Saratoga Investment 10Q 2025 Q3 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the Quarterly Period Ended November 30, 2024

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

Commission File No. 814-00732

SARATOGA INVESTMENT CORP.

(Exact name of registrant as specified in its charter)

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

535 Madison Avenue

New York, New York 10022

(Address of principal executive offices)

(212) 906-7800

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	SAR	The New York Stock Exchange
6.00% Notes due 2027	SAT	The New York Stock Exchange
8.00% Notes due 2027	SAJ	The New York Stock Exchange
8.125% Notes due 2027	SAY	The New York Stock Exchange
8.50% Notes due 2027	SAZ	The New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding common shares of the registrant as of January 7, 2025 was 14,346,373.

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION	1

Item 1.	Consolidated Financial Statements	1

	Consolidated Statements of Assets and Liabilities as of November 30, 2024 (unaudited) and February 29, 2024	1

	Consolidated Statements of Operations for the three and nine months ended November 30, 2024 (unaudited) and November 30, 2023 (unaudited)	2

	Consolidated Statements of Changes in Net Assets for three and nine months ended November 30, 2024 (unaudited) and November 30, 2023 (unaudited)	3

	Consolidated Statements of Cash Flows for the nine months ended November 30, 2024 (unaudited) and November 30, 2023 (unaudited)	4

	Consolidated Schedules of Investments as of November 30, 2024 (unaudited) and February 29, 2024	5

	Notes to Consolidated Financial Statements as of November 30, 2024 (unaudited)	28

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	108

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	149

Item 4.	Controls and Procedures	150

PART II.	OTHER INFORMATION	151

Item 1.	Legal Proceedings	151

Item 1A.	Risk Factors	151

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	152

Item 3.	Defaults Upon Senior Securities	152

Item 4.	Mine Safety Disclosures	152

Item 5.	Other Information	152

Item 6.	Exhibits	153

Signatures		155

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Saratoga Investment Corp.

Consolidated Statements of Assets and Liabilities

	November 30, 2024			February 29, 2024
	(unaudited)
ASSETS
Investments at fair value
Non-control/Non-affiliate investments (amortized cost of $852,158,089 and $1,035,879,751, respectively)	$	875,707,680		$	1,019,774,616
Affiliate investments (amortized cost of $37,627,241 and $26,707,415, respectively)		39,803,456			27,749,137
Control investments (amortized cost of $77,556,847 and $117,196,571, respectively)		44,582,096			91,270,036
Total investments at fair value (amortized cost of $967,342,177 and $1,179,783,737, respectively)		960,093,232			1,138,793,789
Cash and cash equivalents		147,614,810			8,692,846
Cash and cash equivalents, reserve accounts		102,549,213			31,814,278
Interest receivable (net of reserve of $68,735 and $9,490,340, respectively)		7,462,134			10,298,998
Management fee receivable		327,368			343,023
Other assets		1,871,192			1,163,225
Current income tax receivable		1,931			99,676
Total assets	$	1,219,919,880		$	1,191,205,835

LIABILITIES
Revolving credit facilities	$	52,500,000		$	35,000,000
Deferred debt financing costs, revolving credit facilities		(1,467,001	)		(882,122	)
SBA debentures payable		214,000,000			214,000,000
Deferred debt financing costs, SBA debentures payable		(5,072,871	)		(5,779,892	)
8.75% Notes Payable 2025		20,000,000			20,000,000
Discount on 8.75% notes payable 2025		(35,045	)		(112,894	)
Deferred debt financing costs, 8.75% notes payable 2025		(1,460	)		(4,777	)
7.00% Notes Payable 2025		12,000,000			12,000,000
Discount on 7.00% notes payable 2025		(100,675	)		(193,175	)
Deferred debt financing costs, 7.00% notes payable 2025		(12,257	)		(24,210	)
7.75% Notes Payable 2025		5,000,000			5,000,000
Deferred debt financing costs, 7.75% notes payable 2025		(33,209	)		(74,531	)
4.375% Notes Payable 2026		175,000,000			175,000,000
Premium on 4.375% notes payable 2026		363,367			564,260
Deferred debt financing costs, 4.375% notes payable 2026		(1,073,336	)		(1,708,104	)
4.35% Notes Payable 2027		75,000,000			75,000,000
Discount on 4.35% notes payable 2027		(233,940	)		(313,010	)
Deferred debt financing costs, 4.35% notes payable 2027		(773,704	)		(1,033,178	)
6.25% Notes Payable 2027		15,000,000			15,000,000
Deferred debt financing costs, 6.25% notes payable 2027		(219,726	)		(273,449	)
6.00% Notes Payable 2027		105,500,000			105,500,000
Discount on 6.00% notes payable 2027		(96,638	)		(123,782	)
Deferred debt financing costs, 6.00% notes payable 2027		(1,696,769	)		(2,224,403	)
8.00% Notes Payable 2027		46,000,000			46,000,000
Deferred debt financing costs, 8.00% notes payable 2027		(1,013,039	)		(1,274,455	)
8.125% Notes Payable 2027		60,375,000			60,375,000
Deferred debt financing costs, 8.125% notes payable 2027		(1,256,679	)		(1,563,594	)
8.50% Notes Payable 2028		57,500,000			57,500,000
Deferred debt financing costs, 8.50% notes payable 2028		(1,373,467	)		(1,680,039	)
Base management and incentive fees payable		7,521,835			8,147,217
Deferred tax liability		4,581,381			3,791,150
Accounts payable and accrued expenses		2,500,210			1,337,542
Interest and debt fees payable		5,875,852			3,582,173
Due to Manager		796,396			450,000
Total liabilities		845,054,225			820,981,727

Commitments and contingencies (See Note 9)

NET ASSETS
Common stock, par value $0.001, 100,000,000 common shares authorized, 13,909,206 and 13,653,476 common shares issued and outstanding, respectively		13,909			13,654
Capital in excess of par value		377,235,609			371,081,199
Total distributable deficit		(2,383,863	)		(870,745	)
Total net assets		374,865,655			370,224,108
Total liabilities and net assets	$	1,219,919,880		$	1,191,205,835
NET ASSET VALUE PER SHARE	$	26.95		$	27.12

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Operations

(unaudited)

	For the three months ended						For the nine months ended
	November 30, 2024			November 30, 2023			November 30, 2024			November 30, 2023
INVESTMENT INCOME
Interest from investments
Interest income:
Non-control/Non-affiliate investments	$	28,301,622		$	28,741,745		$	95,247,113		$	83,542,257
Affiliate investments		458,765			1,165,585			1,446,620			2,799,735
Control investments		1,220,769			2,183,242			4,465,137			6,314,550
Payment in kind interest income:
Non-control/Non-affiliate investments		355,161			88,106			2,073,035			706,339
Affiliate investments		424,357			221,348			915,807			644,484
Control investments		-			258,729			284,590			542,581
Total interest from investments		30,760,674			32,658,755			104,432,302			94,549,946
Interest from cash and cash equivalents		1,627,718			521,574			3,923,380			1,864,956
Management fee income		775,398			819,929			2,372,177			2,453,967
Dividend income(*):
Non-control/Non-affiliate investments		172,557			509,365			584,827			621,398
Control investments		948,102			1,319,219			3,160,742			4,679,699
Total dividend from investments		1,120,659			1,828,584			3,745,569			5,301,097
Structuring and advisory fee income		740,705			312,135			1,186,548			1,786,357
Other income		853,481			199,368			1,900,184			530,210
Total investment income		35,878,635			36,340,345			117,560,160			106,486,533

OPERATING EXPENSES
Interest and debt financing expenses		13,044,000			12,522,357			39,135,022			36,628,641
Base management fees		4,412,000			4,857,059			14,161,025			14,262,147
Incentive management fees expense (benefit)		3,109,834			2,243,621			11,244,838			4,828,442
Professional fees		670,376			434,552			1,795,572			1,407,275
Administrator expenses		1,250,000			1,075,000			3,458,333			2,797,917
Insurance		76,743			81,002			231,936			244,804
Directors fees and expenses		83,500			80,729			276,500			280,797
General and administrative		759,902			660,062			2,190,613			1,957,906
Income tax expense (benefit)		36,625			219,900			98,263			(11,193	)
Total operating expenses		23,442,980			22,174,282			72,592,102			62,396,736
NET INVESTMENT INCOME		12,435,655			14,166,063			44,968,058			44,089,797

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investments:
Non-control/Non-affiliate investments		4,806,390			60,565			5,365,091			151,256
Control investments		638,355			-			(54,564,070	)		-
Net realized gain (loss) from investments		5,444,745			60,565			(49,198,979	)		151,256
Net change in unrealized appreciation (depreciation) on investments:
Non-control/Non-affiliate investments		(7,026,951	)		(1,948,502	)		39,654,726			(15,334,087	)
Affiliate investments		179,825			(1,084,259	)		1,134,493			(1,289,895	)
Control investments		(2,071,457	)		(14,833,592	)		(7,048,216	)		(23,302,249	)
Net change in unrealized appreciation (depreciation) on investments		(8,918,583	)		(17,866,353	)		33,741,003			(39,926,231	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(126,875	)		(415,894	)		(747,063	)		(577,693	)
Net realized and unrealized gain (loss) on investments		(3,600,713	)		(18,221,682	)		(16,205,039	)		(40,352,668	)
Realized losses on extinguishment of debt		-			-			-			(110,056	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,834,942		$	(4,055,619	)	$	28,763,019		$	3,627,073

WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE	$	0.64		$	(0.31	)	$	2.09		$	0.29
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED		13,789,951			13,052,896			13,733,008			12,355,815

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

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Changes in Net Assets

(unaudited)

	For the nine months ended
	November 30, 2024			November 30, 2023
INCREASE FROM OPERATIONS:
Net investment income	$	44,968,058		$	44,089,797
Net realized gain (loss) from investments		(49,198,979	)		151,256
Realized losses on extinguishment of debt		-			(110,056	)
Net change in unrealized appreciation (depreciation) on investments		33,741,003			(39,926,231	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(747,063	)		(577,693	)
Net increase in net assets resulting from operations		28,763,019			3,627,073

DECREASE FROM SHAREHOLDER DISTRIBUTIONS:
Total distributions to shareholders		(30,276,137	)		(25,832,379	)
Net decrease in net assets from shareholder distributions		(30,276,137	)		(25,832,379	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from issuance of common stock⁽¹⁾		2,777,426			31,510,617
Capital contribution from Manager		199,652			3,093,288
Stock dividend distribution		3,220,162			2,667,152
Repurchases of common stock		-			(2,157,605	)
Repurchase fees		-			(1,772	)
Offering costs		(42,575	)		(305,667	)
Net increase in net assets from capital share transactions		6,154,665			34,806,013
Total increase in net assets		4,641,547			12,600,707
Net assets at beginning of period		370,224,108			346,958,042
Net assets at end of period	$	374,865,655		$	359,558,749

(1)

See Note 11 to the Consolidated Financial Statements contained herein for more information on share issuance.

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Statements of Cash Flows

(unaudited)

	For the nine months ended
	November 30, 2024			November 30, 2023
Operating activities
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	28,763,019		$	3,627,073
ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Distributions from CLO, payment-in-kind and other adjustments to cost		(4,546,611	)		4,054,128
Net accretion of discount on investments		(2,181,920	)		(1,641,652	)
Amortization of deferred debt financing costs		3,781,712			3,909,127
Realized losses on extinguishment of debt		-			110,056
Income tax expense (benefit)		43,168			(11,193	)
Net realized (gain) loss from investments		49,198,979			(151,256	)
Net change in unrealized (appreciation) depreciation on investments		(33,741,003	)		39,926,231
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		747,063			577,693
Proceeds from sales and repayments of investments		296,246,215			19,247,834
Purchases of investments		(126,275,103	)		(202,883,641	)
(Increase) decrease in operating assets:
Interest receivable		2,836,864			(1,075,968	)
Management fee receivable		15,655			(223	)
Other assets		(707,967	)		(401,046	)
Current income tax receivable		97,745			336,875
Increase (decrease) in operating liabilities:
Base management and incentive fees payable		(625,382	)		(3,975,165	)
Accounts payable and accrued expenses		1,162,668			621,900
Interest and debt fees payable		2,293,679			956,499
Directors fees payable		-			(14,932	)
Due to Manager		346,396			239,065
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		217,455,177			(136,548,595	)

Financing activities
Borrowings on debt		30,000,000			62,500,000
Paydowns on debt		(12,500,000	)		(57,000,000	)
Issuance of notes		-			77,500,000
Payments of deferred debt financing costs		(1,176,806	)		(4,474,813	)
Proceeds from issuance of common stock		2,777,426			31,510,617
Capital contribution from Manager		199,652			3,093,288
Payments of cash dividends		(27,055,975	)		(23,165,227	)
Repurchases of common stock		-			(2,157,605	)
Repurchases fees		-			(1,772	)
Payments of offering costs		(42,575	)		(305,667	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(7,798,278	)		87,498,821
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS		209,656,899			(49,049,774	)
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD		40,507,124			96,076,273
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD (See note 2)	$	250,164,023		$	47,026,499

Supplemental information:
Interest paid during the period	$	33,059,630		$	31,763,015
Cash paid for taxes		617,665			654,930
Supplemental non-cash information:
Payment-in-kind interest income and other adjustments to cost		9,920,201			(4,054,128	)
Net accretion of discount on investments		2,181,920			1,641,652
Amortization of deferred debt financing costs		3,781,712			3,909,127
Stock dividend distribution		3,220,162			2,667,152

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Non-control/Non-affiliate investments - 234.0% (b)
Altvia MidCo, LLC.	Alternative Investment Management Software	First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.97% Cash, 7/18/2027	7/18/2022	$	8,857,800	$	8,790,649	$	8,867,544		2.4	%
Altvia MidCo, LLC. (h)	Alternative Investment Management Software	Series A-1 Preferred Shares	7/18/2022		2,000,000		2,000,000		2,718,029		0.7	%
		Total Alternative Investment Management Software					10,790,649		11,585,573		3.1	%
BQE Software, Inc. (d)	Architecture & Engineering Software	First Lien Term Loan (3M USD TERM SOFR+6.75%), 11.22% Cash, 4/13/2028	4/13/2023	$	24,500,000		24,307,518		24,990,000		6.7	%
BQE Software, Inc. (j)	Architecture & Engineering Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.75%), 11.22% Cash, 4/13/2028	4/13/2023	$	750,000		745,836		765,000		0.2	%
		Total Architecture & Engineering Software					25,053,354		25,755,000		6.9	%
GrowthZone, LLC	Association Management Software	First Lien Term Loan (3M USD TERM SOFR+8.25%), 12.72% Cash, 5/10/2028	5/10/2023	$	23,395,388		23,085,098		23,984,952		6.4	%
Golden TopCo LP (h)	Association Management Software	Class A-2 Common Units	5/10/2023		1,072,394		1,072,394		1,380,841		0.4	%
		Total Association Management Software					24,157,492		25,365,793		6.8	%
Artemis Wax Corp. (d)(j)	Consumer Services	Delayed Draw Term Loan (1M USD TERM SOFR+7.50%), 12.03% Cash, 5/20/2026	5/20/2021	$	57,500,000		57,301,213		56,850,250		15.2	%
Artemis Wax Corp. (h)	Consumer Services	Series B-1 Preferred Stock	5/20/2021		934,463		1,500,000		615,929		0.2	%
Artemis Wax Corp. (h)	Consumer Services	Series D Preferred Stock	12/22/2022		331,640		1,711,866		2,087,850		0.6	%
		Total Consumer Services					60,513,079		59,554,029		16.0	%
Schoox, Inc. (h), (i)	Corporate Education Software	Series 1 Membership Interest	12/8/2020		1,050		475,698		4,624,002		1.2	%
		Total Corporate Education Software					475,698		4,624,002		1.2	%
GreyHeller LLC (h)	Cyber Security	Common Stock	11/10/2021		7,857,689		1,906,275		3,437,554		0.9	%
		Total Cyber Security					1,906,275		3,437,554		0.9	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)			% of Net Assets
Gen4 Dental Partners Holdings, LLC	Dental Practice Management	First Lien Term Loan (6M USD TERM SOFR+5.50%), 9.88% Cash, 5/13/2030	5/13/2024	$	7,125,000		7,056,826		7,073,700			1.9	%
Gen4 Dental Partners Holdings, LLC (j)	Dental Practice Management	Delayed Draw Term Loan (6M USD TERM SOFR+5.50%), 9.88% Cash, 5/13/2030	5/13/2024	$	-		-		-			0.0	%
Gen4 Dental Partners Holdings, LLC (j)	Dental Practice Management	Revolving Credit Facility (6M USD TERM SOFR+5.50%), 9.88% Cash, 5/13/2030	5/13/2024	$	-		-		-			0.0	%
Gen4 Dental Partners Holdings, LLC (h)(i)	Dental Practice Management	Series A Preferred Units	2/8/2023		493,999		1,027,519		1,002,818			0.3	%
Modis Dental Partners OpCo, LLC	Dental Practice Management	First Lien Term Loan (1M USD TERM SOFR+9.43%), 13.96% Cash, 4/18/2028	4/18/2023	$	7,000,000		6,918,971		7,140,000			1.9	%
Modis Dental Partners OpCo, LLC (j)	Dental Practice Management	Delayed Draw Term Loan (1M USD TERM SOFR+9.43%), 13.96% Cash, 4/18/2028	4/18/2023	$	8,600,000		8,490,633		8,772,000			2.3	%
Modis Dental Partners OpCo, LLC (h)	Dental Practice Management	Class A Preferred Units	4/18/2023		2,950,000		2,950,000		2,639,985			0.7	%
New England Dental Partners	Dental Practice Management	First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.62% Cash, 11/25/2025	11/25/2020	$	6,555,000		6,538,499		6,625,794			1.8	%
New England Dental Partners	Dental Practice Management	Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 12.62% Cash, 11/25/2025	11/25/2020	$	2,150,000		2,147,430		2,173,220			0.6	%
		Total Dental Practice Management					35,129,878		35,427,517			9.5	%
Exigo, LLC (d)	Direct Selling Software	First Lien Term Loan (1M USD TERM SOFR+6.25%), 10.88% Cash, 3/16/2027	3/16/2022	$	24,127,538		24,010,777		23,343,393			6.2	%
Exigo, LLC (j)	Direct Selling Software	Revolving Credit Facility (1M USD TERM SOFR+6.25%), 10.88% Cash, 3/16/2027	3/16/2022	$	-		-		(20,313	)		0.0	%
Exigo, LLC (h), (i)	Direct Selling Software	Common Units	3/16/2022		1,041,667		1,041,667		747,131			0.2	%
		Total Direct Selling Software					25,052,444		24,070,211			6.4	%
C2 Educational Systems, Inc. (d)	Education Services	First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.97% Cash, 5/31/2025	5/31/2017	$	23,000,000		22,984,603		22,981,600			6.1	%
C2 Educational Systems, Inc. (j)	Education Services	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.97% Cash, 5/31/2025	4/28/2023	$	-		-		-			0.0	%
C2 Education Systems, Inc. (h)	Education Services	Series A-1 Preferred Stock	5/18/2021		3,127		499,904		598,074			0.2	%
		Total Education Services					23,484,507		23,579,674			6.3	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Modern Campus (fka Destiny Solutions Inc.) (h)(i)	Education Software	Limited Partner Interests	5/16/2018		3,068		3,969,291		11,292,087		3.0	%
GoReact	Education Software	First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.17% Cash/1.00% PIK, 1/17/2025	1/17/2020	$	8,142,981		8,139,422		8,142,981		2.2	%
GoReact (j)	Education Software	Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.17% Cash/1.00% PIK, 1/17/2025	1/18/2022	$	-		-		-		0.0	%
Identity Automation Systems (h)	Education Software	Common Stock Class A-2 Units	8/25/2014		232,616		232,616		1,178,242		0.3	%
Identity Automation Systems (h)	Education Software	Common Stock Class A-1 Units	3/6/2020		43,715		171,571		322,576		0.1	%
Ready Education (d)	Education Software	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.47% Cash, 8/5/2027	8/5/2022	$	27,000,000		26,827,805		26,878,500		7.2	%
		Total Education Software					39,340,705		47,814,386		12.8	%
TG Pressure Washing Holdings, LLC (h)	Facilities Maintenance	Preferred Equity	8/12/2019		488,148		488,148		-		0.0	%
		Total Facilities Maintenance					488,148		-		0.0	%
Davisware, LLC	Field Service Management	First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.97% Cash, 11/30/2025	9/6/2019	$	6,000,000		6,000,000		6,001,800		1.6	%
Davisware, LLC (j)	Field Service Management	Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.97% Cash, 11/30/2025	9/6/2019	$	5,477,790		5,477,790		5,479,433		1.5	%
		Total Field Service Management					11,477,790		11,481,233		3.1	%
GDS Software Holdings, LLC	Financial Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.47% Cash, 12/30/2026	12/30/2021	$	22,713,926		22,640,119		22,691,212		6.1	%
GDS Software Holdings, LLC (d)	Financial Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.47% Cash, 12/30/2026	12/30/2021	$	3,286,074		3,265,729		3,282,788		0.9	%
GDS Software Holdings, LLC (h)	Financial Services	Common Stock Class A Units	8/23/2018		250,000		250,000		440,785		0.1	%
		Total Financial Services					26,155,848		26,414,785		7.1	%
Ascend Software, LLC	Financial Services Software	First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.23% Cash, 12/15/2026	12/15/2021	$	6,000,000		5,970,627		5,977,200		1.6	%
Ascend Software, LLC (j)	Financial Services Software	Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.23% Cash, 12/15/2026	12/15/2021	$	4,050,000		4,035,166		4,034,610		1.1	%
		Total Financial Services Software					10,005,793		10,011,810		2.7	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Inspect Point Holdings, LLC	Fire Inspection Business Software	First Lien Term Loan (1M USD TERM SOFR+6.50%), 11.03% Cash, 07/19/2028	7/19/2023	$	10,000,000		9,918,672		10,150,000		2.7	%
Inspect Point Holdings, LLC (j)	Fire Inspection Business Software	Delayed Draw Term Loan (1M USD TERM SOFR+6.50%), 11.03% Cash, 07/19/2028	7/19/2023	$	-		-		-		0.0	%
		Total Fire Inspection Business Software					9,918,672		10,150,000		2.7	%
Stretch Zone Franchising, LLC (d)	Health/Fitness Franchisor	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.47% Cash, 3/31/2028	3/31/2023	$	28,717,271		28,496,472		28,430,099		7.6	%
Stretch Zone Franchising, LLC (j)	Health/Fitness Franchisor	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.47% Cash, 3/31/2028	3/31/2023	$	-		-		-		0.0	%
Stretch Zone Franchising, LLC (h)	Health/Fitness Franchisor	Class A Units	3/31/2023		20,000		2,000,000		1,579,066		0.4	%
		Total Health/Fitness Franchisor					30,496,472		30,009,165		8.0	%
Alpha Aesthetics Partners OpCo, LLC	Healthcare Services	First Lien Term Loan (1M USD TERM SOFR+9.93%), 14.46% Cash, 3/20/2028	3/20/2023	$	3,900,000		3,854,880		3,978,000		1.2	%
Alpha Aesthetics Partners OpCo, LLC (j)	Healthcare Services	Delayed Draw Term Loan (1M USD TERM SOFR+9.93%), 14.46% Cash, 3/20/2028	3/20/2023	$	11,447,385		11,305,102		11,676,333		3.1	%
Alpha Aesthetics Partners OpCo, LLC (h)	Healthcare Services	Class A Preferred Units	3/20/2023		3,675,000		3,675,000		3,624,323		1.0	%
Axiom Medical Consulting, LLC	Healthcare Services	First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.47% Cash, 9/11/2028	9/11/2023	$	10,000,000		9,928,579		10,082,000		2.7	%
Axiom Medical Consulting, LLC (j)	Healthcare Services	Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.47% Cash, 9/11/2028	9/11/2023	$	-		-		-		0.0	%
Axiom Parent Holdings, LLC (h)	Healthcare Services	Class A Preferred Units	6/19/2018		400,000		258,389		628,910		0.2	%
ComForCare Health Care (d)	Healthcare Services	First Lien Term Loan (3M USD TERM SOFR+6.25%), 10.72% Cash, 12/31/2027	1/31/2017	$	55,000,000		54,735,947		55,220,000		14.7	%
		Total Healthcare Services					83,757,897		85,209,566		22.9	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Procurement Partners, LLC	Healthcare Software	First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.97% Cash, 5/12/2026	11/12/2020	$	35,125,000		35,010,241		35,125,000		9.4	%
Procurement Partners, LLC	Healthcare Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.97% Cash, 5/12/2026	11/12/2020	$	10,300,000		10,277,796		10,300,000		2.7	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class A Units	11/12/2020		571,219		571,219		409,679		0.1	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class AA Units	11/12/2020		220,385		30,994		108,206		0.0	%
		Total Healthcare Software					45,890,250		45,942,885		12.2	%
Roscoe Medical, Inc. (h)	Healthcare Supply	Common Stock	3/26/2014		5,081		508,077		-		0.0	%
		Total Healthcare Supply					508,077		-		0.0	%
Granite Comfort, LP (d)	HVAC Services and Sales	First Lien Term Loan (3M USD TERM SOFR+7.41%), 11.88% Cash, 5/16/2027	11/16/2020	$	43,000,000		42,821,673		42,389,400		11.3	%
Granite Comfort, LP (j)(d)	HVAC Services and Sales	Delayed Draw Term Loan (3M USD TERM SOFR+7.41%), 11.88% Cash, 5/16/2027	11/16/2020	$	16,207,805		16,086,197		15,977,654		4.3	%
		Total HVAC Services and Sales					58,907,870		58,367,054		15.6	%
Vector Controls Holding Co., LLC (h)	Industrial Products	Warrants to Purchase Limited Liability Company Interests, Expires 3/6/2025	5/31/2015		343		-		8,726,466		2.3	%
		Total Industrial Products					-		8,726,466		2.3	%
AgencyBloc, LLC	Insurance Software	First Lien Term Loan (1M USD TERM SOFR+7.76%), 12.29% Cash, 10/1/2026	10/1/2021	$	15,675,341		15,600,419		15,692,584		4.2	%
Panther ParentCo LLC (h)	Insurance Software	Class A Units	10/1/2021		2,500,000		2,500,000		4,692,238		1.3	%
		Total Insurance Software					18,100,419		20,384,822		5.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Avantra (Maple Holdings Midco Limited)	IT Services	First Lien Term Loan (3M USD TERM SOFR+7.97%), 12.44% Cash, 9/20/2029	9/19/2024	$	17,000,000		16,816,077		16,809,600		4.5	%
Maple Holdings Midco Limited (h)	IT Services	Class A Common Units	9/19/2024		2,000,000		2,000,000		2,000,000		0.5	%
		Total IT Services					18,816,077		18,809,600		5.0	%
ActiveProspect, Inc. (d)	Lead Management Software	First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.67% Cash, 8/8/2027	8/8/2022	$	11,525,624		11,462,397		11,640,880		3.1	%
ActiveProspect, Inc. (j)	Lead Management Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.67% Cash, 8/8/2027	8/8/2022	$	-		-		-		0.0	%
		Total Lead Management Software					11,462,397		11,640,880		3.1	%
Madison Logic, Inc. (d)(m)	Marketing Orchestration Software	First Lien Term Loan (1M USD TERM SOFR+7.50%), 12.03% Cash, 12/30/2028	12/30/2022	$	18,775,160		18,565,083		18,433,452		4.9	%
		Total Marketing Orchestration Software					18,565,083		18,433,452		4.9	%
ARC Health OpCo LLC (d)	Mental Healthcare Services	First Lien Term Loan (3M USD TERM SOFR+8.40%), 12.86% Cash, 8/5/2027	8/5/2022	$	6,500,000		6,448,840		6,193,200		1.7	%
ARC Health OpCo LLC (d)	Mental Healthcare Services	Delayed Draw Term Loan (3M USD TERM SOFR+8.40%), 12.86% Cash, 8/5/2027	8/5/2022	$	26,914,577		26,905,399		25,644,209		6.8	%
ARC Health OpCo LLC (h)	Mental Healthcare Services	Class A Preferred Units	8/5/2022		3,818,400		4,169,599		610,944		0.2	%
		Total Mental Healthcare Services					37,523,838		32,448,353		8.7	%
Chronus LLC	Mentoring Software	First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.87% Cash, 8/26/2026	8/26/2021	$	15,000,000		14,934,015		14,869,500		4.0	%
Chronus LLC (d)	Mentoring Software	First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.62% Cash, 8/26/2026	8/26/2021	$	5,000,000		4,970,378		4,956,500		1.3	%
Chronus LLC (h)	Mentoring Software	Series A Preferred Stock	8/26/2021		3,000		3,000,000		2,070,892		0.6	%
		Total Mentoring Software					22,904,393		21,896,892		5.9	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Cloudpermit Intermediate Holding Company	Municipal Government Software	First Lien Term Loan (3M USD TERM SOFR+5.75%), 10.22% Cash, 9/5/2029	9/5/2024	$	28,000,000		27,730,175		27,720,000		7.4	%
Cloudpermit Intermediate Holding Company (j)	Municipal Government Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.22% Cash, 9/5/2029	9/5/2024	$	-		-		-		0.0	%
Cloudpermit Intermediate Holding Company (h)	Municipal Government Software	Limited Partner Interests	9/5/2024		2,000		2,000,000		2,000,000		0.5	%
		Total Municipal Government Software					29,730,175		29,720,000		7.9	%
Omatic Software, LLC (d)	Non-profit Services	First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.73% Cash/1.00% PIK, 6/30/2025	5/29/2018	$	16,381,249		16,366,585		16,428,755		4.4	%
		Total Non-profit Services					16,366,585		16,428,755		4.4	%
Emily Street Enterprises, L.L.C. (d)	Office Supplies	Senior Secured Note (3M USD TERM SOFR+6.25%), 11.00% Cash, 12/31/2027	12/28/2012	$	4,000,000		3,995,859		4,018,000		1.1	%
Emily Street Enterprises, L.L.C. (h)	Office Supplies	Warrant Membership Interests, Expires 12/31/2027	12/28/2012		49,318		400,000		1,428,364		0.4	%
		Total Office Supplies					4,395,859		5,446,364		1.5	%
Buildout, Inc. (d)	Real Estate Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.57% Cash, 7/9/2025	7/9/2020	$	14,000,000		13,973,317		13,588,400		3.6	%
Buildout, Inc.	Real Estate Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.57% Cash, 7/9/2025	2/12/2021	$	38,500,000		38,417,815		37,368,100		10.0	%
Buildout, Inc. (h)(i)	Real Estate Services	Limited Partner Interests	7/9/2020		1,250		1,372,557		846,303		0.2	%
		Total Real Estate Services					53,763,689		51,802,803		13.8	%
Wellspring Worldwide Inc.	Research Software	First Lien Term Loan (3M USD TERM SOFR+8.42%), 12.89% Cash, 12/22/2028	6/27/2022	$	9,552,000		9,481,207		9,552,000		2.5	%
Wellspring Worldwide Inc.	Research Software	Delayed DrawTerm Loan (3M USD TERM SOFR+8.42%), 12.89% Cash, 12/22/2028	6/27/2022	$	14,400,000		14,246,419		14,400,000		3.8	%
Archimedes Parent LLC (h)	Research Software	Class A Common Units	6/27/2022		2,475,160		2,475,160		2,421,510		0.6	%
		Total Research Software					26,202,786		26,373,510		6.9	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
LFR Chicken LLC	Restaurant	First Lien Term Loan (1M USD TERM SOFR+7.00%), 11.53% Cash, 11/19/2026	11/19/2021	$	12,000,000		11,945,149		12,000,000		3.2	%
LFR Chicken LLC (j)	Restaurant	Delayed Draw Term Loan (1M USD TERM SOFR+7.00%), 11.53% Cash, 11/19/2026	11/19/2021	$	18,000,000		17,855,726		18,000,000		4.8	%
LFR Chicken LLC (h)	Restaurant	Series B Preferred Units	11/19/2021		497,183		1,000,000		1,534,323		0.4	%
		Total Restaurant					30,800,875		31,534,323		8.4	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		3,136,598		0.8	%
		Total Staffing Services					100,000		3,136,598		0.8	%
JDXpert	Talent Acquisition Software	First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.23% Cash, 5/2/2027	5/2/2022	$	6,000,000		5,963,746		6,060,000		1.6	%
JDXpert	Talent Acquisition Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.23% Cash, 5/2/2027	5/2/2022	$	1,000,000		992,919		1,010,000		0.3	%
JDXpert (j)	Talent Acquisition Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.23% Cash, 5/2/2027	3/31/2023	$	500,000		495,614		505,000		0.1	%
Jobvite, Inc. (d)	Talent Acquisition Software	First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.97% Cash, 8/5/2028	8/5/2022	$	20,000,000		19,893,434		19,878,000		5.3	%
		Total Talent Acquisition Software					27,345,713		27,453,000		7.3	%
VetnCare MSO, LLC (j)	Veterinary Services	Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.22% Cash, 5/12/2028	5/12/2023	$	12,680,505		12,569,302		12,671,625		3.4	%
		Total Veterinary Services					12,569,302		12,671,625		3.4	%
Sub Total Non-control/Non-affiliate investments							852,158,089		875,707,680		234.0	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Affiliate investments - 10.5% (b)
ETU Holdings, Inc. (f)	Corporate Education Software	First Lien Term Loan (3M USD TERM SOFR+9.00%), 13.62% Cash, 8/18/2027	8/18/2022	$	7,000,000		6,954,826		6,977,600		1.9	%
ETU Holdings, Inc. (f)	Corporate Education Software	Second Lien Term Loan 15.00% PIK, 2/18/2028	8/18/2022	$	6,862,855		6,826,569		6,140,197		1.6	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software	Series A Preferred Units	8/18/2022		3,000,000		3,000,000		-		0.0	%
		Total Corporate Education Software					16,781,395		13,117,797		3.5	%
Axero Holdings, LLC (f)	Employee Collaboration Software	First Lien Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027	6/30/2021	$	15,653,168		15,629,225		15,653,168		4.2	%
Axero Holdings, LLC (f)	Employee Collaboration Software	Delayed Draw Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027	6/30/2021	$	1,110,870		1,105,403		1,110,870		0.3	%
Axero Holdings, LLC (f)(j)	Employee Collaboration Software	Revolving Credit Facility 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027	2/3/2022	$	-		-		-		0.0	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series A Preferred Units	6/30/2021		2,055,609		2,055,609		3,403,000		0.9	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series B Preferred Units	6/30/2021		2,055,609		2,055,609		6,518,621		1.6	%
		Total Employee Collaboration Software					20,845,846		26,685,659		7.0	%
Sub Total Affiliate investments							37,627,241		39,803,456		10.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Control investments - 12.0% (b)
Zollege PBC (k)(g)	Education Services	First Lien Term Loan 4.84% PIK, 8/9/2027	5/11/2021	$	1,461,250		1,461,250		1,103,390		0.3	%
Zollege PBC (h)(g)	Education Services	Common Stock	5/11/2021		7,731,294		558,799		3,101,000		0.8	%
		Total Education Services					2,020,049		4,204,390		1.1	%
Pepper Palace, Inc. (k)(g)	Specialty Food Retailer	First Lien Term Loan 4.42% PIK, 12/31/2028	6/30/2021	$	2,400,000		2,400,000		1,349,520		0.4	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Delayed Draw Term Loan 4.42% PIK, 12/31/2028	6/30/2021	$	-		-		-		0.0	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Revolving Credit Facility 4.42% PIK, 12/31/2028	6/30/2021	$	400,000		400,000		224,920		0.1	%
Pepper Palace, Inc. (h)(g)	Specialty Food Retailer	Class A Units	6/30/2021		100,000		138,561		-		0.0	%
		Total Specialty Food Retailer					2,938,561		1,574,440		0.5	%
Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g)	Structured Finance Securities	Other/Structured Finance Securities 0.00%, 4/20/2033	1/22/2008	$	111,000,000		16,628,297		1,269,512		0.3	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 14.73%, 4/20/2033	8/9/2021	$	9,375,000		9,375,000		4,332,188		1.2	%
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a)(g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+8.55%), 13.02%, 10/20/2033	10/28/2022	$	12,250,000		11,392,500		12,250,000		3.3	%
		Total Structured Finance Securities					37,395,797		17,851,700		4.8	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)(j)	Investment Fund	Unsecured Loan 10.00%, 10/20/2033	12/17/2021	$	17,618,954		17,618,954		16,198,866		4.3	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)	Investment Fund	Membership Interest	12/17/2021		17,583,486		17,583,486		4,752,700		1.3	%
		Total Investment Fund					35,202,440		20,951,566		5.6	%
Sub Total Control investments							77,556,847		44,582,096		12.0	%
TOTAL INVESTMENTS - 256.5% (b)						$	967,342,177	$	960,093,232		256.5	%

	Number of Shares		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 66.7% (b)
U.S. Bank Money Market (l)		250,164,023	$	250,164,023	$	250,164,023		66.7	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts		250,164,023	$	250,164,023	$	250,164,023		66.7	%

(1)

Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.

(a)

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 November 30, 2024, non-qualifying assets represent 4.0% 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.

(b)

Percentages are based on net assets of $374,865,655 as of November 30, 2024.

Saratoga Investment Corp.

Consolidated Schedule of Investments

November 30, 2024

(unaudited)

(c)

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).

(d)

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).

(e)

This investment does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment.

(f)

As defined in the 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 nine months ended November 30, 2024 in which the issuer was an affiliate are as follows:

Company	Purchases		Sales		Total Interest from Investments		Management Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation (Depreciation)
Axero Holdings, LLC	$	10,000	$	-	$	835,832	$	-	$	-	$	2,363,153
ETU Holdings, Inc.		-		-		1,526,595		-		-		(1,228,660	)
Total	$	10,000	$	-	$	2,362,427	$	-	$	-	$	1,134,493

(g)

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 nine months ended November 30, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:

Company	Purchases		Sales		Total Interest from Investments		Total Dividends from Investments		Management Fee Income		Net Realized Gain (Loss) from Investments			Net Change in Unrealized Appreciation (Depreciation)
Netreo Holdings, LLC	$	-	$	2,260,337	$	921,530	$	-	$	-	$	(5,445,808	)	$	3,802,854
Pepper Palace, Inc.		1,050,000		-		1,338		-		-		(34,007,427	)		(1,364,121	)
Zollege PBC		200,000		209,460		110,862		-		-		(15,110,835	)		2,184,341
Saratoga Investment Corp. CLO 2013-1, Ltd.		-		-		-		-		2,372,177		-			(2,857,525	)
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note		-		-		1,287,028		-		-		-			-
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note		-		-		1,107,547		-		-		-			(4,543,039	)
Saratoga Senior Loan Fund I JV, LLC		-		-		1,321,422		-		-		-			380,569
Saratoga Senior Loan Fund I JV, LLC		-		-		-		3,160,742		-		-			(4,651,295	)
Total	$	1,250,000	$	2,469,797	$	4,749,727	$	3,160,742	$	2,372,177	$	(54,564,070	)	$	(7,048,216	)

(h)

Non-income producing at November 30, 2024.

(i)

Includes securities issued by an affiliate of the company.

(j)

All or a portion of this investment has an unfunded commitment as of November 30, 2024. (See Note 9 to the consolidated financial statements).

(k)

As of November 30, 2024, the investment was on non-accrual status. The fair value of these investments was approximately $2.7 million, which represented 0.3% of the Company’s portfolio (see Note 2 to the consolidated financial statements).

(l)

Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of November 30, 2024.

(m)	This investment elected to PIK 20% of accrued interest, with 80% of accrued interest payable in cash.

SOFR - Secured Overnight Financing Rate

1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of November 30, 2024 was 4.53%.

3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of November 30, 2024 was 4.47%.

6M USD TERM SOFR - The 6 month USD TERM SOFR rate as of November 30, 2024 was 4.38%.

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

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Non-control/Non-affiliate investments - 276.5% (b)
Altvia MidCo, LLC.	Alternative Investment Management Software	First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.83% Cash, 7/18/2027	7/18/2022	$	7,900,000	$	7,840,328	$	7,884,990		2.1	%
Altvia MidCo, LLC. (h)	Alternative Investment Management Software	Series A-1 Preferred Shares	7/18/2022		2,000,000		2,000,000		2,894,346		0.8	%
		Total Alternative Investment Management Software					9,840,328		10,779,336		2.9	%
BQE Software, Inc.	Architecture & Engineering Software	First Lien Term Loan (3M USD TERM SOFR+6.75%), 12.08% Cash, 4/13/2028	4/13/2023	$	24,500,000		24,285,669		24,497,550		6.6	%
BQE Software, Inc. (j)	Architecture & Engineering Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.75%), 12.08% Cash, 4/13/2028	4/13/2023	$	750,000		743,481		749,925		0.2	%
		Total Architecture & Engineering Software					25,029,150		25,247,475		6.8	%
GrowthZone, LLC	Association Management Software	First Lien Term Loan (3M USD TERM SOFR+8.25%), 13.58% Cash, 5/10/2028	5/10/2023	$	22,649,425		22,292,083		22,934,808		6.2	%
Golden TopCo LP (h)	Association Management Software	Class A-2 Common Units	5/10/2023		1,072,394		1,072,394		1,154,132		0.3	%
		Total Association Management Software					23,364,477		24,088,940		6.5	%
Artemis Wax Corp. (d)(j)	Consumer Services	Delayed Draw Term Loan (1M USD TERM SOFR+6.75%), 12.07% Cash, 5/20/2026	5/20/2021	$	57,500,000		57,208,255		58,149,750		15.7	%
Artemis Wax Corp. (h)	Consumer Services	Series B-1 Preferred Stock	5/20/2021		934,463		1,500,000		4,822,941		1.3	%
Artemis Wax Corp. (h)	Consumer Services	Series D Preferred Stock	12/22/2022		278,769		1,500,000		1,716,380		0.5	%
		Total Consumer Services					60,208,255		64,689,071		17.5	%
Schoox, Inc. (h), (i)	Corporate Education Software	Series 1 Membership Interest	12/8/2020		1,050		475,698		4,426,630		1.2	%
		Total Corporate Education Software					475,698		4,426,630		1.2	%
GreyHeller LLC (h)	Cyber Security	Common Stock	11/10/2021		7,857,689		1,906,275		2,826,009		0.8	%
		Total Cyber Security					1,906,275		2,826,009		0.8	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)			% of Net Assets
Gen4 Dental Partners Holdings, LLC	Dental Practice Management	Delayed Draw Term Loan (3M USD TERM SOFR+10.22%), 15.55% Cash, 4/29/2026	2/8/2023	$	11,000,000		10,979,958		11,110,000			3.0	%
Gen4 Dental Partners Holdings, LLC (h)(i)	Dental Practice Management	Series A Preferred Units	2/8/2023		493,999		1,027,519		1,111,499			0.3	%
Modis Dental Partners OpCo, LLC	Dental Practice Management	First Lien Term Loan (1M USD TERM SOFR+9.48%), 14.80% Cash, 4/18/2028	4/18/2023	$	7,000,000		6,906,453		7,113,400			1.9	%
Modis Dental Partners OpCo, LLC	Dental Practice Management	Delayed Draw Term Loan (1M USD TERM SOFR+9.48%), 14.80% Cash, 4/18/2028	4/18/2023	$	7,500,000		7,392,367		7,621,500			2.1	%
Modis Dental Partners OpCo, LLC (h)	Dental Practice Management	Class A Preferred Units	4/18/2023		2,950,000		2,950,000		2,682,996			0.7	%
New England Dental Partners	Dental Practice Management	First Lien Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 11/25/2025	11/25/2020	$	6,555,000		6,526,643		6,198,408			1.7	%
New England Dental Partners	Dental Practice Management	Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 11/25/2025	11/25/2020	$	4,650,000		4,635,903		4,397,040			1.2	%
		Total Dental Practice Management					40,418,843		40,234,843			10.9	%
Exigo, LLC (d)	Direct Selling Software	First Lien Term Loan (1M USD TERM SOFR+5.75%), 11.17% Cash, 3/16/2027	3/16/2022	$	24,313,135		24,167,354		23,165,555			6.3	%
Exigo, LLC (j)	Direct Selling Software	Revolving Credit Facility (1M USD TERM SOFR+5.75%), 11.17% Cash, 3/16/2027	3/16/2022	$	-		-		(49,167	)		0.0	%
Exigo, LLC (h), (i)	Direct Selling Software	Common Units	3/16/2022		1,041,667		1,041,667		957,067			0.3	%
		Total Direct Selling Software					25,209,021		24,073,455			6.6	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
C2 Educational Systems, Inc. (d)	Education Services	First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.83% Cash, 5/31/2025	5/31/2017	$	21,500,000		21,478,821		21,459,150		5.8	%
C2 Educational Systems, Inc. (j)	Education Services	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.83% Cash, 5/31/2025	4/28/2023	$	-		-		-		0.0	%
C2 Education Systems, Inc. (h)	Education Services	Series A-1 Preferred Stock	5/18/2021		3,127		499,904		576,118		0.2	%
Zollege PBC (k)	Education Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash/2.00% PIK, 5/11/2026	5/11/2021	$	16,409,153		16,340,466		3,493,509		0.9	%
Zollege PBC (j)(k)	Education Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash/2.00% PIK, 5/11/2026	5/11/2021	$	1,364,109		1,358,200		290,419		0.1	%
Zollege PBC (h)	Education Services	Class A Units	5/11/2021		250,000		250,000		-		0.0	%
		Total Education Services					39,927,391		25,819,196		7.0	%
Destiny Solutions Inc. (h)(i)	Education Software	Limited Partner Interests	5/16/2018		3,068		3,969,291		9,894,736		2.7	%
GoReact	Education Software	First Lien Term Loan (3M USD TERM SOFR+7.50%), 13.03% Cash/1.00% PIK, 1/17/2025	1/17/2020	$	8,087,775		8,060,498		8,087,775		2.2	%
GoReact (j)	Education Software	Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 13.03% Cash/1.00% PIK, 1/17/2025	1/18/2022	$	-		-		-		0.0	%
Identity Automation Systems (h)	Education Software	Common Stock Class A-2 Units	8/25/2014		232,616		232,616		569,355		0.2	%
Identity Automation Systems (h)	Education Software	Common Stock Class A-1 Units	3/6/2020		43,715		171,571		235,296		0.1	%
Ready Education	Education Software	First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 8/5/2027	8/5/2022	$	27,000,000		26,797,063		26,792,100		7.2	%
		Total Education Software					39,231,039		45,579,262		12.4	%
TG Pressure Washing Holdings, LLC (h)	Facilities Maintenance	Preferred Equity	8/12/2019		488,148		488,148		231,181		0.1	%
		Total Facilities Maintenance					488,148		231,181		0.1	%
Davisware, LLC	Field Service Management	First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 7/31/2024	9/6/2019	$	6,000,000		5,991,382		5,989,200		1.6	%
Davisware, LLC (j)	Field Service Management	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 7/31/2024	9/6/2019	$	4,727,790		4,714,256		4,719,280		1.3	%
		Total Field Service Management					10,705,638		10,708,480		2.9	%
GDS Software Holdings, LLC	Financial Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 12/30/2026	12/30/2021	$	22,713,926		22,624,322		22,545,843		6.1	%
GDS Software Holdings, LLC	Financial Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 12/30/2026	12/30/2021	$	3,286,074		3,262,111		3,261,757		0.9	%
GDS Software Holdings, LLC (h)	Financial Services	Common Stock Class A Units	8/23/2018		250,000		250,000		468,204		0.1	%
		Total Financial Services					26,136,433		26,275,804		7.1	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Ascend Software, LLC	Financial Services Software	First Lien Term Loan (3M USD TERM SOFR+7.50%), 13.10% Cash, 12/15/2026	12/15/2021	$	6,000,000		5,961,680		5,920,200		1.6	%
Ascend Software, LLC (j)	Financial Services Software	Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 13.10% Cash, 12/15/2026	12/15/2021	$	4,050,000		4,029,154		3,996,135		1.1	%
		Total Financial Services Software					9,990,834		9,916,335		2.7	%
Inspect Point Holdings, LLC	Fire Inspection Business Software	First Lien Term Loan (1M USD TERM SOFR+6.50%), 11.82% Cash, 07/19/2028	7/19/2023	$	10,000,000		9,908,861		9,916,000		2.7	%
Inspect Point Holdings, LLC (j)	Fire Inspection Business Software	First Lien Term Loan (1M USD TERM SOFR+6.50%), 11.82% Cash, 07/19/2028	7/19/2023	$	-		-		-		0.0	%
		Total Fire Inspection Business Software					9,908,861		9,916,000		2.7	%
Stretch Zone Franchising, LLC	Health/Fitness Franchisor	First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 3/31/2028	3/31/2023	$	30,000,000		29,740,931		29,970,000		8.1	%
Stretch Zone Franchising, LLC (j)	Health/Fitness Franchisor	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 3/31/2028	3/31/2023	$	-		-		-		0.0	%
Stretch Zone Franchising, LLC (h)	Health/Fitness Franchisor	Class A Units	3/31/2023		20,000		2,000,000		2,062,331		0.6	%
		Total Health/Fitness Franchisor					31,740,931		32,032,331		8.7	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Alpha Aesthetics Partners OpCo, LLC	Healthcare Services	First Lien Term Loan (1M USD TERM SOFR+9.98%), 15.30% Cash, 3/20/2028	3/20/2023	$	3,900,000		3,847,845		3,959,670		1.2	%
Alpha Aesthetics Partners OpCo, LLC (j)	Healthcare Services	Delayed Draw Term Loan (1M USD TERM SOFR+9.98%), 15.30% Cash, 3/20/2028	3/20/2023	$	8,600,000		8,482,841		8,731,580		2.4	%
Alpha Aesthetics Partners OpCo, LLC (h)	Healthcare Services	Class A Preferred Units	3/20/2023		2,850,000		2,850,000		2,859,121		0.8	%
Axiom Medical Consulting, LLC	Healthcare Services	First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 9/11/2028	9/11/2023	$	10,000,000		9,917,367		9,913,000		2.7	%
Axiom Medical Consulting, LLC (j)	Healthcare Services	Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 9/11/2028	9/11/2023	$	-		-		-		0.0	%
Axiom Parent Holdings, LLC (h)	Healthcare Services	Class A Preferred Units	6/19/2018		400,000		258,389		630,740		0.2	%
ComForCare Health Care (d)	Healthcare Services	First Lien Term Loan (3M USD TERM SOFR+6.25%), 11.58% Cash, 1/31/2025	1/31/2017	$	25,000,000		24,973,000		25,000,000		6.8	%
		Total Healthcare Services					50,329,442		51,094,111		14.1	%
HemaTerra Holding Company, LLC (d)	Healthcare Software	First Lien Term Loan (1M USD TERM SOFR+8.25%), 13.57% Cash, 1/31/2027	4/15/2019	$	54,927,713		54,624,303		55,087,003		14.9	%
HemaTerra Holding Company, LLC	Healthcare Software	Delayed Draw Term Loan (1M USD TERM SOFR+8.25%), 13.57% Cash, 1/31/2027	4/15/2019	$	13,755,875		13,710,513		13,795,767		3.7	%
TRC HemaTerra, LLC (h)	Healthcare Software	Class D Membership Interests	4/15/2019		2,487		2,816,693		5,362,439		1.4	%
Procurement Partners, LLC	Healthcare Software	First Lien Term Loan (3M USD TERM SOFR+6.50%), 11.83% Cash, 5/12/2026	11/12/2020	$	35,125,000		34,965,458		35,125,000		9.5	%
Procurement Partners, LLC (j)	Healthcare Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 11.83% Cash, 5/12/2026	11/12/2020	$	10,300,000		10,230,001		10,300,000		2.8	%
Procurement Partners Holdings LLC (h)	Healthcare Software	Class A Units	11/12/2020		571,219		571,219		826,280		0.2	%
		Total Healthcare Software					116,918,187		120,496,489		32.5	%
Roscoe Medical, Inc. (h)	Healthcare Supply	Common Stock	3/26/2014		5,081		508,077		-		0.0	%
		Total Healthcare Supply					508,077		-		0.0	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Book4Time, Inc. (a)(d)	Hospitality/Hotel	First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.83%, 12/22/2025	12/22/2020	$	3,136,517		3,122,542		3,136,517		0.8	%
Book4Time, Inc. (a)	Hospitality/Hotel	Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.83%, 12/22/2025	12/22/2020	$	2,000,000		1,989,839		2,000,000		0.5	%
Book4Time, Inc. (a)(h)(i)	Hospitality/Hotel	Class A Preferred Shares	12/22/2020		200,000		156,826		389,531		0.1	%
Knowland Group, LLC (k)	Hospitality/Hotel	Second Lien Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash/3.00% PIK, 12/31/2024	11/9/2018	$	15,878,989		15,878,989		12,642,851		3.4	%
Sceptre Hospitality Resources, LLC	Hospitality/Hotel	First Lien Term Loan (3M USD TERM SOFR+7.25%), 12.58% Cash, 11/15/2027	4/27/2020	$	23,000,000		22,835,500		23,278,300		6.3	%
Sceptre Hospitality Resources, LLC (j)	Hospitality/Hotel	Delayed Draw Term Loan (3M USD TERM SOFR+7.25%), 12.58% Cash, 11/15/2027	9/2/2021	$	-		-		-		0.0	%
		Total Hospitality/Hotel					43,983,696		41,447,199		11.1	%
Granite Comfort, LP (d)	HVAC Services and Sales	First Lien Term Loan (3M USD TERM SOFR+7.46%), 12.79% Cash, 5/16/2027	11/16/2020	$	43,000,000		42,781,757		43,000,000		11.6	%
Granite Comfort, LP (j)	HVAC Services and Sales	Delayed Draw Term Loan (3M USD TERM SOFR+7.46%), 12.79% Cash, 5/16/2027	11/16/2020	$	16,207,805		16,059,588		16,207,805		4.4	%
		Total HVAC Services and Sales					58,841,345		59,207,805		16.0	%
Vector Controls Holding Co., LLC (d)	Industrial Products	First Lien Term Loan (3M USD TERM SOFR+6.50%), 11.75% Cash, 3/6/2025	3/6/2013	$	923,886		923,886		923,886		0.2	%
Vector Controls Holding Co., LLC (h)	Industrial Products	Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027	5/31/2015		343		-		8,171,235		2.2	%
		Total Industrial Products					923,886		9,095,121		2.4	%
AgencyBloc, LLC	Insurance Software	First Lien Term Loan (1M USD TERM SOFR+7.76%), 13.09% Cash, 10/1/2026	10/1/2021	$	15,788,864		15,686,250		15,806,231		4.3	%
Panther ParentCo LLC (h)	Insurance Software	Class A Units	10/1/2021		2,500,000		2,500,000		4,014,869		1.1	%
		Total Insurance Software					18,186,250		19,821,100		5.4	%
LogicMonitor, Inc. (d)	IT Services	First Lien Term Loan (3M USD TERM SOFR+6.50%), 11.83% Cash, 5/17/2026	3/20/2020	$	43,000,000		42,967,165		43,000,000		11.6	%
		Total IT Services					42,967,165		43,000,000		11.6	%
ActiveProspect, Inc. (d)	Lead Management Software	First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.53% Cash, 8/8/2027	8/8/2022	$	12,000,000		11,920,834		12,120,000		3.3	%
ActiveProspect, Inc. (j)	Lead Management Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 11.53% Cash, 8/8/2027	8/8/2022	$	-		-		-		0.0	%
		Total Lead Management Software					11,920,834		12,120,000		3.3	%
Centerbase, LLC	Legal Software	First Lien Term Loan (3M USD TERM SOFR+7.75%), 13.08% Cash, 1/18/2027	1/18/2022	$	21,033,360		20,882,496		20,709,446		5.6	%
		Total Legal Software					20,882,496		20,709,446		5.6	%
Madison Logic, Inc. (d)	Marketing Orchestration Software	First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 12/30/2028	12/30/2022	$	18,857,500		18,544,720		18,420,006		5.0	%
		Total Marketing Orchestration Software					18,544,720		18,420,006		5.0	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
ARC Health OpCo LLC (d)	Mental Healthcare Services	First Lien Term Loan (3M USD TERM SOFR+8.47%), 13.81% Cash, 8/5/2027	8/5/2022	$	6,500,000		6,438,832		6,490,900		1.8	%
ARC Health OpCo LLC (d)(j)	Mental Healthcare Services	Delayed Draw Term Loan (3M USD TERM SOFR+8.47%), 13.81% Cash, 8/5/2027	8/5/2022	$	26,914,577		26,903,916		26,876,897		7.3	%
ARC Health OpCo LLC (h)	Mental Healthcare Services	Class A Preferred Units	8/5/2022		3,818,400		4,169,599		4,009,323		1.1	%
		Total Mental Healthcare Services					37,512,347		37,377,120		10.2	%
Chronus LLC	Mentoring Software	First Lien Term Loan (3M USD TERM SOFR+5.25%), 10.73% Cash, 8/26/2026	8/26/2021	$	15,000,000		14,911,921		14,841,000		4.0	%
Chronus LLC	Mentoring Software	First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.48% Cash, 8/26/2026	8/26/2021	$	5,000,000		4,962,938		4,947,000		1.3	%
Chronus LLC (h)	Mentoring Software	Series A Preferred Stock	8/26/2021		3,000		3,000,000		2,280,881		0.6	%
		Total Mentoring Software					22,874,859		22,068,881		5.9	%
Omatic Software, LLC	Non-profit Services	First Lien Term Loan (3M USD TERM SOFR+8.00%), 13.59% Cash/1.00% PIK, 6/30/2025	5/29/2018	$	16,270,192		16,239,922		16,266,938		4.4	%
		Total Non-profit Services					16,239,922		16,266,938		4.4	%
Emily Street Enterprises, L.L.C.	Office Supplies	Senior Secured Note (3M USD TERM SOFR+7.50%), 12.83% Cash, 12/31/2025	12/28/2012	$	6,000,000		5,992,437		6,027,000		1.6	%
Emily Street Enterprises, L.L.C. (h)	Office Supplies	Warrant Membership Interests, Expires 12/31/2025	12/28/2012		49,318		400,000		1,153,874		0.3	%
		Total Office Supplies					6,392,437		7,180,874		1.9	%
Buildout, Inc. (d)	Real Estate Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.43% Cash, 7/9/2025	7/9/2020	$	14,000,000		13,950,236		13,631,800		3.7	%
Buildout, Inc.	Real Estate Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.47% Cash, 7/9/2025	2/12/2021	$	38,500,000		38,342,798		37,487,450		10.1	%
Buildout, Inc. (h)(i)	Real Estate Services	Limited Partner Interests	7/9/2020		1,250		1,372,557		1,231,195		0.3	%
		Total Real Estate Services					53,665,591		52,350,445		14.1	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Wellspring Worldwide Inc.	Research Software	First Lien Term Loan (1M USD TERM SOFR+6.00%), 11.32% Cash, 12/22/2028	6/27/2022	$	9,552,000		9,474,084		9,483,226		2.6	%
Wellspring Worldwide Inc.	Research Software	Delayed DrawTerm Loan (1M USD TERM SOFR+6.00%), 11.32% Cash, 12/22/2028	6/27/2022	$	14,400,000		14,227,504		14,296,320		3.9	%
Archimedes Parent LLC (h)	Research Software	Class A Common Units	6/27/2022		2,475,160		2,475,160		2,475,160		0.7	%
		Total Research Software					26,176,748		26,254,706		7.2	%
LFR Chicken LLC	Restaurant	First Lien Term Loan (1M USD TERM SOFR+7.00%), 12.32% Cash, 11/19/2026	11/19/2021	$	12,000,000		11,926,272		12,104,400		3.3	%
LFR Chicken LLC	Restaurant	Delayed Draw Term Loan (1M USD TERM SOFR+7.00%), 12.32% Cash, 11/19/2026	11/19/2021	$	9,000,000		8,935,545		9,078,300		2.5	%
LFR Chicken LLC (h)	Restaurant	Series B Preferred Units	11/19/2021		497,183		1,000,000		1,397,572		0.4	%
		Total Restaurant					21,861,817		22,580,272		6.2	%
JobNimbus LLC	Roofing Contractor Software	First Lien Term Loan (1M USD TERM SOFR+8.75%), 14.17% Cash, 9/20/2026	3/28/2023	$	18,777,459		18,624,294		19,014,055		5.1	%
		Total Roofing Contractor Software					18,624,294		19,014,055		5.1	%
Pepper Palace, Inc. (d)(k)	Specialty Food Retailer	First Lien Term Loan (3M USD TERM SOFR+6.25%), 11.73% Cash, 6/30/2026	6/30/2021	$	33,320,000		33,148,332		2,409,036		0.7	%
Pepper Palace, Inc. (j)(k)	Specialty Food Retailer	Delayed Draw Term Loan (3M USD TERM SOFR+6.25%), 11.73% Cash, 6/30/2026	6/30/2021	$	1,101,600		1,092,422		79,646		0.0	%
Pepper Palace, Inc. (j)(k)	Specialty Food Retailer	Revolving Credit Facility (3M USD TERM SOFR+6.25%), 11.73% Cash, 6/30/2026	6/30/2021	$	-		-		-		0.0	%
Pepper Palace, Inc. (h)	Specialty Food Retailer	Membership Interest (Series A)	6/30/2021		1,000,000		1,000,000		-		0.0	%
Pepper Palace, Inc. (h)	Specialty Food Retailer	Membership Interest (Series B)	6/30/2021		197,035		197,035		-		0.0	%
		Total Specialty Food Retailer					35,437,789		2,488,682		0.7	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
ArbiterSports, LLC (d)	Sports Management	First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 2/21/2025	2/21/2020	$	26,000,000		25,945,071		26,000,000		7.0	%
ArbiterSports, LLC	Sports Management	Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 2/21/2025	2/21/2020	$	1,000,000		1,000,000		1,000,000		0.3	%
		Total Sports Management					26,945,071		27,000,000		7.3	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		3,287,970		0.9	%
		Total Staffing Services					100,000		3,287,970		0.9	%
JDXpert	Talent Acquisition Software	First Lien Term Loan (3M USD TERM SOFR+8.50%), 14.10% Cash, 5/2/2027	5/2/2022	$	6,000,000		5,955,935		6,060,000		1.6	%
JDXpert (j)	Talent Acquisition Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 14.10% Cash, 5/2/2027	5/2/2022	$	1,000,000		991,649		1,010,000		0.3	%
Jobvite, Inc. (d)	Talent Acquisition Software	First Lien Term Loan (6M USD TERM SOFR+8.00%), 13.27% Cash, 8/5/2028	8/5/2022	$	20,000,000		19,875,273		19,826,000		5.6	%
		Total Talent Acquisition Software					26,822,857		26,896,000		7.5	%
VetnCare MSO, LLC (j)	Veterinary Services	Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 11.08% Cash, 5/12/2028	5/12/2023	$	4,680,505		4,638,599		4,753,048		1.3	%
		Total Veterinary Services					4,638,599		4,753,048		1.3	%
Sub Total Non-control/Non-affiliate investments							1,035,879,751		1,019,774,616		276.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Affiliate investments - 7.5% (b)
ETU Holdings, Inc. (f)	Corporate Education Software	First Lien Term Loan (3M USD TERM SOFR+9.00%), 14.48% Cash, 8/18/2027	8/18/2022	$	7,000,000		6,945,060		6,983,200		1.9	%
ETU Holdings, Inc. (f)	Corporate Education Software	Second Lien Term Loan 15.00% PIK, 2/18/2028	8/18/2022	$	6,130,483		6,089,408		5,454,290		1.5	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software	Series A Preferred Units	8/18/2022		3,000,000		3,000,000		1,162,040		0.3	%
		Total Corporate Education Software					16,034,468		13,599,530		3.7	%
Axero Holdings, LLC (f)	Employee Collaboration Software	First Lien Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 6/30/2026	6/30/2021	$	5,500,000		5,468,859		5,555,000		1.5	%
Axero Holdings, LLC (f)	Employee Collaboration Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 6/30/2026	6/30/2021	$	1,100,000		1,092,870		1,111,000		0.3	%
Axero Holdings, LLC (f)(j)	Employee Collaboration Software	Revolving Credit Facility (3M USD TERM SOFR+8.00%), 13.48% Cash, 6/30/2026	2/3/2022	$	-		-		-		0.0	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series A Preferred Units	6/30/2021		2,055,609		2,055,609		2,877,000		0.8	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series B Preferred Units	6/30/2021		2,055,609		2,055,609		4,606,607		1.2	%
		Total Employee Collaboration Software					10,672,947		14,149,607		3.8	%
Sub Total Affiliate investments							26,707,415		27,749,137		7.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)		% of Net Assets
Control investments - 24.7% (b)
Netreo Holdings, LLC (g)	IT Services	First Lien Term Loan (3M USD TERM SOFR +6.50%), 11.98% Cash/3.50% PIK 12/31/2025	7/3/2018	$	5,693,748		5,686,791		5,582,719		1.5	%
Netreo Holdings, LLC (d)(g)	IT Services	Delayed Draw Term Loan (3M USD TERM SOFR +6.50%), 11.98% Cash/3.50% PIK, 12/31/2025	5/26/2020	$	25,271,214		25,193,452		24,778,425		6.7	%
Netreo Holdings, LLC (g)(h)	IT Services	Common Stock Class A Units	7/3/2018		4,600,677		8,344,500		5,060,745		1.4	%
		Total IT Services					39,224,743		35,421,889		9.6	%
Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g)	Structured Finance Securities	Other/Structured Finance Securities 0.00%, 4/20/2033	1/22/2008	$	111,000,000		22,001,887		9,500,627		2.6	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 15.60%, 4/20/2033	8/9/2021	$	9,375,000		9,375,000		8,875,227		2.4	%
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a)(g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+8.55%), 13.88%, 10/20/2033	10/28/2022	$	12,250,000		11,392,500		12,250,000		3.3	%
		Total Structured Finance Securities					42,769,387		30,625,854		8.3	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)(j)	Investment Fund	Unsecured Loan 10.00%, 10/20/2033	12/17/2021	$	17,618,954		17,618,954		15,818,297		4.3	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)	Investment Fund	Membership Interest	12/17/2021		17,583,486		17,583,487		9,403,996		2.5	%
		Total Investment Fund					35,202,441		25,222,293		6.8	%
Sub Total Control investments							117,196,571		91,270,036		24.7	%
TOTAL INVESTMENTS - 308.7% (b)						$	1,179,783,737	$	1,138,793,789		308.7	%

	Number of Shares		Cost		Fair Value		% of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 10.9% (b)
U.S. Bank Money Market (l)		40,507,124	$	40,507,124	$	40,507,124		10.9	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts		40,507,124	$	40,507,124	$	40,507,124		10.9	%

(1)

(a)

Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of February 29, 2024, 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.

(b)

Percentages are based on net assets of $370,224,108 as of February 29, 2024.

(c)

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

(d)

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).

(e)

(f)

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. Modis Dental Partners OpCo, LLC and Alpha Aesthetics Partners OpCo, LLC are no longer affiliates as of February 29, 2024. Transactions during the year ended February 29, 2024 in which the issuer was an affiliate are as follows:

Company	Purchases		Sales		Total Interest from Investments		Management Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation (Depreciation)
Axero Holdings, LLC	$	-	$	-	$	931,008	$	-	$	-	$	976,251
ETU Holdings, Inc.		-		-		1,915,718		-		-		(2,518,080	)
Modis Dental Partners OpCo, LLC		8,845,000		-		656,579		-		-		-
Alpha Aesthetics Partners OpCo, LLC		10,498,789		-		670,737		-		-		-
Total	$	19,343,789	$	-	$	4,174,042	$	-	$	-	$	(1,541,829	)

(g)

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 year ended February 29, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:

Company	Purchases		Sales		Total Interest from Investments		Total Dividends from Investments		Management Fee Income		Net Realized Gain (Loss) from Investments		Net Change in Unrealized Appreciation (Depreciation)
Netreo Holdings, LLC	$	2,475,000	$	-	$	4,374,804	$	-	$	-	$	-	$	(12,083,067	)
Saratoga Investment Corp. CLO 2013-1, Ltd.		-		-		-		-		3,270,232		-		(4,733,934	)
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note		-		-		1,696,890		-		-		-		895,505
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note		-		-		1,469,668		-		-		-		43,821
Saratoga Senior Loan Fund I JV, LLC		-		-		1,781,472		-		-		-		(1,800,657	)
Saratoga Senior Loan Fund I JV, LLC		-		-		-		5,911,564		-		-		(3,702,956	)
Total	$	2,475,000	$	-	$	9,322,834	$	5,911,564	$	3,270,232	$	-	$	(21,381,288	)

(h)

Non-income producing at February 29, 2024.

(i)

Includes securities issued by an affiliate of the company.

(j)

All or a portion of this investment has an unfunded commitment as of February 29, 2024. (See Note 9 to the consolidated financial statements).

(k)

As of February 29, 2024, the investment was on non-accrual status. The fair value of these investments was approximately $18.9 million, which represented 1.7% of the Company’s portfolio (see Note 2 to the consolidated financial statements).

(l)

Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of February 29, 2024.

SOFR - Secured Overnight Financing Rate

1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of February 29, 2024 was 5.32%.

3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of February 29, 2024 was 5.33%.

6M USD TERM SOFR - The 6 month USD TERM SOFR rate as of February 29, 2024 was 5.27%.

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

See accompanying notes to consolidated financial statements.

SARATOGA INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

November 30, 2024

(unaudited)

Note 1. Organization

Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is a non-diversified closed end management investment company incorporated in Maryland that has elected to be 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”).

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-MDP, Inc., SIA-PP Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT, Inc. and SIA-Vector, 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. In June 2024, SIA-MAC, Inc. and SIA-VR, Inc. were dissolved.

Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”) and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC II LP, the “SBIC Subsidiaries”), received licenses to operate as small business investment companies from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. Our wholly owned subsidiary Saratoga Investment Corp. SBIC LP (“SBIC LP”) repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. 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 wholly owned special purpose entities organized as Delaware limited liability companies, Saratoga Investment Funding II LLC (“SIF II”) and Saratoga Investment Funding III LLC (“SIF III”) for the purpose of the Encina Credit Facility and the Live Oak Credit Facility (each as defined below), respectively. The senior secured revolving credit facility (the “Encina Credit Facility) with Encina Lender Finance, LLC (“Encina”) is supported by loans held by SIF II and pledged to Encina, and the senior secured revolving credit facility (the “Live Oak Credit Facility”) with Live Oak Banking Company (“Live Oak”) is supported by loans held by SIF III and pledged to Live Oak.

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.

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, SIF II, SIF III, 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-PP, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., and SIA-Vector, Inc. All intercompany accounts and transactions have been eliminated in consolidation. All references made to the “Company,” “we,” and “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise.

The Company, 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 (“ASC 946”). There have been no changes to the Company, SBIC II LP, or SBIC III LP’s status as investment companies during the three months ended November 30, 2024.

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, FASB ASC Topic 810, Consolidation, 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.

Operating Segment

The Company invests in various industries and separately evaluates the performance of each of its investment relationships. However, because each of these investment relationships have similar business and economic characteristics, they have been aggregated into a single investment segment. All applicable segment disclosures are included in or can be derived from the Company’s consolidated financial statements (See Note 3. Investments).

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:

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own more than 3.0% of the investment company’s total outstanding voting stock;

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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

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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 November 30, 2024, 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 or the Live Oak Credit Facility held by the Company’s wholly owned subsidiaries, SIF II and SIF III, respectively. 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 and the Live Oak 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 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:

	November 30, 2024		February 29, 2024
Cash and cash equivalents	$	147,614,810	$	8,692,846
Cash and cash equivalents, reserve accounts		102,549,213		31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	250,164,023	$	40,507,124

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 maintains 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 Measurement (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold or its liabilities are to be transferred at the measurement date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject to any decision by 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:

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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

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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:

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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

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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. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique.

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.

Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of directors, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”) provides for certain recordkeeping requirements associated with fair value determinations. While the Company’s board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, the Company has established policies and procedures in compliance with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Derivative Financial Instruments

The Company accounts for derivative financial instruments in accordance with FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires recognizing all derivative instruments as either assets or liabilities on the consolidated statements of assets and liabilities at fair value. The Company values derivative contracts at the closing fair value provided by the counterparty. Changes in the values of derivative contracts are included in the consolidated statements of operations.

Investment Transactions and Income Recognition

Purchases and sales of investments and the related realized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts over the life of the investment and amortization of premiums on investments up to the earliest call date.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At November 30, 2024, our investment in two controlled portfolio companies were on non-accrual status with a fair value of approximately $2.7 million, or 0.3% of the fair value of our portfolio. At February 29, 2024, our investment in three non-controlled portfolio companies were on non-accrual status with a fair value of approximately $18.9 million, or 1.7% of the fair value of our portfolio.

Interest income on our investment in the subordinated note of Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325-40, Investments-Other, Beneficial Interests in Securitized Financial Assets, based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.

Payment-in-Kind Interest

The Company may hold 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 management 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 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 generally 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 Corporate 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 imposed 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 non-deductible 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% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual investment company taxable income will be in excess of estimated current year dividend distributions for U.S. federal excise tax purposes, the Company accrues the U.S. federal excise tax, if any, on estimated excess taxable income as taxable income is earned. For the years ended February 29, 2024, 2023 and 2022, the excise tax accrual on estimated excess taxable income was $1.8 million, $1.1 million and $0.6 million, respectively.

In accordance with U.S. Treasury regulations and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution in either cash or stock of the RIC. This published guidance indicates that the rule will apply where the aggregate amount of cash to be distributed to all stockholders is not at least 20% 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% 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 that are treated as corporations for U.S. federal income tax purposes when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC (“Corporate Blockers”). Corporate Blockers are consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred U.S. 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 Corporate 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 Corporate 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 Corporate Blockers are reduced by a valuation allowance when, in the opinion of management, it is more-likely than-not that some portion or all of the deferred tax assets will not be realized.

FASB ASC Topic 740, Income Taxes, (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 29, 2024, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2021, 2022, 2023 and 2024 federal tax years for the Company remain subject to examination by the IRS. At November 30, 2024 and February 29, 2024, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months.

Dividends

Dividends to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the board of directors. Net realized capital gains, if any, are generally distributed at least annually, although we may decide to retain some or all of our net capital gains for reinvestment.

We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder elects to receive cash. As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividends automatically reinvested into additional shares of our common stock, rather than receiving the cash dividends. We have the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator.

Capital Gains Incentive Fee

The Company records an expense accrual on the consolidated statements of operations relating to the capital gains incentive fee payable 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 November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted; however, the Company has not elected to adopt this provision as of the date of the financial statements contained in this quarterly report. The Company is still assessing the impact of the new guidance.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for years beginning after December 15, 2024. Early adoption is permitted, however the Company has not elected to early adopt this provision as of the date of the financial statements contained in this report. The Company is still assessing the impact of the new guidance.

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.

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:

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

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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.

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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. Summary of Significant Accounting Policies). 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 November 30, 2024 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements						Valued Using Net Asset
	Level 1		Level 2		Level 3		Value*		Total
First lien term loans	$	-	$	-	$	833,223	$	-	$	833,223
Second lien term loans		-		-		6,140		-		6,140
Unsecured term loans		-		-		16,199		-		16,199
Structured finance securities		-		-		17,852		-		17,852
Equity interests		-		-		81,927		4,752		86,679
Total	$	-	$	-	$	955,341	$	4,752	$	960,093

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 Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique.

The following table presents fair value measurements of investments, by major class, as of February 29, 2024 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements						Valued Using Net Asset
	Level 1		Level 2		Level 3		Value*		Total
First lien term loans	$	-	$	-	$	976,423	$	-	$	976,423
Second lien term loans		-		-		18,097		-		18,097
Unsecured term loans		-		-		15,818		-		15,818
Structured finance securities		-		-		30,626		-		30,626
Equity interests		-		-		88,426		9,404		97,830
Total	$	-	$	-	$	1,129,390	$	9,404	$	1,138,794

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended November 30, 2024 (dollars in thousands):

	First lien term loans			Second lien term loans			Unsecured term loans		Structured finance securities			Equity interests			Total
Balance as of February 29, 2024	$	976,423		$	18,097		$	15,818	$	30,626		$	88,426		$	1,129,390
Payment-in-kind and other adjustments to cost		1,912			8,003			-		(5,373	)		4			4,546
Net accretion of discount on investments		2,177			5			-		-			-			2,182
Net change in unrealized appreciation (depreciation) on investments		41,727			3,185			381		(7,401	)		500			38,392
Purchases		121,207			-			-		-			5,069			126,276
Sales and repayments		(262,551	)		(23,150	)		-		-			(10,545	)		(296,246	)
Net realized gain (loss) from investments		(47,672	)		-			-		-			(1,527	)		(49,199	)
Balance as of November 30, 2024	$	833,223		$	6,140		$	16,199	$	17,852		$	81,927		$	955,341
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	$	(3,649	)	$	3,185		$	381	$	(7,401	)	$	(3,998	)	$	(11,482	)

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. For the nine months ended November 30, 2024, non-cash restructurings related to two controlled investments resulting in realized losses of $49.1m were included in net realized (gain) loss from investments on the consolidated statements of cash flows.

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 nine months ended November 30, 2024.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended November 30, 2023 (dollars in thousands):

	First lien term loans			Second lien term loans			Unsecured term loans			Structured finance securities			Equity interests			Total
Balance as of February 28, 2023	$	798,534		$	14,936		$	20,661		$	41,362		$	83,990		$	959,483
Payment-in-kind and other adjustments to cost		1,147			624			-			(5,531	)		(293	)		(4,053	)
Net accretion of discount on investments		1,637			4			-			-			-			1,641
Net change in unrealized appreciation (depreciation) on investments		(20,102	)		(691	)		341			(6,444	)		(7,715	)		(34,611	)
Purchases		194,541			-			-			-			8,343			202,884
Sales and repayments		(15,865	)		-			(3,383	)		-			-			(19,248	)
Net realized gain (loss) from investments		-			-			-			-			151			151
Balance as of November 30, 2023	$	959,892		$	14,873		$	17,619		$	29,387		$	84,476		$	1,106,247
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	$	(20,033	)	$	(691	)	$	(5	)	$	(6,444	)	$	(7,792	)	$	(34,965	)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of November 30, 2024 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

833,223

Market Comparables

Market Yield (%)

10.1% - 20.5%

12.3%

Revenue Multiples (x)

2.5x

Third-party Bid (x)

8.0x

Second lien term loans

6,140

Market Comparables

Market Yield (%)

19.5%

Unsecured term loans

16,199

Discounted Cash Flow

Discount Rate (%)

10.5%

Structured finance securities

17,852

Discounted Cash Flow

Discount Rate (%)

8.5% - 40.0%

14.9%

Recovery Rate (%)

35.0% - 70.0%

61.5%

Prepayment Rate (%)

20.0%

Equity interests

81,927

Enterprise Value Waterfall

Revenue Multiples (x)

0.1x - 9.4x

6.7x

EBITDA Multiples (x)

1.0x - 21.9x

8.6x

Total

955,341

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

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 29, 2024 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

976,423

Market Comparables

Market Yield (%)

10.6% - 17.2%

13.0%

Revenue Multiples (x)

4.6x - 9.4x

6.6x

EBITDA Multiples (x)

5.0x - 6.0x

5.6x

Third-party bid (x)

3.9x - 4.2x

4.0x

Second lien term loans

18,097

Market Comparables

Market Yield (%)

19.0% - 28.3%

25.5%

EBITDA Multiples (x)

7.0x

Third-party bid (x)

29.7x

Unsecured term loans

15,818

Discounted Cash Flow

Discount Rate (%)

10.5%

Structured finance securities

30,626

Discounted Cash Flow

Discount Rate (%)

8.5% - 22.0%

15.1%

Recovery Rate (%)

35.0% - 70.0%

70.0%

Prepayment Rate (%)

20.0%

Equity interests

88,426

Enterprise Value Waterfall

EBITDA Multiples (x)

4.7x - 20.4x

10.4x

Revenue Multiples (x)

1.3x - 10.4x

6.3x

Third-party bid (x)

3.9x

Total

1,129,390

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 November 30, 2024 at amortized cost and fair value was as follows (dollars in thousands):

	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
First lien term loans	$	834,750		86.3	%	$	833,223		86.8	%
Second lien term loans		6,827		0.7			6,140		0.6
Unsecured term loans		17,619		3.9			16,199		1.7
Structured finance securities		37,396		1.8			17,852		1.9
Equity interests		70,750		7.3			86,679		9.0
Total	$	967,342		100.0	%	$	960,093		100.0	%

The composition of our investments as of February 29, 2024 at amortized cost and fair value was as follows (dollars in thousands):

	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
First lien term loans	$	1,019,678		86.4	%	$	976,423		85.7	%
Second lien term loans		21,968		1.9			18,097		1.6
Unsecured term loans		17,619		1.5			15,818		1.4
Structured finance securities		42,769		3.6			30,626		2.7
Equity interests		77,750		6.6			97,830		8.6
Total	$	1,179,784		100.0	%	$	1,138,794		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 November 30, 2024. The inputs at November 30, 2024 for the valuation model include:

●

Default rate: 2.0%

●

Recovery rate: 35%-70%

●

Discount rate: 8.5%-40.0%

●

Prepayment rate: 20.0%

●

Reinvestment rate / price: S+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 November 30, 2024, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4. Investment in Saratoga CLO and Note 5. Investment in SLF JV for more information on Saratoga CLO, SLF JV and SLF 2022, respectively).

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.

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.

On June 10, 2024, the Company completed its fifth refinancing of the Saratoga CLO. This refinancing, among other things, did not extend the Saratoga CLO reinvestment period nor extend its legal maturity, while adjusting the interest rate of two of the existing Notes. The Issuer issued $422.5 million of notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced as part of this refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing.

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 November 30, 2024 and November 30, 2023, the Company accrued management fee income of $0.8 million and $0.8 million, respectively, and interest income of $0.0 million and $0.0 million, respectively, from the subordinated notes of Saratoga CLO.

For the nine months ended November 30, 2024 and November 30, 2023, the Company accrued management fee income of $2.4 million and $2.5 million, respectively, and interest income of $0.0 million and $0.0 million, respectively, from the subordinated notes of Saratoga CLO.

As of November 30, 2024, 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 $1.3 million and $4.3 million, respectively. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of November 30, 2024, Saratoga CLO had investments with a principal balance of $558.8 million and a weighted average spread over TERM SOFR of 3.7% and had debt with a principal balance of $559.2 million with a weighted average spread over TERM SOFR of 2.3%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. As of November 30, 2024, the present value of the projected future cash flows of the subordinated notes was approximately $1.3 million, using a 40% 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 $90.0 million, management fees of $37.5 million and incentive fees of $1.2 million.

As of February 29, 2024, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $9.5 million. As of February 29, 2024, the fair value of its investment in the Class F-R-3 Notes of Saratoga CLO was $8.9 million. As of February 29, 2024, Saratoga CLO had investments with a principal balance of $640.8 million and a weighted average spread over TERM SOFR of 3.8% and had debt with a principal balance of $611.0 million with a weighted average spread over TERM SOFR of 2.2%. As of February 29, 2024, the present value of the projected future cash flows of the subordinated notes, was approximately $9.5 million, using a 22.0% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021. To date the Company has since received distributions of $84.6 million, management fees of $35.1 million and incentive fees of $1.2 million.

Below is certain financial information from the separate financial statements of Saratoga CLO as of November 30, 2024 (unaudited) and February 29, 2024 and for the three and nine months ended November 30, 2024 (unaudited) and November 30, 2023 (unaudited).

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Assets and Liabilities

	November 30, 2024			February 29, 2024
	(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $548,610,503 and $629,345,724, respectively)	$	523,822,494		$	606,531,189
Equities at fair value (amortized cost of $2,911,603 and $1,649,986, respectively)		1,909,443			1,020,585
Total investments at fair value (amortized cost of $551,522,106 and $630,995,710, respectively)		525,731,937			607,551,774
Cash and cash equivalents		26,917,052			12,104,832
Receivable from open trades		1,684,753			2,865,174
Interest receivable (net of reserve of $605,564 and $615,604, respectively)		3,038,940			3,402,471
Due from affiliate		57,001			3,953
Prepaid expenses and other assets		119,457			205,400
Total assets	$	557,549,140		$	626,133,604

LIABILITIES
Interest payable	$	4,351,257		$	5,043,712
Payable from open trades		1,685,480			10,519,573
Accrued base management fee		65,474			68,605
Accrued subordinated management fee		261,895			274,418
Accounts payable and accrued expenses		141,542			84,199
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-3 Senior Secured Floating Rate Notes		-			357,500,000
Class A-2-R-3 Senior Secured Floating Rate Notes		-			65,000,000
Class A-1-R-4 Senior Secured Floating Rate Notes		305,727,301			-
Class A-2-R-4 Senior Secured Floating Rate Notes		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		(201,967	)		(220,100	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(2,098,217	)		(2,286,598	)
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		(1,266,542	)		(1,707,224	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(33,185,548	)		(36,164,988	)
Total liabilities		639,980,675			697,611,597

Commitments and contingencies

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)		(82,431,785	)		(71,478,243	)
Total net deficit		(82,431,535	)		(71,477,993	)
Total liabilities and net assets	$	557,549,140		$	626,133,604

See accompanying notes to financial statements.

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Operations

(unaudited)

	For the three months ended						For the nine months ended
	November 30, 2024			November 30, 2023			November 30, 2024			November 30, 2023
INVESTMENT INCOME
Total interest from investments	$	13,342,306		$	15,599,943		$	43,995,503		$	46,240,246
Interest from cash and cash equivalents		289,869			139,759			853,765			480,995
Other income		124,901			286,607			1,225,297			756,831
Total investment income		13,757,076			16,026,309			46,074,565			47,478,072

EXPENSES
Interest and debt financing expenses		13,408,313			14,644,320			42,605,821			43,349,057
Base management fee		775,398			163,985			1,094,754			490,793
Subordinated management fee		-			655,943			1,277,423			1,963,174
Professional fees		79,709			87,540			222,005			260,431
Trustee expenses		64,157			64,554			187,635			193,588
Other expense		66,339			50,330			242,902			190,215
Total expenses		14,393,916			15,666,672			45,630,540			46,447,258
NET INVESTMENT INCOME (LOSS)		(636,840	)		359,637			444,025			1,030,814

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(1,278,236	)		(6,298,909	)		(8,472,121	)		(9,048,743	)
Net change in unrealized depreciation on investments		(1,626,867	)		(313,230	)		(2,346,233	)		2,702,275
Net realized and unrealized gain (loss) on investments		(2,905,103	)		(6,612,139	)		(10,818,354	)		(6,346,468	)
Realized losses on extinguishment of debt		-			-			(579,213	)		-
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,541,943	)	$	(6,252,502	)	$	(10,953,542	)	$	(5,315,654	)

See accompanying notes to financial statements

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

November 30, 2024

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												15,981	$	-	$	14,223
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Common Stock	Equity												23,799		660,422		583,076
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Warrants	Equity												349		9,685		8,551
Envision Parent Inc	Healthcare & Pharmaceuticals	Common Stock	Equity												4,410		175,000		50,715
Envision Parent Inc	Healthcare & Pharmaceuticals	Warrants	Equity												92,837		-		4,642
Instant Brands Litigation Trust	Consumer goods: Durable	Equity Interest	Equity												50,038		34,198		150,000
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity												86,398		-		-
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Common Stock	Equity												39,808		557,312		676,736
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												24,320		1,034,581		66,880
URS TOPCO, LLC	Transportation: Cargo	Common Stock	Equity												25,330		440,405		354,620
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+	1.75	%		0.00	%		6.32	%	9/20/2030	$	1,440,272		1,422,144		1,437,391
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		7.99	%	2/7/2029		2,454,811		2,376,785		2,396,510
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25	%		0.00	%		9.50	%	7/8/2028		3,052,566		2,796,616		2,930,463
Adtalem Global Education Inc.	Services: Business	Term Loan B (08/24)	Loan	1M USD SOFR+	2.75	%		0.75	%		7.32	%	8/12/2028		582,329		579,025		585,240
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		10.28	%	5/9/2025		2,277,447		2,275,329		1,408,214

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

November 30, 2024

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	6M USD SOFR+	3.00	%		0.00	%		7.26	%	5/1/2030		2,159,600		2,145,396		2,123,167
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	3M USD SOFR+	3.50	%		0.75	%		8.10	%	2/1/2031		2,902,931		2,843,841		2,923,629
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	3M USD SOFR+	2.00	%		0.00	%		6.75	%	3/21/2031		995,000		992,585		996,423
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan B (10/24)	Loan	1M USD SOFR+	4.75	%		0.75	%		9.48	%	4/5/2030		2,455,696		2,336,935		2,475,145
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.19	%	2/4/2028		241,249		241,115		242,557
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.19	%	3/12/2026		2,088,347		2,082,135		2,090,957
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%		0.00	%		10.25	%	2/10/2027		4,315,175		4,299,517		2,807,021
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B6 (09/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		7.35	%	9/19/2031		799,019		799,019		803,517
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%		0.50	%		8.42	%	5/12/2028		1,940,000		1,934,896		1,952,125
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	First Lien Term Loan	Loan	1M USD SOFR+	3.00	%		0.00	%		7.57	%	5/31/2030		249,375		249,375		251,245
Altisource Solutions S.a r.l. (c)	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD SOFR+	5.00	%		1.00	%		9.70	%	4/30/2025		1,143,064		1,143,280		514,379
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.00	%		7.07	%	6/11/2031		483,788		482,610		482,781
Amer Sports Oyj (MASCOT BIDCO OY)	Consumer goods: Durable	USD Term Loan B (01/24)	Loan	3M USD SOFR+	2.75	%		0.00	%		7.24	%	2/17/2031		349,125		347,589		352,180
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		7.62	%	12/13/2029		480,000		468,818		481,800
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+	5.75	%		0.00	%		10.32	%	10/30/2029		2,945,449		2,944,082		2,963,121
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		8.42	%	3/3/2028		1,357,439		1,356,452		1,162,307
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD SOFR+	2.25	%		0.75	%		6.94	%	2/17/2028		1,925,038		1,911,926		1,932,257
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		8.62	%	8/11/2025		940,000		939,214		605,125

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

November 30, 2024

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan (4/24)	Loan	1M USD SOFR+	3.75	%		0.00	%		8.44	%	7/18/2029		1,949,282		1,932,103		1,959,730
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD SOFR+	5.50	%		0.75	%		10.19	%	9/1/2027		1,699,981		1,686,320		1,655,782
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+	5.50	%		0.75	%		10.19	%	9/1/2027		500,000		495,988		485,730
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (07/24)	Loan	6M USD SOFR+	4.00	%		0.00	%		9.08	%	7/27/2028		491,269		468,492		495,774
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		7.44	%	5/15/2026		2,885,787		2,873,078		2,878,572
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.19	%	3/6/2028		965,000		959,761		955,350
AppLovin Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.19	%	8/19/2030		964,769		964,769		964,943
AppLovin Corporation	High Tech Industries	Term Loan B (3/24)	Loan	Prime	1.50	%		0.50	%		9.25	%	10/25/2028		1,466,381		1,464,622		1,465,853
AqGen Ascensus, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.19	%	8/2/2028		496,075		492,900		499,176
Aramark Services, Inc.	Services: Consumer	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		6.44	%	1/15/2027		2,331,250		2,302,315		2,331,973
Aramark Services, Inc.	Services: Consumer	Term Loan B7 (03/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		6.57	%	4/6/2028		1,753,715		1,749,408		1,758,380
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.17	%	9/23/2028		973,774		971,828		980,902
ARCIS GOLF LLC	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.50	%		8.44	%	11/24/2028		494,245		490,303		497,952
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B 2	Loan	1M USD SOFR+	4.00	%		0.00	%		8.57	%	8/9/2030		2,622,898		2,609,234		2,637,979
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term loan	Loan	1M USD SOFR+	4.25	%		0.00	%		8.82	%	12/23/2030		895,500		887,468		899,978
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B5 (02/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.07	%	2/14/2031		1,293,500		1,291,978		1,301,662
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+	4.00	%		0.00	%		8.67	%	8/19/2028		1,960,000		1,891,862		1,962,038

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

November 30, 2024

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B12	Loan	1M USD SOFR+	4.25	%		0.00	%		8.82	%	9/19/2030		2,919,478		2,915,698		2,915,215
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		7.82	%	2/15/2029		1,307,142		1,303,688		1,310,410
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+	1.75	%		0.00	%		6.36	%	6/22/2030		1,472,622		1,427,186		1,472,210
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (11/24)	Loan	1M USD SOFR+	1.75	%		0.50	%		6.27	%	12/20/2029		851,048		844,586		853,712
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+	6.62	%		0.75	%		11.49	%	9/20/2027		431,250		424,125		419,391
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.07	%	10/10/2029		533,621		531,858		533,621
BAKELITE UK INTERMEDIATE LTD.	Chemicals, Plastics, & Rubber	Term Loan (5/24)	Loan	3M USD SOFR+	3.50	%		0.50	%		8.10	%	5/29/2029		1,477,528		1,471,911		1,487,220
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		7.82	%	5/26/2031		1,644,400		1,634,073		1,656,733
Belfor Holdings Inc.	Services: Consumer	Term Loan B-1 (11/23)	Loan	1M USD SOFR+	3.75	%		0.50	%		8.32	%	11/1/2030		1,494,834		1,481,878		1,505,118
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		7.95	%	1/24/2029		1,955,000		1,954,381		1,354,893
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		6.94	%	4/23/2026		962,019		959,704		960,816
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		7.44	%	4/23/2026		1,439,044		1,435,048		1,435,447
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		7.44	%	1/22/2031		1,429,361		1,425,833		1,431,648
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+	2.75	%		0.50	%		7.44	%	12/13/2029		490,047		480,448		491,654
Boost Newco Borrower, LLC (Worldpay)	Banking, Finance, Insurance & Real Estate	Term Loan (06/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.10	%	1/31/2031		500,000		497,765		504,105
Boxer Parent Company, Inc.	High Tech Industries	Term Loan B (06/24)	Loan	3M USD SOFR+	3.75	%		0.00	%		8.34	%	7/30/2031		1,007,194		1,002,871		1,013,599
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan (02/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		7.82	%	2/21/2031		967,638		967,638		974,895

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

November 30, 2024

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+	3.25	%		0.00	%		7.82	%	6/14/2031		2,903,607		2,901,538		2,918,444
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		6.92	%	1/27/2031		1,444,069		1,444,069		1,449,008
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	1M USD SOFR+	2.75	%		0.00	%		7.32	%	7/1/2031		492,516		482,581		494,771
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B4 (05/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		6.57	%	11/22/2030		665,004		662,876		666,321
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B5 (09/24)	Loan	1M USD SOFR+	1.75	%		0.00	%		6.32	%	11/2/2026		567,280		565,840		567,672
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.19	%	3/31/2028		2,418,750		2,405,594		2,431,860
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		7.57	%	3/16/2030		472,500		468,551		469,939
Calpine Corporation	Utilities: Electric	Term Loan B10 (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		6.57	%	1/31/2031		1,990,000		1,980,789		1,994,259
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+	2.50	%		0.75	%		7.19	%	6/5/2028		2,443,038		2,286,576		2,391,392
CAPSTONE BORROWER INC	Services: Business	Term Loan B (05/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		7.85	%	6/17/2030		874,867		863,792		878,148
CareerBuilder, LLC (c)	Services: Business	Term Loan B3	Loan	1M USD SOFR+	2.50	%		0.00	%		7.19	%	7/31/2026		4,046,036		4,032,687		404,604
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	1M USD SOFR+	3.75	%		0.00	%		8.44	%	1/27/2027		1,934,080		1,929,004		1,075,832
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	3M USD SOFR+	2.75	%		0.50	%		7.70	%	10/21/2027		982,500		977,381		985,772
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+	2.75	%		1.00	%		7.54	%	11/1/2025		2,246,084		2,087,998		2,097,281
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		6.94	%	9/16/2028		243,125		242,851		244,280
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%		0.75	%		8.60	%	12/17/2027		241,250		240,026		242,888
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		8.92	%	3/5/2028		982,500		948,322		610,378

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

November 30, 2024

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+	4.25	%		0.75	%		9.03	%	3/5/2028		965,000		962,597		594,160
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		0.00	%		10.82	%	9/25/2025		2,356,250		2,352,816		693,916
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		7.85	%	7/6/2029		992,500		970,171		993,076
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.19	%	8/27/2028		616,921		613,354		617,723
Charlotte Buyer, Inc.	Services: Business	Term Loan B (07/24)	Loan	1M USD SOFR+	4.75	%		0.50	%		9.37	%	2/11/2028		1,477,500		1,409,649		1,488,168
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.50	%		8.07	%	8/18/2028		2,375,719		2,343,004		2,386,600
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	2.00	%		0.00	%		6.67	%	3/17/2028		482,500		481,987		483,706
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B1 (05/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		7.57	%	5/17/2028		1,945,049		1,883,424		1,958,023
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan (10/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		6.57	%	10/31/2031		4,826,890		4,826,890		4,845,280
Citco Funding LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	6M USD SOFR+	2.75	%		0.50	%		7.31	%	4/27/2028		990,025		986,322		997,450
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.07	%	5/6/2030		1,197,000		1,192,203		1,203,739
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.17	%	8/9/2026		3,377,586		3,367,642		3,276,258
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.18	%		0.50	%		7.75	%	4/13/2029		1,220,000		1,198,551		1,226,686
Columbus McKinnon Corporation	Capital Equipment	Term Loan (03/24)	Loan	3M USD SOFR+	2.50	%		0.50	%		7.10	%	5/14/2028		366,056		365,561		367,429
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.07	%	9/27/2029		2,873,063		2,804,916		2,480,401
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.19	%	10/2/2027		2,714,005		2,581,960		2,688,900

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

November 30, 2024

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	3M USD SOFR+	2.25	%		0.00	%		7.00	%	1/31/2028		4,000,000		3,992,430		3,985,840
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.19	%	6/2/2028		2,425,000		2,418,601		2,409,456
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan B (05/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		6.66	%	3/2/2027		1,925,599		1,925,599		1,935,496
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (09/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		7.32	%	9/12/2031		1,576,094		1,567,369		1,584,857
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.50	%		6.82	%	2/19/2029		862,500		838,623		866,571
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B2 (10/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		7.82	%	10/24/2031		485,063		483,806		488,700
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.75	%		8.57	%	1/30/2031		2,394,000		2,372,592		2,422,441
CTC Holdings, LP	Banking, Finance, Insurance & Real Estate	Term Loan (2/22)	Loan	3M USD SOFR+	5.00	%		0.50	%		9.66	%	2/15/2029		2,193,750		2,155,366		2,188,266
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	6.00	%		1.00	%		10.85	%	11/2/2027		1,923,807		1,896,277		1,914,188
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	1M USD SOFR+	3.25	%		0.50	%		7.94	%	6/29/2029		762,038		734,081		763,806
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	1M USD SOFR+	4.00	%		0.00	%		8.57	%	10/16/2026		1,443,325		1,443,325		1,411,933
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.17	%	11/16/2029		5,305,500		5,215,591		5,306,985
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan (5/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.16	%	11/1/2030		621,875		613,650		623,622
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+	3.75	%		0.50	%		8.62	%	10/4/2028		975,000		972,491		915,018
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+	10.00	%		1.00	%		14.77	%	5/25/2026		35,166		34,709		30,038
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan (1/24)	Loan	3M USD SOFR+	5.25	%		0.75	%		10.10	%	8/2/2029		2,974,675		2,957,251		2,929,728
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%		0.50	%		8.95	%	10/4/2029		1,473,918		1,383,648		1,481,081

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

November 30, 2024

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.00	%	3/25/2028		483,750		481,157		460,873
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+	5.50	%		0.75	%		10.19	%	11/30/2028		3,114,554		3,067,307		3,000,344
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.17	%	12/1/2028		1,911,111		1,770,962		1,923,056
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+	5.25	%		0.50	%		10.04	%	12/15/2028		3,902,444		3,794,546		3,767,809
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	6M USD SOFR+	3.50	%		0.00	%		8.59	%	6/17/2031		6,305,000		6,278,762		6,312,881
DTZ U.S. Borrower, LLC	Construction & Building	2024-3 Term Loan (09/24)	Loan	1M USD SOFR+	3.25	%		0.50	%		7.82	%	1/31/2030		1,097,250		1,074,013		1,097,250
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B1 (06/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		7.57	%	1/31/2030		2,014,107

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

Saratoga Investment (SAR) 10-Q2025 Q3 Quarterly report

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