Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Aug. 31, 2023 | Oct. 06, 2023 | |
Document Information [Line Items] | ||
Entity Registrant Name | SARATOGA INVESTMENT CORP. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --02-28 | |
Entity Common Stock, Shares Outstanding | 13,114,977 | |
Amendment Flag | false | |
Entity Central Index Key | 0001377936 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Aug. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly 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 | |
Common Stock, par value $0.001 per share | ||
Document Information [Line Items] | ||
Trading Symbol | SAR | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NYSE | |
6.00% Notes due 2027 | ||
Document Information [Line Items] | ||
Trading Symbol | SAT | |
Title of 12(b) Security | 6.00% Notes due 2027 | |
Security Exchange Name | NYSE | |
8.00% Notes due 2027 | ||
Document Information [Line Items] | ||
Trading Symbol | SAJ | |
Title of 12(b) Security | 8.00% Notes due 2027 | |
Security Exchange Name | NYSE | |
8.125% Notes due 2027 | ||
Document Information [Line Items] | ||
Trading Symbol | SAY | |
Title of 12(b) Security | 8.125% Notes due 2027 | |
Security Exchange Name | NYSE | |
8.50% Notes due 2027 | ||
Document Information [Line Items] | ||
Trading Symbol | SAZ | |
Title of 12(b) Security | 8.50% Notes due 2027 | |
Security Exchange Name | NYSE |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) | Aug. 31, 2023 | Feb. 28, 2023 |
Investments at fair value | ||
Non-control/Non-affiliate investments (amortized cost of $953,247,363 and $819,966,208, respectively) | $ 947,924,370 | $ 828,028,800 |
Affiliate investments (amortized cost of $44,385,672 and $25,722,320, respectively) | 46,763,587 | 28,305,871 |
Control investments (amortized cost of $117,270,707 and $120,800,829, respectively) | 104,256,803 | 116,255,582 |
Total investments at fair value (amortized cost of $1,114,903,742 and $966,489,357, respectively) | 1,098,944,760 | 972,590,253 |
Cash and cash equivalents | 19,305,025 | 65,746,494 |
Cash and cash equivalents, reserve accounts | 29,127,875 | 30,329,779 |
Interest receivable (net of reserve of $4,673,871 and $2,217,300, respectively) | 8,032,228 | 8,159,951 |
Management fee receivable | 364,717 | 363,809 |
Other assets | 436,948 | 531,337 |
Current tax receivable | 99,676 | 436,551 |
Total assets | 1,156,311,229 | 1,078,158,174 |
LIABILITIES | ||
Revolving credit facility | 35,000,000 | 32,500,000 |
Commitments and contingencies (See Note 9) | ||
NET ASSETS | ||
Common stock, par value $0.001, 100,000,000 common shares authorized, 12,729,781 and 11,890,500 common shares issued and outstanding, respectively | 12,730 | 11,891 |
Capital in excess of par value | 345,876,725 | 321,893,806 |
Total distributable earnings | 16,189,300 | 25,052,345 |
Total net assets | 362,078,755 | 346,958,042 |
Total liabilities and net assets | $ 1,156,311,229 | $ 1,078,158,174 |
NET ASSET VALUE PER SHARE (in Dollars per share) | $ 28.44 | $ 29.18 |
Revolving credit facility | ||
LIABILITIES | ||
Deferred debt financing costs | $ (1,111,801) | $ (1,344,005) |
Base management and incentive fees payable | 9,169,859 | 12,114,878 |
Deferred tax liability | 2,786,512 | 2,816,572 |
Accounts payable and accrued expenses | 1,965,484 | 1,464,343 |
Interest and debt fees payable | 3,231,853 | 3,652,936 |
Directors fees payable | 14,932 | |
Due to manager | 378,598 | 10,935 |
Total liabilities | 794,232,474 | 731,200,132 |
debentures payable | ||
LIABILITIES | ||
Deferred debt financing costs | (5,640,013) | (4,923,488) |
Notes Payable | 189,000,000 | 202,000,000 |
8.75% Notes Payable 2024 | ||
LIABILITIES | ||
Deferred debt financing costs | (18,465) | |
Notes Payable | 20,000,000 | |
Discount on notes payable | (435,518) | |
7.00% Notes Payable 2025 | ||
LIABILITIES | ||
Deferred debt financing costs | (32,121) | (40,118) |
Notes Payable | 12,000,000 | 12,000,000 |
Discount on notes payable | (251,800) | (304,946) |
7.75% Notes Payable 2025 | ||
LIABILITIES | ||
Deferred debt financing costs | (101,880) | (129,528) |
Notes Payable | 5,000,000 | 5,000,000 |
4.375% Notes Payable 2026 | ||
LIABILITIES | ||
Deferred debt financing costs | (2,128,206) | (2,552,924) |
Notes Payable | 175,000,000 | 175,000,000 |
Premium on 4.375% notes payable 2026 | 718,718 | 830,824 |
4.35% Notes Payable 2027 | ||
LIABILITIES | ||
Deferred debt financing costs | (1,204,903) | (1,378,515) |
Notes Payable | 75,000,000 | 75,000,000 |
Discount on notes payable | (347,969) | (408,932) |
6.25% Notes Payable 2027 | ||
LIABILITIES | ||
Deferred debt financing costs | (309,003) | (344,949) |
Notes Payable | 15,000,000 | 15,000,000 |
6.00% Notes Payable 2027 | ||
LIABILITIES | ||
Deferred debt financing costs | (2,573,601) | (2,926,637) |
Notes Payable | 105,500,000 | 105,500,000 |
Discount on notes payable | (141,155) | (159,334) |
8.00% Notes Payable 2027 | ||
LIABILITIES | ||
Deferred debt financing costs | (1,447,465) | (1,622,376) |
Notes Payable | 46,000,000 | 46,000,000 |
8.125% Notes Payable 2027 | ||
LIABILITIES | ||
Deferred debt financing costs | (1,766,716) | (1,944,536) |
Notes Payable | 60,375,000 | 60,375,000 |
8.50% Notes Payable 2028 | ||
LIABILITIES | ||
Deferred debt financing costs | (1,882,934) | |
Notes Payable | $ 57,500,000 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($) | Aug. 31, 2023 | Feb. 28, 2023 |
Amortized cost (in Dollars) | $ 1,114,903,742 | $ 966,489,357 |
Net reserve of interest receivable (in Dollars) | $ 4,673,871 | $ 2,217,300 |
Notes payable discount, percentage | 6% | |
Debt financing costs, percentage | 6% | |
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) | 12,729,781 | 11,890,500 |
Common stock, shares outstanding (in Shares) | 12,729,781 | 11,890,500 |
7.00% Notes Payable 2025 | ||
Notes payable discount, percentage | 7% | |
Debt financing costs, percentage | 7% | |
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% | |
8.50% Notes Payable 2028 | ||
Notes payable discount, percentage | 8.50% | |
Debt financing costs, percentage | 8.50% | |
Non-control/Non-affiliate investments [Member] | ||
Amortized cost (in Dollars) | $ 953,247,363 | $ 819,966,208 |
Affiliated Investments [Member] | ||
Amortized cost (in Dollars) | 44,385,672 | 25,722,320 |
Control investments [Member] | ||
Amortized cost (in Dollars) | $ 117,270,707 | $ 120,800,829 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | |
Interest income: | ||||
Non-control/Non-affiliate investments | $ 28,489,719 | $ 16,197,470 | $ 54,800,512 | $ 30,048,616 |
Affiliate investments | 907,064 | 1,322,501 | 1,634,150 | 2,372,649 |
Control investments | 2,085,448 | 1,513,666 | 4,131,308 | 3,059,796 |
Payment-in-kind interest income: | ||||
Non-control/Non-affiliate investments | 493,338 | 85,746 | 618,233 | 171,427 |
Affiliate investments | 215,547 | 29,167 | 423,136 | 29,167 |
Control investments | 142,289 | 84,220 | 283,852 | 157,441 |
Total interest from investments | 32,333,405 | 19,232,770 | 61,891,191 | 35,839,096 |
Interest from cash and cash equivalents | 539,093 | 34,435 | 1,343,382 | 35,152 |
Management fee income | 817,250 | 817,024 | 1,634,038 | 1,632,988 |
Dividend Income | 1,631,583 | 212,688 | 3,472,513 | 512,817 |
Structuring and advisory fee income | 45,000 | 1,408,086 | 1,474,222 | 2,259,814 |
Other income | 147,814 | 147,843 | 330,842 | 252,111 |
Total investment income | 35,514,145 | 21,852,846 | 70,146,188 | 40,531,978 |
OPERATING EXPENSES | ||||
Interest and debt financing expenses | 12,413,462 | 7,922,025 | 24,106,284 | 14,793,538 |
Base management fees | 4,840,899 | 4,104,105 | 9,405,088 | 7,906,168 |
Incentive management fees expense (benefit) | 2,481,473 | 589,840 | 2,584,821 | (1,314,145) |
Professional fees | 486,673 | 368,165 | 972,723 | 785,490 |
Administrator expenses | 904,167 | 772,917 | 1,722,917 | 1,522,917 |
Insurance | 81,901 | 90,226 | 163,802 | 177,536 |
Directors fees and expenses | 111,000 | 110,000 | 200,068 | 220,000 |
General and administrative | 467,116 | 299,445 | 1,297,844 | 966,861 |
Income tax expense (benefit) | (237,330) | (101,891) | (231,093) | (200,623) |
Total operating expenses | 21,549,361 | 14,154,832 | 40,222,454 | 24,857,742 |
NET INVESTMENT INCOME | 13,964,784 | 7,698,014 | 29,923,734 | 15,674,236 |
Net realized gain (loss) from investments: | ||||
Non-control/Non-affiliate investments | 7,943,838 | 90,691 | 8,106,347 | |
Net realized gain (loss) from investments | 7,943,838 | 90,691 | 8,106,347 | |
Income tax (provision) benefit from realized gain on investments | 69,250 | |||
Net change in unrealized appreciation (depreciation) on investments: | ||||
Non-control/Non-affiliate investments | (11,657,451) | (13,878,470) | (13,385,585) | (14,512,759) |
Affiliate investments | 39,648 | 2,600,434 | (205,636) | 3,168,040 |
Control investments | 5,880,232 | (1,980,420) | (8,468,657) | (11,247,186) |
Net change in unrealized appreciation (depreciation) on investments | (5,737,571) | (13,258,456) | (22,059,878) | (22,591,905) |
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (221,206) | (230,154) | (161,799) | (592,105) |
Net realized and unrealized gain (loss) on investments | (5,958,777) | (5,544,772) | (22,130,986) | (15,008,413) |
Realized losses on extinguishment of debt | (110,056) | (1,204,809) | (110,056) | (1,204,809) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 7,895,951 | $ 948,433 | $ 7,682,692 | $ (538,986) |
WEIGHTED AVERAGE - BASIC EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share) | $ 0.65 | $ 0.08 | $ 0.64 | $ (0.04) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC (in Shares) | 12,158,440 | 11,963,276 | 12,011,180 | 12,037,855 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | |
Income Statement [Abstract] | ||||
WEIGHTED AVERAGE - DILUTED EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share) | $ 0.65 | $ 0.08 | $ 0.64 | $ (0.04) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED | 12,158,440 | 11,963,276 | 12,011,180 | 12,037,855 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 6 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | ||
INCREASE (DECREASE) FROM OPERATIONS: | |||
Net investment income | $ 29,923,734 | $ 15,674,236 | |
Net realized gain from investments | 90,691 | 8,106,347 | |
Realized losses on extinguishment of debt | (110,056) | (1,204,809) | |
Income tax (provision) benefit from realized gain on investments | 69,250 | ||
Net change in unrealized appreciation (depreciation) on investments | (22,059,878) | (22,591,905) | |
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (161,799) | (592,105) | |
Net increase (decrease) in net assets resulting from operations | 7,682,692 | (538,986) | |
DECREASE FROM SHAREHOLDER DISTRIBUTIONS: | |||
Total distributions to shareholders | (16,545,737) | (12,798,798) | |
Net decrease in net assets from shareholder distributions | (16,545,737) | (12,798,798) | |
CAPITAL SHARE TRANSACTIONS: | |||
Proceeds from issuance of common stock | [1] | 22,498,117 | |
Capital contribution from manager | 2,050,288 | ||
Stock dividend distribution | 1,808,157 | 2,196,868 | |
Repurchases of common stock | (2,157,605) | (7,420,421) | |
Repurchase fees | (1,772) | (5,911) | |
Offering costs | (213,427) | ||
Net increase (decrease) in net assets from capital share transactions | 23,983,758 | (5,229,464) | |
Total increase (decrease) in net assets | 15,120,713 | (18,567,248) | |
Net assets at beginning of period | 346,958,042 | 355,780,523 | |
Net assets at end of period | $ 362,078,755 | $ 337,213,275 | |
[1] See Note 11 to the Consolidated Financial Statements contained herein for more information on share issuance. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Aug. 31, 2023 | Aug. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 7,682,692 | $ (538,986) |
FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | ||
Payment-in-kind and other adjustments to cost | 2,707,440 | 1,594,054 |
Net accretion of discount on investments | (862,540) | (833,939) |
Amortization of deferred debt financing costs | 2,589,024 | 1,674,315 |
Realized losses on extinguishment of debt | 110,056 | 1,204,809 |
Income tax expense (benefit) | (231,093) | (269,873) |
Net realized (gain) loss from investments | (90,691) | (8,106,347) |
Net change in unrealized (appreciation) depreciation on investments | 22,059,878 | 22,591,905 |
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | 161,799 | 592,105 |
Proceeds from sales and repayments of investments | 17,103,496 | 105,173,099 |
Purchases of investments | (167,272,090) | (257,515,083) |
(Increase) decrease in operating assets: | ||
Interest receivable | 127,723 | 73,870 |
Due from affiliate | 73,298 | |
Management fee receivable | (908) | (1,003) |
Other assets | 94,389 | (465) |
Current income tax receivable | 336,875 | 64,638 |
Increase (decrease) in operating liabilities: | ||
Base management and incentive fees payable | (2,945,019) | (3,417,662) |
Accounts payable and accrued expenses | 501,141 | 389,516 |
Current tax payable | (2,820,036) | |
Interest and debt fees payable | (421,083) | 271,856 |
Directors fees payable | (14,932) | 38,932 |
Excise tax payable | (630,183) | |
Due to manager | 367,663 | (74,562) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (117,996,180) | (140,465,742) |
Financing activities | ||
Borrowings on debt | 46,500,000 | 79,500,000 |
Paydowns on debt | (57,000,000) | (18,340,000) |
Issuance of notes | 77,500,000 | 105,500,000 |
Repayments of notes | (43,125,000) | |
Payments of deferred debt financing costs | (4,085,214) | (5,087,947) |
Discount on debt issuance, 6.00% notes 2027 | (176,000) | |
Proceeds from issuance of common stock | 22,498,117 | |
Capital contribution from manager | 2,050,288 | |
Payments of cash dividends | (14,737,580) | (10,601,930) |
Repurchases of common stock | (2,157,605) | (7,420,421) |
Repurchases fees | (1,772) | (5,911) |
Payments of offering costs | (213,427) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 70,352,807 | 100,242,791 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS | (47,643,373) | (40,222,951) |
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD | 96,076,273 | 52,870,342 |
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD (See Note 2) | 48,432,900 | 12,647,391 |
Supplemental information: | ||
Interest paid during the period | 21,938,344 | 12,691,530 |
Cash paid for taxes | 4,852 | 2,759,376 |
Supplemental non-cash information: | ||
Payment-in-kind interest income and other adjustments to cost | (2,707,440) | (1,799,723) |
Net accretion of discount on investments | 862,540 | 833,939 |
Amortization of deferred debt financing costs | 2,589,024 | 1,674,315 |
Stock dividend distribution | $ 1,808,157 | $ 2,196,868 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | Aug. 31, 2023 | Aug. 31, 2022 |
Statement of Cash Flows [Abstract] | ||
Discount on debt issuance percentage | 6% | 6% |
Consolidated Schedule of Invest
Consolidated Schedule of Investments (unaudited) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Aug. 31, 2023 | Feb. 28, 2023 | ||||
Total Alternative Investment Management Software [Member] | |||||
Fair Value | [1] | $ 10,459,372 | |||
Cost | [1] | $ 9,907,457 | |||
% of Net Assets | [1] | 3% | |||
Total Alternative Investment Management Software [Member] | Altvia MidCo, LLC. [Member] | |||||
Fair Value | [1] | $ 7,911,372 | |||
Cost | [1] | $ 7,907,457 | |||
% of Net Assets | [1] | 2.30% | |||
Principal/ Number of Shares | [1] | $ 7,980,000 | |||
Original Acquisition Date | [1] | Jul. 18, 2022 | |||
Total Alternative Investment Management Software [Member] | Altvia MidCo, LLC. One [Member] | |||||
Fair Value | [2] | $ 2,548,000 | |||
Cost | [2] | $ 2,000,000 | |||
% of Net Assets | [2] | 0.70% | |||
Principal/ Number of Shares | [2] | $ 2,000,000 | |||
Original Acquisition Date | [2] | Jul. 18, 2022 | |||
Total Alternative Investment Management Software [Member] | Saratoga CLO [Member] | |||||
Fair Value | $ 10,695,374 | ||||
Cost | $ 9,874,743 | ||||
% of Net Assets | 3% | ||||
Total Alternative Investment Management Software [Member] | Saratoga CLO [Member] | Altvia MidCo, LLC. [Member] | |||||
Fair Value | [1],[3],[4] | $ 7,851,072 | |||
Cost | [1],[4] | $ 7,874,743 | |||
% of Net Assets | [1],[4] | 2.20% | |||
Principal/ Number of Shares | [1],[4] | $ 7,940,000 | |||
Original Acquisition Date | [1],[4] | Jul. 18, 2022 | |||
Total Alternative Investment Management Software [Member] | Saratoga CLO [Member] | Altvia MidCo, LLC. One [Member] | |||||
Fair Value | [1],[2],[3],[4] | $ 2,844,302 | |||
Cost | [1],[2],[4] | $ 2,000,000 | |||
% of Net Assets | [1],[2],[4] | 0.80% | |||
Principal/ Number of Shares | [1],[2],[4] | $ 2,000,000 | |||
Original Acquisition Date | [1],[2],[4] | Jul. 18, 2022 | |||
Total Architecture & Engineering Software [Member] | Saratoga CLO [Member] | |||||
Fair Value | [3] | $ 24,997,500 | |||
Cost | $ 24,997,500 | ||||
% of Net Assets | 6.90% | ||||
Total Architecture & Engineering Software [Member] | Saratoga CLO [Member] | BQE Software, Inc [Member] | |||||
Fair Value | [1],[3],[4] | $ 24,255,000 | |||
Cost | [1],[4] | $ 24,255,000 | |||
% of Net Assets | [1],[4] | 6.70% | |||
Principal/ Number of Shares | [1],[4] | $ 24,500,000 | |||
Original Acquisition Date | [1],[4] | Apr. 13, 2023 | |||
Total Architecture & Engineering Software [Member] | Saratoga CLO [Member] | BQE Software, Inc One [Member] | |||||
Fair Value | [1],[3],[4] | $ 742,500 | |||
Cost | [1],[4] | $ 742,500 | |||
% of Net Assets | [1],[4] | 0.20% | |||
Principal/ Number of Shares | [1],[4] | $ 750,000 | |||
Original Acquisition Date | [1],[4] | Apr. 13, 2023 | |||
Total Association Management Software [Member] | Saratoga CLO [Member] | |||||
Fair Value | [3] | $ 18,185,000 | |||
Cost | $ 18,195,327 | ||||
% of Net Assets | 5% | ||||
Total Association Management Software [Member] | Saratoga CLO [Member] | GrowthZone, LLC [Member] | |||||
Fair Value | [1],[3],[4] | $ 17,185,000 | |||
Cost | [1],[4] | $ 17,195,327 | |||
% of Net Assets | [1],[4] | 4.70% | |||
Principal/ Number of Shares | [1],[4] | $ 17,500,000 | |||
Original Acquisition Date | [1],[4] | May 10, 2023 | |||
Total Association Management Software [Member] | Saratoga CLO [Member] | Golden TopCo LP [Member] | |||||
Fair Value | [1],[3],[4] | $ 1,000,000 | |||
Cost | [1],[4] | $ 1,000,000 | |||
% of Net Assets | [1],[4] | 0.30% | |||
Principal/ Number of Shares | [1],[4] | $ 1,000,000 | |||
Original Acquisition Date | [1],[4] | May 10, 2023 | |||
Total Consumer Services [Member] | |||||
Fair Value | [1] | $ 63,642,327 | |||
Cost | [1] | $ 60,059,057 | |||
% of Net Assets | [1] | 18.30% | |||
Total Consumer Services [Member] | Artemis Wax Corp.[Member] | |||||
Fair Value | [1],[5],[6] | $ 57,500,000 | |||
Cost | [1],[5],[6] | $ 57,059,057 | |||
% of Net Assets | [1],[5],[6] | 16.60% | |||
Principal/ Number of Shares | [1],[5],[6] | $ 57,500,000 | |||
Original Acquisition Date | [1],[5],[6] | May 20, 2021 | |||
Total Consumer Services [Member] | Artemis Wax Corp. One [Member] | |||||
Fair Value | [1],[2] | $ 4,642,322 | |||
Cost | [1],[2] | $ 1,500,000 | |||
% of Net Assets | [1],[2] | 1.30% | |||
Principal/ Number of Shares | [1],[2] | $ 934,463 | |||
Original Acquisition Date | [1],[2] | May 20, 2021 | |||
Total Consumer Services [Member] | Artemis Wax Corp. Two [Member] | |||||
Fair Value | [1],[2] | $ 1,500,005 | |||
Cost | [1],[2] | $ 1,500,000 | |||
% of Net Assets | [1],[2] | 0.40% | |||
Principal/ Number of Shares | [1],[2] | $ 278,769 | |||
Original Acquisition Date | [1],[2] | Dec. 22, 2022 | |||
Total Consumer Services [Member] | Saratoga CLO [Member] | |||||
Fair Value | [3] | $ 63,878,306 | |||
Cost | $ 60,159,311 | ||||
% of Net Assets | 17.60% | ||||
Total Consumer Services [Member] | Saratoga CLO [Member] | Artemis Wax Corp.[Member] | |||||
Fair Value | [1],[3],[4],[6],[7] | $ 57,517,250 | |||
Cost | [1],[4],[6],[7] | $ 57,159,311 | |||
% of Net Assets | [1],[4],[6],[7] | 15.90% | |||
Principal/ Number of Shares | [1],[4],[6],[7] | $ 57,500,000 | |||
Original Acquisition Date | [1],[4],[6],[7] | May 20, 2021 | |||
Total Consumer Services [Member] | Saratoga CLO [Member] | Artemis Wax Corp. One [Member] | |||||
Fair Value | [1],[2],[3],[4] | $ 4,738,970 | |||
Cost | [1],[2],[4] | $ 1,500,000 | |||
% of Net Assets | [1],[2],[4] | 1.30% | |||
Principal/ Number of Shares | [1],[2],[4] | $ 934,463 | |||
Original Acquisition Date | [1],[2],[4] | May 20, 2021 | |||
Total Consumer Services [Member] | Saratoga CLO [Member] | Artemis Wax Corp. Two [Member] | |||||
Fair Value | [1],[2],[3],[4] | $ 1,622,086 | |||
Cost | [1],[2],[4] | $ 1,500,000 | |||
% of Net Assets | [1],[2],[4] | 0.40% | |||
Principal/ Number of Shares | [1],[2],[4] | $ 278,769 | |||
Original Acquisition Date | [1],[2],[4] | Dec. 22, 2022 | |||
Total Corporate Education Software [Member] | |||||
Fair Value | [1] | $ 3,809,091 | |||
Cost | [1] | $ 475,698 | |||
% of Net Assets | [1] | 1.10% | |||
Total Corporate Education Software [Member] | Schoox, Inc. [Member] | |||||
Fair Value | [2],[5] | $ 3,809,091 | |||
Cost | [2],[5] | $ 475,698 | |||
% of Net Assets | [2],[5] | 1.10% | |||
Principal/ Number of Shares | [2],[5] | $ 1,050 | |||
Original Acquisition Date | [2],[5] | Dec. 08, 2020 | |||
Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member] | |||||
Fair Value | [2],[8] | $ 3,072,504 | |||
Cost | [2],[8] | $ 3,000,000 | |||
% of Net Assets | [2],[8] | 0.90% | |||
Principal/ Number of Shares | [2],[8] | $ 3,000,000 | |||
Total Corporate Education Software [Member] | Saratoga CLO [Member] | |||||
Fair Value | [3] | $ 4,181,695 | |||
Cost | $ 475,698 | ||||
% of Net Assets | 1.20% | ||||
Total Corporate Education Software [Member] | Saratoga CLO [Member] | Schoox, Inc. [Member] | |||||
Fair Value | [1],[2],[3],[4],[5] | $ 4,181,695 | |||
Cost | [1],[2],[4],[5] | $ 475,698 | |||
% of Net Assets | [1],[2],[4],[5] | 1.20% | |||
Principal/ Number of Shares | [1],[2],[4],[5] | $ 1,050 | |||
Original Acquisition Date | [1],[2],[4],[5] | Dec. 08, 2020 | |||
Total Cyber Security [Member] | |||||
Fair Value | [1] | 2,509,210 | |||
Cost | [1] | $ 1,906,275 | |||
% of Net Assets | [1] | 0.70% | |||
Total Cyber Security [Member] | GreyHeller LLC [Member] | |||||
Fair Value | [1],[2] | $ 2,509,210 | |||
Cost | [1],[2] | $ 1,906,275 | |||
% of Net Assets | [1],[2] | 0.70% | |||
Principal/ Number of Shares | [1],[2] | $ 7,857,689 | |||
Original Acquisition Date | [1],[2] | Nov. 10, 2021 | |||
Total Cyber Security [Member] | Saratoga CLO [Member] | |||||
Fair Value | [3] | $ 2,512,620 | |||
Cost | $ 1,906,275 | ||||
% of Net Assets | 0.70% | ||||
Total Cyber Security [Member] | Saratoga CLO [Member] | GreyHeller LLC [Member] | |||||
Fair Value | [1],[2],[3],[4] | $ 2,512,620 | |||
Cost | [1],[2],[4] | $ 1,906,275 | |||
% of Net Assets | [1],[2],[4] | 0.70% | |||
Principal/ Number of Shares | [1],[2],[4] | $ 7,857,689 | |||
Original Acquisition Date | [1],[2],[4] | Nov. 10, 2021 | |||
Total Dental Practice Management [Member] | |||||
Fair Value | $ 20,036,792 | [3] | $ 12,151,216 | [1] | |
Cost | $ 19,792,200 | $ 12,046,965 | [1] | ||
% of Net Assets | 5.60% | 3.50% | [1] | ||
Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC [Member] | |||||
Fair Value | [1],[7] | ||||
Cost | [1],[7] | $ (94,504) | |||
% of Net Assets | [1],[7] | 0% | |||
Principal/ Number of Shares | [1],[7] | ||||
Original Acquisition Date | [1],[7] | Feb. 08, 2023 | |||
Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC One [Member] | |||||
Fair Value | [1],[2],[3],[4],[5] | $ 1,096,678 | |||
Cost | [1],[2],[4],[5] | $ 1,027,519 | |||
% of Net Assets | [1],[2],[4],[5] | 0.30% | |||
Principal/ Number of Shares | [1],[2],[4],[5] | $ 493,999 | |||
Original Acquisition Date | [1],[2],[4],[5] | Feb. 08, 2023 | |||
Total Dental Practice Management [Member] | New England Dental Partners [Member] | |||||
Fair Value | $ 6,525,503 | [3] | $ 6,523,536 | [1] | |
Cost | $ 6,521,830 | $ 6,514,437 | [1] | ||
% of Net Assets | 1.80% | 1.90% | [1] | ||
Principal/ Number of Shares | $ 6,555,000 | $ 6,555,000 | [1] | ||
Original Acquisition Date | Nov. 25, 2020 | Nov. 25, 2020 | [1] | ||
Total Dental Practice Management [Member] | New England Dental Partners One [Member] | |||||
Fair Value | [1] | $ 4,629,075 | [3],[4] | $ 4,627,680 | |
Cost | [1] | $ 4,632,430 | [4] | $ 4,627,032 | |
% of Net Assets | [1] | 1.30% | [4] | 1.30% | |
Principal/ Number of Shares | [1] | $ 4,650,000 | [4] | $ 4,650,000 | |
Original Acquisition Date | [1] | Nov. 25, 2020 | [4] | Nov. 25, 2020 | |
Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings Three [Member] | |||||
Fair Value | [1],[7] | $ 1,000,000 | |||
Cost | [1],[7] | $ 1,000,000 | |||
% of Net Assets | [1],[7] | 0.30% | |||
Principal/ Number of Shares | [1],[7] | $ 480,769 | |||
Original Acquisition Date | [1],[7] | Feb. 08, 2023 | |||
Total Dental Practice Management [Member] | Saratoga CLO [Member] | Gen4 Dental Partners Holdings, LLC [Member] | |||||
Fair Value | [1],[3],[4],[7] | $ 7,785,536 | |||
Cost | [1],[4],[7] | $ 7,610,421 | |||
% of Net Assets | [1],[4],[7] | 2.20% | |||
Principal/ Number of Shares | [1],[4],[7] | $ 7,632,878 | |||
Original Acquisition Date | [1],[4],[7] | Feb. 08, 2023 | |||
Total Direct Selling Software [Member] | |||||
Fair Value | $ 25,179,376 | [3] | $ 25,770,150 | [4] | |
Cost | $ 25,317,310 | $ 25,882,494 | [4] | ||
% of Net Assets | 7% | 7.50% | [4] | ||
Total Direct Selling Software [Member] | Exigo, LLC [Member] | |||||
Fair Value | [1],[3],[4],[6] | $ 24,088,044 | |||
Cost | [1],[4],[6] | $ 24,275,643 | |||
% of Net Assets | [1],[4],[6] | 6.70% | |||
Principal/ Number of Shares | [1],[4],[6] | $ 24,437,500 | |||
Original Acquisition Date | [1],[4],[6] | Mar. 16, 2022 | |||
Total Direct Selling Software [Member] | Exigo, LLC One [Member] | |||||
Fair Value | [1],[3],[4],[7] | $ (59,583) | |||
Cost | [1],[4],[7] | ||||
% of Net Assets | [1],[4],[7] | 0% | |||
Principal/ Number of Shares | [1],[4],[7] | ||||
Original Acquisition Date | [1],[4],[7] | Mar. 16, 2022 | |||
Total Direct Selling Software [Member] | Exigo, LLC Two [Member] | |||||
Fair Value | [1],[3],[4],[7] | $ (14,896) | |||
Cost | [1],[4],[7] | ||||
% of Net Assets | [1],[4],[7] | 0% | |||
Principal/ Number of Shares | [1],[4],[7] | ||||
Original Acquisition Date | [1],[4],[7] | Mar. 16, 2022 | |||
Total Direct Selling Software [Member] | Exigo, LLC Three [Member] | |||||
Fair Value | [1],[2],[3],[4],[5] | $ 1,165,811 | |||
Cost | [1],[2],[4],[5] | $ 1,041,667 | |||
% of Net Assets | [1],[2],[4],[5] | 0.30% | |||
Principal/ Number of Shares | [1],[2],[4],[5] | $ 1,041,667 | |||
Original Acquisition Date | [1],[2],[4],[5] | Mar. 16, 2022 | |||
Total Direct Selling Software [Member] | Exigo, LLC Four [Member] | |||||
Fair Value | [4],[6] | $ 24,504,825 | |||
Cost | [4],[6] | $ 24,632,494 | |||
% of Net Assets | [4],[6] | 7.10% | |||
Principal/ Number of Shares | [4],[6] | $ 24,812,500 | |||
Original Acquisition Date | [4],[6] | Mar. 16, 2022 | |||
Total Direct Selling Software [Member] | Exigo, LLC Five [Member] | |||||
Fair Value | [4],[5] | $ (51,667) | |||
Cost | [4],[5] | ||||
% of Net Assets | [4],[5] | 0% | |||
Principal/ Number of Shares | [4],[5] | ||||
Original Acquisition Date | [4],[5] | Mar. 16, 2022 | |||
Total Direct Selling Software [Member] | Exigo, LLC Six [Member] | |||||
Fair Value | [4],[7] | $ 195,417 | |||
Cost | [4],[7] | $ 208,333 | |||
% of Net Assets | [4],[7] | 0.10% | |||
Principal/ Number of Shares | [4],[7] | $ 208,334 | |||
Original Acquisition Date | [4],[7] | Mar. 16, 2022 | |||
Total Direct Selling Software [Member] | Exigo, LLC Seven [Member] | |||||
Fair Value | [2],[4],[5],[9] | $ 1,121,575 | |||
Cost | [2],[4],[5],[9] | $ 1,041,667 | |||
% of Net Assets | [2],[4],[5],[9] | 0.30% | |||
Principal/ Number of Shares | [2],[4],[5],[9] | $ 1,041,667 | |||
Original Acquisition Date | [2],[4],[5],[9] | Mar. 16, 2022 | |||
Total Education Services [Member] | |||||
Fair Value | $ 38,175,351 | [3] | $ 34,488,718 | [4] | |
Cost | $ 39,447,961 | $ 35,649,689 | [4] | ||
% of Net Assets | 10.50% | 9.90% | [4] | ||
Total Education Services [Member] | C2 Educational Systems [Member] | |||||
Fair Value | [4],[6] | $ 21,536,550 | [1],[3],[7] | $ 18,525,900 | |
Cost | [4],[6] | $ 21,471,737 | [1],[7] | $ 18,497,146 | |
% of Net Assets | [4],[6] | 5.90% | [1],[7] | 5.30% | |
Principal/ Number of Shares | [4],[6] | $ 21,500,000 | [1],[7] | $ 18,500,000 | |
Original Acquisition Date | [4],[6] | May 31, 2017 | [1],[7] | May 31, 2017 | |
Total Education Services [Member] | C2 Educational Systems [Member] | |||||
Fair Value | [2],[4] | $ 618,837 | [1],[3] | $ 629,892 | |
Cost | [2],[4] | $ 499,904 | [1] | $ 499,904 | |
% of Net Assets | [2],[4] | 0.20% | [1] | 0.20% | |
Principal/ Number of Shares | [2],[4] | $ 3,127 | [1] | $ 3,127 | |
Original Acquisition Date | [2],[4] | May 18, 2021 | [1] | May 18, 2021 | |
Total Education Services [Member] | Zollege PBC [Member] | |||||
Fair Value | [4] | $ 15,062,186 | [1],[3] | $ 14,827,200 | |
Cost | [4] | $ 16,295,284 | [1] | $ 15,905,830 | |
% of Net Assets | [4] | 4.20% | [1] | 4.30% | |
Principal/ Number of Shares | [4] | $ 16,380,033 | [1] | $ 16,000,000 | |
Original Acquisition Date | [4] | May 11, 2021 | [1] | May 11, 2021 | |
Total Education Services [Member] | Zollege PBC One [Member] | |||||
Fair Value | [4],[7] | $ 864,603 | [1],[3] | $ 390,050 | |
Cost | [4],[7] | $ 931,036 | [1] | $ 496,809 | |
% of Net Assets | [4],[7] | 0.20% | [1] | 0.10% | |
Principal/ Number of Shares | [4],[7] | $ 937,443 | [1] | $ 500,000 | |
Original Acquisition Date | [4],[7] | May 11, 2021 | [1] | May 11, 2021 | |
Total Education Services [Member] | Zollege PBC [Member] | |||||
Fair Value | [2],[4] | $ 93,175 | [1],[3] | $ 115,676 | |
Cost | [2],[4] | $ 250,000 | [1] | $ 250,000 | |
% of Net Assets | [2],[4] | 0% | [1] | 0% | |
Principal/ Number of Shares | [2],[4] | $ 250,000 | [1] | $ 250,000 | |
Original Acquisition Date | [2],[4] | May 11, 2021 | [1] | May 11, 2021 | |
Total Education Software [Member] | |||||
Fair Value | $ 45,602,682 | [3] | $ 44,955,219 | [4] | |
Cost | $ 40,416,455 | $ 40,077,843 | [4] | ||
% of Net Assets | 12.60% | 13.10% | [4] | ||
Total Education Software [Member] | Destiny Solutions Inc. [Member] | |||||
Fair Value | [2],[4],[5] | $ 9,462,554 | [1],[3] | $ 8,941,350 | |
Cost | [2],[4],[5] | $ 3,969,291 | [1] | $ 3,969,291 | |
% of Net Assets | [2],[4],[5] | 2.60% | [1] | 2.60% | |
Principal/ Number of Shares | [2],[4],[5] | $ 3,068 | [1] | $ 3,068 | |
Original Acquisition Date | [2],[4],[5] | May 16, 2018 | [1] | May 16, 2018 | |
Total Education Software [Member] | GoReact [Member] | |||||
Fair Value | [4] | $ 8,036,546 | [1],[3] | $ 7,982,783 | |
Cost | [4] | $ 8,006,292 | [1] | $ 7,952,042 | |
% of Net Assets | [4] | 2.20% | [1] | 2.30% | |
Principal/ Number of Shares | [4] | $ 8,047,007 | [1] | $ 8,006,000 | |
Original Acquisition Date | [4] | Jan. 17, 2020 | [1] | Jan. 17, 2020 | |
Total Education Software [Member] | GoReact One [Member] | |||||
Fair Value | [4],[7] | $ 1,259,296 | [1],[3] | $ 997,848 | |
Cost | [4],[7] | $ 1,260,935 | [1] | $ 1,000,750 | |
% of Net Assets | [4],[7] | 0.30% | [1] | 0.30% | |
Principal/ Number of Shares | [4],[7] | $ 1,260,935 | [1] | $ 1,000,750 | |
Original Acquisition Date | [4],[7] | Jan. 18, 2022 | [1] | Jan. 18, 2022 | |
Total Education Software [Member] | Identity Automation Systems [Member] | |||||
Fair Value | [1],[2],[3],[4] | $ 301,167 | |||
Cost | [1],[2],[4] | $ 232,616 | |||
% of Net Assets | [1],[2],[4] | 0.10% | |||
Principal/ Number of Shares | [1],[2],[4] | $ 232,616 | |||
Original Acquisition Date | [1],[2],[4] | Aug. 25, 2014 | |||
Total Education Software [Member] | Identity Automation Systems [Member] | |||||
Fair Value | [2],[4] | $ 226,219 | [1],[3] | $ 218,168 | |
Cost | [2],[4] | $ 171,571 | [1] | $ 232,616 | |
% of Net Assets | [2],[4] | 0.10% | [1] | 0.10% | |
Principal/ Number of Shares | [2],[4] | $ 43,715 | [1] | $ 232,616 | |
Original Acquisition Date | [2],[4] | Mar. 06, 2020 | [1] | Aug. 25, 2014 | |
Total Education Software [Member] | Ready Education [Member] | |||||
Fair Value | [4] | $ 26,316,900 | [1],[3] | $ 26,597,700 | |
Cost | [4] | $ 26,775,750 | [1] | $ 26,751,573 | |
% of Net Assets | [4] | 7.30% | [1] | 7.70% | |
Principal/ Number of Shares | [4] | $ 27,000,000 | [1] | $ 27,000,000 | |
Original Acquisition Date | [4] | Aug. 05, 2022 | [1] | Aug. 05, 2022 | |
Total Education Software [Member] | Identity Automation Systems Two [Member] | |||||
Fair Value | [2],[4] | $ 217,370 | |||
Cost | [2],[4] | $ 171,571 | |||
% of Net Assets | [2],[4] | 0.10% | |||
Principal/ Number of Shares | [2],[4] | $ 43,715 | |||
Original Acquisition Date | [2],[4] | Mar. 06, 2020 | |||
Total Facilities Maintenance [Member] | |||||
Fair Value | $ 291,206 | [3] | $ 407,760 | [4] | |
Cost | $ 488,148 | $ 488,148 | [4] | ||
% of Net Assets | 0.10% | 0.10% | [4] | ||
Total Facilities Maintenance [Member] | TG Pressure Washing Holdings, LLC [Member] | |||||
Fair Value | [4] | $ 291,206 | [1],[2],[3] | $ 407,760 | |
Cost | [4] | $ 488,148 | [1],[2] | $ 488,148 | |
% of Net Assets | [4] | 0.10% | [1],[2] | 0.10% | |
Principal/ Number of Shares | [4] | $ 488,148 | [1],[2] | $ 488,148 | |
Original Acquisition Date | [4] | Aug. 12, 2019 | [1],[2] | Aug. 12, 2019 | |
Total Field Service Management [Member] | |||||
Fair Value | $ 9,918,921 | [3] | $ 9,957,834 | [4] | |
Cost | $ 9,942,749 | $ 9,923,727 | [4] | ||
% of Net Assets | 2.70% | 2.80% | [4] | ||
Total Field Service Management [Member] | Davisware, LLC [Member] | |||||
Fair Value | [4] | $ 5,964,600 | [1],[3] | $ 5,988,000 | |
Cost | [4] | $ 5,982,340 | [1] | $ 5,972,735 | |
% of Net Assets | [4] | 1.60% | [1] | 1.70% | |
Principal/ Number of Shares | [4] | $ 6,000,000 | [1] | $ 6,000,000 | |
Original Acquisition Date | [4] | Sep. 06, 2019 | [1] | Sep. 06, 2019 | |
Total Field Service Management [Member] | Davisware, LLC One [Member] | |||||
Fair Value | [4] | $ 3,954,321 | [1],[3],[7] | $ 3,969,834 | |
Cost | [4] | $ 3,960,409 | [1],[7] | $ 3,950,992 | |
% of Net Assets | [4] | 1.10% | [1],[7] | 1.10% | |
Principal/ Number of Shares | [4] | $ 3,977,790 | [1],[7] | $ 3,977,790 | |
Original Acquisition Date | [4] | Sep. 06, 2019 | [1],[7] | Sep. 06, 2019 | |
Total Financial Services [Member] | |||||
Fair Value | $ 26,143,307 | [3] | $ 26,218,290 | [4] | |
Cost | $ 26,121,584 | $ 26,276,568 | [4] | ||
% of Net Assets | 7.20% | 7.40% | [4] | ||
Total Financial Services [Member] | GDS Software Holdings, LLC [Member] | |||||
Fair Value | [4] | $ 22,377,760 | [1],[3] | $ 22,311,890 | |
Cost | [4] | $ 22,611,867 | [1] | $ 22,603,970 | |
% of Net Assets | [4] | 6.20% | [1] | 6.40% | |
Principal/ Number of Shares | [4] | $ 22,713,926 | [1] | $ 22,713,926 | |
Original Acquisition Date | [4] | Dec. 30, 2021 | [1] | Dec. 30, 2021 | |
Total Financial Services [Member] | GDS Software Holdings, LLC One [Member] | |||||
Fair Value | [4] | $ 3,237,440 | [1],[3] | $ 3,227,910 | |
Cost | [4] | $ 3,259,717 | [1] | $ 3,257,297 | |
% of Net Assets | [4] | 0.90% | [1] | 0.90% | |
Principal/ Number of Shares | [4] | $ 3,286,074 | [1] | $ 3,286,074 | |
Original Acquisition Date | [4] | Dec. 30, 2021 | [1] | Dec. 30, 2021 | |
Total Financial Services [Member] | GDS Software Holdings, LLC Two [Member] | |||||
Fair Value | [2],[4] | $ 528,107 | [1],[3] | $ 518,413 | |
Cost | [2],[4] | $ 250,000 | [1] | $ 250,000 | |
% of Net Assets | [2],[4] | 0.10% | [1] | 0.10% | |
Principal/ Number of Shares | [2],[4] | $ 250,000 | [1] | $ 250,000 | |
Original Acquisition Date | [2],[4] | Aug. 23, 2018 | [1] | Aug. 23, 2018 | |
Total Financial Services [Member] | B. Riley Financial, Inc. [Member] | |||||
Fair Value | [4],[10] | $ 160,077 | |||
Cost | [4],[10] | $ 165,301 | |||
% of Net Assets | [4],[10] | 0% | |||
Principal/ Number of Shares | [4],[10] | $ 165,301 | |||
Original Acquisition Date | [4],[10] | Oct. 18, 2022 | |||
Total Financial Services Software [Member] | |||||
Fair Value | $ 9,990,705 | [3] | $ 9,096,250 | [4] | |
Cost | $ 9,972,988 | $ 9,221,637 | [4] | ||
% of Net Assets | 2.70% | 2.60% | [4] | ||
Total Financial Services Software [Member] | Ascend Software, LLC [Member] | |||||
Fair Value | [4] | $ 5,964,600 | [1],[3] | $ 5,902,200 | |
Cost | [4] | $ 5,956,894 | [1] | $ 5,952,354 | |
% of Net Assets | [4] | 1.60% | [1] | 1.70% | |
Principal/ Number of Shares | [4] | $ 6,000,000 | [1] | $ 6,000,000 | |
Original Acquisition Date | [4] | Dec. 15, 2021 | [1] | Dec. 15, 2021 | |
Total Financial Services Software [Member] | Ascend Software, LLC [Member] | |||||
Fair Value | [4],[7] | $ 4,026,105 | [1],[3] | $ 3,194,050 | |
Cost | [4],[7] | $ 4,016,094 | [1] | $ 3,269,283 | |
% of Net Assets | [4],[7] | 1.10% | [1] | 0.90% | |
Principal/ Number of Shares | [4],[7] | $ 4,050,000 | [1] | $ 3,300,000 | |
Original Acquisition Date | [4],[7] | Dec. 15, 2021 | [1] | Dec. 15, 2021 | |
Total Fire Inspection Business Software [Member] | |||||
Fair Value | [3] | $ 9,900,000 | |||
Cost | $ 9,900,000 | ||||
% of Net Assets | 2.70% | ||||
Total Fire Inspection Business Software [Member] | Inspect Point Holdings, LLC [Member] | |||||
Fair Value | [1],[3],[4] | $ 9,900,000 | |||
Cost | [1],[4] | $ 9,900,000 | |||
% of Net Assets | [1],[4] | 2.70% | |||
Principal/ Number of Shares | [1],[4] | $ 10,000,000 | |||
Original Acquisition Date | [1],[4] | Jul. 19, 2023 | |||
Total Fire Inspection Business Software [Member] | Inspect Point Holdings, LLC One [Member] | |||||
Fair Value | [1],[3],[4],[7] | ||||
Cost | [1],[4],[7] | ||||
% of Net Assets | [1],[4],[7] | 0% | |||
Principal/ Number of Shares | [1],[4],[7] | ||||
Original Acquisition Date | [1],[4],[7] | Jul. 19, 2023 | |||
Total Health/Fitness Franchisor [Member] | |||||
Fair Value | [3] | $ 31,700,000 | |||
Cost | $ 31,710,838 | ||||
% of Net Assets | 8.80% | ||||
Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC [Member] | |||||
Fair Value | [1],[3],[4] | $ 29,700,000 | |||
Cost | [1],[4] | $ 29,710,838 | |||
% of Net Assets | [1],[4] | 8.20% | |||
Principal/ Number of Shares | [1],[4] | $ 30,000,000 | |||
Original Acquisition Date | [1],[4] | Mar. 31, 2023 | |||
Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC One [Member] | |||||
Fair Value | [1],[4],[7] | ||||
Cost | [1],[4],[7] | ||||
% of Net Assets | [1],[4],[7] | 0% | |||
Principal/ Number of Shares | [1],[4],[7] | ||||
Original Acquisition Date | [1],[4],[7] | Mar. 31, 2023 | |||
Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC Two [Member] | |||||
Fair Value | [1],[2],[3],[4] | $ 2,000,000 | |||
Cost | [1],[2],[4] | $ 2,000,000 | |||
% of Net Assets | [1],[2],[4] | 0.60% | |||
Principal/ Number of Shares | [1],[2],[4] | $ 20,000 | |||
Original Acquisition Date | [1],[2],[4] | Mar. 31, 2023 | |||
Total Healthcare Services [Member] | |||||
Fair Value | $ 26,105,987 | [3] | $ 26,286,156 | [4] | |
Cost | $ 25,349,936 | $ 25,338,666 | [4] | ||
% of Net Assets | 7.20% | 7.60% | [4] | ||
Total Healthcare Services [Member] | Axiom Parent Holdings, LLC [Member] | |||||
Fair Value | [2],[4] | $ 1,105,987 | [1],[3] | $ 1,286,156 | |
Cost | [2],[4] | $ 400,000 | [1] | $ 400,000 | |
% of Net Assets | [2],[4] | 0.30% | [1] | 0.40% | |
Principal/ Number of Shares | [2],[4] | $ 400,000 | [1] | $ 400,000 | |
Original Acquisition Date | [2],[4] | Jun. 19, 2018 | [1] | Jun. 19, 2018 | |
Total Healthcare Services [Member] | ComForCare Health Care [Member] | |||||
Fair Value | [4],[6] | $ 25,000,000 | [1],[3] | $ 25,000,000 | |
Cost | [4],[6] | $ 24,949,936 | [1] | $ 24,938,666 | |
% of Net Assets | [4],[6] | 6.90% | [1] | 7.20% | |
Principal/ Number of Shares | [4],[6] | $ 25,000,000 | [1] | $ 25,000,000 | |
Original Acquisition Date | [4],[6] | Jan. 31, 2017 | [1] | Jan. 31, 2017 | |
Total Healthcare Software [Member] | |||||
Fair Value | $ 120,107,915 | [3] | $ 119,123,921 | [4] | |
Cost | $ 117,174,352 | $ 116,448,819 | [4] | ||
% of Net Assets | 33.10% | 34.30% | [4] | ||
Total Healthcare Software [Member] | HemaTerra Holding Company, LLC [Member] | |||||
Fair Value | [4],[6] | $ 55,167,183 | [1],[3] | $ 55,445,104 | |
Cost | [4],[6] | $ 54,856,742 | [1] | $ 55,105,372 | |
% of Net Assets | [4],[6] | 15.20% | [1] | 16% | |
Principal/ Number of Shares | [4],[6] | $ 55,205,828 | [1] | $ 55,483,943 | |
Original Acquisition Date | [4],[6] | Apr. 15, 2019 | [1] | Apr. 15, 2019 | |
Total Healthcare Software [Member] | HemaTerra Holding Company, LLC One [Member] | |||||
Fair Value | [4] | $ 13,815,847 | [1],[3] | $ 13,885,448 | |
Cost | [4] | $ 13,768,029 | [1] | $ 13,829,142 | |
% of Net Assets | [4] | 3.80% | [1] | 4% | |
Principal/ Number of Shares | [4] | $ 13,825,525 | [1] | $ 13,895,175 | |
Original Acquisition Date | [4] | Apr. 15, 2019 | [1] | Apr. 15, 2019 | |
Total Healthcare Software [Member] | TRC HemaTerra, LLC [Member] | |||||
Fair Value | [2],[4] | $ 4,902,746 | [1],[3] | $ 4,606,741 | |
Cost | [2],[4] | $ 2,816,693 | [1] | $ 2,816,693 | |
% of Net Assets | [2],[4] | 1.40% | [1] | 1.30% | |
Principal/ Number of Shares | [2],[4] | $ 2,487 | [1] | $ 2,487 | |
Original Acquisition Date | [2],[4] | Apr. 15, 2019 | [1] | Apr. 15, 2019 | |
Total Healthcare Software [Member] | Procurement Partners, LLC [Member] | |||||
Fair Value | [4] | $ 35,135,538 | [1],[3] | $ 35,103,925 | |
Cost | [4] | $ 34,939,652 | [1] | $ 34,906,981 | |
% of Net Assets | [4] | 9.70% | [1] | 10.10% | |
Principal/ Number of Shares | [4] | $ 35,125,000 | [1] | $ 35,125,000 | |
Original Acquisition Date | [4] | Nov. 12, 2020 | [1] | Nov. 12, 2020 | |
Total Healthcare Software [Member] | Procurement Partners, LLC [Member] | |||||
Fair Value | [4],[7] | $ 10,303,090 | [1],[3] | $ 9,294,420 | |
Cost | [4],[7] | $ 10,222,017 | [1] | $ 9,219,412 | |
% of Net Assets | [4],[7] | 2.80% | [1] | 2.70% | |
Principal/ Number of Shares | [4],[7] | $ 10,300,000 | [1] | $ 9,300,000 | |
Original Acquisition Date | [4],[7] | Nov. 12, 2020 | [1] | Nov. 12, 2020 | |
Total Healthcare Software [Member] | Procurement Partners Holdings LLC [Member] | |||||
Fair Value | [2],[4] | $ 783,511 | [1],[3] | $ 788,283 | |
Cost | [2],[4] | $ 571,219 | [1] | $ 571,219 | |
% of Net Assets | [2],[4] | 0.20% | [1] | 0.20% | |
Principal/ Number of Shares | [2],[4] | $ 571,219 | [1] | $ 571,219 | |
Original Acquisition Date | [2],[4] | Nov. 12, 2020 | [1] | Nov. 12, 2020 | |
Total Healthcare Supply [Member] | |||||
Fair Value | [3] | [4] | |||
Cost | $ 508,077 | $ 508,077 | [4] | ||
% of Net Assets | 0% | 0% | [4] | ||
Total Healthcare Supply [Member] | Roscoe Medical, Inc. [Member] | |||||
Fair Value | [1],[2],[3],[4] | ||||
Cost | [1],[2],[4] | $ 508,077 | |||
% of Net Assets | [1],[2],[4] | 0% | |||
Principal/ Number of Shares | [1],[2],[4] | $ 5,081 | |||
Original Acquisition Date | [1],[2],[4] | Mar. 26, 2014 | |||
Total Healthcare Supply [Member] | Roscoe Medical, Inc. One [Member] | |||||
Fair Value | [4],[11] | ||||
Cost | [4],[11] | $ 508,077 | |||
% of Net Assets | [4],[11] | 0% | |||
Principal/ Number of Shares | [4],[11] | $ 5,081 | |||
Original Acquisition Date | [4],[11] | Mar. 26, 2014 | |||
Total Hospitality/Hotel [Member] | |||||
Fair Value | $ 38,134,009 | [3] | $ 37,972,116 | [4] | |
Cost | $ 43,956,984 | $ 43,943,239 | [4] | ||
% of Net Assets | 10.60% | 11% | [4] | ||
Total Hospitality/Hotel [Member] | Book4Time, Inc. [Member] | |||||
Fair Value | [4],[6],[10] | $ 3,136,517 | [1],[3] | $ 3,136,517 | |
Cost | [4],[6],[10] | $ 3,120,142 | [1] | $ 3,116,896 | |
% of Net Assets | [4],[6],[10] | 0.90% | [1] | 0.90% | |
Principal/ Number of Shares | [4],[6],[10] | $ 3,136,517 | [1] | $ 3,136,517 | |
Original Acquisition Date | [4],[6],[10] | Dec. 22, 2020 | [1] | Dec. 22, 2020 | |
Total Hospitality/Hotel [Member] | Book4Time, Inc. One [Member] | |||||
Fair Value | [4],[10] | $ 2,000,000 | [1],[3] | $ 2,000,000 | |
Cost | [4],[10] | $ 1,987,041 | [1] | $ 1,984,212 | |
% of Net Assets | [4],[10] | 0.60% | [1] | 0.60% | |
Principal/ Number of Shares | [4],[10] | $ 2,000,000 | [1] | $ 2,000,000 | |
Original Acquisition Date | [4],[10] | Dec. 22, 2020 | [1] | Dec. 22, 2020 | |
Total Hospitality/Hotel [Member] | Book4Time, Inc. Two [Member] | |||||
Fair Value | [4],[5],[10] | $ 353,429 | [1],[2],[3] | $ 281,778 | |
Cost | [4],[5],[10] | $ 156,826 | [1],[2] | $ 156,826 | |
% of Net Assets | [4],[5],[10] | 0.10% | [1],[2] | 0.10% | |
Principal/ Number of Shares | [4],[5],[10] | $ 200,000 | [1],[2] | $ 200,000 | |
Original Acquisition Date | [4],[5],[10] | Dec. 22, 2020 | [1],[2] | Dec. 22, 2020 | |
Total Hospitality/Hotel [Member] | Knowland Group, LLC [Member] | |||||
Fair Value | [2],[4],[12] | $ 9,754,463 | [1],[3] | $ 9,760,821 | |
Cost | [2],[4],[12] | $ 15,878,989 | [1] | $ 15,878,989 | |
% of Net Assets | [2],[4],[12] | 2.70% | [1] | 2.80% | |
Principal/ Number of Shares | [2],[4],[12] | $ 15,878,989 | [1] | $ 15,878,989 | |
Original Acquisition Date | [2],[4],[12] | Nov. 09, 2018 | [1] | Nov. 09, 2018 | |
Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC [Member] | |||||
Fair Value | $ 22,889,600 | [3] | $ 22,793,000 | [4] | |
Cost | $ 22,813,986 | $ 22,806,316 | [4] | ||
% of Net Assets | 6.30% | 6.60% | [4] | ||
Principal/ Number of Shares | $ 23,000,000 | $ 23,000,000 | [4] | ||
Original Acquisition Date | Apr. 27, 2020 | Apr. 27, 2020 | [4] | ||
Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC One [Member] | |||||
Fair Value | [4],[7] | [1],[3] | |||
Cost | [4],[7] | [1] | |||
% of Net Assets | [4],[7] | 0% | [1] | 0% | |
Principal/ Number of Shares | [4],[7] | [1] | |||
Original Acquisition Date | [4],[7] | Sep. 02, 2021 | [1] | Sep. 02, 2021 | |
Total HVAC Services and Sales [Member] | |||||
Fair Value | $ 68,772,175 | [3] | $ 54,450,000 | [4] | |
Cost | $ 68,692,624 | $ 54,589,008 | [4] | ||
% of Net Assets | 19% | 15.70% | [4] | ||
Total HVAC Services and Sales [Member] | Granite Comfort, LP [Member] | |||||
Fair Value | [4],[6] | $ 42,703,300 | [1],[3] | $ 42,570,000 | |
Cost | [4],[6] | $ 42,744,942 | [1] | $ 42,694,831 | |
% of Net Assets | [4],[6] | 11.80% | [1] | 12.30% | |
Principal/ Number of Shares | [4],[6] | $ 43,000,000 | [1] | $ 43,000,000 | |
Original Acquisition Date | [4],[6] | Nov. 16, 2020 | [1] | Nov. 16, 2020 | |
Total HVAC Services and Sales [Member] | Granite Comfort, LP One [Member] | |||||
Fair Value | [4],[7] | $ 26,068,875 | [1],[3] | $ 11,880,000 | |
Cost | [4],[7] | $ 25,947,682 | [1] | $ 11,894,177 | |
% of Net Assets | [4],[7] | 7.20% | [1] | 3.40% | |
Principal/ Number of Shares | [4],[7] | $ 26,250,000 | [1] | $ 12,000,000 | |
Original Acquisition Date | [4],[7] | Nov. 16, 2020 | [1] | Nov. 16, 2020 | |
Total Industrial Products [Member] | |||||
Fair Value | $ 8,568,013 | [3] | $ 9,607,909 | [4] | |
Cost | $ 1,907,586 | $ 3,089,986 | [4] | ||
% of Net Assets | 2.30% | 2.80% | [4] | ||
Total Industrial Products [Member] | Vector Controls Holding Co., LLC [Member] | |||||
Fair Value | [4],[6] | $ 1,907,586 | [1],[3] | $ 3,089,986 | |
Cost | [4],[6] | $ 1,907,586 | [1] | $ 3,089,986 | |
% of Net Assets | [4],[6] | 0.50% | [1] | 0.90% | |
Principal/ Number of Shares | [4],[6] | $ 1,907,586 | [1] | $ 3,089,986 | |
Original Acquisition Date | [4],[6] | Mar. 06, 2013 | [1] | Mar. 06, 2013 | |
Total Industrial Products [Member] | Vector Controls Holding Co., LLC One [Member] | |||||
Fair Value | [2],[4] | $ 6,660,427 | [1],[3] | $ 6,517,923 | |
Cost | [2],[4] | [1] | |||
% of Net Assets | [2],[4] | 1.80% | [1] | 1.90% | |
Principal/ Number of Shares | [2],[4] | $ 343 | [1] | $ 343 | |
Original Acquisition Date | [2],[4] | May 31, 2015 | [1] | May 31, 2015 | |
Total Industrial Products [Member] | Saratoga CLO [Member] | Vector Controls Holding Co., LLC One [Member] | |||||
Cost | [2],[4] | ||||
Total Insurance Software [Member] | |||||
Fair Value | $ 17,201,611 | [3] | 16,760,556 | [4] | |
Cost | $ 15,816,943 | $ 15,876,121 | [4] | ||
% of Net Assets | 4.70% | 4.90% | [4] | ||
Total Insurance Software [Member] | AgencyBloc, LLC [Member] | |||||
Fair Value | [4] | $ 13,401,818 | [1],[3] | $ 13,449,114 | |
Cost | [4] | $ 13,316,943 | [1] | $ 13,376,121 | |
% of Net Assets | [4] | 3.70% | [1] | 3.90% | |
Principal/ Number of Shares | [4] | $ 13,401,818 | [1] | $ 13,469,318 | |
Original Acquisition Date | [4] | Oct. 01, 2021 | [1] | Oct. 01, 2021 | |
Total Insurance Software [Member] | Panther ParentCo LLC [Member] | |||||
Fair Value | [2],[4] | $ 3,799,793 | [1],[3] | $ 3,311,442 | |
Cost | [2],[4] | $ 2,500,000 | [1] | $ 2,500,000 | |
% of Net Assets | [2],[4] | 1% | [1] | 1% | |
Principal/ Number of Shares | [2],[4] | $ 2,500,000 | [1] | $ 2,500,000 | |
Original Acquisition Date | [2],[4] | Oct. 01, 2021 | [1] | Oct. 01, 2021 | |
Total IT Services [Member] | |||||
Fair Value | $ 43,000,000 | [3] | $ 43,000,000 | [4] | |
Cost | $ 42,967,165 | $ 42,953,087 | [4] | ||
% of Net Assets | 11.90% | 12.40% | [4] | ||
Total IT Services [Member] | LogicMonitor, Inc. [Member] | |||||
Fair Value | [4],[6] | $ 43,000,000 | [1],[3] | $ 43,000,000 | |
Cost | [4],[6] | $ 42,967,165 | [1] | $ 42,953,087 | |
% of Net Assets | [4],[6] | 11.90% | [1] | 12.40% | |
Principal/ Number of Shares | [4],[6] | $ 43,000,000 | [1] | $ 43,000,000 | |
Original Acquisition Date | [4],[6] | Mar. 20, 2020 | [1] | Mar. 20, 2020 | |
Total IT Services [Member] | Netreo Holdings, LLC [Member] | |||||
Fair Value | [1] | $ 5,443,757 | |||
Cost | [1] | $ 5,522,608 | |||
% of Net Assets | [1] | 1.60% | |||
Principal/ Number of Shares | [1] | $ 5,539,029 | |||
Total IT Services [Member] | Netreo Holdings, LLC One [Member] | |||||
Fair Value | [1],[6],[11] | 21,730,699 | |||
Cost | [1],[6],[11] | $ 22,019,877 | |||
% of Net Assets | [1],[6],[11] | 6.30% | |||
Principal/ Number of Shares | [1],[6],[11] | $ 22,111,008 | |||
Total IT Services [Member] | Netreo Holdings, LLC Two [Member] | |||||
Fair Value | [1],[2],[11] | 16,992,742 | |||
Cost | [1],[2],[11] | $ 8,344,500 | |||
% of Net Assets | [1],[2],[11] | 4.90% | |||
Principal/ Number of Shares | [1],[2],[11] | $ 4,600,677 | |||
Total Lead management Software [Member] | |||||
Fair Value | $ 12,120,000 | [3] | 12,090,000 | [4] | |
Cost | $ 11,911,810 | $ 11,906,362 | [4] | ||
% of Net Assets | 3.30% | 3.50% | [4] | ||
Total Lead management Software [Member] | ActiveProspect, Inc. [Member] | |||||
Fair Value | [1],[3],[4],[6] | $ 12,120,000 | |||
Cost | [1],[4],[6] | $ 11,911,810 | |||
% of Net Assets | [1],[4],[6] | 3.30% | |||
Principal/ Number of Shares | [1],[4],[6] | $ 12,000,000 | |||
Original Acquisition Date | [1],[4],[6] | Aug. 08, 2022 | |||
Total Lead management Software [Member] | ActiveProspect, Inc. One [Member] | |||||
Fair Value | [1],[3],[4],[7] | ||||
Cost | [1],[4],[7] | ||||
% of Net Assets | [1],[4],[7] | 0% | |||
Principal/ Number of Shares | [1],[4],[7] | ||||
Original Acquisition Date | [1],[4],[7] | Aug. 08, 2022 | |||
Total Lead management Software [Member] | ActiveProspect, Inc Two [Member] | |||||
Fair Value | [4],[6] | $ 12,090,000 | |||
Cost | [4],[6] | $ 11,906,362 | |||
% of Net Assets | [4],[6] | 3.50% | |||
Principal/ Number of Shares | [4],[6] | $ 12,000,000 | |||
Original Acquisition Date | [4],[6] | Aug. 08, 2022 | |||
Total Lead management Software [Member] | ActiveProspect, Inc Three [Member] | |||||
Fair Value | [4],[7] | ||||
Cost | [4],[7] | ||||
% of Net Assets | [4],[7] | 0% | |||
Principal/ Number of Shares | [4],[7] | ||||
Original Acquisition Date | [4],[7] | Aug. 08, 2022 | |||
Total Legal Software [Member] | |||||
Fair Value | $ 20,711,250 | [3] | $ 20,699,256 | [4] | |
Cost | $ 20,972,034 | $ 21,055,931 | [4] | ||
% of Net Assets | 5.70% | 6% | [4] | ||
Total Legal Software [Member] | Centerbase, LLC [Member] | |||||
Fair Value | $ 20,711,250 | [3] | $ 20,699,256 | [4] | |
Cost | $ 20,972,034 | $ 21,055,931 | [4] | ||
% of Net Assets | 5.70% | 6% | [4] | ||
Principal/ Number of Shares | $ 21,140,400 | $ 21,247,440 | [4] | ||
Original Acquisition Date | Jan. 18, 2022 | Jan. 18, 2022 | [4] | ||
Total Marketing Orchestration Software [Member] | |||||
Fair Value | $ 18,588,612 | [3] | $ 18,715,000 | [4] | |
Cost | $ 18,615,176 | $ 18,626,777 | [4] | ||
% of Net Assets | 5.10% | 5.40% | [4] | ||
Total Marketing Orchestration Software [Member] | Madison Logic, Inc. [Member] | |||||
Fair Value | [4],[6] | $ 18,588,612 | [1],[3] | $ 18,715,000 | |
Cost | [4],[6] | $ 18,615,176 | [1] | $ 18,626,777 | |
% of Net Assets | [4],[6] | 5.10% | [1] | 5.40% | |
Principal/ Number of Shares | [4],[6] | $ 18,952,500 | [1] | $ 19,000,000 | |
Original Acquisition Date | [4],[6] | Dec. 10, 2021 | [1] | Dec. 10, 2021 | |
Total Mental Healthcare Services [Member] | |||||
Fair Value | $ 29,125,396 | [3] | $ 16,921,769 | [4] | |
Cost | $ 28,621,065 | $ 17,097,115 | [4] | ||
% of Net Assets | 8.10% | 4.90% | [4] | ||
Total Mental Healthcare Services [Member] | ARC Health OpCo LLC [Member] | |||||
Fair Value | [4],[6] | $ 6,538,350 | [1],[3] | $ 6,461,000 | |
Cost | [4],[6] | $ 6,431,969 | [1] | $ 6,427,296 | |
% of Net Assets | [4],[6] | 1.80% | [1] | 1.90% | |
Principal/ Number of Shares | [4],[6] | $ 6,500,000 | [1] | $ 6,500,000 | |
Original Acquisition Date | [4],[6] | Aug. 05, 2022 | [1] | Aug. 05, 2022 | |
Total Mental Healthcare Services [Member] | ARC Health OpCo LLC One [Member] | |||||
Fair Value | [4],[6],[7] | $ 18,348,622 | [1],[3] | $ 7,680,616 | |
Cost | [4],[6],[7] | $ 18,019,497 | [1] | $ 7,634,711 | |
% of Net Assets | [4],[6],[7] | 5.10% | [1] | 2.20% | |
Principal/ Number of Shares | [4],[6],[7] | $ 18,241,000 | [1] | $ 7,726,978 | |
Original Acquisition Date | [4],[6],[7] | Aug. 05, 2022 | [1] | Aug. 05, 2022 | |
Total Mental Healthcare Services [Member] | ARC Health OpCo LLC Two [Member] | |||||
Fair Value | [2],[4] | $ 4,238,424 | [1],[3] | $ 2,780,153 | |
Cost | [2],[4] | $ 4,169,599 | [1] | $ 3,035,108 | |
% of Net Assets | [2],[4] | 1.20% | [1] | 0.80% | |
Principal/ Number of Shares | [2],[4] | $ 3,818,400 | [1] | $ 2,808,236 | |
Original Acquisition Date | [2],[4] | Aug. 05, 2022 | [1] | Aug. 05, 2022 | |
Total Mentoring Software [Member] | |||||
Fair Value | $ 22,715,888 | [3] | $ 21,359,003 | [4] | |
Cost | $ 22,858,529 | $ 20,861,414 | [4] | ||
% of Net Assets | 6.30% | 6.20% | [4] | ||
Total Mentoring Software [Member] | Chronus LLC [Member] | |||||
Fair Value | [4] | $ 14,821,500 | [1],[3] | $ 14,890,500 | |
Cost | [4] | $ 14,901,460 | [1] | $ 14,887,780 | |
% of Net Assets | [4] | 4.10% | [1] | 4.30% | |
Principal/ Number of Shares | [4] | $ 15,000,000 | [1] | $ 15,000,000 | |
Original Acquisition Date | [4] | Aug. 26, 2021 | [1] | Aug. 26, 2021 | |
Total Mentoring Software [Member] | Chronus LLC One [Member] | |||||
Fair Value | [4] | $ 4,940,500 | [1],[3] | $ 2,978,100 | |
Cost | [4] | $ 4,957,069 | [1] | $ 2,973,634 | |
% of Net Assets | [4] | 1.40% | [1] | 0.90% | |
Principal/ Number of Shares | [4] | $ 5,000,000 | [1] | $ 3,000,000 | |
Original Acquisition Date | [4] | Aug. 26, 2021 | [1] | Aug. 26, 2021 | |
Total Mentoring Software [Member] | Chronus LLC Two [Member] | |||||
Fair Value | [2],[4] | $ 2,953,888 | [1],[3] | $ 3,490,403 | |
Cost | [2],[4] | $ 3,000,000 | [1] | $ 3,000,000 | |
% of Net Assets | [2],[4] | 0.80% | [1] | 1% | |
Principal/ Number of Shares | [2],[4] | $ 3,000 | [1] | $ 3,000 | |
Original Acquisition Date | [2],[4] | Aug. 26, 2021 | [1] | Aug. 26, 2021 | |
Total Non-profit Services [Member] | |||||
Fair Value | $ 14,285,177 | [3] | $ 13,095,223 | [4] | |
Cost | $ 14,166,229 | $ 13,091,197 | [4] | ||
% of Net Assets | 3.90% | 3.80% | [4] | ||
Total Non-profit Services [Member] | Omatic Software, LLC [Member] | |||||
Fair Value | [4] | $ 14,285,177 | [1],[3] | $ 13,095,223 | |
Cost | [4] | $ 14,166,229 | [1] | $ 13,091,197 | |
% of Net Assets | [4] | 3.90% | [1] | 3.80% | |
Principal/ Number of Shares | [4] | $ 14,194,333 | [1] | $ 13,122,781 | |
Original Acquisition Date | [4] | May 29, 2018 | [1] | May 29, 2018 | |
Total Office Supplies [Member] | |||||
Fair Value | $ 6,866,521 | [3] | $ 6,372,555 | [4] | |
Cost | $ 6,389,877 | $ 6,374,379 | [4] | ||
% of Net Assets | 1.90% | 1.80% | [4] | ||
Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. [Member] | |||||
Fair Value | [4] | $ 6,000,000 | [1],[3] | $ 5,965,800 | |
Cost | [4] | $ 5,989,877 | [1] | $ 5,974,379 | |
% of Net Assets | [4] | 1.70% | [1] | 1.70% | |
Principal/ Number of Shares | [4] | $ 6,000,000 | [1] | $ 6,000,000 | |
Original Acquisition Date | [4] | Dec. 28, 2012 | [1] | Dec. 28, 2012 | |
Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. One [Member] | |||||
Fair Value | [2],[4] | $ 866,521 | [1],[3] | $ 406,755 | |
Cost | [2],[4] | $ 400,000 | [1] | $ 400,000 | |
% of Net Assets | [2],[4] | 0.20% | [1] | 0.10% | |
Principal/ Number of Shares | [2],[4] | $ 49,318 | [1] | $ 49,318 | |
Original Acquisition Date | [2],[4] | Dec. 28, 2012 | [1] | Dec. 28, 2012 | |
Total Real Estate Services [Member] | |||||
Fair Value | $ 53,261,183 | [3] | $ 53,406,469 | [4] | |
Cost | $ 53,603,482 | $ 53,554,581 | [4] | ||
% of Net Assets | 14.70% | 15.40% | [4] | ||
Total Real Estate Services [Member] | Buildout, Inc. [Member] | |||||
Fair Value | [4] | $ 13,813,800 | [1],[3],[6] | $ 13,855,800 | |
Cost | [4] | $ 13,935,536 | [1],[6] | $ 13,924,435 | |
% of Net Assets | [4] | 3.80% | [1],[6] | 4% | |
Principal/ Number of Shares | [4] | $ 14,000,000 | [1],[6] | $ 14,000,000 | |
Original Acquisition Date | [4] | Jul. 09, 2020 | [1],[6] | Jul. 09, 2020 | |
Total Real Estate Services [Member] | Buildout, Inc. One [Member] | |||||
Fair Value | [4] | $ 37,987,950 | [1],[3] | $ 38,103,450 | |
Cost | [4] | $ 38,295,389 | [1] | $ 38,257,589 | |
% of Net Assets | [4] | 10.50% | [1] | 11% | |
Principal/ Number of Shares | [4] | $ 38,500,000 | [1] | $ 38,500,000 | |
Original Acquisition Date | [4] | Feb. 12, 2021 | [1] | Feb. 12, 2021 | |
Total Real Estate Services [Member] | Buildout, Inc. Two [Member] | |||||
Fair Value | [2],[4],[5] | $ 1,459,433 | [1],[3] | $ 1,447,219 | |
Cost | [2],[4],[5] | $ 1,372,557 | [1] | $ 1,372,557 | |
% of Net Assets | [2],[4],[5] | 0.40% | [1] | 0.40% | |
Principal/ Number of Shares | [2],[4],[5] | $ 1,250 | [1] | $ 1,250 | |
Original Acquisition Date | [2],[4],[5] | Jul. 09, 2020 | [1] | Jul. 09, 2020 | |
Total Research Software [Member] | |||||
Fair Value | $ 10,546,037 | [3] | $ 10,676,983 | [4] | |
Cost | $ 10,638,939 | $ 10,628,283 | [4] | ||
% of Net Assets | 2.90% | 3% | [4] | ||
Total Research Software [Member] | Wellspring Worldwide Inc. [Member] | |||||
Fair Value | [4] | $ 9,456,000 | [1],[3] | $ 9,540,480 | |
Cost | [4] | $ 9,513,779 | [1] | $ 9,503,123 | |
% of Net Assets | [4] | 2.60% | [1] | 2.70% | |
Principal/ Number of Shares | [4] | $ 9,600,000 | [1] | $ 9,600,000 | |
Original Acquisition Date | [4] | Jun. 27, 2022 | [1] | Jun. 27, 2022 | |
Total Research Software [Member] | Archimedes Parent LLC [Member] | |||||
Fair Value | [2],[4] | $ 1,090,037 | [1],[3] | $ 1,136,503 | |
Cost | [2],[4] | $ 1,125,160 | [1] | $ 1,125,160 | |
% of Net Assets | [2],[4] | 0.30% | [1] | 0.30% | |
Principal/ Number of Shares | [2],[4] | $ 1,125,160 | [1] | $ 1,125,160 | |
Original Acquisition Date | [2],[4] | Jun. 27, 2022 | [1] | Jun. 27, 2022 | |
Total Restaurant [Member] | |||||
Fair Value | $ 22,085,826 | [3] | $ 24,826,161 | [4] | |
Cost | $ 21,854,245 | $ 25,051,847 | [4] | ||
% of Net Assets | 6.10% | 7.10% | [4] | ||
Total Restaurant [Member] | LFR Chicken LLC [Member] | |||||
Fair Value | [4] | $ 11,914,800 | [1],[3] | $ 11,866,800 | |
Cost | [4] | $ 11,917,079 | [1] | $ 11,906,864 | |
% of Net Assets | [4] | 3.30% | [1] | 3.40% | |
Principal/ Number of Shares | [4] | $ 12,000,000 | [1] | $ 12,000,000 | |
Original Acquisition Date | [4] | Nov. 19, 2021 | [1] | Nov. 19, 2021 | |
Total Restaurant [Member] | LFR Chicken LLC One [Member] | |||||
Fair Value | [4],[7] | $ 8,936,100 | [1],[3] | $ 8,900,100 | |
Cost | [4],[7] | $ 8,937,166 | [1] | $ 8,927,326 | |
% of Net Assets | [4],[7] | 2.50% | [1] | 2.60% | |
Principal/ Number of Shares | [4],[7] | $ 9,000,000 | [1] | $ 9,000,000 | |
Original Acquisition Date | [4],[7] | Nov. 19, 2021 | [1] | Nov. 19, 2021 | |
Total Restaurant [Member] | LFR Chicken LLC Two [Member] | |||||
Fair Value | [2],[4] | $ 1,234,926 | [1],[3] | $ 1,177,373 | |
Cost | [2],[4] | $ 1,000,000 | [1] | $ 1,000,000 | |
% of Net Assets | [2],[4] | 0.30% | [1] | 0.30% | |
Principal/ Number of Shares | [2],[4] | $ 497,183 | [1] | $ 497,183 | |
Original Acquisition Date | [2],[4] | Nov. 19, 2021 | [1] | Nov. 19, 2021 | |
Total Restaurant [Member] | TMAC Acquisition Co., LLC [Member] | |||||
Fair Value | [4] | $ 2,881,888 | |||
Cost | [4] | $ 3,217,657 | |||
% of Net Assets | [4] | 0.80% | |||
Principal/ Number of Shares | [4] | $ 3,217,657 | |||
Original Acquisition Date | [4] | Mar. 01, 2018 | |||
Total Roofing Contractor Software [Member] | |||||
Fair Value | [3] | $ 9,875,250 | |||
Cost | $ 9,882,374 | ||||
% of Net Assets | 2.70% | ||||
Total Roofing Contractor Software [Member] | JobNimbus LLC [Member] | |||||
Fair Value | [1],[3],[4] | $ 9,875,250 | |||
Cost | [1],[4] | $ 9,882,374 | |||
% of Net Assets | [1],[4] | 2.70% | |||
Principal/ Number of Shares | [1],[4] | $ 9,975,000 | |||
Original Acquisition Date | [1],[4] | Mar. 28, 2023 | |||
Total Specialty Food Retailer [Member] | |||||
Fair Value | $ 7,940,156 | [3] | $ 24,410,861 | [4] | |
Cost | $ 34,308,660 | $ 34,255,863 | [4] | ||
% of Net Assets | 2.20% | 7% | [4] | ||
Total Specialty Food Retailer [Member] | Pepper Palace, Inc [Member] | |||||
Fair Value | [4],[6] | $ 7,940,156 | [1],[3],[12] | $ 24,410,861 | |
Cost | [4],[6] | $ 33,111,625 | [1],[12] | $ 33,255,863 | |
% of Net Assets | [4],[6] | 2.20% | [1],[12] | 7% | |
Principal/ Number of Shares | [4],[6] | $ 33,320,000 | [1],[12] | $ 33,490,000 | |
Original Acquisition Date | [4],[6] | Jun. 30, 2021 | [1],[12] | Jun. 30, 2021 | |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc. One [Member] | |||||
Fair Value | [4] | [1],[3],[7],[12] | |||
Cost | [4] | [1],[7],[12] | |||
% of Net Assets | [4] | 0% | [1],[7],[12] | 0% | |
Principal/ Number of Shares | [4] | [1],[7],[12] | |||
Original Acquisition Date | [4] | Jun. 30, 2021 | [1],[7],[12] | Jun. 30, 2021 | |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Two [Member] | |||||
Fair Value | [4],[7] | [1],[3],[12] | |||
Cost | [4],[7] | [1],[12] | |||
% of Net Assets | [4],[7] | 0% | [1],[12] | 0% | |
Principal/ Number of Shares | [4],[7] | [1],[12] | |||
Original Acquisition Date | [4],[7] | Jun. 30, 2021 | [1],[12] | Jun. 30, 2021 | |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Three [Member] | |||||
Fair Value | [2],[4] | [1],[3] | |||
Cost | [2],[4] | $ 1,000,000 | [1] | $ 1,000,000 | |
% of Net Assets | [2],[4] | 0% | [1] | 0% | |
Principal/ Number of Shares | [2],[4] | $ 1,000,000 | [1] | $ 1,000,000 | |
Original Acquisition Date | [2],[4] | Jun. 30, 2021 | [1] | Jun. 30, 2021 | |
Total Specialty Food Retailer [Member] | Pepper Palace, Inc Four [Member] | |||||
Fair Value | [1],[2],[3],[4] | ||||
Cost | [1],[2],[4] | $ 197,035 | |||
% of Net Assets | [1],[2],[4] | 0% | |||
Principal/ Number of Shares | [1],[2],[4] | $ 197,035 | |||
Original Acquisition Date | [1],[2],[4] | Jun. 30, 2021 | |||
Total Sports Management [Member] | |||||
Fair Value | $ 26,835,300 | [3] | $ 26,711,100 | [4] | |
Cost | $ 26,922,927 | $ 26,894,505 | [4] | ||
% of Net Assets | 7.40% | 7.70% | [4] | ||
Total Sports Management [Member] | ArbiterSports, LLC [Member] | |||||
Fair Value | [4],[6] | $ 25,841,400 | [1],[3] | $ 25,721,800 | |
Cost | [4],[6] | $ 25,922,927 | [1] | $ 25,894,505 | |
% of Net Assets | [4],[6] | 7.10% | [1] | 7.40% | |
Principal/ Number of Shares | [4],[6] | $ 26,000,000 | [1] | $ 26,000,000 | |
Original Acquisition Date | [1],[4],[6] | Feb. 21, 2020 | |||
Total Sports Management [Member] | ArbiterSports, LLC One [Member] | |||||
Fair Value | [1],[3],[4] | $ 993,900 | |||
Cost | [1],[4] | $ 1,000,000 | |||
% of Net Assets | [1],[4] | 0.30% | |||
Principal/ Number of Shares | [1],[4] | $ 1,000,000 | |||
Original Acquisition Date | [1],[4] | Feb. 21, 2020 | |||
Total Staffing Services [Member] | |||||
Fair Value | $ 2,111,229 | [3] | 2,079,325 | [4] | |
Cost | $ 100,000 | $ 100,000 | [4] | ||
% of Net Assets | 0.60% | 0.60% | [4] | ||
Total Staffing Services [Member] | Avionte Holdings, LLC [Member] | |||||
Fair Value | [2],[4] | $ 2,111,229 | [1],[3] | $ 2,079,325 | |
Cost | [2],[4] | $ 100,000 | [1] | $ 100,000 | |
% of Net Assets | [2],[4] | 0.60% | [1] | 0.60% | |
Principal/ Number of Shares | [2],[4] | $ 100,000 | [1] | $ 100,000 | |
Original Acquisition Date | [1],[2],[4] | Jan. 08, 2014 | |||
Total Talent Acquisition Software [Member] | |||||
Fair Value | [4] | $ 27,083,000 | [1],[3] | 25,999,000 | |
Cost | [4] | $ 26,813,967 | [1] | $ 25,805,393 | |
% of Net Assets | [4] | 7.70% | [1] | 7.50% | |
Total Talent Acquisition Software [Member] | JDXpert [Member] | |||||
Fair Value | [4] | $ 6,102,000 | [1],[3] | $ 6,045,000 | |
Cost | [4] | $ 5,950,936 | [1] | $ 5,947,780 | |
% of Net Assets | [4] | 1.70% | [1] | 1.70% | |
Principal/ Number of Shares | [4] | $ 6,000,000 | [1] | $ 6,000,000 | |
Total Talent Acquisition Software [Member] | JDXpert One [Member] | |||||
Fair Value | [4],[7] | 1,017,000 | [1],[3] | ||
Cost | [4],[7] | $ 990,581 | [1] | ||
% of Net Assets | [4],[7] | 0.30% | [1] | 0% | |
Principal/ Number of Shares | [4],[7] | $ 1,000,000 | [1] | ||
Total Talent Acquisition Software [Member] | Jobvite, Inc. [Member] | |||||
Fair Value | [6] | 19,964,000 | [1],[3],[4] | 19,954,000 | |
Cost | [6] | $ 19,872,450 | [1],[4] | $ 19,857,613 | |
% of Net Assets | [6] | 5.70% | [1],[4] | 5.80% | |
Principal/ Number of Shares | [6] | $ 20,000,000 | [1],[4] | $ 20,000,000 | |
Total Veterinary Services [Member] | |||||
Fair Value | [1],[3],[4] | 495,000 | |||
Cost | [1],[4] | $ 495,295 | |||
% of Net Assets | [1],[4] | 0.10% | |||
Total Veterinary Services [Member] | VetnCare MSO, LLC [Member] | |||||
Fair Value | [1],[3],[4],[7] | $ 495,000 | |||
Cost | [1],[4],[7] | $ 495,295 | |||
% of Net Assets | [1],[4],[7] | 0.10% | |||
Principal/ Number of Shares | [1],[4],[7] | $ 500,000 | |||
Sub Total Non-control/Non-affiliate investments [Member] | |||||
Fair Value | 947,924,370 | [3],[4] | 828,028,800 | ||
Cost | $ 953,247,363 | [4] | $ 819,966,208 | ||
% of Net Assets | 261.80% | [4] | 238.60% | ||
Total Corporate Education Software [Member] | |||||
Fair Value | $ 15,073,784 | [3] | $ 15,254,131 | ||
Cost | $ 15,588,191 | $ 15,170,989 | |||
% of Net Assets | 4.10% | 4.40% | |||
Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member] | |||||
Fair Value | [8] | $ 6,960,800 | [1],[3],[4] | $ 5,175,327 | |
Cost | [8] | $ 6,940,505 | [1],[4] | $ 5,235,433 | |
% of Net Assets | [8] | 1.90% | [1],[4] | 1.50% | |
Principal/ Number of Shares | [8] | $ 7,000,000 | [1],[4] | $ 5,282,563 | |
Total Corporate Education Software [Member] | ETU Holdings, Inc. One [Member] | |||||
Fair Value | [1],[3],[4],[8] | 5,571,816 | |||
Cost | [1],[4],[8] | $ 5,647,686 | |||
% of Net Assets | [1],[4],[8] | 1.50% | |||
Principal/ Number of Shares | [1],[4],[8] | $ 5,690,752 | |||
Total Corporate Education Software [Member] | ETU Holdings, Inc. Three [Member] | |||||
Fair Value | [1],[2],[3],[4],[8] | 2,541,168 | |||
Cost | [1],[2],[4],[8] | $ 3,000,000 | |||
% of Net Assets | [1],[2],[4],[8] | 0.70% | |||
Principal/ Number of Shares | [1],[2],[4],[8] | $ 3,000,000 | |||
Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member] | |||||
Fair Value | [8] | 7,006,300 | |||
Cost | [8] | $ 6,935,556 | |||
% of Net Assets | [8] | 2% | |||
Principal/ Number of Shares | [8] | $ 7,000,000 | |||
Total Dental Practice Management One [Member] | |||||
Fair Value | [1],[3],[4] | 8,845,000 | |||
Cost | [1],[4] | $ 8,848,754 | |||
% of Net Assets | [1],[4] | 2.40% | |||
Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC [Member] | |||||
Fair Value | [1],[3],[4],[8] | $ 6,895,000 | |||
Cost | [1],[4],[8] | $ 6,898,754 | |||
% of Net Assets | [1],[4],[8] | 1.90% | |||
Principal/ Number of Shares | [1],[4],[8] | $ 7,000,000 | |||
Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC One [Member] | |||||
Fair Value | [1],[3],[4],[7],[8] | ||||
Cost | [1],[4],[7],[8] | ||||
% of Net Assets | [1],[4],[7],[8] | 0% | |||
Principal/ Number of Shares | [1],[4],[7],[8] | ||||
Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC Two [Member] | |||||
Fair Value | [1],[3],[4],[8] | 1,950,000 | |||
Cost | [1],[4],[8] | $ 1,950,000 | |||
% of Net Assets | [1],[4],[8] | 0.50% | |||
Principal/ Number of Shares | [1],[4],[8] | $ 1,950,000 | |||
Total Employee Collaboration Software [Member] | |||||
Fair Value | [4] | 13,454,140 | [1],[3] | 13,051,740 | |
Cost | [4] | $ 10,554,510 | [1] | $ 10,551,331 | |
% of Net Assets | [4] | 3.70% | [1] | 3.70% | |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC [Member] | |||||
Fair Value | [4],[8] | $ 5,515,950 | [1],[3] | $ 5,513,200 | |
Cost | [4],[8] | $ 5,462,973 | [1] | $ 5,460,448 | |
% of Net Assets | [4],[8] | 1.50% | [1] | 1.60% | |
Principal/ Number of Shares | [4],[8] | $ 5,500,000 | [1] | $ 5,500,000 | |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC One [Member] | |||||
Fair Value | [4],[8] | 1,103,190 | [1],[3] | 1,102,640 | |
Cost | [4],[8] | $ 1,091,537 | [1] | $ 1,090,883 | |
% of Net Assets | [4],[8] | 0.30% | [1] | 0.30% | |
Principal/ Number of Shares | [4],[8] | $ 1,100,000 | [1] | $ 1,100,000 | |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC Two [Member] | |||||
Fair Value | [4],[7],[8] | [1],[3] | |||
Cost | [4],[7],[8] | [1] | |||
% of Net Assets | [4],[7],[8] | 0% | [1] | 0% | |
Principal/ Number of Shares | [4],[7],[8] | [1] | |||
Total Employee Collaboration Software [Member] | Axero Holdings, LLC Three [Member] | |||||
Fair Value | [2],[4],[8] | 2,650,000 | [1],[3] | 2,498,000 | |
Cost | [2],[4],[8] | $ 2,000,000 | [1] | $ 2,000,000 | |
% of Net Assets | [2],[4],[8] | 0.70% | [1] | 0.70% | |
Principal/ Number of Shares | [2],[4],[8] | $ 2,000,000 | [1] | $ 2,000,000 | |
Total Employee Collaboration Software [Member] | Axero Holdings, LLC Four [Member] | |||||
Fair Value | [2],[4],[8] | 4,185,000 | [1],[3] | 3,937,900 | |
Cost | [2],[4],[8] | $ 2,000,000 | [1] | $ 2,000,000 | |
% of Net Assets | [2],[4],[8] | 1.20% | [1] | 1.10% | |
Principal/ Number of Shares | [2],[4],[8] | $ 2,000,000 | [1] | $ 2,000,000 | |
Total Healthcare Services One [Member] | |||||
Fair Value | [1],[3],[4] | 9,390,663 | |||
Cost | [1],[4] | $ 9,394,217 | |||
% of Net Assets | [1],[4] | 2.70% | |||
Total Healthcare Services One [Member] | Alpha Aesthetics Partners OpCo, LLC [Member] | |||||
Fair Value | [1],[3],[4],[8] | $ 3,841,500 | |||
Cost | [1],[4],[8] | $ 3,843,657 | |||
% of Net Assets | [1],[4],[8] | 1.20% | |||
Principal/ Number of Shares | [1],[4],[8] | $ 3,900,000 | |||
Total Healthcare Services One [Member] | Alpha Aesthetics Partners OpCo, LLC One [Member] | |||||
Fair Value | [1],[3],[4],[7],[8] | 3,699,163 | |||
Cost | [1],[4],[7],[8] | $ 3,700,560 | |||
% of Net Assets | [1],[4],[7],[8] | 1% | |||
Principal/ Number of Shares | [1],[4],[7],[8] | $ 3,755,496 | |||
Total Healthcare Services One [Member] | Alpha Aesthetics Partners OpCo, LLC Two [Member] | |||||
Fair Value | [1],[2],[3],[4],[8] | 1,850,000 | |||
Cost | [1],[2],[4],[8] | $ 1,850,000 | |||
% of Net Assets | [1],[2],[4],[8] | 0.50% | |||
Principal/ Number of Shares | [1],[2],[4],[8] | $ 1,850,000 | |||
Sub Total Affiliate investments [Member] | |||||
Fair Value | [4] | 46,763,587 | [1],[3] | 28,305,871 | |
Cost | [4] | $ 44,385,672 | [1] | $ 25,722,320 | |
% of Net Assets | [4] | 12.90% | [1] | 8.10% | |
Total IT Services One [Member] | |||||
Fair Value | [1] | $ 41,255,005 | [3],[4] | $ 44,167,198 | |
Cost | [1] | $ 36,181,236 | [4] | $ 35,886,985 | |
% of Net Assets | [1] | 11.40% | [4] | 12.80% | |
Total IT Services One [Member] | Netreo Holdings, LLC [Member] | |||||
Fair Value | [1],[3],[4],[11] | $ 5,499,083 | |||
Cost | [1],[4],[11] | $ 5,581,036 | |||
% of Net Assets | [1],[4],[11] | 1.50% | |||
Principal/ Number of Shares | [1],[4],[11] | $ 5,595,892 | |||
Total IT Services One [Member] | Netreo Holdings, LLC One [Member] | |||||
Fair Value | [1],[3],[4],[6],[11] | 21,951,549 | |||
Cost | [1],[4],[6],[11] | $ 22,255,700 | |||
% of Net Assets | [1],[4],[6],[11] | 6.10% | |||
Principal/ Number of Shares | [1],[4],[6],[11] | $ 22,337,997 | |||
Total IT Services One [Member] | Netreo Holdings, LLC Two [Member] | |||||
Fair Value | [1],[2],[3],[4],[11] | 13,804,373 | |||
Cost | [1],[2],[4],[11] | $ 8,344,500 | |||
% of Net Assets | [1],[2],[4],[11] | 3.80% | |||
Principal/ Number of Shares | [1],[2],[4],[11] | $ 4,600,677 | |||
Structured Finance Securities One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | |||||
Fair Value | [1],[3],[4],[10],[11],[13] | 15,207,152 | |||
Cost | [1],[4],[10],[11],[13] | $ 25,119,531 | |||
% of Net Assets | [1],[4],[10],[11],[13] | 4.20% | |||
Principal/ Number of Shares | [1],[4],[10],[11],[13] | $ 111,000,000 | |||
Structured Finance Securities One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | |||||
Fair Value | [1],[3],[4],[10],[11] | 8,952,845 | |||
Cost | [1],[4],[10],[11] | $ 9,375,000 | |||
% of Net Assets | [1],[4],[10],[11] | 2.50% | |||
Principal/ Number of Shares | [1],[4],[10],[11] | $ 9,375,000 | |||
Structured Finance Securities One [Member] | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member] | |||||
Fair Value | [1],[3],[4],[10],[11] | 11,449,475 | |||
Cost | [1],[4],[10],[11] | $ 11,392,500 | |||
% of Net Assets | [1],[4],[10],[11] | 3.20% | |||
Principal/ Number of Shares | [1],[4],[10],[11] | $ 12,250,000 | |||
Total Structured Finance Securities [Member] | |||||
Fair Value | [1] | 35,609,472 | [3],[4] | $ 41,362,479 | |
Cost | [1] | $ 45,887,031 | [4] | $ 49,711,404 | |
% of Net Assets | [1] | 9.90% | [4] | 11.90% | |
Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | |||||
Fair Value | [1],[10],[11],[13] | $ 21,176,578 | |||
Cost | [1],[10],[11],[13] | $ 28,943,904 | |||
% of Net Assets | [1],[10],[11],[13] | 6.10% | |||
Principal/ Number of Shares | [1],[10],[11],[13] | $ 111,000,000 | |||
Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | |||||
Fair Value | [1],[10],[11] | 8,831,406 | |||
Cost | [1],[10],[11] | $ 9,375,000 | |||
% of Net Assets | [1],[10],[11] | 2.50% | |||
Principal/ Number of Shares | [1],[10],[11] | $ 9,375,000 | |||
Total Structured Finance Securities [Member] | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member] | |||||
Fair Value | [1],[10],[11] | 11,354,495 | |||
Cost | [1],[10],[11] | $ 11,392,500 | |||
% of Net Assets | [1],[10],[11] | 3.30% | |||
Principal/ Number of Shares | [1],[10],[11] | $ 12,250,000 | |||
Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | |||||
Fair Value | [1],[3],[4],[7],[10],[11] | $ 17,618,954 | |||
Cost | [1],[4],[7],[10],[11] | $ 17,618,954 | |||
% of Net Assets | [1],[4],[7],[10],[11] | 4.90% | |||
Principal/ Number of Shares | [1],[4],[7],[10],[11] | $ 17,618,954 | |||
Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC One [Member] | |||||
Fair Value | [1],[2],[3],[4],[10],[11] | 9,773,372 | |||
Cost | [1],[2],[4],[10],[11] | $ 17,583,486 | |||
% of Net Assets | [1],[2],[4],[10],[11] | 2.70% | |||
Principal/ Number of Shares | [1],[2],[4],[10],[11] | $ 17,583,486 | |||
Total Investment Fund [Member] | |||||
Fair Value | [1],[3],[4] | 27,392,326 | |||
Cost | [1],[4] | $ 35,202,440 | |||
% of Net Assets | [1],[4] | 7.60% | |||
Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC One [Member] | |||||
Fair Value | [2],[4],[10],[11] | 13,106,951 | |||
Cost | [2],[4],[10],[11] | $ 17,583,486 | |||
% of Net Assets | [2],[4],[10],[11] | 3.80% | |||
Principal/ Number of Shares | [2],[4],[10],[11] | $ 17,583,486 | |||
Sub Total Control investments [Member] | |||||
Fair Value | [4] | $ 104,256,803 | [1],[3] | 116,255,582 | |
Cost | [4] | $ 117,270,707 | [1] | $ 120,800,829 | |
% of Net Assets | [4] | 28.90% | [1] | 33.60% | |
Total Investments [Member] | |||||
Fair Value | [1],[4] | $ 1,098,944,760 | [3] | $ 972,590,253 | |
Cost | [1],[4] | $ 1,114,903,742 | $ 966,489,357 | ||
% of Net Assets | [1],[4] | 303.60% | 280.30% | ||
ArbiterSports, LLC One [Member] | ArbiterSports, LLC One [Member] | |||||
Fair Value | [4] | $ 989,300 | |||
Cost | [4] | $ 1,000,000 | |||
% of Net Assets | [4] | 0.30% | |||
Principal/ Number of Shares | [4] | $ 1,000,000 | |||
Total Investment Fund [Member] | |||||
Fair Value | [4] | 30,725,905 | |||
Cost | [4] | $ 35,202,440 | |||
% of Net Assets | [4] | 8.90% | |||
Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV LLC [Member] | |||||
Fair Value | [4],[7],[10],[11] | $ 17,618,954 | |||
Cost | [4],[7],[10],[11] | $ 17,618,954 | |||
% of Net Assets | [4],[7],[10],[11] | 5.10% | |||
Principal/ Number of Shares | [4],[7],[10],[11] | $ 17,618,954 | |||
[1]Percentages are based on net assets of $362,078,755 as of August 31, 2023.[2]Non-income producing at August 31, 2023.[3]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).[4]Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities.[5]Includes securities issued by an affiliate of the company.[6]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).[7]All or a portion of this investment has an unfunded commitment as of August 31, 2023. (See Note 9 to the consolidated financial statements).[8]As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the six months ended August 31, 2023 in which the issuer was an affiliate are as follows:[9]Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of August 31, 2023.[10]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 August 31, 2023, non-qualifying assets represent 6.2% 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.[11] As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the six months ended August 31, 2023 in which the issuer was both an affiliate and a portfolio company that we control are as follows: |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (unaudited) (Parentheticals) - USD ($) | Aug. 31, 2023 | Feb. 28, 2023 | ||
Saratoga CLO [Member] | Netreo Holdings, LLC One [Member] | ||||
Investment maturity date | Dec. 31, 2025 | |||
Total Alternative Investment Management Software [Member] | Saratoga CLO [Member] | Altvia MidCo, LLC. [Member] | ||||
Investment variable rate | 8.50% | 8.50% | [1] | |
Investment interest rate | 13.90% | 13.39% | [1] | |
Investment maturity date | Jul. 18, 2027 | Jul. 18, 2027 | [1] | |
Total Architecture & Engineering Software [Member] | Saratoga CLO [Member] | BQE Software, Inc [Member] | ||||
Investment variable rate | 6.75% | |||
Investment interest rate | 12.15% | |||
Investment maturity date | Apr. 13, 2028 | |||
Total Architecture & Engineering Software [Member] | Saratoga CLO [Member] | BQE Software, Inc One [Member] | ||||
Investment variable rate | 6.75% | |||
Investment interest rate | 12.15% | |||
Investment maturity date | Apr. 13, 2028 | |||
Total Association Management Software [Member] | Saratoga CLO [Member] | GrowthZone, LLC [Member] | ||||
Investment variable rate | 8.25% | |||
Investment interest rate | 13.65% | |||
Investment maturity date | May 10, 2028 | |||
Total Consumer Services [Member] | Saratoga CLO [Member] | Artemis Wax Corp.[Member] | ||||
Investment variable rate | 6.75% | 6.75% | [1],[2],[3] | |
Investment interest rate | 12.08% | 11.41% | [1],[2],[3] | |
Investment maturity date | May 20, 2026 | May 20, 2026 | [1],[2],[3] | |
Total Dental Practice Management [Member] | New England Dental Partners One [Member] | ||||
Investment variable rate | 8% | |||
Investment interest rate | 13.55% | |||
Investment maturity date | Nov. 25, 2025 | |||
Total Dental Practice Management [Member] | Saratoga CLO [Member] | Gen4 Dental Partners Holdings, LLC [Member] | ||||
Investment variable rate | 10.18% | 10.35% | [1],[4] | |
Investment interest rate | 15.73% | 15.24% | [1],[4] | |
Investment maturity date | Apr. 29, 2026 | Apr. 29, 2026 | [1],[2] | |
Total Dental Practice Management [Member] | Saratoga CLO [Member] | New England Dental Partners [Member] | ||||
Investment variable rate | 8% | 8% | [1] | |
Investment interest rate | 13.55% | 12.97% | [1] | |
Investment maturity date | Nov. 25, 2025 | Nov. 25, 2025 | [1] | |
Total Dental Practice Management [Member] | Saratoga CLO [Member] | New England Dental Partners One [Member] | ||||
Investment variable rate | [1] | 8% | ||
Investment interest rate | [1] | 12.97% | ||
Investment maturity date | [1] | Jan. 25, 2025 | ||
Total Direct Selling Software [Member] | Exigo, LLC [Member] | ||||
Investment variable rate | 5.75% | |||
Investment interest rate | 11.18% | |||
Investment maturity date | Mar. 16, 2027 | |||
Total Direct Selling Software [Member] | Exigo, LLC One [Member] | ||||
Investment variable rate | 5.75% | |||
Investment interest rate | 11.18% | |||
Investment maturity date | Mar. 16, 2027 | |||
Total Direct Selling Software [Member] | Exigo, LLC Two [Member] | ||||
Investment variable rate | 5.75% | |||
Investment interest rate | 11.18% | |||
Investment maturity date | Mar. 16, 2027 | |||
Total Direct Selling Software [Member] | Saratoga CLO [Member] | Exigo, LLC Four [Member] | ||||
Investment variable rate | [3],[5] | 5.75% | ||
Investment interest rate | [3],[5] | 10.42% | ||
Investment maturity date | [3],[5] | Mar. 16, 2027 | ||
Total Direct Selling Software [Member] | Saratoga CLO [Member] | Exigo, LLC Five [Member] | ||||
Investment variable rate | [4],[5] | 5.75% | ||
Investment interest rate | [4],[5] | 10.42% | ||
Investment maturity date | [4],[5] | Mar. 16, 2027 | ||
Total Direct Selling Software [Member] | Saratoga CLO [Member] | Exigo, LLC Six [Member] | ||||
Investment variable rate | [2],[5] | 5.75% | ||
Investment interest rate | [2],[5] | 10.42% | ||
Investment maturity date | [2],[5] | Mar. 16, 2027 | ||
Total Education Services [Member] | C2 Educational Systems [Member] | ||||
Investment variable rate | 8.50% | |||
Investment interest rate | 13.90% | |||
Investment maturity date | May 31, 2025 | |||
Total Education Services [Member] | Zollege PBC [Member] | ||||
Investment variable rate | 7% | |||
Investment interest rate | 14.40% | |||
Investment maturity date | May 11, 2026 | |||
PIK rate | 2% | |||
Total Education Services [Member] | Saratoga CLO [Member] | C2 Educational Systems [Member] | ||||
Investment variable rate | [3],[5] | 8.50% | ||
Investment interest rate | [3],[5] | 13.47% | ||
Investment maturity date | [3],[5] | May 31, 2023 | ||
Total Education Services [Member] | Saratoga CLO [Member] | Zollege PBC [Member] | ||||
Investment variable rate | [5] | 7% | ||
Investment interest rate | [5] | 11.97% | ||
Investment maturity date | [5] | May 11, 2026 | ||
Total Education Services [Member] | Saratoga CLO [Member] | Zollege PBC One [Member] | ||||
Investment variable rate | 7% | 7% | [2],[5] | |
Investment interest rate | 14.40% | 11.97% | [2],[5] | |
Investment maturity date | May 11, 2026 | May 11, 2026 | [2],[5] | |
PIK rate | 2% | |||
Total Education Software [Member] | Saratoga CLO [Member] | GoReact [Member] | ||||
Investment variable rate | 7.50% | 7.50% | [5] | |
Investment interest rate | 14.10% | 13.59% | [5] | |
Investment maturity date | Jan. 17, 2025 | Jan. 17, 2025 | [5] | |
Total Education Software [Member] | Saratoga CLO [Member] | GoReact One [Member] | ||||
Investment variable rate | 7.50% | 7.50% | [2],[5] | |
Investment interest rate | 14.10% | 13.59% | [2],[5] | |
Investment maturity date | Jan. 17, 2025 | Jan. 17, 2025 | [2],[5] | |
Total Education Software [Member] | Saratoga CLO [Member] | Ready Education [Member] | ||||
Investment variable rate | 6% | 6% | [5] | |
Investment interest rate | 11.40% | 10.89% | [5] | |
Investment maturity date | Aug. 05, 2027 | Aug. 05, 2027 | [5] | |
Total Field Service Management [Member] | Saratoga CLO [Member] | Davisware, LLC [Member] | ||||
Investment variable rate | 7% | 7% | [5] | |
Investment interest rate | 12.40% | 11.89% | [5] | |
Investment maturity date | Jul. 31, 2024 | Jul. 31, 2024 | [5] | |
Total Field Service Management [Member] | Saratoga CLO [Member] | Davisware, LLC One [Member] | ||||
Investment variable rate | 7% | 7% | [5] | |
Investment interest rate | 12.40% | 11.89% | [5] | |
Investment maturity date | Jul. 31, 2024 | Jul. 31, 2024 | [5] | |
Total Financial Services [Member] | Saratoga CLO [Member] | GDS Software Holdings, LLC [Member] | ||||
Investment variable rate | 7% | 7% | [5] | |
Investment interest rate | 12.40% | 11.97% | [5] | |
Investment maturity date | Dec. 30, 2026 | Dec. 30, 2026 | [5] | |
Total Financial Services [Member] | Saratoga CLO [Member] | GDS Software Holdings, LLC One [Member] | ||||
Investment variable rate | 7% | 7% | [5] | |
Investment interest rate | 12.40% | 11.97% | [5] | |
Investment maturity date | Dec. 30, 2026 | Dec. 30, 2026 | [5] | |
Total Financial Services [Member] | Saratoga CLO [Member] | B. Riley Financial, Inc. [Member] | ||||
Investment interest rate | [5],[6] | 6.75% | ||
Investment maturity date | [5],[6] | May 31, 2024 | ||
Total Financial Services Software [Member] | Saratoga CLO [Member] | Ascend Software, LLC [Member] | ||||
Investment variable rate | 7.50% | 7.50% | [5] | |
Investment interest rate | 13.16% | 12.47% | [5] | |
Investment maturity date | Dec. 15, 2026 | Dec. 15, 2026 | [5] | |
Total Financial Services Software [Member] | Saratoga CLO [Member] | Ascend Software, LLC [Member] | ||||
Investment variable rate | 7.50% | 7.50% | [4],[5] | |
Investment interest rate | 13.16% | 12.47% | [2],[5] | |
Investment maturity date | Dec. 15, 2026 | Dec. 15, 2026 | [2],[5] | |
Total Fire Inspection Business Software [Member] | Saratoga CLO [Member] | Inspect Point Holdings, LLC [Member] | ||||
Investment variable rate | 6.50% | |||
Investment interest rate | 11.83% | |||
Investment maturity date | Jul. 19, 2028 | |||
Total Fire Inspection Business Software [Member] | Saratoga CLO [Member] | Inspect Point Holdings, LLC One [Member] | ||||
Investment variable rate | 6.50% | |||
Investment interest rate | 11.83% | |||
Investment maturity date | Jul. 19, 2028 | |||
Total Health/Fitness Franchisor [Member] | Saratoga CLO [Member] | Stretch Zone Franchising, LLC [Member] | ||||
Investment variable rate | 7% | |||
Investment interest rate | 12.40% | |||
Investment maturity date | Mar. 31, 2028 | |||
Total Health/Fitness Franchisor [Member] | Saratoga CLO [Member] | Stretch Zone Franchising, LLC One [Member] | ||||
Investment variable rate | 7% | |||
Investment interest rate | 12.40% | |||
Investment maturity date | Mar. 31, 2028 | |||
Total Healthcare Services [Member] | Saratoga CLO [Member] | ComForCare Health Care [Member] | ||||
Investment variable rate | 6.25% | 6.25% | [3],[5] | |
Investment interest rate | 11.65% | 11.22% | [3],[5] | |
Investment maturity date | Jan. 31, 2025 | Jan. 31, 2025 | [3],[5] | |
Total Healthcare Software [Member] | Saratoga CLO [Member] | HemaTerra Holding Company, LLC [Member] | ||||
Investment variable rate | 8.25% | 8.25% | [3],[5] | |
Investment interest rate | 13.58% | 12.91% | [3],[5] | |
Investment maturity date | Jan. 31, 2027 | Jan. 31, 2027 | [3],[5] | |
Total Healthcare Software [Member] | Saratoga CLO [Member] | HemaTerra Holding Company, LLC One [Member] | ||||
Investment variable rate | 8.25% | 8.25% | [5] | |
Investment interest rate | 13.42% | 12.91% | [5] | |
Investment maturity date | Jan. 31, 2027 | Jan. 31, 2027 | [5] | |
Total Healthcare Software [Member] | Saratoga CLO [Member] | Procurement Partners, LLC [Member] | ||||
Investment variable rate | 6.50% | 6.50% | [5] | |
Investment interest rate | 11.90% | 11.39% | [5] | |
Investment maturity date | May 12, 2026 | May 12, 2026 | [5] | |
Total Healthcare Software [Member] | Saratoga CLO [Member] | Procurement Partners, LLC [Member] | ||||
Investment variable rate | 6.50% | 6.50% | [4],[5] | |
Investment interest rate | 11.90% | 11.39% | [2],[5] | |
Investment maturity date | May 12, 2026 | May 12, 2026 | [2],[5] | |
Total Hospitality/Hotel [Member] | Saratoga CLO [Member] | Book4Time, Inc. [Member] | ||||
Investment variable rate | 7.50% | 7.50% | [3],[5],[6] | |
Investment interest rate | 12.90% | 12.47% | [3],[5],[6] | |
Investment maturity date | Dec. 22, 2025 | Dec. 22, 2025 | [3],[5],[6] | |
Total Hospitality/Hotel [Member] | Saratoga CLO [Member] | Book4Time, Inc. One [Member] | ||||
Investment variable rate | 7.50% | 7.50% | [5],[6] | |
Investment interest rate | 13.02% | 12.47% | [5],[6] | |
Investment maturity date | Dec. 22, 2025 | Dec. 22, 2025 | [5],[6] | |
Total Hospitality/Hotel [Member] | Saratoga CLO [Member] | Knowland Group, LLC [Member] | ||||
Investment variable rate | 8% | 8% | [5],[7],[8] | |
Investment interest rate | 16.55% | 13.97% | [5],[7],[8] | |
Investment maturity date | Dec. 31, 2024 | May 09, 2024 | [5],[7],[8] | |
PIK rate | 3% | 1% | [5],[7],[8] | |
Total Hospitality/Hotel [Member] | Saratoga CLO [Member] | Sceptre Hospitality Resources, LLC [Member] | ||||
Investment variable rate | 7.25% | 7.25% | [5] | |
Investment interest rate | 12.65% | 12.14% | [5] | |
Investment maturity date | Nov. 15, 2027 | Nov. 15, 2027 | [5] | |
Total Hospitality/Hotel [Member] | Saratoga CLO [Member] | Sceptre Hospitality Resources, LLC One [Member] | ||||
Investment variable rate | 7.25% | 7.25% | [2],[5] | |
Investment interest rate | 12.65% | 12.14% | [2] | |
Investment maturity date | Nov. 15, 2027 | Nov. 15, 2027 | [2],[5] | |
Total HVAC Services and Sales [Member] | Saratoga CLO [Member] | Granite Comfort, LP [Member] | ||||
Investment variable rate | 7.82% | 7.86% | [3],[5] | |
Investment interest rate | 13.22% | 12.75% | [3],[5] | |
Investment maturity date | Nov. 16, 2025 | Nov. 16, 2025 | [3],[5] | |
Total HVAC Services and Sales [Member] | Saratoga CLO [Member] | Granite Comfort, LP One [Member] | ||||
Investment variable rate | 7.82% | 7.86% | [2],[5] | |
Investment interest rate | 13.22% | 12.75% | [2],[5] | |
Investment maturity date | Nov. 16, 2025 | Nov. 16, 2025 | [2],[5] | |
Total Industrial Products [Member] | Saratoga CLO [Member] | Vector Controls Holding Co., LLC [Member] | ||||
Investment variable rate | 6.50% | 6.50% | [3],[5] | |
Investment interest rate | 11.75% | 11.47% | [3],[5] | |
Investment maturity date | Mar. 06, 2025 | Mar. 06, 2025 | [3],[5] | |
Total Industrial Products [Member] | Saratoga CLO [Member] | Vector Controls Holding Co., LLC One [Member] | ||||
Investment maturity date | Nov. 30, 2027 | Nov. 30, 2027 | [5],[8] | |
Total Insurance Software [Member] | Saratoga CLO [Member] | AgencyBloc, LLC [Member] | ||||
Investment variable rate | 8% | 8% | [5] | |
Investment interest rate | 13.38% | 12.58% | [5] | |
Investment maturity date | Oct. 01, 2026 | Oct. 01, 2026 | [5] | |
Total IT Services [Member] | Saratoga CLO [Member] | LogicMonitor, Inc. [Member] | ||||
Investment variable rate | 6.50% | 6.50% | [3],[5] | |
Investment interest rate | 11.90% | 11.39% | [3],[5] | |
Investment maturity date | May 17, 2026 | May 17, 2026 | [3],[5] | |
Total IT Services [Member] | Saratoga CLO [Member] | Netreo Holdings, LLC [Member] | ||||
Investment variable rate | [1],[9] | 6.50% | ||
Investment interest rate | [1],[9] | 13.47% | ||
Investment maturity date | [1],[9] | Dec. 31, 2025 | ||
PIK rate | [1],[9] | 2% | ||
(in Dollars) | [9] | |||
Total IT Services [Member] | Saratoga CLO [Member] | Netreo Holdings, LLC One [Member] | ||||
Investment variable rate | [1],[3],[9] | 6.50% | ||
Investment interest rate | [1],[3],[9] | 13.47% | ||
Investment maturity date | [1],[3],[9] | Dec. 31, 2025 | ||
PIK rate | [1],[3],[9] | 2% | ||
(in Dollars) | [3],[9] | |||
Total Lead management Software [Member] | Saratoga CLO [Member] | ActiveProspect, Inc. [Member] | ||||
Investment variable rate | 6% | |||
Investment interest rate | 11.60% | |||
Investment maturity date | Aug. 08, 2027 | |||
Total Lead management Software [Member] | Saratoga CLO [Member] | ActiveProspect, Inc. One [Member] | ||||
Investment variable rate | 6% | |||
Investment interest rate | 11.60% | |||
Investment maturity date | Aug. 08, 2027 | |||
Total Lead management Software [Member] | Saratoga CLO [Member] | ActiveProspect, Inc Two [Member] | ||||
Investment variable rate | [3],[5] | 6% | ||
Investment interest rate | [3],[5] | 10.97% | ||
Investment maturity date | [3],[5] | Aug. 08, 2027 | ||
Total Lead management Software [Member] | Saratoga CLO [Member] | ActiveProspect, Inc Three [Member] | ||||
Investment variable rate | [2],[5] | 6% | ||
Investment interest rate | [2],[5] | 10.97% | ||
Investment maturity date | [2],[5] | Aug. 08, 2027 | ||
Total Legal Software [Member] | Saratoga CLO [Member] | Centerbase, LLC [Member] | ||||
Investment variable rate | 7.75% | 7.75% | [5] | |
Investment interest rate | 13.08% | 12.41% | [5] | |
Investment maturity date | Jan. 18, 2027 | Jan. 18, 2027 | [5] | |
Total Marketing Orchestration Software [Member] | Saratoga CLO [Member] | Madison Logic, Inc. [Member] | ||||
Investment variable rate | 7% | 7% | [3],[5] | |
Investment interest rate | 12.40% | 11.89% | [3],[5] | |
Investment maturity date | Dec. 30, 2028 | Dec. 30, 2028 | [3],[5] | |
Total Mental Healthcare Services [Member] | Saratoga CLO [Member] | ARC Health OpCo LLC [Member] | ||||
Investment variable rate | 8.48% | 8.48% | [3],[5] | |
Investment interest rate | 13.88% | 13.37% | [3],[5] | |
Investment maturity date | Aug. 05, 2027 | Aug. 05, 2027 | [3],[5] | |
Total Mental Healthcare Services [Member] | Saratoga CLO [Member] | ARC Health OpCo LLC One [Member] | ||||
Investment variable rate | 8.48% | 8.48% | [2],[3],[5] | |
Investment interest rate | 13.88% | 13.37% | [2],[3],[5] | |
Investment maturity date | Aug. 05, 2027 | Aug. 05, 2027 | [2],[3],[5] | |
Total Mentoring Software [Member] | Saratoga CLO [Member] | Chronus LLC [Member] | ||||
Investment variable rate | 5.25% | |||
Investment interest rate | 10.80% | |||
Investment maturity date | Aug. 26, 2026 | |||
Total Mentoring Software [Member] | Saratoga CLO [Member] | Chronus LLC One [Member] | ||||
Investment variable rate | 6% | 6% | [5] | |
Investment interest rate | 11.55% | 10.97% | [5] | |
Investment maturity date | Aug. 26, 2026 | Aug. 26, 2026 | [5] | |
Total Mentoring Software [Member] | Saratoga CLO [Member] | Chronus LLC [Member] | ||||
Investment variable rate | [5] | 5.25% | ||
Investment interest rate | [5] | 10.22% | ||
Investment maturity date | [5] | Aug. 26, 2026 | ||
Total Non-profit Services [Member] | Saratoga CLO [Member] | Omatic Software, LLC [Member] | ||||
Investment variable rate | 8% | 8% | [5] | |
Investment interest rate | 14.66% | 14.15% | [5] | |
Investment maturity date | Jun. 30, 2024 | Jan. 31, 2024 | [5] | |
PIK rate | 1% | 1% | [5] | |
Total Office Supplies [Member] | Saratoga CLO [Member] | Emily Street Enterprises, L.L.C. [Member] | ||||
Investment variable rate | 7.50% | 7.50% | [5] | |
Investment interest rate | 12.90% | 12.39% | [5] | |
Investment maturity date | Dec. 31, 2025 | Dec. 31, 2025 | [5] | |
Total Office Supplies [Member] | Saratoga CLO [Member] | Emily Street Enterprises, L.L.C. One [Member] | ||||
Investment maturity date | Dec. 31, 2025 | Dec. 31, 2025 | [5],[8] | |
Total Real Estate Services [Member] | Saratoga CLO [Member] | Buildout, Inc. [Member] | ||||
Investment variable rate | 7% | 7% | [5] | |
Investment interest rate | 12.50% | 11.97% | [5] | |
Investment maturity date | Jul. 09, 2025 | Jul. 09, 2025 | [5] | |
Total Real Estate Services [Member] | Saratoga CLO [Member] | Buildout, Inc. One [Member] | ||||
Investment variable rate | 7% | 7% | [5] | |
Investment interest rate | 12.50% | 11.97% | [5] | |
Investment maturity date | Jul. 09, 2025 | Jul. 09, 2025 | [5] | |
Total Research Software [Member] | Saratoga CLO [Member] | Wellspring Worldwide Inc. [Member] | ||||
Investment variable rate | 7.25% | 7.25% | [5] | |
Investment interest rate | 12.63% | 11.83% | [5] | |
Investment maturity date | Jun. 27, 2022 | Jun. 27, 2027 | [5] | |
Total Restaurant [Member] | Saratoga CLO [Member] | LFR Chicken LLC [Member] | ||||
Investment variable rate | 7% | 7% | [5] | |
Investment interest rate | 12.33% | 11.67% | [5] | |
Investment maturity date | Nov. 19, 2026 | Nov. 19, 2026 | [5] | |
Total Restaurant [Member] | Saratoga CLO [Member] | LFR Chicken LLC One [Member] | ||||
Investment variable rate | 7% | 7% | [2],[5] | |
Investment interest rate | 12.33% | 11.67% | [2],[5] | |
Investment maturity date | Nov. 19, 2026 | Nov. 19, 2026 | [2],[5] | |
Total Restaurant [Member] | Saratoga CLO [Member] | TMAC Acquisition Co., LLC [Member] | ||||
Investment maturity date | [5] | Mar. 01, 2024 | ||
PIK rate | [5] | 8% | ||
Total Roofing Contractor Software [Member] | Saratoga CLO [Member] | JobNimbus LLC [Member] | ||||
Investment variable rate | 8.75% | |||
Investment interest rate | 14.18% | |||
Investment maturity date | Sep. 20, 2026 | |||
Total Specialty Food Retailer [Member] | Saratoga CLO [Member] | Pepper Palace, Inc [Member] | ||||
Investment variable rate | 6.25% | 6.25% | [3],[5] | |
Investment interest rate | 11.80% | 11.22% | [3],[5] | |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 | [3],[5] | |
Total Specialty Food Retailer [Member] | Saratoga CLO [Member] | Pepper Palace, Inc. One [Member] | ||||
Investment variable rate | 6.25% | 6.25% | [2],[5] | |
Investment interest rate | 11.80% | 11.22% | [2],[5] | |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 | [5] | |
Total Specialty Food Retailer [Member] | Saratoga CLO [Member] | Pepper Palace, Inc. Two [Member] | ||||
Investment variable rate | 6.25% | 6.25% | [2],[5] | |
Investment interest rate | 11.80% | 11.22% | [2],[5] | |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 | [2],[5] | |
Total Sports Management [Member] | Saratoga CLO [Member] | ArbiterSports, LLC [Member] | ||||
Investment variable rate | 6.50% | 6.50% | [3],[5] | |
Investment interest rate | 11.90% | 11.47% | [3],[5] | |
Investment maturity date | Feb. 21, 2025 | Feb. 21, 2025 | [3],[5] | |
Total Sports Management [Member] | Saratoga CLO [Member] | ArbiterSports, LLC One [Member] | ||||
Investment variable rate | 6.50% | 6.50% | [5] | |
Investment interest rate | 11.90% | 11.47% | [5] | |
Investment maturity date | Feb. 21, 2025 | Feb. 21, 2025 | [5] | |
Total Talent Acquisition Software [Member] | Saratoga CLO [Member] | JDXpert [Member] | ||||
Investment variable rate | 8.50% | 8.50% | [5] | |
Investment interest rate | 14.16% | 13.47% | [5] | |
Investment maturity date | May 02, 2027 | May 02, 2027 | [5] | |
Total Talent Acquisition Software [Member] | Saratoga CLO [Member] | JDXpert One [Member] | ||||
Investment variable rate | 8.50% | 8.50% | [2],[5] | |
Investment interest rate | 14.16% | 13.47% | [2],[5] | |
Investment maturity date | May 02, 2027 | May 02, 2027 | [2],[5] | |
(in Dollars) | [2],[10] | |||
Total Talent Acquisition Software [Member] | Saratoga CLO [Member] | Jobvite, Inc. [Member] | ||||
Investment variable rate | 8% | 8% | [3] | |
Investment interest rate | 13.40% | 12.89% | [3] | |
Investment maturity date | Aug. 05, 2028 | Aug. 05, 2028 | [3] | |
(in Dollars) | [3] | |||
Total Veterinary Services [Member] | Saratoga CLO [Member] | VetnCare MSO, LLC [Member] | ||||
Investment variable rate | 5.75% | |||
Investment interest rate | 11.15% | |||
Investment maturity date | May 12, 2028 | |||
Total Corporate Education Software [Member] | Saratoga CLO [Member] | ETU Holdings, Inc. [Member] | ||||
Investment variable rate | 9% | |||
Investment interest rate | 14.55% | |||
Investment maturity date | Aug. 18, 2027 | Feb. 28, 2028 | [10] | |
PIK rate | [10] | 15% | ||
Total Corporate Education Software [Member] | Saratoga CLO [Member] | ETU Holdings, Inc. One [Member] | ||||
Investment maturity date | Feb. 18, 2028 | |||
PIK rate | 15% | |||
Total Corporate Education Software [Member] | Saratoga CLO [Member] | ETU Holdings, Inc. [Member] | ||||
Investment variable rate | [10] | 9% | ||
Investment interest rate | [10] | 13.97% | ||
Investment maturity date | [10] | Aug. 18, 2027 | ||
Total Dental Practice Management One [Member] | Saratoga CLO [Member] | Modis Dental Partners OpCo, LLC [Member] | ||||
Investment variable rate | 9.50% | |||
Investment interest rate | 14.83% | |||
Investment maturity date | Apr. 18, 2028 | |||
Total Dental Practice Management One [Member] | Saratoga CLO [Member] | Modis Dental Partners OpCo, LLC One [Member] | ||||
Investment variable rate | 9.50% | |||
Investment interest rate | 14.83% | |||
Investment maturity date | Apr. 18, 2028 | |||
Total Employee Collaboration Software [Member] | Saratoga CLO [Member] | Axero Holdings, LLC [Member] | ||||
Investment variable rate | 8% | 8% | [5],[10] | |
Investment interest rate | 13.55% | 13.04% | [5],[10] | |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 | [5],[10] | |
Total Employee Collaboration Software [Member] | Saratoga CLO [Member] | Axero Holdings, LLC One [Member] | ||||
Investment variable rate | 8% | 8% | [5],[10] | |
Investment interest rate | 13.55% | 13.04% | [5],[10] | |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 | [5],[10] | |
(in Dollars) | [10] | |||
Total Employee Collaboration Software [Member] | Saratoga CLO [Member] | Axero Holdings, LLC Two [Member] | ||||
Investment variable rate | 8% | 8% | [2],[5],[10] | |
Investment interest rate | 13.55% | 13.04% | [2],[5],[10] | |
Investment maturity date | Jun. 30, 2026 | Jun. 30, 2026 | [2],[5],[10] | |
(in Dollars) | [2],[10] | |||
Total Healthcare Services One [Member] | Saratoga CLO [Member] | Alpha Aesthetics Partners OpCo, LLC [Member] | ||||
Investment variable rate | 9.99% | |||
Investment interest rate | 15.32% | |||
Investment maturity date | Mar. 20, 2028 | |||
Total Healthcare Services One [Member] | Saratoga CLO [Member] | Alpha Aesthetics Partners OpCo, LLC One [Member] | ||||
Investment variable rate | 9.99% | |||
Investment interest rate | 15.32% | |||
Investment maturity date | Mar. 20, 2028 | |||
Total IT Services One [Member] | Saratoga CLO [Member] | Netreo Holdings, LLC [Member] | ||||
Investment variable rate | 6.50% | |||
Investment interest rate | 14.05% | |||
Investment maturity date | Dec. 31, 2025 | |||
PIK rate | 2% | |||
Total IT Services One [Member] | Saratoga CLO [Member] | Netreo Holdings, LLC One [Member] | ||||
Investment variable rate | 6.50% | |||
Investment interest rate | 14.05% | |||
PIK rate | 2% | |||
Total IT Services One [Member] | Saratoga CLO [Member] | Netreo Holdings, LLC Two [Member] | ||||
(in Dollars) | [8],[9] | |||
Structured Finance Securities One [Member] | Saratoga CLO [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ||||
Investment interest rate | 0% | |||
Investment maturity date | Apr. 20, 2033 | |||
Structured Finance Securities One [Member] | Saratoga CLO [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | ||||
Investment variable rate | 10% | |||
Investment interest rate | 15.40% | |||
Investment maturity date | Apr. 20, 2033 | |||
Structured Finance Securities One [Member] | Saratoga CLO [Member] | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member] | ||||
Investment variable rate | 8.55% | |||
Investment interest rate | 13.95% | |||
Investment maturity date | Oct. 20, 2033 | |||
Investment Fund [Member] | Saratoga CLO [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | ||||
Investment variable rate | 10% | |||
Total Investment Fund [Member] | Saratoga CLO [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | ||||
Investment maturity date | Oct. 20, 2023 | |||
Total Investment Fund [Member] | Saratoga CLO [Member] | Saratoga Senior Loan Fund I JV LLC [Member] | ||||
(in Dollars) | [2],[6],[9] | |||
Total Investment Fund [Member] | Saratoga CLO [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | ||||
(in Dollars) | [4],[6],[9] | |||
Total Investment Fund [Member] | Saratoga CLO [Member] | Saratoga Senior Loan Fund I JV LLC [Member] | ||||
Investment variable rate | [2],[5],[6],[9] | 10% | ||
Investment maturity date | [2],[5],[9] | Jun. 15, 2023 | ||
Total Staffing Services [Member] | Saratoga CLO [Member] | Avionte Holdings, LLC [Member] | ||||
(in Dollars) | [8] | |||
Total Corporate Education Software [Member] | Saratoga CLO [Member] | ETU Holdings, Inc. [Member] | ||||
(in Dollars) | [8],[10] | |||
Total Structured Finance Securities [Member] | Saratoga CLO [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ||||
Investment interest rate | 0% | |||
Investment maturity date | [1],[6],[9],[11] | Apr. 20, 2033 | ||
(in Dollars) | [6],[9],[11] | |||
Total Structured Finance Securities [Member] | Saratoga CLO [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | ||||
Investment variable rate | [1],[6],[9] | 10% | ||
Investment interest rate | [1],[6],[9] | 14.97% | ||
Investment maturity date | [1],[6],[9] | Apr. 20, 2033 | ||
(in Dollars) | [6],[9] | |||
Total Structured Finance Securities [Member] | Saratoga CLO [Member] | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member] | ||||
Investment variable rate | [1],[6],[9] | 8.55% | ||
Investment interest rate | [1],[6],[9] | 13.44% | ||
Investment maturity date | [1],[6],[9] | Oct. 20, 2033 | ||
(in Dollars) | [6],[9] | |||
[1]Percentages are based on net assets of $362,078,755 as of August 31, 2023.[2]All or a portion of this investment has an unfunded commitment as of August 31, 2023. (See Note 9 to the consolidated financial statements).[3]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).[4]Includes securities issued by an affiliate of the company.[5]Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities.[6]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 August 31, 2023, non-qualifying assets represent 6.2% 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.[7]As of August 31, 2023, the investment was on non-accrual status. The fair value of these investments was approximately $17.7 million, which represented 1.6% of the Company’s portfolio (see Note 2 to the consolidated financial statements).[8]Non-income producing at August 31, 2023.[9] As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the six months ended August 31, 2023 in which the issuer was both an affiliate and a portfolio company that we control are as follows: |
Schedule of cash and cash equiv
Schedule of cash and cash equivalents and cash and cash equivalents - USD ($) | Aug. 31, 2023 | Feb. 28, 2023 | |||
Cost | [1] | $ 48,432,900 | $ 96,076,273 | [2] | |
Number of Shares (in Shares) | [1] | 48,432,900 | 96,076,273 | [2] | |
% of Net Assets | 13.40% | [1] | 27.70% | [2],[3] | |
Fair Value | $ 48,432,900 | [1] | $ 96,076,273 | [2],[3] | |
U.S. Bank Money Market [Member] | |||||
Cost | [2] | $ 48,432,900 | [1] | $ 96,076,273 | [3] |
Number of Shares (in Shares) | [2] | 48,432,900 | [1] | 96,076,273 | [3] |
% of Net Assets | [2] | 13.40% | [1] | 27.70% | [3] |
Fair Value | [2] | $ 48,432,900 | [1] | $ 96,076,273 | [3] |
[1]Percentages are based on net assets of $362,078,755 as of August 31, 2023.[2] Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Percentages are based on net assets of $346,958,042 as of February 28, 2023. |
Schedule of transactions relate
Schedule of transactions related to affiliates - USD ($) | 6 Months Ended | 12 Months Ended |
Aug. 31, 2023 | Feb. 28, 2023 | |
Affiliate [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] | Saratoga CLO [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | $ (205,636) | |
Net Realized Gain (Loss) from Investments | ||
Sales | ||
Purchases | 18,235,664 | |
Management Fee Income | ||
Total Interest from Investments | 2,057,286 | |
Control [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (8,468,657) | (10,461,606) |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | 1,634,038 | 3,269,820 |
Total Interest from Investments | 4,415,160 | 6,989,483 |
Sales | ||
Purchases | 28,634,940 | |
Axero Holdings, LLC [Member] | Affiliate [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 | |
Axero Holdings, LLC [Member] | Affiliate [Member] | Saratoga CLO [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | 399,221 | |
Net Realized Gain (Loss) from Investments | ||
Sales | ||
Purchases | ||
Management Fee Income | ||
Total Interest from Investments | 450,923 | |
ETU Holdings, Inc. [Member] | Affiliate [Member] | Saratoga CLO [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (597,549) | |
Net Realized Gain (Loss) from Investments | ||
Sales | ||
Purchases | ||
Management Fee Income | ||
Total Interest from Investments | 943,929 | |
Modis Dental Partners OpCo, LLC [Member] | Affiliate [Member] | Saratoga CLO [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (3,754) | |
Net Realized Gain (Loss) from Investments | ||
Sales | ||
Purchases | 8,845,000 | |
Management Fee Income | ||
Total Interest from Investments | 390,949 | |
Alpha Aesthetics Partners OpCo, LLC [Member] | Affiliate [Member] | Saratoga CLO [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (3,554) | |
Net Realized Gain (Loss) from Investments | ||
Sales | ||
Purchases | 9,390,664 | |
Management Fee Income | ||
Total Interest from Investments | 271,485 | |
Netreo Holdings, LLC [Member] | Control [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (3,206,444) | (2,363,302) |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | 1,951,099 | 2,529,483 |
Sales | ||
Purchases | 8,290,000 | |
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Control [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (2,145,053) | (4,149,106) |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | 1,634,038 | 3,269,820 |
Total Interest from Investments | 1,228,486 | |
Sales | ||
Purchases | ||
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member] | Control [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | 94,980 | (38,005) |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | 834,775 | 552,330 |
Sales | ||
Purchases | 11,392,500 | |
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] | Control [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | 121,439 | (543,594) |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | 728,762 | 1,195,662 |
Sales | ||
Purchases | ||
Saratoga Senior Loan Fund I JV, LLC [Member] | Control [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | ||
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | 900,524 | 1,483,522 |
Sales | ||
Purchases | 4,493,954 | |
Saratoga Senior Loan Fund I JV, LLC One [Member] | Control [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (3,333,579) | (3,367,599) |
Net Realized Gain (Loss) from Investments | ||
Management Fee Income | ||
Total Interest from Investments | ||
Sales | ||
Purchases | 4,458,486 | |
Artemis Wax Corp.[Member] | Affiliate [Member] | ||
Net Change in Unrealized Appreciation (Depreciation) | (1,460,287) | |
Net Realized Gain (Loss) from Investments | ||
Sales | 6,162,526 | |
Purchases | 27,440,000 | |
Management Fee Income | ||
Total Interest from Investments | 3,418,378 | |
ETU Holdings, Inc. [Member] | Affiliate [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 |
Organization
Organization | 6 Months Ended |
Aug. 31, 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. 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-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MAC, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SZ, 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 its 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 SBIC licenses 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 (“SIF II”), a Delaware limited liability company, for the purpose of entering into the 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”). 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 | 6 Months Ended |
Aug. 31, 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-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-MAC, Inc., SIA-PP, Inc., SIA-SZ, 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. All intercompany balances and transactions have been eliminated in consolidation. 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: ● own more than 3.0% of the investment company’s total outstanding voting stock; ● hold securities in the investment company having an aggregate value in excess of 5.0% of the value of the Company’s total assets; or ● hold securities in investment companies having an aggregate value in excess of 10.0% of the value of the Company’s total assets. As of August 31, 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 held by the Company’s wholly owned subsidiary, SIF II. 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 the Company’s 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: August 31, February 28, Cash and cash equivalents $ 19,305,025 $ 65,746,494 Cash and cash equivalents, reserve accounts 29,127,875 30,329,779 Total cash and cash equivalents and cash and cash equivalents, reserve accounts $ 48,432,900 $ 96,076,273 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 the Company owns 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 the Company owns 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 the Company’s board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. The Company values investments for which market quotations are not readily available at fair value as approved, in good faith, by the Company’s board of directors based on input from the Manager, the audit committee of the 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 the Company’s 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. The Company uses a third-party independent valuation firm to value its investment in the subordinated notes of Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”), the Class F-2-R-3 Notes of the Saratoga CLO, and the Class E Notes of the SLF 2022 every quarter. In addition, all investments are subject to the following valuation process: ● The audit committee of the Company’s board of directors reviews and approves each preliminary valuation and the Manager and independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and ● The Company’s board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of the Manager, independent valuation firm (to the extent applicable) and the audit committee of the board of directors. The Company uses 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 the Company’s 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 the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of 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, when available, as determined by the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of its investment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022. 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 its investments were materially higher or lower than the values that the Company ultimately realizes upon the disposal of such investments. In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted a new rule providing a framework for fund valuation practices. New 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 August 31, 2023, our investment in two portfolio companies were on non-accrual status with a fair value of approximately $17.7 million, or 1.6% of the fair value of our portfolio. 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. 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 an 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. The Company restores 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. 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, which is 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 (as defined below) 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. 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”). 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 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 to the Manager, as recorded 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, as 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 reflect those realized capital gains net of realized and unrealized losses for the period. Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820) , . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Risk Management In the ordinary course of its business, the Company manages a variety of risks, including market 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 | 6 Months Ended |
Aug. 31, 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, the Company evaluates the source of inputs, including any markets in which its investments are trading, in determining fair value. The following table presents fair value measurements of investments, by major class, as of August 31, 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 $ - $ - $ 929,392 $ - $ 929,392 Second lien term loans - - 15,326 - 15,326 Unsecured term loans - - 17,619 - 17,619 Structured finance securities - - 35,609 - 35,609 Equity interests - - 91,225 9,774 100,999 Total $ - $ - $ 1,089,171 $ 9,774 $ 1,098,945 * 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, 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 term 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 provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended August 31, 2023 (dollars in thousands): First lien Second lien Unsecured Structured Equity Total Balance as of February 28, 2023 $ 798,534 $ 14,936 $ 20,661 $ 41,362 $ 83,990 $ 959,483 Payment-in-kind and other adjustments to cost 800 408 - (3,824 ) (91 ) (2,707 ) Net accretion of discount on investments 858 4 - - - 862 Net change in unrealized appreciation (depreciation) on investments (16,192 ) (22 ) 341 (1,929 ) (924 ) (18,726 ) Purchases 159,113 - - - 8,159 167,272 Sales and repayments (13,721 ) - (3,383 ) - - (17,104 ) Net realized gain (loss) from investments - - - - 91 91 Balance as of August 31, 2023 $ 929,392 $ 15,326 $ 17,619 $ 35,609 $ 91,225 $ 1,089,171 Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period $ (16,151 ) $ (22 ) $ (5 ) $ (1,929 ) $ (925 ) $ (19,032 ) 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 period. 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 six months ended August 31, 2023. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended August 31, 2022 (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 160 - - (2,160 ) 405 (1,595 ) Net accretion of discount on investments 851 (17 ) - - - 834 Net change in unrealized appreciation (depreciation) on investments (10,606 ) (691 ) (37 ) (3,543 ) (1,478 ) (16,355 ) Purchases 241,133 4,950 947 - 9,537 256,567 Sales and repayments (70,262 ) (24,966 ) - - (9,944 ) (105,172 ) Net realized gain (loss) from investments 163 - - - 7,944 8,107 Balance as of August 31, 2022 $ 793,011 $ 23,662 $ 16,841 $ 32,327 $ 82,096 $ 947,937 Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period $ (10,543 ) $ (881 ) $ (37 ) $ (3,544 ) $ 3,623 $ (11,382 ) 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 three months ended August 31, 2022. The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of August 31, 2023 were as follows (dollars in thousands): Fair Value Valuation Technique Unobservable Input Range Weighted First lien term loans $ 929,392 Market Comparables Market Yield (%) 11.3% - 18.1% 13.1% Revenue Multiples (x) 0.3x - 5.3x 3.5x EBITDA Multiples (x) 5.0x – 15.0x 11.4x Second lien term loans 15,326 Market Comparables Market Yield (%) 15.7% - 60.9% 44.4% Revenue Multiples (x) 20.2x - 20.2x 20.2x Unsecured term loans 17,619 Collateral Value Coverage Net Asset Value 100.0% 100.0% Structured finance securities 35,609 Discounted Cash Flow Discount Rate (%) 12.0% - 22.0% 16.9% Recovery Rate (%) 35.0% - 70.0% 70.0% Prepayment Rate (%) 20.0% 20.0% Equity interests 91,225 Enterprise Value Waterfall EBITDA Multiples (x) 0.3x - 28.6x 12.0x Revenue Multiples (x) 1.3x - 10.9x 6.4x Total $ 1,089,171 * 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, 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% 100.0% Collateral Valuae Coverage Net Asset Value 100.0% 100.0% 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. 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 August 31, 2023 at amortized cost and fair value was as follows (dollars in thousands): Investments at Amortized Cost Investments at Fair Value First lien term loans $ 955,513 85.7 % $ 929,392 84.6 % Second lien term loans 21,527 1.9 15,326 1.4 Unsecured term loans 17,619 1.6 17,619 1.6 Structured finance securities 45,887 4.1 35,609 3.2 Equity interests 74,358 6.7 100,999 9.2 Total $ 1,114,904 100.0 % $ 1,098,945 100.0 % 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 Investments at Fair Value 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 term 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 % For loans and debt securities for which market quotations are not readily available, the Company determines 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, the Company determines 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 the Company’s judgment, the market comparables technique is not sufficient or appropriate, the Company may use additional techniques such as an asset liquidation or expected recovery model. For equity securities of portfolio companies and partnership interests, the Company determines the fair value using an enterprise value waterfall valuation technique. Under the enterprise value waterfall valuation technique, the Company determines the enterprise fair value of the portfolio company and then waterfalls 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, the Company weighs 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, the Company may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities. The Company also takes into account historical and anticipated financial results. The Company’s 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 the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of the 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. The Company 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. The Company uses the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in Saratoga CLO and SLF 2022 at August 31, 2023. The inputs at August 31, 2023 for the valuation model include: ● Default rate: 2.0% ● Recovery rate: 35%-70% ● Discount rate: 12.0%-22.0% ● Prepayment rate: 20.0% ● Reinvestment rate / price: $98.00 for six months; then L+365bps / $99.00 The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV of SLF JV, or equivalent, as practical expedient. Investment Concentration Set forth is a brief description of each portfolio company in which the fair value of the Company’s investment represents greater than 5% of the Company’s total assets as of August 31, 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. 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. 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. 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. During the fourth quarter ended February 28, 2021, the CLO 2013-1 Warehouse 2 Ltd. was repaid in full. 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, extended its legal maturity to April 2033, and added a non-call period of February 2022. In addition, and as part of the refinancing, the Saratoga CLO was 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. The Company receives 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, the Company is no longer entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%. For the three months ended August 31, 2023 and August 31, 2022, the Company accrued management fee income of $0.8 million and $0.8 million, respectively, and interest income of $0.0 million and $0.4 million, respectively, from the subordinated notes of Saratoga CLO. For the six months ended August 31, 2023 and August 31, 2022, the Company accrued management fee income of $1.6 million and $1.6 million, respectively, and interest income of $0.0 million and $1.0 million, respectively, from the subordinated notes of Saratoga CLO. As of August 31, 2023, the aggregate principal amounts of the Company’s investments in the subordinated notes and Class F-2-R-3 Notes of the Saratoga CLO was $111.0 million and $9.4 million, respectively, which had a corresponding fair value of $15.2 million and $9.0 million, respectively. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of August 31, 2023, Saratoga CLO had investments with a principal balance of $651.6 million and a weighted average spread over LIBOR of 3.8% and had debt with a principal balance of $611.0 million with a weighted average spread over LIBOR of 2.2%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. As of August 31, 2023, the present value of the projected future cash flows of the subordinated notes was approximately $15.2 million, using a 22.0% 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 received distributions of $79.5 million, management fees of $33.5 million and incentive fees of $1.2 million. 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 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. As of February 28, 2023, the Company has received distributions of $77.7 million, management fees of $31.9 million and incentive fees of $1.2 million. Below is certain financial information from the separate financial statements of Saratoga CLO as of August 31, 2023 (unaudited) and February 28, 2023 and for the three and six months ended August 31, 2023 (unaudited) and August 31, 2022 (unaudited). August 31, February 28, (unaudited) ASSETS Investments at fair value Loans at fair value (amortized cost of $639,305,552 and $645,599,001, respectively) $ 602,604,076 $ 605,954,468 Equities at fair value (amortized cost of $440,405 and $0, respectively) 512,853 - Total investments at fair value (amortized cost of $639,745,957 and $645,599,001, respectively) 603,116,929 605,954,468 Cash and cash equivalents 14,149,358 23,776,950 Receivable from open trades 418,500 1,827,460 Interest receivable (net of reserve of $620,629 and $234,690, respectively) 4,683,582 3,026,720 Due from affiliate (See Note 7) - 119,150 Prepaid expenses and other assets 74,498 152,760 Total assets $ 622,442,867 $ 634,857,508 LIABILITIES Interest payable $ 5,561,147 $ 4,662,695 Payable from open trades 6,690,531 23,184,337 Accrued base management fee 72,943 72,762 Accrued subordinated management fee 291,774 291,047 Accounts payable and accrued expenses 98,902 82,565 Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: Class A-1-R-3 Senior Secured Floating Rate Notes 357,500,000 357,500,000 Class A-2-R-3 Senior Secured Floating Rate Notes 65,000,000 65,000,000 Class B-FL-R-3 Senior Secured Floating Rate Notes 60,500,000 60,500,000 Class B-FXD-R-3 Senior Secured Fixed Rate Notes 11,000,000 11,000,000 Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes 26,000,000 26,000,000 Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes 6,500,000 6,500,000 Class D-R-3 Deferrable Mezzanine Floating Rate Notes 39,000,000 39,000,000 Discount on Class D-R-3 Notes (232,101 ) (244,234 ) Class E-R-3 Deferrable Mezzanine Floating Rate Notes 27,625,000 27,625,000 Discount on Class E-R-3 Notes (2,411,271 ) (2,537,315 ) Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes 8,500,000 8,500,000 Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes 9,375,000 9,375,000 Deferred debt financing costs (1,802,150 ) (1,897,076 ) Subordinated Notes 111,000,000 111,000,000 Discount on Subordinated Notes (38,136,836 ) (40,130,353 ) Total liabilities 692,132,939 705,484,428 NET ASSETS Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively 250 250 Total distributable earnings (loss) (69,690,322 ) (70,627,170 ) Total net deficit (69,690,072 ) (70,626,920 ) Total liabilities and net assets $ 622,442,867 $ 634,857,508 For the three months ended For the six months ended August 31, August 31, August 31, August 31, INVESTMENT INCOME Total interest from investments $ 15,662,824 $ 9,176,167 $ 30,640,303 $ 17,321,614 Interest from cash and cash equivalents 156,192 6,105 341,236 6,105 Other income 216,150 12,108 470,224 115,604 Total investment income 16,035,166 9,194,380 31,451,763 17,443,323 EXPENSES Interest and debt financing expenses 14,780,606 8,577,449 28,704,737 16,109,813 Base management fee 163,450 163,405 326,808 326,598 Subordinated management fee 653,801 653,619 1,307,231 1,306,390 Professional fees 133,365 129,229 172,891 210,393 Trustee expenses 66,540 64,742 129,034 132,828 Other expense 68,889 113,216 139,885 151,305 Total expenses 15,866,651 9,701,660 30,780,586 18,237,327 NET INVESTMENT INCOME (LOSS) 168,515 (507,280 ) 671,177 (794,004 ) REALIZED AND UNREALIZED LOSS ON INVESTMENTS Net realized loss from investments (641,267 ) (1,144,858 ) (2,749,834 ) (1,067,201 ) Net change in unrealized depreciation on investments 13,352,743 (1,544,463 ) 3,015,505 (26,226,451 ) Net realized and unrealized gain (loss) on investments 12,711,476 (2,689,321 ) 265,671 (27,293,652 ) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 12,879,991 $ (3,196,601 ) $ 936,848 $ (28,087,656 ) Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Altisource Solutions S.a r.l. Banking, Finance, Insurance & Real Estate Common Stock Equity 15,981 $ - $ 65,043 Isagenix International, LLC Beverage, Food & Tobacco Common Stock Equity 86,398 - - URS TOPCO LLC Transportation: Cargo Common Stock Equity 25,330 440,405 447,810 19TH HOLDINGS GOLF, LLC Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 8.67 % 2/7/2029 $ 2,486,203 2,389,059 2,430,263 888 Acquisitions Limited Hotel, Gaming & Leisure Term Loan B Loan 6M USD SOFR+ 5.25 % 0.00 % 10.21 % 7/8/2028 2,483,696 2,157,622 2,303,628 ADMI Corp. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 8.45 % 4/30/2025 1,900,276 1,897,987 1,822,782 Adtalem Global Education Inc. Services: Business Term Loan B (02/21) Loan 1M USD SOFR+ 4.00 % 0.75 % 9.45 % 8/11/2028 691,846 686,842 691,632 Aegis Sciences Corporation Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 5.50 % 1.00 % 11.13 % 5/9/2025 2,328,986 2,323,225 2,231,471 Agiliti Health Inc. Healthcare & Pharmaceuticals Term Loan B (03/23) Loan 3M USD SOFR+ 3.00 % 0.00 % 8.25 % 5/1/2030 1,678,901 1,666,633 1,671,564 AHEAD DB Holdings, LLC Services: Business Term Loan (04/21) Loan 3M USD SOFR+ 3.75 % 0.75 % 9.09 % 10/18/2027 2,940,000 2,864,261 2,869,264 Air Canada Transportation: Consumer Term Loan B (07/21) Loan 3M USD SOFR+ 3.50 % 0.75 % 9.13 % 8/11/2028 1,980,000 1,852,750 1,979,644 AIS HoldCo, LLC Services: Business Term Loan Loan 3M USD SOFR+ 5.00 % 0.00 % 10.63 % 8/15/2025 4,690,915 4,620,736 4,585,369 AIT Worldwide Logistics Holdings, Inc. Transportation: Cargo Term Loan (04/21) Loan 1M USD SOFR+ 4.75 % 0.75 % 10.16 % 4/6/2028 2,487,342 2,333,826 2,451,076 Alchemy US Holdco 1, LLC Metals & Mining Term Loan Loan 1M USD LIBOR+ 7.32 % 0.00 % 7.42 % 10/10/2025 1,654,803 1,646,087 1,624,471 AlixPartners, LLP Banking, Finance, Insurance & Real Estate Term Loan B (01/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 2/4/2028 244,375 244,062 244,001 Alkermes, Inc. Healthcare & Pharmaceuticals Term Loan B (3/21) Loan 1M USD SOFR+ 2.50 % 0.50 % 7.93 % 3/12/2026 2,115,398 2,104,178 2,062,513 Allen Media, LLC Media: Diversified & Production Term Loan (7/21) Loan 3M USD SOFR+ 5.50 % 0.00 % 10.89 % 2/10/2027 4,371,665 4,349,322 3,787,742 Alliant Holdings Intermediate, LLC Banking, Finance, Insurance & Real Estate Term Loan B4 Loan 1M USD LIBOR+ 3.50 % 0.50 % 8.93 % 11/5/2027 982,500 982,008 981,537 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Allied Universal Holdco LLC Services: Business Term Loan 4/21 Loan 1M USD SOFR+ 3.75 % 0.50 % 9.18 % 5/12/2028 1,965,000 1,957,914 1,907,897 Altisource Solutions S.a r.l. Banking, Finance, Insurance & Real Estate Term Loan B (03/18) Loan 3M USD SOFR+ 5.00 % 1.00 % 10.34 % 4/30/2025 1,139,235 1,138,397 912,527 Altium Packaging LLC Containers, Packaging & Glass Term Loan (01/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 1/29/2028 488,750 487,157 485,084 American Axle & Manufacturing Inc. Automotive Term Loan (12/22) Loan 6M USD SOFR+ 3.50 % 0.50 % 8.44 % 12/13/2029 492,500 478,840 490,500 American Greetings Corporation Media: Advertising, Printing & Publishing Term Loan (01/23) Loan 1M USD SOFR+ 6.00 % 1.00 % 11.33 % 4/5/2028 2,997,797 2,996,185 2,993,121 AmWINS Group, LLC Banking, Finance, Insurance & Real Estate Term Loan 2/21 Loan 1M USD SOFR+ 2.25 % 0.75 % 7.70 % 2/17/2028 1,950,023 1,932,535 1,947,586 Anastasia Parent LLC Consumer goods: Non-durable Term Loan Loan 3M USD SOFR+ 3.75 % 0.00 % 9.25 % 8/11/2025 952,500 951,018 710,803 Anchor Glass Container Corporation Containers, Packaging & Glass Term Loan (07/17) Loan 6M USD LIBOR+ 2.75 % 1.00 % 8.04 % 12/7/2023 467,650 467,545 382,500 Anchor Packaging, LLC Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 3.50 % 0.00 % 8.93 % 7/18/2026 1,969,554 1,945,580 1,943,300 ANI Pharmaceuticals, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 6.00 % 0.75 % 11.43 % 11/19/2027 2,955,000 2,912,144 2,944,835 AP Core Holdings II LLC High Tech Industries Term Loan B2 Loan 1M USD SOFR+ 5.50 % 0.75 % 10.95 % 9/1/2027 500,000 494,609 485,000 AP Core Holdings II LLC High Tech Industries Term Loan B1 Loan 1M USD SOFR+ 5.50 % 0.75 % 10.95 % 9/1/2027 1,825,000 1,805,295 1,784,503 APEX GROUP TREASURY LLC Banking, Finance, Insurance & Real Estate Term Loan Loan 3M USD SOFR+ 5.00 % 0.50 % 10.31 % 7/26/2028 497,500 468,433 496,878 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair APi Group DE, Inc. (J2 Acquisition) Services: Business Term Loan B Loan 1M USD SOFR+ 2.50 % 0.00 % 7.95 % 10/1/2026 1,757,184 1,752,477 1,759,697 APLP Holdings Limited Partnership Energy: Electricity Term Loan B (3/21) Loan 3M USD LIBOR+ 3.75 % 1.00 % 9.29 % 5/14/2027 318,919 316,836 316,527 Apollo Commercial Real Estate Finance, Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.75 % 0.00 % 8.18 % 5/15/2026 2,923,858 2,901,774 2,733,807 Apollo Commercial Real Estate Finance, Inc. Banking, Finance, Insurance & Real Estate Term Loan B1 (2/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 3/6/2028 977,500 970,599 909,075 AppLovin Corporation High Tech Industries Term Loan (10/21) Loan 1M USD SOFR+ 3.10 % 0.50 % 8.43 % 10/21/2028 1,481,250 1,478,446 1,477,547 AppLovin Corporation High Tech Industries Term Loan (08/23) Loan 1M USD SOFR+ 3.00 % 0.50 % 8.41 % 8/15/2030 974,490 974,490 971,079 Aramark Services, Inc. Services: Consumer Term Loan Loan 1M USD SOFR+ 1.75 % 0.00 % 7.20 % 1/15/2027 2,331,250 2,286,538 2,323,977 Aramark Services, Inc. Services: Consumer Term Loan B (4/21) Loan 1M USD SOFR+ 2.50 % 0.00 % 7.95 % 4/1/2028 1,753,715 1,747,790 1,751,523 ARC FALCON I INC. Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.75 % 0.50 % 9.18 % 9/23/2028 986,274 983,261 963,008 Arches Buyer Inc. Services: Consumer Term Loan B Loan 1M USD SOFR+ 3.25 % 0.50 % 8.68 % 12/6/2027 1,469,697 1,462,459 1,427,208 ARCIS GOLF LLC (a) Services: Consumer Delayed Draw Term Loan Loan 1M USD SOFR+ 4.25 % 0.50 % 9.70 % 11/23/2028 - (1,000 ) (250 ) ARCIS GOLF LLC Services: Consumer Term Loan B Loan 1M USD SOFR+ 4.25 % 0.50 % 9.70 % 11/19/2028 398,990 395,018 397,992 Aretec Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan (10/18) Loan 1M USD SOFR+ 4.25 % 0.00 % 9.68 % 10/1/2025 1,906,223 1,904,090 1,909,597 Aretec Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 4.50 % 0.00 % 9.92 % 3/8/2030 750,000 735,157 747,893 Asplundh Tree Expert, LLC Services: Business Term Loan 2/21 Loan 1M USD SOFR+ 1.75 % 0.00 % 7.18 % 9/7/2027 972,500 969,618 970,983 AssuredPartners Capital, Inc. Banking, Finance, Insurance & Real Estate Term Loan B (2/20) Loan 1M USD SOFR+ 3.50 % 0.00 % 8.95 % 2/12/2027 984,694 982,058 981,001 Assuredpartners Inc. Banking, Finance, Insurance & Real Estate Incremental Term Loan (7/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.95 % 2/12/2027 980,000 980,000 974,688 Assuredpartners Inc. Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 8.83 % 2/12/2027 493,750 493,003 492,308 ASTRO ONE ACQUISITION CORPORATION Consumer goods: Durable Term Loan Loan 3M USD LIBOR+ 5.50 % 0.75 % 10.66 % 9/15/2028 2,955,000 2,933,548 1,894,155 Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B8 Loan 3M USD LIBOR+ 3.25 % 0.00 % 8.79 % 12/18/2026 2,949,731 2,942,970 2,864,927 Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B10 Loan 1M USD SOFR+ 4.00 % 0.00 % 9.43 % 8/19/2028 1,985,000 1,898,493 1,908,359 ATHENAHEALTH GROUP INC. Healthcare & Pharmaceuticals Term Loan B (2/22) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.82 % 2/15/2029 1,323,857 1,319,269 1,306,753 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Avison Young (Canada) Inc Services: Business Term Loan Loan 3M USD SOFR+ 6.50 % 0.00 % 12.00 % 1/31/2026 2,353,325 2,350,577 940,153 Avison Young (Canada) Inc Services: Business Term Loan (08/22) Loan 3M USD SOFR+ 7.00 % 0.00 % 12.63 % 1/31/2026 744,375 711,038 310,777 Avolon TLB Borrower 1 (US) LLC Capital Equipment Term Loan B5 (7/21) Loan 1M USD SOFR+ 2.25 % 0.50 % 7.66 % 12/1/2027 487,500 484,331 486,891 Avolon TLB Borrower 1 (US) LLC Capital Equipment Term Loan B6 Loan 1M USD SOFR+ 2.50 % 0.00 % 7.81 % 6/8/2028 1,000,000 944,377 1,000,250 Axalta Coating Systems US Holdings Chemicals, Plastics, & Rubber Term Loan B (08/23) Loan 1M USD SOFR+ 2.50 % 0.50 % 7.81 % 12/20/2029 922,500 914,178 923,939 AZURITY PHARMACEUTICALS, INC. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 6.00 % 0.75 % 11.45 % 9/20/2027 462,500 452,222 444,000 B&G Foods, Inc. Beverage, Food & Tobacco Term Loan Loan 1M USD SOFR+ 2.50 % 0.00 % 7.83 % 10/10/2026 579,183 576,446 573,802 B.C. Unlimited Liability Co (Burger King) Beverage, Food & Tobacco Term Loan B4 Loan 1M USD SOFR+ 1.75 % 0.00 % 7.20 % 11/19/2026 1,447,500 1,425,936 1,437,454 BAKELITE UK INTERMEDIATE LTD. Chemicals, Plastics, & Rubber Term Loan Loan 3M USD SOFR+ 4.00 % 0.50 % 9.39 % 5/29/2029 990,000 985,977 979,486 Baldwin Risk Partners, LLC Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 8.91 % 10/14/2027 1,220,100 1,210,518 1,211,462 Barnes Group Inc. Aerospace & Defense Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 8.41 % 8/9/2030 250,000 248,125 250,208 Bausch Health Companies Inc. Healthcare & Pharmaceuticals Term Loan B (1/22) Loan 1M USD SOFR+ 5.25 % 0.50 % 10.66 % 2/1/2027 1,900,000 1,737,905 1,548,500 Belfor Holdings Inc. Services: Consumer Term Loan Loan 1M USD SOFR+ 4.00 % 0.00 % 9.45 % 4/6/2026 244,275 244,275 243,867 Belfor Holdings Inc. Services: Consumer Term Loan B-2 (3/22) Loan 1M USD SOFR+ 4.25 % 0.50 % 9.58 % 4/6/2026 1,987,348 1,964,323 1,989,832 Belron Finance US LLC Automotive Term Loan B (3/21) Loan 3M USD SOFR+ 2.43 % 0.50 % 8.06 % 4/13/2028 1,955,000 1,941,672 1,953,045 Belron Finance US LLC Automotive Term Loan (04/23) Loan 3M USD SOFR+ 2.75 % 0.50 % 8.16 % 4/17/2029 250,000 248,815 250,000 Bengal Debt Merger Sub LLC Beverage, Food & Tobacco Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 8.67 % 1/24/2029 1,980,000 1,979,219 1,873,575 Blackstone Mortgage Trust, Inc. Banking, Finance, Insurance & Real Estate Term Loan (6/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 4/23/2026 1,457,685 1,451,300 1,428,531 Blackstone Mortgage Trust, Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.25 % 0.00 % 7.70 % 4/23/2026 974,684 970,699 949,098 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Blue Tree Holdings, Inc. Chemicals, Plastics, & Rubber Term Loan (2/21) Loan 3M USD SOFR+ 2.50 % 0.00 % 8.00 % 3/4/2028 977,500 975,993 962,026 Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan (1/20) Loan 1M USD SOFR+ 2.00 % 0.00 % 7.43 % 5/24/2027 1,447,549 1,442,454 1,436,330 Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan 12/22 Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 12/12/2029 496,250 484,717 496,354 Boxer Parent Company, Inc. High Tech Industries Term Loan (2/21) Loan 1M USD SOFR+ 3.75 % 0.00 % 9.20 % 10/2/2025 513,768 513,768 513,352 BrightSpring Health Services (Phoenix Guarantor) Healthcare & Pharmaceuticals Term Loan B-3 Loan 1M USD SOFR+ 3.50 % 0.00 % 8.95 % 3/5/2026 977,500 977,500 972,309 BroadStreet Partners, Inc. Banking, Finance, Insurance & Real Estate Term Loan B3 Loan 1M USD SOFR+ 3.00 % 0.00 % 8.45 % 1/22/2027 2,933,625 2,930,258 2,905,961 Brookfield WEC Holdings Inc. Energy: Electricity Term Loan (1/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 8/1/2025 1,455,151 1,456,158 1,452,866 BROWN GROUP HOLDING, LLC Aerospace & Defense Term Loan B-2 Loan 3M USD SOFR+ 3.75 % 0.00 % 9.12 % 7/1/2029 496,250 485,413 495,476 Buckeye Partners, L.P. Utilities: Oil & Gas Term Loan (1/21) Loan 1M USD SOFR+ 2.25 % 0.00 % 7.67 % 11/1/2026 1,940,238 1,932,124 1,935,639 BW Gas & Convenience Holdings LLC Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 3/31/2028 2,450,000 2,432,794 2,408,154 Callaway Golf Company Retail Term Loan B Loan 1M USD SOFR+ 3.50 % 0.00 % 8.93 % 3/9/2030 498,750 493,877 498,216 Camping World, Inc. Retail Term Loan B (5/21) Loan 1M USD SOFR+ 2.50 % 0.75 % 7.95 % 6/5/2028 2,474,684 2,273,213 2,334,097 CAPSTONE BORROWER INC Services: Business Term Loan (06/23) Loan 3M USD SOFR+ 3.75 % 0.00 % 9.00 % 6/15/2030 1,000,000 985,348 992,500 CareerBuilder, LLC Services: Business Term Loan B3 Loan 3M USD SOFR+ 6.75 % 0.00 % 12.25 % 7/31/2026 4,035,492 4,014,259 3,874,073 Castle US Holding Corporation Media: Advertising, Printing & Publishing Term Loan B (USD) Loan 1M USD SOFR+ 3.75 % 0.00 % 9.20 % 1/27/2027 1,955,012 1,947,126 1,461,371 CASTLELAKE AVIATION LLC Aerospace & Defense Term Loan B Loan 3M USD SOFR+ 2.75 % 0.50 % 8.00 % 10/21/2027 995,000 988,133 993,398 CBI BUYER, INC. Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 8.70 % 1/6/2028 2,954,811 2,812,662 1,591,904 CBL & Associates Limited Partnership Retail Term Loan 11/21 Loan 1M USD SOFR+ 2.75 % 1.00 % 8.18 % 11/1/2025 2,481,505 2,122,937 2,127,891 CCC Intelligent Solutions Inc. Services: Business Term Loan B Loan 1M USD SOFR+ 2.25 % 0.50 % 7.70 % 9/16/2028 246,250 245,834 245,634 CCI Buyer, Inc Telecommunications Term Loan Loan 3M USD SOFR+ 4.00 % 0.75 % 9.24 % 12/17/2027 244,375 242,754 241,523 CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.75 % 0.75 % 9.20 % 3/5/2028 977,500 974,107 936,768 CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.25 % 0.50 % 9.49 % 3/5/2028 995,000 950,326 950,225 CCS-CMGC Holdings, Inc. Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 5.50 % 0.00 % 11.18 % 9/25/2025 2,387,500 2,379,509 1,788,381 CDK GLOBAL, INC. High Tech Industries Term Loan B Loan 3M USD SOFR+ 4.25 % 0.50 % 9.49 % 7/6/2029 995,000 968,319 995,239 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Cengage Learning, Inc. Media: Advertising, Printing & Publishing Term Loan B (6/21) Loan 3M USD SOFR+ 4.75 % 1.00 % 10.32 % 7/14/2026 2,947,500 2,929,703 2,936,771 CENTURI GROUP, INC. Construction & Building Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 7.95 % 8/27/2028 873,330 866,899 871,557 CenturyLink, Inc. Telecommunications Term Loan B (1/20) Loan 1M USD SOFR+ 2.25 % 0.00 % 7.70 % 3/15/2027 3,862,828 3,859,639 2,506,551 Charlotte Buyer, Inc. Services: Business Term Loan B Loan 1M USD SOFR+ 5.25 % 0.50 % 10.56 % 2/11/2028 1,492,500 1,403,429 1,469,739 Chemours Company, (The) Chemicals, Plastics, & Rubber Term Loan B2 Loan 1M USD SOFR+ 3.50 % 0.50 % 8.83 % 8/10/2028 2,399,716 2,358,116 2,360,721 Churchill Downs Incorporated Hotel, Gaming & Leisure Term Loan B1 (3/21) Loan 1M USD SOFR+ 2.00 % 0.00 % 7.43 % 3/17/2028 488,750 487,996 488,750 CIMPRESS PUBLIC LIMITED COMPANY Media: Advertising, Printing & Publishing USD Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 8.95 % 5/17/2028 1,969,899 1,888,680 1,943,364 CITADEL SECURITIES LP Banking, Finance, Insurance & Real Estate Term Loan B (07/23) Loan 1M USD SOFR+ 2.50 % 0.00 % 7.95 % 7/29/2030 4,887,500 4,886,389 4,863,063 Clarios Global LP Automotive Incremental Term Loan (04/23) Loan 1M USD SOFR+ 3.75 % 0.00 % 9.08 % 5/5/2030 1,200,000 1,194,106 1,196,628 Claros Mortgage Trust, Inc Banking, Finance, Insurance & Real Estate Term Loan B-1 (11/21) Loan 1M USD SOFR+ 4.50 % 0.50 % 9.91 % 8/9/2026 3,422,327 3,406,175 3,251,211 CLYDESDALE ACQUISITION HOLDINGS, INC. Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 4.18 % 0.50 % 9.61 % 4/13/2029 1,485,000 1,453,394 1,473,863 Columbus McKinnon Corporation Capital Equipment Term Loan (4/21) Loan 3M USD SOFR+ 2.75 % 0.50 % 8.23 % 5/14/2028 431,488 430,777 431,488 Conduent, Inc. Services: Business Term Loan B Loan 1M USD SOFR+ 4.25 % 0.50 % 9.70 % 10/16/2028 2,776,423 2,709,810 2,752,129 Connect Finco SARL Telecommunications Term Loan (1/21) Loan 1M USD SOFR+ 3.50 % 1.00 % 8.83 % 12/11/2026 2,902,500 2,813,077 2,892,980 Consolidated Communications, Inc. Telecommunications Term Loan B Loan 1M USD SOFR+ 3.50 % 0.75 % 8.95 % 10/2/2027 2,714,005 2,536,135 2,340,829 CORAL-US CO-BORROWER LLC Telecommunications Term Loan B-5 Loan 1M USD SOFR+ 2.25 % 0.00 % 7.67 % 1/31/2028 4,000,000 3,989,882 3,912,520 Corelogic, Inc. Services: Business Term Loan (4/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.95 % 6/2/2028 2,456,250 2,447,592 2,285,197 Cortes NP Acquisition Corp (Vertiv) Capital Equipment Term Loan 2/21 Loan 1M USD SOFR+ 2.75 % 0.00 % 8.18 % 3/2/2027 1,950,000 1,950,000 1,948,109 Creative Artists Agency, LLC Media: Diversified & Production Term Loan B (02/23) Loan 1M USD SOFR+ 3.50 % 0.00 % 8.83 % 11/27/2028 1,596,000 1,584,990 1,594,005 CROCS INC Consumer goods: Durable Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 8.43 % 2/19/2029 1,710,000 1,651,545 1,714,087 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Cross Financial Corp Banking, Finance, Insurance & Real Estate Term Loan B (3/21) Loan 1M USD SOFR+ 4.00 % 0.75 % 9.45 % 9/15/2027 490,000 489,764 490,000 Crown Subsea Communications Holding, Inc. Construction & Building Term Loan (4/21) Loan 1M USD SOFR+ 5.00 % 0.75 % 10.43 % 4/27/2027 3,404,110 3,380,765 3,407,309 CSC Holdings LLC (Neptune Finco Corp.) Media: Broadcasting & Subscription Term Loan B-5 Loan 1M USD LIBOR+ 2.50 % 0.00 % 7.92 % 4/15/2027 482,500 482,500 436,059 CSC Holdings LLC (Neptune Finco Corp.) Media: Broadcasting & Subscription Term Loan 12/22 Loan 1M USD SOFR+ 4.50 % 0.00 % 9.81 % 4/15/2027 2,388,032 2,378,887 2,248,738 CTC Holdings, LP Banking, Finance, Insurance & Real Estate Term Loan B Loan 6M USD SOFR+ 5.00 % 0.50 % 10.34 % 2/15/2029 2,221,875 2,174,009 2,171,883 CTS Midco, LLC High Tech Industries Term Loan B Loan 3M USD SOFR+ 6.00 % 1.00 % 11.63 % 11/2/2027 1,945,824 1,908,257 1,719,622 American Trailer World Corp Automotive Term Loan Loan 1M USD SOFR+ 3.75 % 0.75 % 9.18 % 3/3/2028 1,357,439 1,355,226 1,280,404 Daseke Inc Transportation: Cargo Term Loan 2/21 Loan 1M USD SOFR+ 4.00 % 0.75 % 9.45 % 3/5/2028 1,278,750 1,274,454 1,257,970 Dave & Buster’s Inc. Hotel, Gaming & Leisure Term Loan (6/23) Loan 1M USD SOFR+ 3.75 % 0.50 % 9.19 % 6/29/2029 992,500 948,813 992,252 DCert Buyer, Inc. High Tech Industries Term Loan Loan 1M USD SOFR+ 4.00 % 0.00 % 9.33 % 10/16/2026 1,462,217 1,462,217 1,455,797 Delek US Holdings, Inc. Utilities: Oil & Gas Term Loan B (11/22) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 11/16/2029 5,373,000 5,265,049 5,317,765 Delta 2 Lux Sarl Hotel, Gaming & Leisure Term Loan B Loan 1M USD SOFR+ 3.00 % 0.50 % 8.33 % 1/15/2030 1,000,000 990,871 1,002,500 DexKo Global, Inc. (Dragon Merger) Automotive Term Loan (9/21) Loan 3M USD SOFR+ 3.75 % 0.50 % 9.25 % 10/4/2028 987,500 984,405 955,288 DG Investment Intermediate Holdings 2, Inc. Aerospace & Defense Incremental Term Loan (3/22) Loan 1M USD SOFR+ 4.75 % 0.75 % 10.08 % 3/31/2028 496,250 478,520 491,908 Diamond Sports Group, LLC (b) Media: Broadcasting & Subscription 1st Priority Term Loan Loan 1M USD SOFR+ 10.00 % 1.00 % 15.29 % 5/25/2026 342,343 335,048 213,965 Diamond Sports Group, LLC (b) Media: Broadcasting & Subscription Second Lien Term Loan Loan 1M USD SOFR+ 5.25 % 0.00 % 10.54 % 8/24/2026 3,374,880 3,065,190 81,368 DIRECTV FINANCING, LLC Media: Broadcasting & Subscription Term Loan Loan 1M USD SOFR+ 5.00 % 0.75 % 10.45 % 8/2/2027 3,370,000 3,346,415 3,327,100 DISCOVERY PURCHASER CORPORATION Chemicals, Plastics, & Rubber Term Loan Loan 3M USD SOFR+ 4.38 % 0.50 % 9.62 % 10/4/2029 1,492,500 1,384,569 1,430,009 Dispatch Acquisition Holdings, LLC Environmental Industries Term Loan B (3/21) Loan 3M USD SOFR+ 4.25 % 0.75 % 9.64 % 3/25/2028 490,000 486,663 449,575 DOMTAR CORPORATION Forest Products & Paper Term Loan 9/21 Loan 1M USD SOFR+ 5.50 % 0.75 % 10.93 % 11/30/2028 1,277,052 1,242,613 1,273,859 DOTDASH MEREDITH, INC. Media: Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 4.00 % 0.50 % 9.42 % 11/30/2028 1,984,848 1,806,146 1,907,936 DRI HOLDING INC. Media: Advertising, Printing & Publishing Term Loan (12/21) Loan 1M USD SOFR+ 5.25 % 0.50 % 10.68 % 12/15/2028 3,952,475 3,819,666 3,596,752 DRW Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan (2/21) Loan 1M USD SOFR+ 3.75 % 0.00 % 9.20 % 3/1/2028 6,370,000 6,336,058 6,354,075 DTZ U.S. Borrower, LLC Construction & Building Term Loan Loan 1M USD SOFR+ 2.75 % 0.00 % 8.20 % 8/21/2025 198,929 198,630 198,432 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair DTZ U.S. Borrower, LLC Construction & Building Term Loan (01/23) Loan 1M USD SOFR+ 3.25 % 0.50 % 8.68 % 1/31/2030 2,034,413 2,031,254 2,003,897 DTZ U.S. Borrower, LLC Construction & Building Term Loan (08/23) Loan 1M USD SOFR+ 4.00 % 0.50 % 9.33 % 1/31/2030 1,100,000 1,072,515 1,094,500 EAB Global, Inc. Services: Business Term Loan (08/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.95 % 8/16/2028 985,000 981,442 974,126 Echo Global Logistics, Inc. Services: Business Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 11/23/2028 1,975,000 1,971,801 1,920,688 Edelman Financial Group Inc., The Banking, Finance, Insurance & Real Estate Term Loan B (3/21) Loan 1M USD SOFR+ 3.50 % 0.75 % 8.95 % 4/7/2028 2,177,437 2,171,956 2,148,478 Electrical Components Inter., Inc. Capital Equipment Term Loan (6/18) Loan 3M USD SOFR+ 4.25 % 0.00 % 9.77 % 6/26/2025 1,878,413 1,878,413 1,806,808 ELECTRON BIDCO INC. Healthcare & Pharmaceuticals Term Loan Loan 1M USD SOFR+ 3.00 % 0.50 % 8.45 % 11/1/2028 493,750 491,996 492,210 ELO Touch Solutions, Inc. Media: Diversified & Production Term Loan (12/18) Loan 1M USD SOFR+ 6.50 % 0.00 % 11.95 % 12/14/2025 2,050,269 2,007,259 1,953,906 Embecta Corp Healthcare & Pharmaceuticals Term Loan B Loan 6M USD SOFR+ 3.00 % 0.50 % 8.34 % 3/30/2029 2,611,821 2,593,724 2,590,613 Emerson Climate Technologies Inc Services: Business Term Loan B (04/23) Loan 1M USD SOFR+ 3.00 % 0.00 % 8.33 % 5/31/2030 626,147 620,057 626,541 Endo Luxembourg Finance Company I S.a.r.l. Healthcare & Pharmaceuticals Term Loan (3/21) Loan Prime 6.00 % 0.75 % 14.50 % 3/27/2028 2,335,285 2,329,664 1,704,758 Endure Digi |
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 pays a fixed rate of 10.0% per annum and is due and payable in full on October 20, 2033. As of August 31, 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 August 31, 2023 and February 28, 2023, the Company’s investment in the unsecured note of SLF JV had a fair value of $17.6 million and $17.6 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $9.8 million and $13.1 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 three months ended August 31, 2023 and August 31, 2022, the Company earned $0.4 million and $0.3 million, respectively, of interest income related to SLF JV, which is included in interest income. For the six months ended August 31, 2023 and August 31, 2022, the Company earned $0.9 million and $0.3 million, respectively, of interest income related to SLF JV, which is included in interest income. As of August 31, 2023 and February 28, 2023, $0.2 million and $0.4 million, respectively, 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 paid 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 August 31, 2023 and February 28, 2023, the fair value of these Class E Notes were $11.4 million and $11.4 million, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 6. Income Taxes SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-MAC, Inc., SIA-PP Inc., SIA-SZ, 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 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 allowance as of August 31, 2023 and February 28, 2023 were as follows: August 31, February 28, Total deferred tax assets $ 2,780,474 $ 2,542,373 Total deferred tax liabilities (3,170,628 ) (3,008,829 ) Valuation allowance on net deferred tax assets (2,396,358 ) (2,350,116 ) Net deferred tax liability $ (2,786,512 ) $ (2,816,572 ) As of August 31, 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 the Company does not believe will be realized 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 income tax expense for the three months ended August 31, 2023 includes $0.2 million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and ($0.2) million net change in total operating expense in the consolidated statement of operations, respectively. Net income tax expense for the three months ended August 31, 2022 includes $0.2 million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and ($0.1) million net change in total operating expense, in the consolidated statement of operations, respectively. Net income tax expense for the six months ended August 31, 2023 includes $0.2 million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and ($0.2) million net change in total operating expense, in the consolidated statement of operations, respectively. Net income tax expense for the six months ended August 31, 2022 includes $0.6 million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, ($0.07) million income tax provision/(benefit) from realized gain/(loss) on investments and ($0.2) 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) benefit on investments for three and six months ended August 31, 2023 and August 31, 2022: For the three months ended For the six months ended August 31, August 31, August 31, August 31, Current Federal $ - $ (3,674 ) $ - $ (217,516 ) State - (55 ) 78,448 Net current expense - (3,729 ) - (139,068 ) Deferred Federal (23,832 ) 89,409 (38,741 ) 385,480 State 7,708 42,583 8,680 75,819 Net deferred expense (16,124 ) 131,992 (30,060 ) 461,299 Net tax provision $ (16,124 ) $ 128,263 $ (30,060 ) $ 322,231 |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 6 Months Ended |
Aug. 31, 2023 | |
Agreements and 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 the 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 the Company’s board of directors and/or the Company’s stockholders. Most recently, on July 6, 2023, the Company’s board of directors approved the renewal of the Management Agreement for an additional one-year term. Pursuant to the Management Agreement, the Manager implements the Company’s business strategy on a day-to-day basis and performs certain services for the Company, subject to oversight by the board of directors. The 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, the Company pays the 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 the Company’s 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 the Company’s 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, the Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. The 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 the Company’s “incentive fee capital gains,” which equals the Company’s 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 the Manager will be entitled to 20.0% of incentive fee capital gains that arise after May 31, 2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date. For the three months ended August 31, 2023 and August 31, 2022, the Company incurred $4.8 million and $4.1 million in base management fees, respectively. For the three months ended August 31, 2023 and August 31, 2022, the Company incurred $3.3 million and $1.7 million in incentive fees related to pre-incentive fee net investment income, respectively. For the three months ended August 31, 2023 and August 31, 2022, the Company accrued an expense (benefit) of ($0.8) million and ($1.1) million in incentive fees related to capital gains. For the six months ended August 31, 2022 and August 31, 2021, the Company incurred $9.4 million and $7.9 million in base management fees, respectively. For the six months ended August 31, 2023 and August 31, 2022, the Company incurred $6.5 million and $1.7 million in incentive fees related to pre-incentive fee net investment income, respectively. For the six months ended August 31, 2023 and August 31, 2022, the Company accrued an expense (benefit) of ($3.9) million and ($3.0) million 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 August 31, 2023, the base management fees accrual was $4.8 million and the incentive fees accrual was $4.3 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. 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. Administration Agreement On July 30, 2010, the Company entered into a separate administration agreement (the “Administration Agreement”) with the Manager, pursuant to which the Manager, as the Company’s administrator, has agreed to furnish the Company with the facilities and administrative services necessary to conduct day-to-day operations and provide managerial assistance on the Company’s behalf to those portfolio companies to which the Company is 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 the Company’s board of directors and/or the Company’s 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 6, 2023, the Company’s board of directors approved the renewal of the Administration Agreement for an additional one-year term and increased the cap on the payment or reimbursement of expenses by the Company from $3.275 million to $4.3 million, effective August 1, 2023. For the three months ended August 31, 2023 and August 31, 2022, the Company recognized $0.9 million and $0.8 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion of rent and other overhead related expenses. For the six months ended August 31, 2023 and August 31, 2022, the Company recognized $1.8 million and $1.5 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion of rent and other overhead related expenses. As of August 31, 2023 and February 28, 2023, $0.3 million and $0.001 million, respectively, 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. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $300 million in assets to approximately $500 million. 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, extended its legal maturity to April 2033, and extended the non-call period to February 2022. In addition, and as part of the refinancing, the Saratoga CLO was 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. For the three months ended August 31, 2023 and August 31, 2022, the Company recognized management fee income of $0.8 million and $0.8 million, respectively, related to the Saratoga CLO. For the six months ended August 31, 2023 and August 31, 2022, the Company recognized management fee income of $1.6 million and $1.6 million, respectively, related to the Saratoga CLO. For the six months ended August 31, 2023 and August 31, 2022, 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 August 31, 2023, the Company’s investment in the SLF JV had a fair value of $27.4 million, consisting of an unsecured loan of $17.6 million and membership interest of $9.8 million. For the three and six months ended August 31, 2023, the Company had $0.4 million and $0.9 million, respectively, of interest income related to SLF JV, of which $0.2 million was included in interest receivable as of August 31, 2023. For the three and six months ended August 31, 2022, the Company had $0.3 million and $0.7 million, respectively, of interest income related to SLF JV, of which $0.0 million was included in interest receivable as of August 31, 2022. 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 | 6 Months Ended |
Aug. 31, 2023 | |
Borrowings 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 159.7% as of August 31, 2023 and 165.9% as of February 28, 2023. 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, were pledged under the Madison Credit Facility to secure our obligations thereunder. 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. 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: ● increase the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; ● change 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; ● increase the applicable effective margin rate on borrowings from 4.00% to 4.25%; ● extend the revolving period from October 4, 2024 to January 27, 2026; ● extend 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; ● revise the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and ● amend 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 August 31, 2023 and February 28, 2023, there were $35.0 million and $32.5 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 three months ended August 31, 2023 and August 31, 2022, we recorded $0.9 million and $0.4 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended August 31, 2023 and August 31, 2022, we recorded $0.1 million and $0.1 million of deferred financing costs related to the Encina Credit Facility, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended August 31, 2023, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 9.75%, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $35.0 million. For the six months ended August 31, 2023 and August 31, 2022, we recorded $2.0 million and $0.7 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the six months ended August 31, 2023 and August 31, 2022, we recorded $0.2 million and $0.2 million of deferred financing costs related to the Encina Credit Facility, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2023, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 9.56%, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $40.9 million. 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 is $87.3 million subject to the Encina Credit Facility cap of $65.0 million at August 31, 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 SEC. Accordingly, the August 31, 2023 borrowing base relies upon the valuations set forth in the Quarterly Report on Form 10-Q for the period ended May 31, 2023. The valuations presented in this Quarterly Report on Form 10-Q will not be incorporated into the borrowing base until after this Quarterly Report on Form 10-Q is filed with the SEC. SBA Debentures The Company’s wholly owned subsidiaries, SBIC LP, SBIC II LP, and SBIC III LP, received SBIC licenses from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively. SBIC LP’s license provides 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. 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 Company’s wholly owned SBIC Subsidiaries are able to borrow funds from the SBA against each SBIC’s regulatory capital (which generally approximates equity capital in the respective SBIC). The SBIC Subsidiaries are subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA and requirements to maintain 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 complying with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to each SBIC Subsidiaries’ assets over the Company’s stockholders and debtholders in the event that the Company liquidates 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 debt of the SBIC subsidiaries guaranteed by the SBA 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 $350.0 million more than it would otherwise be able to absent the receipt of this exemptive relief. As of August 31, 2023, SBIC LP, SBIC II LP and SBIC III LP had an aggregate total of equity capital of $75.0 million, $87.5 million and $66.7 million, respectively, and had $189.0 million in SBA-guaranteed debentures collectively outstanding, with $0.0 million held in SBIC LP, $175.0 million held in SBIC II LP and $14.0 million held in SBIC III LP. As noted above, as of August 31, 2023, there was $189.0 million of SBA debentures outstanding and as of February 28, 2023, there was $202.0 million of SBA debentures outstanding. 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 million, 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 three months ended August 31, 2023, the Company repaid $27.0 million of SBA debentures, resulting in a realized loss on extinguishment of $0.1 million related to the acceleration of deferred debt financing costs. For the three months ended August 31, 2023 and August 31, 2022, the Company recorded $1.5 million and $1.5 million of interest expense related to the SBA debentures, respectively. For the three months ended August 31, 2023 and August 31, 2022, the Company recorded $0.3 million and $0.2 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 three months ended August 31, 2023 and August 31, 2022 on the outstanding borrowings of the SBA debentures was 2.90% and 2.75%, respectively. During the three months ended August 31, 2023 and August 31, 2022, the average dollar amount of SBA debentures outstanding was $202.6 million and $222.0 million, respectively. For the six months ended August 31, 2023 and August 31, 2022, the Company recorded $2.9 million and $2.9 million of interest expense related to the SBA debentures, respectively. For the six months ended August 31, 2023 and August 31, 2022, the Company recorded $0.5 million and $0.5 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 six months ended August 31, 2023 and August 31, 2022 on the outstanding borrowings of the SBA debentures was 2.89% and 2.67%, respectively. During the six months ended August 31, 2023 and August 31, 2022, the average dollar amount of SBA debentures outstanding was $202.3 million and $218.4 million, respectively. Notes 6.25% 2025 Notes On August 28, 2018, the Company issued $40.0 million in aggregate principal amount of 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 the Company’s 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 the Company’s investment objective and strategies. The financing costs and discount of $1.0 million related to the 6.25% 2025 Notes have been capitalized and were 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. As such, it was not fair valued with market quotes and is not fair value leveled. The repayment of the 6.25% 2025 Notes resulted in a realized loss on the extinguishment of debt of $1.5 million. 7.25% 2025 Notes On June 24, 2020, the Company issued $37.5 million in aggregate principal amount of 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 the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes have been capitalized and were 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. 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 three months ended August 31, 2023 and August 31, 2022, the Company recorded $0.0 million and $0.4 million, respectively, of interest expense and $0.00 million and $0.04 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. During the three months ended August 31, 2023 and August 31, 2022, the average dollar amount of the 7.25% 2025 Notes outstanding was $0.0 million and $10.8 million respectively. For the six months ended August 31, 2023 and August 31, 2022, the Company recorded $0.0 million and $1.2 million, respectively, of interest expense and $0.0 million and $0.1 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. During the six months ended August 31, 2023 and August 31, 2022, the average dollar amount of the 7.25% 2025 Notes outstanding was $0.0 million and $27.0 million respectively. 7.75% 2025 Notes On July 9, 2020, the Company issued $5.0 million aggregate principal amount of 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 the Company’s 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 the Company’s 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 August 31, 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 amount outstanding of 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. As of February 28, 2023, the carrying amount and fair value of the 7.75% 2025 Notes was $5.0 million and $4.9 million, respectively. For the three months ended August 31, 2023 and August 31, 2022, the Company recorded $0.1 million and $0.1 million, respectively, of interest expense and $0.01 million and $0.01 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. During the three months ended August 31, 2023 and August 31, 2022, the average dollar amount of 7.75% 2025 Notes outstanding was $5.0 million and $5.0 million respectively. For the six months ended August 31, 2023 and August 31, 2022, the Company recorded $0.2 million and $0.2 million, respectively, of interest expense and $0.02 million and $0.02 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. During the three months ended August 31, 2023 and August 31, 2022, the average dollar amount of 7.75% 2025 Notes outstanding was $5.0 million and $5.0 million respectively. 6.25% 2027 Notes On December 29, 2020, the Company issued $5.0 million aggregate principal amount of 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 the Company’s option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s 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 the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s 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 August 31, 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 amount outstanding of 6.25% 2027 Notes had a fair value of $13.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 6.25% 2027 Notes was $15.0 million and $13.7 million, respectively. For the three months ended August 31, 2023 and August 31, 2022, the Company recorded $0.2 million and $0.2 million, respectively, of interest expense and $0.02 million and $0.02 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended August 31, 2023 and August 31, 2022 the average dollar amount of 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million respectively. For the six months ended August 31, 2023 and August 31, 2022, the Company recorded $0.5 million and $0.5 million, respectively, of interest expense and $0.04 million and $0.04 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2023 and August 31, 2022 the average dollar amount of 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million respectively. 4.375% 2026 Notes On March 10, 2021, the Company issued $50.0 million aggregate principal amount of 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 the Company’s 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 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes”) for net proceeds for approximately $123.8 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 commissions of $2.5 million. Offering costs incurred were approximately $0.2 million. 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 the Company’s 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 August 31, 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. The carrying amount of the amount outstanding of 4.375% 2026 Notes had a fair value of $158.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 4.375% 2026 Notes was $175.0 million and $156.1 million, respectively. For the three months ended August 31, 2023 and August 31, 2022, the Company recorded $1.9 million and $1.9 million, respectively, of interest expense, $0.2 million and $0.2 million, respectively, of amortization of deferred financing costs and $0.06 million and $0.05 million, respectively, of amortization of premium on issuance of 4.375% Notes due 2026 (inclusive of the issuance of the Additional 4.375% 2026 Notes). Interest expense, amortization of deferred financing costs and amortization of premium on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended August 31, 2023 and August 31, 2022, the average dollar amount of 4.375% 2026 Notes outstanding was $175.0 million and $175.0 million, respectively. For the six months ended August 31, 2023 and August 31, 2022, the Company recorded $3.8 million and $3.8 million, respectively, of interest expense, $0.4 million and $0.4 million, respectively, of amortization of deferred financing costs and $0.1 million and $0.1 million, respectively, of amortization of premium on issuance of 4.375% Notes due 2026 (inclusive of the issuance of the Additional 4.375% 2026 Notes). Interest expense, amortization of deferred financing costs and amortization of premium on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2023 and August 31, 2022, the average dollar amount of 4.375% 2026 Notes outstanding was $175.0 million and $175.0 million, respectively. 4.35% 2027 Notes On January 19, 2022, the Company issued $75.0 million aggregate principal amount of 4.35% fixed-rate notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of $73.0 million, based on the public offering price of 99.317% of the aggregate principal amount of the 4.35% 2027 Notes, after deducting the underwriting commissions of approximately $1.5 million. Offering costs incurred were approximately $0.3 million. 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. The 4.35% 2027 Notes mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November 28, 2026, 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 the Company’s investment objective and strategies. Financing costs of $1.8 million related to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the 4.35% 2027 Notes. As of August 31, 2023, the total 4.35% 2027 Notes outstanding was $75.0 million. The 4.35% 2027 Notes are not listed. The carrying amount o |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Contractual Obligations The following table shows our payment obligations for repayment of debt and other contractual obligations at August 31, 2023: Payment Due by Period Long-Term Debt Obligations Total Less Than 1 - 3 3 - 5 More Than ($ in thousands) Encina credit facility $ 35,000 $ - $ 35,000 $ - $ - SBA debentures 189,000 - - - 189,000 8.75% 2024 Notes 20,000 20,000 - - - 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 - 8.50% 2028 Notes 57,500 - - 57,500 - Total Long-Term Debt Obligations $ 795,375 $ 20,000 $ 227,000 $ 359,375 $ 189,000 Off-Balance Sheet Arrangements As of August 31, 2023 and February 28, 2023, the Company’s off-balance sheet arrangements consisted of $140.6 million and $108.8 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 August 31, 2023 and February 28, 2023 is shown in the table below (dollars in thousands): August 31, February 28, At Company’s discretion ActiveProspect, Inc. $ 10,000 $ 10,000 Artemis Wax Corp. 23,500 - Ascend Software, LLC 5,000 5,000 Granite Comfort, LP 750 15,000 JDXpert 5,000 5,000 LFR Chicken LLC 4,000 4,000 Pepper Palace, Inc. 3,000 3,000 Procurement Partners, LLC 4,250 4,250 Saratoga Senior Loan Fund I JV, LLC 8,548 8,548 Sceptre Hospitality Resources, LLC 5,000 5,000 Stretch Zone Franchising, LLC 3,750 - VetnCare MSO, LLC 10,000 - Total $ 82,798 $ 59,798 At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required Alpha Aesthetics Partners OpCo, LLC $ 4,844 $ - ARC Health OpCo LLC 259 10,773 Artemis Wax Corp. - 8,500 Ascend Software, LLC 1,500 3,200 Axero Holdings, LLC - Revolver 500 500 BQE Software, Inc. 3,250 - C2 Educational Systems, Inc. 3,000 - Davisware, LLC 1,500 - Exigo, LLC 4,167 4,167 Exigo, LLC - Revolver 1,042 833 Gen4 Dental Partners Holdings, LLC 3,367 11,000 GoReact 1,250 2,500 JDXpert - 1,000 Inspect Point Holding, LLC 1,500 Modis Dental Partners OpCo, LLC 7,500 - Pepper Palace, Inc. - 2,000 Pepper Palace, Inc. - Revolver 2,500 2,500 Procurement Partners, LLC - 1,000 Stretch Zone Franchising, LLC 1,500 - VetnCare MSO, LLC 19,500 - Zollege PBC 575 1,000 57,754 48,973 Total $ 140,552 $ 108,771 The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of August 31, 2023, the Company had cash and cash equivalents and cash and cash equivalents, reserve accounts of $48.4 million and $30.0 million in available borrowings under the Encina Credit Facility. |
Directors Fees
Directors Fees | 6 Months Ended |
Aug. 31, 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 three months ended August 31, 2023 and August 31, 2022, the Company incurred $0.1 million and $0.1 million for directors’ fees and expenses, respectively. For the six months ended August 31, 2023 and August 31, 2022, the Company incurred $0.2 million and $0.2 million for directors’ fees and expenses, respectively. As of August 31, 2023 and February 28, 2023, $0.0 million and $0.01 million in directors’ fees and expenses were accrued and unpaid, respectively. As of August 31, 2023, the Company had not issued any common stock to our directors as compensation for their services. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Aug. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Stockholders’ Equity | Note 11. Stockholders’ Equity On September 24, 2014, the Company announced the approval of an open market share repurchase plan that originally 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”). Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan. Most recently, on January 9, 2023, the Company’s board of directors extended the Share Repurchase Plan for another year to January 15, 2024, increasing the number of shares that may be repurchased under the Share Repurchase Plan to 1.7 million shares of common stock. As of August 31, 2023, the Company had purchased 1,035,203 shares of common stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the three months ended August 31, 2023 the Company did not purchase any shares of common stock pursuant to the Share Repurchase Plan. During the six months ended August 31, 2023 the Company purchased 88,576 shares of common stock, at the average price $24.36 for approximately $2.2 million pursuant to the Share Repurchase Plan. On March 16, 2017, the Company entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which the Company offered for sale, from time to time, up to $30.0 million of the Company’s 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, and as of that date, the Company had 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). 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, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. and Compass Point Research and Trading, LLC (collectively the “Agents”), through which the Company may offer for sale, from time to time, up to $150.0 million of the Company’s common stock through the Agents, or to them, as principal for their account (the “ATM Program”). On July 6, 2023, the Equity Distribution Agreement was amended to increase the maximum amount of shares of our common stock to be sold through the ATM Program to $300.0 million from $150.0 million, and on July 19, 2023, the Equity Distribution Agreement was amended to add an additional distribution agent, Raymond James & Associates. The sales price per share of the Company’s common stock offered under the ATM Program, less the Agents’ commission, will not be less than the NAV per share of the Company’s common stock at the time of such sale. Consistent with the terms of the ATM Program, the Manager may, from time to time and in its sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV per share. As of August 31, 2023, the Company sold 5,692,773 shares for gross proceeds of $148.3 million at an average price of $26.06 for aggregate net proceeds of $146.8 million (net of transaction costs). During the three months ended August 31, 2023, the Company sold 852,412 shares for gross proceeds of $24.3 million at an average price of $28.56 for aggregate net proceeds of $24.3 million (net of transaction costs). During the six months ended August 31, 2023, the Company sold 852,412 shares for gross proceeds of $24.3 million at an average price of $28.56 for aggregate net proceeds of $24.3 million (net of transaction costs). The Manager agreed to reimburse the Company to the extent the per share price of the shares to the public, less underwriting fees, was less than net asset value per share. For the three months ended August 31, 2023, the Manager reimbursed the Company $2.1 million. For the six months ended August 31, 2023, the Manager reimbursed the Company $2.1 million. 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: Total Common Stock Capital Distributable Shares Amount of Par Value (Loss) Net Assets 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 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 Increase (Decrease) from Operations: Net investment income - - - 15,958,950 15,958,950 Net realized gain (loss) from investments - - - 90,691 90,691 Income tax (provision) benefit from realized gain on investments - - - - - Net change in unrealized appreciation (depreciation) on investments - - - (16,322,307 ) (16,322,307 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - 59,407 59,407 Decrease from Shareholder Distributions: Distributions of investment income – net - - - (8,193,402 ) (8,193,402 ) Capital Share Transactions: Stock dividend distribution 45,818 47 1,058,797 - 1,058,844 Repurchases of common stock (88,576 ) (90 ) (2,157,515 ) - (2,157,605 ) Repurchase fees - - (1,772 ) - (1,772 ) Balance at May 31, 2023 11,847,742 $ 11,848 $ 320,793,316 $ 16,645,684 $ 337,450,848 Increase (Decrease) from Operations: Net investment income - - - 13,964,784 13,964,784 Realized losses on extinguishment of debt - - - (110,056 ) (110,056 ) Net change in unrealized appreciation (depreciation) on investments - - - (5,737,571 ) (5,737,571 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (221,206 ) (221,206 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (8,352,335 ) (8,352,335 ) Capital Share Transactions: Proceeds from issuance of common stock 852,412 852 24,334,126 - 24,334,978 Stock dividend distribution 29,627 30 749,283 - 749,313 Balance at August 31, 2023 12,729,781 $ 12,730 $ 345,876,725 $ 16,189,300 $ 362,078,755 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Aug. 31, 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 (decrease) in net assets resulting from operations per share for the three and six months ended August 31, 2023 and August 31, 2022 (dollars in thousands except share and per share amounts): For the three months ended For the six months ended Basic and Diluted August 31, August 31, August 31, August 31, Net increase (decrease) in net assets resulting from operations $ 7,896 $ 948 $ 7,683 $ (539 ) Weighted average common shares outstanding 12,158,440 11,963,276 12,011,180 12,037,855 Weighted average earnings (loss) per common share $ 0.65 $ 0.08 $ 0.64 $ (0.04 ) |
Dividend
Dividend | 6 Months Ended |
Aug. 31, 2023 | |
Dividend [Abstract] | |
Dividend | Note 13. Dividend On August 14, 2023, the Company declared a dividend of $0.71 per share payable on September 28, 2023, to common stockholders of record on September 14, 2023. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to the DRIP. On May 22, 2023, the Company declared a dividend of $0.70 per share payable on June 29, 2023, to common stockholders of record on June 13, 2023. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to the DRIP. The following table summarizes dividends declared for the six months ended August 31, 2023 (dollars in thousands except per share amounts): Date Declared Record Date Payment Date Amount Total Amount* August 14, 2023 September 14, 2023 September 28, 2023 $ 0.71 $ 9,287 May 22, 2023 June 13, 2023 June 29, 2023 0.70 $ 8,352 Total dividends declared $ 1.41 $ 17,639 * Total amount is calculated based on the number of shares outstanding at the date of record. The following table summarizes dividends declared for the six months ended August 31, 2022 (dollars in thousands except per share amounts): Date Declared Record Date Payment Date Amount Total 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 $ 1.07 $ 12,803 * Total amount is calculated based on the number of shares outstanding at the date of record. |
Financial Highlights
Financial Highlights | 6 Months Ended |
Aug. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Note 14. Financial Highlights The following is a schedule of financial highlights as of and for the six months ended August 31, 2023 and August 31, 2022: Per share data August 31, August 31, Net asset value at beginning of period $ 29.18 $ 29.33 Net investment income(1) 2.49 1.30 Net realized and unrealized gain and losses on investments(1) (1.84 ) (1.25 ) Realized losses on extinguishment of debt (0.01 ) (0.10 ) Net increase in net assets resulting from operations 0.64 (0.05 ) Distributions declared from net investment income (1.39 ) (1.06 ) Total distributions to stockholders (1.39 ) (1.06 ) Issuance of common stock above net asset value (2) - - Repurchases of common stock(3) 0.05 0.10 Dilution(4) (0.04 ) (0.05 ) Net asset value at end of period $ 28.44 $ 28.27 Net assets at end of period $ 362,078,755 $ 337,213,275 Shares outstanding at end of period 12,729,781 11,927,238 Per share market value at end of period $ 25.85 $ 24.28 Total return based on market value(5)(6) (0.69 )% (7.67 )% Total return based on net asset value(5)(7) 3.15 % 0.69 % Ratio/Supplemental data: Ratio of net investment income to average net assets(8) 17.80 % 8.61 % Expenses: Ratios of operating expenses and income taxes to average net assets*(9) 7.76 % 6.68 % Ratio of incentive management fees to average net assets(5) 0.74 % -0.38 % Ratio of interest and debt financing expenses to average net assets(9) 13.75 % 8.47 % Ratio of total expenses and income taxes to average net assets*(8) 22.25 % 14.77 % Portfolio turnover rate(5)(10) 1.63 % 11.83 % Asset coverage ratio per unit(11) 1,597 1,842 Average market value per unit Revolving Credit Facility(12) N/A N/A SBA Debentures Payable(12) N/A N/A 8.75% Notes Payable 2024(12) N/A N/A 7.00% Notes Payable 2025(12) N/A N/A 7.25% Notes Payable 2025(13) N/A N/A 7.75% Notes Payable 2025(12) N/A N/A 4.375% Notes Payable 2026(12) N/A N/A 4.35% Notes Payable 2027(12) N/A N/A 6.00% Notes Payable 2027 $ 23.31 $ 24.53 6.25% Notes Payable 2027(12) N/A N/A 8.00% Notes Payable 2027 $ 24.92 N/A 8.125% Notes Payable 2027 $ 24.93 N/A 8.50% Notes Payable 2028 $ 25.03 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 of the Company due to the repurchase of common shares. See Note 11, Stockholders’ Equity. (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) Ratios are not annualized. (6) 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. (7) 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 net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. (8) Ratios are annualized. Incentive management fees included within the ratio are not annualized. (9) Ratios are annualized. (10) 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. (11) 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. (12) The Revolving Credit Facility, SBA Debentures, 8.75% Notes Payable 2024, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading. (13) 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Aug. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events The Company has evaluated subsequent events through the filing of this Form 10-Q 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 as of and for the quarter ended August 31, 2023. |
N-2
N-2 - $ / shares | 6 Months Ended | |||
Aug. 31, 2023 | Feb. 28, 2023 | Aug. 31, 2022 | Feb. 28, 2022 | |
Cover [Abstract] | ||||
Entity Central Index Key | 0001377936 | |||
Amendment Flag | false | |||
Securities Act File Number | 814-00732 | |||
Document Type | 10-Q | |||
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 Emerging Growth Company | false | |||
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 In addition to information set forth in this report, you should carefully consider the “Risk Factors” discussed in our most recent Annual Report on Form 10-K filed with the SEC, which could materially affect our business, financial condition and/or operating results. Except for the risk factor set forth below, there have been no material changes during the six months ended August 31, 2023 to the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended February 28, 2023. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. | |||
NAV Per Share | $ 28.44 | $ 29.18 | $ 28.27 | $ 29.33 |
RISKS RELATED TO OUR NOTES [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | In addition to information set forth in this report, you should carefully consider the “Risk Factors” discussed in our most recent Annual Report on Form 10-K filed with the SEC, which could materially affect our business, financial condition and/or operating results. Except for the risk factor set forth below, there have been no material changes during the six months ended August 31, 2023 to the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended February 28, 2023. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Aug. 31, 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-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-MAC, Inc., SIA-PP, Inc., SIA-SZ, 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. All intercompany balances and transactions have been eliminated in consolidation. 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: ● own more than 3.0% of the investment company’s total outstanding voting stock; ● hold securities in the investment company having an aggregate value in excess of 5.0% of the value of the Company’s total assets; or ● hold securities in investment companies having an aggregate value in excess of 10.0% of the value of the Company’s total assets. As of August 31, 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 held by the Company’s wholly owned subsidiary, SIF II. 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 the Company’s 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: August 31, February 28, Cash and cash equivalents $ 19,305,025 $ 65,746,494 Cash and cash equivalents, reserve accounts 29,127,875 30,329,779 Total cash and cash equivalents and cash and cash equivalents, reserve accounts $ 48,432,900 $ 96,076,273 |
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 the Company owns 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 the Company owns 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 the Company’s board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. The Company values investments for which market quotations are not readily available at fair value as approved, in good faith, by the Company’s board of directors based on input from the Manager, the audit committee of the 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 the Company’s 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. The Company uses a third-party independent valuation firm to value its investment in the subordinated notes of Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”), the Class F-2-R-3 Notes of the Saratoga CLO, and the Class E Notes of the SLF 2022 every quarter. In addition, all investments are subject to the following valuation process: ● The audit committee of the Company’s board of directors reviews and approves each preliminary valuation and the Manager and independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and ● The Company’s board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of the Manager, independent valuation firm (to the extent applicable) and the audit committee of the board of directors. The Company uses 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 the Company’s 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 the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of 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, when available, as determined by the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of its investment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022. 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 its investments were materially higher or lower than the values that the Company ultimately realizes upon the disposal of such investments. In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted a new rule providing a framework for fund valuation practices. New |
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 August 31, 2023, our investment in two portfolio companies were on non-accrual status with a fair value of approximately $17.7 million, or 1.6% of the fair value of our portfolio. 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. 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 an 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. The Company restores 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. |
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, which is 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 (as defined below) 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. 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”). 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 |
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 to the Manager, as recorded 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, as 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 reflect those realized capital gains net of realized and unrealized losses for the period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820) , . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Risk Management | Risk Management In the ordinary course of its business, the Company manages a variety of risks, including market 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) | 6 Months Ended |
Aug. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash and Cash Equivalents and Cash and Cash Equivalents | 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: August 31, February 28, Cash and cash equivalents $ 19,305,025 $ 65,746,494 Cash and cash equivalents, reserve accounts 29,127,875 30,329,779 Total cash and cash equivalents and cash and cash equivalents, reserve accounts $ 48,432,900 $ 96,076,273 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Aug. 31, 2023 | |
Investments (Tables) [Line Items] | |
Schedule of Fair Value Measurements of Investments | The following table presents fair value measurements of investments, by major class, as of August 31, 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 $ - $ - $ 929,392 $ - $ 929,392 Second lien term loans - - 15,326 - 15,326 Unsecured term loans - - 17,619 - 17,619 Structured finance securities - - 35,609 - 35,609 Equity interests - - 91,225 9,774 100,999 Total $ - $ - $ 1,089,171 $ 9,774 $ 1,098,945 * 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 $ - $ - $ 798,534 $ - $ 798,534 Second lien term loans - - 14,936 - 14,936 Unsecured term 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. |
Schedule of Reconciliation of Beginning and Ending Balances for Investments | The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended August 31, 2023 (dollars in thousands): First lien Second lien Unsecured Structured Equity Total Balance as of February 28, 2023 $ 798,534 $ 14,936 $ 20,661 $ 41,362 $ 83,990 $ 959,483 Payment-in-kind and other adjustments to cost 800 408 - (3,824 ) (91 ) (2,707 ) Net accretion of discount on investments 858 4 - - - 862 Net change in unrealized appreciation (depreciation) on investments (16,192 ) (22 ) 341 (1,929 ) (924 ) (18,726 ) Purchases 159,113 - - - 8,159 167,272 Sales and repayments (13,721 ) - (3,383 ) - - (17,104 ) Net realized gain (loss) from investments - - - - 91 91 Balance as of August 31, 2023 $ 929,392 $ 15,326 $ 17,619 $ 35,609 $ 91,225 $ 1,089,171 Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period $ (16,151 ) $ (22 ) $ (5 ) $ (1,929 ) $ (925 ) $ (19,032 ) 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 160 - - (2,160 ) 405 (1,595 ) Net accretion of discount on investments 851 (17 ) - - - 834 Net change in unrealized appreciation (depreciation) on investments (10,606 ) (691 ) (37 ) (3,543 ) (1,478 ) (16,355 ) Purchases 241,133 4,950 947 - 9,537 256,567 Sales and repayments (70,262 ) (24,966 ) - - (9,944 ) (105,172 ) Net realized gain (loss) from investments 163 - - - 7,944 8,107 Balance as of August 31, 2022 $ 793,011 $ 23,662 $ 16,841 $ 32,327 $ 82,096 $ 947,937 Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period $ (10,543 ) $ (881 ) $ (37 ) $ (3,544 ) $ 3,623 $ (11,382 ) |
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets | The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of August 31, 2023 were as follows (dollars in thousands): Fair Value Valuation Technique Unobservable Input Range Weighted First lien term loans $ 929,392 Market Comparables Market Yield (%) 11.3% - 18.1% 13.1% Revenue Multiples (x) 0.3x - 5.3x 3.5x EBITDA Multiples (x) 5.0x – 15.0x 11.4x Second lien term loans 15,326 Market Comparables Market Yield (%) 15.7% - 60.9% 44.4% Revenue Multiples (x) 20.2x - 20.2x 20.2x Unsecured term loans 17,619 Collateral Value Coverage Net Asset Value 100.0% 100.0% Structured finance securities 35,609 Discounted Cash Flow Discount Rate (%) 12.0% - 22.0% 16.9% Recovery Rate (%) 35.0% - 70.0% 70.0% Prepayment Rate (%) 20.0% 20.0% Equity interests 91,225 Enterprise Value Waterfall EBITDA Multiples (x) 0.3x - 28.6x 12.0x Revenue Multiples (x) 1.3x - 10.9x 6.4x Total $ 1,089,171 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% 100.0% Collateral Valuae Coverage Net Asset Value 100.0% 100.0% 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 |
Schedule of Investments at Amortized Cost and Fair Value | The composition of our investments as of August 31, 2023 at amortized cost and fair value was as follows (dollars in thousands): Investments at Amortized Cost Investments at Fair Value First lien term loans $ 955,513 85.7 % $ 929,392 84.6 % Second lien term loans 21,527 1.9 15,326 1.4 Unsecured term loans 17,619 1.6 17,619 1.6 Structured finance securities 45,887 4.1 35,609 3.2 Equity interests 74,358 6.7 100,999 9.2 Total $ 1,114,904 100.0 % $ 1,098,945 100.0 % Investments at Amortized Cost Investments at Fair Value 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 term 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 % |
Saratoga CLO [Member] | |
Investments (Tables) [Line Items] | |
Schedule of Statements of Assets and Liabilities | Below is certain financial information from the separate financial statements of Saratoga CLO as of August 31, 2023 (unaudited) and February 28, 2023 and for the three and six months ended August 31, 2023 (unaudited) and August 31, 2022 (unaudited). August 31, February 28, (unaudited) ASSETS Investments at fair value Loans at fair value (amortized cost of $639,305,552 and $645,599,001, respectively) $ 602,604,076 $ 605,954,468 Equities at fair value (amortized cost of $440,405 and $0, respectively) 512,853 - Total investments at fair value (amortized cost of $639,745,957 and $645,599,001, respectively) 603,116,929 605,954,468 Cash and cash equivalents 14,149,358 23,776,950 Receivable from open trades 418,500 1,827,460 Interest receivable (net of reserve of $620,629 and $234,690, respectively) 4,683,582 3,026,720 Due from affiliate (See Note 7) - 119,150 Prepaid expenses and other assets 74,498 152,760 Total assets $ 622,442,867 $ 634,857,508 LIABILITIES Interest payable $ 5,561,147 $ 4,662,695 Payable from open trades 6,690,531 23,184,337 Accrued base management fee 72,943 72,762 Accrued subordinated management fee 291,774 291,047 Accounts payable and accrued expenses 98,902 82,565 Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: Class A-1-R-3 Senior Secured Floating Rate Notes 357,500,000 357,500,000 Class A-2-R-3 Senior Secured Floating Rate Notes 65,000,000 65,000,000 Class B-FL-R-3 Senior Secured Floating Rate Notes 60,500,000 60,500,000 Class B-FXD-R-3 Senior Secured Fixed Rate Notes 11,000,000 11,000,000 Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes 26,000,000 26,000,000 Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes 6,500,000 6,500,000 Class D-R-3 Deferrable Mezzanine Floating Rate Notes 39,000,000 39,000,000 Discount on Class D-R-3 Notes (232,101 ) (244,234 ) Class E-R-3 Deferrable Mezzanine Floating Rate Notes 27,625,000 27,625,000 Discount on Class E-R-3 Notes (2,411,271 ) (2,537,315 ) Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes 8,500,000 8,500,000 Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes 9,375,000 9,375,000 Deferred debt financing costs (1,802,150 ) (1,897,076 ) Subordinated Notes 111,000,000 111,000,000 Discount on Subordinated Notes (38,136,836 ) (40,130,353 ) Total liabilities 692,132,939 705,484,428 NET ASSETS Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively 250 250 Total distributable earnings (loss) (69,690,322 ) (70,627,170 ) Total net deficit (69,690,072 ) (70,626,920 ) Total liabilities and net assets $ 622,442,867 $ 634,857,508 |
Schedule of Statements of Operations (unaudited) | For the three months ended For the six months ended August 31, August 31, August 31, August 31, INVESTMENT INCOME Total interest from investments $ 15,662,824 $ 9,176,167 $ 30,640,303 $ 17,321,614 Interest from cash and cash equivalents 156,192 6,105 341,236 6,105 Other income 216,150 12,108 470,224 115,604 Total investment income 16,035,166 9,194,380 31,451,763 17,443,323 EXPENSES Interest and debt financing expenses 14,780,606 8,577,449 28,704,737 16,109,813 Base management fee 163,450 163,405 326,808 326,598 Subordinated management fee 653,801 653,619 1,307,231 1,306,390 Professional fees 133,365 129,229 172,891 210,393 Trustee expenses 66,540 64,742 129,034 132,828 Other expense 68,889 113,216 139,885 151,305 Total expenses 15,866,651 9,701,660 30,780,586 18,237,327 NET INVESTMENT INCOME (LOSS) 168,515 (507,280 ) 671,177 (794,004 ) REALIZED AND UNREALIZED LOSS ON INVESTMENTS Net realized loss from investments (641,267 ) (1,144,858 ) (2,749,834 ) (1,067,201 ) Net change in unrealized depreciation on investments 13,352,743 (1,544,463 ) 3,015,505 (26,226,451 ) Net realized and unrealized gain (loss) on investments 12,711,476 (2,689,321 ) 265,671 (27,293,652 ) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 12,879,991 $ (3,196,601 ) $ 936,848 $ (28,087,656 ) |
Schedule of Investments Cash and Cash Equivalents | Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Altisource Solutions S.a r.l. Banking, Finance, Insurance & Real Estate Common Stock Equity 15,981 $ - $ 65,043 Isagenix International, LLC Beverage, Food & Tobacco Common Stock Equity 86,398 - - URS TOPCO LLC Transportation: Cargo Common Stock Equity 25,330 440,405 447,810 19TH HOLDINGS GOLF, LLC Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 8.67 % 2/7/2029 $ 2,486,203 2,389,059 2,430,263 888 Acquisitions Limited Hotel, Gaming & Leisure Term Loan B Loan 6M USD SOFR+ 5.25 % 0.00 % 10.21 % 7/8/2028 2,483,696 2,157,622 2,303,628 ADMI Corp. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 8.45 % 4/30/2025 1,900,276 1,897,987 1,822,782 Adtalem Global Education Inc. Services: Business Term Loan B (02/21) Loan 1M USD SOFR+ 4.00 % 0.75 % 9.45 % 8/11/2028 691,846 686,842 691,632 Aegis Sciences Corporation Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 5.50 % 1.00 % 11.13 % 5/9/2025 2,328,986 2,323,225 2,231,471 Agiliti Health Inc. Healthcare & Pharmaceuticals Term Loan B (03/23) Loan 3M USD SOFR+ 3.00 % 0.00 % 8.25 % 5/1/2030 1,678,901 1,666,633 1,671,564 AHEAD DB Holdings, LLC Services: Business Term Loan (04/21) Loan 3M USD SOFR+ 3.75 % 0.75 % 9.09 % 10/18/2027 2,940,000 2,864,261 2,869,264 Air Canada Transportation: Consumer Term Loan B (07/21) Loan 3M USD SOFR+ 3.50 % 0.75 % 9.13 % 8/11/2028 1,980,000 1,852,750 1,979,644 AIS HoldCo, LLC Services: Business Term Loan Loan 3M USD SOFR+ 5.00 % 0.00 % 10.63 % 8/15/2025 4,690,915 4,620,736 4,585,369 AIT Worldwide Logistics Holdings, Inc. Transportation: Cargo Term Loan (04/21) Loan 1M USD SOFR+ 4.75 % 0.75 % 10.16 % 4/6/2028 2,487,342 2,333,826 2,451,076 Alchemy US Holdco 1, LLC Metals & Mining Term Loan Loan 1M USD LIBOR+ 7.32 % 0.00 % 7.42 % 10/10/2025 1,654,803 1,646,087 1,624,471 AlixPartners, LLP Banking, Finance, Insurance & Real Estate Term Loan B (01/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 2/4/2028 244,375 244,062 244,001 Alkermes, Inc. Healthcare & Pharmaceuticals Term Loan B (3/21) Loan 1M USD SOFR+ 2.50 % 0.50 % 7.93 % 3/12/2026 2,115,398 2,104,178 2,062,513 Allen Media, LLC Media: Diversified & Production Term Loan (7/21) Loan 3M USD SOFR+ 5.50 % 0.00 % 10.89 % 2/10/2027 4,371,665 4,349,322 3,787,742 Alliant Holdings Intermediate, LLC Banking, Finance, Insurance & Real Estate Term Loan B4 Loan 1M USD LIBOR+ 3.50 % 0.50 % 8.93 % 11/5/2027 982,500 982,008 981,537 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Allied Universal Holdco LLC Services: Business Term Loan 4/21 Loan 1M USD SOFR+ 3.75 % 0.50 % 9.18 % 5/12/2028 1,965,000 1,957,914 1,907,897 Altisource Solutions S.a r.l. Banking, Finance, Insurance & Real Estate Term Loan B (03/18) Loan 3M USD SOFR+ 5.00 % 1.00 % 10.34 % 4/30/2025 1,139,235 1,138,397 912,527 Altium Packaging LLC Containers, Packaging & Glass Term Loan (01/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 1/29/2028 488,750 487,157 485,084 American Axle & Manufacturing Inc. Automotive Term Loan (12/22) Loan 6M USD SOFR+ 3.50 % 0.50 % 8.44 % 12/13/2029 492,500 478,840 490,500 American Greetings Corporation Media: Advertising, Printing & Publishing Term Loan (01/23) Loan 1M USD SOFR+ 6.00 % 1.00 % 11.33 % 4/5/2028 2,997,797 2,996,185 2,993,121 AmWINS Group, LLC Banking, Finance, Insurance & Real Estate Term Loan 2/21 Loan 1M USD SOFR+ 2.25 % 0.75 % 7.70 % 2/17/2028 1,950,023 1,932,535 1,947,586 Anastasia Parent LLC Consumer goods: Non-durable Term Loan Loan 3M USD SOFR+ 3.75 % 0.00 % 9.25 % 8/11/2025 952,500 951,018 710,803 Anchor Glass Container Corporation Containers, Packaging & Glass Term Loan (07/17) Loan 6M USD LIBOR+ 2.75 % 1.00 % 8.04 % 12/7/2023 467,650 467,545 382,500 Anchor Packaging, LLC Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 3.50 % 0.00 % 8.93 % 7/18/2026 1,969,554 1,945,580 1,943,300 ANI Pharmaceuticals, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 6.00 % 0.75 % 11.43 % 11/19/2027 2,955,000 2,912,144 2,944,835 AP Core Holdings II LLC High Tech Industries Term Loan B2 Loan 1M USD SOFR+ 5.50 % 0.75 % 10.95 % 9/1/2027 500,000 494,609 485,000 AP Core Holdings II LLC High Tech Industries Term Loan B1 Loan 1M USD SOFR+ 5.50 % 0.75 % 10.95 % 9/1/2027 1,825,000 1,805,295 1,784,503 APEX GROUP TREASURY LLC Banking, Finance, Insurance & Real Estate Term Loan Loan 3M USD SOFR+ 5.00 % 0.50 % 10.31 % 7/26/2028 497,500 468,433 496,878 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair APi Group DE, Inc. (J2 Acquisition) Services: Business Term Loan B Loan 1M USD SOFR+ 2.50 % 0.00 % 7.95 % 10/1/2026 1,757,184 1,752,477 1,759,697 APLP Holdings Limited Partnership Energy: Electricity Term Loan B (3/21) Loan 3M USD LIBOR+ 3.75 % 1.00 % 9.29 % 5/14/2027 318,919 316,836 316,527 Apollo Commercial Real Estate Finance, Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.75 % 0.00 % 8.18 % 5/15/2026 2,923,858 2,901,774 2,733,807 Apollo Commercial Real Estate Finance, Inc. Banking, Finance, Insurance & Real Estate Term Loan B1 (2/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 3/6/2028 977,500 970,599 909,075 AppLovin Corporation High Tech Industries Term Loan (10/21) Loan 1M USD SOFR+ 3.10 % 0.50 % 8.43 % 10/21/2028 1,481,250 1,478,446 1,477,547 AppLovin Corporation High Tech Industries Term Loan (08/23) Loan 1M USD SOFR+ 3.00 % 0.50 % 8.41 % 8/15/2030 974,490 974,490 971,079 Aramark Services, Inc. Services: Consumer Term Loan Loan 1M USD SOFR+ 1.75 % 0.00 % 7.20 % 1/15/2027 2,331,250 2,286,538 2,323,977 Aramark Services, Inc. Services: Consumer Term Loan B (4/21) Loan 1M USD SOFR+ 2.50 % 0.00 % 7.95 % 4/1/2028 1,753,715 1,747,790 1,751,523 ARC FALCON I INC. Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.75 % 0.50 % 9.18 % 9/23/2028 986,274 983,261 963,008 Arches Buyer Inc. Services: Consumer Term Loan B Loan 1M USD SOFR+ 3.25 % 0.50 % 8.68 % 12/6/2027 1,469,697 1,462,459 1,427,208 ARCIS GOLF LLC (a) Services: Consumer Delayed Draw Term Loan Loan 1M USD SOFR+ 4.25 % 0.50 % 9.70 % 11/23/2028 - (1,000 ) (250 ) ARCIS GOLF LLC Services: Consumer Term Loan B Loan 1M USD SOFR+ 4.25 % 0.50 % 9.70 % 11/19/2028 398,990 395,018 397,992 Aretec Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan (10/18) Loan 1M USD SOFR+ 4.25 % 0.00 % 9.68 % 10/1/2025 1,906,223 1,904,090 1,909,597 Aretec Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 4.50 % 0.00 % 9.92 % 3/8/2030 750,000 735,157 747,893 Asplundh Tree Expert, LLC Services: Business Term Loan 2/21 Loan 1M USD SOFR+ 1.75 % 0.00 % 7.18 % 9/7/2027 972,500 969,618 970,983 AssuredPartners Capital, Inc. Banking, Finance, Insurance & Real Estate Term Loan B (2/20) Loan 1M USD SOFR+ 3.50 % 0.00 % 8.95 % 2/12/2027 984,694 982,058 981,001 Assuredpartners Inc. Banking, Finance, Insurance & Real Estate Incremental Term Loan (7/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.95 % 2/12/2027 980,000 980,000 974,688 Assuredpartners Inc. Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 8.83 % 2/12/2027 493,750 493,003 492,308 ASTRO ONE ACQUISITION CORPORATION Consumer goods: Durable Term Loan Loan 3M USD LIBOR+ 5.50 % 0.75 % 10.66 % 9/15/2028 2,955,000 2,933,548 1,894,155 Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B8 Loan 3M USD LIBOR+ 3.25 % 0.00 % 8.79 % 12/18/2026 2,949,731 2,942,970 2,864,927 Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B10 Loan 1M USD SOFR+ 4.00 % 0.00 % 9.43 % 8/19/2028 1,985,000 1,898,493 1,908,359 ATHENAHEALTH GROUP INC. Healthcare & Pharmaceuticals Term Loan B (2/22) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.82 % 2/15/2029 1,323,857 1,319,269 1,306,753 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Avison Young (Canada) Inc Services: Business Term Loan Loan 3M USD SOFR+ 6.50 % 0.00 % 12.00 % 1/31/2026 2,353,325 2,350,577 940,153 Avison Young (Canada) Inc Services: Business Term Loan (08/22) Loan 3M USD SOFR+ 7.00 % 0.00 % 12.63 % 1/31/2026 744,375 711,038 310,777 Avolon TLB Borrower 1 (US) LLC Capital Equipment Term Loan B5 (7/21) Loan 1M USD SOFR+ 2.25 % 0.50 % 7.66 % 12/1/2027 487,500 484,331 486,891 Avolon TLB Borrower 1 (US) LLC Capital Equipment Term Loan B6 Loan 1M USD SOFR+ 2.50 % 0.00 % 7.81 % 6/8/2028 1,000,000 944,377 1,000,250 Axalta Coating Systems US Holdings Chemicals, Plastics, & Rubber Term Loan B (08/23) Loan 1M USD SOFR+ 2.50 % 0.50 % 7.81 % 12/20/2029 922,500 914,178 923,939 AZURITY PHARMACEUTICALS, INC. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 6.00 % 0.75 % 11.45 % 9/20/2027 462,500 452,222 444,000 B&G Foods, Inc. Beverage, Food & Tobacco Term Loan Loan 1M USD SOFR+ 2.50 % 0.00 % 7.83 % 10/10/2026 579,183 576,446 573,802 B.C. Unlimited Liability Co (Burger King) Beverage, Food & Tobacco Term Loan B4 Loan 1M USD SOFR+ 1.75 % 0.00 % 7.20 % 11/19/2026 1,447,500 1,425,936 1,437,454 BAKELITE UK INTERMEDIATE LTD. Chemicals, Plastics, & Rubber Term Loan Loan 3M USD SOFR+ 4.00 % 0.50 % 9.39 % 5/29/2029 990,000 985,977 979,486 Baldwin Risk Partners, LLC Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 8.91 % 10/14/2027 1,220,100 1,210,518 1,211,462 Barnes Group Inc. Aerospace & Defense Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 8.41 % 8/9/2030 250,000 248,125 250,208 Bausch Health Companies Inc. Healthcare & Pharmaceuticals Term Loan B (1/22) Loan 1M USD SOFR+ 5.25 % 0.50 % 10.66 % 2/1/2027 1,900,000 1,737,905 1,548,500 Belfor Holdings Inc. Services: Consumer Term Loan Loan 1M USD SOFR+ 4.00 % 0.00 % 9.45 % 4/6/2026 244,275 244,275 243,867 Belfor Holdings Inc. Services: Consumer Term Loan B-2 (3/22) Loan 1M USD SOFR+ 4.25 % 0.50 % 9.58 % 4/6/2026 1,987,348 1,964,323 1,989,832 Belron Finance US LLC Automotive Term Loan B (3/21) Loan 3M USD SOFR+ 2.43 % 0.50 % 8.06 % 4/13/2028 1,955,000 1,941,672 1,953,045 Belron Finance US LLC Automotive Term Loan (04/23) Loan 3M USD SOFR+ 2.75 % 0.50 % 8.16 % 4/17/2029 250,000 248,815 250,000 Bengal Debt Merger Sub LLC Beverage, Food & Tobacco Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 8.67 % 1/24/2029 1,980,000 1,979,219 1,873,575 Blackstone Mortgage Trust, Inc. Banking, Finance, Insurance & Real Estate Term Loan (6/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 4/23/2026 1,457,685 1,451,300 1,428,531 Blackstone Mortgage Trust, Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.25 % 0.00 % 7.70 % 4/23/2026 974,684 970,699 949,098 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Blue Tree Holdings, Inc. Chemicals, Plastics, & Rubber Term Loan (2/21) Loan 3M USD SOFR+ 2.50 % 0.00 % 8.00 % 3/4/2028 977,500 975,993 962,026 Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan (1/20) Loan 1M USD SOFR+ 2.00 % 0.00 % 7.43 % 5/24/2027 1,447,549 1,442,454 1,436,330 Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan 12/22 Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 12/12/2029 496,250 484,717 496,354 Boxer Parent Company, Inc. High Tech Industries Term Loan (2/21) Loan 1M USD SOFR+ 3.75 % 0.00 % 9.20 % 10/2/2025 513,768 513,768 513,352 BrightSpring Health Services (Phoenix Guarantor) Healthcare & Pharmaceuticals Term Loan B-3 Loan 1M USD SOFR+ 3.50 % 0.00 % 8.95 % 3/5/2026 977,500 977,500 972,309 BroadStreet Partners, Inc. Banking, Finance, Insurance & Real Estate Term Loan B3 Loan 1M USD SOFR+ 3.00 % 0.00 % 8.45 % 1/22/2027 2,933,625 2,930,258 2,905,961 Brookfield WEC Holdings Inc. Energy: Electricity Term Loan (1/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 8/1/2025 1,455,151 1,456,158 1,452,866 BROWN GROUP HOLDING, LLC Aerospace & Defense Term Loan B-2 Loan 3M USD SOFR+ 3.75 % 0.00 % 9.12 % 7/1/2029 496,250 485,413 495,476 Buckeye Partners, L.P. Utilities: Oil & Gas Term Loan (1/21) Loan 1M USD SOFR+ 2.25 % 0.00 % 7.67 % 11/1/2026 1,940,238 1,932,124 1,935,639 BW Gas & Convenience Holdings LLC Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 3/31/2028 2,450,000 2,432,794 2,408,154 Callaway Golf Company Retail Term Loan B Loan 1M USD SOFR+ 3.50 % 0.00 % 8.93 % 3/9/2030 498,750 493,877 498,216 Camping World, Inc. Retail Term Loan B (5/21) Loan 1M USD SOFR+ 2.50 % 0.75 % 7.95 % 6/5/2028 2,474,684 2,273,213 2,334,097 CAPSTONE BORROWER INC Services: Business Term Loan (06/23) Loan 3M USD SOFR+ 3.75 % 0.00 % 9.00 % 6/15/2030 1,000,000 985,348 992,500 CareerBuilder, LLC Services: Business Term Loan B3 Loan 3M USD SOFR+ 6.75 % 0.00 % 12.25 % 7/31/2026 4,035,492 4,014,259 3,874,073 Castle US Holding Corporation Media: Advertising, Printing & Publishing Term Loan B (USD) Loan 1M USD SOFR+ 3.75 % 0.00 % 9.20 % 1/27/2027 1,955,012 1,947,126 1,461,371 CASTLELAKE AVIATION LLC Aerospace & Defense Term Loan B Loan 3M USD SOFR+ 2.75 % 0.50 % 8.00 % 10/21/2027 995,000 988,133 993,398 CBI BUYER, INC. Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 8.70 % 1/6/2028 2,954,811 2,812,662 1,591,904 CBL & Associates Limited Partnership Retail Term Loan 11/21 Loan 1M USD SOFR+ 2.75 % 1.00 % 8.18 % 11/1/2025 2,481,505 2,122,937 2,127,891 CCC Intelligent Solutions Inc. Services: Business Term Loan B Loan 1M USD SOFR+ 2.25 % 0.50 % 7.70 % 9/16/2028 246,250 245,834 245,634 CCI Buyer, Inc Telecommunications Term Loan Loan 3M USD SOFR+ 4.00 % 0.75 % 9.24 % 12/17/2027 244,375 242,754 241,523 CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.75 % 0.75 % 9.20 % 3/5/2028 977,500 974,107 936,768 CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.25 % 0.50 % 9.49 % 3/5/2028 995,000 950,326 950,225 CCS-CMGC Holdings, Inc. Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 5.50 % 0.00 % 11.18 % 9/25/2025 2,387,500 2,379,509 1,788,381 CDK GLOBAL, INC. High Tech Industries Term Loan B Loan 3M USD SOFR+ 4.25 % 0.50 % 9.49 % 7/6/2029 995,000 968,319 995,239 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Cengage Learning, Inc. Media: Advertising, Printing & Publishing Term Loan B (6/21) Loan 3M USD SOFR+ 4.75 % 1.00 % 10.32 % 7/14/2026 2,947,500 2,929,703 2,936,771 CENTURI GROUP, INC. Construction & Building Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 7.95 % 8/27/2028 873,330 866,899 871,557 CenturyLink, Inc. Telecommunications Term Loan B (1/20) Loan 1M USD SOFR+ 2.25 % 0.00 % 7.70 % 3/15/2027 3,862,828 3,859,639 2,506,551 Charlotte Buyer, Inc. Services: Business Term Loan B Loan 1M USD SOFR+ 5.25 % 0.50 % 10.56 % 2/11/2028 1,492,500 1,403,429 1,469,739 Chemours Company, (The) Chemicals, Plastics, & Rubber Term Loan B2 Loan 1M USD SOFR+ 3.50 % 0.50 % 8.83 % 8/10/2028 2,399,716 2,358,116 2,360,721 Churchill Downs Incorporated Hotel, Gaming & Leisure Term Loan B1 (3/21) Loan 1M USD SOFR+ 2.00 % 0.00 % 7.43 % 3/17/2028 488,750 487,996 488,750 CIMPRESS PUBLIC LIMITED COMPANY Media: Advertising, Printing & Publishing USD Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 8.95 % 5/17/2028 1,969,899 1,888,680 1,943,364 CITADEL SECURITIES LP Banking, Finance, Insurance & Real Estate Term Loan B (07/23) Loan 1M USD SOFR+ 2.50 % 0.00 % 7.95 % 7/29/2030 4,887,500 4,886,389 4,863,063 Clarios Global LP Automotive Incremental Term Loan (04/23) Loan 1M USD SOFR+ 3.75 % 0.00 % 9.08 % 5/5/2030 1,200,000 1,194,106 1,196,628 Claros Mortgage Trust, Inc Banking, Finance, Insurance & Real Estate Term Loan B-1 (11/21) Loan 1M USD SOFR+ 4.50 % 0.50 % 9.91 % 8/9/2026 3,422,327 3,406,175 3,251,211 CLYDESDALE ACQUISITION HOLDINGS, INC. Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 4.18 % 0.50 % 9.61 % 4/13/2029 1,485,000 1,453,394 1,473,863 Columbus McKinnon Corporation Capital Equipment Term Loan (4/21) Loan 3M USD SOFR+ 2.75 % 0.50 % 8.23 % 5/14/2028 431,488 430,777 431,488 Conduent, Inc. Services: Business Term Loan B Loan 1M USD SOFR+ 4.25 % 0.50 % 9.70 % 10/16/2028 2,776,423 2,709,810 2,752,129 Connect Finco SARL Telecommunications Term Loan (1/21) Loan 1M USD SOFR+ 3.50 % 1.00 % 8.83 % 12/11/2026 2,902,500 2,813,077 2,892,980 Consolidated Communications, Inc. Telecommunications Term Loan B Loan 1M USD SOFR+ 3.50 % 0.75 % 8.95 % 10/2/2027 2,714,005 2,536,135 2,340,829 CORAL-US CO-BORROWER LLC Telecommunications Term Loan B-5 Loan 1M USD SOFR+ 2.25 % 0.00 % 7.67 % 1/31/2028 4,000,000 3,989,882 3,912,520 Corelogic, Inc. Services: Business Term Loan (4/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.95 % 6/2/2028 2,456,250 2,447,592 2,285,197 Cortes NP Acquisition Corp (Vertiv) Capital Equipment Term Loan 2/21 Loan 1M USD SOFR+ 2.75 % 0.00 % 8.18 % 3/2/2027 1,950,000 1,950,000 1,948,109 Creative Artists Agency, LLC Media: Diversified & Production Term Loan B (02/23) Loan 1M USD SOFR+ 3.50 % 0.00 % 8.83 % 11/27/2028 1,596,000 1,584,990 1,594,005 CROCS INC Consumer goods: Durable Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 8.43 % 2/19/2029 1,710,000 1,651,545 1,714,087 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Cross Financial Corp Banking, Finance, Insurance & Real Estate Term Loan B (3/21) Loan 1M USD SOFR+ 4.00 % 0.75 % 9.45 % 9/15/2027 490,000 489,764 490,000 Crown Subsea Communications Holding, Inc. Construction & Building Term Loan (4/21) Loan 1M USD SOFR+ 5.00 % 0.75 % 10.43 % 4/27/2027 3,404,110 3,380,765 3,407,309 CSC Holdings LLC (Neptune Finco Corp.) Media: Broadcasting & Subscription Term Loan B-5 Loan 1M USD LIBOR+ 2.50 % 0.00 % 7.92 % 4/15/2027 482,500 482,500 436,059 CSC Holdings LLC (Neptune Finco Corp.) Media: Broadcasting & Subscription Term Loan 12/22 Loan 1M USD SOFR+ 4.50 % 0.00 % 9.81 % 4/15/2027 2,388,032 2,378,887 2,248,738 CTC Holdings, LP Banking, Finance, Insurance & Real Estate Term Loan B Loan 6M USD SOFR+ 5.00 % 0.50 % 10.34 % 2/15/2029 2,221,875 2,174,009 2,171,883 CTS Midco, LLC High Tech Industries Term Loan B Loan 3M USD SOFR+ 6.00 % 1.00 % 11.63 % 11/2/2027 1,945,824 1,908,257 1,719,622 American Trailer World Corp Automotive Term Loan Loan 1M USD SOFR+ 3.75 % 0.75 % 9.18 % 3/3/2028 1,357,439 1,355,226 1,280,404 Daseke Inc Transportation: Cargo Term Loan 2/21 Loan 1M USD SOFR+ 4.00 % 0.75 % 9.45 % 3/5/2028 1,278,750 1,274,454 1,257,970 Dave & Buster’s Inc. Hotel, Gaming & Leisure Term Loan (6/23) Loan 1M USD SOFR+ 3.75 % 0.50 % 9.19 % 6/29/2029 992,500 948,813 992,252 DCert Buyer, Inc. High Tech Industries Term Loan Loan 1M USD SOFR+ 4.00 % 0.00 % 9.33 % 10/16/2026 1,462,217 1,462,217 1,455,797 Delek US Holdings, Inc. Utilities: Oil & Gas Term Loan B (11/22) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 11/16/2029 5,373,000 5,265,049 5,317,765 Delta 2 Lux Sarl Hotel, Gaming & Leisure Term Loan B Loan 1M USD SOFR+ 3.00 % 0.50 % 8.33 % 1/15/2030 1,000,000 990,871 1,002,500 DexKo Global, Inc. (Dragon Merger) Automotive Term Loan (9/21) Loan 3M USD SOFR+ 3.75 % 0.50 % 9.25 % 10/4/2028 987,500 984,405 955,288 DG Investment Intermediate Holdings 2, Inc. Aerospace & Defense Incremental Term Loan (3/22) Loan 1M USD SOFR+ 4.75 % 0.75 % 10.08 % 3/31/2028 496,250 478,520 491,908 Diamond Sports Group, LLC (b) Media: Broadcasting & Subscription 1st Priority Term Loan Loan 1M USD SOFR+ 10.00 % 1.00 % 15.29 % 5/25/2026 342,343 335,048 213,965 Diamond Sports Group, LLC (b) Media: Broadcasting & Subscription Second Lien Term Loan Loan 1M USD SOFR+ 5.25 % 0.00 % 10.54 % 8/24/2026 3,374,880 3,065,190 81,368 DIRECTV FINANCING, LLC Media: Broadcasting & Subscription Term Loan Loan 1M USD SOFR+ 5.00 % 0.75 % 10.45 % 8/2/2027 3,370,000 3,346,415 3,327,100 DISCOVERY PURCHASER CORPORATION Chemicals, Plastics, & Rubber Term Loan Loan 3M USD SOFR+ 4.38 % 0.50 % 9.62 % 10/4/2029 1,492,500 1,384,569 1,430,009 Dispatch Acquisition Holdings, LLC Environmental Industries Term Loan B (3/21) Loan 3M USD SOFR+ 4.25 % 0.75 % 9.64 % 3/25/2028 490,000 486,663 449,575 DOMTAR CORPORATION Forest Products & Paper Term Loan 9/21 Loan 1M USD SOFR+ 5.50 % 0.75 % 10.93 % 11/30/2028 1,277,052 1,242,613 1,273,859 DOTDASH MEREDITH, INC. Media: Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 4.00 % 0.50 % 9.42 % 11/30/2028 1,984,848 1,806,146 1,907,936 DRI HOLDING INC. Media: Advertising, Printing & Publishing Term Loan (12/21) Loan 1M USD SOFR+ 5.25 % 0.50 % 10.68 % 12/15/2028 3,952,475 3,819,666 3,596,752 DRW Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan (2/21) Loan 1M USD SOFR+ 3.75 % 0.00 % 9.20 % 3/1/2028 6,370,000 6,336,058 6,354,075 DTZ U.S. Borrower, LLC Construction & Building Term Loan Loan 1M USD SOFR+ 2.75 % 0.00 % 8.20 % 8/21/2025 198,929 198,630 198,432 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair DTZ U.S. Borrower, LLC Construction & Building Term Loan (01/23) Loan 1M USD SOFR+ 3.25 % 0.50 % 8.68 % 1/31/2030 2,034,413 2,031,254 2,003,897 DTZ U.S. Borrower, LLC Construction & Building Term Loan (08/23) Loan 1M USD SOFR+ 4.00 % 0.50 % 9.33 % 1/31/2030 1,100,000 1,072,515 1,094,500 EAB Global, Inc. Services: Business Term Loan (08/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.95 % 8/16/2028 985,000 981,442 974,126 Echo Global Logistics, Inc. Services: Business Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 11/23/2028 1,975,000 1,971,801 1,920,688 Edelman Financial Group Inc., The Banking, Finance, Insurance & Real Estate Term Loan B (3/21) Loan 1M USD SOFR+ 3.50 % 0.75 % 8.95 % 4/7/2028 2,177,437 2,171,956 2,148,478 Electrical Components Inter., Inc. Capital Equipment Term Loan (6/18) Loan 3M USD SOFR+ 4.25 % 0.00 % 9.77 % 6/26/2025 1,878,413 1,878,413 1,806,808 ELECTRON BIDCO INC. Healthcare & Pharmaceuticals Term Loan Loan 1M USD SOFR+ 3.00 % 0.50 % 8.45 % 11/1/2028 493,750 491,996 492,210 ELO Touch Solutions, Inc. Media: Diversified & Production Term Loan (12/18) Loan 1M USD SOFR+ 6.50 % 0.00 % 11.95 % 12/14/2025 2,050,269 2,007,259 1,953,906 Embecta Corp Healthcare & Pharmaceuticals Term Loan B Loan 6M USD SOFR+ 3.00 % 0.50 % 8.34 % 3/30/2029 2,611,821 2,593,724 2,590,613 Emerson Climate Technologies Inc Services: Business Term Loan B (04/23) Loan 1M USD SOFR+ 3.00 % 0.00 % 8.33 % 5/31/2030 626,147 620,057 626,541 Endo Luxembourg Finance Company I S.a.r.l. Healthcare & Pharmaceuticals Term Loan (3/21) Loan Prime 6.00 % 0.75 % 14.50 % 3/27/2028 2,335,285 2,329,664 1,704,758 Endure Digital, Inc. High Tech Industries Term Loan B Loan 6M USD LIBOR+ 3.50 % 0.75 % 8.79 % 2/10/2028 2,450,000 2,442,065 2,333,625 Entain Holdings (Gibraltar) Limited Hotel, Gaming & Leisure Term Loan B (10/22) Loan 6M USD SOFR+ 3.50 % 0.50 % 8.44 % 10/30/2029 1,495,000 1,478,509 1,496,869 Envision Healthcare Corporation (b) Healthcare & Pharmaceuticals Term Loan B (06/18) Loan 3M USD LIBOR+ 3.75 % 0.00 % 9.29 % 10/10/2025 4,766,742 4,765,456 35,751 EOS U.S. FINCO LLC Transportation: Cargo Term Loan Loan 3M USD SOFR+ 6.00 % 0.50 % 11.27 % 10/6/2029 987,500 915,869 966,930 Equiniti Group PLC Services: Business Term Loan B Loan 6M USD SOFR+ 4.50 % 0.50 % 10.09 % 12/11/2028 985,000 977,565 986,231 EyeCare Partners, LLC Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 3.75 % 0.00 % 9.25 % 2/18/2027 1,938,142 1,938,142 1,524,213 Finco I LLC Banking, Finance, Insurance & Real Estate Term Loan B (08/23) Loan 3M USD SOFR+ 3.00 % 0.00 % 8.37 % 6/27/2029 2,830,950 2,827,777 2,829,761 First Brands Group, LLC Automotive 1st Lien Term Loan (3/21) Loan 6M USD SOFR+ 5.00 % 1.00 % 10.88 % 3/30/2027 4,887,500 4,835,242 4,814,188 First Eagle Investment Management Banking, Finance, Insurance & Real Estate Refinancing Term Loan Loan 3M USD LIBOR+ 2.50 % 0.00 % 8.04 % 2/1/2027 5,118,899 5,108,521 5,012,272 First Student Bidco Inc. Transportation: Consumer Term Loan B Loan 3M USD SOFR+ 3.00 % 0.50 % 8.50 % 7/21/2028 719,282 715,455 699,840 First Student Bidco Inc. Transportation: Consumer Term Loan C Loan 3M USD SOFR+ 3.00 % 0.50 % 8.50 % 7/21/2028 269,608 268,164 262,320 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Fitness International, LLC (LA Fitness) Services: Consumer Term Loan B (4/18) Loan 3M USD SOFR+ 3.25 % 1.00 % 8.77 % 4/18/2025 1,330,058 1,327,569 1,313,433 Flutter Entertainment PLC Hotel, Gaming & Leisure Term Loan Loan 3M USD SOFR+ 2.25 % 0.00 % 7.75 % 7/21/2026 1,965,000 1,962,657 1,963,330 Flutter Financing B.V. Hotel, Gaming & Leisure Third Amendment 2028-B Term Loan Loan 3M USD SOFR+ 3.25 % 0.50 % 8.75 % 7/21/2028 744,375 729,794 744,330 FOCUS FINANCIAL PARTNERS, LLC Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 3.25 % 0.50 % 8.58 % 6/30/2028 1,479,843 1,464,270 1,474,797 Franchise Group, Inc. Services: Consumer First Out Term Loan Loan 3M USD SOFR+ 4.75 % 0.75 % 10.31 % 3/10/2026 799,104 794,721 715,198 Franchise Group, Inc. Services: Consumer Term Loan B Loan 3M USD SOFR+ 4.75 % 0.75 % 10.38 % 3/10/2026 2,992,500 2,866,346 2,663,325 Franklin Square Holdings, L.P. Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 2.25 % 0.00 % 7.68 % 8/1/2025 4,286,227 4,275,078 4,283,569 Froneri International (R&R Ice Cream) Beverage, Food & Tobacco Term Loan B-2 Loan 1M USD SOFR+ 2.25 % 0.00 % 7.68 % 1/29/2027 1,940,000 1,938,138 1,928,884 Garrett LX III S.a r.l. Automotive Dollar Term Loan Loan 3M USD SOFR+ 3.25 % 0.50 % 8.88 % 4/30/2028 1,473,750 1,468,712 1,436,287 Gates Global LLC Automotive Term Loan (11/22) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.83 % 11/15/2029 248,125 241,277 248,177 Gemini HDPE LLC Chemicals, Plastics, & Rubber Term Loan B (12/20) Loan 3M USD SOFR+ 3.00 % 0.50 % 8.63 % 12/31/2027 2,237,147 2,225,126 2,233,791 Genesee & Wyoming, Inc. Transportation: Cargo Term Loan (11/19) Loan 3M USD SOFR+ 2.00 % 0.00 % 7.34 % 12/30/2026 1,451,250 1,447,636 1,450,989 GGP Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD LIBOR+ 2.50 % 0.00 % 2.96 % 8/27/2025 3,046,594 2,779,212 3,029,472 Global Tel*Link Corporation Telecommunications Term Loan B Loan 3M USD SOFR+ 4.25 % 0.00 % 9.77 % 11/29/2025 4,872,123 4,751,788 4,573,706 Go Daddy Operating Company, LLC High Tech Industries Term Loan 2/21 Loan 1M USD SOFR+ 2.00 % 0.00 % 7.45 % 8/10/2027 952,319 952,319 951,843 GOLDEN WEST PACKAGING GROUP LLC Forest Products & Paper Term Loan (11/21) Loan 1M USD SOFR+ 5.25 % 0.75 % 10.68 % 12/1/2027 1,915,517 1,901,260 1,819,741 Graham Packaging Co Inc Containers, Packaging & Glass Term Loan (2/21) Loan 1M USD SOFR+ 3.00 % 0.75 % 8.45 % 8/7/2027 948,542 944,284 945,820 Great Outdoors Group, LLC Retail Term Loan B2 Loan 1M USD SOFR+ 3.75 % 0.75 % 9.20 % 3/6/2028 975,131 971,794 971,172 Griffon Corporation Consumer goods: Durable Term Loan B Loan 3M USD SOFR+ 2.25 % 0.50 % 7.64 % 1/24/2029 153,125 152,882 152,598 Grosvenor Capital Management Holdings, LLLP Banking, Finance, Insurance & Real Estate Amendment 5 Term Loan Loan 1M USD SOFR+ 2.50 % 0.50 % 7.95 % 2/24/2028 2,822,368 2,820,777 2,819,715 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair Groupe Solmax Inc. Environmental Industries Term Loan (6/21) Loan 3M USD SOFR+ 4.75 % 0.75 % 10.25 % 5/27/2028 1,984,810 1,641,690 1,829,995 GYP HOLDINGS III CORP. Construction & Building 2023 Refinancing Term Loans Loan 1M USD SOFR+ 3.00 % 0.00 % 8.33 % 4/25/2030 250,000 248,767 250,470 Harbor Freight Tools USA, Inc. Retail Term Loan B (06/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 10/19/2027 3,420,854 3,404,776 3,401,903 Helix Gen Funding, LLc Energy: Electricity Term Loan Loan 3M USD SOFR+ 4.75 % 1.00 % 10.05 % 12/31/2027 1,000,000 980,374 998,750 Hillman Group Inc. (The) (New) Consumer goods: Durable Term Loan B-1 (2/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 7/14/2028 3,190,327 3,186,207 3,187,009 HLF Financing SARL (Herbalife) Consumer goods: Non-durable Term Loan B (08/18) Loan 1M USD SOFR+ 2.50 % 0.00 % 7.95 % 8/18/2025 3,490,000 3,485,290 3,454,542 Holley Purchaser, Inc Automotive Term Loan (11/21) Loan 1M USD SOFR+ 3.75 % 0.75 % 9.18 % 11/17/2028 2,305,842 2,298,587 2,174,409 Howden Group Holdings Banking, Finance, Insurance & Real Estate Term Loan (1/21) Loan 1M USD LIBOR+ 3.25 % 0.75 % 8.75 % 11/12/2027 2,141,210 2,134,001 2,125,965 Hudson River Trading LLC Banking, Finance, Insurance & Real Estate Term Loan (3/21) Loan 3M USD SOFR+ 3.00 % 0.00 % 8.63 % 3/17/2028 5,865,000 5,825,024 5,777,025 Hunter Douglas Inc Consumer goods: Durable Term Loan B-1 Loan 3M USD SOFR+ 3.50 % 0.50 % 8.89 % 2/26/2029 1,984,962 1,733,435 1,926,664 Idera, Inc. High Tech Industries Term Loan (02/21) Loan 3M USD SOFR+ 3.75 % 0.75 % 9.27 % 3/2/2028 4,786,627 4,779,779 4,727,991 IMA Financial Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan (10/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.95 % 11/1/2028 1,970,000 1,962,846 1,939,229 IMA Financial Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan 5/23 Loan 1M USD SOFR+ 4.25 % 0.50 % 9.67 % 10/31/2028 500,000 487,852 498,125 INDY US BIDCO, LLC Services: Business Term Loan (11/21) Loan 1M USD SOFR+ 3.75 % 0.00 % 9.08 % 3/6/2028 2,204,484 2,203,734 2,105,283 INEOS 226 Ltd. Chemicals, Plastics, & Rubber Term Loan 3/23 Loan 1M USD SOFR+ 3.75 % 0.00 % 9.18 % 3/13/2030 500,000 495,106 496,875 Ineos US Finance LLC Chemicals, Plastics, & Rubber Term Loan C Loan 1M USD SOFR+ 3.50 % 0.00 % 8.93 % 2/9/2030 1,000,000 990,251 992,250 INEOS US PETROCHEM LLC Chemicals, Plastics, & Rubber Term Loan (1/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 8.20 % 1/29/2026 1,969,899 1,927,342 1,955,125 Informatica Inc. High Tech Industries Term Loan B (10/21) Loan 1M USD SOFR+ 2.75 % 0.00 % 8.20 % 10/27/2028 493,750 493,463 492,210 Ingram Micro Inc. Wholesale Term Loan Loan 3M USD LIBOR+ 3.50 % 0.50 % 9.04 % 6/30/2028 1,095,000 1,086,920 1,092,602 Inmar, Inc. Services: Business Term Loan (06/23) Loan 3M USD SOFR+ 5.50 % 1.00 % 10.71 % 5/1/2026 3,350,000 3,238,692 3,253,688 Innophos, Inc. Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 3.25 % 0.00 % 8.70 % 2/4/2027 483,750 482,592 482,391 INSTANT BRANDS HOLDINGS INC. (b) Consumer goods: Durable Term Loan 4/21 Loan 6M USD LIBOR+ 5.00 % 0.75 % 10.63 % 4/7/2028 3,942,576 3,927,628 768,802 Issuer Name Industry Asset Name Asset Reference SOFR/LIBOR Current Maturity Principal/ Cost Fair INSTANT BRANDS HOLDINGS INC. Consumer goods: Durable PIK DIP Term Loan Loan 1M USD SOFR+ 3.00 % 1.00 % 8.45 % 12/12/2023 1,557,178 1,429,865 1,526,034 INSTANT BRANDS HOLDINGS INC. Consumer goods: Durable DIP Term Loan (08/23) Loan 1M USD SOFR+ 3.00 % 1.00 % 8.45 % 12/12/2023 318,840 305,445 303,657 IRB Holding Corporation Beverage, Food & Tobacco Term Loan B (1/22) Loan 1M USD SOFR+ 3.00 % 0.75 % 8.43 % 12/15/2027 497,481 492,915 494,421 Isagenix International, LLC Beverage, Food & Tobacco Term Loan Loan 6M USD SOFR+ 2.50 % 0.00 % 2.50 % 4/13/2028 1,206,711 758,822 1,043,805 Jane Street Group Banking, Finance, Insurance & Real Estate Term Loan (1/21) Loan 1M USD SOFR+ 2.75 % 0.00 % 8.20 % 1/31/2028 3,900,000 3,898,170 3,890,250 Journey Personal Care Corp. Consumer goods: Non-durable Term Loan B Loan 6M USD LIBOR+ 4.25 % 0.75 % 9.98 % 3/1/2028 980,000 976,744 903,070 JP Intermediate B, LLC Consumer goods: Non-durable Term Loan Loan 3M USD SOFR+ 5.50 % 1.00 % 11.13 % 11/15/2025 3,456,884 3,442,190 1,199,539 Kleopatra Finco S.a r.l. Containers, Packaging & Glass Term Loan (1/21) (USD) Loan 6M USD SOFR+ 4.73 % 0.50 % 10.48 % 2/12/2026 1,466,250 1,463,521 1,370,035 Kodiak BP, LLC Construction & Building Term Loan Loan 3M USD SOFR+ 3.25 % 0.75 % 8.75 % 3/13/2028 488,700 487,657 486,868 Koppers Inc Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 4.00 % 0.50 % 9.42 % 4/9/2030 997,500 968,332 999,994 KREF Holdings X LLC Banking, Finance, Insurance & Real Estate Term Loan (11/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 8.93 % 9/1/2027 488,806 481,130 477,808 Lakeland Tours, LLC Hotel, Gaming & Leisure Holdco Fixed Term Loan Loan Fixed 0.00 % 0.00 % 13.25 % 9/27/2027 1,056,778 470,434 808,436 Lealand Finance Company B.V. Energy: Oil & Gas Exit Term Loan Loan 1M USD SOFR+ 1.00 % 0.00 % 6.45 % 6/30/2025 350,403 350,403 178,705 LHS BORROWER, LLC Construction & Building Term Loan (02/22) Loan 1M USD SOFR+ 4.75 % 0.50 % 10.18 % 2/16/2029 2,488,574 2,070,979 2,196,166 Lifetime Brands, Inc Consumer goods: Non-durable Term Loan B Loan 1M USD SOFR+ 3.50 % 1.00 % 8.95 % 2/28/2025 2,616,496 2,604,897 2,477,507 Liquid Tech Solutions Holdings, LLC Services: Business Term Loan Loan 6M USD LIBOR+ 4.75 % 0.75 % 9.96 % 3/17/2028 980,000 977,485 962,850 LogMeIn, Inc. High Tech Industries Term Loan (8/20) Loan 3M USD SOFR+ 4.75 % 0.00 % 10.27 % 8/31/2027 3,900,000 3,852,878 2,499,666 LOYALTY VENTURES INC. (b) Services: Business Term Loan B Loan Prime 5.50 % 0.50 % 14.00 % 11/3/2027 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Aug. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities, and related valuation allowance as of August 31, 2023 and February 28, 2023 were as follows: August 31, February 28, Total deferred tax assets $ 2,780,474 $ 2,542,373 Total deferred tax liabilities (3,170,628 ) (3,008,829 ) Valuation allowance on net deferred tax assets (2,396,358 ) (2,350,116 ) Net deferred tax liability $ (2,786,512 ) $ (2,816,572 ) |
Schedule of Federal and State Income Tax Provisions Benefit | Federal and state income tax (provisions) benefit on investments for three and six months ended August 31, 2023 and August 31, 2022: For the three months ended For the six months ended August 31, August 31, August 31, August 31, Current Federal $ - $ (3,674 ) $ - $ (217,516 ) State - (55 ) 78,448 Net current expense - (3,729 ) - (139,068 ) Deferred Federal (23,832 ) 89,409 (38,741 ) 385,480 State 7,708 42,583 8,680 75,819 Net deferred expense (16,124 ) 131,992 (30,060 ) 461,299 Net tax provision $ (16,124 ) $ 128,263 $ (30,060 ) $ 322,231 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Aug. 31, 2023 | |
Borrowings Abstract | |
Schedule of Credit Facility | During the six months ended August 31, 2023 and August 31, 2022 the average dollar amount of 8.50% 2028 Notes outstanding was $42.9 million and $0.0 million respectively. Class and Year (1)(2) Total Asset Involuntary Average (in thousands) Credit Facility with Encina Lender Finance, LLC Fiscal year 2024 (as of August 31, 2023) $ 35,000 $ 1,597 - N/A 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) 8.75% Notes due 2024 Fiscal year 2024 (as of August 31, 2023) $ 20,000 $ 1,597 - $ 25.00 (12) 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 2024 (as of August 31, 2023) $ 12,000 $ 1,597 - $ 25.00 (12) Fiscal year 2023 (as of February 28, 2023) $ 12,000 $ 1,659 - $ 25.00 (12) 7.25% Notes due 2025(17) 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 2024 (as of August 31, 2023) $ 5,000 $ 1,597 - $ 25.00 (12) 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 2024 (as of August 31, 2023) $ 175,000 $ 1,597 - $ 25.00 (12) 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 2024 (as of August 31, 2023) $ 75,000 $ 1,597 - $ 25.00 (12) 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) 6.00% Notes due 2027 Fiscal year 2024 (as of August 31, 2023) $ 105,500 $ 1,597 - $ 23.31 (15) Fiscal year 2023 (as of February 28, 2023) $ 105,500 $ 1,659 - $ 23.97 (15) 6.25% Notes due 2027 Fiscal year 2024 (as of August 31, 2023) $ 15,000 $ 1,597 - $ 25.00 (12) 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) 8.00% Notes due 2027 Fiscal year 2024 (as of August 31, 2023) $ 46,000 $ 1,597 - $ 24.92 (15) Fiscal year 2023 (as of February 28, 2023) $ 46,000 $ 1,659 - $ 25.08 (15) 8.125% Notes due 2027 Fiscal year 2024 (as of August 31, 2024) $ 60,375 $ 1,597 - $ 24.93 (15) Fiscal year 2023 (as of February 28, 2023) $ 60,375 $ 1,659 - $ 25.10 (15) 8.50% Notes due 2028 Fiscal year 2024 (as of August 31, 2023) $ 57,500 $ 1,597 - $ 25.03 (16) (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) Based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. (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) Based on the average daily trading price of the 2028 Notes on the NYSE. (17) On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Aug. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations | The following table shows our payment obligations for repayment of debt and other contractual obligations at August 31, 2023: Payment Due by Period Long-Term Debt Obligations Total Less Than 1 - 3 3 - 5 More Than ($ in thousands) Encina credit facility $ 35,000 $ - $ 35,000 $ - $ - SBA debentures 189,000 - - - 189,000 8.75% 2024 Notes 20,000 20,000 - - - 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 - 8.50% 2028 Notes 57,500 - - 57,500 - Total Long-Term Debt Obligations $ 795,375 $ 20,000 $ 227,000 $ 359,375 $ 189,000 |
Schedule of Unfunded Commitments Outstanding | A summary of the unfunded commitments outstanding as of August 31, 2023 and February 28, 2023 is shown in the table below (dollars in thousands): August 31, February 28, At Company’s discretion ActiveProspect, Inc. $ 10,000 $ 10,000 Artemis Wax Corp. 23,500 - Ascend Software, LLC 5,000 5,000 Granite Comfort, LP 750 15,000 JDXpert 5,000 5,000 LFR Chicken LLC 4,000 4,000 Pepper Palace, Inc. 3,000 3,000 Procurement Partners, LLC 4,250 4,250 Saratoga Senior Loan Fund I JV, LLC 8,548 8,548 Sceptre Hospitality Resources, LLC 5,000 5,000 Stretch Zone Franchising, LLC 3,750 - VetnCare MSO, LLC 10,000 - Total $ 82,798 $ 59,798 At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required Alpha Aesthetics Partners OpCo, LLC $ 4,844 $ - ARC Health OpCo LLC 259 10,773 Artemis Wax Corp. - 8,500 Ascend Software, LLC 1,500 3,200 Axero Holdings, LLC - Revolver 500 500 BQE Software, Inc. 3,250 - C2 Educational Systems, Inc. 3,000 - Davisware, LLC 1,500 - Exigo, LLC 4,167 4,167 Exigo, LLC - Revolver 1,042 833 Gen4 Dental Partners Holdings, LLC 3,367 11,000 GoReact 1,250 2,500 JDXpert - 1,000 Inspect Point Holding, LLC 1,500 Modis Dental Partners OpCo, LLC 7,500 - Pepper Palace, Inc. - 2,000 Pepper Palace, Inc. - Revolver 2,500 2,500 Procurement Partners, LLC - 1,000 Stretch Zone Franchising, LLC 1,500 - VetnCare MSO, LLC 19,500 - Zollege PBC 575 1,000 57,754 48,973 Total $ 140,552 $ 108,771 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Aug. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity | 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: Total Common Stock Capital Distributable Shares Amount of Par Value (Loss) Net Assets 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 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 Increase (Decrease) from Operations: Net investment income - - - 15,958,950 15,958,950 Net realized gain (loss) from investments - - - 90,691 90,691 Income tax (provision) benefit from realized gain on investments - - - - - Net change in unrealized appreciation (depreciation) on investments - - - (16,322,307 ) (16,322,307 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - 59,407 59,407 Decrease from Shareholder Distributions: Distributions of investment income – net - - - (8,193,402 ) (8,193,402 ) Capital Share Transactions: Stock dividend distribution 45,818 47 1,058,797 - 1,058,844 Repurchases of common stock (88,576 ) (90 ) (2,157,515 ) - (2,157,605 ) Repurchase fees - - (1,772 ) - (1,772 ) Balance at May 31, 2023 11,847,742 $ 11,848 $ 320,793,316 $ 16,645,684 $ 337,450,848 Increase (Decrease) from Operations: Net investment income - - - 13,964,784 13,964,784 Realized losses on extinguishment of debt - - - (110,056 ) (110,056 ) Net change in unrealized appreciation (depreciation) on investments - - - (5,737,571 ) (5,737,571 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments - - - (221,206 ) (221,206 ) Decrease from Shareholder Distributions: Distributions of investment income – net - - - (8,352,335 ) (8,352,335 ) Capital Share Transactions: Proceeds from issuance of common stock 852,412 852 24,334,126 - 24,334,978 Stock dividend distribution 29,627 30 749,283 - 749,313 Balance at August 31, 2023 12,729,781 $ 12,730 $ 345,876,725 $ 16,189,300 $ 362,078,755 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Aug. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets | The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets resulting from operations per share for the three and six months ended August 31, 2023 and August 31, 2022 (dollars in thousands except share and per share amounts): For the three months ended For the six months ended Basic and Diluted August 31, August 31, August 31, August 31, Net increase (decrease) in net assets resulting from operations $ 7,896 $ 948 $ 7,683 $ (539 ) Weighted average common shares outstanding 12,158,440 11,963,276 12,011,180 12,037,855 Weighted average earnings (loss) per common share $ 0.65 $ 0.08 $ 0.64 $ (0.04 ) |
Dividend (Tables)
Dividend (Tables) | 6 Months Ended |
Aug. 31, 2023 | |
Dividend [Abstract] | |
Schedule of Dividends Declared | The following table summarizes dividends declared for the six months ended August 31, 2023 (dollars in thousands except per share amounts): Date Declared Record Date Payment Date Amount Total Amount* August 14, 2023 September 14, 2023 September 28, 2023 $ 0.71 $ 9,287 May 22, 2023 June 13, 2023 June 29, 2023 0.70 $ 8,352 Total dividends declared $ 1.41 $ 17,639 * Total amount is calculated based on the number of shares outstanding at the date of record. Date Declared Record Date Payment Date Amount Total 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 $ 1.07 $ 12,803 * Total amount is calculated based on the number of shares outstanding at the date of record. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Aug. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights as of and for the six months ended August 31, 2023 and August 31, 2022: Per share data August 31, August 31, Net asset value at beginning of period $ 29.18 $ 29.33 Net investment income(1) 2.49 1.30 Net realized and unrealized gain and losses on investments(1) (1.84 ) (1.25 ) Realized losses on extinguishment of debt (0.01 ) (0.10 ) Net increase in net assets resulting from operations 0.64 (0.05 ) Distributions declared from net investment income (1.39 ) (1.06 ) Total distributions to stockholders (1.39 ) (1.06 ) Issuance of common stock above net asset value (2) - - Repurchases of common stock(3) 0.05 0.10 Dilution(4) (0.04 ) (0.05 ) Net asset value at end of period $ 28.44 $ 28.27 Net assets at end of period $ 362,078,755 $ 337,213,275 Shares outstanding at end of period 12,729,781 11,927,238 Per share market value at end of period $ 25.85 $ 24.28 Total return based on market value(5)(6) (0.69 )% (7.67 )% Total return based on net asset value(5)(7) 3.15 % 0.69 % Ratio/Supplemental data: Ratio of net investment income to average net assets(8) 17.80 % 8.61 % Expenses: Ratios of operating expenses and income taxes to average net assets*(9) 7.76 % 6.68 % Ratio of incentive management fees to average net assets(5) 0.74 % -0.38 % Ratio of interest and debt financing expenses to average net assets(9) 13.75 % 8.47 % Ratio of total expenses and income taxes to average net assets*(8) 22.25 % 14.77 % Portfolio turnover rate(5)(10) 1.63 % 11.83 % Asset coverage ratio per unit(11) 1,597 1,842 Average market value per unit Revolving Credit Facility(12) N/A N/A SBA Debentures Payable(12) N/A N/A 8.75% Notes Payable 2024(12) N/A N/A 7.00% Notes Payable 2025(12) N/A N/A 7.25% Notes Payable 2025(13) N/A N/A 7.75% Notes Payable 2025(12) N/A N/A 4.375% Notes Payable 2026(12) N/A N/A 4.35% Notes Payable 2027(12) N/A N/A 6.00% Notes Payable 2027 $ 23.31 $ 24.53 6.25% Notes Payable 2027(12) N/A N/A 8.00% Notes Payable 2027 $ 24.92 N/A 8.125% Notes Payable 2027 $ 24.93 N/A 8.50% Notes Payable 2028 $ 25.03 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 of the Company due to the repurchase of common shares. See Note 11, Stockholders’ Equity. (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) Ratios are not annualized. (6) 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. (7) 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 net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. (8) Ratios are annualized. Incentive management fees included within the ratio are not annualized. (9) Ratios are annualized. (10) 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. (11) 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. (12) The Revolving Credit Facility, SBA Debentures, 8.75% Notes Payable 2024, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading. (13) On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE. |
Organization (Details)
Organization (Details) - USD ($) $ in Millions | 6 Months Ended | |
Oct. 28, 2022 | Aug. 31, 2023 | |
Organization (Details) [Line Items] | ||
Principal of a Loan | $ 175 | |
Collateralized Loan Obligations [Member] | ||
Organization (Details) [Line Items] | ||
Issued of debt | $ 402.1 | |
SBA Debentures [Member] | ||
Organization (Details) [Line Items] | ||
Principal of a Loan | 150 | |
SBA Debentures [Member] | Maximum [Member] | ||
Organization (Details) [Line Items] | ||
Principal of a Loan | 350 | |
SBA Debentures [Member] | Minimum [Member] | ||
Organization (Details) [Line Items] | ||
Principal of a Loan | $ 175 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 6 Months Ended | |
Aug. 31, 2023 | Feb. 28, 2023 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Non-accrual fair value (in Dollars) | $ 17.7 | $ 9.8 |
Fair value percentage | 1.60% | |
Fair value percentage | 1% | |
Investment company taxable income | 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% | |
Aggregate declared distribution, percentage | 20% | |
Cash declared distribution, percentage | 20% | |
Minimum [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Aggregate value in excess percentage | 5% | |
Maximum [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Aggregate value in excess percentage | 10% | |
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] | ||
Outstanding voting shares percentage | 3% | |
Control investments [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Outstanding voting shares percentage | 25% | |
Investment owned board representation percentage | 50% | |
Affiliated Investments [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Outstanding voting shares percentage | 5% | |
Affiliated Investments [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
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 ($) | Aug. 31, 2023 | Feb. 28, 2023 |
Schedule of Reconciliation of Cash and Cash Equivalents and Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 19,305,025 | $ 65,746,494 |
Cash and cash equivalents, reserve accounts | 29,127,875 | 30,329,779 |
Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ 48,432,900 | $ 96,076,273 |
Investments (Details)
Investments (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
Aug. 11, 2021 | Aug. 09, 2021 | Dec. 14, 2018 | Aug. 31, 2023 | Feb. 28, 2023 | Oct. 28, 2022 | Feb. 28, 2021 | Feb. 26, 2021 | Dec. 31, 2018 | Jan. 31, 2008 | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | Jun. 09, 2023 | Feb. 28, 2023 | Oct. 20, 2023 | |
Investments (Details) [Line Items] | |||||||||||||||||
Description of valuation model rate | ●Default rate: 2.0% ●Recovery rate: 35%-70% ●Discount rate: 12.0%-22.0% ●Prepayment rate: 20.0% ● Reinvestment rate / price: $98.00 for six months; then L+365bps / $99.00 | ||||||||||||||||
Fair value investment, Percentage | 5% | ||||||||||||||||
Legal maturity date | January 2030 | ||||||||||||||||
Cash contributions | $ 104,256,803 | $ 116,255,582 | $ 104,256,803 | $ 104,256,803 | $ 116,255,582 | ||||||||||||
Additional investments | $ 14,000,000 | ||||||||||||||||
Related transaction costs | 2,600,000 | ||||||||||||||||
Outstanding receivable | 2,600,000 | ||||||||||||||||
Realized loss | $ 100,000 | $ 7,943,838 | $ 90,691 | $ 8,106,347 | |||||||||||||
Percentage owned and managed | 100% | ||||||||||||||||
Percentage of management fee | 0.10% | ||||||||||||||||
Percentage subordinated management fee | 0.40% | ||||||||||||||||
Percentage of excess cash flow | 20% | ||||||||||||||||
Percentage of internal rate in greater | 12% | ||||||||||||||||
Management fee income | 31,900,000 | 817,250 | 817,024 | $ 1,634,038 | 1,632,988 | ||||||||||||
Investment principal balance | 651,600,000 | $ 645,600,000 | 651,600,000 | $ 651,600,000 | 645,600,000 | ||||||||||||
Weighted average spread percentage | 3.80% | 3.80% | |||||||||||||||
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 | $ 15,200,000 | |||||||||||||||
Discount rate | 22% | 22% | |||||||||||||||
Total investment | 1,114,903,742 | $ 966,489,357 | $ 57,800,000 | 1,114,903,742 | $ 1,114,903,742 | 966,489,357 | |||||||||||
Additional investments | $ 14,000,000 | $ 13,800,000 | 30,000,000 | ||||||||||||||
Incentive fee income | 1,200,000 | ||||||||||||||||
Fair value investment | 1,098,944,760 | 972,590,253 | 1,098,944,760 | $ 1,098,944,760 | 972,590,253 | ||||||||||||
Distribution amount received | 77,700,000 | ||||||||||||||||
Unsecured percentage | 7% | ||||||||||||||||
Purchased of fair value percentage | 87.50% | ||||||||||||||||
Aggregate fair value | 947,924,370 | 828,028,800 | 947,924,370 | $ 947,924,370 | $ 828,028,800 | ||||||||||||
London Interbank Offered Rate One [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Investment description | 1M USD LIBOR—The 1 month USD LIBOR rate as of August 31, 2023 was 5.44%.3M USD LIBOR—The 3 month USD LIBOR rate as of August 31, 2023 was 5.66%.6M USD LIBOR—The 6 month USD LIBOR rate as of August 31, 2023 was 5.88%. | 1M USD LIBOR—The 1 month USD LIBOR rate as of February 28, 2023 was 4.67%.3M USD LIBOR—The 3 month USD LIBOR rate as of February 28, 2023 was 4.97%.6M USD LIBOR—The 6 month USD LIBOR rate as of February 28, 2023 was 5.26%. | |||||||||||||||
Secured Overnight Financing Rate One [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Investment description | 1M SOFR - The 1 month SOFR rate as of August 31, 2023 was 5.33%.3M SOFR - The 3 month SOFR rate as of August 31, 2023 was 5.40%.6M SOFR - The 6 month SOFR rate as of August 31, 2023 was 5.45%. | 1M SOFR - The 1 month SOFR rate as of February 28, 2023 was 4.66%.3M SOFR - The 3 month SOFR rate as of February 28, 2023 was 4.89%.6M SOFR - The 6 month SOFR rate as of February 28, 2023 was 5.15%. | |||||||||||||||
Prime Rate [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Investment description | Prime—The Prime Rate as of August 31, 2023 was 8.50%. | Prime—The Prime Rate as of February 28, 2023 was 7.75%. | |||||||||||||||
Minimum [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | $ 300,000,000 | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||||||||||
The Class F-R-3 Notes [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | 17,900,000 | ||||||||||||||||
The Class F-R-2 Notes [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | 2,500,000 | ||||||||||||||||
The Class G-R-2 Notes [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | 7,500,000 | ||||||||||||||||
The CLO 2013-1 [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | 25,000,000 | ||||||||||||||||
Class F-R-3 Note [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Notes exchanged | $ 17,900,000 | ||||||||||||||||
The Class F-1-R-3 Notes [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Notes exchanged | 8,500,000 | ||||||||||||||||
Realized loss | 100,000 | ||||||||||||||||
The Class F-2-R-3 Notes [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | 9,400,000 | 9,400,000 | $ 9,400,000 | ||||||||||||||
Notes exchanged | $ 9,400,000 | ||||||||||||||||
Corresponding fair value | 9,000,000 | ||||||||||||||||
The subordinated notes [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | 111,000,000 | 111,000,000 | 111,000,000 | ||||||||||||||
Management fee income | 800,000 | 800,000 | 1,600,000 | 1,600,000 | |||||||||||||
Interest income | 0 | 400,000 | 0 | 1,000,000 | |||||||||||||
Corresponding fair value | 15,200,000 | ||||||||||||||||
Fair value investment | 21,200,000 | $ 21,200,000 | |||||||||||||||
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 | 11,400,000 | 11,400,000 | 11,400,000 | 11,400,000 | 11,400,000 | ||||||||||||
TJHA [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Cash contributions | 6,250,000 | 6,250,000 | 6,250,000 | ||||||||||||||
Unsecured note | 17,600,000 | ||||||||||||||||
Membership interest | $ 17,600,000 | $ 17,600,000 | $ 17,600,000 | ||||||||||||||
TJHA [Member] | Minimum [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Ownership percentage | 12.50% | 12.50% | 12.50% | ||||||||||||||
TJHA [Member] | Maximum [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Ownership percentage | 87.50% | 87.50% | 87.50% | ||||||||||||||
Voting Interest in SLF JV [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Ownership percentage | 50% | 50% | 50% | ||||||||||||||
SLF JV [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Cash contributions | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||||||
Interest income | 200,000 | 400,000 | 400,000 | $ 300,000 | 900,000 | $ 300,000 | |||||||||||
Fixed interest rate | 10% | ||||||||||||||||
Unsecured note | 2,500,000 | ||||||||||||||||
Membership interest | 2,500,000 | 2,500,000 | 2,500,000 | ||||||||||||||
Investment unsecured note | 17,600,000 | 17,600,000 | 17,600,000 | 17,600,000 | 17,600,000 | ||||||||||||
Collateralized loan obligation trust | $ 402,100,000 | ||||||||||||||||
SLF JV [Member] | TJHA [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Membership interest | 9,800,000 | 13,100,000 | 9,800,000 | 9,800,000 | 13,100,000 | ||||||||||||
SLF JV One [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Cash contributions | 43,750,000 | 43,750,000 | 43,750,000 | ||||||||||||||
Saratoga CLO [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Fair value investment | $ 8,800,000 | $ 8,800,000 | |||||||||||||||
Saratoga CLO [Member] | Minimum [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Cash contributions | 500,000,000 | ||||||||||||||||
Saratoga CLO [Member] | Maximum [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Cash contributions | $ 650,000,000 | ||||||||||||||||
CLO [Member] | |||||||||||||||||
Investments (Details) [Line Items] | |||||||||||||||||
Management fee income | 30,000,000 | 33,500,000 | |||||||||||||||
Total investment | $ 14,000,000 | $ 13,800,000 | $ 57,800,000 | ||||||||||||||
Cash distributions | $ 79,500,000 | $ 79,500,000 | 79,500,000 | ||||||||||||||
Incentive fee income | $ 1,200,000 |
Investments (Details) - Schedul
Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class - USD ($) $ in Thousands | Aug. 31, 2023 | Feb. 28, 2023 | |
Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items] | |||
First lien term loans | $ 929,392 | $ 798,534 | |
Second lien term loans | 15,326 | 14,936 | |
Unsecured term loans | 17,619 | 20,661 | |
Structured finance securities | 35,609 | 41,362 | |
Equity interests | 100,999 | 97,097 | |
Total | 1,098,945 | 972,590 | |
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 | 929,392 | 798,534 | |
Second lien term loans | 15,326 | 14,936 | |
Unsecured term loans | 17,619 | 20,661 | |
Structured finance securities | 35,609 | 41,362 | |
Equity interests | 91,225 | 83,990 | |
Total | 1,089,171 | 959,483 | |
Valued Using Net Asset Value [Member] | |||
Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items] | |||
First lien term loans | [1] | ||
Second lien term loans | [1] | ||
Unsecured term loans | [1] | ||
Structured finance securities | [1] | ||
Equity interests | [1] | 9,774 | 13,107 |
Total | [1] | $ 9,774 | $ 13,107 |
[1]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. |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Reconciliation of Beginning and Ending Balances for Investments - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Aug. 31, 2023 | Aug. 31, 2022 | Feb. 28, 2023 | |
Investments (Details) - Schedule of Reconciliation of Beginning and Ending Balances for Investments [Line Items] | |||
Beginning Balance | $ 959,483 | $ 805,551 | $ 805,551 |
Payment-in-kind and other adjustments to cost | (2,707) | (1,595) | |
Net accretion of discount on investments | 862 | 834 | |
Net change in unrealized appreciation (depreciation) on investments | (18,726) | (16,355) | |
Purchases | 167,272 | 256,567 | |
Sales and repayments | (17,104) | (105,172) | |
Net realized gain (loss) from investments | 91 | 8,107 | |
Ending Balance | 1,089,171 | 947,937 | 959,483 |
Net change in unrealized appreciation (depreciation) | (19,032) | (11,382) | |
First lien term loans [Member] | |||
Investments (Details) - Schedule of Reconciliation of Beginning and Ending Balances for Investments [Line Items] | |||
Beginning Balance | 798,534 | 631,572 | 631,572 |
Payment-in-kind and other adjustments to cost | 800 | 160 | |
Net accretion of discount on investments | 858 | 851 | |
Net change in unrealized appreciation (depreciation) on investments | (16,192) | (10,606) | |
Purchases | 159,113 | 241,133 | |
Sales and repayments | (13,721) | (70,262) | |
Net realized gain (loss) from investments | 163 | ||
Ending Balance | 929,392 | 793,011 | 798,534 |
Net change in unrealized appreciation (depreciation) | (16,151) | (10,543) | |
Second lien term loans [Member] | |||
Investments (Details) - Schedule of Reconciliation of Beginning and Ending Balances for Investments [Line Items] | |||
Beginning Balance | 14,936 | 44,386 | 44,386 |
Payment-in-kind and other adjustments to cost | 408 | ||
Net accretion of discount on investments | 4 | (17) | |
Net change in unrealized appreciation (depreciation) on investments | (22) | (691) | |
Purchases | 4,950 | ||
Sales and repayments | (24,966) | ||
Net realized gain (loss) from investments | |||
Ending Balance | 15,326 | 23,662 | 14,936 |
Net change in unrealized appreciation (depreciation) | (22) | (881) | |
Unsecured Term Loans [Member] | |||
Investments (Details) - Schedule of Reconciliation of Beginning and Ending Balances for Investments [Line Items] | |||
Beginning Balance | 20,661 | 15,931 | 15,931 |
Payment-in-kind and other adjustments to cost | |||
Net accretion of discount on investments | |||
Net change in unrealized appreciation (depreciation) on investments | 341 | (37) | |
Purchases | 947 | ||
Sales and repayments | (3,383) | ||
Net realized gain (loss) from investments | |||
Ending Balance | 17,619 | 16,841 | 20,661 |
Net change in unrealized appreciation (depreciation) | (5) | (37) | |
Structured finance securities [Member] | |||
Investments (Details) - Schedule of Reconciliation of Beginning and Ending Balances for Investments [Line Items] | |||
Beginning Balance | 41,362 | 38,030 | 38,030 |
Payment-in-kind and other adjustments to cost | (3,824) | (2,160) | |
Net accretion of discount on investments | |||
Net change in unrealized appreciation (depreciation) on investments | (1,929) | (3,543) | |
Purchases | |||
Sales and repayments | |||
Net realized gain (loss) from investments | |||
Ending Balance | 35,609 | 32,327 | 41,362 |
Net change in unrealized appreciation (depreciation) | (1,929) | (3,544) | |
Equity interests [Member] | |||
Investments (Details) - Schedule of Reconciliation of Beginning and Ending Balances for Investments [Line Items] | |||
Beginning Balance | 83,990 | 75,632 | 75,632 |
Payment-in-kind and other adjustments to cost | (91) | 405 | |
Net accretion of discount on investments | |||
Net change in unrealized appreciation (depreciation) on investments | (924) | (1,478) | |
Purchases | 8,159 | 9,537 | |
Sales and repayments | (9,944) | ||
Net realized gain (loss) from investments | 91 | 7,944 | |
Ending Balance | 91,225 | 82,096 | $ 83,990 |
Net change in unrealized appreciation (depreciation) | $ (925) | $ 3,623 |
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 | 6 Months Ended | 12 Months Ended |
Aug. 31, 2023 | Feb. 28, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 1,089,171 | $ 959,483 |
First lien term loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 929,392 | $ 798,534 |
Valuation Technique | Market Comparables | Market Comparables |
Unobservable Input | Market Yield (%) | Market Yield (%) |
Weighted Average | 13.1% | 12.8% |
First lien term loans 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable Input | Revenue Multiples (x) | Revenue Multiples (x) |
Weighted Average | 3.5x | 4.1x |
Range | 4.1x | |
First lien term loans 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable Input | EBITDA Multiples (x) | EBITDA Multiples (x) |
Weighted Average | 11.4x | 8.0x |
Range | 8.0x | |
Second lien term loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 15,326 | $ 14,936 |
Valuation Technique | Market Comparables | Market Comparables |
Unobservable Input | Market Yield (%) | Market Yield (%) |
Weighted Average | 44.4% | 45.8% |
Second lien term loans 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable Input | Revenue Multiples (x) | |
Weighted Average | 20.2x | |
Range [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 17,619 | |
Valuation Technique | Collateral Value Coverage | |
Unobservable Input | Net Asset Value | |
Weighted Average | 100.0% | |
Structured finance securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 35,609 | $ 41,362 |
Valuation Technique | Discounted Cash Flow | Discounted Cash Flow |
Unobservable Input | Discount Rate (%) | Discount Rate (%) |
Weighted Average | 16.9% | 17.6% |
Structured finance securities 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable Input | Recovery Rate (%) | Recovery Rate (%) |
Weighted Average | 70.0% | 70.0% |
Structured finance securities 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable Input | Prepayment Rate (%) | Prepayment Rate (%) |
Weighted Average | 20.0% | 20.0% |
Range | 20.0% | |
Equity interests [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 91,225 | $ 83,990 |
Valuation Technique | Enterprise Value Waterfall | Enterprise Value Waterfall |
Unobservable Input | EBITDA Multiples (x) | EBITDA Multiples (x) |
Weighted Average | 12.0x | 11.0x |
Equity interests 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable Input | Revenue Multiples (x) | Revenue Multiples (x) |
Weighted Average | 6.4x | 6.4x |
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 (%) | |
Weighted Average | 12.6% | |
Unsecured term loans 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation Technique | Market Comparables | |
Unobservable Input | Market Quote (%) | |
Weighted Average | 100.0% | |
Range | 100.0% | |
Unsecured term loans 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation Technique | Collateral Valuae Coverage | |
Unobservable Input | Net Asset Value | |
Weighted Average | 100.0% | |
Range | 100.0% | |
Minimum [Member] | First lien term loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 11.3% | 10.5% |
Minimum [Member] | First lien term loans 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 0.3x | |
Minimum [Member] | Second lien term loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 15.7% | 15.6% |
Minimum [Member] | Second lien term loans 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 20.2x | |
Minimum [Member] | Structured finance securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 12.0% | 12.0% |
Minimum [Member] | Structured finance securities 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 35.0% | 35.0% |
Minimum [Member] | Equity interests [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 0.3x | 5.5x |
Minimum [Member] | Equity interests 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 1.3x | 1.3x |
Minimum [Member] | Unsecured Term Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 10.0% | |
Maximum [Member] | First lien term loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 18.1% | 23.1% |
Maximum [Member] | First lien term loans 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 5.3x | |
Maximum [Member] | Second lien term loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 60.9% | 61.8% |
Maximum [Member] | Second lien term loans 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 20.2x | |
Maximum [Member] | Structured finance securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 22.0% | 22.0% |
Maximum [Member] | Structured finance securities 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 70.0% | 70.0% |
Maximum [Member] | Equity interests [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 28.6x | 28.6x |
Maximum [Member] | Equity interests 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 10.9x | 11.2x |
Maximum [Member] | Unsecured Term Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 28.8% | |
Median [Member] | First lien term loans 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 5.0x – 15.0x | |
Median [Member] | Range [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 100.0% | |
Median [Member] | Structured finance securities 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 20.0% |
Investments (Details) - Sched_4
Investments (Details) - Schedule of Investments at Amortized Cost and Fair Value - USD ($) $ in Thousands | Aug. 31, 2023 | Feb. 28, 2023 |
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 1,114,904 | $ 966,489 |
Amortized Cost Percentage of Total Portfolio | 100% | 100% |
Investments at Fair Value | $ 1,098,945 | $ 972,590 |
Fair Value Percentage of Total Portfolio | 100% | 100% |
First lien term loans [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 955,513 | $ 808,464 |
Amortized Cost Percentage of Total Portfolio | 85.70% | 83.70% |
Investments at Fair Value | $ 929,392 | $ 798,534 |
Fair Value Percentage of Total Portfolio | 84.60% | 82.10% |
Second lien term loans [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 21,527 | $ 21,114 |
Amortized Cost Percentage of Total Portfolio | 1.90% | 2.20% |
Investments at Fair Value | $ 15,326 | $ 14,936 |
Fair Value Percentage of Total Portfolio | 1.40% | 1.50% |
Unsecured term loans [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 17,619 | $ 21,001 |
Amortized Cost Percentage of Total Portfolio | 1.60% | 2.20% |
Investments at Fair Value | $ 17,619 | $ 20,661 |
Fair Value Percentage of Total Portfolio | 1.60% | 2.10% |
Structured finance securities [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 45,887 | $ 49,711 |
Amortized Cost Percentage of Total Portfolio | 4.10% | 5.10% |
Investments at Fair Value | $ 35,609 | $ 41,362 |
Fair Value Percentage of Total Portfolio | 3.20% | 4.30% |
Equity interests [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Investments at Amortized Cost | $ 74,358 | $ 66,199 |
Amortized Cost Percentage of Total Portfolio | 6.70% | 6.80% |
Investments at Fair Value | $ 100,999 | $ 97,097 |
Fair Value Percentage of Total Portfolio | 9.20% | 10% |
Investment in Saratoga CLO (Det
Investment in Saratoga CLO (Details) - Schedule of Statements of Assets and Liabilities - Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] - USD ($) | Aug. 31, 2023 | Feb. 28, 2023 |
Investments at fair value | ||
Loans at fair value (amortized cost of $639,305,552 and $645,599,001, respectively) | $ 602,604,076 | $ 605,954,468 |
Equities at fair value (amortized cost of $440,405 and $0, respectively) | 512,853 | |
Total investments at fair value (amortized cost of $639,745,957 and $645,599,001, respectively) | 603,116,929 | 605,954,468 |
Cash and cash equivalents | 14,149,358 | 23,776,950 |
Receivable from open trades | 418,500 | 1,827,460 |
Interest receivable (net of reserve of $620,629 and $234,690, respectively) | 4,683,582 | 3,026,720 |
Due from affiliate (See Note 7) | 119,150 | |
Prepaid expenses and other assets | 74,498 | 152,760 |
Total assets | 622,442,867 | 634,857,508 |
LIABILITIES | ||
Interest payable | 5,561,147 | 4,662,695 |
Payable from open trades | 6,690,531 | 23,184,337 |
Accounts payable and accrued expenses | 98,902 | 82,565 |
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Deferred debt financing costs | (1,802,150) | (1,897,076) |
Subordinated Notes | 111,000,000 | 111,000,000 |
Discount on Subordinated Notes | (38,136,836) | (40,130,353) |
Total liabilities | 692,132,939 | 705,484,428 |
NET ASSETS | ||
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively | 250 | 250 |
Total distributable earnings (loss) | (69,690,322) | (70,627,170) |
Total net deficit | (69,690,072) | (70,626,920) |
Total liabilities and net assets | 622,442,867 | 634,857,508 |
Accrued base management [Member] | ||
LIABILITIES | ||
Management fee | 72,943 | 72,762 |
Accrued subordinated management [Member] | ||
LIABILITIES | ||
Management fee | 291,774 | 291,047 |
Class A-1-R-3 [Member] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Senior Secured Floating Rate Notes | 357,500,000 | 357,500,000 |
Class A-2-R-3 [Member] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Senior Secured Floating Rate Notes | 65,000,000 | 65,000,000 |
Class B-FL-R-3 [Member] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Senior Secured Floating Rate Notes | 60,500,000 | 60,500,000 |
Class B-FXD-R-3 [Member] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Senior Secured Floating Rate Notes | 11,000,000 | 11,000,000 |
Class C-FL-R-3 [Member] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Senior Secured Floating Rate Notes | 26,000,000 | 26,000,000 |
Class C-FXD-R-3 [Member] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Senior Secured Floating Rate Notes | 6,500,000 | 6,500,000 |
Class D-R-3 [Member] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Senior Secured Floating Rate Notes | 39,000,000 | 39,000,000 |
Discount | (232,101) | (244,234) |
Class E-R-3 [Member] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Senior Secured Floating Rate Notes | 27,625,000 | 27,625,000 |
Discount | (2,411,271) | (2,537,315) |
Class F-1-R-3 [Member] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Senior Secured Floating Rate Notes | 8,500,000 | 8,500,000 |
Class F-2-R-3 [Member] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||
Senior Secured Floating Rate Notes | $ 9,375,000 | $ 9,375,000 |
Investment in Saratoga CLO (D_2
Investment in Saratoga CLO (Details) - Schedule of Statements of Assets and Liabilities (Parentheticals) - Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] - USD ($) | Aug. 31, 2023 | Feb. 28, 2023 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Amortized cost of loans at fair value | $ 639,305,552 | $ 645,599,001 |
Amortized cost of equities at fair value | 440,405 | 0 |
Amortized cost of total investments at fair value | 639,745,957 | 645,599,001 |
Net of reserve | $ 620,629 | $ 234,690 |
Ordinary equity, par value (in Dollars per share) | $ 1 | $ 1 |
Ordinary shares authorized (in Shares) | 250 | 250 |
Common shares issued (in Shares) | 250 | 250 |
Common shares outstanding (in Shares) | 250 | 250 |
Investment in Saratoga CLO (D_3
Investment in Saratoga CLO (Details) - Schedule of Statements of Operations (unaudited) - Investment in Saratoga CLO [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | |
INVESTMENT INCOME | ||||
Total interest from investments | $ 15,662,824 | $ 9,176,167 | $ 30,640,303 | $ 17,321,614 |
Interest from cash and cash equivalents | 156,192 | 6,105 | 341,236 | 6,105 |
Other income | 216,150 | 12,108 | 470,224 | 115,604 |
Total investment income | 16,035,166 | 9,194,380 | 31,451,763 | 17,443,323 |
EXPENSES | ||||
Interest and debt financing expenses | 14,780,606 | 8,577,449 | 28,704,737 | 16,109,813 |
Base management fee | 163,450 | 163,405 | 326,808 | 326,598 |
Subordinated management fee | 653,801 | 653,619 | 1,307,231 | 1,306,390 |
Professional fees | 133,365 | 129,229 | 172,891 | 210,393 |
Trustee expenses | 66,540 | 64,742 | 129,034 | 132,828 |
Other expense | 68,889 | 113,216 | 139,885 | 151,305 |
Total expenses | 15,866,651 | 9,701,660 | 30,780,586 | 18,237,327 |
NET INVESTMENT INCOME (LOSS) | 168,515 | (507,280) | 671,177 | (794,004) |
REALIZED AND UNREALIZED LOSS ON INVESTMENTS | ||||
Net realized loss from investments | (641,267) | (1,144,858) | (2,749,834) | (1,067,201) |
Net change in unrealized depreciation on investments | 13,352,743 | (1,544,463) | 3,015,505 | (26,226,451) |
Net realized and unrealized gain (loss) on investments | 12,711,476 | (2,689,321) | 265,671 | (27,293,652) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 12,879,991 | $ (3,196,601) | $ 936,848 | $ (28,087,656) |
Investment in Saratoga CLO (D_4
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents - Investment in Saratoga CLO [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |||
Aug. 31, 2023 | Feb. 28, 2023 | ||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | ||||
Asset Name | Term Loan (1/22) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 1.93% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 7.36% | ||||
Maturity Date | Jan. 29, 2029 | ||||
Principal/ Number of Shares | 492,500 | ||||
Cost | $ 491,643 | ||||
Fair Value | $ 489,564 | ||||
First Brands Group, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | ||||
Asset Name | 1st Lien Term Loan (3/21) | ||||
Asset Type | Loan | ||||
Reference Rate | 6M USD SOFR+ | ||||
Reference Spread | 5% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 10.88% | ||||
Maturity Date | Mar. 30, 2027 | ||||
Principal/ Number of Shares | 4,887,500 | ||||
Cost | $ 4,835,242 | ||||
Fair Value | 4,814,188 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Cost | 639,745,957 | $ 645,599,001 | |||
Fair Value | $ 603,116,929 | $ 605,954,468 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Altisource Solutions S.a r.l. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Common Stock | Term Loan B (03/18) | |||
Asset Type | Equity | Loan | |||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 4% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 8.73% | ||||
Maturity Date | Apr. 03, 2024 | ||||
Principal/ Number of Shares | 15,981 | 1,126,283 | |||
Cost | $ 1,124,635 | ||||
Fair Value | $ 65,043 | $ 893,142 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Isagenix International, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | ||||
Asset Name | Common Stock | ||||
Asset Type | Equity | ||||
Principal/ Number of Shares | 86,398 | ||||
Cost | |||||
Fair Value | |||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | URS TOPCO LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Cargo | ||||
Asset Name | Common Stock | ||||
Asset Type | Equity | ||||
Principal/ Number of Shares | 25,330 | ||||
Cost | $ 440,405 | ||||
Fair Value | $ 447,810 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | 19TH HOLDINGS GOLF, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | Consumer goods: Durable | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.25% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.67% | 7.67% | |||
Maturity Date | Feb. 07, 2029 | Feb. 07, 2029 | |||
Principal/ Number of Shares | 2,486,203 | 1,997,500 | |||
Cost | $ 2,389,059 | $ 1,924,905 | |||
Fair Value | $ 2,430,263 | $ 1,901,380 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | 888 Acquisitions Limited [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 5.25% | 5.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 10.21% | 9.93% | |||
Maturity Date | Jul. 08, 2028 | Jul. 08, 2028 | |||
Principal/ Number of Shares | 2,483,696 | 2,494,565 | |||
Cost | $ 2,157,622 | $ 2,143,085 | |||
Fair Value | $ 2,303,628 | $ 2,126,617 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ADMI Corp. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.45% | 7.63% | |||
Maturity Date | Apr. 30, 2025 | Apr. 30, 2025 | |||
Principal/ Number of Shares | 1,900,276 | 1,910,276 | |||
Cost | $ 1,897,987 | $ 1,907,516 | |||
Fair Value | $ 1,822,782 | $ 1,825,517 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Adtalem Global Education Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B (02/21) | Term Loan B (02/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.45% | 8.63% | |||
Maturity Date | Aug. 11, 2028 | Aug. 11, 2028 | |||
Principal/ Number of Shares | 691,846 | 691,846 | |||
Cost | $ 686,842 | $ 686,475 | |||
Fair Value | $ 691,632 | $ 689,992 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aegis Sciences Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 11.13% | 10.36% | |||
Maturity Date | May 09, 2025 | May 09, 2025 | |||
Principal/ Number of Shares | 2,328,986 | 2,349,601 | |||
Cost | $ 2,323,225 | $ 2,341,307 | |||
Fair Value | $ 2,231,471 | $ 2,268,540 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Agiliti Health Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B (03/23) | Term Loan (09/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3% | 2.75% | |||
SOFR/LIBOR Floor | 0% | 0.75% | |||
Current Rate (All In) | 8.25% | 7.38% | |||
Maturity Date | May 01, 2030 | Jan. 04, 2026 | |||
Principal/ Number of Shares | 1,678,901 | 214,286 | |||
Cost | $ 1,666,633 | $ 213,103 | |||
Fair Value | $ 1,671,564 | $ 212,946 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AHEAD DB Holdings, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan (04/21) | Term Loan (04/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.09% | 8.48% | |||
Maturity Date | Oct. 18, 2027 | Oct. 18, 2027 | |||
Principal/ Number of Shares | 2,940,000 | 2,955,000 | |||
Cost | $ 2,864,261 | $ 2,871,299 | |||
Fair Value | $ 2,869,264 | $ 2,915,285 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Air Canada [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Consumer | Transportation: Consumer | |||
Asset Name | Term Loan B (07/21) | Term Loan B (07/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.13% | 8.37% | |||
Maturity Date | Aug. 11, 2028 | Aug. 11, 2028 | |||
Principal/ Number of Shares | 1,980,000 | 1,990,000 | |||
Cost | $ 1,852,750 | $ 1,851,613 | |||
Fair Value | $ 1,979,644 | $ 1,984,408 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AIS HoldCo, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 10.63% | 9.83% | |||
Maturity Date | Aug. 15, 2025 | Aug. 15, 2025 | |||
Principal/ Number of Shares | 4,690,915 | 4,789,642 | |||
Cost | $ 4,620,736 | $ 4,700,517 | |||
Fair Value | $ 4,585,369 | $ 4,622,004 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AIT Worldwide Logistics Holdings, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Cargo | Transportation: Cargo | |||
Asset Name | Term Loan (04/21) | Term Loan (04/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.16% | 9.33% | |||
Maturity Date | Apr. 06, 2028 | Apr. 06, 2028 | |||
Principal/ Number of Shares | 2,487,342 | 2,500,000 | |||
Cost | $ 2,333,826 | $ 2,333,827 | |||
Fair Value | $ 2,451,076 | $ 2,407,300 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Alchemy US Holdco 1, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Metals & Mining | Metals & Mining | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | |||
Reference Spread | 7.32% | 5.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.42% | 5.60% | |||
Maturity Date | Oct. 10, 2025 | Oct. 10, 2025 | |||
Principal/ Number of Shares | 1,654,803 | 1,654,803 | |||
Cost | $ 1,646,087 | $ 1,644,633 | |||
Fair Value | $ 1,624,471 | $ 1,551,378 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AlixPartners, LLP [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B (01/21) | Term Loan B (01/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.20% | 7.38% | |||
Maturity Date | Feb. 04, 2028 | Feb. 04, 2028 | |||
Principal/ Number of Shares | 244,375 | 245,625 | |||
Cost | $ 244,062 | $ 245,275 | |||
Fair Value | $ 244,001 | $ 245,050 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Alkermes, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.93% | 7.11% | |||
Maturity Date | Mar. 12, 2026 | Mar. 12, 2026 | |||
Principal/ Number of Shares | 2,115,398 | 2,126,218 | |||
Cost | $ 2,104,178 | $ 2,112,914 | |||
Fair Value | $ 2,062,513 | $ 2,062,432 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Allen Media, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Diversified & Production | Media: Diversified & Production | |||
Asset Name | Term Loan (7/21) | Term Loan (7/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 10.89% | 10.23% | |||
Maturity Date | Feb. 10, 2027 | Feb. 10, 2027 | |||
Principal/ Number of Shares | 4,371,665 | 4,394,261 | |||
Cost | $ 4,349,322 | $ 4,368,566 | |||
Fair Value | $ 3,787,742 | $ 3,649,434 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Alliant Holdings Intermediate, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B4 | Term Loan B4 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.93% | 8.09% | |||
Maturity Date | Nov. 05, 2027 | Nov. 05, 2027 | |||
Principal/ Number of Shares | 982,500 | 987,500 | |||
Cost | $ 982,008 | $ 986,800 | |||
Fair Value | $ 981,537 | $ 974,781 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Allied Universal Holdco LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan 4/21 | Term Loan 4/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.18% | 8.47% | |||
Maturity Date | May 12, 2028 | May 12, 2028 | |||
Principal/ Number of Shares | 1,965,000 | 1,975,000 | |||
Cost | $ 1,957,914 | $ 1,967,474 | |||
Fair Value | $ 1,907,897 | $ 1,900,404 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Altisource Solutions S.a r.l. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | ||||
Asset Name | Term Loan B (03/18) | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 5% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 10.34% | ||||
Maturity Date | Apr. 30, 2025 | ||||
Principal/ Number of Shares | 1,139,235 | ||||
Cost | $ 1,138,397 | ||||
Fair Value | $ 912,527 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Altium Packaging LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan (01/21) | Term Loan (01/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.20% | 7.38% | |||
Maturity Date | Jan. 29, 2028 | Jan. 29, 2028 | |||
Principal/ Number of Shares | 488,750 | 491,250 | |||
Cost | $ 487,157 | $ 489,554 | |||
Fair Value | $ 485,084 | $ 480,506 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Axle & Manufacturing Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | Term Loan (12/22) | Term Loan (12/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.44% | 8.16% | |||
Maturity Date | Dec. 13, 2029 | Dec. 05, 2029 | |||
Principal/ Number of Shares | 492,500 | 500,000 | |||
Cost | $ 478,840 | $ 485,367 | |||
Fair Value | $ 490,500 | $ 499,000 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Greetings Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | ||||
Asset Name | Term Loan (01/23) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 6% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 11.33% | ||||
Maturity Date | Apr. 05, 2028 | ||||
Principal/ Number of Shares | 2,997,797 | ||||
Cost | $ 2,996,185 | ||||
Fair Value | $ 2,993,121 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AmWINS Group, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan 2/21 | Term Loan 2/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 7.70% | 6.88% | |||
Maturity Date | Feb. 17, 2028 | Feb. 17, 2028 | |||
Principal/ Number of Shares | 1,950,023 | 1,960,017 | |||
Cost | $ 1,932,535 | $ 1,940,778 | |||
Fair Value | $ 1,947,586 | $ 1,926,462 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Anastasia Parent LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Non-durable | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 3.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 9.25% | ||||
Maturity Date | Aug. 11, 2025 | ||||
Principal/ Number of Shares | 952,500 | ||||
Cost | $ 951,018 | ||||
Fair Value | $ 710,803 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Anchor Glass Container Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan (07/17) | Term Loan (07/17) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 8.04% | 7.48% | |||
Maturity Date | Dec. 07, 2023 | Dec. 07, 2023 | |||
Principal/ Number of Shares | 467,650 | 470,138 | |||
Cost | $ 467,545 | $ 469,901 | |||
Fair Value | $ 382,500 | $ 333,915 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Anchor Packaging, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 4% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.93% | 8.63% | |||
Maturity Date | Jul. 18, 2026 | Jul. 18, 2026 | |||
Principal/ Number of Shares | 1,969,554 | 977,215 | |||
Cost | $ 1,945,580 | $ 971,052 | |||
Fair Value | $ 1,943,300 | $ 952,785 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ANI Pharmaceuticals, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 6% | 6% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 11.43% | 10.63% | |||
Maturity Date | Nov. 19, 2027 | Nov. 19, 2027 | |||
Principal/ Number of Shares | 2,955,000 | 2,970,000 | |||
Cost | $ 2,912,144 | $ 2,922,446 | |||
Fair Value | $ 2,944,835 | $ 2,866,050 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AP Core Holdings II LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B2 | Term Loan B1 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.95% | 10.13% | |||
Maturity Date | Sep. 01, 2027 | Sep. 01, 2027 | |||
Principal/ Number of Shares | 500,000 | 1,875,000 | |||
Cost | $ 494,609 | $ 1,852,824 | |||
Fair Value | $ 485,000 | $ 1,802,344 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AP Core Holdings II LLC One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B1 | Term Loan B2 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.95% | 10.13% | |||
Maturity Date | Sep. 01, 2027 | Sep. 01, 2027 | |||
Principal/ Number of Shares | 1,825,000 | 500,000 | |||
Cost | $ 1,805,295 | $ 494,095 | |||
Fair Value | $ 1,784,503 | $ 480,415 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | APEX GROUP TREASURY LIMITED [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.31% | 9.66% | |||
Maturity Date | Jul. 26, 2028 | Jul. 26, 2028 | |||
Principal/ Number of Shares | 497,500 | 500,000 | |||
Cost | $ 468,433 | $ 468,464 | |||
Fair Value | $ 496,878 | $ 497,500 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | APi Group DE, Inc. (J2 Acquisition) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.95% | 7.13% | |||
Maturity Date | Oct. 01, 2026 | Oct. 01, 2026 | |||
Principal/ Number of Shares | 1,757,184 | 1,757,184 | |||
Cost | $ 1,752,477 | $ 1,751,429 | |||
Fair Value | $ 1,759,697 | $ 1,754,548 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | APLP Holdings Limited Partnership [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Energy: Electricity | Energy: Electricity | |||
Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 9.29% | 8.48% | |||
Maturity Date | May 14, 2027 | May 14, 2027 | |||
Principal/ Number of Shares | 318,919 | 440,541 | |||
Cost | $ 316,836 | $ 437,327 | |||
Fair Value | $ 316,527 | $ 440,726 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Apollo Commercial Real Estate Finance, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.18% | 7.38% | |||
Maturity Date | May 15, 2026 | May 15, 2026 | |||
Principal/ Number of Shares | 2,923,858 | 2,939,086 | |||
Cost | $ 2,901,774 | $ 2,914,348 | |||
Fair Value | $ 2,733,807 | $ 2,850,914 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Apollo Commercial Real Estate Finance, Inc. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B1 (2/21) | Term Loan B1 (2/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.93% | 8.13% | |||
Maturity Date | Mar. 06, 2028 | Mar. 06, 2028 | |||
Principal/ Number of Shares | 977,500 | 982,500 | |||
Cost | $ 970,599 | $ 975,109 | |||
Fair Value | $ 909,075 | $ 928,463 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AppLovin Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan (10/21) | Term Loan (10/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.10% | 3.10% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.43% | 7.70% | |||
Maturity Date | Oct. 21, 2028 | Oct. 21, 2028 | |||
Principal/ Number of Shares | 1,481,250 | 1,488,750 | |||
Cost | $ 1,478,446 | $ 1,485,729 | |||
Fair Value | $ 1,477,547 | $ 1,472,002 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AppLovin Corporation One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan (08/23) | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3% | 3.35% | |||
SOFR/LIBOR Floor | 0.50% | 0% | |||
Current Rate (All In) | 8.41% | 7.94% | |||
Maturity Date | Aug. 15, 2030 | Aug. 15, 2025 | |||
Principal/ Number of Shares | 974,490 | 979,592 | |||
Cost | $ 974,490 | $ 979,592 | |||
Fair Value | $ 971,079 | $ 972,245 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aramark Services, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 1.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 7.20% | ||||
Maturity Date | Jan. 15, 2027 | ||||
Principal/ Number of Shares | 2,331,250 | ||||
Cost | $ 2,286,538 | ||||
Fair Value | $ 2,323,977 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aramark Services, Inc. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | ||||
Asset Name | Term Loan B (4/21) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 2.50% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 7.95% | ||||
Maturity Date | Apr. 01, 2028 | ||||
Principal/ Number of Shares | 1,753,715 | ||||
Cost | $ 1,747,790 | ||||
Fair Value | $ 1,751,523 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARC FALCON I INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.18% | 8.38% | |||
Maturity Date | Sep. 23, 2028 | Sep. 23, 2028 | |||
Principal/ Number of Shares | 986,274 | 863,885 | |||
Cost | $ 983,261 | $ 860,682 | |||
Fair Value | $ 963,008 | $ 811,836 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Arches Buyer Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.68% | 7.97% | |||
Maturity Date | Dec. 06, 2027 | Dec. 06, 2027 | |||
Principal/ Number of Shares | 1,469,697 | 1,484,848 | |||
Cost | $ 1,462,459 | $ 1,477,106 | |||
Fair Value | $ 1,427,208 | $ 1,395,758 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARC FALCON I INC. (a) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | [1] | Services: Consumer | |||
Asset Name | [1] | Delayed Draw Term Loan | |||
Asset Type | [1] | Loan | |||
Reference Rate | [1] | 1M USD SOFR+ | |||
Reference Spread | [1] | 4.25% | |||
SOFR/LIBOR Floor | [1] | 0.50% | |||
Current Rate (All In) | [1] | 9.70% | |||
Maturity Date | [1] | Nov. 23, 2028 | |||
Principal/ Number of Shares | [1] | ||||
Cost | [1] | $ (1,000) | |||
Fair Value | [1] | $ (250) | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARC FALCON I INC. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan B | Delayed Draw Term Loan | [1] | ||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.25% | 1% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.70% | 1% | |||
Maturity Date | Nov. 19, 2028 | Sep. 29, 2028 | |||
Principal/ Number of Shares | 398,990 | ||||
Cost | $ 395,018 | $ (512) | |||
Fair Value | $ 397,992 | $ (7,675) | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aretec Group, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | ||||
Asset Name | Term Loan (10/18) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 4.25% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 9.68% | ||||
Maturity Date | Oct. 01, 2025 | ||||
Principal/ Number of Shares | 1,906,223 | ||||
Cost | $ 1,904,090 | ||||
Fair Value | $ 1,909,597 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aretec Group, Inc One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B | Term Loan (10/18) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.50% | 4.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.92% | 8.97% | |||
Maturity Date | Mar. 08, 2030 | Oct. 01, 2025 | |||
Principal/ Number of Shares | 750,000 | 1,916,203 | |||
Cost | $ 735,157 | $ 1,913,228 | |||
Fair Value | $ 747,893 | $ 1,887,460 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Asplundh Tree Expert, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan 2/21 | Term Loan 2/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 1.75% | 1.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.18% | 6.38% | |||
Maturity Date | Sep. 07, 2027 | Sep. 07, 2027 | |||
Principal/ Number of Shares | 972,500 | 977,500 | |||
Cost | $ 969,618 | $ 974,396 | |||
Fair Value | $ 970,983 | $ 974,010 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AssuredPartners Capital, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B (2/20) | Term Loan B (2/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.95% | 8.13% | |||
Maturity Date | Feb. 12, 2027 | Feb. 12, 2027 | |||
Principal/ Number of Shares | 984,694 | 989,796 | |||
Cost | $ 982,058 | $ 986,847 | |||
Fair Value | $ 981,001 | $ 967,773 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Assuredpartners Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Incremental Term Loan (7/21) | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.95% | 8.12% | |||
Maturity Date | Feb. 12, 2027 | Feb. 12, 2027 | |||
Principal/ Number of Shares | 980,000 | 496,250 | |||
Cost | $ 980,000 | $ 495,400 | |||
Fair Value | $ 974,688 | $ 485,084 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Assuredpartners Inc. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan | Incremental Term Loan (7/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.83% | 8.13% | |||
Maturity Date | Feb. 12, 2027 | Feb. 12, 2027 | |||
Principal/ Number of Shares | 493,750 | 985,000 | |||
Cost | $ 493,003 | $ 985,000 | |||
Fair Value | $ 492,308 | $ 962,838 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ASTRO ONE ACQUISITION CORPORATION [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | Consumer goods: Durable | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.66% | 10.23% | |||
Maturity Date | Sep. 15, 2028 | Sep. 15, 2028 | |||
Principal/ Number of Shares | 2,955,000 | 2,970,000 | |||
Cost | $ 2,933,548 | $ 2,946,187 | |||
Fair Value | $ 1,894,155 | $ 1,767,150 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Asurion, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B8 | Term Loan B10 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD LIBOR+ | 3M USD SOFR+ | |||
Reference Spread | 3.25% | 4% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.79% | 8.68% | |||
Maturity Date | Dec. 18, 2026 | Aug. 19, 2028 | |||
Principal/ Number of Shares | 2,949,731 | 1,995,000 | |||
Cost | $ 2,942,970 | $ 1,901,937 | |||
Fair Value | $ 2,864,927 | $ 1,866,741 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Asurion, LLC One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B10 | Term Loan B8 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4% | 3.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.43% | 7.88% | |||
Maturity Date | Aug. 19, 2028 | Dec. 18, 2026 | |||
Principal/ Number of Shares | 1,985,000 | 2,964,858 | |||
Cost | $ 1,898,493 | $ 2,956,667 | |||
Fair Value | $ 1,908,359 | $ 2,817,683 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ATHENAHEALTH GROUP INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B (2/22) | Term Loan B (2/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.82% | 8.06% | |||
Maturity Date | Feb. 15, 2029 | Feb. 15, 2029 | |||
Principal/ Number of Shares | 1,323,857 | 1,330,543 | |||
Cost | $ 1,319,269 | $ 1,325,206 | |||
Fair Value | $ 1,306,753 | $ 1,227,426 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avison Young (Canada) Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan | Term Loan (08/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 6.50% | 7% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 12% | 11.73% | |||
Maturity Date | Jan. 31, 2026 | Jan. 31, 2026 | |||
Principal/ Number of Shares | 2,353,325 | 748,125 | |||
Cost | $ 2,350,577 | $ 708,918 | |||
Fair Value | $ 940,153 | $ 635,906 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avison Young (Canada) Inc One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan (08/22) | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 7% | 5.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 12.63% | 10.48% | |||
Maturity Date | Jan. 31, 2026 | Jan. 31, 2026 | |||
Principal/ Number of Shares | 744,375 | 3,370,882 | |||
Cost | $ 711,038 | $ 3,344,831 | |||
Fair Value | $ 310,777 | $ 2,646,142 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avolon TLB Borrower 1 (US) LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Capital Equipment | Capital Equipment | |||
Asset Name | Term Loan B5 (7/21) | Term Loan B5 (7/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.66% | 6.85% | |||
Maturity Date | Dec. 01, 2027 | Dec. 01, 2027 | |||
Principal/ Number of Shares | 487,500 | 490,000 | |||
Cost | $ 484,331 | $ 486,530 | |||
Fair Value | $ 486,891 | $ 489,539 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avolon TLB Borrower 1 (US) LLC One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Capital Equipment | Capital Equipment | |||
Asset Name | Term Loan B6 | Term Loan B3 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 1.75% | |||
SOFR/LIBOR Floor | 0% | 0.75% | |||
Current Rate (All In) | 7.81% | 6.35% | |||
Maturity Date | Jun. 08, 2028 | Jan. 15, 2025 | |||
Principal/ Number of Shares | 1,000,000 | 1,000,000 | |||
Cost | $ 944,377 | $ 932,184 | |||
Fair Value | $ 1,000,250 | $ 998,440 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Axalta Coating Systems US Holdings [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | ||||
Asset Name | Term Loan B (08/23) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 2.50% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 7.81% | ||||
Maturity Date | Dec. 20, 2029 | ||||
Principal/ Number of Shares | 922,500 | ||||
Cost | $ 914,178 | ||||
Fair Value | $ 923,939 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AZURITY PHARMACEUTICALS, INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 6% | 6% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 11.45% | 10.75% | |||
Maturity Date | Sep. 20, 2027 | Sep. 20, 2027 | |||
Principal/ Number of Shares | 462,500 | 475,000 | |||
Cost | $ 452,222 | $ 463,094 | |||
Fair Value | $ 444,000 | $ 457,188 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | B&G Foods, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.83% | 7.13% | |||
Maturity Date | Oct. 10, 2026 | Oct. 10, 2026 | |||
Principal/ Number of Shares | 579,183 | 642,295 | |||
Cost | $ 576,446 | $ 638,890 | |||
Fair Value | $ 573,802 | $ 613,391 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | B.C. Unlimited Liability Co (Burger King) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | |||
Asset Name | Term Loan B4 | Term Loan B4 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 1.75% | 1.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.20% | 6.38% | |||
Maturity Date | Nov. 19, 2026 | Nov. 19, 2026 | |||
Principal/ Number of Shares | 1,447,500 | 1,455,000 | |||
Cost | $ 1,425,936 | $ 1,430,342 | |||
Fair Value | $ 1,437,454 | $ 1,440,712 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BAKELITE UK INTERMEDIATE LTD. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.39% | 8.73% | |||
Maturity Date | May 29, 2029 | May 29, 2029 | |||
Principal/ Number of Shares | 990,000 | 995,000 | |||
Cost | $ 985,977 | $ 990,609 | |||
Fair Value | $ 979,486 | $ 940,275 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Baldwin Risk Partners, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.91% | 8.10% | |||
Maturity Date | Oct. 14, 2027 | Oct. 14, 2027 | |||
Principal/ Number of Shares | 1,220,100 | 1,226,325 | |||
Cost | $ 1,210,518 | $ 1,215,617 | |||
Fair Value | $ 1,211,462 | $ 1,205,637 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Barnes Group Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 3% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 8.41% | ||||
Maturity Date | Aug. 09, 2030 | ||||
Principal/ Number of Shares | 250,000 | ||||
Cost | $ 248,125 | ||||
Fair Value | $ 250,208 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bausch Health Companies Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B (1/22) | Term Loan B (1/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 5.25% | 5.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.66% | 9.91% | |||
Maturity Date | Feb. 01, 2027 | Feb. 01, 2027 | |||
Principal/ Number of Shares | 1,900,000 | 1,950,000 | |||
Cost | $ 1,737,905 | $ 1,764,574 | |||
Fair Value | $ 1,548,500 | $ 1,534,299 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belfor Holdings Inc. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.45% | 8.63% | |||
Maturity Date | Apr. 06, 2026 | Apr. 06, 2026 | |||
Principal/ Number of Shares | 244,275 | 245,547 | |||
Cost | $ 244,275 | $ 245,547 | |||
Fair Value | $ 243,867 | $ 244,995 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belfor Holdings Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan B-2 (3/22) | Term Loan B-2 (3/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.58% | 8.87% | |||
Maturity Date | Apr. 06, 2026 | Apr. 06, 2026 | |||
Principal/ Number of Shares | 1,987,348 | 994,911 | |||
Cost | $ 1,964,323 | $ 971,026 | |||
Fair Value | $ 1,989,832 | $ 992,424 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belron Finance US LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.43% | 2.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.06% | 7.38% | |||
Maturity Date | Apr. 13, 2028 | Apr. 13, 2028 | |||
Principal/ Number of Shares | 1,955,000 | 1,965,000 | |||
Cost | $ 1,941,672 | $ 1,950,181 | |||
Fair Value | $ 1,953,045 | $ 1,960,913 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belron Finance US LLC One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | ||||
Asset Name | Term Loan (04/23) | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 2.75% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 8.16% | ||||
Maturity Date | Apr. 17, 2029 | ||||
Principal/ Number of Shares | 250,000 | ||||
Cost | $ 248,815 | ||||
Fair Value | $ 250,000 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bengal Debt Merger Sub LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.67% | 7.93% | |||
Maturity Date | Jan. 24, 2029 | Jan. 24, 2029 | |||
Principal/ Number of Shares | 1,980,000 | 1,990,000 | |||
Cost | $ 1,979,219 | $ 1,988,811 | |||
Fair Value | $ 1,873,575 | $ 1,804,273 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Blackstone Mortgage Trust, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (6/21) | Term Loan (6/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.20% | 7.38% | |||
Maturity Date | Apr. 23, 2026 | Apr. 23, 2026 | |||
Principal/ Number of Shares | 1,457,685 | 1,465,141 | |||
Cost | $ 1,451,300 | $ 1,457,842 | |||
Fair Value | $ 1,428,531 | $ 1,441,332 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Blackstone Mortgage Trust, Inc. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.70% | 6.88% | |||
Maturity Date | Apr. 23, 2026 | Apr. 23, 2026 | |||
Principal/ Number of Shares | 974,684 | 979,747 | |||
Cost | $ 970,699 | $ 975,006 | |||
Fair Value | $ 949,098 | $ 952,804 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Blue Tree Holdings, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan (2/21) | Term Loan (2/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8% | 7.23% | |||
Maturity Date | Mar. 04, 2028 | Mar. 04, 2028 | |||
Principal/ Number of Shares | 977,500 | 982,500 | |||
Cost | $ 975,993 | $ 980,692 | |||
Fair Value | $ 962,026 | $ 967,763 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bombardier Recreational Products, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | Consumer goods: Durable | |||
Asset Name | Term Loan (1/20) | Term Loan 12/22 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 2% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0.50% | |||
Current Rate (All In) | 7.43% | 8.12% | |||
Maturity Date | May 24, 2027 | Dec. 12, 2029 | |||
Principal/ Number of Shares | 1,447,549 | 498,750 | |||
Cost | $ 1,442,454 | $ 486,572 | |||
Fair Value | $ 1,436,330 | $ 496,007 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bombardier Recreational Products, Inc. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | Consumer goods: Durable | |||
Asset Name | Term Loan 12/22 | Term Loan (1/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 2% | |||
SOFR/LIBOR Floor | 0.50% | 0% | |||
Current Rate (All In) | 8.93% | 6.63% | |||
Maturity Date | Dec. 12, 2029 | May 24, 2027 | |||
Principal/ Number of Shares | 496,250 | 1,455,049 | |||
Cost | $ 484,717 | $ 1,449,140 | |||
Fair Value | $ 496,354 | $ 1,416,854 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Boxer Parent Company, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan (2/21) | Term Loan (2/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.20% | 8.38% | |||
Maturity Date | Oct. 02, 2025 | Oct. 02, 2025 | |||
Principal/ Number of Shares | 513,768 | 516,794 | |||
Cost | $ 513,768 | $ 516,794 | |||
Fair Value | $ 513,352 | $ 509,827 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BrightSpring Health Services (Phoenix Guarantor) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B-3 | Term Loan B-3 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.95% | 8.13% | |||
Maturity Date | Mar. 05, 2026 | Mar. 05, 2026 | |||
Principal/ Number of Shares | 977,500 | 982,500 | |||
Cost | $ 977,500 | $ 982,500 | |||
Fair Value | $ 972,309 | $ 967,556 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BroadStreet Partners, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B3 | Term Loan B3 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.45% | 7.63% | |||
Maturity Date | Jan. 22, 2027 | Jan. 22, 2027 | |||
Principal/ Number of Shares | 2,933,625 | 2,948,786 | |||
Cost | $ 2,930,258 | $ 2,944,577 | |||
Fair Value | $ 2,905,961 | $ 2,906,412 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Brookfield WEC Holdings Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Energy: Electricity | Energy: Electricity | |||
Asset Name | Term Loan (1/21) | Term Loan (1/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.20% | 7.38% | |||
Maturity Date | Aug. 01, 2025 | Aug. 01, 2025 | |||
Principal/ Number of Shares | 1,455,151 | 1,462,613 | |||
Cost | $ 1,456,158 | $ 1,464,152 | |||
Fair Value | $ 1,452,866 | $ 1,456,090 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BROWN GROUP HOLDING, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | Aerospace & Defense | |||
Asset Name | Term Loan B-2 | Term Loan B-2 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.12% | 8.37% | |||
Maturity Date | Jul. 01, 2029 | Jun. 08, 2029 | |||
Principal/ Number of Shares | 496,250 | 498,750 | |||
Cost | $ 485,413 | $ 487,209 | |||
Fair Value | $ 495,476 | $ 498,336 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Buckeye Partners, L.P. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Utilities: Oil & Gas | Utilities: Oil & Gas | |||
Asset Name | Term Loan (1/21) | Term Loan (1/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.67% | 6.82% | |||
Maturity Date | Nov. 01, 2026 | Nov. 01, 2026 | |||
Principal/ Number of Shares | 1,940,238 | 1,950,188 | |||
Cost | $ 1,932,124 | $ 1,941,198 | |||
Fair Value | $ 1,935,639 | $ 1,946,931 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BW Gas & Convenience Holdings LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.93% | 8.13% | |||
Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | |||
Principal/ Number of Shares | 2,450,000 | 2,462,500 | |||
Cost | $ 2,432,794 | $ 2,443,814 | |||
Fair Value | $ 2,408,154 | $ 2,437,875 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Callaway Golf Company [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 4.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.93% | 9.13% | |||
Maturity Date | Mar. 09, 2030 | Jan. 04, 2026 | |||
Principal/ Number of Shares | 498,750 | 675,000 | |||
Cost | $ 493,877 | $ 668,575 | |||
Fair Value | $ 498,216 | $ 674,582 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Camping World, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan B (5/21) | Term Loan B (5/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 7.95% | 7.09% | |||
Maturity Date | Jun. 05, 2028 | Jun. 05, 2028 | |||
Principal/ Number of Shares | 2,474,684 | 2,487,342 | |||
Cost | $ 2,273,213 | $ 2,268,038 | |||
Fair Value | $ 2,334,097 | $ 2,208,560 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CAPSTONE BORROWER INC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | ||||
Asset Name | Term Loan (06/23) | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 3.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 9% | ||||
Maturity Date | Jun. 15, 2030 | ||||
Principal/ Number of Shares | 1,000,000 | ||||
Cost | $ 985,348 | ||||
Fair Value | $ 992,500 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CareerBuilder, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B3 | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 6.75% | 6.75% | |||
SOFR/LIBOR Floor | 0% | 1% | |||
Current Rate (All In) | 12.25% | 11.48% | |||
Maturity Date | Jul. 31, 2026 | Jul. 31, 2023 | |||
Principal/ Number of Shares | 4,035,492 | 5,393,388 | |||
Cost | $ 4,014,259 | $ 5,347,671 | |||
Fair Value | $ 3,874,073 | $ 3,513,792 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Castle US Holding Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | Aerospace & Defense | |||
Asset Name | Term Loan B (USD) | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.75% | 2.75% | |||
SOFR/LIBOR Floor | 0% | 0.50% | |||
Current Rate (All In) | 9.20% | 7.31% | |||
Maturity Date | Jan. 27, 2027 | Oct. 21, 2027 | |||
Principal/ Number of Shares | 1,955,012 | 1,000,000 | |||
Cost | $ 1,947,126 | $ 992,500 | |||
Fair Value | $ 1,461,371 | $ 987,080 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CASTLELAKE AVIATION LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 2.75% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 8% | ||||
Maturity Date | Oct. 21, 2027 | ||||
Principal/ Number of Shares | 995,000 | ||||
Cost | $ 988,133 | ||||
Fair Value | $ 993,398 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CBI BUYER, INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | Consumer goods: Durable | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.70% | 7.88% | |||
Maturity Date | Jan. 06, 2028 | Jan. 06, 2028 | |||
Principal/ Number of Shares | 2,954,811 | 2,969,887 | |||
Cost | $ 2,812,662 | $ 2,814,181 | |||
Fair Value | $ 1,591,904 | $ 2,026,948 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CBL & Associates Limited Partnership [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | ||||
Asset Name | Term Loan 11/21 | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 2.75% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 8.18% | ||||
Maturity Date | Nov. 01, 2025 | ||||
Principal/ Number of Shares | 2,481,505 | ||||
Cost | $ 2,122,937 | ||||
Fair Value | $ 2,127,891 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCC Intelligent Solutions Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.70% | 6.88% | |||
Maturity Date | Sep. 16, 2028 | Sep. 16, 2028 | |||
Principal/ Number of Shares | 246,250 | 247,500 | |||
Cost | $ 245,834 | $ 247,017 | |||
Fair Value | $ 245,634 | $ 244,612 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCI Buyer, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Telecommunications | Telecommunications | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.24% | 8.58% | |||
Maturity Date | Dec. 17, 2027 | Dec. 17, 2027 | |||
Principal/ Number of Shares | 244,375 | 245,625 | |||
Cost | $ 242,754 | $ 243,880 | |||
Fair Value | $ 241,523 | $ 241,223 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCRR Parent, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.75% | 4.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.50% | |||
Current Rate (All In) | 9.20% | 8.97% | |||
Maturity Date | Mar. 05, 2028 | Mar. 05, 2028 | |||
Principal/ Number of Shares | 977,500 | 1,000,000 | |||
Cost | $ 974,107 | $ 951,484 | |||
Fair Value | $ 936,768 | $ 975,000 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCRR Parent, Inc One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4.25% | 3.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.75% | |||
Current Rate (All In) | 9.49% | 8.39% | |||
Maturity Date | Mar. 05, 2028 | Mar. 05, 2028 | |||
Principal/ Number of Shares | 995,000 | 982,500 | |||
Cost | $ 950,326 | $ 978,899 | |||
Fair Value | $ 950,225 | $ 957,938 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCS-CMGC Holdings, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 11.18% | 10.13% | |||
Maturity Date | Sep. 25, 2025 | Sep. 25, 2025 | |||
Principal/ Number of Shares | 2,387,500 | 2,400,000 | |||
Cost | $ 2,379,509 | $ 2,390,330 | |||
Fair Value | $ 1,788,381 | $ 1,605,504 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CDK GLOBAL, INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 4.25% | 4.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.49% | 9.08% | |||
Maturity Date | Jul. 06, 2029 | Jul. 06, 2029 | |||
Principal/ Number of Shares | 995,000 | 1,000,000 | |||
Cost | $ 968,319 | $ 971,508 | |||
Fair Value | $ 995,239 | $ 996,150 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cengage Learning, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | |||
Asset Name | Term Loan B (6/21) | Term Loan B (6/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 6M USD LIBOR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 10.32% | 9.88% | |||
Maturity Date | Jul. 14, 2026 | Jul. 14, 2026 | |||
Principal/ Number of Shares | 2,947,500 | 2,962,500 | |||
Cost | $ 2,929,703 | $ 2,942,124 | |||
Fair Value | $ 2,936,771 | $ 2,794,171 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CENTURI GROUP, INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.95% | 7.45% | |||
Maturity Date | Aug. 27, 2028 | Aug. 27, 2028 | |||
Principal/ Number of Shares | 873,330 | 878,330 | |||
Cost | $ 866,899 | $ 871,190 | |||
Fair Value | $ 871,557 | $ 870,100 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CenturyLink, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Telecommunications | Telecommunications | |||
Asset Name | Term Loan B (1/20) | Term Loan B (1/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.70% | 6.88% | |||
Maturity Date | Mar. 15, 2027 | Mar. 15, 2027 | |||
Principal/ Number of Shares | 3,862,828 | 3,887,492 | |||
Cost | $ 3,859,639 | $ 3,883,600 | |||
Fair Value | $ 2,506,551 | $ 3,208,269 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Charlotte Buyer, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 5.25% | 5.25% | |||
SOFR/LIBOR Floor | 0.50% | 0% | |||
Current Rate (All In) | 10.56% | 9.81% | |||
Maturity Date | Feb. 11, 2028 | Feb. 11, 2028 | |||
Principal/ Number of Shares | 1,492,500 | 1,500,000 | |||
Cost | $ 1,403,429 | $ 1,403,100 | |||
Fair Value | $ 1,469,739 | $ 1,455,945 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Chemours Company, (The) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan B2 | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 1.75% | |||
SOFR/LIBOR Floor | 0.50% | 0% | |||
Current Rate (All In) | 8.83% | 6.39% | |||
Maturity Date | Aug. 10, 2028 | Apr. 03, 2025 | |||
Principal/ Number of Shares | 2,399,716 | 905,031 | |||
Cost | $ 2,358,116 | $ 880,859 | |||
Fair Value | $ 2,360,721 | $ 898,406 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Churchill Downs Incorporated [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Term Loan B1 (3/21) | Term Loan B1 (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2% | 2% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.43% | 6.64% | |||
Maturity Date | Mar. 17, 2028 | Mar. 17, 2028 | |||
Principal/ Number of Shares | 488,750 | 491,250 | |||
Cost | $ 487,996 | $ 490,382 | |||
Fair Value | $ 488,750 | $ 486,952 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CIMPRESS PUBLIC LIMITED COMPANY [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | |||
Asset Name | USD Term Loan | USD Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.95% | 8.13% | |||
Maturity Date | May 17, 2028 | May 17, 2028 | |||
Principal/ Number of Shares | 1,969,899 | 1,979,950 | |||
Cost | $ 1,888,680 | $ 1,892,607 | |||
Fair Value | $ 1,943,364 | $ 1,785,419 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CITADEL SECURITIES LP [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B (07/23) | Term Loan B (01/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.95% | 7.23% | |||
Maturity Date | Jul. 29, 2030 | Feb. 02, 2028 | |||
Principal/ Number of Shares | 4,887,500 | 4,912,500 | |||
Cost | $ 4,886,389 | $ 4,910,914 | |||
Fair Value | $ 4,863,063 | $ 4,865,684 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Clarios Global LP [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | Incremental Term Loan (04/23) | Term Loan B1 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.08% | 7.88% | |||
Maturity Date | May 05, 2030 | Apr. 30, 2026 | |||
Principal/ Number of Shares | 1,200,000 | 1,267,812 | |||
Cost | $ 1,194,106 | $ 1,261,524 | |||
Fair Value | $ 1,196,628 | $ 1,260,091 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Claros Mortgage Trust, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B-1 (11/21) | Term Loan B-1 (11/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.50% | 4.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.91% | 9.16% | |||
Maturity Date | Aug. 09, 2026 | Aug. 09, 2026 | |||
Principal/ Number of Shares | 3,422,327 | 3,439,962 | |||
Cost | $ 3,406,175 | $ 3,421,651 | |||
Fair Value | $ 3,251,211 | $ 3,401,262 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CLYDESDALE ACQUISITION HOLDINGS, INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.18% | 4.18% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.61% | 8.89% | |||
Maturity Date | Apr. 13, 2029 | Apr. 13, 2029 | |||
Principal/ Number of Shares | 1,485,000 | 1,492,500 | |||
Cost | $ 1,453,394 | $ 1,458,949 | |||
Fair Value | $ 1,473,863 | $ 1,469,993 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Columbus McKinnon Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Capital Equipment | Capital Equipment | |||
Asset Name | Term Loan (4/21) | Term Loan (4/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.23% | 7.50% | |||
Maturity Date | May 14, 2028 | May 14, 2028 | |||
Principal/ Number of Shares | 431,488 | 449,172 | |||
Cost | $ 430,777 | $ 448,339 | |||
Fair Value | $ 431,488 | $ 446,926 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Conduent, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.70% | 8.88% | |||
Maturity Date | Oct. 16, 2028 | Oct. 16, 2028 | |||
Principal/ Number of Shares | 2,776,423 | 1,787,985 | |||
Cost | $ 2,709,810 | $ 1,755,247 | |||
Fair Value | $ 2,752,129 | $ 1,742,177 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Connect Finco SARL [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Telecommunications | Telecommunications | |||
Asset Name | Term Loan (1/21) | Term Loan (1/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 8.83% | 8.14% | |||
Maturity Date | Dec. 11, 2026 | Dec. 11, 2026 | |||
Principal/ Number of Shares | 2,902,500 | 2,917,500 | |||
Cost | $ 2,813,077 | $ 2,816,917 | |||
Fair Value | $ 2,892,980 | $ 2,863,526 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Consolidated Communications, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Telecommunications | Telecommunications | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.95% | 8.19% | |||
Maturity Date | Oct. 02, 2027 | Oct. 02, 2027 | |||
Principal/ Number of Shares | 2,714,005 | 2,714,005 | |||
Cost | $ 2,536,135 | $ 2,520,099 | |||
Fair Value | $ 2,340,829 | $ 2,435,819 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CORAL-US CO-BORROWER LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Telecommunications | Telecommunications | |||
Asset Name | Term Loan B-5 | Term Loan B-5 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.67% | 6.84% | |||
Maturity Date | Jan. 31, 2028 | Jan. 31, 2028 | |||
Principal/ Number of Shares | 4,000,000 | 4,000,000 | |||
Cost | $ 3,989,882 | $ 3,988,733 | |||
Fair Value | $ 3,912,520 | $ 3,867,160 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Corelogic, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan (4/21) | Term Loan (4/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.95% | 8.19% | |||
Maturity Date | Jun. 02, 2028 | Jun. 02, 2028 | |||
Principal/ Number of Shares | 2,456,250 | 2,468,750 | |||
Cost | $ 2,447,592 | $ 2,459,383 | |||
Fair Value | $ 2,285,197 | $ 2,110,164 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cortes NP Acquisition Corp (Vertiv) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Capital Equipment | Capital Equipment | |||
Asset Name | Term Loan 2/21 | Term Loan 2/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.18% | 7.32% | |||
Maturity Date | Mar. 02, 2027 | Mar. 02, 2027 | |||
Principal/ Number of Shares | 1,950,000 | 1,960,000 | |||
Cost | $ 1,950,000 | $ 1,960,000 | |||
Fair Value | $ 1,948,109 | $ 1,934,579 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Creative Artists Agency, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Diversified & Production | Media: Diversified & Production | |||
Asset Name | Term Loan B (02/23) | Term Loan B (02/23) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.83% | 8.06% | |||
Maturity Date | Nov. 27, 2028 | Nov. 01, 2028 | |||
Principal/ Number of Shares | 1,596,000 | 1,600,000 | |||
Cost | $ 1,584,990 | $ 1,588,000 | |||
Fair Value | $ 1,594,005 | $ 1,595,008 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CROCS INC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | Consumer goods: Durable | |||
Asset Name | Term Loan B | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 6M USD SOFR+ | |||
Reference Spread | 3% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0.50% | |||
Current Rate (All In) | 8.43% | 7.73% | |||
Maturity Date | Feb. 19, 2029 | Feb. 20, 2029 | |||
Principal/ Number of Shares | 1,710,000 | 2,512,500 | |||
Cost | $ 1,651,545 | $ 2,421,039 | |||
Fair Value | $ 1,714,087 | $ 2,504,133 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cross Financial Corp [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.45% | 8.69% | |||
Maturity Date | Sep. 15, 2027 | Sep. 15, 2027 | |||
Principal/ Number of Shares | 490,000 | 492,500 | |||
Cost | $ 489,764 | $ 492,174 | |||
Fair Value | $ 490,000 | $ 489,422 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Crown Subsea Communications Holding, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan (4/21) | Term Loan (4/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 5% | 4.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.43% | 9.32% | |||
Maturity Date | Apr. 27, 2027 | Apr. 27, 2027 | |||
Principal/ Number of Shares | 3,404,110 | 3,404,110 | |||
Cost | $ 3,380,765 | $ 3,377,740 | |||
Fair Value | $ 3,407,309 | $ 3,340,283 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CSC Holdings LLC (Neptune Finco Corp.) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | |||
Asset Name | Term Loan B-5 | Term Loan B-5 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.92% | 7.09% | |||
Maturity Date | Apr. 15, 2027 | Apr. 15, 2027 | |||
Principal/ Number of Shares | 482,500 | 485,000 | |||
Cost | $ 482,500 | $ 485,000 | |||
Fair Value | $ 436,059 | $ 435,894 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CSC Holdings LLC (Neptune Finco Corp.) One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | |||
Asset Name | Term Loan 12/22 | Term Loan 12/22 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.50% | 4.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.81% | 9.06% | |||
Maturity Date | Apr. 15, 2027 | Apr. 15, 2027 | |||
Principal/ Number of Shares | 2,388,032 | 2,400,032 | |||
Cost | $ 2,378,887 | $ 2,389,363 | |||
Fair Value | $ 2,248,738 | $ 2,244,030 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CTC Holdings, LP [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 6M USD SOFR+ | ||||
Reference Spread | 5% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 10.34% | ||||
Maturity Date | Feb. 15, 2029 | ||||
Principal/ Number of Shares | 2,221,875 | ||||
Cost | $ 2,174,009 | ||||
Fair Value | $ 2,171,883 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CTS Midco, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 6% | 6% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 11.63% | 10.83% | |||
Maturity Date | Nov. 02, 2027 | Nov. 02, 2027 | |||
Principal/ Number of Shares | 1,945,824 | 1,960,000 | |||
Cost | $ 1,908,257 | $ 1,917,602 | |||
Fair Value | $ 1,719,622 | $ 1,666,000 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Trailer World Corp [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.18% | 8.47% | |||
Maturity Date | Mar. 03, 2028 | Mar. 03, 2028 | |||
Principal/ Number of Shares | 1,357,439 | 1,357,439 | |||
Cost | $ 1,355,226 | $ 1,354,762 | |||
Fair Value | $ 1,280,404 | $ 1,194,967 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Daseke Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Cargo | Transportation: Cargo | |||
Asset Name | Term Loan 2/21 | Term Loan 2/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.45% | 8.64% | |||
Maturity Date | Mar. 05, 2028 | Mar. 05, 2028 | |||
Principal/ Number of Shares | 1,278,750 | 1,473,750 | |||
Cost | $ 1,274,454 | $ 1,468,500 | |||
Fair Value | $ 1,257,970 | $ 1,468,223 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Dave & Buster’s Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Term Loan (6/23) | Term Loan B (04/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.75% | 5% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.19% | 9.75% | |||
Maturity Date | Jun. 29, 2029 | Jun. 29, 2029 | |||
Principal/ Number of Shares | 992,500 | 995,000 | |||
Cost | $ 948,813 | $ 948,574 | |||
Fair Value | $ 992,252 | $ 997,736 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DCert Buyer, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 6M USD SOFR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.33% | 8.70% | |||
Maturity Date | Oct. 16, 2026 | Oct. 16, 2026 | |||
Principal/ Number of Shares | 1,462,217 | 1,469,773 | |||
Cost | $ 1,462,217 | $ 1,469,773 | |||
Fair Value | $ 1,455,797 | $ 1,446,257 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Delek US Holdings, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Utilities: Oil & Gas | Utilities: Oil & Gas | |||
Asset Name | Term Loan B (11/22) | Term Loan B (11/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.93% | 8.22% | |||
Maturity Date | Nov. 16, 2029 | Nov. 16, 2029 | |||
Principal/ Number of Shares | 5,373,000 | 5,400,000 | |||
Cost | $ 5,265,049 | $ 5,285,256 | |||
Fair Value | $ 5,317,765 | $ 5,298,750 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Delta 2 Lux Sarl [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.33% | 7.87% | |||
Maturity Date | Jan. 15, 2030 | Jan. 15, 2030 | |||
Principal/ Number of Shares | 1,000,000 | 1,000,000 | |||
Cost | $ 990,871 | $ 990,424 | |||
Fair Value | $ 1,002,500 | $ 1,001,750 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DexKo Global, Inc. (Dragon Merger) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | Term Loan (9/21) | Term Loan (9/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.25% | 8.48% | |||
Maturity Date | Oct. 04, 2028 | Oct. 04, 2028 | |||
Principal/ Number of Shares | 987,500 | 992,500 | |||
Cost | $ 984,405 | $ 989,236 | |||
Fair Value | $ 955,288 | $ 928,980 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DG Investment Intermediate Holdings 2, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | Aerospace & Defense | |||
Asset Name | Incremental Term Loan (3/22) | Incremental Term Loan (3/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.08% | 9.37% | |||
Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | |||
Principal/ Number of Shares | 496,250 | 498,750 | |||
Cost | $ 478,520 | $ 479,659 | |||
Fair Value | $ 491,908 | $ 488,152 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Diamond Sports Group, LLC (b) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | ||||
Asset Name | 1st Priority Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 10% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 15.29% | ||||
Maturity Date | May 25, 2026 | ||||
Principal/ Number of Shares | 342,343 | ||||
Cost | $ 335,048 | ||||
Fair Value | $ 213,965 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Diamond Sports Group, LLC (b) One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | ||||
Asset Name | Second Lien Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 5.25% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 10.54% | ||||
Maturity Date | Aug. 24, 2026 | ||||
Principal/ Number of Shares | 3,374,880 | ||||
Cost | $ 3,065,190 | ||||
Fair Value | $ 81,368 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DIRECTV FINANCING, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.45% | 9.63% | |||
Maturity Date | Aug. 02, 2027 | Aug. 02, 2027 | |||
Principal/ Number of Shares | 3,370,000 | 3,550,000 | |||
Cost | $ 3,346,415 | $ 3,523,794 | |||
Fair Value | $ 3,327,100 | $ 3,448,754 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DISCOVERY PURCHASER CORPORATION [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 4.38% | 4.38% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.62% | 8.96% | |||
Maturity Date | Oct. 04, 2029 | Oct. 04, 2029 | |||
Principal/ Number of Shares | 1,492,500 | 1,500,000 | |||
Cost | $ 1,384,569 | $ 1,385,334 | |||
Fair Value | $ 1,430,009 | $ 1,433,310 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Dispatch Acquisition Holdings, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Environmental Industries | Environmental Industries | |||
Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.64% | 8.98% | |||
Maturity Date | Mar. 25, 2028 | Mar. 25, 2028 | |||
Principal/ Number of Shares | 490,000 | 492,500 | |||
Cost | $ 486,663 | $ 488,806 | |||
Fair Value | $ 449,575 | $ 434,631 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DOMTAR CORPORATION [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Forest Products & Paper | Forest Products & Paper | |||
Asset Name | Term Loan 9/21 | Term Loan 9/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.93% | 10.10% | |||
Maturity Date | Nov. 30, 2028 | Nov. 30, 2028 | |||
Principal/ Number of Shares | 1,277,052 | 1,310,136 | |||
Cost | $ 1,242,613 | $ 1,272,492 | |||
Fair Value | $ 1,273,859 | $ 1,286,121 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DOTDASH MEREDITH, INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.42% | 8.67% | |||
Maturity Date | Nov. 30, 2028 | Nov. 30, 2028 | |||
Principal/ Number of Shares | 1,984,848 | 1,994,949 | |||
Cost | $ 1,806,146 | $ 1,803,027 | |||
Fair Value | $ 1,907,936 | $ 1,755,556 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DRI HOLDING INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | |||
Asset Name | Term Loan (12/21) | Term Loan (12/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 5.25% | 5.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.68% | 9.88% | |||
Maturity Date | Dec. 15, 2028 | Dec. 15, 2028 | |||
Principal/ Number of Shares | 3,952,475 | 3,972,487 | |||
Cost | $ 3,819,666 | $ 3,830,439 | |||
Fair Value | $ 3,596,752 | $ 3,552,913 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DRW Holdings, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (2/21) | Term Loan (2/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.20% | 8.38% | |||
Maturity Date | Mar. 01, 2028 | Mar. 01, 2028 | |||
Principal/ Number of Shares | 6,370,000 | 6,435,000 | |||
Cost | $ 6,336,058 | $ 6,396,896 | |||
Fair Value | $ 6,354,075 | $ 6,284,164 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DTZ U.S. Borrower, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.20% | 7.38% | |||
Maturity Date | Aug. 21, 2025 | Aug. 21, 2025 | |||
Principal/ Number of Shares | 198,929 | 1,612,878 | |||
Cost | $ 198,630 | $ 1,609,665 | |||
Fair Value | $ 198,432 | $ 1,602,798 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DTZ U.S. Borrower, LLC One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan (01/23) | Term Loan (01/23) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0% | |||
Current Rate (All In) | 8.68% | 7.97% | |||
Maturity Date | Jan. 31, 2030 | Jan. 31, 2030 | |||
Principal/ Number of Shares | 2,034,413 | 2,034,413 | |||
Cost | $ 2,031,254 | $ 2,031,025 | |||
Fair Value | $ 2,003,897 | $ 2,021,698 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DTZ U.S. Borrower, LLC Two [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | ||||
Asset Name | Term Loan (08/23) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 4% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 9.33% | ||||
Maturity Date | Jan. 31, 2030 | ||||
Principal/ Number of Shares | 1,100,000 | ||||
Cost | $ 1,072,515 | ||||
Fair Value | $ 1,094,500 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | EAB Global, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan (08/21) | Term Loan (08/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.95% | 8.13% | |||
Maturity Date | Aug. 16, 2028 | Aug. 16, 2028 | |||
Principal/ Number of Shares | 985,000 | 990,000 | |||
Cost | $ 981,442 | $ 985,965 | |||
Fair Value | $ 974,126 | $ 969,586 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Echo Global Logistics, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.93% | 8.13% | |||
Maturity Date | Nov. 23, 2028 | Nov. 23, 2028 | |||
Principal/ Number of Shares | 1,975,000 | 1,985,000 | |||
Cost | $ 1,971,801 | $ 1,981,077 | |||
Fair Value | $ 1,920,688 | $ 1,916,776 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Edelman Financial Group Inc., The [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.95% | 8.13% | |||
Maturity Date | Apr. 07, 2028 | Apr. 07, 2028 | |||
Principal/ Number of Shares | 2,177,437 | 2,188,547 | |||
Cost | $ 2,171,956 | $ 2,182,686 | |||
Fair Value | $ 2,148,478 | $ 2,129,281 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Electrical Components Inter., Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Capital Equipment | Capital Equipment | |||
Asset Name | Term Loan (6/18) | Term Loan (6/18) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.77% | 8.88% | |||
Maturity Date | Jun. 26, 2025 | Jun. 26, 2025 | |||
Principal/ Number of Shares | 1,878,413 | 1,888,404 | |||
Cost | $ 1,878,413 | $ 1,888,404 | |||
Fair Value | $ 1,806,808 | $ 1,719,638 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ELECTRON BIDCO INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.45% | 7.63% | |||
Maturity Date | Nov. 01, 2028 | Nov. 01, 2028 | |||
Principal/ Number of Shares | 493,750 | 496,250 | |||
Cost | $ 491,996 | $ 494,396 | |||
Fair Value | $ 492,210 | $ 491,208 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ELO Touch Solutions, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Diversified & Production | Media: Diversified & Production | |||
Asset Name | Term Loan (12/18) | Term Loan (12/18) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 6.50% | 6.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 11.95% | 11.13% | |||
Maturity Date | Dec. 14, 2025 | Dec. 14, 2025 | |||
Principal/ Number of Shares | 2,050,269 | 2,175,269 | |||
Cost | $ 2,007,259 | $ 2,121,627 | |||
Fair Value | $ 1,953,906 | $ 2,169,831 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Embecta Corp [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 6M USD SOFR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.34% | 7.79% | |||
Maturity Date | Mar. 30, 2029 | Mar. 30, 2029 | |||
Principal/ Number of Shares | 2,611,821 | 614,918 | |||
Cost | $ 2,593,724 | $ 611,634 | |||
Fair Value | $ 2,590,613 | $ 604,735 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Emerson Climate Technologies Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | ||||
Asset Name | Term Loan B (04/23) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 3% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 8.33% | ||||
Maturity Date | May 31, 2030 | ||||
Principal/ Number of Shares | 626,147 | ||||
Cost | $ 620,057 | ||||
Fair Value | $ 626,541 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Endo Luxembourg Finance Company I S.a.r.l. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan (3/21) | Term Loan (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | Prime | Prime | |||
Reference Spread | 6% | 6% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 14.50% | 13.75% | |||
Maturity Date | Mar. 27, 2028 | Mar. 27, 2028 | |||
Principal/ Number of Shares | 2,335,285 | 2,335,285 | |||
Cost | $ 2,329,664 | $ 2,328,380 | |||
Fair Value | $ 1,704,758 | $ 1,839,037 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Endure Digital, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD LIBOR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.79% | 8.07% | |||
Maturity Date | Feb. 10, 2028 | Feb. 10, 2028 | |||
Principal/ Number of Shares | 2,450,000 | 2,462,500 | |||
Cost | $ 2,442,065 | $ 2,453,593 | |||
Fair Value | $ 2,333,625 | $ 2,276,581 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Entain Holdings (Gibraltar) Limited [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Term Loan B (10/22) | Term Loan B (10/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.44% | 8.18% | |||
Maturity Date | Oct. 30, 2029 | Oct. 30, 2029 | |||
Principal/ Number of Shares | 1,495,000 | 1,000,000 | |||
Cost | $ 1,478,509 | $ 987,635 | |||
Fair Value | $ 1,496,869 | $ 999,060 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Envision Healthcare Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B (06/18) | Term Loan B (06/18) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.29% | 8.48% | |||
Maturity Date | Oct. 10, 2025 | Oct. 10, 2025 | |||
Principal/ Number of Shares | 4,766,742 | 4,784,383 | |||
Cost | $ 4,765,456 | $ 4,782,311 | |||
Fair Value | $ 35,751 | $ 1,202,076 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | EOS U.S. FINCO LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Cargo | Transportation: Cargo | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 6% | 6% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 11.27% | 10.60% | |||
Maturity Date | Oct. 06, 2029 | Aug. 03, 2029 | |||
Principal/ Number of Shares | 987,500 | 1,000,000 | |||
Cost | $ 915,869 | $ 923,495 | |||
Fair Value | $ 966,930 | $ 986,250 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Equiniti Group PLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 6M USD SOFR+ | |||
Reference Spread | 4.50% | 4.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.09% | 9.54% | |||
Maturity Date | Dec. 11, 2028 | Dec. 11, 2028 | |||
Principal/ Number of Shares | 985,000 | 990,000 | |||
Cost | $ 977,565 | $ 981,797 | |||
Fair Value | $ 986,231 | $ 990,624 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | EyeCare Partners, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.25% | 8.48% | |||
Maturity Date | Feb. 18, 2027 | Feb. 18, 2027 | |||
Principal/ Number of Shares | 1,938,142 | 1,948,081 | |||
Cost | $ 1,938,142 | $ 1,948,081 | |||
Fair Value | $ 1,524,213 | $ 1,621,174 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Finco I LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B (08/23) | Term Loan B (9/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.37% | 7.13% | |||
Maturity Date | Jun. 27, 2029 | Jun. 27, 2025 | |||
Principal/ Number of Shares | 2,830,950 | 2,830,950 | |||
Cost | $ 2,827,777 | $ 2,826,805 | |||
Fair Value | $ 2,829,761 | $ 2,830,950 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Brands Group, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | ||||
Asset Name | 1st Lien Term Loan (3/21) | ||||
Asset Type | Loan | ||||
Reference Rate | 6M USD SOFR+ | ||||
Reference Spread | 5% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 10.25% | ||||
Maturity Date | Mar. 30, 2027 | ||||
Principal/ Number of Shares | 4,912,500 | ||||
Cost | $ 4,854,265 | ||||
Fair Value | $ 4,754,367 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Eagle Investment Management [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Refinancing Term Loan | Refinancing Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.04% | 7.23% | |||
Maturity Date | Feb. 01, 2027 | Feb. 01, 2027 | |||
Principal/ Number of Shares | 5,118,899 | 5,146,145 | |||
Cost | $ 5,108,521 | $ 5,133,892 | |||
Fair Value | $ 5,012,272 | $ 5,055,007 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Student Bidco Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Consumer | Transportation: Consumer | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.50% | 7.73% | |||
Maturity Date | Jul. 21, 2028 | Jul. 21, 2028 | |||
Principal/ Number of Shares | 719,282 | 723,088 | |||
Cost | $ 715,455 | $ 718,928 | |||
Fair Value | $ 699,840 | $ 689,255 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Student Bidco Inc. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Consumer | Transportation: Consumer | |||
Asset Name | Term Loan C | Term Loan C | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.50% | 7.73% | |||
Maturity Date | Jul. 21, 2028 | Jul. 21, 2028 | |||
Principal/ Number of Shares | 269,608 | 269,608 | |||
Cost | $ 268,164 | $ 268,052 | |||
Fair Value | $ 262,320 | $ 256,993 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Fitness International, LLC (LA Fitness) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan B (4/18) | Term Loan B (4/18) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 8.77% | 8.08% | |||
Maturity Date | Apr. 18, 2025 | Apr. 18, 2025 | |||
Principal/ Number of Shares | 1,330,058 | 1,330,058 | |||
Cost | $ 1,327,569 | $ 1,326,810 | |||
Fair Value | $ 1,313,433 | $ 1,268,211 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Flutter Entertainment PLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 2.25% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 7.75% | ||||
Maturity Date | Jul. 21, 2026 | ||||
Principal/ Number of Shares | 1,965,000 | ||||
Cost | $ 1,962,657 | ||||
Fair Value | $ 1,963,330 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Flutter Financing B.V. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Third Amendment 2028-B Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.25% | 2.25% | |||
SOFR/LIBOR Floor | 0.50% | 0% | |||
Current Rate (All In) | 8.75% | 6.98% | |||
Maturity Date | Jul. 21, 2028 | Jul. 21, 2026 | |||
Principal/ Number of Shares | 744,375 | 1,975,000 | |||
Cost | $ 729,794 | $ 1,972,044 | |||
Fair Value | $ 744,330 | $ 1,971,643 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | FOCUS FINANCIAL PARTNERS, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.58% | 7.87% | |||
Maturity Date | Jun. 30, 2028 | Jun. 30, 2028 | |||
Principal/ Number of Shares | 1,479,843 | 1,487,298 | |||
Cost | $ 1,464,270 | $ 1,470,684 | |||
Fair Value | $ 1,474,797 | $ 1,477,765 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Franchise Group, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | First Out Term Loan | First Out Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.31% | 9.56% | |||
Maturity Date | Mar. 10, 2026 | Mar. 10, 2026 | |||
Principal/ Number of Shares | 799,104 | 799,104 | |||
Cost | $ 794,721 | $ 793,938 | |||
Fair Value | $ 715,198 | $ 760,148 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Franchise Group, Inc.One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.38% | 9.70% | |||
Maturity Date | Mar. 10, 2026 | Mar. 10, 2026 | |||
Principal/ Number of Shares | 2,992,500 | 3,000,000 | |||
Cost | $ 2,866,346 | $ 2,852,614 | |||
Fair Value | $ 2,663,325 | $ 2,857,500 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Franklin Square Holdings, L.P. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.68% | 6.94% | |||
Maturity Date | Aug. 01, 2025 | Aug. 01, 2025 | |||
Principal/ Number of Shares | 4,286,227 | 4,308,730 | |||
Cost | $ 4,275,078 | $ 4,296,025 | |||
Fair Value | $ 4,283,569 | $ 4,303,344 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Froneri International (R&R Ice Cream) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | |||
Asset Name | Term Loan B-2 | Term Loan B-2 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.68% | 6.88% | |||
Maturity Date | Jan. 29, 2027 | Jan. 29, 2027 | |||
Principal/ Number of Shares | 1,940,000 | 1,950,000 | |||
Cost | $ 1,938,138 | $ 1,948,124 | |||
Fair Value | $ 1,928,884 | $ 1,915,524 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Garrett LX III S.a r.l. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | Dollar Term Loan | Dollar Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.88% | 8.08% | |||
Maturity Date | Apr. 30, 2028 | Apr. 30, 2028 | |||
Principal/ Number of Shares | 1,473,750 | 1,481,250 | |||
Cost | $ 1,468,712 | $ 1,475,822 | |||
Fair Value | $ 1,436,287 | $ 1,460,261 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Gates Global LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | Term Loan (11/22) | Term Loan (11/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.83% | 8.12% | |||
Maturity Date | Nov. 15, 2029 | Nov. 15, 2029 | |||
Principal/ Number of Shares | 248,125 | 249,375 | |||
Cost | $ 241,277 | $ 242,119 | |||
Fair Value | $ 248,177 | $ 249,121 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Gemini HDPE LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan B (12/20) | Term Loan B (12/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.63% | 7.83% | |||
Maturity Date | Dec. 31, 2027 | Dec. 31, 2027 | |||
Principal/ Number of Shares | 2,237,147 | 2,289,884 | |||
Cost | $ 2,225,126 | $ 2,276,592 | |||
Fair Value | $ 2,233,791 | $ 2,281,297 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Genesee & Wyoming, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Cargo | Transportation: Cargo | |||
Asset Name | Term Loan (11/19) | Term Loan (11/19) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2% | 2% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.34% | 6.73% | |||
Maturity Date | Dec. 30, 2026 | Dec. 30, 2026 | |||
Principal/ Number of Shares | 1,451,250 | 1,458,750 | |||
Cost | $ 1,447,636 | $ 1,454,820 | |||
Fair Value | $ 1,450,989 | $ 1,453,892 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | GGP Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 2.96% | 2.96% | |||
Maturity Date | Aug. 27, 2025 | Aug. 27, 2025 | |||
Principal/ Number of Shares | 3,046,594 | 3,072,992 | |||
Cost | $ 2,779,212 | $ 2,734,560 | |||
Fair Value | $ 3,029,472 | $ 3,053,141 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Global Tel*Link Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Telecommunications | Telecommunications | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.77% | 9.08% | |||
Maturity Date | Nov. 29, 2025 | Nov. 29, 2025 | |||
Principal/ Number of Shares | 4,872,123 | 4,897,634 | |||
Cost | $ 4,751,788 | $ 4,753,219 | |||
Fair Value | $ 4,573,706 | $ 4,342,830 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Go Daddy Operating Company, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan 2/21 | Term Loan 2/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2% | 2% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.45% | 6.63% | |||
Maturity Date | Aug. 10, 2027 | Aug. 10, 2027 | |||
Principal/ Number of Shares | 952,319 | 1,959,799 | |||
Cost | $ 952,319 | $ 1,959,799 | |||
Fair Value | $ 951,843 | $ 1,950,255 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | GOLDEN WEST PACKAGING GROUP LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Forest Products & Paper | Forest Products & Paper | |||
Asset Name | Term Loan (11/21) | Term Loan (11/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 5.25% | 5.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.68% | 9.88% | |||
Maturity Date | Dec. 01, 2027 | Dec. 01, 2027 | |||
Principal/ Number of Shares | 1,915,517 | 1,962,500 | |||
Cost | $ 1,901,260 | $ 1,946,411 | |||
Fair Value | $ 1,819,741 | $ 1,903,625 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Graham Packaging Co Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan (2/21) | Term Loan (2/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.45% | 7.63% | |||
Maturity Date | Aug. 07, 2027 | Aug. 07, 2027 | |||
Principal/ Number of Shares | 948,542 | 962,517 | |||
Cost | $ 944,284 | $ 957,931 | |||
Fair Value | $ 945,820 | $ 956,501 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Great Outdoors Group, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan B2 | Term Loan B2 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.20% | 8.38% | |||
Maturity Date | Mar. 06, 2028 | Mar. 06, 2028 | |||
Principal/ Number of Shares | 975,131 | 980,094 | |||
Cost | $ 971,794 | $ 976,551 | |||
Fair Value | $ 971,172 | $ 964,471 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Griffon Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | Consumer goods: Durable | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 2.25% | 2.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.64% | 7.20% | |||
Maturity Date | Jan. 24, 2029 | Jan. 24, 2029 | |||
Principal/ Number of Shares | 153,125 | 154,375 | |||
Cost | $ 152,882 | $ 154,051 | |||
Fair Value | $ 152,598 | $ 152,959 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Grosvenor Capital Management Holdings, LLLP [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Amendment 5 Term Loan | Amendment 5 Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.95% | 7.13% | |||
Maturity Date | Feb. 24, 2028 | Feb. 24, 2028 | |||
Principal/ Number of Shares | 2,822,368 | 2,836,805 | |||
Cost | $ 2,820,777 | $ 2,834,453 | |||
Fair Value | $ 2,819,715 | $ 2,808,437 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Groupe Solmax Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Environmental Industries | Environmental Industries | |||
Asset Name | Term Loan (6/21) | Term Loan (6/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.25% | 9.48% | |||
Maturity Date | May 27, 2028 | May 27, 2028 | |||
Principal/ Number of Shares | 1,984,810 | 1,994,937 | |||
Cost | $ 1,641,690 | $ 1,625,873 | |||
Fair Value | $ 1,829,995 | $ 1,720,633 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | GYP HOLDINGS III CORP. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | ||||
Asset Name | 2023 Refinancing Term Loans | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 3% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 8.33% | ||||
Maturity Date | Apr. 25, 2030 | ||||
Principal/ Number of Shares | 250,000 | ||||
Cost | $ 248,767 | ||||
Fair Value | $ 250,470 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Harbor Freight Tools USA, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan B (06/21) | Term Loan B (06/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.20% | 7.38% | |||
Maturity Date | Oct. 19, 2027 | Oct. 19, 2027 | |||
Principal/ Number of Shares | 3,420,854 | 3,438,442 | |||
Cost | $ 3,404,776 | $ 3,420,645 | |||
Fair Value | $ 3,401,903 | $ 3,324,355 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Helix Gen Funding, LLc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Energy: Electricity | Energy: Electricity | |||
Asset Name | Term Loan | Term Loan B (02/17) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4.75% | 3.75% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 10.05% | 8.38% | |||
Maturity Date | Dec. 31, 2027 | Jun. 03, 2024 | |||
Principal/ Number of Shares | 1,000,000 | 209,702 | |||
Cost | $ 980,374 | $ 209,702 | |||
Fair Value | $ 998,750 | $ 208,332 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Hillman Group Inc. (The) (New) One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | [1] | Consumer goods: Durable | ||
Asset Name | Term Loan B-1 (2/21) | [1] | Delayed Draw Term Loan (2/21) | ||
Asset Type | Loan | [1] | Loan | ||
Reference Rate | 1M USD SOFR+ | [1] | 1M USD LIBOR+ | ||
Reference Spread | 2.75% | [1] | 2.75% | ||
SOFR/LIBOR Floor | 0.50% | [1] | 0.50% | ||
Current Rate (All In) | 8.20% | [1] | 7.38% | ||
Maturity Date | Jul. 14, 2028 | [1] | Jul. 14, 2028 | ||
Principal/ Number of Shares | 3,190,327 | [1] | 66,667 | ||
Cost | $ 3,186,207 | [1] | $ 66,667 | ||
Fair Value | $ 3,187,009 | [1] | $ 57,444 | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | HLF Financing SARL (Herbalife) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | |||
Asset Name | Term Loan B (08/18) | Term Loan B (08/18) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.95% | 7.13% | |||
Maturity Date | Aug. 18, 2025 | Aug. 18, 2025 | |||
Principal/ Number of Shares | 3,490,000 | 3,510,000 | |||
Cost | $ 3,485,290 | $ 3,504,423 | |||
Fair Value | $ 3,454,542 | $ 3,452,225 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Holley Purchaser, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | Term Loan (11/21) | Term Loan (11/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.18% | 8.48% | |||
Maturity Date | Nov. 17, 2028 | Nov. 17, 2028 | |||
Principal/ Number of Shares | 2,305,842 | 2,317,577 | |||
Cost | $ 2,298,587 | $ 2,309,047 | |||
Fair Value | $ 2,174,409 | $ 1,888,825 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Howden Group Holdings [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (1/21) | Term Loan (1/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.75% | 7.94% | |||
Maturity Date | Nov. 12, 2027 | Nov. 12, 2027 | |||
Principal/ Number of Shares | 2,141,210 | 2,152,191 | |||
Cost | $ 2,134,001 | $ 2,144,311 | |||
Fair Value | $ 2,125,965 | $ 2,117,218 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Hudson River Trading LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (3/21) | Term Loan (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.63% | 7.73% | |||
Maturity Date | Mar. 17, 2028 | Mar. 17, 2028 | |||
Principal/ Number of Shares | 5,865,000 | 5,895,000 | |||
Cost | $ 5,825,024 | $ 5,850,826 | |||
Fair Value | $ 5,777,025 | $ 5,619,173 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Hunter Douglas Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | ||||
Asset Name | Term Loan B-1 | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 3.50% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 8.89% | ||||
Maturity Date | Feb. 26, 2029 | ||||
Principal/ Number of Shares | 1,984,962 | ||||
Cost | $ 1,733,435 | ||||
Fair Value | $ 1,926,664 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Idera, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan (02/21) | Term Loan (02/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.27% | 8.51% | |||
Maturity Date | Mar. 02, 2028 | Mar. 02, 2028 | |||
Principal/ Number of Shares | 4,786,627 | 4,811,111 | |||
Cost | $ 4,779,779 | $ 4,802,585 | |||
Fair Value | $ 4,727,991 | $ 4,635,698 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IMA Financial Group, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (10/21) | Term Loan (10/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.95% | 8.13% | |||
Maturity Date | Nov. 01, 2028 | Nov. 01, 2028 | |||
Principal/ Number of Shares | 1,970,000 | 1,980,000 | |||
Cost | $ 1,962,846 | $ 1,972,160 | |||
Fair Value | $ 1,939,229 | $ 1,947,825 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IMA Financial Group, Inc.One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | ||||
Asset Name | Term Loan 5/23 | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 4.25% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 9.67% | ||||
Maturity Date | Oct. 31, 2028 | ||||
Principal/ Number of Shares | 500,000 | ||||
Cost | $ 487,852 | ||||
Fair Value | $ 498,125 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INDY US BIDCO, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan (11/21) | Term Loan (11/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.08% | 8.38% | |||
Maturity Date | Mar. 06, 2028 | Mar. 06, 2028 | |||
Principal/ Number of Shares | 2,204,484 | 2,215,703 | |||
Cost | $ 2,203,734 | $ 2,215,226 | |||
Fair Value | $ 2,105,283 | $ 1,888,200 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INEOS 226 Ltd. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | ||||
Asset Name | Term Loan 3/23 | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 3.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 9.18% | ||||
Maturity Date | Mar. 13, 2030 | ||||
Principal/ Number of Shares | 500,000 | ||||
Cost | $ 495,106 | ||||
Fair Value | $ 496,875 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ineos US Finance LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan C | Term Loan C | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.93% | 8.42% | |||
Maturity Date | Feb. 09, 2030 | Feb. 09, 2030 | |||
Principal/ Number of Shares | 1,000,000 | 1,000,000 | |||
Cost | $ 990,251 | $ 990,000 | |||
Fair Value | $ 992,250 | $ 991,560 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INEOS US PETROCHEM LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan (1/21) | Term Loan (1/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.20% | 7.38% | |||
Maturity Date | Jan. 29, 2026 | Jan. 29, 2026 | |||
Principal/ Number of Shares | 1,969,899 | 1,979,950 | |||
Cost | $ 1,927,342 | $ 1,929,143 | |||
Fair Value | $ 1,955,125 | $ 1,967,080 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Informatica Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B (10/21) | Term Loan B (10/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.20% | 7.44% | |||
Maturity Date | Oct. 27, 2028 | Oct. 27, 2028 | |||
Principal/ Number of Shares | 493,750 | 496,250 | |||
Cost | $ 493,463 | $ 495,896 | |||
Fair Value | $ 492,210 | $ 494,761 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ingram Micro Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Wholesale | Wholesale | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.04% | 8.23% | |||
Maturity Date | Jun. 30, 2028 | Jun. 30, 2028 | |||
Principal/ Number of Shares | 1,095,000 | 1,477,500 | |||
Cost | $ 1,086,920 | $ 1,465,872 | |||
Fair Value | $ 1,092,602 | $ 1,468,266 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Inmar, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | ||||
Asset Name | Term Loan (06/23) | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 5.50% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 10.71% | ||||
Maturity Date | May 01, 2026 | ||||
Principal/ Number of Shares | 3,350,000 | ||||
Cost | $ 3,238,692 | ||||
Fair Value | $ 3,253,688 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Innophos, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.70% | 7.88% | |||
Maturity Date | Feb. 04, 2027 | Feb. 04, 2027 | |||
Principal/ Number of Shares | 483,750 | 486,250 | |||
Cost | $ 482,592 | $ 484,966 | |||
Fair Value | $ 482,391 | $ 483,007 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INSTANT BRANDS HOLDINGS INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | Consumer goods: Durable | |||
Asset Name | Term Loan 4/21 | Term Loan 4/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.63% | 9.95% | |||
Maturity Date | Apr. 07, 2028 | Apr. 07, 2028 | |||
Principal/ Number of Shares | 3,942,576 | 4,027,667 | |||
Cost | $ 3,927,628 | $ 4,010,741 | |||
Fair Value | $ 768,802 | $ 2,154,802 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INSTANT BRANDS HOLDINGS INC.Two [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | ||||
Asset Name | DIP Term Loan (08/23) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 3% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 8.45% | ||||
Maturity Date | Dec. 12, 2023 | ||||
Principal/ Number of Shares | 318,840 | ||||
Cost | $ 305,445 | ||||
Fair Value | $ 303,657 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IRB Holding Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | |||
Asset Name | Term Loan B (1/22) | Term Loan B3 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.43% | 7.57% | |||
Maturity Date | Dec. 15, 2027 | Dec. 14, 2027 | |||
Principal/ Number of Shares | 497,481 | 500,000 | |||
Cost | $ 492,915 | $ 495,150 | |||
Fair Value | $ 494,421 | $ 493,125 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Isagenix International, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.50% | 7.75% | |||
SOFR/LIBOR Floor | 0% | 1% | |||
Current Rate (All In) | 2.50% | 11.35% | |||
Maturity Date | Apr. 13, 2028 | Jun. 14, 2025 | |||
Principal/ Number of Shares | 1,206,711 | 2,330,036 | |||
Cost | $ 758,822 | $ 2,311,947 | |||
Fair Value | $ 1,043,805 | $ 814,068 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Jane Street Group [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (1/21) | Term Loan (1/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.20% | 7.38% | |||
Maturity Date | Jan. 31, 2028 | Jan. 31, 2028 | |||
Principal/ Number of Shares | 3,900,000 | 3,920,000 | |||
Cost | $ 3,898,170 | $ 3,917,671 | |||
Fair Value | $ 3,890,250 | $ 3,897,970 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Journey Personal Care Corp. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.98% | 8.98% | |||
Maturity Date | Mar. 01, 2028 | Mar. 01, 2028 | |||
Principal/ Number of Shares | 980,000 | 985,000 | |||
Cost | $ 976,744 | $ 981,310 | |||
Fair Value | $ 903,070 | $ 731,569 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | JP Intermediate B, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 11.13% | 10.33% | |||
Maturity Date | Nov. 15, 2025 | Nov. 15, 2025 | |||
Principal/ Number of Shares | 3,456,884 | 3,884,160 | |||
Cost | $ 3,442,190 | $ 3,863,896 | |||
Fair Value | $ 1,199,539 | $ 2,469,199 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Kleopatra Finco S.a r.l. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | ||||
Asset Name | Term Loan (1/21) (USD) | ||||
Asset Type | Loan | ||||
Reference Rate | 6M USD SOFR+ | ||||
Reference Spread | 4.73% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 10.48% | ||||
Maturity Date | Feb. 12, 2026 | ||||
Principal/ Number of Shares | 1,466,250 | ||||
Cost | $ 1,463,521 | ||||
Fair Value | $ 1,370,035 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Kodiak BP, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.75% | 7.98% | |||
Maturity Date | Mar. 13, 2028 | Mar. 13, 2028 | |||
Principal/ Number of Shares | 488,700 | 491,242 | |||
Cost | $ 487,657 | $ 490,111 | |||
Fair Value | $ 486,868 | $ 472,083 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Koppers Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 4% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 9.42% | ||||
Maturity Date | Apr. 09, 2030 | ||||
Principal/ Number of Shares | 997,500 | ||||
Cost | $ 968,332 | ||||
Fair Value | $ 999,994 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | KREF Holdings X LLC Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (11/21) | Term Loan (11/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.93% | 8.13% | |||
Maturity Date | Sep. 01, 2027 | Sep. 01, 2027 | |||
Principal/ Number of Shares | 488,806 | 491,288 | |||
Cost | $ 481,130 | $ 482,835 | |||
Fair Value | $ 477,808 | $ 482,690 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Lakeland Tours, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Holdco Fixed Term Loan | Holdco Fixed Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | Fixed | Fixed | |||
Reference Spread | 0% | 0% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 13.25% | 13.25% | |||
Maturity Date | Sep. 27, 2027 | Sep. 27, 2027 | |||
Principal/ Number of Shares | 1,056,778 | 990,775 | |||
Cost | $ 470,434 | $ 383,373 | |||
Fair Value | $ 808,436 | $ 644,004 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Lealand Finance Company B.V. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Energy: Oil & Gas | Energy: Oil & Gas | |||
Asset Name | Exit Term Loan | Exit Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 1% | 1% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 6.45% | 5.63% | |||
Maturity Date | Jun. 30, 2025 | Jun. 30, 2025 | |||
Principal/ Number of Shares | 350,403 | 345,078 | |||
Cost | $ 350,403 | $ 345,078 | |||
Fair Value | $ 178,705 | $ 221,426 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LHS BORROWER, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan (02/22) | Term Loan (02/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.18% | 9.47% | |||
Maturity Date | Feb. 16, 2029 | Feb. 16, 2029 | |||
Principal/ Number of Shares | 2,488,574 | 997,487 | |||
Cost | $ 2,070,979 | $ 815,989 | |||
Fair Value | $ 2,196,166 | $ 817,940 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Lifetime Brands, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 8.95% | 8.23% | |||
Maturity Date | Feb. 28, 2025 | Feb. 28, 2025 | |||
Principal/ Number of Shares | 2,616,496 | 2,616,496 | |||
Cost | $ 2,604,897 | $ 2,602,628 | |||
Fair Value | $ 2,477,507 | $ 2,295,975 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Liquid Tech Solutions Holdings, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD LIBOR+ | 6M USD LIBOR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0.75% | 0% | |||
Current Rate (All In) | 9.96% | 8.92% | |||
Maturity Date | Mar. 17, 2028 | Mar. 17, 2028 | |||
Principal/ Number of Shares | 980,000 | 985,000 | |||
Cost | $ 977,485 | $ 982,312 | |||
Fair Value | $ 962,850 | $ 940,675 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LogMeIn, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan (8/20) | Term Loan (8/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 10.27% | 9.38% | |||
Maturity Date | Aug. 31, 2027 | Aug. 31, 2027 | |||
Principal/ Number of Shares | 3,900,000 | 3,920,000 | |||
Cost | $ 3,852,878 | $ 3,868,809 | |||
Fair Value | $ 2,499,666 | $ 2,137,145 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LOYALTY VENTURES INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | [2] | Services: Business | ||
Asset Name | Term Loan B | [2] | Term Loan B | ||
Asset Type | Loan | [2] | Loan | ||
Reference Rate | Prime | [2] | Prime | ||
Reference Spread | 5.50% | [2] | 3.50% | ||
SOFR/LIBOR Floor | 0.50% | [2] | 0.50% | ||
Current Rate (All In) | 14% | [2] | 11.25% | ||
Maturity Date | Nov. 03, 2027 | [2] | Nov. 03, 2027 | ||
Principal/ Number of Shares | 2,913,525 | [2] | 3,089,630 | ||
Cost | $ 2,900,617 | [2] | $ 3,074,278 | ||
Fair Value | $ 29,135 | [2] | $ 926,889 | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LPL Holdings, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B1 | Term Loan B1 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 1.75% | 1.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.17% | 6.32% | |||
Maturity Date | Nov. 11, 2026 | Nov. 11, 2026 | |||
Principal/ Number of Shares | 1,201,630 | 1,207,856 | |||
Cost | $ 1,200,516 | $ 1,206,501 | |||
Fair Value | $ 1,201,630 | $ 1,203,701 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF11 A5 HOLDCO LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan | Term Loan (01/23) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.95% | 8.97% | |||
Maturity Date | Oct. 16, 2028 | Oct. 14, 2028 | |||
Principal/ Number of Shares | 246,875 | 500,000 | |||
Cost | $ 246,024 | $ 486,534 | |||
Fair Value | $ 244,767 | $ 489,165 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF11 A5 HOLDCO LLC One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan (01/23) | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.25% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.68% | 8.23% | |||
Maturity Date | Oct. 14, 2028 | Oct. 16, 2028 | |||
Principal/ Number of Shares | 500,000 | 248,125 | |||
Cost | $ 487,372 | $ 247,170 | |||
Fair Value | $ 499,530 | $ 241,508 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF11 TRINITY BIDCO INC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 4.50% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 9.81% | ||||
Maturity Date | Jun. 14, 2030 | ||||
Principal/ Number of Shares | 1,000,000 | ||||
Cost | $ 985,292 | ||||
Fair Value | $ 1,000,000 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF9 Atlantis Holdings, LLC (A Wireless) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 7.25% | 7.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 12.49% | 11.83% | |||
Maturity Date | Mar. 29, 2029 | Mar. 29, 2029 | |||
Principal/ Number of Shares | 2,812,500 | 2,962,500 | |||
Cost | $ 2,732,052 | $ 2,872,908 | |||
Fair Value | $ 2,728,125 | $ 2,888,438 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MAGNITE, INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.93% | 9.63% | |||
Maturity Date | Apr. 28, 2028 | Apr. 28, 2028 | |||
Principal/ Number of Shares | 2,949,899 | 2,964,950 | |||
Cost | $ 2,890,185 | $ 2,901,156 | |||
Fair Value | $ 2,942,524 | $ 2,826,575 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Marriott Ownership Resorts, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Term Loan (11/19) | Term Loan (11/19) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 1.75% | 1.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.17% | 6.38% | |||
Maturity Date | Aug. 29, 2025 | Aug. 29, 2025 | |||
Principal/ Number of Shares | 1,317,074 | 1,317,074 | |||
Cost | $ 1,317,074 | $ 1,317,074 | |||
Fair Value | $ 1,312,135 | $ 1,308,842 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Match Group, Inc, The [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan (1/20) | Term Loan (1/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 1.75% | 1.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.26% | 6.49% | |||
Maturity Date | Feb. 15, 2027 | Feb. 15, 2027 | |||
Principal/ Number of Shares | 250,000 | 250,000 | |||
Cost | $ 249,714 | $ 249,658 | |||
Fair Value | $ 249,375 | $ 247,500 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Mayfield Agency Borrower Inc. (FeeCo) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B (02/23) | Term Loan B (02/23) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 10.43% | 8.81% | |||
Maturity Date | Feb. 27, 2028 | Feb. 27, 2028 | |||
Principal/ Number of Shares | 3,450,000 | 3,450,000 | |||
Cost | $ 3,355,217 | $ 3,346,500 | |||
Fair Value | $ 3,442,617 | $ 3,363,750 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | McGraw-Hill Education, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | |||
Asset Name | Term Loan (07/21) | Term Loan (07/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.20% | 9.70% | |||
Maturity Date | Jul. 28, 2028 | Jul. 28, 2028 | |||
Principal/ Number of Shares | 1,965,000 | 1,975,000 | |||
Cost | $ 1,949,302 | $ 1,957,770 | |||
Fair Value | $ 1,924,069 | $ 1,894,025 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MedAssets Software Inter Hldg, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan (11/21) (USD) | Term Loan (11/21) (USD) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.45% | 8.63% | |||
Maturity Date | Dec. 18, 2028 | Dec. 18, 2028 | |||
Principal/ Number of Shares | 493,750 | 496,250 | |||
Cost | $ 491,120 | $ 493,413 | |||
Fair Value | $ 417,713 | $ 462,753 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Mermaid Bidco Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B2 | Term Loan B2 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.78% | 8.30% | |||
Maturity Date | Dec. 22, 2027 | Dec. 22, 2027 | |||
Principal/ Number of Shares | 1,976,319 | 983,769 | |||
Cost | $ 1,954,909 | $ 981,224 | |||
Fair Value | $ 1,976,319 | $ 964,093 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Messer Industries GmbH [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 2.50% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 8% | ||||
Maturity Date | Mar. 01, 2026 | ||||
Principal/ Number of Shares | 2,870,099 | ||||
Cost | $ 2,861,655 | ||||
Fair Value | $ 2,868,118 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Michaels Companies Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan B (Magic Mergeco) | Term Loan B (Magic Mergeco) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.75% | 8.98% | |||
Maturity Date | Apr. 08, 2028 | Apr. 08, 2028 | |||
Principal/ Number of Shares | 2,454,925 | 2,467,450 | |||
Cost | $ 2,440,915 | $ 2,452,022 | |||
Fair Value | $ 2,271,640 | $ 2,254,632 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Momentive Performance Materials Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | ||||
Asset Name | Term Loan (03/23) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 4.50% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 9.83% | ||||
Maturity Date | Mar. 28, 2028 | ||||
Principal/ Number of Shares | 498,750 | ||||
Cost | $ 479,916 | ||||
Fair Value | $ 493,349 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Moneygram International, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 5.50% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 10.78% | ||||
Maturity Date | May 31, 2030 | ||||
Principal/ Number of Shares | 2,500,000 | ||||
Cost | $ 2,119,884 | ||||
Fair Value | $ 2,297,500 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Mosel Bidco SE [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 4.75% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 9.97% | ||||
Maturity Date | Aug. 01, 2030 | ||||
Principal/ Number of Shares | 500,000 | ||||
Cost | $ 495,000 | ||||
Fair Value | $ 498,750 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MPH Acquisition Holdings LLC (Multiplan) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B (08/21) | Term Loan B (08/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.92% | 9.20% | |||
Maturity Date | Sep. 01, 2028 | Sep. 01, 2028 | |||
Principal/ Number of Shares | 2,977,273 | 2,992,424 | |||
Cost | $ 2,730,578 | $ 2,725,679 | |||
Fair Value | $ 2,793,069 | $ 2,509,148 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | NAB Holdings, LLC (North American Bancard) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (11/21) | Term Loan (11/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.39% | 7.73% | |||
Maturity Date | Nov. 23, 2028 | Nov. 23, 2028 | |||
Principal/ Number of Shares | 2,955,000 | 2,970,000 | |||
Cost | $ 2,949,824 | $ 2,963,897 | |||
Fair Value | $ 2,948,529 | $ 2,927,678 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Napa Management Services Corp [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan B (02/22) | Term Loan B (02/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 5.25% | 5.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.68% | 9.95% | |||
Maturity Date | Feb. 22, 2029 | Feb. 22, 2029 | |||
Principal/ Number of Shares | 2,984,887 | 3,000,000 | |||
Cost | $ 2,426,417 | $ 2,407,500 | |||
Fair Value | $ 2,216,278 | $ 2,285,640 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Natgasoline LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.95% | 8.19% | |||
Maturity Date | Nov. 14, 2025 | ||||
Principal/ Number of Shares | 3,323,547 | 3,436,481 | |||
Cost | $ 3,309,483 | $ 3,419,311 | |||
Fair Value | $ 3,306,929 | $ 3,395,690 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | National Mentor Holdings, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan 2/21 | Term Loan 2/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.18% | 8.47% | |||
Maturity Date | Mar. 02, 2028 | ||||
Principal/ Number of Shares | 2,722,119 | 2,736,043 | |||
Cost | $ 2,714,693 | $ 2,727,702 | |||
Fair Value | $ 2,376,764 | $ 2,108,477 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | National Mentor Holdings, Inc. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan C 2/21 | Term Loan C 2/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.09% | 8.48% | |||
Maturity Date | Mar. 02, 2028 | ||||
Principal/ Number of Shares | 87,464 | 87,464 | |||
Cost | $ 87,179 | $ 87,137 | |||
Fair Value | $ 76,367 | $ 67,402 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Nexstar Broadcasting, Inc. (Mission Broadcasting) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.95% | 7.13% | |||
Maturity Date | Sep. 18, 2026 | ||||
Principal/ Number of Shares | 657,625 | 657,625 | |||
Cost | $ 653,314 | $ 652,850 | |||
Fair Value | $ 658,507 | $ 655,745 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Next Level Apparel, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 7.50% | 5.50% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 12.91% | 10.33% | |||
Maturity Date | Aug. 09, 2024 | ||||
Principal/ Number of Shares | 2,649,459 | 1,675,340 | |||
Cost | $ 2,594,257 | $ 1,670,519 | |||
Fair Value | $ 2,291,782 | $ 1,373,779 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | NortonLifeLock Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 2% | 2% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.43% | 6.72% | |||
Maturity Date | Sep. 12, 2029 | ||||
Principal/ Number of Shares | 1,329,898 | 1,398,374 | |||
Cost | $ 1,324,584 | $ 1,392,077 | |||
Fair Value | $ 1,327,239 | $ 1,382,391 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Novae LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.34% | 9.82% | |||
Maturity Date | Dec. 22, 2028 | ||||
Principal/ Number of Shares | 1,975,000 | 1,985,000 | |||
Cost | $ 1,963,031 | $ 1,972,048 | |||
Fair Value | $ 1,777,500 | $ 1,692,213 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Nuvei Technologies Corp. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | US Term Loan | US Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.95% | 7.13% | |||
Maturity Date | Sep. 29, 2025 | ||||
Principal/ Number of Shares | 2,205,000 | 2,216,250 | |||
Cost | $ 2,202,972 | $ 2,213,211 | |||
Fair Value | $ 2,197,657 | $ 2,210,709 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Olaplex, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Non-durable | Consumer goods: Non-durable | |||
Asset Name | Term Loan (2/22) | Term Loan (2/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.93% | 8.20% | |||
Maturity Date | Feb. 23, 2029 | ||||
Principal/ Number of Shares | 2,479,943 | 2,492,500 | |||
Cost | $ 2,381,937 | $ 2,386,817 | |||
Fair Value | $ 2,056,295 | $ 2,224,556 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | On Assignment, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | ||||
Asset Name | Term Loan 8/23 | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 2.25% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 7.57% | ||||
Principal/ Number of Shares | 600,000 | ||||
Cost | $ 598,500 | ||||
Fair Value | $ 601,128 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Open Text Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B (08/23) | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 2.75% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.18% | 8.22% | |||
Maturity Date | Aug. 24, 2029 | ||||
Principal/ Number of Shares | 1,492,500 | 1,500,000 | |||
Cost | $ 1,449,521 | $ 1,455,000 | |||
Fair Value | $ 1,493,336 | $ 1,496,955 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Organon & Co. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan USD | Term Loan USD | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.43% | 7.75% | |||
Maturity Date | Jun. 02, 2028 | ||||
Principal/ Number of Shares | 2,118,750 | 2,327,083 | |||
Cost | $ 2,111,544 | $ 2,318,310 | |||
Fair Value | $ 2,120,742 | $ 2,297,995 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Oxbow Carbon, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Metals & Mining | ||||
Asset Name | Term Loan B (04/23) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 4% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 9.43% | ||||
Principal/ Number of Shares | 500,000 | ||||
Cost | $ 490,234 | ||||
Fair Value | $ 498,960 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pacific Gas & Electric [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Utilities: Electric | Utilities: Electric | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.45% | 7.69% | |||
Maturity Date | Jun. 18, 2025 | ||||
Principal/ Number of Shares | 1,457,431 | 1,464,944 | |||
Cost | $ 1,454,363 | $ 1,460,891 | |||
Fair Value | $ 1,454,604 | $ 1,457,619 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PACTIV EVERGREEN GROUP HOLDINGS INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.70% | 7.88% | |||
Maturity Date | Sep. 20, 2028 | ||||
Principal/ Number of Shares | 982,500 | 987,500 | |||
Cost | $ 978,989 | $ 983,571 | |||
Fair Value | $ 981,842 | $ 981,950 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Padagis LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.28% | 9.54% | |||
Maturity Date | Jul. 06, 2028 | ||||
Principal/ Number of Shares | 941,176 | 941,176 | |||
Cost | $ 934,171 | $ 933,570 | |||
Fair Value | $ 913,722 | $ 864,122 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Panther Guarantor II, L.P. (Forcepoint) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan 1/21 | Term Loan 1/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.68% | 9.08% | |||
Maturity Date | Jan. 07, 2028 | ||||
Principal/ Number of Shares | 490,000 | 492,500 | |||
Cost | $ 487,643 | $ 489,882 | |||
Fair Value | $ 490,000 | $ 461,719 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PAR PETROLEUM LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Energy: Oil & Gas | Energy: Oil & Gas | |||
Asset Name | Term Loan 2/23 | Term Loan 2/23 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.77% | 8.92% | |||
Maturity Date | Feb. 13, 2030 | ||||
Principal/ Number of Shares | 2,496,250 | 1,500,000 | |||
Cost | $ 2,470,764 | $ 1,477,500 | |||
Fair Value | $ 2,478,577 | $ 1,479,375 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PATAGONIA HOLDCO LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Telecommunications | Telecommunications | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 5.75% | 5.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 11.12% | 10.47% | |||
Maturity Date | Aug. 01, 2029 | ||||
Principal/ Number of Shares | 1,985,000 | 1,995,000 | |||
Cost | $ 1,662,955 | $ 1,653,635 | |||
Fair Value | $ 1,701,145 | $ 1,700,738 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pathway Partners Vet Management Company LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.20% | 8.38% | |||
Maturity Date | Mar. 30, 2027 | ||||
Principal/ Number of Shares | 484,026 | 486,509 | |||
Cost | $ 477,473 | $ 479,333 | |||
Fair Value | $ 446,514 | $ 424,630 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PCI Gaming Authority [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.95% | 7.13% | |||
Maturity Date | May 29, 2026 | ||||
Principal/ Number of Shares | 809,038 | 809,038 | |||
Cost | $ 807,268 | $ 806,994 | |||
Fair Value | $ 808,893 | $ 807,396 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PEARLS (Netherlands) Bidco B.V. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | USD Term Loan (02/22) | USD Term Loan (02/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.12% | 8.43% | |||
Maturity Date | Feb. 28, 2029 | ||||
Principal/ Number of Shares | 987,500 | 992,500 | |||
Cost | $ 985,902 | $ 990,539 | |||
Fair Value | $ 985,031 | $ 975,131 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Delayed Draw Term Loan (12/21) | Delayed Draw Term Loan (12/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.70% | 7.88% | |||
Maturity Date | Dec. 29, 2028 | ||||
Principal/ Number of Shares | 166,190 | 147,287 | |||
Cost | $ 166,190 | $ 147,287 | |||
Fair Value | $ 161,148 | $ 144,174 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan (12/22) | Term Loan (12/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.70% | 7.88% | |||
Maturity Date | Dec. 29, 2028 | ||||
Principal/ Number of Shares | 1,286,349 | 1,292,862 | |||
Cost | $ 1,281,421 | $ 1,287,663 | |||
Fair Value | $ 1,253,225 | $ 1,272,396 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Penn National Gaming, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.18% | 7.47% | |||
Maturity Date | May 03, 2029 | May 03, 2029 | |||
Principal/ Number of Shares | 990,000 | 995,000 | |||
Cost | $ 985,895 | $ 990,530 | |||
Fair Value | $ 989,792 | $ 990,851 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Peraton Corp. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | Aerospace & Defense | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.18% | 8.38% | |||
Maturity Date | Feb. 01, 2028 | Feb. 01, 2028 | |||
Principal/ Number of Shares | 5,279,071 | 5,306,577 | |||
Cost | $ 5,264,839 | $ 5,291,284 | |||
Fair Value | $ 5,222,163 | $ 5,249,372 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PHYSICIAN PARTNERS, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.39% | 8.72% | |||
Maturity Date | Dec. 23, 2028 | Dec. 23, 2028 | |||
Principal/ Number of Shares | 2,473,737 | 1,985,000 | |||
Cost | $ 2,433,386 | $ 1,967,896 | |||
Fair Value | $ 2,302,332 | $ 1,900,638 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pike Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan (8/22) | Term Loan (8/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.83% | 8.12% | |||
Maturity Date | Jan. 21, 2028 | Jan. 21, 2028 | |||
Principal/ Number of Shares | 496,250 | 498,750 | |||
Cost | $ 485,785 | $ 487,274 | |||
Fair Value | $ 496,870 | $ 497,294 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pitney Bowes Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.45% | 8.73% | |||
Maturity Date | Mar. 17, 2028 | Mar. 17, 2028 | |||
Principal/ Number of Shares | 3,919,874 | 3,939,924 | |||
Cost | $ 3,896,285 | $ 3,914,651 | |||
Fair Value | $ 3,665,082 | $ 3,789,734 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Plastipak Holdings Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan B (11/21) | Term Loan B (11/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.93% | 7.13% | |||
Maturity Date | Dec. 01, 2028 | Dec. 01, 2028 | |||
Principal/ Number of Shares | 1,911,176 | 1,921,176 | |||
Cost | $ 1,904,055 | $ 1,913,386 | |||
Fair Value | $ 1,910,584 | $ 1,911,974 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Playtika Holding Corp. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.20% | 7.38% | |||
Maturity Date | Mar. 13, 2028 | Mar. 13, 2028 | |||
Principal/ Number of Shares | 4,398,750 | 4,421,250 | |||
Cost | $ 4,392,164 | $ 4,414,119 | |||
Fair Value | $ 4,392,020 | $ 4,370,804 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PMHC II, INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan (02/22) | Term Loan (02/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.70% | 9.08% | |||
Maturity Date | Apr. 21, 2029 | Apr. 21, 2029 | |||
Principal/ Number of Shares | 1,985,000 | 1,995,000 | |||
Cost | $ 1,976,982 | $ 1,986,056 | |||
Fair Value | $ 1,849,881 | $ 1,710,912 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PointClickCare Technologies, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.76% | 7.75% | |||
Maturity Date | Dec. 29, 2027 | Dec. 29, 2027 | |||
Principal/ Number of Shares | 488,750 | 491,250 | |||
Cost | $ 487,205 | $ 489,531 | |||
Fair Value | $ 488,750 | $ 487,566 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Polymer Process Holdings, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4.75% | 4.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.20% | 9.38% | |||
Maturity Date | Feb. 12, 2028 | Feb. 12, 2028 | |||
Principal/ Number of Shares | 5,376,250 | 5,403,750 | |||
Cost | $ 5,336,115 | $ 5,359,857 | |||
Fair Value | $ 4,848,732 | $ 5,025,488 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pre-Paid Legal Services, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan (12/21) | Term Loan (12/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.20% | 8.38% | |||
Maturity Date | Dec. 15, 2028 | Dec. 15, 2028 | |||
Principal/ Number of Shares | 2,962,500 | 2,977,500 | |||
Cost | $ 2,942,447 | $ 2,956,393 | |||
Fair Value | $ 2,909,738 | $ 2,929,116 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Presidio, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B (1/20) | Term Loan B (1/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.93% | 8.28% | |||
Maturity Date | Jan. 22, 2027 | Jan. 22, 2027 | |||
Principal/ Number of Shares | 485,000 | 487,500 | |||
Cost | $ 484,590 | $ 486,909 | |||
Fair Value | $ 484,394 | $ 485,267 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Prime Security Services Borrower, LLC (ADT) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan (1/21) | Term Loan (1/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.18% | 7.52% | |||
Maturity Date | Sep. 23, 2026 | Sep. 23, 2026 | |||
Principal/ Number of Shares | 3,502,552 | 3,520,468 | |||
Cost | $ 3,502,552 | $ 3,520,468 | |||
Fair Value | $ 3,501,817 | $ 3,511,667 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PRIORITY HOLDINGS, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 5.75% | 5.75% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 11.43% | 10.70% | |||
Maturity Date | Apr. 27, 2027 | Apr. 27, 2027 | |||
Principal/ Number of Shares | 2,937,943 | 2,955,000 | |||
Cost | $ 2,917,877 | $ 2,932,371 | |||
Fair Value | $ 2,934,270 | $ 2,936,531 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PriSo Acquisition Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan (01/21) | Term Loan (01/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.52% | 8% | |||
Maturity Date | Dec. 28, 2027 | Dec. 28, 2027 | |||
Principal/ Number of Shares | 488,744 | 491,245 | |||
Cost | $ 487,070 | $ 489,458 | |||
Fair Value | $ 470,083 | $ 450,310 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Project Leopard Holdings, Inc. (NEW) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B (06/22) | Term Loan B (06/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 6M USD SOFR+ | |||
Reference Spread | 5.25% | 5.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.72% | 9.80% | |||
Maturity Date | Jul. 20, 2029 | Jul. 20, 2029 | |||
Principal/ Number of Shares | 995,000 | 1,000,000 | |||
Cost | $ 932,950 | $ 933,902 | |||
Fair Value | $ 914,156 | $ 924,690 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Prometric Inc. (Sarbacane Bidco) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 8.68% | 7.64% | |||
Maturity Date | Jan. 29, 2025 | Jan. 29, 2025 | |||
Principal/ Number of Shares | 473,963 | 476,438 | |||
Cost | $ 473,597 | $ 475,777 | |||
Fair Value | $ 454,412 | $ 444,278 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PUG LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan B (02/20) | Term Loan B (02/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.95% | 8.13% | |||
Maturity Date | Feb. 12, 2027 | Feb. 12, 2027 | |||
Principal/ Number of Shares | 477,651 | 480,126 | |||
Cost | $ 476,446 | $ 478,777 | |||
Fair Value | $ 452,574 | $ 378,099 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Quartz AcquireCo, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 3.50% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 8.82% | ||||
Maturity Date | Jun. 28, 2030 | ||||
Principal/ Number of Shares | 1,000,000 | ||||
Cost | $ 990,143 | ||||
Fair Value | $ 998,750 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | QUEST BORROWER LIMITED [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan (1/22) | Term Loan (1/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.77% | 9.08% | |||
Maturity Date | Feb. 01, 2029 | Feb. 01, 2029 | |||
Principal/ Number of Shares | 1,980,000 | 1,990,000 | |||
Cost | $ 1,964,103 | $ 1,972,710 | |||
Fair Value | $ 1,616,670 | $ 1,707,539 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Rackspace Technology Global, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan (1/21) | Term Loan (1/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.18% | 7.60% | |||
Maturity Date | Feb. 15, 2028 | Feb. 15, 2028 | |||
Principal/ Number of Shares | 2,959,684 | 2,974,823 | |||
Cost | $ 2,876,272 | $ 2,882,889 | |||
Fair Value | $ 1,313,360 | $ 1,863,310 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | RAND PARENT LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Cargo | Transportation: Cargo | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.49% | 8.80% | |||
Maturity Date | Mar. 16, 2030 | Feb. 07, 2030 | |||
Principal/ Number of Shares | 2,493,750 | 1,500,000 | |||
Cost | $ 2,407,982 | $ 1,462,500 | |||
Fair Value | $ 2,411,456 | $ 1,455,000 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | RealPage, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan (04/21) | Term Loan (04/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.45% | 7.63% | |||
Maturity Date | Apr. 24, 2028 | Apr. 24, 2028 | |||
Principal/ Number of Shares | 982,500 | 987,500 | |||
Cost | $ 981,112 | $ 985,860 | |||
Fair Value | $ 970,553 | $ 955,159 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Recess Holdings, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 4% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 9.38% | ||||
Maturity Date | Mar. 17, 2027 | ||||
Principal/ Number of Shares | 1,000,000 | ||||
Cost | $ 990,002 | ||||
Fair Value | $ 997,500 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Rent-A-Center, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan B2 (9/21) | Term Loan B2 (9/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.88% | 8.13% | |||
Maturity Date | Feb. 17, 2028 | Feb. 17, 2028 | |||
Principal/ Number of Shares | 1,870,226 | 1,976,155 | |||
Cost | $ 1,834,351 | $ 1,934,422 | |||
Fair Value | $ 1,863,213 | $ 1,927,997 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Research Now Group, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 10.93% | 10.31% | |||
Maturity Date | Dec. 20, 2024 | Dec. 20, 2024 | |||
Principal/ Number of Shares | 4,275,513 | 4,298,135 | |||
Cost | $ 4,239,086 | $ 4,249,328 | |||
Fair Value | $ 3,013,040 | $ 3,200,305 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Resideo Funding Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan (1/21) | Term Loan (1/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.67% | 7.12% | |||
Maturity Date | Feb. 11, 2028 | Feb. 11, 2028 | |||
Principal/ Number of Shares | 1,466,250 | 1,473,750 | |||
Cost | $ 1,464,595 | $ 1,471,623 | |||
Fair Value | $ 1,468,537 | $ 1,471,908 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Resolute Investment Managers (American Beacon), Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (10/20) | Term Loan (10/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 9.79% | 8.98% | |||
Maturity Date | Apr. 30, 2024 | Apr. 30, 2024 | |||
Principal/ Number of Shares | 3,015,572 | 3,038,616 | |||
Cost | $ 3,013,545 | $ 3,035,050 | |||
Fair Value | $ 1,814,379 | $ 2,385,313 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Restoration Hardware, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan (9/21) | Term Loan (9/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.95% | 7.13% | |||
Maturity Date | Oct. 20, 2028 | Oct. 20, 2028 | |||
Principal/ Number of Shares | 3,444,906 | 3,462,437 | |||
Cost | $ 3,439,735 | $ 3,456,353 | |||
Fair Value | $ 3,329,881 | $ 3,320,477 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Reynolds Consumer Products LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 1.75% | 1.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.18% | 6.47% | |||
Maturity Date | Jan. 29, 2027 | Jan. 29, 2027 | |||
Principal/ Number of Shares | 1,269,432 | 1,276,932 | |||
Cost | $ 1,269,370 | $ 1,276,737 | |||
Fair Value | $ 1,268,137 | $ 1,273,880 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Reynolds Group Holdings Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan B2 | Term Loan B2 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.70% | 7.88% | |||
Maturity Date | Feb. 05, 2026 | Feb. 05, 2026 | |||
Principal/ Number of Shares | 2,199,796 | 3,124,551 | |||
Cost | $ 2,193,809 | $ 3,114,804 | |||
Fair Value | $ 2,198,850 | $ 3,114,302 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Rocket Software, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan (11/18) | Term Loan (11/18) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.70% | 8.88% | |||
Maturity Date | Nov. 28, 2025 | Nov. 28, 2025 | |||
Principal/ Number of Shares | 2,860,380 | 2,875,317 | |||
Cost | $ 2,856,440 | $ 2,870,016 | |||
Fair Value | $ 2,856,404 | $ 2,818,414 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Russell Investments US Inst’l Holdco, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (10/20) | Term Loan (10/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 8.93% | 8.13% | |||
Maturity Date | Jun. 02, 2025 | Jun. 02, 2025 | |||
Principal/ Number of Shares | 5,503,217 | 5,590,662 | |||
Cost | $ 5,482,748 | $ 5,565,048 | |||
Fair Value | $ 5,078,094 | $ 5,499,813 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | RV Retailer LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.25% | 8.55% | |||
Maturity Date | Feb. 08, 2028 | Feb. 08, 2028 | |||
Principal/ Number of Shares | 2,942,694 | 2,957,631 | |||
Cost | $ 2,902,211 | $ 2,912,519 | |||
Fair Value | $ 2,666,816 | $ 2,516,441 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ryan Specialty Group LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.43% | 7.72% | |||
Maturity Date | Sep. 01, 2027 | Sep. 01, 2027 | |||
Principal/ Number of Shares | 1,471,060 | 1,478,623 | |||
Cost | $ 1,460,688 | $ 1,467,543 | |||
Fair Value | $ 1,469,839 | $ 1,474,010 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | S&S HOLDINGS LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.41% | 9.83% | |||
Maturity Date | Mar. 10, 2028 | Mar. 10, 2028 | |||
Principal/ Number of Shares | 2,446,206 | 2,458,719 | |||
Cost | $ 2,401,356 | $ 2,409,819 | |||
Fair Value | $ 2,315,750 | $ 2,349,625 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sally Holdings LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.83% | 7.06% | |||
Maturity Date | Feb. 27, 2030 | Mar. 24, 2030 | |||
Principal/ Number of Shares | 498,750 | 500,000 | |||
Cost | $ 495,158 | $ 496,250 | |||
Fair Value | $ 498,750 | $ 498,750 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Schweitzer-Mauduit International, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.20% | 8.44% | |||
Maturity Date | Apr. 20, 2028 | Apr. 20, 2028 | |||
Principal/ Number of Shares | 2,940,000 | 2,955,000 | |||
Cost | $ 2,928,860 | $ 2,942,014 | |||
Fair Value | $ 2,895,900 | $ 2,895,900 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Scientific Games Holdings LP [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.77% | 8.10% | |||
Maturity Date | Apr. 04, 2029 | Apr. 04, 2029 | |||
Principal/ Number of Shares | 496,250 | 498,750 | |||
Cost | $ 495,353 | $ 497,703 | |||
Fair Value | $ 493,302 | $ 489,942 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sedgwick Claims Management Services, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B 2/23 | Term Loan B 2/23 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.08% | 8.32% | |||
Maturity Date | Feb. 17, 2028 | Feb. 17, 2028 | |||
Principal/ Number of Shares | 997,500 | 1,000,000 | |||
Cost | $ 988,268 | $ 990,000 | |||
Fair Value | $ 998,388 | $ 987,500 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SETANTA AIRCRAFT LEASING DAC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | Aerospace & Defense | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 2% | 2% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.54% | 6.73% | |||
Maturity Date | Nov. 02, 2028 | Nov. 02, 2028 | |||
Principal/ Number of Shares | 1,000,000 | 1,000,000 | |||
Cost | $ 998,223 | $ 998,000 | |||
Fair Value | $ 999,060 | $ 991,250 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sitel Worldwide Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | USD Term Loan (7/21) | USD Term Loan (7/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.08% | 8.39% | |||
Maturity Date | Aug. 28, 2028 | Aug. 28, 2028 | |||
Principal/ Number of Shares | 1,965,000 | 1,975,000 | |||
Cost | $ 1,958,145 | $ 1,967,031 | |||
Fair Value | $ 1,939,455 | $ 1,966,982 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SiteOne Landscape Supply, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan (3/21) | Term Loan (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2% | 2% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.45% | 6.64% | |||
Maturity Date | Mar. 18, 2028 | Mar. 18, 2028 | |||
Principal/ Number of Shares | 1,273,894 | 777,852 | |||
Cost | $ 1,267,864 | $ 776,450 | |||
Fair Value | $ 1,270,709 | $ 774,609 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SMG US Midco 2, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan (01/20) | Term Loan (01/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.13% | 7.33% | |||
Maturity Date | Jan. 23, 2025 | Jan. 23, 2025 | |||
Principal/ Number of Shares | 482,500 | 485,000 | |||
Cost | $ 482,500 | $ 485,000 | |||
Fair Value | $ 481,144 | $ 479,243 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Smyrna Ready Mix Concrete, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.68% | 8.97% | |||
Maturity Date | Apr. 02, 2029 | Apr. 02, 2029 | |||
Principal/ Number of Shares | 994,975 | 1,000,000 | |||
Cost | $ 987,951 | $ 992,500 | |||
Fair Value | $ 997,462 | $ 995,000 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sotheby’s [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan (7/21) | Term Loan (7/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4.50% | 4.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.07% | 9.33% | |||
Maturity Date | Jan. 15, 2027 | Jan. 15, 2027 | |||
Principal/ Number of Shares | 3,207,379 | 3,223,744 | |||
Cost | $ 3,172,188 | $ 3,183,482 | |||
Fair Value | $ 3,117,829 | $ 3,209,237 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sparta U.S. HoldCo LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan (04/21) | Term Loan (04/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.68% | 7.82% | |||
Maturity Date | Aug. 02, 2028 | Aug. 02, 2028 | |||
Principal/ Number of Shares | 1,970,000 | 1,980,000 | |||
Cost | $ 1,963,062 | $ 1,972,123 | |||
Fair Value | $ 1,956,466 | $ 1,964,160 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Specialty Pharma III Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.67% | 8.88% | |||
Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | |||
Principal/ Number of Shares | 1,965,000 | 1,975,000 | |||
Cost | $ 1,951,400 | $ 1,959,930 | |||
Fair Value | $ 1,886,400 | $ 1,821,938 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Spin Holdco, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan 3/21 | Term Loan 3/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD LIBOR+ | 3M USD LIBOR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.23% | 8.77% | |||
Maturity Date | Mar. 04, 2028 | Mar. 04, 2028 | |||
Principal/ Number of Shares | 2,932,500 | 2,947,500 | |||
Cost | $ 2,920,705 | $ 2,935,211 | |||
Fair Value | $ 2,448,638 | $ 2,475,487 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Spirit Aerosystems Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | Aerospace & Defense | |||
Asset Name | Term Loan (11/22) | Term Loan (11/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 4.25% | 4.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.62% | 9.18% | |||
Maturity Date | Jan. 14, 2027 | Jan. 14, 2027 | |||
Principal/ Number of Shares | 496,250 | 498,750 | |||
Cost | $ 483,643 | $ 484,414 | |||
Fair Value | $ 495,009 | $ 498,541 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SRAM, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | Consumer goods: Durable | |||
Asset Name | Term Loan (05/21) | Term Loan (05/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD LIBOR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.94% | 7.38% | |||
Maturity Date | May 12, 2028 | May 12, 2028 | |||
Principal/ Number of Shares | 2,654,545 | 2,709,091 | |||
Cost | $ 2,651,622 | $ 2,705,948 | |||
Fair Value | $ 2,645,706 | $ 2,682,000 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | STANDARD INDUSTRIES INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 6M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.93% | 6.43% | |||
Maturity Date | Sep. 22, 2028 | Sep. 22, 2028 | |||
Principal/ Number of Shares | 625,250 | 630,250 | |||
Cost | $ 620,704 | $ 625,240 | |||
Fair Value | $ 625,444 | $ 628,032 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Staples, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Wholesale | Wholesale | |||
Asset Name | Term Loan (03/19) | Term Loan (03/19) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 10.63% | 9.81% | |||
Maturity Date | Apr. 16, 2026 | Apr. 16, 2026 | |||
Principal/ Number of Shares | 4,318,804 | 4,341,357 | |||
Cost | $ 4,237,122 | $ 4,246,081 | |||
Fair Value | $ 3,695,947 | $ 4,013,802 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Storable, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.83% | 8.08% | |||
Maturity Date | Apr. 17, 2028 | Apr. 17, 2028 | |||
Principal/ Number of Shares | 492,500 | 495,000 | |||
Cost | $ 491,874 | $ 494,153 | |||
Fair Value | $ 486,447 | $ 482,318 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Summit Materials, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Metals & Mining | Metals & Mining | |||
Asset Name | Term Loan B (12/22) | Term Loan B (12/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.49% | 7.61% | |||
Maturity Date | Dec. 13, 2027 | Dec. 13, 2027 | |||
Principal/ Number of Shares | 248,750 | 250,000 | |||
Cost | $ 246,535 | $ 247,640 | |||
Fair Value | $ 249,449 | $ 249,583 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Superannuation & Investments US LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.20% | 8.38% | |||
Maturity Date | Dec. 01, 2028 | Dec. 01, 2028 | |||
Principal/ Number of Shares | 985,000 | 990,000 | |||
Cost | $ 977,344 | $ 981,648 | |||
Fair Value | $ 981,553 | $ 984,515 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sweetwater Borrower, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan (8/21) | Term Loan (8/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.70% | 8.94% | |||
Maturity Date | Aug. 02, 2028 | Aug. 02, 2028 | |||
Principal/ Number of Shares | 1,897,331 | 2,000,000 | |||
Cost | $ 1,813,926 | $ 1,905,968 | |||
Fair Value | $ 1,845,155 | $ 1,880,000 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Syncsort Incorporated [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B (10/21) | Term Loan B (10/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.61% | 8.82% | |||
Maturity Date | Apr. 24, 2028 | Apr. 24, 2028 | |||
Principal/ Number of Shares | 2,457,481 | 2,469,987 | |||
Cost | $ 2,456,722 | $ 2,468,993 | |||
Fair Value | $ 2,371,469 | $ 2,243,984 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ta TT Buyer LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | |||
Asset Name | Term Loan 3/22 | Term Loan 3/22 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 6M USD SOFR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 10.24% | 8.98% | |||
Maturity Date | Apr. 02, 2029 | Apr. 02, 2029 | |||
Principal/ Number of Shares | 992,500 | 997,500 | |||
Cost | $ 983,941 | $ 988,507 | |||
Fair Value | $ 989,195 | $ 982,538 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Tenable Holdings, Inc.[Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B (6/21) | Term Loan B (6/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.75% | 2.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.20% | 7.58% | |||
Maturity Date | Jul. 07, 2028 | Jul. 07, 2028 | |||
Principal/ Number of Shares | 985,000 | 990,000 | |||
Cost | $ 983,296 | $ 988,026 | |||
Fair Value | $ 980,075 | $ 980,922 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Teneo Holdings LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 5.25% | 5.25% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 10.68% | 9.97% | |||
Maturity Date | Jul. 15, 2025 | Jul. 15, 2025 | |||
Principal/ Number of Shares | 4,360,565 | 4,383,217 | |||
Cost | $ 4,317,489 | $ 4,330,652 | |||
Fair Value | $ 4,345,564 | $ 4,322,948 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ten-X, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan 5/23 | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 6% | 4% | |||
SOFR/LIBOR Floor | 0% | 1% | |||
Current Rate (All In) | 11.32% | 8.63% | |||
Maturity Date | May 25, 2028 | Sep. 27, 2024 | |||
Principal/ Number of Shares | 1,890,000 | 1,900,000 | |||
Cost | $ 1,889,528 | $ 1,899,296 | |||
Fair Value | $ 1,795,500 | $ 1,819,250 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | The Dun & Bradstreet Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3% | 3.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.32% | 7.85% | |||
Maturity Date | Jan. 18, 2029 | Jan. 18, 2029 | |||
Principal/ Number of Shares | 246,875 | 248,125 | |||
Cost | $ 245,411 | $ 246,554 | |||
Fair Value | $ 246,505 | $ 246,636 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | The Dun & Bradstreet Corporation One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B (7/23) | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.75% | 3.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.17% | 7.87% | |||
Maturity Date | Feb. 06, 2026 | Feb. 06, 2026 | |||
Principal/ Number of Shares | 957,898 | 962,949 | |||
Cost | $ 957,381 | $ 962,285 | |||
Fair Value | $ 958,502 | $ 960,021 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | THE KNOT WORLDWIDE INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan (1/22) | Term Loan (1/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.50% | 4.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.46% | 9.22% | |||
Maturity Date | Dec. 19, 2025 | Dec. 19, 2025 | |||
Principal/ Number of Shares | 4,821,098 | 4,845,447 | |||
Cost | $ 4,817,634 | $ 4,840,970 | |||
Fair Value | $ 4,809,045 | $ 4,833,333 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Thor Industries, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Automotive | Automotive | |||
Asset Name | USD Term Loan (3/21) | USD Term Loan (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.45% | 7.69% | |||
Maturity Date | Feb. 01, 2026 | Feb. 01, 2026 | |||
Principal/ Number of Shares | 847,276 | 2,015,823 | |||
Cost | $ 838,070 | $ 1,990,264 | |||
Fair Value | $ 846,217 | $ 2,004,494 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Torrid LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Wholesale | Wholesale | |||
Asset Name | Term Loan 5/21 | Term Loan 5/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 11% | 10.31% | |||
Maturity Date | Jun. 14, 2028 | Jun. 14, 2028 | |||
Principal/ Number of Shares | 3,386,066 | 2,978,835 | |||
Cost | $ 2,931,164 | $ 2,540,024 | |||
Fair Value | $ 2,803,662 | $ 2,529,031 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | TORY BURCH LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | Retail | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.70% | 8.13% | |||
Maturity Date | Apr. 15, 2028 | Apr. 15, 2028 | |||
Principal/ Number of Shares | 2,319,920 | 1,329,211 | |||
Cost | $ 2,172,038 | $ 1,232,469 | |||
Fair Value | $ 2,287,649 | $ 1,268,147 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Tosca Services, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | Containers, Packaging & Glass | |||
Asset Name | Term Loan (2/21) | Term Loan (2/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.13% | 8.23% | |||
Maturity Date | Aug. 18, 2027 | Aug. 18, 2027 | |||
Principal/ Number of Shares | 487,500 | 490,000 | |||
Cost | $ 483,086 | $ 485,078 | |||
Fair Value | $ 385,491 | $ 383,180 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Trans Union LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.70% | 6.88% | |||
Maturity Date | Dec. 01, 2028 | Dec. 01, 2028 | |||
Principal/ Number of Shares | 726,935 | 796,452 | |||
Cost | $ 725,682 | $ 794,928 | |||
Fair Value | $ 726,230 | $ 791,203 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Transdigm, Inc.[Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | Aerospace & Defense | |||
Asset Name | Term Loan H | Term Loan H | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.49% | 7.83% | |||
Maturity Date | Feb. 21, 2027 | Feb. 21, 2027 | |||
Principal/ Number of Shares | 1,983,403 | 1,993,370 | |||
Cost | $ 1,980,482 | $ 1,990,666 | |||
Fair Value | $ 1,987,747 | $ 1,989,941 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | TRITON WATER HOLDINGS, INC.[Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | |||
Asset Name | Term Loan (03/21) | Term Loan (03/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.75% | 8.23% | |||
Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | |||
Principal/ Number of Shares | 1,470,003 | 1,477,502 | |||
Cost | $ 1,464,966 | $ 1,471,933 | |||
Fair Value | $ 1,443,263 | $ 1,372,422 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Tronox Finance LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | Chemicals, Plastics, & Rubber | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.50% | 2.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.95% | 6.88% | |||
Maturity Date | Mar. 10, 2028 | Mar. 10, 2028 | |||
Principal/ Number of Shares | 346,923 | 346,923 | |||
Cost | $ 346,469 | $ 346,338 | |||
Fair Value | $ 340,370 | $ 340,907 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Tronox Finance LLC One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | ||||
Asset Name | Incremental Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 3.50% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 8.81% | ||||
Maturity Date | Aug. 11, 2028 | ||||
Principal/ Number of Shares | 2,000,000 | ||||
Cost | $ 1,980,000 | ||||
Fair Value | $ 1,982,500 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | TruGreen Limited Partnership [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | Services: Consumer | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.43% | 8.63% | |||
Maturity Date | Oct. 29, 2027 | Oct. 29, 2027 | |||
Principal/ Number of Shares | 949,631 | 954,501 | |||
Cost | $ 944,891 | $ 949,189 | |||
Fair Value | $ 902,548 | $ 873,368 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Uber Technologies, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Consumer | Transportation: Consumer | |||
Asset Name | Term Loan 2/23 | Term Loan B (2/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2.75% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8% | 8.45% | |||
Maturity Date | Feb. 27, 2030 | Feb. 25, 2027 | |||
Principal/ Number of Shares | 497,500 | 3,906,277 | |||
Cost | $ 496,256 | $ 3,874,854 | |||
Fair Value | $ 498,037 | $ 3,913,620 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ultra Clean Holdings, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Incremental Term Loan 3/21 | Incremental Term Loan 3/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.20% | 8.38% | |||
Maturity Date | Aug. 27, 2025 | Aug. 27, 2025 | |||
Principal/ Number of Shares | 775,980 | 820,338 | |||
Cost | $ 774,109 | $ 817,776 | |||
Fair Value | $ 775,980 | $ 819,928 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Unimin Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Metals & Mining | Metals & Mining | |||
Asset Name | Term Loan (12/20) | Term Loan (12/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 9.53% | 8.78% | |||
Maturity Date | Jul. 31, 2026 | Jul. 31, 2026 | |||
Principal/ Number of Shares | 496,815 | 496,815 | |||
Cost | $ 479,018 | $ 476,431 | |||
Fair Value | $ 492,677 | $ 489,984 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | United Natural Foods, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.70% | 7.98% | |||
Maturity Date | Oct. 22, 2025 | Oct. 22, 2025 | |||
Principal/ Number of Shares | 1,289,967 | 1,289,967 | |||
Cost | $ 1,259,270 | $ 1,252,901 | |||
Fair Value | $ 1,290,961 | $ 1,291,309 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Univision Communications Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | |||
Asset Name | Term Loan B (6/21) | Term Loan B (6/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.70% | 7.88% | |||
Maturity Date | Mar. 15, 2026 | Mar. 15, 2026 | |||
Principal/ Number of Shares | 2,434,229 | 2,446,648 | |||
Cost | $ 2,430,012 | $ 2,441,783 | |||
Fair Value | $ 2,434,229 | $ 2,426,610 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Univision Communications Inc. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | Media: Broadcasting & Subscription | |||
Asset Name | Term Loan B (6/22) | Term Loan B (6/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.49% | 8.83% | |||
Maturity Date | Jun. 25, 2029 | Jun. 25, 2029 | |||
Principal/ Number of Shares | 247,500 | 248,750 | |||
Cost | $ 241,035 | $ 241,881 | |||
Fair Value | $ 246,339 | $ 248,233 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Utz Quality Foods, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | Beverage, Food & Tobacco | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.45% | 7.73% | |||
Maturity Date | Jan. 20, 2028 | Jan. 20, 2028 | |||
Principal/ Number of Shares | 1,819,138 | 1,828,465 | |||
Cost | $ 1,818,194 | $ 1,827,288 | |||
Fair Value | $ 1,819,647 | $ 1,825,046 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vaco Holdings, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan (01/22) | Term Loan (01/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 6M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 5% | 5% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 10.59% | 9.73% | |||
Maturity Date | Jan. 19, 2029 | Jan. 19, 2029 | |||
Principal/ Number of Shares | 2,330,381 | 2,342,210 | |||
Cost | $ 2,268,054 | $ 2,275,198 | |||
Fair Value | $ 2,232,319 | $ 2,310,989 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vericast Corp. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | Media: Advertising, Printing & Publishing | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 7.75% | 7.75% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 13.25% | 12.33% | |||
Maturity Date | Jun. 15, 2026 | Jun. 15, 2026 | |||
Principal/ Number of Shares | 1,201,006 | 1,201,006 | |||
Cost | $ 1,199,993 | $ 1,199,817 | |||
Fair Value | $ 1,089,913 | $ 939,787 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Verifone Systems, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (7/18) | Term Loan (7/18) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 4% | 4% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 9.65% | 8.96% | |||
Maturity Date | Aug. 20, 2025 | Aug. 20, 2025 | |||
Principal/ Number of Shares | 1,360,887 | 1,368,031 | |||
Cost | $ 1,358,008 | $ 1,364,137 | |||
Fair Value | $ 1,254,575 | $ 1,269,875 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vertex Aerospace Services Corp [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | Aerospace & Defense | |||
Asset Name | Term Loan (10/21) | Term Loan (10/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 8.93% | 8.13% | |||
Maturity Date | Dec. 06, 2028 | Dec. 06, 2028 | |||
Principal/ Number of Shares | 987,500 | 992,500 | |||
Cost | $ 983,984 | $ 988,789 | |||
Fair Value | $ 985,910 | $ 987,895 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | VFH Parent LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan (01/22) | Term Loan (01/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.42% | 7.66% | |||
Maturity Date | Jan. 12, 2029 | Jan. 12, 2029 | |||
Principal/ Number of Shares | 3,069,879 | 3,069,879 | |||
Cost | $ 3,064,346 | $ 3,063,097 | |||
Fair Value | $ 3,045,320 | $ 3,036,111 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Viasat Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Telecommunications | Telecommunications | |||
Asset Name | Term Loan (2/22) | Term Loan (2/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.50% | 4.50% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.83% | 9.23% | |||
Maturity Date | Mar. 02, 2029 | Mar. 02, 2029 | |||
Principal/ Number of Shares | 2,982,444 | 1,994,987 | |||
Cost | $ 2,918,892 | $ 1,948,951 | |||
Fair Value | $ 2,912,356 | $ 1,967,137 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Virtus Investment Partners, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B (9/21) | Term Loan B (9/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.68% | 6.85% | |||
Maturity Date | Sep. 28, 2028 | Sep. 28, 2028 | |||
Principal/ Number of Shares | 2,838,409 | 2,853,409 | |||
Cost | $ 2,831,548 | $ 2,845,646 | |||
Fair Value | $ 2,831,313 | $ 2,834,377 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vistra Energy Corp [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Utilities: Electric | Utilities: Electric | |||
Asset Name | 2018 Incremental Term Loan | 2018 Incremental Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 1.75% | 1.75% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.20% | 6.38% | |||
Maturity Date | Dec. 31, 2025 | Dec. 31, 2025 | |||
Principal/ Number of Shares | 891,933 | 897,014 | |||
Cost | $ 891,836 | $ 896,802 | |||
Fair Value | $ 890,836 | $ 895,023 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vizient, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan 4/22 | Term Loan 4/22 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 7.67% | 6.91% | |||
Maturity Date | May 16, 2029 | May 16, 2029 | |||
Principal/ Number of Shares | 495,000 | 497,500 | |||
Cost | $ 490,766 | $ 492,868 | |||
Fair Value | $ 495,312 | $ 496,525 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | VM Consolidated, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Construction & Building | Construction & Building | |||
Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.25% | 3.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.70% | 7.88% | |||
Maturity Date | Mar. 24, 2028 | Mar. 24, 2028 | |||
Principal/ Number of Shares | 1,853,159 | 2,185,087 | |||
Cost | $ 1,851,757 | $ 2,183,095 | |||
Fair Value | $ 1,850,843 | $ 2,180,170 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vouvray US Finance LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 6% | 6% | |||
SOFR/LIBOR Floor | 1% | 1% | |||
Current Rate (All In) | 11.33% | 10.62% | |||
Maturity Date | Sep. 30, 2025 | Sep. 09, 2025 | |||
Principal/ Number of Shares | 468,750 | 471,250 | |||
Cost | $ 468,750 | $ 471,250 | |||
Fair Value | $ 456,834 | $ 442,386 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Walker & Dunlop, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan B (12/22) | Term Loan B (12/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 3% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.43% | 7.72% | |||
Maturity Date | Dec. 15, 2028 | Dec. 15, 2028 | |||
Principal/ Number of Shares | 498,750 | 500,000 | |||
Cost | $ 489,641 | $ 490,249 | |||
Fair Value | $ 498,750 | $ 496,250 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Warner Music Group Corp. (WMG Acquisition Corp.) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | Hotel, Gaming & Leisure | |||
Asset Name | Term Loan G | Term Loan Incremental (11/22) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 2.13% | 3% | |||
SOFR/LIBOR Floor | 0% | 0.50% | |||
Current Rate (All In) | 7.57% | 7.62% | |||
Maturity Date | Jan. 20, 2028 | Jan. 19, 2028 | |||
Principal/ Number of Shares | 1,250,000 | 500,000 | |||
Cost | $ 1,249,884 | $ 490,562 | |||
Fair Value | $ 1,248,488 | $ 498,960 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Watlow Electric Manufacturing Company [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan B | Term Loan B | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD SOFR+ | |||
Reference Spread | 3.75% | 3.75% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.38% | 8.69% | |||
Maturity Date | Mar. 02, 2028 | Mar. 02, 2028 | |||
Principal/ Number of Shares | 2,443,750 | 2,456,250 | |||
Cost | $ 2,436,246 | $ 2,447,468 | |||
Fair Value | $ 2,407,094 | $ 2,417,368 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | WEX Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | Services: Business | |||
Asset Name | Term Loan B (3/21) | Term Loan B (3/21) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 2.25% | 2.25% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.70% | 6.88% | |||
Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | |||
Principal/ Number of Shares | 2,939,887 | 2,954,924 | |||
Cost | $ 2,932,015 | $ 2,946,492 | |||
Fair Value | $ 2,943,150 | $ 2,944,582 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | WildBrain Ltd. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Diversified & Production | Media: Diversified & Production | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.25% | 4.25% | |||
SOFR/LIBOR Floor | 0.75% | 0.75% | |||
Current Rate (All In) | 9.70% | 8.98% | |||
Maturity Date | Mar. 27, 2028 | Mar. 27, 2028 | |||
Principal/ Number of Shares | 1,955,000 | 1,965,000 | |||
Cost | $ 1,927,225 | $ 1,935,307 | |||
Fair Value | $ 1,917,132 | $ 1,864,903 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Wyndham Hotels & Resorts, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | ||||
Asset Name | Term Loan 5/23 | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 2.25% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 7.68% | ||||
Maturity Date | May 24, 2030 | ||||
Principal/ Number of Shares | 1,000,000 | ||||
Cost | $ 995,083 | ||||
Fair Value | $ 999,720 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Xperi Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | High Tech Industries | High Tech Industries | |||
Asset Name | Term Loan | Term Loan | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD LIBOR+ | |||
Reference Spread | 3.50% | 3.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 8.95% | 8.13% | |||
Maturity Date | Jun. 08, 2028 | Jun. 08, 2028 | |||
Principal/ Number of Shares | 2,240,853 | 2,427,446 | |||
Cost | $ 2,235,294 | $ 2,420,580 | |||
Fair Value | $ 2,239,464 | $ 2,388,752 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zayo Group, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Telecommunications | Telecommunications | |||
Asset Name | Term Loan 4/22 | Term Loan 4/22 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 4.33% | 4.25% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 9.66% | 8.87% | |||
Maturity Date | Mar. 09, 2027 | Mar. 09, 2027 | |||
Principal/ Number of Shares | 987,500 | 992,500 | |||
Cost | $ 968,139 | $ 971,029 | |||
Fair Value | $ 789,753 | $ 842,027 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ZEBRA BUYER (Allspring) LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | Banking, Finance, Insurance & Real Estate | |||
Asset Name | Term Loan 4/21 | Term Loan 4/21 | |||
Asset Type | Loan | Loan | |||
Reference Rate | 3M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 3.25% | 3% | |||
SOFR/LIBOR Floor | 0.50% | 0.50% | |||
Current Rate (All In) | 8.75% | 7.75% | |||
Maturity Date | Nov. 01, 2028 | Nov. 01, 2028 | |||
Principal/ Number of Shares | 1,876,008 | 880,444 | |||
Cost | $ 1,866,701 | $ 876,985 | |||
Fair Value | $ 1,871,656 | $ 874,941 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zekelman Industries, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Metals & Mining | Metals & Mining | |||
Asset Name | Term Loan (01/20) | Term Loan (01/20) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 3M USD LIBOR+ | |||
Reference Spread | 2% | 2% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 7.43% | 6.73% | |||
Maturity Date | Jan. 25, 2027 | Jan. 25, 2027 | |||
Principal/ Number of Shares | 957,750 | 961,471 | |||
Cost | $ 957,750 | $ 961,471 | |||
Fair Value | $ 950,567 | $ 948,251 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zest Acquisition Corp. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | |||
Asset Name | Term Loan (1/23) | Term Loan (1/23) | |||
Asset Type | Loan | Loan | |||
Reference Rate | 1M USD SOFR+ | 1M USD SOFR+ | |||
Reference Spread | 5.50% | 5.50% | |||
SOFR/LIBOR Floor | 0% | 0% | |||
Current Rate (All In) | 10.82% | 10.07% | |||
Maturity Date | Feb. 08, 2028 | Jan. 31, 2028 | |||
Principal/ Number of Shares | 1,990,000 | 2,000,000 | |||
Cost | $ 1,899,209 | $ 1,901,512 | |||
Fair Value | $ 1,932,788 | $ 1,928,340 | |||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Agiliti Health Inc.One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | ||||
Asset Name | Term Loan (1/19) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 2.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 7.38% | ||||
Maturity Date | Jan. 04, 2026 | ||||
Principal/ Number of Shares | 1,468,430 | ||||
Cost | $ 1,463,378 | ||||
Fair Value | $ 1,457,416 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AI Convoy (Luxembourg) S.a.r.l. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | ||||
Asset Name | Term Loan B (USD) | ||||
Asset Type | Loan | ||||
Reference Rate | 6M USD LIBOR+ | ||||
Reference Spread | 3.50% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 8.17% | ||||
Maturity Date | Jan. 18, 2027 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AL GCX Holdings (Arclight) T/L B [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Energy: Oil & Gas | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 3.50% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 8.28% | ||||
Maturity Date | May 17, 2029 | ||||
Principal/ Number of Shares | 976,802 | ||||
Cost | $ 971,918 | ||||
Fair Value | $ 975,581 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Airlines T/L (2/23) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Consumer | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | |||||
Reference Spread | |||||
SOFR/LIBOR Floor | |||||
Current Rate (All In) | |||||
Maturity Date | |||||
Cost | $ 27 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Greetings Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 4.50% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 9.07% | ||||
Maturity Date | Apr. 06, 2024 | ||||
Principal/ Number of Shares | 3,012,861 | ||||
Cost | $ 3,011,462 | ||||
Fair Value | $ 3,011,596 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Anastasia Parent LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Non-durable | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 3.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 8.48% | ||||
Maturity Date | Aug. 11, 2025 | ||||
Principal/ Number of Shares | 957,500 | ||||
Cost | $ 955,643 | ||||
Fair Value | $ 791,134 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aramark Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | ||||
Asset Name | Term Loan B (4/21) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 2.50% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 7.13% | ||||
Maturity Date | Apr. 01, 2028 | ||||
Principal/ Number of Shares | 1,753,715 | ||||
Cost | $ 1,747,448 | ||||
Fair Value | $ 1,747,139 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aramark Corporation One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 1.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 6.38% | ||||
Maturity Date | Jan. 15, 2027 | ||||
Principal/ Number of Shares | 2,331,250 | ||||
Cost | $ 2,280,733 | ||||
Fair Value | $ 2,305,023 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ASP BLADE HOLDINGS, INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Capital Equipment | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 4% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 8.73% | ||||
Maturity Date | Oct. 07, 2028 | ||||
Principal/ Number of Shares | 99,059 | ||||
Cost | $ 98,658 | ||||
Fair Value | $ 82,491 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ATHENAHEALTH GROUP INC. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | ||||
Asset Name | Delayed Draw Term Loan (02/22) | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 3.50% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 3.50% | ||||
Maturity Date | Feb. 15, 2029 | ||||
Fair Value | $ (12,636) | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Axalta Coating Systems Dutch Holding B B.V. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | ||||
Asset Name | Term Loan B-4 Dollar | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 3% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 7.51% | ||||
Maturity Date | Dec. 07, 2029 | ||||
Principal/ Number of Shares | 1,000,000 | ||||
Cost | $ 990,447 | ||||
Fair Value | $ 1,003,570 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bracket Intermediate Holding Corp [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 4.25% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 9.04% | ||||
Maturity Date | Sep. 05, 2025 | ||||
Principal/ Number of Shares | 957,500 | ||||
Cost | $ 955,597 | ||||
Fair Value | $ 929,378 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Casa Systems, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Advertising, Printing & Publishing | ||||
Asset Name | Term Loan B (USD) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 3.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 8.38% | ||||
Maturity Date | Jan. 27, 2027 | ||||
Principal/ Number of Shares | 1,963,384 | ||||
Cost | $ 1,954,023 | ||||
Fair Value | $ 1,375,469 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cole Haan [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Non-durable | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 5.50% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 10.23% | ||||
Maturity Date | Feb. 07, 2025 | ||||
Principal/ Number of Shares | 875,000 | ||||
Cost | $ 871,486 | ||||
Fair Value | $ 841,461 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | COWEN INC. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | ||||
Asset Name | Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 6M USD LIBOR+ | ||||
Reference Spread | 3.25% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 7.43% | ||||
Maturity Date | Mar. 24, 2028 | ||||
Principal/ Number of Shares | 3,927,406 | ||||
Cost | $ 3,907,308 | ||||
Fair Value | $ 3,922,496 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Diamond Sports Group, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | ||||
Asset Name | Second Lien Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 3.40% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 8.03% | ||||
Maturity Date | Aug. 24, 2026 | ||||
Principal/ Number of Shares | 3,374,880 | ||||
Cost | $ 3,017,273 | ||||
Fair Value | $ 382,306 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Diamond Sports Group, LLC One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Media: Broadcasting & Subscription | ||||
Asset Name | 1st Priority Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 6M USD SOFR+ | ||||
Reference Spread | 8% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 13.06% | ||||
Maturity Date | May 25, 2026 | ||||
Principal/ Number of Shares | 342,343 | ||||
Cost | $ 333,975 | ||||
Fair Value | $ 318,951 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Flutter Financing B.V. One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | ||||
Asset Name | Third Amendment 2028-B Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 3.25% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 8.09% | ||||
Maturity Date | Jul. 21, 2028 | ||||
Principal/ Number of Shares | 748,125 | ||||
Cost | $ 732,248 | ||||
Fair Value | $ 747,848 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Greenhill & Co., Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Banking, Finance, Insurance & Real Estate | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 3.25% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 8.20% | ||||
Maturity Date | Apr. 12, 2024 | ||||
Principal/ Number of Shares | 2,844,231 | ||||
Cost | $ 2,836,329 | ||||
Fair Value | $ 2,789,707 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Hillman Group Inc. (The) (New) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | ||||
Asset Name | Term Loan B-1 (2/21) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 2.75% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 7.38% | ||||
Maturity Date | Jul. 14, 2028 | ||||
Principal/ Number of Shares | 3,479,167 | ||||
Cost | $ 3,473,274 | ||||
Fair Value | $ 3,441,105 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Inmar Acquisition Sub, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 4% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 8.63% | ||||
Maturity Date | May 01, 2024 | ||||
Principal/ Number of Shares | 3,350,673 | ||||
Cost | $ 3,327,770 | ||||
Fair Value | $ 3,270,055 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IRB Holding T/L B (1/22) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Beverage, Food & Tobacco | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 3% | ||||
SOFR/LIBOR Floor | 0.75% | ||||
Current Rate (All In) | 7.69% | ||||
Maturity Date | Dec. 15, 2027 | ||||
Principal/ Number of Shares | 500,000 | ||||
Cost | $ 495,150 | ||||
Fair Value | $ 493,125 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | J Jill Group, Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Retail | ||||
Asset Name | Priming Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 5% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 9.83% | ||||
Maturity Date | May 08, 2024 | ||||
Principal/ Number of Shares | 1,553,698 | ||||
Cost | $ 1,553,299 | ||||
Fair Value | $ 1,464,361 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Klockner-Pentaplast of America, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Containers, Packaging & Glass | ||||
Asset Name | Term Loan (1/21) (USD) | ||||
Asset Type | Loan | ||||
Reference Rate | 6M USD SOFR+ | ||||
Reference Spread | 4.75% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 10.13% | ||||
Maturity Date | Feb. 12, 2026 | ||||
Principal/ Number of Shares | 1,473,750 | ||||
Cost | $ 1,469,605 | ||||
Fair Value | $ 1,354,936 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Maxar Technologies Inc [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Aerospace & Defense | ||||
Asset Name | Term Loan (6/22) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 4.25% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 8.97% | ||||
Maturity Date | Jun. 14, 2029 | ||||
Principal/ Number of Shares | 1,994,987 | ||||
Cost | $ 1,926,722 | ||||
Fair Value | $ 1,997,641 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Messer Industries, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Chemicals, Plastics, & Rubber | ||||
Asset Name | Term Loan B | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 2.50% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 7.23% | ||||
Maturity Date | Mar. 01, 2026 | ||||
Principal/ Number of Shares | 2,980,405 | ||||
Cost | $ 2,970,477 | ||||
Fair Value | $ 2,968,871 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MW Industries, Inc. (Helix Acquisition Holdings) [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Capital Equipment | ||||
Asset Name | Term Loan (2019 Incremental) | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 3.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 8.48% | ||||
Maturity Date | Sep. 30, 2024 | ||||
Principal/ Number of Shares | 2,842,097 | ||||
Cost | $ 2,823,791 | ||||
Fair Value | $ 2,778,150 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | NEW ERA CAP, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | ||||
Asset Name | Term Loan (01/22) | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 6% | ||||
SOFR/LIBOR Floor | 0.75% | ||||
Current Rate (All In) | 10.82% | ||||
Maturity Date | Jul. 13, 2027 | ||||
Principal/ Number of Shares | 3,628,164 | ||||
Cost | $ 3,627,422 | ||||
Fair Value | $ 3,483,037 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Renaissance Learning, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Consumer | ||||
Asset Name | Term Loan (5/18) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 3.25% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 7.88% | ||||
Maturity Date | May 30, 2025 | ||||
Principal/ Number of Shares | 2,938,373 | ||||
Cost | $ 2,922,432 | ||||
Fair Value | $ 2,871,025 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Samsonite International S.A. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Non-durable | ||||
Asset Name | Term Loan B2 | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 3% | ||||
SOFR/LIBOR Floor | 0.75% | ||||
Current Rate (All In) | 7.63% | ||||
Maturity Date | Apr. 25, 2025 | ||||
Principal/ Number of Shares | 927,537 | ||||
Cost | $ 914,134 | ||||
Fair Value | $ 927,537 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Signify Health, LLC [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Healthcare & Pharmaceuticals | ||||
Asset Name | Term Loan B (6/21) | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 3% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 7.73% | ||||
Maturity Date | Jun. 16, 2028 | ||||
Principal/ Number of Shares | 493,750 | ||||
Cost | $ 491,846 | ||||
Fair Value | $ 493,750 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Solis IV B.V. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | ||||
Asset Name | Term Loan B-1 | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 3.50% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 8.37% | ||||
Maturity Date | Feb. 26, 2029 | ||||
Principal/ Number of Shares | 1,994,987 | ||||
Cost | $ 1,724,963 | ||||
Fair Value | $ 1,826,132 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Spectrum Brands, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | ||||
Asset Name | Term Loan (2/21) | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 2% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 6.96% | ||||
Maturity Date | Mar. 03, 2028 | ||||
Principal/ Number of Shares | 491,250 | ||||
Cost | $ 490,363 | ||||
Fair Value | $ 487,158 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SS&C Technologies, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | ||||
Asset Name | Term Loan B3 | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 1.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 6.38% | ||||
Maturity Date | Apr. 16, 2025 | ||||
Principal/ Number of Shares | 167,061 | ||||
Cost | $ 166,987 | ||||
Fair Value | $ 166,678 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SS&C Technologies, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | ||||
Asset Name | Term Loan B4 | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 1.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 6.38% | ||||
Maturity Date | Apr. 16, 2025 | ||||
Principal/ Number of Shares | 148,146 | ||||
Cost | $ 148,083 | ||||
Fair Value | $ 147,807 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SS&C Technologies, Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Services: Business | ||||
Asset Name | Term Loan B-5 | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 1.75% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 6.38% | ||||
Maturity Date | Apr. 16, 2025 | ||||
Principal/ Number of Shares | 458,152 | ||||
Cost | $ 457,773 | ||||
Fair Value | $ 457,199 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | United Road Services Inc. [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Transportation: Cargo | ||||
Asset Name | Term Loan (10/17) | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD LIBOR+ | ||||
Reference Spread | 5.75% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 10.70% | ||||
Maturity Date | Sep. 01, 2024 | ||||
Principal/ Number of Shares | 889,180 | ||||
Cost | $ 886,242 | ||||
Fair Value | $ 465,335 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Warner Music Group Corp. (WMG Acquisition Corp.) One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Hotel, Gaming & Leisure | ||||
Asset Name | Term Loan G | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD LIBOR+ | ||||
Reference Spread | 2.13% | ||||
SOFR/LIBOR Floor | 0% | ||||
Current Rate (All In) | 6.76% | ||||
Maturity Date | Jan. 20, 2028 | ||||
Principal/ Number of Shares | 1,250,000 | ||||
Cost | $ 1,249,851 | ||||
Fair Value | $ 1,243,750 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | West Corporation [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Telecommunications | ||||
Asset Name | Term Loan B-3 | ||||
Asset Type | Loan | ||||
Reference Rate | 3M USD SOFR+ | ||||
Reference Spread | 4% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 8.93% | ||||
Maturity Date | Apr. 09, 2027 | ||||
Principal/ Number of Shares | 1,189,119 | ||||
Cost | $ 1,172,865 | ||||
Fair Value | $ 1,044,939 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zodiac Pool Solutions [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | ||||
Asset Name | Term Loan (1/22) | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 2% | ||||
SOFR/LIBOR Floor | 0.50% | ||||
Current Rate (All In) | 6.72% | ||||
Maturity Date | Jan. 29, 2029 | ||||
Principal/ Number of Shares | 495,000 | ||||
Cost | $ 494,015 | ||||
Fair Value | $ 490,192 | ||||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | U.S. Bank Money Market [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Principal/ Number of Shares | 14,149,358 | 23,776,950 | [3] | ||
Cost | $ 14,149,358 | $ 23,776,950 | [3] | ||
Fair Value | $ 14,149,358 | $ 23,776,950 | [3] | ||
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cash and cash equivalents [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Principal/ Number of Shares | 14,149,358 | 23,776,950 | |||
Cost | $ 14,149,358 | $ 23,776,950 | |||
Fair Value | $ 14,149,358 | $ 23,776,950 | |||
Restricted Stock Units (RSUs) [Member] | INSTANT BRANDS HOLDINGS INC.One [Member] | |||||
Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items] | |||||
Industry | Consumer goods: Durable | ||||
Asset Name | PIK DIP Term Loan | ||||
Asset Type | Loan | ||||
Reference Rate | 1M USD SOFR+ | ||||
Reference Spread | 3% | ||||
SOFR/LIBOR Floor | 1% | ||||
Current Rate (All In) | 8.45% | ||||
Maturity Date | Dec. 12, 2023 | ||||
Principal/ Number of Shares | 1,557,178 | ||||
Cost | $ 1,429,865 | ||||
Fair Value | $ 1,526,034 | ||||
[1] All or a portion of this investment has an unfunded commitment as of February 28, 2023. As of February 28, 2023, the investment was in default and on non-accrual status. Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2023. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | |
Income Taxes [Abstract] | ||||
Owned percentage | 100% | |||
U.S. federal tax percentage | 21% | |||
Deferred tax assets | $ 2,400 | $ 2,400 | ||
Deferred tax expense | 200 | $ 200 | 200 | $ 600 |
Total operating expense | $ (200) | $ (100) | $ (200) | (200) |
Income tax provision | $ (70) |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Aug. 31, 2023 | Feb. 28, 2023 |
Schedule Of Deferred Tax Assets And Liabilities Abstract | ||
Total deferred tax assets | $ 2,780,474 | $ 2,542,373 |
Total deferred tax liabilities | (3,170,628) | (3,008,829) |
Valuation allowance on net deferred tax assets | (2,396,358) | (2,350,116) |
Net deferred tax liability | $ (2,786,512) | $ (2,816,572) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Federal and State Income Tax Provisions Benefit - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | |
Current | ||||
Federal | $ (3,674) | $ (217,516) | ||
State | (55) | 78,448 | ||
Net current expense | (3,729) | (139,068) | ||
Deferred | ||||
Federal | (23,832) | 89,409 | (38,741) | 385,480 |
State | 7,708 | 42,583 | 8,680 | 75,819 |
Net deferred expense | (16,124) | 131,992 | (30,060) | 461,299 |
Net tax provision | $ (16,124) | $ 128,263 | $ (30,060) | $ 322,231 |
Agreements and Related Party _2
Agreements and Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 14 Months Ended | ||||||||||||
Aug. 01, 2023 | Jul. 06, 2023 | Aug. 11, 2021 | Feb. 28, 2023 | Feb. 26, 2021 | Jul. 30, 2010 | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | Feb. 28, 2023 | May 31, 2010 | Oct. 28, 2022 | Aug. 09, 2021 | Dec. 14, 2018 | Jul. 13, 2018 | |
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 the Company’s 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, the Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. The 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 fee | $ 4,300,000 | $ 4,800,000 | $ 4,100,000 | $ 4,800,000 | $ 9,400,000 | $ 7,900,000 | |||||||||||
Incentive fees | 3,300,000 | 1,700,000 | 6,500,000 | 1,700,000 | |||||||||||||
Incentive fees capital | (1,100,000) | (3,900,000) | (3,000,000) | ||||||||||||||
Incentive fees accrual | 7,900,000 | 4,300,000 | |||||||||||||||
Reimbursement of expenses | $ 4,300,000 | 1,800,000 | 1,500,000 | ||||||||||||||
Administrator expenses | $ 1,000 | ||||||||||||||||
Upsized from assets | $ 500,000,000 | ||||||||||||||||
Upsized in assets | $ 116,255,582 | 104,256,803 | 104,256,803 | $ 116,255,582 | |||||||||||||
Aggregate principal amount | 74,450,000 | 74,450,000 | |||||||||||||||
Repayment of loan | 57,000,000 | 18,340,000 | |||||||||||||||
Realized loss | $ 100,000 | 7,943,838 | 90,691 | 8,106,347 | |||||||||||||
Investment fair value | $ 402,100,000 | ||||||||||||||||
Interest income | 400,000 | 900,000 | |||||||||||||||
Interest receivable | $ 200,000 | 0 | $ 200,000 | 0 | |||||||||||||
Interest Income | 300,000 | 700,000 | |||||||||||||||
Share percentage | 87.50% | ||||||||||||||||
Price par value (in Dollars per share) | $ 150 | $ 12,250,000 | $ 12,250,000 | $ 25 | |||||||||||||
Fair Value [Member] | Unsecured Loan [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Unsecured loan | $ 17,600,000 | $ 17,600,000 | |||||||||||||||
Management Agreement [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Incentive fee capital gains percentage | 20% | ||||||||||||||||
Administration Agreement [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Expenses payable | $ 1,000,000 | ||||||||||||||||
Reimbursement of expenses | 900,000 | 800,000 | |||||||||||||||
Administration Agreement [Member] | Minimum [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Reimbursement of expenses | $ 3,275,000 | ||||||||||||||||
Membership Interest [Member] | Fair Value [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Unsecured loan | 9,800,000 | 9,800,000 | |||||||||||||||
Warehouse [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Repayment of loan | $ 25,000,000 | ||||||||||||||||
Manager [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Administrator expenses | 300,000 | ||||||||||||||||
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 | ||||||||||||||||
Saratoga CLO [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Management fee | 800,000 | $ 800,000 | 1,600,000 | $ 1,600,000 | |||||||||||||
Incentive fees capital | 800,000 | ||||||||||||||||
Upsized from assets | $ 300,000,000 | ||||||||||||||||
Newly issued subordinated notes | 14,000,000 | ||||||||||||||||
Transaction cost paid | 2,600,000 | ||||||||||||||||
Outstanding receivable amount | $ 2,600,000 | ||||||||||||||||
Saratoga CLO [Member] | Minimum [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Upsized in assets | 500,000,000 | ||||||||||||||||
Saratoga CLO [Member] | Maximum [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Upsized in assets | 650,000,000 | ||||||||||||||||
Class F-R-3 Notes Tranche [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | 17,900,000 | ||||||||||||||||
Class F-R-2 Notes Tranche [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | 2,500,000 | ||||||||||||||||
Class G-R-2 Notes Tranche [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Aggregate principal amount | $ 7,500,000 | ||||||||||||||||
SLF JV [Member] | Fair Value [Member] | |||||||||||||||||
Agreements and Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Investment fair value | $ 27,400,000 | $ 27,400,000 |
Borrowings (Details)
Borrowings (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Aug. 31, 2023 | May 01, 2023 | Apr. 26, 2023 | Apr. 14, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Dec. 13, 2022 | Oct. 27, 2022 | Oct. 21, 2022 | Sep. 08, 2022 | Aug. 15, 2022 | Jul. 14, 2022 | Apr. 27, 2022 | Jan. 19, 2022 | Oct. 04, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | Jul. 15, 2021 | Mar. 10, 2021 | Jan. 28, 2021 | Dec. 29, 2020 | Jul. 09, 2020 | Jul. 06, 2020 | Feb. 07, 2020 | Dec. 21, 2019 | Apr. 16, 2019 | Feb. 05, 2019 | Mar. 31, 2023 | Jan. 27, 2023 | Apr. 27, 2022 | Jun. 24, 2020 | Aug. 28, 2018 | Mar. 23, 2018 | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | Feb. 28, 2023 | Nov. 10, 2022 | May 10, 2022 | Jul. 30, 2010 | May 01, 2007 | Apr. 11, 2007 | |
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Asset coverage ratio | 159.70% | 165.90% | ||||||||||||||||||||||||||||||||||||||||||
Interest rate, description | The Revolving Credit Facility, SBA Debentures, 8.75% Notes Payable 2024, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading. | |||||||||||||||||||||||||||||||||||||||||||
Loss on the extinguishment of debt | $ (110,056) | $ (1,204,809) | ||||||||||||||||||||||||||||||||||||||||||
Securitized credit facility | $ 35,000,000 | $ 32,500,000 | $ 35,000,000 | 35,000,000 | $ 32,500,000 | |||||||||||||||||||||||||||||||||||||||
Administrative agent fee | 904,167 | $ 772,917 | 1,722,917 | 1,522,917 | ||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 35,000,000 | 32,500,000 | 175,000,000 | 175,000,000 | 105,500,000 | 43,800,000 | ||||||||||||||||||||||||||||||||||||||
Financing costs | 4,085,214 | 5,087,947 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | 900,000 | 400,000 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing cost | 100,000 | $ 100,000 | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||
Interest expense | 2,000,000 | 700,000 | ||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 74,450,000 | $ 74,450,000 | 74,450,000 | |||||||||||||||||||||||||||||||||||||||||
Net income taxes | $ 4,852 | 2,759,376 | ||||||||||||||||||||||||||||||||||||||||||
Investment percentage | 25% | 25% | 25% | |||||||||||||||||||||||||||||||||||||||||
Borrowing amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||||||||||||||||||||||||||||||||||||||||
Average interest rate | 2.90% | 2.75% | ||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | |||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 2.89% | 2.67% | ||||||||||||||||||||||||||||||||||||||||||
Underwriting commissions | $ 45,000 | $ 1,408,086 | $ 1,474,222 | $ 2,259,814 | ||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount percentage | 7.25% | 7.25% | 6.25% | 7.25% | 7.25% | 7.25% | 7.25% | 6.25% | ||||||||||||||||||||||||||||||||||||
Repayment realized loss percentage | 7.25% | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 105,500,000 | $ 99,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Deferred financial costs | 0 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financial costs | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 6% | 6% | 6% | 6% | 6% | |||||||||||||||||||||||||||||||||||||||
Aggregate amount indebtedness | $ 1,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, Redemption amount | $ 43,100,000 | $ 60,000,000 | $ 24,450,000 | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption percentage | 4.375% | |||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Asset coverage ratio | 150% | |||||||||||||||||||||||||||||||||||||||||||
Encina credit facility | 12,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 0 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | 0 | |||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Encina credit facility | $ 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 400,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | 40,000 | |||||||||||||||||||||||||||||||||||||||||||
2025 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount, percentage | 6.25% | |||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount percentage | 7.25% | 6.25% | 6.25% | |||||||||||||||||||||||||||||||||||||||||
Smaller Enterprise [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Tangible net | $ 6,000,000 | 6,000,000 | 6,000,000 | |||||||||||||||||||||||||||||||||||||||||
Net income taxes | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
SBIC Subsidiaries [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Tangible net | $ 24,000,000 | 24,000,000 | 24,000,000 | |||||||||||||||||||||||||||||||||||||||||
Net income taxes | 8,000,000 | |||||||||||||||||||||||||||||||||||||||||||
6.25% 2025 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 60,000,000 | $ 20,000,000 | $ 60,000,000 | |||||||||||||||||||||||||||||||||||||||||
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 the Company’s investment objective and strategies. The financing costs and discount of $1.0 million related to the 6.25% 2025 Notes have been capitalized and were amortized over the term of the 6.25% 2025 Notes. | the Company issued $40.0 million in aggregate principal amount of 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 the Company’s 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. | ||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 19,200,000 | |||||||||||||||||||||||||||||||||||||||||||
Underwriting commissions | 600,000 | |||||||||||||||||||||||||||||||||||||||||||
Discount amount | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount percentage | 6.25% | 6.25% | ||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 0 | $ 10,800,000 | 0 | $ 27,000,000 | ||||||||||||||||||||||||||||||||||||||||
Interest expense | 0 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 37,500,000 | |||||||||||||||||||||||||||||||||||||||||||
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 the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes have been capitalized and were amortized over the term of the 7.25% 2025 Notes. | Offering costs incurred were approximately $0.2 million. | ||||||||||||||||||||||||||||||||||||||||||
Principal amount, percentage | 7.25% | |||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount percentage | 7.25% | 7.25% | 7.25% | |||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 36,300,000 | |||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | $ 1,200,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 0 | $ 1,200,000 | ||||||||||||||||||||||||||||||||||||||||||
7.25% 2025 Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 43,100,000 | |||||||||||||||||||||||||||||||||||||||||||
7.75% 2025 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 5,000,000 | $ 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | 100,000 | 100,000 | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Principal amount, percentage | 7.75% | |||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount percentage | 7.75% | |||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 4,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 10,000 | 10,000 | $ 20,000 | 20,000 | ||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||
Par value, per share (in Dollars per share) | $ 25 | $ 25 | $ 25 | |||||||||||||||||||||||||||||||||||||||||
Fair value | $ 4,900,000 | 4,900,000 | $ 4,900,000 | $ 4,900,000 | 4,900,000 | |||||||||||||||||||||||||||||||||||||||
Carrying amount | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||
7.75% 2025 Notes [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||
6.25% 2027 Notes | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | ||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 400,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | 200,000 | 200,000 | 500,000 | 500,000 | ||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 15,000,000 | $ 10,000,000 | 5,000,000 | 15,000,000 | 15,000,000 | |||||||||||||||||||||||||||||||||||||||
Principal amount, percentage | 6.25% | |||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 9,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 300,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 20,000 | 20,000 | $ 40,000 | 40,000 | ||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 100,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||
Par value, per share (in Dollars per share) | $ 25 | $ 25 | $ 25 | |||||||||||||||||||||||||||||||||||||||||
Fair value | $ 13,900,000 | 13,700,000 | $ 13,900,000 | $ 13,900,000 | 13,700,000 | |||||||||||||||||||||||||||||||||||||||
Carrying amount | 15,000,000 | 15,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||||
6.25% 2027 Notes | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount, percentage | 6.25% | |||||||||||||||||||||||||||||||||||||||||||
4.375% 2026 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 2,700,000 | $ 1,300,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | 1,900,000 | 1,900,000 | 3,800,000 | 3,800,000 | ||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | 175,000,000 | 125,000,000 | $ 50,000,000 | 175,000,000 | 175,000,000 | |||||||||||||||||||||||||||||||||||||||
Principal amount, percentage | 4.375% | |||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | 123,800,000 | $ 49,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 200,000 | 200,000 | 400,000 | 400,000 | ||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 200,000 | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||
Fair value | 158,900,000 | 156,100,000 | 158,900,000 | 158,900,000 | 156,100,000 | |||||||||||||||||||||||||||||||||||||||
Carrying amount | 175,000,000 | 175,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Public offering price percentage | 101% | |||||||||||||||||||||||||||||||||||||||||||
Underwriting discounts | $ 2,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Minimum denominations amount | 2,000 | 2,000 | 2,000 | |||||||||||||||||||||||||||||||||||||||||
Integral multiples of excess | 1,000 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||||
Amortization of premium on issuances | 60,000 | 50,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||
4.375% 2026 Notes [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount, percentage | 4.375% | |||||||||||||||||||||||||||||||||||||||||||
Four point three five percent [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 30,000 | 30,000 | 60,000 | 60,000 | ||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 1,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | 90,000 | 90,000 | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | 75,000,000 | $ 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 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 800,000 | 800,000 | 1,600,000 | 1,600,000 | ||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||
Fair value | 65,700,000 | 64,500,000 | 65,700,000 | 65,700,000 | 64,500,000 | |||||||||||||||||||||||||||||||||||||||
Carrying amount | 75,000,000 | 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Public offering price percentage | 99.317% | |||||||||||||||||||||||||||||||||||||||||||
Carrying amount | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||||||||||||||||||||||||||||||
Four point three five percent [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Carrying amount | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||||||||||||||||||||||||||||||
6.00% 2027 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 300,000 | $ 3,300,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | 200,000 | 200,000 | 400,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | 87,500,000 | $ 87,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Net proceeds | 84,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Discount amount | $ 2,700,000 | 2,700,000 | ||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount percentage | 6% | 6% | ||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 7,800,000 | 9,700,000 | ||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 1,600,000 | $ 1,700,000 | 3,200,000 | $ 2,200,000 | ||||||||||||||||||||||||||||||||||||||||
Offering costs | 100,000 | 100,000 | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||
Per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||||
Public offering price percentage | 97.80% | |||||||||||||||||||||||||||||||||||||||||||
Additional aggregate principal amount | $ 8,000,000 | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Average daily trading price, percentage | 6% | 6% | 6% | |||||||||||||||||||||||||||||||||||||||||
Amortized over term percentage | 6% | |||||||||||||||||||||||||||||||||||||||||||
Additional amount percentage | 6% | |||||||||||||||||||||||||||||||||||||||||||
Incurred cost | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Fair value carrying amount, description | the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $99.0 million, respectively. The fair value of the 6.00% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $100.4 million, respectively. | |||||||||||||||||||||||||||||||||||||||||||
Amortization discount rate percentage | 6% | |||||||||||||||||||||||||||||||||||||||||||
7.00% 2025 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 12,000,000 | $ 0 | $ 12,000,000 | $ 0 | ||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 40,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | 200,000 | 0 | 400,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 12,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Principal amount, percentage | 7% | |||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 11,600,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 0 | 0 | 0 | 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. | |||||||||||||||||||||||||||||||||||||||||||
Fair value | 11,600,000 | 11,500,000 | 11,600,000 | 11,600,000 | 11,500,000 | |||||||||||||||||||||||||||||||||||||||
Carrying amount | 12,000,000 | 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Underwriting discounts | $ 400,000 | |||||||||||||||||||||||||||||||||||||||||||
Carrying amount | 12,000,000 | 12,000,000 | 12,000,000 | |||||||||||||||||||||||||||||||||||||||||
Offering expenses | $ 50,000 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 30,000 | 30,000 | 0 | 30,000 | 0 | |||||||||||||||||||||||||||||||||||||||
7.00% 2025 Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
7.00% 2025 Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 50,000 | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||
8.00% 2027 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 46,000,000 | 0 | 46,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 1,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | 1,800,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | 40,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | 38,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 1,300,000 | 90,000 | 0 | 200,000 | 0 | |||||||||||||||||||||||||||||||||||||||
Offering costs | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||
Fair value | 46,200,000 | 46,200,000 | 46,200,000 | |||||||||||||||||||||||||||||||||||||||||
Carrying amount | 46,000,000 | 46,000,000 | 46,000,000 | |||||||||||||||||||||||||||||||||||||||||
Additional aggregate principal amount | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||||||||
8.00% 2027 Notes [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 5,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Carrying amount | 46,000,000 | 46,000,000 | ||||||||||||||||||||||||||||||||||||||||||
8.00% 2027 Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | 46,400,000 | 46,400,000 | ||||||||||||||||||||||||||||||||||||||||||
8.00% 2027 Notes [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 900,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Par value, per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||||
8.125% 2027 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 1,200,000 | 0 | 2,500,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 52,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | On December 21, 2022, the underwriters partially exercised their option to purchase an additional $7.9 million in aggregate principal amount of its 8.125% 2027 Notes. Net proceeds to the Company were $7.6 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.125% per year, beginning February 28, 2023. 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 the Company’s option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per share. | |||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | 60,400,000 | 0 | 60,400,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
Principal amount, percentage | 8.125% | |||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 50,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 100,000 | 0 | 200,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Fair value | 60,400,000 | 60,400,000 | 60,400,000 | |||||||||||||||||||||||||||||||||||||||||
Carrying amount | 60,400,000 | 60,400,000 | 60,400,000 | |||||||||||||||||||||||||||||||||||||||||
8.50% 2028 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | $ 10,000,000 | 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | 0 | 0 | 700,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing cost | 0 | |||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | 400,000 | $ 10,000,000 | $ 10,000,000 | 400,000 | 400,000 | |||||||||||||||||||||||||||||||||||||||
Debt instrument, description | Interest on the 8.75% 2024 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year, beginning May 31, 2023. The 8.75% 2024 Notes mature on March 31, 2024. Net proceeds from this offering were used to make investments in middle-market companies (including investments made through the SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and general corporate purposes. Financing costs and discounts of $0.7 million related to the 8.75% 2024 Notes have been capitalized and are being amortized over the term of the 8.75% 2024 Notes. | |||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | 9,700,000 | 9,700,000 | ||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | 400,000 | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 30,000 | |||||||||||||||||||||||||||||||||||||||||||
Fair value | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Carrying amount | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||||||||||||||||||||||||||||||||||
Deferred financial costs | 200,000 | 300,000 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financial costs | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
8.50% 2028 Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
8.50% 2028 Notes [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 15,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | 0 | |||||||||||||||||||||||||||||||||||||||||||
8.50% 2028 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | $ 200,000 | $ 30,000 | 57,500,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
Financing costs | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | 1,200,000 | 0 | 1,900,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing cost | 0 | 200,000 | 0 | |||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | 7,500,000 | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Net proceeds amount | $ 7,300,000 | 48,400,000 | ||||||||||||||||||||||||||||||||||||||||||
Deducting underwriting commissions amount | $ 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Par value, per share (in Dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||||
Fair value | 57,800,000 | 0 | 57,800,000 | 57,800,000 | 0 | |||||||||||||||||||||||||||||||||||||||
Carrying amount | 57,500,000 | $ 0 | 57,500,000 | 57,500,000 | 0 | |||||||||||||||||||||||||||||||||||||||
8.50% 2028 Notes [Member] | Borrowings [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 42,900,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||
8.50% 2028 Notes [Member] | 2025 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount, percentage | 7.25% | 6.25% | 6.25% | |||||||||||||||||||||||||||||||||||||||||
Notes offering [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption percentage | 6.25% | |||||||||||||||||||||||||||||||||||||||||||
Level 3 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | 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 million, 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 three months ended August 31, 2023, the Company repaid $27.0 million of SBA debentures, resulting in a realized loss on extinguishment of $0.1 million related to the acceleration of deferred debt financing costs.For the three months ended August 31, 2023 and August 31, 2022, the Company recorded $1.5 million and $1.5 million of interest expense related to the SBA debentures, respectively. For the three months ended August 31, 2023 and August 31, 2022, the Company recorded $0.3 million and $0.2 million of amortization of deferred financing costs related to the SBA debentures, respectively. | |||||||||||||||||||||||||||||||||||||||||||
Level 3 [Member] | 8.50% 2028 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | 20,000,000 | $ 0 | 20,000,000 | $ 20,000,000 | 0 | |||||||||||||||||||||||||||||||||||||||
Carrying amount | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Level 1 [Member] | 8.125% 2027 Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | 61,100,000 | 61,100,000 | ||||||||||||||||||||||||||||||||||||||||||
Carrying amount | 60,400,000 | $ 60,400,000 | ||||||||||||||||||||||||||||||||||||||||||
Revolving 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% | |||||||||||||||||||||||||||||||||||||||||||
Securitized credit facility | $ 25,700,000 | $ 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Credit facility, description | 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. | |||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | SBA Debentures [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | 202,600,000 | $ 202,300,000 | ||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | SBA Debentures [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | $ 222,000,000 | 218,400,000 | ||||||||||||||||||||||||||||||||||||||||||
Madison Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Credit facility, description | On October 4, 2021, all outstanding amounts on the Madison Credit Facility were repaid and the Madison Credit Facility was terminated. | |||||||||||||||||||||||||||||||||||||||||||
Senior secured revolving | $ 45,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Loss on the extinguishment of debt | $ 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. | we entered into the first amendment to the Credit Agreement to, among other things: ● increase the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; ● change 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; ● increase the applicable effective margin rate on borrowings from 4.00% to 4.25%; ● extend the revolving period from October 4, 2024 to January 27, 2026; ● extend 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; ● revise the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and ● amend 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. | ||||||||||||||||||||||||||||||||||||||||||
Securitized credit facility | $ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Administrative agent fee | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Financing costs | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
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 | 87,300,000 | 87,300,000 | $ 87,300,000 | |||||||||||||||||||||||||||||||||||||||||
Line of credit facility maximum borrowing capacity | 65,000,000 | 65,000,000 | 65,000,000 | |||||||||||||||||||||||||||||||||||||||||
SBIC LP [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Additional long-term capital | 150,000,000 | 150,000,000 | 150,000,000 | |||||||||||||||||||||||||||||||||||||||||
Aggregate total of equity capital amount | 75,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | 0 | |||||||||||||||||||||||||||||||||||||||||||
SBIC Subsidiaries [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Additional long-term capital | $ 175,000,000 | $ 175,000,000 | 175,000,000 | |||||||||||||||||||||||||||||||||||||||||
SBA Debentures [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | $ 202,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | 2,900,000 | $ 2,900,000 | ||||||||||||||||||||||||||||||||||||||||||
Aggregate total of equity capital amount | 189,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | $ 189,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 150% | 150% | 150% | |||||||||||||||||||||||||||||||||||||||||
SBA Debentures [Member] | SBIC Subsidiaries [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | The Company’s wholly owned SBIC Subsidiaries are able to borrow funds from the SBA against each SBIC’s regulatory capital (which generally approximates equity capital in the respective SBIC). | |||||||||||||||||||||||||||||||||||||||||||
SBIC II LP [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate total of equity capital amount | $ 87,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | 175,000,000 | |||||||||||||||||||||||||||||||||||||||||||
SBIC III LP [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate total of equity capital amount | 66,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Debentures outstanding amount | $ 14,000,000 | |||||||||||||||||||||||||||||||||||||||||||
LIBOR [Member] | Revolving Credit Facility [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%. | |||||||||||||||||||||||||||||||||||||||||||
Encina Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Encina credit facility percentage | 50% | 9.75% | 9.56% | |||||||||||||||||||||||||||||||||||||||||
Outstanding amount | $ 35,000,000 | $ 40,900,000 | ||||||||||||||||||||||||||||||||||||||||||
SBIC LP [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 |
Borrowings (Details) - Schedule
Borrowings (Details) - Schedule of Credit Facility $ / shares in Units, $ in Thousands | 6 Months Ended | |
Aug. 31, 2023 USD ($) $ / shares | [1],[3] | |
Credit Facility with Encina Lender Finance, LLC [Member] | Fiscal year 2024 (as of August 31, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 35,000 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6] | |
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 | [2] |
Asset Coverage per Unit | $ | $ 1,659 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6] | |
Credit Facility with Encina Lender Finance, LLC [Member] | Fiscal yaer 2022 (as of February 28, 2022) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 12,500 | [2] |
Asset Coverage per Unit | $ | $ 2,093 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | $ 3,471 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | $ 6,071 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | $ 2,345 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | $ 2,930 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | $ 2,710 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | $ 3,025 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | [2],[7] |
Asset Coverage per Unit | $ | $ 3,117 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | $ 3,348 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | [2],[7] |
Asset Coverage per Unit | $ | $ 5,421 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | [2],[7] |
Asset Coverage per Unit | $ | $ 5,834 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | [2],[7] |
Asset Coverage per Unit | $ | $ 20,077 | [4],[7] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | [4],[7] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | [4],[7] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | [4],[7] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[7] | |
Asset Coverage per Unit | $ | [4],[7] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[7] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[7] | |
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 | $ | [2],[8] | |
Asset Coverage per Unit | $ | [4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[8] | |
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 | [2],[8] |
Asset Coverage per Unit | $ | $ 3,025 | [4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.24 | [6],[8],[9] |
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 | [2],[8] |
Asset Coverage per Unit | $ | $ 3,117 | [4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.46 | [6],[8],[9] |
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 | [2],[8] |
Asset Coverage per Unit | $ | $ 3,348 | [4],[8] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.18 | [6],[8],[9] |
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 | $ | [2],[8] | |
Asset Coverage per Unit | $ | [4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[8] | |
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 | $ | [2],[8] | |
Asset Coverage per Unit | $ | [4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[8] | |
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 | $ | [2],[8] | |
Asset Coverage per Unit | $ | [4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [8] | |
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 | $ | [2],[8] | |
Asset Coverage per Unit | $ | [4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[8] | |
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 | $ | [2],[8] | |
Asset Coverage per Unit | $ | [4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[8] | |
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 | $ | [2],[8] | |
Asset Coverage per Unit | $ | [4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[8] | |
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 | $ | [2],[8] | |
Asset Coverage per Unit | $ | [4],[8] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[8] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[8] | |
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 | $ | [2],[10] | |
Asset Coverage per Unit | $ | [4],[10] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[10] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[10] | |
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 | [2],[10] |
Asset Coverage per Unit | $ | $ 2,345 | [4],[10] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[10] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.74 | [6],[10],[11] |
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 | [2],[10] |
Asset Coverage per Unit | $ | $ 2,930 | [4],[10] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[10] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 26.05 | [6],[10],[11] |
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 | [2],[10] |
Asset Coverage per Unit | $ | $ 2,710 | [4],[10] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[10] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.89 | [6],[10],[11] |
8.75% Notes due 2024 [Member] | Fiscal year 2024 (as of August 31, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 20,000 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
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 | [2],[13] |
Asset Coverage per Unit | $ | $ 3,471 | [4],[13] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[13] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 24.24 | [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 | [2],[13] |
Asset Coverage per Unit | $ | $ 6,071 | [4],[13] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[13] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.75 | [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 | [2],[13] |
Asset Coverage per Unit | $ | $ 2,345 | [4],[13] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[13] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 24.97 | [6],[13],[14] |
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 | $ | [2],[13] | |
Asset Coverage per Unit | $ | [4],[13] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[13] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[13] | |
7.00% Notes due 2025 [Member] | Fiscal year 2024 (as of August 31, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 12,000 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
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 | [2] |
Asset Coverage per Unit | $ | $ 1,659 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
7.25% 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 | $ | [2],[15] | |
Asset Coverage per Unit | $ | [4],[15] | |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[15] | |
Average Market Value per Share (in Dollars per share) | $ / shares | [6],[15] | |
7.25% 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 | $ | $ 43,125 | [2],[15] |
Asset Coverage per Unit | $ | $ 3,471 | [4],[15] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[15] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.77 | [6],[14],[15] |
7.25% 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 | $ | $ 43,125 | [2],[15] |
Asset Coverage per Unit | $ | $ 2,093 | [4],[15] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5],[15] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.46 | [6],[14],[15] |
7.75% Notes due 2025 [Member] | Fiscal year 2024 (as of August 31, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 5,000 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
7.75% 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 | $ | $ 5,000 | [2] |
Asset Coverage per Unit | $ | $ 1,659 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
7.75% 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 | $ | $ 5,000 | [2] |
Asset Coverage per Unit | $ | $ 3,471 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
7.75% 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 | $ | $ 5,000 | [2] |
Asset Coverage per Unit | $ | $ 2,093 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
4.375% Notes due 2026 [Member] | Fiscal year 2024 (as of August 31, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 175,000 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
4.375% Notes due 2026 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 175,000 | [2] |
Asset Coverage per Unit | $ | $ 1,659 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
4.375% Notes due 2026 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 175,000 | [2] |
Asset Coverage per Unit | $ | $ 2,093 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
4.35% Notes due 2027 [Member] | Fiscal year 2024 (as of August 31, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 75,000 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
4.35% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 75,000 | [2] |
Asset Coverage per Unit | $ | $ 1,659 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
4.35% Notes due 2027 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 75,000 | [2] |
Asset Coverage per Unit | $ | $ 2,093 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
6.00% Notes due 2027 [Member] | Fiscal year 2024 (as of August 31, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 105,500 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 23.31 | [6],[16] |
6.00% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 105,500 | [2] |
Asset Coverage per Unit | $ | $ 1,659 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 23.97 | [6],[16] |
6.25% Notes due 2027 [Member] | Fiscal year 2024 (as of August 31, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
6.25% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [2] |
Asset Coverage per Unit | $ | $ 1,659 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
6.25% Notes due 2027 [Member] | Fiscal year 2021 (as of February 28, 2021) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [2] |
Asset Coverage per Unit | $ | $ 3,471 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
6.25% Notes due 2027 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 15,000 | [2] |
Asset Coverage per Unit | $ | $ 2,093 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25 | [6],[12] |
8.00% Notes due 2027 [Member] | Fiscal year 2024 (as of August 31, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 46,000 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 24.92 | [6],[16] |
8.00% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 46,000 | [2] |
Asset Coverage per Unit | $ | $ 1,659 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.08 | [6],[16] |
8.125% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,375 | [2] |
Asset Coverage per Unit | $ | $ 1,659 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.1 | [6],[16] |
8.125% Notes due 2027 [Member] | Fiscal year 2024 (as of August 31, 2024) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 60,375 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 24.93 | [6],[16] |
8.50% Notes due 2028 [Member] | Fiscal year 2024 (as of August 31, 2023) [Member] | ||
Credit Facility with Encina Lender Finance, LLC | ||
Total Amount Outstanding Exclusive of Treasury Securities | $ | $ 57,500 | [2] |
Asset Coverage per Unit | $ | $ 1,597 | [4] |
Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares | [5] | |
Average Market Value per Share (in Dollars per share) | $ / shares | $ 25.03 | [6],[17] |
[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. 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. 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. 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. 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. 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. Based on the average daily trading price of the 2025 Notes on the NYSE. On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes. Based on the average daily trading price of the 2027 Notes on the NYSE. Based on the average daily trading price of the 2028 Notes on the NYSE. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | Aug. 31, 2023 | Feb. 28, 2023 |
Commitments and Contingencies (Details) [Line Items] | ||
Off-balance sheet arrangements | $ 140.6 | $ 108.8 |
Cash and cash equivalents | 48.4 | |
Encina Credit Facility [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Borrowings | $ 30 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations $ in Thousands | Aug. 31, 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 | $ 795,375 |
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 | 35,000 |
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 | 189,000 |
8.75% 2024 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 | 20,000 |
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 |
8.50% 2028 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 | 57,500 |
Less Than 1 Year [Member] | |
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items] | |
Total Long-Term Debt Obligations | 20,000 |
Less Than 1 Year [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 | |
Less Than 1 Year [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 | |
Less Than 1 Year [Member] | 8.75% 2024 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 | 20,000 |
Less Than 1 Year [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 | |
Less Than 1 Year [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 | |
Less Than 1 Year [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 | |
Less Than 1 Year [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 | |
Less Than 1 Year [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 | |
Less Than 1 Year [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 | |
Less Than 1 Year [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 | |
Less Than 1 Year [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 | |
Less Than 1 Year [Member] | 8.50% 2028 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] | |
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items] | |
Total Long-Term Debt Obligations | 227,000 |
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 | 35,000 |
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 | |
1 - 3 Years [Member] | 8.75% 2024 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% 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 | 175,000 |
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 | |
1 - 3 Years [Member] | 8.50% 2028 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 | 359,375 |
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 | |
3 - 5 Years [Member] | 8.75% 2024 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] | 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 | |
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 |
3 - 5 Years [Member] | 8.50% 2028 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 | 57,500 |
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 | 189,000 |
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 | 189,000 |
More Than 5 Years [Member] | 8.75% 2024 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% 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] | 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 | |
More Than 5 Years [Member] | 8.50% 2028 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 | Aug. 31, 2023 | Feb. 28, 2023 |
At Company’s discretion | ||
Off balance sheet arrangements | $ 140,552 | $ 108,771 |
Company’s Discretion [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 82,798 | 59,798 |
Company’s Discretion [Member] | ActiveProspect, Inc. [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 10,000 | 10,000 |
Company’s Discretion [Member] | Artemis Wax Corp. [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 23,500 | |
Company’s Discretion [Member] | Ascend Software, LLC [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 5,000 | 5,000 |
Company’s Discretion [Member] | Granite Comfort, LP [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 750 | 15,000 |
Company’s Discretion [Member] | JDXpert [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 5,000 | 5,000 |
Company’s Discretion [Member] | LFR Chicken LLC [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 4,000 | 4,000 |
Company’s Discretion [Member] | Pepper Palace, Inc. [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 3,000 | 3,000 |
Company’s Discretion [Member] | Procurement Partners, LLC [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 4,250 | 4,250 |
Company’s Discretion [Member] | Saratoga Senior Loan Fund I JV, LLC [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 8,548 | 8,548 |
Company’s Discretion [Member] | Sceptre Hospitality Resources, LLC [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 5,000 | 5,000 |
Company’s Discretion [Member] | Stretch Zone Franchising, LLC [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 3,750 | |
Company’s Discretion [Member] | VetnCare MSO, LLC [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 10,000 | |
Alpha Aesthetics Partners 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 | 4,844 | |
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 | 259 | 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 | 1,500 | 3,200 |
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 |
BQE Software, Inc. [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 3,250 | |
C2 Educational Systems, Inc.[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 | |
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 | 1,500 | |
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 | 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 | 1,042 | 833 |
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 | 3,367 | 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 | 1,250 | 2,500 |
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 | |
Inspect Point Holding, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 1,500 | |
Modis Dental Partners 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 | 7,500 | |
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 | |
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 |
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 | |
Stretch Zone Franchising, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 1,500 | |
VetnCare MSO, LLC [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | 19,500 | |
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 | 575 | 1,000 |
Defined Benefit Plan Portfolio [Member] | At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] | ||
At Company’s discretion | ||
Off balance sheet arrangements | $ 57,754 | $ 48,973 |
Directors Fees (Details)
Directors Fees (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | Feb. 28, 2023 | |
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 | $ 111,000 | $ 110,000 | 200,068 | $ 220,000 | |
Accrued and unpaid amount | $ 0 | $ 0 | $ 10,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jul. 06, 2023 | Jul. 29, 2021 | Oct. 08, 2019 | Jul. 11, 2019 | Jul. 13, 2018 | Jul. 30, 2021 | Mar. 16, 2017 | Sep. 24, 2014 | Aug. 31, 2023 | Aug. 31, 2023 | Feb. 28, 2023 | |
Stockholders' Equity (Details) [Line Items] | |||||||||||
Repurchase plan, description | the Company announced the approval of an open market share repurchase plan that originally 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”). Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan. Most recently, on January 9, 2023, the Company’s board of directors extended the Share Repurchase Plan for another year to January 15, 2024, increasing the number of shares that may be repurchased under the Share Repurchase Plan to 1.7 million shares of common stock. As of August 31, 2023, the Company had purchased 1,035,203 shares of common stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the three months ended August 31, 2023 the Company did not purchase any shares of common stock pursuant to the Share Repurchase Plan. During the six months ended August 31, 2023 the Company purchased 88,576 shares of common stock, at the average price $24.36 for approximately $2.2 million pursuant to the Share Repurchase Plan. | ||||||||||
Offer for sale | $ 150,000 | $ 30,000 | |||||||||
Amount of common stock | $ 130,000 | $ 70,000 | |||||||||
Number of shares sold (in Shares) | 3,922,018 | 852,412 | 852,412 | ||||||||
Gross proceeds | $ 97,100 | $ 24,300 | $ 24,300 | ||||||||
Average price (in Dollars per share) | $ 24.77 | ||||||||||
Aggregate net proceeds | $ 95,900 | $ 24,300 | |||||||||
Shares issued (in Shares) | 1,150,000 | ||||||||||
Stock issued price per share (in Dollars per share) | $ 150 | $ 25 | $ 12,250,000 | $ 12,250,000 | |||||||
Common stock par value (in Dollars per share) | $ 0.001 | 0.001 | 0.001 | $ 0.001 | |||||||
Aggregate amount | $ 28,750 | ||||||||||
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 | ||||||||||
Purchased shares of common stock (in Shares) | 300 | ||||||||||
Average price (in Dollars per share) | $ 28.56 | $ 28.56 | |||||||||
Aggregate net proceeds | $ 24,300 | ||||||||||
Manager reimbursed | $ 2,100 | 2,100 | |||||||||
Maximum [Member] | |||||||||||
Stockholders' Equity (Details) [Line Items] | |||||||||||
Aggregate net proceeds | $ 146,800 | ||||||||||
Ladenburg Thalmann & Co. Inc. [Member] | |||||||||||
Stockholders' Equity (Details) [Line Items] | |||||||||||
Number of shares sold (in Shares) | 5,692,773 | ||||||||||
Gross proceeds | $ 148,300 | ||||||||||
Average price (in Dollars per share) | $ 26.06 | $ 26.06 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Aug. 31, 2023 | May 31, 2023 | Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | |
Common Stock [Member] | ||||||||
Stockholders' Equity (Details) - Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity [Line Items] | ||||||||
Balance | $ 11,848 | $ 11,891 | $ 11,885 | $ 11,927 | $ 12,032 | $ 12,131 | $ 11,891 | $ 12,131 |
Balance (in Shares) | 11,847,742 | 11,890,500 | 11,885,479 | 11,927,238 | 12,031,998 | 12,131,350 | 11,890,500 | 12,131,350 |
Balance | $ 12,730 | $ 11,848 | $ 11,891 | $ 11,885 | $ 11,927 | $ 12,032 | $ 12,730 | $ 11,927 |
Balance (in Shares) | 12,729,781 | 11,847,742 | 11,890,500 | 11,885,479 | 11,927,238 | 12,031,998 | 12,729,781 | 11,927,238 |
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: | ||||||||
Stock dividend distribution | $ 30 | $ 47 | $ 55 | $ 53 | $ 49 | $ 43 | ||
Stock dividend distribution, shares (in Shares) | 29,627 | 45,818 | 53,615 | 52,312 | 48,590 | 42,825 | ||
Repurchases of common stock | $ (90) | $ (49) | $ (95) | $ (154) | $ (142) | |||
Repurchases of common stock, shares (in Shares) | (88,576) | (48,594) | (94,071) | (153,350) | (142,177) | |||
Repurchase fees | ||||||||
Increase (Decrease) from Operations: | ||||||||
Realized losses on extinguishment of debt | ||||||||
Capital Share Transactions: | ||||||||
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | ||||||||
Capital Share Transactions: | ||||||||
Proceeds from issuance of common stock | $ 852 | |||||||
Proceeds from issuance of common stock, shares (in Shares) | 852,412 | |||||||
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 | $ 320,793,316 | 321,893,806 | 321,802,386 | 322,832,986 | 325,433,869 | 328,062,246 | $ 321,893,806 | $ 328,062,246 |
Balance | 345,876,725 | 320,793,316 | 321,893,806 | 321,802,386 | 322,832,986 | 325,433,869 | 345,876,725 | 322,832,986 |
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: | ||||||||
Stock dividend distribution | 749,283 | 1,058,797 | 1,300,405 | 1,150,881 | 1,088,139 | 1,108,637 | ||
Repurchases of common stock | (2,157,515) | (1,224,175) | (2,179,600) | (3,685,951) | (3,734,174) | |||
Repurchase fees | (1,772) | (972) | (1,881) | (3,071) | (2,840) | |||
Increase (Decrease) from Operations: | ||||||||
Realized losses on extinguishment of debt | ||||||||
Capital Share Transactions: | ||||||||
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | 16,162 | |||||||
Capital Share Transactions: | ||||||||
Proceeds from issuance of common stock | 24,334,126 | |||||||
Total Distributable Earnings (Loss) [Member] | ||||||||
Stockholders' Equity (Details) - Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity [Line Items] | ||||||||
Balance | 16,645,684 | 25,052,345 | 13,949,329 | 14,368,362 | 19,789,910 | 27,706,146 | 25,052,345 | 27,706,146 |
Balance | 16,189,300 | 16,645,684 | 25,052,345 | 13,949,329 | 14,368,362 | 19,789,910 | 16,189,300 | 14,368,362 |
Increase (Decrease) from Operations: | ||||||||
Net investment income | 13,964,784 | 15,958,950 | 9,649,474 | 9,877,437 | 7,698,014 | 7,976,222 | ||
Net realized gain (loss) from investments | 90,691 | 80,683 | (740,434) | 7,943,838 | 162,509 | |||
Income tax (provision) benefit from realized gain on investments | 479,318 | 69,250 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (5,737,571) | (16,322,307) | 10,549,981 | (3,176,208) | (13,258,456) | (9,333,449) | ||
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (221,206) | 59,407 | (697,380) | (425,848) | (230,154) | (361,951) | ||
Decrease from Shareholder Distributions: | ||||||||
Distributions of investment income – net | (8,352,335) | (8,193,402) | (8,081,306) | (6,433,298) | (6,369,981) | (6,428,817) | ||
Capital Share Transactions: | ||||||||
Stock dividend distribution | ||||||||
Repurchases of common stock | ||||||||
Repurchase fees | ||||||||
Increase (Decrease) from Operations: | ||||||||
Realized losses on extinguishment of debt | (110,056) | (382,274) | (1,204,809) | |||||
Capital Share Transactions: | ||||||||
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | (16,162) | |||||||
Capital Share Transactions: | ||||||||
Proceeds from issuance of common stock | ||||||||
Net Assets [Member] | ||||||||
Stockholders' Equity (Details) - Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity [Line Items] | ||||||||
Balance | 337,450,848 | 346,958,042 | 335,763,600 | 337,213,275 | 345,235,811 | 355,780,523 | 346,958,042 | 355,780,523 |
Balance | 362,078,755 | 337,450,848 | 346,958,042 | 335,763,600 | 337,213,275 | 345,235,811 | $ 362,078,755 | $ 337,213,275 |
Increase (Decrease) from Operations: | ||||||||
Net investment income | 13,964,784 | 15,958,950 | 9,649,474 | 9,877,437 | 7,698,014 | 7,976,222 | ||
Net realized gain (loss) from investments | 90,691 | 80,683 | (740,434) | 7,943,838 | 162,509 | |||
Income tax (provision) benefit from realized gain on investments | 479,318 | 69,250 | ||||||
Net change in unrealized appreciation (depreciation) on investments | (5,737,571) | (16,322,307) | 10,549,981 | (3,176,208) | (13,258,456) | (9,333,449) | ||
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (221,206) | 59,407 | (697,380) | (425,848) | (230,154) | (361,951) | ||
Decrease from Shareholder Distributions: | ||||||||
Distributions of investment income – net | (8,352,335) | (8,193,402) | (8,081,306) | (6,433,298) | (6,369,981) | (6,428,817) | ||
Capital Share Transactions: | ||||||||
Stock dividend distribution | 749,313 | 1,058,844 | 1,300,460 | 1,150,934 | 1,088,188 | 1,108,680 | ||
Repurchases of common stock | (2,157,605) | (1,224,224) | (2,179,695) | (3,686,105) | (3,734,316) | |||
Repurchase fees | $ (1,772) | (972) | $ (1,881) | (3,071) | $ (2,840) | |||
Increase (Decrease) from Operations: | ||||||||
Realized losses on extinguishment of debt | (110,056) | (382,274) | $ (1,204,809) | |||||
Capital Share Transactions: | ||||||||
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | ||||||||
Capital Share Transactions: | ||||||||
Proceeds from issuance of common stock | $ 24,334,978 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | |
Schedule Of Weighted Average Basic And Diluted Net Increase Decrease In Net Assets Abstract | ||||
Net increase (decrease) in net assets resulting from operations | $ 7,896 | $ 948 | $ 7,683 | $ (539) |
Weighted average common shares outstanding | 12,158,440 | 11,963,276 | 12,011,180 | 12,037,855 |
Weighted average earnings (loss) per common share | $ 0.65 | $ 0.08 | $ 0.64 | $ (0.04) |
Dividend (Details)
Dividend (Details) - $ / shares | Aug. 14, 2023 | May 22, 2023 |
Common Stock [Member] | ||
Dividend (Details) [Line Items] | ||
Dividend per share payable | $ 0.71 | $ 0.7 |
Dividend (Details) - Schedule o
Dividend (Details) - Schedule of Dividends Declared - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | ||
Dividend (Details) - Schedule of Dividends Declared [Line Items] | |||
Amount per Share | $ 1.41 | $ 1.07 | |
Total Amount | [1] | $ 17,639 | $ 12,803 |
August 14, 2023 [Member] | |||
Dividend (Details) - Schedule of Dividends Declared [Line Items] | |||
Record Date | Sep. 14, 2023 | ||
Payment Date | Sep. 28, 2023 | ||
Amount per Share | $ 0.71 | ||
Total Amount | [1] | $ 9,287 | |
May 22, 2023 [Member] | |||
Dividend (Details) - Schedule of Dividends Declared [Line Items] | |||
Record Date | Jun. 13, 2023 | ||
Payment Date | Jun. 29, 2023 | ||
Amount per Share | $ 0.7 | ||
Total Amount | [1] | $ 8,352 | |
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 | |
[1] Total amount is calculated based on the number of shares outstanding at the date of record. |
Financial Highlights (Details)
Financial Highlights (Details) | 6 Months Ended |
Aug. 31, 2023 USD ($) | |
Investment Company, Financial Highlights [Abstract] | |
Indebtedness amount | $ 1,000 |
Revolving credit facility, description | The Revolving Credit Facility, SBA Debentures, 8.75% Notes Payable 2024, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading. |
Debt instrument redemption, description | the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE. |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of Financial Highlights - USD ($) | 6 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | ||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value at beginning of period | $ 29.18 | $ 29.33 | |
Net investment income | [1] | 2.49 | 1.3 |
Net realized and unrealized gain and losses on investments | [1] | (1.84) | (1.25) |
Realized losses on extinguishment of debt | (0.01) | (0.1) | |
Net increase in net assets resulting from operations | 0.64 | (0.05) | |
Distributions declared from net investment income | (1.39) | (1.06) | |
Total distributions to stockholders | (1.39) | (1.06) | |
Issuance of common stock above net asset value | [2] | ||
Repurchases of common stock | [3] | 0.05 | 0.1 |
Dilution | [4] | (0.04) | (0.05) |
Net asset value at end of period | $ 28.44 | $ 28.27 | |
Net assets at end of period (in Dollars) | $ 362,078,755 | $ 337,213,275 | |
Shares outstanding at end of period (in Shares) | 12,729,781 | 11,927,238 | |
Per share market value at end of period | $ 25.85 | $ 24.28 | |
Total return based on market value | [5],[6] | (0.69%) | (7.67%) |
Total return based on net asset value | [5],[7] | 3.15% | 0.69% |
Ratio/Supplemental data: | |||
Ratio of net investment income to average net assets | [8] | 17.80% | 8.61% |
Expenses: | |||
Ratios of Operating Expenses and Income Taxes to average net assets | [9],[10] | 7.76% | 6.68% |
Ratio of incentive management fees to average net assets | [5] | 0.74% | (0.38%) |
Ratio of interest and debt financing expenses to average net assets | [10] | 13.75% | 8.47% |
Ratio of total expenses and income taxes to average net assets | [8],[9] | 22.25% | 14.77% |
Portfolio turnover rate | [5],[11] | 1.63% | 11.83% |
Asset coverage ratio per unit (in Dollars) | [12] | $ 1,597 | $ 1,842 |
Average market value per unit | |||
Revolving Credit Facility | [13] | ||
SBA Debentures Payable | [13] | ||
8.75% Notes Payable 2024 [Member] | |||
Average market value per unit | |||
Average market value per unit | [13] | ||
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 | [14] | ||
7.75% Notes Payable 2025 [Member] | |||
Average market value per unit | |||
Average market value per unit | [13] | ||
4.375% Notes Payable 2026 [Member] | |||
Average market value per unit | |||
Average market value per unit | [13] | ||
4.35% 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 | 23.31 | 24.53 | |
6.25% Notes Payable 2027 [Member] | |||
Average market value per unit | |||
Average market value per unit | [13] | ||
8.00% Notes Payable 2027 [Member] | |||
Average market value per unit | |||
Average market value per unit | 24.92 | ||
8.125% Notes Payable 2027 [Member] | |||
Average market value per unit | |||
Average market value per unit | 24.93 | ||
8.50% Notes Payable 2028 [Member] | |||
Average market value per unit | |||
Average market value per unit | $ 25.03 | ||
[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 of the Company due to the repurchase of common shares. See Note 11, Stockholders’ Equity.[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]Ratios are not annualized.[6]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.[7]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 net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.[8]Ratios are annualized. Incentive management fees included within the ratio are not annualized.[9]Certain prior period amounts have been reclassified to conform to current period presentation.[10]Ratios are annualized.[11]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.[12]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.[13]The Revolving Credit Facility, SBA Debentures, 8.75% Notes Payable 2024, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading.[14]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. |