 2023 [Member] | Fiscal year 2019 (as of February 28, 2019) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 74,451 | [1],[2],[3],[11] |
Asset Coverage per Unit | $ | $ 2,345 | [1],[3],[4],[11] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[11] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,740 | [1],[3],[6],[11],[12] |
6.75% Notes due 2023 [Member] | Fiscal year 2018 (as of February 28, 2018) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 74,451 | [1],[2],[3],[11] |
Asset Coverage per Unit | $ | $ 2,930 | [1],[3],[4],[11] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[11] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 26,050 | [1],[3],[6],[11],[12] |
6.75% Notes due 2023 [Member] | Fiscal year 2017 (as of February 28, 2017) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 74,451 | [1],[2],[3],[11] |
Asset Coverage per Unit | $ | $ 2,710 | [1],[3],[4],[11] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[11] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,890 | [1],[3],[6],[11],[12] |
6.25% Notes due 2025 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[13] | |
Asset Coverage per Unit | $ | [1],[3],[4],[13] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[13] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[13] | |
6.25% Notes due 2025 [Member] | Fiscal year 2021 (as of February 28, 2021) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,000 | [1],[2],[3],[13] |
Asset Coverage per Unit | $ | $ 3,471 | [1],[3],[4],[13] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[13] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 24,240 | [1],[3],[6],[13],[14] |
6.25% Notes due 2025 [Member] | Fiscal year 2020 (as of February 29, 2020) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,000 | [1],[2],[3],[13] |
Asset Coverage per Unit | $ | $ 6,071 | [1],[3],[4],[13] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[13] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,750 | [1],[3],[6],[13],[14] |
6.25% Notes due 2025 [Member] | Fiscal year 2019 (as of February 28, 2019) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,000 | [1],[2],[3],[13] |
Asset Coverage per Unit | $ | $ 2,345 | [1],[3],[4],[13] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[13] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 24,970 | [1],[3],[6],[13],[14] |
7.00% Notes due 2025 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 12,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
Fiscal year 2023 (as of February 28, 2023) [Member] | 7.25% Notes due 2025 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | [1],[2],[3],[15] | |
Asset Coverage per Unit | $ | [1],[3],[4],[15] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[15] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [1],[3],[6],[15] | |
Fiscal year 2023 (as of February 28, 2023) [Member] | 7.75% Notes due 2025 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 5,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
Fiscal year 2023 (as of February 28, 2023) [Member] | 4.375% Notes due 2026 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 175,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
Fiscal year 2023 (as of February 28, 2023) [Member] | 6.25% Notes due 2027 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
Fiscal year 2023 (as of February 28, 2023) [Member] | 6.00% Notes due 2027 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 105,500 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[6],[16] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 23,970 | [16] |
Fiscal year 2023 (as of February 28, 2023) [Member] | 8.00% Notes due 2027 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 46,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[6],[16] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,080 | [16] |
Fiscal year 2023 (as of February 28, 2023) [Member] | 8.125% Notes due 2027 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,375 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 1,659 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[6],[16] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,100 | [16] |
Fiscal year 2022 (as of February 28, 2022) [Member] | 7.25% Notes due 2025 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 43,125 | [1],[2],[3],[15] |
Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4],[15] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[15] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,460 | [1],[3],[6],[14],[15] |
Fiscal year 2022 (as of February 28, 2022) [Member] | 7.75% Notes due 2025 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 5,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
Fiscal year 2022 (as of February 28, 2022) [Member] | 4.375% Notes due 2026 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 175,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
Fiscal year 2022 (as of February 28, 2022) [Member] | 4.35% Notes due 2027 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 75,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
Fiscal year 2022 (as of February 28, 2022) [Member] | 6.25% Notes due 2027 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 2,093 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
Fiscal year 2021 (as of February 28, 2021) [Member] | 7.25% Notes due 2025 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 43,125 | [1],[2],[3],[15] |
Asset Coverage per Unit | $ | $ 3,471 | [1],[3],[4],[15] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5],[15] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,770 | [1],[3],[6],[14],[15] |
Fiscal year 2021 (as of February 28, 2021) [Member] | 7.75% Notes due 2025 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 5,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 3,471 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
Fiscal year 2021 (as of February 28, 2021) [Member] | 6.25% Notes due 2027 [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [1],[2],[3] |
Asset Coverage per Unit | $ | $ 3,471 | [1],[3],[4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [1],[3],[5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25,000 | [1],[3],[6],[7] |
[1] This table does not include the senior securities of our predecessor entity, GSC Investment Corp., relating to a revolving securitized credit facility with Deutsche Bank, in light of the fact that the Company was under different management during the time that such credit facility was outstanding. Total amount of senior securities outstanding at the end of the period presented. Asset coverage per unit is the ratio of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness, calculated on a total basis. The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities. Not applicable for credit facility because not registered for public trading. The carrying value of this unlisted security approximates its fair value, based on a waterfall analysis showing adequate collateral coverage. On October 4, 2021, the Company repaid all remaining amounts outstanding under the Madison Credit Facility and the credit agreement relating to the Madison Credit Facility was terminated. Based on the average daily trading price of the 2020 Notes on the NYSE. On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.45 million, respectively, in aggregate principal amount of the $74.45 million in aggregate principal amount of issued and outstanding 2023 Notes. Based on the average daily trading price of the 2023 Notes on the NYSE. On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes. The Company used a portion of the net proceeds from the 4.375% 2026 Notes offering, which was completed in July 2021, to redeem the 6.25% 2025 Notes in full. On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | Feb. 28, 2023 | Feb. 28, 2022 |
Commitments and Contingencies (Details) [Line Items] | ||
Off-balance sheet arrangements | $ 108.8 | $ 83.4 |
Cash and cash equivalents | 65.7 | |
Encina Credit Facility [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Available borrowings | $ 31.1 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations $ in Thousands | Feb. 28, 2023 USD ($) |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | $ 728,375 |
Encina Credit Facility [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 32,500 |
SBA Debentures [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 202,000 |
6.00% 2025 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 12,000 |
7.75% 2025 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 5,000 |
4.375% 2026 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 175,000 |
4.35% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 75,000 |
6.00% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 105,500 |
6.25% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 15,000 |
8.00% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 46,000 |
8.125% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 60,375 |
1 - 3 Years [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 64,500 |
1 - 3 Years [Member] | Encina Credit Facility [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 32,500 |
1 - 3 Years [Member] | SBA Debentures [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 15,000 |
1 - 3 Years [Member] | 6.00% 2025 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 12,000 |
1 - 3 Years [Member] | 7.75% 2025 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 5,000 |
1 - 3 Years [Member] | 4.375% 2026 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
1 - 3 Years [Member] | 4.35% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
1 - 3 Years [Member] | 6.00% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
1 - 3 Years [Member] | 6.25% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
1 - 3 Years [Member] | 8.00% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
1 - 3 Years [Member] | 8.125% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
3 - 5 Years [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 488,875 |
3 - 5 Years [Member] | Encina Credit Facility [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
3 - 5 Years [Member] | SBA Debentures [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 12,000 |
3 - 5 Years [Member] | 6.00% 2025 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
3 - 5 Years [Member] | 7.75% 2025 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
3 - 5 Years [Member] | 4.375% 2026 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 175,000 |
3 - 5 Years [Member] | 4.35% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 75,000 |
3 - 5 Years [Member] | 6.00% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 105,500 |
3 - 5 Years [Member] | 6.25% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 15,000 |
3 - 5 Years [Member] | 8.00% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 46,000 |
3 - 5 Years [Member] | 8.125% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 60,375 |
More Than 5 Years [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 175,000 |
More Than 5 Years [Member] | Encina Credit Facility [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
More Than 5 Years [Member] | SBA Debentures [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | 175,000 |
More Than 5 Years [Member] | 7.75% 2025 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
More Than 5 Years [Member] | 4.375% 2026 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
More Than 5 Years [Member] | 4.35% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
More Than 5 Years [Member] | 6.00% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
More Than 5 Years [Member] | 6.25% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
More Than 5 Years [Member] | 8.00% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations | |
More Than 5 Years [Member] | 8.125% 2027 Notes [Member] | |
Commitments and Contingencies (Details) - Schedule of payment obligations for repayment of debt and other contractual obligations [Line Items] | |
Total Long-Term Debt Obligations |
Commitments and Contingencies_4
Commitments and Contingencies (Details) - Schedule of unfunded commitments outstanding - USD ($) $ in Thousands | Feb. 28, 2023 | Feb. 28, 2022 |
At Company’s discretion | ||
Off-Balance sheet arrangements | $ 108,771 | $ 83,370 |
Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 59,798 | 54,000 |
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 48,973 | 29,370 |
ActiveProspect, Inc. [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 10,000 | |
Artemin Wax Corp. [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 3,700 | |
Ascend Software LLC [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 5,000 | 5,000 |
Axero Holdings, LLC [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 3,000 | |
Book4Time, Inc. [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 2,000 | |
Davisware, LLC [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 2,000 | |
Granite Comfort, LP [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 15,000 | |
JDXpert [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 5,000 | |
LFR Chicken LLC [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 4,000 | 10,000 |
Netreo Holdings, LLC [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 4,000 | |
Pepper Palace, Inc. [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 3,000 | 3,000 |
Procrement Partners, LLC [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 4,250 | 2,800 |
Saratoga Senior Loan Fund I JV LLC [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 8,548 | 17,500 |
Sceptre Hospitality Resources, LLC [Member] | Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 5,000 | 1,000 |
Procurement Partners, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 1,000 | |
ARC Health OpCo LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 10,773 | |
Artemis Wax Corp. [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 8,500 | |
Ascend Software LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 3,200 | 6,500 |
Axero Holdings, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 2,000 | |
Axero Holdings, LLC - Revolver [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 500 | 500 |
Davisware, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 1,000 | |
Exigo, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 4,167 | |
Exigo, LLC - Revolver [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 833 | |
GDS Software Holdings, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 2,786 | |
Gen4 Dental Partners Holdings, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 11,000 | |
GoReact [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 2,500 | 2,500 |
HemaTerra Holding Company, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | ||
JDXpert [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 1,000 | |
LFR Chicken LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 3,000 | |
Madison Logic, Inc. - Revolver [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 1,084 | |
New England Dental Partners [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 4,500 | |
Passageways, Inc. [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | ||
Pepper Palace, Inc. - Delayed Draw Term Loan [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 2,000 | 2,000 |
Pepper Palace, Inc. - Revolver [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | 2,500 | 2,500 |
Zollege PBC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off-Balance sheet arrangements | $ 1,000 | $ 1,000 |
Directors Fees (Details)
Directors Fees (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
Directors Fee [Abstract] | |||
Annual fee | $ 70,000 | ||
Board meeting attending fees | 3,000 | ||
Committee meeting attending fees | 1,500 | ||
Audit committee annual fees | 12,500 | ||
Chairman annual fees | 6,000 | ||
Directors' fees and expenses | 400,000 | $ 300,000 | $ 300,000 |
Accrued and unpaid amount | $ 10,000 | $ 70,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||
Oct. 08, 2019 | Jul. 11, 2019 | Jul. 13, 2018 | Aug. 12, 2010 | Jul. 30, 2021 | Mar. 16, 2017 | Sep. 24, 2014 | Jul. 30, 2010 | Mar. 28, 2007 | Mar. 20, 2007 | May 16, 2006 | Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Shares of common stock (in Shares) | 11,890,500 | 12,131,350 | ||||||||||||
Stock issued price per share (in Dollars per share) | $ 25 | $ 15.2 | $ 12,250,000 | |||||||||||
Stock issued at value | $ 26,835,203 | |||||||||||||
Affiliates purchased (in Shares) | 986,842 | |||||||||||||
Total proceeds received | $ 15,000,000 | |||||||||||||
Cash payment in lieu of shares | $ 230 | |||||||||||||
Shares of our common stock outstanding (in Shares) | 2,680,842 | 11,890,500 | 12,131,350 | |||||||||||
Repurchase plan, description | On September 24, 2014, the Company announced the approval of an open market share repurchase plan that allowed it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements (the “Share Repurchase Plan”). On October 7, 2015, our board of directors extended the Share Repurchase Plan for another year and increased the number of shares the Company is permitted to repurchase at prices below its NAV, as reported in its then most recently published consolidated financial statements, to 400,000 shares of its common stock. On October 5, 2016, our board of directors extended the Share Repurchase Plan for another year to October 15, 2017 and increased the number of shares the Company is permitted to repurchase at prices below its NAV, as reported in its then most recently published consolidated financial statements, to 600,000 shares of its common stock. On October 10, 2017, January 8, 2019 and January 7, 2020, our board of directors extended the Share Repurchase Plan for another year to October 15, 2018, January 15, 2020 and January 15, 2021, respectively, each time leaving the number of shares unchanged at 600,000 shares of its common stock. On May 4, 2020, our board of directors increased the Share Repurchase Plan to 1.3 million shares of common stock. On January 5, 2021 and January 4, 2022, our board of directors extended the Shares Repurchase Plan for another year to January 15, 2022 and January 15, 2023, respectively, each time leaving the number of shares unchanged at 1.3 million shares of common stock. On January 9, 2023, our board of directors extended the Share Repurchase Plan for another year to January 15, 2024, increasing the number of shares to 1.7 million shares of common stock. As of February 28, 2023, the Company purchased 946,627 shares of common stock, at the average price of $21.83 for approximately $20.7 million pursuant to the Share Repurchase Plan. During the three months ended February 28, 2023 the Company purchased 48,594 shares of common stock, at the average price $25.19 for approximately $1.2 million pursuant to the Share Repurchase Plan. During the year ended February 28, 2023, the Company purchased 438,192 shares of common stock, at the average price $24.70 for approximately $10.8 million pursuant to the Share Repurchase Plan. | |||||||||||||
Offer for sale | $ 150,000,000 | $ 30,000,000 | ||||||||||||
Amount of common stock | $ 130,000,000 | $ 70,000,000 | $ 1,150,000 | |||||||||||
Number of shares sold (in Shares) | 4,840,361 | |||||||||||||
Gross proceeds | $ 123,900,000 | |||||||||||||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Sale of stock, description | The net proceeds, after deducting underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million. | |||||||||||||
Additional common stock (in Shares) | 172,500 | |||||||||||||
Maximum [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Aggregate net proceeds | $ 122,400,000 | |||||||||||||
Minimum [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Aggregate net proceeds | $ 28,750,000 | |||||||||||||
IPO [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Shares of common stock (in Shares) | 725,000 | |||||||||||||
Stock issued price per share (in Dollars per share) | $ 150 | |||||||||||||
Total proceeds | $ 7,100,000 | |||||||||||||
Underwriting discounts and commissions | 1,000,000 | |||||||||||||
Offering costs | $ 100,700,000 | |||||||||||||
GSC Group [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Shares issued (in Shares) | 67 | |||||||||||||
Owned shares (in Shares) | 6.7 | |||||||||||||
Exchanged shares (in Shares) | 6.7 | |||||||||||||
GSC Group [Member] | Maximum [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Shares of common stock (in Shares) | 95,995.5 | |||||||||||||
Employees Of GSC Group, Inc [Member] | Minimum [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Shares of common stock (in Shares) | 8,136.2 | |||||||||||||
GSC Group, Inc And Employees Of GSC Group, Inc [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Stock issued at value | $ 15,600,000 | |||||||||||||
Ladenburg Thalmann Co Inc [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Number of shares sold (in Shares) | 3,922,018 | |||||||||||||
Gross proceeds | $ 97,100,000 | |||||||||||||
Average price (in Dollars per share) | $ 25.61 | $ 24.77 | ||||||||||||
Ladenburg Thalmann Co Inc [Member] | Maximum [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Aggregate net proceeds | $ 95,900,000 | |||||||||||||
LLC [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Contributing amount | $ 1,000 | |||||||||||||
GSC Group, Inc And Employees Of GSC Group, Inc [Member] | ||||||||||||||
Stockholders' Equity (Details) [Line Items] | ||||||||||||||
Stock issued price per share (in Dollars per share) | $ 150 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Feb. 28, 2023 | Feb. 28, 2022 | |
Common Stock [Member] | ||||||||||
Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items] | ||||||||||
Balance | $ 11,885 | $ 11,927 | $ 12,032 | $ 12,131 | $ 11,747 | $ 11,189 | $ 11,160 | $ 11,161 | $ 12,131 | $ 11,161 |
Balance (in Shares) | 11,885,479 | 11,927,238 | 12,031,998 | 12,131,350 | 11,747,004 | 11,188,912 | 11,159,995 | 11,161,416 | 12,131,350 | 11,161,416 |
Balance | $ 11,891 | $ 11,885 | $ 11,927 | $ 12,032 | $ 12,131 | $ 11,747 | $ 11,189 | $ 11,160 | $ 11,891 | $ 12,131 |
Balance (in Shares) | 11,890,500 | 11,885,479 | 11,927,238 | 12,031,998 | 12,131,350 | 11,747,004 | 11,188,912 | 11,159,995 | 11,890,500 | 12,131,350 |
Increase (Decrease) from Operations: | ||||||||||
Net investment income | ||||||||||
Net realized gain (loss) from investments | ||||||||||
Income tax (provision) benefit from realized gain on investments | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | ||||||||||
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | ||||||||||
Decrease from Shareholder Distributions: | ||||||||||
Distributions of investment income – net | ||||||||||
Capital Share Transactions: | ||||||||||
Proceeds from issuance of common stock | $ 392 | $ 520 | $ 6 | |||||||
Proceeds from issuance of common stock, shares (in Shares) | 392,826 | 520,076 | 5,441 | |||||||
Stock dividend distribution | $ 55 | $ 53 | $ 49 | $ 43 | $ 42 | $ 38 | $ 33 | $ 39 | ||
Stock dividend distribution, shares (in Shares) | 53,615 | 52,312 | 48,590 | 42,825 | 41,520 | 38,016 | 33,099 | 38,580 | ||
Repurchases of common stock | $ (49) | $ (95) | $ (154) | $ (142) | $ (50) | $ (10) | $ (40) | |||
Repurchases of common stock, shares (in Shares) | (48,594) | (94,071) | (153,350) | (142,177) | (50,000) | (9,623) | (40,000) | |||
Repurchase fees | ||||||||||
Offering costs | ||||||||||
Capital Share Transactions: | ||||||||||
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | ||||||||||
Capital in Excess of Par Value [Member] | ||||||||||
Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items] | ||||||||||
Balance | $ 321,802,386 | $ 322,832,986 | $ 325,433,869 | 328,062,246 | 321,559,189 | 305,520,631 | 304,784,840 | 304,874,957 | $ 328,062,246 | $ 304,874,957 |
Balance | 321,893,806 | 321,802,386 | 322,832,986 | 325,433,869 | 328,062,246 | 321,559,189 | 305,520,631 | 304,784,840 | 321,893,806 | 328,062,246 |
Increase (Decrease) from Operations: | ||||||||||
Net investment income | ||||||||||
Net realized gain (loss) from investments | ||||||||||
Income tax (provision) benefit from realized gain on investments | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | ||||||||||
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | ||||||||||
Decrease from Shareholder Distributions: | ||||||||||
Distributions of investment income – net | ||||||||||
Capital Share Transactions: | ||||||||||
Proceeds from issuance of common stock | 11,513,992 | 15,163,259 | 157,034 | |||||||
Stock dividend distribution | 1,300,405 | 1,150,881 | 1,088,139 | 1,108,637 | 1,114,886 | 1,017,625 | 828,479 | 914,063 | ||
Repurchases of common stock | (1,224,175) | (2,179,600) | (3,685,951) | (3,734,174) | (1,292,843) | (248,713) | (1,003,380) | |||
Repurchase fees | (972) | (1,881) | (3,071) | (2,840) | (1,000) | (192) | (800) | |||
Offering costs | (127,433) | (142,326) | (817) | (127,433) | ||||||
Capital Share Transactions: | ||||||||||
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | 16,162 | (4,704,545) | ||||||||
Total Distributable Earnings (Loss) [Member] | ||||||||||
Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items] | ||||||||||
Balance | 13,949,329 | 14,368,362 | 19,789,910 | 27,706,146 | 21,030,809 | 18,580,025 | 15,548,756 | (700,348) | 27,706,146 | (700,348) |
Balance | 25,052,345 | 13,949,329 | 14,368,362 | 19,789,910 | 27,706,146 | 21,030,809 | 18,580,025 | 15,548,756 | 25,052,345 | 27,706,146 |
Increase (Decrease) from Operations: | ||||||||||
Net investment income | 9,649,474 | 9,877,437 | 7,698,014 | 7,976,222 | 5,796,910 | 5,196,635 | 6,393,261 | 2,555,935 | ||
Net realized gain (loss) from investments | 80,683 | (740,434) | 7,943,838 | 162,509 | 69,664 | 9,916,925 | 1,501,597 | 1,910,141 | ||
Income tax (provision) benefit from realized gain on investments | 69,250 | 9,612 | (2,447,173) | (448,883) | ||||||
Net change in unrealized appreciation (depreciation) on investments | 10,549,981 | (3,176,208) | (13,258,456) | (9,333,449) | 2,873,561 | (6,042,616) | 3,376,540 | 16,812,577 | ||
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (697,380) | (425,848) | (230,154) | (361,951) | (226,702) | 2,480,465 | (1,328,711) | (230,144) | ||
Decrease from Shareholder Distributions: | ||||||||||
Distributions of investment income – net | (8,081,306) | (6,433,298) | (6,369,981) | (6,428,817) | (6,434,106) | (5,889,329) | (4,910,394) | (4,799,405) | ||
Capital Share Transactions: | ||||||||||
Proceeds from issuance of common stock | ||||||||||
Stock dividend distribution | ||||||||||
Repurchases of common stock | ||||||||||
Repurchase fees | ||||||||||
Offering costs | ||||||||||
Increase (Decrease) from Operations: | ||||||||||
Realized losses on extinguishment of debt | (382,274) | 479,318 | (1,204,809) | (118,147) | (764,123) | (1,552,140) | ||||
Capital Share Transactions: | ||||||||||
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | (16,162) | 4,704,545 | ||||||||
Net Assets [Member] | ||||||||||
Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items] | ||||||||||
Balance | 335,763,600 | 337,213,275 | 345,235,811 | 355,780,523 | 342,601,745 | 324,111,845 | 320,344,756 | 304,185,770 | 355,780,523 | 304,185,770 |
Balance | 346,958,042 | 335,763,600 | 337,213,275 | 345,235,811 | 355,780,523 | 342,601,745 | 324,111,845 | 320,344,756 | $ 346,958,042 | 355,780,523 |
Increase (Decrease) from Operations: | ||||||||||
Net investment income | 9,649,474 | 9,877,437 | 7,698,014 | 7,976,222 | 5,796,910 | 5,196,635 | 6,393,261 | 2,555,935 | ||
Net realized gain (loss) from investments | 80,683 | (740,434) | 7,943,838 | 162,509 | 69,664 | 9,916,925 | 1,501,597 | 1,910,141 | ||
Income tax (provision) benefit from realized gain on investments | 69,250 | 9,612 | (2,447,173) | (448,883) | ||||||
Net change in unrealized appreciation (depreciation) on investments | 10,549,981 | (3,176,208) | (13,258,456) | (9,333,449) | 2,873,561 | (6,042,616) | 3,376,540 | 16,812,577 | ||
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (697,380) | (425,848) | (230,154) | (361,951) | (226,702) | 2,480,465 | (1,328,711) | (230,144) | ||
Decrease from Shareholder Distributions: | ||||||||||
Distributions of investment income – net | (8,081,306) | (6,433,298) | (6,369,981) | (6,428,817) | (6,434,106) | (5,889,329) | (4,910,394) | (4,799,405) | ||
Capital Share Transactions: | ||||||||||
Proceeds from issuance of common stock | 11,514,383 | 15,163,779 | 157,040 | |||||||
Stock dividend distribution | 1,300,460 | 1,150,934 | 1,088,188 | 1,108,680 | 1,114,929 | 1,017,663 | 828,512 | 914,102 | ||
Repurchases of common stock | (1,224,224) | (2,179,695) | (3,686,105) | (3,734,316) | (1,292,893) | (248,723) | (1,003,420) | |||
Repurchase fees | (972) | (1,881) | (3,071) | $ (2,840) | (1,000) | (192) | (800) | |||
Offering costs | (127,433) | (142,326) | (817) | $ (127,433) | ||||||
Increase (Decrease) from Operations: | ||||||||||
Realized losses on extinguishment of debt | $ (382,274) | $ 479,318 | $ (1,204,809) | (118,147) | $ (764,123) | $ (1,552,140) | ||||
Capital Share Transactions: | ||||||||||
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of weighted average basic and diluted net increase (decrease) in net assets - USD ($) | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
Schedule Of Weighted Average Basic And Diluted Net Increase Decrease In Net Assets [Abstract] | |||
Net increase in net assets resulting from operations | $ 24,675,763 | $ 45,735,184 | $ 14,777,036 |
Weighted average common shares outstanding | 11,963,533 | 11,456,631 | 11,188,629 |
Weighted average earnings per common share | $ 2.06 | $ 3.99 | $ 1.32 |
Dividend (Details)
Dividend (Details) - USD ($) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Mar. 30, 2023 | Jan. 04, 2023 | Jan. 04, 2023 | Sep. 29, 2022 | Jun. 29, 2022 | Mar. 28, 2022 | Jan. 19, 2022 | Sep. 28, 2021 | Jun. 29, 2021 | Apr. 22, 2021 | Feb. 10, 2021 | Nov. 10, 2020 | Jul. 12, 2020 | Jan. 06, 2020 | Sep. 26, 2019 | Jun. 27, 2019 | Mar. 28, 2019 | Jan. 02, 2019 | Sep. 27, 2018 | Jun. 27, 2018 | Mar. 26, 2018 | Dec. 27, 2017 | Sep. 26, 2017 | Jun. 27, 2017 | Mar. 28, 2017 | Feb. 09, 2017 | Nov. 09, 2016 | Sep. 02, 2016 | Aug. 31, 2016 | Aug. 09, 2016 | Apr. 27, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Jun. 05, 2015 | May 29, 2015 | Feb. 27, 2015 | Nov. 28, 2014 | Dec. 16, 2013 | Dec. 19, 2012 | Dec. 22, 2011 | Dec. 22, 2010 | Dec. 28, 2009 | Feb. 28, 2023 | |
Dividend (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Distribution percentage | 90% | ||||||||||||||||||||||||||||||||||||||||||
Dividend consisted in cash (in Dollars) | $ 6,800,000 | $ 5,300,000 | $ 5,100,000 | $ 5,300,000 | $ 5,300,000 | $ 4,900,000 | $ 4,100,000 | $ 3,900,000 | $ 3,800,000 | $ 3,800,000 | $ 3,700,000 | $ 5,400,000 | $ 4,500,000 | $ 3,600,000 | $ 3,500,000 | $ 3,400,000 | $ 3,300,000 | $ 2,700,000 | $ 2,600,000 | $ 2,500,000 | $ 2,200,000 | $ 2,300,000 | $ 2,000,000 | $ 1,600,000 | $ 1,500,000 | $ 700,000 | $ 1,100,000 | $ 1,500,000 | $ 1,500,000 | $ 1,400,000 | $ 1,100,000 | $ 3,400,000 | $ 900,000 | $ 800,000 | $ 600,000 | $ 2,500,000 | $ 3,300,000 | $ 2 | $ 1,200,000 | $ 2,100,000 | |||
Common stock, shares issued (in Shares) | 53,615 | 53,615 | |||||||||||||||||||||||||||||||||||||||||
Common stock dividend rate, percentage | 0.50% | 0.40% | 0.40% | 0.40% | 0.30% | 0.30% | 0.30% | 0.30% | 0.40% | 0.40% | 0.40% | 0.30% | 0.40% | 0.40% | 0.40% | 0.40% | 0.30% | 0.30% | 0.40% | 0.40% | 0.60% | 0.40% | 0.50% | 0.90% | 1% | 0.40% | 0.90% | 1% | 1% | 1.20% | 1.10% | 2.30% | 0.60% | 0.50% | 0.40% | 13.70% | 22% | 18% | 22% | 104% | |||
Common stock, per share (in Dollars per share) | $ 24.26 | ||||||||||||||||||||||||||||||||||||||||||
Percentage of weighted average trading price | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | ||||||||
Stock issued for dividend (in Shares) | 48,590 | 42,825 | 41,520 | 38,016 | 33,100 | 38,580 | 41,388 | 45,706 | 47,098 | 35,682 | 34,575 | 31,545 | 31,240 | 30,796 | 25,862 | 21,562 | 25,354 | 25,435 | 33,551 | 26,222 | 29,096 | 50,453 | 58,548 | 24,786 | 47,861 | 58,167 | 56,728 | 66,765 | 61,029 | 126,230 | 33,766 | 26,858 | 22,283 | 649,500 | 853,455 | 599,584 | 596,235 | 864,872.5 | |||||
Stock based share price (in Dollars per share) | $ 22 | $ 22.4 | $ 25.89 | $ 26.85 | $ 26.77 | $ 25.03 | $ 23.69 | $ 21.75 | $ 17.63 | $ 16.45 | $ 25.44 | $ 23.34 | $ 22.65 | $ 21.36 | $ 18.88 | $ 22.35 | $ 23.72 | $ 19.91 | $ 21.14 | $ 20.19 | $ 20.04 | $ 21.38 | $ 20.25 | $ 17.12 | $ 17.06 | $ 15.28 | $ 16.32 | $ 15.43 | $ 13.11 | $ 14.53 | $ 16.47 | $ 16.78 | $ 14.97 | $ 14.37 | $ 15.439 | $ 15.444 | $ 13.117067 | $ 17.8049 | $ 1.5099 | ||||
Aggregate dividend amount percentage | 20% | 20% | 20% | 10% | 13.70% | ||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||
Dividend (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Stock issued for dividend (in Shares) | 52,313 | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||
Dividend (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Dividend consisted in cash (in Dollars) | $ 7,100,000 | ||||||||||||||||||||||||||||||||||||||||||
Common stock, shares issued (in Shares) | 46,818 | ||||||||||||||||||||||||||||||||||||||||||
Common stock dividend rate, percentage | 0.40% | ||||||||||||||||||||||||||||||||||||||||||
Common stock, per share (in Dollars per share) | $ 23.11 | ||||||||||||||||||||||||||||||||||||||||||
Percentage of weighted average trading price | 95% |
Dividend (Details) - Schedule o
Dividend (Details) - Schedule of payment date - $ / shares | 12 Months Ended | |||||||||||||||
Feb. 28, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2012 | Feb. 28, 2011 | Feb. 28, 2010 | ||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | $ 0.69 | $ 2.28 | $ 1.92 | $ 1.03 | $ 2.21 | $ 2.06 | $ 1.9 | $ 1.93 | $ 2.36 | $ 0.4 | $ 2.65 | $ 4.25 | $ 3 | $ 4.4 | $ 18.25 | |
March 30, 2023 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [1] | $ 0.69 | ||||||||||||||
January 4, 2023 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [2] | 0.68 | ||||||||||||||
September 29, 2022 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [3] | 0.54 | ||||||||||||||
June 29, 2022 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [4] | 0.53 | ||||||||||||||
March 28, 2022 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [5] | $ 0.53 | ||||||||||||||
January 19, 2022 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [6] | 0.53 | ||||||||||||||
September 28, 2021 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [7] | 0.52 | ||||||||||||||
June 29, 2021 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [8] | 0.44 | ||||||||||||||
April 22, 2021 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [9] | $ 0.43 | ||||||||||||||
February 10, 2021 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [10] | 0.42 | ||||||||||||||
November 10, 2020 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [11] | 0.41 | ||||||||||||||
August 12, 2020 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [12] | $ 0.4 | ||||||||||||||
February 6, 2020 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [13] | 0.56 | ||||||||||||||
September 26, 2019 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [14] | 0.56 | ||||||||||||||
June 27, 2019 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [15] | 0.55 | ||||||||||||||
March 28, 2019 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [16] | $ 0.54 | ||||||||||||||
January 2, 2019 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [17] | 0.53 | ||||||||||||||
September 27, 2018 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [18] | 0.52 | ||||||||||||||
June 27, 2018 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [19] | 0.51 | ||||||||||||||
March 26, 2018 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [20] | $ 0.5 | ||||||||||||||
December 27, 2017 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [21] | 0.49 | ||||||||||||||
September 26, 2017 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [22] | 0.48 | ||||||||||||||
June 27, 2017 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [23] | 0.47 | ||||||||||||||
March 28, 2017 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [24] | $ 0.46 | ||||||||||||||
February 9, 2017 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [25] | 0.45 | ||||||||||||||
November 9, 2016 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [26] | 0.44 | ||||||||||||||
September 5, 2016 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [27] | 0.2 | ||||||||||||||
August 9, 2016 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [28] | 0.43 | ||||||||||||||
April 27, 2016 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [29] | $ 0.41 | ||||||||||||||
February 29, 2016 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [30] | 0.4 | ||||||||||||||
November 30, 2015 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [31] | 0.36 | ||||||||||||||
August 31, 2015 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [32] | 0.33 | ||||||||||||||
June 5, 2015 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [33] | 1 | ||||||||||||||
May 29. 2015 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [34] | $ 0.27 | ||||||||||||||
February 27, 2015 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [35] | 0.22 | ||||||||||||||
November 28, 2014 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [36] | $ 0.18 | ||||||||||||||
December 27, 2013 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [37] | $ 2.65 | ||||||||||||||
December 31, 2012 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [38] | $ 4.25 | ||||||||||||||
December 30, 2011 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [39] | $ 3 | ||||||||||||||
December 29, 2010 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [40] | $ 4.4 | ||||||||||||||
December 31, 2009 [Member] | ||||||||||||||||
Dividend (Details) - Schedule of payment date [Line Items] | ||||||||||||||||
Payment date | [41] | $ 18.25 | ||||||||||||||
[1]Based on shareholder elections, the dividend consisted of approximately $7.1 million in cash and 46,818 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 17, 20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023.[2] Based on shareholder elections, the dividend consisted of approximately $6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.26 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023. Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 52,313 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.00 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022. Based on shareholder elections, the dividend consisted of approximately $5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.40 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022. Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.89 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022. Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022. Based on shareholder elections, the dividend consisted of approximately $4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.77 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021. Based on shareholder elections, the dividend consisted of approximately $4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.03 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021. Based on shareholder elections, the dividend consisted of approximately $3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.69 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021. Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.75 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021. Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.63 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020. Based on shareholder elections, the dividend consisted of approximately $3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.45 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020. Based on shareholder elections, the dividend consisted of approximately $5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.44 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020. Based on shareholder elections, the dividend consisted of approximately $4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.34 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019. Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.65 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019. Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.36 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019. Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $18.88 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019. Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.35 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018. Based on shareholder elections, the dividend consisted of approximately $2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.72 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018. Based on shareholder elections, the dividend consisted of approximately $2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $19.91 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018. Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017. Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017. Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017. Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017. Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016. Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016. Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016. Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015. Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015. Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015. Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015. Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015. Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014. Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013. Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012. Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011. Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010. Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872.5 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009. |
Dividend (Details) - Schedule_2
Dividend (Details) - Schedule of dividends declared - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2020 | Feb. 28, 2019 | ||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Amount per Share | $ 2.44 | $ 1.92 | $ 1.23 | $ 2.21 | $ 2.06 | |
Total Amount | [1] | $ 29,077 | $ 22,032 | $ 13,747 | $ 20,097 | $ 14,189 |
February 28, 2023 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Mar. 16, 2023 | |||||
Payment Date | Mar. 30, 2023 | |||||
Amount per Share | $ 0.69 | |||||
Total Amount | [1] | $ 8,193 | ||||
November 15, 2022 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Dec. 15, 2022 | |||||
Payment Date | Jan. 04, 2023 | |||||
Amount per Share | $ 0.68 | |||||
Total Amount | [1] | $ 8,081 | ||||
August 29, 2022 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Sep. 14, 2022 | |||||
Payment Date | Sep. 29, 2022 | |||||
Amount per Share | $ 0.54 | |||||
Total Amount | [1] | $ 6,433 | ||||
May 26, 2022 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Jun. 14, 2022 | |||||
Payment Date | Jun. 29, 2022 | |||||
Amount per Share | $ 0.53 | |||||
Total Amount | [1] | $ 6,370 | ||||
February 24, 2022 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Mar. 14, 2022 | |||||
Payment Date | Mar. 28, 2022 | |||||
Amount per Share | $ 0.53 | |||||
Total Amount | [1] | $ 6,434 | ||||
August 26, 2021 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Sep. 14, 2021 | |||||
Payment Date | Sep. 28, 2021 | |||||
Amount per Share | $ 0.52 | |||||
Total Amount | [1] | $ 5,889 | ||||
May 27, 2021 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Jun. 15, 2021 | |||||
Payment Date | Jun. 29, 2021 | |||||
Amount per Share | $ 0.44 | |||||
Total Amount | [1] | $ 4,910 | ||||
March 22, 2021 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Apr. 08, 2021 | |||||
Payment Date | Apr. 22, 2021 | |||||
Amount per Share | $ 0.43 | |||||
Total Amount | [1] | $ 4,799 | ||||
January 5, 2021 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Jan. 26, 2021 | |||||
Payment Date | Feb. 10, 2021 | |||||
Amount per Share | $ 0.42 | |||||
Total Amount | [1] | $ 4,679 | ||||
October 7, 2020 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Oct. 26, 2020 | |||||
Payment Date | Nov. 10, 2020 | |||||
Amount per Share | $ 0.41 | |||||
Total Amount | [1] | $ 4,581 | ||||
July 7, 2020 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Jul. 27, 2020 | |||||
Payment Date | Aug. 12, 2020 | |||||
Amount per Share | $ 0.4 | |||||
Total Amount | [1] | $ 4,487 | ||||
January 7, 2020 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Jan. 24, 2020 | |||||
Payment Date | Feb. 06, 2020 | |||||
Amount per Share | $ 0.56 | |||||
Total Amount | [1] | $ 6,262 | ||||
August 27, 2019 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Sep. 13, 2019 | |||||
Payment Date | Sep. 26, 2019 | |||||
Amount per Share | $ 0.56 | |||||
Total Amount | [1] | $ 5,323 | ||||
May 28, 2019 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Jun. 13, 2019 | |||||
Payment Date | Jun. 27, 2019 | |||||
Amount per Share | $ 0.55 | |||||
Total Amount | [1] | $ 4,336 | ||||
February 26, 2019 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Mar. 14, 2019 | |||||
Payment Date | Mar. 28, 2019 | |||||
Amount per Share | $ 0.54 | |||||
Total Amount | [1] | $ 4,176 | ||||
November 27, 2018 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Dec. 17, 2018 | |||||
Payment Date | Jan. 02, 2019 | |||||
Amount per Share | $ 0.53 | |||||
Total Amount | [1] | $ 3,980 | ||||
August 28, 2018 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Sep. 17, 2018 | |||||
Payment Date | Sep. 27, 2018 | |||||
Amount per Share | $ 0.52 | |||||
Total Amount | [1] | $ 3,876 | ||||
May 30, 2018 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Jun. 15, 2018 | |||||
Payment Date | Jun. 27, 2018 | |||||
Amount per Share | $ 0.51 | |||||
Total Amount | [1] | $ 3,204 | ||||
February 26, 2018 [Member] | ||||||
Dividend (Details) - Schedule of dividends declared [Line Items] | ||||||
Record Date | Mar. 14, 2018 | |||||
Payment Date | Mar. 26, 2018 | |||||
Amount per Share | $ 0.5 | |||||
Total Amount | [1] | $ 3,129 | ||||
[1] Total amount is calculated based on the number of shares outstanding at the date of record. |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jul. 14, 2022 | Feb. 07, 2020 | Aug. 31, 2021 | Dec. 21, 2019 | May 29, 2015 | Feb. 28, 2023 | |
Investment Company, Financial Highlights [Abstract] | ||||||
Indebtedness amount | $ 1,000 | |||||
Revolving credit facility, description | The Revolving Credit Facility, SBA Debentures, 7.00% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2026, 7.75% Notes Payable 2025 and 6.25% Notes Payable 2027 are not registered for public trading. | |||||
Debt instrument redemption, description | On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE. | On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.5 million, respectively, in aggregate principal amount of the $74.5 million in aggregate principal amount of issued and outstanding 2023 Notes and are no longer listed on the NYSE. | On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and, as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE. | On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.5 million, respectively, in aggregate principal amount of the $74.5 million in aggregate principal amount of issued and outstanding 2023 Notes and are no longer listed on the NYSE. | On May 29, 2015, the Company entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an At-the-Market (“ATM”) offering. Prior to the 2020 Notes being redeemed in full, the Company had sold 539,725 units of the 2022 Notes with a principal of $13.5 million at an average price of $25.31 for aggregate net proceeds of $13.4 million (net of transaction costs). |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of financial highlights - USD ($) | 12 Months Ended | |||||||
Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | Feb. 28, 2019 | ||||
Investment Company, Financial Highlights [Line Items] | ||||||||
Net asset value at beginning of period | $ 29.33 | $ 27.25 | $ 27.13 | $ 23.62 | $ 22.96 | |||
Adoption of ASC 606 | (0.01) | |||||||
Net investment income | [1] | 2.94 | 1.74 | 2.07 | 1.59 | 2.6 | ||
Net realized and unrealized gain and losses on investments | [1] | (0.75) | 2.46 | (0.74) | 4.56 | 0.03 | ||
Realized losses on extinguishment of debt | [2] | (0.13) | (0.21) | (0.01) | (0.17) | |||
Net increase in net assets resulting from operations | 2.06 | 3.99 | 1.32 | 5.98 | 2.63 | |||
Distributions declared from net investment income | (2.28) | (1.93) | (1.23) | (2.21) | (2.06) | |||
Total distributions to stockholders | (2.28) | (1.93) | (1.23) | (2.21) | (2.06) | |||
Issuance of common stock above net asset value | [3] | 0.15 | ||||||
Repurchases of common stock | [4] | 0.17 | 0.01 | 0.13 | ||||
Dilution | (0.1) | [5] | [5] | (0.1) | (0.26) | (0.05) | ||
Net asset value at end of period | $ 29.18 | $ 29.33 | $ 27.25 | $ 27.13 | $ 23.62 | |||
Net assets at end of period (in Dollars) | $ 346,958,042 | $ 355,780,523 | $ 304,185,770 | $ 304,286,853 | $ 180,875,187 | |||
Shares outstanding at end of period (in Shares) | 11,890,500 | 12,131,350 | 11,161,416 | 11,217,545 | 7,657,156 | |||
Per share market value at end of period | $ 27.55 | $ 27.47 | $ 23.08 | $ 22.91 | $ 23.04 | |||
Total return based on market value | [6],[7] | 10.35% | 28.19% | 7.63% | 9.28% | 16.11% | ||
Total return based on net asset value | [7],[8] | 9.46% | 15.88% | 7.31% | 26.22% | 13.33% | ||
Ratio/Supplemental data: | ||||||||
Ratio of net investment income to average net assets | [9] | 10.23% | 6.05% | 7.77% | 6.31% | 11.22% | ||
Ratio of loss on extinguishment of debt to average net assets | [7] | 0.46% | 0.74% | 0.04% | 0.67% | |||
Ratios of Operating Expenses and Income Taxes to average net assets | [2],[10] | 7.71% | 6.48% | 6.90% | 6.10% | 8.07% | ||
Ratio of incentive management fees to average net assets | [7] | 1.47% | 3.58% | 1.65% | 6.01% | 3% | ||
Ratio of interest and debt financing expenses to average net assets | [10] | 9.73% | 6.03% | 4.56% | 6.23% | 8.05% | ||
Ratio of total expenses and income taxes to average net assets | [9] | 18.91% | [2] | 16.09% | [2] | 13.11% | 18.34% | 19.12% |
Portfolio turnover rate | [7],[11] | 24.05% | 33.59% | 25.26% | 36.82% | 35.26% | ||
Asset coverage ratio per unit (in Dollars) | [12] | $ 1,659 | $ 2,092 | $ 3,471 | $ 6,071 | $ 2,345 | ||
Average market value per unit | ||||||||
Revolving Credit Facility | [13] | |||||||
SBA Debentures Payable | [13] | |||||||
As adjusted [Member] | ||||||||
Investment Company, Financial Highlights [Line Items] | ||||||||
Net asset value at beginning of period, as adjusted (in Dollars) | $ 29.33 | $ 27.25 | $ 27.13 | $ 23.62 | $ 22.95 | |||
6.75% Notes Payable 2023 [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | $ 25.74 | |||||||
6.25% Notes Payable 2025 [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | 24.24 | 25.75 | 24.97 | |||||
7.00% Notes Payable 2025 [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | [13] | |||||||
7.25% Notes Payable 2025 [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | 26.18 | 25.77 | ||||||
7.75% Notes Payable 2025 [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | [13] | |||||||
4.375% Notes Payable [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | [13] | |||||||
4.35% Notes Payable [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | [13] | |||||||
6.25% Notes Payable 2027 [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | [13] | |||||||
6.00% Notes Payable 2027 [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | 23.97 | |||||||
8.00% Notes Payable 2027 [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | 25.08 | |||||||
8.125% Notes Payable 2027 [Member] | ||||||||
Average market value per unit | ||||||||
Average market value per unit | $ 25.1 | |||||||
[1] Per share amounts are calculated using the weighted average shares outstanding during the period. Certain prior period amounts have been reclassified to conform to current period presentation. The continuous issuance of common stock may cause an incremental increase in NAV per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period. Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13, Dividend. Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current NAV on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage. The Revolving Credit Facility, SBA Debentures, 7.00% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2026, 7.75% Notes Payable 2025 and 6.25% Notes Payable 2027 are not registered for public trading. On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.5 million, respectively, in aggregate principal amount of the $74.5 million in aggregate principal amount of issued and outstanding 2023 Notes and are no longer listed on the NYSE. On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and, as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE. On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE. |
Selected Quarterly Data (Unau_3
Selected Quarterly Data (Unaudited) (Details) - Schedule of selected quarterly data - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||||||||
Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Feb. 28, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | ||
Qtr 4 [Member] | |||||||||||||
Selected Quarterly Data (Unaudited) (Details) - Schedule of selected quarterly data [Line Items] | |||||||||||||
Total investment income | $ 32,315 | $ 18,980 | $ 16,214 | ||||||||||
Net investment income | 9,650 | 5,796 | 4,289 | ||||||||||
Net realized and unrealized gain (loss) | 9,934 | 2,725 | 5,096 | ||||||||||
Realized losses on extinguishment of debt* | [1] | (382) | (2,434) | (129) | |||||||||
Net increase in net assets resulting from operations | $ 19,202 | $ 8,404 | $ 9,257 | ||||||||||
Net investment income per common share (in Dollars per share) | $ 0.81 | $ 0.48 | $ 0.38 | ||||||||||
Net realized and unrealized gain (loss) per common share (in Dollars per share) | 0.81 | 0.23 | 0.46 | ||||||||||
Dividends declared per common share (in Dollars per share) | 0.68 | 0.53 | 0.42 | ||||||||||
Net asset value per common share (in Dollars per share) | $ 29.18 | $ 29.33 | $ 27.25 | ||||||||||
Qtr 3 [Member] | |||||||||||||
Selected Quarterly Data (Unaudited) (Details) - Schedule of selected quarterly data [Line Items] | |||||||||||||
Total investment income | $ 26,257 | $ 16,502 | $ 14,283 | ||||||||||
Net investment income | 9,877 | 5,197 | 4,471 | ||||||||||
Net realized and unrealized gain (loss) | (3,863) | 3,908 | 1,895 | ||||||||||
Realized losses on extinguishment of debt* | [1] | (118) | |||||||||||
Net increase in net assets resulting from operations | $ 6,014 | $ 8,340 | $ 6,366 | ||||||||||
Net investment income per common share (in Dollars per share) | $ 0.83 | $ 0.45 | $ 0.4 | ||||||||||
Net realized and unrealized gain (loss) per common share (in Dollars per share) | (0.32) | 0.34 | 0.17 | ||||||||||
Dividends declared per common share (in Dollars per share) | 0.54 | 0.52 | 0.41 | ||||||||||
Net asset value per common share (in Dollars per share) | $ 28.25 | $ 29.17 | $ 26.84 | ||||||||||
Qtr 2 [Member] | |||||||||||||
Selected Quarterly Data (Unaudited) (Details) - Schedule of selected quarterly data [Line Items] | |||||||||||||
Total investment income | $ 21,853 | $ 18,442 | $ 13,856 | ||||||||||
Net investment income | 7,698 | 6,393 | 5,335 | ||||||||||
Net realized and unrealized gain (loss) | (5,545) | 3,101 | 16,476 | ||||||||||
Realized losses on extinguishment of debt* | [1] | (1,205) | (1,552) | ||||||||||
Net increase in net assets resulting from operations | $ 948 | $ 7,942 | $ 21,811 | ||||||||||
Net investment income per common share (in Dollars per share) | $ 0.64 | $ 0.57 | $ 0.48 | ||||||||||
Net realized and unrealized gain (loss) per common share (in Dollars per share) | (0.46) | 0.29 | 1.48 | ||||||||||
Dividends declared per common share (in Dollars per share) | 0.53 | 0.44 | 0.4 | ||||||||||
Net asset value per common share (in Dollars per share) | $ 28.27 | $ 28.97 | $ 26.68 | ||||||||||
Qtr 1 [Member] | |||||||||||||
Selected Quarterly Data (Unaudited) (Details) - Schedule of selected quarterly data [Line Items] | |||||||||||||
Total investment income | $ 18,679 | $ 16,816 | $ 13,297 | ||||||||||
Net investment income | 7,976 | 2,556 | 9,018 | ||||||||||
Net realized and unrealized gain (loss) | (9,464) | 18,493 | (31,674) | ||||||||||
Realized losses on extinguishment of debt* | [1] | ||||||||||||
Net increase in net assets resulting from operations | $ (1,488) | $ 21,049 | $ (22,656) | ||||||||||
Net investment income per common share (in Dollars per share) | $ 0.66 | $ 0.23 | $ 0.8 | ||||||||||
Net realized and unrealized gain (loss) per common share (in Dollars per share) | (0.78) | 1.66 | (2.82) | ||||||||||
Dividends declared per common share (in Dollars per share) | 0.53 | 0.43 | |||||||||||
Net asset value per common share (in Dollars per share) | $ 28.69 | $ 28.7 | $ 25.11 | ||||||||||
[1] Certain prior period amounts have been reclassified to conform to current period presentation. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 05, 2019 | Mar. 31, 2023 | Feb. 28, 2023 | May 31, 2023 | May 01, 2023 | Jan. 27, 2023 | Jul. 14, 2022 | Feb. 28, 2021 | Feb. 07, 2020 | Dec. 21, 2019 | May 10, 2013 | |
Subsequent Events (Details) [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 350,000 | $ 10,000 | $ 43,100 | $ 74,450 | $ 74,450 | $ 74,450 | $ 48,300 | ||||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | $ 19,200 | ||||||||||
Interest rate | 0.10% | ||||||||||
Subsequent events, description | On April 14, 2023, we issued $50.0 million in aggregate principal amount of 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) for net proceeds of $48.2 million, based on a public offering price of 100% of par, after deducting underwriting discounts and commissions of approximately $1.6 million and estimated offering expenses of approximately $0.2 million. On April 25, 2023, the underwriters exercised their option in full to purchase an additional $7.5 million in aggregate principal amount of its 8.50% notes due 2028 within 30 days. Net proceeds to the Company were $7.3 million after deducting underwriting commissions of approximately $0.2 million. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ” with a par value of $25.00 per share. Interest on the 8.50% 2028 Notes will be paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per year, beginning May 31, 2023. The 8.50% 2028 Notes mature on April 15, 2028 and commencing April 14, 2025, may be redeemed in whole or in part at any time or from time to time at our option. We intend to use the net proceeds of the offering to repay a portion of outstanding indebtedness under the Encina Credit Facility, make investments in middle-market companies in accordance with our investment objective and strategies (including investments made through SBIC III LP) and for general corporate purposes. | ||||||||||
8.75% 2025 [Member] | Subsequent Event [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 10,000 | ||||||||||
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | $ 9,600 | ||||||||||
Customary fees percentage | 3.50% | ||||||||||
Offering expenses | $ 100 | ||||||||||
7.75% 2025 [Member] | Subsequent Event [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Interest rate | 8.75% |