0001213900-23-055832 | 10-Q | XBRL Viewer

Revolving Credit Facility(12)

^[13]

SBA Debentures Payable(12)

^[13]

8.75% Notes Payable 2024 [Member]

6.00% Notes Payable 2025 [Member]

^[13]

7.25% Notes Payable 2025 [Member]

^[13]

7.75% Notes Payable 2025 [Member]

^[14]

25.42

4.375% Notes Payable 2026 [Member]

^[13]

4.35% Notes Payable 2027 [Member]

^[13]

6.00% Notes Payable 2027 [Member]

^[13]

6.25% Notes Payable 2027 [Member]

23.24

24.7

8.00% Notes Payable 2027 [Member]

^[13]

8.125% Notes Payable 2027 [Member]

24.86

8.50% Notes Payable 2028 [Member]

24.88

Schedule of dividends declared

$ 24.91

[1]	Per share amounts are calculated using the weighted average shares outstanding during the period.
[2]	The continuous issuance of common stock may cause an incremental increase in NAV per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period.
[3]	Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11, Stockholders’ Equity.
[4]	Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13, Dividend.
[5]	Ratios are not annualized.
[6]	Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
[7]	Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current NAV on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
[8]	Ratios are annualized. Incentive management fees included within the ratio are not annualized.
[9]	Certain prior period amounts have been reclassified to conform to current period presentation.
[10]	Ratios are annualized.
[11]	Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value.
[12]	Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage.
[13]	The Revolving Credit Facility, SBA Debentures, 8.75% 2024 Notes, 6.00% 2025 Notes, 7.75% 2025 Notes, 4.375% 2026 Notes, 4.35% 2027 Notes and 6.25% 2027 Notes are not registered for public trading.
[14]	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE.

Financial Highlights (Details) - USD ($)		1 Months Ended	3 Months Ended
Financial Highlights (Details) - USD ($)	Jul. 14, 2022	May 29, 2015	May 31, 2023
Investment Company, Financial Highlights [Abstract]
Indebtedness amount			$ 1,000
Revolving credit facility, description			The Revolving Credit Facility, SBA Debentures, 8.75% 2024 Notes, 6.00% 2025 Notes, 7.75% 2025 Notes, 4.375% 2026 Notes, 4.35% 2027 Notes and 6.25% 2027 Notes are not registered for public trading.
Debt instrument redemption, description	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE.	On May 29, 2015, the Company entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an At-the-Market (“ATM”) offering. Prior to the 2020 Notes being redeemed in full, the Company had sold 539,725 units of the 7.50% 2020 Notes with a principal of $13.5 million at an average price of $25.31 for aggregate net proceeds of $13.4 million (net of transaction costs).

Subsequent Events (Details) - Subsequent Event [Member] $ in Millions	Jul. 06, 2023 USD ($)
ATM Program [Member]
Subsequent Events (Details) [Line Items]
Aggregate amount	$ 300.0
Minimum [Member] \| ATM Program [Member]
Subsequent Events (Details) [Line Items]
Maximum amount of shares to be issued	150.0
Maximum [Member] \| ATM Program [Member]
Subsequent Events (Details) [Line Items]
Maximum amount of shares to be issued	$ 300.0
Equity distribution agreement [Member]
Subsequent Events (Details) [Line Items]
Equity distribution agreement percentage	1.50%

Dividend (Tables)

3 Months Ended

May 31, 2023

Dividend [Abstract]

			Amount		Total
Date Declared	Record Date	Payment Date	Per Share		Amount*
May 22, 2023	June 13, 2023	June 29, 2023	$	0.70	$	8,352	⁽¹⁾
Total dividends declared			$	0.70	$	8,352

Total amount is calculated based on the number of shares outstanding at the date of record.

(1)

Based on shareholder elections, the dividend consisted of approximately $7.6 million in cash and 29,628 newly issued shares of common stock, or 0.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.29 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 20, 21, 22, 23, 26, 27, 28, and 29, 2023.

Date Declared	Record Date	Payment Date	Amount Per Share		Total Amount*
May 26, 2022	June 14, 2022	June 29, 2022	$	0.53	$	6,370
Total dividends declared			$	0.53	$	6,370

*	Total amount is calculated based on the number of shares outstanding at the date of record.

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	May 31, 2023	May 31, 2022	Feb. 28, 2023
Operating activities
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ (213,259)	$ (1,487,419)
ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING
Payment-in-kind and other adjustments to cost	1,473,779	1,322,915
Net accretion of discount on investments	(461,543)	(350,408)
Amortization of deferred debt financing costs	1,220,162	798,768
Income tax expense (benefit)	6,237	(37,823)
Net realized (gain) loss from investments	(90,691)	(162,509)
Net change in unrealized (appreciation) depreciation on investments	16,322,307	9,333,449
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	(59,407)	361,951
Proceeds from sales and repayments of investments	11,067,194	10,088,607
Purchases of investments	(139,818,921)	(97,197,844)
(Increase) decrease in operating assets:
Interest receivable	328,202	(232,195)
Due from affiliate		(14,669)
Management fee receivable	1,783	(228)
Other assets	(136,569)	34,771
Current income tax receivable	336,875
Increase (decrease) in operating liabilities:
Base management and incentive fees payable	(2,490,034)	(4,309,544)
Accounts payable and accrued expenses	434,280	221,783
Current tax payable		(129,840)
Interest and debt fees payable	832,931	2,327,626
Directors fees payable	(14,932)	38,566
Excise tax payable		(630,183)
Due to manager	348,138	(186,057)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(110,913,468)	(80,210,283)
Financing activities
Borrowings on debt	32,500,000	44,500,000
Paydowns on debt	(30,000,000)
Issuance of notes	77,500,000	97,500,000
Payments of deferred debt financing costs	(2,715,705)	(4,112,912)
Proceeds from issuance of common stock
Payments of cash dividends	(7,134,558)	(5,320,137)
Repurchases of common stock	(2,157,605)	(3,734,316)
Repurchases fees	(1,772)	(2,840)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	67,990,360	128,829,795
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS	(42,923,108)	48,619,512
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD	96,076,273	52,870,342	$ 52,870,342
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD	53,153,165	101,489,854	$ 96,076,273
Supplemental information:
Interest paid during the period	9,639,729	3,589,281
Cash paid for taxes	300	374
Supplemental non-cash information:
Payment-in-kind interest income and other adjustments to cost	(1,473,779)	(1,322,915)
Net accretion of discount on investments	461,543	350,408
Amortization of deferred debt financing costs	1,220,162	798,768
Stock dividend distribution	$ 1,058,844	$ 1,108,680

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	May 31, 2023	May 31, 2022
Income Tax Disclosure [Abstract]
Owned percentage	100.00%
U.S. federal tax percentage	21.00%
Deferred tax assets	$ 2,200,000
Deferred tax expense	(60,000.00)	$ 400,000
Income tax provision	0	100,000
Total operating expense	$ 10,000.00	$ (0.1)

Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments - USD ($) $ in Thousands	3 Months Ended
	May 31, 2023	May 31, 2022
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items]
Beginning Balance	$ 959,483	$ 805,551
Payment-in-kind and other adjustments to cost	(1,474)	(1,322)
Net accretion of discount on investments	461	350
Net change in unrealized appreciation (depreciation) on investments	(10,963)	(3,964)
Purchases	139,819	97,198
Sales and repayments	(11,067)	(10,088)
Net realized gain (loss) from investments	91	163
Ending Balance	1,076,350	887,888
Net change in unrealized appreciation (depreciation)	(10,918)	(4,121)
First lien term loans [Member]
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items]
Beginning Balance	798,534	631,572
Payment-in-kind and other adjustments to cost	203	(221)
Net accretion of discount on investments	458	344
Net change in unrealized appreciation (depreciation) on investments	(2,198)	(4,707)
Purchases	131,660	95,886
Sales and repayments	(11,067)	(4,947)
Net realized gain (loss) from investments		163
Ending Balance	917,590	718,090
Net change in unrealized appreciation (depreciation)	(2,153)	(4,869)
Second lien term loans [Member]
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items]
Beginning Balance	14,936	44,386
Payment-in-kind and other adjustments to cost	200
Net accretion of discount on investments	3	6
Net change in unrealized appreciation (depreciation) on investments	46	(622)
Purchases
Sales and repayments		(5,141)
Net realized gain (loss) from investments
Ending Balance	15,185	38,629
Net change in unrealized appreciation (depreciation)	46	(616)
Unsecured term loans [Member]
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items]
Beginning Balance	20,661	15,931
Payment-in-kind and other adjustments to cost
Net accretion of discount on investments
Net change in unrealized appreciation (depreciation) on investments	83	(21)
Purchases
Sales and repayments
Net realized gain (loss) from investments
Ending Balance	20,744	15,910
Net change in unrealized appreciation (depreciation)	83	(20)
Structured finance securities [Member]
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items]
Beginning Balance	41,362	38,030
Payment-in-kind and other adjustments to cost	(1,786)	(1,300)
Net accretion of discount on investments
Net change in unrealized appreciation (depreciation) on investments	(5,670)	(3,237)
Purchases
Sales and repayments
Net realized gain (loss) from investments
Ending Balance	33,906	33,493
Net change in unrealized appreciation (depreciation)	(5,670)	(3,239)
Equity interests [Member]
Investments (Details) - Schedule of reconciliation of beginning and ending balances for investments [Line Items]
Beginning Balance	83,990	75,632
Payment-in-kind and other adjustments to cost	(91)	199
Net accretion of discount on investments
Net change in unrealized appreciation (depreciation) on investments	(3,224)	4,623
Purchases	8,159	1,312
Sales and repayments
Net realized gain (loss) from investments	91
Ending Balance	88,925	81,766
Net change in unrealized appreciation (depreciation)	$ (3,224)	$ 4,623

Earnings Per Share (Details) - Schedule of weighted average basic and diluted net increase (decrease) in net assets - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 31, 2023	May 31, 2022
Schedule Of Weighted Average Basic And Diluted Net Increase Decrease In Net Assets [Abstract]
Net increase (decrease) in net assets resulting from operations	$ (213)	$ (1,487)
Weighted average common shares outstanding	11,862,163	12,112,372
Weighted average earnings (loss) per common share	$ (0.02)	$ (0.12)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Schedule of deferred tax assets and liabilities

Income Taxes (Tables)

3 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

	May 31, 2023			February 28, 2023
Total deferred tax assets	$	2,393,158		$	2,542,373
Total deferred tax liabilities		(2,949,422	)		(3,008,829	)
Valuation allowance on net deferred tax assets		(2,246,371	)		(2,350,116	)
Net deferred tax liability	$	(2,802,635	)	$	(2,816,572	)

Schedule of federal and state income tax provisions benefit

	For the three months ended
	May 31, 2023			May 31, 2022
Current
Federal	$	-		$	213,842
State		-			(78,503	)
Net current expense		-			135,339
Deferred
Federal		14,909			(296,071	)
State		(972	)		(33,236	)
Net deferred expense		13,937			(329,307	)
Net tax provision	$	13,937		$	(193,968	)

Commitments and Contingencies (Tables)

3 Months Ended

May 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of payment obligations for repayment of debt and other contractual obligations

			Payment Due by Period
Long-Term Debt Obligations	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years		More Than 5 Years
	($ in thousands)
Encina credit facility	$	35,000	$	-	$	35,000	$	-	$	-
SBA debentures		202,000		-		27,000		-		175,000
8.75% 2024 Notes		20,000		20,000		-		-		-
7.00% 2025 Notes		12,000		-		12,000		-		-
7.75% 2025 Notes		5,000		-		5,000		-		-
4.375% 2026 Notes		175,000		-		175,000		-		-
4.35% 2027 Notes		75,000		-		-		75,000		-
6.00% 2027 Notes		105,500		-		-		105,500		-
6.25% 2027 Notes		15,000		-		-		15,000		-
8.00% 2027 Notes		46,000		-		-		46,000		-
8.125% 2027 Notes		60,375		-		-		60,375		-
8.50% 2028 Notes		57,500		-		-		57,500		-
Total Long-Term Debt Obligations	$	808,375	$	20,000	$	254,000	$	359,375	$	175,000

Schedule of unfunded commitments outstanding

	May 31, 2023		February 28, 2023
At Company’s discretion
ActiveProspect, Inc.	$	10,000	$	10,000
Ascend Software, LLC		5,000		5,000
Granite Comfort, LP		750		15,000
JDXpert		5,000		5,000
LFR Chicken LLC		4,000		4,000
Pepper Palace, Inc.		3,000		3,000
Procurement Partners, LLC		4,250		4,250
Saratoga Senior Loan Fund I JV, LLC		8,548		8,548
Sceptre Hospitality Resources, LLC		5,000		5,000
Stretch Zone Franchising, LLC		3,750		-
VetnCare MSO, LLC		10,000		-
Total	$	59,298	$	59,798

At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
Alpha Aesthetics Partners OpCo, LLC	$	8,600	$	-
ARC Health OpCo LLC		5,463		10,773
Artemis Wax Corp.		8,500		8,500
Ascend Software, LLC		3,200		3,200
Axero Holdings, LLC - Revolver		500		500
BQE Software, Inc.		4,000		-
C2 Educational Systems		3,000		-
Exigo, LLC		4,167		4,167
Exigo, LLC - Revolver		1,042		833
Gen4 Dental Partners Holdings, LLC		9,186		11,000
GoReact		1,000		2,500
JDXpert		-		1,000
Modis Dental Partners OpCo, LLC		7,500		-
Pepper Palace, Inc. - Delayed Draw Term Loan		2,000		2,000
Pepper Palace, Inc. - Revolver		2,500		2,500
Procurement Partners, LLC		1,000		1,000
Stretch Zone Franchising, LLC		1,500		-
VetnCare MSO, LLC		19,500		-
Zollege PBC		1,000		1,000
		83,658		48,973
Total	$	142,956	$	108,771

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended
	May 31, 2023	May 31, 2022
DECREASE FROM OPERATIONS:
Net investment income	$ 15,958,950	$ 7,976,222
Net realized gain from investments	90,691	162,509
Income tax (provision) benefit from realized gain on investments		69,250
Net change in unrealized appreciation (depreciation) on investments	(16,322,307)	(9,333,449)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	59,407	(361,951)
Net decrease in net assets resulting from operations	(213,259)	(1,487,419)
DECREASE FROM SHAREHOLDER DISTRIBUTIONS:
Total distributions to shareholders	(8,193,402)	(6,428,817)
Net decrease in net assets from shareholder distributions	(8,193,402)	(6,428,817)
CAPITAL SHARE TRANSACTIONS:
Stock dividend distribution	1,058,844	1,108,680
Repurchases of common stock	(2,157,605)	(3,734,316)
Repurchase fees	(1,772)	(2,840)
Net decrease in net assets from capital share transactions	(1,100,533)	(2,628,476)
Total decrease in net assets	(9,507,194)	(10,544,712)
Net assets at beginning of period	346,958,042	355,780,523
Net assets at end of period	$ 337,450,848	$ 345,235,811

N-2 - $ / shares	3 Months Ended
N-2 - $ / shares	May 31, 2023	Feb. 28, 2023	May 31, 2022	Feb. 28, 2022
Cover [Abstract]
Entity Central Index Key	0001377936
Amendment Flag	false
Securities Act File Number	814-00732
Document Type	10-Q
Entity Registrant Name	SARATOGA INVESTMENT CORP.
Entity Address, Address Line One	535 Madison Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	(212)
Local Phone Number	906-7800
Entity Emerging Growth Company	false
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	OVERVIEW We are a Maryland corporation that has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. We invest primarily in senior and unitranche leveraged loans and mezzanine debt issued by private U.S. middle-market companies, which we define as companies having earnings before interest, tax, depreciation and amortization (“EBITDA”) of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. We may also invest up to 30.0% of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed debt, which may include securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention to do so, to the extent we invest in private equity funds, we will limit our investments in entities that are excluded from the definition of “investment company” under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, which includes private equity funds, to no more than 15.0% of its net assets. We have elected and qualified to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Risk Factors [Table Text Block]	Item 1A. Risk Factors In addition to information set forth in this report, you should carefully consider the “Risk Factors” discussed in our most recent Annual Report on Form 10-K filed with the SEC, which could materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended May 31, 2023 to the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended February 28, 2023. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.
NAV Per Share	$ 28.48	$ 29.18	$ 28.69	$ 29.33
RISKS RELATED TO OUR NOTES [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	In addition to information set forth in this report, you should carefully consider the “Risk Factors” discussed in our most recent Annual Report on Form 10-K filed with the SEC, which could materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended May 31, 2023 to the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended February 28, 2023. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.

Investments (Tables)

3 Months Ended

May 31, 2023

Investments (Tables) [Line Items]

Schedule of fair value measurements of investments, by major class

	Fair Value Measurements						Valued Using Net Asset
	Level 1		Level 2		Level 3		Value*		Total
First lien term loans	$	-	$	-	$	917,590	$	-	$	917,590
Second lien term loans		-		-		15,185		-		15,185
Unsecured term loans		-		-		20,744		-		20,744
Structured finance securities		-		-		33,906		-		33,906
Equity interests		-		-		88,925		7,748		96,673
Total	$	-	$	-	$	1,076,350	$	7,748	$	1,084,098

	Fair Value Measurements						Valued Using Net Asset
	Level 1		Level 2		Level 3		Value*		Total
First lien term loans	$	-	$	-	$	798,534	$	-	$	798,534
Second lien term loans		-		-		14,936		-		14,936
Unsecured term loans		-		-		20,661		-		20,661
Structured finance securities		-		-		41,362		-		41,362
Equity interests		-		-		83,990		13,107		97,097
Total	$	-	$	-	$	959,483	$	13,107	$	972,590

*	The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy.

Schedule of reconciliation of beginning and ending balances for investments

	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		203			200		-		(1,786	)		(91	)		(1,474	)
Net accretion of discount on investments		458			3		-		-			-			461
Net change in unrealized appreciation (depreciation) on investments		(2,198	)		46		83		(5,670	)		(3,224	)		(10,963	)
Purchases		131,660			-		-		-			8,159			139,819
Sales and repayments		(11,067	)		-		-		-			-			(11,067	)
Net realized gain (loss) from investments		-			-		-		-			91			91
Balance as of May 31, 2023	$	917,590		$	15,185	$	20,744	$	33,906		$	88,925		$	1,076,350
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	$	(2,153	)	$	46	$	83	$	(5,670	)	$	(3,224	)	$	(10,918	)

	First lien term loans			Second lien term loans			Unsecured term loans			Structured finance securities			Equity interests		Total
Balance as of February 28, 2022	$	631,572		$	44,386		$	15,931		$	38,030		$	75,632	$	805,551
Payment-in-kind and other adjustments to cost		(221	)		-			-			(1,300	)		199		(1,322	)
Net accretion of discount on investments		344			6			-			-			-		350
Net change in unrealized appreciation (depreciation) on investments		(4,707	)		(622	)		(21	)		(3,237	)		4,623		(3,964	)
Purchases		95,886			-			-			-			1,312		97,198
Sales and repayments		(4,947	)		(5,141	)		-			-			-		(10,088	)
Net realized gain (loss) from investments		163			-			-			-			-		163
Balance as of May 31, 2022	$	718,090		$	38,629		$	15,910		$	33,493		$	81,766	$	887,888
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	$	(4,869	)	$	(616	)	$	(20	)	$	(3,239	)	$	4,623	$	(4,121	)

Schedule of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets

	Fair Value		Valuation Technique	Unobservable Input	Range		Weighted Average*
First lien term loans			Market Comparables	Market Yield (%)		11.2% - 26.2%		13.3	%
				Revenue Multiples (x)		4.1x		4.1	x
	$	917,590		EBITDA Multiples (x)		8.0x		8.0	x
Second lien term loans		15,185	Market Comparables	Market Yield (%)		15.7% - 53.6%		40.3	%
Unsecured term loans			Market Comparables	Market Yield (%)		19.8%		19.8	%
			Market Comparables	Market Quote (%)		100.0%		100.0	%
		20,744	Collateral Value Coverage	Net Asset Value		100.0%		100.0	%
Structured finance securities			Discounted Cash Flow	Discount Rate (%)		12.0% - 22.0%		16.7	%
				Recovery Rate (%)		35% - 70%		70.0	%
		33,906		Prepayment Rate (%)		20.0%		20.0	%
Equity interests			Enterprise Value Waterfall	EBITDA Multiples (x)		5.5x - 28.6x		11.9	x
		88,925		Revenue Multiples (x)		1.3x - 11.2x		6.4	x

Total	$	1,076,350

	Fair Value		Valuation Technique	Unobservable Input	Range			Weighted Average*
First lien term loans	$	798,534	Market Comparables	Market Yield (%)		10.5% - 23.1%			12.8	%
				Revenue Multiples (x)		4.1	x		4.1	x
				EBITDA Multiples (x)		8.0	x		8.0	x
Second lien term loans		14,936	Market Comparables	Market Yield (%)		15.6% - 61.8%			45.8	%
Unsecured term loans		20,661	Market Comparables	Market Yield (%)		10.0% - 28.8%			12.6	%
			Market Comparables	Market Quote (%)		100.0	%		100.0	%
			Collateral Value Coverage	Net Asset Value		100.0	%		100.0	%
Structured finance securities		41,362	Discounted Cash Flow	Discount Rate (%)		12.0% - 22.0%			17.6	%
				Recovery Rate (%)		35.0% - 70.0%			70.0	%
				Prepayment Rate (%)		20.0	%		20.0	%
Equity interests		83,990	Enterprise Value Waterfall	EBITDA Multiples (x)		5.5x - 28.6x			11.0	x
				Revenue Multiples (x)		1.3x - 11.2x			6.4	x
Total	$	959,483

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

Schedule of investments at amortized cost and fair value

	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
First lien term loans	$	929,717		85.0	%	$	917,590		84.7	%
Second lien term loans		21,318		1.9			15,185		1.4
Unsecured term loans		21,002		1.9			20,744		1.9
Structured finance securities		47,925		4.4			33,906		3.1
Equity interests		74,358		6.8			96,673		8.9
Total	$	1,094,320		100.0	%	$	1,084,098		100.0	%

	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
First lien term loans	$	808,464		83.7	%	$	798,534		82.1	%
Second lien term loans		21,114		2.2			14,936		1.5
Unsecured term loans		21,001		2.2			20,661		2.1
Structured finance securities		49,711		5.1			41,362		4.3
Equity interests		66,199		6.8			97,097		10.0
Total	$	966,489		100.0	%	$	972,590		100.0	%

Saratoga CLO [Member]

Investments (Tables) [Line Items]

Schedule of statements of assets and liabilities

	May 31, 2023			February 28, 2023

ASSETS
Investments at fair value
Loans at fair value (amortized cost of $640,919,738 and $645,599,001, respectively)	$	590,856,540		$	605,954,468
Equities at fair value (amortized cost of $440,405 and $0, respectively)		521,832			-
Total investments at fair value (amortized cost of $641,360,143 and $645,599,001, respectively)		591,378,372			605,954,468
Cash and cash equivalents		13,354,715			23,776,950
Receivable from open trades		998,500			1,827,460
Interest receivable (net of reserve of $309,816 and $234,690, respectively)		3,253,262			3,026,720
Due from affiliate (See Note 7)		159,774			119,150
Prepaid expenses and other assets		107,508			152,760
Total assets	$	609,252,131		$	634,857,508

LIABILITIES
Interest payable	$	5,199,562		$	4,662,695
Payable from open trades		7,853,385			23,184,337
Accrued base management fee		72,405			72,762
Accrued subordinated management fee		289,621			291,047
Accounts payable and accrued expenses		102,888			82,565
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-3 Senior Secured Floating Rate Notes		357,500,000			357,500,000
Class A-2-R-3 Senior Secured Floating Rate Notes		65,000,000			65,000,000
Class B-FL-R-3 Senior Secured Floating Rate Notes		60,500,000			60,500,000
Class B-FXD-R-3 Senior Secured Fixed Rate Notes		11,000,000			11,000,000
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes		26,000,000			26,000,000
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes		6,500,000			6,500,000
Class D-R-3 Deferrable Mezzanine Floating Rate Notes		39,000,000			39,000,000
Discount on Class D-R-3 Notes		(238,167	)		(244,234	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(2,474,293	)		(2,537,315	)
Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes		8,500,000			8,500,000
Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes		9,375,000			9,375,000
Deferred debt financing costs		(1,849,613	)		(1,897,076	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(39,133,594	)		(40,130,353	)
Total liabilities		691,822,194			705,484,428
NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively		250			250
Total distributable earnings (loss)		(82,570,313	)		(70,627,170	)
Total net deficit		(82,570,063	)		(70,626,920	)
Total liabilities and net assets	$	609,252,131		$	634,857,508

Schedule of statements of operations

	For the three months ended
	May 31, 2023			May 31, 2022
INVESTMENT INCOME
Total interest from investments	$	14,977,479		$	8,145,447
Interest from cash and cash equivalents		185,044			-
Other income		254,074			103,496
Total investment income		15,416,597			8,248,943
EXPENSES
Interest and debt financing expenses		13,924,131			7,532,364
Base management fee		163,358			163,193
Subordinated management fee		653,430			652,771
Professional fees		39,526			81,164
Trustee expenses		62,494			68,086
Other expense		70,996			38,089
Total expenses		14,913,935			8,535,667
NET INVESTMENT INCOME (LOSS)		502,662			(286,724	)

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(2,108,567	)		77,657
Net change in unrealized depreciation on investments		(10,337,238	)		(24,681,988	)
Net realized and unrealized gain (loss) on investments		(12,445,805	)		(24,604,331	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,943,143	)	$	(24,891,055	)

Schedule of investments cash and cash equivalents

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
Isagenix International, LLC	Beverage, Food & Tobacco		Common Stock										86,398	$	-	$	-
URS TOPCO LLC	Transportation: Cargo		Common Stock										25,330		440,405		521,832
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.25	%	0.50	%	8.39	%	2/7/2029	$	2,492,481		2,391,979		2,353,849
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25	%	0.00	%	10.21	%	7/8/2028		2,489,130		2,150,159		2,252,663
ADMI Corp.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	3.00	%	0.00	%	8.15	%	4/30/2025		1,905,276		1,902,725		1,810,812
Adtalem Global Education Inc.	Services: Business	Term Loan B (02/21)	Loan	1M USD LIBOR+	4.00	%	0.75	%	9.15	%	8/11/2028		691,846		686,717		690,463
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%	1.00	%	10.84	%	5/9/2025		2,339,293		2,333,100		2,250,587
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	1M USD SOFR+	3.00	%	0.00	%	7.99	%	5/1/2030		1,678,901		1,666,335		1,656,874
AHEAD DB Holdings, LLC	Services: Business	Term Loan (04/21)	Loan	3M USD SOFR+	3.75	%	0.75	%	8.91	%	10/18/2027		2,947,500		2,868,078		2,779,876
Air Canada	Transportation: Consumer	Term Loan B (07/21)	Loan	3M USD LIBOR+	3.50	%	0.75	%	8.84	%	8/11/2028		1,985,000		1,852,744		1,977,139
AIS HoldCo, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%	0.00	%	10.27	%	8/15/2025		4,760,410		4,681,500		4,718,756
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan (04/21)	Loan	1M USD LIBOR+	4.75	%	0.75	%	9.85	%	4/6/2028		2,493,671		2,334,109		2,373,351
Alchemy US Holdco 1, LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	5.50	%	0.00	%	5.60	%	10/10/2025		1,654,803		1,645,239		1,562,962
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD LIBOR+	2.50	%	0.50	%	7.65	%	2/4/2028		245,000		244,668		242,447
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD LIBOR+	2.50	%	0.50	%	7.62	%	3/12/2026		2,120,808		2,108,871		2,057,184
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%	0.00	%	10.55	%	2/10/2027		4,382,963		4,359,520		3,791,263
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B4	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.63	%	11/5/2027		985,000		984,506		958,819
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%	0.50	%	9.00	%	5/12/2028		1,970,000		1,962,711		1,848,353
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD SOFR+	5.00	%	1.00	%	9.99	%	4/30/2025		1,126,283		1,125,179		893,514
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan (01/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	1/29/2028		490,000		488,349		474,609
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	6M USD SOFR+	3.50	%	0.50	%	8.44	%	12/13/2029		497,500		483,398		488,794
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan (01/23)	Loan	1M USD SOFR+	6.00	%	1.00	%	11.15	%	4/5/2028		3,005,329		3,003,897		2,967,763
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%	0.75	%	9.00	%	3/3/2028		1,357,439		1,355,133		1,170,112
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD LIBOR+	2.25	%	0.75	%	7.40	%	2/17/2028		1,955,020		1,936,956		1,913,887
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	3.75	%	0.00	%	8.91	%	8/11/2025		955,000		953,443		731,530
Anchor Glass Container Corporation	Containers, Packaging & Glass	Term Loan (07/17)	Loan	3M USD LIBOR+	2.75	%	1.00	%	7.96	%	12/7/2023		468,894		468,743		353,175
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD LIBOR+	3.50	%	0.00	%	8.65	%	7/18/2026		1,974,684		1,949,219		1,917,911
ANI Pharmaceuticals, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	6.00	%	0.75	%	11.15	%	11/19/2027		2,962,500		2,917,994		2,927,335
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD LIBOR+	5.50	%	0.75	%	10.65	%	9/1/2027		1,850,000		1,829,440		1,763,291
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD LIBOR+	5.50	%	0.75	%	10.65	%	9/1/2027		500,000		494,452		476,250
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	3M USD SOFR+	5.00	%	0.50	%	9.99	%	7/26/2028		498,750		468,510		488,775
APi Group DE, Inc. (J2 Acquisition)	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.50	%	0.00	%	7.75	%	10/1/2026		1,757,184		1,752,298		1,752,791

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
APLP Holdings Limited Partnership	Energy: Electricity	Term Loan B (3/21)	Loan	3M USD LIBOR+	3.75	%	1.00	%	8.91	%	5/14/2027	372,973	370,439		369,866
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.75	%	0.00	%	8.02	%	5/15/2026	2,931,472	2,908,077		2,609,010
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.77	%	3/6/2028	980,000	972,917		852,600
AppLovin Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.35	%	0.00	%	8.50	%	8/15/2025	977,041	977,041		972,156
AppLovin Corporation	High Tech Industries	Term Loan (10/21)	Loan	1M USD SOFR+	3.10	%	0.50	%	8.25	%	10/21/2028	1,485,000	1,482,162		1,461,240
Aramark Corporation	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	1/15/2027	2,331,250	2,283,700		2,296,281
Aramark Corporation	Services: Consumer	Term Loan B (4/21)	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.65	%	4/1/2028	1,753,715	1,747,630		1,746,700
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	3.75	%	0.50	%	8.90	%	9/23/2028	988,774	985,636		886,604
Arches Buyer Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.25	%	0.50	%	8.50	%	12/6/2027	1,481,061	1,473,587		1,371,832
ARCIS GOLF LLC	Services: Consumer	Term Loan B	Loan	1M USD LIBOR+	4.25	%	0.50	%	9.40	%	11/19/2028	400,000	396,000		397,000
ARCIS GOLF LLC (a)	Services: Consumer	Delayed Draw Term Loan	Loan	1M USD LIBOR+	4.25	%	0.50	%	0.00	%	11/23/2028	-	(1,000	)	(750	)
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/18)	Loan	1M USD SOFR+	4.25	%	0.00	%	9.50	%	10/1/2025	1,911,213	1,908,875		1,901,657
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	4.50	%	0.00	%	9.41	%	3/7/2030	750,000	735,000		735,233
ASP BLADE HOLDINGS, INC.	Capital Equipment	Term Loan	Loan	3M USD LIBOR+	4.00	%	0.50	%	9.16	%	10/7/2028	98,824	98,451		83,349
Asplundh Tree Expert, LLC	Services: Business	Term Loan 2/21	Loan	1M USD SOFR+	1.75	%	0.00	%	7.00	%	9/7/2027	975,000	972,028		967,415
AssuredPartners Capital, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (2/20)	Loan	1M USD SOFR+	3.50	%	0.00	%	8.77	%	2/12/2027	987,245	984,518		959,484
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Incremental Term Loan (7/21)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.77	%	2/12/2027	982,500	982,500		954,872
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%	0.50	%	8.65	%	2/12/2027	495,000	494,226		480,977
ASTRO ONE ACQUISITION CORPORATION	Consumer goods: Durable	Term Loan	Loan	3M USD LIBOR+	5.50	%	0.75	%	10.66	%	9/15/2028	2,962,500	2,939,647		1,860,095
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD LIBOR+	3.25	%	0.00	%	8.40	%	12/18/2026	2,957,295	2,950,225		2,729,346
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+	4.00	%	0.00	%	9.25	%	8/19/2028	1,990,000	1,900,358		1,823,895
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.60	%	2/15/2029	1,327,200	1,322,486		1,247,568
ATHENAHEALTH GROUP INC. (a)	Healthcare & Pharmaceuticals	Delayed Draw Term Loan (02/22)	Loan	1M USD SOFR+	3.50	%	0.50	%	3.50	%	2/15/2029	-	-		(9,783	)
Avison Young (Canada) Inc	Services: Business	Term Loan	Loan	1M USD LIBOR+	5.75	%	0.00	%	8.12	%	1/31/2026	3,362,103	3,338,427		2,373,645
Avison Young (Canada) Inc	Services: Business	Term Loan (08/22)	Loan	1M USD SOFR+	7.00	%	0.00	%	12.27	%	1/31/2026	746,250	709,938		559,688
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B3	Loan	1M USD LIBOR+	1.75	%	0.75	%	6.90	%	1/15/2025	1,000,000	940,796		995,110
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B5 (7/21)	Loan	1M USD LIBOR+	2.25	%	0.50	%	7.40	%	12/1/2027	488,750	485,497		484,170
Axalta Coating Systems Dutch Holding B B.V.	Chemicals, Plastics, & Rubber	Term Loan B-4 Dollar	Loan	3M USD SOFR+	3.00	%	0.50	%	7.90	%	12/20/2029	937,500	928,917		937,284
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD LIBOR+	6.00	%	0.75	%	11.19	%	9/20/2027	468,750	457,410		447,656
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.65	%	10/10/2026	579,183	576,326		556,635
B.C. Unlimited Liability Co (Burger King)	Beverage, Food & Tobacco	Term Loan B4	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	11/19/2026	1,451,250	1,428,310		1,419,047
BAKELITE UK INTERMEDIATE LTD.	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.00	%	0.50	%	9.05	%	5/29/2029	992,500	988,402		933,774
Baldwin Risk Partners, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.61	%	10/14/2027	1,223,213	1,213,297		1,198,748

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
Bausch Health Companies Inc.	Healthcare & Pharmaceuticals	Term Loan B (1/22)	Loan	1M USD SOFR+	5.25	%	0.50	%	10.42	%	2/1/2027	1,925,000	1,751,630	1,513,724
Belfor Holdings Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	4.00	%	0.00	%	9.15	%	4/6/2026	244,911	244,911	243,277
Belfor Holdings Inc.	Services: Consumer	Term Loan B-2 (3/22)	Loan	1M USD SOFR+	4.25	%	0.50	%	9.40	%	4/6/2026	1,992,367	1,967,661	1,984,895
Belron Finance US LLC	Automotive	Term Loan B (3/21)	Loan	3M USD LIBOR+	2.43	%	0.50	%	7.80	%	4/13/2028	1,960,000	1,946,195	1,953,258
Belron Finance US LLC	Automotive	Term Loan (04/23)	Loan	3M USD SOFR+	2.75	%	0.50	%	7.83	%	4/17/2029	250,000	248,774	248,908
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+	3.25	%	0.50	%	8.25	%	1/24/2029	1,985,000	1,984,133	1,809,665
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.25	%	0.00	%	7.40	%	4/23/2026	977,215	973,032	908,810
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	4/23/2026	1,461,413	1,454,733	1,362,767
Blue Tree Holdings, Inc.	Chemicals, Plastics, & Rubber	Term Loan (2/21)	Loan	3M USD LIBOR+	2.50	%	0.00	%	7.66	%	3/4/2028	980,000	978,421	954,275
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan (1/20)	Loan	1M USD SOFR+	2.00	%	0.00	%	7.25	%	5/24/2027	1,451,299	1,445,805	1,406,251
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan 12/22	Loan	1M USD SOFR+	3.50	%	0.50	%	8.75	%	12/12/2029	497,500	485,690	493,396
Boxer Parent Company, Inc.	High Tech Industries	Term Loan (2/21)	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	10/2/2025	515,281	515,281	507,505
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan B-3	Loan	1M USD LIBOR+	3.50	%	0.00	%	8.65	%	3/5/2026	980,000	980,000	949,865
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD LIBOR+	3.00	%	0.00	%	8.15	%	1/22/2027	2,941,205	2,937,710	2,854,822
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan (1/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	8/1/2025	1,458,882	1,460,165	1,441,944
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	1M USD SOFR+	3.75	%	0.00	%	8.90	%	7/1/2029	497,500	486,338	489,858
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan (1/21)	Loan	1M USD LIBOR+	2.25	%	0.00	%	7.28	%	11/1/2026	1,945,213	1,936,694	1,917,143
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.65	%	3/31/2028	2,456,250	2,438,591	2,351,859
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+	3.50	%	0.00	%	8.75	%	3/9/2030	500,000	495,047	492,145
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD LIBOR+	2.50	%	0.75	%	7.61	%	6/5/2028	2,481,013	2,271,238	2,300,023
CareerBuilder, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	6.75	%	1.00	%	11.91	%	7/31/2023	5,265,749	5,248,888	3,429,319
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	1/27/2027	1,959,198	1,951,012	1,368,715
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	3M USD SOFR+	2.75	%	0.50	%	7.78	%	10/21/2027	997,500	990,336	975,475
CBI BUYER, INC.	Consumer goods: Durable	Term Loan	Loan	1M USD LIBOR+	3.25	%	0.50	%	8.36	%	1/6/2028	2,962,349	2,813,816	1,821,845
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	2.25	%	0.50	%	7.40	%	9/16/2028	246,875	246,457	242,466
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%	0.75	%	8.90	%	12/17/2027	245,000	243,335	232,598
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	3.75	%	0.75	%	8.91	%	3/5/2028	980,000	976,504	935,900
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.25	%	0.50	%	9.21	%	3/5/2028	997,500	950,926	952,613
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%	0.00	%	10.98	%	9/25/2025	2,393,750	2,385,103	1,605,321
CDK GLOBAL, INC.	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	4.25	%	0.50	%	9.15	%	7/6/2029	997,500	970,032	981,390
Cengage Learning, Inc.	Media: Advertising, Printing & Publishing	Term Loan B (6/21)	Loan	6M USD LIBOR+	4.75	%	1.00	%	9.88	%	7/14/2026	2,955,000	2,936,136	2,783,994
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	3M USD LIBOR+	2.25	%	0.50	%	7.73	%	8/27/2028	875,830	869,235	867,229
CenturyLink, Inc.	Telecommunications	Term Loan B (1/20)	Loan	1M USD SOFR+	2.25	%	0.00	%	7.52	%	3/15/2027	3,875,160	3,871,908	2,660,414
Charlotte Buyer, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	5.25	%	0.00	%	10.30	%	2/11/2028	1,496,250	1,403,536	1,427,991
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	1.75	%	0.00	%	7.00	%	4/3/2025	902,374	880,889	883,875
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	2.00	%	0.00	%	7.25	%	3/17/2028	490,000	489,227	482,650

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
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	USD Term Loan	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.65	%	5/17/2028	1,974,924	1,890,618	1,885,223
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%	0.00	%	7.77	%	2/2/2028	4,900,000	4,898,551	4,829,587
Clarios Global LP	Automotive	Incremental Term Loan (04/23)	Loan	1M USD SOFR+	3.75	%	0.00	%	8.90	%	5/5/2030	1,200,000	1,194,004	1,187,004
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%	0.50	%	9.67	%	8/9/2026	3,431,275	3,414,261	3,002,366
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	4.18	%	0.50	%	9.43	%	4/13/2029	1,488,750	1,456,321	1,412,824
Cole Haan	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+	5.50	%	0.00	%	10.66	%	2/7/2025	862,500	859,791	831,234
Columbus McKinnon Corporation	Capital Equipment	Term Loan (4/21)	Loan	1M USD SOFR+	2.75	%	0.50	%	7.92	%	5/14/2028	439,667	438,942	438,018
Conduent, Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	4.25	%	0.50	%	9.40	%	10/16/2028	2,783,470	2,714,717	2,660,997
Connect Finco SARL	Telecommunications	Term Loan (1/21)	Loan	1M USD LIBOR+	3.50	%	1.00	%	8.66	%	12/11/2026	2,910,000	2,815,214	2,886,371
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+	3.50	%	0.75	%	8.77	%	10/2/2027	2,714,005	2,528,047	2,327,259
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	1M USD LIBOR+	2.25	%	0.00	%	7.36	%	1/31/2028	4,000,000	3,989,586	3,824,280
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.69	%	6/2/2028	2,462,500	2,453,657	2,196,402
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan 2/21	Loan	1M USD LIBOR+	2.75	%	0.00	%	7.81	%	3/2/2027	1,955,000	1,955,000	1,922,410
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (02/23)	Loan	1M USD SOFR+	3.50	%	0.00	%	8.65	%	11/27/2028	1,600,000	1,588,739	1,576,000
CROCS INC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.50	%	0.50	%	8.75	%	2/20/2029	1,920,000	1,852,365	1,915,469
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD LIBOR+	4.00	%	0.75	%	9.19	%	9/15/2027	491,250	491,009	486,338
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan (4/21)	Loan	1M USD SOFR+	5.00	%	0.75	%	10.11	%	4/27/2027	3,404,110	3,380,055	3,375,379
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.61	%	4/15/2027	483,750	483,750	406,611
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan 12/22	Loan	1M USD SOFR+	4.50	%	0.00	%	9.56	%	4/15/2027	2,394,032	2,384,472	2,110,339
CTC Holdings, LP	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	6M USD SOFR+	5.00	%	0.50	%	10.34	%	2/15/2029	2,227,500	2,178,143	2,149,538
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	6.00	%	1.00	%	11.31	%	11/2/2027	1,950,227	1,910,738	1,711,325
CAPSTONE BORROWER INC	Services: Business	Cvent 5/23 TLB	Loan	1M USD SOFR+	3.75	%	0.00	%	8.32	%	6/17/2030	1,000,000	985,000	967,500
Daseke Inc	Transportation: Cargo	Term Loan 2/21	Loan	1M USD SOFR+	4.00	%	0.75	%	9.27	%	3/5/2028	1,282,500	1,278,086	1,250,438
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (04/22)	Loan	1M USD SOFR+	5.00	%	0.50	%	10.31	%	6/29/2029	992,500	947,618	991,885
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	3M USD SOFR+	4.00	%	0.00	%	9.26	%	10/16/2026	1,465,995	1,465,995	1,430,357
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.75	%	11/16/2029	5,386,500	5,275,790	5,250,168
Delta 2 Lux Sarl	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	3.00	%	0.50	%	8.15	%	1/15/2030	1,000,000	990,725	999,000
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD LIBOR+	3.75	%	0.50	%	8.91	%	10/4/2028	990,000	986,887	934,204
DG Investment Intermediate Holdings 2, Inc.	Aerospace & Defense	Incremental Term Loan (3/22)	Loan	1M USD SOFR+	4.75	%	0.75	%	9.90	%	3/31/2028	497,500	479,088	486,620
Diamond Sports Group, LLC (b)	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	6M USD SOFR+	8.00	%	1.00	%	13.06	%	5/25/2026	342,343	334,579	257,329
Diamond Sports Group, LLC (b)	Media: Broadcasting & Subscription	Second Lien Term Loan	Loan	1M USD SOFR+	5.35	%	0.00	%	10.50	%	8/24/2026	3,374,880	3,041,095	133,578
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	5.00	%	0.75	%	10.15	%	8/2/2027	3,460,000	3,435,127	3,277,277
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%	0.50	%	9.28	%	10/4/2029	1,496,250	1,385,148	1,408,585
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+	4.25	%	0.75	%	9.30	%	3/25/2028	491,250	487,797	432,300
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD LIBOR+	5.50	%	0.75	%	10.61	%	11/30/2028	1,293,594	1,257,755	1,261,254
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	4.00	%	0.50	%	9.12	%	11/30/2028	1,989,899	1,804,951	1,830,707

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
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD LIBOR+	5.25	%	0.50	%	10.40	%	12/15/2028	3,962,481	3,825,639	3,529,105
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/21)	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	3/1/2028	6,370,000	6,335,329	6,188,837
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD LIBOR+	2.75	%	0.00	%	7.90	%	8/21/2025	1,612,878	1,610,315	1,563,153
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (01/23)	Loan	1M USD SOFR+	3.25	%	0.00	%	8.50	%	1/31/2030	2,034,413	2,031,072	1,897,090
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.65	%	8/16/2028	987,500	983,879	956,996
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.65	%	11/23/2028	1,980,000	1,976,735	1,874,822
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD LIBOR+	3.75	%	0.75	%	8.90	%	4/7/2028	2,182,992	2,177,326	2,091,459
Electrical Components Inter., Inc.	Capital Equipment	Term Loan (6/18)	Loan	3M USD SOFR+	4.25	%	0.00	%	9.61	%	6/26/2025	1,883,409	1,883,409	1,744,036
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%	0.50	%	8.27	%	11/1/2028	495,000	493,182	483,709
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD LIBOR+	6.50	%	0.00	%	11.65	%	12/14/2025	2,175,269	2,125,913	2,052,910
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	6M USD SOFR+	3.00	%	0.50	%	7.79	%	3/30/2029	613,370	610,139	600,845
Emerson Climate Technologies Inc	Services: Business	Term Loan B (04/23)	Loan	1M USD SOFR+	3.00	%	0.00	%	8.03	%	5/4/2030	626,147	619,885	618,514
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan (3/21)	Loan	Prime	6.00	%	0.75	%	14.25	%	3/27/2028	2,335,285	2,329,571	1,764,612
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	6M USD LIBOR+	3.50	%	0.75	%	8.79	%	2/10/2028	2,456,250	2,448,041	2,234,426
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B (10/22)	Loan	6M USD SOFR+	3.50	%	0.50	%	8.44	%	10/30/2029	997,500	985,601	995,425
Envision Healthcare Corporation	Healthcare & Pharmaceuticals	Term Loan B (06/18)	Loan	3M USD LIBOR+	3.75	%	0.00	%	8.91	%	10/10/2025	4,766,742	4,765,301	29,792
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	3M USD SOFR+	6.00	%	0.50	%	10.91	%	10/6/2029	993,750	919,833	984,637
Equiniti Group PLC	Services: Business	Term Loan B	Loan	6M USD SOFR+	4.50	%	0.50	%	9.54	%	12/11/2028	987,500	979,612	985,031
EyeCare Partners, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	2/18/2027	1,943,111	1,943,111	1,505,911
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (9/20)	Loan	6M USD LIBOR+	2.50	%	0.00	%	8.08	%	6/27/2025	2,830,950	2,827,872	2,824,580
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	6M USD SOFR+	5.00	%	1.00	%	10.25	%	3/30/2027	4,900,000	4,845,043	4,708,900
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Refinancing Term Loan	Loan	3M USD LIBOR+	2.50	%	0.00	%	7.66	%	2/1/2027	5,132,522	5,121,640	4,877,487
First Student Bidco Inc.	Transportation: Consumer	Term Loan B	Loan	3M USD LIBOR+	3.00	%	0.50	%	8.14	%	7/21/2028	721,243	717,314	669,054
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD LIBOR+	3.00	%	0.50	%	8.14	%	7/21/2028	269,608	268,131	250,099
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (4/18)	Loan	3M USD SOFR+	3.25	%	1.00	%	8.45	%	4/18/2025	1,330,058	1,327,288	1,268,729
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD LIBOR+	2.25	%	0.00	%	7.41	%	7/21/2026	1,970,000	1,967,537	1,960,367
Flutter Financing B.V.	Hotel, Gaming & Leisure	Third Amendment 2028-B Term Loan	Loan	3M USD SOFR+	3.25	%	0.50	%	8.41	%	7/21/2028	746,250	731,094	745,317
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.25	%	0.50	%	8.40	%	6/30/2028	1,483,571	1,467,480	1,446,481
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	3M USD SOFR+	4.75	%	0.75	%	9.97	%	3/10/2026	799,104	794,431	749,160
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+	4.75	%	0.75	%	10.09	%	3/10/2026	3,000,000	2,863,177	2,801,250
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.25	%	0.00	%	7.50	%	8/1/2025	4,297,478	4,285,561	4,254,503
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	3M USD LIBOR+	2.25	%	0.00	%	7.41	%	1/29/2027	1,945,000	1,943,129	1,897,989
Garrett LX III S.a r.l.	Automotive	Dollar Term Loan	Loan	3M USD SOFR+	3.25	%	0.50	%	8.66	%	4/30/2028	1,477,500	1,472,325	1,381,463
Gates Global LLC	Automotive	Term Loan (11/22)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.65	%	11/15/2029	248,750	241,726	247,539
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	1M USD SOFR+	3.00	%	0.50	%	8.15	%	12/31/2027	2,263,630	2,251,094	2,251,904

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
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan (11/19)	Loan	3M USD SOFR+	2.00	%	0.00	%	7.00	%	12/30/2026	1,455,000	1,451,280	1,447,725
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.50	%	0.00	%	7.75	%	8/27/2025	3,062,839	2,759,432	2,893,097
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD SOFR+	4.25	%	0.00	%	9.50	%	11/29/2025	4,884,879	4,752,840	4,330,738
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan 2/21	Loan	1M USD LIBOR+	2.00	%	0.00	%	7.15	%	8/10/2027	954,774	954,774	950,601
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	1M USD LIBOR+	5.25	%	0.75	%	10.40	%	12/1/2027	1,915,517	1,900,897	1,838,897
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD SOFR+	3.00	%	0.75	%	8.27	%	8/7/2027	948,542	944,160	923,510
Great Outdoors Group, LLC	Retail	Term Loan B2	Loan	1M USD LIBOR+	3.75	%	0.75	%	8.90	%	3/6/2028	977,613	974,174	947,795
Greenhill & Co., Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD LIBOR+	3.25	%	0.00	%	8.73	%	4/12/2024	2,825,440	2,819,803	2,816,031
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	3M USD SOFR+	2.25	%	0.50	%	7.30	%	1/24/2029	153,750	153,502	152,437
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Amendment 5 Term Loan	Loan	1M USD LIBOR+	2.50	%	0.50	%	7.65	%	2/24/2028	2,829,586	2,827,907	2,809,779
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	3M USD LIBOR+	4.75	%	0.75	%	9.91	%	5/27/2028	1,989,873	1,633,954	1,782,190
GYP HOLDINGS III CORP.	Construction & Building	2023 Refinancing Term Loans	Loan	1M USD SOFR+	3.00	%	0.00	%	8.15	%	4/25/2030	250,000	248,751	249,063
Harbor Freight Tools USA, Inc.	Retail	Term Loan B (06/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	10/19/2027	3,429,648	3,413,091	3,287,901
Helix Gen Funding, LLc	Energy: Electricity	Term Loan B (02/17)	Loan	1M USD LIBOR+	3.75	%	1.00	%	8.90	%	6/3/2024	208,209	208,209	205,440
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	7/14/2028	3,470,359	3,465,657	3,414,833
Hillman Group Inc. (The) (New) (a)	Consumer goods: Durable	Delayed Draw Term Loan (2/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	7/14/2028	66,498	66,498	53,012
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan B (08/18)	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.65	%	8/18/2025	3,500,000	3,494,979	3,349,990
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	3M USD LIBOR+	3.75	%	0.75	%	8.91	%	11/17/2028	2,311,709	2,304,423	1,995,768
Howden Group Holdings	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	1M USD LIBOR+	3.25	%	0.75	%	8.44	%	11/12/2027	2,146,700	2,139,286	2,099,215
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	1M USD SOFR+	3.00	%	0.00	%	8.27	%	3/17/2028	5,880,000	5,838,530	5,541,900
Idera, Inc.	High Tech Industries	Term Loan (02/21)	Loan	1M USD SOFR+	3.75	%	0.75	%	8.88	%	3/2/2028	4,798,869	4,791,394	4,595,925
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.53	%	11/1/2028	1,975,000	1,967,711	1,930,563
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan 5/23	Loan	1M USD SOFR+	4.25	%	0.50	%	9.40	%	11/1/2028	500,000	487,500	490,625
INDY US BIDCO, LLC	Services: Business	Term Loan (11/21)	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	3/6/2028	2,210,094	2,209,548	1,898,846
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+	3.75	%	0.00	%	9.00	%	3/13/2030	500,000	495,038	496,875
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.50	%	0.00	%	8.75	%	2/9/2030	1,000,000	990,100	990,630
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan (1/21)	Loan	1M USD SOFR+	2.75	%	0.50	%	8.02	%	1/29/2026	1,974,924	1,928,587	1,954,346
Informatica Inc.	High Tech Industries	Term Loan B (10/21)	Loan	1M USD LIBOR+	2.75	%	0.00	%	7.94	%	10/27/2028	495,000	494,703	490,773
Ingram Micro Inc.	Wholesale	Term Loan	Loan	3M USD LIBOR+	3.50	%	0.50	%	8.66	%	6/30/2028	1,473,750	1,462,645	1,414,800
Inmar Acquisition Sub, Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	4.00	%	1.00	%	9.15	%	5/1/2024	3,341,808	3,323,531	3,257,428
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD LIBOR+	3.25	%	0.00	%	8.40	%	2/4/2027	485,000	483,785	474,543
INSTANT BRANDS HOLDINGS INC.	Consumer goods: Durable	Term Loan 4/21	Loan	3M USD LIBOR+	5.00	%	0.75	%	10.48	%	4/7/2028	3,942,576	3,927,059	463,253
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B (1/22)	Loan	1M USD SOFR+	3.00	%	0.75	%	8.25	%	12/15/2027	498,740	494,029	483,220
Isagenix International, LLC	Beverage, Food & Tobacco	Term Loan	Loan	6M USD SOFR+	4.50	%	0.00	%	9.59	%	4/13/2028	1,182,282	721,726	1,004,939
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	1M USD SOFR+	2.75	%	0.00	%	7.90	%	1/31/2028	3,910,000	3,907,823	3,850,138

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
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+	4.25	%	0.75	%	9.41	%	3/1/2028	982,500	978,960	825,300
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	5.50	%	1.00	%	10.77	%	11/15/2025	3,816,695	3,799,232	1,822,472
Klockner-Pentaplast of America, Inc.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+	4.73	%	0.50	%	10.10	%	2/12/2026	1,470,000	1,466,436	1,337,700
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD SOFR+	3.25	%	0.75	%	8.41	%	3/13/2028	489,971	488,917	471,597
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	4.00	%	0.50	%	9.16	%	4/9/2030	1,000,000	970,268	992,500
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.63	%	9/1/2027	490,047	482,060	458,194
Lakeland Tours, LLC	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed	0.00	%	0.00	%	13.25	%	9/27/2027	1,056,778	459,661	686,906
Lealand Finance Company B.V.	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD LIBOR+	1.00	%	0.00	%	6.15	%	6/30/2025	347,730	347,730	232,284
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+	4.75	%	0.50	%	10.00	%	2/16/2029	994,975	818,956	766,131
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan B	Loan	1M USD SOFR+	3.50	%	1.00	%	8.77	%	2/28/2025	2,616,496	2,603,772	2,330,329
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	6M USD SOFR+	4.75	%	0.00	%	9.71	%	3/17/2028	982,500	979,970	957,938
LogMeIn, Inc.	High Tech Industries	Term Loan (8/20)	Loan	1M USD LIBOR+	4.75	%	0.00	%	9.90	%	8/31/2027	3,910,000	3,860,601	2,364,651
LOYALTY VENTURES INC. (b)	Services: Business	Term Loan B	Loan	Prime	5.50	%	0.50	%	13.75	%	11/3/2027	3,089,630	3,075,114	290,950
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD SOFR+	1.75	%	0.00	%	6.84	%	11/11/2026	1,204,743	1,203,544	1,187,672
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%	0.50	%	8.77	%	10/16/2028	247,500	246,627	239,147
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan (01/23)	Loan	1M USD SOFR+	4.25	%	0.50	%	9.50	%	10/14/2028	500,000	487,004	489,585
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan	Loan	1M USD SOFR+	4.50	%	0.00	%	9.50	%	4/25/2030	1,000,000	985,000	982,500
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan B	Loan	3M USD SOFR+	7.25	%	0.75	%	12.15	%	3/29/2029	2,812,500	2,730,109	2,759,063
MAGNITE, INC.	Services: Business	Term Loan	Loan	6M USD LIBOR+	5.00	%	0.75	%	10.24	%	4/28/2028	2,957,424	2,895,802	2,903,215
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (11/19)	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	8/29/2025	1,317,074	1,317,074	1,300,202
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD LIBOR+	1.75	%	0.00	%	6.71	%	2/15/2027	250,000	249,705	246,563
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	Term Loan B (02/23)	Loan	1M USD SOFR+	5.00	%	0.00	%	10.25	%	2/27/2028	3,450,000	3,351,865	3,286,125
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan (07/21)	Loan	1M USD LIBOR+	4.75	%	0.50	%	9.90	%	7/28/2028	1,970,000	1,953,850	1,845,240
MedAssets Software Inter Hldg, Inc.	High Tech Industries	Term Loan (11/21) (USD)	Loan	1M USD LIBOR+	4.00	%	0.50	%	9.15	%	12/18/2028	495,000	492,319	413,637
Mermaid Bidco Inc.	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+	4.50	%	0.75	%	9.54	%	12/22/2027	1,981,272	1,959,063	1,911,927
Messer Industries, LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	3M USD SOFR+	2.50	%	0.00	%	7.66	%	3/1/2026	2,970,367	2,961,160	2,959,852
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD LIBOR+	4.25	%	0.75	%	9.41	%	4/8/2028	2,461,187	2,446,742	2,158,166
Momentive Performance Materials Inc.	Chemicals, Plastics, & Rubber	Term Loan (03/23)	Loan	1M USD SOFR+	4.50	%	0.00	%	9.65	%	3/28/2028	500,000	480,430	489,690
Moneygram International, Inc.	Services: Business	MoneyGram Payment 5/23 TL	Loan	1M USD SOFR+	5.50	%	0.50	%	10.55	%	5/31/2030	2,000,000	1,660,000	1,660,000
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Term Loan B (08/21)	Loan	3M USD LIBOR+	4.25	%	0.50	%	9.73	%	9/1/2028	2,984,848	2,728,880	2,501,064
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+	3.00	%	0.50	%	8.05	%	11/23/2028	2,962,500	2,957,096	2,901,650
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+	5.25	%	0.75	%	10.49	%	2/22/2029	2,992,443	2,417,282	2,179,995
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	3.50	%	0.00	%	8.69	%	11/14/2025	3,364,175	3,348,633	3,305,301
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	3M USD LIBOR+	3.75	%	0.75	%	8.48	%	3/2/2028	2,729,081	2,721,430	2,027,025
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD SOFR+	3.75	%	0.75	%	8.75	%	3/2/2028	87,464	87,163	64,964
NEW ERA CAP, LLC	Consumer goods: Durable	Term Loan (01/22)	Loan	1M USD LIBOR+	6.00	%	0.75	%	11.11	%	7/13/2027	3,581,045	3,580,533	3,473,614

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
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.65	%	9/18/2026	657,625	653,083	649,760
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD LIBOR+	7.50	%	1.00	%	12.33	%	8/9/2024	2,909,971	2,834,608	2,517,125
NortonLifeLock Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.00	%	0.50	%	7.25	%	9/12/2029	1,333,648	1,328,212	1,310,723
Novae LLC	Automotive	Term Loan B	Loan	6M USD SOFR+	5.00	%	0.75	%	10.34	%	12/22/2028	1,980,000	1,967,827	1,679,693
Nuvei Technologies Corp.	High Tech Industries	US Term Loan	Loan	1M USD SOFR+	2.50	%	0.50	%	7.77	%	9/29/2025	2,210,625	2,208,388	2,202,335
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.74	%	2/23/2029	2,486,222	2,384,953	2,221,016
Open Text Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%	0.50	%	8.75	%	1/31/2030	1,496,250	1,452,211	1,492,509
Organon & Co.	Healthcare & Pharmaceuticals	Term Loan USD	Loan	3M USD LIBOR+	3.00	%	0.50	%	8.00	%	6/2/2028	2,118,750	2,111,232	2,107,097
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+	4.00	%	0.50	%	9.16	%	5/2/2030	500,000	490,039	491,250
Pacific Gas & Electric	Utilities: Electric	Term Loan	Loan	1M USD LIBOR+	3.00	%	0.50	%	8.19	%	6/18/2025	1,461,187	1,457,828	1,445,962
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.25	%	0.50	%	8.52	%	9/20/2028	985,000	981,418	962,611
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.75	%	0.50	%	9.97	%	7/6/2028	941,176	934,000	855,294
Panther Guarantor II, L.P. (Forcepoint)	High Tech Industries	Term Loan 1/21	Loan	1M USD LIBOR+	4.25	%	0.50	%	9.40	%	1/7/2028	491,250	488,829	466,894
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan 2/23	Loan	3M USD SOFR+	4.25	%	0.50	%	9.61	%	2/27/2030	1,500,000	1,477,916	1,459,215
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75	%	0.50	%	10.79	%	8/1/2029	1,990,000	1,658,903	1,592,000
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	3/30/2027	485,268	478,405	407,324
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.65	%	5/29/2026	809,038	807,206	804,993
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	3.75	%	0.50	%	8.80	%	2/28/2029	990,000	988,398	969,378
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	1M USD SOFR+	3.25	%	0.50	%	8.52	%	12/29/2028	1,289,605	1,284,558	1,234,255
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC (a)	Healthcare & Pharmaceuticals	Delayed Draw Term Loan (12/21)	Loan	1M USD SOFR+	3.25	%	0.50	%	8.52	%	12/29/2028	166,606	166,606	158,185
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%	0.50	%	8.00	%	5/3/2029	992,500	988,325	982,823
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	3.75	%	0.75	%	9.00	%	2/1/2028	5,292,824	5,277,913	5,030,088
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.00	%	0.50	%	9.05	%	12/23/2028	2,480,000	2,438,482	2,320,362
Pike Corporation	Construction & Building	Term Loan (8/22)	Loan	1M USD SOFR+	3.50	%	0.00	%	8.65	%	1/21/2028	497,500	486,614	494,236
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.00	%	0.00	%	9.27	%	3/17/2028	3,929,899	3,905,884	3,615,507
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (11/21)	Loan	1M USD LIBOR+	2.50	%	0.50	%	7.69	%	12/1/2028	1,916,176	1,908,914	1,893,029
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD LIBOR+	2.75	%	0.00	%	7.90	%	3/13/2028	4,410,000	4,403,277	4,319,330
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+	4.25	%	0.50	%	9.30	%	4/21/2029	1,990,000	1,981,777	1,711,898
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	3.00	%	0.75	%	8.19	%	12/29/2027	490,000	488,391	479,588
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD LIBOR+	4.75	%	0.75	%	9.90	%	2/12/2028	5,390,000	5,348,460	4,851,000
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD LIBOR+	3.75	%	0.50	%	8.90	%	12/15/2028	2,970,000	2,949,492	2,870,505
Presidio, Inc.	Services: Business	Term Loan B (1/20)	Loan	3M USD SOFR+	3.50	%	0.00	%	8.65	%	1/22/2027	486,250	485,838	480,780
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan (1/21)	Loan	1M USD LIBOR+	2.75	%	0.75	%	7.84	%	9/23/2026	3,511,510	3,511,510	3,485,911
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan	Loan	3M USD LIBOR+	5.75	%	1.00	%	11.23	%	4/27/2027	2,937,943	2,916,925	2,901,219

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
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	6M USD LIBOR+	3.25	%	0.75	%	8.52	%	12/28/2027	489,994	488,306	458,267
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	1M USD SOFR+	5.25	%	0.50	%	10.50	%	7/20/2029	997,500	933,607	878,428
Prometric Inc. (Sarbacane Bidco)	Services: Consumer	Term Loan	Loan	3M USD SOFR+	3.00	%	1.00	%	8.53	%	1/29/2025	475,200	474,751	445,025
PUG LLC	Services: Consumer	Term Loan B (02/20)	Loan	1M USD LIBOR+	3.50	%	0.00	%	8.65	%	2/12/2027	478,888	477,642	407,654
Quartz AcquireCo, LLC	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%	0.00	%	8.38	%	4/13/2030	1,000,000	990,000	986,250
QUEST BORROWER LIMITED	High Tech Industries	Term Loan (1/22)	Loan	3M USD SOFR+	4.25	%	0.50	%	9.45	%	2/1/2029	1,985,000	1,968,797	1,676,868
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (1/21)	Loan	1M USD SOFR+	2.75	%	0.75	%	7.91	%	2/15/2028	2,967,254	2,880,291	1,166,872
RAND PARENT LLC	Transportation: Cargo	Term Loan B	Loan	3M USD SOFR+	4.25	%	0.00	%	9.13	%	3/16/2030	2,500,000	2,411,828	2,145,825
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD LIBOR+	3.00	%	0.50	%	8.15	%	4/24/2028	985,000	983,590	945,905
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	3M USD LIBOR+	3.25	%	0.50	%	8.56	%	2/17/2028	1,875,243	1,837,657	1,847,114
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD LIBOR+	5.50	%	1.00	%	10.80	%	12/20/2024	4,286,824	4,244,733	3,030,270
Resideo Funding Inc.	Services: Consumer	Term Loan (1/21)	Loan	1M USD LIBOR+	2.25	%	0.50	%	7.36	%	2/11/2028	1,470,000	1,468,339	1,459,901
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	3M USD LIBOR+	4.25	%	1.00	%	9.41	%	4/30/2024	3,027,094	3,024,448	2,209,779
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD LIBOR+	2.50	%	0.50	%	7.65	%	10/20/2028	3,453,672	3,448,420	3,076,842
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	1.75	%	0.00	%	7.00	%	1/29/2027	1,273,182	1,273,035	1,252,225
Reynolds Group Holdings Inc.	Containers, Packaging & Glass	Term Loan B2	Loan	1M USD SOFR+	3.25	%	0.00	%	8.52	%	2/5/2026	2,844,322	2,836,000	2,821,226
Rocket Software, Inc.	High Tech Industries	Term Loan (11/18)	Loan	1M USD LIBOR+	4.25	%	0.00	%	9.40	%	11/28/2025	2,867,848	2,863,705	2,816,055
Russell Investments US Inst’l Holdco, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	1M USD SOFR+	3.50	%	1.00	%	8.75	%	6/2/2025	5,503,217	5,480,688	5,206,043
RV Retailer LLC	Automotive	Term Loan	Loan	3M USD SOFR+	3.75	%	0.75	%	8.97	%	2/8/2028	2,950,162	2,907,882	2,636,708
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.00	%	0.75	%	8.25	%	9/1/2027	1,474,842	1,464,122	1,468,854
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	3M USD SOFR+	5.00	%	0.50	%	10.09	%	3/10/2028	2,452,462	2,405,746	2,202,630
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	2.50	%	0.00	%	7.65	%	2/27/2030	500,000	496,335	499,375
Samsonite International S.A.	Consumer goods: Non-durable	Term Loan B2	Loan	1M USD LIBOR+	3.00	%	0.75	%	8.15	%	4/25/2025	925,056	913,402	923,566
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	3.75	%	0.75	%	8.94	%	4/20/2028	2,947,500	2,936,027	2,814,863
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.50	%	0.50	%	8.42	%	4/4/2029	497,500	496,575	479,520
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+	3.75	%	0.00	%	8.90	%	2/17/2028	1,000,000	990,500	970,940
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan	Loan	3M USD LIBOR+	2.00	%	0.00	%	7.16	%	11/2/2028	1,000,000	998,184	990,890
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	1M USD LIBOR+	3.75	%	0.50	%	8.91	%	8/28/2028	1,970,000	1,962,979	1,881,961
SiteOne Landscape Supply, LLC	Services: Business	Term Loan (3/21)	Loan	3M USD SOFR+	2.00	%	0.50	%	7.16	%	3/18/2028	775,873	774,643	768,114
SMG US Midco 2, Inc.	Services: Business	Term Loan (01/20)	Loan	3M USD LIBOR+	2.50	%	0.00	%	7.77	%	1/23/2025	483,750	483,750	478,913
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan	Loan	1M USD SOFR+	4.25	%	0.50	%	9.50	%	4/2/2029	997,487	990,334	990,834
Solis IV B.V.	Consumer goods: Durable	Term Loan B-1	Loan	3M USD SOFR+	3.50	%	0.50	%	8.67	%	2/26/2029	1,989,975	1,729,773	1,821,822
Sotheby’s	Services: Business	Term Loan (7/21)	Loan	3M USD LIBOR+	4.50	%	0.50	%	9.76	%	1/15/2027	3,215,561	3,178,251	3,124,722
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	1M USD SOFR+	3.25	%	0.75	%	8.38	%	8/2/2028	1,975,000	1,967,877	1,941,425
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	4.25	%	0.75	%	9.27	%	3/31/2028	1,970,000	1,956,027	1,841,950
Spectrum Brands, Inc.	Consumer goods: Durable	Term Loan (2/21)	Loan	1M USD LIBOR+	2.00	%	0.50	%	7.16	%	3/3/2028	490,000	489,296	488,878
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD LIBOR+	4.00	%	0.75	%	8.99	%	3/4/2028	2,940,000	2,927,996	2,348,325

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
Spirit Aerosystems Inc.	Aerospace & Defense	Term Loan (11/22)	Loan	3M USD SOFR+	4.50	%	0.50	%	9.55	%	1/14/2027	497,500	484,087	496,878
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	5/12/2028	2,690,909	2,687,985	2,639,620
SS&C Technologies, Inc.	Services: Business	Term Loan B3	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	4/16/2025	167,061	166,998	165,975
SS&C Technologies, Inc.	Services: Business	Term Loan B4	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	4/16/2025	148,146	148,093	147,184
SS&C Technologies, Inc.	Services: Business	Term Loan B-5	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	4/16/2025	456,902	456,620	454,047
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50	%	0.50	%	7.71	%	9/22/2028	627,750	623,026	622,741
Staples, Inc.	Wholesale	Term Loan (03/19)	Loan	3M USD LIBOR+	5.00	%	0.00	%	10.30	%	4/16/2026	4,330,081	4,241,982	3,680,569
Storable, Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%	0.50	%	8.65	%	4/17/2028	493,750	493,089	468,569
Summit Materials, LLC	Metals & Mining	Term Loan B (12/22)	Loan	6M USD SOFR+	3.00	%	0.00	%	8.49	%	12/13/2027	249,375	247,134	249,687
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.75	%	0.50	%	8.90	%	12/1/2028	987,500	979,662	980,588
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD SOFR+	4.25	%	0.75	%	9.52	%	8/2/2028	2,000,000	1,909,130	1,880,000
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	1M USD LIBOR+	4.00	%	0.75	%	9.26	%	4/24/2028	2,463,734	2,462,906	2,214,281
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan 3/22	Loan	3M USD SOFR+	5.00	%	0.50	%	9.90	%	4/2/2029	995,000	986,321	990,025
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	7/7/2028	987,500	985,732	972,688
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	5.25	%	1.00	%	10.50	%	7/15/2025	4,371,891	4,324,578	4,336,391
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%	1.00	%	9.02	%	9/27/2024	1,895,000	1,894,422	1,806,181
The Dun & Bradstreet Corporation	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.25	%	0.00	%	8.41	%	2/6/2026	960,424	959,854	953,739
The Dun & Bradstreet Corporation	Services: Business	Term Loan B	Loan	1M USD SOFR+	3.25	%	0.00	%	8.39	%	1/18/2029	247,500	246,002	244,778
THE KNOT WORLDWIDE INC.	Services: Consumer	Term Loan (1/22)	Loan	1M USD SOFR+	4.50	%	0.00	%	9.75	%	12/19/2025	4,833,272	4,829,687	4,809,106
Thor Industries, Inc.	Automotive	USD Term Loan (3/21)	Loan	1M USD SOFR+	3.00	%	0.00	%	8.25	%	2/1/2026	1,517,243	1,499,416	1,512,812
Torrid LLC	Wholesale	Term Loan 5/21	Loan	1M USD SOFR+	5.50	%	0.75	%	10.77	%	6/14/2028	3,432,450	2,955,101	2,989,081
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.65	%	4/15/2028	2,325,838	2,171,836	2,168,844
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	3M USD SOFR+	3.50	%	0.75	%	8.81	%	8/18/2027	488,750	484,129	340,698
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.25	%	0.50	%	7.52	%	12/1/2028	769,758	768,416	763,123
Transdigm, Inc.	Aerospace & Defense	Term Loan H	Loan	3M USD SOFR+	3.25	%	0.00	%	8.15	%	2/21/2027	1,988,386	1,985,682	1,978,445
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD LIBOR+	3.50	%	0.50	%	8.66	%	3/31/2028	1,473,752	1,468,609	1,394,376
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	2.25	%	0.00	%	7.40	%	3/10/2028	346,923	346,442	340,474
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+	4.00	%	0.75	%	9.25	%	10/29/2027	952,066	947,175	885,183
Uber Technologies, Inc.	Transportation: Consumer	Term Loan 2/23	Loan	3M USD SOFR+	2.75	%	0.00	%	7.66	%	2/27/2030	498,750	497,503	493,638
Ultra Clean Holdings, Inc.	High Tech Industries	Incremental Term Loan 3/21	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	8/27/2025	782,230	780,229	781,252
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD LIBOR+	4.00	%	1.00	%	9.22	%	7/31/2026	496,815	477,782	482,884
United Natural Foods, Inc	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.25	%	0.00	%	8.52	%	10/22/2025	1,289,967	1,256,282	1,285,878
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/21)	Loan	1M USD LIBOR+	3.25	%	0.75	%	8.40	%	3/15/2026	2,440,439	2,436,083	2,352,314
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25	%	0.50	%	9.15	%	6/25/2029	248,125	241,480	240,061
Utz Quality Foods, LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.00	%	0.00	%	8.27	%	1/20/2028	1,823,802	1,822,695	1,814,427

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
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+	5.00	%	0.75	%	10.05	%	1/19/2029	2,336,296	2,271,898	2,122,127
Vericast Corp.	Media: Advertising, Printing & Publishing	Term Loan	Loan	1M USD SOFR+	7.75	%	1.00	%	13.02	%	6/15/2026	1,201,006	1,199,979	1,048,730
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD LIBOR+	4.00	%	0.00	%	9.48	%	8/20/2025	1,364,459	1,361,447	1,188,103
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD LIBOR+	3.75	%	0.75	%	8.90	%	12/6/2028	990,000	986,356	980,724
VFH Parent LLC	Banking, Finance, Insurance & Real Estate	Term Loan (01/22)	Loan	1M USD SOFR+	3.00	%	0.50	%	8.20	%	1/12/2029	3,069,879	3,064,185	2,983,554
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50	%	0.50	%	9.65	%	3/2/2029	2,989,975	2,924,674	2,869,628
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD LIBOR+	2.25	%	0.00	%	7.36	%	9/28/2028	2,845,909	2,838,787	2,781,876
Vistra Energy Corp	Utilities: Electric	2018 Incremental Term Loan	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	12/31/2025	894,474	894,376	886,737
Vizient, Inc	Healthcare & Pharmaceuticals	Term Loan 4/22	Loan	1M USD SOFR+	2.25	%	0.50	%	7.45	%	5/16/2029	496,250	491,914	494,568
VM Consolidated, Inc.	Construction & Building	Term Loan B (3/21)	Loan	1M USD SOFR+	3.25	%	0.00	%	8.52	%	3/24/2028	2,120,393	2,118,781	2,115,092
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD SOFR+	6.00	%	1.00	%	11.15	%	9/30/2025	470,000	470,000	454,335
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (12/22)	Loan	1M USD SOFR+	3.00	%	0.50	%	8.25	%	12/15/2028	500,000	490,617	495,000
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan G	Loan	1M USD LIBOR+	2.13	%	0.00	%	7.28	%	1/20/2028	1,250,000	1,249,879	1,237,675
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan Incremental (11/22)	Loan	1M USD SOFR+	3.00	%	0.50	%	7.98	%	1/19/2028	500,000	491,037	498,595
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.75	%	0.50	%	9.06	%	3/2/2028	2,450,000	2,442,192	2,378,680
West Corporation	Telecommunications	Term Loan B-3	Loan	1M USD SOFR+	4.00	%	1.00	%	9.40	%	4/9/2027	1,189,119	1,173,823	1,058,982
WEX Inc.	Services: Business	Term Loan B (3/21)	Loan	1M USD SOFR+	2.25	%	0.00	%	7.52	%	3/31/2028	2,947,406	2,939,191	2,926,774
WildBrain Ltd.	Media: Diversified & Production	Term Loan	Loan	1M USD SOFR+	4.25	%	0.75	%	9.52	%	3/27/2028	1,960,000	1,931,339	1,891,400
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan 5/23	Loan	1M USD SOFR+	2.25	%	0.00	%	7.40	%	5/10/2030	1,000,000	995,000	996,880
Xperi Corporation	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.50	%	0.00	%	8.65	%	6/8/2028	2,310,717	2,304,550	2,281,833
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+	4.25	%	0.50	%	9.40	%	3/9/2027	990,000	969,668	775,635

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
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan 4/21	Loan	3M USD LIBOR+	3.00	%	0.50	%	8.19	%	11/1/2028	878,226		875,022		857,096
Zekelman Industries, Inc.	Metals & Mining	Term Loan (01/20)	Loan	3M USD LIBOR+	2.00	%	0.00	%	7.02	%	1/25/2027	959,611		959,611		946,416
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	1M USD SOFR+	5.50	%	0.00	%	10.54	%	2/8/2028	1,995,000		1,900,560		1,922,681
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	2.00	%	0.50	%	7.25	%	1/29/2029	493,750		492,872		482,141
													$	641,360,143	$	591,378,372

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (c)		13,354,715	$	13,354,715	$	13,354,715
Total cash and cash equivalents		13,354,715	$	13,354,715	$	13,354,715

(a)

All or a portion of this investment has an unfunded commitment as of May 31, 2023.

(b)

As of May 31, 2023, the investment was in default and on non-accrual status.

(c)

Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of May 31, 2023.

(d)

Investments include Payment-in-Kind Interest.

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
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		7.67	%	2/7/2029	$	1,997,500	$	1,924,905	$	1,901,380
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	5.25	%		0.00	%		9.93	%	7/8/2028		2,494,565		2,143,085		2,126,617
ADMI Corp.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	3.00	%		0.00	%		7.63	%	4/30/2025		1,910,276		1,907,516		1,825,517
Adtalem Global Education Inc.	Services: Business	Term Loan B (02/21)	Loan	1M USD LIBOR+	4.00	%		0.75	%		8.63	%	8/11/2028		691,846		686,475		689,992
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		10.36	%	5/9/2025		2,349,601		2,341,307		2,268,540
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (09/20)	Loan	1M USD LIBOR+	2.75	%		0.75	%		7.38	%	1/4/2026		214,286		213,103		212,946
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (1/19)	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.38	%	1/4/2026		1,468,430		1,463,378		1,457,416
AHEAD DB Holdings, LLC	Services: Business	Term Loan (04/21)	Loan	3M USD LIBOR+	3.75	%		0.75	%		8.48	%	10/18/2027		2,955,000		2,871,299		2,915,285
AI Convoy (Luxembourg) S.a.r.l.	Aerospace & Defense	Term Loan B (USD)	Loan	6M USD LIBOR+	3.50	%		1.00	%		8.17	%	1/18/2027		-		-		-
Air Canada	Transportation: Consumer	Term Loan B (07/21)	Loan	3M USD LIBOR+	3.50	%		0.75	%		8.37	%	8/11/2028		1,990,000		1,851,613		1,984,408
AIS HoldCo, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.00	%		9.83	%	8/15/2025		4,789,642		4,700,517		4,622,004
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan (04/21)	Loan	1M USD LIBOR+	4.75	%		0.75	%		9.33	%	4/6/2028		2,500,000		2,333,827		2,407,300
AL GCX Holdings (Arclight) T/L B	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.50	%		8.28	%	5/17/2029		976,802		971,918		975,581
Alchemy US Holdco 1, LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	5.50	%		0.00	%		5.60	%	10/10/2025		1,654,803		1,644,633		1,551,378
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	2/4/2028		245,625		245,275		245,050
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD LIBOR+	2.50	%		0.50	%		7.11	%	3/12/2026		2,126,218		2,112,914		2,062,432
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%		0.00	%		10.23	%	2/10/2027		4,394,261		4,368,566		3,649,434
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B4	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.09	%	11/5/2027		987,500		986,800		974,781
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%		0.50	%		8.47	%	5/12/2028		1,975,000		1,967,474		1,900,404
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD LIBOR+	4.00	%		1.00	%		8.73	%	4/3/2024		1,126,283		1,124,635		893,142
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan (01/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	1/29/2028		491,250		489,554		480,506
American Airlines T/L (2/23)	Transportation: Consumer	Term Loan	Loan	N/A	N/A			N/A			N/A		N/A		-		27		-
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.16	%	12/5/2029		500,000		485,367		499,000
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.50	%		1.00	%		9.07	%	4/6/2024		3,012,861		3,011,462		3,011,596
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		8.47	%	3/3/2028		1,357,439		1,354,762		1,194,967
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD LIBOR+	2.25	%		0.75	%		6.88	%	2/17/2028		1,960,017		1,940,778		1,926,462
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	3.75	%		0.00	%		8.48	%	8/11/2025		957,500		955,643		791,134
Anchor Glass Container Corporation	Containers, Packaging & Glass	Term Loan (07/17)	Loan	3M USD LIBOR+	2.75	%		1.00	%		7.48	%	12/7/2023		470,138		469,901		333,915
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD LIBOR+	4.00	%		0.00	%		8.63	%	7/18/2026		977,215		971,052		952,785
ANI Pharmaceuticals, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	6.00	%		0.75	%		10.63	%	11/19/2027		2,970,000		2,922,446		2,866,050

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
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD LIBOR+	5.50	%		0.75	%		10.13	%	9/1/2027		1,875,000		1,852,824			1,802,344
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD LIBOR+	5.50	%		0.75	%		10.13	%	9/1/2027		500,000		494,095			480,415
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	3M USD SOFR+	5.00	%		0.50	%		9.66	%	7/26/2028		500,000		468,464			497,500
APi Group DE, Inc. (J2 Acquisition)	Services: Business	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	10/1/2026		1,757,184		1,751,429			1,754,548
APLP Holdings Limited Partnership	Energy: Electricity	Term Loan B (3/21)	Loan	3M USD LIBOR+	3.75	%		1.00	%		8.48	%	5/14/2027		440,541		437,327			440,726
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.38	%	5/15/2026		2,939,086		2,914,348			2,850,914
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	3/6/2028		982,500		975,109			928,463
AppLovin Corporation	High Tech Industries	Term Loan (10/21)	Loan	3M USD SOFR+	3.10	%		0.50	%		7.70	%	10/21/2028		1,488,750		1,485,729			1,472,002
AppLovin Corporation	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.35	%		0.00	%		7.94	%	8/15/2025		979,592		979,592			972,245
Aramark Corporation	Services: Consumer	Term Loan B (4/21)	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	4/1/2028		1,753,715		1,747,448			1,747,139
Aramark Corporation	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	1/15/2027		2,331,250		2,280,733			2,305,023
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.50	%		8.38	%	9/23/2028		863,885		860,682			811,836
ARC FALCON I INC. (a)	Chemicals, Plastics, & Rubber	Delayed Draw Term Loan	Loan	3M USD LIBOR+	1.00	%		0.50	%		1.00	%	9/29/2028		-		(512	)		(7,675	)
Arches Buyer Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.50	%		7.97	%	12/6/2027		1,484,848		1,477,106			1,395,758
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/18)	Loan	1M USD SOFR+	4.25	%		0.00	%		8.97	%	10/1/2025		1,916,203		1,913,228			1,887,460
ASP BLADE HOLDINGS, INC.	Capital Equipment	Term Loan	Loan	3M USD LIBOR+	4.00	%		0.50	%		8.73	%	10/7/2028		99,059		98,658			82,491
Asplundh Tree Expert, LLC	Services: Business	Term Loan 2/21	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	9/7/2027		977,500		974,396			974,010
AssuredPartners Capital, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (2/20)	Loan	1M USD LIBOR+	3.50	%		0.00	%		8.13	%	2/12/2027		989,796		986,847			967,773
AssuredPartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.12	%	2/12/2027		496,250		495,400			485,084
AssuredPartners Inc.	Banking, Finance, Insurance & Real Estate	Incremental Term Loan (7/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	2/12/2027		985,000		985,000			962,838
ASTRO ONE ACQUISITION CORPORATION	Consumer goods: Durable	Term Loan	Loan	3M USD LIBOR+	5.50	%		0.75	%		10.23	%	9/15/2028		2,970,000		2,946,187			1,767,150
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	3M USD SOFR+	4.00	%		0.00	%		8.68	%	8/19/2028		1,995,000		1,901,937			1,866,741
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	12/18/2026		2,964,858		2,956,667			2,817,683
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.06	%	2/15/2029		1,330,543		1,325,206			1,227,426
ATHENAHEALTH GROUP INC. (a)	Healthcare & Pharmaceuticals	Delayed Draw Term Loan (02/22)	Loan	3M USD LIBOR+	3.50	%		0.50	%		3.50	%	2/15/2029		-		-			(12,636	)
Avison Young (Canada) Inc	Services: Business	Term Loan (08/22)	Loan	1M USD SOFR+	7.00	%		0.00	%		11.73	%	1/31/2026		748,125		708,918			635,906
Avison Young (Canada) Inc	Services: Business	Term Loan	Loan	1M USD SOFR+	5.75	%		0.00	%		10.48	%	1/31/2026		3,370,882		3,344,831			2,646,142

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
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B5 (7/21)	Loan	1M USD LIBOR+	2.25	%		0.50	%		6.85	%	12/1/2027		490,000		486,530		489,539
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B3	Loan	1M USD LIBOR+	1.75	%		0.75	%		6.35	%	1/15/2025		1,000,000		932,184		998,440
Axalta Coating Systems Dutch Holding B B.V.	Chemicals, Plastics, & Rubber	Term Loan B-4 Dollar	Loan	3M USD SOFR+	3.00	%		0.50	%		7.51	%	12/7/2029		1,000,000		990,447		1,003,570
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD LIBOR+	6.00	%		0.75	%		10.75	%	9/20/2027		475,000		463,094		457,188
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	10/10/2026		642,295		638,890		613,391
B.C. Unlimited Liability Co (Burger King)	Beverage, Food & Tobacco	Term Loan B4	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	11/19/2026		1,455,000		1,430,342		1,440,712
BAKELITE UK INTERMEDIATE LTD.	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.00	%		0.50	%		8.73	%	5/29/2029		995,000		990,609		940,275
Baldwin Risk Partners, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.10	%	10/14/2027		1,226,325		1,215,617		1,205,637
Bausch Health Companies Inc.	Healthcare & Pharmaceuticals	Term Loan B (1/22)	Loan	1M USD SOFR+	5.25	%		0.50	%		9.91	%	2/1/2027		1,950,000		1,764,574		1,534,299
Belfor Holdings Inc.	Services: Consumer	Term Loan B-2 (3/22)	Loan	1M USD SOFR+	4.25	%		0.50	%		8.87	%	4/6/2026		994,911		971,026		992,424
Belfor Holdings Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.00	%		8.63	%	4/6/2026		245,547		245,547		244,995
Belron Finance US LLC	Automotive	Term Loan B (3/21)	Loan	3M USD LIBOR+	2.50	%		0.50	%		7.38	%	4/13/2028		1,965,000		1,950,181		1,960,913
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		7.93	%	1/24/2029		1,990,000		1,988,811		1,804,273
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	4/23/2026		1,465,141		1,457,842		1,441,332
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.88	%	4/23/2026		979,747		975,006		952,804
Blue Tree Holdings, Inc.	Chemicals, Plastics, & Rubber	Term Loan (2/21)	Loan	3M USD LIBOR+	2.50	%		0.00	%		7.23	%	3/4/2028		982,500		980,692		967,763
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan 12/22	Loan	1M USD SOFR+	3.50	%		0.50	%		8.12	%	12/12/2029		498,750		486,572		496,007
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan (1/20)	Loan	1M USD LIBOR+	2.00	%		0.00	%		6.63	%	5/24/2027		1,455,049		1,449,140		1,416,854
Boxer Parent Company, Inc.	High Tech Industries	Term Loan (2/21)	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	10/2/2025		516,794		516,794		509,827
Bracket Intermediate Holding Corp	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.25	%		0.00	%		9.04	%	9/5/2025		957,500		955,597		929,378
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan B-3	Loan	1M USD LIBOR+	3.50	%		0.00	%		8.13	%	3/5/2026		982,500		982,500		967,556
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD LIBOR+	3.00	%		0.00	%		7.63	%	1/22/2027		2,948,786		2,944,577		2,906,412
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan (1/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	8/1/2025		1,462,613		1,464,152		1,456,090
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	1M USD SOFR+	3.75	%		0.00	%		8.37	%	6/8/2029		498,750		487,209		498,336
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan (1/21)	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.82	%	11/1/2026		1,950,188		1,941,198		1,946,931
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	3/31/2028		2,462,500		2,443,814		2,437,875
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		9.13	%	1/4/2026		675,000		668,575		674,582
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD LIBOR+	2.50	%		0.75	%		7.09	%	6/5/2028		2,487,342		2,268,038		2,208,560

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
CareerBuilder, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	6.75	%		1.00	%		11.48	%	7/31/2023		5,393,388		5,347,671		3,513,792
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	1/27/2027		1,963,384		1,954,023		1,375,469
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.50	%		7.31	%	10/21/2027		1,000,000		992,500		987,080
CBI BUYER, INC.	Consumer goods: Durable	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.50	%		7.88	%	1/6/2028		2,969,887		2,814,181		2,026,948
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.50	%		6.88	%	9/16/2028		247,500		247,017		244,612
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%		0.75	%		8.58	%	12/17/2027		245,625		243,880		241,223
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		8.97	%	3/5/2028		1,000,000		951,484		975,000
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.75	%		8.39	%	3/5/2028		982,500		978,899		957,938
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	5.50	%		0.00	%		10.13	%	9/25/2025		2,400,000		2,390,330		1,605,504
CDK GLOBAL, INC.	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	4.50	%		0.50	%		9.08	%	7/6/2029		1,000,000		971,508		996,150
Cengage Learning, Inc.	Media: Advertising, Printing & Publishing	Term Loan B (6/21)	Loan	6M USD LIBOR+	4.75	%		1.00	%		9.88	%	7/14/2026		2,962,500		2,942,124		2,794,171
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	3M USD LIBOR+	2.50	%		0.50	%		7.45	%	8/27/2028		878,330		871,190		870,100
CenturyLink, Inc.	Telecommunications	Term Loan B (1/20)	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.88	%	3/15/2027		3,887,492		3,883,600		3,208,269
Charlotte Buyer, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	5.25	%		0.00	%		9.81	%	2/11/2028		1,500,000		1,403,100		1,455,945
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.39	%	4/3/2025		905,031		880,859		898,406
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD LIBOR+	2.00	%		0.00	%		6.64	%	3/17/2028		491,250		490,382		486,952
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	USD Term Loan	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	5/17/2028		1,979,950		1,892,607		1,785,419
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.23	%	2/2/2028		4,912,500		4,910,914		4,865,684
Clarios Global LP	Automotive	Term Loan B1	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	4/30/2026		1,267,812		1,261,524		1,260,091
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.16	%	8/9/2026		3,439,962		3,421,651		3,401,262
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	4.18	%		0.50	%		8.89	%	4/13/2029		1,492,500		1,458,949		1,469,993
Cole Haan	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+	5.50	%		0.00	%		10.23	%	2/7/2025		875,000		871,486		841,461
Columbus McKinnon Corporation	Capital Equipment	Term Loan (4/21)	Loan	3M USD LIBOR+	2.75	%		0.50	%		7.50	%	5/14/2028		449,172		448,339		446,926
Conduent, Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.50	%		8.88	%	10/16/2028		1,787,985		1,755,247		1,742,177

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
Connect Finco SARL	Telecommunications	Term Loan (1/21)	Loan	1M USD SOFR+	3.50	%		1.00	%		8.14	%	12/11/2026		2,917,500		2,816,917		2,863,526
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.75	%		8.19	%	10/2/2027		2,714,005		2,520,099		2,435,819
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.84	%	1/31/2028		4,000,000		3,988,733		3,867,160
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.19	%	6/2/2028		2,468,750		2,459,383		2,110,164
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan 2/21	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.32	%	3/2/2027		1,960,000		1,960,000		1,934,579
COWEN INC.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	6M USD LIBOR+	3.25	%		0.00	%		7.43	%	3/24/2028		3,927,406		3,907,308		3,922,496
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (02/23)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.06	%	11/1/2028		1,600,000		1,588,000		1,595,008
CROCS INC	Consumer goods: Durable	Term Loan	Loan	6M USD SOFR+	3.50	%		0.50	%		7.73	%	2/20/2029		2,512,500		2,421,039		2,504,133
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD LIBOR+	4.00	%		0.75	%		8.69	%	9/15/2027		492,500		492,174		489,422
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan (4/21)	Loan	1M USD LIBOR+	4.75	%		0.75	%		9.32	%	4/27/2027		3,404,110		3,377,740		3,340,283
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.09	%	4/15/2027		485,000		485,000		435,894
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan 12/22	Loan	1M USD SOFR+	4.50	%		0.00	%		9.06	%	4/15/2027		2,400,032		2,389,363		2,244,030
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+	6.00	%		1.00	%		10.83	%	11/2/2027		1,960,000		1,917,602		1,666,000
Daseke Inc	Transportation: Cargo	Term Loan 2/21	Loan	1M USD LIBOR+	4.00	%		0.75	%		8.64	%	3/5/2028		1,473,750		1,468,500		1,468,223
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (04/22)	Loan	1M USD SOFR+	5.00	%		0.50	%		9.75	%	6/29/2029		995,000		948,574		997,736
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	6M USD SOFR+	4.00	%		0.00	%		8.70	%	10/16/2026		1,469,773		1,469,773		1,446,257
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.22	%	11/16/2029		5,400,000		5,285,256		5,298,750
Delta 2 Lux Sarl	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.50	%		7.87	%	1/15/2030		1,000,000		990,424		1,001,750
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD LIBOR+	3.75	%		0.50	%		8.48	%	10/4/2028		992,500		989,236		928,980
DG Investment Intermediate Holdings 2, Inc.	Aerospace & Defense	Incremental Term Loan (3/22)	Loan	1M USD SOFR+	4.75	%		0.75	%		9.37	%	3/31/2028		498,750		479,659		488,152
Diamond Sports Group, LLC (b)	Media: Broadcasting & Subscription	Second Lien Term Loan	Loan	3M USD SOFR+	3.40	%		0.00	%		8.03	%	8/24/2026		3,374,880		3,017,273		382,306
Diamond Sports Group, LLC (b)	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	6M USD SOFR+	8.00	%		1.00	%		13.06	%	5/25/2026		342,343		333,975		318,951
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	5.00	%		0.75	%		9.63	%	8/2/2027		3,550,000		3,523,794		3,448,754
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%		0.50	%		8.96	%	10/4/2029		1,500,000		1,385,334		1,433,310
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD LIBOR+	4.25	%		0.75	%		8.98	%	3/25/2028		492,500		488,806		434,631
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD LIBOR+	5.50	%		0.75	%		10.10	%	11/30/2028		1,310,136		1,272,492		1,286,121
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.50	%		8.67	%	11/30/2028		1,994,949		1,803,027		1,755,556
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD LIBOR+	5.25	%		0.50	%		9.88	%	12/15/2028		3,972,487		3,830,439		3,552,913
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/21)	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	3/1/2028		6,435,000		6,396,896		6,284,164

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
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.38	%	8/21/2025		1,612,878		1,609,665		1,602,798
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (01/23)	Loan	1M USD SOFR+	3.25	%		0.00	%		7.97	%	1/31/2030		2,034,413		2,031,025		2,021,698
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	8/16/2028		990,000		985,965		969,586
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	11/23/2028		1,985,000		1,981,077		1,916,776
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD LIBOR+	3.50	%		0.75	%		8.13	%	4/7/2028		2,188,547		2,182,686		2,129,281
Electrical Components Inter., Inc.	Capital Equipment	Term Loan (6/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		8.88	%	6/26/2025		1,888,404		1,888,404		1,719,638
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	3.00	%		0.50	%		7.63	%	11/1/2028		496,250		494,396		491,208
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD LIBOR+	6.50	%		0.00	%		11.13	%	12/14/2025		2,175,269		2,121,627		2,169,831
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	6M USD SOFR+	3.00	%		0.50	%		7.79	%	3/30/2029		614,918		611,634		604,735
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan (3/21)	Loan	Prime	6.00	%		0.75	%		13.75	%	3/27/2028		2,335,285		2,328,380		1,839,037
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.75	%		8.07	%	2/10/2028		2,462,500		2,453,593		2,276,581
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B (10/22)	Loan	3M USD SOFR+	3.50	%		0.50	%		8.18	%	10/30/2029		1,000,000		987,635		999,060
Envision Healthcare Corporation	Healthcare & Pharmaceuticals	Term Loan B (06/18)	Loan	3M USD LIBOR+	3.75	%		0.00	%		8.48	%	10/10/2025		4,784,383		4,782,311		1,202,076
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	3M USD SOFR+	6.00	%		0.50	%		10.60	%	8/3/2029		1,000,000		923,495		986,250
Equiniti Group PLC	Services: Business	Term Loan B	Loan	6M USD SOFR+	4.50	%		0.50	%		9.54	%	12/11/2028		990,000		981,797		990,624
EyeCare Partners, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	3.75	%		0.00	%		8.48	%	2/18/2027		1,948,081		1,948,081		1,621,174
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (9/20)	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	6/27/2025		2,830,950		2,826,805		2,830,950
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	6M USD SOFR+	5.00	%		1.00	%		10.25	%	3/30/2027		4,912,500		4,854,265		4,754,367

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
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Refinancing Term Loan	Loan	3M USD LIBOR+	2.50	%		0.00	%		7.23	%	2/1/2027		5,146,145		5,133,892		5,055,007
First Student Bidco Inc.	Transportation: Consumer	Term Loan B	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.73	%	7/21/2028		723,088		718,928		689,255
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.73	%	7/21/2028		269,608		268,052		256,993
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (4/18)	Loan	3M USD SOFR+	3.25	%		1.00	%		8.08	%	4/18/2025		1,330,058		1,326,810		1,268,211
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD LIBOR+	2.25	%		0.00	%		6.98	%	7/21/2026		1,975,000		1,972,044		1,971,643
Flutter Financing B.V.	Hotel, Gaming & Leisure	Third Amendment 2028-B Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.09	%	7/21/2028		748,125		732,248		747,848
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.50	%		7.87	%	6/30/2028		1,487,298		1,470,684		1,477,765
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	3M USD LIBOR+	4.75	%		0.75	%		9.56	%	3/10/2026		799,104		793,938		760,148
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.75	%		9.70	%	3/10/2026		3,000,000		2,852,614		2,857,500
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.94	%	8/1/2025		4,308,730		4,296,025		4,303,344
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.88	%	1/29/2027		1,950,000		1,948,124		1,915,524
Garrett LX III S.a r.l.	Automotive	Dollar Term Loan	Loan	3M USD LIBOR+	3.25	%		0.50	%		8.08	%	4/30/2028		1,481,250		1,475,822		1,460,261
Gates Global LLC	Automotive	Term Loan (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.12	%	11/15/2029		249,375		242,119		249,121
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.83	%	12/31/2027		2,289,884		2,276,592		2,281,297
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan (11/19)	Loan	3M USD LIBOR+	2.00	%		0.00	%		6.73	%	12/30/2026		1,458,750		1,454,820		1,453,892
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.96	%	8/27/2025		3,072,992		2,734,560		3,053,141
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	3M USD SOFR+	4.25	%		0.00	%		9.08	%	11/29/2025		4,897,634		4,753,219		4,342,830
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan 2/21	Loan	1M USD LIBOR+	2.00	%		0.00	%		6.63	%	8/10/2027		1,959,799		1,959,799		1,950,255
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	1M USD LIBOR+	5.25	%		0.75	%		9.88	%	12/1/2027		1,962,500		1,946,411		1,903,625
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD LIBOR+	3.00	%		0.75	%		7.63	%	8/7/2027		962,517		957,931		956,501
Great Outdoors Group, LLC	Retail	Term Loan B2	Loan	1M USD LIBOR+	3.75	%		0.75	%		8.38	%	3/6/2028		980,094		976,551		964,471
Greenhill & Co., Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD LIBOR+	3.25	%		0.00	%		8.20	%	4/12/2024		2,844,231		2,836,329		2,789,707
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.20	%	1/24/2029		154,375		154,051		152,959
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Amendment 5 Term Loan	Loan	1M USD LIBOR+	2.50	%		0.50	%		7.13	%	2/24/2028		2,836,805		2,834,453		2,808,437
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	3M USD LIBOR+	4.75	%		0.75	%		9.48	%	5/27/2028		1,994,937		1,625,873		1,720,633
Harbor Freight Tools USA, Inc.	Retail	Term Loan B (06/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	10/19/2027		3,438,442		3,420,645		3,324,355
Helix Gen Funding, LLc	Energy: Electricity	Term Loan B (02/17)	Loan	1M USD LIBOR+	3.75	%		1.00	%		8.38	%	6/3/2024		209,702		209,702		208,332
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	7/14/2028		3,479,167		3,473,274		3,441,105
Hillman Group Inc. (The) (New) (a)	Consumer goods: Durable	Delayed Draw Term Loan (2/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	7/14/2028		66,667		66,667		57,444
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan B (08/18)	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	8/18/2025		3,510,000		3,504,423		3,452,225

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
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	3M USD LIBOR+	3.75	%		0.75	%		8.48	%	11/17/2028		2,317,577		2,309,047		1,888,825
Howden Group Holdings	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	1M USD LIBOR+	3.25	%		0.75	%		7.94	%	11/12/2027		2,152,191		2,144,311		2,117,218
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	1M USD SOFR+	3.00	%		0.00	%		7.73	%	3/17/2028		5,895,000		5,850,826		5,619,173
Idera, Inc.	High Tech Industries	Term Loan (02/21)	Loan	3M USD LIBOR+	3.75	%		0.75	%		8.51	%	3/2/2028		4,811,111		4,802,585		4,635,698
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	11/1/2028		1,980,000		1,972,160		1,947,825
INDY US BIDCO, LLC	Services: Business	Term Loan (11/21)	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	3/6/2028		2,215,703		2,215,226		1,888,200
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.75	%		0.00	%		8.42	%	2/9/2030		1,000,000		990,000		991,560
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan (1/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	1/29/2026		1,979,950		1,929,143		1,967,080
Informatica Inc.	High Tech Industries	Term Loan B (10/21)	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.44	%	10/27/2028		496,250		495,896		494,761
Ingram Micro Inc.	Wholesale	Term Loan	Loan	3M USD LIBOR+	3.50	%		0.50	%		8.23	%	6/30/2028		1,477,500		1,465,872		1,468,266
Inmar Acquisition Sub, Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	4.00	%		1.00	%		8.63	%	5/1/2024		3,350,673		3,327,770		3,270,055
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	2/4/2027		486,250		484,966		483,007
INSTANT BRANDS HOLDINGS INC.	Consumer goods: Durable	Term Loan 4/21	Loan	3M USD LIBOR+	5.00	%		0.75	%		9.95	%	4/7/2028		4,027,667		4,010,741		2,154,802
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B3	Loan	1M USD SOFR+	3.00	%		0.75	%		7.57	%	12/14/2027		500,000		495,150		493,125
IRB Holding T/L B (1/22)	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.75	%		7.69	%	12/15/2027		500,000		495,150		493,125
Isagenix International, LLC (b)	Beverage, Food & Tobacco	Term Loan	Loan	3M USD LIBOR+	7.75	%		1.00	%		11.35	%	6/14/2025		2,330,036		2,311,947		814,068
J Jill Group, Inc	Retail	Priming Term Loan	Loan	3M USD LIBOR+	5.00	%		1.00	%		9.83	%	5/8/2024		1,553,698		1,553,299		1,464,361
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.38	%	1/31/2028		3,920,000		3,917,671		3,897,970
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+	4.25	%		0.75	%		8.98	%	3/1/2028		985,000		981,310		731,569
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		10.33	%	11/15/2025		3,884,160		3,863,896		2,469,199
Klockner-Pentaplast of America, Inc.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+	4.75	%		0.50	%		10.13	%	2/12/2026		1,473,750		1,469,605		1,354,936
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD LIBOR+	3.25	%		0.75	%		7.98	%	3/13/2028		491,242		490,111		472,083
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	9/1/2027		491,288		482,835		482,690
Lakeland Tours, LLC	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed	0.00	%		0.00	%		13.25	%	9/27/2027		990,775		383,373		644,004
Lealand Finance Company B.V.	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD LIBOR+	1.00	%		0.00	%		5.63	%	6/30/2025		345,078		345,078		221,426
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+	4.75	%		0.50	%		9.47	%	2/16/2029		997,487		815,989		817,940
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan B	Loan	1M USD SOFR+	3.50	%		1.00	%		8.23	%	2/28/2025		2,616,496		2,602,628		2,295,975
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	6M USD LIBOR+	4.75	%		0.00	%		8.92	%	3/17/2028		985,000		982,312		940,675
LogMeIn, Inc.	High Tech Industries	Term Loan (8/20)	Loan	1M USD LIBOR+	4.75	%		0.00	%		9.38	%	8/31/2027		3,920,000		3,868,809		2,137,145

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
LOYALTY VENTURES INC. (b)	Services: Business	Term Loan B	Loan	Prime	3.50	%		0.50	%		11.25	%	11/3/2027		3,089,630		3,074,278		926,889
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.32	%	11/11/2026		1,207,856		1,206,501		1,203,701
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan (01/23)	Loan	1M USD SOFR+	4.25	%		0.50	%		8.97	%	10/14/2028		500,000		486,534		489,165
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.23	%	10/16/2028		248,125		247,170		241,508
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan B	Loan	3M USD SOFR+	7.25	%		0.75	%		11.83	%	3/29/2029		2,962,500		2,872,908		2,888,438
MAGNITE, INC.	Services: Business	Term Loan	Loan	1M USD LIBOR+	5.00	%		0.75	%		9.63	%	4/28/2028		2,964,950		2,901,156		2,826,575
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (11/19)	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	8/29/2025		1,317,074		1,317,074		1,308,842
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD LIBOR+	1.75	%		0.00	%		6.49	%	2/15/2027		250,000		249,658		247,500
Maxar Technologies Inc	Aerospace & Defense	Term Loan (6/22)	Loan	1M USD SOFR+	4.25	%		0.50	%		8.97	%	6/14/2029		1,994,987		1,926,722		1,997,641
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	Term Loan B (02/23)	Loan	3M USD SOFR+	5.00	%		0.00	%		8.81	%	2/27/2028		3,450,000		3,346,500		3,363,750
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan (07/21)	Loan	3M USD LIBOR+	4.75	%		0.50	%		9.70	%	7/28/2028		1,975,000		1,957,770		1,894,025
MedAssets Software Inter Hldg, Inc.	High Tech Industries	Term Loan (11/21) (USD)	Loan	1M USD LIBOR+	4.00	%		0.50	%		8.63	%	12/18/2028		496,250		493,413		462,753
Mermaid Bidco Inc.	High Tech Industries	Term Loan B2	Loan	3M USD LIBOR+	3.50	%		0.75	%		8.30	%	12/22/2027		983,769		981,224		964,093
Messer Industries, LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	3M USD LIBOR+	2.50	%		0.00	%		7.23	%	3/1/2026		2,980,405		2,970,477		2,968,871
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD LIBOR+	4.25	%		0.75	%		8.98	%	4/8/2028		2,467,450		2,452,022		2,254,632
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Term Loan B (08/21)	Loan	3M USD LIBOR+	4.25	%		0.50	%		9.20	%	9/1/2028		2,992,424		2,725,679		2,509,148
MW Industries, Inc. (Helix Acquisition Holdings)	Capital Equipment	Term Loan (2019 Incremental)	Loan	3M USD LIBOR+	3.75	%		0.00	%		8.48	%	9/30/2024		2,842,097		2,823,791		2,778,150
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+	3.00	%		0.50	%		7.73	%	11/23/2028		2,970,000		2,963,897		2,927,678
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+	5.25	%		0.75	%		9.95	%	2/22/2029		3,000,000		2,407,500		2,285,640
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.00	%		8.19	%	11/14/2025		3,436,481		3,419,311		3,395,690
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	1M USD SOFR+	3.75	%		0.75	%		8.47	%	3/2/2028		2,736,043		2,727,702		2,108,477
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD LIBOR+	3.75	%		0.75	%		8.48	%	3/2/2028		87,464		87,137		67,402
NEW ERA CAP, LLC	Consumer goods: Durable	Term Loan (01/22)	Loan	3M USD LIBOR+	6.00	%		0.75	%		10.82	%	7/13/2027		3,628,164		3,627,422		3,483,037
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	9/18/2026		657,625		652,850		655,745
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		10.33	%	8/9/2024		1,675,340		1,670,519		1,373,779
NortonLifeLock Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.00	%		0.50	%		6.72	%	9/12/2029		1,398,374		1,392,077		1,382,391
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.75	%		9.82	%	12/22/2028		1,985,000		1,972,048		1,692,213
Nuvei Technologies Corp.	High Tech Industries	US Term Loan	Loan	1M USD LIBOR+	2.50	%		0.50	%		7.13	%	9/29/2025		2,216,250		2,213,211		2,210,709
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.20	%	2/23/2029		2,492,500		2,386,817		2,224,556
Open Text Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.22	%	8/24/2029		1,500,000		1,455,000		1,496,955
Organon & Co.	Healthcare & Pharmaceuticals	Term Loan USD	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.75	%	6/2/2028		2,327,083		2,318,310		2,297,995
Pacific Gas & Electric	Utilities: Electric	Term Loan	Loan	1M USD LIBOR+	3.00	%		0.50	%		7.69	%	6/18/2025		1,464,944		1,460,891		1,457,619

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
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD LIBOR+	3.25	%		0.50	%		7.88	%	9/20/2028		987,500		983,571		981,950
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.75	%		0.50	%		9.54	%	7/6/2028		941,176		933,570		864,122
Panther Guarantor II, L.P. (Forcepoint)	High Tech Industries	Term Loan 1/21	Loan	3M USD LIBOR+	4.25	%		0.50	%		9.08	%	1/7/2028		492,500		489,882		461,719
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan 2/23	Loan	1M USD SOFR+	4.25	%		0.50	%		8.92	%	2/13/2030		1,500,000		1,477,500		1,479,375
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75	%		0.50	%		10.47	%	8/1/2029		1,995,000		1,653,635		1,700,738
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	3/30/2027		486,509		479,333		424,630
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	5/29/2026		809,038		806,994		807,396
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	3.75	%		0.50	%		8.43	%	2/28/2029		992,500		990,539		975,131
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	1M USD LIBOR+	3.25	%		0.50	%		7.88	%	12/29/2028		1,292,862		1,287,663		1,272,396
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC (a)	Healthcare & Pharmaceuticals	Delayed Draw Term Loan (12/21)	Loan	1M USD LIBOR+	3.25	%		0.50	%		7.88	%	12/29/2028		147,287		147,287		144,174
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.50	%		7.47	%	5/3/2029		995,000		990,530		990,851
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.75	%		8.38	%	2/1/2028		5,306,577		5,291,284		5,249,372
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.00	%		0.50	%		8.72	%	12/23/2028		1,985,000		1,967,896		1,900,638
Pike Corporation	Construction & Building	Term Loan (8/22)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.12	%	1/21/2028		498,750		487,274		497,294
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		8.73	%	3/17/2028		3,939,924		3,914,651		3,789,734
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (11/21)	Loan	1M USD LIBOR+	2.50	%		0.50	%		7.13	%	12/1/2028		1,921,176		1,913,386		1,911,974
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.38	%	3/13/2028		4,421,250		4,414,119		4,370,804
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.08	%	4/21/2029		1,995,000		1,986,056		1,710,912
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+	3.00	%		0.75	%		7.75	%	12/29/2027		491,250		489,531		487,566
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD LIBOR+	4.75	%		0.75	%		9.38	%	2/12/2028		5,403,750		5,359,857		5,025,488
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD LIBOR+	3.75	%		0.50	%		8.38	%	12/15/2028		2,977,500		2,956,393		2,929,116
Presidio, Inc.	Services: Business	Term Loan B (1/20)	Loan	3M USD SOFR+	3.50	%		0.00	%		8.28	%	1/22/2027		487,500		486,909		485,267
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan (1/21)	Loan	3M USD LIBOR+	2.75	%		0.75	%		7.52	%	9/23/2026		3,520,468		3,520,468		3,511,667
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan	Loan	3M USD LIBOR+	5.75	%		1.00	%		10.70	%	4/27/2027		2,955,000		2,932,371		2,936,531
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD LIBOR+	3.25	%		0.75	%		8.00	%	12/28/2027		491,245		489,458		450,310
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	6M USD SOFR+	5.25	%		0.50	%		9.80	%	7/20/2029		1,000,000		933,902		924,690
Prometric Inc. (Sarbacane Bidco)	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	3.00	%		1.00	%		7.64	%	1/29/2025		476,438		475,777		444,278
PUG LLC	Services: Consumer	Term Loan B (02/20)	Loan	1M USD LIBOR+	3.50	%		0.00	%		8.13	%	2/12/2027		480,126		478,777		378,099
QUEST BORROWER LIMITED	High Tech Industries	Term Loan (1/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.08	%	2/1/2029		1,990,000		1,972,710		1,707,539
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (1/21)	Loan	3M USD LIBOR+	2.75	%		0.75	%		7.60	%	2/15/2028		2,974,823		2,882,889		1,863,310

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
RAND PARENT LLC	Transportation: Cargo	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		8.80	%	2/7/2030		1,500,000		1,462,500		1,455,000
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD LIBOR+	3.00	%		0.50	%		7.63	%	4/24/2028		987,500		985,860		955,159
Renaissance Learning, Inc.	Services: Consumer	Term Loan (5/18)	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	5/30/2025		2,938,373		2,922,432		2,871,025
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	3M USD LIBOR+	3.25	%		0.50	%		8.13	%	2/17/2028		1,976,155		1,934,422		1,927,997
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		10.31	%	12/20/2024		4,298,135		4,249,328		3,200,305
Resideo Funding Inc.	Services: Consumer	Term Loan (1/21)	Loan	3M USD LIBOR+	2.25	%		0.50	%		7.12	%	2/11/2028		1,473,750		1,471,623		1,471,908
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	3M USD LIBOR+	4.25	%		1.00	%		8.98	%	4/30/2024		3,038,616		3,035,050		2,385,313
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD LIBOR+	2.50	%		0.50	%		7.13	%	10/20/2028		3,462,437		3,456,353		3,320,477
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		6.47	%	1/29/2027		1,276,932		1,276,737		1,273,880
Reynolds Group Holdings Inc.	Containers, Packaging & Glass	Term Loan B2	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	2/5/2026		3,124,551		3,114,804		3,114,302
Rocket Software, Inc.	High Tech Industries	Term Loan (11/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		8.88	%	11/28/2025		2,875,317		2,870,016		2,818,414
Russell Investments US Inst’l Holdco, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	1M USD LIBOR+	3.50	%		1.00	%		8.13	%	6/2/2025		5,590,662		5,565,048		5,499,813
RV Retailer LLC	Automotive	Term Loan	Loan	3M USD SOFR+	3.75	%		0.75	%		8.55	%	2/8/2028		2,957,631		2,912,519		2,516,441
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.00	%		0.75	%		7.72	%	9/1/2027		1,478,623		1,467,543		1,474,010
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.50	%		9.83	%	3/10/2028		2,458,719		2,409,819		2,349,625
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.00	%		7.06	%	3/24/2030		500,000		496,250		498,750
Samsonite International S.A.	Consumer goods: Non-durable	Term Loan B2	Loan	1M USD LIBOR+	3.00	%		0.75	%		7.63	%	4/25/2025		927,537		914,134		927,537
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.75	%		8.44	%	4/20/2028		2,955,000		2,942,014		2,895,900
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.50	%		8.10	%	4/4/2029		498,750		497,703		489,942
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+	3.75	%		0.00	%		8.32	%	2/17/2028		1,000,000		990,000		987,500

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
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan	Loan	3M USD LIBOR+	2.00	%		0.00	%		6.73	%	11/2/2028		1,000,000		998,000		991,250
Signify Health, LLC	Healthcare & Pharmaceuticals	Term Loan B (6/21)	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.73	%	6/16/2028		493,750		491,846		493,750
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	1M USD LIBOR+	3.75	%		0.50	%		8.39	%	8/28/2028		1,975,000		1,967,031		1,966,982
SiteOne Landscape Supply, LLC	Services: Business	Term Loan (3/21)	Loan	1M USD LIBOR+	2.00	%		0.50	%		6.64	%	3/18/2028		777,852		776,450		774,609
SMG US Midco 2, Inc.	Services: Business	Term Loan (01/20)	Loan	3M USD LIBOR+	2.50	%		0.00	%		7.33	%	1/23/2025		485,000		485,000		479,243
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		8.97	%	4/2/2029		1,000,000		992,500		995,000
Solis IV B.V.	Consumer goods: Durable	Term Loan B-1	Loan	3M USD SOFR+	3.50	%		0.50	%		8.37	%	2/26/2029		1,994,987		1,724,963		1,826,132
Sotheby’s	Services: Business	Term Loan (7/21)	Loan	3M USD LIBOR+	4.50	%		0.50	%		9.33	%	1/15/2027		3,223,744		3,183,482		3,209,237
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	1M USD LIBOR+	3.25	%		0.75	%		7.82	%	8/2/2028		1,980,000		1,972,123		1,964,160
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	4.25	%		0.75	%		8.88	%	3/31/2028		1,975,000		1,959,930		1,821,938
Spectrum Brands, Inc.	Consumer goods: Durable	Term Loan (2/21)	Loan	3M USD LIBOR+	2.00	%		0.50	%		6.96	%	3/3/2028		491,250		490,363		487,158
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD LIBOR+	4.00	%		0.75	%		8.77	%	3/4/2028		2,947,500		2,935,211		2,475,487
Spirit Aerosystems Inc.	Aerospace & Defense	Term Loan (11/22)	Loan	3M USD SOFR+	4.50	%		0.50	%		9.18	%	1/14/2027		498,750		484,414		498,541
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	5/12/2028		2,709,091		2,705,948		2,682,000
SS&C Technologies, Inc.	Services: Business	Term Loan B3	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	4/16/2025		167,061		166,987		166,678
SS&C Technologies, Inc.	Services: Business	Term Loan B4	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	4/16/2025		148,146		148,083		147,807
SS&C Technologies, Inc.	Services: Business	Term Loan B-5	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	4/16/2025		458,152		457,773		457,199
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	6M USD LIBOR+	2.25	%		0.50	%		6.43	%	9/22/2028		630,250		625,240		628,032
Staples, Inc.	Wholesale	Term Loan (03/19)	Loan	3M USD LIBOR+	5.00	%		0.00	%		9.81	%	4/16/2026		4,341,357		4,246,081		4,013,802
Storable, Inc	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.50	%		8.08	%	4/17/2028		495,000		494,153		482,318
Summit Materials, LLC	Metals & Mining	Term Loan B (12/22)	Loan	3M USD SOFR+	3.00	%		0.00	%		7.61	%	12/13/2027		250,000		247,640		249,583
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.50	%		8.38	%	12/1/2028		990,000		981,648		984,515
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD LIBOR+	4.25	%		0.75	%		8.94	%	8/2/2028		2,000,000		1,905,968		1,880,000
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD LIBOR+	4.00	%		0.75	%		8.82	%	4/24/2028		2,469,987		2,468,993		2,243,984
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan 3/22	Loan	6M USD SOFR+	5.00	%		0.50	%		8.98	%	4/2/2029		997,500		988,507		982,538
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	3M USD LIBOR+	2.75	%		0.50	%		7.58	%	7/7/2028		990,000		988,026		980,922
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	5.25	%		1.00	%		9.97	%	7/15/2025		4,383,217		4,330,652		4,322,948
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		8.63	%	9/27/2024		1,900,000		1,899,296		1,819,250
The Dun & Bradstreet Corporation	Services: Business	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		7.85	%	1/18/2029		248,125		246,554		246,636
The Dun & Bradstreet Corporation	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.87	%	2/6/2026		962,949		962,285		960,021
THE KNOT WORLDWIDE INC.	Services: Consumer	Term Loan (1/22)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.22	%	12/19/2025		4,845,447		4,840,970		4,833,333
Thor Industries, Inc.	Automotive	USD Term Loan (3/21)	Loan	1M USD LIBOR+	3.00	%		0.00	%		7.69	%	2/1/2026		2,015,823		1,990,264		2,004,494

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
Torrid LLC	Wholesale	Term Loan 5/21	Loan	3M USD LIBOR+	5.50	%		0.75	%		10.31	%	6/14/2028		2,978,835		2,540,024		2,529,031
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	4/15/2028		1,329,211		1,232,469		1,268,147
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD SOFR+	3.50	%		0.75	%		8.23	%	8/18/2027		490,000		485,078		383,180
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	2.25	%		0.50	%		6.88	%	12/1/2028		796,452		794,928		791,203
Transdigm, Inc.	Aerospace & Defense	Term Loan H	Loan	3M USD SOFR+	3.25	%		0.00	%		7.83	%	2/21/2027		1,993,370		1,990,666		1,989,941
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD LIBOR+	3.50	%		0.50	%		8.23	%	3/31/2028		1,477,502		1,471,933		1,372,422
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.88	%	3/10/2028		346,923		346,338		340,907
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.75	%		8.63	%	10/29/2027		954,501		949,189		873,368
Uber Technologies, Inc.	Transportation: Consumer	Term Loan B (2/21)	Loan	3M USD LIBOR+	3.50	%		0.00	%		8.45	%	2/25/2027		3,906,277		3,874,854		3,913,620
Ultra Clean Holdings, Inc.	High Tech Industries	Incremental Term Loan 3/21	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	8/27/2025		820,338		817,776		819,928
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD LIBOR+	4.00	%		1.00	%		8.78	%	7/31/2026		496,815		476,431		489,984
United Natural Foods, Inc	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		7.98	%	10/22/2025		1,289,967		1,252,901		1,291,309
United Road Services Inc.	Transportation: Cargo	Term Loan (10/17)	Loan	3M USD LIBOR+	5.75	%		1.00	%		10.70	%	9/1/2024		889,180		886,242		465,335
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/21)	Loan	1M USD LIBOR+	3.25	%		0.75	%		7.88	%	3/15/2026		2,446,648		2,441,783		2,426,610
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		8.83	%	6/25/2029		248,750		241,881		248,233
Utz Quality Foods, LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		7.73	%	1/20/2028		1,828,465		1,827,288		1,825,046
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+	5.00	%		0.75	%		9.73	%	1/19/2029		2,342,210		2,275,198		2,310,989
Vericast Corp.	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD SOFR+	7.75	%		1.00	%		12.33	%	6/15/2026		1,201,006		1,199,817		939,787
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD LIBOR+	4.00	%		0.00	%		8.96	%	8/20/2025		1,368,031		1,364,137		1,269,875
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD LIBOR+	3.50	%		0.75	%		8.13	%	12/6/2028		992,500		988,789		987,895

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
VFH Parent LLC	Banking, Finance, Insurance & Real Estate	Term Loan (01/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		7.66	%	1/12/2029		3,069,879		3,063,097		3,036,111
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.23	%	3/2/2029		1,994,987		1,948,951		1,967,137
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.85	%	9/28/2028		2,853,409		2,845,646		2,834,377
Vistra Energy Corp	Utilities: Electric	2018 Incremental Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	12/31/2025		897,014		896,802		895,023
Vizient, Inc	Healthcare & Pharmaceuticals	Term Loan 4/22	Loan	1M USD SOFR+	2.25	%		0.50	%		6.91	%	5/16/2029		497,500		492,868		496,525
VM Consolidated, Inc.	Construction & Building	Term Loan B (3/21)	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	3/24/2028		2,185,087		2,183,095		2,180,170
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD SOFR+	6.00	%		1.00	%		10.62	%	9/9/2025		471,250		471,250		442,386
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (12/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		7.72	%	12/15/2028		500,000		490,249		496,250
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan Incremental (11/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		7.62	%	1/19/2028		500,000		490,562		498,960
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan G	Loan	1M USD LIBOR+	2.13	%		0.00	%		6.76	%	1/20/2028		1,250,000		1,249,851		1,243,750
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		8.69	%	3/2/2028		2,456,250		2,447,468		2,417,368
West Corporation	Telecommunications	Term Loan B-3	Loan	3M USD SOFR+	4.00	%		1.00	%		8.93	%	4/9/2027		1,189,119		1,172,865		1,044,939
WEX Inc.	Services: Business	Term Loan B (3/21)	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.88	%	3/31/2028		2,954,924		2,946,492		2,944,582
WildBrain Ltd.	Media: Diversified & Production	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		8.98	%	3/27/2028		1,965,000		1,935,307		1,864,903
Xperi Corporation	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.00	%		8.13	%	6/8/2028		2,427,446		2,420,580		2,388,752
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+	4.25	%		0.50	%		8.87	%	3/9/2027		992,500		971,029		842,027
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan 4/21	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.75	%	11/1/2028		880,444		876,985		874,941
Zekelman Industries, Inc.	Metals & Mining	Term Loan (01/20)	Loan	3M USD LIBOR+	2.00	%		0.00	%		6.73	%	1/25/2027		961,471		961,471		948,251
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	1M USD SOFR+	5.50	%		0.00	%		10.07	%	1/31/2028		2,000,000		1,901,512		1,928,340
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	2.00	%		0.50	%		6.72	%	1/29/2029		495,000		494,015		490,192
																$	645,599,001	$	605,954,468

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (c)		23,776,950	$	23,776,950	$	23,776,950
Total cash and cash equivalents		23,776,950	$	23,776,950	$	23,776,950

(a)	All or a portion of this investment has an unfunded commitment as of February 28, 2023.

(b)	As of February 28, 2023, the investment was in default and on non-accrual status.

(c)	Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2023.

(d)	Investments include Payment-in-Kind Interest.

Investment in Saratoga CLO (Details) - Schedule of statements of assets and liabilities (Parentheticals) - Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] - USD ($)	May 31, 2023	Feb. 28, 2023
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost of loans at fair value	$ 640,919,738	$ 645,599,001
Amortized cost equities at fair value	440,405	0
Amortized cost total investments at fair value	641,360,143	645,599,001
Net of reserve	$ 309,816	$ 234,690
Ordinary equity, par value (in Dollars per share)	$ 1	$ 1
Ordinary shares authorized (in Shares)	250	250
Common shares issued (in Shares)	250	250
Common shares outstanding (in Shares)	250	250

Investments

3 Months Ended

May 31, 2023

Saratoga Investment Corp. [Member]

Investments [Line Items]

Investments

Note 3. Investments

As noted above, the Company values all investments in accordance with ASC 820. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between independent market participants at the measurement date.

ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

●

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

●

Level 2— Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally from, or corroborated by, observable market information. Investments that are generally included in this category include illiquid debt securities and less liquid, privately held or restricted equity securities, for which some level of recent trading activity has been observed.

●

Level 3—Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation technique. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.

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

The following table presents fair value measurements of investments, by major class, as of May 31, 2023 (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	$	-	$	-	$	917,590	$	-	$	917,590
Second lien term loans		-		-		15,185		-		15,185
Unsecured term loans		-		-		20,744		-		20,744
Structured finance securities		-		-		33,906		-		33,906
Equity interests		-		-		88,925		7,748		96,673
Total	$	-	$	-	$	1,076,350	$	7,748	$	1,084,098

*	The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy.

The following table presents fair value measurements of investments, by major class, as of February 28, 2023 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements						Valued Using Net Asset
	Level 1		Level 2		Level 3		Value*		Total
First lien term loans	$	-	$	-	$	798,534	$	-	$	798,534
Second lien term loans		-		-		14,936		-		14,936
Unsecured term loans		-		-		20,661		-		20,661
Structured finance securities		-		-		41,362		-		41,362
Equity interests		-		-		83,990		13,107		97,097
Total	$	-	$	-	$	959,483	$	13,107	$	972,590

*	The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 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		203			200		-		(1,786	)		(91	)		(1,474	)
Net accretion of discount on investments		458			3		-		-			-			461
Net change in unrealized appreciation (depreciation) on investments		(2,198	)		46		83		(5,670	)		(3,224	)		(10,963	)
Purchases		131,660			-		-		-			8,159			139,819
Sales and repayments		(11,067	)		-		-		-			-			(11,067	)
Net realized gain (loss) from investments		-			-		-		-			91			91
Balance as of May 31, 2023	$	917,590		$	15,185	$	20,744	$	33,906		$	88,925		$	1,076,350
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	$	(2,153	)	$	46	$	83	$	(5,670	)	$	(3,224	)	$	(10,918	)

Purchases, PIK and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK interests.

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

Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2 or 3 during the three months ended May 31, 2023.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2022 (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, 2022	$	631,572		$	44,386		$	15,931		$	38,030		$	75,632	$	805,551
Payment-in-kind and other adjustments to cost		(221	)		-			-			(1,300	)		199		(1,322	)
Net accretion of discount on investments		344			6			-			-			-		350
Net change in unrealized appreciation (depreciation) on investments		(4,707	)		(622	)		(21	)		(3,237	)		4,623		(3,964	)
Purchases		95,886			-			-			-			1,312		97,198
Sales and repayments		(4,947	)		(5,141	)		-			-			-		(10,088	)
Net realized gain (loss) from investments		163			-			-			-			-		163
Balance as of May 31, 2022	$	718,090		$	38,629		$	15,910		$	33,493		$	81,766	$	887,888
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	$	(4,869	)	$	(616	)	$	(20	)	$	(3,239	)	$	4,623	$	(4,121	)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2023 were as follows (dollars in thousands):

	Fair Value		Valuation Technique	Unobservable Input	Range		Weighted Average*
First lien term loans			Market Comparables	Market Yield (%)		11.2% - 26.2%		13.3	%
				Revenue Multiples (x)		4.1x		4.1	x
	$	917,590		EBITDA Multiples (x)		8.0x		8.0	x
Second lien term loans		15,185	Market Comparables	Market Yield (%)		15.7% - 53.6%		40.3	%
Unsecured term loans			Market Comparables	Market Yield (%)		19.8%		19.8	%
			Market Comparables	Market Quote (%)		100.0%		100.0	%
		20,744	Collateral Value Coverage	Net Asset Value		100.0%		100.0	%
Structured finance securities			Discounted Cash Flow	Discount Rate (%)		12.0% - 22.0%		16.7	%
				Recovery Rate (%)		35% - 70%		70.0	%
		33,906		Prepayment Rate (%)		20.0%		20.0	%
Equity interests			Enterprise Value Waterfall	EBITDA Multiples (x)		5.5x - 28.6x		11.9	x
		88,925		Revenue Multiples (x)		1.3x - 11.2x		6.4	x

Total	$	1,076,350

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

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2023 were as follows (dollars in thousands):

	Fair Value		Valuation Technique	Unobservable Input	Range			Weighted Average*
First lien term loans	$	798,534	Market Comparables	Market Yield (%)		10.5% - 23.1%			12.8	%
				Revenue Multiples (x)		4.1	x		4.1	x
				EBITDA Multiples (x)		8.0	x		8.0	x
Second lien term loans		14,936	Market Comparables	Market Yield (%)		15.6% - 61.8%			45.8	%
Unsecured term loans		20,661	Market Comparables	Market Yield (%)		10.0% - 28.8%			12.6	%
			Market Comparables	Market Quote (%)		100.0	%		100.0	%
			Collateral Value Coverage	Net Asset Value		100.0	%		100.0	%
Structured finance securities		41,362	Discounted Cash Flow	Discount Rate (%)		12.0% - 22.0%			17.6	%
				Recovery Rate (%)		35.0% - 70.0%			70.0	%
				Prepayment Rate (%)		20.0	%		20.0	%
Equity interests		83,990	Enterprise Value Waterfall	EBITDA Multiples (x)		5.5x - 28.6x			11.0	x
				Revenue Multiples (x)		1.3x - 11.2x			6.4	x
Total	$	959,483

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

For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the earnings before interest, tax, depreciation and amortization (“EBITDA”) or revenue valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, and prepayment rate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in recovery rate, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a market quote, third party bid or NAV in deriving a value, a significant increase (decrease) in the market quote, bid or NAV in isolation, would result in a significantly higher (lower) fair value measurement.

The composition of our investments as of May 31, 2023 at amortized cost and fair value was as follows (dollars in thousands):

	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
First lien term loans	$	929,717		85.0	%	$	917,590		84.7	%
Second lien term loans		21,318		1.9			15,185		1.4
Unsecured term loans		21,002		1.9			20,744		1.9
Structured finance securities		47,925		4.4			33,906		3.1
Equity interests		74,358		6.8			96,673		8.9
Total	$	1,094,320		100.0	%	$	1,084,098		100.0	%

The composition of our investments as of February 28, 2023 at amortized cost and fair value was as follows (dollars in thousands):

	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
First lien term loans	$	808,464		83.7	%	$	798,534		82.1	%
Second lien term loans		21,114		2.2			14,936		1.5
Unsecured term loans		21,001		2.2			20,661		2.1
Structured finance securities		49,711		5.1			41,362		4.3
Equity interests		66,199		6.8			97,097		10.0
Total	$	966,489		100.0	%	$	972,590		100.0	%

For loans and debt securities for which market quotations are not readily available, we determine their fair value based on third party indicative broker quotes, where available, or the inputs that a hypothetical market participant would use to value the security in a current hypothetical sale using a market comparables valuation technique. In applying the market comparables valuation technique, we determine the fair value based on such factors as market participant inputs including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. If, in our judgment, the market comparables technique is not sufficient or appropriate, we may use additional techniques such as an asset liquidation or expected recovery model.

For equity securities of portfolio companies and partnership interests, we determine the fair value using an enterprise value waterfall valuation technique. Under the enterprise value waterfall valuation technique, we determine the enterprise fair value of the portfolio company and then waterfall the enterprise value over the portfolio company’s securities in order of their preference relative to one another. To estimate the enterprise value of the portfolio company, we weigh some or all of the traditional market valuation techniques and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The techniques for performing investments may be based on, among other things: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, third party valuations of the portfolio company, considering offers from third parties to buy the company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. For non-performing investments, we may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities. We also take into account historical and anticipated financial results.

Our investments in Saratoga CLO and SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO and SLF 2022, when available, as determined by our Manager and recommended to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO and SLF 2022. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. We ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 structure, including capital structure, cost of liabilities and reinvestment period. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in Saratoga CLO and SLF 2022 at May 31, 2023. The inputs at May 31, 2023 for the valuation model include:

●

Default rate: 2.0%

●

Recovery rate: 35%-70%

●

Discount rate: 12.0%-22.0%

●

Prepayment rate: 20.0%

●

Reinvestment rate / price: $97.00 for eighteen months; then L+365bps / $99.00

Investment Concentration

Set forth is a brief description of each portfolio company in which the fair value of our investment represents greater than 5% of our total assets as of May 31, 2023, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4 and Note 5 for more information on Saratoga CLO, SLF JV and SLF 2022, respectively).

HemaTerra Holdings Company, LLC

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

Buildout, Inc.

Buildout, Inc. provides SaaS-based real estate marketing and customer relationship management software to commercial real estate brokerages. Buildout provides a suite of software solutions brokers use to manage relationships, efficiently create and distribute marketing materials over a wide variety of channels, including direct mail, multiple listing websites, brokerage website, property specific websites and manage back office functions like commission calculations and broker productivity.

Artemis Wax Corp.

Artemis Wax Corporation is a U.S. based retail aggregator of European Wax Center (“EWC”) franchise locations with a concentration in the northeast. Founded in 2004, EWC is the largest U.S. body waxing national chain with more than 800 locations across the country.

Granite Comfort, LP

Granite Comfort, LP is a U.S. based heating, ventilation and air conditioning (“HVAC”) company. The company provides traditional service and replacement of HVAC / plumbing systems, as well as a rental model that is in the early stages of implementation.

Saratoga CLO [Member]

Investments [Line Items]

Investments

Note 4. Investment in Saratoga CLO

On January 22, 2008, the Company entered into a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO was initially refinanced in October 2013 with its reinvestment period extended to October 2016. On November 15, 2016, the Company completed a second refinancing of the Saratoga CLO with its reinvestment period extended to October 2018.

On December 14, 2018, the Company completed a third refinancing and upsize of the Saratoga CLO (the “2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030. 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, and extended its legal maturity to April 2033. A non-call period ended February 2022 was also added. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full.

On August 9, 2021, the Company exchanged its existing $17.9 million Class F-R-3 Note for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.

The Saratoga CLO remains effectively 100.0% owned and managed by the Company. We receive a base management fee of 0.10% per annum and a subordinated management fee of 0.40% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, we are no longer entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%.

For the three months ended May 31, 2023 and May 31, 2022, we accrued management fee income of $0.8 million and $0.8 million, respectively, and interest income of $0.0 million and $0.6 million, respectively, from the subordinated notes of Saratoga CLO.

As of May 31, 2023, the aggregate principal amounts of the Company’s investments in the subordinated notes and Class F-2-R-3 Notes of the Saratoga CLO was $111.0 million and $9.4 million, respectively, which had a corresponding fair value of $13.7 million and $8.8 million, respectively. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of May 31, 2023, Saratoga CLO had investments with a principal balance of $652.8 million and a weighted average spread over LIBOR of 3.8% and had debt with a principal balance of $611.0 million with a weighted average spread over LIBOR of 2.2%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. As of May 31, 2023, the present value of the projected future cash flows of the subordinated notes was approximately $13.7 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 $79.5 million, management fees of $32.7 million and incentive fees of $1.2 million.

As of February 28, 2023, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $21.2 million. As of February 28, 2023, the fair value of its investment in the Class F-R-3 Notes of Saratoga CLO was $8.8 million. As of February 28, 2023, Saratoga CLO had investments with a principal balance of $645.6 million and a weighted average spread over LIBOR of 3.8% and had debt with a principal balance of $611.0 million with a weighted average spread over LIBOR of 2.2%. As of February 28, 2023, the present value of the projected future cash flows of the subordinated notes, was approximately $21.2 million, using a 22.0% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021; to date the Company has since received distributions of $77.7 million, management fees of $31.9 million and incentive fees of $1.2 million.

Below is certain financial information from the separate financial statements of Saratoga CLO as of May 31, 2023 (unaudited) and February 28, 2023 and for the three months ended May 31, 2023 (unaudited) and May 31, 2022 (unaudited).

	May 31, 2023			February 28, 2023

ASSETS
Investments at fair value
Loans at fair value (amortized cost of $640,919,738 and $645,599,001, respectively)	$	590,856,540		$	605,954,468
Equities at fair value (amortized cost of $440,405 and $0, respectively)		521,832			-
Total investments at fair value (amortized cost of $641,360,143 and $645,599,001, respectively)		591,378,372			605,954,468
Cash and cash equivalents		13,354,715			23,776,950
Receivable from open trades		998,500			1,827,460
Interest receivable (net of reserve of $309,816 and $234,690, respectively)		3,253,262			3,026,720
Due from affiliate (See Note 7)		159,774			119,150
Prepaid expenses and other assets		107,508			152,760
Total assets	$	609,252,131		$	634,857,508

LIABILITIES
Interest payable	$	5,199,562		$	4,662,695
Payable from open trades		7,853,385			23,184,337
Accrued base management fee		72,405			72,762
Accrued subordinated management fee		289,621			291,047
Accounts payable and accrued expenses		102,888			82,565
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-3 Senior Secured Floating Rate Notes		357,500,000			357,500,000
Class A-2-R-3 Senior Secured Floating Rate Notes		65,000,000			65,000,000
Class B-FL-R-3 Senior Secured Floating Rate Notes		60,500,000			60,500,000
Class B-FXD-R-3 Senior Secured Fixed Rate Notes		11,000,000			11,000,000
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes		26,000,000			26,000,000
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes		6,500,000			6,500,000
Class D-R-3 Deferrable Mezzanine Floating Rate Notes		39,000,000			39,000,000
Discount on Class D-R-3 Notes		(238,167	)		(244,234	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(2,474,293	)		(2,537,315	)
Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes		8,500,000			8,500,000
Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes		9,375,000			9,375,000
Deferred debt financing costs		(1,849,613	)		(1,897,076	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(39,133,594	)		(40,130,353	)
Total liabilities		691,822,194			705,484,428
NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively		250			250
Total distributable earnings (loss)		(82,570,313	)		(70,627,170	)
Total net deficit		(82,570,063	)		(70,626,920	)
Total liabilities and net assets	$	609,252,131		$	634,857,508

	For the three months ended
	May 31, 2023			May 31, 2022
INVESTMENT INCOME
Total interest from investments	$	14,977,479		$	8,145,447
Interest from cash and cash equivalents		185,044			-
Other income		254,074			103,496
Total investment income		15,416,597			8,248,943
EXPENSES
Interest and debt financing expenses		13,924,131			7,532,364
Base management fee		163,358			163,193
Subordinated management fee		653,430			652,771
Professional fees		39,526			81,164
Trustee expenses		62,494			68,086
Other expense		70,996			38,089
Total expenses		14,913,935			8,535,667
NET INVESTMENT INCOME (LOSS)		502,662			(286,724	)

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(2,108,567	)		77,657
Net change in unrealized depreciation on investments		(10,337,238	)		(24,681,988	)
Net realized and unrealized gain (loss) on investments		(12,445,805	)		(24,604,331	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,943,143	)	$	(24,891,055	)

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
Isagenix International, LLC	Beverage, Food & Tobacco		Common Stock										86,398	$	-	$	-
URS TOPCO LLC	Transportation: Cargo		Common Stock										25,330		440,405		521,832
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.25	%	0.50	%	8.39	%	2/7/2029	$	2,492,481		2,391,979		2,353,849
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25	%	0.00	%	10.21	%	7/8/2028		2,489,130		2,150,159		2,252,663
ADMI Corp.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	3.00	%	0.00	%	8.15	%	4/30/2025		1,905,276		1,902,725		1,810,812
Adtalem Global Education Inc.	Services: Business	Term Loan B (02/21)	Loan	1M USD LIBOR+	4.00	%	0.75	%	9.15	%	8/11/2028		691,846		686,717		690,463
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%	1.00	%	10.84	%	5/9/2025		2,339,293		2,333,100		2,250,587
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	1M USD SOFR+	3.00	%	0.00	%	7.99	%	5/1/2030		1,678,901		1,666,335		1,656,874
AHEAD DB Holdings, LLC	Services: Business	Term Loan (04/21)	Loan	3M USD SOFR+	3.75	%	0.75	%	8.91	%	10/18/2027		2,947,500		2,868,078		2,779,876
Air Canada	Transportation: Consumer	Term Loan B (07/21)	Loan	3M USD LIBOR+	3.50	%	0.75	%	8.84	%	8/11/2028		1,985,000		1,852,744		1,977,139
AIS HoldCo, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%	0.00	%	10.27	%	8/15/2025		4,760,410		4,681,500		4,718,756
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan (04/21)	Loan	1M USD LIBOR+	4.75	%	0.75	%	9.85	%	4/6/2028		2,493,671		2,334,109		2,373,351
Alchemy US Holdco 1, LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	5.50	%	0.00	%	5.60	%	10/10/2025		1,654,803		1,645,239		1,562,962
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD LIBOR+	2.50	%	0.50	%	7.65	%	2/4/2028		245,000		244,668		242,447
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD LIBOR+	2.50	%	0.50	%	7.62	%	3/12/2026		2,120,808		2,108,871		2,057,184
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%	0.00	%	10.55	%	2/10/2027		4,382,963		4,359,520		3,791,263
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B4	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.63	%	11/5/2027		985,000		984,506		958,819
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%	0.50	%	9.00	%	5/12/2028		1,970,000		1,962,711		1,848,353
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD SOFR+	5.00	%	1.00	%	9.99	%	4/30/2025		1,126,283		1,125,179		893,514
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan (01/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	1/29/2028		490,000		488,349		474,609
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	6M USD SOFR+	3.50	%	0.50	%	8.44	%	12/13/2029		497,500		483,398		488,794
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan (01/23)	Loan	1M USD SOFR+	6.00	%	1.00	%	11.15	%	4/5/2028		3,005,329		3,003,897		2,967,763
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%	0.75	%	9.00	%	3/3/2028		1,357,439		1,355,133		1,170,112
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD LIBOR+	2.25	%	0.75	%	7.40	%	2/17/2028		1,955,020		1,936,956		1,913,887
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	3.75	%	0.00	%	8.91	%	8/11/2025		955,000		953,443		731,530
Anchor Glass Container Corporation	Containers, Packaging & Glass	Term Loan (07/17)	Loan	3M USD LIBOR+	2.75	%	1.00	%	7.96	%	12/7/2023		468,894		468,743		353,175
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD LIBOR+	3.50	%	0.00	%	8.65	%	7/18/2026		1,974,684		1,949,219		1,917,911
ANI Pharmaceuticals, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	6.00	%	0.75	%	11.15	%	11/19/2027		2,962,500		2,917,994		2,927,335
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD LIBOR+	5.50	%	0.75	%	10.65	%	9/1/2027		1,850,000		1,829,440		1,763,291
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD LIBOR+	5.50	%	0.75	%	10.65	%	9/1/2027		500,000		494,452		476,250
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	3M USD SOFR+	5.00	%	0.50	%	9.99	%	7/26/2028		498,750		468,510		488,775
APi Group DE, Inc. (J2 Acquisition)	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.50	%	0.00	%	7.75	%	10/1/2026		1,757,184		1,752,298		1,752,791

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
APLP Holdings Limited Partnership	Energy: Electricity	Term Loan B (3/21)	Loan	3M USD LIBOR+	3.75	%	1.00	%	8.91	%	5/14/2027	372,973	370,439		369,866
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.75	%	0.00	%	8.02	%	5/15/2026	2,931,472	2,908,077		2,609,010
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.77	%	3/6/2028	980,000	972,917		852,600
AppLovin Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.35	%	0.00	%	8.50	%	8/15/2025	977,041	977,041		972,156
AppLovin Corporation	High Tech Industries	Term Loan (10/21)	Loan	1M USD SOFR+	3.10	%	0.50	%	8.25	%	10/21/2028	1,485,000	1,482,162		1,461,240
Aramark Corporation	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	1/15/2027	2,331,250	2,283,700		2,296,281
Aramark Corporation	Services: Consumer	Term Loan B (4/21)	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.65	%	4/1/2028	1,753,715	1,747,630		1,746,700
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	3.75	%	0.50	%	8.90	%	9/23/2028	988,774	985,636		886,604
Arches Buyer Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.25	%	0.50	%	8.50	%	12/6/2027	1,481,061	1,473,587		1,371,832
ARCIS GOLF LLC	Services: Consumer	Term Loan B	Loan	1M USD LIBOR+	4.25	%	0.50	%	9.40	%	11/19/2028	400,000	396,000		397,000
ARCIS GOLF LLC (a)	Services: Consumer	Delayed Draw Term Loan	Loan	1M USD LIBOR+	4.25	%	0.50	%	0.00	%	11/23/2028	-	(1,000	)	(750	)
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/18)	Loan	1M USD SOFR+	4.25	%	0.00	%	9.50	%	10/1/2025	1,911,213	1,908,875		1,901,657
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	4.50	%	0.00	%	9.41	%	3/7/2030	750,000	735,000		735,233
ASP BLADE HOLDINGS, INC.	Capital Equipment	Term Loan	Loan	3M USD LIBOR+	4.00	%	0.50	%	9.16	%	10/7/2028	98,824	98,451		83,349
Asplundh Tree Expert, LLC	Services: Business	Term Loan 2/21	Loan	1M USD SOFR+	1.75	%	0.00	%	7.00	%	9/7/2027	975,000	972,028		967,415
AssuredPartners Capital, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (2/20)	Loan	1M USD SOFR+	3.50	%	0.00	%	8.77	%	2/12/2027	987,245	984,518		959,484
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Incremental Term Loan (7/21)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.77	%	2/12/2027	982,500	982,500		954,872
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%	0.50	%	8.65	%	2/12/2027	495,000	494,226		480,977
ASTRO ONE ACQUISITION CORPORATION	Consumer goods: Durable	Term Loan	Loan	3M USD LIBOR+	5.50	%	0.75	%	10.66	%	9/15/2028	2,962,500	2,939,647		1,860,095
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD LIBOR+	3.25	%	0.00	%	8.40	%	12/18/2026	2,957,295	2,950,225		2,729,346
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+	4.00	%	0.00	%	9.25	%	8/19/2028	1,990,000	1,900,358		1,823,895
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.60	%	2/15/2029	1,327,200	1,322,486		1,247,568
ATHENAHEALTH GROUP INC. (a)	Healthcare & Pharmaceuticals	Delayed Draw Term Loan (02/22)	Loan	1M USD SOFR+	3.50	%	0.50	%	3.50	%	2/15/2029	-	-		(9,783	)
Avison Young (Canada) Inc	Services: Business	Term Loan	Loan	1M USD LIBOR+	5.75	%	0.00	%	8.12	%	1/31/2026	3,362,103	3,338,427		2,373,645
Avison Young (Canada) Inc	Services: Business	Term Loan (08/22)	Loan	1M USD SOFR+	7.00	%	0.00	%	12.27	%	1/31/2026	746,250	709,938		559,688
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B3	Loan	1M USD LIBOR+	1.75	%	0.75	%	6.90	%	1/15/2025	1,000,000	940,796		995,110
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B5 (7/21)	Loan	1M USD LIBOR+	2.25	%	0.50	%	7.40	%	12/1/2027	488,750	485,497		484,170
Axalta Coating Systems Dutch Holding B B.V.	Chemicals, Plastics, & Rubber	Term Loan B-4 Dollar	Loan	3M USD SOFR+	3.00	%	0.50	%	7.90	%	12/20/2029	937,500	928,917		937,284
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD LIBOR+	6.00	%	0.75	%	11.19	%	9/20/2027	468,750	457,410		447,656
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.65	%	10/10/2026	579,183	576,326		556,635
B.C. Unlimited Liability Co (Burger King)	Beverage, Food & Tobacco	Term Loan B4	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	11/19/2026	1,451,250	1,428,310		1,419,047
BAKELITE UK INTERMEDIATE LTD.	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.00	%	0.50	%	9.05	%	5/29/2029	992,500	988,402		933,774
Baldwin Risk Partners, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.61	%	10/14/2027	1,223,213	1,213,297		1,198,748

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
Bausch Health Companies Inc.	Healthcare & Pharmaceuticals	Term Loan B (1/22)	Loan	1M USD SOFR+	5.25	%	0.50	%	10.42	%	2/1/2027	1,925,000	1,751,630	1,513,724
Belfor Holdings Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	4.00	%	0.00	%	9.15	%	4/6/2026	244,911	244,911	243,277
Belfor Holdings Inc.	Services: Consumer	Term Loan B-2 (3/22)	Loan	1M USD SOFR+	4.25	%	0.50	%	9.40	%	4/6/2026	1,992,367	1,967,661	1,984,895
Belron Finance US LLC	Automotive	Term Loan B (3/21)	Loan	3M USD LIBOR+	2.43	%	0.50	%	7.80	%	4/13/2028	1,960,000	1,946,195	1,953,258
Belron Finance US LLC	Automotive	Term Loan (04/23)	Loan	3M USD SOFR+	2.75	%	0.50	%	7.83	%	4/17/2029	250,000	248,774	248,908
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+	3.25	%	0.50	%	8.25	%	1/24/2029	1,985,000	1,984,133	1,809,665
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.25	%	0.00	%	7.40	%	4/23/2026	977,215	973,032	908,810
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	4/23/2026	1,461,413	1,454,733	1,362,767
Blue Tree Holdings, Inc.	Chemicals, Plastics, & Rubber	Term Loan (2/21)	Loan	3M USD LIBOR+	2.50	%	0.00	%	7.66	%	3/4/2028	980,000	978,421	954,275
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan (1/20)	Loan	1M USD SOFR+	2.00	%	0.00	%	7.25	%	5/24/2027	1,451,299	1,445,805	1,406,251
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan 12/22	Loan	1M USD SOFR+	3.50	%	0.50	%	8.75	%	12/12/2029	497,500	485,690	493,396
Boxer Parent Company, Inc.	High Tech Industries	Term Loan (2/21)	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	10/2/2025	515,281	515,281	507,505
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan B-3	Loan	1M USD LIBOR+	3.50	%	0.00	%	8.65	%	3/5/2026	980,000	980,000	949,865
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD LIBOR+	3.00	%	0.00	%	8.15	%	1/22/2027	2,941,205	2,937,710	2,854,822
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan (1/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	8/1/2025	1,458,882	1,460,165	1,441,944
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	1M USD SOFR+	3.75	%	0.00	%	8.90	%	7/1/2029	497,500	486,338	489,858
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan (1/21)	Loan	1M USD LIBOR+	2.25	%	0.00	%	7.28	%	11/1/2026	1,945,213	1,936,694	1,917,143
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.65	%	3/31/2028	2,456,250	2,438,591	2,351,859
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+	3.50	%	0.00	%	8.75	%	3/9/2030	500,000	495,047	492,145
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD LIBOR+	2.50	%	0.75	%	7.61	%	6/5/2028	2,481,013	2,271,238	2,300,023
CareerBuilder, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	6.75	%	1.00	%	11.91	%	7/31/2023	5,265,749	5,248,888	3,429,319
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	1/27/2027	1,959,198	1,951,012	1,368,715
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	3M USD SOFR+	2.75	%	0.50	%	7.78	%	10/21/2027	997,500	990,336	975,475
CBI BUYER, INC.	Consumer goods: Durable	Term Loan	Loan	1M USD LIBOR+	3.25	%	0.50	%	8.36	%	1/6/2028	2,962,349	2,813,816	1,821,845
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	2.25	%	0.50	%	7.40	%	9/16/2028	246,875	246,457	242,466
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%	0.75	%	8.90	%	12/17/2027	245,000	243,335	232,598
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	3.75	%	0.75	%	8.91	%	3/5/2028	980,000	976,504	935,900
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.25	%	0.50	%	9.21	%	3/5/2028	997,500	950,926	952,613
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%	0.00	%	10.98	%	9/25/2025	2,393,750	2,385,103	1,605,321
CDK GLOBAL, INC.	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	4.25	%	0.50	%	9.15	%	7/6/2029	997,500	970,032	981,390
Cengage Learning, Inc.	Media: Advertising, Printing & Publishing	Term Loan B (6/21)	Loan	6M USD LIBOR+	4.75	%	1.00	%	9.88	%	7/14/2026	2,955,000	2,936,136	2,783,994
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	3M USD LIBOR+	2.25	%	0.50	%	7.73	%	8/27/2028	875,830	869,235	867,229
CenturyLink, Inc.	Telecommunications	Term Loan B (1/20)	Loan	1M USD SOFR+	2.25	%	0.00	%	7.52	%	3/15/2027	3,875,160	3,871,908	2,660,414
Charlotte Buyer, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	5.25	%	0.00	%	10.30	%	2/11/2028	1,496,250	1,403,536	1,427,991
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	1.75	%	0.00	%	7.00	%	4/3/2025	902,374	880,889	883,875
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	2.00	%	0.00	%	7.25	%	3/17/2028	490,000	489,227	482,650

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
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	USD Term Loan	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.65	%	5/17/2028	1,974,924	1,890,618	1,885,223
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%	0.00	%	7.77	%	2/2/2028	4,900,000	4,898,551	4,829,587
Clarios Global LP	Automotive	Incremental Term Loan (04/23)	Loan	1M USD SOFR+	3.75	%	0.00	%	8.90	%	5/5/2030	1,200,000	1,194,004	1,187,004
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%	0.50	%	9.67	%	8/9/2026	3,431,275	3,414,261	3,002,366
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	4.18	%	0.50	%	9.43	%	4/13/2029	1,488,750	1,456,321	1,412,824
Cole Haan	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+	5.50	%	0.00	%	10.66	%	2/7/2025	862,500	859,791	831,234
Columbus McKinnon Corporation	Capital Equipment	Term Loan (4/21)	Loan	1M USD SOFR+	2.75	%	0.50	%	7.92	%	5/14/2028	439,667	438,942	438,018
Conduent, Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	4.25	%	0.50	%	9.40	%	10/16/2028	2,783,470	2,714,717	2,660,997
Connect Finco SARL	Telecommunications	Term Loan (1/21)	Loan	1M USD LIBOR+	3.50	%	1.00	%	8.66	%	12/11/2026	2,910,000	2,815,214	2,886,371
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+	3.50	%	0.75	%	8.77	%	10/2/2027	2,714,005	2,528,047	2,327,259
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	1M USD LIBOR+	2.25	%	0.00	%	7.36	%	1/31/2028	4,000,000	3,989,586	3,824,280
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.69	%	6/2/2028	2,462,500	2,453,657	2,196,402
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan 2/21	Loan	1M USD LIBOR+	2.75	%	0.00	%	7.81	%	3/2/2027	1,955,000	1,955,000	1,922,410
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (02/23)	Loan	1M USD SOFR+	3.50	%	0.00	%	8.65	%	11/27/2028	1,600,000	1,588,739	1,576,000
CROCS INC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.50	%	0.50	%	8.75	%	2/20/2029	1,920,000	1,852,365	1,915,469
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD LIBOR+	4.00	%	0.75	%	9.19	%	9/15/2027	491,250	491,009	486,338
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan (4/21)	Loan	1M USD SOFR+	5.00	%	0.75	%	10.11	%	4/27/2027	3,404,110	3,380,055	3,375,379
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.61	%	4/15/2027	483,750	483,750	406,611
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan 12/22	Loan	1M USD SOFR+	4.50	%	0.00	%	9.56	%	4/15/2027	2,394,032	2,384,472	2,110,339
CTC Holdings, LP	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	6M USD SOFR+	5.00	%	0.50	%	10.34	%	2/15/2029	2,227,500	2,178,143	2,149,538
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	6.00	%	1.00	%	11.31	%	11/2/2027	1,950,227	1,910,738	1,711,325
CAPSTONE BORROWER INC	Services: Business	Cvent 5/23 TLB	Loan	1M USD SOFR+	3.75	%	0.00	%	8.32	%	6/17/2030	1,000,000	985,000	967,500
Daseke Inc	Transportation: Cargo	Term Loan 2/21	Loan	1M USD SOFR+	4.00	%	0.75	%	9.27	%	3/5/2028	1,282,500	1,278,086	1,250,438
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (04/22)	Loan	1M USD SOFR+	5.00	%	0.50	%	10.31	%	6/29/2029	992,500	947,618	991,885
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	3M USD SOFR+	4.00	%	0.00	%	9.26	%	10/16/2026	1,465,995	1,465,995	1,430,357
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.75	%	11/16/2029	5,386,500	5,275,790	5,250,168
Delta 2 Lux Sarl	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	3.00	%	0.50	%	8.15	%	1/15/2030	1,000,000	990,725	999,000
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD LIBOR+	3.75	%	0.50	%	8.91	%	10/4/2028	990,000	986,887	934,204
DG Investment Intermediate Holdings 2, Inc.	Aerospace & Defense	Incremental Term Loan (3/22)	Loan	1M USD SOFR+	4.75	%	0.75	%	9.90	%	3/31/2028	497,500	479,088	486,620
Diamond Sports Group, LLC (b)	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	6M USD SOFR+	8.00	%	1.00	%	13.06	%	5/25/2026	342,343	334,579	257,329
Diamond Sports Group, LLC (b)	Media: Broadcasting & Subscription	Second Lien Term Loan	Loan	1M USD SOFR+	5.35	%	0.00	%	10.50	%	8/24/2026	3,374,880	3,041,095	133,578
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	5.00	%	0.75	%	10.15	%	8/2/2027	3,460,000	3,435,127	3,277,277
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%	0.50	%	9.28	%	10/4/2029	1,496,250	1,385,148	1,408,585
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+	4.25	%	0.75	%	9.30	%	3/25/2028	491,250	487,797	432,300
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD LIBOR+	5.50	%	0.75	%	10.61	%	11/30/2028	1,293,594	1,257,755	1,261,254
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	4.00	%	0.50	%	9.12	%	11/30/2028	1,989,899	1,804,951	1,830,707

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
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD LIBOR+	5.25	%	0.50	%	10.40	%	12/15/2028	3,962,481	3,825,639	3,529,105
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/21)	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	3/1/2028	6,370,000	6,335,329	6,188,837
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD LIBOR+	2.75	%	0.00	%	7.90	%	8/21/2025	1,612,878	1,610,315	1,563,153
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (01/23)	Loan	1M USD SOFR+	3.25	%	0.00	%	8.50	%	1/31/2030	2,034,413	2,031,072	1,897,090
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.65	%	8/16/2028	987,500	983,879	956,996
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.65	%	11/23/2028	1,980,000	1,976,735	1,874,822
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD LIBOR+	3.75	%	0.75	%	8.90	%	4/7/2028	2,182,992	2,177,326	2,091,459
Electrical Components Inter., Inc.	Capital Equipment	Term Loan (6/18)	Loan	3M USD SOFR+	4.25	%	0.00	%	9.61	%	6/26/2025	1,883,409	1,883,409	1,744,036
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%	0.50	%	8.27	%	11/1/2028	495,000	493,182	483,709
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD LIBOR+	6.50	%	0.00	%	11.65	%	12/14/2025	2,175,269	2,125,913	2,052,910
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	6M USD SOFR+	3.00	%	0.50	%	7.79	%	3/30/2029	613,370	610,139	600,845
Emerson Climate Technologies Inc	Services: Business	Term Loan B (04/23)	Loan	1M USD SOFR+	3.00	%	0.00	%	8.03	%	5/4/2030	626,147	619,885	618,514
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan (3/21)	Loan	Prime	6.00	%	0.75	%	14.25	%	3/27/2028	2,335,285	2,329,571	1,764,612
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	6M USD LIBOR+	3.50	%	0.75	%	8.79	%	2/10/2028	2,456,250	2,448,041	2,234,426
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B (10/22)	Loan	6M USD SOFR+	3.50	%	0.50	%	8.44	%	10/30/2029	997,500	985,601	995,425
Envision Healthcare Corporation	Healthcare & Pharmaceuticals	Term Loan B (06/18)	Loan	3M USD LIBOR+	3.75	%	0.00	%	8.91	%	10/10/2025	4,766,742	4,765,301	29,792
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	3M USD SOFR+	6.00	%	0.50	%	10.91	%	10/6/2029	993,750	919,833	984,637
Equiniti Group PLC	Services: Business	Term Loan B	Loan	6M USD SOFR+	4.50	%	0.50	%	9.54	%	12/11/2028	987,500	979,612	985,031
EyeCare Partners, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	2/18/2027	1,943,111	1,943,111	1,505,911
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (9/20)	Loan	6M USD LIBOR+	2.50	%	0.00	%	8.08	%	6/27/2025	2,830,950	2,827,872	2,824,580
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	6M USD SOFR+	5.00	%	1.00	%	10.25	%	3/30/2027	4,900,000	4,845,043	4,708,900
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Refinancing Term Loan	Loan	3M USD LIBOR+	2.50	%	0.00	%	7.66	%	2/1/2027	5,132,522	5,121,640	4,877,487
First Student Bidco Inc.	Transportation: Consumer	Term Loan B	Loan	3M USD LIBOR+	3.00	%	0.50	%	8.14	%	7/21/2028	721,243	717,314	669,054
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD LIBOR+	3.00	%	0.50	%	8.14	%	7/21/2028	269,608	268,131	250,099
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (4/18)	Loan	3M USD SOFR+	3.25	%	1.00	%	8.45	%	4/18/2025	1,330,058	1,327,288	1,268,729
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD LIBOR+	2.25	%	0.00	%	7.41	%	7/21/2026	1,970,000	1,967,537	1,960,367
Flutter Financing B.V.	Hotel, Gaming & Leisure	Third Amendment 2028-B Term Loan	Loan	3M USD SOFR+	3.25	%	0.50	%	8.41	%	7/21/2028	746,250	731,094	745,317
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.25	%	0.50	%	8.40	%	6/30/2028	1,483,571	1,467,480	1,446,481
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	3M USD SOFR+	4.75	%	0.75	%	9.97	%	3/10/2026	799,104	794,431	749,160
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+	4.75	%	0.75	%	10.09	%	3/10/2026	3,000,000	2,863,177	2,801,250
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.25	%	0.00	%	7.50	%	8/1/2025	4,297,478	4,285,561	4,254,503
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	3M USD LIBOR+	2.25	%	0.00	%	7.41	%	1/29/2027	1,945,000	1,943,129	1,897,989
Garrett LX III S.a r.l.	Automotive	Dollar Term Loan	Loan	3M USD SOFR+	3.25	%	0.50	%	8.66	%	4/30/2028	1,477,500	1,472,325	1,381,463
Gates Global LLC	Automotive	Term Loan (11/22)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.65	%	11/15/2029	248,750	241,726	247,539
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	1M USD SOFR+	3.00	%	0.50	%	8.15	%	12/31/2027	2,263,630	2,251,094	2,251,904

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
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan (11/19)	Loan	3M USD SOFR+	2.00	%	0.00	%	7.00	%	12/30/2026	1,455,000	1,451,280	1,447,725
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.50	%	0.00	%	7.75	%	8/27/2025	3,062,839	2,759,432	2,893,097
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD SOFR+	4.25	%	0.00	%	9.50	%	11/29/2025	4,884,879	4,752,840	4,330,738
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan 2/21	Loan	1M USD LIBOR+	2.00	%	0.00	%	7.15	%	8/10/2027	954,774	954,774	950,601
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	1M USD LIBOR+	5.25	%	0.75	%	10.40	%	12/1/2027	1,915,517	1,900,897	1,838,897
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD SOFR+	3.00	%	0.75	%	8.27	%	8/7/2027	948,542	944,160	923,510
Great Outdoors Group, LLC	Retail	Term Loan B2	Loan	1M USD LIBOR+	3.75	%	0.75	%	8.90	%	3/6/2028	977,613	974,174	947,795
Greenhill & Co., Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD LIBOR+	3.25	%	0.00	%	8.73	%	4/12/2024	2,825,440	2,819,803	2,816,031
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	3M USD SOFR+	2.25	%	0.50	%	7.30	%	1/24/2029	153,750	153,502	152,437
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Amendment 5 Term Loan	Loan	1M USD LIBOR+	2.50	%	0.50	%	7.65	%	2/24/2028	2,829,586	2,827,907	2,809,779
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	3M USD LIBOR+	4.75	%	0.75	%	9.91	%	5/27/2028	1,989,873	1,633,954	1,782,190
GYP HOLDINGS III CORP.	Construction & Building	2023 Refinancing Term Loans	Loan	1M USD SOFR+	3.00	%	0.00	%	8.15	%	4/25/2030	250,000	248,751	249,063
Harbor Freight Tools USA, Inc.	Retail	Term Loan B (06/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	10/19/2027	3,429,648	3,413,091	3,287,901
Helix Gen Funding, LLc	Energy: Electricity	Term Loan B (02/17)	Loan	1M USD LIBOR+	3.75	%	1.00	%	8.90	%	6/3/2024	208,209	208,209	205,440
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	7/14/2028	3,470,359	3,465,657	3,414,833
Hillman Group Inc. (The) (New) (a)	Consumer goods: Durable	Delayed Draw Term Loan (2/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	7/14/2028	66,498	66,498	53,012
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan B (08/18)	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.65	%	8/18/2025	3,500,000	3,494,979	3,349,990
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	3M USD LIBOR+	3.75	%	0.75	%	8.91	%	11/17/2028	2,311,709	2,304,423	1,995,768
Howden Group Holdings	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	1M USD LIBOR+	3.25	%	0.75	%	8.44	%	11/12/2027	2,146,700	2,139,286	2,099,215
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	1M USD SOFR+	3.00	%	0.00	%	8.27	%	3/17/2028	5,880,000	5,838,530	5,541,900
Idera, Inc.	High Tech Industries	Term Loan (02/21)	Loan	1M USD SOFR+	3.75	%	0.75	%	8.88	%	3/2/2028	4,798,869	4,791,394	4,595,925
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.53	%	11/1/2028	1,975,000	1,967,711	1,930,563
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan 5/23	Loan	1M USD SOFR+	4.25	%	0.50	%	9.40	%	11/1/2028	500,000	487,500	490,625
INDY US BIDCO, LLC	Services: Business	Term Loan (11/21)	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	3/6/2028	2,210,094	2,209,548	1,898,846
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+	3.75	%	0.00	%	9.00	%	3/13/2030	500,000	495,038	496,875
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.50	%	0.00	%	8.75	%	2/9/2030	1,000,000	990,100	990,630
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan (1/21)	Loan	1M USD SOFR+	2.75	%	0.50	%	8.02	%	1/29/2026	1,974,924	1,928,587	1,954,346
Informatica Inc.	High Tech Industries	Term Loan B (10/21)	Loan	1M USD LIBOR+	2.75	%	0.00	%	7.94	%	10/27/2028	495,000	494,703	490,773
Ingram Micro Inc.	Wholesale	Term Loan	Loan	3M USD LIBOR+	3.50	%	0.50	%	8.66	%	6/30/2028	1,473,750	1,462,645	1,414,800
Inmar Acquisition Sub, Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	4.00	%	1.00	%	9.15	%	5/1/2024	3,341,808	3,323,531	3,257,428
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD LIBOR+	3.25	%	0.00	%	8.40	%	2/4/2027	485,000	483,785	474,543
INSTANT BRANDS HOLDINGS INC.	Consumer goods: Durable	Term Loan 4/21	Loan	3M USD LIBOR+	5.00	%	0.75	%	10.48	%	4/7/2028	3,942,576	3,927,059	463,253
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B (1/22)	Loan	1M USD SOFR+	3.00	%	0.75	%	8.25	%	12/15/2027	498,740	494,029	483,220
Isagenix International, LLC	Beverage, Food & Tobacco	Term Loan	Loan	6M USD SOFR+	4.50	%	0.00	%	9.59	%	4/13/2028	1,182,282	721,726	1,004,939
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	1M USD SOFR+	2.75	%	0.00	%	7.90	%	1/31/2028	3,910,000	3,907,823	3,850,138

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
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+	4.25	%	0.75	%	9.41	%	3/1/2028	982,500	978,960	825,300
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	5.50	%	1.00	%	10.77	%	11/15/2025	3,816,695	3,799,232	1,822,472
Klockner-Pentaplast of America, Inc.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+	4.73	%	0.50	%	10.10	%	2/12/2026	1,470,000	1,466,436	1,337,700
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD SOFR+	3.25	%	0.75	%	8.41	%	3/13/2028	489,971	488,917	471,597
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	4.00	%	0.50	%	9.16	%	4/9/2030	1,000,000	970,268	992,500
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.63	%	9/1/2027	490,047	482,060	458,194
Lakeland Tours, LLC	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed	0.00	%	0.00	%	13.25	%	9/27/2027	1,056,778	459,661	686,906
Lealand Finance Company B.V.	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD LIBOR+	1.00	%	0.00	%	6.15	%	6/30/2025	347,730	347,730	232,284
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+	4.75	%	0.50	%	10.00	%	2/16/2029	994,975	818,956	766,131
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan B	Loan	1M USD SOFR+	3.50	%	1.00	%	8.77	%	2/28/2025	2,616,496	2,603,772	2,330,329
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	6M USD SOFR+	4.75	%	0.00	%	9.71	%	3/17/2028	982,500	979,970	957,938
LogMeIn, Inc.	High Tech Industries	Term Loan (8/20)	Loan	1M USD LIBOR+	4.75	%	0.00	%	9.90	%	8/31/2027	3,910,000	3,860,601	2,364,651
LOYALTY VENTURES INC. (b)	Services: Business	Term Loan B	Loan	Prime	5.50	%	0.50	%	13.75	%	11/3/2027	3,089,630	3,075,114	290,950
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD SOFR+	1.75	%	0.00	%	6.84	%	11/11/2026	1,204,743	1,203,544	1,187,672
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%	0.50	%	8.77	%	10/16/2028	247,500	246,627	239,147
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan (01/23)	Loan	1M USD SOFR+	4.25	%	0.50	%	9.50	%	10/14/2028	500,000	487,004	489,585
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan	Loan	1M USD SOFR+	4.50	%	0.00	%	9.50	%	4/25/2030	1,000,000	985,000	982,500
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan B	Loan	3M USD SOFR+	7.25	%	0.75	%	12.15	%	3/29/2029	2,812,500	2,730,109	2,759,063
MAGNITE, INC.	Services: Business	Term Loan	Loan	6M USD LIBOR+	5.00	%	0.75	%	10.24	%	4/28/2028	2,957,424	2,895,802	2,903,215
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (11/19)	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	8/29/2025	1,317,074	1,317,074	1,300,202
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD LIBOR+	1.75	%	0.00	%	6.71	%	2/15/2027	250,000	249,705	246,563
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	Term Loan B (02/23)	Loan	1M USD SOFR+	5.00	%	0.00	%	10.25	%	2/27/2028	3,450,000	3,351,865	3,286,125
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan (07/21)	Loan	1M USD LIBOR+	4.75	%	0.50	%	9.90	%	7/28/2028	1,970,000	1,953,850	1,845,240
MedAssets Software Inter Hldg, Inc.	High Tech Industries	Term Loan (11/21) (USD)	Loan	1M USD LIBOR+	4.00	%	0.50	%	9.15	%	12/18/2028	495,000	492,319	413,637
Mermaid Bidco Inc.	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+	4.50	%	0.75	%	9.54	%	12/22/2027	1,981,272	1,959,063	1,911,927
Messer Industries, LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	3M USD SOFR+	2.50	%	0.00	%	7.66	%	3/1/2026	2,970,367	2,961,160	2,959,852
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD LIBOR+	4.25	%	0.75	%	9.41	%	4/8/2028	2,461,187	2,446,742	2,158,166
Momentive Performance Materials Inc.	Chemicals, Plastics, & Rubber	Term Loan (03/23)	Loan	1M USD SOFR+	4.50	%	0.00	%	9.65	%	3/28/2028	500,000	480,430	489,690
Moneygram International, Inc.	Services: Business	MoneyGram Payment 5/23 TL	Loan	1M USD SOFR+	5.50	%	0.50	%	10.55	%	5/31/2030	2,000,000	1,660,000	1,660,000
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Term Loan B (08/21)	Loan	3M USD LIBOR+	4.25	%	0.50	%	9.73	%	9/1/2028	2,984,848	2,728,880	2,501,064
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+	3.00	%	0.50	%	8.05	%	11/23/2028	2,962,500	2,957,096	2,901,650
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+	5.25	%	0.75	%	10.49	%	2/22/2029	2,992,443	2,417,282	2,179,995
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	3.50	%	0.00	%	8.69	%	11/14/2025	3,364,175	3,348,633	3,305,301
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	3M USD LIBOR+	3.75	%	0.75	%	8.48	%	3/2/2028	2,729,081	2,721,430	2,027,025
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD SOFR+	3.75	%	0.75	%	8.75	%	3/2/2028	87,464	87,163	64,964
NEW ERA CAP, LLC	Consumer goods: Durable	Term Loan (01/22)	Loan	1M USD LIBOR+	6.00	%	0.75	%	11.11	%	7/13/2027	3,581,045	3,580,533	3,473,614

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
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.65	%	9/18/2026	657,625	653,083	649,760
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD LIBOR+	7.50	%	1.00	%	12.33	%	8/9/2024	2,909,971	2,834,608	2,517,125
NortonLifeLock Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.00	%	0.50	%	7.25	%	9/12/2029	1,333,648	1,328,212	1,310,723
Novae LLC	Automotive	Term Loan B	Loan	6M USD SOFR+	5.00	%	0.75	%	10.34	%	12/22/2028	1,980,000	1,967,827	1,679,693
Nuvei Technologies Corp.	High Tech Industries	US Term Loan	Loan	1M USD SOFR+	2.50	%	0.50	%	7.77	%	9/29/2025	2,210,625	2,208,388	2,202,335
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+	3.50	%	0.50	%	8.74	%	2/23/2029	2,486,222	2,384,953	2,221,016
Open Text Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%	0.50	%	8.75	%	1/31/2030	1,496,250	1,452,211	1,492,509
Organon & Co.	Healthcare & Pharmaceuticals	Term Loan USD	Loan	3M USD LIBOR+	3.00	%	0.50	%	8.00	%	6/2/2028	2,118,750	2,111,232	2,107,097
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+	4.00	%	0.50	%	9.16	%	5/2/2030	500,000	490,039	491,250
Pacific Gas & Electric	Utilities: Electric	Term Loan	Loan	1M USD LIBOR+	3.00	%	0.50	%	8.19	%	6/18/2025	1,461,187	1,457,828	1,445,962
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.25	%	0.50	%	8.52	%	9/20/2028	985,000	981,418	962,611
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.75	%	0.50	%	9.97	%	7/6/2028	941,176	934,000	855,294
Panther Guarantor II, L.P. (Forcepoint)	High Tech Industries	Term Loan 1/21	Loan	1M USD LIBOR+	4.25	%	0.50	%	9.40	%	1/7/2028	491,250	488,829	466,894
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan 2/23	Loan	3M USD SOFR+	4.25	%	0.50	%	9.61	%	2/27/2030	1,500,000	1,477,916	1,459,215
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75	%	0.50	%	10.79	%	8/1/2029	1,990,000	1,658,903	1,592,000
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	3/30/2027	485,268	478,405	407,324
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+	2.50	%	0.00	%	7.65	%	5/29/2026	809,038	807,206	804,993
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	3.75	%	0.50	%	8.80	%	2/28/2029	990,000	988,398	969,378
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	1M USD SOFR+	3.25	%	0.50	%	8.52	%	12/29/2028	1,289,605	1,284,558	1,234,255
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC (a)	Healthcare & Pharmaceuticals	Delayed Draw Term Loan (12/21)	Loan	1M USD SOFR+	3.25	%	0.50	%	8.52	%	12/29/2028	166,606	166,606	158,185
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%	0.50	%	8.00	%	5/3/2029	992,500	988,325	982,823
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	3.75	%	0.75	%	9.00	%	2/1/2028	5,292,824	5,277,913	5,030,088
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.00	%	0.50	%	9.05	%	12/23/2028	2,480,000	2,438,482	2,320,362
Pike Corporation	Construction & Building	Term Loan (8/22)	Loan	1M USD SOFR+	3.50	%	0.00	%	8.65	%	1/21/2028	497,500	486,614	494,236
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.00	%	0.00	%	9.27	%	3/17/2028	3,929,899	3,905,884	3,615,507
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (11/21)	Loan	1M USD LIBOR+	2.50	%	0.50	%	7.69	%	12/1/2028	1,916,176	1,908,914	1,893,029
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD LIBOR+	2.75	%	0.00	%	7.90	%	3/13/2028	4,410,000	4,403,277	4,319,330
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+	4.25	%	0.50	%	9.30	%	4/21/2029	1,990,000	1,981,777	1,711,898
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	3.00	%	0.75	%	8.19	%	12/29/2027	490,000	488,391	479,588
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD LIBOR+	4.75	%	0.75	%	9.90	%	2/12/2028	5,390,000	5,348,460	4,851,000
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD LIBOR+	3.75	%	0.50	%	8.90	%	12/15/2028	2,970,000	2,949,492	2,870,505
Presidio, Inc.	Services: Business	Term Loan B (1/20)	Loan	3M USD SOFR+	3.50	%	0.00	%	8.65	%	1/22/2027	486,250	485,838	480,780
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan (1/21)	Loan	1M USD LIBOR+	2.75	%	0.75	%	7.84	%	9/23/2026	3,511,510	3,511,510	3,485,911
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan	Loan	3M USD LIBOR+	5.75	%	1.00	%	11.23	%	4/27/2027	2,937,943	2,916,925	2,901,219

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
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	6M USD LIBOR+	3.25	%	0.75	%	8.52	%	12/28/2027	489,994	488,306	458,267
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	1M USD SOFR+	5.25	%	0.50	%	10.50	%	7/20/2029	997,500	933,607	878,428
Prometric Inc. (Sarbacane Bidco)	Services: Consumer	Term Loan	Loan	3M USD SOFR+	3.00	%	1.00	%	8.53	%	1/29/2025	475,200	474,751	445,025
PUG LLC	Services: Consumer	Term Loan B (02/20)	Loan	1M USD LIBOR+	3.50	%	0.00	%	8.65	%	2/12/2027	478,888	477,642	407,654
Quartz AcquireCo, LLC	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%	0.00	%	8.38	%	4/13/2030	1,000,000	990,000	986,250
QUEST BORROWER LIMITED	High Tech Industries	Term Loan (1/22)	Loan	3M USD SOFR+	4.25	%	0.50	%	9.45	%	2/1/2029	1,985,000	1,968,797	1,676,868
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (1/21)	Loan	1M USD SOFR+	2.75	%	0.75	%	7.91	%	2/15/2028	2,967,254	2,880,291	1,166,872
RAND PARENT LLC	Transportation: Cargo	Term Loan B	Loan	3M USD SOFR+	4.25	%	0.00	%	9.13	%	3/16/2030	2,500,000	2,411,828	2,145,825
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD LIBOR+	3.00	%	0.50	%	8.15	%	4/24/2028	985,000	983,590	945,905
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	3M USD LIBOR+	3.25	%	0.50	%	8.56	%	2/17/2028	1,875,243	1,837,657	1,847,114
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD LIBOR+	5.50	%	1.00	%	10.80	%	12/20/2024	4,286,824	4,244,733	3,030,270
Resideo Funding Inc.	Services: Consumer	Term Loan (1/21)	Loan	1M USD LIBOR+	2.25	%	0.50	%	7.36	%	2/11/2028	1,470,000	1,468,339	1,459,901
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	3M USD LIBOR+	4.25	%	1.00	%	9.41	%	4/30/2024	3,027,094	3,024,448	2,209,779
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD LIBOR+	2.50	%	0.50	%	7.65	%	10/20/2028	3,453,672	3,448,420	3,076,842
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	1.75	%	0.00	%	7.00	%	1/29/2027	1,273,182	1,273,035	1,252,225
Reynolds Group Holdings Inc.	Containers, Packaging & Glass	Term Loan B2	Loan	1M USD SOFR+	3.25	%	0.00	%	8.52	%	2/5/2026	2,844,322	2,836,000	2,821,226
Rocket Software, Inc.	High Tech Industries	Term Loan (11/18)	Loan	1M USD LIBOR+	4.25	%	0.00	%	9.40	%	11/28/2025	2,867,848	2,863,705	2,816,055
Russell Investments US Inst’l Holdco, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	1M USD SOFR+	3.50	%	1.00	%	8.75	%	6/2/2025	5,503,217	5,480,688	5,206,043
RV Retailer LLC	Automotive	Term Loan	Loan	3M USD SOFR+	3.75	%	0.75	%	8.97	%	2/8/2028	2,950,162	2,907,882	2,636,708
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.00	%	0.75	%	8.25	%	9/1/2027	1,474,842	1,464,122	1,468,854
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	3M USD SOFR+	5.00	%	0.50	%	10.09	%	3/10/2028	2,452,462	2,405,746	2,202,630
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	2.50	%	0.00	%	7.65	%	2/27/2030	500,000	496,335	499,375
Samsonite International S.A.	Consumer goods: Non-durable	Term Loan B2	Loan	1M USD LIBOR+	3.00	%	0.75	%	8.15	%	4/25/2025	925,056	913,402	923,566
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	3.75	%	0.75	%	8.94	%	4/20/2028	2,947,500	2,936,027	2,814,863
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.50	%	0.50	%	8.42	%	4/4/2029	497,500	496,575	479,520
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+	3.75	%	0.00	%	8.90	%	2/17/2028	1,000,000	990,500	970,940
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan	Loan	3M USD LIBOR+	2.00	%	0.00	%	7.16	%	11/2/2028	1,000,000	998,184	990,890
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	1M USD LIBOR+	3.75	%	0.50	%	8.91	%	8/28/2028	1,970,000	1,962,979	1,881,961
SiteOne Landscape Supply, LLC	Services: Business	Term Loan (3/21)	Loan	3M USD SOFR+	2.00	%	0.50	%	7.16	%	3/18/2028	775,873	774,643	768,114
SMG US Midco 2, Inc.	Services: Business	Term Loan (01/20)	Loan	3M USD LIBOR+	2.50	%	0.00	%	7.77	%	1/23/2025	483,750	483,750	478,913
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan	Loan	1M USD SOFR+	4.25	%	0.50	%	9.50	%	4/2/2029	997,487	990,334	990,834
Solis IV B.V.	Consumer goods: Durable	Term Loan B-1	Loan	3M USD SOFR+	3.50	%	0.50	%	8.67	%	2/26/2029	1,989,975	1,729,773	1,821,822
Sotheby’s	Services: Business	Term Loan (7/21)	Loan	3M USD LIBOR+	4.50	%	0.50	%	9.76	%	1/15/2027	3,215,561	3,178,251	3,124,722
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	1M USD SOFR+	3.25	%	0.75	%	8.38	%	8/2/2028	1,975,000	1,967,877	1,941,425
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	4.25	%	0.75	%	9.27	%	3/31/2028	1,970,000	1,956,027	1,841,950
Spectrum Brands, Inc.	Consumer goods: Durable	Term Loan (2/21)	Loan	1M USD LIBOR+	2.00	%	0.50	%	7.16	%	3/3/2028	490,000	489,296	488,878
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD LIBOR+	4.00	%	0.75	%	8.99	%	3/4/2028	2,940,000	2,927,996	2,348,325

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
Spirit Aerosystems Inc.	Aerospace & Defense	Term Loan (11/22)	Loan	3M USD SOFR+	4.50	%	0.50	%	9.55	%	1/14/2027	497,500	484,087	496,878
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	5/12/2028	2,690,909	2,687,985	2,639,620
SS&C Technologies, Inc.	Services: Business	Term Loan B3	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	4/16/2025	167,061	166,998	165,975
SS&C Technologies, Inc.	Services: Business	Term Loan B4	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	4/16/2025	148,146	148,093	147,184
SS&C Technologies, Inc.	Services: Business	Term Loan B-5	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	4/16/2025	456,902	456,620	454,047
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50	%	0.50	%	7.71	%	9/22/2028	627,750	623,026	622,741
Staples, Inc.	Wholesale	Term Loan (03/19)	Loan	3M USD LIBOR+	5.00	%	0.00	%	10.30	%	4/16/2026	4,330,081	4,241,982	3,680,569
Storable, Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%	0.50	%	8.65	%	4/17/2028	493,750	493,089	468,569
Summit Materials, LLC	Metals & Mining	Term Loan B (12/22)	Loan	6M USD SOFR+	3.00	%	0.00	%	8.49	%	12/13/2027	249,375	247,134	249,687
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.75	%	0.50	%	8.90	%	12/1/2028	987,500	979,662	980,588
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD SOFR+	4.25	%	0.75	%	9.52	%	8/2/2028	2,000,000	1,909,130	1,880,000
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	1M USD LIBOR+	4.00	%	0.75	%	9.26	%	4/24/2028	2,463,734	2,462,906	2,214,281
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan 3/22	Loan	3M USD SOFR+	5.00	%	0.50	%	9.90	%	4/2/2029	995,000	986,321	990,025
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD LIBOR+	2.75	%	0.50	%	7.90	%	7/7/2028	987,500	985,732	972,688
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	5.25	%	1.00	%	10.50	%	7/15/2025	4,371,891	4,324,578	4,336,391
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%	1.00	%	9.02	%	9/27/2024	1,895,000	1,894,422	1,806,181
The Dun & Bradstreet Corporation	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.25	%	0.00	%	8.41	%	2/6/2026	960,424	959,854	953,739
The Dun & Bradstreet Corporation	Services: Business	Term Loan B	Loan	1M USD SOFR+	3.25	%	0.00	%	8.39	%	1/18/2029	247,500	246,002	244,778
THE KNOT WORLDWIDE INC.	Services: Consumer	Term Loan (1/22)	Loan	1M USD SOFR+	4.50	%	0.00	%	9.75	%	12/19/2025	4,833,272	4,829,687	4,809,106
Thor Industries, Inc.	Automotive	USD Term Loan (3/21)	Loan	1M USD SOFR+	3.00	%	0.00	%	8.25	%	2/1/2026	1,517,243	1,499,416	1,512,812
Torrid LLC	Wholesale	Term Loan 5/21	Loan	1M USD SOFR+	5.50	%	0.75	%	10.77	%	6/14/2028	3,432,450	2,955,101	2,989,081
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD LIBOR+	3.50	%	0.50	%	8.65	%	4/15/2028	2,325,838	2,171,836	2,168,844
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	3M USD SOFR+	3.50	%	0.75	%	8.81	%	8/18/2027	488,750	484,129	340,698
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.25	%	0.50	%	7.52	%	12/1/2028	769,758	768,416	763,123
Transdigm, Inc.	Aerospace & Defense	Term Loan H	Loan	3M USD SOFR+	3.25	%	0.00	%	8.15	%	2/21/2027	1,988,386	1,985,682	1,978,445
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD LIBOR+	3.50	%	0.50	%	8.66	%	3/31/2028	1,473,752	1,468,609	1,394,376
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	2.25	%	0.00	%	7.40	%	3/10/2028	346,923	346,442	340,474
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+	4.00	%	0.75	%	9.25	%	10/29/2027	952,066	947,175	885,183
Uber Technologies, Inc.	Transportation: Consumer	Term Loan 2/23	Loan	3M USD SOFR+	2.75	%	0.00	%	7.66	%	2/27/2030	498,750	497,503	493,638
Ultra Clean Holdings, Inc.	High Tech Industries	Incremental Term Loan 3/21	Loan	1M USD LIBOR+	3.75	%	0.00	%	8.90	%	8/27/2025	782,230	780,229	781,252
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD LIBOR+	4.00	%	1.00	%	9.22	%	7/31/2026	496,815	477,782	482,884
United Natural Foods, Inc	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.25	%	0.00	%	8.52	%	10/22/2025	1,289,967	1,256,282	1,285,878
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/21)	Loan	1M USD LIBOR+	3.25	%	0.75	%	8.40	%	3/15/2026	2,440,439	2,436,083	2,352,314
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25	%	0.50	%	9.15	%	6/25/2029	248,125	241,480	240,061
Utz Quality Foods, LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.00	%	0.00	%	8.27	%	1/20/2028	1,823,802	1,822,695	1,814,427

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
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+	5.00	%	0.75	%	10.05	%	1/19/2029	2,336,296	2,271,898	2,122,127
Vericast Corp.	Media: Advertising, Printing & Publishing	Term Loan	Loan	1M USD SOFR+	7.75	%	1.00	%	13.02	%	6/15/2026	1,201,006	1,199,979	1,048,730
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD LIBOR+	4.00	%	0.00	%	9.48	%	8/20/2025	1,364,459	1,361,447	1,188,103
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD LIBOR+	3.75	%	0.75	%	8.90	%	12/6/2028	990,000	986,356	980,724
VFH Parent LLC	Banking, Finance, Insurance & Real Estate	Term Loan (01/22)	Loan	1M USD SOFR+	3.00	%	0.50	%	8.20	%	1/12/2029	3,069,879	3,064,185	2,983,554
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50	%	0.50	%	9.65	%	3/2/2029	2,989,975	2,924,674	2,869,628
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD LIBOR+	2.25	%	0.00	%	7.36	%	9/28/2028	2,845,909	2,838,787	2,781,876
Vistra Energy Corp	Utilities: Electric	2018 Incremental Term Loan	Loan	1M USD LIBOR+	1.75	%	0.00	%	6.90	%	12/31/2025	894,474	894,376	886,737
Vizient, Inc	Healthcare & Pharmaceuticals	Term Loan 4/22	Loan	1M USD SOFR+	2.25	%	0.50	%	7.45	%	5/16/2029	496,250	491,914	494,568
VM Consolidated, Inc.	Construction & Building	Term Loan B (3/21)	Loan	1M USD SOFR+	3.25	%	0.00	%	8.52	%	3/24/2028	2,120,393	2,118,781	2,115,092
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD SOFR+	6.00	%	1.00	%	11.15	%	9/30/2025	470,000	470,000	454,335
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (12/22)	Loan	1M USD SOFR+	3.00	%	0.50	%	8.25	%	12/15/2028	500,000	490,617	495,000
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan G	Loan	1M USD LIBOR+	2.13	%	0.00	%	7.28	%	1/20/2028	1,250,000	1,249,879	1,237,675
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan Incremental (11/22)	Loan	1M USD SOFR+	3.00	%	0.50	%	7.98	%	1/19/2028	500,000	491,037	498,595
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.75	%	0.50	%	9.06	%	3/2/2028	2,450,000	2,442,192	2,378,680
West Corporation	Telecommunications	Term Loan B-3	Loan	1M USD SOFR+	4.00	%	1.00	%	9.40	%	4/9/2027	1,189,119	1,173,823	1,058,982
WEX Inc.	Services: Business	Term Loan B (3/21)	Loan	1M USD SOFR+	2.25	%	0.00	%	7.52	%	3/31/2028	2,947,406	2,939,191	2,926,774
WildBrain Ltd.	Media: Diversified & Production	Term Loan	Loan	1M USD SOFR+	4.25	%	0.75	%	9.52	%	3/27/2028	1,960,000	1,931,339	1,891,400
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan 5/23	Loan	1M USD SOFR+	2.25	%	0.00	%	7.40	%	5/10/2030	1,000,000	995,000	996,880
Xperi Corporation	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.50	%	0.00	%	8.65	%	6/8/2028	2,310,717	2,304,550	2,281,833
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+	4.25	%	0.50	%	9.40	%	3/9/2027	990,000	969,668	775,635

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
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan 4/21	Loan	3M USD LIBOR+	3.00	%	0.50	%	8.19	%	11/1/2028	878,226		875,022		857,096
Zekelman Industries, Inc.	Metals & Mining	Term Loan (01/20)	Loan	3M USD LIBOR+	2.00	%	0.00	%	7.02	%	1/25/2027	959,611		959,611		946,416
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	1M USD SOFR+	5.50	%	0.00	%	10.54	%	2/8/2028	1,995,000		1,900,560		1,922,681
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	2.00	%	0.50	%	7.25	%	1/29/2029	493,750		492,872		482,141
													$	641,360,143	$	591,378,372

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (c)		13,354,715	$	13,354,715	$	13,354,715
Total cash and cash equivalents		13,354,715	$	13,354,715	$	13,354,715

(a)

All or a portion of this investment has an unfunded commitment as of May 31, 2023.

(b)

As of May 31, 2023, the investment was in default and on non-accrual status.

(c)

Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of May 31, 2023.

(d)

Investments include Payment-in-Kind Interest.

LIBOR—London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

1M USD LIBOR—The 1 month USD LIBOR rate as of May 31, 2023 was 5.19%.

3M USD LIBOR—The 3 month USD LIBOR rate as of May 31, 2023 was 5.52%.

6M USD LIBOR—The 6 month USD LIBOR rate as of May 31, 2023 was 5.65%.

1M SOFR - The 1 month SOFR rate as of May 31, 2023 was 5.17%.

3M SOFR - The 3 month SOFR rate as of May 31, 2023 was 5.29%.

6M SOFR - The 6 month SOFR rate as of May 31, 2023 was 5.32%.

Prime—The Prime Rate as of May 31, 2023 was 8.25%.

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
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		7.67	%	2/7/2029	$	1,997,500	$	1,924,905	$	1,901,380
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	5.25	%		0.00	%		9.93	%	7/8/2028		2,494,565		2,143,085		2,126,617
ADMI Corp.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	3.00	%		0.00	%		7.63	%	4/30/2025		1,910,276		1,907,516		1,825,517
Adtalem Global Education Inc.	Services: Business	Term Loan B (02/21)	Loan	1M USD LIBOR+	4.00	%		0.75	%		8.63	%	8/11/2028		691,846		686,475		689,992
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		10.36	%	5/9/2025		2,349,601		2,341,307		2,268,540
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (09/20)	Loan	1M USD LIBOR+	2.75	%		0.75	%		7.38	%	1/4/2026		214,286		213,103		212,946
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan (1/19)	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.38	%	1/4/2026		1,468,430		1,463,378		1,457,416
AHEAD DB Holdings, LLC	Services: Business	Term Loan (04/21)	Loan	3M USD LIBOR+	3.75	%		0.75	%		8.48	%	10/18/2027		2,955,000		2,871,299		2,915,285
AI Convoy (Luxembourg) S.a.r.l.	Aerospace & Defense	Term Loan B (USD)	Loan	6M USD LIBOR+	3.50	%		1.00	%		8.17	%	1/18/2027		-		-		-
Air Canada	Transportation: Consumer	Term Loan B (07/21)	Loan	3M USD LIBOR+	3.50	%		0.75	%		8.37	%	8/11/2028		1,990,000		1,851,613		1,984,408
AIS HoldCo, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.00	%		9.83	%	8/15/2025		4,789,642		4,700,517		4,622,004
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan (04/21)	Loan	1M USD LIBOR+	4.75	%		0.75	%		9.33	%	4/6/2028		2,500,000		2,333,827		2,407,300
AL GCX Holdings (Arclight) T/L B	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.50	%		8.28	%	5/17/2029		976,802		971,918		975,581
Alchemy US Holdco 1, LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	5.50	%		0.00	%		5.60	%	10/10/2025		1,654,803		1,644,633		1,551,378
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	2/4/2028		245,625		245,275		245,050
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD LIBOR+	2.50	%		0.50	%		7.11	%	3/12/2026		2,126,218		2,112,914		2,062,432
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%		0.00	%		10.23	%	2/10/2027		4,394,261		4,368,566		3,649,434
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B4	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.09	%	11/5/2027		987,500		986,800		974,781
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%		0.50	%		8.47	%	5/12/2028		1,975,000		1,967,474		1,900,404
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD LIBOR+	4.00	%		1.00	%		8.73	%	4/3/2024		1,126,283		1,124,635		893,142
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan (01/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	1/29/2028		491,250		489,554		480,506
American Airlines T/L (2/23)	Transportation: Consumer	Term Loan	Loan	N/A	N/A			N/A			N/A		N/A		-		27		-
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.16	%	12/5/2029		500,000		485,367		499,000
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan	Loan	1M USD LIBOR+	4.50	%		1.00	%		9.07	%	4/6/2024		3,012,861		3,011,462		3,011,596
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		8.47	%	3/3/2028		1,357,439		1,354,762		1,194,967
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD LIBOR+	2.25	%		0.75	%		6.88	%	2/17/2028		1,960,017		1,940,778		1,926,462
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	3.75	%		0.00	%		8.48	%	8/11/2025		957,500		955,643		791,134
Anchor Glass Container Corporation	Containers, Packaging & Glass	Term Loan (07/17)	Loan	3M USD LIBOR+	2.75	%		1.00	%		7.48	%	12/7/2023		470,138		469,901		333,915
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD LIBOR+	4.00	%		0.00	%		8.63	%	7/18/2026		977,215		971,052		952,785
ANI Pharmaceuticals, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	6.00	%		0.75	%		10.63	%	11/19/2027		2,970,000		2,922,446		2,866,050

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
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD LIBOR+	5.50	%		0.75	%		10.13	%	9/1/2027		1,875,000		1,852,824			1,802,344
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD LIBOR+	5.50	%		0.75	%		10.13	%	9/1/2027		500,000		494,095			480,415
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	3M USD SOFR+	5.00	%		0.50	%		9.66	%	7/26/2028		500,000		468,464			497,500
APi Group DE, Inc. (J2 Acquisition)	Services: Business	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	10/1/2026		1,757,184		1,751,429			1,754,548
APLP Holdings Limited Partnership	Energy: Electricity	Term Loan B (3/21)	Loan	3M USD LIBOR+	3.75	%		1.00	%		8.48	%	5/14/2027		440,541		437,327			440,726
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.38	%	5/15/2026		2,939,086		2,914,348			2,850,914
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	3/6/2028		982,500		975,109			928,463
AppLovin Corporation	High Tech Industries	Term Loan (10/21)	Loan	3M USD SOFR+	3.10	%		0.50	%		7.70	%	10/21/2028		1,488,750		1,485,729			1,472,002
AppLovin Corporation	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.35	%		0.00	%		7.94	%	8/15/2025		979,592		979,592			972,245
Aramark Corporation	Services: Consumer	Term Loan B (4/21)	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	4/1/2028		1,753,715		1,747,448			1,747,139
Aramark Corporation	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	1/15/2027		2,331,250		2,280,733			2,305,023
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.50	%		8.38	%	9/23/2028		863,885		860,682			811,836
ARC FALCON I INC. (a)	Chemicals, Plastics, & Rubber	Delayed Draw Term Loan	Loan	3M USD LIBOR+	1.00	%		0.50	%		1.00	%	9/29/2028		-		(512	)		(7,675	)
Arches Buyer Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.50	%		7.97	%	12/6/2027		1,484,848		1,477,106			1,395,758
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/18)	Loan	1M USD SOFR+	4.25	%		0.00	%		8.97	%	10/1/2025		1,916,203		1,913,228			1,887,460
ASP BLADE HOLDINGS, INC.	Capital Equipment	Term Loan	Loan	3M USD LIBOR+	4.00	%		0.50	%		8.73	%	10/7/2028		99,059		98,658			82,491
Asplundh Tree Expert, LLC	Services: Business	Term Loan 2/21	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	9/7/2027		977,500		974,396			974,010
AssuredPartners Capital, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (2/20)	Loan	1M USD LIBOR+	3.50	%		0.00	%		8.13	%	2/12/2027		989,796		986,847			967,773
AssuredPartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.12	%	2/12/2027		496,250		495,400			485,084
AssuredPartners Inc.	Banking, Finance, Insurance & Real Estate	Incremental Term Loan (7/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	2/12/2027		985,000		985,000			962,838
ASTRO ONE ACQUISITION CORPORATION	Consumer goods: Durable	Term Loan	Loan	3M USD LIBOR+	5.50	%		0.75	%		10.23	%	9/15/2028		2,970,000		2,946,187			1,767,150
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	3M USD SOFR+	4.00	%		0.00	%		8.68	%	8/19/2028		1,995,000		1,901,937			1,866,741
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	12/18/2026		2,964,858		2,956,667			2,817,683
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.06	%	2/15/2029		1,330,543		1,325,206			1,227,426
ATHENAHEALTH GROUP INC. (a)	Healthcare & Pharmaceuticals	Delayed Draw Term Loan (02/22)	Loan	3M USD LIBOR+	3.50	%		0.50	%		3.50	%	2/15/2029		-		-			(12,636	)
Avison Young (Canada) Inc	Services: Business	Term Loan (08/22)	Loan	1M USD SOFR+	7.00	%		0.00	%		11.73	%	1/31/2026		748,125		708,918			635,906
Avison Young (Canada) Inc	Services: Business	Term Loan	Loan	1M USD SOFR+	5.75	%		0.00	%		10.48	%	1/31/2026		3,370,882		3,344,831			2,646,142

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
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B5 (7/21)	Loan	1M USD LIBOR+	2.25	%		0.50	%		6.85	%	12/1/2027		490,000		486,530		489,539
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B3	Loan	1M USD LIBOR+	1.75	%		0.75	%		6.35	%	1/15/2025		1,000,000		932,184		998,440
Axalta Coating Systems Dutch Holding B B.V.	Chemicals, Plastics, & Rubber	Term Loan B-4 Dollar	Loan	3M USD SOFR+	3.00	%		0.50	%		7.51	%	12/7/2029		1,000,000		990,447		1,003,570
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD LIBOR+	6.00	%		0.75	%		10.75	%	9/20/2027		475,000		463,094		457,188
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	10/10/2026		642,295		638,890		613,391
B.C. Unlimited Liability Co (Burger King)	Beverage, Food & Tobacco	Term Loan B4	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	11/19/2026		1,455,000		1,430,342		1,440,712
BAKELITE UK INTERMEDIATE LTD.	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.00	%		0.50	%		8.73	%	5/29/2029		995,000		990,609		940,275
Baldwin Risk Partners, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.10	%	10/14/2027		1,226,325		1,215,617		1,205,637
Bausch Health Companies Inc.	Healthcare & Pharmaceuticals	Term Loan B (1/22)	Loan	1M USD SOFR+	5.25	%		0.50	%		9.91	%	2/1/2027		1,950,000		1,764,574		1,534,299
Belfor Holdings Inc.	Services: Consumer	Term Loan B-2 (3/22)	Loan	1M USD SOFR+	4.25	%		0.50	%		8.87	%	4/6/2026		994,911		971,026		992,424
Belfor Holdings Inc.	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.00	%		8.63	%	4/6/2026		245,547		245,547		244,995
Belron Finance US LLC	Automotive	Term Loan B (3/21)	Loan	3M USD LIBOR+	2.50	%		0.50	%		7.38	%	4/13/2028		1,965,000		1,950,181		1,960,913
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		7.93	%	1/24/2029		1,990,000		1,988,811		1,804,273
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	4/23/2026		1,465,141		1,457,842		1,441,332
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.88	%	4/23/2026		979,747		975,006		952,804
Blue Tree Holdings, Inc.	Chemicals, Plastics, & Rubber	Term Loan (2/21)	Loan	3M USD LIBOR+	2.50	%		0.00	%		7.23	%	3/4/2028		982,500		980,692		967,763
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan 12/22	Loan	1M USD SOFR+	3.50	%		0.50	%		8.12	%	12/12/2029		498,750		486,572		496,007
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan (1/20)	Loan	1M USD LIBOR+	2.00	%		0.00	%		6.63	%	5/24/2027		1,455,049		1,449,140		1,416,854
Boxer Parent Company, Inc.	High Tech Industries	Term Loan (2/21)	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	10/2/2025		516,794		516,794		509,827
Bracket Intermediate Holding Corp	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.25	%		0.00	%		9.04	%	9/5/2025		957,500		955,597		929,378
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan B-3	Loan	1M USD LIBOR+	3.50	%		0.00	%		8.13	%	3/5/2026		982,500		982,500		967,556
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD LIBOR+	3.00	%		0.00	%		7.63	%	1/22/2027		2,948,786		2,944,577		2,906,412
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan (1/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	8/1/2025		1,462,613		1,464,152		1,456,090
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	1M USD SOFR+	3.75	%		0.00	%		8.37	%	6/8/2029		498,750		487,209		498,336
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan (1/21)	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.82	%	11/1/2026		1,950,188		1,941,198		1,946,931
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	3/31/2028		2,462,500		2,443,814		2,437,875
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD LIBOR+	4.50	%		0.00	%		9.13	%	1/4/2026		675,000		668,575		674,582
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD LIBOR+	2.50	%		0.75	%		7.09	%	6/5/2028		2,487,342		2,268,038		2,208,560

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
CareerBuilder, LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	6.75	%		1.00	%		11.48	%	7/31/2023		5,393,388		5,347,671		3,513,792
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	1/27/2027		1,963,384		1,954,023		1,375,469
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.50	%		7.31	%	10/21/2027		1,000,000		992,500		987,080
CBI BUYER, INC.	Consumer goods: Durable	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.50	%		7.88	%	1/6/2028		2,969,887		2,814,181		2,026,948
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	2.25	%		0.50	%		6.88	%	9/16/2028		247,500		247,017		244,612
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%		0.75	%		8.58	%	12/17/2027		245,625		243,880		241,223
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		8.97	%	3/5/2028		1,000,000		951,484		975,000
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.75	%		8.39	%	3/5/2028		982,500		978,899		957,938
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	5.50	%		0.00	%		10.13	%	9/25/2025		2,400,000		2,390,330		1,605,504
CDK GLOBAL, INC.	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	4.50	%		0.50	%		9.08	%	7/6/2029		1,000,000		971,508		996,150
Cengage Learning, Inc.	Media: Advertising, Printing & Publishing	Term Loan B (6/21)	Loan	6M USD LIBOR+	4.75	%		1.00	%		9.88	%	7/14/2026		2,962,500		2,942,124		2,794,171
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	3M USD LIBOR+	2.50	%		0.50	%		7.45	%	8/27/2028		878,330		871,190		870,100
CenturyLink, Inc.	Telecommunications	Term Loan B (1/20)	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.88	%	3/15/2027		3,887,492		3,883,600		3,208,269
Charlotte Buyer, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	5.25	%		0.00	%		9.81	%	2/11/2028		1,500,000		1,403,100		1,455,945
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.39	%	4/3/2025		905,031		880,859		898,406
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD LIBOR+	2.00	%		0.00	%		6.64	%	3/17/2028		491,250		490,382		486,952
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	USD Term Loan	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	5/17/2028		1,979,950		1,892,607		1,785,419
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.23	%	2/2/2028		4,912,500		4,910,914		4,865,684
Clarios Global LP	Automotive	Term Loan B1	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	4/30/2026		1,267,812		1,261,524		1,260,091
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.16	%	8/9/2026		3,439,962		3,421,651		3,401,262
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	4.18	%		0.50	%		8.89	%	4/13/2029		1,492,500		1,458,949		1,469,993
Cole Haan	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+	5.50	%		0.00	%		10.23	%	2/7/2025		875,000		871,486		841,461
Columbus McKinnon Corporation	Capital Equipment	Term Loan (4/21)	Loan	3M USD LIBOR+	2.75	%		0.50	%		7.50	%	5/14/2028		449,172		448,339		446,926
Conduent, Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	4.25	%		0.50	%		8.88	%	10/16/2028		1,787,985		1,755,247		1,742,177

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
Connect Finco SARL	Telecommunications	Term Loan (1/21)	Loan	1M USD SOFR+	3.50	%		1.00	%		8.14	%	12/11/2026		2,917,500		2,816,917		2,863,526
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.75	%		8.19	%	10/2/2027		2,714,005		2,520,099		2,435,819
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.84	%	1/31/2028		4,000,000		3,988,733		3,867,160
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.19	%	6/2/2028		2,468,750		2,459,383		2,110,164
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan 2/21	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.32	%	3/2/2027		1,960,000		1,960,000		1,934,579
COWEN INC.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	6M USD LIBOR+	3.25	%		0.00	%		7.43	%	3/24/2028		3,927,406		3,907,308		3,922,496
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (02/23)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.06	%	11/1/2028		1,600,000		1,588,000		1,595,008
CROCS INC	Consumer goods: Durable	Term Loan	Loan	6M USD SOFR+	3.50	%		0.50	%		7.73	%	2/20/2029		2,512,500		2,421,039		2,504,133
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD LIBOR+	4.00	%		0.75	%		8.69	%	9/15/2027		492,500		492,174		489,422
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan (4/21)	Loan	1M USD LIBOR+	4.75	%		0.75	%		9.32	%	4/27/2027		3,404,110		3,377,740		3,340,283
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.09	%	4/15/2027		485,000		485,000		435,894
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan 12/22	Loan	1M USD SOFR+	4.50	%		0.00	%		9.06	%	4/15/2027		2,400,032		2,389,363		2,244,030
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+	6.00	%		1.00	%		10.83	%	11/2/2027		1,960,000		1,917,602		1,666,000
Daseke Inc	Transportation: Cargo	Term Loan 2/21	Loan	1M USD LIBOR+	4.00	%		0.75	%		8.64	%	3/5/2028		1,473,750		1,468,500		1,468,223
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (04/22)	Loan	1M USD SOFR+	5.00	%		0.50	%		9.75	%	6/29/2029		995,000		948,574		997,736
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	6M USD SOFR+	4.00	%		0.00	%		8.70	%	10/16/2026		1,469,773		1,469,773		1,446,257
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.22	%	11/16/2029		5,400,000		5,285,256		5,298,750
Delta 2 Lux Sarl	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.50	%		7.87	%	1/15/2030		1,000,000		990,424		1,001,750
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD LIBOR+	3.75	%		0.50	%		8.48	%	10/4/2028		992,500		989,236		928,980
DG Investment Intermediate Holdings 2, Inc.	Aerospace & Defense	Incremental Term Loan (3/22)	Loan	1M USD SOFR+	4.75	%		0.75	%		9.37	%	3/31/2028		498,750		479,659		488,152
Diamond Sports Group, LLC (b)	Media: Broadcasting & Subscription	Second Lien Term Loan	Loan	3M USD SOFR+	3.40	%		0.00	%		8.03	%	8/24/2026		3,374,880		3,017,273		382,306
Diamond Sports Group, LLC (b)	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	6M USD SOFR+	8.00	%		1.00	%		13.06	%	5/25/2026		342,343		333,975		318,951
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	5.00	%		0.75	%		9.63	%	8/2/2027		3,550,000		3,523,794		3,448,754
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%		0.50	%		8.96	%	10/4/2029		1,500,000		1,385,334		1,433,310
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD LIBOR+	4.25	%		0.75	%		8.98	%	3/25/2028		492,500		488,806		434,631
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD LIBOR+	5.50	%		0.75	%		10.10	%	11/30/2028		1,310,136		1,272,492		1,286,121
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.50	%		8.67	%	11/30/2028		1,994,949		1,803,027		1,755,556
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD LIBOR+	5.25	%		0.50	%		9.88	%	12/15/2028		3,972,487		3,830,439		3,552,913
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/21)	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	3/1/2028		6,435,000		6,396,896		6,284,164

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
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.38	%	8/21/2025		1,612,878		1,609,665		1,602,798
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (01/23)	Loan	1M USD SOFR+	3.25	%		0.00	%		7.97	%	1/31/2030		2,034,413		2,031,025		2,021,698
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	8/16/2028		990,000		985,965		969,586
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	11/23/2028		1,985,000		1,981,077		1,916,776
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD LIBOR+	3.50	%		0.75	%		8.13	%	4/7/2028		2,188,547		2,182,686		2,129,281
Electrical Components Inter., Inc.	Capital Equipment	Term Loan (6/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		8.88	%	6/26/2025		1,888,404		1,888,404		1,719,638
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD LIBOR+	3.00	%		0.50	%		7.63	%	11/1/2028		496,250		494,396		491,208
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD LIBOR+	6.50	%		0.00	%		11.13	%	12/14/2025		2,175,269		2,121,627		2,169,831
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	6M USD SOFR+	3.00	%		0.50	%		7.79	%	3/30/2029		614,918		611,634		604,735
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan (3/21)	Loan	Prime	6.00	%		0.75	%		13.75	%	3/27/2028		2,335,285		2,328,380		1,839,037
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	3.50	%		0.75	%		8.07	%	2/10/2028		2,462,500		2,453,593		2,276,581
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B (10/22)	Loan	3M USD SOFR+	3.50	%		0.50	%		8.18	%	10/30/2029		1,000,000		987,635		999,060
Envision Healthcare Corporation	Healthcare & Pharmaceuticals	Term Loan B (06/18)	Loan	3M USD LIBOR+	3.75	%		0.00	%		8.48	%	10/10/2025		4,784,383		4,782,311		1,202,076
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	3M USD SOFR+	6.00	%		0.50	%		10.60	%	8/3/2029		1,000,000		923,495		986,250
Equiniti Group PLC	Services: Business	Term Loan B	Loan	6M USD SOFR+	4.50	%		0.50	%		9.54	%	12/11/2028		990,000		981,797		990,624
EyeCare Partners, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	3.75	%		0.00	%		8.48	%	2/18/2027		1,948,081		1,948,081		1,621,174
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (9/20)	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	6/27/2025		2,830,950		2,826,805		2,830,950
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	6M USD SOFR+	5.00	%		1.00	%		10.25	%	3/30/2027		4,912,500		4,854,265		4,754,367

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
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Refinancing Term Loan	Loan	3M USD LIBOR+	2.50	%		0.00	%		7.23	%	2/1/2027		5,146,145		5,133,892		5,055,007
First Student Bidco Inc.	Transportation: Consumer	Term Loan B	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.73	%	7/21/2028		723,088		718,928		689,255
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.73	%	7/21/2028		269,608		268,052		256,993
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (4/18)	Loan	3M USD SOFR+	3.25	%		1.00	%		8.08	%	4/18/2025		1,330,058		1,326,810		1,268,211
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD LIBOR+	2.25	%		0.00	%		6.98	%	7/21/2026		1,975,000		1,972,044		1,971,643
Flutter Financing B.V.	Hotel, Gaming & Leisure	Third Amendment 2028-B Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.09	%	7/21/2028		748,125		732,248		747,848
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.50	%		7.87	%	6/30/2028		1,487,298		1,470,684		1,477,765
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	3M USD LIBOR+	4.75	%		0.75	%		9.56	%	3/10/2026		799,104		793,938		760,148
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.75	%		9.70	%	3/10/2026		3,000,000		2,852,614		2,857,500
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.94	%	8/1/2025		4,308,730		4,296,025		4,303,344
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.88	%	1/29/2027		1,950,000		1,948,124		1,915,524
Garrett LX III S.a r.l.	Automotive	Dollar Term Loan	Loan	3M USD LIBOR+	3.25	%		0.50	%		8.08	%	4/30/2028		1,481,250		1,475,822		1,460,261
Gates Global LLC	Automotive	Term Loan (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.12	%	11/15/2029		249,375		242,119		249,121
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.83	%	12/31/2027		2,289,884		2,276,592		2,281,297
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan (11/19)	Loan	3M USD LIBOR+	2.00	%		0.00	%		6.73	%	12/30/2026		1,458,750		1,454,820		1,453,892
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.96	%	8/27/2025		3,072,992		2,734,560		3,053,141
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	3M USD SOFR+	4.25	%		0.00	%		9.08	%	11/29/2025		4,897,634		4,753,219		4,342,830
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan 2/21	Loan	1M USD LIBOR+	2.00	%		0.00	%		6.63	%	8/10/2027		1,959,799		1,959,799		1,950,255
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	1M USD LIBOR+	5.25	%		0.75	%		9.88	%	12/1/2027		1,962,500		1,946,411		1,903,625
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD LIBOR+	3.00	%		0.75	%		7.63	%	8/7/2027		962,517		957,931		956,501
Great Outdoors Group, LLC	Retail	Term Loan B2	Loan	1M USD LIBOR+	3.75	%		0.75	%		8.38	%	3/6/2028		980,094		976,551		964,471
Greenhill & Co., Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD LIBOR+	3.25	%		0.00	%		8.20	%	4/12/2024		2,844,231		2,836,329		2,789,707
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.20	%	1/24/2029		154,375		154,051		152,959
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Amendment 5 Term Loan	Loan	1M USD LIBOR+	2.50	%		0.50	%		7.13	%	2/24/2028		2,836,805		2,834,453		2,808,437
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	3M USD LIBOR+	4.75	%		0.75	%		9.48	%	5/27/2028		1,994,937		1,625,873		1,720,633
Harbor Freight Tools USA, Inc.	Retail	Term Loan B (06/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	10/19/2027		3,438,442		3,420,645		3,324,355
Helix Gen Funding, LLc	Energy: Electricity	Term Loan B (02/17)	Loan	1M USD LIBOR+	3.75	%		1.00	%		8.38	%	6/3/2024		209,702		209,702		208,332
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	7/14/2028		3,479,167		3,473,274		3,441,105
Hillman Group Inc. (The) (New) (a)	Consumer goods: Durable	Delayed Draw Term Loan (2/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	7/14/2028		66,667		66,667		57,444
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan B (08/18)	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	8/18/2025		3,510,000		3,504,423		3,452,225

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
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	3M USD LIBOR+	3.75	%		0.75	%		8.48	%	11/17/2028		2,317,577		2,309,047		1,888,825
Howden Group Holdings	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	1M USD LIBOR+	3.25	%		0.75	%		7.94	%	11/12/2027		2,152,191		2,144,311		2,117,218
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	1M USD SOFR+	3.00	%		0.00	%		7.73	%	3/17/2028		5,895,000		5,850,826		5,619,173
Idera, Inc.	High Tech Industries	Term Loan (02/21)	Loan	3M USD LIBOR+	3.75	%		0.75	%		8.51	%	3/2/2028		4,811,111		4,802,585		4,635,698
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	11/1/2028		1,980,000		1,972,160		1,947,825
INDY US BIDCO, LLC	Services: Business	Term Loan (11/21)	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	3/6/2028		2,215,703		2,215,226		1,888,200
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.75	%		0.00	%		8.42	%	2/9/2030		1,000,000		990,000		991,560
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan (1/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	1/29/2026		1,979,950		1,929,143		1,967,080
Informatica Inc.	High Tech Industries	Term Loan B (10/21)	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.44	%	10/27/2028		496,250		495,896		494,761
Ingram Micro Inc.	Wholesale	Term Loan	Loan	3M USD LIBOR+	3.50	%		0.50	%		8.23	%	6/30/2028		1,477,500		1,465,872		1,468,266
Inmar Acquisition Sub, Inc.	Services: Business	Term Loan B	Loan	1M USD LIBOR+	4.00	%		1.00	%		8.63	%	5/1/2024		3,350,673		3,327,770		3,270,055
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	2/4/2027		486,250		484,966		483,007
INSTANT BRANDS HOLDINGS INC.	Consumer goods: Durable	Term Loan 4/21	Loan	3M USD LIBOR+	5.00	%		0.75	%		9.95	%	4/7/2028		4,027,667		4,010,741		2,154,802
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B3	Loan	1M USD SOFR+	3.00	%		0.75	%		7.57	%	12/14/2027		500,000		495,150		493,125
IRB Holding T/L B (1/22)	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.75	%		7.69	%	12/15/2027		500,000		495,150		493,125
Isagenix International, LLC (b)	Beverage, Food & Tobacco	Term Loan	Loan	3M USD LIBOR+	7.75	%		1.00	%		11.35	%	6/14/2025		2,330,036		2,311,947		814,068
J Jill Group, Inc	Retail	Priming Term Loan	Loan	3M USD LIBOR+	5.00	%		1.00	%		9.83	%	5/8/2024		1,553,698		1,553,299		1,464,361
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan (1/21)	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.38	%	1/31/2028		3,920,000		3,917,671		3,897,970
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	3M USD LIBOR+	4.25	%		0.75	%		8.98	%	3/1/2028		985,000		981,310		731,569
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		10.33	%	11/15/2025		3,884,160		3,863,896		2,469,199
Klockner-Pentaplast of America, Inc.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+	4.75	%		0.50	%		10.13	%	2/12/2026		1,473,750		1,469,605		1,354,936
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD LIBOR+	3.25	%		0.75	%		7.98	%	3/13/2028		491,242		490,111		472,083
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	9/1/2027		491,288		482,835		482,690
Lakeland Tours, LLC	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed	0.00	%		0.00	%		13.25	%	9/27/2027		990,775		383,373		644,004
Lealand Finance Company B.V.	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD LIBOR+	1.00	%		0.00	%		5.63	%	6/30/2025		345,078		345,078		221,426
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+	4.75	%		0.50	%		9.47	%	2/16/2029		997,487		815,989		817,940
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan B	Loan	1M USD SOFR+	3.50	%		1.00	%		8.23	%	2/28/2025		2,616,496		2,602,628		2,295,975
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	6M USD LIBOR+	4.75	%		0.00	%		8.92	%	3/17/2028		985,000		982,312		940,675
LogMeIn, Inc.	High Tech Industries	Term Loan (8/20)	Loan	1M USD LIBOR+	4.75	%		0.00	%		9.38	%	8/31/2027		3,920,000		3,868,809		2,137,145

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
LOYALTY VENTURES INC. (b)	Services: Business	Term Loan B	Loan	Prime	3.50	%		0.50	%		11.25	%	11/3/2027		3,089,630		3,074,278		926,889
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.32	%	11/11/2026		1,207,856		1,206,501		1,203,701
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan (01/23)	Loan	1M USD SOFR+	4.25	%		0.50	%		8.97	%	10/14/2028		500,000		486,534		489,165
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.23	%	10/16/2028		248,125		247,170		241,508
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan B	Loan	3M USD SOFR+	7.25	%		0.75	%		11.83	%	3/29/2029		2,962,500		2,872,908		2,888,438
MAGNITE, INC.	Services: Business	Term Loan	Loan	1M USD LIBOR+	5.00	%		0.75	%		9.63	%	4/28/2028		2,964,950		2,901,156		2,826,575
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (11/19)	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	8/29/2025		1,317,074		1,317,074		1,308,842
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD LIBOR+	1.75	%		0.00	%		6.49	%	2/15/2027		250,000		249,658		247,500
Maxar Technologies Inc	Aerospace & Defense	Term Loan (6/22)	Loan	1M USD SOFR+	4.25	%		0.50	%		8.97	%	6/14/2029		1,994,987		1,926,722		1,997,641
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	Term Loan B (02/23)	Loan	3M USD SOFR+	5.00	%		0.00	%		8.81	%	2/27/2028		3,450,000		3,346,500		3,363,750
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan (07/21)	Loan	3M USD LIBOR+	4.75	%		0.50	%		9.70	%	7/28/2028		1,975,000		1,957,770		1,894,025
MedAssets Software Inter Hldg, Inc.	High Tech Industries	Term Loan (11/21) (USD)	Loan	1M USD LIBOR+	4.00	%		0.50	%		8.63	%	12/18/2028		496,250		493,413		462,753
Mermaid Bidco Inc.	High Tech Industries	Term Loan B2	Loan	3M USD LIBOR+	3.50	%		0.75	%		8.30	%	12/22/2027		983,769		981,224		964,093
Messer Industries, LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	3M USD LIBOR+	2.50	%		0.00	%		7.23	%	3/1/2026		2,980,405		2,970,477		2,968,871
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD LIBOR+	4.25	%		0.75	%		8.98	%	4/8/2028		2,467,450		2,452,022		2,254,632
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Term Loan B (08/21)	Loan	3M USD LIBOR+	4.25	%		0.50	%		9.20	%	9/1/2028		2,992,424		2,725,679		2,509,148
MW Industries, Inc. (Helix Acquisition Holdings)	Capital Equipment	Term Loan (2019 Incremental)	Loan	3M USD LIBOR+	3.75	%		0.00	%		8.48	%	9/30/2024		2,842,097		2,823,791		2,778,150
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+	3.00	%		0.50	%		7.73	%	11/23/2028		2,970,000		2,963,897		2,927,678
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+	5.25	%		0.75	%		9.95	%	2/22/2029		3,000,000		2,407,500		2,285,640
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.00	%		8.19	%	11/14/2025		3,436,481		3,419,311		3,395,690
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	1M USD SOFR+	3.75	%		0.75	%		8.47	%	3/2/2028		2,736,043		2,727,702		2,108,477
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD LIBOR+	3.75	%		0.75	%		8.48	%	3/2/2028		87,464		87,137		67,402
NEW ERA CAP, LLC	Consumer goods: Durable	Term Loan (01/22)	Loan	3M USD LIBOR+	6.00	%		0.75	%		10.82	%	7/13/2027		3,628,164		3,627,422		3,483,037
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	9/18/2026		657,625		652,850		655,745
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		10.33	%	8/9/2024		1,675,340		1,670,519		1,373,779
NortonLifeLock Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.00	%		0.50	%		6.72	%	9/12/2029		1,398,374		1,392,077		1,382,391
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.75	%		9.82	%	12/22/2028		1,985,000		1,972,048		1,692,213
Nuvei Technologies Corp.	High Tech Industries	US Term Loan	Loan	1M USD LIBOR+	2.50	%		0.50	%		7.13	%	9/29/2025		2,216,250		2,213,211		2,210,709
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.20	%	2/23/2029		2,492,500		2,386,817		2,224,556
Open Text Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.22	%	8/24/2029		1,500,000		1,455,000		1,496,955
Organon & Co.	Healthcare & Pharmaceuticals	Term Loan USD	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.75	%	6/2/2028		2,327,083		2,318,310		2,297,995
Pacific Gas & Electric	Utilities: Electric	Term Loan	Loan	1M USD LIBOR+	3.00	%		0.50	%		7.69	%	6/18/2025		1,464,944		1,460,891		1,457,619

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
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD LIBOR+	3.25	%		0.50	%		7.88	%	9/20/2028		987,500		983,571		981,950
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD LIBOR+	4.75	%		0.50	%		9.54	%	7/6/2028		941,176		933,570		864,122
Panther Guarantor II, L.P. (Forcepoint)	High Tech Industries	Term Loan 1/21	Loan	3M USD LIBOR+	4.25	%		0.50	%		9.08	%	1/7/2028		492,500		489,882		461,719
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan 2/23	Loan	1M USD SOFR+	4.25	%		0.50	%		8.92	%	2/13/2030		1,500,000		1,477,500		1,479,375
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75	%		0.50	%		10.47	%	8/1/2029		1,995,000		1,653,635		1,700,738
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	3/30/2027		486,509		479,333		424,630
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.13	%	5/29/2026		809,038		806,994		807,396
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	3.75	%		0.50	%		8.43	%	2/28/2029		992,500		990,539		975,131
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	1M USD LIBOR+	3.25	%		0.50	%		7.88	%	12/29/2028		1,292,862		1,287,663		1,272,396
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC (a)	Healthcare & Pharmaceuticals	Delayed Draw Term Loan (12/21)	Loan	1M USD LIBOR+	3.25	%		0.50	%		7.88	%	12/29/2028		147,287		147,287		144,174
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.50	%		7.47	%	5/3/2029		995,000		990,530		990,851
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.75	%		8.38	%	2/1/2028		5,306,577		5,291,284		5,249,372
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.00	%		0.50	%		8.72	%	12/23/2028		1,985,000		1,967,896		1,900,638
Pike Corporation	Construction & Building	Term Loan (8/22)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.12	%	1/21/2028		498,750		487,274		497,294
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		8.73	%	3/17/2028		3,939,924		3,914,651		3,789,734
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (11/21)	Loan	1M USD LIBOR+	2.50	%		0.50	%		7.13	%	12/1/2028		1,921,176		1,913,386		1,911,974
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD LIBOR+	2.75	%		0.00	%		7.38	%	3/13/2028		4,421,250		4,414,119		4,370,804
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.08	%	4/21/2029		1,995,000		1,986,056		1,710,912
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan B	Loan	3M USD LIBOR+	3.00	%		0.75	%		7.75	%	12/29/2027		491,250		489,531		487,566
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD LIBOR+	4.75	%		0.75	%		9.38	%	2/12/2028		5,403,750		5,359,857		5,025,488
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD LIBOR+	3.75	%		0.50	%		8.38	%	12/15/2028		2,977,500		2,956,393		2,929,116
Presidio, Inc.	Services: Business	Term Loan B (1/20)	Loan	3M USD SOFR+	3.50	%		0.00	%		8.28	%	1/22/2027		487,500		486,909		485,267
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan (1/21)	Loan	3M USD LIBOR+	2.75	%		0.75	%		7.52	%	9/23/2026		3,520,468		3,520,468		3,511,667
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan	Loan	3M USD LIBOR+	5.75	%		1.00	%		10.70	%	4/27/2027		2,955,000		2,932,371		2,936,531
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD LIBOR+	3.25	%		0.75	%		8.00	%	12/28/2027		491,245		489,458		450,310
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	6M USD SOFR+	5.25	%		0.50	%		9.80	%	7/20/2029		1,000,000		933,902		924,690
Prometric Inc. (Sarbacane Bidco)	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	3.00	%		1.00	%		7.64	%	1/29/2025		476,438		475,777		444,278
PUG LLC	Services: Consumer	Term Loan B (02/20)	Loan	1M USD LIBOR+	3.50	%		0.00	%		8.13	%	2/12/2027		480,126		478,777		378,099
QUEST BORROWER LIMITED	High Tech Industries	Term Loan (1/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.08	%	2/1/2029		1,990,000		1,972,710		1,707,539
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (1/21)	Loan	3M USD LIBOR+	2.75	%		0.75	%		7.60	%	2/15/2028		2,974,823		2,882,889		1,863,310

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
RAND PARENT LLC	Transportation: Cargo	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		8.80	%	2/7/2030		1,500,000		1,462,500		1,455,000
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD LIBOR+	3.00	%		0.50	%		7.63	%	4/24/2028		987,500		985,860		955,159
Renaissance Learning, Inc.	Services: Consumer	Term Loan (5/18)	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	5/30/2025		2,938,373		2,922,432		2,871,025
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	3M USD LIBOR+	3.25	%		0.50	%		8.13	%	2/17/2028		1,976,155		1,934,422		1,927,997
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD LIBOR+	5.50	%		1.00	%		10.31	%	12/20/2024		4,298,135		4,249,328		3,200,305
Resideo Funding Inc.	Services: Consumer	Term Loan (1/21)	Loan	3M USD LIBOR+	2.25	%		0.50	%		7.12	%	2/11/2028		1,473,750		1,471,623		1,471,908
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	3M USD LIBOR+	4.25	%		1.00	%		8.98	%	4/30/2024		3,038,616		3,035,050		2,385,313
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD LIBOR+	2.50	%		0.50	%		7.13	%	10/20/2028		3,462,437		3,456,353		3,320,477
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		6.47	%	1/29/2027		1,276,932		1,276,737		1,273,880
Reynolds Group Holdings Inc.	Containers, Packaging & Glass	Term Loan B2	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	2/5/2026		3,124,551		3,114,804		3,114,302
Rocket Software, Inc.	High Tech Industries	Term Loan (11/18)	Loan	1M USD LIBOR+	4.25	%		0.00	%		8.88	%	11/28/2025		2,875,317		2,870,016		2,818,414
Russell Investments US Inst’l Holdco, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	1M USD LIBOR+	3.50	%		1.00	%		8.13	%	6/2/2025		5,590,662		5,565,048		5,499,813
RV Retailer LLC	Automotive	Term Loan	Loan	3M USD SOFR+	3.75	%		0.75	%		8.55	%	2/8/2028		2,957,631		2,912,519		2,516,441
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.00	%		0.75	%		7.72	%	9/1/2027		1,478,623		1,467,543		1,474,010
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	3M USD LIBOR+	5.00	%		0.50	%		9.83	%	3/10/2028		2,458,719		2,409,819		2,349,625
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.00	%		7.06	%	3/24/2030		500,000		496,250		498,750
Samsonite International S.A.	Consumer goods: Non-durable	Term Loan B2	Loan	1M USD LIBOR+	3.00	%		0.75	%		7.63	%	4/25/2025		927,537		914,134		927,537
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD LIBOR+	3.75	%		0.75	%		8.44	%	4/20/2028		2,955,000		2,942,014		2,895,900
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.50	%		8.10	%	4/4/2029		498,750		497,703		489,942
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+	3.75	%		0.00	%		8.32	%	2/17/2028		1,000,000		990,000		987,500

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
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan	Loan	3M USD LIBOR+	2.00	%		0.00	%		6.73	%	11/2/2028		1,000,000		998,000		991,250
Signify Health, LLC	Healthcare & Pharmaceuticals	Term Loan B (6/21)	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.73	%	6/16/2028		493,750		491,846		493,750
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	1M USD LIBOR+	3.75	%		0.50	%		8.39	%	8/28/2028		1,975,000		1,967,031		1,966,982
SiteOne Landscape Supply, LLC	Services: Business	Term Loan (3/21)	Loan	1M USD LIBOR+	2.00	%		0.50	%		6.64	%	3/18/2028		777,852		776,450		774,609
SMG US Midco 2, Inc.	Services: Business	Term Loan (01/20)	Loan	3M USD LIBOR+	2.50	%		0.00	%		7.33	%	1/23/2025		485,000		485,000		479,243
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		8.97	%	4/2/2029		1,000,000		992,500		995,000
Solis IV B.V.	Consumer goods: Durable	Term Loan B-1	Loan	3M USD SOFR+	3.50	%		0.50	%		8.37	%	2/26/2029		1,994,987		1,724,963		1,826,132
Sotheby’s	Services: Business	Term Loan (7/21)	Loan	3M USD LIBOR+	4.50	%		0.50	%		9.33	%	1/15/2027		3,223,744		3,183,482		3,209,237
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	1M USD LIBOR+	3.25	%		0.75	%		7.82	%	8/2/2028		1,980,000		1,972,123		1,964,160
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD LIBOR+	4.25	%		0.75	%		8.88	%	3/31/2028		1,975,000		1,959,930		1,821,938
Spectrum Brands, Inc.	Consumer goods: Durable	Term Loan (2/21)	Loan	3M USD LIBOR+	2.00	%		0.50	%		6.96	%	3/3/2028		491,250		490,363		487,158
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD LIBOR+	4.00	%		0.75	%		8.77	%	3/4/2028		2,947,500		2,935,211		2,475,487
Spirit Aerosystems Inc.	Aerospace & Defense	Term Loan (11/22)	Loan	3M USD SOFR+	4.50	%		0.50	%		9.18	%	1/14/2027		498,750		484,414		498,541
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD LIBOR+	2.75	%		0.50	%		7.38	%	5/12/2028		2,709,091		2,705,948		2,682,000
SS&C Technologies, Inc.	Services: Business	Term Loan B3	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	4/16/2025		167,061		166,987		166,678
SS&C Technologies, Inc.	Services: Business	Term Loan B4	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	4/16/2025		148,146		148,083		147,807
SS&C Technologies, Inc.	Services: Business	Term Loan B-5	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	4/16/2025		458,152		457,773		457,199
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	6M USD LIBOR+	2.25	%		0.50	%		6.43	%	9/22/2028		630,250		625,240		628,032
Staples, Inc.	Wholesale	Term Loan (03/19)	Loan	3M USD LIBOR+	5.00	%		0.00	%		9.81	%	4/16/2026		4,341,357		4,246,081		4,013,802
Storable, Inc	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.50	%		8.08	%	4/17/2028		495,000		494,153		482,318
Summit Materials, LLC	Metals & Mining	Term Loan B (12/22)	Loan	3M USD SOFR+	3.00	%		0.00	%		7.61	%	12/13/2027		250,000		247,640		249,583
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	3.75	%		0.50	%		8.38	%	12/1/2028		990,000		981,648		984,515
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD LIBOR+	4.25	%		0.75	%		8.94	%	8/2/2028		2,000,000		1,905,968		1,880,000
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD LIBOR+	4.00	%		0.75	%		8.82	%	4/24/2028		2,469,987		2,468,993		2,243,984
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan 3/22	Loan	6M USD SOFR+	5.00	%		0.50	%		8.98	%	4/2/2029		997,500		988,507		982,538
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	3M USD LIBOR+	2.75	%		0.50	%		7.58	%	7/7/2028		990,000		988,026		980,922
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	5.25	%		1.00	%		9.97	%	7/15/2025		4,383,217		4,330,652		4,322,948
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	4.00	%		1.00	%		8.63	%	9/27/2024		1,900,000		1,899,296		1,819,250
The Dun & Bradstreet Corporation	Services: Business	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		7.85	%	1/18/2029		248,125		246,554		246,636
The Dun & Bradstreet Corporation	Services: Business	Term Loan	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.87	%	2/6/2026		962,949		962,285		960,021
THE KNOT WORLDWIDE INC.	Services: Consumer	Term Loan (1/22)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.22	%	12/19/2025		4,845,447		4,840,970		4,833,333
Thor Industries, Inc.	Automotive	USD Term Loan (3/21)	Loan	1M USD LIBOR+	3.00	%		0.00	%		7.69	%	2/1/2026		2,015,823		1,990,264		2,004,494

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
Torrid LLC	Wholesale	Term Loan 5/21	Loan	3M USD LIBOR+	5.50	%		0.75	%		10.31	%	6/14/2028		2,978,835		2,540,024		2,529,031
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.50	%		8.13	%	4/15/2028		1,329,211		1,232,469		1,268,147
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD SOFR+	3.50	%		0.75	%		8.23	%	8/18/2027		490,000		485,078		383,180
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD LIBOR+	2.25	%		0.50	%		6.88	%	12/1/2028		796,452		794,928		791,203
Transdigm, Inc.	Aerospace & Defense	Term Loan H	Loan	3M USD SOFR+	3.25	%		0.00	%		7.83	%	2/21/2027		1,993,370		1,990,666		1,989,941
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD LIBOR+	3.50	%		0.50	%		8.23	%	3/31/2028		1,477,502		1,471,933		1,372,422
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.88	%	3/10/2028		346,923		346,338		340,907
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD LIBOR+	4.00	%		0.75	%		8.63	%	10/29/2027		954,501		949,189		873,368
Uber Technologies, Inc.	Transportation: Consumer	Term Loan B (2/21)	Loan	3M USD LIBOR+	3.50	%		0.00	%		8.45	%	2/25/2027		3,906,277		3,874,854		3,913,620
Ultra Clean Holdings, Inc.	High Tech Industries	Incremental Term Loan 3/21	Loan	1M USD LIBOR+	3.75	%		0.00	%		8.38	%	8/27/2025		820,338		817,776		819,928
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD LIBOR+	4.00	%		1.00	%		8.78	%	7/31/2026		496,815		476,431		489,984
United Natural Foods, Inc	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		7.98	%	10/22/2025		1,289,967		1,252,901		1,291,309
United Road Services Inc.	Transportation: Cargo	Term Loan (10/17)	Loan	3M USD LIBOR+	5.75	%		1.00	%		10.70	%	9/1/2024		889,180		886,242		465,335
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/21)	Loan	1M USD LIBOR+	3.25	%		0.75	%		7.88	%	3/15/2026		2,446,648		2,441,783		2,426,610
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		8.83	%	6/25/2029		248,750		241,881		248,233
Utz Quality Foods, LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		7.73	%	1/20/2028		1,828,465		1,827,288		1,825,046
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+	5.00	%		0.75	%		9.73	%	1/19/2029		2,342,210		2,275,198		2,310,989
Vericast Corp.	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD SOFR+	7.75	%		1.00	%		12.33	%	6/15/2026		1,201,006		1,199,817		939,787
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD LIBOR+	4.00	%		0.00	%		8.96	%	8/20/2025		1,368,031		1,364,137		1,269,875
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD LIBOR+	3.50	%		0.75	%		8.13	%	12/6/2028		992,500		988,789		987,895

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
VFH Parent LLC	Banking, Finance, Insurance & Real Estate	Term Loan (01/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		7.66	%	1/12/2029		3,069,879		3,063,097		3,036,111
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.23	%	3/2/2029		1,994,987		1,948,951		1,967,137
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.85	%	9/28/2028		2,853,409		2,845,646		2,834,377
Vistra Energy Corp	Utilities: Electric	2018 Incremental Term Loan	Loan	1M USD LIBOR+	1.75	%		0.00	%		6.38	%	12/31/2025		897,014		896,802		895,023
Vizient, Inc	Healthcare & Pharmaceuticals	Term Loan 4/22	Loan	1M USD SOFR+	2.25	%		0.50	%		6.91	%	5/16/2029		497,500		492,868		496,525
VM Consolidated, Inc.	Construction & Building	Term Loan B (3/21)	Loan	1M USD LIBOR+	3.25	%		0.00	%		7.88	%	3/24/2028		2,185,087		2,183,095		2,180,170
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD SOFR+	6.00	%		1.00	%		10.62	%	9/9/2025		471,250		471,250		442,386
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (12/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		7.72	%	12/15/2028		500,000		490,249		496,250
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan Incremental (11/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		7.62	%	1/19/2028		500,000		490,562		498,960
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan G	Loan	1M USD LIBOR+	2.13	%		0.00	%		6.76	%	1/20/2028		1,250,000		1,249,851		1,243,750
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		8.69	%	3/2/2028		2,456,250		2,447,468		2,417,368
West Corporation	Telecommunications	Term Loan B-3	Loan	3M USD SOFR+	4.00	%		1.00	%		8.93	%	4/9/2027		1,189,119		1,172,865		1,044,939
WEX Inc.	Services: Business	Term Loan B (3/21)	Loan	1M USD LIBOR+	2.25	%		0.00	%		6.88	%	3/31/2028		2,954,924		2,946,492		2,944,582
WildBrain Ltd.	Media: Diversified & Production	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		8.98	%	3/27/2028		1,965,000		1,935,307		1,864,903
Xperi Corporation	High Tech Industries	Term Loan	Loan	1M USD LIBOR+	3.50	%		0.00	%		8.13	%	6/8/2028		2,427,446		2,420,580		2,388,752
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+	4.25	%		0.50	%		8.87	%	3/9/2027		992,500		971,029		842,027
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan 4/21	Loan	3M USD LIBOR+	3.00	%		0.50	%		7.75	%	11/1/2028		880,444		876,985		874,941
Zekelman Industries, Inc.	Metals & Mining	Term Loan (01/20)	Loan	3M USD LIBOR+	2.00	%		0.00	%		6.73	%	1/25/2027		961,471		961,471		948,251
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	1M USD SOFR+	5.50	%		0.00	%		10.07	%	1/31/2028		2,000,000		1,901,512		1,928,340
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	2.00	%		0.50	%		6.72	%	1/29/2029		495,000		494,015		490,192
																$	645,599,001	$	605,954,468

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (c)		23,776,950	$	23,776,950	$	23,776,950
Total cash and cash equivalents		23,776,950	$	23,776,950	$	23,776,950

(a)	All or a portion of this investment has an unfunded commitment as of February 28, 2023.

(b)	As of February 28, 2023, the investment was in default and on non-accrual status.

(c)	Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2023.

(d)	Investments include Payment-in-Kind Interest.

LIBOR—London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

1M USD LIBOR—The 1 month USD LIBOR rate as of February 28, 2023 was 4.67%.

3M USD LIBOR—The 3 month USD LIBOR rate as of February 28, 2023 was 4.97%.

6M USD LIBOR—The 6 month USD LIBOR rate as of February 28, 2023 was 5.26%.

1M SOFR - The 1 month SOFR rate as of February 28, 2023 was 4.66%.

3M SOFR - The 3 month SOFR rate as of February 28, 2023 was 4.89%.

6M SOFR - The 6 month SOFR rate as of February 28, 2023 was 5.15%.

Prime—The Prime Rate as of February 28, 2023 was 7.75%.

SLF JV [Member]

Investments [Line Items]

Investments

Note 5. Investment in SLF JV

On October 26, 2021, the Company and TJHA entered into the LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.

On September 30, 2022, SLF 2021 was renamed to Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”).

The Company and TJHA have equal voting interest on all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate governance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally.

The Company and TJHA have committed to provide up to a combined $50.0 million of financing to SLF JV through cash contributions, with the Company providing $43.75 million and TJHA providing $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured note and equity. The unsecured note paid a fixed rate of 10.0% per annum and was due and payable in full on October 20, 2033. As of May 31, 2023, the Company and TJHA’s investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and $2.5 million, respectively. As of May 31, 2023 and February 28, 2023, the Company’s investment in the unsecured note of SLF JV had a fair value of $17.6 million and $17.6 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $7.7 million and $13.1 million, respectively.

The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810, Consolidation 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 SLF JV.

For the three months ended May 31, 2023 and May 31, 2022, the Company earned $0.5 million and $0.3 million, respectively, of interest income related to SLF JV, which is included in interest income. As of May 31, 2023 and February 28, 2023, $0.2 million and $0.4 million, respectively, of interest income related to SLF JV was included in interest receivable.

SLF JV’s initial investment in SLF 2022 was in the form of an unsecured loan. The unsecured loan paid a floating rate of LIBOR plus 7.00% per annum and was paid in full on June 9, 2023. The unsecured loan was repaid in full on October 28, 2022, as part of the CLO closing.

On October 28, 2022, SLF 2022 issued $402.1 million of the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee. As part of the transaction, the Company purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.25 million. As of May 31, 2023 and February 28, 2023, the fair value of these Class E Notes were $11.4 million and $11.4 million, respectively.

Borrowings (Details) - Schedule of credit facility
$ / shares in Units, $ in Thousands

3 Months Ended

May 31, 2023

USD ($)

$ / shares

Credit Facility with Encina Lender Finance, LLC [Member] | Fiscal year 2024 (as of May 31, 2023)[Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 35,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

^[1],[3],[6]

Credit Facility with Encina Lender Finance, LLC [Member] | Fiscal year 2023 (as of February 28, 2023) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 32,500

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,659

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

^[1],[3],[6]

Credit Facility with Encina Lender Finance, LLC [Member] | Fiscal year 2022 (as of February 28, 2022) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 12,500

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,093

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

^[1],[3],[6]

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2021 (as of February 28, 2021) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,471

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2020 (as of February 29, 2020) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 6,071

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2019 (as of February 28, 2019) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,345

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2018 (as of February 28, 2018) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,930

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2017 (as of February 28, 2017) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,710

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2016 (as of February 29, 2016) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,025

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2015 (as of February 28, 2015) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 9,600

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,117

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2014 (as of February 28, 2014) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,348

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2013 (as of February 28, 2013) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 24,300

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 5,421

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2012 (as of February 29, 2012) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 20,000

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 5,834

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2011 (as of February 28, 2011) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 4,500

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 20,077

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2010 (as of February 28, 2010) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2009 (as of February 28, 2009) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2008 (as of February 29, 2008) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

Credit Facility with Madison Capital Funding [Member] | Fiscal year 2007 (as of February 28, 2007) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[7]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[7]}

^{[1],[3],[5],[7]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[7]}

7.50% Notes due 2020 [Member] | Fiscal year 2017 (as of February 28, 2017) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[8]}

7.50% Notes due 2020 [Member] | Fiscal year 2016 (as of February 29, 2016) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 61,793

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,025

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8],[9]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,240

^{[1],[3],[6],[8],[9]}

7.50% Notes due 2020 [Member] | Fiscal year 2015 (as of February 28, 2015) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 48,300

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,117

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,460

^{[1],[3],[6],[8],[9]}

7.50% Notes due 2020 [Member] | Fiscal year 2014 (as of February 28, 2014) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 48,300

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,348

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,180

^{[1],[3],[6],[8],[9]}

7.50% Notes due 2020 [Member] | Fiscal year 2013 (as of February 28, 2013) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[8]}

7.50% Notes due 2020 [Member] | Fiscal year 2012 (as of February 29, 2012) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[8]}

7.50% Notes due 2020 [Member] | Fiscal year 2011 (as of February 28, 2011) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[8]}

7.50% Notes due 2020 [Member] | Fiscal year 2010 (as of February 28, 2010) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[8]}

7.50% Notes due 2020 [Member] | Fiscal year 2009 (as of February 28, 2009) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[8]}

7.50% Notes due 2020 [Member] | Fiscal year 2008 (as of February 29, 2008) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[8]}

7.50% Notes due 2020 [Member] | Fiscal year 2007 (as of February 28, 2007) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[8]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[8]}

^{[1],[3],[5],[8]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[8]}

6.75% Notes due 2023 [Member] | Fiscal year 2020 (as of February 29, 2020) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[10]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[10]}

^{[1],[3],[5],[10]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[10]}

6.75% Notes due 2023 [Member] | Fiscal year 2019 (as of February 28, 2019) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 74,451

^{[1],[2],[3],[10]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,345

^{[1],[3],[4],[10]}

^{[1],[3],[5],[10]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,740

^{[1],[3],[6],[10],[11]}

6.75% Notes due 2023 [Member] | Fiscal year 2018 (as of February 28, 2018) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 74,451

^{[1],[2],[3],[10]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,930

^{[1],[3],[4],[10]}

^{[1],[3],[5],[10]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 26,050.00

^{[1],[3],[6],[10],[11]}

6.75% Notes due 2023 [Member] | Fiscal year 2017 (as of February 28, 2017) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 74,451

^{[1],[2],[3],[10]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,710

^{[1],[3],[4],[10]}

^{[1],[3],[5],[10]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,890

^{[1],[3],[6],[10],[11]}

8.75% Notes due 2024 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 20,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 1,000,000

^[1],[3],[6]

6.25% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 15,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,659

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

6.25% Notes due 2027 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[13]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[13]}

^{[1],[3],[5],[13]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[13]}

6.25% Notes due 2027 [Member] | Fiscal year 2021 (as of February 28, 2021) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 60,000

^{[1],[2],[3],[13]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,471

^{[1],[3],[4],[13]}

^{[1],[3],[5],[13]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 24,240

^{[1],[3],[6],[13],[14]}

6.25% Notes due 2027 [Member] | Fiscal year 2020 (as of February 29, 2020) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 60,000

^{[1],[2],[3],[13]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 6,071

^{[1],[3],[4],[13]}

^{[1],[3],[5],[13]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,750

^{[1],[3],[6],[13],[14]}

6.25% Notes due 2027 [Member] | Fiscal year 2019 (as of February 28, 2019) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 60,000

^{[1],[2],[3],[13]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,345

^{[1],[3],[4],[13]}

^{[1],[3],[5],[13]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 24,970

^{[1],[3],[6],[13],[14]}

7.00% Notes due 2025 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 12,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^[1],[3],[6]

7.00% Notes due 2025 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 12,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,659

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

7.25% Notes due 2025 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

^{[1],[2],[3],[15]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

^{[1],[3],[4],[15]}

^{[1],[3],[5],[15]}

Average Market Value per Share (in Dollars per share) | $ / shares

^{[1],[3],[6],[15]}

7.25% Notes due 2025 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 43,125

^{[1],[2],[3],[15]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,093

^{[1],[3],[4],[15]}

^{[1],[3],[5],[15]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,460

^{[1],[3],[6],[14],[15]}

7.25% Notes due 2025 [Member] | Fiscal year 2021 (as of February 28, 2021) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 43,125

^{[1],[2],[3],[15]}

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,471

^{[1],[3],[4],[15]}

^{[1],[3],[5],[15]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,770

^{[1],[3],[6],[14],[15]}

7.75% Notes due 2025 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 5,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^[1],[3],[6]

7.75% Notes due 2025 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 5,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,659

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

7.75% Notes due 2025 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 5,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,093

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

7.75% Notes due 2025 [Member] | Fiscal year 2021 (as of February 28, 2021) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 5,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,471

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

4.375% Notes due 2026 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 175,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^[1],[3],[6]

4.375% Notes due 2026 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 175,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,659

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

4.375% Notes due 2026 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 175,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,093

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

4.35% Notes due 2027 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 75,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^[1],[3],[6]

4.35% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 75,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,659

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

4.35% Notes due 2027 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 75,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,093

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

6.00% Notes due 2027 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 105,500

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 23,240

^[1],[3],[6]

6.00% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 105,500

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,659

^[1],[3],[4]

^{[1],[3],[5],[6],[16]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 23,970

^[6],[16]

6.25% Notes due 2027 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 15,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^[1],[3],[6]

6.25% Notes due 2027 [Member] | Fiscal year 2022 (as of February 28, 2022) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 15,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 2,093

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

6.25% Notes due 2027 [Member] | Fiscal year 2021 (as of February 28, 2021) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 15,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 3,471

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,000

^{[1],[3],[6],[12]}

8.00% Notes due 2027 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 46,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 24,860

^[1],[3],[6]

8.00% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 46,000

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,659

^[1],[3],[4]

^{[1],[3],[5],[6],[16]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,080.00

^[6],[16]

8.125% Notes due 2027 [Member] | Fiscal year 2023 (as of February 28, 2023) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 60,375

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,659

^[1],[3],[4]

^{[1],[3],[5],[6],[16]}

Average Market Value per Share (in Dollars per share) | $ / shares

$ 25,100

^[6],[16]

8.125% Notes due 2027 [Member] | Fiscal year 2024 (as of May 31, 20234) [Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 60,375

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 24,880

^[1],[3],[6]

8.50% Notes due 2028 [Member] | Fiscal year 2024 (as of May 31, 2023)[Member]

Credit Facility with Encina Lender Finance, LLC

Total Amount Outstanding Exclusive of Treasury Securities | $

$ 57,500

^[1],[2],[3]

Involuntary Liquidating Preference per Share (in Dollars per share) | $ / shares

$ 1,557

^[1],[3],[4]

^[1],[3],[5]

Average Market Value per Share (in Dollars per share) | $ / shares

$ 24,910

^{[1],[3],[6],[17]}

[1]	This table does not include the senior securities of our predecessor entity, GSC Investment Corp., relating to a revolving securitized credit facility with Deutsche Bank, in light of the fact that the Company was under different management during the time that such credit facility was outstanding.
[2]	Total amount of senior securities outstanding at the end of the period presented.
[3]	We have excluded our SBA-guaranteed debentures from this table because the SEC has granted us exemptive relief that permits us to exclude such debentures from the definition of senior securities in the 150% asset coverage ratio we are required to maintain under the 1940 Act.
[4]	Asset coverage per unit is the ratio of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness, calculated on a total basis.
[5]	The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities.
[6]	Not applicable for credit facility because not registered for public trading.
[7]	On October 4, 2021, the Company repaid all remaining amounts outstanding under the Madison Credit Facility and the credit agreement relating to the Madison Credit Facility was terminated.
[8]	On January 13, 2017, the Company redeemed in full its 2020 Notes. The Company used a portion of the net proceeds from the 2023 Notes offering, which was completed in December 2016, to redeem the 2020 Notes in full.
[9]	Based on the average daily trading price of the 7.50% 2020 Notes on the NYSE.
[10]	On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.45 million, respectively, in aggregate principal amount of the $74.45 million in aggregate principal amount of issued and outstanding 6.75% 2023 Notes.
[11]	Based on the average daily trading price of the 6.75% 2023 Notes on the NYSE.
[12]	The carrying value of this unlisted security approximates its fair value, based on a waterfall analysis showing adequate collateral coverage.
[13]	On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes. The Company used a portion of the net proceeds from the 4.375% 2026 Notes offering, which was completed in July 2021, to redeem the 6.25% 2025 Notes in full.
[14]	Based on the average daily trading price of the 6.25% 2025 Notes on the NYSE.
[15]	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes.
[16]	Based on the average daily trading price of the 6.00% 2027 Notes on the NYSE.
[17]	Based on the average daily trading price of the 8.50% 2028 Notes on the NYSE.

Earnings Per Share

9 Months Ended

Nov. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 12. Earnings Per Share

In accordance with the provisions of FASB ASC Topic 260, Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets resulting from operations per share for the three months ended May 31, 2023 and May 31, 2022 (dollars in thousands except share and per share amounts):

	For the three months ended
Basic and Diluted	May 31, 2023			May 31, 2022
Net increase (decrease) in net assets resulting from operations	$	(213	)	$	(1,487	)
Weighted average common shares outstanding		11,862,163			12,112,372
Weighted average earnings (loss) per common share	$	(0.02	)	$	(0.12	)

Dividend (Details) - Schedule of dividends declared - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

May 31, 2023

May 31, 2022

Dividend (Details) - Schedule of dividends declared [Line Items]

Amount per Share

$ 0.7

$ 0.53

Total Amount

^[1]

$ 8,352

$ 6,370

February 28, 2023 [Member]

Dividend (Details) - Schedule of dividends declared [Line Items]

Jun. 13, 2023

Jun. 29, 2023

$ 0.7

^[1],[2]

$ 8,352

May 26, 2022 [Member]

Dividend (Details) - Schedule of dividends declared [Line Items]

Jun. 14, 2022

Jun. 29, 2022

$ 0.53

^[1]

$ 6,370

[1]

Total amount is calculated based on the number of shares outstanding at the date of record.

[2]

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents - USD ($)

3 Months Ended

12 Months Ended

May 31, 2023

Feb. 28, 2023

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

$ 641,360,143

$ 645,599,001

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Isagenix International, LLC [Member]

$ 591,378,372

$ 605,954,468

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Common Stock

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | URS TOPCO LLC [Member]

86,398

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Cargo

Common Stock

25,330

$ 440,405

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | 19TH HOLDINGS GOLF, LLC [Member]

$ 521,832

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan

Loan

1M USD SOFR+

3.25%

3.00%

0.50%

8.39%

7.67%

Feb. 07, 2029

2,492,481

1,997,500

$ 2,391,979

$ 1,924,905

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | 888 Acquisitions Limited [Member]

$ 2,353,849

$ 1,901,380

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan B

Loan

6M USD SOFR+

3M USD SOFR+

5.25%

0.00%

10.21%

9.93%

Jul. 08, 2028

2,489,130

2,494,565

$ 2,150,159

$ 2,143,085

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ADMI Corp. [Member]

$ 2,252,663

$ 2,126,617

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B

Loan

1M USD LIBOR+

3.00%

0.00%

8.15%

7.63%

Apr. 30, 2025

1,905,276

1,910,276

$ 1,902,725

$ 1,907,516

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Adtalem Global Education Inc. [Member]

$ 1,810,812

$ 1,825,517

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B (02/21)

Loan

1M USD LIBOR+

4.00%

0.75%

9.15%

8.63%

Aug. 11, 2028

691,846

$ 686,717

$ 686,475

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aegis Sciences Corporation [Member]

$ 690,463

$ 689,992

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD LIBOR+

5.50%

1.00%

10.84%

10.36%

May 09, 2025

2,339,293

2,349,601

$ 2,333,100

$ 2,341,307

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Agiliti Health Inc. [Member]

$ 2,250,587

$ 2,268,540

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (03/23)

Term Loan (09/20)

Loan

1M USD SOFR+

1M USD LIBOR+

3.00%

2.75%

0.00%

0.75%

7.99%

7.38%

May 01, 2030

Jan. 04, 2026

1,678,901

214,286

$ 1,666,335

$ 213,103

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AHEAD DB Holdings, LLC [Member]

$ 1,656,874

$ 212,946

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan (04/21)

Loan

3M USD SOFR+

3M USD LIBOR+

3.75%

0.75%

8.91%

8.48%

Oct. 18, 2027

2,947,500

2,955,000

$ 2,868,078

$ 2,871,299

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Air Canada [Member]

$ 2,779,876

$ 2,915,285

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Consumer

Term Loan B (07/21)

Loan

3M USD LIBOR+

3.50%

0.75%

8.84%

8.37%

Aug. 11, 2028

1,985,000

1,990,000

$ 1,852,744

$ 1,851,613

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AIS HoldCo, LLC [Member]

$ 1,977,139

$ 1,984,408

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan

Loan

3M USD LIBOR+

5.00%

0.00%

10.27%

9.83%

Aug. 15, 2025

4,760,410

4,789,642

$ 4,681,500

$ 4,700,517

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AIT Worldwide Logistics Holdings, Inc. [Member]

$ 4,718,756

$ 4,622,004

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Cargo

Term Loan (04/21)

Loan

1M USD LIBOR+

4.75%

0.75%

9.85%

9.33%

Apr. 06, 2028

2,493,671

2,500,000

$ 2,334,109

$ 2,333,827

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Alchemy US Holdco 1, LLC [Member]

$ 2,373,351

$ 2,407,300

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Metals & Mining

Term Loan

Loan

1M USD LIBOR+

5.50%

0.00%

5.60%

Oct. 10, 2025

1,654,803

$ 1,645,239

$ 1,644,633

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AlixPartners, LLP [Member]

$ 1,562,962

$ 1,551,378

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (01/21)

Loan

1M USD LIBOR+

2.50%

2.75%

0.50%

7.65%

7.38%

Feb. 04, 2028

245,000

245,625

$ 244,668

$ 245,275

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Alkermes, Inc. [Member]

$ 242,447

$ 245,050

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (3/21)

Loan

1M USD LIBOR+

2.50%

0.50%

7.62%

7.11%

Mar. 12, 2026

2,120,808

2,126,218

$ 2,108,871

$ 2,112,914

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Allen Media, LLC [Member]

$ 2,057,184

$ 2,062,432

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Diversified & Production

Term Loan (7/21)

Loan

3M USD SOFR+

5.50%

0.00%

10.55%

10.23%

Feb. 10, 2027

4,382,963

4,394,261

$ 4,359,520

$ 4,368,566

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Alliant Holdings Intermediate, LLC [Member]

$ 3,791,263

$ 3,649,434

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B4

Loan

1M USD LIBOR+

3.50%

0.50%

8.63%

8.09%

Nov. 05, 2027

985,000

987,500

$ 984,506

$ 986,800

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Allied Universal Holdco LLC [Member]

$ 958,819

$ 974,781

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan 4/21

Loan

1M USD SOFR+

3.75%

0.50%

9.00%

8.47%

May 12, 2028

1,970,000

1,975,000

$ 1,962,711

$ 1,967,474

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Altisource Solutions S.a r.l. [Member]

$ 1,848,353

$ 1,900,404

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (03/18)

Loan

3M USD SOFR+

3M USD LIBOR+

5.00%

4.00%

1.00%

9.99%

8.73%

Apr. 30, 2025

Apr. 03, 2024

1,126,283

$ 1,125,179

$ 1,124,635

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Altium Packaging LLC [Member]

$ 893,514

$ 893,142

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan (01/21)

Loan

1M USD LIBOR+

2.75%

0.50%

7.90%

7.38%

Jan. 29, 2028

490,000

491,250

$ 488,349

$ 489,554

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Axle & Manufacturing Inc. [Member]

$ 474,609

$ 480,506

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Term Loan (12/22)

Loan

6M USD SOFR+

1M USD SOFR+

3.50%

0.50%

8.44%

8.16%

Dec. 13, 2029

Dec. 05, 2029

497,500

500,000

$ 483,398

$ 485,367

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Greetings Corporation [Member]

$ 488,794

$ 499,000

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Advertising, Printing & Publishing

Term Loan (01/23)

Term Loan

Loan

1M USD SOFR+

1M USD LIBOR+

6.00%

4.50%

1.00%

11.15%

9.07%

Apr. 05, 2028

Apr. 06, 2024

3,005,329

3,012,861

$ 3,003,897

$ 3,011,462

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Trailer World Corp [Member]

$ 2,967,763

$ 3,011,596

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Term Loan

Loan

1M USD SOFR+

3.75%

0.75%

9.00%

8.47%

Mar. 03, 2028

1,357,439

$ 1,355,133

$ 1,354,762

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AmWINS Group, LLC [Member]

$ 1,170,112

$ 1,194,967

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan 2/21

Loan

1M USD LIBOR+

2.25%

0.75%

7.40%

6.88%

Feb. 17, 2028

1,955,020

1,960,017

$ 1,936,956

$ 1,940,778

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Anastasia Parent LLC [Member]

$ 1,913,887

$ 1,926,462

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Non-durable

Term Loan

Loan

3M USD LIBOR+

3.75%

0.00%

8.91%

8.48%

Aug. 11, 2025

955,000

957,500

$ 953,443

$ 955,643

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Anchor Glass Container Corporation [Member]

$ 731,530

$ 791,134

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan (07/17)

Loan

3M USD LIBOR+

2.75%

1.00%

7.96%

7.48%

Dec. 07, 2023

468,894

470,138

$ 468,743

$ 469,901

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Anchor Packaging, LLC [Member]

$ 353,175

$ 333,915

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan B

Loan

1M USD LIBOR+

3.50%

4.00%

0.00%

8.65%

8.63%

Jul. 18, 2026

1,974,684

977,215

$ 1,949,219

$ 971,052

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ANI Pharmaceuticals, Inc. [Member]

$ 1,917,911

$ 952,785

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B

Loan

1M USD LIBOR+

6.00%

0.75%

11.15%

10.63%

Nov. 19, 2027

2,962,500

2,970,000

$ 2,917,994

$ 2,922,446

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AP Core Holdings II LLC [Member]

$ 2,927,335

$ 2,866,050

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B1

Loan

1M USD LIBOR+

5.50%

0.75%

10.65%

10.13%

Sep. 01, 2027

1,850,000

1,875,000

$ 1,829,440

$ 1,852,824

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AP Core Holdings II LLC One [Member]

$ 1,763,291

$ 1,802,344

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B2

Loan

1M USD LIBOR+

5.50%

0.75%

10.65%

10.13%

Sep. 01, 2027

500,000

$ 494,452

$ 494,095

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | APEX GROUP TREASURY LIMITED [Member]

$ 476,250

$ 480,415

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

3M USD SOFR+

5.00%

0.50%

9.99%

9.66%

Jul. 26, 2028

498,750

500,000

$ 468,510

$ 468,464

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | APi Group DE, Inc. (J2 Acquisition) [Member]

$ 488,775

$ 497,500

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B

Loan

1M USD SOFR+

1M USD LIBOR+

2.50%

0.00%

7.75%

7.13%

Oct. 01, 2026

1,757,184

$ 1,752,298

$ 1,751,429

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | APLP Holdings Limited Partnership [Member]

$ 1,752,791

$ 1,754,548

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Energy: Electricity

Term Loan B (3/21)

Loan

3M USD LIBOR+

3.75%

1.00%

8.91%

8.48%

May 14, 2027

372,973

440,541

$ 370,439

$ 437,327

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Apollo Commercial Real Estate Finance, Inc. [Member]

$ 369,866

$ 440,726

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

1M USD SOFR+

1M USD LIBOR+

2.75%

0.00%

8.02%

7.38%

May 15, 2026

2,931,472

2,939,086

$ 2,908,077

$ 2,914,348

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Apollo Commercial Real Estate Finance, Inc. One [Member]

$ 2,609,010

$ 2,850,914

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B1 (2/21)

Loan

1M USD SOFR+

1M USD LIBOR+

3.50%

0.50%

8.77%

8.13%

Mar. 06, 2028

980,000

982,500

$ 972,917

$ 975,109

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AppLovin Corporation [Member]

$ 852,600

$ 928,463

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Term Loan (10/21)

Loan

1M USD SOFR+

3M USD SOFR+

3.35%

3.10%

0.00%

0.50%

8.50%

7.70%

Aug. 15, 2025

Oct. 21, 2028

977,041

1,488,750

$ 977,041

$ 1,485,729

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AppLovin Corporation One [Member]

$ 972,156

$ 1,472,002

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan (10/21)

Term Loan B

Loan

1M USD SOFR+

3M USD SOFR+

3.10%

3.35%

0.50%

0.00%

8.25%

7.94%

Oct. 21, 2028

Aug. 15, 2025

1,485,000

979,592

$ 1,482,162

$ 979,592

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aramark Corporation [Member]

$ 1,461,240

$ 972,245

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan

Term Loan B (4/21)

Loan

1M USD LIBOR+

1.75%

2.50%

0.00%

6.90%

7.13%

Jan. 15, 2027

Apr. 01, 2028

2,331,250

1,753,715

$ 2,283,700

$ 1,747,448

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aramark Corporation One [Member]

$ 2,296,281

$ 1,747,139

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan B (4/21)

Term Loan

Loan

1M USD LIBOR+

2.50%

1.75%

0.00%

7.65%

6.38%

Apr. 01, 2028

Jan. 15, 2027

1,753,715

2,331,250

$ 1,747,630

$ 2,280,733

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARC FALCON I INC. [Member]

$ 1,746,700

$ 2,305,023

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD LIBOR+

3.75%

0.50%

8.90%

8.38%

Sep. 23, 2028

988,774

863,885

$ 985,636

$ 860,682

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Arches Buyer Inc. [Member]

$ 886,604

$ 811,836

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan B

Loan

1M USD SOFR+

3.25%

0.50%

8.50%

7.97%

Dec. 06, 2027

1,481,061

1,484,848

$ 1,473,587

$ 1,477,106

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARCIS GOLF LLC [Member]

$ 1,371,832

$ 1,395,758

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan B

Loan

1M USD LIBOR+

4.25%

0.50%

9.40%

Nov. 19, 2028

400,000

$ 396,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARCIS GOLF LLC One [Member]

$ 397,000

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

^[1]

Services: Consumer

^[1]

Delayed Draw Term Loan

^[1]

Loan

^[1]

1M USD LIBOR+

^[1]

4.25%

^[1]

0.50%

^[1]

0.00%

^[1]

Nov. 23, 2028

^[1]

^[1]

$ (1,000)

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aretec Group, Inc. [Member]

^[1]

$ (750)

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (10/18)

Loan

1M USD SOFR+

4.25%

0.00%

9.50%

Oct. 01, 2025

1,911,213

$ 1,908,875

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Aretec Group, Inc One [Member]

$ 1,901,657

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Term Loan (10/18)

Loan

1M USD SOFR+

4.50%

4.25%

0.00%

9.41%

8.97%

Mar. 07, 2030

Oct. 01, 2025

750,000

1,916,203

$ 735,000

$ 1,913,228

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ASP BLADE HOLDINGS, INC. [Member]

$ 735,233

$ 1,887,460

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Capital Equipment

Term Loan

Loan

3M USD LIBOR+

4.00%

0.50%

9.16%

8.73%

Oct. 07, 2028

98,824

99,059

$ 98,451

$ 98,658

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Asplundh Tree Expert, LLC [Member]

$ 83,349

$ 82,491

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan 2/21

Loan

1M USD SOFR+

1M USD LIBOR+

1.75%

0.00%

7.00%

6.38%

Sep. 07, 2027

975,000

977,500

$ 972,028

$ 974,396

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AssuredPartners Capital, Inc. [Member]

$ 967,415

$ 974,010

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (2/20)

Loan

1M USD SOFR+

1M USD LIBOR+

3.50%

0.00%

8.77%

8.13%

Feb. 12, 2027

987,245

989,796

$ 984,518

$ 986,847

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Assuredpartners Inc. [Member]

$ 959,484

$ 967,773

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Incremental Term Loan (7/21)

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

8.77%

8.12%

Feb. 12, 2027

982,500

496,250

$ 982,500

$ 495,400

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Assuredpartners Inc. One [Member]

$ 954,872

$ 485,084

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Incremental Term Loan (7/21)

Loan

1M USD SOFR+

1M USD LIBOR+

3.50%

0.50%

8.65%

8.13%

Feb. 12, 2027

495,000

985,000

$ 494,226

$ 985,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ASTRO ONE ACQUISITION CORPORATION [Member]

$ 480,977

$ 962,838

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan

Loan

3M USD LIBOR+

5.50%

0.75%

10.66%

10.23%

Sep. 15, 2028

2,962,500

2,970,000

$ 2,939,647

$ 2,946,187

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Asurion, LLC [Member]

$ 1,860,095

$ 1,767,150

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B8

Term Loan B10

Loan

1M USD LIBOR+

3M USD SOFR+

3.25%

4.00%

0.00%

8.40%

8.68%

Dec. 18, 2026

Aug. 19, 2028

2,957,295

1,995,000

$ 2,950,225

$ 1,901,937

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Asurion, LLC One [Member]

$ 2,729,346

$ 1,866,741

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B10

Term Loan B8

Loan

1M USD SOFR+

1M USD LIBOR+

4.00%

3.25%

0.00%

9.25%

7.88%

Aug. 19, 2028

Dec. 18, 2026

1,990,000

2,964,858

$ 1,900,358

$ 2,956,667

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ATHENAHEALTH GROUP INC. [Member]

$ 1,823,895

$ 2,817,683

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (2/22)

Loan

1M USD SOFR+

3.50%

0.50%

8.60%

8.06%

Feb. 15, 2029

1,327,200

1,330,543

$ 1,322,486

$ 1,325,206

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ATHENAHEALTH GROUP INC. One [Member]

$ 1,247,568

$ 1,227,426

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

^[1]

Healthcare & Pharmaceuticals

Delayed Draw Term Loan (02/22)

^[1]

Delayed Draw Term Loan (02/22)

Loan

^[1]

Loan

1M USD SOFR+

^[1]

3M USD LIBOR+

3.50%

^[1]

3.50%

0.50%

^[1]

0.50%

3.50%

^[1]

3.50%

Feb. 15, 2029

^[1]

Feb. 15, 2029

^[1]

^[1]

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avison Young (Canada) Inc [Member]

$ (9,783)

^[1]

$ (12,636)

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan

Term Loan (08/22)

Loan

1M USD LIBOR+

1M USD SOFR+

5.75%

7.00%

0.00%

8.12%

11.73%

Jan. 31, 2026

3,362,103

748,125

$ 3,338,427

$ 708,918

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avison Young (Canada) Inc One [Member]

$ 2,373,645

$ 635,906

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan (08/22)

Term Loan

Loan

1M USD SOFR+

7.00%

5.75%

0.00%

12.27%

10.48%

Jan. 31, 2026

746,250

3,370,882

$ 709,938

$ 3,344,831

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avolon TLB Borrower 1 (US) LLC [Member]

$ 559,688

$ 2,646,142

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Capital Equipment

Term Loan B3

Term Loan B5 (7/21)

Loan

1M USD LIBOR+

1.75%

2.25%

0.75%

0.50%

6.90%

6.85%

Jan. 15, 2025

Dec. 01, 2027

1,000,000

490,000

$ 940,796

$ 486,530

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Avolon TLB Borrower 1 (US) LLC One [Member]

$ 995,110

$ 489,539

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Capital Equipment

Term Loan B5 (7/21)

Term Loan B3

Loan

1M USD LIBOR+

2.25%

1.75%

0.50%

0.75%

7.40%

6.35%

Dec. 01, 2027

Jan. 15, 2025

488,750

1,000,000

$ 485,497

$ 932,184

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Axalta Coating Systems Dutch Holding B B.V. [Member]

$ 484,170

$ 998,440

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B-4 Dollar

Loan

3M USD SOFR+

3.00%

0.50%

7.90%

7.51%

Dec. 20, 2029

Dec. 07, 2029

937,500

1,000,000

$ 928,917

$ 990,447

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AZURITY PHARMACEUTICALS, INC. [Member]

$ 937,284

$ 1,003,570

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B

Loan

3M USD LIBOR+

6.00%

0.75%

11.19%

10.75%

Sep. 20, 2027

468,750

475,000

$ 457,410

$ 463,094

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | B&G Foods, Inc. [Member]

$ 447,656

$ 457,188

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan

Loan

1M USD LIBOR+

2.50%

0.00%

7.65%

7.13%

Oct. 10, 2026

579,183

642,295

$ 576,326

$ 638,890

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | B.C. Unlimited Liability Co (Burger King) [Member]

$ 556,635

$ 613,391

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan B4

Loan

1M USD LIBOR+

1.75%

0.00%

6.90%

6.38%

Nov. 19, 2026

1,451,250

1,455,000

$ 1,428,310

$ 1,430,342

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BAKELITE UK INTERMEDIATE LTD. [Member]

$ 1,419,047

$ 1,440,712

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

3M USD SOFR+

4.00%

0.50%

9.05%

8.73%

May 29, 2029

992,500

995,000

$ 988,402

$ 990,609

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Baldwin Risk Partners, LLC [Member]

$ 933,774

$ 940,275

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD LIBOR+

3.50%

0.50%

8.61%

8.10%

Oct. 14, 2027

1,223,213

1,226,325

$ 1,213,297

$ 1,215,617

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bausch Health Companies Inc. [Member]

$ 1,198,748

$ 1,205,637

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (1/22)

Loan

1M USD SOFR+

5.25%

0.50%

10.42%

9.91%

Feb. 01, 2027

1,925,000

1,950,000

$ 1,751,630

$ 1,764,574

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belfor Holdings Inc. [Member]

$ 1,513,724

$ 1,534,299

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan

Term Loan B-2 (3/22)

Loan

1M USD LIBOR+

1M USD SOFR+

4.00%

4.25%

0.00%

0.50%

9.15%

8.87%

Apr. 06, 2026

244,911

994,911

$ 244,911

$ 971,026

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belfor Holdings Inc. One [Member]

$ 243,277

$ 992,424

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan B-2 (3/22)

Term Loan

Loan

1M USD SOFR+

1M USD LIBOR+

4.25%

4.00%

0.50%

0.00%

9.40%

8.63%

Apr. 06, 2026

1,992,367

245,547

$ 1,967,661

$ 245,547

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belron Finance US LLC [Member]

$ 1,984,895

$ 244,995

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Term Loan B (3/21)

Loan

3M USD LIBOR+

2.43%

2.50%

0.50%

7.80%

7.38%

Apr. 13, 2028

1,960,000

1,965,000

$ 1,946,195

$ 1,950,181

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Belron Finance US LLC One [Member]

$ 1,953,258

$ 1,960,913

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Term Loan (04/23)

Loan

3M USD SOFR+

2.75%

0.50%

7.83%

Apr. 17, 2029

250,000

$ 248,774

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bengal Debt Merger Sub LLC [Member]

$ 248,908

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan

Loan

3M USD SOFR+

3.25%

0.50%

8.25%

7.93%

Jan. 24, 2029

1,985,000

1,990,000

$ 1,984,133

$ 1,988,811

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Blackstone Mortgage Trust, Inc. [Member]

$ 1,809,665

$ 1,804,273

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Term Loan (6/21)

Loan

1M USD LIBOR+

2.25%

2.75%

0.00%

0.50%

7.40%

7.38%

Apr. 23, 2026

977,215

1,465,141

$ 973,032

$ 1,457,842

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Blackstone Mortgage Trust, Inc. One [Member]

$ 908,810

$ 1,441,332

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (6/21)

Term Loan B

Loan

1M USD LIBOR+

2.75%

2.25%

0.50%

0.00%

7.90%

6.88%

Apr. 23, 2026

1,461,413

979,747

$ 1,454,733

$ 975,006

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Blue Tree Holdings, Inc. [Member]

$ 1,362,767

$ 952,804

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (2/21)

Loan

3M USD LIBOR+

2.50%

0.00%

7.66%

7.23%

Mar. 04, 2028

980,000

982,500

$ 978,421

$ 980,692

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bombardier Recreational Products, Inc. [Member]

$ 954,275

$ 967,763

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan (1/20)

Term Loan 12/22

Loan

1M USD SOFR+

2.00%

3.50%

0.00%

0.50%

7.25%

8.12%

May 24, 2027

Dec. 12, 2029

1,451,299

498,750

$ 1,445,805

$ 486,572

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bombardier Recreational Products, Inc. One [Member]

$ 1,406,251

$ 496,007

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan 12/22

Term Loan (1/20)

Loan

1M USD SOFR+

1M USD LIBOR+

3.50%

2.00%

0.50%

0.00%

8.75%

6.63%

Dec. 12, 2029

May 24, 2027

497,500

1,455,049

$ 485,690

$ 1,449,140

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Boxer Parent Company, Inc. [Member]

$ 493,396

$ 1,416,854

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan (2/21)

Loan

1M USD LIBOR+

3.75%

0.00%

8.90%

8.38%

Oct. 02, 2025

515,281

516,794

$ 515,281

$ 516,794

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BrightSpring Health Services (Phoenix Guarantor) [Member]

$ 507,505

$ 509,827

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B-3

Loan

1M USD LIBOR+

3.50%

0.00%

8.65%

Mar. 05, 2026

980,000

$ 980,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BroadStreet Partners, Inc. [Member]

$ 949,865

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B3

Loan

1M USD LIBOR+

3.00%

0.00%

8.15%

7.63%

Jan. 22, 2027

2,941,205

2,948,786

$ 2,937,710

$ 2,944,577

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Brookfield WEC Holdings Inc. [Member]

$ 2,854,822

$ 2,906,412

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Energy: Electricity

Term Loan (1/21)

Loan

1M USD LIBOR+

2.75%

0.50%

7.90%

7.38%

Aug. 01, 2025

1,458,882

1,462,613

$ 1,460,165

$ 1,464,152

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BROWN GROUP HOLDING, LLC [Member]

$ 1,441,944

$ 1,456,090

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Term Loan B-2

Loan

1M USD SOFR+

3.75%

0.00%

8.90%

8.37%

Jul. 01, 2029

Jun. 08, 2029

497,500

498,750

$ 486,338

$ 487,209

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Buckeye Partners, L.P. [Member]

$ 489,858

$ 498,336

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Utilities: Oil & Gas

Term Loan (1/21)

Loan

1M USD LIBOR+

2.25%

0.00%

7.28%

6.82%

Nov. 01, 2026

1,945,213

1,950,188

$ 1,936,694

$ 1,941,198

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BW Gas & Convenience Holdings LLC [Member]

$ 1,917,143

$ 1,946,931

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD LIBOR+

3.50%

0.50%

8.65%

8.13%

Mar. 31, 2028

2,456,250

2,462,500

$ 2,438,591

$ 2,443,814

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Callaway Golf Company [Member]

$ 2,351,859

$ 2,437,875

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan B

Loan

1M USD SOFR+

1M USD LIBOR+

3.50%

4.50%

0.00%

8.75%

9.13%

Mar. 09, 2030

Jan. 04, 2026

500,000

675,000

$ 495,047

$ 668,575

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Camping World, Inc. [Member]

$ 492,145

$ 674,582

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan B (5/21)

Loan

1M USD LIBOR+

2.50%

0.75%

7.61%

7.09%

Jun. 05, 2028

2,481,013

2,487,342

$ 2,271,238

$ 2,268,038

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CareerBuilder, LLC [Member]

$ 2,300,023

$ 2,208,560

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan

Loan

3M USD LIBOR+

6.75%

1.00%

11.91%

11.48%

Jul. 31, 2023

5,265,749

5,393,388

$ 5,248,888

$ 5,347,671

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Castle US Holding Corporation [Member]

$ 3,429,319

$ 3,513,792

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Advertising, Printing & Publishing

Aerospace & Defense

Term Loan B (USD)

Term Loan B

Loan

1M USD LIBOR+

1M USD SOFR+

3.75%

2.75%

0.00%

0.50%

8.90%

7.31%

Jan. 27, 2027

Oct. 21, 2027

1,959,198

1,000,000

$ 1,951,012

$ 992,500

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CASTLELAKE AVIATION LLC [Member]

$ 1,368,715

$ 987,080

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Term Loan B

Loan

3M USD SOFR+

2.75%

0.50%

7.78%

Oct. 21, 2027

997,500

$ 990,336

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CBI BUYER, INC. [Member]

$ 975,475

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan

Loan

1M USD LIBOR+

3.25%

0.50%

8.36%

7.88%

Jan. 06, 2028

2,962,349

2,969,887

$ 2,813,816

$ 2,814,181

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCC Intelligent Solutions Inc. [Member]

$ 1,821,845

$ 2,026,948

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B

Loan

1M USD LIBOR+

2.25%

0.50%

7.40%

6.88%

Sep. 16, 2028

246,875

247,500

$ 246,457

$ 247,017

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCI Buyer, Inc [Member]

$ 242,466

$ 244,612

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Telecommunications

Term Loan

Loan

3M USD SOFR+

4.00%

0.75%

8.90%

8.58%

Dec. 17, 2027

245,000

245,625

$ 243,335

$ 243,880

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCRR Parent, Inc. [Member]

$ 232,598

$ 241,223

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B

Term Loan

Loan

1M USD LIBOR+

1M USD SOFR+

3.75%

4.25%

0.75%

0.50%

8.91%

8.97%

Mar. 05, 2028

980,000

1,000,000

$ 976,504

$ 951,484

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCRR Parent, Inc One [Member]

$ 935,900

$ 975,000

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Term Loan B

Loan

3M USD SOFR+

1M USD LIBOR+

4.25%

3.75%

0.50%

0.75%

9.21%

8.39%

Mar. 05, 2028

997,500

982,500

$ 950,926

$ 978,899

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CCS-CMGC Holdings, Inc. [Member]

$ 952,613

$ 957,938

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD LIBOR+

1M USD LIBOR+

5.50%

0.00%

10.98%

10.13%

Sep. 25, 2025

2,393,750

2,400,000

$ 2,385,103

$ 2,390,330

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CDK GLOBAL, INC. [Member]

$ 1,605,321

$ 1,605,504

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

3M USD SOFR+

4.25%

4.50%

0.50%

9.15%

9.08%

Jul. 06, 2029

997,500

1,000,000

$ 970,032

$ 971,508

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cengage Learning, Inc. [Member]

$ 981,390

$ 996,150

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Advertising, Printing & Publishing

Term Loan B (6/21)

Loan

6M USD LIBOR+

4.75%

1.00%

9.88%

Jul. 14, 2026

2,955,000

2,962,500

$ 2,936,136

$ 2,942,124

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CENTURI GROUP, INC. [Member]

$ 2,783,994

$ 2,794,171

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan B

Loan

3M USD LIBOR+

2.25%

2.50%

0.50%

7.73%

7.45%

Aug. 27, 2028

875,830

878,330

$ 869,235

$ 871,190

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CenturyLink, Inc. [Member]

$ 867,229

$ 870,100

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Telecommunications

Term Loan B (1/20)

Loan

1M USD SOFR+

1M USD LIBOR+

2.25%

0.00%

7.52%

6.88%

Mar. 15, 2027

3,875,160

3,887,492

$ 3,871,908

$ 3,883,600

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Charlotte Buyer, Inc. [Member]

$ 2,660,414

$ 3,208,269

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B

Loan

1M USD SOFR+

5.25%

0.00%

10.30%

9.81%

Feb. 11, 2028

1,496,250

1,500,000

$ 1,403,536

$ 1,403,100

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Chemours Company, (The) [Member]

$ 1,427,991

$ 1,455,945

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD SOFR+

1M USD LIBOR+

1.75%

0.00%

7.00%

6.39%

Apr. 03, 2025

902,374

905,031

$ 880,889

$ 880,859

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Churchill Downs Incorporated [Member]

$ 883,875

$ 898,406

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan B1 (3/21)

Loan

1M USD SOFR+

1M USD LIBOR+

2.00%

0.00%

7.25%

6.64%

Mar. 17, 2028

490,000

491,250

$ 489,227

$ 490,382

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CIMPRESS PUBLIC LIMITED COMPANY [Member]

$ 482,650

$ 486,952

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Advertising, Printing & Publishing

USD Term Loan

Loan

1M USD LIBOR+

3.50%

0.50%

8.65%

8.13%

May 17, 2028

1,974,924

1,979,950

$ 1,890,618

$ 1,892,607

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CITADEL SECURITIES LP [Member]

$ 1,885,223

$ 1,785,419

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (01/21)

Loan

1M USD SOFR+

2.50%

0.00%

7.77%

7.23%

Feb. 02, 2028

4,900,000

4,912,500

$ 4,898,551

$ 4,910,914

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Clarios Global LP [Member]

$ 4,829,587

$ 4,865,684

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Incremental Term Loan (04/23)

Term Loan B1

Loan

1M USD SOFR+

1M USD LIBOR+

3.75%

3.25%

0.00%

8.90%

7.88%

May 05, 2030

Apr. 30, 2026

1,200,000

1,267,812

$ 1,194,004

$ 1,261,524

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Claros Mortgage Trust, Inc [Member]

$ 1,187,004

$ 1,260,091

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B-1 (11/21)

Loan

1M USD SOFR+

4.50%

0.50%

9.67%

9.16%

Aug. 09, 2026

3,431,275

3,439,962

$ 3,414,261

$ 3,421,651

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CLYDESDALE ACQUISITION HOLDINGS, INC. [Member]

$ 3,002,366

$ 3,401,262

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan B

Loan

1M USD SOFR+

4.18%

0.50%

9.43%

8.89%

Apr. 13, 2029

1,488,750

1,492,500

$ 1,456,321

$ 1,458,949

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cole Haan [Member]

$ 1,412,824

$ 1,469,993

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Non-durable

Term Loan B

Loan

3M USD LIBOR+

5.50%

0.00%

10.66%

10.23%

Feb. 07, 2025

862,500

875,000

$ 859,791

$ 871,486

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Columbus McKinnon Corporation [Member]

$ 831,234

$ 841,461

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Capital Equipment

Term Loan (4/21)

Loan

1M USD SOFR+

3M USD LIBOR+

2.75%

0.50%

7.92%

7.50%

May 14, 2028

439,667

449,172

$ 438,942

$ 448,339

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Conduent, Inc. [Member]

$ 438,018

$ 446,926

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B

Loan

1M USD LIBOR+

4.25%

0.50%

9.40%

8.88%

Oct. 16, 2028

2,783,470

1,787,985

$ 2,714,717

$ 1,755,247

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Connect Finco SARL [Member]

$ 2,660,997

$ 1,742,177

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Telecommunications

Term Loan (1/21)

Loan

1M USD LIBOR+

1M USD SOFR+

3.50%

1.00%

8.66%

8.14%

Dec. 11, 2026

2,910,000

2,917,500

$ 2,815,214

$ 2,816,917

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Consolidated Communications, Inc. [Member]

$ 2,886,371

$ 2,863,526

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Telecommunications

Term Loan B

Loan

1M USD SOFR+

1M USD LIBOR+

3.50%

0.75%

8.77%

8.19%

Oct. 02, 2027

2,714,005

$ 2,528,047

$ 2,520,099

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CORAL-US CO-BORROWER LLC [Member]

$ 2,327,259

$ 2,435,819

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Telecommunications

Term Loan B-5

Loan

1M USD LIBOR+

2.25%

0.00%

7.36%

6.84%

Jan. 31, 2028

4,000,000

$ 3,989,586

$ 3,988,733

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Corelogic, Inc. [Member]

$ 3,824,280

$ 3,867,160

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan (4/21)

Loan

1M USD LIBOR+

3.50%

0.50%

8.69%

8.19%

Jun. 02, 2028

2,462,500

2,468,750

$ 2,453,657

$ 2,459,383

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cortes NP Acquisition Corp (Vertiv) [Member]

$ 2,196,402

$ 2,110,164

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Capital Equipment

Term Loan 2/21

Loan

1M USD LIBOR+

2.75%

0.00%

7.81%

7.32%

Mar. 02, 2027

1,955,000

1,960,000

$ 1,955,000

$ 1,960,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Creative Artists Agency, LLC [Member]

$ 1,922,410

$ 1,934,579

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Diversified & Production

Term Loan B (02/23)

Loan

1M USD SOFR+

3.50%

0.00%

8.65%

8.06%

Nov. 27, 2028

Nov. 01, 2028

1,600,000

$ 1,588,739

$ 1,588,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CROCS INC [Member]

$ 1,576,000

$ 1,595,008

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan

Loan

1M USD SOFR+

6M USD SOFR+

3.50%

0.50%

8.75%

7.73%

Feb. 20, 2029

1,920,000

2,512,500

$ 1,852,365

$ 2,421,039

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cross Financial Corp [Member]

$ 1,915,469

$ 2,504,133

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (3/21)

Loan

1M USD LIBOR+

4.00%

0.75%

9.19%

8.69%

Sep. 15, 2027

491,250

492,500

$ 491,009

$ 492,174

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Crown Subsea Communications Holding, Inc. [Member]

$ 486,338

$ 489,422

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan (4/21)

Loan

1M USD SOFR+

1M USD LIBOR+

5.00%

4.75%

0.75%

10.11%

9.32%

Apr. 27, 2027

3,404,110

$ 3,380,055

$ 3,377,740

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CSC Holdings LLC (Neptune Finco Corp.) [Member]

$ 3,375,379

$ 3,340,283

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Broadcasting & Subscription

Term Loan B-5

Loan

1M USD LIBOR+

2.50%

0.00%

7.61%

7.09%

Apr. 15, 2027

483,750

485,000

$ 483,750

$ 485,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CSC Holdings LLC (Neptune Finco Corp.) One [Member]

$ 406,611

$ 435,894

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Broadcasting & Subscription

Term Loan 12/22

Loan

1M USD SOFR+

4.50%

0.00%

9.56%

9.06%

Apr. 15, 2027

2,394,032

2,400,032

$ 2,384,472

$ 2,389,363

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CTC Holdings, LP [Member]

$ 2,110,339

$ 2,244,030

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

6M USD SOFR+

5.00%

0.50%

10.34%

Feb. 15, 2029

2,227,500

$ 2,178,143

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CTS Midco, LLC [Member]

$ 2,149,538

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

3M USD SOFR+

3M USD LIBOR+

6.00%

1.00%

11.31%

10.83%

Nov. 02, 2027

1,950,227

1,960,000

$ 1,910,738

$ 1,917,602

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | CAPSTONE BORROWER INC [Member]

$ 1,711,325

$ 1,666,000

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Cvent 5/23 TLB

Loan

1M USD SOFR+

3.75%

0.00%

8.32%

Jun. 17, 2030

1,000,000

$ 985,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Daseke Inc [Member]

$ 967,500

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Cargo

Term Loan 2/21

Loan

1M USD SOFR+

1M USD LIBOR+

4.00%

0.75%

9.27%

8.64%

Mar. 05, 2028

1,282,500

1,473,750

$ 1,278,086

$ 1,468,500

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Dave & Buster’s Inc. [Member]

$ 1,250,438

$ 1,468,223

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan B (04/22)

Loan

1M USD SOFR+

5.00%

0.50%

10.31%

9.75%

Jun. 29, 2029

992,500

995,000

$ 947,618

$ 948,574

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DCert Buyer, Inc. [Member]

$ 991,885

$ 997,736

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan

Loan

3M USD SOFR+

6M USD SOFR+

4.00%

0.00%

9.26%

8.70%

Oct. 16, 2026

1,465,995

1,469,773

$ 1,465,995

$ 1,469,773

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Delek US Holdings, Inc. [Member]

$ 1,430,357

$ 1,446,257

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Utilities: Oil & Gas

Term Loan B (11/22)

Loan

1M USD SOFR+

3.50%

0.50%

8.75%

8.22%

Nov. 16, 2029

5,386,500

5,400,000

$ 5,275,790

$ 5,285,256

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Delta 2 Lux Sarl [Member]

$ 5,250,168

$ 5,298,750

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan B

Loan

1M USD SOFR+

3.00%

3.25%

0.50%

8.15%

7.87%

Jan. 15, 2030

1,000,000

$ 990,725

$ 990,424

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DexKo Global, Inc. (Dragon Merger) [Member]

$ 999,000

$ 1,001,750

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Term Loan (9/21)

Loan

3M USD LIBOR+

3.75%

0.50%

8.91%

8.48%

Oct. 04, 2028

990,000

992,500

$ 986,887

$ 989,236

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DG Investment Intermediate Holdings 2, Inc. [Member]

$ 934,204

$ 928,980

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Incremental Term Loan (3/22)

Loan

1M USD SOFR+

4.75%

0.75%

9.90%

9.37%

Mar. 31, 2028

497,500

498,750

$ 479,088

$ 479,659

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Diamond Sports Group, LLC [Member]

$ 486,620

$ 488,152

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Broadcasting & Subscription

^[2]

Media: Broadcasting & Subscription

1st Priority Term Loan

^[2]

Second Lien Term Loan

Loan

^[2]

Loan

6M USD SOFR+

^[2]

3M USD SOFR+

8.00%

^[2]

3.40%

1.00%

^[2]

0.00%

13.06%

^[2]

8.03%

May 25, 2026

^[2]

Aug. 24, 2026

342,343

^[2]

3,374,880

$ 334,579

^[2]

$ 3,017,273

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Diamond Sports Group, LLC One [Member]

$ 257,329

^[2]

$ 382,306

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Broadcasting & Subscription

^[2]

Media: Broadcasting & Subscription

Second Lien Term Loan

^[2]

1st Priority Term Loan

Loan

^[2]

Loan

1M USD SOFR+

^[2]

6M USD SOFR+

5.35%

^[2]

8.00%

0.00%

^[2]

1.00%

10.50%

^[2]

13.06%

Aug. 24, 2026

^[2]

May 25, 2026

3,374,880

^[2]

342,343

$ 3,041,095

^[2]

$ 333,975

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DIRECTV FINANCING, LLC [Member]

$ 133,578

^[2]

$ 318,951

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Broadcasting & Subscription

Term Loan

Loan

1M USD LIBOR+

5.00%

0.75%

10.15%

9.63%

Aug. 02, 2027

3,460,000

3,550,000

$ 3,435,127

$ 3,523,794

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DISCOVERY PURCHASER CORPORATION [Member]

$ 3,277,277

$ 3,448,754

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

3M USD SOFR+

4.38%

0.50%

9.28%

8.96%

Oct. 04, 2029

1,496,250

1,500,000

$ 1,385,148

$ 1,385,334

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Dispatch Acquisition Holdings, LLC [Member]

$ 1,408,585

$ 1,433,310

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Environmental Industries

Term Loan B (3/21)

Loan

3M USD SOFR+

3M USD LIBOR+

4.25%

0.75%

9.30%

8.98%

Mar. 25, 2028

491,250

492,500

$ 487,797

$ 488,806

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DOMTAR CORPORATION [Member]

$ 432,300

$ 434,631

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Forest Products & Paper

Term Loan 9/21

Loan

1M USD LIBOR+

5.50%

0.75%

10.61%

10.10%

Nov. 30, 2028

1,293,594

1,310,136

$ 1,257,755

$ 1,272,492

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DOTDASH MEREDITH, INC. [Member]

$ 1,261,254

$ 1,286,121

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Advertising, Printing & Publishing

Term Loan B

Loan

1M USD SOFR+

4.00%

0.50%

9.12%

8.67%

Nov. 30, 2028

1,989,899

1,994,949

$ 1,804,951

$ 1,803,027

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DRI HOLDING INC. [Member]

$ 1,830,707

$ 1,755,556

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Advertising, Printing & Publishing

Term Loan (12/21)

Loan

1M USD LIBOR+

5.25%

0.50%

10.40%

9.88%

Dec. 15, 2028

3,962,481

3,972,487

$ 3,825,639

$ 3,830,439

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DRW Holdings, LLC [Member]

$ 3,529,105

$ 3,552,913

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (2/21)

Loan

1M USD LIBOR+

3.75%

0.00%

8.90%

8.38%

Mar. 01, 2028

6,370,000

6,435,000

$ 6,335,329

$ 6,396,896

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DTZ U.S. Borrower, LLC [Member]

$ 6,188,837

$ 6,284,164

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan

Loan

1M USD LIBOR+

2.75%

0.00%

7.90%

7.38%

Aug. 21, 2025

1,612,878

$ 1,610,315

$ 1,609,665

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | DTZ U.S. Borrower, LLC One [Member]

$ 1,563,153

$ 1,602,798

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan (01/23)

Loan

1M USD SOFR+

3.25%

0.00%

8.50%

7.97%

Jan. 31, 2030

2,034,413

$ 2,031,072

$ 2,031,025

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | EAB Global, Inc. [Member]

$ 1,897,090

$ 2,021,698

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan (08/21)

Loan

1M USD LIBOR+

3.50%

0.50%

8.65%

8.13%

Aug. 16, 2028

987,500

990,000

$ 983,879

$ 985,965

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Echo Global Logistics, Inc. [Member]

$ 956,996

$ 969,586

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan

Loan

1M USD LIBOR+

3.50%

0.50%

8.65%

8.13%

Nov. 23, 2028

1,980,000

1,985,000

$ 1,976,735

$ 1,981,077

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Edelman Financial Group Inc., The [Member]

$ 1,874,822

$ 1,916,776

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (3/21)

Loan

1M USD LIBOR+

3.75%

3.50%

0.75%

8.90%

8.13%

Apr. 07, 2028

2,182,992

2,188,547

$ 2,177,326

$ 2,182,686

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Electrical Components Inter., Inc. [Member]

$ 2,091,459

$ 2,129,281

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Capital Equipment

Term Loan (6/18)

Loan

3M USD SOFR+

1M USD LIBOR+

4.25%

0.00%

9.61%

8.88%

Jun. 26, 2025

1,883,409

1,888,404

$ 1,883,409

$ 1,888,404

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ELECTRON BIDCO INC. [Member]

$ 1,744,036

$ 1,719,638

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

1M USD SOFR+

1M USD LIBOR+

3.00%

0.50%

8.27%

7.63%

Nov. 01, 2028

495,000

496,250

$ 493,182

$ 494,396

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ELO Touch Solutions, Inc. [Member]

$ 483,709

$ 491,208

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Diversified & Production

Term Loan (12/18)

Loan

1M USD LIBOR+

6.50%

0.00%

11.65%

11.13%

Dec. 14, 2025

2,175,269

$ 2,125,913

$ 2,121,627

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Embecta Corp [Member]

$ 2,052,910

$ 2,169,831

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B

Loan

6M USD SOFR+

3.00%

0.50%

7.79%

Mar. 30, 2029

613,370

614,918

$ 610,139

$ 611,634

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Emerson Climate Technologies Inc [Member]

$ 600,845

$ 604,735

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B (04/23)

Loan

1M USD SOFR+

3.00%

0.00%

8.03%

May 04, 2030

626,147

$ 619,885

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Endo Luxembourg Finance Company I S.a.r.l. [Member]

$ 618,514

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan (3/21)

Loan

Prime

6.00%

0.75%

14.25%

13.75%

Mar. 27, 2028

2,335,285

$ 2,329,571

$ 2,328,380

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Endure Digital, Inc. [Member]

$ 1,764,612

$ 1,839,037

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

6M USD LIBOR+

1M USD LIBOR+

3.50%

0.75%

8.79%

8.07%

Feb. 10, 2028

2,456,250

2,462,500

$ 2,448,041

$ 2,453,593

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Entain Holdings (Gibraltar) Limited [Member]

$ 2,234,426

$ 2,276,581

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan B (10/22)

Loan

6M USD SOFR+

3M USD SOFR+

3.50%

0.50%

8.44%

8.18%

Oct. 30, 2029

997,500

1,000,000

$ 985,601

$ 987,635

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Envision Healthcare Corporation [Member]

$ 995,425

$ 999,060

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (06/18)

Loan

3M USD LIBOR+

3.75%

0.00%

8.91%

8.48%

Oct. 10, 2025

4,766,742

4,784,383

$ 4,765,301

$ 4,782,311

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | EOS U.S. FINCO LLC [Member]

$ 29,792

$ 1,202,076

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Cargo

Term Loan

Loan

3M USD SOFR+

6.00%

0.50%

10.91%

10.60%

Oct. 06, 2029

Aug. 03, 2029

993,750

1,000,000

$ 919,833

$ 923,495

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Equiniti Group PLC [Member]

$ 984,637

$ 986,250

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B

Loan

6M USD SOFR+

4.50%

0.50%

9.54%

Dec. 11, 2028

987,500

990,000

$ 979,612

$ 981,797

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | EyeCare Partners, LLC [Member]

$ 985,031

$ 990,624

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

1M USD LIBOR+

3M USD LIBOR+

3.75%

0.00%

8.90%

8.48%

Feb. 18, 2027

1,943,111

1,948,081

$ 1,943,111

$ 1,948,081

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Finco I LLC [Member]

$ 1,505,911

$ 1,621,174

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (9/20)

Loan

6M USD LIBOR+

1M USD LIBOR+

2.50%

0.00%

8.08%

7.13%

Jun. 27, 2025

2,830,950

$ 2,827,872

$ 2,826,805

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Brands Group, LLC [Member]

$ 2,824,580

$ 2,830,950

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

1st Lien Term Loan (3/21)

Loan

6M USD SOFR+

5.00%

1.00%

10.25%

Mar. 30, 2027

4,900,000

4,912,500

$ 4,845,043

$ 4,854,265

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Eagle Investment Management [Member]

$ 4,708,900

$ 4,754,367

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Refinancing Term Loan

Loan

3M USD LIBOR+

2.50%

0.00%

7.66%

7.23%

Feb. 01, 2027

5,132,522

5,146,145

$ 5,121,640

$ 5,133,892

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Student Bidco Inc. [Member]

$ 4,877,487

$ 5,055,007

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Consumer

Term Loan B

Loan

3M USD LIBOR+

3.00%

0.50%

8.14%

7.73%

Jul. 21, 2028

721,243

723,088

$ 717,314

$ 718,928

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | First Student Bidco Inc. One [Member]

$ 669,054

$ 689,255

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Consumer

Term Loan C

Loan

3M USD LIBOR+

3.00%

0.50%

8.14%

7.73%

Jul. 21, 2028

269,608

$ 268,131

$ 268,052

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Fitness International, LLC (LA Fitness) [Member]

$ 250,099

$ 256,993

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan B (4/18)

Loan

3M USD SOFR+

3.25%

1.00%

8.45%

8.08%

Apr. 18, 2025

1,330,058

$ 1,327,288

$ 1,326,810

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Flutter Financing B.V. [Member]

$ 1,268,729

$ 1,268,211

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan

Loan

3M USD LIBOR+

2.25%

0.00%

7.41%

6.98%

Jul. 21, 2026

1,970,000

1,975,000

$ 1,967,537

$ 1,972,044

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Flutter Financing B.V. One [Member]

$ 1,960,367

$ 1,971,643

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Third Amendment 2028-B Term Loan

Loan

3M USD SOFR+

3.25%

0.50%

8.41%

8.09%

Jul. 21, 2028

746,250

748,125

$ 731,094

$ 732,248

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | FOCUS FINANCIAL PARTNERS, LLC [Member]

$ 745,317

$ 747,848

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

1M USD SOFR+

3.25%

0.50%

8.40%

7.87%

Jun. 30, 2028

1,483,571

1,487,298

$ 1,467,480

$ 1,470,684

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Franchise Group, Inc. [Member]

$ 1,446,481

$ 1,477,765

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

First Out Term Loan

Loan

3M USD SOFR+

3M USD LIBOR+

4.75%

0.75%

9.97%

9.56%

Mar. 10, 2026

799,104

$ 794,431

$ 793,938

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Franchise Group, Inc.One [Member]

$ 749,160

$ 760,148

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan B

Loan

3M USD SOFR+

4.75%

0.75%

10.09%

9.70%

Mar. 10, 2026

3,000,000

$ 2,863,177

$ 2,852,614

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Franklin Square Holdings, L.P. [Member]

$ 2,801,250

$ 2,857,500

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

1M USD LIBOR+

2.25%

0.00%

7.50%

6.94%

Aug. 01, 2025

4,297,478

4,308,730

$ 4,285,561

$ 4,296,025

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Froneri International (R&R Ice Cream) [Member]

$ 4,254,503

$ 4,303,344

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan B-2

Loan

3M USD LIBOR+

1M USD LIBOR+

2.25%

0.00%

7.41%

6.88%

Jan. 29, 2027

1,945,000

1,950,000

$ 1,943,129

$ 1,948,124

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Garrett LX III S.a r.l. [Member]

$ 1,897,989

$ 1,915,524

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Dollar Term Loan

Loan

3M USD SOFR+

3M USD LIBOR+

3.25%

0.50%

8.66%

8.08%

Apr. 30, 2028

1,477,500

1,481,250

$ 1,472,325

$ 1,475,822

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Gates Global LLC [Member]

$ 1,381,463

$ 1,460,261

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Term Loan (11/22)

Loan

1M USD SOFR+

3.50%

0.50%

8.65%

8.12%

Nov. 15, 2029

248,750

249,375

$ 241,726

$ 242,119

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Gemini HDPE LLC [Member]

$ 247,539

$ 249,121

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B (12/20)

Loan

1M USD SOFR+

3M USD LIBOR+

3.00%

0.50%

8.15%

7.83%

Dec. 31, 2027

2,263,630

2,289,884

$ 2,251,094

$ 2,276,592

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Genesee & Wyoming, Inc. [Member]

$ 2,251,904

$ 2,281,297

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Cargo

Term Loan (11/19)

Loan

3M USD SOFR+

3M USD LIBOR+

2.00%

0.00%

7.00%

6.73%

Dec. 30, 2026

1,455,000

1,458,750

$ 1,451,280

$ 1,454,820

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | GGP Inc. [Member]

$ 1,447,725

$ 1,453,892

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

1M USD SOFR+

1M USD LIBOR+

2.50%

0.00%

7.75%

2.96%

Aug. 27, 2025

3,062,839

3,072,992

$ 2,759,432

$ 2,734,560

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Global Tel*Link Corporation [Member]

$ 2,893,097

$ 3,053,141

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Telecommunications

Term Loan B

Loan

1M USD SOFR+

3M USD SOFR+

4.25%

0.00%

9.50%

9.08%

Nov. 29, 2025

4,884,879

4,897,634

$ 4,752,840

$ 4,753,219

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Go Daddy Operating Company, LLC [Member]

$ 4,330,738

$ 4,342,830

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan 2/21

Loan

1M USD LIBOR+

2.00%

0.00%

7.15%

6.63%

Aug. 10, 2027

954,774

1,959,799

$ 954,774

$ 1,959,799

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | GOLDEN WEST PACKAGING GROUP LLC [Member]

$ 950,601

$ 1,950,255

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Forest Products & Paper

Term Loan (11/21)

Loan

1M USD LIBOR+

5.25%

0.75%

10.40%

9.88%

Dec. 01, 2027

1,915,517

1,962,500

$ 1,900,897

$ 1,946,411

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Graham Packaging Co Inc [Member]

$ 1,838,897

$ 1,903,625

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan (2/21)

Loan

1M USD SOFR+

1M USD LIBOR+

3.00%

0.75%

8.27%

7.63%

Aug. 07, 2027

948,542

962,517

$ 944,160

$ 957,931

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Great Outdoors Group, LLC [Member]

$ 923,510

$ 956,501

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan B2

Loan

1M USD LIBOR+

3.75%

0.75%

8.90%

8.38%

Mar. 06, 2028

977,613

980,094

$ 974,174

$ 976,551

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Greenhill & Co., Inc. [Member]

$ 947,795

$ 964,471

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

3M USD LIBOR+

3.25%

0.00%

8.73%

8.20%

Apr. 12, 2024

2,825,440

2,844,231

$ 2,819,803

$ 2,836,329

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Griffon Corporation [Member]

$ 2,816,031

$ 2,789,707

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan B

Loan

3M USD SOFR+

1M USD SOFR+

2.25%

2.50%

0.50%

7.30%

7.20%

Jan. 24, 2029

153,750

154,375

$ 153,502

$ 154,051

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Grosvenor Capital Management Holdings, LLLP [Member]

$ 152,437

$ 152,959

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Amendment 5 Term Loan

Loan

1M USD LIBOR+

2.50%

0.50%

7.65%

7.13%

Feb. 24, 2028

2,829,586

2,836,805

$ 2,827,907

$ 2,834,453

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Groupe Solmax Inc. [Member]

$ 2,809,779

$ 2,808,437

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Environmental Industries

Term Loan (6/21)

Loan

3M USD LIBOR+

4.75%

0.75%

9.91%

9.48%

May 27, 2028

1,989,873

1,994,937

$ 1,633,954

$ 1,625,873

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | GYP HOLDINGS III CORP. [Member]

$ 1,782,190

$ 1,720,633

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

2023 Refinancing Term Loans

Loan

1M USD SOFR+

3.00%

0.00%

8.15%

Apr. 25, 2030

250,000

$ 248,751

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Harbor Freight Tools USA, Inc. [Member]

$ 249,063

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan B (06/21)

Loan

1M USD LIBOR+

2.75%

0.50%

7.90%

7.38%

Oct. 19, 2027

3,429,648

3,438,442

$ 3,413,091

$ 3,420,645

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Helix Gen Funding, LLc [Member]

$ 3,287,901

$ 3,324,355

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Energy: Electricity

Term Loan B (02/17)

Loan

1M USD LIBOR+

3.75%

1.00%

8.90%

8.38%

Jun. 03, 2024

208,209

209,702

$ 208,209

$ 209,702

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Hillman Group Inc. (The) (New) [Member]

$ 205,440

$ 208,332

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan B-1 (2/21)

Loan

1M USD LIBOR+

2.75%

0.50%

7.90%

7.38%

Jul. 14, 2028

3,470,359

3,479,167

$ 3,465,657

$ 3,473,274

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Hillman Group Inc. (The) (New) One [Member]

$ 3,414,833

$ 3,441,105

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

^[1]

Consumer goods: Durable

Delayed Draw Term Loan (2/21)

^[1]

Delayed Draw Term Loan (2/21)

Loan

^[1]

Loan

1M USD LIBOR+

^[1]

1M USD LIBOR+

2.75%

^[1]

2.75%

0.50%

^[1]

0.50%

7.90%

^[1]

7.38%

Jul. 14, 2028

^[1]

Jul. 14, 2028

66,498

^[1]

66,667

$ 66,498

^[1]

$ 66,667

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | HLF Financing SARL (Herbalife) [Member]

$ 53,012

^[1]

$ 57,444

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Non-durable

Term Loan B (08/18)

Loan

1M USD LIBOR+

2.50%

0.00%

7.65%

7.13%

Aug. 18, 2025

3,500,000

3,510,000

$ 3,494,979

$ 3,504,423

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Holley Purchaser, Inc [Member]

$ 3,349,990

$ 3,452,225

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Term Loan (11/21)

Loan

3M USD LIBOR+

3.75%

0.75%

8.91%

8.48%

Nov. 17, 2028

2,311,709

2,317,577

$ 2,304,423

$ 2,309,047

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Howden Group Holdings [Member]

$ 1,995,768

$ 1,888,825

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (1/21)

Loan

1M USD LIBOR+

3.25%

0.75%

8.44%

7.94%

Nov. 12, 2027

2,146,700

2,152,191

$ 2,139,286

$ 2,144,311

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Hudson River Trading LLC [Member]

$ 2,099,215

$ 2,117,218

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (3/21)

Loan

1M USD SOFR+

3.00%

0.00%

8.27%

7.73%

Mar. 17, 2028

5,880,000

5,895,000

$ 5,838,530

$ 5,850,826

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Idera, Inc. [Member]

$ 5,541,900

$ 5,619,173

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan (02/21)

Loan

1M USD SOFR+

3M USD LIBOR+

3.75%

0.75%

8.88%

8.51%

Mar. 02, 2028

4,798,869

4,811,111

$ 4,791,394

$ 4,802,585

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IMA Financial Group, Inc. [Member]

$ 4,595,925

$ 4,635,698

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (10/21)

Loan

1M USD LIBOR+

3.50%

0.50%

8.53%

8.13%

Nov. 01, 2028

1,975,000

1,980,000

$ 1,967,711

$ 1,972,160

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IMA Financial Group, Inc.One [Member]

$ 1,930,563

$ 1,947,825

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan 5/23

Loan

1M USD SOFR+

4.25%

0.50%

9.40%

Nov. 01, 2028

500,000

$ 487,500

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INDY US BIDCO, LLC [Member]

$ 490,625

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan (11/21)

Loan

1M USD LIBOR+

3.75%

0.00%

8.90%

8.38%

Mar. 06, 2028

2,210,094

2,215,703

$ 2,209,548

$ 2,215,226

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INEOS 226 Ltd. [Member]

$ 1,898,846

$ 1,888,200

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan 3/23

Loan

1M USD SOFR+

3.75%

0.00%

9.00%

Mar. 13, 2030

500,000

$ 495,038

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ineos US Finance LLC [Member]

$ 496,875

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan C

Loan

1M USD SOFR+

3.50%

3.75%

0.00%

8.75%

8.42%

Feb. 09, 2030

1,000,000

$ 990,100

$ 990,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INEOS US PETROCHEM LLC [Member]

$ 990,630

$ 991,560

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (1/21)

Loan

1M USD SOFR+

1M USD LIBOR+

2.75%

0.50%

8.02%

7.38%

Jan. 29, 2026

1,974,924

1,979,950

$ 1,928,587

$ 1,929,143

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Informatica Inc. [Member]

$ 1,954,346

$ 1,967,080

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B (10/21)

Loan

1M USD LIBOR+

2.75%

0.00%

7.94%

7.44%

Oct. 27, 2028

495,000

496,250

$ 494,703

$ 495,896

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ingram Micro Inc. [Member]

$ 490,773

$ 494,761

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Wholesale

Term Loan

Loan

3M USD LIBOR+

3.50%

0.50%

8.66%

8.23%

Jun. 30, 2028

1,473,750

1,477,500

$ 1,462,645

$ 1,465,872

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Inmar Acquisition Sub, Inc. [Member]

$ 1,414,800

$ 1,468,266

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B

Loan

1M USD LIBOR+

4.00%

1.00%

9.15%

8.63%

May 01, 2024

3,341,808

3,350,673

$ 3,323,531

$ 3,327,770

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Innophos, Inc. [Member]

$ 3,257,428

$ 3,270,055

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B

Loan

1M USD LIBOR+

3.25%

0.00%

8.40%

7.88%

Feb. 04, 2027

485,000

486,250

$ 483,785

$ 484,966

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | INSTANT BRANDS HOLDINGS INC. [Member]

$ 474,543

$ 483,007

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan 4/21

Loan

3M USD LIBOR+

5.00%

0.75%

10.48%

9.95%

Apr. 07, 2028

3,942,576

4,027,667

$ 3,927,059

$ 4,010,741

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IRB Holding Corporation [Member]

$ 463,253

$ 2,154,802

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan B (1/22)

Term Loan B3

Loan

1M USD SOFR+

3.00%

0.75%

8.25%

7.57%

Dec. 15, 2027

Dec. 14, 2027

498,740

500,000

$ 494,029

$ 495,150

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Isagenix International, LLC [Member]

$ 483,220

$ 493,125

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan

Loan

6M USD SOFR+

3M USD LIBOR+

4.50%

7.75%

0.00%

1.00%

9.59%

11.35%

Apr. 13, 2028

Jun. 14, 2025

1,182,282

2,330,036

$ 721,726

$ 2,311,947

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Jane Street Group [Member]

$ 1,004,939

$ 814,068

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (1/21)

Loan

1M USD SOFR+

1M USD LIBOR+

2.75%

0.00%

7.90%

7.38%

Jan. 31, 2028

3,910,000

3,920,000

$ 3,907,823

$ 3,917,671

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Journey Personal Care Corp. [Member]

$ 3,850,138

$ 3,897,970

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Non-durable

Term Loan B

Loan

3M USD LIBOR+

4.25%

0.75%

9.41%

8.98%

Mar. 01, 2028

982,500

985,000

$ 978,960

$ 981,310

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | JP Intermediate B, LLC [Member]

$ 825,300

$ 731,569

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Non-durable

Term Loan

Loan

3M USD LIBOR+

5.50%

1.00%

10.77%

10.33%

Nov. 15, 2025

3,816,695

3,884,160

$ 3,799,232

$ 3,863,896

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Klockner-Pentaplast of America, Inc. [Member]

$ 1,822,472

$ 2,469,199

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan (1/21) (USD)

Loan

6M USD SOFR+

4.73%

4.75%

0.50%

10.10%

10.13%

Feb. 12, 2026

1,470,000

1,473,750

$ 1,466,436

$ 1,469,605

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Kodiak BP, LLC [Member]

$ 1,337,700

$ 1,354,936

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan

Loan

3M USD SOFR+

3M USD LIBOR+

3.25%

0.75%

8.41%

7.98%

Mar. 13, 2028

489,971

491,242

$ 488,917

$ 490,111

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Koppers Inc [Member]

$ 471,597

$ 472,083

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD SOFR+

4.00%

0.50%

9.16%

Apr. 09, 2030

1,000,000

$ 970,268

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | KREF Holdings X LLC Member]

$ 992,500

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (11/21)

Loan

1M USD LIBOR+

3.50%

0.50%

8.63%

8.13%

Sep. 01, 2027

490,047

491,288

$ 482,060

$ 482,835

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Lakeland Tours, LLC [Member]

$ 458,194

$ 482,690

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Holdco Fixed Term Loan

Loan

Fixed

0.00%

0.00%

13.25%

Sep. 27, 2027

1,056,778

990,775

$ 459,661

$ 383,373

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Lealand Finance Company B.V. [Member]

$ 686,906

$ 644,004

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Energy: Oil & Gas

Exit Term Loan

Loan

1M USD LIBOR+

1.00%

0.00%

6.15%

5.63%

Jun. 30, 2025

347,730

345,078

$ 347,730

$ 345,078

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LHS BORROWER, LLC [Member]

$ 232,284

$ 221,426

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan (02/22)

Loan

1M USD SOFR+

4.75%

0.50%

10.00%

9.47%

Feb. 16, 2029

994,975

997,487

$ 818,956

$ 815,989

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Lifetime Brands, Inc [Member]

$ 766,131

$ 817,940

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Non-durable

Term Loan B

Loan

1M USD SOFR+

3.50%

1.00%

8.77%

8.23%

Feb. 28, 2025

2,616,496

$ 2,603,772

$ 2,602,628

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Liquid Tech Solutions Holdings, LLC [Member]

$ 2,330,329

$ 2,295,975

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan

Loan

6M USD SOFR+

6M USD LIBOR+

4.75%

0.00%

9.71%

8.92%

Mar. 17, 2028

982,500

985,000

$ 979,970

$ 982,312

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LogMeIn, Inc. [Member]

$ 957,938

$ 940,675

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan (8/20)

Loan

1M USD LIBOR+

4.75%

0.00%

9.90%

9.38%

Aug. 31, 2027

3,910,000

3,920,000

$ 3,860,601

$ 3,868,809

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LOYALTY VENTURES INC. [Member]

$ 2,364,651

$ 2,137,145

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

^[2]

Services: Business

Term Loan B

^[2]

Term Loan B

Loan

^[2]

Loan

Prime

^[2]

Prime

5.50%

^[2]

3.50%

0.50%

^[2]

0.50%

13.75%

^[2]

11.25%

Nov. 03, 2027

^[2]

Nov. 03, 2027

3,089,630

^[2]

3,089,630

$ 3,075,114

^[2]

$ 3,074,278

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LPL Holdings, Inc. [Member]

$ 290,950

^[2]

$ 926,889

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B1

Loan

1M USD SOFR+

1M USD LIBOR+

1.75%

0.00%

6.84%

6.32%

Nov. 11, 2026

1,204,743

1,207,856

$ 1,203,544

$ 1,206,501

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF11 A5 HOLDCO LLC [Member]

$ 1,187,672

$ 1,203,701

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Term Loan (01/23)

Loan

1M USD SOFR+

3.50%

4.25%

0.50%

8.77%

8.97%

Oct. 16, 2028

Oct. 14, 2028

247,500

500,000

$ 246,627

$ 486,534

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF11 A5 HOLDCO LLC One [Member]

$ 239,147

$ 489,165

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (01/23)

Term Loan

Loan

1M USD SOFR+

4.25%

3.50%

0.50%

9.50%

8.23%

Oct. 14, 2028

Oct. 16, 2028

500,000

248,125

$ 487,004

$ 247,170

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF11 TRINITY BIDCO INC [Member]

$ 489,585

$ 241,508

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Term Loan

Loan

1M USD SOFR+

4.50%

0.00%

9.50%

Apr. 25, 2030

1,000,000

$ 985,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | LSF9 Atlantis Holdings, LLC (A Wireless) [Member]

$ 982,500

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan B

Loan

3M USD SOFR+

7.25%

0.75%

12.15%

11.83%

Mar. 29, 2029

2,812,500

2,962,500

$ 2,730,109

$ 2,872,908

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MAGNITE, INC. [Member]

$ 2,759,063

$ 2,888,438

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan

Loan

6M USD LIBOR+

1M USD LIBOR+

5.00%

0.75%

10.24%

9.63%

Apr. 28, 2028

2,957,424

2,964,950

$ 2,895,802

$ 2,901,156

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Marriott Ownership Resorts, Inc. [Member]

$ 2,903,215

$ 2,826,575

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan (11/19)

Loan

1M USD LIBOR+

1.75%

0.00%

6.90%

6.38%

Aug. 29, 2025

1,317,074

$ 1,317,074

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Match Group, Inc, The [Member]

$ 1,300,202

$ 1,308,842

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan (1/20)

Loan

3M USD LIBOR+

1.75%

0.00%

6.71%

6.49%

Feb. 15, 2027

250,000

$ 249,705

$ 249,658

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Mayfield Agency Borrower Inc. (FeeCo) [Member]

$ 246,563

$ 247,500

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (02/23)

Loan

1M USD SOFR+

3M USD SOFR+

5.00%

0.00%

10.25%

8.81%

Feb. 27, 2028

3,450,000

$ 3,351,865

$ 3,346,500

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | McGraw-Hill Education, Inc. [Member]

$ 3,286,125

$ 3,363,750

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Advertising, Printing & Publishing

Term Loan (07/21)

Loan

1M USD LIBOR+

3M USD LIBOR+

4.75%

0.50%

9.90%

9.70%

Jul. 28, 2028

1,970,000

1,975,000

$ 1,953,850

$ 1,957,770

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MedAssets Software Inter Hldg, Inc. [Member]

$ 1,845,240

$ 1,894,025

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan (11/21) (USD)

Loan

1M USD LIBOR+

4.00%

0.50%

9.15%

8.63%

Dec. 18, 2028

495,000

496,250

$ 492,319

$ 493,413

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Mermaid Bidco Inc. [Member]

$ 413,637

$ 462,753

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B2

Loan

1M USD SOFR+

3M USD LIBOR+

4.50%

3.50%

0.75%

9.54%

8.30%

Dec. 22, 2027

1,981,272

983,769

$ 1,959,063

$ 981,224

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Messer Industries, LLC [Member]

$ 1,911,927

$ 964,093

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B

Loan

3M USD SOFR+

3M USD LIBOR+

2.50%

0.00%

7.66%

7.23%

Mar. 01, 2026

2,970,367

2,980,405

$ 2,961,160

$ 2,970,477

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Michaels Companies Inc [Member]

$ 2,959,852

$ 2,968,871

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan B (Magic Mergeco)

Loan

3M USD LIBOR+

4.25%

0.75%

9.41%

8.98%

Apr. 08, 2028

2,461,187

2,467,450

$ 2,446,742

$ 2,452,022

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Momentive Performance Materials Inc. [Member]

$ 2,158,166

$ 2,254,632

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (03/23)

Loan

1M USD SOFR+

4.50%

0.00%

9.65%

Mar. 28, 2028

500,000

$ 480,430

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Moneygram International, Inc. [Member]

$ 489,690

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

MoneyGram Payment 5/23 TL

Loan

1M USD SOFR+

5.50%

0.50%

10.55%

May 31, 2030

2,000,000

$ 1,660,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MPH Acquisition Holdings LLC (Multiplan) [Member]

$ 1,660,000

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B (08/21)

Loan

3M USD LIBOR+

4.25%

0.50%

9.73%

9.20%

Sep. 01, 2028

2,984,848

2,992,424

$ 2,728,880

$ 2,725,679

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | NAB Holdings, LLC (North American Bancard) [Member]

$ 2,501,064

$ 2,509,148

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (11/21)

Loan

3M USD SOFR+

3.00%

0.50%

8.05%

7.73%

Nov. 23, 2028

2,962,500

2,970,000

$ 2,957,096

$ 2,963,897

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Napa Management Services Corp [Member]

$ 2,901,650

$ 2,927,678

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (02/22)

Loan

1M USD SOFR+

5.25%

0.75%

10.49%

9.95%

Feb. 22, 2029

2,992,443

3,000,000

$ 2,417,282

$ 2,407,500

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Natgasoline LLC [Member]

$ 2,179,995

$ 2,285,640

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD LIBOR+

3.50%

0.00%

8.69%

8.19%

Nov. 14, 2025

3,364,175

3,436,481

$ 3,348,633

$ 3,419,311

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | National Mentor Holdings, Inc. [Member]

$ 3,305,301

$ 3,395,690

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan 2/21

Loan

3M USD LIBOR+

1M USD SOFR+

3.75%

0.75%

8.48%

8.47%

Mar. 02, 2028

2,729,081

2,736,043

$ 2,721,430

$ 2,727,702

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | National Mentor Holdings, Inc. One [Member]

$ 2,027,025

$ 2,108,477

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan C 2/21

Loan

3M USD SOFR+

3M USD LIBOR+

3.75%

0.75%

8.75%

8.48%

Mar. 02, 2028

87,464

$ 87,163

$ 87,137

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | NEW ERA CAP, LLC [Member]

$ 64,964

$ 67,402

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan (01/22)

Loan

1M USD LIBOR+

3M USD LIBOR+

6.00%

0.75%

11.11%

10.82%

Jul. 13, 2027

3,581,045

3,628,164

$ 3,580,533

$ 3,627,422

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Nexstar Broadcasting, Inc. (Mission Broadcasting) [Member]

$ 3,473,614

$ 3,483,037

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Broadcasting & Subscription

Term Loan

Loan

1M USD LIBOR+

2.50%

0.00%

7.65%

7.13%

Sep. 18, 2026

657,625

$ 653,083

$ 652,850

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Next Level Apparel, Inc. [Member]

$ 649,760

$ 655,745

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan

Loan

3M USD LIBOR+

7.50%

5.50%

1.00%

12.33%

10.33%

Aug. 09, 2024

2,909,971

1,675,340

$ 2,834,608

$ 1,670,519

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | NortonLifeLock Inc. [Member]

$ 2,517,125

$ 1,373,779

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

2.00%

0.50%

7.25%

6.72%

Sep. 12, 2029

1,333,648

1,398,374

$ 1,328,212

$ 1,392,077

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Novae LLC [Member]

$ 1,310,723

$ 1,382,391

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Term Loan B

Loan

6M USD SOFR+

3M USD SOFR+

5.00%

0.75%

10.34%

9.82%

Dec. 22, 2028

1,980,000

1,985,000

$ 1,967,827

$ 1,972,048

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Nuvei Technologies Corp. [Member]

$ 1,679,693

$ 1,692,213

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

US Term Loan

Loan

1M USD SOFR+

1M USD LIBOR+

2.50%

0.50%

7.77%

7.13%

Sep. 29, 2025

2,210,625

2,216,250

$ 2,208,388

$ 2,213,211

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Olaplex, Inc. [Member]

$ 2,202,335

$ 2,210,709

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Non-durable

Term Loan (2/22)

Loan

1M USD SOFR+

3.50%

0.50%

8.74%

8.20%

Feb. 23, 2029

2,486,222

2,492,500

$ 2,384,953

$ 2,386,817

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Open Text Corporation [Member]

$ 2,221,016

$ 2,224,556

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

3.50%

0.50%

8.75%

8.22%

Jan. 31, 2030

Aug. 24, 2029

1,496,250

1,500,000

$ 1,452,211

$ 1,455,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Organon & Co. [Member]

$ 1,492,509

$ 1,496,955

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan USD

Loan

3M USD LIBOR+

3.00%

0.50%

8.00%

7.75%

Jun. 02, 2028

2,118,750

2,327,083

$ 2,111,232

$ 2,318,310

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Oxbow Carbon, LLC [Member]

$ 2,107,097

$ 2,297,995

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Metals & Mining

Term Loan B (04/23)

Loan

1M USD SOFR+

4.00%

0.50%

9.16%

May 02, 2030

500,000

$ 490,039

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pacific Gas & Electric [Member]

$ 491,250

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Utilities: Electric

Term Loan

Loan

1M USD LIBOR+

3.00%

0.50%

8.19%

7.69%

Jun. 18, 2025

1,461,187

1,464,944

$ 1,457,828

$ 1,460,891

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PACTIV EVERGREEN GROUP HOLDINGS INC. [Member]

$ 1,445,962

$ 1,457,619

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan B

Loan

1M USD SOFR+

1M USD LIBOR+

3.25%

0.50%

8.52%

7.88%

Sep. 20, 2028

985,000

987,500

$ 981,418

$ 983,571

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Padagis LLC [Member]

$ 962,611

$ 981,950

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD LIBOR+

4.75%

0.50%

9.97%

9.54%

Jul. 06, 2028

941,176

$ 934,000

$ 933,570

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Panther Guarantor II, L.P. (Forcepoint) [Member]

$ 855,294

$ 864,122

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan 1/21

Loan

1M USD LIBOR+

3M USD LIBOR+

4.25%

0.50%

9.40%

9.08%

Jan. 07, 2028

491,250

492,500

$ 488,829

$ 489,882

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PAR PETROLEUM LLC [Member]

$ 466,894

$ 461,719

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Energy: Oil & Gas

Term Loan 2/23

Loan

3M USD SOFR+

1M USD SOFR+

4.25%

0.50%

9.61%

8.92%

Feb. 27, 2030

Feb. 13, 2030

1,500,000

$ 1,477,916

$ 1,477,500

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PATAGONIA HOLDCO LLC [Member]

$ 1,459,215

$ 1,479,375

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Telecommunications

Term Loan B

Loan

3M USD SOFR+

5.75%

0.50%

10.79%

10.47%

Aug. 01, 2029

1,990,000

1,995,000

$ 1,658,903

$ 1,653,635

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pathway Partners Vet Management Company LLC [Member]

$ 1,592,000

$ 1,700,738

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan

Loan

1M USD LIBOR+

3.75%

0.00%

8.90%

8.38%

Mar. 30, 2027

485,268

486,509

$ 478,405

$ 479,333

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PCI Gaming Authority [Member]

$ 407,324

$ 424,630

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan

Loan

1M USD LIBOR+

2.50%

0.00%

7.65%

7.13%

May 29, 2026

809,038

$ 807,206

$ 806,994

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PEARLS (Netherlands) Bidco B.V. [Member]

$ 804,993

$ 807,396

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

USD Term Loan (02/22)

Loan

3M USD SOFR+

3.75%

0.50%

8.80%

8.43%

Feb. 28, 2029

990,000

992,500

$ 988,398

$ 990,539

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC [Member]

$ 969,378

$ 975,131

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan (12/22)

Loan

1M USD SOFR+

1M USD LIBOR+

3.25%

0.50%

8.52%

7.88%

Dec. 29, 2028

1,289,605

1,292,862

$ 1,284,558

$ 1,287,663

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC [Member]

$ 1,234,255

$ 1,272,396

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Delayed Draw Term Loan (12/21)

Loan

1M USD SOFR+

1M USD LIBOR+

3.25%

0.50%

8.52%

7.88%

Dec. 29, 2028

166,606

147,287

$ 166,606

$ 147,287

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Penn National Gaming, Inc [Member]

$ 158,185

$ 144,174

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan B

Loan

1M USD SOFR+

2.75%

0.50%

8.00%

7.47%

May 03, 2029

992,500

995,000

$ 988,325

$ 990,530

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Peraton Corp. [Member]

$ 982,823

$ 990,851

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Term Loan B

Loan

1M USD SOFR+

1M USD LIBOR+

3.75%

0.75%

9.00%

8.38%

Feb. 01, 2028

5,292,824

5,306,577

$ 5,277,913

$ 5,291,284

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PHYSICIAN PARTNERS, LLC [Member]

$ 5,030,088

$ 5,249,372

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD SOFR+

1M USD SOFR+

4.00%

0.50%

9.05%

8.72%

Dec. 23, 2028

2,480,000

1,985,000

$ 2,438,482

$ 1,967,896

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pike Corporation [Member]

$ 2,320,362

$ 1,900,638

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan (8/22)

Loan

1M USD SOFR+

3.50%

0.00%

8.65%

8.12%

Jan. 21, 2028

497,500

498,750

$ 486,614

$ 487,274

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pitney Bowes Inc [Member]

$ 494,236

$ 497,294

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B

Loan

1M USD SOFR+

4.00%

0.00%

9.27%

8.73%

Mar. 17, 2028

3,929,899

3,939,924

$ 3,905,884

$ 3,914,651

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Plastipak Holdings Inc. [Member]

$ 3,615,507

$ 3,789,734

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan B (11/21)

Loan

1M USD LIBOR+

2.50%

0.50%

7.69%

7.13%

Dec. 01, 2028

1,916,176

1,921,176

$ 1,908,914

$ 1,913,386

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Playtika Holding Corp. [Member]

$ 1,893,029

$ 1,911,974

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B (3/21)

Loan

1M USD LIBOR+

2.75%

0.00%

7.90%

7.38%

Mar. 13, 2028

4,410,000

4,421,250

$ 4,403,277

$ 4,414,119

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PMHC II, INC. [Member]

$ 4,319,330

$ 4,370,804

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (02/22)

Loan

3M USD SOFR+

4.25%

0.50%

9.30%

9.08%

Apr. 21, 2029

1,990,000

1,995,000

$ 1,981,777

$ 1,986,056

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PointClickCare Technologies, Inc. [Member]

$ 1,711,898

$ 1,710,912

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD LIBOR+

3M USD LIBOR+

3.00%

0.75%

8.19%

7.75%

Dec. 29, 2027

490,000

491,250

$ 488,391

$ 489,531

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Polymer Process Holdings, Inc. [Member]

$ 479,588

$ 487,566

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan

Loan

1M USD LIBOR+

4.75%

0.75%

9.90%

9.38%

Feb. 12, 2028

5,390,000

5,403,750

$ 5,348,460

$ 5,359,857

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Pre-Paid Legal Services, Inc. [Member]

$ 4,851,000

$ 5,025,488

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan (12/21)

Loan

1M USD LIBOR+

3.75%

0.50%

8.90%

8.38%

Dec. 15, 2028

2,970,000

2,977,500

$ 2,949,492

$ 2,956,393

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Presidio, Inc. [Member]

$ 2,870,505

$ 2,929,116

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B (1/20)

Loan

3M USD SOFR+

3.50%

0.00%

8.65%

8.28%

Jan. 22, 2027

486,250

487,500

$ 485,838

$ 486,909

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Prime Security Services Borrower, LLC (ADT) [Member]

$ 480,780

$ 485,267

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan (1/21)

Loan

1M USD LIBOR+

3M USD LIBOR+

2.75%

0.75%

7.84%

7.52%

Sep. 23, 2026

3,511,510

3,520,468

$ 3,511,510

$ 3,520,468

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PRIORITY HOLDINGS, LLC [Member]

$ 3,485,911

$ 3,511,667

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan

Loan

3M USD LIBOR+

5.75%

1.00%

11.23%

10.70%

Apr. 27, 2027

2,937,943

2,955,000

$ 2,916,925

$ 2,932,371

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PriSo Acquisition Corporation [Member]

$ 2,901,219

$ 2,936,531

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan (01/21)

Loan

6M USD LIBOR+

3M USD LIBOR+

3.25%

0.75%

8.52%

8.00%

Dec. 28, 2027

489,994

491,245

$ 488,306

$ 489,458

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Project Leopard Holdings, Inc. (NEW) [Member]

$ 458,267

$ 450,310

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B (06/22)

Loan

1M USD SOFR+

6M USD SOFR+

5.25%

0.50%

10.50%

9.80%

Jul. 20, 2029

997,500

1,000,000

$ 933,607

$ 933,902

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Prometric Inc. (Sarbacane Bidco) [Member]

$ 878,428

$ 924,690

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan

Loan

3M USD SOFR+

1M USD LIBOR+

3.00%

1.00%

8.53%

7.64%

Jan. 29, 2025

475,200

476,438

$ 474,751

$ 475,777

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | PUG LLC [Member]

$ 445,025

$ 444,278

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan B (02/20)

Loan

1M USD LIBOR+

3.50%

0.00%

8.65%

8.13%

Feb. 12, 2027

478,888

480,126

$ 477,642

$ 478,777

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Quartz AcquireCo, LLC [Member]

$ 407,654

$ 378,099

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

3.50%

0.00%

8.38%

Apr. 13, 2030

1,000,000

$ 990,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | QUEST BORROWER LIMITED [Member]

$ 986,250

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan (1/22)

Loan

3M USD SOFR+

4.25%

0.50%

9.45%

9.08%

Feb. 01, 2029

1,985,000

1,990,000

$ 1,968,797

$ 1,972,710

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Rackspace Technology Global, Inc. [Member]

$ 1,676,868

$ 1,707,539

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan (1/21)

Loan

1M USD SOFR+

3M USD LIBOR+

2.75%

0.75%

7.91%

7.60%

Feb. 15, 2028

2,967,254

2,974,823

$ 2,880,291

$ 2,882,889

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | RAND PARENT LLC [Member]

$ 1,166,872

$ 1,863,310

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Cargo

Term Loan B

Loan

3M USD SOFR+

1M USD SOFR+

4.25%

0.00%

9.13%

8.80%

Mar. 16, 2030

Feb. 07, 2030

2,500,000

1,500,000

$ 2,411,828

$ 1,462,500

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | RealPage, Inc. [Member]

$ 2,145,825

$ 1,455,000

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan (04/21)

Loan

1M USD LIBOR+

3.00%

0.50%

8.15%

7.63%

Apr. 24, 2028

985,000

987,500

$ 983,590

$ 985,860

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Rent-A-Center, Inc. [Member]

$ 945,905

$ 955,159

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan B2 (9/21)

Loan

3M USD LIBOR+

3.25%

0.50%

8.56%

8.13%

Feb. 17, 2028

1,875,243

1,976,155

$ 1,837,657

$ 1,934,422

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Research Now Group, Inc [Member]

$ 1,847,114

$ 1,927,997

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Advertising, Printing & Publishing

Term Loan

Loan

3M USD LIBOR+

5.50%

1.00%

10.80%

10.31%

Dec. 20, 2024

4,286,824

4,298,135

$ 4,244,733

$ 4,249,328

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Resideo Funding Inc. [Member]

$ 3,030,270

$ 3,200,305

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan (1/21)

Loan

1M USD LIBOR+

3M USD LIBOR+

2.25%

0.50%

7.36%

7.12%

Feb. 11, 2028

1,470,000

1,473,750

$ 1,468,339

$ 1,471,623

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Resolute Investment Managers (American Beacon), Inc. [Member]

$ 1,459,901

$ 1,471,908

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (10/20)

Loan

3M USD LIBOR+

4.25%

1.00%

9.41%

8.98%

Apr. 30, 2024

3,027,094

3,038,616

$ 3,024,448

$ 3,035,050

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Restoration Hardware, Inc. [Member]

$ 2,209,779

$ 2,385,313

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan (9/21)

Loan

1M USD LIBOR+

2.50%

0.50%

7.13%

Oct. 20, 2028

3,462,437

$ 3,456,353

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Reynolds Consumer Products LLC [Member]

$ 3,320,477

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan

Loan

1M USD SOFR+

1.75%

0.00%

7.00%

6.47%

Jan. 29, 2027

1,273,182

1,276,932

$ 1,273,035

$ 1,276,737

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Reynolds Group Holdings Inc. [Member]

$ 1,252,225

$ 1,273,880

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan B2

Loan

1M USD SOFR+

1M USD LIBOR+

3.25%

0.00%

8.52%

7.88%

Feb. 05, 2026

2,844,322

3,124,551

$ 2,836,000

$ 3,114,804

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Rocket Software, Inc. [Member]

$ 2,821,226

$ 3,114,302

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan (11/18)

Loan

1M USD LIBOR+

4.25%

0.00%

9.40%

8.88%

Nov. 28, 2025

2,867,848

2,875,317

$ 2,863,705

$ 2,870,016

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Russell Investments US Inst’l Holdco, Inc. [Member]

$ 2,816,055

$ 2,818,414

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (10/20)

Loan

1M USD SOFR+

1M USD LIBOR+

3.50%

1.00%

8.75%

8.13%

Jun. 02, 2025

5,503,217

5,590,662

$ 5,480,688

$ 5,565,048

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | RV Retailer LLC [Member]

$ 5,206,043

$ 5,499,813

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

Term Loan

Loan

3M USD SOFR+

3.75%

0.75%

8.97%

8.55%

Feb. 08, 2028

2,950,162

2,957,631

$ 2,907,882

$ 2,912,519

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ryan Specialty Group LLC [Member]

$ 2,636,708

$ 2,516,441

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

3.00%

0.75%

8.25%

7.72%

Sep. 01, 2027

1,474,842

1,478,623

$ 1,464,122

$ 1,467,543

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | S&S HOLDINGS LLC [Member]

$ 1,468,854

$ 1,474,010

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan

Loan

3M USD SOFR+

3M USD LIBOR+

5.00%

0.50%

10.09%

9.83%

Mar. 10, 2028

2,452,462

2,458,719

$ 2,405,746

$ 2,409,819

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sally Holdings LLC [Member]

$ 2,202,630

$ 2,349,625

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan B

Loan

1M USD SOFR+

2.50%

0.00%

7.65%

7.06%

Feb. 27, 2030

Mar. 24, 2030

500,000

$ 496,335

$ 496,250

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Samsonite International S.A. [Member]

$ 499,375

$ 498,750

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Non-durable

Term Loan B2

Loan

1M USD LIBOR+

3.00%

0.75%

8.15%

7.63%

Apr. 25, 2025

925,056

927,537

$ 913,402

$ 914,134

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Schweitzer-Mauduit International, Inc. [Member]

$ 923,566

$ 927,537

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD LIBOR+

3.75%

0.75%

8.94%

8.44%

Apr. 20, 2028

2,947,500

2,955,000

$ 2,936,027

$ 2,942,014

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Scientific Games Holdings LP [Member]

$ 2,814,863

$ 2,895,900

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan B

Loan

3M USD SOFR+

3.50%

0.50%

8.42%

8.10%

Apr. 04, 2029

497,500

498,750

$ 496,575

$ 497,703

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sedgwick Claims Management Services, Inc. [Member]

$ 479,520

$ 489,942

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B 2/23

Loan

1M USD SOFR+

3.75%

0.00%

8.90%

8.32%

Feb. 17, 2028

1,000,000

$ 990,500

$ 990,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SETANTA AIRCRAFT LEASING DAC [Member]

$ 970,940

$ 987,500

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Term Loan

Loan

3M USD LIBOR+

2.00%

0.00%

7.16%

6.73%

Nov. 02, 2028

1,000,000

$ 998,184

$ 998,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sitel Worldwide Corporation [Member]

$ 990,890

$ 991,250

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

USD Term Loan (7/21)

Loan

1M USD LIBOR+

3.75%

0.50%

8.91%

8.39%

Aug. 28, 2028

1,970,000

1,975,000

$ 1,962,979

$ 1,967,031

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SiteOne Landscape Supply, LLC [Member]

$ 1,881,961

$ 1,966,982

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan (3/21)

Loan

3M USD SOFR+

1M USD LIBOR+

2.00%

0.50%

7.16%

6.64%

Mar. 18, 2028

775,873

777,852

$ 774,643

$ 776,450

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SMG US Midco 2, Inc. [Member]

$ 768,114

$ 774,609

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan (01/20)

Loan

3M USD LIBOR+

2.50%

0.00%

7.77%

7.33%

Jan. 23, 2025

483,750

485,000

$ 483,750

$ 485,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Smyrna Ready Mix Concrete, LLC [Member]

$ 478,913

$ 479,243

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan

Loan

1M USD SOFR+

4.25%

0.50%

9.50%

8.97%

Apr. 02, 2029

997,487

1,000,000

$ 990,334

$ 992,500

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Solis IV B.V. [Member]

$ 990,834

$ 995,000

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan B-1

Loan

3M USD SOFR+

3.50%

0.50%

8.67%

8.37%

Feb. 26, 2029

1,989,975

1,994,987

$ 1,729,773

$ 1,724,963

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sparta U.S. HoldCo LLC [Member]

$ 1,821,822

$ 1,826,132

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (04/21)

Loan

1M USD SOFR+

1M USD LIBOR+

3.25%

0.75%

8.38%

7.82%

Aug. 02, 2028

1,975,000

1,980,000

$ 1,967,877

$ 1,972,123

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Specialty Pharma III Inc. [Member]

$ 1,941,425

$ 1,964,160

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan

Loan

1M USD LIBOR+

4.25%

0.75%

9.27%

8.88%

Mar. 31, 2028

1,970,000

1,975,000

$ 1,956,027

$ 1,959,930

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Spectrum Brands, Inc. [Member]

$ 1,841,950

$ 1,821,938

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan (2/21)

Loan

1M USD LIBOR+

3M USD LIBOR+

2.00%

0.50%

7.16%

6.96%

Mar. 03, 2028

490,000

491,250

$ 489,296

$ 490,363

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Spin Holdco, Inc. [Member]

$ 488,878

$ 487,158

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan 3/21

Loan

3M USD LIBOR+

4.00%

0.75%

8.99%

8.77%

Mar. 04, 2028

2,940,000

2,947,500

$ 2,927,996

$ 2,935,211

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Spirit Aerosystems Inc. [Member]

$ 2,348,325

$ 2,475,487

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Term Loan (11/22)

Loan

3M USD SOFR+

4.50%

0.50%

9.55%

9.18%

Jan. 14, 2027

497,500

498,750

$ 484,087

$ 484,414

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SRAM, LLC [Member]

$ 496,878

$ 498,541

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan (05/21)

Loan

1M USD LIBOR+

2.75%

0.50%

7.90%

7.38%

May 12, 2028

2,690,909

2,709,091

$ 2,687,985

$ 2,705,948

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SS&C Technologies, Inc. [Member]

$ 2,639,620

$ 2,682,000

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B3

Loan

1M USD LIBOR+

1.75%

0.00%

6.90%

6.38%

Apr. 16, 2025

167,061

$ 166,998

$ 166,987

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SS&C Technologies, Inc. [Member]

$ 165,975

$ 166,678

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B4

Loan

1M USD LIBOR+

1.75%

0.00%

6.90%

6.38%

Apr. 16, 2025

148,146

$ 148,093

$ 148,083

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | SS&C Technologies, Inc. [Member]

$ 147,184

$ 147,807

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B-5

Loan

1M USD LIBOR+

1.75%

0.00%

6.90%

6.38%

Apr. 16, 2025

456,902

458,152

$ 456,620

$ 457,773

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | STANDARD INDUSTRIES INC. [Member]

$ 454,047

$ 457,199

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan B

Loan

1M USD SOFR+

6M USD LIBOR+

2.50%

2.25%

0.50%

7.71%

6.43%

Sep. 22, 2028

627,750

630,250

$ 623,026

$ 625,240

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Staples, Inc. [Member]

$ 622,741

$ 628,032

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Wholesale

Term Loan (03/19)

Loan

3M USD LIBOR+

5.00%

0.00%

10.30%

9.81%

Apr. 16, 2026

4,330,081

4,341,357

$ 4,241,982

$ 4,246,081

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Storable, Inc [Member]

$ 3,680,569

$ 4,013,802

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

3M USD SOFR+

3.50%

0.50%

8.65%

8.08%

Apr. 17, 2028

493,750

495,000

$ 493,089

$ 494,153

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Summit Materials, LLC [Member]

$ 468,569

$ 482,318

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Metals & Mining

Term Loan B (12/22)

Loan

6M USD SOFR+

3M USD SOFR+

3.00%

0.00%

8.49%

7.61%

Dec. 13, 2027

249,375

250,000

$ 247,134

$ 247,640

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Superannuation & Investments US LLC [Member]

$ 249,687

$ 249,583

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD LIBOR+

3.75%

0.50%

8.90%

8.38%

Dec. 01, 2028

987,500

990,000

$ 979,662

$ 981,648

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sweetwater Borrower, LLC [Member]

$ 980,588

$ 984,515

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan (8/21)

Loan

1M USD SOFR+

1M USD LIBOR+

4.25%

0.75%

9.52%

8.94%

Aug. 02, 2028

2,000,000

$ 1,909,130

$ 1,905,968

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Syncsort Incorporated [Member]

$ 1,880,000

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B (10/21)

Loan

1M USD LIBOR+

3M USD LIBOR+

4.00%

0.75%

9.26%

8.82%

Apr. 24, 2028

2,463,734

2,469,987

$ 2,462,906

$ 2,468,993

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ta TT Buyer LLC [Member]

$ 2,214,281

$ 2,243,984

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Broadcasting & Subscription

Term Loan 3/22

Loan

3M USD SOFR+

6M USD SOFR+

5.00%

0.50%

9.90%

8.98%

Apr. 02, 2029

995,000

997,500

$ 986,321

$ 988,507

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Tenable Holdings, Inc.[Member]

$ 990,025

$ 982,538

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B (6/21)

Loan

1M USD LIBOR+

3M USD LIBOR+

2.75%

0.50%

7.90%

7.58%

Jul. 07, 2028

987,500

990,000

$ 985,732

$ 988,026

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Teneo Holdings LLC [Member]

$ 972,688

$ 980,922

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

5.25%

1.00%

10.50%

9.97%

Jul. 15, 2025

4,371,891

4,383,217

$ 4,324,578

$ 4,330,652

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ten-X, LLC [Member]

$ 4,336,391

$ 4,322,948

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD LIBOR+

4.00%

1.00%

9.02%

8.63%

Sep. 27, 2024

1,895,000

1,900,000

$ 1,894,422

$ 1,899,296

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | The Dun & Bradstreet Corporation [Member]

$ 1,806,181

$ 1,819,250

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan

Term Loan B

Loan

1M USD LIBOR+

1M USD SOFR+

3.25%

0.00%

8.41%

7.85%

Feb. 06, 2026

Jan. 18, 2029

960,424

248,125

$ 959,854

$ 246,554

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | The Dun & Bradstreet Corporation One [Member]

$ 953,739

$ 246,636

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B

Term Loan

Loan

1M USD SOFR+

1M USD LIBOR+

3.25%

0.00%

8.39%

7.87%

Jan. 18, 2029

Feb. 06, 2026

247,500

962,949

$ 246,002

$ 962,285

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | THE KNOT WORLDWIDE INC. [Member]

$ 244,778

$ 960,021

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan (1/22)

Loan

1M USD SOFR+

4.50%

0.00%

9.75%

9.22%

Dec. 19, 2025

4,833,272

4,845,447

$ 4,829,687

$ 4,840,970

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Thor Industries, Inc. [Member]

$ 4,809,106

$ 4,833,333

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Automotive

USD Term Loan (3/21)

Loan

1M USD SOFR+

1M USD LIBOR+

3.00%

0.00%

8.25%

7.69%

Feb. 01, 2026

1,517,243

2,015,823

$ 1,499,416

$ 1,990,264

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Torrid LLC [Member]

$ 1,512,812

$ 2,004,494

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Wholesale

Term Loan 5/21

Loan

1M USD SOFR+

3M USD LIBOR+

5.50%

0.75%

10.77%

10.31%

Jun. 14, 2028

3,432,450

2,978,835

$ 2,955,101

$ 2,540,024

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | TORY BURCH LLC [Member]

$ 2,989,081

$ 2,529,031

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan

Loan

1M USD LIBOR+

3.50%

0.50%

8.65%

8.13%

Apr. 15, 2028

2,325,838

1,329,211

$ 2,171,836

$ 1,232,469

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Tosca Services, LLC [Member]

$ 2,168,844

$ 1,268,147

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Containers, Packaging & Glass

Term Loan (2/21)

Loan

3M USD SOFR+

1M USD SOFR+

3.50%

0.75%

8.81%

8.23%

Aug. 18, 2027

488,750

490,000

$ 484,129

$ 485,078

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Trans Union LLC [Member]

$ 340,698

$ 383,180

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

1M USD LIBOR+

2.25%

0.50%

7.52%

6.88%

Dec. 01, 2028

769,758

796,452

$ 768,416

$ 794,928

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Transdigm, Inc.[Member]

$ 763,123

$ 791,203

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Term Loan H

Loan

3M USD SOFR+

3.25%

0.00%

8.15%

7.83%

Feb. 21, 2027

1,988,386

1,993,370

$ 1,985,682

$ 1,990,666

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | TRITON WATER HOLDINGS, INC.[Member]

$ 1,978,445

$ 1,989,941

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan (03/21)

Loan

3M USD LIBOR+

3.50%

0.50%

8.66%

8.23%

Mar. 31, 2028

1,473,752

1,477,502

$ 1,468,609

$ 1,471,933

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Tronox Finance LLC [Member]

$ 1,394,376

$ 1,372,422

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD LIBOR+

2.25%

0.00%

7.40%

6.88%

Mar. 10, 2028

346,923

$ 346,442

$ 346,338

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | TruGreen Limited Partnership [Member]

$ 340,474

$ 340,907

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan

Loan

1M USD SOFR+

1M USD LIBOR+

4.00%

0.75%

9.25%

8.63%

Oct. 29, 2027

952,066

954,501

$ 947,175

$ 949,189

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Uber Technologies, Inc. [Member]

$ 885,183

$ 873,368

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Consumer

Term Loan 2/23

Term Loan B (2/21)

Loan

3M USD SOFR+

3M USD LIBOR+

2.75%

3.50%

0.00%

7.66%

8.45%

Feb. 27, 2030

Feb. 25, 2027

498,750

3,906,277

$ 497,503

$ 3,874,854

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Ultra Clean Holdings, Inc. [Member]

$ 493,638

$ 3,913,620

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Incremental Term Loan 3/21

Loan

1M USD LIBOR+

3.75%

0.00%

8.90%

8.38%

Aug. 27, 2025

782,230

820,338

$ 780,229

$ 817,776

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Unimin Corporation [Member]

$ 781,252

$ 819,928

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Metals & Mining

Term Loan (12/20)

Loan

3M USD LIBOR+

4.00%

1.00%

9.22%

8.78%

Jul. 31, 2026

496,815

$ 477,782

$ 476,431

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | United Natural Foods, Inc [Member]

$ 482,884

$ 489,984

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

3.25%

0.00%

8.52%

7.98%

Oct. 22, 2025

1,289,967

$ 1,256,282

$ 1,252,901

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Univision Communications Inc. [Member]

$ 1,285,878

$ 1,291,309

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Broadcasting & Subscription

Term Loan B (6/21)

Loan

1M USD LIBOR+

3.25%

0.75%

8.40%

7.88%

Mar. 15, 2026

2,440,439

2,446,648

$ 2,436,083

$ 2,441,783

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Univision Communications Inc. One [Member]

$ 2,352,314

$ 2,426,610

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Broadcasting & Subscription

Term Loan B (6/22)

Loan

3M USD SOFR+

4.25%

0.50%

9.15%

8.83%

Jun. 25, 2029

248,125

248,750

$ 241,480

$ 241,881

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Utz Quality Foods, LLC [Member]

$ 240,061

$ 248,233

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

3.00%

0.00%

8.27%

7.73%

Jan. 20, 2028

1,823,802

1,828,465

$ 1,822,695

$ 1,827,288

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vaco Holdings, LLC [Member]

$ 1,814,427

$ 1,825,046

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan (01/22)

Loan

3M USD SOFR+

5.00%

0.75%

10.05%

9.73%

Jan. 19, 2029

2,336,296

2,342,210

$ 2,271,898

$ 2,275,198

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vericast Corp. [Member]

$ 2,122,127

$ 2,310,989

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Advertising, Printing & Publishing

Term Loan

Loan

1M USD SOFR+

3M USD SOFR+

7.75%

1.00%

13.02%

12.33%

Jun. 15, 2026

1,201,006

$ 1,199,979

$ 1,199,817

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Verifone Systems, Inc. [Member]

$ 1,048,730

$ 939,787

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (7/18)

Loan

3M USD LIBOR+

4.00%

0.00%

9.48%

8.96%

Aug. 20, 2025

1,364,459

1,368,031

$ 1,361,447

$ 1,364,137

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vertex Aerospace Services Corp [Member]

$ 1,188,103

$ 1,269,875

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Term Loan (10/21)

Loan

1M USD LIBOR+

3.75%

3.50%

0.75%

8.90%

8.13%

Dec. 06, 2028

990,000

992,500

$ 986,356

$ 988,789

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | VFH Parent LLC [Member]

$ 980,724

$ 987,895

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (01/22)

Loan

1M USD SOFR+

3.00%

0.50%

8.20%

7.66%

Jan. 12, 2029

3,069,879

$ 3,064,185

$ 3,063,097

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Viasat Inc [Member]

$ 2,983,554

$ 3,036,111

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Telecommunications

Term Loan (2/22)

Loan

1M USD SOFR+

4.50%

0.50%

9.65%

9.23%

Mar. 02, 2029

2,989,975

1,994,987

$ 2,924,674

$ 1,948,951

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Virtus Investment Partners, Inc. [Member]

$ 2,869,628

$ 1,967,137

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (9/21)

Loan

1M USD LIBOR+

2.25%

0.00%

7.36%

6.85%

Sep. 28, 2028

2,845,909

2,853,409

$ 2,838,787

$ 2,845,646

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vistra Energy Corp [Member]

$ 2,781,876

$ 2,834,377

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Utilities: Electric

2018 Incremental Term Loan

Loan

1M USD LIBOR+

1.75%

0.00%

6.90%

6.38%

Dec. 31, 2025

894,474

897,014

$ 894,376

$ 896,802

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vizient, Inc [Member]

$ 886,737

$ 895,023

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan 4/22

Loan

1M USD SOFR+

2.25%

0.50%

7.45%

6.91%

May 16, 2029

496,250

497,500

$ 491,914

$ 492,868

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | VM Consolidated, Inc. [Member]

$ 494,568

$ 496,525

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Construction & Building

Term Loan B (3/21)

Loan

1M USD SOFR+

1M USD LIBOR+

3.25%

0.00%

8.52%

7.88%

Mar. 24, 2028

2,120,393

2,185,087

$ 2,118,781

$ 2,183,095

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Vouvray US Finance LLC [Member]

$ 2,115,092

$ 2,180,170

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan

Loan

1M USD SOFR+

6.00%

1.00%

11.15%

10.62%

Sep. 30, 2025

Sep. 09, 2025

470,000

471,250

$ 470,000

$ 471,250

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Walker & Dunlop, Inc. [Member]

$ 454,335

$ 442,386

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (12/22)

Loan

1M USD SOFR+

3.00%

0.50%

8.25%

7.72%

Dec. 15, 2028

500,000

$ 490,617

$ 490,249

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Warner Music Group Corp. (WMG Acquisition Corp.) [Member]

$ 495,000

$ 496,250

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan G

Term Loan Incremental (11/22)

Loan

1M USD LIBOR+

1M USD SOFR+

2.13%

3.00%

0.00%

0.50%

7.28%

7.62%

Jan. 20, 2028

Jan. 19, 2028

1,250,000

500,000

$ 1,249,879

$ 490,562

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Warner Music Group Corp. (WMG Acquisition Corp.) One [Member]

$ 1,237,675

$ 498,960

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan Incremental (11/22)

Term Loan G

Loan

1M USD SOFR+

1M USD LIBOR+

3.00%

2.13%

0.50%

0.00%

7.98%

6.76%

Jan. 19, 2028

Jan. 20, 2028

500,000

1,250,000

$ 491,037

$ 1,249,851

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Watlow Electric Manufacturing Company [Member]

$ 498,595

$ 1,243,750

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

3M USD SOFR+

3.75%

0.50%

9.06%

8.69%

Mar. 02, 2028

2,450,000

2,456,250

$ 2,442,192

$ 2,447,468

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | West Corporation [Member]

$ 2,378,680

$ 2,417,368

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Telecommunications

Term Loan B-3

Loan

1M USD SOFR+

3M USD SOFR+

4.00%

1.00%

9.40%

8.93%

Apr. 09, 2027

1,189,119

$ 1,173,823

$ 1,172,865

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | WEX Inc. [Member]

$ 1,058,982

$ 1,044,939

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan B (3/21)

Loan

1M USD SOFR+

1M USD LIBOR+

2.25%

0.00%

7.52%

6.88%

Mar. 31, 2028

2,947,406

2,954,924

$ 2,939,191

$ 2,946,492

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | WildBrain Ltd. [Member]

$ 2,926,774

$ 2,944,582

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Diversified & Production

Term Loan

Loan

1M USD SOFR+

4.25%

0.75%

9.52%

8.98%

Mar. 27, 2028

1,960,000

1,965,000

$ 1,931,339

$ 1,935,307

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Wyndham Hotels & Resorts, Inc. [Member]

$ 1,891,400

$ 1,864,903

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Hotel, Gaming & Leisure

Term Loan 5/23

Loan

1M USD SOFR+

2.25%

0.00%

7.40%

May 10, 2030

1,000,000

$ 995,000

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Xperi Corporation [Member]

$ 996,880

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

High Tech Industries

Term Loan

Loan

1M USD LIBOR+

3.50%

0.00%

8.65%

8.13%

Jun. 08, 2028

2,310,717

2,427,446

$ 2,304,550

$ 2,420,580

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zayo Group, LLC [Member]

$ 2,281,833

$ 2,388,752

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Telecommunications

Term Loan 4/22

Loan

1M USD SOFR+

4.25%

0.50%

9.40%

8.87%

Mar. 09, 2027

990,000

992,500

$ 969,668

$ 971,029

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ZEBRA BUYER (Allspring) LLC [Member]

$ 775,635

$ 842,027

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan 4/21

Loan

3M USD LIBOR+

3.00%

0.50%

8.19%

7.75%

Nov. 01, 2028

878,226

880,444

$ 875,022

$ 876,985

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zekelman Industries, Inc. [Member]

$ 857,096

$ 874,941

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Metals & Mining

Term Loan (01/20)

Loan

3M USD LIBOR+

2.00%

0.00%

7.02%

6.73%

Jan. 25, 2027

959,611

961,471

$ 959,611

$ 961,471

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zest Acquisition Corp. [Member]

$ 946,416

$ 948,251

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan (1/23)

Loan

1M USD SOFR+

5.50%

0.00%

10.54%

10.07%

Feb. 08, 2028

Jan. 31, 2028

1,995,000

2,000,000

$ 1,900,560

$ 1,901,512

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Zodiac Pool Solutions [Member]

$ 1,922,681

$ 1,928,340

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Consumer goods: Durable

Term Loan (1/22)

Loan

1M USD SOFR+

2.00%

0.50%

7.25%

6.72%

Jan. 29, 2029

493,750

495,000

$ 492,872

$ 494,015

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Agiliti Health Inc.One [Member]

$ 482,141

$ 490,192

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan (1/19)

Loan

1M USD LIBOR+

2.75%

0.00%

7.38%

Jan. 04, 2026

1,468,430

$ 1,463,378

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AI Convoy (Luxembourg) S.a.r.l. [Member]

$ 1,457,416

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Term Loan B (USD)

Loan

6M USD LIBOR+

3.50%

1.00%

8.17%

Jan. 18, 2027

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | AL GCX Holdings (Arclight) T/L B [Member]

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Energy: Oil & Gas

Term Loan B

Loan

3M USD SOFR+

3.50%

0.50%

8.28%

May 17, 2029

976,802

$ 971,918

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | American Airlines T/L (2/23) [Member]

$ 975,581

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Consumer

Term Loan

Loan

$ 27

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | ARC FALCON I INC. One [Member]

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Chemicals, Plastics, & Rubber

Delayed Draw Term Loan

^[1]

Loan

3M USD LIBOR+

1.00%

0.50%

1.00%

Sep. 29, 2028

$ (512)

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Bracket Intermediate Holding Corp [Member]

$ (7,675)

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD LIBOR+

4.25%

0.00%

9.04%

Sep. 05, 2025

957,500

$ 955,597

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | BrightSpring Health Services (Phoenix Guarantor) [Member]

$ 929,378

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B-3

Loan

1M USD LIBOR+

3.50%

0.00%

8.13%

Mar. 05, 2026

982,500

$ 982,500

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Casa Systems, Inc [Member]

$ 967,556

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Media: Advertising, Printing & Publishing

Term Loan B (USD)

Loan

1M USD LIBOR+

3.75%

0.00%

8.38%

Jan. 27, 2027

1,963,384

$ 1,954,023

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | COWEN INC. [Member]

$ 1,375,469

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

6M USD LIBOR+

3.25%

0.00%

7.43%

Mar. 24, 2028

3,927,406

$ 3,907,308

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | IRB Holding T/L B (1/22) [Member]

$ 3,922,496

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

3.00%

0.75%

7.69%

Dec. 15, 2027

500,000

$ 495,150

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | J Jill Group, Inc [Member]

$ 493,125

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Priming Term Loan

Loan

3M USD LIBOR+

5.00%

1.00%

9.83%

May 08, 2024

1,553,698

$ 1,553,299

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Maxar Technologies Inc [Member]

$ 1,464,361

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Aerospace & Defense

Term Loan (6/22)

Loan

1M USD SOFR+

4.25%

0.50%

8.97%

Jun. 14, 2029

1,994,987

$ 1,926,722

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | MW Industries, Inc. (Helix Acquisition Holdings) [Member]

$ 1,997,641

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Capital Equipment

Term Loan (2019 Incremental)

Loan

3M USD LIBOR+

3.75%

0.00%

8.48%

Sep. 30, 2024

2,842,097

$ 2,823,791

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Renaissance Learning, Inc. [Member]

$ 2,778,150

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Consumer

Term Loan (5/18)

Loan

1M USD LIBOR+

3.25%

0.00%

7.88%

May 30, 2025

2,938,373

$ 2,922,432

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Signify Health, LLC [Member]

$ 2,871,025

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (6/21)

Loan

3M USD LIBOR+

3.00%

0.50%

7.73%

Jun. 16, 2028

493,750

$ 491,846

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Sotheby’s [Member]

$ 493,750

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan (7/21)

Loan

3M USD LIBOR+

4.50%

0.50%

9.33%

Jan. 15, 2027

3,223,744

$ 3,183,482

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | United Road Services Inc. [Member]

$ 3,209,237

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Transportation: Cargo

Term Loan (10/17)

Loan

3M USD LIBOR+

5.75%

1.00%

10.70%

Sep. 01, 2024

889,180

$ 886,242

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | U.S. Bank Money Market [Member]

$ 465,335

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

13,354,715

23,776,950

^[3]

$ 13,354,715

$ 23,776,950

^[3]

Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] | Cash and cash equivalents [Member]

$ 13,354,715

$ 23,776,950

^[3]

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

13,354,715

23,776,950

$ 13,354,715

$ 23,776,950

Reynolds Consumer Products LLC [Member] | Restoration Hardware, Inc. [Member]

$ 13,354,715

$ 23,776,950

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Retail

Term Loan (9/21)

Loan

1M USD LIBOR+

2.50%

0.50%

7.65%

Oct. 20, 2028

3,453,672

$ 3,448,420

Share-Based Payment Arrangement [Member] | Sotheby’s [Member]

$ 3,076,842

Investment in Saratoga CLO (Details) - Schedule of investments cash and cash equivalents [Line Items]

Services: Business

Term Loan (7/21)

Loan

3M USD LIBOR+

4.50%

0.50%

9.76%

Jan. 15, 2027

3,215,561

$ 3,178,251

Non-control/Non-affiliate investments - 278.9% (b)

$ 3,124,722

[1]	All or a portion of this investment has an unfunded commitment as of February 28, 2023.
[2]	As of February 28, 2023, the investment was in default and on non-accrual status.
[3]	Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2023.

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	May 31, 2023	May 31, 2022
Interest income:
Non-control/Non-affiliate investments	$ 26,310,793	$ 13,851,146
Affiliate investments	727,086	1,050,148
Control investments	2,045,860	1,546,130
Payment-in-kind interest income:
Non-control/Non-affiliate investments	124,895	85,681
Affiliate investments	207,589
Control investments	141,563	73,221
Total interest from investments	29,557,786	16,606,326
Interest from cash and cash equivalents	804,289	717
Management fee income	816,788	815,964
Dividend Income	1,840,930	300,129
Structuring and advisory fee income	1,429,222	851,728
Other income	183,028	104,268
Total investment income	34,632,043	18,679,132
OPERATING EXPENSES
Interest and debt financing expenses	11,692,822	6,871,513
Base management fees	4,564,189	3,802,063
Incentive management fees expense (benefit)	103,348	(1,903,985)
Professional fees	486,050	417,325
Administrator expenses	818,750	750,000
Insurance	81,901	87,310
Directors fees and expenses	89,068	110,000
General and administrative	830,728	667,416
Income tax expense (benefit)	6,237	(98,732)
Total operating expenses	18,673,093	10,702,910
NET INVESTMENT INCOME	15,958,950	7,976,222
Net realized gain (loss) from investments:
Non-control/Non-affiliate investments	90,691	162,509
Net realized gain (loss) from investments	90,691	162,509
Income tax (provision) benefit from realized gain on investments		69,250
Net change in unrealized appreciation (depreciation) on investments:
Non-control/Non-affiliate investments	(1,728,134)	(634,289)
Affiliate investments	(245,284)	567,606
Control investments	(14,348,889)	(9,266,766)
Net change in unrealized appreciation (depreciation) on investments	(16,322,307)	(9,333,449)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	59,407	(361,951)
Net realized and unrealized gain (loss) on investments	(16,172,209)	(9,463,641)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ (213,259)	$ (1,487,419)
WEIGHTED AVERAGE - BASIC EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)	$ (0.02)	$ (0.12)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC (in Shares)	11,862,163	12,112,372

Consolidated Schedule of Investments - Saratoga CLO [Member] - USD ($)

3 Months Ended

12 Months Ended

May 31, 2023

Feb. 28, 2023

^[1],[2],[3]

$ 972,590,253

^[2],[3]

$ 966,489,357

Total Alternative Investment Management Software [Member]

^[2],[3]

280.30%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 10,589,668

$ 10,459,372

^[2],[3]

$ 9,892,121

$ 9,907,457

Total Alternative Investment Management Software [Member] | Altvia MidCo, LLC [Member]

^[2],[3]

3.10%

3.00%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 7,906,668

$ 7,911,372

^[2],[3]

$ 7,892,121

$ 7,907,457

^[2],[3]

2.30%

^[2],[3]

$ 7,960,000

$ 7,980,000

Total Alternative Investment Management Software [Member] | Altvia MidCo, LLC. One [Member]

^[2],[3]

Jul. 18, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 2,683,000

$ 2,548,000

^[2],[3],[4]

$ 2,000,000

^[2],[3],[4]

0.80%

0.70%

^[2],[3],[4]

$ 2,000,000

Total Association Management Software [Member]

^[2],[3],[4]

Jul. 18, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 18,185,000

^[2],[3]

$ 18,186,658

Total Association Management Software [Member] | GrowthZone, LLC [Member]

^[2],[3]

5.40%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 17,185,000

^[2],[3]

$ 17,186,658

^[2],[3]

5.10%

^[2],[3]

$ 17,500,000

Total Association Management Software [Member] | Golden TopCo LP [Member]

^[2],[3]

May 10, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 1,000,000

^[2],[3]

$ 1,000,000

^[2],[3]

0.30%

^[2],[3]

$ 1,000,000

Total Architecture & Engineering Software [Member]

^[2],[3]

May 10, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 24,255,000

^[2],[3]

$ 24,255,000

Total Architecture & Engineering Software [Member] | BQE Software, Inc [Member]

^[2],[3]

7.20%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 24,255,000

^[2],[3]

$ 24,255,000

^[2],[3]

7.20%

^[2],[3]

$ 24,500,000

Total Architecture & Engineering Software [Member] | BQE Software, Inc One [Member]

^[2],[3]

Apr. 13, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total Consumer Services [Member]

^[2],[3],[5]

Apr. 13, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 63,458,024

$ 63,642,327

^[2],[3]

$ 60,092,886

$ 60,059,057

Total Consumer Services [Member] | Artemis Wax Corp. Two [Member]

^[2],[3]

18.80%

18.30%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 57,500,000

^[5],[6]

$ 1,500,005

^[4]

^[2],[3]

$ 57,092,886

^[5],[6]

$ 1,500,000

^[4]

^[2],[3]

17.00%

^[5],[6]

0.40%

^[4]

^[2],[3]

$ 57,500,000

^[5],[6]

$ 278,769

^[4]

Total Consumer Services [Member] | Artemis Wax Corp. Three [Member]

^[2],[3]

May 20, 2021

^[5],[6]

Dec. 22, 2022

^[4]

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 4,381,624

^[2],[3],[4]

$ 1,500,000

^[2],[3],[4]

1.30%

^[2],[3],[4]

$ 934,463

Total Consumer Services [Member] | Artemis Wax Corp. Four [Member]

^[2],[3],[4]

May 20, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 1,576,400

^[2],[3],[4]

$ 1,500,000

^[2],[3],[4]

0.50%

^[2],[3],[4]

$ 278,769

Total Consumer Services [Member] | Artemis Wax Corp.[Member]

^[2],[3],[4]

Dec. 22, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5],[6]}

$ 57,500,000

^{[2],[3],[5],[6]}

$ 57,059,057

^{[2],[3],[5],[6]}

16.60%

^{[2],[3],[5],[6]}

$ 57,500,000

Total Consumer Services [Member] | Artemis Wax Corp. One [Member]

^{[2],[3],[5],[6]}

May 20, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 4,642,322

^[2],[3],[4]

$ 1,500,000

^[2],[3],[4]

1.30%

^[2],[3],[4]

$ 934,463

Total Corporate Education Software [Member]

^[2],[3],[4]

May 20, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 4,015,221

$ 3,809,091

^[2],[3]

$ 475,698

Total Corporate Education Software [Member] | Schoox, Inc. [Member]

^[2],[3]

1.20%

1.10%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[7]}

$ 4,015,221

$ 3,809,091

^{[2],[3],[4],[7]}

$ 475,698

^{[2],[3],[4],[7]}

1.20%

1.10%

^{[2],[3],[4],[7]}

$ 1,050

Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member]

^{[2],[3],[4],[7]}

Dec. 08, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[8]}

$ 6,992,300

^[2],[3],[8]

$ 6,939,743

^[2],[3],[8]

2.10%

^[2],[3],[8]

$ 7,000,000

Total Corporate Education Software [Member] | ETU Holdings, Inc. One [Member]

^[2],[3],[8]

Aug. 18, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[8]}

$ 5,356,206

^[2],[3],[8]

$ 5,438,840

^[2],[3],[8]

1.60%

^[2],[3],[8]

$ 5,482,861

Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member]

^[2],[3],[8]

Aug. 18, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[8]}

$ 2,904,070

^{[2],[3],[4],[8]}

$ 3,000,000

^{[2],[3],[4],[8]}

0.90%

^{[2],[3],[4],[8]}

$ 3,000,000

Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member]

^{[2],[3],[4],[8]}

Aug. 18, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[8]}

$ 3,072,504

^{[2],[3],[4],[8]}

$ 3,000,000

^{[2],[3],[4],[8]}

0.90%

^{[2],[3],[4],[8]}

$ 3,000,000

Total Cyber Security [Member]

^{[2],[3],[4],[8]}

Aug. 18, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 2,465,500

$ 2,509,210

^[2],[3]

$ 1,906,275

Total Cyber Security [Member] | GreyHeller LLC [Member]

^[2],[3]

0.70%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 2,465,500

$ 2,509,210

^[2],[3],[4]

$ 1,906,275

^[2],[3],[4]

0.70%

^[2],[3],[4]

$ 7,857,689

Total Dental Practice Management [Member]

^[2],[3],[4]

Nov. 10, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 13,961,615

$ 12,151,216

^[2],[3]

$ 13,906,554

$ 12,046,965

Total Dental Practice Management [Member] | New England Dental Partners [Member]

^[2],[3]

4.10%

3.50%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 6,514,359

$ 6,523,536

^[2],[3]

$ 6,520,210

$ 6,514,437

^[2],[3]

1.90%

^[2],[3]

$ 6,555,000

Total Dental Practice Management [Member] | New England Dental Partners One [Member]

^[2],[3]

Nov. 25, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 4,621,170

$ 4,627,680

^[2],[3]

$ 4,631,286

$ 4,627,032

^[2],[3]

1.40%

1.30%

^[2],[3]

$ 4,650,000

Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC [Member]

^[2],[3]

Nov. 25, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ 1,798,567

^[2],[3],[5]

$ 1,727,539

^[2],[3],[5]

0.50%

^[2],[3],[5]

$ 1,814,352

Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC One [Member]

^[2],[3],[5]

Feb. 08, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[7]}

$ 1,027,519

^{[2],[3],[4],[7]}

$ 1,027,519

^{[2],[3],[4],[7]}

0.30%

^{[2],[3],[4],[7]}

$ 493,999

Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC Two [Member]

^{[2],[3],[4],[7]}

Feb. 08, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

^[2],[3],[5]

$ (94,504)

^[2],[3],[5]

^[2],[3],[5]

Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings Three [Member]

^[2],[3],[5]

Feb. 08, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[7]}

$ 1,000,000

^[2],[3],[7]

$ 1,000,000

^[2],[3],[7]

0.30%

^[2],[3],[7]

$ 480,769

Total Direct Selling Software [Member]

^[2],[3],[7]

Feb. 08, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 25,235,856

$ 25,770,150

^[2],[3]

$ 25,417,388

$ 25,882,494

Total Direct Selling Software [Member] | Exigo, LLC [Member]

^[2],[3]

7.50%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 24,171,088

^[2],[3],[6]

$ 24,375,721

^[2],[3],[6]

7.20%

^[2],[3],[6]

$ 24,541,667

Total Direct Selling Software [Member] | Exigo, LLC One [Member]

^[2],[3],[6]

Mar. 16, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ (62,917)

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total Direct Selling Software [Member] | Exigo, LLC Two [Member]

^[2],[3],[5]

Mar. 16, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ (15,729)

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total Direct Selling Software [Member] | Exigo, LLC Three [Member]

^[2],[3],[5]

Mar. 16, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[7]}

$ 1,143,414

^[2],[3],[7]

$ 1,041,667

^[2],[3],[7]

0.30%

^[2],[3],[7]

$ 1,041,667

Total Direct Selling Software [Member] | Exigo, LLC Four [Member]

^[2],[3],[7]

Mar. 16, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 24,504,825

^[2],[3],[6]

$ 24,632,494

^[2],[3],[6]

7.10%

^[2],[3],[6]

$ 24,812,500

Total Direct Selling Software [Member] | Exigo, LLC Five [Member]

^[2],[3],[6]

Mar. 16, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ (51,667)

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total Direct Selling Software [Member] | Exigo, LLC Six [Member]

^[2],[3],[5]

Mar. 16, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ 195,417

^[2],[3],[5]

$ 208,333

^[2],[3],[5]

0.10%

^[2],[3],[5]

$ 208,334

Total Direct Selling Software [Member] | Exigo, LLC Seven [Member]

^[2],[3],[5]

Mar. 16, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[7]}

$ 1,121,575

^{[2],[3],[4],[7]}

$ 1,041,667

^{[2],[3],[4],[7]}

0.30%

^{[2],[3],[4],[7]}

$ 1,041,667

Total Education Services [Member]

^{[2],[3],[4],[7]}

Mar. 16, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 37,212,910

$ 34,488,718

^[2],[3]

$ 38,628,544

$ 35,649,689

Total Education Services [Member] | C2 Educational Systems [Member]

^[2],[3]

11.00%

9.90%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 21,497,850

^[5]

$ 18,525,900

^[2],[3],[6]

$ 21,469,290

^[5]

$ 18,497,146

^[2],[3],[6]

6.40%

^[5]

5.30%

^[2],[3],[6]

$ 21,500,000

^[5]

$ 18,500,000

Total Education Services [Member] | C2 Educational Systems [Member]

^[2],[3],[6]

May 31, 2017

^[5]

May 31, 2017

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 616,457

$ 629,892

^[2],[3],[4]

$ 499,904

^[2],[3],[4]

0.20%

^[2],[3],[4]

$ 3,127

Total Education Services [Member] | Zollege PBC [Member]

^[2],[3],[4]

May 18, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 14,555,000

$ 14,827,200

^[2],[3]

$ 15,912,289

$ 15,905,830

^[2],[3]

4.30%

^[2],[3]

$ 16,000,000

Total Education Services [Member] | Zollege PBC One [Member]

^[2],[3]

May 11, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ 457,500

$ 390,050

^[2],[3],[5]

$ 497,061

$ 496,809

^[2],[3],[5]

0.10%

^[2],[3],[5]

$ 500,000

Total Education Services [Member] | Zollege PBC [Member]

^[2],[3],[5]

May 11, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 86,103

$ 115,676

^[2],[3],[4]

$ 250,000

^[2],[3],[4]

0.00%

^[2],[3],[4]

$ 250,000

Total Education Software [Member]

^[2],[3],[4]

May 11, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 46,177,049

$ 44,955,219

^[2],[3]

$ 41,626,774

$ 40,077,843

Total Education Software [Member] | Destiny Solutions Inc. [Member]

^[2],[3]

13.70%

13.10%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[7]}

$ 8,769,222

$ 8,941,350

^{[2],[3],[4],[7]}

$ 3,969,291

^{[2],[3],[4],[7]}

2.60%

^{[2],[3],[4],[7]}

$ 3,068

Total Education Software [Member] | GoReact [Member]

^{[2],[3],[4],[7]}

May 16, 2018

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 8,008,016

$ 7,982,783

^[2],[3]

$ 7,980,635

$ 7,952,042

^[2],[3]

2.40%

2.30%

^[2],[3]

$ 8,026,477

$ 8,006,000

Total Education Software [Member] | GoReact One [Member]

^[2],[3]

Jan. 17, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ 2,499,840

$ 997,848

^[2],[3],[5]

$ 2,505,603

$ 1,000,750

^[2],[3],[5]

0.70%

0.30%

^[2],[3],[5]

$ 2,505,603

$ 1,000,750

Total Education Software [Member] | Identity Automation Systems [Member]

^[2],[3],[5]

Jan. 18, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 250,621

^[2],[3],[4]

$ 232,616

^[2],[3],[4]

0.10%

^[2],[3],[4]

$ 232,616

Total Education Software [Member] | Identity Automation Systems [Member]

^[2],[3],[4]

Aug. 25, 2014

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 221,750

$ 218,168

^[2],[3],[4]

$ 171,571

$ 232,616

^[2],[3],[4]

0.10%

^[2],[3],[4]

$ 43,715

$ 232,616

Total Education Software [Member] | Ready Education [Member]

^[2],[3],[4]

Mar. 06, 2020

Aug. 25, 2014

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 26,427,600

$ 26,597,700

^[2],[3]

$ 26,767,058

$ 26,751,573

^[2],[3]

7.80%

7.70%

^[2],[3]

$ 27,000,000

Total Education Software [Member] | Identity Automation Systems Two [Member]

^[2],[3]

Aug. 05, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 217,370

^[2],[3],[4]

$ 171,571

^[2],[3],[4]

0.10%

^[2],[3],[4]

$ 43,715

Total Facilities Maintenance [Member]

^[2],[3],[4]

Mar. 06, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 298,279

$ 407,760

^[2],[3]

$ 488,148

Total Facilities Maintenance [Member] | TG Pressure Washing Holdings, LLC [Member]

^[2],[3]

0.10%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 298,279

$ 407,760

^[2],[3],[4]

$ 488,148

^[2],[3],[4]

0.10%

^[2],[3],[4]

$ 488,148

Total Field Service Management [Member]

^[2],[3],[4]

Aug. 12, 2019

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 9,900,961

$ 9,957,834

^[2],[3]

$ 9,934,668

$ 9,923,727

Total Field Service Management [Member] | Davisware, LLC [Member]

^[2],[3]

3.00%

2.80%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 5,953,800

$ 5,988,000

^[2],[3]

$ 5,978,353

$ 5,972,735

^[2],[3]

1.80%

1.70%

^[2],[3]

$ 6,000,000

Total Field Service Management [Member] | Davisware, LLC One [Member]

^[2],[3]

Sep. 06, 2019

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 3,947,161

$ 3,969,834

^[2],[3]

$ 3,956,315

$ 3,950,992

^[2],[3]

1.20%

1.10%

^[2],[3]

$ 3,977,790

Total Financial Services [Member]

^[2],[3]

Sep. 06, 2019

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 26,262,169

$ 26,218,290

^[2],[3]

$ 26,284,338

$ 26,276,568

Total Financial Services [Member] | B. Riley Financial, Inc. [Member]

^[2],[3]

7.80%

7.40%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[3],[9]

$ 165,301

$ 160,077

^[2]

^[3],[9]

$ 165,301

^[2]

^[3],[9]

0.00%

^[2]

^[3],[9]

$ 165,301

^[2]

Total Financial Services [Member] | GDS Software Holdings, LLC [Member]

^[3],[9]

Oct. 18, 2022

^[2]

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[3]

$ 22,348,232

$ 22,311,890

^[2]

^[3]

$ 22,610,530

$ 22,603,970

^[2]

^[3]

6.60%

6.40%

^[2]

^[3]

$ 22,713,926

^[2]

Total Financial Services [Member] | GDS Software Holdings, LLC One [Member]

^[3]

Dec. 30, 2021

^[2]

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 3,233,167

$ 3,227,910

^[2],[3]

$ 3,258,507

$ 3,257,297

^[2],[3]

1.00%

0.90%

^[2],[3]

$ 3,286,074

Total Financial Services [Member] | GDS Software Holdings, LLC Two [Member]

^[2],[3]

Dec. 30, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 515,469

$ 518,413

^[2],[3],[4]

$ 250,000

^[2],[3],[4]

0.20%

0.10%

^[2],[3],[4]

$ 250,000

Total Financial Services Software [Member]

^[2],[3],[4]

Aug. 23, 2018

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 9,121,250

$ 9,096,250

^[2],[3]

$ 9,225,852

$ 9,221,637

Total Financial Services Software [Member] | Ascend Software, LLC [Member]

^[2],[3]

2.80%

2.60%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 5,914,200

$ 5,902,200

^[2],[3]

$ 5,955,857

$ 5,952,354

^[2],[3]

1.80%

1.70%

^[2],[3]

$ 6,000,000

Total Financial Services Software [Member] | Ascend Software, LLC [Member]

^[2],[3]

Dec. 15, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ 3,207,050

$ 3,194,050

^[2],[3],[5]

$ 3,269,995

$ 3,269,283

^[2],[3],[5]

1.00%

0.90%

^[2],[3],[5]

$ 3,300,000

Total Health/Fitness Franchisor [Member]

^[2],[3],[5]

Dec. 15, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 31,700,000

^[2],[3]

$ 31,706,945

Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC [Member]

^[2],[3]

9.40%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 29,700,000

^[2],[3]

$ 29,706,945

^[2],[3]

8.80%

^[2],[3]

$ 30,000,000

Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC One [Member]

^[2],[3]

Mar. 31, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC Two [Member]

^[2],[3],[5]

Mar. 31, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 2,000,000

^[2],[3],[4]

$ 2,000,000

^[2],[3],[4]

0.60%

^[2],[3],[4]

$ 20,000

Total Healthcare Services [Member]

^[2],[3],[4]

Mar. 31, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 26,068,787

$ 26,286,156

^[2],[3]

$ 25,343,998

$ 25,338,666

Total Healthcare Services [Member] | Axiom Parent Holdings, LLC [Member]

^[2],[3]

7.70%

7.60%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 1,068,787

$ 1,286,156

^[2],[3],[4]

$ 400,000

^[2],[3],[4]

0.30%

0.40%

^[2],[3],[4]

$ 400,000

Total Healthcare Services [Member] | ComForCare Health Care [Member]

^[2],[3],[4]

Jun. 19, 2018

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 25,000,000

^[2],[3],[6]

$ 24,943,998

$ 24,938,666

^[2],[3],[6]

7.40%

7.20%

^[2],[3],[6]

$ 25,000,000

Total Healthcare Software [Member]

^[2],[3],[6]

Jan. 31, 2017

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 119,104,023

$ 119,123,921

^[2],[3]

$ 116,330,490

$ 116,448,819

Total Healthcare Software [Member] | HemaTerra Holding Company, LLC [Member]

^[2],[3]

35.30%

34.30%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 55,306,144

$ 55,445,104

^[2],[3],[6]

$ 54,988,475

$ 55,105,372

^[2],[3],[6]

16.40%

16.00%

^[2],[3],[6]

$ 55,344,885

$ 55,483,943

Total Healthcare Software [Member] | HemaTerra Holding Company, LLC One [Member]

^[2],[3],[6]

Apr. 15, 2019

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 13,850,648

$ 13,885,448

^[2],[3]

$ 13,798,493

$ 13,829,142

^[2],[3]

4.10%

4.00%

^[2],[3]

$ 13,860,350

$ 13,895,175

Total Healthcare Software [Member] | TRC HemaTerra, LLC [Member]

^[2],[3]

Apr. 15, 2019

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 4,720,933

$ 4,606,741

^[2],[3],[4]

$ 2,816,693

^[2],[3],[4]

1.40%

1.30%

^[2],[3],[4]

$ 2,487

Total Healthcare Software [Member] | Procurement Partners, LLC [Member]

^[2],[3],[4]

Apr. 15, 2019

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 35,114,463

$ 35,103,925

^[2],[3]

$ 34,928,945

$ 34,906,981

^[2],[3]

10.40%

10.10%

^[2],[3]

$ 35,125,000

Total Healthcare Software [Member] | Procurement Partners, LLC [Member]

^[2],[3]

Nov. 12, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ 9,297,210

$ 9,294,420

^[2],[3],[5]

$ 9,226,665

$ 9,219,412

^[2],[3],[5]

2.80%

2.70%

^[2],[3],[5]

$ 9,300,000

Total Healthcare Software [Member] | Procurement Partners Holdings LLC [Member]

^[2],[3],[5]

Nov. 12, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 814,625

$ 788,283

^[2],[3]

$ 571,219

^[2],[3]

0.20%

^[2],[3]

$ 571,219

Total Healthcare Supply [Member]

^[2],[3]

Nov. 12, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

^[2],[3]

$ 508,077

Total Healthcare Supply [Member] | Roscoe Medical, Inc. [Member]

^[2],[3]

0.00%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

^[2],[3],[4]

$ 508,077

^[2],[3],[4]

0.00%

^[2],[3],[4]

$ 5,081

Total Healthcare Supply [Member] | Roscoe Medical, Inc. One [Member]

^[2],[3],[4]

Mar. 26, 2014

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

^[2],[3],[4]

$ 508,077

^[2],[3],[4]

0.00%

^[2],[3],[4]

$ 5,081

Total Hospitality/Hotel [Member]

^[2],[3],[4]

Mar. 26, 2014

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[3]

$ 38,139,470

^[2]

$ 37,972,116

^[3]

$ 43,951,445

^[2]

$ 43,943,239

Total Hospitality/Hotel [Member] | Book4Time, Inc. [Member]

^[3]

11.30%

^[2]

11.00%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6],[9]}

$ 3,136,517

^{[2],[3],[6],[9]}

$ 3,119,385

$ 3,116,896

^{[2],[3],[6],[9]}

0.90%

^{[2],[3],[6],[9]}

$ 3,136,517

Total Hospitality/Hotel [Member] | Book4Time, Inc. One [Member]

^{[2],[3],[6],[9]}

Dec. 22, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[9]}

$ 2,000,000

^[2],[3],[9]

$ 1,985,626

$ 1,984,212

^[2],[3],[9]

0.60%

^[2],[3],[9]

$ 2,000,000

Total Hospitality/Hotel [Member] | Book4Time, Inc. Two [Member]

^[2],[3],[9]

Dec. 22, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[7],[9]}

$ 309,559

$ 281,778

^{[2],[3],[4],[7],[9]}

$ 156,826

^{[2],[3],[4],[7],[9]}

0.10%

^{[2],[3],[4],[7],[9]}

$ 200,000

Total Hospitality/Hotel [Member] | Knowland Group, LLC [Member]

^{[2],[3],[4],[7],[9]}

Dec. 22, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[10]}

$ 9,829,094

$ 9,760,821

^{[2],[3],[4],[10]}

$ 15,878,989

^{[2],[3],[4],[10]}

2.90%

2.80%

^{[2],[3],[4],[10]}

$ 15,878,989

Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC [Member]

^{[2],[3],[4],[10]}

Nov. 09, 2018

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 22,864,300

$ 22,793,000

^[2],[3]

$ 22,810,619

$ 22,806,316

^[2],[3]

6.80%

6.60%

^[2],[3]

$ 23,000,000

Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC One [Member]

^[2],[3]

Apr. 27, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total HVAC Services and Sales [Member]

^[2],[3],[5]

Sep. 02, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 68,383,593

$ 54,450,000

^[2],[3]

$ 68,329,995

$ 54,589,008

Total HVAC Services and Sales [Member] | Granite Comfort, LP [Member]

^[2],[3]

20.30%

15.70%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 42,446,999

$ 42,570,000

^[2],[3],[6]

$ 42,513,752

$ 42,694,831

^[2],[3],[6]

12.60%

12.30%

^[2],[3],[6]

$ 42,785,000

$ 43,000,000

Total HVAC Services and Sales [Member] | Granite Comfort, LP One [Member]

^[2],[3],[6]

Nov. 16, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ 25,936,594

$ 11,880,000

^[2],[3],[5]

$ 25,816,243

$ 11,894,177

^[2],[3],[5]

7.70%

3.40%

^[2],[3],[5]

$ 26,143,125

$ 12,000,000

Total Industrial Products [Member]

^[2],[3],[5]

Nov. 16, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 9,324,810

$ 9,607,909

^[2],[3]

$ 3,089,986

Total Industrial Products [Member] | Vector Controls Holding Co., LLC [Member]

^[2],[3]

2.70%

2.80%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 3,089,987

$ 3,089,986

^[2],[3],[6]

$ 3,089,986

^[2],[3],[6]

0.90%

^[2],[3],[6]

$ 3,089,986

Total Industrial Products [Member] | Vector Controls Holding Co., LLC One [Member]

^[2],[3],[6]

Mar. 06, 2013

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 6,234,823

$ 6,517,923

^[2],[3],[4]

^[2],[3],[4]

1.80%

1.90%

^[2],[3],[4]

$ 343

Total Insurance Software [Member]

^[2],[3],[4]

May 31, 2015

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 17,006,203

$ 16,760,556

^[2],[3]

$ 15,846,649

$ 15,876,121

Total Insurance Software [Member] | AgencyBloc, LLC [Member]

^[2],[3]

5.10%

4.90%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 13,428,850

$ 13,449,114

^[2],[3]

$ 13,346,649

$ 13,376,121

^[2],[3]

4.00%

3.90%

^[2],[3]

$ 13,435,568

$ 13,469,318

Total Insurance Software [Member] | Panther ParentCo LLC [Member]

^[2],[3]

Oct. 01, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 3,577,353

$ 3,311,442

^[2],[3],[4]

$ 2,500,000

^[2],[3],[4]

1.10%

1.00%

^[2],[3],[4]

$ 2,500,000

Total IT Services [Member]

^[2],[3],[4]

Oct. 01, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 43,000,000

^[2],[3]

$ 42,967,165

$ 42,953,087

Total IT Services [Member] | LogicMonitor, Inc. [Member]

^[2],[3]

12.70%

12.40%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 43,000,000

^[2],[3],[6]

$ 42,967,165

$ 42,953,087

^[2],[3],[6]

12.70%

12.40%

^[2],[3],[6]

$ 43,000,000

Total IT Services [Member] | Netreo Holdings, LLC [Member]

^[2],[3],[6]

Mar. 20, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[11]}

$ 5,443,757

^[2],[3],[11]

$ 5,522,608

^[2],[3],[11]

1.60%

^[2],[3],[11]

$ 5,539,029

Total IT Services [Member] | Netreo Holdings, LLC One [Member]

^[2],[3],[11]

Jul. 03, 2018

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6],[11]}

$ 21,730,699

^{[2],[3],[6],[11]}

$ 22,019,877

^{[2],[3],[6],[11]}

6.30%

^{[2],[3],[6],[11]}

$ 22,111,008

Total IT Services [Member] | Netreo Holdings, LLC Two [Member]

^{[2],[3],[6],[11]}

May 26, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[11]}

$ 16,992,742

^{[2],[3],[4],[11]}

$ 8,344,500

^{[2],[3],[4],[11]}

4.90%

^{[2],[3],[4],[11]}

$ 4,600,677

Total Lead management Software [Member]

^{[2],[3],[4],[11]}

Jul. 03, 2018

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 12,120,000

$ 12,090,000

^[2],[3]

$ 11,910,143

$ 11,906,362

Total Lead management Software [Member] | ActiveProspect, Inc. [Member]

^[2],[3]

3.60%

3.50%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 12,120,000

^[2],[3],[6]

$ 11,910,143

^[2],[3],[6]

3.60%

^[2],[3],[6]

$ 12,000,000

Total Lead management Software [Member] | ActiveProspect, Inc. One [Member]

^[2],[3],[6]

Aug. 08, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total Lead management Software [Member] | ActiveProspect, Inc Two [Member]

^[2],[3],[5]

Aug. 08, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 12,090,000

^[2],[3],[6]

$ 11,906,362

^[2],[3],[6]

3.50%

^[2],[3],[6]

$ 12,000,000

Total Lead management Software [Member] | ActiveProspect, Inc Three [Member]

^[2],[3],[6]

Aug. 08, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total Legal Software [Member]

^[2],[3],[5]

Aug. 08, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 20,700,102

$ 20,699,256

^[2],[3]

$ 21,017,421

$ 21,055,931

Total Legal Software [Member] | Centerbase, LLC [Member]

^[2],[3]

6.10%

6.00%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 20,700,102

$ 20,699,256

^[2],[3]

$ 21,017,421

$ 21,055,931

^[2],[3]

6.10%

6.00%

^[2],[3]

$ 21,193,920

$ 21,247,440

Total Marketing Orchestration Software [Member]

^[2],[3]

Jan. 18, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 18,715,000

^[2],[3]

$ 18,633,576

$ 18,626,777

Total Marketing Orchestration Software [Member] | Madison Logic, Inc. [Member]

^[2],[3]

5.50%

5.40%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 18,715,000

^[2],[3],[6]

$ 18,633,576

$ 18,626,777

^[2],[3],[6]

5.50%

5.40%

^[2],[3],[6]

$ 19,000,000

Total Mental Healthcare Services [Member]

^[2],[3],[6]

Dec. 10, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 23,404,522

$ 16,921,769

^[2],[3]

$ 23,480,322

$ 17,097,115

Total Mental Healthcare Services [Member] | ARC Health OpCo LLC [Member]

^[2],[3]

6.90%

4.90%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 6,440,200

^[2],[3],[6]

$ 6,430,015

^[2],[3],[6]

1.90%

^[2],[3],[6]

$ 6,500,000

Total Mental Healthcare Services [Member] | ARC Health OpCo LLC One [Member]

^[2],[3],[6]

Aug. 05, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[3],[5],[6]}

$ 12,916,812

$ 7,680,616

^[2]

^[3],[5],[6]

$ 12,880,708

$ 7,634,711

^[2]

^[3],[5],[6]

3.80%

2.20%

^[2]

^[3],[5],[6]

$ 13,036,750

$ 7,726,978

^[2]

Total Mental Healthcare Services [Member] | ARC Health OpCo LLC Two [Member]

^[3],[5],[6]

Aug. 05, 2022

^[2]

Non-control/Non-affiliate investments - 278.9% (b)

^[3],[4]

$ 4,047,510

^[1]

$ 2,780,153

^[2]

^[3],[4]

$ 4,169,599

$ 3,035,108

^[2]

^[3],[4]

1.20%

0.80%

^[2]

^[3],[4]

$ 3,818,400

$ 2,808,236

^[2]

Total Mental Healthcare Services [Member] | ARC Health OpCo LLC [Member]

^[3],[4]

Aug. 05, 2022

^[2]

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 6,461,000

^[2],[3],[6]

$ 6,427,296

^[2],[3],[6]

1.90%

^[2],[3],[6]

$ 6,500,000

Total Mentoring Software [Member]

^[2],[3],[6]

Aug. 05, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 23,032,744

$ 21,359,003

^[2],[3]

$ 22,851,761

$ 20,861,414

Total Mentoring Software [Member] | Chronus LLC [Member]

^[2],[3]

6.90%

6.20%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 14,802,000

$ 14,890,500

^[2],[3]

$ 14,896,420

$ 14,887,780

^[2],[3]

4.40%

4.30%

^[2],[3]

$ 15,000,000

Total Mentoring Software [Member] | Chronus LLC One [Member]

^[2],[3]

Aug. 26, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 4,934,000

$ 2,978,100

^[2],[3]

$ 4,955,341

$ 2,973,634

^[2],[3]

1.50%

0.90%

^[2],[3]

$ 5,000,000

$ 3,000,000

Total Mentoring Software [Member] | Chronus LLC Two [Member]

^[2],[3]

Aug. 26, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 3,296,744

$ 3,490,403

^[2],[3],[4]

$ 3,000,000

^[2],[3],[4]

1.00%

^[2],[3],[4]

$ 3,000

Total Non-profit Services [Member]

^[2],[3],[4]

Aug. 26, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 14,108,567

$ 13,095,223

^[2],[3]

$ 14,124,131

$ 13,091,197

Total Non-profit Services [Member] | Omatic Software, LLC [Member]

^[2],[3]

4.20%

3.80%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 14,108,567

$ 13,095,223

^[2],[3]

$ 14,124,131

$ 13,091,197

^[2],[3]

4.20%

3.80%

^[2],[3]

$ 14,158,121

$ 13,122,781

Total Office Supplies [Member]

^[2],[3]

May 29, 2018

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 6,595,428

$ 6,372,555

^[2],[3]

$ 6,382,861

$ 6,374,379

Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. [Member]

^[2],[3]

2.00%

1.80%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 5,970,600

$ 5,965,800

^[2],[3]

$ 5,982,861

$ 5,974,379

^[2],[3]

1.80%

1.70%

^[2],[3]

$ 6,000,000

Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. One [Member]

^[2],[3]

Dec. 28, 2012

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 624,828

$ 406,755

^[2],[3],[4]

$ 400,000

^[2],[3],[4]

0.20%

0.10%

^[2],[3],[4]

$ 49,318

Total Real Estate Services [Member]

^[2],[3],[4]

Dec. 28, 2012

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 53,093,196

$ 53,406,469

^[2],[3]

$ 53,585,364

$ 53,554,581

Total Real Estate Services [Member] | Buildout, Inc. [Member]

^[2],[3]

15.70%

15.40%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 13,778,800

$ 13,855,800

^[2],[3]

$ 13,931,784

$ 13,924,435

^[2],[3]

4.10%

4.00%

^[2],[3]

$ 14,000,000

Total Real Estate Services [Member] | Buildout, Inc. One [Member]

^[2],[3]

Jul. 09, 2020

^[6]

Jul. 09, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 37,891,700

$ 38,103,450

^[2],[3]

$ 38,281,023

$ 38,257,589

^[2],[3]

11.20%

11.00%

^[2],[3]

$ 38,500,000

Total Real Estate Services [Member] | Buildout, Inc. Two [Member]

^[2],[3]

Feb. 12, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[3],[4]

$ 1,422,696

^[2]

$ 1,447,219

^[7]

^[3],[4]

$ 1,372,557

^[2]

$ 1,372,557

^[7]

^[3],[4]

0.40%

^[2]

0.40%

^[7]

^[3],[4]

$ 1,250

^[2]

$ 1,250

^[7]

Total Research Software [Member]

^[3],[4]

Jul. 09, 2020

^[2]

Jul. 09, 2020

^[7]

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 10,682,846

$ 10,676,983

^[2],[3]

$ 10,636,078

$ 10,628,283

Total Research Software [Member] | Wellspring Worldwide Inc. [Member]

^[2],[3]

3.10%

3.00%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 9,553,920

$ 9,540,480

^[2],[3]

$ 9,510,918

$ 9,503,123

^[2],[3]

2.80%

2.70%

^[2],[3]

$ 9,600,000

Total Research Software [Member] | Archimedes Parent LLC [Member]

^[2],[3]

Jun. 27, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 1,128,926

$ 1,136,503

^[2],[3],[4]

$ 1,125,160

^[2],[3],[4]

0.30%

^[2],[3],[4]

$ 1,125,160

Total Restaurant [Member]

^[2],[3],[4]

Jun. 27, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 24,963,317

$ 24,826,161

^[2],[3]

$ 25,064,478

$ 25,051,847

Total Restaurant [Member] | LFR Chicken LLC [Member]

^[2],[3]

7.40%

7.10%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 11,898,000

$ 11,866,800

^[2],[3]

$ 11,914,575

$ 11,906,864

^[2],[3]

3.50%

3.40%

^[2],[3]

$ 12,000,000

Total Restaurant [Member] | LFR Chicken LLC One [Member]

^[2],[3]

Nov. 19, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 8,923,500

^[5]

$ 8,900,100

^[2],[3]

$ 8,932,246

^[5]

$ 8,927,326

^[2],[3]

2.60%

^[5]

2.60%

^[2],[3]

$ 9,000,000

^[5]

$ 9,000,000

Total Restaurant [Member] | LFR Chicken LLC Two [Member]

^[2],[3]

Nov. 19, 2021

^[5]

Nov. 19, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 1,181,928

$ 1,177,373

^[2],[3],[4]

$ 1,000,000

^[2],[3],[4]

0.40%

0.30%

^[2],[3],[4]

$ 497,183

Total Restaurant [Member] | TMAC Acquisition Co., LLC [Member]

^[2],[3],[4]

Nov. 19, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 2,959,889

$ 2,881,888

^[2],[3]

$ 3,217,657

^[2],[3]

0.90%

0.80%

^[2],[3]

$ 3,217,657

Total Roofing Contractor Software [Member]

^[2],[3]

Mar. 01, 2018

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 9,900,000

^[2],[3]

$ 9,903,578

Total Roofing Contractor Software [Member] | JobNimbus LLC [Member]

^[2],[3]

2.90%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 9,900,000

^[2],[3]

$ 9,903,578

^[2],[3]

2.90%

^[2],[3]

$ 10,000,000

Total Specialty Food Retailer [Member]

^[2],[3]

Mar. 28, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 23,416,905

$ 24,410,861

^[2],[3]

$ 34,377,959

$ 34,255,863

Total Specialty Food Retailer [Member] | Pepper Palace, Inc [Member]

^[2],[3]

6.90%

7.00%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 23,416,905

$ 24,410,861

^[2],[3],[6]

$ 33,180,924

$ 33,255,863

^[2],[3],[6]

6.90%

7.00%

^[2],[3],[6]

$ 33,405,000

$ 33,490,000

Total Specialty Food Retailer [Member] | Pepper Palace, Inc. One [Member]

^[2],[3],[6]

Jun. 30, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Two [Member]

^[2],[3],[5]

Jun. 30, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Three [Member]

^[2],[3],[5]

Jun. 30, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

^[2],[3],[4]

$ 1,000,000

^[2],[3],[4]

0.00%

^[2],[3],[4]

$ 1,000,000

Total Specialty Food Retailer [Member] | Pepper Palace, Inc Four [Member]

^[2],[3],[4]

Jun. 30, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

^[2],[3],[4]

$ 197,035

^[2],[3],[4]

0.00%

^[2],[3],[4]

$ 197,035

Total Sports Management [Member]

^[2],[3],[4]

Jun. 30, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 26,800,200

$ 26,711,100

^[2],[3]

$ 26,915,459

$ 26,894,505

Total Sports Management [Member] | ArbiterSports, LLC [Member]

^[2],[3]

7.90%

7.70%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 25,807,600

$ 25,721,800

^[2],[3],[6]

$ 25,915,459

$ 25,894,505

^[2],[3],[6]

7.60%

7.40%

^[2],[3],[6]

$ 26,000,000

Total Sports Management [Member] | ArbiterSports, LLC One [Member]

^[2],[3],[6]

Feb. 21, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 992,600

$ 989,300

^[2],[3]

$ 1,000,000

^[2],[3]

0.30%

^[2],[3]

$ 1,000,000

Total Staffing Services [Member]

^[2],[3]

Feb. 21, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 2,123,136

$ 2,079,325

^[2],[3]

$ 100,000

Total Staffing Services [Member] | Avionte Holdings, LLC [Member]

^[2],[3]

0.60%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 2,123,136

$ 2,079,325

^[2],[3],[4]

$ 100,000

^[2],[3],[4]

0.60%

^[2],[3],[4]

$ 100,000

Total Talent Acquisition Software [Member]

^[2],[3],[4]

Jan. 08, 2014

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 27,004,700

$ 25,999,000

^[2],[3]

$ 26,812,753

$ 25,805,393

Total Talent Acquisition Software [Member] | JDXpert [Member]

^[2],[3]

8.20%

7.50%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 6,048,600

$ 6,045,000

^[2],[3]

$ 5,949,642

$ 5,947,780

^[2],[3]

1.80%

1.70%

^[2],[3]

$ 6,000,000

Total Talent Acquisition Software [Member] | JDXpert One [Member]

^[2],[3]

May 02, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ 1,008,100

^[2],[3],[5]

$ 990,270

^[2],[3],[5]

0.30%

0.00%

^[2],[3],[5]

$ 1,000,000

Total Talent Acquisition Software [Member] | Jobvite, Inc. [Member]

^[2],[3],[5]

May 02, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 19,948,000

$ 19,954,000

^[2],[3],[6]

$ 19,872,841

$ 19,857,613

^[2],[3],[6]

6.10%

5.80%

^[2],[3],[6]

$ 20,000,000

Total Veterinary Services [Member]

^[2],[3],[6]

Aug. 05, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 495,000

^[2],[3]

$ 495,055

Total Veterinary Services [Member] | VetnCare MSO, LLC [Member]

^[2],[3]

0.10%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

$ 495,000

^[2],[3],[5]

$ 495,055

^[2],[3],[5]

0.10%

^[2],[3],[5]

$ 500,000

Sub Total Non-control/Non-affiliate investments [Member]

^[2],[3],[5]

May 12, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[3]

$ 941,021,051

^[2]

$ 828,028,800

^[3]

$ 934,686,593

^[2]

$ 819,966,208

Total Corporate Education Software [Member]

^[3]

278.90%

^[1],[2]

238.60%

Non-control/Non-affiliate investments - 278.9% (b)

^[1]

$ 15,252,576

^[2],[3]

$ 15,254,131

$ 15,378,583

^[2],[3]

$ 15,170,989

Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member]

4.60%

^[2],[3]

4.40%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[8]}

$ 7,006,300

^[2],[3],[8]

$ 6,935,556

^[2],[3],[8]

2.00%

^[2],[3],[8]

$ 7,000,000

Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member]

^[2],[3],[8]

Aug. 18, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[8]}

$ 5,175,327

^[2],[3],[8]

$ 5,235,433

^[2],[3],[8]

1.50%

^[2],[3],[8]

$ 5,282,563

Total Dental Practice Management One [Member]

^[2],[3],[8]

Aug. 18, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 8,845,000

^[2],[3]

$ 8,846,854

Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC [Member]

^[2],[3]

2.60%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 6,895,000

^[2],[3]

$ 6,896,854

^[2],[3]

2.00%

^[2],[3]

$ 7,000,000

Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC One [Member]

^[2],[3]

Apr. 18, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5]}

^[2],[3],[5]

^[2],[3],[5]

0.00%

^[2],[3],[5]

Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC Two [Member]

^[2],[3],[5]

Apr. 18, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 1,950,000

^[2],[3]

$ 1,950,000

^[2],[3]

0.60%

^[2],[3]

$ 1,950,000

Total Employee Collaboration Software [Member]

^[2],[3]

Apr. 18, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 13,020,500

$ 13,051,740

^[2],[3]

$ 10,553,161

$ 10,551,331

Total Employee Collaboration Software [Member] | Axero Holdings, LLC [Member]

^[2],[3]

3.80%

3.70%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[8]}

$ 5,513,750

$ 5,513,200

^[2],[3],[8]

$ 5,461,912

$ 5,460,448

^[2],[3],[8]

1.60%

^[2],[3],[8]

$ 5,500,000

Total Employee Collaboration Software [Member] | Axero Holdings, LLC One [Member]

^[2],[3],[8]

Jun. 30, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[8]}

$ 1,102,750

$ 1,102,640

^[2],[3],[8]

$ 1,091,249

$ 1,090,883

^[2],[3],[8]

0.30%

^[2],[3],[8]

$ 1,100,000

Total Employee Collaboration Software [Member] | Axero Holdings, LLC Two [Member]

^[2],[3],[8]

Jun. 30, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5],[8]}

^{[2],[3],[5],[8]}

^{[2],[3],[5],[8]}

0.00%

^{[2],[3],[5],[8]}

Total Employee Collaboration Software [Member] | Axero Holdings, LLC Three [Member]

^{[2],[3],[5],[8]}

Feb. 03, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[8]}

$ 2,575,000

$ 2,498,000

^{[2],[3],[4],[8]}

$ 2,000,000

^{[2],[3],[4],[8]}

0.80%

0.70%

^{[2],[3],[4],[8]}

$ 2,000,000

Total Employee Collaboration Software [Member] | Axero Holdings, LLC Four [Member]

^{[2],[3],[4],[8]}

Jun. 30, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[8]}

$ 3,829,000

$ 3,937,900

^[4]

^[2],[3],[8]

$ 2,000,000

^[4]

^[2],[3],[8]

1.10%

^[4]

^[2],[3],[8]

$ 2,000,000

^[4]

Total Healthcare Services One [Member]

^[2],[3],[8]

Jun. 30, 2021

^[4]

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 5,691,500

^[2],[3]

$ 5,692,711

Total Healthcare Services One [Member] | Alpha Aesthetics Partners OpCo, LLC [Member]

^[2],[3]

1.70%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6]}

$ 3,841,500

^[2],[3],[6]

$ 3,842,711

^[2],[3],[6]

1.20%

^[2],[3],[6]

$ 3,900,000

Total Healthcare Services One [Member] | Alpha Aesthetics Partners OpCo, LLC One [Member]

^[2],[3],[6]

Mar. 20, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5],[6]}

^{[2],[3],[5],[6]}

^{[2],[3],[5],[6]}

0.00%

^{[2],[3],[5],[6]}

Total Healthcare Services One [Member] | Alpha Aesthetics Partners OpCo, LLC Two [Member]

^{[2],[3],[5],[6]}

Mar. 20, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4]}

$ 1,850,000

^[2],[3],[4]

$ 1,850,000

^[2],[3],[4]

0.50%

^[2],[3],[4]

$ 1,850,000

Sub Total Affiliate investments [Member]

^[2],[3],[4]

Mar. 20, 2023

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 42,809,576

$ 28,305,871

^[2],[3]

$ 40,471,309

$ 25,722,320

IT Services [Member] | Netreo Holdings, LLC [Member]

^[2],[3]

12.70%

8.10%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[11]}

$ 5,364,735

^[2],[3],[11]

$ 5,551,736

^[2],[3],[11]

1.60%

^[2],[3],[11]

$ 5,567,388

IT Services [Member] | Netreo Holdings, LLC One [Member]

^[2],[3],[11]

Jul. 03, 2018

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[6],[11]}

$ 21,415,251

^{[2],[3],[6],[11]}

$ 22,137,538

^{[2],[3],[6],[11]}

6.30%

^{[2],[3],[6],[11]}

$ 22,224,213

IT Services [Member] | Netreo Holdings, LLC Two [Member]

^{[2],[3],[6],[11]}

May 26, 2020

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[11]}

$ 14,214,290

^{[2],[3],[4],[11]}

$ 8,344,500

^{[2],[3],[4],[11]}

4.20%

^{[2],[3],[4],[11]}

$ 4,600,677

Total IT Services One [Member]

^{[2],[3],[4],[11]}

Jul. 03, 2018

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 40,994,276

$ 44,167,198

^[2],[3]

$ 36,033,774

$ 35,886,985

Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

^[2],[3]

12.10%

12.80%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[9],[12]}

$ 13,716,348

^{[2],[3],[9],[12]}

$ 27,157,923

^{[2],[3],[9],[12]}

4.10%

^{[2],[3],[9],[12]}

$ 111,000,000

Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member]

^{[2],[3],[9],[12]}

Jan. 22, 2008

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[9],[11]}

$ 8,836,222

^{[2],[3],[9],[11]}

$ 9,375,000

^{[2],[3],[9],[11]}

2.60%

^{[2],[3],[9],[11]}

$ 9,375,000

Total Structured Finance Securities [Member]

^{[2],[3],[9],[11]}

Aug. 09, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 33,906,107

$ 41,362,479

^[2],[3]

$ 47,925,423

$ 49,711,404

Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

^[2],[3]

10.10%

11.90%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[9],[11],[12]}

$ 21,176,578

^{[2],[3],[9],[11],[12]}

$ 28,943,904

^{[2],[3],[9],[11],[12]}

6.10%

^{[2],[3],[9],[11],[12]}

$ 111,000,000

Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member]

^{[2],[3],[9],[11],[12]}

Jan. 22, 2008

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[9],[11]}

$ 8,831,406

^{[2],[3],[9],[11]}

$ 9,375,000

^{[2],[3],[9],[11]}

2.50%

^{[2],[3],[9],[11]}

$ 9,375,000

Total Structured Finance Securities [Member] | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member]

^{[2],[3],[9],[11]}

Aug. 09, 2021

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[9],[11]}

$ 11,353,537

$ 11,354,495

^{[2],[3],[9],[11]}

$ 11,392,500

^{[2],[3],[9],[11]}

3.40%

3.30%

^{[2],[3],[9],[11]}

$ 12,250,000

Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member]

^{[2],[3],[9],[11]}

Oct. 28, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5],[9],[11]}

$ 17,618,954

^{[2],[3],[5],[9],[11]}

$ 17,618,954

^{[2],[3],[5],[9],[11]}

5.20%

^{[2],[3],[5],[9],[11]}

$ 17,618,954

Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC One [Member]

^{[2],[3],[5],[9],[11]}

Feb. 17, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5],[9],[11]}

$ 7,748,164

^{[2],[3],[5],[9],[11]}

$ 17,583,486

^{[2],[3],[5],[9],[11]}

2.30%

^{[2],[3],[5],[9],[11]}

$ 17,583,486

Total Investment Fund [Member]

^{[2],[3],[5],[9],[11]}

Feb. 17, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 25,367,118

^[2],[3]

$ 35,202,440

Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC One [Member]

^[2],[3]

7.50%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[4],[9],[11]}

$ 13,106,951

^{[2],[3],[4],[9],[11]}

$ 17,583,486

^{[2],[3],[4],[9],[11]}

3.80%

^{[2],[3],[4],[9],[11]}

$ 17,583,486

Sub Total Control investments [Member]

^{[2],[3],[4],[9],[11]}

Feb. 17, 2022

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 100,267,501

$ 116,255,582

^[2],[3]

$ 119,161,637

$ 120,800,829

Total Investments [Member]

^[2],[3]

29.70%

33.60%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 1,084,098,128

^[2],[3]

$ 1,094,319,539

Total Investment Fund [Member]

^[2],[3]

321.30%

Non-control/Non-affiliate investments - 278.9% (b)

^[1],[2],[3]

$ 30,725,905

^[2],[3]

$ 35,202,440

Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV LLC [Member]

^[2],[3]

8.90%

Non-control/Non-affiliate investments - 278.9% (b)

^{[1],[2],[3],[5],[9],[11]}

$ 17,618,954

^{[2],[3],[5],[9],[11]}

$ 17,618,954

^{[2],[3],[5],[9],[11]}

5.10%

^{[2],[3],[5],[9],[11]}

$ 17,618,954

^{[2],[3],[5],[9],[11]}

Feb. 17, 2022

[1]	Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).
[2]	Percentages are based on net assets of $337,450,848 as of May 31, 2023.
[3]	Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities.
[4]	Non-income producing at May 31, 2023.
[5]	All or a portion of this investment has an unfunded commitment as of May 31, 2023. (See Note 9 to the consolidated financial statements).
[6]	These securities are either fully or partially pledged as collateral under the Company’s senior secured revolving credit facility (see Note 8 to the consolidated financial statements).
[7]	Includes securities issued by an affiliate of the company.
[8]	As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the three months ended May 31, 2023 in which the issuer was an affiliate are as follows:
[9]	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 May 31, 2023, non-qualifying assets represent 7.2% 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.
[10]	As of May 31, 2023, the investment was on non-accrual status. The fair value of these investments was approximately $9.8 million, which represented 0.9% of the Company’s portfolio (see Note 2 to the consolidated financial statements).
[11]	As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended May 31, 2023 in which the issuer was both an affiliate and a portfolio company that we control are as follows:
[12]	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.

Organization (Details) - USD ($)	1 Months Ended		3 Months Ended
Organization (Details) - USD ($)	Jan. 27, 2023	Oct. 28, 2022	May 31, 2023	Feb. 28, 2023
Organization (Details) [Line Items]
Principal of a Loan			$ 175,000,000
Credit facility			$ 35,000,000	$ 32,500,000
Interest rate	0.10%
Collateralized Loan Obligations [Member]
Organization (Details) [Line Items]
Issued of debt		$ 402,100,000
London inter bank offered rates LIBOR [Member]
Organization (Details) [Line Items]
Floating rate, percentage			4.00%
LIBOR floor, percentage			0.75%
Maximum [Member]
Organization (Details) [Line Items]
Principal of a Loan	$ 4.25
Credit facility	$ 65,000,000
Maturity date	Jan. 27, 2026
Minimum [Member]
Organization (Details) [Line Items]
Principal of a Loan	$ 4
Credit facility	$ 50,000,000
Maturity date	Oct. 04, 2024
SBA Debentures [Member]
Organization (Details) [Line Items]
Principal of a Loan			$ 150,000,000
SBA Debentures [Member] \| Maximum [Member]
Organization (Details) [Line Items]
Principal of a Loan			350,000,000
SBA Debentures [Member] \| Minimum [Member]
Organization (Details) [Line Items]
Principal of a Loan			175,000,000
Encina Lender Finance, LLC [Member]
Organization (Details) [Line Items]
Credit facility			50,000,000
Maximum loan increasable amount			75,000,000
Credit facility minimum drawn amount			$ 25,000,000
Loan increasable, percentage			50.00%
Encina Lender Finance, LLC [Member]
Organization (Details) [Line Items]
Initial minimum amount drawn to increase loan facility			$ 12,500,000

Schedule of cash and cash equivalents and cash and cash equivalents - USD ($)

May 31, 2023

Feb. 28, 2022

Number of Shares (in Shares)

$ 53,153,165

$ 96,076,273

53,153,165

96,076,273

15.80%

27.70%

U.S. Bank Money Market [Member]

$ 53,153,165

$ 96,076,273

Number of Shares (in Shares)

^[1]

$ 53,153,165

$ 96,076,273

^[1],[2]

53,153,165

96,076,273

^[1],[2]

15.80%

27.70%

Principles of Consolidation

^[1],[2]

$ 53,153,165

$ 96,076,273

[1]	Percentages are based on net assets of $337,450,848 as of May 31, 2023.
[2]	Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities.

Accounting Policies, by Policy (Policies)

3 Months Ended

May 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Principles of Consolidation

Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

Cash and Cash Equivalents

Cash and Cash Equivalents

●

we were to own more than 3.0% of the investment company’s total outstanding voting;

●

we were to hold securities in the investment company having an aggregate value in excess of 5.0% of the value of our total assets; or

●

we were to hold securities in investment companies having an aggregate value in excess of 10.0% of the value of our total assets.

As of May 31, 2023, the Company did not exceed any of these limitations.

Cash and Cash Equivalents, Reserve Accounts

Cash and Cash Equivalents, Reserve Accounts

	May 31, 2023		February 28, 2023
Cash and cash equivalents	$	21,987,196	$	65,746,494
Cash and cash equivalents, reserve accounts		31,165,969		30,329,779
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	53,153,165	$	96,076,273

Investment Classification

Investment Classification

Investment Valuation

Investment Valuation

The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:

●

In addition, all our investments are subject to the following valuation process:

●

Derivative Financial Instruments

Derivative Financial Instruments

Investment Transactions and Income Recognition

Investment Transactions and Income Recognition

Payment-in-Kind Interest

Payment-in-Kind Interest

Dividend Income

Dividend Income

Dividend income is recorded in the consolidated statements of operations when earned.

Structuring and Advisory Fee Income

Structuring and Advisory Fee Income

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

Other Income

Other Income

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

Deferred Debt Financing Costs

Deferred Debt Financing Costs

The Company presents deferred debt financing costs on the balance sheet as a contra-liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.

Realized Loss on Extinguishment of Debt

Realized Loss on Extinguishment of Debt

Contingencies

Contingencies

Income Taxes

Income Taxes

Dividends

Dividends

Capital Gains Incentive Fee

Capital Gains Incentive Fee

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Risk Management

Risk Management

Commitments and Contingencies (Details) - USD ($) $ in Millions	May 31, 2023	Feb. 28, 2023
Commitments and Contingencies (Details) [Line Items]
Off-balance sheet arrangements	$ 143.0	$ 108.8
Cash and cash equivalents	53.2
Encina Credit Facility [Member]
Commitments and Contingencies (Details) [Line Items]
Borrowings	$ 30.0

Agreements and Related Party Transactions

3 Months Ended

May 31, 2023

Agreements and Related Party Transactions

Note 7. Agreements and Related Party Transactions

Investment Advisory and Management Agreement

On July 30, 2010, the Company entered into the Management Agreement with our Manager. The initial term of the Management Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by our board of directors and/or the Company’s stockholders. Most recently, on July 6, 2023, our board of directors approved the renewal of the Management Agreement for an additional one-year term. Pursuant to the Management Agreement, our Manager implements our business strategy on a day-to-day basis and performs certain services for us, subject to oversight by our board of directors. Our Manager is responsible for, among other duties, determining investment criteria, sourcing, analyzing and executing investments transactions, asset sales, financings and performing asset management duties. Under the Management Agreement, we have agreed to pay our Manager a management fee for investment advisory and management services consisting of a base management fee and an incentive management fee.

Base Management Fee and Incentive Management Fee

The base management fee of 1.75% per year is calculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters. The base management fee is paid quarterly following the filing of the most recent quarterly report on Form 10-Q.

The incentive management fee consists of the following two parts:

The first, payable quarterly in arrears, equals 20.0% of our pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, that exceeds a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter, subject to a “catch-up” provision. Under this provision, in any fiscal quarter, our Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. Our Manager will receive 100.0% of pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. There is no accumulation of amounts on the hurdle rate from quarter to quarter, and accordingly there is no claw back of amounts previously paid if subsequent quarters are below the quarterly hurdle rate, and there is no delay of payment if prior quarters are below the quarterly hurdle rate.

The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals 20.0% of our “incentive fee capital gains,” which equals our realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis on each investment in the Company’s portfolio, less the aggregate amount of any previously paid capital gain incentive fee. Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May 31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital gains portion of the incentive fee, and our Manager will be entitled to 20.0% of incentive fee capital gains that arise after May 31, 2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date.

For the three months ended May 31, 2023 and May 31, 2022, the Company incurred $3.2 million and $0.0 million in incentive fees related to pre-incentive fee net investment income, respectively. For the three months ended May 31, 2023 and May 31, 2022, the Company accrued an expense (benefit) of ($3.1) million and ($1.9) million in incentive fees related to capital gains.

The accrual is calculated using both realized and unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable in arrears at the end of the fiscal year and will include only realized capital gains for the period. As of May 31, 2023, the base management fees accrual was $4.6 million and the incentive fees accrual was $0.1 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. As of February 28, 2023, the base management fees accrual was $4.3 million and the incentive fees accrual was $7.9 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities.

Administration Agreement

On July 30, 2010, the Company entered into a separate administration agreement (the “Administration Agreement”) with our Manager, pursuant to which our Manager, as our administrator, has agreed to furnish us with the facilities and administrative services necessary to conduct our day-to-day operations and provide managerial assistance on our behalf to those portfolio companies to which we are required to provide such assistance. The initial term of the Administration Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by our board of directors and/or our stockholders. The amount of expenses payable or reimbursable thereunder by the Company was capped at $1.0 million for the initial two-year term of the Administration Agreement and subsequent renewals. Most recently, on July 6, 2023, our board of directors approved the renewal of the Administration Agreement for an additional one-year term and determined to keep the cap on the payment or reimbursement of expenses by the Company unchanged at $3.275 million, while continuing to assess whether to increase this within the foreseeable future, with any increase to be effective August 1, 2023.

For the three months ended May 31, 2023 and May 31, 2022, we recognized $0.8 million and $0.8 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to us in addition to our allocable portion of rent and other overhead related expenses. As of May 31, 2023, $0.3 million of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities. As of February 28, 2023, $0.001 million of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities.

Saratoga CLO

On December 14, 2018, the Company completed the third refinancing and issuance of the 2013-1 Reset CLO Notes. This refinancing, among other things, extended the Saratoga CLO reinvestment period to January 2021, and extended its legal maturity to January 2030. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $300 million in assets to approximately $500 million.

In conjunction with the third refinancing and issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to receive an incentive management fee from Saratoga CLO. See Note 4 for additional information.

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

On August 9, 2021, the Company exchanged its existing $17.9 million Class F-R-3 Notes for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.

For the three months ended May 31, 2023 and May 31, 2022, we recognized management fee income of $0.8 million and $0.8 million, respectively, related to the Saratoga CLO.

For the three months ended May 31, 2023 and May 31, 2022, the Company neither bought nor sold any investments from the Saratoga CLO.

SLF JV

On October 26, 2021, the Company and TJHA entered into an LLC Agreement to co-manage the SLF JV. SLF JV is a joint venture that invests in the debt or equity interests of collateralized loan obligations, loan, notes and other debt instruments.

On October 28, 2022, SLF 2022 issued $402.1 million of the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee.

As of May 31, 2023, the Company’s investment in the SLF JV had a fair value of $25.4 million, consisting of an unsecured loan of $17.6 million and membership interest of $7.7 million. For the three months ended May 31, 2023, the Company had $0.5 million of interest income related to SLF JV of which $0.2 million was included in interest receivable as of May 31, 2023.

As part of the JV CLO trust transaction, the Company purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.25 million.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items]

Organization

3 Months Ended

May 31, 2023

Organization [Abstract]

Organization

Note 1. Organization

Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is a non-diversified closed end management investment company incorporated in Maryland that has elected to be treated and is regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed the initial public offering (“IPO”) on March 28, 2007. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.

GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. As of February 28, 2007, the LLC had not yet commenced its operations and investment activities.

On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company.

On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction.

The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager” or “Saratoga Investment Advisors”), pursuant to an investment advisory and management agreement (the “Management Agreement”). Prior to July 30, 2010, the Company was managed and advised by GSCP (NJ), L.P.

The Company has established wholly owned subsidiaries, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MAC, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT, Inc., SIA-Vector, Inc. and SIA-VR, Inc., which are structured as Delaware entities that are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass through entities). These entities are consolidated for accounting purposes, but are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expenses as a result of their ownership of portfolio companies. In February 2022, SIA-GH, Inc., SIA-TT Inc. and SIA-VR, Inc. received an approved plan of liquidation following the sale of equity held by each of the portfolio companies.

Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC LP (“SBIC LP”), Saratoga Investment Corp. SBIC II LP (“SBIC II LP”), and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC LP and SBIC II LP, the “SBIC Subsidiaries”), received an SBIC license from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively. SBIC LP’s license provided up to $150.0 million in additional long-term capital in the form of SBA debentures, while SBIC II LP’s and SBIC III LP’s SBIC licenses provide up to $175.0 million each. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million with at least $175.0 million in combined regulatory capital.

The Company has formed a wholly owned special purpose entity, Saratoga Investment Funding II LLC, a Delaware limited liability company (“SIF II”), for the purpose of entering into a $50.0 million senior secured revolving credit facility with Encina Lender Finance, LLC (the “Lender”), supported by loans held by SIF II and pledged to the Lender under the credit facility (the “Encina Credit Facility”). The Encina Credit Facility closed on October 4, 2021. During the first two years following the closing date, SIF II may request an increase in the commitment amount under the Encina Credit Facility to up to $75.0 million. The terms of the Encina Credit Facility required a minimum drawn amount of $12.5 million at all times during the first six months following the closing date, which increased to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility bear interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related to the selection by the Lender and the Company of a replacement benchmark rate. Concurrently with the closing of the Encina Credit Facility, all remaining amounts outstanding on the Company’s existing revolving credit facility with Madison Capital Funding, LLC were repaid and the revolving credit facility terminated. On January 27, 2023, among other things, the borrowings available under the Encina Credit Facility was increased from up to $50.0 million to up to $65.0 million, the underlying benchmark rate used to compute interest changed from LIBOR to Term SOFR for one-month tenor plus a 0.10% credit spread adjustment; the applicable effective margin rate on borrowings increased from 4.00% to 4.25% and the maturity date was extended from October 4, 2024 to January 27, 2026.

On October 26, 2021, the Company and TJHA JV I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV LLC (“SLF JV”). SLF JV is under joint control and is not consolidated. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (“SLF 2022”), which is a wholly owned subsidiary of SLF JV. SLF 2022 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. On October 28, 2022, SLF 2022 issued $402.1 million of debt (the “2022 JV CLO Notes”) through a collateralized loan obligation trust (the “JV CLO trust”). The 2022 JV CLO Notes were issued pursuant to an indenture, dated October 28, 2022 (the “JV Indenture”), with U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (the “Trustee”) servicing as the trustee.

Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($)	May 31, 2023	Feb. 28, 2023
Amortized cost of investments (in Dollars)	$ 934,686,593	$ 819,966,208
Amortized cost of affiliate investments (in Dollars)	40,471,309	25,722,320
Amortized cost of control investments (in Dollars)	119,161,637	120,800,829
Amortized cost of investment at fair value (in Dollars)	1,094,319,539	966,489,357
Net reserve of interest receivable (in Dollars)	$ 3,517,085	$ 2,217,300
Notes payable discount, percentage	0.001%	0.001%
Debt financing costs, percentage	0.001%	0.001%
Common stock, shares authorized (in Shares)	100,000,000	100,000,000
Common stock, shares issued (in Shares)	11,847,742	11,890,500
Common stock, shares outstanding (in Shares)	11,847,742	11,890,500
7.00% Notes Payable 2025
Notes payable discount, percentage	7.00%
Debt financing costs, percentage	7.00%
7.75% Notes Payable 2025
Notes payable discount, percentage	7.75%
Debt financing costs, percentage	7.75%
4.375% Notes Payable 2026
Notes payable discount, percentage	4.375%
Debt financing costs, percentage	4.375%
Notes payable premium, percentage	4.375%
4.35% Notes Payable 2027
Notes payable discount, percentage	4.35%
Debt financing costs, percentage	4.35%
6.25% Notes Payable 2027
Notes payable discount, percentage	6.25%
Debt financing costs, percentage	6.25%
6.00% Notes Payable 2027
Notes payable discount, percentage	6.00%
Debt financing costs, percentage	6.00%
8.00% Notes Payable 2027
Notes payable discount, percentage	8.00%
Debt financing costs, percentage	8.00%
8.125% Notes Payable 2027
Notes payable discount, percentage	8.125%
Debt financing costs, percentage	8.125%

Dividend

3 Months Ended

May 31, 2023

Dividend [Abstract]

Dividend

Note 13. Dividend

On May 22, 2023, the Company declared a dividend of $0.70 per share payable on June 29, 2023, to common stockholders of record on June 13, 2023. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to the DRIP.

The following table summarizes dividends declared for the three months ended May 31, 2023 (dollars in thousands except per share amounts):

			Amount		Total
Date Declared	Record Date	Payment Date	Per Share		Amount*
May 22, 2023	June 13, 2023	June 29, 2023	$	0.70	$	8,352	⁽¹⁾
Total dividends declared			$	0.70	$	8,352

Total amount is calculated based on the number of shares outstanding at the date of record.

(1)

The following table summarizes dividends declared for the three months ended May 31, 2022 (dollars in thousands except per share amounts):

Date Declared	Record Date	Payment Date	Amount Per Share		Total Amount*
May 26, 2022	June 14, 2022	June 29, 2022	$	0.53	$	6,370
Total dividends declared			$	0.53	$	6,370

*	Total amount is calculated based on the number of shares outstanding at the date of record.

Investments (Details) - Schedule of fair value measurements of investments, by major class - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

May 31, 2023

Feb. 28, 2023

$ 917,590

$ 798,534

15,185

14,936

20,744

20,661

33,906

41,362

96,673

97,097

Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items]

1,084,098

972,590

Level 1 [Member]

Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items]

Level 2 [Member]

Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items]

Level 3 [Member]

917,590

798,534

15,185

14,936

20,744

20,661

33,906

41,362

88,925

83,990

Valued Using Net Asset Value [Member]

1,076,350

959,483

Investments (Details) - Schedule of fair value measurements of investments, by major class [Line Items]

^[1]

^[1]

^[1]

^[1]

^[1]

7,748

13,107

Commitments and Contingencies Disclosure [Abstract]

^[1]

$ 7,748

$ 13,107

[1]	The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy.

Schedule of transactions related to affiliates - USD ($)	3 Months Ended	12 Months Ended
	May 31, 2023	Feb. 28, 2023
Affiliate [Member]
Net Change in Unrealized Appreciation (Depreciation)		$ 574,354
Net Realized Gain (Loss) from Investments
Sales		6,162,526
Purchases		43,409,000
Management Fee Income
Total Interest from Investments		5,190,237
Affiliate [Member] \| Saratoga CLO [Member]
Net Change in Unrealized Appreciation (Depreciation)	$ (245,284)
Net Realized Gain (Loss) from Investments
Sales
Purchases	14,536,500
Management Fee Income
Total Interest from Investments	934,675
Control [Member]
Net Change in Unrealized Appreciation (Depreciation)	(14,348,889)	(10,461,606)
Net Realized Gain (Loss) from Investments
Management Fee Income	816,788	3,269,820
Total Interest from Investments	2,187,423	6,989,483
Sales
Purchases		28,634,940
Axero Holdings, LLC [Member] \| Affiliate [Member]
Net Change in Unrealized Appreciation (Depreciation)		1,951,499
Net Realized Gain (Loss) from Investments
Sales
Purchases		1,089,000
Management Fee Income
Total Interest from Investments		848,422
Axero Holdings, LLC [Member] \| Affiliate [Member] \| Saratoga CLO [Member]
Net Change in Unrealized Appreciation (Depreciation)	(33,070)
Net Realized Gain (Loss) from Investments
Sales
Purchases
Management Fee Income
Total Interest from Investments	222,826
ETU Holdings, Inc. [Member] \| Affiliate [Member] \| Saratoga CLO [Member]
Net Change in Unrealized Appreciation (Depreciation)	(209,149)
Net Realized Gain (Loss) from Investments
Sales
Purchases
Management Fee Income
Total Interest from Investments	467,851
Modis Dental Partners OpCo, LLC [Member] \| Affiliate [Member] \| Saratoga CLO [Member]
Net Change in Unrealized Appreciation (Depreciation)	(1,854)
Net Realized Gain (Loss) from Investments
Sales
Purchases	8,845,000
Management Fee Income
Total Interest from Investments	124,995
Alpha Aesthetics Partners OpCo, LLC [Member] \| Affiliate [Member] \| Saratoga CLO [Member]
Net Change in Unrealized Appreciation (Depreciation)	(1,211)
Net Realized Gain (Loss) from Investments
Sales
Purchases	5,691,500
Management Fee Income
Total Interest from Investments	119,003
Netreo Holdings, LLC [Member] \| Control [Member]
Net Change in Unrealized Appreciation (Depreciation)	(3,319,711)	(2,363,302)
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments	962,758	2,529,483
Sales
Purchases		8,290,000
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] \| Control [Member]
Net Change in Unrealized Appreciation (Depreciation)	(5,674,249)	(4,149,106)
Net Realized Gain (Loss) from Investments
Management Fee Income	816,788	3,269,820
Total Interest from Investments		1,228,486
Sales
Purchases
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. [Member] \| Control [Member]
Net Change in Unrealized Appreciation (Depreciation)	(958)	(38,005)
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments	405,005	552,330
Sales
Purchases		11,392,500
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] \| Control [Member]
Net Change in Unrealized Appreciation (Depreciation)	4,816	(543,594)
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments	359,610	1,195,662
Sales
Purchases
Saratoga Senior Loan Fund I JV, LLC [Member] \| Control [Member]
Net Change in Unrealized Appreciation (Depreciation)
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments	460,050	1,483,522
Sales
Purchases		4,493,954
Saratoga Senior Loan Fund I JV, LLC One [Member] \| Control [Member]
Net Change in Unrealized Appreciation (Depreciation)	(5,358,787)	(3,367,599)
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments
Sales
Purchases		4,458,486
Artemis Wax Corp.[Member] \| Affiliate [Member]
Net Change in Unrealized Appreciation (Depreciation)		(1,460,287)
Net Realized Gain (Loss) from Investments
Sales		6,162,526
Purchases		27,440,000
Management Fee Income
Total Interest from Investments		3,418,378
ETU Holdings, Inc. [Member] \| Affiliate [Member]
Net Change in Unrealized Appreciation (Depreciation)		83,142
Net Realized Gain (Loss) from Investments
Sales
Purchases		14,880,000
Management Fee Income
Total Interest from Investments		$ 923,437

Commitments and Contingencies

3 Months Ended

May 31, 2023

Commitments and Contingencies

Note 9. Commitments and Contingencies

Contractual Obligations

The following table shows our payment obligations for repayment of debt and other contractual obligations at May 31, 2023:

			Payment Due by Period
Long-Term Debt Obligations	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years		More Than 5 Years
	($ in thousands)
Encina credit facility	$	35,000	$	-	$	35,000	$	-	$	-
SBA debentures		202,000		-		27,000		-		175,000
8.75% 2024 Notes		20,000		20,000		-		-		-
7.00% 2025 Notes		12,000		-		12,000		-		-
7.75% 2025 Notes		5,000		-		5,000		-		-
4.375% 2026 Notes		175,000		-		175,000		-		-
4.35% 2027 Notes		75,000		-		-		75,000		-
6.00% 2027 Notes		105,500		-		-		105,500		-
6.25% 2027 Notes		15,000		-		-		15,000		-
8.00% 2027 Notes		46,000		-		-		46,000		-
8.125% 2027 Notes		60,375		-		-		60,375		-
8.50% 2028 Notes		57,500		-		-		57,500		-
Total Long-Term Debt Obligations	$	808,375	$	20,000	$	254,000	$	359,375	$	175,000

Off-Balance Sheet Arrangements

As of May 31, 2023 and February 28, 2023, the Company’s off-balance sheet arrangements consisted of $143.0 million and $108.8 million, respectively, of unfunded commitments outstanding to provide debt financing to its portfolio companies or to fund limited partnership interests. Such commitments are generally up to the Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities.

A summary of the unfunded commitments outstanding as of May 31, 2023: and February 28, 2023: is shown in the table below (dollars in thousands):

	May 31, 2023		February 28, 2023
At Company’s discretion
ActiveProspect, Inc.	$	10,000	$	10,000
Ascend Software, LLC		5,000		5,000
Granite Comfort, LP		750		15,000
JDXpert		5,000		5,000
LFR Chicken LLC		4,000		4,000
Pepper Palace, Inc.		3,000		3,000
Procurement Partners, LLC		4,250		4,250
Saratoga Senior Loan Fund I JV, LLC		8,548		8,548
Sceptre Hospitality Resources, LLC		5,000		5,000
Stretch Zone Franchising, LLC		3,750		-
VetnCare MSO, LLC		10,000		-
Total	$	59,298	$	59,798

At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
Alpha Aesthetics Partners OpCo, LLC	$	8,600	$	-
ARC Health OpCo LLC		5,463		10,773
Artemis Wax Corp.		8,500		8,500
Ascend Software, LLC		3,200		3,200
Axero Holdings, LLC - Revolver		500		500
BQE Software, Inc.		4,000		-
C2 Educational Systems		3,000		-
Exigo, LLC		4,167		4,167
Exigo, LLC - Revolver		1,042		833
Gen4 Dental Partners Holdings, LLC		9,186		11,000
GoReact		1,000		2,500
JDXpert		-		1,000
Modis Dental Partners OpCo, LLC		7,500		-
Pepper Palace, Inc. - Delayed Draw Term Loan		2,000		2,000
Pepper Palace, Inc. - Revolver		2,500		2,500
Procurement Partners, LLC		1,000		1,000
Stretch Zone Franchising, LLC		1,500		-
VetnCare MSO, LLC		19,500		-
Zollege PBC		1,000		1,000
		83,658		48,973
Total	$	142,956	$	108,771

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of May 31, 2023, the Company had May 31, 2023, the Company had total cash and cash equivalents of $53.2 million and $30.0 million in available borrowings under the Encina Credit Facility.

Subsequent Events

3 Months Ended

May 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

On July 6, 2023, we increased the maximum amount of shares of our common stock to be sold through the ATM Program to $300.0 million from $150.0 million. In connection with the upsize of the ATM Program, we entered into amendment no. 2 to the equity distribution agreement (“Amendment No. 2”), dated July 10, 2023 (as amended from time to time, the “Equity Distribution Agreement”), with the Agents. Under the Equity Distribution Agreement, we may, but have no obligation to, issue and sell up to $300.0 million in aggregate amount of our shares of common stock in the ATM Program, from time to time through the Agents, or to them, as principal for their own account.

The Agents will receive a commission from us up to 1.5% of the gross sales price of any shares of our common stock sold through the Agents under the Equity Distribution Agreement. The sales price per share of our common stock offered under the ATM Program, less the Agents’ commission, will not be less than the NAV per share of our common stock at the time of such sale. Saratoga Investment Advisors may, from time to time and in its sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV per share.

Stockholders' Equity

3 Months Ended

May 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

Note 11. Stockholders’ Equity

On May 16, 2006, GSC Group, Inc. capitalized the LLC, by contributing $1,000 in exchange for 67 shares, constituting all of the issued and outstanding shares of the LLC.

On March 20, 2007, the Company issued 95,995.5 and 8,136.2 shares of common stock, priced at $150.00 per share, to GSC Group and certain individual employees of GSC Group, respectively, in exchange for the general partnership interest and a limited partnership interest in GSC Partners CDO III GP, LP, collectively valued at $15.6 million. At this time, the 6.7 shares owned by GSC Group in the LLC were exchanged for 6.7 shares of the Company.

On March 28, 2007, the Company completed its IPO of 725,000 shares of common stock, priced at $150.00 per share, before underwriting discounts and commissions. Total proceeds received from the IPO, net of $7.1 million in underwriter’s discount and commissions, and $1.0 million in offering costs, were $100.7 million.

On July 30, 2010, our Manager and its affiliates purchased 986,842 shares of common stock at $15.20 per share. Total proceeds received from this sale were $15.0 million.

On August 12, 2010, we effected a one-for-ten reverse stock split of our outstanding common stock. As a result of the reverse stock split, every ten shares of our common stock were converted into one share of our common stock. Any fractional shares received as a result of the reverse stock split were redeemed for cash. The total cash payment in lieu of shares was $230. Immediately after the reverse stock split, we had 2,680,842 shares of our common stock outstanding.

On September 24, 2014, the Company announced the approval of an open market share repurchase plan that originally allowed it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements (the “Share Repurchase Plan”). Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan. Most recently, on January 9, 2023, our board of directors extended the Share Repurchase Plan for another year to January 15, 2024, increasing the number of shares that may be repurchased under the Share Repurchase Plan to 1.7 million shares of common stock. As of May 31, 2023, the Company purchased 1,035,203 shares of common stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the three months ended May 31, 2023 the Company purchased 88,576 shares of common stock, at the average price $24.36 for approximately $2.2 million pursuant to the Share Repurchase Plan.

On March 16, 2017, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $30.0 million of our common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of the common stock to be offered was increased to $70.0 million, and on October 8, 2019, the amount of the common stock to be offered was increased to $130.0 million. This agreement was terminated as of July 29, 2021, and as of that date, the Company had sold 3,922,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs).

On July 13, 2018, the Company issued 1,150,000 shares of its common stock priced at $25.00 per share (par value $0.001 per share) at an aggregate total of $28.75 million. The net proceeds, after deducting underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of its common stock, which was not exercised.

On July 30, 2021, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. and Compass Point Research and Trading, LLC (collectively the “Agents”), through which we may offer for sale, from time to time, up to $150.0 million of our common stock through the Agents, or to them, as principal for their account (the “ATM Program”). As of May 31, 2023, the Company sold 4,840,361 shares for gross proceeds of $124.0 million at an average price of $25.61 for aggregate net proceeds of $122.4 million (net of transaction costs). During the three months ended May 31, 2023, there were no shares sold pursuant to the equity distribution agreement with the Agents.

The Company adopted Rule 3-04/Rule 8-03(a)(5) under Regulation S-X (Note 2). Pursuant to Regulation S-X, the Company has presented a reconciliation of the changes in each significant caption of stockholders’ equity as shown in the tables below:

										Total
	Common Stock						Capital in Excess			Distributable Earnings
	Shares			Amount			of Par Value			(Loss)			Net Assets
Balance at February 28, 2022	12,131,350			$	12,131		$	328,062,246		$	27,706,146		$	355,780,523
Increase (Decrease) from Operations:
Net investment income		-			-			-			7,976,222			7,976,222
Net realized gain (loss) from investments		-			-			-			162,509			162,509
Income tax (provision) benefit from realized gain on investments		-			-			-			69,250			69,250
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(9,333,449	)		(9,333,449	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(361,951	)		(361,951	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(6,428,817	)		(6,428,817	)
Capital Share Transactions:
Proceeds from issuance of common stock		-			-			-			-			-
Stock dividend distribution		42,825			43			1,108,637			-			1,108,680
Repurchases of common stock		(142,177	)		(142	)		(3,734,174	)		-			(3,734,316	)
Repurchase fees		-			-			(2,840	)		-			(2,840	)
Offering costs		-			-			-			-			-
Balance at May 31, 2022		12,031,998		$	12,032		$	325,433,869		$	19,789,910		$	345,235,811
Increase (Decrease) from Operations:
Net investment income		-			-			-			7,698,014			7,698,014
Net realized gain (loss) from investments		-			-			-			7,943,838			7,943,838
Realized losses on extinguishment of debt		-			-			-			(1,204,809	)		(1,204,809	)
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(13,258,456	)		(13,258,456	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(230,154	)		(230,154	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(6,369,981	)		(6,369,981	)
Capital Share Transactions:
Stock dividend distribution		48,590			49			1,088,139			-			1,088,188
Repurchases of common stock		(153,350	)		(154	)		(3,685,951	)		-			(3,686,105	)
Repurchase fees		-			-			(3,071	)		-			(3,071	)
Balance at August 31, 2022		11,927,238		$	11,927		$	322,832,986		$	14,368,362		$	337,213,275

Increase (Decrease) from Operations:
Net investment income		-			-			-			9,877,437			9,877,437
Net realized gain (loss) from investments		-			-			-			(740,434	)		(740,434	)
Income tax (provision) benefit from realized gain on investments		-			-			-			479,318			479,318
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(3,176,208	)		(3,176,208	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(425,848	)		(425,848	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(6,433,298	)		(6,433,298	)
Capital Share Transactions:
Stock dividend distribution		52,312			53			1,150,881			-			1,150,934
Repurchases of common stock		(94,071	)		(95	)		(2,179,600	)		-			(2,179,695	)
Repurchase fees		-			-			(1,881	)		-			(1,881	)
Balance at November 30, 2022		11,885,479		$	11,885		$	321,802,386		$	13,949,329		$	335,763,600

Increase (Decrease) from Operations:
Net investment income		-			-			-			9,649,474			9,649,474
Net realized gain (loss) from investments		-			-			-			80,683			80,683
Realized losses on extinguishment of debt		-			-			-			(382,274	)		(382,274	)
Net change in unrealized appreciation (depreciation) on investments		-			-			-			10,549,981			10,549,981
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(697,380	)		(697,380	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(8,081,306	)		(8,081,306	)
Capital Share Transactions:
Stock dividend distribution		53,615			55			1,300,405			-			1,300,460
Repurchases of common stock		(48,594	)		(49	)		(1,224,175	)		-			(1,224,224	)
Repurchase fees		-			-			(972	)		-			(972	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			16,162			(16,162	)		-
Balance at February 28, 2023		11,890,500		$	11,891		$	321,893,806		$	25,052,345		$	346,958,042
Increase (Decrease) from Operations:
Net investment income		-			-			-			15,958,950			15,958,950
Net realized gain (loss) from investments		-			-			-			90,691			90,691
Income tax (provision) benefit from realized gain on investments		-			-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(16,322,307	)		(16,322,307	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			59,407			59,407
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(8,193,402	)		(8,193,402	)
Capital Share Transactions:
Stock dividend distribution		45,818			47			1,058,797			-			1,058,844
Repurchases of common stock		(88,576	)		(90	)		(2,157,515	)		-			(2,157,605	)
Repurchase fees		-			-			(1,772	)		-			(1,772	)
Balance at May 31, 2023		11,847,742		$	11,848		$	320,793,316		$	16,645,684		$	337,450,848

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Stockholders' Equity Note [Abstract]

Summary of Significant Accounting Policies (Details) - Schedule of reconciliation of cash and cash equivalents and cash and cash equivalents - USD ($)	May 31, 2023	Feb. 28, 2023
Schedule of reconciliation of cash and cash equivalents and cash and cash equivalents [Abstract]
Cash and cash equivalents	$ 21,987,196	$ 65,746,494
Cash and cash equivalents, reserve accounts	31,165,969	30,329,779
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$ 53,153,165	$ 96,076,273

Stockholders' Equity (Tables)

3 Months Ended

May 31, 2023

Schedule of reconciliation of the changes in each significant caption of stockholders’ equity

										Total
	Common Stock						Capital in Excess			Distributable Earnings
	Shares			Amount			of Par Value			(Loss)			Net Assets
Balance at February 28, 2022	12,131,350			$	12,131		$	328,062,246		$	27,706,146		$	355,780,523
Increase (Decrease) from Operations:
Net investment income		-			-			-			7,976,222			7,976,222
Net realized gain (loss) from investments		-			-			-			162,509			162,509
Income tax (provision) benefit from realized gain on investments		-			-			-			69,250			69,250
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(9,333,449	)		(9,333,449	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(361,951	)		(361,951	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(6,428,817	)		(6,428,817	)
Capital Share Transactions:
Proceeds from issuance of common stock		-			-			-			-			-
Stock dividend distribution		42,825			43			1,108,637			-			1,108,680
Repurchases of common stock		(142,177	)		(142	)		(3,734,174	)		-			(3,734,316	)
Repurchase fees		-			-			(2,840	)		-			(2,840	)
Offering costs		-			-			-			-			-
Balance at May 31, 2022		12,031,998		$	12,032		$	325,433,869		$	19,789,910		$	345,235,811
Increase (Decrease) from Operations:
Net investment income		-			-			-			7,698,014			7,698,014
Net realized gain (loss) from investments		-			-			-			7,943,838			7,943,838
Realized losses on extinguishment of debt		-			-			-			(1,204,809	)		(1,204,809	)
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(13,258,456	)		(13,258,456	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(230,154	)		(230,154	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(6,369,981	)		(6,369,981	)
Capital Share Transactions:
Stock dividend distribution		48,590			49			1,088,139			-			1,088,188
Repurchases of common stock		(153,350	)		(154	)		(3,685,951	)		-			(3,686,105	)
Repurchase fees		-			-			(3,071	)		-			(3,071	)
Balance at August 31, 2022		11,927,238		$	11,927		$	322,832,986		$	14,368,362		$	337,213,275

Increase (Decrease) from Operations:
Net investment income		-			-			-			9,877,437			9,877,437
Net realized gain (loss) from investments		-			-			-			(740,434	)		(740,434	)
Income tax (provision) benefit from realized gain on investments		-			-			-			479,318			479,318
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(3,176,208	)		(3,176,208	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(425,848	)		(425,848	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(6,433,298	)		(6,433,298	)
Capital Share Transactions:
Stock dividend distribution		52,312			53			1,150,881			-			1,150,934
Repurchases of common stock		(94,071	)		(95	)		(2,179,600	)		-			(2,179,695	)
Repurchase fees		-			-			(1,881	)		-			(1,881	)
Balance at November 30, 2022		11,885,479		$	11,885		$	321,802,386		$	13,949,329		$	335,763,600

Increase (Decrease) from Operations:
Net investment income		-			-			-			9,649,474			9,649,474
Net realized gain (loss) from investments		-			-			-			80,683			80,683
Realized losses on extinguishment of debt		-			-			-			(382,274	)		(382,274	)
Net change in unrealized appreciation (depreciation) on investments		-			-			-			10,549,981			10,549,981
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(697,380	)		(697,380	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(8,081,306	)		(8,081,306	)
Capital Share Transactions:
Stock dividend distribution		53,615			55			1,300,405			-			1,300,460
Repurchases of common stock		(48,594	)		(49	)		(1,224,175	)		-			(1,224,224	)
Repurchase fees		-			-			(972	)		-			(972	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			16,162			(16,162	)		-
Balance at February 28, 2023		11,890,500		$	11,891		$	321,893,806		$	25,052,345		$	346,958,042
Increase (Decrease) from Operations:
Net investment income		-			-			-			15,958,950			15,958,950
Net realized gain (loss) from investments		-			-			-			90,691			90,691
Income tax (provision) benefit from realized gain on investments		-			-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(16,322,307	)		(16,322,307	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			59,407			59,407
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(8,193,402	)		(8,193,402	)
Capital Share Transactions:
Stock dividend distribution		45,818			47			1,058,797			-			1,058,844
Repurchases of common stock		(88,576	)		(90	)		(2,157,515	)		-			(2,157,605	)
Repurchase fees		-			-			(1,772	)		-			(1,772	)
Balance at May 31, 2023		11,847,742		$	11,848		$	320,793,316		$	16,645,684		$	337,450,848

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2023	May 31, 2022
Summary of Significant Accounting Policies (Details) [Line Items]
Aggregate value of total assets, percentage	5.00%
Non-accrual fair value (in Dollars)	$ 9.8	$ 10.1
Fair value percentage	0.90%	1.10%
Minimum distribute percent to qualify RIC	90.00%
Federal excise tax, percentage	4.00%
Net ordinary income, percentage	98.00%
Capital gain net income, percentage	98.20%
Percentage of federal excise tax on income	4.00%
Aggregate declared distribution, percentage	20.00%
Cash declared distribution, percentage	20.00%
SLF JV [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Percentage of voting interest	50.00%
Cash and Cash Equivalents [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Investment owned outstanding voting shares percentage	3.00%
Investment Companies [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Aggregate value of total assets, percentage	10.00%
Control investments [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Investment owned outstanding voting shares percentage	25.00%
Investment owned board representation percentage	50.00%
Affiliated Investments [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Investment owned outstanding voting shares percentage	5.00%
Affiliated Investments [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Investment owned outstanding voting shares percentage	25.00%

Investments (Details) - Schedule of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets - USD ($)

3 Months Ended

12 Months Ended

May 31, 2023

Feb. 28, 2023

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

First lien term loans [Member]

$ 1,076,350

$ 959,483

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 798,534

Market Comparables

Market Yield (%)

^[1]

13.3%

12.8%

First lien term loans 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Revenue Multiples (x)

4.1

First lien term loans 2 [Member]

^[1]

4.1

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 917,590

EBITDA Multiples (x)

8.0

^[1]

8.0

Second lien term loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 15,185

$ 14,936

Valuation Technique

Market Comparables

Market Yield (%)

Unsecured term loans [Member]

^[1]

40.3%

45.8%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 20,661

Market Comparables

Market Yield (%)

19.8%

^[1]

19.8%

12.6%

Unsecured term loans 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Market Comparables

Market Quote (%)

100.0%

^[1]

100.0%

Unsecured term loans 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 20,744

Valuation Technique

Collateral Value Coverage

Net Asset Value

100.0%

Structured finance securities [Member]

^[1]

100.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 41,362

Discounted Cash Flow

Discount Rate (%)

^[1]

16.7%

17.6%

Structured finance securities 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Recovery Rate (%)

Structured finance securities 2 [Member]

^[1]

70.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 33,906

Prepayment Rate (%)

20.0%

^[1]

20.0%

Equity interests [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 83,990

Valuation Technique

Enterprise Value Waterfall

EBITDA Multiples (x)

Equity interests 1 [Member]

^[1]

11.9

11.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 88,925

Revenue Multiples (x)

Minimum [Member] | First lien term loans [Member]

^[1]

6.4

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Second lien term loans [Member]

11.2%

10.5%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Unsecured term loans [Member]

15.7%

15.6%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Structured finance securities [Member]

10.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Structured finance securities 1 [Member]

12.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Equity interests [Member]

35%

35.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Equity interests 1 [Member]

5.5

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | First lien term loans [Member]

1.3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Second lien term loans [Member]

26.2%

23.1%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Unsecured term loans [Member]

53.6%

61.8%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Structured finance securities [Member]

28.8%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Structured finance securities 1 [Member]

22.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Equity interests [Member]

70%

70.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Equity interests 1 [Member]

28.6

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

11.2

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

Borrowings

3 Months Ended

May 31, 2023

Debt Disclosure [Abstract]

Borrowings

Note 8. Borrowings

Credit Facility

As a BDC, we are only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage, or, 150% if certain requirements under the 1940 Act are met. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which was signed into law on March 23, 2018, our board of directors, including a majority of our directors who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act”) of the Company (“independent directors”), approved a minimum asset coverage ratio of 150%. The 150% asset coverage ratio became effective on April 16, 2019. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing. Our asset coverage ratio, as defined in the 1940 Act, was 155.7% as of May 31, 2023 and 165.9% as of February 28, 2023.

On April 11, 2007, we entered into a $100.0 million revolving securitized credit facility (the “Revolving Facility”). On May 1, 2007, we entered into a $25.7 million term securitized credit facility (the “Term Facility” and, together with the Revolving Facility, the “Facilities”), which was fully drawn at closing. In December 2007, we consolidated the Facilities by using a draw under the Revolving Facility to repay the Term Facility. In response to the market wide decline in financial asset prices, which negatively affected the value of our portfolio, we terminated the revolving period of the Revolving Facility effective January 14, 2009 and commenced a two-year amortization period during which all principal proceeds from the collateral were used to repay outstanding borrowings. A significant percentage of our total assets had been pledged under the Revolving Facility to secure our obligations thereunder. Under the Revolving Facility, funds were borrowed from or through certain lenders and interest was payable monthly at the greater of the commercial paper rate and our lender’s prime rate plus 4.00% plus a default rate of 2.00% or, if the commercial paper market was unavailable, the greater of the prevailing LIBOR rates and our lender’s prime rate plus 6.00% plus a default rate of 3.00%.

On July 30, 2010, we used the net proceeds from (i) the stock purchase transaction and (ii) a portion of the funds available to us under the $45.0 million senior secured revolving credit facility with Madison Capital Funding LLC (the “Madison Credit Facility”), in each case, to pay the full amount of principal and accrued interest, including default interest, outstanding under the Revolving Facility. As a result, the Revolving Facility was terminated in connection therewith. Substantially all of our total assets, other than those held by SBIC LP, SBIC II LP and SBIC III LP, were pledged under the Madison Credit Facility to secure our obligations thereunder.

On October 4, 2021, all outstanding amounts on the Madison Credit Facility were repaid and the Madison Credit Facility was terminated. The repayment and termination of the Madison Credit Facility resulted in a realized loss on the extinguishment of debt of $0.8 million.

Encina Credit Facility

On October 4, 2021, the Company entered into the Credit and Security Agreement (the “Credit Agreement”) relating to a $50.0 million senior secured revolving credit facility with the Lender, supported by loans held by SIF II and pledged to the Encina Credit Facility. The terms of the Encina Credit Facility required a minimum drawn amount of $12.5 million at all times during the first six months following the closing date, which increased to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility originally bore interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related to the selection by the Lender and the Company of a replacement benchmark rate. The commitment termination date was October 4, 2024.

On January 27, 2023, we entered into the first amendment to the Credit Agreement to, among other things:

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increase the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million;

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change the underlying benchmark used to compute interest under the Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment;

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increase the applicable effective margin rate on borrowings from 4.00% to 4.25%;

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extend the revolving period from October 4, 2024 to January 27, 2026;

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extend the period during which the borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase, a “Facility Increase”) from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant to such Facility Increase from $75.0 million to $150.0 million;

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revise the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and

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amend the provisions permitting the borrower to request an extension in the Commitment Termination Date (as defined in the Credit Agreement) to allow requests to extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date, subject to a notice requirement.

In addition to any fees or other amounts payable under the terms of the Encina Credit Facility, an administrative agent fee per annum equal to $0.1 million is payable in equal monthly installments in arrears.

As of May 31, 2023 and February 28, 2023, there were $35.0 million and $32.5 million outstanding borrowings under the Encina Credit Facility. During the applicable periods, the Company was in compliance with all of the limitations and requirements of the facility. Financing costs of $2.0 million related to the Encina Credit Facility have been capitalized and are being amortized over the term of the facility, with all existing financing costs amortized through January 27, 2026 from the date of the amendment and extension.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.1 million and $0.2 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.1 million and $0.1 million of deferred financing costs related to the Encina Credit Facility, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 9.41%, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $46.7 million.

The Encina Credit Facility contains limitations as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination and collateral interests. The Encina Credit Facility also includes certain requirements relating to portfolio performance, the violation of which could result in the limit of further advances and, in some cases, result in an event of default, allowing the lenders to accelerate repayment of amounts owed thereunder. The Encina Credit Facility has a three-year term. Availability on the Encina Credit Facility will be subject to a borrowing base calculation, based on, among other things, applicable advance rates (which vary from 50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets included as part of the borrowing base. Funds may be borrowed at the greater of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%. In addition, the Company will pay the lender a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Encina Credit Facility.

Our borrowing base under the Encina Credit Facility is $88.3 million subject to the Encina Credit Facility cap of $65.0 million at May 31, 2023. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the SEC. Accordingly, the May 31, 2023 borrowing base relies upon the valuations set forth in the Annual Report on Form 10-K for the period ended February 28, 2023. The valuations presented in this Quarterly Report on Form 10-Q will not be incorporated into the borrowing base until after this Quarterly Report on Form 10-Q is filed with the SEC.

SBA Debentures

Our wholly owned SBIC Subsidiaries are able to borrow funds from the SBA against regulatory capital (which approximates equity capital in the respective SBIC) and is subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA.

Our wholly owned Subsidiaries, SBIC LP, SBIC II LP, and SBIC III LP, received an SBIC license from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively. SBIC LP’s license provided up to $150.0 million in additional long-term capital in the form of SBA debentures, while SBIC II LP’s and SBIC III LP’s SBIC licenses provide up to $175.0 million each. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million. With the third license approval, Saratoga can continue to grow its SBA relationship from $150.0 million to $350.0 million of committed capital.

As of May 31, 2023, we have funded SBIC LP, SBIC II LP and SBIC III LP with an aggregate total of equity capital of $75.0 million, $87.5 million and $66.7 million, respectively, and have $202.0 million in SBA-guaranteed debentures outstanding, of which $27.0 million was held in SBIC LP, $175.0 million held was SBIC II LP and $0.0 million held in SBIC III LP.

SBICs are designed to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses. Under present SBA regulations, eligible small businesses include businesses that have a tangible net worth not exceeding $24.0 million and have average annual fully taxed net income not exceeding $8.0 million for the two most recent fiscal years. In addition, an SBIC must devote 25.0% of its investment activity to “smaller enterprises’’ as defined by the SBA. A smaller enterprise is one that has a tangible net worth not exceeding $6.0 million and has average annual fully taxed net income not exceeding $2.0 million for the two most recent fiscal years. SBA regulations also provide alternative size standard criteria to determine eligibility, which depend on the industry in which the business is engaged and are based on such factors as the number of employees and gross sales. According to SBA regulations, SBICs may make long-term loans to small businesses, invest in the equity securities of such businesses and provide them with consulting and advisory services.

The SBIC Subsidiaries are subject to regulation and oversight by the SBA, including requirements with respect to maintaining certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that the SBIC Subsidiaries will receive SBA-guaranteed debenture funding, which is dependent upon the SBIC Subsidiaries continuing to be in compliance with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to each SBIC Subsidiaries’ assets over our stockholders and debtholders in the event we liquidate such SBIC Subsidiary or the SBA exercises its remedies under the SBA-guaranteed debentures issued by the SBIC Subsidiary upon an event of default.

The Company received exemptive relief from the SEC to permit it to exclude the debt of our SBIC subsidiaries guaranteed by the SBA from the definition of senior securities in the asset coverage test under the 1940 Act. This allows the Company increased flexibility under the asset coverage requirement by permitting it to borrow up to $350.0 million more than it would otherwise be able to absent the receipt of this exemptive relief. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which was signed into law on March 23, 2018, the board of directors, including a majority of the independent directors of the Company approved of the Company becoming subject to a minimum asset coverage ratio of 150% from 200% under Sections 18(a)(1) and 18(a)(2) of the Investment Company Act, as amended. The 150% asset coverage ratio became effective on April 16, 2019.

As noted above, as of May 31, 2023, there was $202.0 million of SBA debentures outstanding and as of February 28, 2023, there was $202.0 million of SBA debentures outstanding. The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $5.0 million, $6.0, and $0.4 million related to the SBA debentures issued by SBIC LP, SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment and drawdown.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.5 million and $1.4 million of interest expense related to the SBA debentures, respectively. For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.2 million and $0.2 million of amortization of deferred financing costs related to the SBA debentures, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. The weighted average interest rate during the three months ended May 31, 2023 and May 31, 2022 on the outstanding borrowings of the SBA debentures was 2.88% and 2.58%, respectively. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of SBA debentures outstanding was $202.0 million and $214.9 million, respectively.

Notes

On May 10, 2013, the Company issued $48.3 million in aggregate principal amount of 7.50% fixed-rate notes due 2020 (the “7.50% 2020 Notes”). The 2020 Notes were redeemed in full on January 13, 2017 and are no longer listed on the New York Stock Exchange (“NYSE”).

On May 29, 2015, the Company entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an At-the-Market (“ATM”) offering. Prior to the 2020 Notes being redeemed in full, the Company had sold 539,725 units of the 7.50% 2020 Notes with a principal of $13.5 million at an average price of $25.31 for aggregate net proceeds of $13.4 million (net of transaction costs).

On August 28, 2018, the Company issued $40.0 million in aggregate principal amount of our 6.25% fixed-rate notes due 2025 (the “6.25% 2025 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.3 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $5.0 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 6.25% 2025 Notes have been capitalized and were amortized over the term of the 6.25% 2025 Notes.

On February 5, 2019, the Company issued an additional $20.0 million in aggregate principal amount of the 6.25% 2025 Notes for net proceeds of $19.2 million after deducting underwriting commissions of approximately $0.6 million and discount of $0.2 million. Offering costs incurred were approximately $0.2 million. The issuance included the full exercise of the underwriters’ option to purchase an additional $2.5 million aggregate principal amount of 6.25% 2025 Notes within 30 days. The additional 6.25% 2025 Notes were treated as a single series with the existing 6.25% 2025 Notes under the indenture and had the same terms as the existing 6.25% 2025 Notes. The net proceeds from this offering were used for general corporate purposes in accordance with our investment objective and strategies. The financing costs and discount of $1.0 million related to the 6.25% 2025 Notes have been capitalized and are being amortized over the term of the 6.25% 2025 Notes.

On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of issued and outstanding 6.25% 2025 Notes. The 6.25% 2025 Notes were listed on the NYSE under the trading symbol of “SAF”, and have been delisted following the full redemption on August 31, 2021. The repayment of the 6.25% 2025 Notes resulted in a realized loss on the extinguishment of debt of $1.5 million.

On June 24, 2020, the Company issued $37.5 million in aggregate principal amount of our 7.25% fixed-rate notes due 2025 (the “7.25% 2025 Notes”) for net proceeds of $36.3 million after deducting underwriting commissions of approximately $1.2 million. Offering costs incurred were approximately $0.2 million. On July 6, 2020, the underwriters exercised their option in full to purchase an additional $5.625 million in aggregate principal amount of its 7.25% 2025 Notes. Net proceeds to the Company were $5.4 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 7.25% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.25% per year, beginning August 31, 2020. The 7.25% 2025 Notes mature on June 30, 2025 and commencing June 24, 2022, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes have been capitalized and were being amortized over the term of the 7.25% 2025 Notes.

On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes. The 7.25% 2025 Notes were listed on the NYSE under the trading symbol of “SAK” and have been delisted following the full redemption on July 14, 2022.

On July 14, 2022, the debt was extinguished. As such, it was not fair valued with market quotes and is not fair value leveled. The repayment of the 7.25% 2025 Notes resulted in a realized loss on the extinguishment of debt of $1.0 million.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.0 million and $0.8 million, respectively, of interest expense and $0.00 million and $0.08 million, respectively, of amortization of deferred financing costs related to the 7.25% 2025 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of the 7.25% 2025 Notes outstanding was $0.0 million and $43.1 million respectively.

On July 9, 2020, the Company issued $5.0 million aggregate principal amount of our 7.75% fixed-rate notes due in 2025 (the “7.75% 2025 Notes”) for net proceeds of $4.8 million after deducting underwriting commissions of approximately $0.2 million. Offering costs incurred were approximately $0.1 million. Interest on the 7.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year. The 7.75% 2025 Notes mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at our option subject to a fee depending on the date of repayment. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.3 million related to the 7.75% 2025 Notes have been capitalized and are being amortized over the term of the 7.75% 2025 Notes.

As of May 31, 2023, the total 7.75% 2025 Notes outstanding was $5.0 million. The 7.75% 2025 Notes are not listed and have a par value of $25.00 per note. The carrying amount of the amount outstanding of 7.75% 2025 Notes had a fair value of $4.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 7.75% 2025 Notes was $5.0 million and $4.9 million, respectively.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.1 million and $0.1 million, respectively, of interest expense and $0.01 million and $0.01 million, respectively, of amortization of deferred financing costs related to the 7.75% 2025 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 7.75% 2025 Notes outstanding was $5.0 million and $5.0 million respectively.

On December 29, 2020, the Company issued $5.0 million aggregate principal amount of our 6.25% fixed-rate notes due in 2027 (the “6.25% 2027 Notes”). Offering costs incurred were approximately $0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at our option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.1 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.

On January 28, 2021, the Company issued $10.0 million aggregate principal amount of the 6.25% 2027 Notes for net proceeds of $9.7 million after deducting underwriting commissions of approximately $0.3 million. Offering costs incurred were approximately $0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year, beginning February 28, 2021. The 6.25% 2027 Notes mature on January 28, 2027 and commencing January 28, 2023, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.4 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the 6.25% 2027 Notes. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note.

As of May 31, 2023, the total 6.25% 2027 Notes outstanding was $15.0 million. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note. The carrying amount of the amount outstanding of 6.25% 2027 Notes had a fair value of $13.8 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 6.25% 2027 Notes was $15.0 million and $13.7 million, respectively.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.2 million and $0.2 million, respectively, of interest expense and $0.02 million and $0.02 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022 the average dollar amount of 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million respectively.

On March 10, 2021, the Company issued $50.0 million aggregate principal amount of our 4.375% fixed-rate Notes due in 2026 (the “4.375% 2026 Notes”) for net proceeds of $49.0 million after deducting underwriting commissions of approximately $1.0 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.375% 2026 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The 4.375% 2026 Notes mature on February 28, 2026 and may be redeemed in whole or in part at any time on or after November 28, 2025 at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.3 million related to the 4.375% 2026 Notes have been capitalized and are being amortized over the term of the 4.375% 2026 Notes.

On July 15, 2021, the Company issued an additional $125.0 million aggregate principal amount of the Company’s 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes”) for net proceeds for approximately $123.5 million, based on the public offering price of 101.00% of the aggregate principal amount of the Additional 4.375% 2026 Notes, after deducting the underwriting discount of $2.5 million and the offering payable by the Company. The Additional 4.375% 2026 Notes are treated as a single series with the existing 4.375% 2026 Notes under the indenture and had the same terms as the existing 4.375% 2026 Notes. The net proceeds from the offering were used to redeem all of the outstanding 6.25% 2025 Notes (as described above), and for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $2.7 million have been capitalized and are being amortized over the term of the additional 4.375% 2026 Notes.

As of May 31, 2023, the total 4.375% 2026 Notes outstanding was $175.0 million. The 4.375% 2026 Notes are not listed and are issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The carrying amount of the amount outstanding of 4.375% 2026 Notes had a fair value of $157.5 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 4.375% 2026 Notes was $175.0 million and $156.1 million, respectively.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.9 million and $1.9 million, respectively, of interest expense, $0.2 million and $0.2 million, respectively, of amortization of deferred financing costs and $0.06 million and $0.05 million, respectively, of amortization of premium on issuance of 4.375% Notes due 2026 (inclusive of the issuance of the Additional 4.375% 2026 Notes). Interest expense, amortization of deferred financing costs and amortization of premium on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 4.375% 2026 Notes outstanding was $175.0 million and $175.0 million, respectively.

On January 19, 2022, the Company issued $75.0 million aggregate principal amount of our 4.35% fixed-rate Notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of $73.0 million, based on the public offering price of 99.317% of the aggregate principal amount of the 4.35% 2027 Notes, after deducting the underwriting commissions of approximately $1.5 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year. The 4.35% 2027 Notes mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.8 million related to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the 4.35% 2027 Notes.

As of May 31, 2023, the total 4.35% 2027 Notes outstanding was $75.0 million. The 4.35% 2027 Notes are not listed. The carrying amount of the amount outstanding of 4.35% 2027 Notes had a fair value of $65.1 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 4.35% 2027 Notes was $75.0 million and $64.5 million, respectively.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.8 million and $0.8 million, respectively, of interest expense and $0.1 million and $0.1 million, respectively, of amortization of discount and deferred financing costs related to the 4.35% 2027 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 4.35% 2027 Notes outstanding was $75.0 million and $75.0 million, respectively.

On April 27, 2022, the Company issued $87.5 million in aggregate principal amount of our 6.00% fixed-rate notes due 2027 (the “6.00% 2027 Notes”) for net proceeds of $84.8 million after deducting underwriting commissions of approximately $2.7 million. Offering costs incurred were approximately $0.1 million. On May 10, 2022, the underwriters partially exercised their option to purchase an additional $10.0 million in aggregate principal amount of the 6.00% 2027 Notes. Net proceeds to the Company were $9.7 million after deducting underwriting commissions of approximately $0.3 million. Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. The 6.00% 2027 Notes mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $3.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with a par value of $25.00 per note.

On August 15, 2022, the Company issued an additional $8.0 million in aggregate principal amount of the 6.00% 2027 Notes (the “Additional 6.00% 2027 Notes”) for net proceeds of $7.8 million, based on the public offering price of 97.80% of the aggregate principal amount of the 6.00% 2027 Notes. Additional offering costs incurred were approximately $0.2 million. The Additional 6.00% 2027 Notes are treated as a single series with the existing 6.00% 2027 Notes under the indenture and had the same terms as the existing 6.00% 2027 Notes. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Additional financing costs of $0.2 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes.

As of May 31, 2023, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $97.5 million, respectively. The fair value of the 6.00% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $100.4 million, respectively.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.6 million and $0.5 million, respectively, of interest expense and $0.2 million and $0.06 million, respectively, of amortization of discount and deferred financing costs related to the 6.00% 2027 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 6.00% 2027 Notes outstanding was $105.5 million and $43.8 million, respectively.

On September 8, 2022, the Company issued $12.0 million in aggregate principal amount of our 7.00% fixed-rate notes due 2025 (the “7.00% 2025 Notes”) for net proceeds of $11.6 million after deducting customary fees and offering expenses of approximately $0.4 million. Interest on the 7.00% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year. The 7.00% 2025 Notes mature on September 8, 2025 and commencing September 8, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.05 million related to the 7.00% 2025 Notes have been capitalized and are being amortized over the term of the 7.00% 2025 Notes.

As of May 31, 2023, the carrying amount of the 7.00% 2025 Notes was $12.0 million. The 7.00% 2025 Notes are not listed. The carrying amount of the outstanding 7.00% 2025 Notes had a fair value of $11.6 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 7.00% 2025 Notes was $12.0 million and $12.0 million, respectively.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.2 million and $0.0 million, respectively, of interest expense and $0.03 million and $0.0 million, respectively, of amortization of discount and deferred financing costs related to the 7.00% 2025 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 7.00% 2025 Notes outstanding was $12.0 million and $0.0 million, respectively.

On October 27, 2022, the Company issued $40.0 million in aggregate principal amount of our 8.00% fixed-rate notes due 2027 (the “8.00% 2027 Notes”) for net proceeds of $38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.2 million. On November 10, 2022, the underwriters partially exercised their option to purchase an additional $6.0 million in aggregate principal amount of the 8.00% 2027 Notes. Net proceeds to the Company were $5.8 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year, beginning February 28, 2023. The 8.00% 2027 Notes mature on October 31, 2027 and commencing October 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $1.7 million related to the 8.00% 2027 Notes have been capitalized and are being amortized over the term of the 8.00% 2027 Notes. The 8.00% 2027 Notes are listed on the NYSE under the trading symbol “SAJ” with a par value of $25.00 per note.

As of May 31, 2023, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $45.6 million, respectively. The fair value of the 8.00% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.4 million, respectively.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.9 million and $0.0 million, respectively, of interest expense and $0.09 million and $0.0 million, respectively, of amortization of deferred financing costs related to the 8.00% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022, the average dollar amount of 8.00% 2027 Notes outstanding was $46.0 million and $0.0 million, respectively.

On December 13, 2022, the Company issued $52.5 million in aggregate principal amount of our 8.125% fixed-rate notes due 2027 (the “8.125% 2027 Notes”) for net proceeds of $50.8 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.1 million. On December 21, 2022, the underwriters partially exercised their option to purchase an additional $7.9 million in aggregate principal amount of its 8.125% 2027 Notes. Net proceeds to the Company were $7.6 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.125% per year, beginning February 28, 2023. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per share.

As of May 31, 2023, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $59.0 million, respectively. The fair value of the 8.125% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $61.1 million, respectively.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $1.2 million and $0.0 million, respectively, of interest expense and $0.1 million and $0.00 million, respectively, of amortization of deferred financing costs related to the 8.125% 2027 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022 the average dollar amount of 8.125% 2027 Notes outstanding was $60.4 million and $0.0 million respectively.

On March 31, 2023, the Company issued $10.0 million in aggregate principal amount of our 8.75% fixed-rate notes due 2024 (the “8.75% 2024 Notes”) for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. On May 1, 2023, the Company issued an additional $10.0 million in aggregate principal amount of the 8.75% 2024 Notes for net proceeds of $9.7 million after deducting underwriting discounts of approximately $0.4 million. Offering costs incurred were approximately $0.03 million. Interest on the 8.75% 2024 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year, beginning May 31, 2023. The 8.75% 2024 Notes mature on March 31, 2024. Net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and general corporate purposes. Financing costs and discounts of $0.7 million related to the 8.75% 2024 Notes have been capitalized and are being amortized over the term of the 8.75% 2024 Notes.

As of May 31, 2023, the total 8.75% 2024 Notes outstanding was $20.0 million. The 8.75% 2024 Notes are not listed. The carrying amount of the amount outstanding of 8.75% 2024 Notes had a fair value of $20.0 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 8.75% 2024 Notes was $0.0 million and $0.0 million, respectively.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.2 million and $0.0 million, respectively, of interest expense and $0.1 million and $0.00 million, respectively, of amortization of discount and deferred financing costs related to the 8.75% 2024 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022 the average dollar amount of 8.75% 2024 Notes outstanding was $10.0 million and $0.0 million respectively.

On April 14, 2023, the Company issued $50.0 million in aggregate principal amount of our 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) for net proceeds of $48.4 million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.03 million. On April 26, 2023, the underwriters fully exercised their option to purchase an additional $7.5 million in aggregate principal amount of the 8.50% 2028 Notes. Net proceeds to the Company were $7.3 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.50% 2028 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per year, beginning May 31, 2023. The 8.50% 2028 Notes mature on April 15, 2028, and commencing April 14, 2025, may be redeemed in whole or in part at any time or from time to time at our option. Net proceeds from this offering were used to repay a portion of the outstanding indebtedness under the Encina Credit Facility, make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with our investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.50% 2028 Notes have been capitalized and are being amortized over the term of the 8.50% 2028 Notes. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ” with a par value of $25.00 per share.

As of May 31, 2023, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $56.8 million, respectively. The fair value of the 8.50% 2028 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2023, the carrying amount and fair value of the 8.50% 2028 Notes was $0.0 million and $0.0 million, respectively.

For the three months ended May 31, 2023 and May 31, 2022, we recorded $0.7 million and $0.0 million, respectively, of interest expense and $0.05 million and $0.00 million, respectively, of amortization of deferred financing costs related to the 8.50% 2028 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2023 and May 31, 2022 the average dollar amount of 8.50% 2028 Notes outstanding was $28.4 million and $0.0 million respectively.

Class and Year (1)(2)	Total Amount Outstanding Exclusive of Treasury Securities(3)		Asset Coverage per Unit(4)		Involuntary Liquidating Preference per Share(5)		Average Market Value per Share(6)
	(in thousands)
Credit Facility with Encina Lender Finance, LLC
Fiscal year 2024 (as of May 31, 2023)	$	35,000	$	1,557		-		N/A
Fiscal year 2023 (as of February 28, 2023)	$	32,500	$	1,659		-		N/A
Fiscal year 2022 (as of February 28, 2022)	$	12,500	$	2,093		-		N/A
Credit Facility with Madison Capital Funding(14)
Fiscal year 2021 (as of February 28, 2021)	$	-	$	3,471		-		N/A
Fiscal year 2020 (as of February 29, 2020)	$	-	$	6,071		-		N/A
Fiscal year 2019 (as of February 28, 2019)	$	-	$	2,345		-		N/A
Fiscal year 2018 (as of February 28, 2018)	$	-	$	2,930		-		N/A
Fiscal year 2017 (as of February 28, 2017)	$	-	$	2,710		-		N/A
Fiscal year 2016 (as of February 29, 2016)	$	-	$	3,025		-		N/A
Fiscal year 2015 (as of February 28, 2015)	$	9,600	$	3,117		-		N/A
Fiscal year 2014 (as of February 28, 2014)	$	-	$	3,348		-		N/A
Fiscal year 2013 (as of February 28, 2013)	$	24,300	$	5,421		-		N/A
Fiscal year 2012 (as of February 29, 2012)	$	20,000	$	5,834		-		N/A
Fiscal year 2011 (as of February 28, 2011)	$	4,500	$	20,077		-		N/A
Fiscal year 2010 (as of February 28, 2010)	$	-	$	-		-		N/A
Fiscal year 2009 (as of February 28, 2009)	$	-	$	-		-		N/A
Fiscal year 2008 (as of February 29, 2008)	$	-	$	-		-		N/A
Fiscal year 2007 (as of February 28, 2007)	$	-	$	-		-		N/A
7.50% Notes due 2020(7)
Fiscal year 2017 (as of February 28, 2017)	$	-	$	-		-		N/A
Fiscal year 2016 (as of February 29, 2016)	$	61,793	$	3,025		-	$	25.24	(8)
Fiscal year 2015 (as of February 28, 2015)	$	48,300	$	3,117		-	$	25.46	(8)
Fiscal year 2014 (as of February 28, 2014)	$	48,300	$	3,348		-	$	25.18	(8)
Fiscal year 2013 (as of February 28, 2013)	$	-	$	-		-		N/A
Fiscal year 2012 (as of February 29, 2012)	$	-	$	-		-		N/A
Fiscal year 2011 (as of February 28, 2011)	$	-	$	-		-		N/A
Fiscal year 2010 (as of February 28, 2010)	$	-	$	-		-		N/A
Fiscal year 2009 (as of February 28, 2009)	$	-	$	-		-		N/A
Fiscal year 2008 (as of February 29, 2008)	$	-	$	-		-		N/A
Fiscal year 2007 (as of February 28, 2007)	$	-	$	-		-		N/A
6.75% Notes due 2023(9)
Fiscal year 2020 (as of February 29, 2020)	$	-	$	-		-		N/A
Fiscal year 2019 (as of February 28, 2019)	$	74,451	$	2,345		-	$	25.74	(10)
Fiscal year 2018 (as of February 28, 2018)	$	74,451	$	2,930		-	$	26.05	(10)
Fiscal year 2017 (as of February 28, 2017)	$	74,451	$	2,710		-	$	25.89	(10)
8.75% Notes due 2024
Fiscal year 2024 (as of May 31, 2023)	$	20,000	$	1,557		-	$	1,000.00	(12)
6.25% Notes due 2025(13)
Fiscal year 2022 (as of February 28, 2022)		-		-		-		N/A
Fiscal year 2021 (as of February 28, 2021)	$	60,000	$	3,471		-	$	24.24	(11)
Fiscal year 2020 (as of February 29, 2020)	$	60,000	$	6,071		-	$	25.75	(11)
Fiscal year 2019 (as of February 28, 2019)	$	60,000	$	2,345		-	$	24.97	(11)
7.00% Notes due 2025
Fiscal year 2024 (as of May 31, 2023)	$	12,000	$	1,557		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	12,000	$	1,659		-	$	25.00	(12)
7.25% Notes due 2025(17)
Fiscal year 2023 (as of February 28, 2023)		-		-		-		N/A
Fiscal year 2022 (as of February 28, 2022)	$	43,125	$	2,093		-	$	25.46	(11)
Fiscal year 2021 (as of February 28, 2021)	$	43,125	$	3,471		-	$	25.77	(11)
7.75% Notes due 2025
Fiscal year 2024 (as of May 31, 2023)	$	5,000	$	1,557		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	5,000	$	1,659		-	$	25.00	(12)
Fiscal year 2022 (as of February 28, 2022)	$	5,000	$	2,093		-	$	25.00	(12)
Fiscal year 2021 (as of February 28, 2021)	$	5,000	$	3,471		-	$	25.00	(12)
4.375% Notes due 2026
Fiscal year 2024 (as of May 31, 2023)	$	175,000	$	1,557		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	175,000	$	1,659		-	$	25.00	(12)
Fiscal year 2022 (as of February 28, 2022)	$	175,000	$	2,093		-	$	25.00	(12)
4.35% Notes due 2027
Fiscal year 2024 (as of May 31, 2023)	$	75,000	$	1,557		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	75,000	$	1,659		-	$	25.00	(12)
Fiscal year 2022 (as of February 28, 2022)	$	75,000	$	2,093		-	$	25.00	(12)
6.00% Notes due 2027
Fiscal year 2024 (as of May 31, 2023)	$	105,500	$	1,557		-	$	23.24	(15)
Fiscal year 2023 (as of February 28, 2023)	$	105,500	$	1,659		-	$	23.97	(15)
6.25% Notes due 2027
Fiscal year 2024 (as of May 31, 2023)	$	15,000	$	1,557		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	15,000	$	1,659		-	$	25.00	(12)
Fiscal year 2022 (as of February 28, 2022)	$	15,000	$	2,093		-	$	25.00	(12)
Fiscal year 2021 (as of February 28, 2021)	$	15,000	$	3,471		-	$	25.00	(12)
8.00% Notes due 2027
Fiscal year 2024 (as of May 31, 2023)	$	46,000	$	1,557		-	$	24.86	(15)
Fiscal year 2023 (as of February 28, 2023)	$	46,000	$	1,659		-	$	25.08	(15)
8.125% Notes due 2027
Fiscal year 2024 (as of May 31, 2023)	$	60,375	$	1,557		-	$	24.88	(15)
Fiscal year 2023 (as of February 28, 2023)	$	60,375	$	1,659		-	$	25.10	(15)
8.50% Notes due 2028
Fiscal year 2024 (as of May 31, 2023)	$	57,500	$	1,557		-	$	24.91	(16)

(1)

(2)

(3)

Total amount of senior securities outstanding at the end of the period presented.

(4)

(5)

(6)

Not applicable for credit facility because not registered for public trading.

(7)

(8)	Based on the average daily trading price of the 7.50% 2020 Notes on the NYSE.

(9)	On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.45 million, respectively, in aggregate principal amount of the $74.45 million in aggregate principal amount of issued and outstanding 6.75% 2023 Notes.

(10)	Based on the average daily trading price of the 6.75% 2023 Notes on the NYSE.

(11)	Based on the average daily trading price of the 6.25% 2025 Notes on the NYSE.

(12)

The carrying value of this unlisted security approximates its fair value, based on a waterfall analysis showing adequate collateral coverage.

(13)

(14)

On October 4, 2021, the Company repaid all remaining amounts outstanding under the Madison Credit Facility and the credit agreement relating to the Madison Credit Facility was terminated.

(15)

Based on the average daily trading price of the 6.00% 2027 Notes on the NYSE.

(16)

Based on the average daily trading price of the 8.50% 2028 Notes on the NYSE.

(17)

On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of weighted average basic and diluted net increase (decrease) in net assets

Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity - USD ($)	3 Months Ended
	May 31, 2023	Feb. 28, 2023	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022
Common Stock [Member]
Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items]
Balance	$ 11,891	$ 11,885	$ 11,927	$ 12,032	$ 12,131
Balance (in Shares)	11,890,500	11,885,479	11,927,238	12,031,998	12,131,350
Balance	$ 11,848	$ 11,891	$ 11,885	$ 11,927	$ 12,032
Balance (in Shares)	11,847,742	11,890,500	11,885,479	11,927,238	12,031,998
Capital Share Transactions:
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles
Increase (Decrease) from Operations:
Net investment income
Net realized gain (loss) from investments
Income tax (provision) benefit from realized gain on investments
Net change in unrealized appreciation (depreciation) on investments
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments
Decrease from Shareholder Distributions:
Distributions of investment income – net
Capital Share Transactions:
Proceeds from issuance of common stock
Stock dividend distribution	$ 47	$ 55	$ 53	$ 49	$ 43
Stock dividend distribution, shares (in Shares)	45,818	53,615	52,312	48,590	42,825
Repurchases of common stock	$ (90)	$ (49)	$ (95)	$ (154)	$ (142)
Repurchases of common stock, shares (in Shares)	(88,576)	(48,594)	(94,071)	(153,350)	(142,177)
Repurchase fees
Offering costs
Capital in Excess of Par Value [Member]
Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items]
Balance	321,893,806	$ 321,802,386	322,832,986	325,433,869	328,062,246
Balance	320,793,316	321,893,806	321,802,386	322,832,986	325,433,869
Capital Share Transactions:
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		16,162
Increase (Decrease) from Operations:
Net investment income
Net realized gain (loss) from investments
Income tax (provision) benefit from realized gain on investments
Net change in unrealized appreciation (depreciation) on investments
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments
Decrease from Shareholder Distributions:
Distributions of investment income – net
Capital Share Transactions:
Proceeds from issuance of common stock
Stock dividend distribution	1,058,797	1,300,405	1,150,881	1,088,139	1,108,637
Repurchases of common stock	(2,157,515)	(1,224,175)	(2,179,600)	(3,685,951)	(3,734,174)
Repurchase fees	(1,772)	(972)	(1,881)	(3,071)	(2,840)
Offering costs
Total Distributable Earnings (Loss) [Member]
Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items]
Balance	25,052,345	13,949,329	14,368,362	19,789,910	27,706,146
Balance	16,645,684	25,052,345	13,949,329	14,368,362	19,789,910
Capital Share Transactions:
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		(16,162)
Increase (Decrease) from Operations:
Net investment income	15,958,950	9,649,474	9,877,437	7,698,014	7,976,222
Net realized gain (loss) from investments	90,691	80,683	(740,434)	7,943,838	162,509
Income tax (provision) benefit from realized gain on investments			479,318		69,250
Net change in unrealized appreciation (depreciation) on investments	(16,322,307)	10,549,981	(3,176,208)	(13,258,456)	(9,333,449)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	59,407	(697,380)	(425,848)	(230,154)	(361,951)
Decrease from Shareholder Distributions:
Distributions of investment income – net	(8,193,402)	(8,081,306)	(6,433,298)	(6,369,981)	(6,428,817)
Capital Share Transactions:
Proceeds from issuance of common stock
Stock dividend distribution
Repurchases of common stock
Repurchase fees
Offering costs
Increase (Decrease) from Operations:
Realized losses on extinguishment of debt		(382,274)		(1,204,809)
Net Assets [Member]
Stockholders' Equity (Details) - Schedule of reconciliation of the changes in each significant caption of stockholders’ equity [Line Items]
Balance	346,958,042	335,763,600	337,213,275	345,235,811	355,780,523
Balance	337,450,848	346,958,042	335,763,600	337,213,275	345,235,811
Capital Share Transactions:
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles
Increase (Decrease) from Operations:
Net investment income	15,958,950	9,649,474	9,877,437	7,698,014	7,976,222
Net realized gain (loss) from investments	90,691	80,683	(740,434)	7,943,838	162,509
Income tax (provision) benefit from realized gain on investments			479,318		69,250
Net change in unrealized appreciation (depreciation) on investments	(16,322,307)	10,549,981	(3,176,208)	(13,258,456)	(9,333,449)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	59,407	(697,380)	(425,848)	(230,154)	(361,951)
Decrease from Shareholder Distributions:
Distributions of investment income – net	(8,193,402)	(8,081,306)	(6,433,298)	(6,369,981)	(6,428,817)
Capital Share Transactions:
Proceeds from issuance of common stock
Stock dividend distribution	1,058,844	1,300,460	1,150,934	1,088,188	1,108,680
Repurchases of common stock	(2,157,605)	(1,224,224)	(2,179,695)	(3,686,105)	(3,734,316)
Repurchase fees	$ (1,772)	(972)	$ (1,881)	(3,071)	(2,840)
Offering costs
Increase (Decrease) from Operations:
Realized losses on extinguishment of debt		$ (382,274)		$ (1,204,809)

Income Taxes (Details) - Schedule of deferred tax assets and liabilities - USD ($)	May 31, 2023	Feb. 28, 2023
Schedule of Deferred Tax Assets and Liabilities [Abstract]
Total deferred tax assets	$ 2,393,158	$ 2,542,373
Total deferred tax liabilities	(2,949,422)	(3,008,829)
Valuation allowance on net deferred tax assets	(2,246,371)	(2,350,116)
Net deferred tax liability	$ (2,802,635)	$ (2,816,572)

Investment in Saratoga CLO (Details) - Schedule of statements of assets and liabilities - Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] - USD ($)	3 Months Ended	12 Months Ended
	May 31, 2023	Feb. 28, 2023
Investments at fair value
Loans at fair value (amortized cost of $640,919,738 and $645,599,001, respectively)	$ 590,856,540	$ 605,954,468
Equities at fair value (amortized cost of $440,405 and $0, respectively)	521,832
Total investments at fair value (amortized cost of $641,360,143 and $645,599,001, respectively)	591,378,372	605,954,468
Cash and cash equivalents	13,354,715	23,776,950
Receivable from open trades	998,500	1,827,460
Interest receivable (net of reserve of $309,816 and $234,690, respectively)	3,253,262	3,026,720
Due from affiliate (See Note 7)	159,774	119,150
Prepaid expenses and other assets	107,508	152,760
Total assets	609,252,131	634,857,508
LIABILITIES
Interest payable	5,199,562	4,662,695
Payable from open trades	7,853,385	23,184,337
Accrued base management fee	72,405	72,762
Accrued subordinated management fee	289,621	291,047
Accounts payable and accrued expenses	102,888	82,565
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Deferred debt financing costs	(1,849,613)	(1,897,076)
Subordinated Notes	111,000,000	111,000,000
Discount on Subordinated Notes	(39,133,594)	(40,130,353)
Total liabilities	691,822,194	705,484,428
NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively	250	250
Total distributable earnings (loss)	(82,570,313)	(70,627,170)
Total net deficit	(82,570,063)	(70,626,920)
Total liabilities and net assets	609,252,131	634,857,508
Class A-1-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	357,500,000	357,500,000
Class A-2-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	65,000,000	65,000,000
Class B-FL-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	60,500,000	60,500,000
Class B-FXD-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	11,000,000	11,000,000
Class C-FL-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	26,000,000	26,000,000
Class C-FXD-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	6,500,000	6,500,000
Class D-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	39,000,000	39,000,000
Discount	(238,167)	(244,234)
Class E-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	27,625,000	27,625,000
Discount	(2,474,293)	(2,537,315)
Class F-1-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	8,500,000	8,500,000
Class F-2-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	$ 9,375,000	$ 9,375,000

Dividend (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended									3 Months Ended
	Jun. 30, 2023	Jun. 29, 2023	Jun. 28, 2023	Jun. 27, 2023	Jun. 24, 2023	Jun. 23, 2023	Jun. 22, 2023	Jun. 21, 2023	Jun. 17, 2023	May 31, 2023	May 22, 2023
Dividend (Details) [Line Items]
Dividend share price (in Dollars per share)											$ 0.7
Dividend in cash (in Dollars)										$ 7.6
Dividend in common stock (in Shares)										29,628
Common stock dividend rate, percentage	95.00%	95.00%	95.00%	95.00%	95.00%	95.00%	95.00%	95.00%	95.00%	0.20%
Common Stock [Member]
Dividend (Details) [Line Items]
Price per share (in Dollars per share)										$ 25.29

Earnings Per Share (Tables)

9 Months Ended

Nov. 30, 2022

Earnings Per Share [Abstract]

	For the three months ended
Basic and Diluted	May 31, 2023			May 31, 2022
Net increase (decrease) in net assets resulting from operations	$	(213	)	$	(1,487	)
Weighted average common shares outstanding		11,862,163			12,112,372
Weighted average earnings (loss) per common share	$	(0.02	)	$	(0.12	)

Financial Highlights

3 Months Ended

May 31, 2023

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 14. Financial Highlights

The following is a schedule of financial highlights as of and for the three months ended May 31, 2023 and May 31, 2022:

Per share data	May 31, 2023			May 31, 2022
Net asset value at beginning of period	$	29.18		$	29.33
Net investment income(1)		1.35			0.66
Net realized and unrealized gain and losses on investments(1)		(1.36	)		(0.78	)
Net increase in net assets resulting from operations		(0.01	)		(0.12	)
Distributions declared from net investment income		(0.69	)		(0.53	)
Total distributions to stockholders		(0.69	)		(0.53	)
Issuance of common stock above net asset value (2)		-			-
Repurchases of common stock(3)		0.04			0.04
Dilution(4)		(0.04	)		(0.02	)
Net asset value at end of period	$	28.48		$	28.69
Net assets at end of period	$	337,450,848		$	345,235,811
Shares outstanding at end of period		11,847,742			12,031,998
Per share market value at end of period	$	28.10		$	26.57
Total return based on market value(5)(6)		5.04	%		(1.30	)%
Total return based on net asset value(5)(7)		0.52	%		(0.13	)%
Ratio/Supplemental data:
Ratio of net investment income to average net assets(8)		18.64	%		7.42	%
Expenses:
Ratios of Operating Expenses and Income Taxes to average net assets*(9)		7.98	%		6.49	%
Ratio of incentive management fees to average net assets(5)		0.03	%		-0.54	%
Ratio of interest and debt financing expenses to average net assets(9)		13.59	%		7.77	%
Ratio of total expenses and income taxes to average net assets*(8)		21.60	%		13.72	%
Portfolio turnover rate(5)(10)		1.09	%		1.18	%
Asset coverage ratio per unit(11)		1,557			1,793
Average market value per unit
Revolving Credit Facility(12)		N/A			N/A
SBA Debentures Payable(12)		N/A			N/A
8.75% Notes Payable 2024(12)		N/A			N/A
6.00% Notes Payable 2025(12)		N/A			N/A
7.25% Notes Payable 2025(13)		N/A		$	25.42
7.75% Notes Payable 2025(12)		N/A			N/A
4.375% Notes Payable 2026(12)		N/A			N/A
4.35% Notes Payable 2027(12)		N/A			N/A
6.00% Notes Payable 2027	$	23.24		$	24.70
6.25% Notes Payable 2027(12)		N/A			N/A
8.00% Notes Payable 2027	$	24.86			N/A
8.125% Notes Payable 2027	$	24.88			N/A
8.50% Notes Payable 2028	$	24.91			N/A

*	Certain prior period amounts have been reclassified to conform to current period presentation.
(1)	Per share amounts are calculated using the weighted average shares outstanding during the period.
(2)	The continuous issuance of common stock may cause an incremental increase in NAV per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period.
(3)	Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11, Stockholders’ Equity.

(4)	Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13, Dividend.
(5)	Ratios are not annualized.
(6)	Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
(7)	Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current NAV on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
(8)	Ratios are annualized. Incentive management fees included within the ratio are not annualized.
(9)	Ratios are annualized.
(10)	Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value.
(11)	Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage.
(12)	The Revolving Credit Facility, SBA Debentures, 8.75% 2024 Notes, 6.00% 2025 Notes, 7.75% 2025 Notes, 4.375% 2026 Notes, 4.35% 2027 Notes and 6.25% 2027 Notes are not registered for public trading.
(13)	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE.

Agreements and Related Party Transactions (Details) - USD ($)				1 Months Ended	3 Months Ended		12 Months Ended
	Aug. 01, 2023	Aug. 11, 2021	Feb. 26, 2021	Jul. 30, 2010	May 31, 2023	May 31, 2022	Feb. 28, 2023	Oct. 28, 2022	Aug. 31, 2021	Aug. 09, 2021	Feb. 05, 2019	Dec. 18, 2018	Jul. 13, 2018	May 10, 2013
Agreements and Related Party Transactions (Details) [Line Items]
Management agreement				2 years
Management fee, description					The base management fee of 1.75% per year is calculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters.
Net investment income percentage					20.00%
Quarterly hurdle rate measured					1.875%
Incentive fee description					Under this provision, in any fiscal quarter, our Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. Our Manager will receive 100.0% of pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter.
Incentive fee capital gains percentage					20.00%
Incentive fees					$ 3,200,000	$ 0
Incentive fees capital						(1,900,000)
Management fee accrual					4,600,000		$ 4,300,000
Incentive fees accrual					100,000		7,900,000
Upsized from assets												$ 500,000,000
Upsized in assets					100,267,501		116,255,582
Aggregate principal amount											$ 20,000,000			$ 48,300,000
Repayment of loan					30,000,000
Realized loss		$ 100,000			90,691	162,509
Recognized management fee income					800,000	800,000
Investment fair value								$ 402,100,000
Interest income					$ 200,000
Share percentage					87.50%
Price par value (in Dollars per share)				$ 15.2	$ 12,250,000								$ 25
Minimum [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Aggregate principal amount					$ 0
Maximum [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Aggregate principal amount						800,000
Fair Value [Member] \| Unsecured Loan [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Unsecured loan					$ 17,600,000
Management Agreement [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Incentive fee capital gains percentage					20.00%
Administration Agreement [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Expenses payable				$ 1,000,000
Reimbursement of expenses					$ 800,000	800,000
Membership Interest [Member] \| Fair Value [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Unsecured loan					7,700,000
Warehouse [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Repayment of loan			$ 25,000,000
Manager [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Administrator expenses					300,000		$ 1,000.000
SLF JV [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Interest Income					500,000
Subsequent Event [Member] \| Administration Agreement [Member] \| Minimum [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Reimbursement of expenses	$ 3,275,000
Class F-R-3 Notes [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Aggregate principal amount										$ 17,900,000
Class F-1-R-3 Notes [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Aggregate principal amount										8,500,000
Class F-2-R-3 Notes [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Aggregate principal amount										$ 9,400,000
Saratoga CLO [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Incentive fees capital					3,100,000	$ (1,900,000)
Upsized from assets												$ 300,000,000
Newly issued subordinated notes			14,000,000
Transaction cost paid			2,600,000
Outstanding receivable amount									$ 2,600,000
Saratoga CLO [Member] \| Minimum [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Upsized in assets			500,000,000
Saratoga CLO [Member] \| Maximum [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Upsized in assets			650,000,000
Class F-R-3 Notes Tranche [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Aggregate principal amount			17,900,000
Class F-R-2 Notes Tranche [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Aggregate principal amount			2,500,000
Class G-R-2 Notes Tranche [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Aggregate principal amount			$ 7,500,000
SLF JV [Member] \| Fair Value [Member]
Agreements and Related Party Transactions (Details) [Line Items]
Investment fair value					$ 25,400,000

Stockholders' Equity (Details) - USD ($)						1 Months Ended							3 Months Ended
Stockholders' Equity (Details) - USD ($)	Oct. 08, 2019	Jul. 11, 2019	Jul. 13, 2018	Aug. 12, 2010	Jul. 30, 2010	Jul. 30, 2021	Mar. 16, 2017	Sep. 24, 2014	Jul. 30, 2010	Mar. 28, 2007	Mar. 20, 2007	May 16, 2006	May 31, 2023	Feb. 28, 2023
Stockholders' Equity (Details) [Line Items]
Shares of common stock (in Shares)													11,847,742	11,890,500
Stock issued price per share (in Dollars per share)			$ 25		$ 15.2				$ 15.2				$ 12,250,000
Stock issued at value
Purchased shares of common stock (in Shares)					986,842
Total proceeds received									$ 15,000,000
Cash payment in lieu of shares				$ 230
Shares of our common stock outstanding (in Shares)				2,680,842									11,847,742	11,890,500
Repurchase plan, description								the Company announced the approval of an open market share repurchase plan that originally allowed it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements (the “Share Repurchase Plan”). Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan. Most recently, on January 9, 2023, our board of directors extended the Share Repurchase Plan for another year to January 15, 2024, increasing the number of shares that may be repurchased under the Share Repurchase Plan to 1.7 million shares of common stock. As of May 31, 2023, the Company purchased 1,035,203 shares of common stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the three months ended May 31, 2023 the Company purchased 88,576 shares of common stock, at the average price $24.36 for approximately $2.2 million pursuant to the Share Repurchase Plan.
Offer for sale						$ 150,000,000	$ 30,000,000
Amount of common stock	$ 130,000,000	$ 70,000,000	$ 1,150,000
Number of shares sold (in Shares)													3,922,018
Gross proceeds													$ 97,100,000
Average price (in Dollars per share)													$ 24.77
Aggregate net proceeds													$ 95,900,000
Common stock par value (in Dollars per share)			$ 0.001
Sale of stock, description			The net proceeds, after deducting underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million.
Additional common stock (in Shares)			172,500
GSC Group [Member]
Stockholders' Equity (Details) [Line Items]
Shares issued (in Shares)												67
Owned shares (in Shares)											6.7
Exchanged shares (in Shares)											6.7
GSC Group, Inc and Employees of GSC Group, Inc [Member]
Stockholders' Equity (Details) [Line Items]
Stock issued at value											$ 15,600,000
IPO [Member]
Stockholders' Equity (Details) [Line Items]
Shares of common stock (in Shares)										725,000
Stock issued price per share (in Dollars per share)										$ 150
Total proceeds										$ 7,100,000
Underwriting discounts and commissions										1,000,000
Offering costs										$ 100,700,000
Ladenburg Thalmann & Co. Inc. [Member]
Stockholders' Equity (Details) [Line Items]
Number of shares sold (in Shares)													4,840,361
Gross proceeds													$ 124,000,000
Average price (in Dollars per share)													$ 25.61
Maximum [Member]
Stockholders' Equity (Details) [Line Items]
Aggregate net proceeds													$ 122,400,000
Maximum [Member] \| GSC Group [Member]
Stockholders' Equity (Details) [Line Items]
Shares of common stock (in Shares)											95,995.5
Minimum [Member]
Stockholders' Equity (Details) [Line Items]
Aggregate net proceeds			$ 28,750,000
Minimum [Member] \| Employees of GSC Group, Inc [Member]
Stockholders' Equity (Details) [Line Items]
Shares of common stock (in Shares)											8,136.2
LLC [Member]
Stockholders' Equity (Details) [Line Items]
Contributing amount												$ 1,000
GSC Group, Inc and Employees of GSC Group, Inc [Member]
Stockholders' Equity (Details) [Line Items]
Stock issued price per share (in Dollars per share)											$ 150

Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	May 31, 2023	May 31, 2022
Income Statement [Abstract]
WEIGHTED AVERAGE - DILUTED EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)	$ (0.02)	$ (0.12)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED	11,862,163	12,112,372

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
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Income Taxes

3 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 6. Income Taxes

SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-MAC, Inc., SIA-PP Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., SIA-Vector, Inc., and SIA-VR, Inc. each 100% owned by the Company, are each filing standalone C Corporation tax returns for U.S. federal and state tax purposes. As separately regarded entities for tax purposes, these entities are subject to U.S. federal income tax at normal corporate rates. For tax purposes, any distributions by the entities to the parent company would generally need to be distributed to the Company’s shareholders. Generally, such distributions of the entities’ income to the Company’s shareholders will be considered as qualified dividends for tax purposes. The entities’ taxable net income will differ from U.S. GAAP net income because of deferred tax temporary differences arising from net operating losses and unrealized appreciation and deprecation of securities held. Deferred tax assets and liabilities are measured using enacted corporate federal and state tax rates expected to apply to taxable income in the years in which those net operating losses are utilized and the unrealized gains and losses are realized. Deferred tax assets and deferred tax liabilities are netted off by entity, as allowed. The recoverability of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of a history of operating losses combined with insufficient projected taxable income or other taxable events in the taxable blockers. In February 2022, SIA-GH, Inc., SIA-TT Inc. and SIA-VR, Inc. received an approved plan of liquidation following the sale of equity held by each of the portfolio companies.

The Company may distribute a portion of its realized net long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a portion, or all, of its net capital gains and elect to pay the 21% U.S. federal tax on the net capital gain, potentially in the form of a “deemed distribution” to its stockholders. Income tax (provision) relating to an election to retain its net capital gains, including in the form of a deemed distribution, is included as a component of income tax (provision) benefit from realized gains on investments, depending on the character of the underlying taxable income (ordinary or capital gains), on the consolidated statements of operations.

Deferred tax assets and liabilities, and related valuation allowance as of May 31, 2023 and February 28, 2023 were as follows:

	May 31, 2023			February 28, 2023
Total deferred tax assets	$	2,393,158		$	2,542,373
Total deferred tax liabilities		(2,949,422	)		(3,008,829	)
Valuation allowance on net deferred tax assets		(2,246,371	)		(2,350,116	)
Net deferred tax liability	$	(2,802,635	)	$	(2,816,572	)

As of May 31, 2023, the valuation allowance on deferred tax assets was $2.2 million, which represents the federal and state tax effect of net operating losses and unrealized losses that we do not believe we will realize through future taxable income. Any adjustments to the Company’s valuation allowance will depend on estimates of future taxable income and will be made in the period such determination is made.

Net income tax expense for the three months ended May 31, 2023 includes ($0.06) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, $0.0 million income tax provision/(benefit) from realized gain/(loss) on investments and $0.01 million net change in total operating expense, in the consolidated statement of operations, respectively. Net income tax expense for the three months ended May 31, 2022 includes $0.4 million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, $0.1 million income tax benefit from realized gain (loss) on investments and ($0.1) million net change in total operating expense, in the consolidated statement of operations, respectively.

Deferred tax temporary differences may include differences for state taxes and joint venture interests.

Federal and state income tax (provisions) benefit on investments for the three months ended May 31, 2023 and May 31, 2022:

	For the three months ended
	May 31, 2023			May 31, 2022
Current
Federal	$	-		$	213,842
State		-			(78,503	)
Net current expense		-			135,339
Deferred
Federal		14,909			(296,071	)
State		(972	)		(33,236	)
Net deferred expense		13,937			(329,307	)
Net tax provision	$	13,937		$	(193,968	)

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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