0001213900-24-060116 | 10-Q | XBRL Viewer

Schedule of Transactions Related to Affiliates - USD ($)	3 Months Ended	12 Months Ended
	May 31, 2024	Feb. 29, 2024
Affiliate [Member]
Net Change in Unrealized Appreciation (Depreciation)	$ 601,223	$ (1,541,829)
Net Realized Gain (Loss) from Investments
Sales
Purchases		19,343,789
Management Fee Income
Total Interest from Investments	737,944	4,174,042
Affiliate [Member] \| Axero Holdings, LLC [Member]
Net Change in Unrealized Appreciation (Depreciation)	943,561	976,251
Net Realized Gain (Loss) from Investments
Sales
Purchases
Management Fee Income
Total Interest from Investments	230,261	931,008
Affiliate [Member] \| ETU Holdings, Inc. [Member]
Net Change in Unrealized Appreciation (Depreciation)	(342,338)
Net Realized Gain (Loss) from Investments
Sales
Purchases
Management Fee Income
Total Interest from Investments	507,683
Affiliate [Member] \| ETU Holdings, Inc. [Member]
Net Change in Unrealized Appreciation (Depreciation)		(2,518,080)
Net Realized Gain (Loss) from Investments
Sales
Purchases
Management Fee Income
Total Interest from Investments		1,915,718
Affiliate [Member] \| Modis Dental Partners OpCo, LLC [Member]
Net Realized Gain (Loss) from Investments
Sales
Purchases		8,845,000
Management Fee Income
Total Interest from Investments		656,579
Affiliate [Member] \| Alpha Aesthetics Partners OpCo, LLC [Member]
Net Realized Gain (Loss) from Investments
Sales
Purchases		10,498,789
Management Fee Income
Total Interest from Investments		670,737
Control [Member]
Net Change in Unrealized Appreciation (Depreciation)	(826,617)	(21,381,288)
Net Realized Gain (Loss) from Investments	(21,194,997)
Management Fee Income	804,456	3,270,232
Total Interest from Investments	2,280,425	9,322,834
Sales	2,261,047
Purchases	710	2,475,000
Total Dividends from Investments	1,297,050	5,911,564
Control [Member] \| Netreo Holdings, LLC [Member]
Net Change in Unrealized Appreciation (Depreciation)	3,802,854	(12,083,067)
Net Realized Gain (Loss) from Investments	(6,084,162)
Management Fee Income
Total Interest from Investments	921,531	4,374,804
Sales	2,260,337
Purchases		2,475,000
Total Dividends from Investments
Control [Member] \| Zollege PBC [Member]
Net Change in Unrealized Appreciation (Depreciation)	365,334
Net Realized Gain (Loss) from Investments	(15,110,835)
Management Fee Income
Total Interest from Investments	110,862
Sales	710
Purchases	710
Total Dividends from Investments
Control [Member] \| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]
Net Change in Unrealized Appreciation (Depreciation)	(2,895,832)	(4,733,934)
Net Realized Gain (Loss) from Investments
Management Fee Income	804,456	3,270,232
Total Interest from Investments
Sales
Purchases
Total Dividends from Investments
Control [Member] \| Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member]
Net Change in Unrealized Appreciation (Depreciation)		895,505
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments	434,231	1,696,890
Sales
Purchases
Total Dividends from Investments
Control [Member] \| Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member]
Net Change in Unrealized Appreciation (Depreciation)	(1,496,551)	43,821
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments	373,327	1,469,668
Sales
Purchases
Total Dividends from Investments
Control [Member] \| Saratoga Senior Loan Fund I JV, LLC [Member]
Net Change in Unrealized Appreciation (Depreciation)		(1,800,657)
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments	440,474	1,781,472
Sales
Purchases
Total Dividends from Investments
Control [Member] \| Saratoga Senior Loan Fund I JV, LLC One [Member]
Net Change in Unrealized Appreciation (Depreciation)	(602,422)	(3,702,956)
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments
Sales
Purchases
Total Dividends from Investments	$ 1,297,050	$ 5,911,564

N-2 - $ / shares	3 Months Ended
N-2 - $ / shares	May 31, 2024	Feb. 29, 2024	May 31, 2023	Feb. 28, 2023
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 our 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, 2024 to the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended February 29, 2024. 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	$ 26.85	$ 27.12	$ 28.48	$ 29.18
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, 2024 to the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended February 29, 2024. 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.

Financial Highlights (Details) - USD ($)		3 Months Ended
Financial Highlights (Details) - USD ($)	Jul. 14, 2022	May 31, 2024
Investment Company, Financial Highlights [Abstract]
Indebtedness amount		$ 1,000
Revolving credit facility, description		The Revolving Credit Facilities, SBA Debentures, 8.75% Notes Payable 2025, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading.
Debt instrument redemption, description	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.

Investments (Details) - USD ($)									1 Months Ended		3 Months Ended				12 Months Ended
Investments (Details) - USD ($)	May 31, 2024	Feb. 29, 2024	Oct. 28, 2022	Aug. 31, 2021	Aug. 11, 2021	Feb. 28, 2021	Feb. 26, 2021	Dec. 14, 2018	Dec. 31, 2018	Jan. 31, 2008	May 31, 2024	Feb. 29, 2024	Nov. 30, 2023	May 31, 2023	Feb. 29, 2024	Aug. 09, 2021
Investments (Details) [Line Items]
Description of valuation model rate											●Default rate: 2.0% ●Recovery rate: 35%-70% ●Discount rate: 8.5%-40.0% ●Prepayment rate: 20.0% ●Reinvestment rate / price: S+365bps / $99.00
Fair value investment, Percentage											5.00%
Legal maturity date								January 2030
Aggregate principal amount		$ 8,900,000										$ 8,900,000			$ 8,900,000
Cash contributions	$ 50,690,574	91,270,036						$ 500,000,000			$ 50,690,574	91,270,036			91,270,036
Additional investments							$ 14,000,000
Transaction of refinancing and upsizing cost paid							2,600,000
Outstanding receivable				$ 2,600,000
Realized loss											$ (21,194,997)	2,327	$ 60,565	$ 90,691
Percentage owned and managed											100.00%
Percentage of management fee											0.10%
Percentage subordinated management fee											0.40%
Percentage of excess cash flow								20.00%
Percentage of internal rate in greater								12.00%
Management fee income											$ 804,456			816,788
Interest income											400,000			200,000
Investment principal balance	615,100,000	$ 640,800,000									$ 615,100,000	$ 640,800,000			$ 640,800,000
Weighted average spread percentage											3.80%				3.80%
Debt principal balance											$ 611,000,000				$ 611,000,000
Percentage of debt weighted average spread											2.20%				2.20%
Discount on subordinated note	$ 4,400,000										$ 4,400,000
Discount rate	40.00%	22.00%									40.00%	22.00%			22.00%
Discount rate
Cash flows of the subordinated notes		$ 9,500,000										$ 9,500,000			$ 9,500,000
Total investment	1,122,617,957	1,179,783,737									1,122,617,957	1,179,783,737			1,179,783,737
Received distributions											86,800,000
Management fees											4,982,580			4,564,189
Incentive fees											1,200,000
Dividend income	0	0									$ 1,300,000			1,800,000
Purchased of fair value percentage											87.50%
Aggregate fair value	1,016,275,510	1,019,774,616									$ 1,016,275,510	1,019,774,616			1,019,774,616
The Class F-R-3 Notes [Member]
Investments (Details) [Line Items]
Aggregate principal amount							17,900,000
The Class F-R-2 Notes [Member]
Investments (Details) [Line Items]
Aggregate principal amount							2,500,000
The Class G-R-2 Notes [Member]
Investments (Details) [Line Items]
Aggregate principal amount							7,500,000
The CLO 2013-1 [Member]
Investments (Details) [Line Items]
Aggregate principal amount							25,000,000
Class F-R-3 Note [Member]
Investments (Details) [Line Items]
Notes exchanged																$ 17,900,000
The Class F-1-R-3 Notes [Member]
Investments (Details) [Line Items]
Notes exchanged																8,500,000
Realized loss					$ 100,000
The Class F-2-R-3 Notes [Member]
Investments (Details) [Line Items]
Notes exchanged	9,400,000										9,400,000					$ 9,400,000
Corresponding fair value											7,400,000
The Subordinated Notes [Member]
Investments (Details) [Line Items]
Aggregate principal amount		9,500,000										9,500,000			$ 9,500,000
Notes exchanged	111,000,000										111,000,000
Corresponding fair value											$ 4,400,000
Minimum [Member]
Investments (Details) [Line Items]
Aggregate principal amount								$ 300,000,000
Maximum [Member]
Investments (Details) [Line Items]
Aggregate principal amount								500,000,000
London Interbank Offered Rate [Member]
Investments (Details) [Line Items]
Investment description											1M USD LIBOR - The 1-month USD LIBOR rate as of May 31, 2024 was 5.44%.3M USD LIBOR - The 3-month USD LIBOR rate as of May 31, 2024 was 5.60%.				1M USD LIBOR - The 1-month USD LIBOR rate as of February 29, 2024 was 5.44%.3M USD LIBOR - The 3-month USD LIBOR rate as of February 29, 2024 was 5.60%.
Secured Overnight Financing Rate [Member]
Investments (Details) [Line Items]
Investment description											1M SOFR - The 1-month SOFR rate as of May 31, 2024 was 5.33%.3M SOFR - The 3-month SOFR rate as of May 31, 2024 was 5.34%.6M SOFR - The 6-month SOFR rate as of May 31, 2024 was 5.31%.				1M SOFR - The 1-month SOFR rate as of February 29, 2024 was 5.32%.3M SOFR - The 3-month SOFR rate as of February 29, 2024 was 5.33%.6M SOFR - The 6-month SOFR rate as of February 29, 2024 was 5.27%.
Prime Rate [Member]
Investments (Details) [Line Items]
Investment description											Prime - The Prime Rate as of May 31, 2024 was 8.50%.				Prime - The Prime Rate as of February 29, 2024 was 8.50%.
Saratoga CLO [Member]
Investments (Details) [Line Items]
Management fees											$ 36,000,000
SLF JV [Member]
Investments (Details) [Line Items]
Cash contributions	50,000,000										$ 50,000,000
Interest income	$ 200,000	200,000
Fixed interest rate	10.00%										10.00%
Unsecured debt	$ 2,500,000										$ 2,500,000
Membership interest	2,500,000										2,500,000
Investment unsecured note	15,800,000	15,800,000									$ 15,800,000	15,800,000			$ 15,800,000
Unsecured percentage											7.00%
Collateralized loan obligation trust			$ 402,100,000
SLF JV [Member]
Investments (Details) [Line Items]
Cash contributions	43,750,000										$ 43,750,000
Saratoga CLO [Member]
Investments (Details) [Line Items]
Cash contributions								$ 300,000,000
Management fee income										$ 30,000,000	800,000			800,000
Interest income											0			$ 0
Total investment		57,800,000				$ 14,000,000			$ 13,800,000	57,800,000		57,800,000			57,800,000
Received distributions											84,600,000
Management fees											35,100,000
Incentive fees											1,200,000
Additional investments						$ 14,000,000			$ 13,800,000	$ 30,000,000
Saratoga CLO [Member] \| Minimum [Member]
Investments (Details) [Line Items]
Cash contributions							500,000,000
Saratoga CLO [Member] \| Maximum [Member]
Investments (Details) [Line Items]
Cash contributions							$ 650,000,000
TJHA [Member]
Investments (Details) [Line Items]
Cash contributions	6,250,000										6,250,000
Unsecured debt	17,600,000										17,600,000
Membership interest	17,600,000										17,600,000
TJHA [Member] \| SLF JV [Member]
Investments (Details) [Line Items]
Membership interest	$ 8,800,000	9,400,000									$ 8,800,000	9,400,000			9,400,000
TJHA and SLF JV [Member] \| Minimum [Member]
Investments (Details) [Line Items]
Ownership percentage	12.50%										12.50%
TJHA and SLF JV [Member] \| Maximum [Member]
Investments (Details) [Line Items]
Ownership percentage	87.50%										87.50%
Voting Interest in SLF JV [Member]
Investments (Details) [Line Items]
Ownership percentage	50.00%										50.00%
Class E [Member]
Investments (Details) [Line Items]
Purchased of fair value percentage			87.50%
Purchased of fair value per value			$ 12,250,000
Aggregate fair value	$ 12,300,000	$ 12,300,000									$ 12,300,000	$ 12,300,000			$ 12,300,000

Dividend (Details) - Schedule of Dividends Declared - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

May 31, 2024

May 31, 2023

May 23, 2024 [Member]

Dividend (Details) - Schedule of Dividends Declared [Line Items]

Amount Per Share

$ 0.74

Total Amount

^[1]

$ 10,137

Record Date

Jun. 13, 2024

Payment Date

Jun. 27, 2024

May 22, 2023 [Member]

Dividend (Details) - Schedule of Dividends Declared [Line Items]

Amount Per Share

$ 0.7

Total Amount

^[1]

$ 8,352

Record Date

Jun. 13, 2023

Payment Date

Jun. 29, 2023

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

Investment in Saratoga CLO (Details) - Schedule of Statements of Assets and Liabilities (Parentheticals) - Saratoga CLO [Member] - USD ($)	May 31, 2024	Feb. 29, 2024
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost of loans at fair value	$ 604,425,866	$ 629,345,724
Amortized cost equities at fair value	2,320,093	1,649,986
Amortized cost total investments at fair value	606,745,959	630,995,710
Net of reserve	$ 293,014	$ 615,604
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

Borrowings (Details) - Details 2 - USD ($)											3 Months Ended		12 Months Ended
Borrowings (Details) - Details 2 - USD ($)	May 01, 2023	Apr. 26, 2023	Apr. 14, 2023	Mar. 31, 2023	Dec. 21, 2022	Dec. 13, 2022	Aug. 31, 2021	Jul. 31, 2021	Feb. 07, 2020	Dec. 21, 2019	May 31, 2024	May 31, 2023	Feb. 29, 2024	Oct. 28, 2022	Jul. 14, 2022
Borrowings (Details) - Details 2 [Line Items]
Aggregate principal amount														$ 402,100,000
Outstanding borrowings											$ 30,000.00	$ 100,000
Fair value											5,000,000
Interest expense											30,000.00	100,000
Financing costs											875,791	2,715,705
Aggregate amount indebtedness											1,000
Debt instrument, redemption amount							$ 60,000,000		$ 24,450,000	$ 50,000,000
Debt instrument redemption percentage								4.375%
8.75% 2025 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Aggregate principal amount				$ 10,000,000
Net proceeds amount	$ 9,700,000			9,700,000
Deducting underwriting commissions amount	400,000			$ 400,000
Outstanding borrowings	10,000,000
Debt instrument, description				Interest on the 8.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year. On February 2, 2024, pursuant to the terms of the indenture governing the 8.75% 2025 Notes, the Company elected to exercise its option to extend the maturity date of the 8.75% 2025 Notes from March 31, 2024 to March 31, 2025. Net proceeds from this offering were used to make investments in middle-market companies (including investments made through the SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and general corporate purposes. Financing costs and discounts of $0.7 million related to the 8.75% 2025 Notes have been capitalized and are being amortized over the term of the 8.75% 2025 Notes.
Fair value											20,100,000
Deferred financing costs											400,000	200,000
Average outstanding amount											20,000,000	10,000,000
Offering costs	$ 30,000.00
8.50% 2028 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Aggregate principal amount		$ 7,500,000	$ 50,000,000
Net proceeds amount		7,300,000	48,400,000
Deducting underwriting commissions amount			1,600,000
Outstanding borrowings		$ 200,000	30,000.00
Deferred financing costs											100,000	500,000
Interest expense											$ 1,200,000	700,000
Financing costs			$ 2,000,000
Par value, per share (in Dollars per share)											$ 25
Carrying amount											$ 57,900,000
Outstanding fair value											57,500,000	28,400,000
8.50% 2028 Notes [Member] \| Fair Value, Inputs, Level 1 [Member]
Borrowings (Details) - Details 2 [Line Items]
Carrying amount											57,500,000
8.125% 2027 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Aggregate principal amount						$ 52,500,000					20,000,000
Net proceeds amount						50,800,000
Deducting underwriting commissions amount						1,600,000
Debt instrument, description					On December 21, 2022, the underwriters fully exercised their option to purchase an additional $7.9 million in aggregate principal amount of the 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. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per note.
Deferred financing costs											100,000	100,000
Interest expense											$ 1,200,000	$ 1,200,000	$ 1,200,000
Offering costs						$ 100,000
Par value, per share (in Dollars per share)													$ 25
Principal amount, percentage						8.125%
SBA Debentures [Member]
Borrowings (Details) - Details 2 [Line Items]
Debt instrument, interest rate, stated percentage											150.00%
Notes One [Member]
Borrowings (Details) - Details 2 [Line Items]
Aggregate principal amount											$ 74,450,000
6.25% 2025 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Debt instrument redemption percentage								6.25%
7.25% 2025 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Aggregate principal amount															$ 43,100,000
2025 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Principal amount, percentage															7.25%
7.25% 2025 Notes [Member] \| 8.50% 2028 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Principal amount, percentage							6.25%
Minimum [Member] \| 8.50% 2028 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Fair value													$ 57,500,000
Minimum [Member] \| 8.125% 2027 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Fair value													60,400,000
Outstanding fair value											60,400,000
Maximum [Member] \| 8.50% 2028 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Fair value													58,300,000
Maximum [Member] \| 8.125% 2027 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Fair value													$ 60,800,000
Outstanding fair value											60,600,000
8.00% 2027 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Outstanding											$ 57,500,000

Subsequent Events

3 Months Ended

May 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

On June 14, 2024, we entered into the first amendment to the Live Oak credit agreement. The amendment, among other things: (i) increased the borrowings available under the Live Oak Credit Facility from up to $50.0 million to up to $75.0 million, subject to a borrowing base requirement; (ii) added new lenders (as identified in the amendment) to the credit agreement; (ii) replaced administrative agent approval with “Required Lender” (as defined in the credit agreement) approval with respect to certain matters; (iii) replaced Required Lender approval with 100% lender approval with respect to certain matters; and (iv) changed the definition of Required Lender to require the approval of at least two unaffiliated lenders.

Directors Fees (Details) - USD ($)	3 Months Ended
Directors Fees (Details) - USD ($)	May 31, 2024	May 31, 2023	Feb. 29, 2024
Directors Fee [Abstract]
Annual fee	$ 70,000
Board meeting attending fees	3,000
Committee meeting attending fees	1,500
Audit committee annual fees	12,500
Chairman annual fees	6,000
Directors fees and expenses	113,000	$ 89,068
Accrued and unpaid amount	$ 0		$ 0

Borrowings

3 Months Ended

May 31, 2024

Borrowings [Abstract]

Borrowings

Note 8. Borrowings

As a BDC, we are only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage, or 150% if certain requirements under the 1940 Act are met. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which was signed into law on March 23, 2018, our board of directors, including a majority of our directors who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act”) of the Company (“independent directors”), approved a minimum asset coverage ratio of 150%. The 150% asset coverage ratio became effective on April 16, 2019. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing. Our asset coverage ratio, as defined in the 1940 Act, was 159.6% as of May 31, 2024 and 161.1% as of February 29, 2024.

Revolving Credit Facilities and Term Facility

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%.

Madison Credit Facility

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 “Encina Credit Agreement”) relating to a $50.0 million senior secured revolving credit facility with Encina, 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. 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 Encina and the Company of a replacement benchmark rate.

On January 27, 2023, we entered into the first amendment to the Encina 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 Encina 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 the Encina 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 Encina 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, 2024 and February 29, 2024, there were $32.5 million and $35.0 million outstanding borrowings under the Encina Credit Facility. During the applicable periods, the Company was in compliance with all of the limitations and requirements under the Encina Credit Agreement. 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, 2024 and May 31, 2023, we recorded $0.9 million and $1.1 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, 2024 and May 31, 2023, 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, 2024 and May 31, 2023, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 9.9% and 9.41%, respectively, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $34.8 million and $46.7 million, respectively.

The Encina Credit Facility contains limitations as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination and collateral interests. The Encina Credit Facility also includes certain requirements relating to portfolio performance, the violation of which could result in the limit of further advances and, in some cases, result in an event of default, allowing the lenders to accelerate repayment of amounts owed thereunder. 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 $85.6 million subject to the Encina Credit Facility cap of $65.0 million at May 31, 2024. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, the May 31, 2024 borrowing base relies upon the valuations set forth in the Annual Report on Form 10-K for the period ended February 29, 2024. 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.

Live Oak Facility

On March 27, 2024, the Company and its wholly owned special purpose subsidiary, SIF III, entered into a credit and security agreement (the “Live Oak Credit Agreement”), by and among SIF III, as borrower, the Company, as collateral manager and equityholder, the lenders from time to time parties thereto, Live Oak , as administrative agent and collateral agent, U.S. Bank National Association, as custodian, and U.S. Bank Trust Company, National Association, as collateral administrator, relating to Live Oak Credit Facility.

The Live Oak Credit Facility provides for borrowings in U.S. dollars in an aggregate amount of up to $50.0 million. During the first two years following the closing date, SIF III may request one or more increases in the commitment amount from $50.0 million to an amount not to exceed $150.0 million, subject to certain terms and conditions and a customary fee. The terms of the Live Oak Credit Agreement require a minimum drawn amount of $12.5 million at all times during the period ending March 27, 2025 and, thereafter, the greater of: (i) $25.0 million and (ii) 50% of the facility amount in effect at such time. The Live Oak Credit Facility matures on March 27, 2027. Advances are available during the term of the Live Oak Credit Facility and must be repaid in full at maturity. SIF III may request an extension of the maturity date by an additional one year, subject to the agreement of the lenders and an extension fee.

Advances under the Live Oak Credit Facility are subject to a borrowing base calculation, and the Live Oak Credit Facility has various eligibility criteria for loans to be included in the borrowing base. Advances under the Live Oak Credit Facility bear interest at a floating rate per annum equal to Adjusted Term SOFR plus an applicable margin between 3.50% and 4.25% based on the Live Oak Credit Facility’s utilization. The Live Oak Credit Agreement also provides for an unused fee of 0.50% on the unused commitments. SIF III’s obligations to the lenders under the Live Oak Credit Facility are secured by a first priority security interest in substantially all of SIF III’s assets. In addition, SIF III’s obligations to the lenders under the Live Oak Credit Facility are secured by a pledge by the Company of its equity interests in SIF III, which is evidenced by the equity pledge agreement, dated as of March 27, 2024, by and between the Company, as pledgor, and Live Oak, as collateral agent for the benefit of the secured parties.

In connection with the Live Oak Credit Agreement, the Company entered into a loan sale and contribution agreement with SIF III, dated as of March 27, 2024, by and between the Company, as seller, and SIF III, as purchaser, pursuant to which the Company will sell or contribute certain loans held by the Company to SIF III to be used to support the borrowing base under the Live Oak Credit Facility. The Live Oak Credit Facility permits loan proceeds and excess cash in SIF III’s collection accounts to be distributed to us at any time based on three business days advance notice, subject to compliance with various conditions, including the absence of a default or event of default, the absence of an over-advance against the borrowing base and the absence of a violation of the financial covenants.

As of May 31, 2024 there was $13.0 million in outstanding borrowings under the Live Oak Credit Facility. During the applicable period, the Company was in compliance with all of the limitations and requirements under the Live Oak Credit Agreement.

For the three months ended May 31, 2024, we recorded $0.3 million of interest expense related to the Live Oak Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended May 31, 2024, we recorded $0.05 million of deferred financing costs related to the Live Oak Credit Facility. 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, 2024, the weighted average interest rate on the outstanding borrowings under the Live Oak Credit Facility was 9.5%, and the average dollar amount of outstanding borrowings under the Live Oak Credit Facility was $12.9 million.

Our borrowing base under the Live Oak Credit Facility is $70.2 million subject to the Live Oak Credit Facility cap of $50.0 million at May 31, 2024. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, the May 31, 2024 borrowing base relies upon the valuations set forth in the Annual Report on Form 10-K for the period ended February 29, 2024. The valuations presented in this Quarterly Report on Form 10-Q will not be incorporated into the borrowing base until after this Quarterly Report on Form 10-Q is filed with the SEC.

SBA Debentures

The Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP, received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provide up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. Following its debentures being fully repaid to the SBA, SBIC LP surrendered its license on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million.

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 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 able to borrow funds from the SBA against each SBIC’s regulatory capital (which generally approximates equity capital in the respective SBIC). The SBIC Subsidiaries are subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA and requirements to maintain certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that the SBIC Subsidiaries will receive SBA-guaranteed debenture funding, which is dependent upon the SBIC Subsidiaries complying with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to each SBIC Subsidiaries’ assets over the Company’s stockholders and debtholders in the event that the Company liquidates such SBIC Subsidiary or the SBA exercises its remedies under the SBA-guaranteed debentures issued by the SBIC Subsidiary upon an event of default.

The Company received exemptive relief from the SEC to permit it to exclude the debentures guaranteed by the SBA of the SBIC Subsidiaries from the definition of senior securities in the asset coverage test under the 1940 Act. This allows the Company increased flexibility under the asset coverage requirement by permitting it to borrow up to $350.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

As of May 31, 2024, we have funded SBIC II LP and SBIC III LP with an aggregate total of equity capital of $87.5 million and $66.7 million, respectively, and have $214.0 million in SBA-guaranteed debentures outstanding, of which $175.0 million was held by SBIC II LP and $39.0 million held in SBIC III LP.

As noted above, as of May 31, 2024, there was $214.0 million of SBA debentures outstanding and as of February 29, 2024, there was $214.0 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 $6.0 million, and $0.4 million related to the SBA debentures issued by 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, 2024 and May 31, 2023, the Company recorded $1.8 million and $1.5 million of interest expense related to the SBA debentures, respectively. For the three months ended May 31, 2024 and May 31, 2023, the Company 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, 2024 and May 31, 2023 on the outstanding borrowings of the SBA debentures was 3.36% and 2.88%, respectively. During the three months ended May 31, 2024 and May 31, 2023, the average dollar amount of SBA debentures outstanding was $214.0 million and $202.0 million, respectively.

Notes

7.75% 2025 Notes

On July 9, 2020, the Company issued $5.0 million in aggregate principal amount of 7.75% fixed-rate notes due in 2025 (the “7.75% 2025 Notes”) for net proceeds of $4.8 million after deducting underwriting commissions of approximately $0.2 million. Offering costs incurred were approximately $0.1 million. Interest on the 7.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year. The 7.75% 2025 Notes mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at the Company’s option subject to a fee depending on the date of repayment. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $0.3 million related to the 7.75% 2025 Notes have been capitalized and are being amortized over the term of the 7.75% 2025 Notes.

As of May 31, 2024, the total 7.75% 2025 Notes outstanding was $5.0 million. The 7.75% 2025 Notes are not listed and have a par value of $25.00 per note. The carrying amount of the outstanding 7.75% 2025 Notes had a fair value of $5.0 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 29, 2024, the carrying amount and fair value of the 7.75% 2025 Notes was $5.0 million and $5.0 million, respectively.

For the three months ended May 31, 2024 and May 31, 2023, the Company recorded $0.1 million and $0.1 million, respectively, of interest expense and $0.01 million and $0.01 million, respectively, of amortization of deferred financing costs related to the 7.75% 2025 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2024 and May 31, 2023, the average dollar amount of 7.75% 2025 Notes outstanding was $5.0 million and $5.0 million respectively.

6.25% 2027 Notes

On December 29, 2020, the Company issued $5.0 million in aggregate principal amount of 6.25% fixed-rate notes due in 2027 (the “6.25% 2027 Notes”). Offering costs incurred were approximately $0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $0.1 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.

On January 28, 2021, the Company issued an additional $10.0 million in 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 (the “Additional 6.25% 2027 Notes”). Offering costs incurred were approximately $0.1 million. The Additional 6.25% 2027 Notes are treated as a single series with the existing 6.25% 2027 Notes under the indenture and have the same terms as the existing 6.25% 2027 Notes. 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 January 28, 2027 and commencing January 28, 2023, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $0.4 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the 6.25% 2027 Notes. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note.

As of May 31, 2024, the total 6.25% 2027 Notes outstanding was $15.0 million. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note. The carrying amount of the outstanding 6.25% 2027 Notes had a fair value of $14.3 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 29, 2024, the carrying amount and fair value of the 6.25% 2027 Notes was $15.0 million and $14.2 million, respectively.

For the three months ended May 31, 2024 and May 31, 2023, the Company recorded $0.2 million and $0.2 million, respectively, of interest expense and $0.02 million and $0.02 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2024 and May 31, 2023 the average dollar amount of 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million respectively.

4.375% 2026 Notes

On March 10, 2021, the Company issued $50.0 million in aggregate principal amount of 4.375% fixed-rate notes due in 2026 (the “4.375% 2026 Notes”) for net proceeds of $49.0 million after deducting underwriting commissions of approximately $1.0 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.375% 2026 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The 4.375% 2026 Notes mature on February 28, 2026 and may be redeemed in whole or in part at any time on or after November 28, 2025 at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $1.3 million related to the 4.375% 2026 Notes have been capitalized and are being amortized over the term of the 4.375% 2026 Notes.

On July 15, 2021, the Company issued an additional $125.0 million in aggregate principal amount of the 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes”) for net proceeds for approximately $123.8 million, based on the public offering price of 101.00% of the aggregate principal amount of the Additional 4.375% 2026 Notes, after deducting the underwriting commissions of $2.5 million. Offering costs incurred were approximately $0.2 million. The Additional 4.375% 2026 Notes are treated as a single series with the existing 4.375% 2026 Notes under the indenture and have the same terms as the existing 4.375% 2026 Notes. The net proceeds from the offering were used to redeem all of the outstanding 6.25% 2025 Notes (as described above), and for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $2.7 million have been capitalized and are being amortized over the term of the additional 4.375% 2026 Notes.

As of May 31, 2024, 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 outstanding 4.375% 2026 Notes had a fair value of $164.7 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 29, 2024, the carrying amount and fair value of the 4.375% 2026 Notes was $175.0 million and $163.4 million, respectively.

For the three months ended May 31, 2024 and May 31, 2023, the Company recorded $1.9 million and $1.9 million, respectively, of interest expense, $0.2 million and $0.2 million, respectively, of amortization of deferred financing costs and $0.06 million and $0.06 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, 2024 and May 31, 2023, the average dollar amount of 4.375% 2026 Notes outstanding was $175.0 million and $175.0 million, respectively.

4.35% 2027 Notes

On January 19, 2022, the Company issued $75.0 million in aggregate principal amount of 4.35% fixed-rate notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of $73.0 million, based on the public offering price of 99.317% of the aggregate principal amount of the 4.35% 2027 Notes, after deducting the underwriting commissions of approximately $1.5 million. Offering costs incurred were approximately $0.3 million. Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year. The 4.35% 2027 Notes mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $1.8 million related to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the 4.35% 2027 Notes.

As of May 31, 2024, the total 4.35% 2027 Notes outstanding was $75.0 million. The 4.35% 2027 Notes are not listed. The carrying amount of the outstanding 4.35% 2027 Notes had a fair value of $68.3 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 29, 2024, 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, 2024 and May 31, 2023, the Company recorded $0.8 million and $0.8 million, respectively, of interest expense, $0.1 million and $0.1 million, respectively, of amortization of deferred financing costs and $0.03 million and $0.02 million, respectively, of amortization of on issuance of the 4.35% Notes due 2027 (inclusive of the issuance of the Additional 4.35% 2027 Notes). Interest expense, amortization of deferred financing costs, and amortization of discount on issuance of notes 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, 2024 and May 31, 2023, the average dollar amount of 4.35% 2027 Notes outstanding was $75.0 million and $75.0 million, respectively.

6.00% 2027 Notes

On April 27, 2022, the Company issued $87.5 million in aggregate principal amount of 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 the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $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 have 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 the Company’s investment objective and strategies. Additional financing costs of $0.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes.

As of May 31, 2024, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $101.6 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 29, 2024, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $100.7 million, respectively.

For the three months ended May 31, 2024 and May 31, 2023, the Company recorded $1.6 million and $1.6 million, respectively, of interest expense, $0.2 million and $0.2 million, respectively, of amortization of deferred financial costs and $0.01 million and $0.01 million, respectively, of amortization of discount on issuance of 6.00% Notes due 2027. 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, 2024 and May 31, 2023, the average dollar amount of 6.00% 2027 Notes outstanding was $105.5 million and $105.5 million, respectively.

7.00% 2025 Notes

On September 8, 2022, the Company issued $12.0 million in aggregate principal amount of 7.00% fixed-rate notes due 2025 (the “7.00% 2025 Notes”) for net proceeds of $11.6 million after deducting underwriting discounts of approximately $0.4 million. Additional offering costs incurred were approximately $0.05 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 the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $0.04 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, 2024, the total of the 7.00% 2025 Notes outstanding 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 $11.8 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 29, 2024, the carrying amount and fair value of the 7.00% 2025 Notes was $12.0 million and $11.8 million, respectively.

For the three months ended May 31, 2024 and May 31, 2023, the Company recorded $0.2 million and $0.2 million, respectively, of interest expense, $0.03 million and $0.03 million, respectively, of amortization of deferred financial costs and $0.03 million and $0.03 million, respectively, of amortization of discount on issuance of 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, 2024 and May 31, 2023, the average dollar amount of 7.00% 2025 Notes outstanding was $12.0 million and $12.0 million, respectively.

8.00% 2027 Notes

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. 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 the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $1.7 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, 2024, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.0 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 29, 2024, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.2 million, respectively.

For the three months ended May 31, 2024 and May 31, 2023, the Company recorded $0.9 million and $0.9 million, respectively, of interest expense and $0.09 million and $0.09 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, 2024 and May 31, 2023, the average dollar amount of 8.00% 2027 Notes outstanding was $46.0 million and $46.0 million, respectively.

8.125% 2027 Notes

On December 13, 2022, the Company issued $52.5 million in aggregate principal amount of 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 fully exercised their option to purchase an additional $7.9 million in aggregate principal amount of the 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. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per note.

As of May 31, 2024, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $60.6 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 29, 2024, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $60.8 million, respectively.

For the three months ended May 31, 2024 and May 31, 2023, the Company recorded $1.2 million and $1.2 million, respectively, of interest expense and $0.1 million and $0.1 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, 2024 and May 31, 2023 the average dollar amount of 8.125% 2027 Notes outstanding was $60.4 million and $60.4 million respectively.

8.75% 2025 Notes

On March 31, 2023, the Company issued $10.0 million in aggregate principal amount of 8.75% fixed-rate notes due 2024 (the “8.75% 2025 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% 2025 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% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year. On February 2, 2024, pursuant to the terms of the indenture governing the 8.75% 2025 Notes, the Company elected to exercise its option to extend the maturity date of the 8.75% 2025 Notes from March 31, 2024 to March 31, 2025. Net proceeds from this offering were used to make investments in middle-market companies (including investments made through the SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and general corporate purposes. Financing costs and discounts of $0.7 million related to the 8.75% 2025 Notes have been capitalized and are being amortized over the term of the 8.75% 2025 Notes.

As of May 31, 2024, the total 8.75% 2025 Notes outstanding was $20.0 million. The 8.75% 2025 Notes are not listed. The carrying amount of the outstanding 8.75% 2025 Notes had a fair value of $20.1 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 29, 2024, the carrying amount and fair value of the 8.75% 2025 Notes was $20.0 million and $20.1 million, respectively.

For the three months ended May 31, 2024 and May 31, 2023, the Company recorded $0.4 million and $0.2 million, respectively, of interest expense, $0.03 million and $0.1 million, respectively, of amortization of deferred financial costs and $0.03 million and $0.1 million, respectively, of amortization of discount related to the 8.75% 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, 2024 and May 31, 2023 the average dollar amount of 8.75% 2025 Notes outstanding was $20.0 million and $10.0 million respectively.

8.50% 2028 Notes

On April 14, 2023, the Company issued $50.0 million in aggregate principal amount of 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) for net proceeds of $48.4 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. 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 the Company’s 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 the Company’s 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.

As of May 31, 2024, the total 8.50% 2028 Notes outstanding was $57.5 million. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ” with a par value of $25.00 per note. As of May 31, 2024, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $57.9 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 29, 2024, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $58.3 million, respectively.

For the three months ended May 31, 2024 and May 31, 2023, the Company recorded $1.2 million and $0.7 million, respectively, of interest expense and $0.1 million and $0.5 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, 2024 and May 31, 2023 the average dollar amount of 8.50% 2028 Notes outstanding was $57.5 million and $28.4 million respectively.

	Total Amount
	Outstanding				Involuntary		Average
	Exclusive of		Asset		Liquidating		Market
	Treasury		Coverage		Preference		Value
Class and Year (1)(2)	Securities(3)		per Unit(4)		per Share(5)		per Share(6)
	(in thousands)
Credit Facility with Encina Lender Finance, LLC
Fiscal year 2025 (as of May 31, 2024)	$	32,500	$	1,596		-		N/A
Fiscal year 2024 (as of February 29, 2024)	$	35,000	$	1,610		-		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 Live Oak Banking Company
Fiscal year 2025 (as of May 31, 2024)	$	13,000	$	1,596		-		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 2025
Fiscal year 2025 (as of May 31, 2024)	$	20,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	20,000	$	1,610		-	$	25.00	(12)
6.25% Notes due 2025(13)
Fiscal year 2022 (as of February 28, 2022)		-		-		-		N/A
Fiscal year 2021 (as of February 28, 2021)	$	60,000	$	3,471		-	$	24.24	(11)
Fiscal year 2020 (as of February 29, 2020)	$	60,000	$	6,071		-	$	25.75	(11)
Fiscal year 2019 (as of February 28, 2019)	$	60,000	$	2,345		-	$	24.97	(11)
7.00% Notes due 2025
Fiscal year 2025 (as of May 31, 2024)	$	12,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	12,000	$	1,610		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	12,000	$	1,659		-	$	25.00	(12)

	Total Amount
	Outstanding				Involuntary		Average
	Exclusive of		Asset		Liquidating		Market
	Treasury		Coverage		Preference		Value
Class and Year (1)(2)	Securities(3)		per Unit(4)		per Share(5)		per Share(6)
	(in thousands)
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 2025 (as of May 31, 2024)	$	5,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	5,000	$	1,610		-	$	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 2025 (as of May 31, 2024)	$	175,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	175,000	$	1,610		-	$	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 2025 (as of May 31, 2024)	$	75,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	75,000	$	1,610		-	$	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 2025 (as of May 31, 2024)	$	105,500	$	1,596		-	$	24.14	(15)
Fiscal year 2024 (as of February 29, 2024)	$	105,500	$	1,610		-	$	23.51	(15)
Fiscal year 2023 (as of February 28, 2023)	$	105,500	$	1,659		-	$	23.97	(15)
6.25% Notes due 2027
Fiscal year 2025 (as of May 31, 2024)	$	15,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	15,000	$	1,610		-	$	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 2025 (as of May 31, 2024)	$	46,000	$	1,596		-	$	25.09	(15)
Fiscal year 2024 (as of February 29, 2024)	$	46,000	$	1,610		-	$	25.00	(15)
8.125% Notes due 2027
Fiscal year 2025 (as of May 31, 2024)	$	60,375	$	1,596		-	$	25.21	(15)
Fiscal year 2024 (as of February 29, 2024)	$	60,375	$	1,610		-	$	25.05	(15)
Fiscal year 2023 (as of February 28, 2023)	$	60,375	$	1,659		-	$	25.10	(15)
8.50% Notes due 2028
Fiscal year 2025 (as of May 31, 2024)	$	57,500	$	1,596		-	$	25.35	(16)
Fiscal year 2024 (as of February 29, 2024)	$	57,500	$	1,610		-	$	25.17	(16)

(1)	We have excluded our SBA-guaranteed debentures from this table because the SEC has granted us exemptive relief that permits us to exclude such debentures from the definition of senior securities in the 150% asset coverage ratio we are required to maintain under the 1940 Act.

(2)	This table does not include the senior securities of our predecessor entity, GSC Investment Corp., relating to a revolving securitized credit facility with Deutsche Bank, in light of the fact that the Company was under different management during the time that such credit facility was outstanding.

(3)	Total amount of senior securities outstanding at the end of the period presented.

(4)

Asset coverage per unit is the ratio of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness, calculated on a total basis.

(5)

The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities.

(6)	Not applicable for credit facility because not registered for public trading.

(7)	On January 13, 2017, the Company redeemed in full its 2020 Notes. The Company used a portion of the net proceeds from the 2023 Notes offering, which was completed in December 2016, to redeem the 2020 Notes in full.

(8)	Based on the average daily trading price of the 2020 Notes on the NYSE.

(9)	On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.45 million, respectively, in aggregate principal amount of the $74.45 million in aggregate principal amount of issued and outstanding 2023 Notes.

(10)	Based on the average daily trading price of the 2023 Notes on the NYSE.

(11)	Based on the average daily trading price of the 2025 Notes on the NYSE.

(12)	The carrying value of this unlisted security approximates its fair value, based on a waterfall analysis showing adequate collateral coverage.

(13)	On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes. The Company used a portion of the net proceeds from the 4.375% 2026 Notes offering, which was completed in July 2021, to redeem the 6.25% 2025 Notes in full.

(14)	On October 4, 2021, the Company repaid all remaining amounts outstanding under the Madison Credit Facility and the credit agreement relating to the Madison Credit Facility was terminated.

(15)	Based on the average daily trading price of the 2027 Notes on the NYSE.

(16)	Based on the average daily trading price of the 2028 Notes on the NYSE.

(17)	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stockholders' Equity (Tables)

3 Months Ended

May 31, 2024

Stockholders' Equity [Abstract]

Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity

The Company adopted Rule 3-04/Rule 8-03(a)(5) under Regulation S-X (Note 2). Pursuant to Regulation S-X, the Company has presented a reconciliation of the changes in each significant caption of stockholders’ equity as shown in the tables below:

							Capital			Total
	Common Stock						in Excess			Distributable
	Shares			Amount			of Par Value			Earnings (Loss)			Net Assets
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
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(16,322,307	)		(16,322,307	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			59,407			59,407
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(8,193,402	)		(8,193,402	)
Capital Share Transactions:
Stock dividend distribution		45,818			47			1,058,797			-			1,058,844
Repurchases of common stock		(88,576	)		(90	)		(2,157,515	)		-			(2,157,605	)
Repurchase fees		-			-			(1,772	)		-			(1,772	)
Balance at May 31, 2023		11,847,742		$	11,848		$	320,793,316		$	16,645,684		$	337,450,848
Increase (Decrease) from Operations:
Net investment income		-			-			-			13,964,784			13,964,784
Realized losses on extinguishment of debt		-			-			-			(110,056	)		(110,056	)
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(5,737,571	)		(5,737,571	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(221,206	)		(221,206	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(8,352,335	)		(8,352,335	)
Capital Share Transactions:
Proceeds from issuance of common stock		852,412			852			22,497,265			-			22,498,117
Capital contribution from Manager		-			-			2,050,288			-			2,050,288
Stock dividend distribution		29,627			30			749,283			-			749,313
Offering costs		-			-			(213,427	)		-			(213,427	)
Balance at August 31, 2023		12,729,781		$	12,730		$	345,876,725		$	16,189,300		$	362,078,755
Increase (Decrease) from Operations:
Net investment income		-			-			-			14,166,063			14,166,063
Net realized gain (loss) from investments		-			-			-			60,565			60,565
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(17,866,353	)		(17,866,353	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(415,894	)		(415,894	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(9,286,642	)		(9,286,642	)
Capital Share Transactions:
Proceeds from issuance of common stock		350,000			350			9,012,150			-			9,012,500
Capital contribution from Manager		-			-			1,043,000			-			1,043,000
Stock dividend distribution		35,196			35			858,960			-			858,995
Offering costs		-			-			(92,240	)		-			(92,240	)
Balance at November 30, 2023		13,114,977		$	13,115		$	356,698,595		$	2,847,039		$	359,558,749
Increase (Decrease) from Operations:
Net investment income		-			-			-			12,784,511			12,784,511
Net realized gain (loss) from investments		-			-			-			2,327			2,327
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(7,164,613	)		(7,164,613	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(315,473	)		(315,473	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(9,803,576	)		(9,803,576	)
Capital Share Transactions:
Proceeds from issuance of common stock		501,105			501			13,028,269			-			13,028,770
Capital contribution from Manager		-			-			1,382,009			-			1,382,009
Stock dividend distribution		37,394			38			915,155			-			915,193
Offering costs		-			-			(163,789	)		-			(163,789	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			(779,040	)		779,040			-
Balance at February 29, 2024		13,653,476		$	13,654		$	371,081,199		$	(870,745	)	$	370,224,108
Increase (Decrease) from Operations:
Net investment income		-			-			-			14,335,005			14,335,005
Net realized gain (loss) from investments		-			-			-			(21,194,997	)		(21,194,997	)
Net change in unrealized appreciation (depreciation) on investments		-			-			-			13,931,431			13,931,431
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(461,001	)		(461,001	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(9,967,036	)		(9,967,036	)
Capital Share Transactions:
Proceeds from issuance of common stock		-			-			-			-			-
Capital contribution from Manager		-			-			-			-			-
Stock dividend distribution		45,490			45			987,527			-			987,572
Offering costs		-			-			-			-			-
Balance at May 31, 2024		13,698,966		$	13,699		$	372,068,726		$	(4,227,343	)	$	367,855,082

Dividend (Details)	May 23, 2024 $ / shares
Dividend Disclosure [Line Items]
Dividend payable per share	$ 0.74

Investments (Details) - Schedule of Amortized Cost and Fair Value - USD ($)	May 31, 2024	Feb. 29, 2024
Schedule of Amortized Cost and Fair Value [Line Items]
Investments at Amortized Cost	$ 1,122,618	$ 1,179,784
Amortized Cost Percentage of Total Portfolio	100.00%	100.00%
Investments at Fair Value	$ 1,095,559	$ 1,138,794
Fair Value Percentage of Total Portfolio	100.00%	100.00%
First lien term loans [Member]
Schedule of Amortized Cost and Fair Value [Line Items]
Investments at Amortized Cost	$ 972,726	$ 1,019,678
Amortized Cost Percentage of Total Portfolio	86.60%	86.40%
Investments at Fair Value	$ 945,045	$ 976,423
Fair Value Percentage of Total Portfolio	86.30%	85.70%
Second lien term loans [Member]
Schedule of Amortized Cost and Fair Value [Line Items]
Investments at Amortized Cost	$ 22,203	$ 21,968
Amortized Cost Percentage of Total Portfolio	2.00%	1.90%
Investments at Fair Value	$ 18,387	$ 18,097
Fair Value Percentage of Total Portfolio	1.70%	1.60%
Unsecured term loans [Member]
Schedule of Amortized Cost and Fair Value [Line Items]
Investments at Amortized Cost	$ 17,619	$ 17,619
Amortized Cost Percentage of Total Portfolio	1.60%	1.50%
Investments at Fair Value	$ 15,818	$ 15,818
Fair Value Percentage of Total Portfolio	1.40%	1.40%
Structured finance securities [Member]
Schedule of Amortized Cost and Fair Value [Line Items]
Investments at Amortized Cost	$ 40,589	$ 42,769
Amortized Cost Percentage of Total Portfolio	3.60%	3.60%
Investments at Fair Value	$ 24,054	$ 30,626
Fair Value Percentage of Total Portfolio	2.20%	2.70%
Equity interests [Member]
Schedule of Amortized Cost and Fair Value [Line Items]
Investments at Amortized Cost	$ 69,481	$ 77,750
Amortized Cost Percentage of Total Portfolio	6.20%	6.60%
Investments at Fair Value	$ 92,255	$ 97,830
Fair Value Percentage of Total Portfolio	8.40%	8.60%

Dividend

3 Months Ended

May 31, 2024

Dividend [Abstract]

Dividend

Note 13. Dividend

On May 23, 2024, the Company declared a dividend of $0.74 per share payable on June 27, 2024, to common stockholders of record on June 13, 2024. 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, 2024 (dollars in thousands except per share amounts):

			Amount		Total
Date Declared	Record Date	Payment Date	Per Share		Amount*
May 23, 2024	June 13, 2024	June 27, 2024	$	0.74	$	10,137
Total dividends declared			$	0.74	$	10,137

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

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
Total dividends declared			$	0.70	$	8,352

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

Organization (Details) - USD ($) $ in Millions		3 Months Ended
Organization (Details) - USD ($) $ in Millions	Oct. 28, 2022	May 31, 2024
SBA [Member]
Organization (Details) [Line Items]
Additional long-term capital		$ 175.0
Maximum amount of outstanding SBA debentures		350.0
Regulatory capital		$ 175.0
Collateralized Loan Obligations [Member]
Organization (Details) [Line Items]
Issued of debt	$ 402.1

Financial Highlights

3 Months Ended

May 31, 2024

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, 2024 and May 31, 2023:

Per share data	May 31, 2024			May 31, 2023
Net asset value at beginning of period	$	27.12		$	29.18
Net investment income(1)		1.05			1.35
Net realized and unrealized gain and losses on investments(1)		(0.57	)		(1.36	)
Net increase in net assets resulting from operations		0.48			(0.01	)
Distributions declared from net investment income		(0.73	)		(0.69	)
Total distributions to stockholders		(0.73	)		(0.69	)
Issuance of common stock at net asset value (2)		-			-
Capital contribution from Manager for the issuance of common stock (14)		-			-
Repurchases of common stock(3)		-			0.04
Dilution(4)		(0.02	)		(0.04	)
Net asset value at end of period	$	26.85		$	28.48
Net assets at end of period	$	367,855,082		$	337,450,848
Shares outstanding at end of period		13,698,966			11,847,742
Per share market value at end of period	$	23.74		$	28.10
Total return based on market value(5)(6)		3.93	%		5.04	%
Total return based on net asset value(5)(7)		2.33	%		0.52	%
Ratio/Supplemental data:
Ratio of net investment income to average net assets(8)		18.29	%		18.64	%
Expenses:
Ratios of operating expenses and income taxes to average net assets*(9)		8.51	%		7.98	%
Ratio of incentive management fees to average net assets(5)		0.97	%		0.03	%
Ratio of interest and debt financing expenses to average net assets(9)		13.93	%		13.59	%
Ratio of total expenses and income taxes to average net assets*(8)		23.41	%		21.60	%
Portfolio turnover rate(5)(10)		3.52	%		1.09	%
Asset coverage ratio per unit(11)		1,596			1,557
Average market value per unit
Revolving Credit Facilities(12)		N/A			N/A
SBA Debentures Payable(12)		N/A			N/A
8.75% Notes Payable 2025(12)		N/A			N/A
7.00% Notes Payable 2025(12)		N/A			N/A
7.25% Notes Payable 2025(13)		N/A			N/A
7.75% Notes Payable 2025(12)		N/A			N/A
4.375% Notes Payable 2026(12)		N/A			N/A
4.35% Notes Payable 2027(12)		N/A			N/A
6.00% Notes Payable 2027	$	24.14		$	23.24
6.25% Notes Payable 2027(12)		N/A			N/A
8.00% Notes Payable 2027	$	25.09		$	24.86
8.125% Notes Payable 2027	$	25.21		$	24.88
8.50% Notes Payable 2028	$	25.35		$	24.91

*	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 decrease 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 less than NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period.

(3)	Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11. Stockholders’ Equity.
(4)	Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13. Dividend.
(5)	Ratios are not annualized.
(6)	Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
(7)	Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
(8)	Ratios are annualized. Incentive management fees included within the ratio are not annualized.
(9)	Ratios are annualized.
(10)	Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value.
(11)	Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage.
(12)	The Revolving Credit Facilities, SBA Debentures, 8.75% Notes Payable 2025, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading.
(13)	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE.

Income Taxes (Tables)

3 Months Ended

May 31, 2024

Income Taxes [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities, and related valuation allowance as of May 31, 2024 and February 29, 2024 were as follows:

	May 31, 2024			February 29, 2024
Total deferred tax assets	$	3,134,349		$	2,650,580
Total deferred tax liabilities		(4,362,996	)		(3,901,995	)
Valuation allowance on net deferred tax assets		(2,908,125	)		(2,539,735	)
Net deferred tax liability	$	(4,136,772	)	$	(3,791,150	)

Schedule of Federal and State Income Tax Provisions Benefit

Federal and state income tax (provisions) benefit on investments for three months ended May 31, 2024 and May 31, 2023:

	For the three months ended
	May 31, 2024		May 31, 2023
Current
Federal	$	-	$	-
State		-		-
Net current expense		-		-
Deferred
Federal		322,466		14,909
State		23,156		(972	)
Net deferred expense		345,622		13,937
Net tax provision	$	345,622	$	13,937

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	May 31, 2024	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Summary of Significant Accounting Policies [Line Items]
Aggregate value in excess percentage	10.00%
Non-accrual fair value (in Dollars)	$ 16.7	$ 18.9
Fair value percentage	1.50%	1.70%
Investment company taxable income	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%
Income tax excess (in Dollars)		$ 1.8	$ 1.1	$ 0.6
Aggregate declared distribution, percentage	20.00%
Cash declared distribution, percentage	20.00%
Cash and Cash Equivalents [Member]
Summary of Significant Accounting Policies [Line Items]
Outstanding voting shares percentage	3.00%
Aggregate value in excess percentage	5.00%
Control Investments [Member]
Summary of Significant Accounting Policies [Line Items]
Outstanding voting shares percentage	25.00%
Investment owned board representation percentage	50.00%
SLF JV [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of voting interest	50.00%
Minimum [Member] \| Affiliated Investments [Member]
Summary of Significant Accounting Policies [Line Items]
Outstanding voting shares percentage	5.00%
Maximum [Member] \| Affiliated Investments [Member]
Summary of Significant Accounting Policies [Line Items]
Outstanding voting shares percentage	25.00%

Borrowings (Tables)

3 Months Ended

May 31, 2024

Borrowings [Abstract]

Schedule of Credit Facility

During the three months ended May 31, 2024 and May 31, 2023 the average dollar amount of 8.50% 2028 Notes outstanding was $57.5 million and $28.4 million respectively.

	Total Amount
	Outstanding				Involuntary		Average
	Exclusive of		Asset		Liquidating		Market
	Treasury		Coverage		Preference		Value
Class and Year (1)(2)	Securities(3)		per Unit(4)		per Share(5)		per Share(6)
	(in thousands)
Credit Facility with Encina Lender Finance, LLC
Fiscal year 2025 (as of May 31, 2024)	$	32,500	$	1,596		-		N/A
Fiscal year 2024 (as of February 29, 2024)	$	35,000	$	1,610		-		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 Live Oak Banking Company
Fiscal year 2025 (as of May 31, 2024)	$	13,000	$	1,596		-		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 2025
Fiscal year 2025 (as of May 31, 2024)	$	20,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	20,000	$	1,610		-	$	25.00	(12)
6.25% Notes due 2025(13)
Fiscal year 2022 (as of February 28, 2022)		-		-		-		N/A
Fiscal year 2021 (as of February 28, 2021)	$	60,000	$	3,471		-	$	24.24	(11)
Fiscal year 2020 (as of February 29, 2020)	$	60,000	$	6,071		-	$	25.75	(11)
Fiscal year 2019 (as of February 28, 2019)	$	60,000	$	2,345		-	$	24.97	(11)
7.00% Notes due 2025
Fiscal year 2025 (as of May 31, 2024)	$	12,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	12,000	$	1,610		-	$	25.00	(12)
Fiscal year 2023 (as of February 28, 2023)	$	12,000	$	1,659		-	$	25.00	(12)

	Total Amount
	Outstanding				Involuntary		Average
	Exclusive of		Asset		Liquidating		Market
	Treasury		Coverage		Preference		Value
Class and Year (1)(2)	Securities(3)		per Unit(4)		per Share(5)		per Share(6)
	(in thousands)
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 2025 (as of May 31, 2024)	$	5,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	5,000	$	1,610		-	$	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 2025 (as of May 31, 2024)	$	175,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	175,000	$	1,610		-	$	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 2025 (as of May 31, 2024)	$	75,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	75,000	$	1,610		-	$	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 2025 (as of May 31, 2024)	$	105,500	$	1,596		-	$	24.14	(15)
Fiscal year 2024 (as of February 29, 2024)	$	105,500	$	1,610		-	$	23.51	(15)
Fiscal year 2023 (as of February 28, 2023)	$	105,500	$	1,659		-	$	23.97	(15)
6.25% Notes due 2027
Fiscal year 2025 (as of May 31, 2024)	$	15,000	$	1,596		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	15,000	$	1,610		-	$	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 2025 (as of May 31, 2024)	$	46,000	$	1,596		-	$	25.09	(15)
Fiscal year 2024 (as of February 29, 2024)	$	46,000	$	1,610		-	$	25.00	(15)
8.125% Notes due 2027
Fiscal year 2025 (as of May 31, 2024)	$	60,375	$	1,596		-	$	25.21	(15)
Fiscal year 2024 (as of February 29, 2024)	$	60,375	$	1,610		-	$	25.05	(15)
Fiscal year 2023 (as of February 28, 2023)	$	60,375	$	1,659		-	$	25.10	(15)
8.50% Notes due 2028
Fiscal year 2025 (as of May 31, 2024)	$	57,500	$	1,596		-	$	25.35	(16)
Fiscal year 2024 (as of February 29, 2024)	$	57,500	$	1,610		-	$	25.17	(16)

(1)	We have excluded our SBA-guaranteed debentures from this table because the SEC has granted us exemptive relief that permits us to exclude such debentures from the definition of senior securities in the 150% asset coverage ratio we are required to maintain under the 1940 Act.

(2)	This table does not include the senior securities of our predecessor entity, GSC Investment Corp., relating to a revolving securitized credit facility with Deutsche Bank, in light of the fact that the Company was under different management during the time that such credit facility was outstanding.

(3)	Total amount of senior securities outstanding at the end of the period presented.

(4)

(5)

(6)	Not applicable for credit facility because not registered for public trading.

(7)	On January 13, 2017, the Company redeemed in full its 2020 Notes. The Company used a portion of the net proceeds from the 2023 Notes offering, which was completed in December 2016, to redeem the 2020 Notes in full.

(8)	Based on the average daily trading price of the 2020 Notes on the NYSE.

(9)	On December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.45 million, respectively, in aggregate principal amount of the $74.45 million in aggregate principal amount of issued and outstanding 2023 Notes.

(10)	Based on the average daily trading price of the 2023 Notes on the NYSE.

(11)	Based on the average daily trading price of the 2025 Notes on the NYSE.

(12)	The carrying value of this unlisted security approximates its fair value, based on a waterfall analysis showing adequate collateral coverage.

(13)	On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes. The Company used a portion of the net proceeds from the 4.375% 2026 Notes offering, which was completed in July 2021, to redeem the 6.25% 2025 Notes in full.

(14)	On October 4, 2021, the Company repaid all remaining amounts outstanding under the Madison Credit Facility and the credit agreement relating to the Madison Credit Facility was terminated.

(15)	Based on the average daily trading price of the 2027 Notes on the NYSE.

(16)	Based on the average daily trading price of the 2028 Notes on the NYSE.

(17)	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes.

Consolidated Schedule of Investments - USD ($)

3 Months Ended

12 Months Ended

May 31, 2024

Feb. 29, 2024

Total Alternative Investment Management Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

2.80%

^[1]

2.90%

^[3],[4]

Fair Value

^[2],[5]

$ 10,547,074

^[1]

$ 10,779,336

^[3],[4]

Cost

^[2]

$ 9,824,927

^[1]

$ 9,840,328

^[3],[4]

Total Alternative Investment Management Software [Member] | Altvia MidCo, LLC. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

2.10%

^[1]

2.10%

^[4]

Fair Value

^[2],[5]

$ 7,902,852

^[1]

$ 7,884,990

^[4]

Cost

^[2]

7,824,927

^[1]

7,840,328

^[4]

Principal/ Number of Shares

^[2]

$ 7,880,000

^[1]

$ 7,900,000

^[4]

Original Acquisition Date

^[2]

Jul. 18, 2022

^[1]

Jul. 18, 2022

^[4]

Total Alternative Investment Management Software [Member] | Altvia MidCo, LLC. One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

0.70%

^[6]

0.80%

^[3]

Fair Value

^[1],[2],[5]

$ 2,644,222

^[6]

$ 2,894,346

^[3]

Cost

^[1],[2]

2,000,000

^[6]

2,000,000

^[3]

Principal/ Number of Shares

^[1],[2]

$ 2,000,000

^[6]

$ 2,000,000

^[3]

Original Acquisition Date

^[1],[2]

Jul. 18, 2022

^[6]

Jul. 18, 2022

^[3]

Total Architecture & Engineering Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

6.90%

6.80%

^[4],[7]

Fair Value

^[2],[5]

$ 25,537,850

$ 25,247,475

^[4],[7]

Cost

^[2]

$ 25,035,369

$ 25,029,150

^[4],[7]

Total Architecture & Engineering Software [Member] | BQE Software, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

6.70%

^[1]

6.60%

^[4]

Fair Value

^[2],[5]

$ 24,779,300

^[1]

$ 24,497,550

^[4]

Cost

^[2]

24,291,548

^[1]

24,285,669

^[4]

Principal/ Number of Shares

^[2]

$ 24,500,000

^[1]

$ 24,500,000

^[4]

Original Acquisition Date

^[2]

Apr. 13, 2023

^[1]

Apr. 13, 2023

^[4]

Total Architecture & Engineering Software [Member] | BQE Software, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.20%

^[1],[8]

0.20%

^[4],[7]

Fair Value

^[2],[5]

$ 758,550

^[1],[8]

$ 749,925

^[4],[7]

Cost

^[2]

743,821

^[1],[8]

743,481

^[4],[7]

Principal/ Number of Shares

^[2]

$ 750,000

^[1],[8]

$ 750,000

^[4],[7]

Original Acquisition Date

^[2]

Apr. 13, 2023

^[1],[8]

Apr. 13, 2023

^[4],[7]

Total Association Management Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

6.80%

^[1]

6.50%

^[3],[4]

Fair Value

^[2],[5]

$ 25,201,556

^[1]

$ 24,088,940

^[3],[4]

Cost

^[2]

$ 24,181,284

^[1]

$ 23,364,477

^[3],[4]

Total Association Management Software [Member] | GrowthZone, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

6.50%

^[1]

6.20%

^[4]

Fair Value

^[2],[5]

$ 23,951,248

^[1]

$ 22,934,808

^[4]

Cost

^[2]

23,108,890

^[1]

22,292,083

^[4]

Principal/ Number of Shares

^[2]

$ 23,454,023

^[1]

$ 22,649,425

^[4]

Original Acquisition Date

^[2]

May 10, 2023

^[1]

May 10, 2023

^[4]

Total Association Management Software [Member] | Golden TopCo LP [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.30%

^[1],[6]

0.30%

^[3],[4]

Fair Value

^[2],[5]

$ 1,250,308

^[1],[6]

$ 1,154,132

^[3],[4]

Cost

^[2]

1,072,394

^[1],[6]

1,072,394

^[3],[4]

Principal/ Number of Shares

^[2]

$ 1,072,394

^[1],[6]

$ 1,072,394

^[3],[4]

Original Acquisition Date

^[2]

May 10, 2023

^[1],[6]

May 10, 2023

^[3],[4]

Total Consumer Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

17.20%

17.50%

^[2],[3],[4]

Fair Value

^[5]

$ 63,253,946

$ 64,689,071

^[2],[3],[4]

Cost

$ 60,253,350

$ 60,208,255

^[2],[3],[4]

Total Consumer Services [Member] | Artemis Wax Corp.[Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

15.80%

^[1],[8]

15.70%

^[4],[7]

Fair Value

^[2],[5],[9]

$ 58,040,500

^[1],[8]

$ 58,149,750

^[4],[7]

Cost

^[2],[9]

57,253,350

^[1],[8]

57,208,255

^[4],[7]

Principal/ Number of Shares

^[2],[9]

$ 57,500,000

^[1],[8]

$ 57,500,000

^[4],[7]

Original Acquisition Date

^[2],[9]

May 20, 2021

^[1],[8]

May 20, 2021

^[4],[7]

Total Consumer Services [Member] | Artemis Wax Corp. One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.90%

^[1],[6]

1.30%

^[3]

Fair Value

^[2],[5]

$ 3,447,326

^[1],[6]

$ 4,822,941

^[3]

Cost

^[2]

1,500,000

^[1],[6]

1,500,000

^[3]

Principal/ Number of Shares

^[2]

$ 934,463

^[1],[6]

$ 934,463

^[3]

Original Acquisition Date

^[2]

May 20, 2021

^[1],[6]

May 20, 2021

^[3]

Total Consumer Services [Member] | Artemis Wax Corp. Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.50%

^[1],[6]

0.50%

^[3]

Fair Value

^[2]

$ 1,766,120

^[1],[6]

$ 1,716,380

^[3],[5]

Cost

^[2]

1,500,000

^[1],[6]

1,500,000

^[3]

Principal/ Number of Shares

^[2]

$ 290,595

^[1],[6]

$ 278,769

^[3]

Original Acquisition Date

^[2]

Dec. 22, 2022

^[1],[6]

Dec. 22, 2022

^[3]

Total Corporate Education Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.20%

^[1]

1.20%

^[3],[4],[10]

Fair Value

^[2],[5]

$ 4,447,058

^[1]

$ 4,426,630

^[3],[4],[10]

Cost

^[2]

$ 475,698

^[1]

$ 475,698

^[3],[4],[10]

Total Corporate Education Software [Member] | Schoox, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[10]

1.20%

^[1],[6]

1.20%

^[3],[4]

Fair Value

^[2],[5],[10]

$ 4,447,058

^[1],[6]

$ 4,426,630

^[3],[4]

Cost

^[2],[10]

475,698

^[1],[6]

475,698

^[3],[4]

Principal/ Number of Shares

^[2],[10]

$ 1,050

^[1],[6]

$ 1,050

^[3],[4]

Original Acquisition Date

^[2],[10]

Dec. 08, 2020

^[1],[6]

Dec. 08, 2020

^[3],[4]

Total Corporate Education Software [Member] | ETU Holdings, Inc Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[2],[3],[4],[11]}

0.30%

Fair Value

^{[2],[3],[4],[5],[11]}

$ 1,162,040

Cost

^{[2],[3],[4],[11]}

3,000,000

Principal/ Number of Shares

^{[2],[3],[4],[11]}

$ 3,000,000

Original Acquisition Date

^{[2],[3],[4],[11]}

Aug. 18, 2022

Total Cyber Security [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.80%

^[1]

0.80%

^[3],[4]

Fair Value

^[2],[5]

$ 3,082,324

^[1]

$ 2,826,009

^[3],[4]

Cost

^[2]

$ 1,906,275

^[1]

$ 1,906,275

^[3],[4]

Total Cyber Security [Member] | GreyHeller LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.80%

^[1],[6]

0.80%

^[3],[4]

Fair Value

^[2],[5]

$ 3,082,324

^[1],[6]

$ 2,826,009

^[3],[4]

Cost

^[2]

1,906,275

^[1],[6]

1,906,275

^[3],[4]

Principal/ Number of Shares

^[2]

$ 7,857,689

^[1],[6]

$ 7,857,689

^[3],[4]

Original Acquisition Date

^[2]

Nov. 10, 2021

^[1],[6]

Nov. 10, 2021

^[3],[4]

Total Dental Practice Management [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

9.40%

10.90%

Fair Value

^[1],[2],[5]

$ 34,643,052

$ 40,234,843

Cost

^[1],[2]

$ 34,036,360

$ 40,418,843

Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.90%

^[1],[8]

3.00%

^[4]

Fair Value

^[2],[5]

$ 7,071,429

^[1],[8]

$ 11,110,000

^[4]

Cost

^[1],[2],[8]

7,071,642

10,979,958

^[4]

Principal/ Number of Shares

^[1],[2],[8]

$ 7,142,857

$ 11,000,000

^[4]

Original Acquisition Date

^[1],[2],[8]

May 14, 2024

Feb. 08, 2023

^[4]

Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

0.00%

^[8]

0.30%

^[10]

Fair Value

^[1],[2],[5]

^[8]

$ 1,111,499

^[10]

Cost

^[1],[2]

^[8]

1,027,519

^[10]

Principal/ Number of Shares

^[1],[2]

^[8]

$ 493,999

^[10]

Original Acquisition Date

^[1],[2]

May 14, 2024

^[8]

Feb. 08, 2023

^[10]

Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[1],[2],[6],[10]}

0.30%

Fair Value

^{[1],[2],[5],[6],[10]}

$ 1,136,198

Cost

^{[1],[2],[6],[10]}

1,027,519

Principal/ Number of Shares

^{[1],[2],[6],[10]}

$ 493,999

Original Acquisition Date

^{[1],[2],[6],[10]}

Feb. 08, 2023

Total Dental Practice Management [Member] | New England Dental Partners [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

1.80%

1.70%

Fair Value

^[1],[2],[5]

$ 6,547,790

$ 6,198,408

Cost

^[1],[2]

6,532,838

6,526,643

Principal/ Number of Shares

^[1],[2]

$ 6,555,000

Original Acquisition Date

^[1],[2]

Nov. 25, 2020

Total Dental Practice Management [Member] | New England Dental Partners One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

0.60%

1.20%

Fair Value

^[1],[2],[5]

$ 2,147,635

$ 4,397,040

Cost

^[1],[2]

2,145,549

4,635,903

Principal/ Number of Shares

^[1],[2]

$ 2,150,000

$ 4,650,000

Original Acquisition Date

^[1],[2]

Nov. 25, 2020

Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.90%

^[1]

1.90%

^[4]

Fair Value

^[2],[5]

$ 7,140,000

^[1]

$ 7,113,400

^[4]

Cost

^[2]

6,911,107

^[1]

6,906,453

^[4]

Principal/ Number of Shares

^[2]

$ 7,000,000

^[1]

$ 7,000,000

^[4]

Original Acquisition Date

^[2]

Apr. 18, 2023

^[1]

Apr. 18, 2023

^[4]

Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

2.10%

^[1]

2.10%

^[4]

Fair Value

^[2],[5]

$ 7,650,000

^[1]

$ 7,621,500

^[4]

Cost

^[2]

7,397,705

^[1]

7,392,367

^[4]

Principal/ Number of Shares

^[2]

$ 7,500,000

^[1]

$ 7,500,000

^[4]

Original Acquisition Date

^[2]

Apr. 18, 2023

^[1]

Apr. 18, 2023

^[4]

Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[6]

0.80%

^[1]

0.70%

^[4]

Fair Value

^[2],[5],[6]

$ 2,950,000

^[1]

$ 2,682,996

^[4]

Cost

^[2],[6]

2,950,000

^[1]

2,950,000

^[4]

Principal/ Number of Shares

^[2],[6]

$ 2,950,000

^[1]

$ 2,950,000

^[4]

Original Acquisition Date

^[2],[6]

Apr. 18, 2023

^[1]

Apr. 18, 2023

^[4]

Total Direct Selling Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

6.70%

6.60%

Fair Value

^[1],[2],[5]

$ 24,397,892

$ 24,073,455

Cost

^[1],[2]

$ 25,160,120

$ 25,209,021

Total Direct Selling Software [Member] | Exigo, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[9]

6.40%

6.30%

Fair Value

^{[1],[2],[5],[9]}

$ 23,465,528

$ 23,165,555

Cost

^[1],[2],[9]

24,118,453

24,167,354

Principal/ Number of Shares

^[1],[2],[9]

$ 24,251,269

$ 24,313,135

Original Acquisition Date

^[1],[2],[9]

Mar. 16, 2022

Total Direct Selling Software [Member] | Exigo, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

0.00%

^[1],[2],[8]

0.00%

Fair Value

^[5]

$ (20,250)

^[1],[2],[8]

$ (49,167)

Cost

^[1],[2],[8]

Principal/ Number of Shares

^[1],[2],[8]

Original Acquisition Date

^[1],[2],[8]

Mar. 16, 2022

^[10]

Total Direct Selling Software [Member] | Exigo, LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[1],[2],[6],[10]}

0.30%

Fair Value

^{[1],[2],[5],[6],[10]}

$ 952,614

$ 957,067

Cost

^{[1],[2],[6],[10]}

1,041,667

Principal/ Number of Shares

^{[1],[2],[6],[10]}

$ 1,041,667

Original Acquisition Date

^{[1],[2],[6],[10]}

Mar. 16, 2022

Total Education Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.50%

^[1],[6],[12]

7.00%

^[4]

Fair Value

^[2],[5]

$ 2,017,130

^[1],[6],[12]

$ 25,819,196

^[4]

Cost

^[2]

$ 1,651,796

^[1],[6],[12]

$ 39,927,391

^[4]

Total Education Services [Member] | C2 Educational Systems, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[9]

6.20%

5.80%

Fair Value

^{[1],[2],[5],[9]}

$ 22,933,300

$ 21,459,150

Cost

^[1],[2],[9]

22,971,587

21,478,821

Principal/ Number of Shares

^[1],[2],[9]

$ 23,000,000

$ 21,500,000

Original Acquisition Date

^[1],[2],[9]

May 31, 2017

Total Education Services [Member] | C2 Educational Systems, Inc. One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[8]

0.00%

^[1]

0.00%

Fair Value

^[2],[8]

^[1],[5]

Cost

^[2],[8]

^[1]

Principal/ Number of Shares

^[2],[8]

^[1]

Original Acquisition Date

^[2],[8]

Apr. 28, 2023

^[1]

Apr. 28, 2023

Total Education Services [Member] | C2 Education Systems, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[6]

0.20%

Fair Value

^{[1],[2],[5],[6]}

$ 583,479

$ 576,118

Cost

^[1],[2],[6]

499,904

Principal/ Number of Shares

^[1],[2],[6]

$ 3,127

Original Acquisition Date

^[1],[2],[6]

May 18, 2021

Total Education Services [Member] | GoReact One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[8]

0.40%

Fair Value

^{[1],[2],[5],[8]}

$ 1,501,528

Cost

^[1],[2],[8]

1,501,528

Principal/ Number of Shares

^[1],[2],[8]

$ 1,501,528

Original Acquisition Date

^[1],[2],[8]

Jan. 18, 2022

Total Education Services [Member] | Zollege PBC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

0.40%

^[12],[13]

0.10%

^[7],[14]

Fair Value

^[1],[2],[5]

$ 1,651,086

^[12],[13]

$ 290,419

^[7],[14]

Cost

^[1],[2]

1,651,086

^[12],[13]

1,358,200

^[7],[14]

Principal/ Number of Shares

^[1],[2]

$ 1,651,086

^[12],[13]

$ 1,364,109

^[7],[14]

Original Acquisition Date

^[1],[2]

May 11, 2021

^[12],[13]

May 11, 2021

^[7],[14]

Total Education Services [Member] | Zollege PBC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.10%

^[1],[6],[15]

0.00%

^[3],[4]

Fair Value

^[2],[5]

$ 366,044

^[1],[6],[15]

^[3],[4]

Cost

^[2]

710

^[1],[6],[15]

250,000

^[3],[4]

Principal/ Number of Shares

^[2]

$ 7,000,000

^[1],[6],[15]

$ 250,000

^[3],[4]

Original Acquisition Date

^[2]

May 11, 2021

^[1],[6],[15]

May 11, 2021

^[3],[4]

Total Education Services [Member] | Zollege PBC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[14]

0.90%

Fair Value

^{[1],[2],[5],[14]}

$ 3,493,509

Cost

^[1],[2],[14]

16,340,466

Principal/ Number of Shares

^[1],[2],[14]

$ 16,409,153

Original Acquisition Date

^[1],[2],[14]

May 11, 2021

Total Education Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

6.40%

Fair Value

^[1],[2],[5]

$ 23,516,779

Cost

^[1],[2]

$ 23,471,491

Total Education Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

12.90%

^[1]

12.40%

^[4]

Fair Value

^[2],[5]

$ 47,616,835

^[1]

$ 45,579,262

^[4]

Cost

^[2]

$ 40,775,639

^[1]

$ 39,231,039

^[4]

Total Education Software [Member] | Destiny Solutions Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[1],[2],[6],[10]}

2.80%

Fair Value

^{[1],[2],[5],[6],[10]}

$ 10,309,787

Cost

^{[1],[2],[6],[10]}

3,969,291

Principal/ Number of Shares

^{[1],[2],[6],[10]}

$ 3,068

Original Acquisition Date

^{[1],[2],[6],[10]}

May 16, 2018

Total Education Software [Member] | GoReact [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

2.20%

Fair Value

^[1],[2],[5]

$ 8,108,461

$ 8,087,775

Cost

^[1],[2]

8,090,146

8,060,498

Principal/ Number of Shares

^[1],[2]

$ 8,108,461

$ 8,087,775

Original Acquisition Date

^[1],[2]

Jan. 17, 2020

Total Education Software [Member] | GoReact One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[4],[7]

0.00%

Fair Value

^{[2],[4],[5],[7]}

Cost

^[2],[4],[7]

Principal/ Number of Shares

^[2],[4],[7]

Original Acquisition Date

^[2],[4],[7]

Jan. 18, 2022

Total Education Software [Member] | Identity Automation Systems One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.10%

^[1],[6]

0.20%

^[3],[4]

Fair Value

^[2],[5]

$ 548,824

^[1],[6]

$ 569,355

^[3],[4]

Cost

^[2]

232,616

^[1],[6]

232,616

^[3],[4]

Principal/ Number of Shares

^[2]

$ 232,616

^[1],[6]

$ 232,616

^[3],[4]

Original Acquisition Date

^[2]

Aug. 25, 2014

^[1],[6]

Aug. 25, 2014

^[3],[4]

Total Education Software [Member] | Identity Automation Systems Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.10%

^[1],[6]

0.10%

^[3],[4]

Fair Value

^[2],[5]

$ 240,035

^[1],[6]

$ 235,296

^[3],[4]

Cost

^[2]

171,571

^[1],[6]

171,571

^[3],[4]

Principal/ Number of Shares

^[2]

$ 43,715

^[1],[6]

$ 43,715

^[3],[4]

Original Acquisition Date

^[2]

Mar. 06, 2020

^[1],[6]

Mar. 06, 2020

^[3],[4]

Total Education Software [Member] | Ready Education [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

7.30%

^[1]

7.20%

^[4]

Fair Value

^[2],[5]

$ 26,908,200

^[1]

$ 26,792,100

^[4]

Cost

^[2]

26,810,487

^[1]

26,797,063

^[4]

Principal/ Number of Shares

^[2]

$ 27,000,000

^[1]

$ 27,000,000

^[4]

Original Acquisition Date

^[2]

Aug. 05, 2022

^[1]

Aug. 05, 2022

^[4]

Total Education Software [Member] | Destiny Solutions Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[2],[3],[4],[10]}

2.70%

Fair Value

^{[2],[3],[4],[5],[10]}

$ 9,894,736

Cost

^{[2],[3],[4],[10]}

3,969,291

Principal/ Number of Shares

^{[2],[3],[4],[10]}

$ 3,068

Original Acquisition Date

^{[2],[3],[4],[10]}

May 16, 2018

Total Facilities Maintenance [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.00%

^[1]

0.10%

^[4]

Fair Value

^[2],[5]

$ 166,545

^[1]

$ 231,181

^[4]

Cost

^[2]

$ 488,148

^[1]

$ 488,148

^[4]

Total Facilities Maintenance [Member] | TG Pressure Washing Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.00%

^[1],[6]

0.10%

^[3],[4]

Fair Value

^[2],[5]

$ 166,545

^[1],[6]

$ 231,181

^[3],[4]

Cost

^[2]

488,148

^[1],[6]

488,148

^[3],[4]

Principal/ Number of Shares

^[2]

$ 488,148

^[1],[6]

$ 488,148

^[3],[4]

Original Acquisition Date

^[2]

Aug. 12, 2019

^[1],[6]

Aug. 12, 2019

^[3],[4]

Total Field Service Management [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

3.10%

^[1]

2.90%

^[4]

Fair Value

^[2],[5]

$ 11,459,426

^[1]

$ 10,708,480

^[4]

Cost

^[2]

$ 11,472,166

^[1]

$ 10,705,638

^[4]

Total Field Service Management [Member] | Davisware, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.60%

^[1]

1.60%

^[4]

Fair Value

^[2],[5]

$ 5,990,400

^[1]

$ 5,989,200

^[4]

Cost

^[2]

5,997,322

^[1]

5,991,382

^[4]

Principal/ Number of Shares

^[2]

$ 6,000,000

^[1]

$ 6,000,000

^[4]

Original Acquisition Date

^[2]

Sep. 06, 2019

^[1]

Sep. 06, 2019

^[4]

Total Field Service Management [Member] | Davisware, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.50%

^[1]

1.30%

^[4],[7]

Fair Value

^[2],[5]

$ 5,469,026

^[1]

$ 4,719,280

^[4],[7]

Cost

^[2]

5,474,844

^[1]

4,714,256

^[4],[7]

Principal/ Number of Shares

^[2]

$ 5,477,790

^[1]

$ 4,727,790

^[4],[7]

Original Acquisition Date

^[2]

Sep. 06, 2019

^[1]

Sep. 06, 2019

^[4],[7]

Total Financial Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

7.20%

^[1]

7.10%

^[4]

Fair Value

^[2],[5]

$ 26,539,232

^[1]

$ 26,275,804

^[4]

Cost

^[2]

$ 26,142,649

^[1]

$ 26,136,433

^[4]

Total Financial Services [Member] | GDS Software Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

6.20%

^[1]

6.10%

^[4]

Fair Value

^[2],[5]

$ 22,734,369

^[1]

$ 22,545,843

^[4]

Cost

^[2]

22,629,328

^[1]

22,624,322

^[4]

Principal/ Number of Shares

^[2]

$ 22,713,926

^[1]

$ 22,713,926

^[4]

Original Acquisition Date

^[2]

Dec. 30, 2021

^[1]

Dec. 30, 2021

^[4]

Total Financial Services [Member] | GDS Software Holdings, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.90%

^[1],[9]

0.90%

^[4]

Fair Value

^[2],[5]

$ 3,289,031

^[1],[9]

$ 3,261,757

^[4]

Cost

^[2]

3,263,321

^[1],[9]

3,262,111

^[4]

Principal/ Number of Shares

^[2]

$ 3,286,074

^[1],[9]

$ 3,286,074

^[4]

Original Acquisition Date

^[2]

Dec. 30, 2021

^[1],[9]

Dec. 30, 2021

^[4]

Total Financial Services [Member] | GDS Software Holdings, LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.10%

^[1],[6]

0.10%

^[3],[4]

Fair Value

^[2],[5]

$ 515,832

^[1],[6]

$ 468,204

^[3],[4]

Cost

^[2]

250,000

^[1],[6]

250,000

^[3],[4]

Principal/ Number of Shares

^[2]

$ 250,000

^[1],[6]

$ 250,000

^[3],[4]

Original Acquisition Date

^[2]

Aug. 23, 2018

^[1],[6]

Aug. 23, 2018

^[3],[4]

Total Financial Services Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

2.70%

^[1]

2.70%

^[4]

Fair Value

^[2],[5]

$ 9,956,535

^[1]

$ 9,916,335

^[4]

Cost

^[2]

$ 9,997,690

^[1]

$ 9,990,834

^[4]

Total Financial Services Software [Member] | Ascend Software, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.60%

^[1]

1.60%

^[4]

Fair Value

^[2],[5]

$ 5,944,200

^[1]

$ 5,920,200

^[4]

Cost

^[2]

5,965,778

^[1]

5,961,680

^[4]

Principal/ Number of Shares

^[2]

$ 6,000,000

^[1]

$ 6,000,000

^[4]

Original Acquisition Date

^[2]

Dec. 15, 2021

^[1]

Dec. 15, 2021

^[4]

Total Financial Services Software [Member] | Ascend Software, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.10%

^[1],[8]

1.10%

^[4],[7]

Fair Value

^[2],[5]

$ 4,012,335

^[1],[8]

$ 3,996,135

^[4],[7]

Cost

^[2]

4,031,912

^[1],[8]

4,029,154

^[4],[7]

Principal/ Number of Shares

^[2]

$ 4,050,000

^[1],[8]

$ 4,050,000

^[4],[7]

Original Acquisition Date

^[2]

Dec. 15, 2021

^[1],[8]

Dec. 15, 2021

^[4],[7]

Total Fire Inspection Business Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

2.70%

^[1]

2.70%

^[4]

Fair Value

^[2],[5]

$ 10,041,000

^[1]

$ 9,916,000

^[4]

Cost

^[2]

$ 9,912,373

^[1]

$ 9,908,861

^[4]

Total Fire Inspection Business Software [Member] | Inspect Point Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

2.70%

^[1]

2.70%

^[4]

Fair Value

^[2],[5]

$ 10,041,000

^[1]

$ 9,916,000

^[4]

Cost

^[2]

9,912,373

^[1]

9,908,861

^[4]

Principal/ Number of Shares

^[2]

$ 10,000,000

^[1]

$ 10,000,000

^[4]

Original Acquisition Date

^[2]

Jul. 19, 2023

^[1]

Jul. 19, 2023

^[4]

Total Fire Inspection Business Software [Member] | Inspect Point Holdings, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.00%

^[1],[8]

0.00%

^[4],[7]

Fair Value

^[2]

^[1],[5],[8]

^[4],[7]

Cost

^[2]

^[1],[8]

^[4],[7]

Principal/ Number of Shares

^[2]

^[1],[8]

^[4],[7]

Original Acquisition Date

^[2]

Jul. 19, 2023

^[1],[8]

Jul. 19, 2023

^[4],[7]

Total Health/Fitness Franchisor [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

8.40%

^[1]

8.70%

^[7]

Fair Value

^[2],[5]

$ 31,005,666

^[1]

$ 32,032,331

^[7]

Cost

^[2]

$ 30,476,909

^[1]

$ 31,740,931

^[7]

Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

7.80%

^[1],[9]

8.10%

^[4]

Fair Value

^[2],[5]

$ 28,817,782

^[1],[9]

$ 29,970,000

^[4]

Cost

^[2]

28,476,909

^[1],[9]

29,740,931

^[4]

Principal/ Number of Shares

^[2]

$ 28,717,271

^[1],[9]

$ 30,000,000

^[4]

Original Acquisition Date

^[2]

Mar. 31, 2023

^[1],[9]

Mar. 31, 2023

^[4]

Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.00%

^[1],[8]

0.00%

^[4],[7]

Fair Value

^[2]

^[1],[5],[8]

^[4],[7]

Cost

^[2]

^[1],[8]

^[4],[7]

Principal/ Number of Shares

^[2]

^[1],[8]

^[4],[7]

Original Acquisition Date

^[2]

Mar. 31, 2023

^[1],[8]

Mar. 31, 2023

^[4],[7]

Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.60%

^[1],[6]

0.60%

^[3],[4]

Fair Value

^[2],[5]

$ 2,187,884

^[1],[6]

$ 2,062,331

^[3],[4]

Cost

^[2]

2,000,000

^[1],[6]

2,000,000

^[3],[4]

Principal/ Number of Shares

^[2]

$ 20,000

^[1],[6]

$ 20,000

^[3],[4]

Original Acquisition Date

^[2]

Mar. 31, 2023

^[1],[6]

Mar. 31, 2023

^[3],[4]

Total Healthcare Services [Member] | Alpha Aesthetics Partners OpCo, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

1.20%

Fair Value

^[1],[2],[5]

$ 3,978,000

Cost

^[1],[2]

3,850,544

Principal/ Number of Shares

^[1],[2]

$ 3,900,000

Original Acquisition Date

^[1],[2]

Mar. 20, 2023

Total Healthcare Services [Member] | Alpha Aesthetics Partners OpCo, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[8]

3.10%

Fair Value

^{[1],[2],[5],[8]}

$ 11,421,705

Cost

^[1],[2],[8]

11,045,323

Principal/ Number of Shares

^[1],[2],[8]

Original Acquisition Date

^[1],[2],[8]

Mar. 20, 2023

Total Healthcare Services [Member] | Alpha Aesthetics Partners OpCo, LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[6]

1.00%

Fair Value

^{[1],[2],[5],[6]}

$ 3,608,107

Cost

^[1],[2],[6]

3,175,000

Principal/ Number of Shares

^[1],[2],[6]

$ 3,175,000

Original Acquisition Date

^[1],[2],[6]

Mar. 20, 2023

Total Healthcare Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

14.10%

Fair Value

^[1],[2],[5]

$ 51,094,111

Cost

^[1],[2]

$ 50,329,442

Total Healthcare Services [Member] | Alpha Aesthetics Partners OpCo, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[4]

1.20%

Fair Value

^[2],[4],[5]

$ 3,959,670

Cost

^[2],[4]

3,847,845

Principal/ Number of Shares

^[2],[4]

$ 3,900,000

Original Acquisition Date

^[2],[4]

Mar. 20, 2023

Total Healthcare Services [Member] | Alpha Aesthetics Partners OpCo, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[4],[7]

2.40%

Fair Value

^{[2],[4],[5],[7]}

$ 8,731,580

Cost

^[2],[4],[7]

8,482,841

Principal/ Number of Shares

^[2],[4],[7]

$ 8,600,000

Original Acquisition Date

^[2],[4],[7]

Mar. 20, 2023

Total Healthcare Services [Member] | Alpha Aesthetics Partners OpCo, LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[3],[4]

0.80%

Fair Value

^{[2],[3],[4],[5]}

$ 2,859,121

Cost

^[2],[3],[4]

2,850,000

Principal/ Number of Shares

^[2],[3],[4]

$ 2,850,000

Original Acquisition Date

^[2],[3],[4]

Mar. 20, 2023

Total Healthcare Services [Member] | Axiom Medical Consulting, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

2.70%

^[1]

2.70%

^[4]

Fair Value

^[2],[5]

$ 9,963,000

^[1]

$ 9,913,000

^[4]

Cost

^[2]

9,920,100

^[1]

9,917,367

^[4]

Principal/ Number of Shares

^[2]

$ 10,000,000

^[1]

$ 10,000,000

^[4]

Original Acquisition Date

^[2]

Sep. 11, 2023

^[1]

Sep. 11, 2023

^[4]

Total Healthcare Services [Member] | Axiom Medical Consulting, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.00%

^[1],[8]

0.00%

^[4]

Fair Value

^[2]

^[1],[5],[8]

^[4]

Cost

^[2]

^[1],[8]

^[4]

Principal/ Number of Shares

^[2]

^[1],[8]

^[4]

Original Acquisition Date

^[2]

Sep. 11, 2023

^[1],[8]

Sep. 11, 2023

^[4]

Total Healthcare Services [Member] | Axiom Parent Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.10%

^[1],[6]

0.20%

^[3],[4]

Fair Value

^[2],[5]

$ 496,904

^[1],[6]

$ 630,740

^[3],[4]

Cost

^[2]

258,389

^[1],[6]

258,389

^[3],[4]

Principal/ Number of Shares

^[2]

$ 400,000

^[1],[6]

$ 400,000

^[3],[4]

Original Acquisition Date

^[2]

Jun. 19, 2018

^[1],[6]

Jun. 19, 2018

^[3],[4]

Total Healthcare Services [Member] | ComForCare Health Care [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

10.60%

^[1]

6.80%

^[4]

Fair Value

^[2],[5],[9]

$ 39,171,600

^[1]

$ 25,000,000

^[4]

Cost

^[2],[9]

38,848,168

^[1]

24,973,000

^[4]

Principal/ Number of Shares

^[2],[9]

$ 39,000,000

^[1]

$ 25,000,000

^[4]

Original Acquisition Date

^[2],[9]

Jan. 31, 2017

^[1]

Jan. 31, 2017

^[4]

Total Healthcare Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

18.70%

Fair Value

^[1],[2],[5]

$ 68,639,316

Cost

^[1],[2]

$ 67,097,524

Total Healthcare Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

32.60%

32.50%

Fair Value

^[1],[2],[5]

$ 120,496,070

$ 120,496,489

Cost

^[1],[2]

$ 116,803,093

$ 116,918,187

Total Healthcare Software [Member] | Invita [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[9]

14.90%

Fair Value

^{[1],[2],[5],[9]}

$ 54,947,542

Cost

^[1],[2],[9]

54,511,745

Principal/ Number of Shares

^[1],[2],[9]

$ 54,788,655

Original Acquisition Date

^[1],[2],[9]

Apr. 15, 2019

Total Healthcare Software [Member] | Invita [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

3.70%

Fair Value

^[1],[2],[5]

$ 13,760,841

Cost

^[1],[2]

13,680,818

Principal/ Number of Shares

^[1],[2]

$ 13,721,050

Original Acquisition Date

^[1],[2]

Apr. 15, 2019

Total Healthcare Software [Member] | Invita [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[6]

1.50%

Fair Value

^{[1],[2],[5],[6]}

$ 5,576,006

Cost

^[1],[2],[6]

2,816,693

Principal/ Number of Shares

^[1],[2],[6]

$ 2,487

Original Acquisition Date

^[1],[2],[6]

Apr. 15, 2019

Total Healthcare Software [Member] | Procurement Partners, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

9.50%

^[1]

9.50%

^[4]

Fair Value

^[2],[5]

$ 35,125,000

^[1]

$ 35,125,000

^[4]

Cost

^[2]

34,984,808

^[1]

34,965,458

^[4]

Principal/ Number of Shares

^[2]

$ 35,125,000

^[1]

$ 35,125,000

^[4]

Original Acquisition Date

^[2]

Nov. 12, 2020

^[1]

Nov. 12, 2020

^[4]

Total Healthcare Software [Member] | Procurement Partners, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

2.80%

^[1],[8]

2.80%

^[4],[7]

Fair Value

^[2],[5]

$ 10,300,000

^[1],[8]

$ 10,300,000

^[4],[7]

Cost

^[2]

10,237,810

^[1],[8]

10,230,001

^[4],[7]

Principal/ Number of Shares

^[2]

$ 10,300,000

^[1],[8]

$ 10,300,000

^[4],[7]

Original Acquisition Date

^[2]

Nov. 12, 2020

^[1],[8]

Nov. 12, 2020

^[4],[7]

Total Healthcare Software [Member] | Procurement Partners Holdings LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.20%

^[1],[6]

0.20%

^[3],[4]

Fair Value

^[2],[5]

$ 786,681

^[1],[6]

$ 826,280

^[3],[4]

Cost

^[2]

571,219

^[1],[6]

571,219

^[3],[4]

Principal/ Number of Shares

^[2]

$ 571,219

^[1],[6]

$ 571,219

^[3],[4]

Original Acquisition Date

^[2]

Nov. 12, 2020

^[1],[6]

Nov. 12, 2020

^[3],[4]

Total Healthcare Software [Member] | HemaTerra Holding Company, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[9]

14.90%

Fair Value

^{[1],[2],[5],[9]}

$ 55,087,003

Cost

^[1],[2],[9]

54,624,303

Principal/ Number of Shares

^[1],[2],[9]

$ 54,927,713

Original Acquisition Date

^[1],[2],[9]

Apr. 15, 2019

Total Healthcare Software [Member] | HemaTerra Holding Company, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[4]

3.70%

Fair Value

^[2],[4],[5]

$ 13,795,767

Cost

^[2],[4]

13,710,513

Principal/ Number of Shares

^[2],[4]

$ 13,755,875

Original Acquisition Date

^[2],[4]

Apr. 15, 2019

Total Healthcare Software [Member] | TRC HemaTerra, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[3],[4]

1.40%

Fair Value

^{[2],[3],[4],[5]}

$ 5,362,439

Cost

^[2],[3],[4]

2,816,693

Principal/ Number of Shares

^[2],[3],[4]

$ 2,487

Original Acquisition Date

^[2],[3],[4]

Apr. 15, 2019

Total Healthcare Supply [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

0.00%

^[2],[4]

Fair Value

^[2]

^[1]

^[4],[5]

Cost

^[2]

$ 508,077

^[1]

$ 508,077

^[4]

Total Healthcare Supply [Member] | Roscoe Medical, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.00%

^[1],[6]

0.00%

^[3],[4]

Fair Value

^[2]

^[1],[6]

^[3],[4],[5]

Cost

^[2]

508,077

^[1],[6]

508,077

^[3],[4]

Principal/ Number of Shares

^[2]

$ 5,081

^[1],[6]

$ 5,081

^[3],[4]

Original Acquisition Date

^[2]

Mar. 26, 2014

^[1],[6]

Mar. 26, 2014

^[3],[4]

Total Hospitality/Hotel [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

5.00%

^[1]

11.10%

^[4]

Fair Value

^[2],[5]

$ 18,232,918

^[1]

$ 41,447,199

^[4]

Cost

^[2]

$ 21,152,288

^[1]

$ 43,983,696

^[4]

Total Hospitality/Hotel [Member] | Book4Time, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

0.90%

^[1],[16]

0.80%

^[4],[17]

Fair Value

^[2],[5],[9]

$ 3,136,517

^[1],[16]

$ 3,136,517

^[4],[17]

Cost

^[2],[9]

3,125,220

^[1],[16]

3,122,542

^[4],[17]

Principal/ Number of Shares

^[2],[9]

$ 3,136,517

^[1],[16]

$ 3,136,517

^[4],[17]

Original Acquisition Date

^[2],[9]

Dec. 22, 2020

^[1],[16]

Dec. 22, 2020

^[4],[17]

Total Hospitality/Hotel [Member] | Book4Time, Inc. One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.50%

^[1],[9],[16]

0.50%

^[4],[17]

Fair Value

^[2],[5]

$ 2,000,000

^[1],[9],[16]

$ 2,000,000

^[4],[17]

Cost

^[2]

1,991,253

^[1],[9],[16]

1,989,839

^[4],[17]

Principal/ Number of Shares

^[2]

$ 2,000,000

^[1],[9],[16]

$ 2,000,000

^[4],[17]

Original Acquisition Date

^[2]

Dec. 22, 2020

^[1],[9],[16]

Dec. 22, 2020

^[4],[17]

Total Hospitality/Hotel [Member] | Book4Time, Inc. Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[10]

0.10%

^[1],[6],[16]

0.10%

^[3],[4],[17]

Fair Value

^[2],[5],[10]

$ 404,325

^[1],[6],[16]

$ 389,531

^[3],[4],[17]

Cost

^[2],[10]

156,826

^[1],[6],[16]

156,826

^[3],[4],[17]

Principal/ Number of Shares

^[2],[10]

$ 200,000

^[1],[6],[16]

$ 200,000

^[3],[4],[17]

Original Acquisition Date

^[2],[10]

Dec. 22, 2020

^[1],[6],[16]

Dec. 22, 2020

^[3],[4],[17]

Total Hospitality/Hotel [Member] | Knowland Group, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

3.50%

^[1],[13]

3.40%

^[4],[14]

Fair Value

^[2],[5]

$ 12,692,076

^[1],[13]

$ 12,642,851

^[4],[14]

Cost

^[2]

15,878,989

^[1],[13]

15,878,989

^[4],[14]

Principal/ Number of Shares

^[2]

$ 15,878,989

^[1],[13]

$ 15,878,989

^[4],[14]

Original Acquisition Date

^[2]

Nov. 09, 2018

^[1],[13]

Nov. 09, 2018

^[4],[14]

Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[4]

6.30%

Fair Value

^[2],[4],[5]

$ 23,278,300

Cost

^[2],[4]

22,835,500

Principal/ Number of Shares

^[2],[4]

$ 23,000,000

Original Acquisition Date

^[2],[4]

Apr. 27, 2020

Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[4]

0.00%

Fair Value

^{[1],[2],[4],[8]}

Cost

^{[1],[2],[4],[8]}

Principal/ Number of Shares

^{[1],[2],[4],[8]}

Original Acquisition Date

^{[1],[2],[4],[5],[8]}

Sep. 02, 2021

Total HVAC Services and Sales [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

16.10%

^[1]

16.00%

^[4]

Fair Value

^[2],[5]

$ 59,195,963

^[1]

$ 59,207,805

^[4]

Cost

^[2]

$ 58,871,055

^[1]

$ 58,841,345

^[4]

Total HVAC Services and Sales [Member] | Granite Comfort, LP [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

11.70%

^[1]

11.60%

^[4]

Fair Value

^[2],[5],[9]

$ 42,991,400

^[1]

$ 43,000,000

^[4]

Cost

^[2],[9]

42,801,641

^[1]

42,781,757

^[4]

Principal/ Number of Shares

^[2],[9]

$ 43,000,000

^[1]

$ 43,000,000

^[4]

Original Acquisition Date

^[2],[9]

Nov. 16, 2020

^[1]

Nov. 16, 2020

^[4]

Total HVAC Services and Sales [Member] | Granite Comfort, LP One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

4.40%

^[1],[8]

4.40%

^[4],[7]

Fair Value

^[2],[5]

$ 16,204,563

^[1],[8]

$ 16,207,805

^[4],[7]

Cost

^[2]

16,069,414

^[1],[8]

16,059,588

^[4],[7]

Principal/ Number of Shares

^[2]

$ 16,207,805

^[1],[8]

$ 16,207,805

^[4],[7]

Original Acquisition Date

^[2]

Nov. 16, 2020

^[1],[8]

Nov. 16, 2020

^[4],[7]

Total Industrial Products [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

2.50%

2.40%

Fair Value

^[1],[2],[5]

$ 9,075,227

$ 9,095,121

Cost

^[1],[2]

$ 923,886

Total Industrial Products [Member] | Vector Controls Holding Co., LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

0.30%

^[1]

0.20%

^[4]

Fair Value

^[2],[5],[9]

$ 923,886

^[1]

$ 923,886

^[4]

Cost

^[2],[9]

923,886

^[1]

923,886

^[4]

Principal/ Number of Shares

^[2],[9]

$ 923,886

^[1]

$ 923,886

^[4]

Original Acquisition Date

^[2],[9]

Mar. 06, 2013

^[1]

Mar. 06, 2013

^[4]

Total Industrial Products [Member] | Vector Controls Holding Co., LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

2.20%

^[2],[3],[4]

Fair Value

^{[1],[2],[5],[6]}

$ 8,151,341

$ 8,171,235

^[3],[4]

Cost

^[1],[2],[6]

^[5]

^[3],[4]

Principal/ Number of Shares

^[1],[2],[6]

$ 343

^[3],[4]

Original Acquisition Date

^[1],[2],[6]

May 31, 2015

^[3],[4]

Total Insurance Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

5.40%

^[1]

5.40%

^[4]

Fair Value

^[2],[5]

$ 19,904,935

^[1]

$ 19,821,100

^[4]

Cost

^[2]

$ 18,165,476

^[1]

$ 18,186,250

^[4]

Total Insurance Software [Member] | AgencyBloc, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

4.30%

^[1]

4.30%

^[4]

Fair Value

^[2],[5]

$ 15,772,444

^[1]

$ 15,806,231

^[4]

Cost

^[2]

15,665,476

^[1]

15,686,250

^[4]

Principal/ Number of Shares

^[2]

$ 15,755,114

^[1]

$ 15,788,864

^[4]

Original Acquisition Date

^[2]

Oct. 01, 2021

^[1]

Oct. 01, 2021

^[4]

Total Insurance Software [Member] | Panther ParentCo LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[6]

1.10%

Fair Value

^{[1],[2],[5],[6]}

$ 4,132,491

Cost

^[1],[2],[6]

2,500,000

Principal/ Number of Shares

^[1],[2],[6]

$ 2,500,000

Original Acquisition Date

^[1],[2],[6]

Oct. 01, 2021

Total Insurance Software [Member] | Panther ParentCo LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[3],[4]

1.10%

Fair Value

^{[2],[3],[4],[5]}

$ 4,014,869

Cost

^[2],[3],[4]

2,500,000

Principal/ Number of Shares

^[2],[3],[4]

$ 2,500,000

Original Acquisition Date

^[2],[3],[4]

Oct. 01, 2021

Total IT Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

11.70%

^[1]

11.60%

^[4]

Fair Value

^[2],[5]

$ 43,000,000

^[1]

$ 43,000,000

^[4]

Cost

^[2]

$ 42,967,165

^[1]

$ 42,967,165

^[4]

Total IT Services [Member] | LogicMonitor, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

11.70%

^[1],[9]

11.60%

^[3],[4]

Fair Value

^[2],[5]

$ 43,000,000

^[1],[9]

$ 43,000,000

^[3],[4]

Cost

^[2]

42,967,165

^[1],[9]

42,967,165

^[3],[4]

Principal/ Number of Shares

^[2]

$ 43,000,000

^[1],[9]

$ 43,000,000

^[3],[4]

Original Acquisition Date

^[2]

Mar. 20, 2020

^[1],[9]

Mar. 20, 2020

^[3],[4]

Total IT Services [Member] | Netreo Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[4],[18]

1.50%

Fair Value

^{[2],[4],[5],[18]}

$ 5,582,719

Cost

^[2],[4],[18]

5,686,791

Principal/ Number of Shares

^[2],[4],[18]

$ 5,693,748

Original Acquisition Date

^[2],[4],[18]

Jul. 03, 2018

Total IT Services [Member] | Netreo Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[2],[4],[9],[18]}

6.70%

Fair Value

^{[2],[4],[5],[9],[18]}

$ 24,778,425

Cost

^{[2],[4],[9],[18]}

25,193,452

Principal/ Number of Shares

^{[2],[4],[9],[18]}

$ 25,271,214

Original Acquisition Date

^{[2],[4],[9],[18]}

May 26, 2020

Total IT Services [Member] | Netreo Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[2],[3],[4],[18]}

1.40%

Fair Value

^{[2],[3],[4],[5],[18]}

$ 5,060,745

Cost

^{[2],[3],[4],[18]}

8,344,500

Principal/ Number of Shares

^{[2],[3],[4],[18]}

$ 4,600,677

Original Acquisition Date

^{[2],[3],[4],[18]}

Jul. 03, 2018

Total Lead management Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

3.30%

Fair Value

^[1],[2],[5]

$ 12,120,000

Cost

^[1],[2]

$ 11,925,329

$ 11,920,834

Total Lead management Software [Member] | ActiveProspect, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

3.30%

^[1]

3.30%

^[4]

Fair Value

^[2],[5],[9]

$ 12,120,000

^[1]

$ 12,120,000

^[4]

Cost

^[2],[9]

11,925,329

^[1]

11,920,834

^[4]

Principal/ Number of Shares

^[2],[9]

$ 12,000,000

^[1]

$ 12,000,000

^[4]

Original Acquisition Date

^[2],[9]

Aug. 08, 2022

^[1]

Aug. 08, 2022

^[4]

Total Lead management Software [Member] | ActiveProspect, Inc. One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

0.00%

^[1],[2],[8]

0.00%

Fair Value

^[1],[2],[8]

^[5]

Cost

^[1],[2],[8]

Principal/ Number of Shares

^[1],[2],[8]

Original Acquisition Date

^[1],[2],[8]

Aug. 08, 2022

^[5]

Total Legal Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

5.70%

5.60%

Fair Value

^[1],[2],[5]

$ 20,862,353

$ 20,709,446

Cost

^[1],[2]

$ 20,843,046

$ 20,882,496

Total Legal Software [Member] | Centerbase, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

5.70%

^[1]

5.60%

^[4]

Fair Value

^[2],[5]

$ 20,862,353

^[1]

$ 20,709,446

^[4]

Cost

^[2]

20,843,046

^[1]

20,882,496

^[4]

Principal/ Number of Shares

^[2]

$ 20,979,840

^[1]

$ 21,033,360

^[4]

Original Acquisition Date

^[2]

Jan. 18, 2022

^[1]

Jan. 18, 2022

^[4]

Total Marketing Orchestration Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

5.00%

Fair Value

^[1],[2],[5]

$ 18,381,132

$ 18,420,006

Cost

^[1],[2]

$ 18,513,917

$ 18,544,720

Total Marketing Orchestration Software [Member] | Madison Logic, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

5.00%

^[1]

5.00%

^[4]

Fair Value

^[2],[5],[9]

$ 18,381,132

^[1]

$ 18,420,006

^[4]

Cost

^[2],[9]

18,513,917

^[1]

18,544,720

^[4]

Principal/ Number of Shares

^[2],[9]

$ 18,810,000

^[1]

$ 18,857,500

^[4]

Original Acquisition Date

^[2],[9]

Dec. 30, 2022

^[1]

Dec. 30, 2022

^[4]

Total Mental Healthcare Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

9.60%

10.20%

Fair Value

^[1],[2],[5]

$ 35,389,507

$ 37,377,120

Cost

^[1],[2]

$ 37,512,951

$ 37,512,347

Total Mental Healthcare Services [Member] | ARC Health OpCo LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

1.70%

^[1]

1.80%

^[4]

Fair Value

^[2],[5],[9]

$ 6,419,400

^[1]

$ 6,490,900

^[4]

Cost

^[2],[9]

6,441,803

^[1]

6,438,832

^[4]

Principal/ Number of Shares

^[2],[9]

$ 6,500,000

^[1]

$ 6,500,000

^[4]

Original Acquisition Date

^[2],[9]

Aug. 05, 2022

^[1]

Aug. 05, 2022

^[4]

Total Mental Healthcare Services [Member] | ARC Health OpCo LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

7.20%

^[1]

7.30%

^[4],[7]

Fair Value

^[2],[5],[9]

$ 26,564,515

^[1]

$ 26,876,897

^[4],[7]

Cost

^[2],[9]

26,901,549

^[1]

26,903,916

^[4],[7]

Principal/ Number of Shares

^[2],[9]

$ 26,914,577

^[1]

$ 26,914,577

^[4],[7]

Original Acquisition Date

^[2],[9]

Aug. 05, 2022

^[1]

Aug. 05, 2022

^[4],[7]

Total Mental Healthcare Services [Member] | ARC Health OpCo LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.70%

^[1],[6]

1.10%

^[3],[4]

Fair Value

^[2],[5]

$ 2,405,592

^[1],[6]

$ 4,009,323

^[3],[4]

Cost

^[2]

4,169,599

^[1],[6]

4,169,599

^[3],[4]

Principal/ Number of Shares

^[2]

$ 3,818,400

^[1],[6]

$ 3,818,400

^[3],[4]

Original Acquisition Date

^[2]

Aug. 05, 2022

^[1],[6]

Aug. 05, 2022

^[3],[4]

Total Mentoring Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

6.10%

^[1]

5.90%

^[4]

Fair Value

^[2],[5]

$ 22,208,537

^[1]

$ 22,068,881

^[4]

Cost

^[2]

$ 22,886,683

^[1]

$ 22,874,859

^[4]

Total Mentoring Software [Member] | Chronus LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

4.10%

^[1]

4.00%

^[4]

Fair Value

^[2],[5]

$ 14,959,500

^[1]

$ 14,841,000

^[4]

Cost

^[2]

14,921,202

^[1]

14,911,921

^[4]

Principal/ Number of Shares

^[2]

$ 15,000,000

^[1]

$ 15,000,000

^[4]

Original Acquisition Date

^[2]

Aug. 26, 2021

^[1]

Aug. 26, 2021

^[4]

Total Mentoring Software [Member] | Chronus LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.40%

^[1]

1.30%

^[4]

Fair Value

^[2],[5]

$ 4,986,500

^[1]

$ 4,947,000

^[4]

Cost

^[2]

4,965,481

^[1]

4,962,938

^[4]

Principal/ Number of Shares

^[2]

$ 5,000,000

^[1]

$ 5,000,000

^[4]

Original Acquisition Date

^[2]

Aug. 26, 2021

^[1]

Aug. 26, 2021

^[4]

Total Mentoring Software [Member] | Chronus LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.60%

^[1],[6]

0.60%

^[3],[4]

Fair Value

^[2],[5]

$ 2,262,537

^[1],[6]

$ 2,280,881

^[3],[4]

Cost

^[2]

3,000,000

^[1],[6]

3,000,000

^[3],[4]

Principal/ Number of Shares

^[2]

$ 3,000

^[1],[6]

$ 3,000

^[3],[4]

Original Acquisition Date

^[2]

Aug. 26, 2021

^[1],[6]

Aug. 26, 2021

^[3],[4]

Total Non-profit Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

4.40%

^[1]

4.40%

^[4]

Fair Value

^[2],[5]

$ 16,346,061

^[1]

$ 16,266,938

^[4]

Cost

^[2]

$ 16,286,276

^[1]

$ 16,239,922

^[4]

Total Non-profit Services [Member] | Omatic Software, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

4.40%

^[1]

4.40%

^[4]

Fair Value

^[2],[5]

$ 16,346,061

^[1]

$ 16,266,938

^[4]

Cost

^[2]

16,286,276

^[1]

16,239,922

^[4]

Principal/ Number of Shares

^[2]

$ 16,311,806

^[1]

$ 16,270,192

^[4]

Original Acquisition Date

^[2]

May 29, 2018

^[1]

May 29, 2018

^[4]

Total Office Supplies [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.90%

^[1]

1.90%

^[4]

Fair Value

^[2],[5]

$ 7,299,566

^[1]

$ 7,180,874

^[4]

Cost

^[2]

$ 6,392,973

^[1]

$ 6,392,437

^[4]

Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.60%

^[1],[9]

1.60%

^[4]

Fair Value

^[2],[5]

$ 6,027,000

^[1],[9]

$ 6,027,000

^[4]

Cost

^[2]

5,992,973

^[1],[9]

5,992,437

^[4]

Principal/ Number of Shares

^[2]

$ 6,000,000

^[1],[9]

$ 6,000,000

^[4]

Original Acquisition Date

^[2]

Dec. 28, 2012

^[1],[9]

Dec. 28, 2012

^[4]

Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.30%

^[1],[6]

0.30%

^[3],[4]

Fair Value

^[2],[5]

$ 1,272,566

^[1],[6]

$ 1,153,874

^[3],[4]

Cost

^[2]

400,000

^[1],[6]

400,000

^[3],[4]

Principal/ Number of Shares

^[2]

$ 49,318

^[1],[6]

$ 49,318

^[3],[4]

Original Acquisition Date

^[2]

Dec. 28, 2012

^[1],[6]

Dec. 28, 2012

^[3],[4]

Total Real Estate Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

14.20%

^[1]

14.10%

^[4]

Fair Value

^[2],[5]

$ 52,355,550

^[1]

$ 52,350,445

^[4]

Cost

^[2]

$ 53,701,752

^[1]

$ 53,665,591

^[4]

Total Real Estate Services [Member] | Buildout, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

3.70%

^[1]

3.70%

^[4]

Fair Value

^[2],[5],[9]

$ 13,633,200

^[1]

$ 13,631,800

^[4]

Cost

^[2],[9]

13,958,951

^[1]

13,950,236

^[4]

Principal/ Number of Shares

^[2],[9]

$ 14,000,000

^[1]

$ 14,000,000

^[4]

Original Acquisition Date

^[2],[9]

Jul. 09, 2020

^[1]

Jul. 09, 2020

^[4]

Total Real Estate Services [Member] | Buildout, Inc. One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

10.20%

^[1]

10.10%

^[4]

Fair Value

^[2],[5]

$ 37,491,300

^[1]

$ 37,487,450

^[4]

Cost

^[2]

38,370,244

^[1]

38,342,798

^[4]

Principal/ Number of Shares

^[2]

$ 38,500,000

^[1]

$ 38,500,000

^[4]

Original Acquisition Date

^[2]

Feb. 12, 2021

^[1]

Feb. 12, 2021

^[4]

Total Real Estate Services [Member] | Buildout, Inc. Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[10]

0.30%

^[1],[6]

0.30%

^[3],[4]

Fair Value

^[2],[5],[10]

$ 1,231,050

^[1],[6]

$ 1,231,195

^[3],[4]

Cost

^[2],[10]

1,372,557

^[1],[6]

1,372,557

^[3],[4]

Principal/ Number of Shares

^[2],[10]

$ 1,250

^[1],[6]

$ 1,250

^[3],[4]

Original Acquisition Date

^[2],[10]

Jul. 09, 2020

^[1],[6]

Jul. 09, 2020

^[3],[4]

Total Research Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

7.20%

^[1]

7.20%

^[4]

Fair Value

^[2],[5]

$ 26,254,706

^[1]

$ 26,254,706

^[4]

Cost

^[2]

$ 26,186,911

^[1]

$ 26,176,748

^[4]

Total Research Software [Member] | Wellspring Worldwide Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

2.60%

^[1]

2.60%

^[4]

Fair Value

^[2],[5]

$ 9,483,226

^[1]

$ 9,483,226

^[4]

Cost

^[2]

9,476,791

^[1]

9,474,084

^[4]

Principal/ Number of Shares

^[2]

$ 9,552,000

^[1]

$ 9,552,000

^[4]

Original Acquisition Date

^[2]

Jun. 27, 2022

^[1]

Jun. 27, 2022

^[4]

Total Research Software [Member] | Wellspring Worldwide Inc. One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

3.90%

^[1]

3.90%

^[4]

Fair Value

^[2],[5]

$ 14,296,320

^[1]

$ 14,296,320

^[4]

Cost

^[2]

14,234,960

^[1]

14,227,504

^[4]

Principal/ Number of Shares

^[2]

$ 14,400,000

^[1]

$ 14,400,000

^[4]

Original Acquisition Date

^[2]

Jun. 27, 2022

^[1]

Jun. 27, 2022

^[4]

Total Research Software [Member] | Archimedes Parent LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.70%

^[1],[6]

0.70%

^[3],[4]

Fair Value

^[2],[5]

$ 2,475,160

^[1],[6]

$ 2,475,160

^[3],[4]

Cost

^[2]

2,475,160

^[1],[6]

2,475,160

^[3],[4]

Principal/ Number of Shares

^[2]

$ 2,475,160

^[1],[6]

$ 2,475,160

^[3],[4]

Original Acquisition Date

^[2]

Jun. 27, 2022

^[1],[6]

Jun. 27, 2022

^[3],[4]

Total Restaurant [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

8.50%

^[1]

6.20%

^[4]

Fair Value

^[2],[5]

$ 31,522,352

^[1]

$ 22,580,272

^[4]

Cost

^[2]

$ 30,784,453

^[1]

$ 21,861,817

^[4]

Total Restaurant [Member] | LFR Chicken LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

3.30%

^[1]

3.30%

^[4]

Fair Value

^[2],[5]

$ 12,120,000

^[1]

$ 12,104,400

^[4]

Cost

^[2]

11,935,502

^[1]

11,926,272

^[4]

Principal/ Number of Shares

^[2]

$ 12,000,000

^[1]

$ 12,000,000

^[4]

Original Acquisition Date

^[2]

Nov. 19, 2021

^[1]

Nov. 19, 2021

^[4]

Total Restaurant [Member] | LFR Chicken LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

4.90%

^[1],[8]

2.50%

^[4]

Fair Value

^[2],[5]

$ 18,180,000

^[1],[8]

$ 9,078,300

^[4]

Cost

^[2]

17,848,951

^[1],[8]

8,935,545

^[4]

Principal/ Number of Shares

^[2]

$ 18,000,000

^[1],[8]

$ 9,000,000

^[4]

Original Acquisition Date

^[2]

Nov. 19, 2021

^[1],[8]

Nov. 19, 2021

^[4]

Total Restaurant [Member] | LFR Chicken LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.30%

^[1],[6]

0.40%

^[3],[4]

Fair Value

^[2],[5]

$ 1,222,352

^[1],[6]

$ 1,397,572

^[3],[4]

Cost

^[2]

1,000,000

^[1],[6]

1,000,000

^[3],[4]

Principal/ Number of Shares

^[2]

$ 497,183

^[1],[6]

$ 497,183

^[3],[4]

Original Acquisition Date

^[2]

Nov. 19, 2021

^[1],[6]

Nov. 19, 2021

^[3],[4]

Total Roofing Contractor Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

5.10%

^[1],[2]

5.10%

Fair Value

^[5]

$ 18,908,392

^[1],[2]

$ 19,014,055

Cost

$ 18,587,961

^[1],[2]

$ 18,624,294

Total Roofing Contractor Software [Member] | JobNimbus LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

5.10%

^[1]

5.10%

^[4]

Fair Value

^[2],[5]

$ 18,908,392

^[1]

$ 19,014,055

^[4]

Cost

^[2]

18,587,961

^[1]

18,624,294

^[4]

Principal/ Number of Shares

^[2]

$ 18,730,453

^[1]

$ 18,777,459

^[4]

Original Acquisition Date

^[2]

Mar. 28, 2023

^[1]

Mar. 28, 2023

^[4]

Total Specialty Food Retailer [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.60%

^[1]

0.70%

^[4]

Fair Value

^[2],[5]

$ 2,399,114

^[1]

$ 2,488,682

^[4]

Cost

^[2]

$ 35,957,428

^[1]

$ 35,437,789

^[4]

Total Specialty Food Retailer [Member] | Pepper Palace, Inc [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

0.60%

^[1],[13]

0.70%

^[4],[14]

Fair Value

^[2],[5],[9]

$ 2,289,084

^[1],[13]

$ 2,409,036

^[4],[14]

Cost

^[2],[9]

33,166,709

^[1],[13]

33,148,332

^[4],[14]

Principal/ Number of Shares

^[2],[9]

$ 33,320,000

^[1],[13]

$ 33,320,000

^[4],[14]

Original Acquisition Date

^[2],[9]

Jun. 30, 2021

^[1],[13]

Jun. 30, 2021

^[4],[14]

Total Specialty Food Retailer [Member] | Pepper Palace, Inc. One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.00%

^[1],[8],[13]

0.00%

^[4],[7],[14]

Fair Value

^[2],[5]

$ 110,030

^[1],[8],[13]

$ 79,646

^[4],[7],[14]

Cost

^[2]

1,593,684

^[1],[8],[13]

1,092,422

^[4],[7],[14]

Principal/ Number of Shares

^[2]

$ 1,601,600

^[1],[8],[13]

$ 1,101,600

^[4],[7],[14]

Original Acquisition Date

^[2]

Jun. 30, 2021

^[1],[8],[13]

Jun. 30, 2021

^[4],[7],[14]

Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.00%

^[1],[8],[13]

0.00%

^[4],[7],[14]

Fair Value

^[1],[2],[8]

^[13]

^[4],[7],[14]

Cost

^[1],[2],[8]

^[13]

^[4],[7],[14]

Principal/ Number of Shares

^[1],[2],[8]

^[13]

^[4],[7],[14]

Original Acquisition Date

^{[1],[2],[5],[8]}

Jun. 30, 2021

^[13]

Jun. 30, 2021

^[4],[7],[14]

Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Three [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

0.00%

^[2],[3],[4]

Fair Value

^[1],[2],[6]

^[3],[4]

Cost

^{[1],[2],[5],[6]}

1,000,000

^[3],[4]

Principal/ Number of Shares

^[1],[2],[6]

$ 1,000,000

^[3],[4]

Original Acquisition Date

^[1],[2],[6]

Jun. 30, 2021

^[3],[4]

Total Specialty Food Retailer [Member] | Pepper Palace, Inc Four [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

0.00%

^[2],[3],[4]

Fair Value

^[2]

^[1],[6]

^[3],[4]

Cost

^[2]

197,035

^[1],[5],[6]

197,035

^[3],[4]

Principal/ Number of Shares

^[2]

$ 197,035

^[1],[6]

$ 197,035

^[3],[4]

Original Acquisition Date

^[2]

Jun. 30, 2021

^[1],[6]

Jun. 30, 2021

^[3],[4]

Total Sports Management [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

7.40%

^[1]

7.30%

^[4]

Fair Value

^[2],[5]

$ 27,000,000

^[1]

$ 27,000,000

^[4]

Cost

^[2]

$ 26,966,955

^[1]

$ 26,945,071

^[4]

Total Sports Management [Member] | ArbiterSports, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

7.10%

^[1]

7.00%

^[4]

Fair Value

^[2],[5],[9]

$ 26,000,000

^[1]

$ 26,000,000

^[4]

Cost

^[2],[9]

25,966,955

^[1]

25,945,071

^[4]

Principal/ Number of Shares

^[2],[9]

$ 26,000,000

^[1]

$ 26,000,000

^[4]

Original Acquisition Date

^[2],[9]

Feb. 21, 2020

^[1]

Feb. 21, 2020

^[4]

Total Sports Management [Member] | ArbiterSports, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.30%

^[1]

0.30%

^[4]

Fair Value

^[2],[5]

$ 1,000,000

^[1]

$ 1,000,000

^[4]

Cost

^[2]

1,000,000

^[1]

1,000,000

^[4]

Principal/ Number of Shares

^[2]

^[1]

$ 1,000,000

^[4]

Original Acquisition Date

^[2]

Feb. 21, 2020

^[1]

Feb. 21, 2020

^[4]

Total Staffing Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.00%

^[1]

0.90%

Fair Value

^[2],[5]

$ 3,523,559

^[1]

$ 3,287,970

Cost

^[2]

$ 100,000

^[1]

$ 100,000

Total Staffing Services [Member] | Avionte Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.00%

^[1],[6]

0.90%

^[3],[4]

Fair Value

^[2],[5]

$ 3,523,559

^[1],[6]

$ 3,287,970

^[3],[4]

Cost

^[2]

100,000

^[1],[6]

100,000

^[3],[4]

Principal/ Number of Shares

^[2]

$ 100,000

^[1],[6]

$ 100,000

^[3],[4]

Original Acquisition Date

^[2]

Jan. 08, 2014

^[1],[6]

Jan. 08, 2014

^[3],[4]

Total Talent Acquisition Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

7.80%

7.50%

Fair Value

^[1],[2],[5]

$ 27,052,000

$ 26,896,000

Cost

^[1],[2]

$ 26,838,109

$ 26,822,857

Total Talent Acquisition Software [Member] | JDXpert [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

1.60%

Fair Value

^[1],[2],[5]

$ 6,060,000

Cost

^[1],[2]

5,958,724

5,955,935

Principal/ Number of Shares

^[1],[2]

$ 6,000,000

Original Acquisition Date

^[1],[2]

May 02, 2022

Total Talent Acquisition Software [Member] | JDXpert [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.30%

^[1],[8]

0.30%

^[4],[7]

Fair Value

^[2],[5]

$ 1,010,000

^[1],[8]

$ 1,010,000

^[4],[7]

Cost

^[2]

992,073

^[1],[8]

991,649

^[4],[7]

Principal/ Number of Shares

^[1],[2]

$ 1,000,000

^[8]

$ 1,000,000

^[4],[7]

Original Acquisition Date

^[1],[2]

May 02, 2022

^[8]

May 02, 2022

^[4],[5],[7]

Total Talent Acquisition Software [Member] | Jobvite, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[9]

5.90%

^[1]

5.60%

^[4]

Fair Value

^[2],[5],[9]

$ 19,982,000

^[1]

$ 19,826,000

^[4]

Cost

^[2],[9]

19,887,312

^[1]

19,875,273

^[4]

Principal/ Number of Shares

^[2],[9]

$ 20,000,000

^[1]

$ 20,000,000

^[4]

Original Acquisition Date

^[2],[9]

Aug. 05, 2022

^[1]

Aug. 05, 2022

^[4]

Total Veterinary Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

1.30%

^[1],[2]

1.30%

Fair Value

^[5]

$ 4,695,482

^[1],[2]

$ 4,753,048

Cost

$ 4,640,064

^[1],[2]

$ 4,638,599

Total Veterinary Services [Member] | VetnCare MSO, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.30%

^[1],[8]

1.30%

^[4],[7]

Fair Value

^[2],[5]

$ 4,695,482

^[1],[8]

$ 4,753,048

^[4],[7]

Cost

^[2]

4,640,064

^[1],[8]

4,638,599

^[4],[7]

Principal/ Number of Shares

^[2]

$ 4,680,505

^[1],[8]

$ 4,680,505

^[4],[7]

Original Acquisition Date

^[2]

May 12, 2023

^[1],[8]

May 12, 2023

^[4],[7]

Sub Total Non-control/Non-affiliate investments [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

276.30%

^[1]

276.50%

^[4]

Fair Value

^[2],[5]

$ 1,016,275,510

^[1]

$ 1,019,774,616

^[4]

Cost

^[2]

$ 1,018,223,820

^[1]

$ 1,035,879,751

^[4]

Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[15]

1.90%

Fair Value

^{[1],[2],[5],[15]}

$ 6,988,800

Cost

^[1],[2],[15]

6,950,096

Principal/ Number of Shares

^[1],[2],[15]

$ 7,000,000

Original Acquisition Date

^[1],[2],[15]

Aug. 18, 2022

Total Corporate Education Software [Member] | ETU Holdings, Inc. One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.50%

^[1],[15]

1.50%

^[4],[11]

Fair Value

^[2],[5]

$ 5,694,822

^[1],[15]

$ 5,454,290

^[4],[11]

Cost

^[2]

6,324,373

^[1],[15]

6,089,408

^[4],[11]

Principal/ Number of Shares

^[2]

$ 6,362,930

^[1],[15]

$ 6,130,483

^[4],[11]

Original Acquisition Date

^[2]

Aug. 18, 2022

^[1],[15]

Aug. 18, 2022

^[4],[11]

Total Corporate Education Software [Member] | ETU Holdings, Inc Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[1],[2],[6],[15]}

0.20%

Fair Value

^{[1],[2],[5],[6],[15]}

$ 813,571

Cost

^{[1],[2],[6],[15]}

3,000,000

Principal/ Number of Shares

^{[1],[2],[6],[15]}

$ 3,000,000

Original Acquisition Date

^{[1],[2],[6],[15]}

Aug. 18, 2022

Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[4],[11]

1.90%

Fair Value

^{[2],[4],[5],[11]}

$ 6,983,200

Cost

^[2],[4],[11]

6,945,060

Principal/ Number of Shares

^[2],[4],[11]

$ 7,000,000

Original Acquisition Date

^[2],[4],[11]

Aug. 18, 2022

Total Corporate Education Software One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

3.60%

^[1]

3.70%

^[3],[4],[11]

Fair Value

^[2],[5]

$ 13,497,193

^[1]

$ 13,599,530

^[3],[4],[11]

Cost

^[2]

$ 16,274,469

^[1]

$ 16,034,468

^[3],[4],[11]

Total Employee Collaboration Software [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

4.20%

^[1]

3.80%

^[4]

Fair Value

^[2],[5]

$ 15,096,163

^[1]

$ 14,149,607

^[4]

Cost

^[2]

$ 10,675,942

^[1]

$ 10,672,947

^[4]

Total Employee Collaboration Software [Member] | Axero Holdings, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.50%

^[1],[15]

1.50%

^[4],[11]

Fair Value

^[2],[5]

$ 5,500,000

^[1],[15]

$ 5,555,000

^[4],[11]

Cost

^[2]

5,471,285

^[1],[15]

5,468,859

^[4],[11]

Principal/ Number of Shares

^[2]

$ 5,500,000

^[1],[15]

$ 5,500,000

^[4],[11]

Original Acquisition Date

^[2]

Jun. 30, 2021

^[1],[15]

Jun. 30, 2021

^[4],[11]

Total Employee Collaboration Software [Member] | Axero Holdings, LLC One [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2],[15]

0.30%

Fair Value

^{[1],[2],[5],[15]}

$ 1,100,000

$ 1,111,000

Cost

^[1],[2],[15]

1,093,439

1,092,870

Principal/ Number of Shares

^[1],[2],[15]

$ 1,100,000

Original Acquisition Date

^[1],[2],[15]

Jun. 30, 2021

Total Employee Collaboration Software [Member] | Axero Holdings, LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

0.00%

^{[1],[2],[8],[15]}

0.00%

Fair Value

^{[1],[2],[8],[15]}

Cost

^{[1],[2],[8],[15]}

Principal/ Number of Shares

^{[1],[2],[8],[15]}

Original Acquisition Date

^{[1],[2],[8],[15]}

Feb. 03, 2022

^[5]

Total Employee Collaboration Software [Member] | Axero Holdings, LLC Three [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

0.80%

^[1],[6],[15]

0.80%

^[3],[4],[11]

Fair Value

^[2],[5]

$ 2,955,000

^[1],[6],[15]

$ 2,877,000

^[3],[4],[11]

Cost

^[2]

2,055,609

^[1],[6],[15]

2,055,609

^[3],[4],[11]

Principal/ Number of Shares

^[2]

$ 2,055,609

^[1],[6],[15]

$ 2,055,609

^[3],[4],[11]

Original Acquisition Date

^[2]

Jun. 30, 2021

^[1],[6],[15]

Jun. 30, 2021

^[3],[4],[11]

Total Employee Collaboration Software [Member] | Axero Holdings, LLC Four [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

1.60%

^[1],[6],[15]

1.20%

^[3],[4],[11]

Fair Value

^[2],[5]

$ 5,541,163

^[1],[6],[15]

$ 4,606,607

^[3],[4],[11]

Cost

^[2]

2,055,609

^[1],[6],[15]

2,055,609

^[3],[4],[11]

Principal/ Number of Shares

^[2]

$ 2,055,609

^[1],[6],[15]

$ 2,055,609

^[3],[4],[11]

Original Acquisition Date

^[2]

Jun. 30, 2021

^[1],[6],[15]

Jun. 30, 2021

^[3],[4],[11]

Sub Total Affiliate investments [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

7.80%

^[1]

7.50%

^[4]

Fair Value

^[2],[5]

$ 28,593,356

^[1]

$ 27,749,137

^[4]

Cost

^[2]

$ 26,950,411

^[1]

$ 26,707,415

^[4]

Structured Finance Securities [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

6.50%

Fair Value

^[1],[2],[5]

$ 24,053,575

Cost

^[1],[2]

$ 40,589,491

Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[1],[2],[12],[16],[19],[20]}

1.20%

Fair Value

^{[1],[2],[5],[12],[16],[19],[20]}

$ 4,424,899

Cost

^{[1],[2],[12],[16],[19],[20]}

19,821,991

Principal/ Number of Shares

^{[1],[2],[12],[16],[19],[20]}

$ 111,000,000

Original Acquisition Date

^{[1],[2],[12],[16],[19],[20]}

Jan. 22, 2008

Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[1],[2],[12],[16]}

2.00%

Fair Value

^{[1],[2],[5],[12],[16]}

$ 7,378,676

Cost

^{[1],[2],[12],[16]}

9,375,000

Principal/ Number of Shares

^{[1],[2],[12],[16]}

$ 9,375,000

Original Acquisition Date

^{[1],[2],[12],[16]}

Aug. 09, 2021

Structured Finance Securities [Member] | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[1],[2],[12],[16]}

3.30%

Fair Value

^{[1],[2],[5],[12],[16]}

$ 12,250,000

Cost

^{[1],[2],[12],[16]}

11,392,500

Principal/ Number of Shares

^{[1],[2],[12],[16]}

$ 12,250,000

Original Acquisition Date

^{[1],[2],[12],[16]}

Oct. 28, 2022

Total Investment Fund [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

6.80%

Fair Value

^[1],[2],[5]

$ 25,222,293

Cost

^[1],[2]

$ 35,202,441

Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[1],[2],[8],[12],[16]}

4.30%

Fair Value

^{[1],[2],[5],[8],[12],[16]}

$ 15,818,297

Cost

^{[1],[2],[8],[12],[16]}

17,618,954

Principal/ Number of Shares

^{[1],[2],[8],[12],[16]}

$ 17,618,954

Original Acquisition Date

^{[1],[2],[8],[12],[16]}

Dec. 17, 2021

Total Investment Fund [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[1],[2],[12],[16]}

6.70%

Fair Value

^{[1],[2],[12],[16]}

$ 24,619,869

Cost

^{[1],[2],[12],[16]}

$ 35,202,439

Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[2],[4],[17],[18]}

2.50%

Fair Value

^{[2],[4],[5],[17],[18]}

$ 9,403,996

Cost

^{[2],[4],[17],[18]}

17,583,487

Principal/ Number of Shares

^{[2],[4],[17],[18]}

$ 17,583,486

Original Acquisition Date

^{[2],[4],[17],[18]}

Dec. 17, 2021

Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC Two [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[12],[16]

2.40%

Fair Value

^{[5],[12],[16]}

$ 8,801,572

Cost

^[12],[16]

17,583,485

Principal/ Number of Shares

^[12],[16]

$ 17,583,486

Original Acquisition Date

^[12],[16]

Dec. 17, 2021

Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[2],[4],[7],[17],[18]}

4.30%

Fair Value

^{[2],[4],[5],[7],[17],[18]}

$ 15,818,297

Cost

^{[2],[4],[7],[17],[18]}

17,618,954

Principal/ Number of Shares

^{[2],[4],[7],[17],[18]}

$ 17,618,954

Original Acquisition Date

^{[2],[4],[7],[17],[18]}

Dec. 17, 2021

Sub Total Control investments [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

13.70%

^[1]

24.70%

^[4]

Fair Value

^[2],[5]

$ 50,690,574

^[1]

$ 91,270,036

^[4]

Cost

^[2]

$ 77,443,726

^[1]

$ 117,196,571

^[4]

TOTAL INVESTMENTS [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2]

297.80%

^[1]

308.70%

^[4]

Fair Value

^[2],[5]

$ 1,095,559,440

^[1]

$ 1,138,793,789

^[4],[6]

Cost

^[2]

$ 1,122,617,957

^[1]

$ 1,179,783,737

^[4]

Total IT Services [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[2],[4]

9.60%

Fair Value

^[2],[4],[5]

$ 35,421,889

Cost

^[2],[4]

$ 39,224,743

Total Structured Finance Securities [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^[1],[2]

8.30%

Fair Value

^[1],[2],[5]

$ 30,625,854

Cost

^[1],[2]

$ 42,769,387

Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[2],[4],[17],[18],[20]}

2.60%

Fair Value

^{[2],[4],[5],[17],[18],[20]}

$ 9,500,627

Cost

^{[2],[4],[17],[18],[20]}

22,001,887

Principal/ Number of Shares

^{[2],[4],[17],[18],[20]}

$ 111,000,000

Original Acquisition Date

^{[2],[4],[17],[18],[20]}

Jan. 22, 2008

Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[2],[4],[17],[18]}

2.40%

Fair Value

^{[2],[4],[5],[17],[18]}

$ 8,875,227

Cost

^{[2],[4],[17],[18]}

9,375,000

Principal/ Number of Shares

^{[2],[4],[17],[18]}

$ 9,375,000

Original Acquisition Date

^{[2],[4],[17],[18]}

Aug. 09, 2021

Total Structured Finance Securities [Member] | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member]

Non-control/Non-affiliate investments - 276.3% (b)

% of Net Assets

^{[2],[4],[17],[18]}

3.30%

Fair Value

^{[2],[4],[5],[17],[18]}

$ 12,250,000

Cost

^{[2],[4],[17],[18]}

11,392,500

Principal/ Number of Shares

^{[2],[4],[17],[18]}

$ 12,250,000

Original Acquisition Date

^{[2],[4],[17],[18]}

Oct. 28, 2022

[1]	Percentages are based on net assets of $367,855,082 as of May 31, 2024.
[2]	Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.
[3]	Non-income producing at February 29, 2024.
[4]	Percentages are based on net assets of $370,224,108 as of February 29, 2024.
[5]	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).
[6]	Non-income producing at May 31, 2024.
[7]	All or a portion of this investment has an unfunded commitment as of February 29, 2024. (See Note 9 to the consolidated financial statements).
[8]	All or a portion of this investment has an unfunded commitment as of May 31, 2024. (See Note 9 to the consolidated financial statements).
[9]	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).
[10]	Includes securities issued by an affiliate of the company.
[11]	As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Modis Dental Partners OpCo, LLC and Alpha Aesthetics Partners OpCo, LLC are no longer affiliates as of February 29, 2024. Transactions during the year ended February 29, 2024 in which the issuer was an affiliate are as follows:
[12]	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 three months ended May 31, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:
[13]	As of May 31, 2024, the investment was on non-accrual status. The fair value of these investments was approximately $17.1 million, which represented 1.6% of the Company’s portfolio (see Note 2 to the consolidated financial statements).
[14]	As of February 29, 2024, the investment was on non-accrual status. The fair value of these investments was approximately $18.9 million, which represented 1.7% of the Company’s portfolio (see Note 2 to the consolidated financial statements).
[15]	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, 2024 in which the issuer was an affiliate are as follows:
[16]	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, 2024, non-qualifying assets represent 4.4% 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.
[17]	Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of February 29, 2024, non-qualifying assets represent 6.2% of the Company’s portfolio at fair value. As a BDC, the Company generally has to invest at least 70% of its total assets in qualifying assets.
[18]	As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended February 29, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:
[19]	Interest rate floor is 0.0% and cannot be negative.
[20]	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.

Consolidated Statements of Assets and Liabilities - USD ($)	May 31, 2024	Feb. 29, 2024
Investments at fair value
Non-control/Non-affiliate investments (amortized cost of $1,018,223,820 and $1,035,879,751, respectively)	$ 1,016,275,510	$ 1,019,774,616
Affiliate investments (amortized cost of $26,950,411 and $26,707,415, respectively)	28,593,356	27,749,137
Control investments (amortized cost of $77,443,726 and $117,196,571, respectively)	50,690,574	91,270,036
Total investments at fair value (amortized cost of $1,122,617,957 and $1,179,783,737, respectively)	1,095,559,440	1,138,793,789
Cash and cash equivalents	32,228,082	8,692,846
Cash and cash equivalents, reserve accounts	61,068,835	31,814,278
Interest receivable (net of reserve of $10,431,823 and $9,490,340, respectively)	9,618,449	10,298,998
Management fee receivable	335,056	343,023
Other assets	1,686,122	1,163,225
Current income tax receivable	15,431	99,676
Receivable from open trade	1,269,231
Total assets	1,201,780,646	1,191,205,835
LIABILITIES
Revolving credit facilities	45,500,000	35,000,000
Base management and incentive fees payable	8,567,315	8,147,217
Deferred tax liability	4,136,772	3,791,150
Accounts payable and accrued expenses	1,324,378	1,337,542
Interest and debt fees payable	4,935,426	3,582,173
Due to Manager	370,091	450,000
Total liabilities	833,925,564	820,981,727
Commitments and contingencies (See Note 9)
NET ASSETS
Common stock, par value $0.001, 100,000,000 common shares authorized, 13,698,966 and 13,653,476 common shares issued and outstanding, respectively	13,699	13,654
Capital in excess of par value	372,068,726	371,081,199
Total distributable deficit	(4,227,343)	(870,745)
Total net assets	367,855,082	370,224,108
Total liabilities and net assets	$ 1,201,780,646	$ 1,191,205,835
NET ASSET VALUE PER SHARE (in Dollars per share)	$ 26.85	$ 27.12
Debentures payable
LIABILITIES
Deferred debt financing costs	$ (5,543,363)	$ (5,779,892)
Notes Payable	214,000,000	214,000,000
8.75% Notes Payable 2025
LIABILITIES
Deferred debt financing costs	(3,667)	(4,777)
Discount on notes payable	(87,537)	(112,894)
Notes Payable	20,000,000	20,000,000
7.00% Notes Payable 2025
LIABILITIES
Deferred debt financing costs	(20,211)	(24,210)
Discount on notes payable	(162,963)	(193,175)
Notes Payable	12,000,000	12,000,000
7.75% Notes Payable 2025
LIABILITIES
Deferred debt financing costs	(60,707)	(74,531)
Notes Payable	5,000,000	5,000,000
4.375% Notes Payable 2026
LIABILITIES
Deferred debt financing costs	(1,495,746)	(1,708,104)
Premium on 4.375% notes payable 2026	502,419	564,260
Notes Payable	175,000,000	175,000,000
4.35% Notes Payable 2027
LIABILITIES
Deferred debt financing costs	(946,373)	(1,033,178)
Discount on notes payable	(283,594)	(313,010)
Notes Payable	75,000,000	75,000,000
6.25% Notes Payable 2027
LIABILITIES
Deferred debt financing costs	(255,476)	(273,449)
Notes Payable	15,000,000	15,000,000
6.00% Notes Payable 2027
LIABILITIES
Deferred debt financing costs	(2,047,886)	(2,224,403)
Discount on notes payable	(114,881)	(123,782)
Notes Payable	105,500,000	105,500,000
8.00% Notes Payable 2027
LIABILITIES
Deferred debt financing costs	(1,186,999)	(1,274,455)
Notes Payable	46,000,000	46,000,000
8.125% Notes Payable 2027
LIABILITIES
Deferred debt financing costs	(1,460,917)	(1,563,594)
Notes Payable	60,375,000	60,375,000
8.50% Notes Payable 2028
LIABILITIES
Deferred debt financing costs	(1,577,477)	(1,680,039)
Notes Payable	57,500,000	57,500,000
Revolving credit facility
LIABILITIES
Deferred debt financing costs	$ (1,538,040)	$ (882,122)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	May 31, 2024	May 31, 2023
Income Taxes [Line Items]
Owned percentage	100.00%
U.S. federal tax percentage	21.00%
Deferred tax assets	$ 2,900
Deferred tax expense (benefit)	500	$ 60
Income tax provision/benefit	0	0
Operating expense	$ 60	$ 10

Agreements and Related Party Transactions (Details) - USD ($)					1 Months Ended		3 Months Ended
	Aug. 01, 2024	May 31, 2024	Feb. 29, 2024	Aug. 11, 2021	Feb. 26, 2021	Jul. 30, 2010	May 31, 2024	Feb. 29, 2024	Nov. 30, 2023	May 31, 2023	Oct. 28, 2022	Nov. 30, 2021	Oct. 26, 2021	Aug. 09, 2021	Dec. 14, 2018	Jul. 13, 2018
Agreements and Related Party Transactions [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, the Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. The Manager will receive 100% 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% 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%
Management fee							$ 5,000,000			$ 4,600,000
Incentive fees							1,200,000
Incentive fees capital							0			3,100,000
Accrued management fees		$ 5,000,000					5,000,000
Accrued incentive fees		3,600,000					3,600,000
Administrator expenses							400,000			500,000
Upsized from assets		50,690,574	$ 91,270,036				50,690,574	$ 91,270,036							$ 500,000,000
Aggregate principal amount											$ 402,100,000
Net realized loss from investments							(21,194,997)	2,327	$ 60,565	90,691
Interest income							400,000			200,000
Voting interest percentage													50.00%
Dividend income		0	$ 0				1,300,000			1,800,000
Dividend receivable		0					$ 0			0
Share percentage							87.50%
Price per share (in Dollars per share)																$ 25
Maximum [Member]
Agreements and Related Party Transactions [Line Items]
Management fee								5,000,000
Minimum [Member]
Agreements and Related Party Transactions [Line Items]
Incentive fees accrual								$ 3,200,000
Minimum [Member] \| Unsecured Debt [Member]
Agreements and Related Party Transactions [Line Items]
Unsecured loan		15,800,000					$ 15,800,000
Management Agreement [Member]
Agreements and Related Party Transactions [Line Items]
Incentive fee capital gains percentage							20.00%
Administration Agreement [Member]
Agreements and Related Party Transactions [Line Items]
Expenses payable						$ 1,000,000
Reimbursement of expenses							$ 1,100,000			800,000
Administration Agreement [Member] \| Minimum [Member]
Agreements and Related Party Transactions [Line Items]
Reimbursement of expenses	$ 4,300,000
Saratoga CLO [Member]
Agreements and Related Party Transactions [Line Items]
Incentive fees							1,200,000
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
Interest income							0			0
Saratoga CLO [Member] \| Maximum [Member]
Agreements and Related Party Transactions [Line Items]
Upsized from assets					650,000,000
Saratoga CLO [Member] \| Minimum [Member]
Agreements and Related Party Transactions [Line Items]
Upsized from assets					500,000,000
Class F-R-3 Notes Tranche [Member]
Agreements and Related Party Transactions [Line Items]
Aggregate principal amount					17,900,000
Class F-R-2 Notes Tranche [Member]
Agreements and Related Party Transactions [Line Items]
Aggregate principal amount					2,500,000
Class G-R-2 Notes Tranche [Member]
Agreements and Related Party Transactions [Line Items]
Aggregate principal amount					7,500,000
SLF JV [Member] \| Fair Value [Member]
Agreements and Related Party Transactions [Line Items]
Investment fair value		24,600,000					24,600,000
Pre-Incentive Fee [Member]
Agreements and Related Party Transactions [Line Items]
Incentive fees							3,600,000			3,200,000
Class F-R-3 Notes [Member]
Agreements and Related Party Transactions [Line Items]
Aggregate principal amount														$ 17,900,000
Class F-1-R-3 Notes [Member]
Agreements and Related Party Transactions [Line Items]
Aggregate principal amount														8,500,000
Net realized loss from investments				$ 100,000
Class F-2-R-3 Notes [Member]
Agreements and Related Party Transactions [Line Items]
Aggregate principal amount														$ 9,400,000
Class F-2-R-3 Notes [Member] \| Saratoga CLO [Member]
Agreements and Related Party Transactions [Line Items]
Interest income							800,000			800,000
SLF JV [Member]
Agreements and Related Party Transactions [Line Items]
Membership Interest		$ 8,800,000					$ 8,800,000
Price per share (in Dollars per share)		$ 12,250,000					$ 12,250,000
SLF JV One [Member]
Agreements and Related Party Transactions [Line Items]
Interest income										500,000
SLF JV One [Member] \| Interest Receivable [Member]
Agreements and Related Party Transactions [Line Items]
Interest income							$ 200,000			$ 200,000
Warehouse [Member]
Agreements and Related Party Transactions [Line Items]
Repaid loan					$ 25,000,000

Investments (Details) - Schedule of Reconciliation of the Beginning and Ending Balances for Investments - USD ($)	3 Months Ended
	May 31, 2024	May 31, 2023
Investments (Details) - Schedule of Reconciliation of the Beginning and Ending Balances for Investments [Line Items]
Beginning Balance	$ 1,129,390	$ 959,483
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	9,997	(10,918)
Payment-in-kind and other adjustments to cost	(383)	(1,474)
Net accretion of discount on investments	814	461
Net change in unrealized appreciation (depreciation) on investments	14,534	(10,963)
Purchases	39,300	139,819
Sales and repayments	(75,703)	(11,067)
Net realized gain (loss) from investments	(21,195)	91
Ending Balance	1,086,757	1,076,350
First lien term loans [Member]
Investments (Details) - Schedule of Reconciliation of the Beginning and Ending Balances for Investments [Line Items]
Beginning Balance	976,423	798,534
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	14,874	(2,153)
Payment-in-kind and other adjustments to cost	1,565	203
Net accretion of discount on investments	811	458
Net change in unrealized appreciation (depreciation) on investments	15,575	(2,198)
Purchases	38,975	131,660
Sales and repayments	(73,442)	(11,067)
Net realized gain (loss) from investments	(14,862)
Ending Balance	945,045	917,590
Second lien term loans [Member]
Investments (Details) - Schedule of Reconciliation of the Beginning and Ending Balances for Investments [Line Items]
Beginning Balance	18,097	14,936
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	55	46
Payment-in-kind and other adjustments to cost	232	200
Net accretion of discount on investments	3	3
Net change in unrealized appreciation (depreciation) on investments	55	46
Purchases
Sales and repayments
Net realized gain (loss) from investments
Ending Balance	18,387	15,185
Unsecured term loans [Member]
Investments (Details) - Schedule of Reconciliation of the Beginning and Ending Balances for Investments [Line Items]
Beginning Balance	15,818	20,661
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		83
Payment-in-kind and other adjustments to cost
Net accretion of discount on investments
Net change in unrealized appreciation (depreciation) on investments		83
Purchases
Sales and repayments
Net realized gain (loss) from investments
Ending Balance	15,818	20,744
Structured finance securities [Member]
Investments (Details) - Schedule of Reconciliation of the Beginning and Ending Balances for Investments [Line Items]
Beginning Balance	30,626	41,362
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	(4,392)	(5,670)
Payment-in-kind and other adjustments to cost	(2,180)	(1,786)
Net accretion of discount on investments
Net change in unrealized appreciation (depreciation) on investments	(4,392)	(5,670)
Purchases
Sales and repayments
Net realized gain (loss) from investments
Ending Balance	24,054	33,906
Equity interests [Member]
Investments (Details) - Schedule of Reconciliation of the Beginning and Ending Balances for Investments [Line Items]
Beginning Balance	88,426	83,990
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	(540)	(3,224)
Payment-in-kind and other adjustments to cost		(91)
Net accretion of discount on investments
Net change in unrealized appreciation (depreciation) on investments	3,296	(3,224)
Purchases	325	8,159
Sales and repayments	(2,261)
Net realized gain (loss) from investments	(6,333)	91
Ending Balance	$ 83,453	$ 88,925

Commitments and Contingencies (Details) - Schedule of Unfunded Commitments Outstanding - USD ($) $ in Thousands	May 31, 2024	Feb. 29, 2024
At Company’s discretion
Off balance sheet arrangements	$ 130,675	$ 132,429
At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	84,084	77,696
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Alpha Aesthetics Partners OpCo, LLC [Member]
At Company’s discretion
Off balance sheet arrangements	3,903	6,500
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| ARC Health OpCo LLC [Member]
At Company’s discretion
Off balance sheet arrangements		2,585
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Axero Holdings, LLC - Revolver [Member]
At Company’s discretion
Off balance sheet arrangements	500	500
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Axiom Medical Consulting, LLC [Member]
At Company’s discretion
Off balance sheet arrangements	2,000	2,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| BQE Software, Inc. [Member]
At Company’s discretion
Off balance sheet arrangements	3,250	3,250
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| C2 Educational Systems, Inc.[Member]
At Company’s discretion
Off balance sheet arrangements		3,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Davisware, LLC [Member]
At Company’s discretion
Off balance sheet arrangements		750
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Exigo, LLC - Revolver [Member]
At Company’s discretion
Off balance sheet arrangements	625	1,042
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Gen4 Dental Partners Holdings, LLC [Member]
At Company’s discretion
Off balance sheet arrangements	2,857
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| GoReact [Member]
At Company’s discretion
Off balance sheet arrangements	1,000	2,500
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Granite Comfort, LP [Member]
At Company’s discretion
Off balance sheet arrangements	11,637	11,637
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Inspect Point Holding, LLC [Member]
At Company’s discretion
Off balance sheet arrangements	1,500	1,500
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Pepper Palace, Inc. - Revolver [Member]
At Company’s discretion
Off balance sheet arrangements	2,500	2,500
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Stretch Zone Franchising, LLC [Member]
At Company’s discretion
Off balance sheet arrangements	1,500	1,500
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| VetnCare MSO, LLC [Member]
At Company’s discretion
Off balance sheet arrangements	15,319	15,319
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Zollege PBC [Member]
At Company’s discretion
Off balance sheet arrangements		150
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Defined Benefit Plan Portfolio [Member]
At Company’s discretion
Off balance sheet arrangements	46,591	54,733
ActiveProspect, Inc.[Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	10,000	10,000
Artemis Wax Corp. [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	23,500	23,500
Ascend Software, LLC [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	5,000	5,000
C2 Educational Systems, Inc.[Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	2,000
Granite Comfort, LP [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	750	750
JDXpert [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	5,000	5,000
LFR Chicken LLC [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	10,000
Pepper Palace, Inc. [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	1,286	1,898
Procurement Partners, LLC [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	4,250	4,250
Saratoga Senior Loan Fund I JV, LLC [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	8,548	8,548
Sceptre Hospitality Resources, LLC [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements		5,000
Stretch Zone Franchising, LLC [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	3,750	3,750
VetnCare MSO, LLC [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	$ 10,000	$ 10,000

Earnings Per Share

3 Months Ended

May 31, 2024

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, 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, 2024 and May 31, 2023 (dollars in thousands except share and per share amounts):

	For the three months ended
Basic and Diluted	May 31, 2024		May 31, 2023
Net increase (decrease) in net assets resulting from operations	$	6,610	$	(213	)
Weighted average common shares outstanding		13,683,314		11,862,163
Weighted average earnings (loss) per common share	$	0.48	$	(0.02	)

Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of Cash and Cash Equivalents and Cash and Cash Equivalents - USD ($)	May 31, 2024	Feb. 29, 2024	May 31, 2023	Feb. 28, 2023
Schedule of Reconciliation of Cash and Cash Equivalents and Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 32,228,082	$ 8,692,846
Cash and cash equivalents, reserve accounts	61,068,835	31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$ 93,296,917	$ 40,507,124	$ 53,153,165	$ 96,076,273

Financial Highlights (Details) - Schedule of Financial Highlights - USD ($)

3 Months Ended

May 31, 2024

May 31, 2023

Feb. 29, 2024

Investment Company, Financial Highlights [Line Items]

Net asset value at beginning of period

$ 27.12

$ 29.18

Net investment income

^[1]

1.05

1.35

Net realized and unrealized gain and losses on investments

^[1]

(0.57)

(1.36)

Net increase in net assets resulting from operations

0.48

(0.01)

Distributions declared from net investment income

(0.73)

(0.69)

Total distributions to stockholders

(0.73)

(0.69)

Issuance of common stock at net asset value

^[2]

Capital contribution from Manager for the issuance of common stock

Repurchases of common stock

^[3]

0.04

Dilution

^[4]

(0.02)

(0.04)

Net asset value at end of period

$ 26.85

$ 28.48

Net assets at end of period (in Dollars)

$ 367,855,082

$ 337,450,848

Shares outstanding at end of period (in Shares)

13,698,966

11,847,742

13,653,476

Per share market value at end of period

$ 23.74

$ 28.1

Total return based on market value

^[5],[6]

3.93%

5.04%

Total return based on net asset value

^[5],[7]

2.33%

0.52%

Ratio/Supplemental data:

Ratio of net investment income to average net assets

^[8]

18.29%

18.64%

Expenses:

Ratios of operating expenses and income taxes to average net assets

^[9],[10]

8.51%

7.98%

Ratio of incentive management fees to average net assets

^[5]

0.97%

0.03%

Ratio of interest and debt financing expenses to average net assets

^[10]

13.93%

13.59%

Ratio of total expenses and income taxes to average net assets

^[8],[9]

23.41%

21.60%

Portfolio turnover rate

^[5],[11]

3.52%

1.09%

Asset coverage ratio per unit (in Dollars)

^[12]

$ 1,596

$ 1,557

Average market value per unit

Revolving Credit Facility

^[13]

SBA Debentures Payable

^[13]

8.75% Notes Payable 2024 [Member]

Average market value per unit

Average market value per unit

^[13]

7.00% Notes Payable 2025 [Member]

Average market value per unit

Average market value per unit

^[13]

7.25% Notes Payable 2025 [Member]

Average market value per unit

Average market value per unit

^[14]

7.75% Notes Payable 2025 [Member]

Average market value per unit

Average market value per unit

^[13]

4.375% Notes Payable [Member]

Average market value per unit

Average market value per unit

^[13]

4.35% Notes Payable [Member]

Average market value per unit

Average market value per unit

^[13]

6.00% Notes Payable 2027 [Member]

Average market value per unit

Average market value per unit

24.14

23.24

6.25% Notes Payable 2027 [Member]

Average market value per unit

Average market value per unit

^[13]

8.00% Notes Payable 2027 [Member]

Average market value per unit

Average market value per unit

25.09

24.86

8.125% Notes Payable 2027 [Member]

Average market value per unit

Average market value per unit

25.21

24.88

8.50% Notes Payable 2028 [Member]

Average market value per unit

Average market value per unit

$ 25.35

$ 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 decrease 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 less than NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period.
[3]	Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11. Stockholders’ Equity.
[4]	Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13. Dividend.
[5]	Ratios are not annualized.
[6]	Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
[7]	Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
[8]	Ratios are annualized. Incentive management fees included within the ratio are not annualized.
[9]	Certain prior period amounts have been reclassified to conform to current period presentation.
[10]	Ratios are annualized.
[11]	Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value.
[12]	Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage.
[13]	The Revolving Credit Facilities, SBA Debentures, 8.75% Notes Payable 2025, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading.
[14]	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE.

Commitments and Contingencies (Tables)

3 Months Ended

May 31, 2024

Commitments and Contingencies [Abstract]

Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations

The following table shows our payment obligations for repayment of debt and other contractual obligations at May 31, 2024:

			Payment Due by Period
			Less Than		1 - 3		3 - 5		More Than
Long-Term Debt Obligations	Total		1 Year		Years		Years		5 Years
					($ in thousands)
Encina credit facility	$	32,500	$	-	$	32,500	$	-	$	-
Live Oak credit facility		13,000		-		13,000		-		-
SBA debentures		214,000		-		-		-		214,000
8.75% 2025 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	$	830,875	$	20,000	$	312,500	$	284,375	$	214,000

Schedule of Unfunded Commitments Outstanding

A summary of the unfunded commitments outstanding as of May 31, 2024 and February 29, 2024 is shown in the table below (dollars in thousands):

	May 31, 2024		February 29, 2024
At Company’s discretion
ActiveProspect, Inc.	$	10,000	$	10,000
Artemis Wax Corp.		23,500		23,500
Ascend Software, LLC		5,000		5,000
C2 Educational Systems		2,000
Granite Comfort, LP		750		750
JDXpert		5,000		5,000
LFR Chicken LLC		10,000		-
Pepper Palace, Inc.		1,286		1,898
Procurement Partners, LLC		4,250		4,250
Saratoga Senior Loan Fund I JV, LLC		8,548		8,548
Sceptre Hospitality Resources, LLC		-		5,000
Stretch Zone Franchising, LLC		3,750		3,750
VetnCare MSO, LLC		10,000		10,000
Total	$	84,084	$	77,696

At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
Alpha Aesthetics Partners OpCo, LLC	$	3,903	$	6,500
ARC Health OpCo LLC		-		2,585
Axero Holdings, LLC - Revolver		500		500
Axiom Medical Consulting, LLC		2,000		2,000
BQE Software, Inc.		3,250		3,250
C2 Educational Systems		-		3,000
Davisware, LLC		-		750
Exigo, LLC - Revolver		625		1,042
Gen4 Dental Partners Holdings, LLC		2,857		-
GoReact		1,000		2,500
Granite Comfort, LP		11,637		11,637
Inspect Point Holding, LLC		1,500		1,500
Pepper Palace, Inc. - Revolver		2,500		2,500
Stretch Zone Franchising, LLC		1,500		1,500
VetnCare MSO, LLC		15,319		15,319
Zollege PBC		-		150
		46,591		54,733
Total	$	130,675	$	132,429

Investments

3 Months Ended

May 31, 2024

Saratoga Investment Corp. [Member]

Investments [Line Items]

Investments

Note 3. Investments

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

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

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

●

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

●

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

●

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

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

The following table presents fair value measurements of investments, by major class, as of May 31, 2024 (dollars in thousands), according to the fair value hierarchy:

							Valued Using
	Fair Value Measurements						Net Asset
	Level 1		Level 2		Level 3		Value*		Total
First lien term loans	$	-	$	-	$	945,045	$	-	$	945,045
Second lien term loans		-		-		18,387		-		18,387
Unsecured term loans		-		-		15,818		-		15,818
Structured finance securities		-		-		24,054		-		24,054
Equity interests		-		-		83,453		8,802		92,255
Total	$	-	$	-	$	1,086,757	$	8,802	$	1,095,559

The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique.

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

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

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2024 (dollars in thousands):

	First lien term loans			Second lien term loans		Unsecured term loans		Structured finance securities			Equity interests			Total
Balance as of February 29, 2024	$	976,423		$	18,097	$	15,818	$	30,626		$	88,426		$	1,129,390
Payment-in-kind and other adjustments to cost		1,565			232		-		(2,180	)		-			(383	)
Net accretion of discount on investments		811			3		-		-			-			814
Net change in unrealized appreciation (depreciation) on investments		15,575			55		-		(4,392	)		3,296			14,534
Purchases		38,975			-		-		-			325			39,300
Sales and repayments		(73,442	)		-		-		-			(2,261	)		(75,703	)
Net realized gain (loss) from investments		(14,862	)		-		-		-			(6,333	)		(21,195	)
Balance as of May 31, 2024	$	945,045		$	18,387	$	15,818	$	24,054		$	83,453		$	1,086,757
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	$	14,874		$	55	$	-	$	(4,392	)	$	(540	)	$	9,997

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, 2024.

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 year 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	)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2024 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

945,045

Market Comparables

Market Yield (%)

10.9% - 15.0%

12.9%

Revenue Multiples (x)

3.5x - 4.6x

4.3x

EBITDA Multiples (x)

3.8x - 12.5x

9.9x

Second lien term loans

18,387

Market Comparables

Market Yield (%)

19.0% - 40.5%

33.8%

Third-party Bid (x)

15.1x - 15.1x

15.1x

EBITDA Multiples (x)

7.0x - 7.0x

7.0x

Unsecured term loans

15,818

Discounted Cash Flow

Discount Rate (%)

10.5%

Structured finance securities

24,054

Discounted Cash Flow

Discount Rate (%)

8.5% - 40.0%

18.8%

Recovery Rate (%)

70.0%

Prepayment Rate (%)

20.0%

Default Rate (%)

2.0%

Equity interests

83,453

Enterprise Value Waterfall

Revenue Multiples (x)

1.3x - 10.4x

6.6x

EBITDA Multiples (x)

3.8x - 20.4x

10.8x

Total

1,086,757

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

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

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

976,423

Market Comparables

Market Yield (%)

10.6% - 17.2%

13.0%

Revenue Multiples (x)

4.6x - 9.4x

6.6x

EBITDA Multiples (x)

5.0x - 6.0x

5.6x

Third-party bid (x)

3.9x - 4.2x

4.0x

Second lien term loans

18,097

Market Comparables

Market Yield (%)

19.0% - 28.3%

25.5%

EBITDA Multiples (x)

7.0x

Third-party bid (x)

29.7x

Unsecured term loans

15,818

Discounted Cash Flow

Discount Rate (%)

10.5%

Structured finance securities

30,626

Discounted Cash Flow

Discount Rate (%)

8.5% - 22.0%

15.1%

Recovery Rate (%)

35.0% - 70.0%

70.0%

Prepayment Rate (%)

20.0%

Equity interests

88,426

Enterprise Value Waterfall

EBITDA Multiples (x)

4.7x - 20.4x

10.4x

Revenue Multiples (x)

1.3x - 10.4x

6.3x

Third-party bid (x)

3.9x

Total

1,129,390

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

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

The composition of our investments as of May 31, 2024 at amortized cost and fair value was as follows (dollars in thousands):

	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
First lien term loans	$	972,726		86.6	%	$	945,045		86.3	%
Second lien term loans		22,203		2.0			18,387		1.7
Unsecured term loans		17,619		1.6			15,818		1.4
Structured finance securities		40,589		3.6			24,054		2.2
Equity interests		69,481		6.2			92,255		8.4
Total	$	1,122,618		100.0	%	$	1,095,559		100.0	%

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

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

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

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

The Company’s investments in Saratoga CLO and SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO and SLF 2022, when available, as determined by the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of the investment in Saratoga CLO and SLF 2022. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. The Company ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 structure, including capital structure, cost of liabilities and reinvestment period. The Company uses the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in Saratoga CLO and SLF 2022 at May 31, 2024. The inputs at May 31, 2024 for the valuation model include:

●

Default rate: 2.0%

●

Recovery rate: 35%-70%

●

Discount rate: 8.5%-40.0%

●

Prepayment rate: 20.0%

●

Reinvestment rate / price: S+365bps / $99.00

The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV of SLF JV, or equivalent, as practical expedient.

Investment Concentration

Set forth is a brief description of each portfolio company in which the fair value of the Company’s investment represents greater than 5% of the Company’s total assets as of May 31, 2024, 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).

Invita (fka HemaTerra Holdings Company, LLC)

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

Artemis Wax Corp.

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

Granite Comfort, LP

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

Saratoga CLO [Member]

Investments [Line Items]

Investments

Note 4. Investment in Saratoga CLO

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

On December 14, 2018, the Company completed a third refinancing and upsize of the Saratoga CLO (the “2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030. Following this refinancing, the Saratoga CLO portfolio increased its aggregate principal amount from approximately $300.0 million to approximately $500.0 million of predominantly senior secured first lien term loans.

On February 11, 2020, the Company entered into an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (“CLO 2013-1 Warehouse 2”), a wholly owned subsidiary of Saratoga CLO. During the fourth quarter ended February 28, 2021, the CLO 2013-1 Warehouse 2 Ltd. was repaid in full.

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

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

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

For the three months ended May 31, 2024 and May 31, 2023, the Company accrued management fee income of $0.8 million and $0.8 million, respectively, and interest income of $0.0 million and $0.0 million, respectively, from the subordinated notes of Saratoga CLO.

As of May 31, 2024, the aggregate principal amounts of the Company’s investments in the subordinated notes and Class F-2-R-3 Notes of the Saratoga CLO was $111.0 million and $9.4 million, respectively, which had a corresponding fair value of $4.4 million and $7.4 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, 2024, Saratoga CLO had investments with a principal balance of $615.1 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, 2024, the present value of the projected future cash flows of the subordinated notes was approximately $4.4 million, using a 40% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 million, which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021; to date, the Company has received distributions of $86.8 million, management fees of $36.0 million and incentive fees of $1.2 million.

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

Below is certain financial information from the separate financial statements of Saratoga CLO as of May 31, 2024 (unaudited) and February 29, 2024 and for the three months ended May 31, 2024 (unaudited) and May 31, 2023 (unaudited).

	May 31, 2024			February 29, 2024
	(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $604,425,866 and $629,345,724, respectively)	$	585,005,607		$	606,531,189
Equities at fair value (amortized cost of $2,320,093 and $1,649,986, respectively)		1,239,367			1,020,585
Total investments at fair value (amortized cost of $606,745,959 and $630,995,710, respectively)		586,244,974			607,551,774
Cash and cash equivalents		26,949,110			12,104,832
Receivable from open trades		1,690,146			2,865,174
Interest receivable (net of reserve of $293,014 and $615,604, respectively)		3,621,592			3,402,471
Due from affiliate		232			3,953
Prepaid expenses and other assets		100,353			205,400
Total assets	$	618,606,407		$	626,133,604

LIABILITIES
Interest payable	$	5,176,046		$	5,043,712
Payable from open trades		2,434,855			10,519,573
Accrued base management fee		67,011			68,605
Accrued subordinated management fee		268,045			274,418
Accounts payable and accrued expenses		134,607			84,199
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		(214,034	)		(220,100	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(2,223,576	)		(2,286,598	)
Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes		8,500,000			8,500,000
Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes		9,375,000			9,375,000
Deferred debt financing costs		(1,659,761	)		(1,707,224	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(35,168,230	)		(36,164,988	)
Total liabilities		690,814,963			697,611,597
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)		(72,208,806	)		(71,478,243	)
Total net deficit		(72,208,556	)		(71,477,993	)
Total liabilities and net assets	$	618,606,407		$	626,133,604

	For the three months ended
	May 31, 2024			May 31, 2023
INVESTMENT INCOME
Total interest from investments	$	16,074,172		$	14,977,479
Interest from cash and cash equivalents		233,498			185,044
Other income		634,769			254,074
Total investment income		16,942,439			15,416,597

EXPENSES
Interest and debt financing expenses		15,186,421			13,924,131
Base management fee		160,891			163,358
Subordinated management fee		643,564			653,430
Professional fees		58,805			39,526
Trustee expenses		62,205			62,494
Other expense		105,538			70,996
Total expenses		16,217,424			14,913,935
NET INVESTMENT INCOME (LOSS)		725,015			502,662

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(4,398,529	)		(2,108,567	)
Net change in unrealized depreciation on investments		2,942,951			(10,337,238	)
Net realized and unrealized gain (loss) on investments		(1,455,578	)		(12,445,805	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(730,563	)	$	(11,943,143	)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												15,981	$	-	$	30,044
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Common Stock	Equity												23,799		660,422		660,422
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Warrants	Equity												349		9,685		9,685
Envision Parent Inc	Healthcare & Pharmaceuticals	Common Stock	Equity												4,410		175,000		33,075
Envision Parent Inc	Healthcare & Pharmaceuticals	Warrants	Equity												92,837		-		-
Instant Brands Litigation Trust Interests	Consumer goods: Durable	Warrants	Equity												8,572		-		42,861
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity												86,398		-		-
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												24,320		1,034,581		97,280
URS TOPCO LLC	Transportation: Cargo	Common Stock	Equity												25,330		440,405		366,000
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B (09/23)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	9/20/2030	$	1,443,881		1,424,662		1,444,430
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.67	%	2/7/2029		2,467,368		2,381,531		2,450,911
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25	%		0.00	%		10.58	%	7/8/2028		3,066,073		2,780,554		3,047,676
Adtalem Global Education Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.83	%	8/12/2028		582,329		578,746		583,301
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		11.09	%	5/9/2025		2,298,063		2,295,013		1,723,547
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.30	%	5/1/2030		2,170,507		2,155,587		2,166,448
AHEAD DB Holdings, LLC	Services: Business	Term Loan (04/21)	Loan	3M USD SOFR+	3.75	%		0.75	%		9.06	%	2/1/2031		2,917,500		2,853,359		2,929,345
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.83	%	3/21/2031		1,000,000		997,507		1,004,580
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan (04/21)	Loan	1M USD SOFR+	4.75	%		0.75	%		10.17	%	4/6/2028		2,468,354		2,335,840		2,471,440
Alchemy US Holdco 1, LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	7.32	%		0.00	%		7.42	%	10/10/2025		1,654,803		1,648,832		1,648,598
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	2/4/2028		242,500		242,320		243,198

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
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	3/12/2026		2,099,167		2,091,130		2,099,167
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%		0.00	%		10.96	%	2/10/2027		4,337,771		4,319,775		3,632,883
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.82	%	11/6/2030		801,032		800,942		804,003
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%		0.50	%		9.18	%	5/12/2028		1,950,000		1,944,391		1,949,669
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B Add-on	Loan	1M USD SOFR+	3.75	%		0.00	%		9.07	%	5/31/2030		250,000		250,000		251,720
Altisource Solutions S.a r.l. (c)	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.41	%	4/30/2025		1,121,235		1,121,238		644,710
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan (01/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	1/29/2028		485,000		483,771		485,538
Amer Sports Oyj (MASCOT BIDCO OY)	Consumer goods: Durable	USD Term Loan B (01/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		8.58	%	2/7/2031		500,000		497,766		502,500
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.32	%	12/13/2029		480,000		467,963		481,949
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+	5.75	%		0.00	%		11.08	%	10/23/2029		2,982,733		2,981,325		2,998,899
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.18	%	3/3/2028		1,357,439		1,356,194		1,328,729
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD SOFR+	2.25	%		0.75	%		7.69	%	2/17/2028		1,935,032		1,920,416		1,938,631
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		9.32	%	8/11/2025		945,000		944,009		645,558
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan (4/24)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.08	%	7/18/2029		1,954,167		1,935,669		1,961,144
ANI Pharmaceuticals, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.00	%		0.75	%		11.44	%	11/19/2027		2,932,500		2,897,359		2,947,163
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	9/1/2027		1,750,000		1,734,306		1,601,250
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	9/1/2027		500,000		495,523		472,750
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	3M USD SOFR+	5.00	%		0.50	%		10.32	%	7/26/2028		493,750		468,345		494,984

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
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	5/15/2026		2,901,015		2,884,650		2,850,102
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	3/6/2028		970,000		964,229		936,050
AppLovin Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.83	%	8/19/2030		969,617		969,617		972,158
AppLovin Corporation	High Tech Industries	Term Loan B (3/24)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.83	%	10/25/2028		1,473,750		1,471,784		1,479,896
AqGen Ascensus, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	8/2/2028		498,692		495,303		498,692
Aramark Services, Inc.	Services: Consumer	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.19	%	1/15/2027		2,331,250		2,296,034		2,331,250
Aramark Services, Inc.	Services: Consumer	Term Loan B7 (03/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	4/6/2028		1,753,715		1,748,960		1,756,346
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	9/23/2028		978,774		976,519		978,774
ARCIS GOLF LLC	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	11/24/2028		496,735		492,460		499,219
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B 2	Loan	1M USD SOFR+	4.00	%		0.00	%		9.33	%	8/9/2030		2,636,078		2,621,595		2,648,019
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term loan	Loan	1M USD SOFR+	4.25	%		0.00	%		9.57	%	12/23/2030		900,000		891,571		906,750
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B5 (02/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	2/14/2031		1,300,000		1,298,420		1,309,646
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+	4.00	%		0.00	%		9.43	%	8/19/2028		1,970,000		1,894,696		1,945,651
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD SOFR+	3.25	%		0.00	%		8.69	%	12/18/2026		2,927,041		2,922,738		2,905,088
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.58	%	2/15/2029		1,313,828		1,310,158		1,310,176
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+	2.00	%		0.00	%		7.32	%	6/22/2028		1,480,041		1,429,166		1,484,022
Axalta Coating Systems Dutch Holding B B.V.	Chemicals, Plastics, & Rubber	Term Loan B6 (03/24)	Loan	3M USD SOFR+	2.00	%		0.50	%		7.33	%	12/20/2029		855,388		848,456		858,458
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.62	%		0.75	%		12.06	%	9/20/2027		443,750		435,439		442,086

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
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.83	%	10/10/2026		533,621		531,766		533,088
BAKELITE UK INTERMEDIATE LTD.	Chemicals, Plastics, & Rubber	Term Loan (5/24)	Loan	3M USD SOFR+	3.50	%		0.50	%		8.83	%	5/29/2029		1,481,231		1,475,389		1,489,867
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.57	%	5/14/2031		1,648,521		1,637,811		1,650,582
Belfor Holdings Inc.	Services: Consumer	Term Loan B-1 (11/23)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.08	%	10/25/2030		1,502,834		1,489,202		1,508,470
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.68	%	4/18/2029		248,125		248,125		248,951
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	1.93	%		0.50	%		7.51	%	4/13/2028		1,940,000		1,940,000		1,943,240
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.66	%	1/24/2029		1,965,000		1,964,329		1,866,337
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		7.69	%	4/23/2026		967,089		964,204		948,840
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	4/23/2026		1,446,500		1,441,614		1,426,611
Blue Tree Holdings, Inc.	Chemicals, Plastics, & Rubber	Term Loan (2/21)	Loan	3M USD SOFR+	2.50	%		0.00	%		8.06	%	3/4/2028		970,000		968,732		969,593
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	1/22/2031		1,436,580		1,432,892		1,439,769
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+	2.75	%		0.50	%		8.08	%	12/13/2029		492,528		482,220		493,838
Boost Newco Borrower, LLC (Worldpay)	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.00	%		8.31	%	1/31/2031		500,000		497,726		501,320
Boxer Parent Company, Inc.	High Tech Industries	Term Loan USD (11/23)	Loan	1M USD SOFR+	4.00	%		0.00	%		9.33	%	12/29/2028		1,009,724		1,005,194		1,016,671
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan (02/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.58	%	2/21/2031		972,500		972,500		972,626
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD SOFR+	3.00	%		0.00	%		8.44	%	1/22/2027		2,910,884		2,908,714		2,919,383

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
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	1/17/2031		1,447,688		1,447,688		1,454,652
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	1M USD SOFR+	3.00	%		0.00	%		8.33	%	7/1/2029		493,750		484,103		495,434
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B 3	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	11/1/2026		1,261,946		1,257,991		1,263,284
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B4 (05/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	11/22/2030		666,671		664,451		667,864
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	3/31/2028		2,431,250		2,416,861		2,437,328
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		8.33	%	3/16/2030		475,000		470,843		477,038
Calpine Corporation	Utilities: Electric	Term Loan B10 (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	1/31/2031		2,000,000		1,990,188		2,002,500
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+	2.50	%		0.75	%		7.94	%	6/5/2028		2,455,696		2,280,977		2,393,469
CAPSTONE BORROWER INC	Services: Business	Term Loan B (05/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.57	%	6/17/2030		879,264		867,452		882,191
CareerBuilder, LLC	Services: Business	Term Loan B3	Loan	3M USD SOFR+	6.75	%		0.00	%		12.32	%	7/31/2026		3,930,582		3,914,563		589,587
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	1/27/2027		1,942,453		1,936,309		1,267,761
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	3M USD SOFR+	2.75	%		0.50	%		8.08	%	10/21/2027		987,500		981,684		991,203
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+	2.75	%		1.00	%		8.18	%	11/1/2025		2,435,462		2,180,455		2,231,492
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		7.69	%	9/16/2028		244,375		244,077		245,291
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%		0.75	%		9.30	%	12/17/2027		242,500		241,119		243,562
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		9.67	%	3/5/2028		987,500		949,110		869,000
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	3/5/2028		970,000		967,330		856,025
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		0.00	%		11.11	%	9/25/2025		2,368,750		2,363,883		1,604,828

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
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		8.58	%	7/6/2029		992,500		968,446		1,000,112
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	8/27/2028		726,092		721,525		727,907
Charlotte Buyer, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	5.25	%		0.50	%		10.57	%	2/11/2028		1,481,250		1,404,830		1,489,501
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	8/10/2028		2,387,717		2,351,732		2,401,160
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.43	%	3/17/2028		485,000		484,451		486,213
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B1 (05/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	5/17/2028		1,954,823		1,884,621		1,953,611
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.57	%	7/29/2030		4,851,448		4,851,448		4,878,131
Citco Funding LLC	Banking, Finance, Insurance & Real Estate	Term Loa 1st Lien Incremental	Loan	3M USD SOFR+	3.25	%		0.50	%		8.57	%	4/27/2028		995,000		990,675		997,179
Clarios Global LP	Automotive	Term Loan (12/23)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.33	%	5/6/2030		1,197,000		1,191,917		1,202,985
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.92	%	8/9/2026		3,395,482		3,383,139		3,136,577
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.68	%		0.50	%		9.10	%	4/13/2029		1,473,750		1,445,792		1,481,119
Columbus McKinnon Corporation	Capital Equipment	Term Loan (03/24)	Loan	3M USD SOFR+	2.50	%		0.50	%		7.81	%	5/14/2028		390,593		390,049		392,792
Conduent, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.50	%		9.69	%	10/16/2028		215,713		211,174		216,185
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.83	%	9/11/2029		2,887,500		2,814,050		2,754,675
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.94	%	10/2/2027		2,714,005		2,563,151		2,577,137
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	1/31/2028		4,000,000		3,991,605		3,948,560
Corelle Brands Holding Inc.	Consumer goods: Durable	Exit Term Loan	Loan	3M USD SOFR+	8.00	%		2.00	%		13.33	%	2/27/2029		100,196		100,197		99,194
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	6/2/2028		2,437,500		2,430,573		2,400,938

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
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan B (12/23)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.93	%	3/2/2027		1,935,275		1,935,275		1,941,816
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.58	%	11/27/2028		1,584,034		1,574,817		1,592,747
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	3M USD SOFR+	2.25	%		0.50	%		7.55	%	2/19/2029		1,170,000		1,134,582		1,177,090
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.75	%		8.83	%	9/15/2027		487,500		487,449		489,938
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B (01/24)	Loan	3M USD SOFR+	4.75	%		0.75	%		10.08	%	1/30/2031		2,400,000		2,377,563		2,419,992
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan 12/22	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	1/15/2028		2,370,032		2,362,895		2,276,084
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.93	%	4/15/2027		478,750		478,750		377,078
CTC Holdings, LP	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.50	%		10.48	%	2/15/2029		2,205,000		2,163,134		2,193,975
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	6.00	%		1.00	%		11.59	%	11/2/2027		1,932,614		1,901,296		1,932,614
Dave & Buster's Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.63	%	6/29/2029		987,544		948,521		992,343
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	1M USD SOFR+	4.00	%		0.00	%		9.33	%	10/16/2026		1,450,882		1,450,882		1,442,829
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	11/16/2029		5,332,500		5,236,120		5,347,751
Delta 2 Lux Sarl	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.56	%	1/15/2030		2,000,000		1,991,719		2,010,000
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan (5/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.82	%	11/1/2030		625,000		616,239		626,756
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+	3.75	%		0.50	%		9.32	%	10/4/2028		980,000		977,303		976,835
DG Investment Intermediate Holdings 2, Inc.	Aerospace & Defense	Incremental Term Loan (3/22)	Loan	1M USD SOFR+	4.75	%		0.75	%		10.08	%	3/31/2028		492,500		477,286		493,426
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+	10.00	%		1.00	%		15.41	%	5/25/2026		152,224		149,746		142,710
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD SOFR+	5.25	%		0.75	%		10.69	%	8/2/2029		3,118,225		3,099,077		3,122,435

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
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%		0.50	%		9.68	%	10/4/2029		1,481,316		1,383,808		1,480,397
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.70	%	3/25/2028		486,250		483,394		428,075
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	11/30/2028		3,200,830		3,148,020		3,128,811
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.50	%		9.41	%	11/30/2028		1,969,697		1,811,779		1,972,159
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+	5.25	%		0.50	%		10.68	%	12/15/2028		3,922,456		3,805,230		3,731,236
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/21)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	3/1/2028		6,305,000		6,277,577		6,318,808
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (01/23)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.68	%	1/31/2030		2,019,155		2,017,361		2,024,203
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B (04/24)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.08	%	1/31/2030		1,097,250		1,072,388		1,104,108
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	8/21/2025		147,374		147,247		147,420
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+	4.25	%		1.00	%		9.66	%	4/11/2031		1,500,000		1,477,793		1,503,750
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	8/16/2028		977,500		974,753		979,738
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75	%		0.50	%		9.18	%	11/23/2028		1,960,000		1,957,748		1,934,579
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD SOFR+	3.50	%		0.75	%		8.94	%	4/7/2028		2,160,773		2,156,666		2,160,773
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.44	%	11/1/2028		490,000		488,626		491,632
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD SOFR+	6.50	%		0.00	%		11.94	%	12/14/2025		2,362,074		2,334,535		2,352,035
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	3/30/2029		3,091,984		3,039,668		2,902,260
Emerson Climate Technologies Inc	Services: Business	Term Loan B (04/23)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.83	%	5/31/2030		997,500		993,053		1,003,525

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
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Exit Term Loan B (04/24)	Loan	3M USD SOFR+	4.50	%		0.50	%		9.83	%	4/9/2031		2,000,000		1,980,403		1,997,500
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.93	%	2/10/2028		2,431,250		2,424,549		2,269,426
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B3 (5/24)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.17	%	10/31/2029		1,483,744		1,469,182		1,486,058
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	3M USD SOFR+	6.00	%		0.50	%		11.31	%	10/6/2029		968,750		904,370		758,531
Equiniti Group PLC	Services: Business	Term Loan B	Loan	6M USD SOFR+	4.50	%		0.50	%		9.93	%	12/11/2028		977,500		970,699		985,447
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.58	%	10/30/2030		1,125,000		1,109,376		1,133,438
EyeCare Partners T/L B - Restructure Source 1	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		9.39	%	2/18/2027		-		1,946		-
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	First Lien TLB	Loan	1M USD SOFR+	4.00	%		0.00	%		9.33	%	2/12/2031		500,000		495,332		504,095
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (08/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	6/27/2029		2,809,718		2,807,144		2,820,647
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.59	%	3/30/2027		4,850,000		4,807,992		4,793,692
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Term Loan B (02/24)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	3/5/2029		5,091,652		5,082,600		5,075,410
First Student Bidco Inc.	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.50	%		8.56	%	7/21/2028		713,399		710,052		714,569
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD SOFR+	3.00	%		0.50	%		8.56	%	7/21/2028		216,966		215,938		217,322
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	3M USD SOFR+	5.25	%		1.00	%		10.68	%	2/5/2029		1,200,000		1,166,020		1,201,500
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan B3 (11/23)	Loan	3M USD SOFR+	2.25	%		0.50	%		7.56	%	11/25/2030		3,740,625		3,731,146		3,753,081
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7	Loan	1M USD SOFR+	2.75	%		0.50	%		8.08	%	6/30/2028		1,468,707		1,455,320		1,470,396
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	6M USD SOFR+	4.75	%		0.75	%		10.36	%	3/10/2026		799,104		795,806		623,301
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.75	%		10.34	%	3/10/2026		2,970,000		2,878,552		2,264,625
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.57	%	4/25/2031		4,252,472		4,245,946		4,247,156

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
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	1/29/2027		1,925,000		1,924,173		1,926,925
Garrett LX III S.a r.l.	Automotive	Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.84	%	4/30/2028		1,462,500		1,458,378		1,464,328
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.59	%	12/31/2027		2,156,309		2,146,417		2,162,605
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+	2.00	%		0.00	%		7.30	%	4/10/2031		1,500,000		1,492,566		1,503,240
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.96	%	8/27/2025		2,771,482		2,630,046		2,757,624
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan (05/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.83	%	10/4/2030		498,750		496,462		500,620
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		9.68	%	11/29/2025		4,833,856		4,751,056		4,712,237
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+	2.00	%		0.00	%		7.43	%	8/10/2027		944,956		944,956		944,559
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.68	%	12/1/2027		1,850,000		1,838,568		1,535,500
GOTO GROUP, INC.	High Tech Industries	First Lien Term Loan	Loan	1M USD SOFR+	4.75	%		0.00	%		10.17	%	4/30/2028		1,254,792		748,762		1,176,368
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	1M USD SOFR+	4.75	%		0.00	%		10.17	%	4/30/2028		1,732,808		1,651,354		1,054,847
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD SOFR+	3.00	%		0.75	%		8.44	%	8/7/2027		942,441		939,031		945,607
Great Outdoors Group, LLC	Retail	Term Loan B2	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	3/6/2028		967,688		965,166		968,142
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	3M USD SOFR+	2.50	%		0.50	%		7.95	%	1/24/2029		143,438		143,233		143,677
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Amendment 5 Term Loan	Loan	1M USD SOFR+	2.50	%		0.50	%		7.93	%	2/24/2028		2,800,713		2,800,245		2,801,581
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	3M USD SOFR+	4.75	%		0.75	%		10.31	%	5/27/2028		2,431,057		2,103,884		2,362,890
GYP HOLDINGS III CORP.	Construction & Building	Term Loan (1/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	5/12/2030		248,752		247,678		249,219
Harbor Freight Tools USA, Inc.	Retail	Term Loan B (06/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	10/19/2027		3,344,665		3,331,814		3,344,397

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
Helix Gen Funding, LLc	Energy: Electricity	Term Loan	Loan	3M USD SOFR+	4.75	%		1.00	%		10.06	%	12/31/2027		899,174		884,040		905,693
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.00	%		9.07	%	6/30/2028		2,098,750		2,042,159		1,924,113
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.57	%	7/14/2028		3,163,397		3,161,165		3,167,857
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+	2.00	%		0.00	%		7.42	%	11/8/2030		1,500,000		1,496,724		1,504,425
Hilton Grand Vacations Borrower LLC	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.18	%	8/2/2028		500,000		500,000		501,875
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+	6.75	%		0.50	%		12.08	%	4/12/2029		3,116,400		3,114,216		2,988,285
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	11/17/2028		2,247,591		2,241,738		2,239,522
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.44	%	3/17/2028		5,820,000		5,787,078		5,822,735
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B-1	Loan	3M USD SOFR+	3.50	%		0.50	%		8.84	%	2/26/2029		2,468,656		2,240,046		2,452,782
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	2/15/2031		3,000,000		2,986,212		3,015,000
Idera, Inc.	High Tech Industries	Term Loan (02/21)	Loan	3M USD SOFR+	3.75	%		0.75	%		9.23	%	3/2/2028		4,749,901		4,744,630		4,757,168
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.18	%	11/1/2028		2,452,455		2,444,544		2,454,001
INDY US BIDCO, LLC	Services: Business	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.08	%	3/6/2028		2,187,656		2,187,020		2,141,169
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+	3.75	%		0.00	%		9.18	%	3/13/2030		496,250		491,903		496,042
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.50	%		0.00	%		8.93	%	2/18/2030		992,500		983,884		994,981
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		9.68	%	4/2/2029		2,714,874		2,660,180		2,713,191
Informatica Inc.	High Tech Industries	Term Loan B (10/21)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	10/27/2028		490,000		489,903		491,838
Ingram Micro Inc.	Wholesale	Term Loan (09/23)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.57	%	6/30/2028		1,095,000		1,087,935		1,100,475

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
Inmar, Inc.	Services: Business	Term Loan (06/23)	Loan	1M USD SOFR+	5.50	%		1.00	%		10.83	%	5/1/2026		3,324,875		3,241,812		3,335,282
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	2/4/2027		480,000		479,202		477,120
INSTANT BRANDS HOLDINGS INC.	Consumer goods: Durable	Instant Brands TL	Loan	3M USD SOFR+	15.00	%		0.00	%		20.34	%	2/26/2031		17,444		10,085		25,843
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.75	%		8.18	%	12/15/2027		494,962		491,142		496,684
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	6M USD SOFR+	2.50	%		0.00	%		2.50	%	4/13/2028		1,286,033		881,771		1,105,989
Isolved Inc.	Services: Business	Term Loan (4/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.83	%	10/14/2030		623,438		617,530		625,389
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	1/26/2028		3,870,000		3,869,080		3,881,262
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	3/1/2028		2,917,500		2,872,066		2,904,751
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan 7/23	Loan	3M USD SOFR+	5.50	%		1.00	%		11.09	%	11/20/2027		3,456,884		3,444,076		254,945
Kleopatra Finco S.a r.l.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+	4.73	%		0.50	%		10.27	%	2/12/2026		1,455,000		1,453,547		1,322,595
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD SOFR+	3.25	%		0.75	%		8.82	%	3/13/2028		484,888		484,065		486,532
Kodiak BP, LLC	Construction & Building	Term Loan B2	Loan	3M USD SOFR+	3.75	%		0.00	%		9.06	%	3/13/2028		500,000		497,561		503,125
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	4/10/2030		992,513		966,159		997,475
Kraton Corporation	Chemicals, Plastics, & Rubber	Term Loan 11/21	Loan	3M USD SOFR+	3.25	%		0.50	%		8.84	%	3/15/2029		2,000,000		1,945,550		1,966,080
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	9/1/2027		485,084		478,707		472,957
Lakeland Tours, LLC (c)	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	#N/A	0.00	%		0.00	%		8.00	%	9/27/2027		1,127,568		602,588		225,514
Latham Pool Products, Inc.	Consumer goods: Durable	Term Loan 2/22	Loan	1M USD SOFR+	4.00	%		0.50	%		9.42	%	2/23/2029		1,000,000		985,152		981,670
Lealand Finance Company B.V. (c)	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD SOFR+	1.00	%		0.00	%		6.44	%	12/31/2027		358,485		358,485		116,956
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.18	%	2/16/2029		2,469,370		2,093,137		2,368,397
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+	5.50	%		1.00	%		10.94	%	8/26/2027		1,638,572		1,633,129		1,592,151

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
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.19	%	3/17/2028		972,500		970,797		969,660
LOYALTY VENTURES INC. (b)	Services: Business	Term Loan B	Loan	Prime	5.50	%		0.50	%		14.00	%	11/3/2027		2,913,525		2,902,962		21,851
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD SOFR+	1.75	%		0.00	%		7.16	%	11/11/2026		1,192,291		1,191,670		1,193,531
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan (01/23)	Loan	1M USD SOFR+	4.25	%		0.50	%		9.68	%	10/14/2028		1,488,750		1,471,308		1,491,549
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	10/16/2028		245,000		244,345		245,382
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.32	%	6/14/2030		978,298		965,207		982,583
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan (2/24)	Loan	1M USD SOFR+	6.50	%		0.75	%		11.83	%	3/31/2029		2,775,000		2,703,222		2,816,625
Lumen Technologies Inc	Telecommunications	Term Loan B1 (3/24)	Loan	1M USD SOFR+	2.35	%		2.00	%		7.79	%	4/15/2029		1,627,142		1,626,419		1,124,258
Lumen Technologies Inc	Telecommunications	Term Loan B2 (3/24)	Loan	1M USD SOFR+	2.35	%		2.00	%		7.79	%	4/15/2030		1,627,142		1,626,416		1,094,709
MAGNITE, INC.	Services: Business	Term Loan B (01/24)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	2/6/2031		3,250,000		3,219,184		3,268,298
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	4/1/2031		1,317,074		1,317,074		1,315,428
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD SOFR+	1.75	%		0.00	%		7.23	%	2/15/2027		250,000		249,780		249,688
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.50	%		10.31	%	10/3/2030		2,000,000		1,873,829		1,892,960
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	First Lien Term Loan B (12/23)	Loan	3M USD SOFR+	4.25	%		0.00	%		9.55	%	2/28/2028		3,424,168		3,344,167		3,429,886
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan (07/21)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.19	%	7/28/2028		1,950,000		1,936,776		1,953,822
MedAssets Software Inter Hldg, Inc.	High Tech Industries	Term Loan (11/21) (USD)	Loan	3M USD SOFR+	4.00	%		0.50	%		9.42	%	12/18/2028		490,000		487,766		389,550
Mermaid Bidco Inc.	High Tech Industries	Term Loan B2	Loan	3M USD SOFR+	4.25	%		0.75	%		9.58	%	12/22/2027		1,961,459		1,943,656		1,976,170
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.82	%	4/8/2028		2,436,137		2,423,899		2,217,981

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
Milano Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+	4.00	%		0.75	%		9.41	%	10/1/2027		2,000,000		1,909,216		1,940,840
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.83	%	3/21/2031		500,000		497,527		503,440
MKS Instruments, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.82	%	8/17/2029		1,346,646		1,344,200		1,352,935
Momentive Performance Materials Inc.	Chemicals, Plastics, & Rubber	Term Loan (03/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.83	%	3/28/2028		495,000		478,839		489,743
Moneygram International, Inc.	Services: Business	Term Loan	Loan	3M USD SOFR+	5.50	%		0.50	%		10.85	%	5/31/2030		2,986,247		2,620,379		2,984,395
Mosel Bidco SE	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.50	%		10.06	%	9/16/2030		500,000		495,352		503,750
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Term Loan B (08/21)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.86	%	9/1/2028		2,954,545		2,738,763		2,465,657
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.21	%	11/23/2028		2,932,500		2,927,977		2,936,166
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.68	%	2/22/2029		2,962,217		2,459,723		2,836,322
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	11/14/2025		3,296,699		3,287,487		3,280,216
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD SOFR+	3.75	%		0.75	%		9.16	%	3/2/2028		87,464		87,220		83,921
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	3M USD LIBOR+	3.75	%		0.75	%		8.48	%	3/2/2028		2,701,233		2,695,618		2,591,833
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	9/18/2026		657,625		654,369		658,941
Next Level Apparel, Inc.	Retail	Term Loan	Loan	1M USD SOFR+	7.50	%		1.00	%		12.92	%	8/9/2026		2,448,323		2,438,190		1,915,813
NortonLifeLock Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.00	%		0.50	%		7.43	%	9/12/2029		993,445		990,163		993,942
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	3M USD SOFR+	3.50	%		0.00	%		8.83	%	4/3/2028		497,494		493,137		500,603
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.75	%		10.48	%	12/22/2028		1,960,000		1,949,488		1,953,258
Nuvei Technologies Corp.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.46	%	12/19/2030		2,094,750		2,079,418		2,101,118

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
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	2/23/2029		2,461,108		2,374,641		2,339,431
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.58	%	1/31/2030		933,133		908,855		939,021
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	3M USD SOFR+	3.50	%		0.50	%		8.81	%	5/2/2030		496,250		487,397		496,563
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.57	%	3/17/2031		1,200,000		1,198,598		1,208,256
Pacific Gas & Electric	Utilities: Electric	Term Loan	Loan	1M USD SOFR+	2.50	%		0.50	%		7.83	%	6/23/2027		250,000		249,129		250,860
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B4 (05/24)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.68	%	9/20/2028		975,000		972,255		976,570
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.75	%		0.50	%		10.31	%	7/6/2028		941,176		935,003		918,824
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		9.05	%	2/28/2030		2,477,481		2,454,534		2,491,107
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75	%		0.50	%		11.07	%	8/1/2029		2,970,000		2,614,004		2,771,990
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	3/31/2027		480,303		475,007		374,771
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	5/29/2026		794,490		793,256		796,675
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	4.00	%		0.50	%		9.33	%	2/28/2029		980,000		978,867		980,000
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	12/29/2028		1,470,887		1,466,959		1,437,056
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.50	%		8.18	%	5/3/2029		982,500		979,071		984,101
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.18	%	2/1/2028		5,222,587		5,212,356		5,224,415
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	6M USD SOFR+	4.00	%		0.50	%		9.56	%	12/23/2028		2,951,152		2,895,186		2,217,791
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.44	%	3/17/2028		3,889,798		3,869,799		3,880,074
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (11/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.93	%	12/1/2028		1,795,294		1,789,772		1,800,303

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
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	3/13/2028		4,365,000		4,359,844		4,367,532
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.71	%	4/21/2029		1,970,000		1,963,112		1,943,267
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan (04/24)	Loan	3M USD SOFR+	3.00	%		0.75	%		8.32	%	12/29/2027		485,000		483,674		486,518
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.19	%	2/12/2028		5,335,000		5,303,127		5,122,934
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	12/15/2028		2,940,000		2,922,984		2,935,267
Presidio, Inc.	Services: Business	Term Loan B (1/20)	Loan	3M USD SOFR+	3.50	%		0.00	%		8.93	%	1/22/2027		481,250		481,071		481,452
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B (04/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	10/14/2030		1,995,000		1,976,580		2,001,903
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (5/24)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.07	%	5/16/2031		2,917,500		2,900,843		2,921,147
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD SOFR+	3.25	%		0.75	%		8.81	%	12/28/2027		484,991		483,756		479,487
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+	5.25	%		0.50	%		10.68	%	7/20/2029		987,500		931,745		913,793
Propulsion (BC) Finco	Aerospace & Defense	Term Loan	Loan	3M USD SOFR+	3.75	%		0.50	%		9.06	%	9/14/2029		748,106		740,864		753,717
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+	4.75	%		0.00	%		10.08	%	3/15/2030		475,176		474,258		474,881
Quartz AcquireCo, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.00	%		8.81	%	6/28/2030		1,244,373		1,235,260		1,249,040
QUEST BORROWER LIMITED	High Tech Industries	Term Loan (1/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.73	%	2/1/2029		1,965,000		1,951,003		1,457,794
Quikrete Holdings, Inc.	Construction & Building	Quikrete 3/24 (2031)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.83	%	4/14/2031		1,000,000		997,581		1,003,630
R1 RCM INC.	Healthcare & Pharmaceuticals	Term Loan (12/23)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.36	%	6/21/2029		1,200,000		1,185,480		1,206,300
R1 RCM INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	6/21/2029		1,196,962		1,183,318		1,203,246
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+	6.25	%		0.75	%		11.69	%	5/15/2028		551,042		545,646		553,566

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
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.19	%	5/15/2028		2,936,992		2,865,773		1,308,812
RAND PARENT LLC	Transportation: Cargo	Term Loan B	Loan	3M USD SOFR+	4.25	%		0.00	%		9.56	%	3/16/2030		2,475,000		2,396,832		2,480,420
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.44	%	4/24/2028		975,000		974,092		961,350
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.08	%	2/17/2028		1,855,175		1,825,029		1,858,273
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		11.09	%	12/20/2024		4,241,580		4,227,343		3,154,082
Resideo Funding Inc.	Services: Consumer	Term Loan B (05/24)	Loan	3M USD SOFR+	2.00	%		0.00	%		7.33	%	2/11/2028		1,455,000		1,454,141		1,457,735
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+	6.50	%		1.00	%		12.07	%	4/30/2027		1,963,234		1,963,234		1,926,423
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	10/20/2028		3,418,609		3,415,052		3,332,665
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.18	%	2/4/2027		1,087,614		1,087,614		1,091,051
Russell Investments US Inst'l Holdco, Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan B PIK (3/24)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.33	%	5/30/2027		5,726,925		5,714,072		5,122,735
RV Retailer LLC	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.17	%	2/8/2028		2,920,287		2,885,791		2,705,646
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.75	%		0.75	%		8.07	%	9/1/2027		1,459,715		1,451,231		1,467,379
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	5.00	%		0.50	%		10.42	%	3/10/2028		2,427,437		2,388,922		2,432,753
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	2/28/2030		495,000		491,829		495,619
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	4/20/2028		1,297,546		1,293,746		1,294,302
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.25	%		0.50	%		8.56	%	4/4/2029		492,500		491,755		493,618
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+	3.75	%		0.00	%		9.08	%	2/17/2028		990,000		982,275		994,584
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+	1.75	%		0.00	%		7.07	%	11/5/2028		500,000		499,260		501,615

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
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	8/28/2028		1,950,000		1,944,692		1,529,405
SiteOne Landscape Supply, LLC	Services: Business	Term Loan (3/21)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.44	%	3/18/2028		1,264,119		1,259,183		1,270,440
SMG US Midco 2, Inc.	Services: Business	Term Loan (01/20)	Loan	6M USD SOFR+	2.50	%		0.00	%		8.24	%	1/23/2025		478,750		478,750		478,602
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.82	%	4/1/2029		512,932		509,730		516,138
Sotheby's	Services: Business	Term Loan (7/21)	Loan	3M USD SOFR+	4.50	%		0.50	%		10.09	%	1/15/2027		3,182,833		3,154,509		2,983,906
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	1M USD SOFR+	3.50	%		0.75	%		8.93	%	8/2/2028		1,955,000		1,949,188		1,960,943
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		9.68	%	3/31/2028		1,950,000		1,938,805		1,891,500
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD SOFR+	4.00	%		0.75	%		9.59	%	3/4/2028		2,910,000		2,900,294		2,498,963
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	5/12/2028		2,396,364		2,394,431		2,391,882
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		7.69	%	9/22/2028		617,750		614,049		619,115
Staples, Inc.	Wholesale	Term Loan (03/19)	Loan	1M USD SOFR+	5.00	%		0.00	%		10.43	%	4/16/2026		4,284,976		4,224,044		4,242,554
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.31	%	9/30/2030		1,250,000		1,232,700		1,250,163
Storable, Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	4/17/2028		488,750		488,366		489,728
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	12/1/2028		977,500		971,012		977,256
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+	4.25	%		0.00	%		9.58	%	3/27/2031		500,000		495,096		504,585
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	8/2/2028		2,191,005		2,116,045		2,195,562
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.84	%	4/24/2028		2,438,722		2,438,116		2,420,041
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan 3/22	Loan	3M USD SOFR+	5.25	%		0.50	%		10.55	%	4/2/2029		984,957		977,257		984,957

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
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	7/7/2028		977,500		976,300		977,500
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (03/24)	Loan	1M USD SOFR+	4.75	%		1.00	%		10.08	%	3/13/2031		3,500,000		3,465,508		3,526,250
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 5/23	Loan	1M USD SOFR+	6.00	%		0.00	%		11.33	%	5/25/2028		1,875,000		1,875,000		1,802,344
The Dun & Bradstreet Corporation	Services: Business	Term Loan (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.07	%	1/18/2029		1,148,788		1,147,353		1,151,821
Thor Industries, Inc.	Automotive	Term Loan B2	Loan	1M USD SOFR+	2.75	%		0.00	%		8.07	%	11/15/2030		658,992		652,965		662,564
TIBCO Software Inc	High Tech Industries	Term Loan (3/24)	Loan	3M USD SOFR+	4.50	%		0.50	%		9.93	%	3/24/2031		500,000		499,375		502,500
Torrid LLC	Wholesale	Term Loan 5/21	Loan	6M USD SOFR+	5.50	%		0.75	%		11.11	%	6/14/2028		3,246,912		2,862,514		2,801,826
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	4/15/2028		2,302,165		2,175,006		2,304,628
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	3M USD SOFR+	3.50	%		0.75	%		9.09	%	8/18/2027		483,750		480,153		430,020
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7 (02/24)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.33	%	12/1/2028		609,032		608,222		610,902
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD SOFR+	3.25	%		0.50	%		8.81	%	3/31/2028		1,458,754		1,454,375		1,455,939
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	3/10/2028		346,923		346,562		348,224
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	4/4/2029		1,995,000		1,977,441		2,003,239
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+	4.00	%		0.75	%		9.43	%	10/29/2027		942,326		938,594		885,786
Uber Technologies, Inc.	Transportation: Consumer	Term Loan 2/23	Loan	3M USD SOFR+	2.75	%		0.00	%		8.08	%	3/3/2030		394,188		393,320		396,652
Ultra Clean Holdings, Inc.	High Tech Industries	Term loan (03/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.83	%	2/25/2028		1,257,230		1,253,647		1,265,088
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD SOFR+	4.00	%		1.00	%		9.57	%	7/31/2026		496,815		483,060		493,834
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/21)	Loan	1M USD SOFR+	3.25	%		0.75	%		8.69	%	3/15/2026		2,415,600		2,412,716		2,414,996

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
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.56	%	6/25/2029		245,625		239,831		245,441
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	6M USD SOFR+	5.00	%		0.75	%		10.43	%	1/19/2029		2,312,637		2,257,185		2,305,422
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Term Loan (12/23)	Loan	3M USD SOFR+	7.75	%		0.00	%		13.32	%	6/16/2026		1,216,065		1,215,327		1,224,176
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.60	%	8/20/2025		1,350,172		1,348,518		1,156,652
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.08	%	12/6/2030		980,075		977,321		983,143
VFH Parent LLC	Banking, Finance, Insurance & Real Estate	Term Loan (01/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	1/12/2029		2,975,130		2,971,218		2,977,926
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.83	%	3/5/2029		2,959,849		2,904,035		2,711,962
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.69	%	9/28/2028		2,761,364		2,756,082		2,757,912
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	12/20/2030		1,884,669		1,876,723		1,890,719
Vizient, Inc	Healthcare & Pharmaceuticals	Term Loan 4/22	Loan	1M USD SOFR+	2.25	%		0.50	%		7.68	%	5/16/2029		491,250		487,578		493,441
VM Consolidated, Inc.	Construction & Building	Term Loan B (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	3/24/2028		1,835,482		1,834,853		1,848,477
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD SOFR+	6.00	%		1.00	%		11.33	%	9/30/2025		465,000		465,000		477,206
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.25	%		0.50	%		7.68	%	12/15/2028		495,000		487,053		495,619
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	First Lien TL I (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	1/24/2031		1,250,000		1,249,971		1,252,775
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		9.34	%	3/2/2028		2,791,322		2,782,487		2,794,225
WeddingWire, Inc.	Services: Consumer	Term Loan (09/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	1/29/2028		4,808,923		4,807,138		4,820,946

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
WEX Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	4/1/2028		2,917,330		2,911,409		2,926,199
WildBrain Ltd.	Media: Diversified & Production	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	3/27/2028		2,997,300		2,947,371		2,897,400
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Windsor Holdings III TL	Loan	1M USD SOFR+	4.00	%		0.00	%		9.32	%	8/1/2030		498,750		498,750		503,947
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+	1.75	%		0.00	%		7.17	%	5/24/2030		992,500		988,251		993,989
Xperi Corporation	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.32	%	6/8/2028		1,947,945		1,945,147		1,948,763
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+	4.25	%		0.50	%		9.65	%	3/9/2027		980,000		964,355		856,628
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan 4/21	Loan	3M USD SOFR+	3.25	%		0.50	%		8.82	%	11/1/2028		1,861,760		1,853,650		1,856,230
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.57	%	1/24/2031		1,454,029		1,452,837		1,455,061
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+	5.50	%		0.00	%		10.83	%	2/8/2028		1,975,000		1,897,489		1,937,969
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	1.93	%		0.50	%		7.35	%	1/29/2029		488,750		488,112		489,226
TOTAL INVESTMENTS																$	606,745,959	$	586,244,974

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)		26,949,110	$	26,949,110	$	26,949,110
Total cash and cash equivalents		26,949,110	$	26,949,110	$	26,949,110

(a)

Included within cash and cash equivalents in Saratoga CLO's Statements of Assets and Liabilities as of May 31, 2024.

(b)

As of May 31, 2024, the investment was in default and on non-accrual status.

(c)

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, 2024 was 5.44%.

3M USD LIBOR - The 3-month USD LIBOR rate as of May 31, 2024 was 5.60%.

1M SOFR - The 1-month SOFR rate as of May 31, 2024 was 5.33%.

3M SOFR - The 3-month SOFR rate as of May 31, 2024 was 5.34%.

6M SOFR - The 6-month SOFR rate as of May 31, 2024 was 5.31%.

Prime - The Prime Rate as of May 31, 2024 was 8.50%.

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												15,981	$	-	$	44,587
Envision Parent Inc	Healthcare & Pharmaceuticals	Common Stock	Equity												92,837		-		-
Envision Parent Inc	Healthcare & Pharmaceuticals	Warrants	Equity												4,410		175,000		42,998
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity												86,398		-		-
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												24,320		1,034,581		468,000
URS TOPCO LLC	Transportation: Cargo	Common Stock	Equity												25,330		440,405		465,000
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B (09/23)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	9/12/2030	$	1,447,500		1,427,292		1,440,002
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.67	%	2/7/2029		2,473,646		2,383,742		2,416,950
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25	%		0.00	%		10.82	%	7/8/2028		2,472,826		2,173,473		2,418,745
Adtalem Global Education Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.83	%	8/12/2028		582,329		578,482		583,423
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		11.08	%	5/9/2025		2,308,370		2,303,734		2,206,410
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	5/1/2030		1,674,704		1,662,945		1,668,424
AHEAD DB Holdings, LLC	Services: Business	Term Loan (04/21)	Loan	3M USD SOFR+	3.75	%		0.75	%		9.20	%	10/18/2027		2,925,000		2,856,780		2,914,031
Air Canada	Transportation: Consumer	Term Loan B (07/21)	Loan	1M USD SOFR+	3.50	%		0.75	%		8.93	%	8/11/2028		1,970,000		1,853,394		1,970,276
AIS HoldCo, LLC	Services: Business	Term Loan	Loan	3M USD SOFR+	5.00	%		0.00	%		10.57	%	8/15/2025		4,551,925		4,499,117		4,392,607
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan (04/21)	Loan	1M USD SOFR+	4.75	%		0.75	%		10.17	%	4/6/2028		2,474,684		2,334,728		2,471,590
Alchemy US Holdco 1, LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	7.32	%		0.00	%		7.42	%	10/10/2025		1,654,803		1,647,646		1,646,943
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	2/4/2028		243,125		242,907		243,064
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.93	%	3/12/2026		2,104,577		2,095,205		2,101,947
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%		0.00	%		11.00	%	2/10/2027		4,349,069		4,329,175		3,803,870
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.82	%	11/6/2030		803,044		802,787		803,197
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%		0.50	%		9.18	%	5/12/2028		1,955,000		1,948,856		1,945,948
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B Add-on	Loan	1M USD SOFR+	3.75	%		0.00	%		9.07	%	5/31/2030		250,000		250,000		250,000
Altisource Solutions S.a r.l. (c)	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.45	%	4/30/2025		1,110,821		1,110,656		877,549

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
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan (01/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	1/29/2028		486,250		484,910		483,819
Amer Sports Oyj (MASCOT BIDCO OY)	Consumer goods: Durable	USD Term Loan B (01/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		8.58	%	2/7/2031		500,000		497,525		499,375
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.92	%	12/13/2029		480,000		467,515		479,798
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan (01/23)	Loan	1M USD SOFR+	6.00	%		1.00	%		11.33	%	4/5/2028		2,982,733		2,981,076		2,983,478
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.18	%	3/3/2028		1,357,439		1,355,695		1,323,788
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD SOFR+	2.25	%		0.75	%		7.69	%	2/17/2028		1,940,029		1,924,089		1,930,484
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		9.36	%	8/11/2025		947,500		946,257		681,859
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.93	%	7/18/2026		1,959,296		1,939,016		1,955,632
ANI Pharmaceuticals, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.00	%		0.75	%		11.44	%	11/19/2027		2,940,000		2,901,304		2,940,000
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	9/1/2027		1,775,000		1,757,513		1,734,317
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	9/1/2027		500,000		495,081		487,320
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	3M USD SOFR+	5.00	%		0.50	%		10.32	%	7/26/2028		495,000		468,246		494,381
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	5/15/2026		2,908,629		2,890,508		2,857,728
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	3/6/2028		972,500		966,275		943,325
AppLovin Corporation	High Tech Industries	Term Loan (10/21)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	10/21/2028		1,473,750		1,471,272		1,474,207
AppLovin Corporation	High Tech Industries	Term Loan (08/23)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	8/15/2030		969,617		969,617		970,374
AqGen Ascensus, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	8/2/2028		500,000		496,312		496,375
Aramark Services, Inc.	Services: Consumer	Term Loan B (4/21)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	4/1/2028		1,753,715		1,748,558		1,750,436

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
Aramark Services, Inc.	Services: Consumer	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.19	%	1/15/2027		2,331,250		2,292,785		2,324,699
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	9/23/2028		981,274		978,810		972,550
Arches Buyer Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.50	%		8.68	%	12/6/2027		1,469,697		1,463,299		1,405,398
ARCIS GOLF LLC	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	11/24/2028		497,980		493,335		498,602
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	4.50	%		0.00	%		9.93	%	8/9/2030		2,642,718		2,627,451		2,651,650
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term loan	Loan	1M USD SOFR+	4.25	%		0.00	%		9.57	%	12/13/2030		900,000		891,160		900,000
Asplundh Tree Expert, LLC	Services: Business	Term Loan 2/21	Loan	1M USD SOFR+	1.75	%		0.00	%		7.18	%	9/7/2027		967,500		965,030		966,068
AssuredPartners Capital, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (2/20)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	2/12/2027		979,592		977,377		979,866
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	2/12/2027		491,250		490,654		491,250
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Incremental Term Loan (7/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	2/12/2027		975,000		975,000		975,000
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+	4.00	%		0.00	%		9.43	%	8/19/2028		1,975,000		1,895,414		1,957,719
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD SOFR+	3.25	%		0.00	%		8.69	%	12/18/2026		2,934,604		2,928,879		2,915,442
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.58	%	2/15/2029		1,317,171		1,313,077		1,304,619
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+	2.00	%		0.00	%		7.32	%	6/22/2028		1,483,750		1,429,872		1,483,038
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (08/23)	Loan	3M USD SOFR+	2.50	%		0.50	%		7.85	%	12/20/2029		867,888		860,595		868,183
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.62	%		0.75	%		12.06	%	9/20/2027		450,000		440,909		445,500
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.83	%	10/10/2026		556,042		553,804		553,540
BAKELITE UK INTERMEDIATE LTD.	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.00	%		0.50	%		9.50	%	5/29/2029		985,000		981,238		980,075
Baldwin Risk Partners, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	10/14/2027		1,960,048		1,946,212		1,946,171
Barnes Group Inc.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		8.43	%	8/9/2030		249,375		247,649		249,500
Bausch Health Companies Inc.	Healthcare & Pharmaceuticals	Term Loan B (1/22)	Loan	1M USD SOFR+	5.25	%		0.50	%		10.67	%	2/1/2027		1,850,000		1,710,365		1,465,552
Belfor Holdings Inc.	Services: Consumer	Term Loan B-1 (11/23)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.08	%	10/25/2030		1,600,000		1,584,928		1,602,000

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
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	2.00	%		0.50	%		7.58	%	4/13/2028		1,945,000		1,945,000		1,943,172
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.66	%	4/18/2029		248,750		248,750		248,544
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.70	%	1/24/2029		1,970,000		1,969,251		1,852,785
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	4/23/2026		1,450,228		1,444,650		1,439,352
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		7.69	%	4/23/2026		969,620		966,168		962,348
Blue Tree Holdings, Inc.	Chemicals, Plastics, & Rubber	Term Loan (2/21)	Loan	3M USD SOFR+	2.50	%		0.00	%		8.11	%	3/4/2028		972,500		971,083		967,229
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	1/22/2031		1,440,189		1,436,033		1,437,942
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+	2.75	%		0.50	%		8.18	%	12/13/2029		493,769		482,991		493,833
Boost Newco Borrower, LLC (Worldpay)	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	1/31/2031		500,000		497,629		501,460
Boxer Parent Company, Inc.	High Tech Industries	Term Loan USD (11/23)	Loan	1M USD SOFR+	4.25	%		0.00	%		9.58	%	12/29/2028		1,012,255		1,007,334		1,015,018
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan (02/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.58	%	2/21/2031		972,500		972,500		961,355
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD SOFR+	3.00	%		0.00	%		8.44	%	1/22/2027		2,918,464		2,915,588		2,913,007
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	1/17/2031		1,447,688		1,447,688		1,442,028
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	1M USD SOFR+	3.00	%		0.00	%		8.33	%	7/1/2029		493,750		483,706		492,856
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B2	Loan	1M USD SOFR+	2.50	%		0.00	%		7.83	%	11/15/2030		333,333		332,779		333,393
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B 3	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	11/1/2026		1,595,639		1,589,524		1,595,910
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	3/31/2028		2,437,500		2,421,791		2,400,938
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.93	%	3/16/2030		496,250		491,660		496,200
Calpine Corporation	Utilities: Electric	Term Loan B-10 (01/20)	Loan	3M USD LIBOR+	2.00	%		0.00	%		3.87	%	8/12/2026		2,000,000		1,990,000		1,983,760
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+	2.50	%		0.75	%		7.94	%	6/5/2028		2,462,025		2,277,630		2,401,238
CAPSTONE BORROWER INC	Services: Business	Term Loan (06/23)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.10	%	6/15/2030		998,077		984,312		993,396
CareerBuilder, LLC	Services: Business	Term Loan B3	Loan	3M USD SOFR+	6.75	%		0.00	%		12.36	%	7/31/2026		3,930,582		3,912,784		589,587

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
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.35	%	1/27/2027		1,946,639		1,939,553		1,354,627
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	3M USD SOFR+	2.75	%		0.50	%		8.40	%	10/21/2027		990,000		983,747		989,228
Catalent Pharma Solutions, Inc.	Healthcare & Pharmaceuticals	Term Loan B4	Loan	1M USD SOFR+	3.00	%		0.50	%		8.32	%	2/22/2028		600,000		595,597		601,500
Catalent Pharma Solutions, Inc.	Healthcare & Pharmaceuticals	Term Loan B3 (2/21)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.43	%	2/22/2028		598,462		587,525		597,588
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+	2.75	%		1.00	%		8.19	%	11/1/2025		2,464,605		2,167,043		2,214,029
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		7.69	%	9/16/2028		245,000		244,633		244,030
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%		0.75	%		9.35	%	12/17/2027		243,125		241,678		241,195
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		9.68	%	3/5/2028		990,000		949,452		920,700
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	3/5/2028		972,500		969,580		866,741
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	5.50	%		0.00	%		10.83	%	9/25/2025		2,375,000		2,368,777		1,863,520
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (10/23)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.35	%	7/6/2029		992,500		967,482		994,406
Cengage Learning, Inc.	Media: Advertising, Printing & Publishing	Term Loan B (6/21)	Loan	3M USD SOFR+	4.75	%		1.00	%		10.33	%	7/14/2026		2,932,500		2,917,832		2,930,682
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	8/27/2028		868,330		862,415		868,191
CenturyLink, Inc.	Telecommunications	Term Loan B (1/20)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.69	%	3/15/2027		3,838,165		3,835,627		2,781,480
Charlotte Buyer, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	5.25	%		0.50	%		10.57	%	2/11/2028		1,485,000		1,404,122		1,487,866
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	8/10/2028		2,393,717		2,355,365		2,345,842
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.43	%	3/17/2028		486,250		485,591		485,642
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	USD Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	5/17/2028		1,959,849		1,885,810		1,951,676
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	7/29/2030		4,863,365		4,862,868		4,857,286
Citco Funding LLC	Banking, Finance, Insurance & Real Estate	Term Loa 1st Lien Incremental	Loan	3M USD SOFR+	3.25	%		0.50	%		8.57	%	4/27/2028		997,500		992,828		997,919
Clarios Global LP	Automotive	Term Loan (12/23)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.33	%	5/6/2030		1,197,000		1,191,616		1,196,629
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.92	%	8/9/2026		3,404,430		3,390,583		3,132,076
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.68	%		0.50	%		9.10	%	4/13/2029		1,477,500		1,448,088		1,475,343
Columbus McKinnon Corporation	Capital Equipment	Term Loan (4/21)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.39	%	5/14/2028		406,951		406,326		407,207

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
Conduent, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.50	%		9.69	%	10/16/2028		2,762,330		2,701,073		2,702,470
Connect Finco SARL	Telecommunications	Term Loan (1/21)	Loan	1M USD SOFR+	3.50	%		1.00	%		8.83	%	12/11/2026		2,887,500		2,809,993		2,882,678
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.94	%	10/2/2027		2,714,005		2,553,865		2,544,379
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	1/31/2028		4,000,000		3,990,860		3,950,000
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	6/2/2028		2,443,750		2,436,006		2,372,344
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan B (12/23)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	3/2/2027		1,940,138		1,940,138		1,941,903
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (02/23)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.83	%	11/27/2028		1,588,004		1,577,748		1,588,449
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.58	%	2/19/2029		1,230,000		1,190,854		1,230,923
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.75	%		8.83	%	9/15/2027		487,500		487,355		486,891
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B (01/24)	Loan	3M USD SOFR+	4.75	%		0.75	%		10.07	%	1/30/2031		2,400,000		2,376,371		2,409,000
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.93	%	4/15/2027		480,000		480,000		448,277
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan 12/22	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	4/15/2027		2,376,032		2,368,120		2,307,222
CTC Holdings, LP	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.50	%		10.48	%	2/15/2029		2,210,625		2,165,966		2,194,045
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	6.00	%		1.00	%		11.57	%	11/2/2027		1,937,017		1,903,074		1,830,481
Daseke Inc	Transportation: Cargo	Term Loan 2/21	Loan	1M USD SOFR+	4.00	%		0.75	%		9.44	%	3/5/2028		1,162,500		1,159,080		1,162,860
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.63	%	6/29/2029		990,019		949,041		990,791
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	1M USD SOFR+	4.00	%		0.00	%		9.33	%	10/16/2026		1,454,660		1,454,660		1,442,426
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	11/16/2029		5,346,000		5,244,974		5,325,952
Delos Aircraft DAC	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	2.00	%		0.00	%		7.35	%	10/31/2027		250,000		250,000		250,438
Delta 2 Lux Sarl	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.60	%	1/15/2030		2,000,000		1,991,389		1,997,000
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan (09/23)	Loan	1M USD SOFR+	4.25	%		0.50	%		9.58	%	11/1/2030		625,000		616,061		625,394
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+	3.75	%		0.50	%		9.36	%	10/4/2028		982,500		979,722		978,206

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
DG Investment Intermediate Holdings 2, Inc.	Aerospace & Defense	Incremental Term Loan (3/22)	Loan	1M USD SOFR+	4.75	%		0.75	%		10.08	%	3/31/2028		493,750		477,680		492,051
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+	10.00	%		1.00	%		15.43	%	5/25/2026		152,224		149,462		146,896
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan	Loan	3M USD SOFR+	5.25	%		0.75	%		10.83	%	8/2/2029		3,190,000		3,169,423		3,181,036
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%		0.50	%		9.71	%	10/4/2029		1,485,028		1,383,712		1,476,207
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.75	%	3/25/2028		487,500		484,443		452,463
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	11/30/2028		3,243,968		3,187,785		3,163,874
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.50	%		9.43	%	11/30/2028		1,974,747		1,809,468		1,955,000
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+	5.25	%		0.50	%		10.68	%	12/15/2028		3,932,462		3,808,999		3,605,596
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/21)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	3/1/2028		6,370,000		6,338,820		6,354,075
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	8/21/2025		198,929		198,685		198,432
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (01/23)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.68	%	1/31/2030		2,024,241		2,022,091		1,999,788
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (08/23)	Loan	1M USD SOFR+	4.00	%		0.50	%		9.33	%	1/31/2030		1,100,000		1,074,202		1,097,250
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	8/16/2028		980,000		976,771		977,344
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	11/23/2028		1,965,000		1,962,209		1,926,761
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD SOFR+	3.50	%		0.75	%		8.94	%	4/7/2028		2,166,328		2,161,731		2,158,616
Electrical Components Inter., Inc.	Capital Equipment	Term Loan (6/18)	Loan	1M USD SOFR+	4.25	%		0.00	%		9.68	%	6/26/2025		1,868,421		1,868,421		1,861,415
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.44	%	11/1/2028		491,250		489,769		490,253
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD SOFR+	6.50	%		0.00	%		11.94	%	12/14/2025		2,522,373		2,488,308		2,485,798
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	3/30/2029		2,598,596		2,581,552		2,366,360
Emerson Climate Technologies Inc	Services: Business	Term Loan B (04/23)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.79	%	5/31/2030		1,000,000		995,376		997,250
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan (3/21)	Loan	Prime	6.00	%		0.75	%		14.50	%	3/27/2028		2,335,285		2,330,451		1,522,606
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	6M USD SOFR+	3.50	%		0.75	%		9.42	%	2/10/2028		2,437,500		2,430,093		2,380,048

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
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B (10/22)	Loan	3M USD SOFR+	3.50	%		0.50	%		8.95	%	10/30/2029		1,487,496		1,472,128		1,489,355
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	3M USD SOFR+	5.75	%		0.50	%		11.10	%	10/6/2029		975,000		908,088		871,104
Equiniti Group PLC	Services: Business	Term Loan B	Loan	6M USD SOFR+	4.50	%		0.50	%		9.93	%	12/11/2028		980,000		973,017		981,470
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	10/30/2030		1,125,000		1,108,675		1,123,594
EyeCare Partners, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		9.39	%	2/18/2027		-		1,951		-
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	First Lien TLB	Loan	1M USD SOFR+	4.00	%		0.00	%		9.32	%	2/12/2031		500,000		495,088		499,315
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (08/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.31	%	6/27/2029		2,816,795		2,813,980		2,815,386
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.57	%	3/30/2027		4,862,500		4,816,997		4,868,578
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Refinancing Term Loan	Loan	3M USD SOFR+	2.50	%		0.00	%		7.95	%	2/1/2027		5,091,652		5,082,259		5,068,332
First Student Bidco Inc.	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.50	%		8.61	%	7/21/2028		715,360		711,800		709,694
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD SOFR+	3.00	%		0.50	%		8.61	%	7/21/2028		216,966		215,877		215,248
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+	5.25	%		1.00	%		10.58	%	2/5/2029		1,200,000		1,164,361		1,165,500
Flutter Financing B.V.	Hotel, Gaming & Leisure	Third Amendment 2028-B Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.86	%	7/21/2028		309,759		304,101		310,103
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan B3 (11/23)	Loan	3M USD SOFR+	2.25	%		0.50	%		7.70	%	11/25/2030		3,000,000		2,992,850		2,984,370
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7	Loan	1M USD SOFR+	2.75	%		0.50	%		8.08	%	6/30/2028		1,472,388		1,458,275		1,461,345
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	6M USD SOFR+	4.75	%		0.75	%		10.36	%	3/10/2026		799,104		795,310		703,211
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.75	%		10.33	%	3/10/2026		2,977,500		2,874,281		2,612,756
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	8/1/2025		4,263,723		4,255,884		4,258,394
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	1/29/2027		1,930,000		1,928,989		1,928,340
Garrett LX III S.a r.l.	Automotive	Dollar Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.82	%	4/30/2028		1,466,250		1,461,820		1,465,634
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.57	%	12/31/2027		2,183,488		2,172,849		2,163,466
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan (11/19)	Loan	3M USD SOFR+	2.00	%		0.00	%		7.45	%	12/30/2026		1,443,750		1,440,683		1,443,577

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
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.96	%	8/27/2025		2,781,634		2,604,347		2,766,864
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	10/4/2030		500,000		497,577		499,585
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		9.68	%	11/29/2025		4,846,612		4,750,154		4,708,290
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan 2/21	Loan	1M USD SOFR+	2.00	%		0.00	%		7.44	%	8/10/2027		947,411		947,411		946,984
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.69	%	12/1/2027		1,875,000		1,862,167		1,556,250
GOTO GROUP, INC.	High Tech Industries	First Lien Term Loan	Loan	1M USD SOFR+	4.75	%		0.00	%		10.17	%	4/30/2028		1,254,792		730,596		1,198,326
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	1M USD SOFR+	4.75	%		0.00	%		10.17	%	4/30/2028		1,732,808		1,646,943		1,199,970
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD SOFR+	3.00	%		0.75	%		8.44	%	8/7/2027		945,831		942,144		944,554
Great Outdoors Group, LLC	Retail	Term Loan B2	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	3/6/2028		970,169		967,400		969,994
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.75	%	1/24/2029		144,063		143,842		143,838
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Amendment 5 Term Loan	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	2/24/2028		2,807,931		2,806,739		2,807,061
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	3M USD SOFR+	4.75	%		0.75	%		10.36	%	5/27/2028		2,473,405		2,125,105		2,402,740
GYP HOLDINGS III CORP.	Construction & Building	Term Loan (1/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	5/12/2030		249,375		248,230		249,375
Harbor Freight Tools USA, Inc.	Retail	Term Loan B (06/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	10/19/2027		3,344,665		3,330,419		3,319,212
Helix Gen Funding, LLc	Energy: Electricity	Term Loan	Loan	3M USD SOFR+	4.75	%		1.00	%		10.10	%	12/31/2027		932,597		915,944		933,763
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.00	%		9.07	%	6/30/2028		500,000		490,436		481,875
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	7/14/2028		3,172,373		3,168,887		3,167,266
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+	2.00	%		0.00	%		7.42	%	11/8/2030		1,500,000		1,496,471		1,501,020
Hilton Grand Vacations Borrower LLC	Hotel, Gaming & Leisure	Term Loan (3/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	8/2/2028		497,455		497,455		496,834
Hilton Grand Vacations Borrower LLC	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.18	%	8/2/2028		500,000		500,000		499,375
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan B (08/18)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	8/18/2025		3,116,400		3,113,557		3,044,598
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	11/17/2028		2,254,003		2,247,557		2,188,795

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
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.44	%	3/17/2028		5,835,000		5,798,864		5,792,171
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B-1	Loan	3M USD SOFR+	3.50	%		0.50	%		8.82	%	2/26/2029		2,474,937		2,235,702		2,442,466
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.50	%		8.81	%	2/15/2031		3,000,000		2,985,024		2,983,440
Idera, Inc.	High Tech Industries	Term Loan (02/21)	Loan	3M USD SOFR+	3.75	%		0.75	%		9.21	%	3/2/2028		4,762,143		4,756,197		4,730,379
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	11/1/2028		2,458,728		2,449,919		2,452,581
INDY US BIDCO, LLC	Services: Business	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.08	%	3/6/2028		2,193,266		2,192,568		2,119,243
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+	3.75	%		0.00	%		9.18	%	3/13/2030		497,500		492,907		490,450
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.50	%		0.00	%		8.93	%	2/18/2030		995,000		985,838		985,259
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		9.68	%	4/2/2029		2,714,874		2,657,733		2,667,363
Informatica Inc.	High Tech Industries	Term Loan B (10/21)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	10/27/2028		491,250		491,064		491,250
Ingram Micro Inc.	Wholesale	Term Loan (09/23)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.61	%	6/30/2028		1,095,000		1,087,525		1,093,631
Inmar, Inc.	Services: Business	Term Loan (06/23)	Loan	1M USD SOFR+	5.50	%		1.00	%		10.83	%	5/1/2026		3,333,250		3,240,468		3,305,117
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.58	%	2/4/2027		481,250		480,346		475,475
INSTANT BRANDS HOLDINGS INC.	Consumer goods: Durable	Instant Brands TL	Loan	Prime	4.00	%		0.75	%		14.50	%	4/7/2028		10,085		10,085		10,085
INSTANT BRANDS HOLDINGS INC. (b)	Consumer goods: Durable	Term Loan 4/21	Loan	Prime	4.00	%		0.75	%		14.50	%	4/7/2028		3,942,576		3,929,234		256,267
INSTANT BRANDS HOLDINGS INC. (c)	Consumer goods: Durable	PIK DIP Term Loan	Loan	1M USD SOFR+	3.00	%		1.00	%		15.45	%	1/31/2024		1,523,653		1,523,115		1,557,935
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.75	%		8.18	%	12/15/2027		494,962		490,830		494,101
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	6M USD SOFR+	2.50	%		0.00	%		2.50	%	4/13/2028		1,258,790		838,779		1,082,559

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
Isolved Inc.	Services: Business	Term Loan	Loan	6M USD SOFR+	4.00	%		0.50	%		9.48	%	10/5/2030		625,000		618,886		626,563
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	1/26/2028		3,880,000		3,878,565		3,869,602
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	3/1/2028		2,925,000		2,876,836		2,850,647
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan 7/23	Loan	3M USD SOFR+	5.50	%		1.00	%		11.07	%	11/20/2027		3,456,884		3,442,560		276,551
Kleopatra Finco S.a r.l.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+	4.73	%		0.50	%		10.27	%	2/12/2026		1,458,750		1,456,824		1,400,400
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD SOFR+	3.25	%		0.75	%		8.86	%	3/13/2028		486,159		485,291		485,211
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	4/10/2030		995,006		967,558		998,121
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	9/1/2027		486,325		479,475		464,440
Lakeland Tours, LLC (c)	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed	0.00	%		0.00	%		8.00	%	9/27/2027		1,127,568		568,253		761,108
Lealand Finance Company B.V. (c)	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD SOFR+	1.00	%		0.00	%		6.44	%	6/30/2025		355,751		355,751		138,149
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.18	%	2/16/2029		2,475,771		2,084,045		2,310,216
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+	5.50	%		1.00	%		10.94	%	8/26/2027		1,659,313		1,653,207		1,595,015
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.19	%	3/17/2028		975,000		972,922		957,938
LOYALTY VENTURES INC. (b)	Services: Business	Term Loan B	Loan	Prime	5.50	%		0.50	%		14.00	%	11/3/2027		2,913,525		2,902,171		25,493
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD SOFR+	1.75	%		0.00	%		7.18	%	11/11/2026		1,195,404		1,194,671		1,194,125
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan (01/23)	Loan	1M USD SOFR+	4.25	%		0.50	%		9.68	%	10/14/2028		1,492,500		1,473,942		1,491,754
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	10/16/2028		245,625		244,848		244,473
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.32	%	6/14/2030		980,756		967,038		980,756
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan (2/24)	Loan	1M USD SOFR+	6.50	%		0.75	%		11.83	%	3/31/2029		2,775,000		2,700,276		2,775,860
MAGNITE, INC.	Services: Business	Term Loan B (01/24)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	2/6/2031		3,250,000		3,218,266		3,241,875
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (11/19)	Loan	1M USD SOFR+	1.75	%		0.00	%		7.18	%	8/29/2025		1,317,074		1,317,074		1,312,543
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD SOFR+	1.75	%		0.00	%		7.27	%	2/15/2027		250,000		249,741		249,063

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
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.50	%		10.35	%	10/3/2030		2,000,000		1,870,298		1,832,500
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	First Lien Term Loan B (12/23)	Loan	1M USD SOFR+	4.25	%		0.00	%		9.58	%	2/28/2028		3,432,772		3,346,276		3,432,772
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan (07/21)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.19	%	7/28/2028		1,955,000		1,940,387		1,946,281
MedAssets Software Inter Hldg, Inc.	High Tech Industries	Term Loan (11/21) (USD)	Loan	1M USD SOFR+	4.00	%		0.50	%		9.44	%	12/18/2028		491,250		488,835		409,275
Mermaid Bidco Inc.	High Tech Industries	Term Loan B2	Loan	3M USD SOFR+	4.50	%		0.75	%		9.88	%	12/22/2027		1,966,412		1,947,595		1,968,870
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.86	%	4/8/2028		2,442,400		2,429,364		1,996,417
MKS Instruments, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.82	%	8/17/2029		1,971,537		1,967,675		1,966,253
Momentive Performance Materials Inc.	Chemicals, Plastics, & Rubber	Term Loan (03/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.83	%	3/28/2028		496,250		479,007		485,084
Moneygram International, Inc.	Services: Business	Term Loan	Loan	3M USD SOFR+	5.50	%		0.50	%		10.88	%	5/31/2030		2,993,750		2,617,290		2,936,989
Mosel Bidco SE	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.50	%		10.10	%	9/16/2030		500,000		495,262		500,625
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Term Loan B (08/21)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.85	%	9/1/2028		2,962,121		2,734,973		2,861,320
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.25	%	11/23/2028		2,940,000		2,935,048		2,929,504
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.68	%	2/22/2029		2,969,773		2,447,043		2,806,436
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	11/14/2025		3,305,649		3,294,914		3,289,120
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	1M USD SOFR+	3.75	%		0.75	%		9.18	%	3/2/2028		2,708,195		2,701,639		2,522,007
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD SOFR+	3.75	%		0.75	%		9.20	%	3/2/2028		87,464		87,200		81,450
New Trojan Parent, Inc. (c)	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	5.25	%		0.50	%		10.69	%	1/6/2028		-		40,239		-
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	9/18/2026		657,625		654,056		655,705
Next Level Apparel, Inc.	Retail	Term Loan	Loan	1M USD SOFR+	7.50	%		1.00	%		12.92	%	8/9/2026		2,605,709		2,579,219		2,019,425
NortonLifeLock Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.00	%		0.50	%		7.43	%	9/12/2029		997,195		993,475		994,014
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.42	%	4/3/2028		497,500		492,525		497,192
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan (05/23)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.42	%	4/3/2028		498,747		494,084		498,228

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
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.75	%		10.52	%	12/22/2028		1,965,000		1,954,113		1,948,632
Nuvei Technologies Corp.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	12/19/2030		2,100,000		2,084,250		2,100,336
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	2/23/2029		2,467,387		2,376,707		2,249,442
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.18	%	1/31/2030		1,380,397		1,343,151		1,381,267
Organon & Co.	Healthcare & Pharmaceuticals	Term Loan USD	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	6/2/2028		2,118,750		2,112,577		2,120,085
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+	4.00	%		0.50	%		9.43	%	5/2/2030		497,500		488,294		496,669
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.50	%		0.75	%		8.94	%	4/21/2028		895,408		894,474		893,734
Pacific Gas & Electric	Utilities: Electric	Term Loan	Loan	1M USD SOFR+	2.50	%		0.50	%		7.83	%	6/23/2027		250,000		248,893		249,923
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	9/20/2028		975,000		971,827		975,994
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.75	%		0.50	%		10.34	%	7/6/2028		941,176		934,588		896,471
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan 2/23	Loan	3M USD SOFR+	4.25	%		0.50	%		9.69	%	2/27/2030		2,483,737		2,460,184		2,482,198
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75	%		0.50	%		11.06	%	8/1/2029		1,975,000		1,671,950		1,816,013
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	3/30/2027		481,544		475,840		411,321
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	5/29/2026		794,490		793,022		794,156
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	3.75	%		0.50	%		9.06	%	2/28/2029		982,500		981,042		972,066
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	12/29/2028		1,474,639		1,470,327		1,325,332
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.50	%		8.18	%	5/3/2029		985,000		981,209		979,720
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.18	%	2/1/2028		5,236,340		5,225,013		5,236,340
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.00	%		0.50	%		9.46	%	12/23/2028		2,958,680		2,899,926		2,608,254
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.44	%	3/17/2028		3,899,823		3,878,054		3,880,324
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (11/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.93	%	12/1/2028		1,795,294		1,789,191		1,791,309
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	3/13/2028		4,376,250		4,370,414		4,362,377
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.72	%	4/21/2029		1,975,000		1,967,432		1,926,968
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.75	%		8.61	%	12/29/2027		486,250		484,831		485,642

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
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.19	%	2/12/2028		5,348,750		5,313,507		5,071,310
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	12/15/2028		2,947,500		2,929,343		2,939,512
Presidio, Inc.	Services: Business	Term Loan B (1/20)	Loan	3M USD SOFR+	3.50	%		0.00	%		8.91	%	1/22/2027		482,500		482,164		483,103
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B (10/23)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.83	%	10/11/2030		2,000,000		1,980,728		1,998,300
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan	Loan	1M USD SOFR+	5.75	%		1.00	%		11.19	%	4/27/2027		2,925,000		2,906,770		2,921,344
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD SOFR+	3.25	%		0.75	%		8.84	%	12/28/2027		486,242		484,862		472,311
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+	5.25	%		0.50	%		10.66	%	7/20/2029		990,000		931,883		907,711
Propulsion (BC) Finco	Aerospace & Defense	Term Loan	Loan	3M USD SOFR+	3.75	%		0.50	%		9.10	%	9/14/2029		750,000		742,504		748,748
PUG LLC	Services: Consumer	Term Loan B (02/20)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	2/12/2027		475,176		474,168		466,010
Quartz AcquireCo, LLC	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.83	%	6/28/2030		997,500		988,167		996,253
QUEST BORROWER LIMITED	High Tech Industries	Term Loan (1/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.71	%	2/1/2029		1,970,000		1,954,941		1,552,734
R1 RCM INC.	Healthcare & Pharmaceuticals	Term Loan (12/23)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.36	%	6/21/2029		1,200,000		1,185,480		1,200,000
R1 RCM INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	6/21/2029		1,200,000		1,185,733		1,200,000
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (1/21)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.19	%	2/15/2028		2,944,353		2,869,199		1,278,173
RAND PARENT LLC	Transportation: Cargo	Term Loan B	Loan	3M USD SOFR+	4.25	%		0.00	%		9.60	%	3/16/2030		2,481,250		2,400,653		2,476,213
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.44	%	4/24/2028		977,500		976,326		950,501
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	6M USD SOFR+	3.25	%		0.50	%		9.12	%	2/17/2028		1,860,192		1,827,856		1,856,323
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		11.07	%	12/20/2024		4,252,891		4,231,426		2,426,275
Resideo Funding Inc.	Services: Consumer	Term Loan (1/21)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.69	%	2/11/2028		1,458,750		1,457,581		1,454,651
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+	6.50	%		1.00	%		12.11	%	4/30/2027		1,968,154		1,968,154		1,936,172
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	10/20/2028		3,427,375		3,422,882		3,328,838
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.18	%	1/29/2027		1,117,917		1,117,917		1,117,078

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
Reynolds Group Holdings Inc.	Containers, Packaging & Glass	Term Loan B2	Loan	1M USD SOFR+	3.25	%		0.00	%		8.69	%	2/5/2026		1,933,578		1,929,763		1,936,692
Russell Investments US Inst’l Holdco, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	1M USD SOFR+	3.50	%		1.00	%		8.93	%	6/2/2025		5,503,217		5,487,956		5,313,356
RV Retailer LLC	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.17	%	2/8/2028		2,927,756		2,890,768		2,728,317
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.75	%		0.75	%		8.08	%	9/1/2027		1,463,497		1,454,416		1,463,497
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	3M USD SOFR+	5.00	%		0.50	%		10.42	%	3/10/2028		2,433,693		2,393,141		2,405,560
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	2/28/2030		496,250		492,943		495,421
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	4/20/2028		1,297,546		1,293,069		1,294,847
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.25	%		0.50	%		8.58	%	4/4/2029		493,750		492,933		492,516
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+	3.75	%		0.00	%		9.08	%	2/17/2028		992,500		984,017		993,294
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan	Loan	3M USD SOFR+	2.00	%		0.00	%		7.61	%	11/2/2028		1,000,000		998,338		1,000,560
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	8/28/2028		1,955,000		1,948,734		1,873,144
SiteOne Landscape Supply, LLC	Services: Business	Term Loan (3/21)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.44	%	3/18/2028		1,267,378		1,261,906		1,267,378
SMG US Midco 2, Inc.	Services: Business	Term Loan (01/20)	Loan	3M USD SOFR+	2.50	%		0.00	%		8.07	%	1/23/2025		480,000		480,000		479,702
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.82	%	4/1/2029		514,217		510,811		514,860
Sotheby’s	Services: Business	Term Loan (7/21)	Loan	3M USD SOFR+	4.50	%		0.50	%		10.08	%	1/15/2027		3,191,015		3,159,783		3,159,903
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	1M USD SOFR+	3.25	%		0.75	%		8.69	%	8/2/2028		1,960,000		1,953,602		1,955,453
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		9.68	%	3/31/2028		1,955,000		1,942,520		1,857,250
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD SOFR+	4.00	%		0.75	%		9.62	%	3/4/2028		2,917,500		2,907,433		2,644,510
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	5/12/2028		2,523,636		2,521,215		2,517,327
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		7.68	%	9/22/2028		620,250		616,132		619,785
Staples, Inc.	Wholesale	Term Loan (03/19)	Loan	1M USD SOFR+	5.00	%		0.00	%		10.44	%	4/16/2026		4,296,252		4,227,884		4,185,881
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.35	%	9/19/2030		1,250,000		1,232,293		1,233,600
Storable, Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	4/17/2028		490,000		489,451		489,084
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	12/1/2028		980,000		972,893		979,510

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
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	8/2/2028		2,197,331		2,118,286		2,186,345
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+	4.00	%		0.75	%		9.59	%	4/24/2028		2,444,975		2,444,257		2,421,748
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan 3/22	Loan	3M USD SOFR+	5.00	%		0.50	%		10.35	%	4/2/2029		987,475		979,563		987,060
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	7/7/2028		980,000		978,620		977,962
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	5.25	%		1.00	%		10.68	%	7/15/2025		4,337,912		4,305,238		4,332,490
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 5/23	Loan	1M USD SOFR+	6.00	%		0.00	%		11.33	%	5/25/2028		1,880,000		1,879,762		1,809,030
The Dun & Bradstreet Corporation	Services: Business	Term Loan (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.07	%	1/18/2029		1,148,788		1,146,995		1,145,629
Thor Industries, Inc.	Automotive	Term Loan B2	Loan	1M USD SOFR+	2.75	%		0.00	%		8.07	%	11/15/2030		847,276		839,124		847,276
Torrid LLC	Wholesale	Term Loan 5/21	Loan	3M USD SOFR+	5.50	%		0.75	%		11.11	%	6/14/2028		3,293,297		2,885,799		2,766,369
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	4/15/2028		2,308,083		2,173,521		2,279,878
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	3M USD SOFR+	3.50	%		0.75	%		9.07	%	8/18/2027		485,000		481,026		403,360
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7 (02/24)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.33	%	12/1/2028		609,032		608,154		608,161
Transdigm, Inc.	Aerospace & Defense	Term Loan H	Loan	3M USD SOFR+	3.25	%		0.00	%		8.60	%	2/22/2027		1,973,436		1,970,279		1,977,580
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD SOFR+	3.25	%		0.50	%		8.86	%	3/31/2028		1,462,504		1,457,793		1,435,389
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	3/10/2028		346,923		346,548		345,584
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Incremental Term Loan	Loan	3M USD SOFR+	3.50	%		0.50	%		8.85	%	8/11/2028		2,000,000		1,981,659		1,997,500
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+	4.00	%		0.75	%		9.43	%	10/29/2027		944,761		940,433		912,034
Uber Technologies, Inc.	Transportation: Consumer	Term Loan 2/23	Loan	3M USD SOFR+	2.75	%		0.00	%		8.13	%	3/3/2030		395,438		394,559		396,284
Ultra Clean Holdings, Inc.	High Tech Industries	Incremental Term Loan 3/21	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	8/27/2025		763,480		761,941		764,755
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD SOFR+	4.00	%		1.00	%		9.59	%	7/31/2026		496,815		481,603		494,207
United Natural Foods, Inc	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.69	%	10/22/2025		1,241,834		1,218,443		1,239,922
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/21)	Loan	1M USD SOFR+	3.25	%		0.75	%		8.69	%	3/15/2026		2,421,809		2,418,336		2,418,031

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
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.60	%	6/25/2029		246,250		240,243		246,250
Utz Quality Foods, LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		8.44	%	1/20/2028		1,478,977		1,478,749		1,478,252
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	6M USD SOFR+	5.00	%		0.75	%		10.43	%	1/19/2029		2,318,552		2,260,590		2,287,251
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Term Loan (12/23)	Loan	3M USD SOFR+	7.75	%		0.00	%		13.36	%	6/16/2026		1,208,512		1,207,739		1,111,831
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.59	%	8/20/2025		1,353,744		1,351,272		1,170,988
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+	3.25	%		0.75	%		8.68	%	12/6/2028		982,538		979,566		982,459
VFH Parent LLC	Banking, Finance, Insurance & Real Estate	Term Loan (01/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	1/12/2029		2,975,130		2,970,557		2,970,667
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.83	%	3/5/2029		2,967,381		2,908,179		2,909,903
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.69	%	9/28/2028		2,823,409		2,817,201		2,819,880
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	12/20/2030		1,889,393		1,880,083		1,880,135
Vizient, Inc	Healthcare & Pharmaceuticals	Term Loan 4/22	Loan	1M USD SOFR+	2.25	%		0.50	%		7.68	%	5/16/2029		492,500		488,534		492,731
VM Consolidated, Inc.	Construction & Building	Term Loan B (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	3/24/2028		1,841,374		1,840,186		1,843,676
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD SOFR+	6.00	%		1.00	%		11.33	%	9/30/2025		466,250		466,250		472,078
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (12/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	12/15/2028		496,250		487,839		495,009
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	First Lien TL I (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	1/24/2031		1,250,000		1,249,906		1,247,463
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		9.33	%	3/2/2028		2,831,632		2,822,010		2,826,337
WeddingWire, Inc.	Services: Consumer	Term Loan (09/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	1/29/2028		4,808,923		4,806,669		4,784,879
WEX Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	3/31/2028		2,924,849		2,918,448		2,919,379

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
WildBrain Ltd.	Media: Diversified & Production	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	3/27/2028		3,005,025		2,952,048		2,899,849
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	8/1/2030		500,000		500,000		500,390
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan 5/23	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	5/24/2030		995,000		990,380		996,124
Xperi Corporation	High Tech Industries	Term Loan	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	6/8/2028		1,983,094		1,979,717		1,977,303
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+	4.25	%		0.50	%		9.65	%	3/9/2027		982,500		965,514		884,555
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan 4/21	Loan	3M USD SOFR+	3.25	%		0.50	%		8.89	%	11/1/2028		1,866,509		1,857,862		1,862,142
Zekelman Industries, Inc.	Metals & Mining	Term Loan (01/20)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.44	%	1/25/2027		954,029		954,029		953,733
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	1M USD SOFR+	5.50	%		0.00	%		10.83	%	2/8/2028		1,980,000		1,897,656		1,940,400
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	1.93	%		0.50	%		7.35	%	1/29/2029		490,000		489,237		488,772
TOTAL INVESTMENTS																$	630,995,710	$	607,551,774

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)		12,104,832	$	12,104,832	$	12,104,832
Total cash and cash equivalents		12,104,832	$	12,104,832	$	12,104,832

(a) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 29, 2024.

(b) As of February 29, 2024, the investment was in default and on non-accrual status.

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

1M USD LIBOR - The 1-month USD LIBOR rate as of February 29, 2024 was 5.44%.

3M USD LIBOR - The 3-month USD LIBOR rate as of February 29, 2024 was 5.60%.

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

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

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

Prime - The Prime Rate as of February 29, 2024 was 8.50%.

SLF JV [Member]

Investments [Line Items]

Investments

Note 5. Investment in SLF JV

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

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

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

The Company and TJHA have committed to provide up to a combined $50.0 million of financing to SLF JV through cash contributions, with the Company providing $43.75 million and TJHA providing $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured note and equity. The unsecured note pays a fixed rate of 10% per annum and is due and payable in full on October 20, 2033. As of May 31, 2024, 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, 2024 and February 29, 2024, the Company’s investment in the unsecured note of SLF JV had a fair value of $15.8 million and $15.8 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $8.8 million and $9.4 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 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, 2024 and May 31, 2023, the Company earned $0.4 million and $0.2 million, respectively, of interest income related to SLF JV, which is included in interest income. As of May 31, 2024 and February 29, 2024, $0.2 million and $0.2 million, respectively, of interest income related to SLF JV was included in interest receivable on the Statements of Assets and Liabilities.

For the three months ended May 31, 2024 and May 31, 2023, the Company earned $1.3 million and $1.8 million, respectively, of dividend related to SLF JV, which is included in dividend income on control investments. As of May 31, 2024 and February 29, 2024, $0.0 million and $0.0 million, respectively, of dividend income related to SLF JV was included in dividend receivable on the Statements of Assets and Liabilities.

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, 2024 and February 29, 2024, the fair value of these Class E Notes were $12.3 million and $12.3 million, respectively.

Directors Fees

3 Months Ended

May 31, 2024

Directors Fees [Abstract]

Directors Fees

Note 10. Directors Fees

The independent directors each receive an annual fee of $70,000. They also receive $3,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and receive $1,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting. In addition, the chairman of the Audit Committee receives an annual fee of $12,500 and the chairman of each other committee of the board of directors receives an annual fee of $6,000 for their additional services in these capacities. In addition, we have purchased directors’ and officers’ liability insurance on behalf of our directors and officers. Independent directors have the option to receive their directors’ fees in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. No compensation is paid to directors who are “interested persons” of the Company (as defined in Section 2(a)(19) of the 1940 Act). For the three months ended May 31, 2024 and May 31, 2023, the Company incurred $0.1 million and $0.09 million for directors’ fees and expenses, respectively. As of May 31, 2024 and February 29, 2024, $0.0 million and $0.00 million in directors’ fees and expenses were accrued and unpaid, respectively. As of May 31, 2024, the Company had not issued any common stock to our directors as compensation for their services.

Borrowings (Details) - Details 1 - USD ($)																		1 Months Ended	3 Months Ended			12 Months Ended
Borrowings (Details) - Details 1 - USD ($)	Dec. 21, 2022	Dec. 13, 2022	Nov. 10, 2022	Oct. 27, 2022	Sep. 08, 2022	Aug. 15, 2022	May 10, 2022	Apr. 27, 2022	Jan. 19, 2022	Oct. 04, 2021	Jul. 15, 2021	Mar. 10, 2021	Jan. 28, 2021	Dec. 29, 2020	Jul. 09, 2020	Apr. 16, 2019	Jul. 13, 2018	Mar. 23, 2018	May 31, 2024	Aug. 31, 2023	May 31, 2023	Feb. 29, 2024	Oct. 28, 2022	Jul. 30, 2010	May 01, 2007	Apr. 11, 2007
Borrowings (Details) - Details 1 [Line Items]
Employ leverage, percentage																			200.00%
Asset coverage ratio																			159.60%			161.10%
Interest rate, description																			The Revolving Credit Facilities, SBA Debentures, 8.75% Notes Payable 2025, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading.
Loss on the extinguishment of debt																			$ (21,194,997)	$ (110,056)	$ 90,691
Securitized credit facility																			45,500,000			$ 35,000,000
Administrative agent fee																			1,075,000		818,750
Financing costs																			875,791		2,715,705
Interest expense																			30,000.00		$ 100,000
Outstanding percentage rate																					9.41%
Line of credit facility minimum drawn amount																			70,200,000
Commitment amount																			50,000,000
Customary fee																			$ 150,000,000
Investment percentage																			25.00%
Credit agreement unused commitment, percentage																			0.50%
Line of credit facility current borrowing capacity																			$ 50,000,000
Aggregate principal amount																							$ 402,100,000
Net income taxes																			54,821		$ 300
Borrowing amount																			350,000,000
Debentures outstanding amount																			214,000,000			214,000,000
Fair value																			$ 5,000,000
Offering costs incurred				$ 200,000
Underwriting commissions																	$ 1,150,000
Level 3 [Member]
Borrowings (Details) - Details 1 [Line Items]
Debt instrument, description																			The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $6.0 million, and $0.4 million related to the SBA debentures issued by SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment and drawdown.
SBIC Subsidiaries [Member]
Borrowings (Details) - Details 1 [Line Items]
Tangible net																			$ 24,000,000
Net income taxes																			8,000,000
SBA Debentures [Member]
Borrowings (Details) - Details 1 [Line Items]
Amortization of deferred financing cost																						200,000
Additional long-term capital																			175,000,000
7.75% 2025 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																			5,000,000		5,000,000
Financing costs															$ 300,000
Interest expense																			$ 100,000		100,000
Aggregate principal amount															$ 5,000,000							5,000,000
Principal amount, percentage															7.75%
Aggregate principal amount percentage															7.75%
Net proceeds amount															$ 4,800,000
Deducting underwriting commissions amount															200,000
Offering costs															$ 100,000
Fixed interest, description															Interest on the 7.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year.
Par value, per share (in Dollars per share)																			$ 25
Fair value																						5,000,000
Deferred financing costs																			$ 10,000.00		10,000.00
6.25% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																			15,000,000		15,000,000
Financing costs													$ 400,000	$ 100,000
Interest expense																			200,000		200,000
Aggregate principal amount													10,000,000	5,000,000					$ 15,000,000
Net proceeds amount													9,700,000
Deducting underwriting commissions amount													300,000
Offering costs													$ 100,000	$ 100,000
Fixed interest, description														Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year.
Par value, per share (in Dollars per share)																			$ 25
Deferred financing costs																			$ 20,000.00		20,000.00
Per share (in Dollars per share)													$ 25
Outstanding fair value																			14,300,000
4.375% 2026 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																					175,000,000
Financing costs											$ 2,700,000	$ 1,300,000
Interest expense																			175,000,000
Aggregate principal amount											125,000,000	50,000,000							175,000,000			175,000,000
Net proceeds amount											123,800,000	49,000,000
Deducting underwriting commissions amount												$ 1,000,000
Offering costs											$ 200,000
Fixed interest, description												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.
Fair value																						$ 163,400,000
Outstanding fair value																			164,700,000
Offering costs incurred												$ 300,000
Public offering price percentage											101.00%
Underwriting discounts											$ 2,500,000
Minimum denominations amount																			2,000
Integral multiples of excess																			1,000
Carrying amount
Amortization of premium on issuance																			60,000.00
4.35% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																			75,000,000		75,000,000
Financing costs									$ 1,800,000
Interest expense																			100,000
Aggregate principal amount									$ 75,000,000										75,000,000
Principal amount, percentage									4.35%
Net proceeds amount									$ 73,000,000
Deducting underwriting commissions amount									1,500,000
Offering costs									$ 300,000
Fixed interest, description									Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year.
Outstanding fair value																			68,300,000
Public offering price percentage									99.317%
Deferred financing costs																			800,000		800,000
Amortization of premium on issuances																					20,000.00
6.00% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																			105,500,000		105,500,000
Financing costs						$ 300,000	$ 3,300,000
Interest expense																			1,600,000		1,600,000
Aggregate principal amount								$ 87,500,000
Aggregate principal amount percentage						6.00%
Net proceeds amount						$ 7,800,000	9,700,000
Deducting underwriting commissions amount							$ 300,000
Offering costs								100,000
Fixed interest, description							Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year.
Deferred financing costs																			200,000		200,000
Offering costs incurred						$ 200,000
Public offering price percentage						97.80%
Net proceeds								84,800,000
Underwriting commissions								$ 2,700,000
Additional aggregate principal amount						$ 8,000,000	$ 10,000,000
Trading symbol per share (in Dollars per share)																						$ 25
Amortization of discount on issuance																			10,000.00		10,000.00
7.00% 2025 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																			12,000,000		12,000,000
Financing costs					$ 40,000.00
Interest expense																			200,000		200,000
Aggregate principal amount					$ 12,000,000
Principal amount, percentage					7.00%
Net proceeds amount					$ 11,600,000
Fixed interest, description					Interest on the 7.00% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year.
Deferred financing costs																			30,000.00		30,000.00
Underwriting discounts					$ 400,000
Amortization of discount on issuance																			30,000.00		30,000.00
Offering expenses					$ 50,000.00
8.00% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																			46,000,000		46,000,000
Interest expense																			900,000		900,000
Net proceeds amount				38,700,000
Deferred financing costs																			90,000.00		90,000.00
Outstanding fair value																			$ 11,800,000
Additional aggregate principal amount			$ 6,000,000
Trading symbol per share (in Dollars per share)																			$ 25
Underwriting commissions				1,300,000
8.125% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Financing costs			1,700,000
Aggregate principal amount				$ 40,000,000
Deducting underwriting commissions amount			$ 200,000
Fixed interest, description			Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year
2026 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Debt instrument, description																						Offering costs incurred were approximately $0.2 million.
7.75% 2025 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						$ 46,200,000
Carrying amount																						46,000,000
8.125% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																			$ 60,400,000		60,400,000
Interest expense																			1,200,000		1,200,000	$ 1,200,000
Aggregate principal amount		$ 52,500,000																	20,000,000
Debt instrument, description	On December 21, 2022, the underwriters fully exercised their option to purchase an additional $7.9 million in aggregate principal amount of the 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. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per note.
Principal amount, percentage		8.125%
Net proceeds amount		$ 50,800,000
Deducting underwriting commissions amount		1,600,000
Offering costs		$ 100,000
Par value, per share (in Dollars per share)																						$ 25
Deferred financing costs																			100,000		100,000
Borrowings [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																			13,000,000
Borrowings [Member] \| 7.75% 2025 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Aggregate principal amount																			5,000,000
Borrowings [Member] \| 6.25% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Principal amount, percentage														6.25%
Borrowings [Member] \| 4.375% 2026 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Principal amount, percentage												4.375%
Smaller Enterprise [Member]
Borrowings (Details) - Details 1 [Line Items]
Tangible net																			6,000,000
Net income taxes																			$ 2,000,000
Minimum [Member]
Borrowings (Details) - Details 1 [Line Items]
Asset coverage ratio																		150.00%
Encina credit facility										$ 12,500,000
Investment percentage																			3.50%
Minimum [Member] \| 6.25% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						$ 14,200,000
Minimum [Member] \| 4.375% 2026 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Interest expense																			$ 1,900,000
Deferred financing costs																			200,000
Minimum [Member] \| 4.35% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						75,000,000
Amortization of premium on issuances																			30,000.00		100,000
Minimum [Member] \| 6.00% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						100,700,000
Outstanding fair value																			105,500,000
Minimum [Member] \| 8.00% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						12,000,000
Outstanding fair value																			46,000,000
Minimum [Member] \| 8.125% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Net proceeds amount			$ 5,800,000
Minimum [Member] \| 8.125% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						60,400,000
Outstanding fair value																			$ 60,400,000
Maximum [Member]
Borrowings (Details) - Details 1 [Line Items]
Encina credit facility										25,000,000
Investment percentage																			4.25%
Maximum [Member] \| 6.25% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						15,000,000
Maximum [Member] \| 4.375% 2026 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Interest expense																					1,900,000
Deferred financing costs																					200,000
Amortization of premium on issuance																					60,000.00
Maximum [Member] \| 4.35% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						64,500,000
Maximum [Member] \| 6.00% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						105,500,000
Outstanding fair value																			$ 101,600,000
Maximum [Member] \| 8.00% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						11,800,000
Outstanding fair value																			46,000,000
Maximum [Member] \| 8.125% 2027 Notes [Member]
Borrowings (Details) - Details 1 [Line Items]
Fair value																						60,800,000
Outstanding fair value																			60,600,000
SBIC LP [Member]
Borrowings (Details) - Details 1 [Line Items]
Aggregate principal amount																			$ 350,000,000
1940 Act [Member]
Borrowings (Details) - Details 1 [Line Items]
Employ leverage, percentage																			150.00%
SBIC Subsidiaries [Member]
Borrowings (Details) - Details 1 [Line Items]
Additional long-term capital																			$ 175,000,000
SBA Debentures [Member]
Borrowings (Details) - Details 1 [Line Items]
Debentures outstanding amount																			214,000,000		202,000,000
Interest expense																			1,800,000		1,500,000
Accumulated of deferred financing costs																			$ 200,000		$ 200,000
Weighted average interest rate																			3.36%		2.88%
SBA Debentures [Member] \| SBIC Subsidiaries [Member]
Borrowings (Details) - Details 1 [Line Items]
Debt instrument, description																			The SBIC Subsidiaries are able to borrow funds from the SBA against each SBIC’s regulatory capital (which generally approximates equity capital in the respective SBIC).
SBA Debentures [Member] \| Maximum [Member]
Borrowings (Details) - Details 1 [Line Items]
Aggregate total of equity capital amount																			$ 214,000,000
SBIC II LP [Member]
Borrowings (Details) - Details 1 [Line Items]
Aggregate total of equity capital amount																			87,500,000
Debentures outstanding amount																			175,000,000
SBIC III LP [Member]
Borrowings (Details) - Details 1 [Line Items]
Aggregate total of equity capital amount																			66,700,000
Debentures outstanding amount																			39,000,000
Revolving Credit Facility [Member]
Borrowings (Details) - Details 1 [Line Items]
Asset coverage ratio																150.00%
Securitized credit facility																									$ 25,700,000	$ 100,000,000
Deferred financing costs																			$ 1,538,040			882,122
Revolving Credit Facility [Member] \| SBA Debentures [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																						202,000,000
Revolving Credit Facility [Member] \| LIBOR [Member]
Borrowings (Details) - Details 1 [Line Items]
Interest rate, description																			Under the Revolving Facility, funds were borrowed from or through certain lenders and interest was payable monthly at the greater of the commercial paper rate and our lender’s prime rate plus 4.00% plus a default rate of 2.00% or, if the commercial paper market was unavailable, the greater of the prevailing LIBOR rates and our lender’s prime rate plus 6.00% plus a default rate of 3.00%.
Madison Credit Facility [Member]
Borrowings (Details) - Details 1 [Line Items]
Senior secured revolving																								$ 45,000,000
Credit facility, desciption																			On October 4, 2021, all outstanding amounts on the Madison Credit Facility were repaid and the Madison Credit Facility was terminated.
Loss on the extinguishment of debt										800,000
Encina Credit Facility [Member]
Borrowings (Details) - Details 1 [Line Items]
Securitized credit facility										$ 50,000,000
Encina credit facility percentage										50.00%
Floating rate per annum percentage										4.00%
Benchmark rate										0.75%
Credit facility balance, description										●increase the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; ●change the underlying benchmark used to compute interest under the Encina Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; ●increase the applicable effective margin rate on borrowings from 4.00% to 4.25%; ●extend the revolving period from October 4, 2024 to January 27, 2026; ●extend the period during which the borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase, a “Facility Increase”) from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant to the Encina Facility Increase from $75.0 million to $150.0 million; ●revise the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and ●amend the provisions permitting the borrower to request an extension in the Commitment Termination Date (as defined in the Encina 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.
Administrative agent fee																			$ 100,000
Outstanding borrowings																			34,800,000		$ 46,700,000
Financing costs																			2,000,000
Interest expense																			900,000		1,100,000
Amortization of deferred financing cost																			$ 100,000		$ 100,000
Outstanding percentage rate																			9.90%
Line of credit facility, borrowing capacity, description																			Availability on the Encina Credit Facility will be subject to a borrowing base calculation, based on, among other things, applicable advance rates (which vary from 50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets included as part of the borrowing base. Funds may be borrowed at the greater of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%. In addition, the Company will pay the lender a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Encina Credit Facility.
Line of credit facility minimum drawn amount																			$ 85,600,000
Line of credit facility maximum borrowing capacity																			65,000,000
Encina Credit Facility [Member] \| Encina Credit Agreement [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																			32,500,000			$ 35,000,000
Oak Credit Facility [Member]
Borrowings (Details) - Details 1 [Line Items]
Line of credit facility maximum borrowing capacity																			$ 50,000,000
Live Oak Credit Agreement [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding percentage rate																			50.00%
Line of credit facility minimum drawn amount																			$ 12,500,000
Line of credit facility maximum borrowing capacity																			25,000,000
Live Oak Credit Facility [Member]
Borrowings (Details) - Details 1 [Line Items]
Outstanding borrowings																			$ 12,900,000
Outstanding percentage rate																			9.50%
Interest expense debt																			$ 300,000
Deferred financing costs																			$ 50,000.00

Stockholders' Equity

3 Months Ended

May 31, 2024

Stockholders' Equity [Abstract]

Stockholders’ Equity

Note 11. Stockholders’ Equity

Share Repurchases

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 to 1.7 million shares of common stock. On January 8, 2024, the Company’s board of directors extended the Share Repurchase Plan for another year to January 15, 2025. As of May 31, 2024, the Company had purchased 1,035,203 shares of common stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the three months ended May 31, 2024, the Company did not purchase any shares of common stock pursuant to the Share Repurchase Plan.

Public Equity Offering

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.

Equity ATM Program

On March 16, 2017, the Company entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which the Company offered for sale, from time to time, up to $30.0 million of the Company’s common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of the common stock to be offered was increased to $70.0 million, and on October 8, 2019, the amount of the common stock to be offered was increased to $130.0 million. This agreement was terminated as of July 29, 2021, and as of that date, the Company had sold 3,922,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs).

On July 30, 2021, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (“Ladenburg”) and Compass Point Research and Trading, LLC (“Compass Point”), through which the Company may offer for sale, from time to time, up to $150.0 million of the Company’s common stock through the Agents (as defined below), or to them, as principal for their account (the “ATM Program”).

On July 6, 2023, the Company amended the Equity Distribution Agreement to increase the maximum amount of shares of our common stock to be sold through the ATM Program to $300.0 million from $150.0 million. On July 19, 2023, the Company amended the Equity Distribution Agreement to add an additional distribution agent, Raymond James & Associates, Inc. (“Raymond James”). On May 15, 2024, the Company amended the Equity Distribution Agreement to add an additional distribution agent, Lucid Capital Markets, LLC (“Lucid” and together with Ladenburg, Compass Point, and Raymond James, the “Agents”). The sales price per share of the Company’s common stock offered under the ATM Program, less the Agents’ commission, will not be less than the NAV per share of the Company’s common stock at the time of such sale. Consistent with the terms of the ATM Program, the Manager may, from time to time and in its sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV per share.

As of May 31, 2024, the Company sold 6,543,878 shares for gross proceeds of $172.5 million at an average price of $26.37 for aggregate net proceeds of $171.0 million (net of transaction costs). During the three months ended May 31, 2024, the Company did not sell any shares.

							Capital			Total
	Common Stock						in Excess			Distributable
	Shares			Amount			of Par Value			Earnings (Loss)			Net Assets
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
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(16,322,307	)		(16,322,307	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			59,407			59,407
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(8,193,402	)		(8,193,402	)
Capital Share Transactions:
Stock dividend distribution		45,818			47			1,058,797			-			1,058,844
Repurchases of common stock		(88,576	)		(90	)		(2,157,515	)		-			(2,157,605	)
Repurchase fees		-			-			(1,772	)		-			(1,772	)
Balance at May 31, 2023		11,847,742		$	11,848		$	320,793,316		$	16,645,684		$	337,450,848
Increase (Decrease) from Operations:
Net investment income		-			-			-			13,964,784			13,964,784
Realized losses on extinguishment of debt		-			-			-			(110,056	)		(110,056	)
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(5,737,571	)		(5,737,571	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(221,206	)		(221,206	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(8,352,335	)		(8,352,335	)
Capital Share Transactions:
Proceeds from issuance of common stock		852,412			852			22,497,265			-			22,498,117
Capital contribution from Manager		-			-			2,050,288			-			2,050,288
Stock dividend distribution		29,627			30			749,283			-			749,313
Offering costs		-			-			(213,427	)		-			(213,427	)
Balance at August 31, 2023		12,729,781		$	12,730		$	345,876,725		$	16,189,300		$	362,078,755
Increase (Decrease) from Operations:
Net investment income		-			-			-			14,166,063			14,166,063
Net realized gain (loss) from investments		-			-			-			60,565			60,565
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(17,866,353	)		(17,866,353	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(415,894	)		(415,894	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(9,286,642	)		(9,286,642	)
Capital Share Transactions:
Proceeds from issuance of common stock		350,000			350			9,012,150			-			9,012,500
Capital contribution from Manager		-			-			1,043,000			-			1,043,000
Stock dividend distribution		35,196			35			858,960			-			858,995
Offering costs		-			-			(92,240	)		-			(92,240	)
Balance at November 30, 2023		13,114,977		$	13,115		$	356,698,595		$	2,847,039		$	359,558,749
Increase (Decrease) from Operations:
Net investment income		-			-			-			12,784,511			12,784,511
Net realized gain (loss) from investments		-			-			-			2,327			2,327
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(7,164,613	)		(7,164,613	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(315,473	)		(315,473	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(9,803,576	)		(9,803,576	)
Capital Share Transactions:
Proceeds from issuance of common stock		501,105			501			13,028,269			-			13,028,770
Capital contribution from Manager		-			-			1,382,009			-			1,382,009
Stock dividend distribution		37,394			38			915,155			-			915,193
Offering costs		-			-			(163,789	)		-			(163,789	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			(779,040	)		779,040			-
Balance at February 29, 2024		13,653,476		$	13,654		$	371,081,199		$	(870,745	)	$	370,224,108
Increase (Decrease) from Operations:
Net investment income		-			-			-			14,335,005			14,335,005
Net realized gain (loss) from investments		-			-			-			(21,194,997	)		(21,194,997	)
Net change in unrealized appreciation (depreciation) on investments		-			-			-			13,931,431			13,931,431
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(461,001	)		(461,001	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(9,967,036	)		(9,967,036	)
Capital Share Transactions:
Proceeds from issuance of common stock		-			-			-			-			-
Capital contribution from Manager		-			-			-			-			-
Stock dividend distribution		45,490			45			987,527			-			987,572
Offering costs		-			-			-			-			-
Balance at May 31, 2024		13,698,966		$	13,699		$	372,068,726		$	(4,227,343	)	$	367,855,082

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Investment in Saratoga CLO (Details) - Schedule of Statements of Assets and Liabilities - Saratoga CLO [Member] - USD ($)	May 31, 2024	Feb. 29, 2024
Investments at fair value
Loans at fair value (amortized cost of $604,425,866 and $629,345,724, respectively)	$ 585,005,607	$ 606,531,189
Equities at fair value (amortized cost of $2,320,093 and $1,649,986, respectively)	1,239,367	1,020,585
Total investments at fair value (amortized cost of $606,745,959 and $630,995,710, respectively)	586,244,974	607,551,774
Cash and cash equivalents	26,949,110	12,104,832
Receivable from open trades	1,690,146	2,865,174
Interest receivable (net of reserve of $293,014 and $615,604, respectively)	3,621,592	3,402,471
Due from affiliate	232	3,953
Prepaid expenses and other assets	100,353	205,400
Total assets	618,606,407	626,133,604
LIABILITIES
Interest payable	5,176,046	5,043,712
Payable from open trades	2,434,855	10,519,573
Accrued base management fee	67,011	68,605
Accrued subordinated management fee	268,045	274,418
Accounts payable and accrued expenses	134,607	84,199
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Deferred debt financing costs	(1,659,761)	(1,707,224)
Subordinated Notes	111,000,000	111,000,000
Discount on Subordinated Notes	(35,168,230)	(36,164,988)
Total liabilities	690,814,963	697,611,597
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)	(72,208,806)	(71,478,243)
Total net deficit	(72,208,556)	(71,477,993)
Total liabilities and net assets	618,606,407	626,133,604
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
Class D-R-3 Notes [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Discount	(214,034)	(220,100)
Class E-R-3 [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Senior Secured Floating Rate Notes	27,625,000	27,625,000
Class E-R-3 Notes [Member]
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Discount	(2,223,576)	(2,286,598)
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

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, 2024	May 31, 2023
Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 6,610	$ (213)
Weighted average common shares outstanding	13,683,314	11,862,163
Weighted average earnings (loss) per common share	$ 0.48	$ (0.02)

- Definition

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

+ References

+ Details

Commitments and Contingencies

3 Months Ended

May 31, 2024

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 9. Commitments and Contingencies

Contractual Obligations

The following table shows our payment obligations for repayment of debt and other contractual obligations at May 31, 2024:

			Payment Due by Period
			Less Than		1 - 3		3 - 5		More Than
Long-Term Debt Obligations	Total		1 Year		Years		Years		5 Years
					($ in thousands)
Encina credit facility	$	32,500	$	-	$	32,500	$	-	$	-
Live Oak credit facility		13,000		-		13,000		-		-
SBA debentures		214,000		-		-		-		214,000
8.75% 2025 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	$	830,875	$	20,000	$	312,500	$	284,375	$	214,000

Off-Balance Sheet Arrangements

As of May 31, 2024 and February 29, 2024, the Company’s off-balance sheet arrangements consisted of $132.0 million and $132.4 million, respectively, of unfunded commitments outstanding to provide debt financing to its portfolio companies or to fund limited partnership interests. Such commitments are generally up to the Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities.

A summary of the unfunded commitments outstanding as of May 31, 2024 and February 29, 2024 is shown in the table below (dollars in thousands):

	May 31, 2024		February 29, 2024
At Company’s discretion
ActiveProspect, Inc.	$	10,000	$	10,000
Artemis Wax Corp.		23,500		23,500
Ascend Software, LLC		5,000		5,000
C2 Educational Systems		2,000
Granite Comfort, LP		750		750
JDXpert		5,000		5,000
LFR Chicken LLC		10,000		-
Pepper Palace, Inc.		1,286		1,898
Procurement Partners, LLC		4,250		4,250
Saratoga Senior Loan Fund I JV, LLC		8,548		8,548
Sceptre Hospitality Resources, LLC		-		5,000
Stretch Zone Franchising, LLC		3,750		3,750
VetnCare MSO, LLC		10,000		10,000
Total	$	84,084	$	77,696

At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
Alpha Aesthetics Partners OpCo, LLC	$	3,903	$	6,500
ARC Health OpCo LLC		-		2,585
Axero Holdings, LLC - Revolver		500		500
Axiom Medical Consulting, LLC		2,000		2,000
BQE Software, Inc.		3,250		3,250
C2 Educational Systems		-		3,000
Davisware, LLC		-		750
Exigo, LLC - Revolver		625		1,042
Gen4 Dental Partners Holdings, LLC		2,857		-
GoReact		1,000		2,500
Granite Comfort, LP		11,637		11,637
Inspect Point Holding, LLC		1,500		1,500
Pepper Palace, Inc. - Revolver		2,500		2,500
Stretch Zone Franchising, LLC		1,500		1,500
VetnCare MSO, LLC		15,319		15,319
Zollege PBC		-		150
		46,591		54,733
Total	$	130,675	$	132,429

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of May 31, 2024, the Company had cash and cash equivalents of $32.2 million, $32.5 million in available borrowings under the Encina Credit Facility, and $37.0 million in available borrowings under the Live Oak Credit Facility.

Income Taxes (Details) - Schedule of Federal and State Income Tax Provisions Benefit - USD ($)	3 Months Ended
	May 31, 2024	May 31, 2023
Current
Federal
State
Net current expense
Deferred
Federal	322,466	14,909
State	23,156	(972)
Net deferred expense	345,622	13,937
Net tax provision	$ 345,622	$ 13,937

Investment in Saratoga CLO (Details) - Schedule of Consolidated Statements of Operations - Investment in Saratoga CLO [Member] - USD ($)	3 Months Ended
	May 31, 2024	May 31, 2023
INVESTMENT INCOME
Total interest from investments	$ 16,074,172	$ 14,977,479
Interest from cash and cash equivalents	233,498	185,044
Other income	634,769	254,074
Total investment income	16,942,439	15,416,597
EXPENSES
Interest and debt financing expenses	15,186,421	13,924,131
Base management fee	160,891	163,358
Subordinated management fee	643,564	653,430
Professional fees	58,805	39,526
Trustee expenses	62,205	62,494
Other expense	105,538	70,996
Total expenses	16,217,424	14,913,935
NET INVESTMENT INCOME (LOSS)	725,015	502,662
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments	(4,398,529)	(2,108,567)
Net change in unrealized depreciation on investments	2,942,951	(10,337,238)
Net realized and unrealized gain (loss) on investments	(1,455,578)	(12,445,805)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ (730,563)	$ (11,943,143)

Consolidated Schedule of Investments (Parentheticals)

May 31, 2024

Feb. 29, 2024

Total Alternative Investment Management Software [Member] | Altvia MidCo, LLC. [Member]

Investment variable rate

^[2]

8.50%

^[1]

8.50%

^[3]

Investment interest rate

^[2]

13.84%

^[1]

13.83%

^[3]

Investment maturity date

^[2]

Jul. 18, 2027

^[1]

Jul. 18, 2027

^[3]

Total Architecture & Engineering Software [Member] | BQE Software, Inc. [Member]

Investment variable rate

^[2]

6.75%

^[1]

6.75%

^[3]

Investment interest rate

^[2]

12.09%

^[1]

12.08%

^[3]

Investment maturity date

Apr. 13, 2028

^[1]

Apr. 13, 2028

^[2],[3]

Total Architecture & Engineering Software [Member] | BQE Software, Inc. [Member]

Investment variable rate

^[2]

6.75%

^[1],[4]

6.75%

^[3],[5]

Investment interest rate

^[2]

12.09%

^[1],[4]

12.08%

^[3],[5]

Investment maturity date

^[2]

Apr. 13, 2028

^[1],[4]

Apr. 13, 2028

^[3],[5]

Total Association Management Software [Member] | GrowthZone, LLC [Member]

Investment variable rate

^[2]

8.25%

^[1]

8.25%

^[3]

Investment interest rate

^[2]

13.59%

^[1]

13.58%

^[3]

Investment maturity date

^[2]

May 10, 2028

^[1]

May 10, 2028

^[3]

Total Consumer Services [Member] | Artemis Wax Corp.[Member]

Investment variable rate

^[2],[6]

7.50%

^[1],[4]

6.75%

^[3],[5]

Investment interest rate

^[2],[6]

12.83%

^[1],[4]

12.07%

^[3],[5]

Investment maturity date

^[2],[6]

May 20, 2026

^[1],[4]

May 20, 2026

^[3],[5]

Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC [Member]

Investment variable rate

^[2]

5.50%

^[1],[4]

10.22%

^[3]

Investment interest rate

^[2]

10.84%

^[1],[4]

15.55%

^[3]

Investment maturity date

^[2]

May 13, 2030

^[1],[4]

Apr. 29, 2026

^[3]

Total Dental Practice Management [Member] | Gen4 Dental Partners Holdings, LLC [Member]

Investment variable rate

^[1],[2],[4]

5.50%

Investment interest rate

^[1],[2],[4]

10.84%

Investment maturity date

^[1],[2],[4]

May 13, 2030

Total Dental Practice Management [Member] | New England Dental Partners [Member]

Investment variable rate

^[1],[2]

8.00%

Investment interest rate

^[1],[2]

13.49%

13.48%

Investment maturity date

^[1],[2]

Nov. 25, 2025

Total Dental Practice Management [Member] | New England Dental Partners One [Member]

Investment variable rate

^[1],[2]

8.00%

Investment interest rate

^[1],[2]

13.49%

13.48%

Investment maturity date

^[1],[2]

Nov. 25, 2025

Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC [Member]

Investment variable rate

^[2]

9.46%

^[1]

9.48%

^[3]

Investment interest rate

^[2]

14.79%

^[1]

14.80%

^[3]

Investment maturity date

^[2]

Apr. 18, 2028

^[1]

Apr. 18, 2028

^[3]

Total Dental Practice Management One [Member] | Modis Dental Partners OpCo, LLC One [Member]

Investment variable rate

^[2]

9.46%

^[1]

9.48%

^[3]

Investment interest rate

^[2]

14.79%

^[1]

14.80%

^[3]

Investment maturity date

^[2]

Apr. 18, 2028

^[1]

Apr. 18, 2028

^[3]

Total Direct Selling Software [Member] | Exigo, LLC [Member]

Investment variable rate

^[1],[2],[6]

6.25%

5.75%

Investment interest rate

^[1],[2]

11.68%

^[4]

11.17%

^[6]

Investment maturity date

^[1],[2],[6]

Mar. 16, 2027

Total Direct Selling Software [Member] | Exigo, LLC One [Member]

Investment variable rate

^[1],[2],[4]

6.25%

5.75%

Investment interest rate

^[1],[2],[4]

11.68%

11.17%

Investment maturity date

^[1],[2],[4]

Mar. 16, 2027

Total Education Services [Member] | C2 Educational Systems, Inc. [Member]

Investment variable rate

^[2],[6]

8.50%

^[1]

8.50%

Investment interest rate

^[2],[6]

13.84%

^[1]

13.83%

Investment maturity date

^[2],[6]

May 31, 2025

^[1]

May 31, 2025

Total Education Services [Member] | C2 Educational Systems, Inc. One [Member]

Investment variable rate

8.50%

^[1],[2],[4]

8.50%

Investment interest rate

13.84%

^[1],[2],[4]

13.83%

Investment maturity date

May 31, 2025

^[1],[2],[4]

May 31, 2025

Total Education Services [Member] | Zollege PBC One [Member]

Investment variable rate

^[2]

7.00%

^[1],[7],[8]

7.00%

^[5],[9]

Investment interest rate

^[2]

12.34%

^[1],[7],[8]

12.33%

^[5],[9]

Investment maturity date

^[2]

May 11, 2026

^[1],[7],[8]

May 11, 2026

^[5],[9]

PIK rate

^[2]

2.00%

^[1],[7],[8]

2.00%

^[10]

Total Education Services [Member] | Zollege PBC [Member]

Investment variable rate

^[2],[9]

7.00%

Investment interest rate

^[2],[9]

12.33%

Investment maturity date

^[2],[9]

May 11, 2026

PIK rate

^[2],[9]

2.00%

Total Education Software [Member] | GoReact [Member]

Investment variable rate

^[2]

7.50%

^[1]

7.50%

Investment interest rate

^[2]

13.04%

^[1]

13.03%

Investment maturity date

^[2]

Jan. 17, 2025

^[1]

Jan. 17, 2025

PIK rate

1.00%

^[1],[2]

1.00%

Total Education Software [Member] | GoReact One [Member]

Investment variable rate

^[2],[4]

7.50%

^[1]

7.50%

Investment interest rate

^[2],[4]

13.04%

^[1]

13.03%

Investment maturity date

^[2],[4]

Jan. 17, 2025

^[1]

Jan. 17, 2025

PIK rate

1.00%

^[1],[2],[4]

1.00%

Total Education Software [Member] | Ready Education [Member]

Investment variable rate

^[2]

7.00%

^[1]

7.00%

Investment interest rate

^[2]

12.34%

^[1]

12.33%

Investment maturity date

^[2]

Aug. 05, 2027

^[1]

Aug. 05, 2027

Total Field Service Management [Member] | Davisware, LLC [Member]

Investment variable rate

^[2]

7.00%

^[1]

7.00%

Investment interest rate

^[2]

12.34%

^[1]

12.33%

Investment maturity date

^[2]

Jul. 31, 2024

^[1]

Jul. 31, 2024

Total Field Service Management [Member] | Davisware, LLC One [Member]

Investment variable rate

^[2]

7.00%

^[1]

7.00%

Investment interest rate

^[2]

12.34%

^[1]

12.33%

Investment maturity date

^[2]

Jul. 31, 2024

^[1]

Jul. 31, 2024

Total Financial Services [Member] | GDS Software Holdings, LLC [Member]

Investment variable rate

^[2]

7.00%

^[1]

7.00%

Investment interest rate

^[2]

12.34%

^[1]

12.33%

Investment maturity date

^[2]

Dec. 30, 2026

^[1]

Dec. 30, 2026

Total Financial Services [Member] | GDS Software Holdings, LLC One [Member]

Investment variable rate

^[2]

7.00%

^[1],[6]

7.00%

Investment interest rate

^[2]

12.34%

^[1],[6]

12.33%

Investment maturity date

^[2]

Dec. 30, 2026

^[1],[6]

Dec. 30, 2026

Total Financial Services Software [Member] | Ascend Software, LLC [Member]

Investment variable rate

^[2]

7.50%

^[1]

7.50%

Investment interest rate

^[2]

13.10%

^[1]

13.10%

Investment maturity date

^[2]

Dec. 15, 2026

^[1]

Dec. 15, 2026

Total Financial Services Software [Member] | Ascend Software, LLC One [Member]

Investment variable rate

^[2]

7.50%

^[1],[4]

7.50%

^[11]

Investment interest rate

^[2],[4]

13.10%

^[1]

13.10%

Investment maturity date

^[2],[4]

Dec. 15, 2026

^[1]

Dec. 15, 2026

Total Fire Inspection Business Software [Member] | Inspect Point Holdings, LLC [Member]

Investment variable rate

^[2]

6.50%

^[1]

6.50%

^[3]

Investment interest rate

^[2]

11.83%

^[1]

11.82%

^[3]

Investment maturity date

^[2]

Jul. 19, 2028

^[1]

Jul. 19, 2028

^[3]

Total Fire Inspection Business Software [Member] | Inspect Point Holdings, LLC One [Member]

Investment variable rate

^[2]

6.50%

^[1],[4]

6.50%

^[3],[5]

Investment interest rate

^[2]

11.83%

^[1],[4]

11.82%

^[3],[5]

Investment maturity date

^[2]

Jul. 19, 2028

^[1],[11]

Jul. 19, 2028

^[3],[5]

Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC [Member]

Investment variable rate

^[2]

7.00%

^[1],[6]

7.00%

^[3]

Investment interest rate

^[2]

12.34%

^[1],[6]

12.33%

^[3]

Investment maturity date

^[2]

Mar. 31, 2028

^[1],[6]

Mar. 31, 2028

^[3]

Total Health/Fitness Franchisor [Member] | Stretch Zone Franchising, LLC One [Member]

Investment variable rate

^[2]

7.00%

^[1],[4]

7.00%

^[3],[5]

Investment interest rate

^[2]

12.34%

^[1],[4]

12.33%

^[3],[5]

Investment maturity date

^[2]

Mar. 31, 2028

^[1],[4]

Mar. 31, 2028

^[3],[5]

Total Healthcare Services [Member] | Alpha Aesthetics Partners OpCo, LLC [Member]

Investment variable rate

^[1],[2]

9.97%

Investment interest rate

^[1],[2]

15.30%

Investment maturity date

^[1],[2]

Mar. 20, 2028

Total Healthcare Services [Member] | Alpha Aesthetics Partners OpCo, LLC One [Member]

Investment variable rate

^[1],[2],[4]

9.97%

Investment interest rate

^[1],[2],[4]

15.30%

Investment maturity date

^[1],[2],[4]

Mar. 20, 2028

Total Healthcare Services [Member] | Alpha Aesthetics Partners OpCo, LLC [Member]

Investment variable rate

^[2],[3]

9.98%

Investment interest rate

^[2],[3]

15.30%

Investment maturity date

^[2],[3]

Mar. 20, 2028

Total Healthcare Services [Member] | Alpha Aesthetics Partners OpCo, LLC One [Member]

Investment variable rate

^[2],[3],[5]

9.98%

Investment interest rate

^[2],[3],[5]

15.30%

Investment maturity date

^[2],[3],[5]

Mar. 20, 2028

Total Healthcare Services [Member] | Axiom Medical Consulting, LLC [Member]

Investment variable rate

^[2]

6.00%

^[1]

6.00%

^[3]

Investment interest rate

^[2]

11.34%

^[1]

11.33%

^[3]

Investment maturity date

^[2]

Sep. 11, 2028

^[1]

Sep. 11, 2028

^[3]

Total Healthcare Services [Member] | Axiom Medical Consulting, LLC One [Member]

Investment variable rate

^[2],[3],[5]

6.00%

Investment interest rate

^[2],[3],[5]

11.33%

Investment maturity date

^[2],[3],[5]

Sep. 11, 2028

Total Healthcare Services [Member] | ComForCare Health Care [Member]

Investment variable rate

^[2],[6]

6.25%

^[1]

6.25%

^[3]

Investment interest rate

^[2],[6]

11.59%

^[1]

11.58%

^[3]

Investment maturity date

^[2],[6]

Dec. 31, 2027

^[1]

Jan. 31, 2025

^[3]

Total Healthcare Services [Member] | Axiom Medical Consulting, LLC One [Member]

Investment variable rate

^[1],[2],[4]

6.00%

Total Healthcare Services [Member] | Axiom Medical Consulting, LLC One [Member]

Investment interest rate

^[1],[2],[4]

11.34%

Investment maturity date

^[1],[2],[4]

Sep. 11, 2028

Total Healthcare Software [Member] | Invita [Member]

Investment variable rate

^[1],[2],[6]

8.25%

Investment interest rate

^[1],[2],[6]

13.58%

Investment maturity date

^[1],[2],[6]

Jan. 31, 2027

Total Healthcare Software [Member] | Invita [Member]

Investment variable rate

^[1],[2]

8.25%

Investment interest rate

^[1],[2]

13.58%

Investment maturity date

^[1],[2]

Jan. 31, 2027

Total Healthcare Software [Member] | Procurement Partners, LLC [Member]

Investment variable rate

^[2]

6.50%

^[1]

6.50%

^[3]

Investment interest rate

^[2]

11.84%

^[1]

11.83%

^[3]

Investment maturity date

^[2]

May 12, 2026

^[1]

May 12, 2026

^[3]

Total Healthcare Software [Member] | Procurement Partners, LLC [Member]

Investment variable rate

^[2]

6.50%

^[1],[4]

6.50%

^[3],[5]

Investment interest rate

^[2]

11.84%

^[1],[4]

11.83%

^[3],[5]

Investment maturity date

^[2]

May 12, 2026

^[1],[4]

May 12, 2026

^[3],[5]

Total Healthcare Software [Member] | HemaTerra Holding Company, LLC [Member]

Investment variable rate

^[2],[3],[6]

8.25%

Investment interest rate

^[2],[3],[6]

13.57%

Investment maturity date

^[2],[3],[6]

Jan. 31, 2027

Total Healthcare Software [Member] | HemaTerra Holding Company, LLC One [Member]

Investment variable rate

^[2],[3]

8.25%

Investment interest rate

^[2],[3]

13.57%

Investment maturity date

^[2],[3]

Jan. 31, 2027

Total Hospitality/Hotel [Member] | Book4Time, Inc. [Member]

Investment variable rate

^[2],[6]

7.50%

^[1],[12]

7.50%

^[3],[13]

Investment interest rate

^[2],[6]

12.84%

^[1],[12]

12.83%

^[3],[13]

Investment maturity date

^[2],[6]

Dec. 22, 2025

^[1],[12]

Dec. 22, 2025

^[3],[13]

Total Hospitality/Hotel [Member] | Book4Time, Inc. One [Member]

Investment variable rate

^[2]

7.50%

^[1],[6],[12]

7.50%

^[3],[13]

Investment interest rate

^[2]

12.84%

^[1],[6],[12]

12.83%

^[3],[13]

Investment maturity date

^[2]

Dec. 22, 2025

^[1],[6],[12]

Dec. 22, 2025

^[3],[13]

Total Hospitality/Hotel [Member] | Knowland Group, LLC [Member]

Investment variable rate

^[2]

8.00%

^[1],[8]

8.00%

^[3],[9]

Investment interest rate

^[2]

13.49%

^[1],[8]

13.48%

^[3],[9]

Investment maturity date

^[2]

Dec. 31, 2024

^[1],[8]

Dec. 31, 2024

^[3],[9]

PIK rate

^[2]

3.00%

^[1],[8]

3.00%

^[3],[9]

Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC [Member]

Investment variable rate

^[2],[3]

7.25%

Investment interest rate

^[2],[3]

12.58%

Investment maturity date

^[2],[3]

Nov. 15, 2027

Total Hospitality/Hotel [Member] | Sceptre Hospitality Resources, LLC One [Member]

Investment variable rate

^[2],[3],[5]

7.25%

Investment interest rate

^[2],[3],[5]

12.58%

Investment maturity date

^[2],[3],[5]

Nov. 15, 2027

Total HVAC Services and Sales [Member] | Granite Comfort, LP [Member]

Investment variable rate

^[2],[6]

7.43%

^[1]

7.46%

^[3]

Investment interest rate

^[2],[6]

12.77%

^[1]

12.79%

^[3]

Investment maturity date

^[2],[6]

May 16, 2027

^[1]

May 16, 2027

^[3]

Total HVAC Services and Sales [Member] | Granite Comfort, LP One [Member]

Investment variable rate

^[2]

7.43%

^[1],[4]

7.46%

^[3],[5]

Investment interest rate

^[2]

12.77%

^[1],[4]

12.79%

^[3],[5]

Investment maturity date

^[2]

May 16, 2027

^[1],[4]

May 16, 2027

^[3],[5]

Total Industrial Products [Member] | Vector Controls Holding Co., LLC [Member]

Investment variable rate

^[2],[6]

6.50%

^[1]

6.50%

^[3]

Investment interest rate

^[2],[6]

11.75%

^[1]

11.75%

^[3]

Investment maturity date

^[2],[6]

Mar. 06, 2025

^[1]

Mar. 06, 2025

^[3]

Total Industrial Products [Member] | Vector Controls Holding Co., LLC One [Member]

Investment maturity date

^[2]

Nov. 30, 2027

^[1],[14]

Nov. 30, 2027

^[3],[10]

Total Insurance Software [Member] | AgencyBloc, LLC [Member]

Investment variable rate

^[2]

7.76%

^[1]

7.76%

^[3]

Investment interest rate

^[2]

13.11%

^[1]

13.09%

^[3]

Investment maturity date

^[2]

Oct. 01, 2026

^[1]

Oct. 01, 2026

^[3]

Total IT Services [Member] | LogicMonitor, Inc. [Member]

Investment variable rate

^[2],[6]

6.50%

^[1]

6.50%

^[3]

Investment interest rate

^[2],[6]

11.84%

^[1]

11.83%

^[3]

Investment maturity date

^[2],[6]

May 17, 2026

^[1]

May 17, 2026

^[3]

Total IT Services [Member] | Netreo Holdings, LLC [Member]

Investment variable rate

^[2],[3],[15]

6.50%

Investment interest rate

^[2],[3],[15]

11.98%

Investment maturity date

^[2],[3],[15]

Dec. 31, 2025

PIK rate

^[2],[3],[15]

3.50%

Total IT Services [Member] | Netreo Holdings, LLC [Member]

Investment variable rate

^{[2],[3],[6],[15]}

6.50%

Investment interest rate

^{[2],[3],[6],[15]}

11.98%

Investment maturity date

^{[2],[3],[6],[15]}

Dec. 31, 2025

PIK rate

^{[2],[3],[6],[15]}

3.50%

Total Lead management Software [Member] | ActiveProspect, Inc. [Member]

Investment variable rate

^[1],[2],[6]

6.00%

Investment interest rate

^[1],[2],[6]

11.54%

Investment maturity date

^[1],[2],[6]

Aug. 08, 2027

Total Lead management Software [Member] | ActiveProspect, Inc. One [Member]

Investment variable rate

^[2]

6.00%

^[1],[4]

6.00%

^[3],[5]

Investment interest rate

^[2]

11.54%

^[1],[4]

11.53%

^[3],[5]

Investment maturity date

^[2]

Aug. 08, 2027

^[1],[4]

Aug. 08, 2027

^[3],[5]

Total Lead management Software [Member] | ActiveProspect, Inc. [Member]

Investment variable rate

^[2],[3],[6]

6.00%

Investment interest rate

^[2],[3],[6]

11.53%

Investment maturity date

^[2],[3],[6]

Aug. 08, 2027

Total Legal Software [Member] | Centerbase, LLC [Member]

Investment variable rate

^[2]

8.52%

^[1]

7.75%

^[3]

Investment interest rate

^[2]

13.96%

^[1]

13.08%

^[3]

Investment maturity date

^[2]

Jan. 18, 2027

^[1]

Jan. 18, 2027

^[3]

Total Marketing Orchestration Software [Member] | Madison Logic, Inc. [Member]

Investment variable rate

^[2],[6]

7.00%

^[1]

7.00%

^[3]

Investment interest rate

^[2],[6]

12.34%

^[1]

12.33%

^[3]

Investment maturity date

^[2],[6]

Dec. 30, 2028

^[1]

Dec. 30, 2028

^[3]

Total Mental Healthcare Services [Member] | ARC Health OpCo LLC [Member]

Investment variable rate

^[2],[6]

8.44%

^[1]

8.47%

^[3]

Investment interest rate

^[2],[6]

13.78%

^[1]

13.81%

^[3]

Investment maturity date

^[2],[6]

Aug. 05, 2027

^[1]

Aug. 05, 2027

^[3]

Total Mental Healthcare Services [Member] | ARC Health OpCo LLC One [Member]

Investment variable rate

^[2],[6]

8.44%

^[1]

8.47%

^[3],[5]

Investment interest rate

^[2],[6]

13.78%

^[1]

13.81%

^[3],[5]

Investment maturity date

^[2],[6]

Aug. 05, 2027

^[1]

Aug. 05, 2027

^[3],[5]

Total Mentoring Software [Member] | Chronus LLC [Member]

Investment variable rate

^[2]

5.25%

^[1]

5.25%

^[3]

Investment interest rate

^[2]

10.74%

^[1]

10.73%

^[3]

Investment maturity date

^[2]

Aug. 26, 2026

^[1]

Aug. 26, 2026

^[3]

Total Mentoring Software [Member] | Chronus LLC One [Member]

Investment variable rate

^[2]

6.00%

^[1]

6.00%

^[3]

Investment interest rate

^[2]

11.49%

^[1]

11.48%

^[3]

Investment maturity date

^[2]

Aug. 26, 2026

^[1]

Aug. 26, 2026

^[3]

Total Non-profit Services [Member] | Omatic Software, LLC [Member]

Investment variable rate

^[2]

8.00%

^[1]

8.00%

^[3]

Investment interest rate

^[2]

13.60%

^[1]

13.59%

^[3]

Investment maturity date

^[2]

Jun. 30, 2025

^[1]

Jun. 30, 2025

^[3]

PIK rate

^[2]

1.00%

^[1]

1.00%

^[3]

Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. [Member]

Investment variable rate

^[2]

7.50%

^[1],[6]

7.50%

^[3]

Investment interest rate

^[2]

12.84%

^[1],[6]

12.83%

^[3]

Investment maturity date

^[2]

Dec. 31, 2025

^[1],[6]

Dec. 31, 2025

^[3]

Total Office Supplies [Member] | Emily Street Enterprises, L.L.C. One [Member]

Investment maturity date

^[2]

Dec. 31, 2025

^[1],[14]

Dec. 31, 2025

^[3],[10]

Total Real Estate Services [Member] | Buildout, Inc. [Member]

Investment variable rate

^[2],[6]

7.00%

^[1]

7.00%

^[3]

Investment interest rate

^[2],[6]

12.44%

^[1]

12.43%

^[3]

Investment maturity date

^[2],[6]

Jul. 09, 2025

^[1]

Jul. 09, 2025

^[3]

Total Real Estate Services [Member] | Buildout, Inc. One [Member]

Investment variable rate

^[2]

7.00%

^[1]

7.00%

^[3]

Investment interest rate

^[2]

12.44%

^[1]

12.47%

^[3]

Investment maturity date

^[2]

Jul. 09, 2025

^[1]

Jul. 09, 2025

^[3]

Total Research Software [Member] | Wellspring Worldwide Inc. [Member]

Investment variable rate

^[2]

8.42%

^[1]

6.00%

^[3]

Investment interest rate

^[2]

13.75%

^[1]

11.32%

^[3]

Investment maturity date

^[2]

Dec. 22, 2028

^[1]

Dec. 22, 2028

^[3]

Total Research Software [Member] | Wellspring Worldwide Inc. One [Member]

Investment variable rate

^[2]

8.42%

^[1]

6.00%

^[3]

Investment interest rate

^[2]

13.76%

^[1]

11.32%

^[3]

Investment maturity date

^[2]

Dec. 22, 2028

^[1]

Dec. 22, 2028

^[3]

Total Restaurant [Member] | LFR Chicken LLC [Member]

Investment variable rate

^[2]

7.00%

^[1]

7.00%

^[3]

Investment interest rate

^[2]

12.33%

^[1]

12.32%

^[3]

Investment maturity date

^[2]

Nov. 19, 2026

^[1]

Nov. 19, 2026

^[3]

Total Restaurant [Member] | LFR Chicken LLC One [Member]

Investment variable rate

^[2]

7.00%

^[1],[4]

7.00%

^[3]

Investment interest rate

^[2]

12.33%

^[1],[4]

12.32%

^[3]

Investment maturity date

^[2]

Nov. 19, 2026

^[1],[4]

Nov. 19, 2026

^[3]

Total Roofing Contractor Software [Member] | JobNimbus LLC [Member]

Investment variable rate

^[2]

8.75%

^[1]

8.75%

^[3]

Investment interest rate

^[2]

14.24%

^[1]

14.17%

^[3]

Investment maturity date

^[2]

Sep. 20, 2026

^[1]

Sep. 20, 2026

^[3]

Total Specialty Food Retailer [Member] | Pepper Palace, Inc [Member]

Investment variable rate

^[2],[6]

6.25%

^[1],[8]

6.25%

^[3],[9]

Investment interest rate

^[2],[6]

11.74%

^[1],[8]

11.73%

^[3],[9]

Investment maturity date

^[2],[6]

Jun. 30, 2026

^[1],[8]

Jun. 30, 2026

^[3],[9]

Total Specialty Food Retailer [Member] | Pepper Palace, Inc. One [Member]

Investment variable rate

^[2]

6.25%

^[1],[4],[8]

6.25%

^[3],[5],[9]

Investment interest rate

^[2]

11.74%

^[1],[4],[8]

11.73%

^[3],[5],[9]

Investment maturity date

^[2]

Jun. 30, 2026

^[1],[4],[8]

Jun. 30, 2026

^[3],[5],[9]

Total Specialty Food Retailer [Member] | Pepper Palace, Inc. Two [Member]

Investment variable rate

^[2]

6.25%

^[1],[4],[8]

6.25%

^[3],[5],[9]

Investment interest rate

^[2]

11.74%

^[1],[4],[8]

11.73%

^[3],[5],[9]

Investment maturity date

^[2]

Jun. 30, 2026

^[1],[4],[8]

Jun. 30, 2026

^[3],[5],[9]

Total Sports Management [Member] | ArbiterSports, LLC [Member]

Investment variable rate

^[2],[6]

6.00%

^[1]

6.00%

^[3]

Investment interest rate

^[2],[6]

11.34%

^[1]

11.33%

^[3]

Investment maturity date

^[2],[6]

Feb. 21, 2025

^[1]

Feb. 21, 2025

^[3]

Total Sports Management [Member] | ArbiterSports, LLC [Member]

Investment variable rate

^[2]

6.00%

^[1]

6.00%

^[3]

Investment interest rate

^[2]

11.34%

^[1]

11.33%

^[3]

Investment maturity date

^[2]

Feb. 21, 2025

^[1]

Feb. 21, 2025

^[3]

Total Talent Acquisition Software [Member] | JDXpert [Member]

Investment variable rate

^[2]

8.50%

^[1]

8.50%

^[3]

Investment interest rate

^[2]

14.10%

^[1]

14.10%

^[3]

Investment maturity date

^[2]

May 02, 2027

^[1]

May 02, 2027

^[3]

Total Talent Acquisition Software [Member] | JDXpert [Member]

Investment variable rate

^[2]

8.50%

^[1],[4]

8.50%

^[3],[5]

Investment interest rate

^[2]

14.10%

^[1],[4]

14.10%

^[3],[5]

Investment maturity date

^[2]

May 02, 2027

^[1],[4]

May 02, 2027

^[3],[5]

Total Talent Acquisition Software [Member] | Jobvite, Inc. [Member]

Investment variable rate

^[2],[6]

8.00%

^[1]

8.00%

^[3]

Investment interest rate

^[2],[6]

13.31%

^[1]

13.27%

^[3]

Investment maturity date

^[2],[6]

Aug. 05, 2028

^[1]

Aug. 05, 2028

^[3]

Total Veterinary Services [Member] | VetnCare MSO, LLC [Member]

Investment variable rate

^[2]

5.75%

^[1],[4]

5.75%

^[3],[5]

Investment interest rate

^[2]

11.09%

^[1],[4]

11.08%

^[3],[5]

Investment maturity date

^[2]

May 12, 2028

^[1],[4]

May 12, 2028

^[3],[5]

Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member]

Investment variable rate

^[1],[2],[16]

9.00%

Investment interest rate

^[1],[2],[16]

14.49%

Investment maturity date

^[1],[2],[16]

Aug. 18, 2027

Total Corporate Education Software [Member] | ETU Holdings, Inc. One [Member]

Investment maturity date

^[2]

Feb. 18, 2028

^[1],[16]

Feb. 18, 2028

^[3],[17]

PIK rate

^[2]

15.00%

^[1],[16]

15.00%

^[3],[17]

Total Corporate Education Software [Member] | ETU Holdings, Inc. [Member]

Investment variable rate

^[2],[3],[17]

9.00%

Investment interest rate

^[2],[3],[17]

14.48%

Investment maturity date

^[2],[3],[17]

Aug. 18, 2027

Total Employee Collaboration Software [Member] | Axero Holdings, LLC [Member]

Investment variable rate

^[2]

8.00%

^[1],[16]

8.00%

^[3],[17]

Investment interest rate

^[2]

13.49%

^[1],[16]

13.48%

^[3],[17]

Investment maturity date

^[2]

Jun. 30, 2026

^[1],[16]

Jun. 30, 2026

^[3],[17]

Total Employee Collaboration Software [Member] | Axero Holdings, LLC One [Member]

Investment variable rate

^[2]

8.00%

^[1],[16]

8.00%

^[3],[17]

Investment interest rate

^[2]

13.49%

^[1],[16]

13.48%

^[3],[17]

Investment maturity date

^[2]

Jun. 30, 2026

^[1],[16]

Jun. 30, 2026

^[3],[17]

Total Employee Collaboration Software [Member] | Axero Holdings, LLC Two [Member]

Investment variable rate

^[2]

8.00%

^[1],[4],[16]

8.00%

^[3],[5],[17]

Investment interest rate

^[2]

13.49%

^[1],[4],[16]

13.48%

^[3],[5],[17]

Investment maturity date

^[2]

Jun. 30, 2026

^[1],[4],[16]

Jun. 30, 2026

^[3],[5],[17]

Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment interest rate

^{[1],[2],[7],[12],[18]}

0.00%

Investment maturity date

^{[1],[2],[7],[12],[18]}

Apr. 20, 2033

Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member]

Investment variable rate

^{[1],[2],[7],[12]}

10.00%

Investment interest rate

^{[1],[2],[7],[12]}

15.60%

Investment maturity date

^{[1],[2],[7],[12]}

Apr. 20, 2033

Structured Finance Securities [Member] | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member]

Investment variable rate

^{[1],[2],[7],[12]}

8.55%

Investment interest rate

^{[1],[2],[7],[12]}

13.89%

Investment maturity date

^{[1],[2],[7],[12]}

Oct. 20, 2033

Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment interest rate

^{[2],[3],[13],[15],[18]}

0.00%

Investment maturity date

^{[2],[3],[13],[15],[18]}

Apr. 20, 2033

Total Structured Finance Securities [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member]

Investment variable rate

^{[2],[3],[13],[15]}

10.00%

Investment interest rate

^{[2],[3],[13],[15]}

15.60%

Investment maturity date

^{[2],[3],[13],[15]}

Apr. 20, 2033

Total Structured Finance Securities [Member] | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member]

Investment variable rate

^{[2],[3],[13],[15]}

8.55%

Investment interest rate

^{[2],[3],[13],[15]}

13.88%

Investment maturity date

^{[2],[3],[13],[15]}

Oct. 20, 2033

Total Investment Fund [Member] | Saratoga Senior Loan Fund I JV, LLC [Member]

Investment variable rate

^{[2],[3],[5],[13],[15]}

10.00%

Investment maturity date

^{[2],[3],[5],[13],[15]}

Oct. 20, 2033

[1]	Percentages are based on net assets of $367,855,082 as of May 31, 2024.
[2]	Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.
[3]	Percentages are based on net assets of $370,224,108 as of February 29, 2024.
[4]	All or a portion of this investment has an unfunded commitment as of May 31, 2024. (See Note 9 to the consolidated financial statements).
[5]	All or a portion of this investment has an unfunded commitment as of February 29, 2024. (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]	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 three months ended May 31, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:
[8]	As of May 31, 2024, the investment was on non-accrual status. The fair value of these investments was approximately $17.1 million, which represented 1.6% of the Company’s portfolio (see Note 2 to the consolidated financial statements).
[9]	As of February 29, 2024, the investment was on non-accrual status. The fair value of these investments was approximately $18.9 million, which represented 1.7% of the Company’s portfolio (see Note 2 to the consolidated financial statements).
[10]	Non-income producing at February 29, 2024.
[11]	Includes securities issued by an affiliate of the company.
[12]	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, 2024, non-qualifying assets represent 4.4% 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.
[13]	Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of February 29, 2024, non-qualifying assets represent 6.2% of the Company’s portfolio at fair value. As a BDC, the Company generally has to invest at least 70% of its total assets in qualifying assets.
[14]	Non-income producing at May 31, 2024.
[15]	As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended February 29, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:
[16]	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, 2024 in which the issuer was an affiliate are as follows:
[17]	As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Modis Dental Partners OpCo, LLC and Alpha Aesthetics Partners OpCo, LLC are no longer affiliates as of February 29, 2024. Transactions during the year ended February 29, 2024 in which the issuer was an affiliate are as follows:
[18]	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.

Investments (Tables)

3 Months Ended

May 31, 2024

Investments (Tables) [Line Items]

Schedule of Fair Value Measurements of Investments, by Major Class

The following table presents fair value measurements of investments, by major class, as of May 31, 2024 (dollars in thousands), according to the fair value hierarchy:

							Valued Using
	Fair Value Measurements						Net Asset
	Level 1		Level 2		Level 3		Value*		Total
First lien term loans	$	-	$	-	$	945,045	$	-	$	945,045
Second lien term loans		-		-		18,387		-		18,387
Unsecured term loans		-		-		15,818		-		15,818
Structured finance securities		-		-		24,054		-		24,054
Equity interests		-		-		83,453		8,802		92,255
Total	$	-	$	-	$	1,086,757	$	8,802	$	1,095,559

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

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

Schedule of Reconciliation of the Beginning and Ending Balances for Investments

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2024 (dollars in thousands):

	First lien term loans			Second lien term loans		Unsecured term loans		Structured finance securities			Equity interests			Total
Balance as of February 29, 2024	$	976,423		$	18,097	$	15,818	$	30,626		$	88,426		$	1,129,390
Payment-in-kind and other adjustments to cost		1,565			232		-		(2,180	)		-			(383	)
Net accretion of discount on investments		811			3		-		-			-			814
Net change in unrealized appreciation (depreciation) on investments		15,575			55		-		(4,392	)		3,296			14,534
Purchases		38,975			-		-		-			325			39,300
Sales and repayments		(73,442	)		-		-		-			(2,261	)		(75,703	)
Net realized gain (loss) from investments		(14,862	)		-		-		-			(6,333	)		(21,195	)
Balance as of May 31, 2024	$	945,045		$	18,387	$	15,818	$	24,054		$	83,453		$	1,086,757
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	$	14,874		$	55	$	-	$	(4,392	)	$	(540	)	$	9,997

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 year 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	)

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2024 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

945,045

Market Comparables

Market Yield (%)

10.9% - 15.0%

12.9%

Revenue Multiples (x)

3.5x - 4.6x

4.3x

EBITDA Multiples (x)

3.8x - 12.5x

9.9x

Second lien term loans

18,387

Market Comparables

Market Yield (%)

19.0% - 40.5%

33.8%

Third-party Bid (x)

15.1x - 15.1x

15.1x

EBITDA Multiples (x)

7.0x - 7.0x

7.0x

Unsecured term loans

15,818

Discounted Cash Flow

Discount Rate (%)

10.5%

Structured finance securities

24,054

Discounted Cash Flow

Discount Rate (%)

8.5% - 40.0%

18.8%

Recovery Rate (%)

70.0%

Prepayment Rate (%)

20.0%

Default Rate (%)

2.0%

Equity interests

83,453

Enterprise Value Waterfall

Revenue Multiples (x)

1.3x - 10.4x

6.6x

EBITDA Multiples (x)

3.8x - 20.4x

10.8x

Total

1,086,757

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

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

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

976,423

Market Comparables

Market Yield (%)

10.6% - 17.2%

13.0%

Revenue Multiples (x)

4.6x - 9.4x

6.6x

EBITDA Multiples (x)

5.0x - 6.0x

5.6x

Third-party bid (x)

3.9x - 4.2x

4.0x

Second lien term loans

18,097

Market Comparables

Market Yield (%)

19.0% - 28.3%

25.5%

EBITDA Multiples (x)

7.0x

Third-party bid (x)

29.7x

Unsecured term loans

15,818

Discounted Cash Flow

Discount Rate (%)

10.5%

Structured finance securities

30,626

Discounted Cash Flow

Discount Rate (%)

8.5% - 22.0%

15.1%

Recovery Rate (%)

35.0% - 70.0%

70.0%

Prepayment Rate (%)

20.0%

Equity interests

88,426

Enterprise Value Waterfall

EBITDA Multiples (x)

4.7x - 20.4x

10.4x

Revenue Multiples (x)

1.3x - 10.4x

6.3x

Third-party bid (x)

3.9x

Total

1,129,390

Schedule of Amortized Cost and Fair Value

The composition of our investments as of May 31, 2024 at amortized cost and fair value was as follows (dollars in thousands):

	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
First lien term loans	$	972,726		86.6	%	$	945,045		86.3	%
Second lien term loans		22,203		2.0			18,387		1.7
Unsecured term loans		17,619		1.6			15,818		1.4
Structured finance securities		40,589		3.6			24,054		2.2
Equity interests		69,481		6.2			92,255		8.4
Total	$	1,122,618		100.0	%	$	1,095,559		100.0	%

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

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

Saratoga CLO [Member]

Investments (Tables) [Line Items]

Schedule of Statements of Assets and Liabilities

	May 31, 2024			February 29, 2024
	(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $604,425,866 and $629,345,724, respectively)	$	585,005,607		$	606,531,189
Equities at fair value (amortized cost of $2,320,093 and $1,649,986, respectively)		1,239,367			1,020,585
Total investments at fair value (amortized cost of $606,745,959 and $630,995,710, respectively)		586,244,974			607,551,774
Cash and cash equivalents		26,949,110			12,104,832
Receivable from open trades		1,690,146			2,865,174
Interest receivable (net of reserve of $293,014 and $615,604, respectively)		3,621,592			3,402,471
Due from affiliate		232			3,953
Prepaid expenses and other assets		100,353			205,400
Total assets	$	618,606,407		$	626,133,604

LIABILITIES
Interest payable	$	5,176,046		$	5,043,712
Payable from open trades		2,434,855			10,519,573
Accrued base management fee		67,011			68,605
Accrued subordinated management fee		268,045			274,418
Accounts payable and accrued expenses		134,607			84,199
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		(214,034	)		(220,100	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(2,223,576	)		(2,286,598	)
Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes		8,500,000			8,500,000
Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes		9,375,000			9,375,000
Deferred debt financing costs		(1,659,761	)		(1,707,224	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(35,168,230	)		(36,164,988	)
Total liabilities		690,814,963			697,611,597
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)		(72,208,806	)		(71,478,243	)
Total net deficit		(72,208,556	)		(71,477,993	)
Total liabilities and net assets	$	618,606,407		$	626,133,604

Schedule of Statements of Operations

	For the three months ended
	May 31, 2024			May 31, 2023
INVESTMENT INCOME
Total interest from investments	$	16,074,172		$	14,977,479
Interest from cash and cash equivalents		233,498			185,044
Other income		634,769			254,074
Total investment income		16,942,439			15,416,597

EXPENSES
Interest and debt financing expenses		15,186,421			13,924,131
Base management fee		160,891			163,358
Subordinated management fee		643,564			653,430
Professional fees		58,805			39,526
Trustee expenses		62,205			62,494
Other expense		105,538			70,996
Total expenses		16,217,424			14,913,935
NET INVESTMENT INCOME (LOSS)		725,015			502,662

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(4,398,529	)		(2,108,567	)
Net change in unrealized depreciation on investments		2,942,951			(10,337,238	)
Net realized and unrealized gain (loss) on investments		(1,455,578	)		(12,445,805	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(730,563	)	$	(11,943,143	)

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
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												15,981	$	-	$	30,044
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Common Stock	Equity												23,799		660,422		660,422
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Warrants	Equity												349		9,685		9,685
Envision Parent Inc	Healthcare & Pharmaceuticals	Common Stock	Equity												4,410		175,000		33,075
Envision Parent Inc	Healthcare & Pharmaceuticals	Warrants	Equity												92,837		-		-
Instant Brands Litigation Trust Interests	Consumer goods: Durable	Warrants	Equity												8,572		-		42,861
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity												86,398		-		-
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												24,320		1,034,581		97,280
URS TOPCO LLC	Transportation: Cargo	Common Stock	Equity												25,330		440,405		366,000
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B (09/23)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	9/20/2030	$	1,443,881		1,424,662		1,444,430
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.67	%	2/7/2029		2,467,368		2,381,531		2,450,911
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25	%		0.00	%		10.58	%	7/8/2028		3,066,073		2,780,554		3,047,676
Adtalem Global Education Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.83	%	8/12/2028		582,329		578,746		583,301
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		11.09	%	5/9/2025		2,298,063		2,295,013		1,723,547
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.30	%	5/1/2030		2,170,507		2,155,587		2,166,448
AHEAD DB Holdings, LLC	Services: Business	Term Loan (04/21)	Loan	3M USD SOFR+	3.75	%		0.75	%		9.06	%	2/1/2031		2,917,500		2,853,359		2,929,345
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.83	%	3/21/2031		1,000,000		997,507		1,004,580
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan (04/21)	Loan	1M USD SOFR+	4.75	%		0.75	%		10.17	%	4/6/2028		2,468,354		2,335,840		2,471,440
Alchemy US Holdco 1, LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	7.32	%		0.00	%		7.42	%	10/10/2025		1,654,803		1,648,832		1,648,598
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	2/4/2028		242,500		242,320		243,198

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
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	3/12/2026		2,099,167		2,091,130		2,099,167
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%		0.00	%		10.96	%	2/10/2027		4,337,771		4,319,775		3,632,883
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.82	%	11/6/2030		801,032		800,942		804,003
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%		0.50	%		9.18	%	5/12/2028		1,950,000		1,944,391		1,949,669
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B Add-on	Loan	1M USD SOFR+	3.75	%		0.00	%		9.07	%	5/31/2030		250,000		250,000		251,720
Altisource Solutions S.a r.l. (c)	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.41	%	4/30/2025		1,121,235		1,121,238		644,710
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan (01/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	1/29/2028		485,000		483,771		485,538
Amer Sports Oyj (MASCOT BIDCO OY)	Consumer goods: Durable	USD Term Loan B (01/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		8.58	%	2/7/2031		500,000		497,766		502,500
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.32	%	12/13/2029		480,000		467,963		481,949
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+	5.75	%		0.00	%		11.08	%	10/23/2029		2,982,733		2,981,325		2,998,899
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.18	%	3/3/2028		1,357,439		1,356,194		1,328,729
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD SOFR+	2.25	%		0.75	%		7.69	%	2/17/2028		1,935,032		1,920,416		1,938,631
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		9.32	%	8/11/2025		945,000		944,009		645,558
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan (4/24)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.08	%	7/18/2029		1,954,167		1,935,669		1,961,144
ANI Pharmaceuticals, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.00	%		0.75	%		11.44	%	11/19/2027		2,932,500		2,897,359		2,947,163
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	9/1/2027		1,750,000		1,734,306		1,601,250
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	9/1/2027		500,000		495,523		472,750
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	3M USD SOFR+	5.00	%		0.50	%		10.32	%	7/26/2028		493,750		468,345		494,984

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
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	5/15/2026		2,901,015		2,884,650		2,850,102
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	3/6/2028		970,000		964,229		936,050
AppLovin Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.83	%	8/19/2030		969,617		969,617		972,158
AppLovin Corporation	High Tech Industries	Term Loan B (3/24)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.83	%	10/25/2028		1,473,750		1,471,784		1,479,896
AqGen Ascensus, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	8/2/2028		498,692		495,303		498,692
Aramark Services, Inc.	Services: Consumer	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.19	%	1/15/2027		2,331,250		2,296,034		2,331,250
Aramark Services, Inc.	Services: Consumer	Term Loan B7 (03/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	4/6/2028		1,753,715		1,748,960		1,756,346
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	9/23/2028		978,774		976,519		978,774
ARCIS GOLF LLC	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	11/24/2028		496,735		492,460		499,219
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B 2	Loan	1M USD SOFR+	4.00	%		0.00	%		9.33	%	8/9/2030		2,636,078		2,621,595		2,648,019
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term loan	Loan	1M USD SOFR+	4.25	%		0.00	%		9.57	%	12/23/2030		900,000		891,571		906,750
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B5 (02/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	2/14/2031		1,300,000		1,298,420		1,309,646
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+	4.00	%		0.00	%		9.43	%	8/19/2028		1,970,000		1,894,696		1,945,651
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD SOFR+	3.25	%		0.00	%		8.69	%	12/18/2026		2,927,041		2,922,738		2,905,088
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.58	%	2/15/2029		1,313,828		1,310,158		1,310,176
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+	2.00	%		0.00	%		7.32	%	6/22/2028		1,480,041		1,429,166		1,484,022
Axalta Coating Systems Dutch Holding B B.V.	Chemicals, Plastics, & Rubber	Term Loan B6 (03/24)	Loan	3M USD SOFR+	2.00	%		0.50	%		7.33	%	12/20/2029		855,388		848,456		858,458
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.62	%		0.75	%		12.06	%	9/20/2027		443,750		435,439		442,086

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
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.83	%	10/10/2026		533,621		531,766		533,088
BAKELITE UK INTERMEDIATE LTD.	Chemicals, Plastics, & Rubber	Term Loan (5/24)	Loan	3M USD SOFR+	3.50	%		0.50	%		8.83	%	5/29/2029		1,481,231		1,475,389		1,489,867
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.57	%	5/14/2031		1,648,521		1,637,811		1,650,582
Belfor Holdings Inc.	Services: Consumer	Term Loan B-1 (11/23)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.08	%	10/25/2030		1,502,834		1,489,202		1,508,470
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.68	%	4/18/2029		248,125		248,125		248,951
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	1.93	%		0.50	%		7.51	%	4/13/2028		1,940,000		1,940,000		1,943,240
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.66	%	1/24/2029		1,965,000		1,964,329		1,866,337
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		7.69	%	4/23/2026		967,089		964,204		948,840
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	4/23/2026		1,446,500		1,441,614		1,426,611
Blue Tree Holdings, Inc.	Chemicals, Plastics, & Rubber	Term Loan (2/21)	Loan	3M USD SOFR+	2.50	%		0.00	%		8.06	%	3/4/2028		970,000		968,732		969,593
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	1/22/2031		1,436,580		1,432,892		1,439,769
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+	2.75	%		0.50	%		8.08	%	12/13/2029		492,528		482,220		493,838
Boost Newco Borrower, LLC (Worldpay)	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.00	%		8.31	%	1/31/2031		500,000		497,726		501,320
Boxer Parent Company, Inc.	High Tech Industries	Term Loan USD (11/23)	Loan	1M USD SOFR+	4.00	%		0.00	%		9.33	%	12/29/2028		1,009,724		1,005,194		1,016,671
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan (02/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.58	%	2/21/2031		972,500		972,500		972,626
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD SOFR+	3.00	%		0.00	%		8.44	%	1/22/2027		2,910,884		2,908,714		2,919,383

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
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	1/17/2031		1,447,688		1,447,688		1,454,652
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	1M USD SOFR+	3.00	%		0.00	%		8.33	%	7/1/2029		493,750		484,103		495,434
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B 3	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	11/1/2026		1,261,946		1,257,991		1,263,284
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B4 (05/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	11/22/2030		666,671		664,451		667,864
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	3/31/2028		2,431,250		2,416,861		2,437,328
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		8.33	%	3/16/2030		475,000		470,843		477,038
Calpine Corporation	Utilities: Electric	Term Loan B10 (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	1/31/2031		2,000,000		1,990,188		2,002,500
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+	2.50	%		0.75	%		7.94	%	6/5/2028		2,455,696		2,280,977		2,393,469
CAPSTONE BORROWER INC	Services: Business	Term Loan B (05/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.57	%	6/17/2030		879,264		867,452		882,191
CareerBuilder, LLC	Services: Business	Term Loan B3	Loan	3M USD SOFR+	6.75	%		0.00	%		12.32	%	7/31/2026		3,930,582		3,914,563		589,587
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	1/27/2027		1,942,453		1,936,309		1,267,761
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	3M USD SOFR+	2.75	%		0.50	%		8.08	%	10/21/2027		987,500		981,684		991,203
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+	2.75	%		1.00	%		8.18	%	11/1/2025		2,435,462		2,180,455		2,231,492
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		7.69	%	9/16/2028		244,375		244,077		245,291
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%		0.75	%		9.30	%	12/17/2027		242,500		241,119		243,562
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		9.67	%	3/5/2028		987,500		949,110		869,000
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	3/5/2028		970,000		967,330		856,025
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		0.00	%		11.11	%	9/25/2025		2,368,750		2,363,883		1,604,828

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
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		8.58	%	7/6/2029		992,500		968,446		1,000,112
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	8/27/2028		726,092		721,525		727,907
Charlotte Buyer, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	5.25	%		0.50	%		10.57	%	2/11/2028		1,481,250		1,404,830		1,489,501
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	8/10/2028		2,387,717		2,351,732		2,401,160
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.43	%	3/17/2028		485,000		484,451		486,213
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B1 (05/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	5/17/2028		1,954,823		1,884,621		1,953,611
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.57	%	7/29/2030		4,851,448		4,851,448		4,878,131
Citco Funding LLC	Banking, Finance, Insurance & Real Estate	Term Loa 1st Lien Incremental	Loan	3M USD SOFR+	3.25	%		0.50	%		8.57	%	4/27/2028		995,000		990,675		997,179
Clarios Global LP	Automotive	Term Loan (12/23)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.33	%	5/6/2030		1,197,000		1,191,917		1,202,985
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.92	%	8/9/2026		3,395,482		3,383,139		3,136,577
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.68	%		0.50	%		9.10	%	4/13/2029		1,473,750		1,445,792		1,481,119
Columbus McKinnon Corporation	Capital Equipment	Term Loan (03/24)	Loan	3M USD SOFR+	2.50	%		0.50	%		7.81	%	5/14/2028		390,593		390,049		392,792
Conduent, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.50	%		9.69	%	10/16/2028		215,713		211,174		216,185
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.83	%	9/11/2029		2,887,500		2,814,050		2,754,675
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.94	%	10/2/2027		2,714,005		2,563,151		2,577,137
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	1/31/2028		4,000,000		3,991,605		3,948,560
Corelle Brands Holding Inc.	Consumer goods: Durable	Exit Term Loan	Loan	3M USD SOFR+	8.00	%		2.00	%		13.33	%	2/27/2029		100,196		100,197		99,194
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	6/2/2028		2,437,500		2,430,573		2,400,938

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
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan B (12/23)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.93	%	3/2/2027		1,935,275		1,935,275		1,941,816
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.58	%	11/27/2028		1,584,034		1,574,817		1,592,747
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	3M USD SOFR+	2.25	%		0.50	%		7.55	%	2/19/2029		1,170,000		1,134,582		1,177,090
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.75	%		8.83	%	9/15/2027		487,500		487,449		489,938
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B (01/24)	Loan	3M USD SOFR+	4.75	%		0.75	%		10.08	%	1/30/2031		2,400,000		2,377,563		2,419,992
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan 12/22	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	1/15/2028		2,370,032		2,362,895		2,276,084
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.93	%	4/15/2027		478,750		478,750		377,078
CTC Holdings, LP	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.50	%		10.48	%	2/15/2029		2,205,000		2,163,134		2,193,975
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	6.00	%		1.00	%		11.59	%	11/2/2027		1,932,614		1,901,296		1,932,614
Dave & Buster's Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.63	%	6/29/2029		987,544		948,521		992,343
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	1M USD SOFR+	4.00	%		0.00	%		9.33	%	10/16/2026		1,450,882		1,450,882		1,442,829
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	11/16/2029		5,332,500		5,236,120		5,347,751
Delta 2 Lux Sarl	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.56	%	1/15/2030		2,000,000		1,991,719		2,010,000
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan (5/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.82	%	11/1/2030		625,000		616,239		626,756
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+	3.75	%		0.50	%		9.32	%	10/4/2028		980,000		977,303		976,835
DG Investment Intermediate Holdings 2, Inc.	Aerospace & Defense	Incremental Term Loan (3/22)	Loan	1M USD SOFR+	4.75	%		0.75	%		10.08	%	3/31/2028		492,500		477,286		493,426
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+	10.00	%		1.00	%		15.41	%	5/25/2026		152,224		149,746		142,710
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD SOFR+	5.25	%		0.75	%		10.69	%	8/2/2029		3,118,225		3,099,077		3,122,435

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
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%		0.50	%		9.68	%	10/4/2029		1,481,316		1,383,808		1,480,397
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.70	%	3/25/2028		486,250		483,394		428,075
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	11/30/2028		3,200,830		3,148,020		3,128,811
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.50	%		9.41	%	11/30/2028		1,969,697		1,811,779		1,972,159
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+	5.25	%		0.50	%		10.68	%	12/15/2028		3,922,456		3,805,230		3,731,236
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/21)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	3/1/2028		6,305,000		6,277,577		6,318,808
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (01/23)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.68	%	1/31/2030		2,019,155		2,017,361		2,024,203
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B (04/24)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.08	%	1/31/2030		1,097,250		1,072,388		1,104,108
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	8/21/2025		147,374		147,247		147,420
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+	4.25	%		1.00	%		9.66	%	4/11/2031		1,500,000		1,477,793		1,503,750
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	8/16/2028		977,500		974,753		979,738
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75	%		0.50	%		9.18	%	11/23/2028		1,960,000		1,957,748		1,934,579
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD SOFR+	3.50	%		0.75	%		8.94	%	4/7/2028		2,160,773		2,156,666		2,160,773
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.44	%	11/1/2028		490,000		488,626		491,632
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD SOFR+	6.50	%		0.00	%		11.94	%	12/14/2025		2,362,074		2,334,535		2,352,035
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	3/30/2029		3,091,984		3,039,668		2,902,260
Emerson Climate Technologies Inc	Services: Business	Term Loan B (04/23)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.83	%	5/31/2030		997,500		993,053		1,003,525

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
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Exit Term Loan B (04/24)	Loan	3M USD SOFR+	4.50	%		0.50	%		9.83	%	4/9/2031		2,000,000		1,980,403		1,997,500
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.93	%	2/10/2028		2,431,250		2,424,549		2,269,426
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B3 (5/24)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.17	%	10/31/2029		1,483,744		1,469,182		1,486,058
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	3M USD SOFR+	6.00	%		0.50	%		11.31	%	10/6/2029		968,750		904,370		758,531
Equiniti Group PLC	Services: Business	Term Loan B	Loan	6M USD SOFR+	4.50	%		0.50	%		9.93	%	12/11/2028		977,500		970,699		985,447
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.58	%	10/30/2030		1,125,000		1,109,376		1,133,438
EyeCare Partners T/L B - Restructure Source 1	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		9.39	%	2/18/2027		-		1,946		-
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	First Lien TLB	Loan	1M USD SOFR+	4.00	%		0.00	%		9.33	%	2/12/2031		500,000		495,332		504,095
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (08/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	6/27/2029		2,809,718		2,807,144		2,820,647
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.59	%	3/30/2027		4,850,000		4,807,992		4,793,692
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Term Loan B (02/24)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	3/5/2029		5,091,652		5,082,600		5,075,410
First Student Bidco Inc.	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.50	%		8.56	%	7/21/2028		713,399		710,052		714,569
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD SOFR+	3.00	%		0.50	%		8.56	%	7/21/2028		216,966		215,938		217,322
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	3M USD SOFR+	5.25	%		1.00	%		10.68	%	2/5/2029		1,200,000		1,166,020		1,201,500
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan B3 (11/23)	Loan	3M USD SOFR+	2.25	%		0.50	%		7.56	%	11/25/2030		3,740,625		3,731,146		3,753,081
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7	Loan	1M USD SOFR+	2.75	%		0.50	%		8.08	%	6/30/2028		1,468,707		1,455,320		1,470,396
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	6M USD SOFR+	4.75	%		0.75	%		10.36	%	3/10/2026		799,104		795,806		623,301
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.75	%		10.34	%	3/10/2026		2,970,000		2,878,552		2,264,625
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.57	%	4/25/2031		4,252,472		4,245,946		4,247,156

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
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	1/29/2027		1,925,000		1,924,173		1,926,925
Garrett LX III S.a r.l.	Automotive	Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.84	%	4/30/2028		1,462,500		1,458,378		1,464,328
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.59	%	12/31/2027		2,156,309		2,146,417		2,162,605
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+	2.00	%		0.00	%		7.30	%	4/10/2031		1,500,000		1,492,566		1,503,240
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.96	%	8/27/2025		2,771,482		2,630,046		2,757,624
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan (05/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.83	%	10/4/2030		498,750		496,462		500,620
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		9.68	%	11/29/2025		4,833,856		4,751,056		4,712,237
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+	2.00	%		0.00	%		7.43	%	8/10/2027		944,956		944,956		944,559
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.68	%	12/1/2027		1,850,000		1,838,568		1,535,500
GOTO GROUP, INC.	High Tech Industries	First Lien Term Loan	Loan	1M USD SOFR+	4.75	%		0.00	%		10.17	%	4/30/2028		1,254,792		748,762		1,176,368
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	1M USD SOFR+	4.75	%		0.00	%		10.17	%	4/30/2028		1,732,808		1,651,354		1,054,847
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD SOFR+	3.00	%		0.75	%		8.44	%	8/7/2027		942,441		939,031		945,607
Great Outdoors Group, LLC	Retail	Term Loan B2	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	3/6/2028		967,688		965,166		968,142
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	3M USD SOFR+	2.50	%		0.50	%		7.95	%	1/24/2029		143,438		143,233		143,677
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Amendment 5 Term Loan	Loan	1M USD SOFR+	2.50	%		0.50	%		7.93	%	2/24/2028		2,800,713		2,800,245		2,801,581
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	3M USD SOFR+	4.75	%		0.75	%		10.31	%	5/27/2028		2,431,057		2,103,884		2,362,890
GYP HOLDINGS III CORP.	Construction & Building	Term Loan (1/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	5/12/2030		248,752		247,678		249,219
Harbor Freight Tools USA, Inc.	Retail	Term Loan B (06/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	10/19/2027		3,344,665		3,331,814		3,344,397

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
Helix Gen Funding, LLc	Energy: Electricity	Term Loan	Loan	3M USD SOFR+	4.75	%		1.00	%		10.06	%	12/31/2027		899,174		884,040		905,693
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.00	%		9.07	%	6/30/2028		2,098,750		2,042,159		1,924,113
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.57	%	7/14/2028		3,163,397		3,161,165		3,167,857
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+	2.00	%		0.00	%		7.42	%	11/8/2030		1,500,000		1,496,724		1,504,425
Hilton Grand Vacations Borrower LLC	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.18	%	8/2/2028		500,000		500,000		501,875
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+	6.75	%		0.50	%		12.08	%	4/12/2029		3,116,400		3,114,216		2,988,285
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	11/17/2028		2,247,591		2,241,738		2,239,522
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.44	%	3/17/2028		5,820,000		5,787,078		5,822,735
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B-1	Loan	3M USD SOFR+	3.50	%		0.50	%		8.84	%	2/26/2029		2,468,656		2,240,046		2,452,782
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	2/15/2031		3,000,000		2,986,212		3,015,000
Idera, Inc.	High Tech Industries	Term Loan (02/21)	Loan	3M USD SOFR+	3.75	%		0.75	%		9.23	%	3/2/2028		4,749,901		4,744,630		4,757,168
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.18	%	11/1/2028		2,452,455		2,444,544		2,454,001
INDY US BIDCO, LLC	Services: Business	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.08	%	3/6/2028		2,187,656		2,187,020		2,141,169
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+	3.75	%		0.00	%		9.18	%	3/13/2030		496,250		491,903		496,042
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.50	%		0.00	%		8.93	%	2/18/2030		992,500		983,884		994,981
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		9.68	%	4/2/2029		2,714,874		2,660,180		2,713,191
Informatica Inc.	High Tech Industries	Term Loan B (10/21)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	10/27/2028		490,000		489,903		491,838
Ingram Micro Inc.	Wholesale	Term Loan (09/23)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.57	%	6/30/2028		1,095,000		1,087,935		1,100,475

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
Inmar, Inc.	Services: Business	Term Loan (06/23)	Loan	1M USD SOFR+	5.50	%		1.00	%		10.83	%	5/1/2026		3,324,875		3,241,812		3,335,282
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	2/4/2027		480,000		479,202		477,120
INSTANT BRANDS HOLDINGS INC.	Consumer goods: Durable	Instant Brands TL	Loan	3M USD SOFR+	15.00	%		0.00	%		20.34	%	2/26/2031		17,444		10,085		25,843
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.75	%		8.18	%	12/15/2027		494,962		491,142		496,684
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	6M USD SOFR+	2.50	%		0.00	%		2.50	%	4/13/2028		1,286,033		881,771		1,105,989
Isolved Inc.	Services: Business	Term Loan (4/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.83	%	10/14/2030		623,438		617,530		625,389
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	1/26/2028		3,870,000		3,869,080		3,881,262
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	3/1/2028		2,917,500		2,872,066		2,904,751
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan 7/23	Loan	3M USD SOFR+	5.50	%		1.00	%		11.09	%	11/20/2027		3,456,884		3,444,076		254,945
Kleopatra Finco S.a r.l.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+	4.73	%		0.50	%		10.27	%	2/12/2026		1,455,000		1,453,547		1,322,595
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD SOFR+	3.25	%		0.75	%		8.82	%	3/13/2028		484,888		484,065		486,532
Kodiak BP, LLC	Construction & Building	Term Loan B2	Loan	3M USD SOFR+	3.75	%		0.00	%		9.06	%	3/13/2028		500,000		497,561		503,125
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	4/10/2030		992,513		966,159		997,475
Kraton Corporation	Chemicals, Plastics, & Rubber	Term Loan 11/21	Loan	3M USD SOFR+	3.25	%		0.50	%		8.84	%	3/15/2029		2,000,000		1,945,550		1,966,080
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	9/1/2027		485,084		478,707		472,957
Lakeland Tours, LLC (c)	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	#N/A	0.00	%		0.00	%		8.00	%	9/27/2027		1,127,568		602,588		225,514
Latham Pool Products, Inc.	Consumer goods: Durable	Term Loan 2/22	Loan	1M USD SOFR+	4.00	%		0.50	%		9.42	%	2/23/2029		1,000,000		985,152		981,670
Lealand Finance Company B.V. (c)	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD SOFR+	1.00	%		0.00	%		6.44	%	12/31/2027		358,485		358,485		116,956
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.18	%	2/16/2029		2,469,370		2,093,137		2,368,397
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+	5.50	%		1.00	%		10.94	%	8/26/2027		1,638,572		1,633,129		1,592,151

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
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.19	%	3/17/2028		972,500		970,797		969,660
LOYALTY VENTURES INC. (b)	Services: Business	Term Loan B	Loan	Prime	5.50	%		0.50	%		14.00	%	11/3/2027		2,913,525		2,902,962		21,851
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD SOFR+	1.75	%		0.00	%		7.16	%	11/11/2026		1,192,291		1,191,670		1,193,531
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan (01/23)	Loan	1M USD SOFR+	4.25	%		0.50	%		9.68	%	10/14/2028		1,488,750		1,471,308		1,491,549
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	10/16/2028		245,000		244,345		245,382
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.32	%	6/14/2030		978,298		965,207		982,583
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan (2/24)	Loan	1M USD SOFR+	6.50	%		0.75	%		11.83	%	3/31/2029		2,775,000		2,703,222		2,816,625
Lumen Technologies Inc	Telecommunications	Term Loan B1 (3/24)	Loan	1M USD SOFR+	2.35	%		2.00	%		7.79	%	4/15/2029		1,627,142		1,626,419		1,124,258
Lumen Technologies Inc	Telecommunications	Term Loan B2 (3/24)	Loan	1M USD SOFR+	2.35	%		2.00	%		7.79	%	4/15/2030		1,627,142		1,626,416		1,094,709
MAGNITE, INC.	Services: Business	Term Loan B (01/24)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	2/6/2031		3,250,000		3,219,184		3,268,298
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	4/1/2031		1,317,074		1,317,074		1,315,428
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD SOFR+	1.75	%		0.00	%		7.23	%	2/15/2027		250,000		249,780		249,688
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.50	%		10.31	%	10/3/2030		2,000,000		1,873,829		1,892,960
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	First Lien Term Loan B (12/23)	Loan	3M USD SOFR+	4.25	%		0.00	%		9.55	%	2/28/2028		3,424,168		3,344,167		3,429,886
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan (07/21)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.19	%	7/28/2028		1,950,000		1,936,776		1,953,822
MedAssets Software Inter Hldg, Inc.	High Tech Industries	Term Loan (11/21) (USD)	Loan	3M USD SOFR+	4.00	%		0.50	%		9.42	%	12/18/2028		490,000		487,766		389,550
Mermaid Bidco Inc.	High Tech Industries	Term Loan B2	Loan	3M USD SOFR+	4.25	%		0.75	%		9.58	%	12/22/2027		1,961,459		1,943,656		1,976,170
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.82	%	4/8/2028		2,436,137		2,423,899		2,217,981

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
Milano Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+	4.00	%		0.75	%		9.41	%	10/1/2027		2,000,000		1,909,216		1,940,840
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.83	%	3/21/2031		500,000		497,527		503,440
MKS Instruments, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.82	%	8/17/2029		1,346,646		1,344,200		1,352,935
Momentive Performance Materials Inc.	Chemicals, Plastics, & Rubber	Term Loan (03/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.83	%	3/28/2028		495,000		478,839		489,743
Moneygram International, Inc.	Services: Business	Term Loan	Loan	3M USD SOFR+	5.50	%		0.50	%		10.85	%	5/31/2030		2,986,247		2,620,379		2,984,395
Mosel Bidco SE	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.50	%		10.06	%	9/16/2030		500,000		495,352		503,750
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Term Loan B (08/21)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.86	%	9/1/2028		2,954,545		2,738,763		2,465,657
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.21	%	11/23/2028		2,932,500		2,927,977		2,936,166
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.68	%	2/22/2029		2,962,217		2,459,723		2,836,322
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	11/14/2025		3,296,699		3,287,487		3,280,216
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD SOFR+	3.75	%		0.75	%		9.16	%	3/2/2028		87,464		87,220		83,921
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	3M USD LIBOR+	3.75	%		0.75	%		8.48	%	3/2/2028		2,701,233		2,695,618		2,591,833
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	9/18/2026		657,625		654,369		658,941
Next Level Apparel, Inc.	Retail	Term Loan	Loan	1M USD SOFR+	7.50	%		1.00	%		12.92	%	8/9/2026		2,448,323		2,438,190		1,915,813
NortonLifeLock Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.00	%		0.50	%		7.43	%	9/12/2029		993,445		990,163		993,942
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	3M USD SOFR+	3.50	%		0.00	%		8.83	%	4/3/2028		497,494		493,137		500,603
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.75	%		10.48	%	12/22/2028		1,960,000		1,949,488		1,953,258
Nuvei Technologies Corp.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.46	%	12/19/2030		2,094,750		2,079,418		2,101,118

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
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	2/23/2029		2,461,108		2,374,641		2,339,431
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.58	%	1/31/2030		933,133		908,855		939,021
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	3M USD SOFR+	3.50	%		0.50	%		8.81	%	5/2/2030		496,250		487,397		496,563
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.57	%	3/17/2031		1,200,000		1,198,598		1,208,256
Pacific Gas & Electric	Utilities: Electric	Term Loan	Loan	1M USD SOFR+	2.50	%		0.50	%		7.83	%	6/23/2027		250,000		249,129		250,860
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B4 (05/24)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.68	%	9/20/2028		975,000		972,255		976,570
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.75	%		0.50	%		10.31	%	7/6/2028		941,176		935,003		918,824
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		9.05	%	2/28/2030		2,477,481		2,454,534		2,491,107
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75	%		0.50	%		11.07	%	8/1/2029		2,970,000		2,614,004		2,771,990
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	3/31/2027		480,303		475,007		374,771
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	5/29/2026		794,490		793,256		796,675
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	4.00	%		0.50	%		9.33	%	2/28/2029		980,000		978,867		980,000
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	12/29/2028		1,470,887		1,466,959		1,437,056
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.50	%		8.18	%	5/3/2029		982,500		979,071		984,101
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.18	%	2/1/2028		5,222,587		5,212,356		5,224,415
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	6M USD SOFR+	4.00	%		0.50	%		9.56	%	12/23/2028		2,951,152		2,895,186		2,217,791
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.44	%	3/17/2028		3,889,798		3,869,799		3,880,074
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (11/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.93	%	12/1/2028		1,795,294		1,789,772		1,800,303

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
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	3/13/2028		4,365,000		4,359,844		4,367,532
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.71	%	4/21/2029		1,970,000		1,963,112		1,943,267
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan (04/24)	Loan	3M USD SOFR+	3.00	%		0.75	%		8.32	%	12/29/2027		485,000		483,674		486,518
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.19	%	2/12/2028		5,335,000		5,303,127		5,122,934
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	12/15/2028		2,940,000		2,922,984		2,935,267
Presidio, Inc.	Services: Business	Term Loan B (1/20)	Loan	3M USD SOFR+	3.50	%		0.00	%		8.93	%	1/22/2027		481,250		481,071		481,452
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B (04/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	10/14/2030		1,995,000		1,976,580		2,001,903
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (5/24)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.07	%	5/16/2031		2,917,500		2,900,843		2,921,147
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD SOFR+	3.25	%		0.75	%		8.81	%	12/28/2027		484,991		483,756		479,487
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+	5.25	%		0.50	%		10.68	%	7/20/2029		987,500		931,745		913,793
Propulsion (BC) Finco	Aerospace & Defense	Term Loan	Loan	3M USD SOFR+	3.75	%		0.50	%		9.06	%	9/14/2029		748,106		740,864		753,717
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+	4.75	%		0.00	%		10.08	%	3/15/2030		475,176		474,258		474,881
Quartz AcquireCo, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.00	%		8.81	%	6/28/2030		1,244,373		1,235,260		1,249,040
QUEST BORROWER LIMITED	High Tech Industries	Term Loan (1/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.73	%	2/1/2029		1,965,000		1,951,003		1,457,794
Quikrete Holdings, Inc.	Construction & Building	Quikrete 3/24 (2031)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.83	%	4/14/2031		1,000,000		997,581		1,003,630
R1 RCM INC.	Healthcare & Pharmaceuticals	Term Loan (12/23)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.36	%	6/21/2029		1,200,000		1,185,480		1,206,300
R1 RCM INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	6/21/2029		1,196,962		1,183,318		1,203,246
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+	6.25	%		0.75	%		11.69	%	5/15/2028		551,042		545,646		553,566

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
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.19	%	5/15/2028		2,936,992		2,865,773		1,308,812
RAND PARENT LLC	Transportation: Cargo	Term Loan B	Loan	3M USD SOFR+	4.25	%		0.00	%		9.56	%	3/16/2030		2,475,000		2,396,832		2,480,420
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.44	%	4/24/2028		975,000		974,092		961,350
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.08	%	2/17/2028		1,855,175		1,825,029		1,858,273
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		11.09	%	12/20/2024		4,241,580		4,227,343		3,154,082
Resideo Funding Inc.	Services: Consumer	Term Loan B (05/24)	Loan	3M USD SOFR+	2.00	%		0.00	%		7.33	%	2/11/2028		1,455,000		1,454,141		1,457,735
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+	6.50	%		1.00	%		12.07	%	4/30/2027		1,963,234		1,963,234		1,926,423
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	10/20/2028		3,418,609		3,415,052		3,332,665
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.18	%	2/4/2027		1,087,614		1,087,614		1,091,051
Russell Investments US Inst'l Holdco, Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan B PIK (3/24)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.33	%	5/30/2027		5,726,925		5,714,072		5,122,735
RV Retailer LLC	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.17	%	2/8/2028		2,920,287		2,885,791		2,705,646
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.75	%		0.75	%		8.07	%	9/1/2027		1,459,715		1,451,231		1,467,379
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	5.00	%		0.50	%		10.42	%	3/10/2028		2,427,437		2,388,922		2,432,753
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	2/28/2030		495,000		491,829		495,619
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	4/20/2028		1,297,546		1,293,746		1,294,302
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.25	%		0.50	%		8.56	%	4/4/2029		492,500		491,755		493,618
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+	3.75	%		0.00	%		9.08	%	2/17/2028		990,000		982,275		994,584
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+	1.75	%		0.00	%		7.07	%	11/5/2028		500,000		499,260		501,615

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
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	8/28/2028		1,950,000		1,944,692		1,529,405
SiteOne Landscape Supply, LLC	Services: Business	Term Loan (3/21)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.44	%	3/18/2028		1,264,119		1,259,183		1,270,440
SMG US Midco 2, Inc.	Services: Business	Term Loan (01/20)	Loan	6M USD SOFR+	2.50	%		0.00	%		8.24	%	1/23/2025		478,750		478,750		478,602
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.82	%	4/1/2029		512,932		509,730		516,138
Sotheby's	Services: Business	Term Loan (7/21)	Loan	3M USD SOFR+	4.50	%		0.50	%		10.09	%	1/15/2027		3,182,833		3,154,509		2,983,906
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	1M USD SOFR+	3.50	%		0.75	%		8.93	%	8/2/2028		1,955,000		1,949,188		1,960,943
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		9.68	%	3/31/2028		1,950,000		1,938,805		1,891,500
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD SOFR+	4.00	%		0.75	%		9.59	%	3/4/2028		2,910,000		2,900,294		2,498,963
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	5/12/2028		2,396,364		2,394,431		2,391,882
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		7.69	%	9/22/2028		617,750		614,049		619,115
Staples, Inc.	Wholesale	Term Loan (03/19)	Loan	1M USD SOFR+	5.00	%		0.00	%		10.43	%	4/16/2026		4,284,976		4,224,044		4,242,554
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.31	%	9/30/2030		1,250,000		1,232,700		1,250,163
Storable, Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	4/17/2028		488,750		488,366		489,728
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	12/1/2028		977,500		971,012		977,256
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+	4.25	%		0.00	%		9.58	%	3/27/2031		500,000		495,096		504,585
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	8/2/2028		2,191,005		2,116,045		2,195,562
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.84	%	4/24/2028		2,438,722		2,438,116		2,420,041
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan 3/22	Loan	3M USD SOFR+	5.25	%		0.50	%		10.55	%	4/2/2029		984,957		977,257		984,957

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
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	7/7/2028		977,500		976,300		977,500
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (03/24)	Loan	1M USD SOFR+	4.75	%		1.00	%		10.08	%	3/13/2031		3,500,000		3,465,508		3,526,250
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 5/23	Loan	1M USD SOFR+	6.00	%		0.00	%		11.33	%	5/25/2028		1,875,000		1,875,000		1,802,344
The Dun & Bradstreet Corporation	Services: Business	Term Loan (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.07	%	1/18/2029		1,148,788		1,147,353		1,151,821
Thor Industries, Inc.	Automotive	Term Loan B2	Loan	1M USD SOFR+	2.75	%		0.00	%		8.07	%	11/15/2030		658,992		652,965		662,564
TIBCO Software Inc	High Tech Industries	Term Loan (3/24)	Loan	3M USD SOFR+	4.50	%		0.50	%		9.93	%	3/24/2031		500,000		499,375		502,500
Torrid LLC	Wholesale	Term Loan 5/21	Loan	6M USD SOFR+	5.50	%		0.75	%		11.11	%	6/14/2028		3,246,912		2,862,514		2,801,826
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	4/15/2028		2,302,165		2,175,006		2,304,628
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	3M USD SOFR+	3.50	%		0.75	%		9.09	%	8/18/2027		483,750		480,153		430,020
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7 (02/24)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.33	%	12/1/2028		609,032		608,222		610,902
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD SOFR+	3.25	%		0.50	%		8.81	%	3/31/2028		1,458,754		1,454,375		1,455,939
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	3/10/2028		346,923		346,562		348,224
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	4/4/2029		1,995,000		1,977,441		2,003,239
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+	4.00	%		0.75	%		9.43	%	10/29/2027		942,326		938,594		885,786
Uber Technologies, Inc.	Transportation: Consumer	Term Loan 2/23	Loan	3M USD SOFR+	2.75	%		0.00	%		8.08	%	3/3/2030		394,188		393,320		396,652
Ultra Clean Holdings, Inc.	High Tech Industries	Term loan (03/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.83	%	2/25/2028		1,257,230		1,253,647		1,265,088
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD SOFR+	4.00	%		1.00	%		9.57	%	7/31/2026		496,815		483,060		493,834
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/21)	Loan	1M USD SOFR+	3.25	%		0.75	%		8.69	%	3/15/2026		2,415,600		2,412,716		2,414,996

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
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.56	%	6/25/2029		245,625		239,831		245,441
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	6M USD SOFR+	5.00	%		0.75	%		10.43	%	1/19/2029		2,312,637		2,257,185		2,305,422
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Term Loan (12/23)	Loan	3M USD SOFR+	7.75	%		0.00	%		13.32	%	6/16/2026		1,216,065		1,215,327		1,224,176
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.60	%	8/20/2025		1,350,172		1,348,518		1,156,652
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.08	%	12/6/2030		980,075		977,321		983,143
VFH Parent LLC	Banking, Finance, Insurance & Real Estate	Term Loan (01/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	1/12/2029		2,975,130		2,971,218		2,977,926
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.83	%	3/5/2029		2,959,849		2,904,035		2,711,962
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.69	%	9/28/2028		2,761,364		2,756,082		2,757,912
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	12/20/2030		1,884,669		1,876,723		1,890,719
Vizient, Inc	Healthcare & Pharmaceuticals	Term Loan 4/22	Loan	1M USD SOFR+	2.25	%		0.50	%		7.68	%	5/16/2029		491,250		487,578		493,441
VM Consolidated, Inc.	Construction & Building	Term Loan B (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	3/24/2028		1,835,482		1,834,853		1,848,477
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD SOFR+	6.00	%		1.00	%		11.33	%	9/30/2025		465,000		465,000		477,206
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.25	%		0.50	%		7.68	%	12/15/2028		495,000		487,053		495,619
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	First Lien TL I (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	1/24/2031		1,250,000		1,249,971		1,252,775
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		9.34	%	3/2/2028		2,791,322		2,782,487		2,794,225
WeddingWire, Inc.	Services: Consumer	Term Loan (09/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	1/29/2028		4,808,923		4,807,138		4,820,946

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
WEX Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	4/1/2028		2,917,330		2,911,409		2,926,199
WildBrain Ltd.	Media: Diversified & Production	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	3/27/2028		2,997,300		2,947,371		2,897,400
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Windsor Holdings III TL	Loan	1M USD SOFR+	4.00	%		0.00	%		9.32	%	8/1/2030		498,750		498,750		503,947
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+	1.75	%		0.00	%		7.17	%	5/24/2030		992,500		988,251		993,989
Xperi Corporation	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.32	%	6/8/2028		1,947,945		1,945,147		1,948,763
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+	4.25	%		0.50	%		9.65	%	3/9/2027		980,000		964,355		856,628
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan 4/21	Loan	3M USD SOFR+	3.25	%		0.50	%		8.82	%	11/1/2028		1,861,760		1,853,650		1,856,230
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.57	%	1/24/2031		1,454,029		1,452,837		1,455,061
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+	5.50	%		0.00	%		10.83	%	2/8/2028		1,975,000		1,897,489		1,937,969
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	1.93	%		0.50	%		7.35	%	1/29/2029		488,750		488,112		489,226
TOTAL INVESTMENTS																$	606,745,959	$	586,244,974

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)		26,949,110	$	26,949,110	$	26,949,110
Total cash and cash equivalents		26,949,110	$	26,949,110	$	26,949,110

(a)

Included within cash and cash equivalents in Saratoga CLO's Statements of Assets and Liabilities as of May 31, 2024.

(b)

As of May 31, 2024, the investment was in default and on non-accrual status.

(c)

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
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												15,981	$	-	$	44,587
Envision Parent Inc	Healthcare & Pharmaceuticals	Common Stock	Equity												92,837		-		-
Envision Parent Inc	Healthcare & Pharmaceuticals	Warrants	Equity												4,410		175,000		42,998
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity												86,398		-		-
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												24,320		1,034,581		468,000
URS TOPCO LLC	Transportation: Cargo	Common Stock	Equity												25,330		440,405		465,000
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B (09/23)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	9/12/2030	$	1,447,500		1,427,292		1,440,002
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.67	%	2/7/2029		2,473,646		2,383,742		2,416,950
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25	%		0.00	%		10.82	%	7/8/2028		2,472,826		2,173,473		2,418,745
Adtalem Global Education Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.83	%	8/12/2028		582,329		578,482		583,423
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		11.08	%	5/9/2025		2,308,370		2,303,734		2,206,410
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	5/1/2030		1,674,704		1,662,945		1,668,424
AHEAD DB Holdings, LLC	Services: Business	Term Loan (04/21)	Loan	3M USD SOFR+	3.75	%		0.75	%		9.20	%	10/18/2027		2,925,000		2,856,780		2,914,031
Air Canada	Transportation: Consumer	Term Loan B (07/21)	Loan	1M USD SOFR+	3.50	%		0.75	%		8.93	%	8/11/2028		1,970,000		1,853,394		1,970,276
AIS HoldCo, LLC	Services: Business	Term Loan	Loan	3M USD SOFR+	5.00	%		0.00	%		10.57	%	8/15/2025		4,551,925		4,499,117		4,392,607
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan (04/21)	Loan	1M USD SOFR+	4.75	%		0.75	%		10.17	%	4/6/2028		2,474,684		2,334,728		2,471,590
Alchemy US Holdco 1, LLC	Metals & Mining	Term Loan	Loan	1M USD LIBOR+	7.32	%		0.00	%		7.42	%	10/10/2025		1,654,803		1,647,646		1,646,943
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	2/4/2028		243,125		242,907		243,064
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.93	%	3/12/2026		2,104,577		2,095,205		2,101,947
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%		0.00	%		11.00	%	2/10/2027		4,349,069		4,329,175		3,803,870
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.82	%	11/6/2030		803,044		802,787		803,197
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%		0.50	%		9.18	%	5/12/2028		1,955,000		1,948,856		1,945,948
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B Add-on	Loan	1M USD SOFR+	3.75	%		0.00	%		9.07	%	5/31/2030		250,000		250,000		250,000
Altisource Solutions S.a r.l. (c)	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.45	%	4/30/2025		1,110,821		1,110,656		877,549

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
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan (01/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	1/29/2028		486,250		484,910		483,819
Amer Sports Oyj (MASCOT BIDCO OY)	Consumer goods: Durable	USD Term Loan B (01/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		8.58	%	2/7/2031		500,000		497,525		499,375
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.92	%	12/13/2029		480,000		467,515		479,798
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan (01/23)	Loan	1M USD SOFR+	6.00	%		1.00	%		11.33	%	4/5/2028		2,982,733		2,981,076		2,983,478
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.18	%	3/3/2028		1,357,439		1,355,695		1,323,788
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD SOFR+	2.25	%		0.75	%		7.69	%	2/17/2028		1,940,029		1,924,089		1,930,484
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		9.36	%	8/11/2025		947,500		946,257		681,859
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.93	%	7/18/2026		1,959,296		1,939,016		1,955,632
ANI Pharmaceuticals, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.00	%		0.75	%		11.44	%	11/19/2027		2,940,000		2,901,304		2,940,000
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	9/1/2027		1,775,000		1,757,513		1,734,317
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	9/1/2027		500,000		495,081		487,320
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	3M USD SOFR+	5.00	%		0.50	%		10.32	%	7/26/2028		495,000		468,246		494,381
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	5/15/2026		2,908,629		2,890,508		2,857,728
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	3/6/2028		972,500		966,275		943,325
AppLovin Corporation	High Tech Industries	Term Loan (10/21)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	10/21/2028		1,473,750		1,471,272		1,474,207
AppLovin Corporation	High Tech Industries	Term Loan (08/23)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	8/15/2030		969,617		969,617		970,374
AqGen Ascensus, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	8/2/2028		500,000		496,312		496,375
Aramark Services, Inc.	Services: Consumer	Term Loan B (4/21)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	4/1/2028		1,753,715		1,748,558		1,750,436

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
Aramark Services, Inc.	Services: Consumer	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.19	%	1/15/2027		2,331,250		2,292,785		2,324,699
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	9/23/2028		981,274		978,810		972,550
Arches Buyer Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.50	%		8.68	%	12/6/2027		1,469,697		1,463,299		1,405,398
ARCIS GOLF LLC	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	11/24/2028		497,980		493,335		498,602
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	4.50	%		0.00	%		9.93	%	8/9/2030		2,642,718		2,627,451		2,651,650
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term loan	Loan	1M USD SOFR+	4.25	%		0.00	%		9.57	%	12/13/2030		900,000		891,160		900,000
Asplundh Tree Expert, LLC	Services: Business	Term Loan 2/21	Loan	1M USD SOFR+	1.75	%		0.00	%		7.18	%	9/7/2027		967,500		965,030		966,068
AssuredPartners Capital, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (2/20)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	2/12/2027		979,592		977,377		979,866
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	2/12/2027		491,250		490,654		491,250
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Incremental Term Loan (7/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	2/12/2027		975,000		975,000		975,000
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+	4.00	%		0.00	%		9.43	%	8/19/2028		1,975,000		1,895,414		1,957,719
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD SOFR+	3.25	%		0.00	%		8.69	%	12/18/2026		2,934,604		2,928,879		2,915,442
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.58	%	2/15/2029		1,317,171		1,313,077		1,304,619
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+	2.00	%		0.00	%		7.32	%	6/22/2028		1,483,750		1,429,872		1,483,038
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (08/23)	Loan	3M USD SOFR+	2.50	%		0.50	%		7.85	%	12/20/2029		867,888		860,595		868,183
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.62	%		0.75	%		12.06	%	9/20/2027		450,000		440,909		445,500
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.83	%	10/10/2026		556,042		553,804		553,540
BAKELITE UK INTERMEDIATE LTD.	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.00	%		0.50	%		9.50	%	5/29/2029		985,000		981,238		980,075
Baldwin Risk Partners, LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	10/14/2027		1,960,048		1,946,212		1,946,171
Barnes Group Inc.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		8.43	%	8/9/2030		249,375		247,649		249,500
Bausch Health Companies Inc.	Healthcare & Pharmaceuticals	Term Loan B (1/22)	Loan	1M USD SOFR+	5.25	%		0.50	%		10.67	%	2/1/2027		1,850,000		1,710,365		1,465,552
Belfor Holdings Inc.	Services: Consumer	Term Loan B-1 (11/23)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.08	%	10/25/2030		1,600,000		1,584,928		1,602,000

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
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	2.00	%		0.50	%		7.58	%	4/13/2028		1,945,000		1,945,000		1,943,172
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.66	%	4/18/2029		248,750		248,750		248,544
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.70	%	1/24/2029		1,970,000		1,969,251		1,852,785
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	4/23/2026		1,450,228		1,444,650		1,439,352
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		7.69	%	4/23/2026		969,620		966,168		962,348
Blue Tree Holdings, Inc.	Chemicals, Plastics, & Rubber	Term Loan (2/21)	Loan	3M USD SOFR+	2.50	%		0.00	%		8.11	%	3/4/2028		972,500		971,083		967,229
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	1/22/2031		1,440,189		1,436,033		1,437,942
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+	2.75	%		0.50	%		8.18	%	12/13/2029		493,769		482,991		493,833
Boost Newco Borrower, LLC (Worldpay)	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	1/31/2031		500,000		497,629		501,460
Boxer Parent Company, Inc.	High Tech Industries	Term Loan USD (11/23)	Loan	1M USD SOFR+	4.25	%		0.00	%		9.58	%	12/29/2028		1,012,255		1,007,334		1,015,018
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan (02/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.58	%	2/21/2031		972,500		972,500		961,355
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B3	Loan	1M USD SOFR+	3.00	%		0.00	%		8.44	%	1/22/2027		2,918,464		2,915,588		2,913,007
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	1/17/2031		1,447,688		1,447,688		1,442,028
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	1M USD SOFR+	3.00	%		0.00	%		8.33	%	7/1/2029		493,750		483,706		492,856
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B2	Loan	1M USD SOFR+	2.50	%		0.00	%		7.83	%	11/15/2030		333,333		332,779		333,393
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B 3	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	11/1/2026		1,595,639		1,589,524		1,595,910
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	3/31/2028		2,437,500		2,421,791		2,400,938
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.93	%	3/16/2030		496,250		491,660		496,200
Calpine Corporation	Utilities: Electric	Term Loan B-10 (01/20)	Loan	3M USD LIBOR+	2.00	%		0.00	%		3.87	%	8/12/2026		2,000,000		1,990,000		1,983,760
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+	2.50	%		0.75	%		7.94	%	6/5/2028		2,462,025		2,277,630		2,401,238
CAPSTONE BORROWER INC	Services: Business	Term Loan (06/23)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.10	%	6/15/2030		998,077		984,312		993,396
CareerBuilder, LLC	Services: Business	Term Loan B3	Loan	3M USD SOFR+	6.75	%		0.00	%		12.36	%	7/31/2026		3,930,582		3,912,784		589,587

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
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.35	%	1/27/2027		1,946,639		1,939,553		1,354,627
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	3M USD SOFR+	2.75	%		0.50	%		8.40	%	10/21/2027		990,000		983,747		989,228
Catalent Pharma Solutions, Inc.	Healthcare & Pharmaceuticals	Term Loan B4	Loan	1M USD SOFR+	3.00	%		0.50	%		8.32	%	2/22/2028		600,000		595,597		601,500
Catalent Pharma Solutions, Inc.	Healthcare & Pharmaceuticals	Term Loan B3 (2/21)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.43	%	2/22/2028		598,462		587,525		597,588
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+	2.75	%		1.00	%		8.19	%	11/1/2025		2,464,605		2,167,043		2,214,029
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		7.69	%	9/16/2028		245,000		244,633		244,030
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%		0.75	%		9.35	%	12/17/2027		243,125		241,678		241,195
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		9.68	%	3/5/2028		990,000		949,452		920,700
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	3/5/2028		972,500		969,580		866,741
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	5.50	%		0.00	%		10.83	%	9/25/2025		2,375,000		2,368,777		1,863,520
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (10/23)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.35	%	7/6/2029		992,500		967,482		994,406
Cengage Learning, Inc.	Media: Advertising, Printing & Publishing	Term Loan B (6/21)	Loan	3M USD SOFR+	4.75	%		1.00	%		10.33	%	7/14/2026		2,932,500		2,917,832		2,930,682
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	8/27/2028		868,330		862,415		868,191
CenturyLink, Inc.	Telecommunications	Term Loan B (1/20)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.69	%	3/15/2027		3,838,165		3,835,627		2,781,480
Charlotte Buyer, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	5.25	%		0.50	%		10.57	%	2/11/2028		1,485,000		1,404,122		1,487,866
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	8/10/2028		2,393,717		2,355,365		2,345,842
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.43	%	3/17/2028		486,250		485,591		485,642
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	USD Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	5/17/2028		1,959,849		1,885,810		1,951,676
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	7/29/2030		4,863,365		4,862,868		4,857,286
Citco Funding LLC	Banking, Finance, Insurance & Real Estate	Term Loa 1st Lien Incremental	Loan	3M USD SOFR+	3.25	%		0.50	%		8.57	%	4/27/2028		997,500		992,828		997,919
Clarios Global LP	Automotive	Term Loan (12/23)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.33	%	5/6/2030		1,197,000		1,191,616		1,196,629
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.92	%	8/9/2026		3,404,430		3,390,583		3,132,076
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.68	%		0.50	%		9.10	%	4/13/2029		1,477,500		1,448,088		1,475,343
Columbus McKinnon Corporation	Capital Equipment	Term Loan (4/21)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.39	%	5/14/2028		406,951		406,326		407,207

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
Conduent, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.50	%		9.69	%	10/16/2028		2,762,330		2,701,073		2,702,470
Connect Finco SARL	Telecommunications	Term Loan (1/21)	Loan	1M USD SOFR+	3.50	%		1.00	%		8.83	%	12/11/2026		2,887,500		2,809,993		2,882,678
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.94	%	10/2/2027		2,714,005		2,553,865		2,544,379
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	1/31/2028		4,000,000		3,990,860		3,950,000
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	6/2/2028		2,443,750		2,436,006		2,372,344
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan B (12/23)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	3/2/2027		1,940,138		1,940,138		1,941,903
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (02/23)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.83	%	11/27/2028		1,588,004		1,577,748		1,588,449
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.58	%	2/19/2029		1,230,000		1,190,854		1,230,923
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.75	%		8.83	%	9/15/2027		487,500		487,355		486,891
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B (01/24)	Loan	3M USD SOFR+	4.75	%		0.75	%		10.07	%	1/30/2031		2,400,000		2,376,371		2,409,000
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.93	%	4/15/2027		480,000		480,000		448,277
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan 12/22	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	4/15/2027		2,376,032		2,368,120		2,307,222
CTC Holdings, LP	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.50	%		10.48	%	2/15/2029		2,210,625		2,165,966		2,194,045
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	6.00	%		1.00	%		11.57	%	11/2/2027		1,937,017		1,903,074		1,830,481
Daseke Inc	Transportation: Cargo	Term Loan 2/21	Loan	1M USD SOFR+	4.00	%		0.75	%		9.44	%	3/5/2028		1,162,500		1,159,080		1,162,860
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.63	%	6/29/2029		990,019		949,041		990,791
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	1M USD SOFR+	4.00	%		0.00	%		9.33	%	10/16/2026		1,454,660		1,454,660		1,442,426
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	11/16/2029		5,346,000		5,244,974		5,325,952
Delos Aircraft DAC	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	2.00	%		0.00	%		7.35	%	10/31/2027		250,000		250,000		250,438
Delta 2 Lux Sarl	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.60	%	1/15/2030		2,000,000		1,991,389		1,997,000
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan (09/23)	Loan	1M USD SOFR+	4.25	%		0.50	%		9.58	%	11/1/2030		625,000		616,061		625,394
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+	3.75	%		0.50	%		9.36	%	10/4/2028		982,500		979,722		978,206

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
DG Investment Intermediate Holdings 2, Inc.	Aerospace & Defense	Incremental Term Loan (3/22)	Loan	1M USD SOFR+	4.75	%		0.75	%		10.08	%	3/31/2028		493,750		477,680		492,051
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+	10.00	%		1.00	%		15.43	%	5/25/2026		152,224		149,462		146,896
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan	Loan	3M USD SOFR+	5.25	%		0.75	%		10.83	%	8/2/2029		3,190,000		3,169,423		3,181,036
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%		0.50	%		9.71	%	10/4/2029		1,485,028		1,383,712		1,476,207
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.75	%	3/25/2028		487,500		484,443		452,463
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+	5.50	%		0.75	%		10.94	%	11/30/2028		3,243,968		3,187,785		3,163,874
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.50	%		9.43	%	11/30/2028		1,974,747		1,809,468		1,955,000
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+	5.25	%		0.50	%		10.68	%	12/15/2028		3,932,462		3,808,999		3,605,596
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/21)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	3/1/2028		6,370,000		6,338,820		6,354,075
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	8/21/2025		198,929		198,685		198,432
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (01/23)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.68	%	1/31/2030		2,024,241		2,022,091		1,999,788
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (08/23)	Loan	1M USD SOFR+	4.00	%		0.50	%		9.33	%	1/31/2030		1,100,000		1,074,202		1,097,250
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	8/16/2028		980,000		976,771		977,344
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	11/23/2028		1,965,000		1,962,209		1,926,761
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (3/21)	Loan	1M USD SOFR+	3.50	%		0.75	%		8.94	%	4/7/2028		2,166,328		2,161,731		2,158,616
Electrical Components Inter., Inc.	Capital Equipment	Term Loan (6/18)	Loan	1M USD SOFR+	4.25	%		0.00	%		9.68	%	6/26/2025		1,868,421		1,868,421		1,861,415
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.44	%	11/1/2028		491,250		489,769		490,253
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD SOFR+	6.50	%		0.00	%		11.94	%	12/14/2025		2,522,373		2,488,308		2,485,798
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	3/30/2029		2,598,596		2,581,552		2,366,360
Emerson Climate Technologies Inc	Services: Business	Term Loan B (04/23)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.79	%	5/31/2030		1,000,000		995,376		997,250
Endo Luxembourg Finance Company I S.a.r.l.	Healthcare & Pharmaceuticals	Term Loan (3/21)	Loan	Prime	6.00	%		0.75	%		14.50	%	3/27/2028		2,335,285		2,330,451		1,522,606
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	6M USD SOFR+	3.50	%		0.75	%		9.42	%	2/10/2028		2,437,500		2,430,093		2,380,048

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
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B (10/22)	Loan	3M USD SOFR+	3.50	%		0.50	%		8.95	%	10/30/2029		1,487,496		1,472,128		1,489,355
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	3M USD SOFR+	5.75	%		0.50	%		11.10	%	10/6/2029		975,000		908,088		871,104
Equiniti Group PLC	Services: Business	Term Loan B	Loan	6M USD SOFR+	4.50	%		0.50	%		9.93	%	12/11/2028		980,000		973,017		981,470
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	10/30/2030		1,125,000		1,108,675		1,123,594
EyeCare Partners, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		9.39	%	2/18/2027		-		1,951		-
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	First Lien TLB	Loan	1M USD SOFR+	4.00	%		0.00	%		9.32	%	2/12/2031		500,000		495,088		499,315
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (08/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.31	%	6/27/2029		2,816,795		2,813,980		2,815,386
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.57	%	3/30/2027		4,862,500		4,816,997		4,868,578
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Refinancing Term Loan	Loan	3M USD SOFR+	2.50	%		0.00	%		7.95	%	2/1/2027		5,091,652		5,082,259		5,068,332
First Student Bidco Inc.	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.50	%		8.61	%	7/21/2028		715,360		711,800		709,694
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD SOFR+	3.00	%		0.50	%		8.61	%	7/21/2028		216,966		215,877		215,248
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+	5.25	%		1.00	%		10.58	%	2/5/2029		1,200,000		1,164,361		1,165,500
Flutter Financing B.V.	Hotel, Gaming & Leisure	Third Amendment 2028-B Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.86	%	7/21/2028		309,759		304,101		310,103
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan B3 (11/23)	Loan	3M USD SOFR+	2.25	%		0.50	%		7.70	%	11/25/2030		3,000,000		2,992,850		2,984,370
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7	Loan	1M USD SOFR+	2.75	%		0.50	%		8.08	%	6/30/2028		1,472,388		1,458,275		1,461,345
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	6M USD SOFR+	4.75	%		0.75	%		10.36	%	3/10/2026		799,104		795,310		703,211
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.75	%		10.33	%	3/10/2026		2,977,500		2,874,281		2,612,756
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	8/1/2025		4,263,723		4,255,884		4,258,394
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	1/29/2027		1,930,000		1,928,989		1,928,340
Garrett LX III S.a r.l.	Automotive	Dollar Term Loan	Loan	3M USD SOFR+	3.25	%		0.50	%		8.82	%	4/30/2028		1,466,250		1,461,820		1,465,634
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.57	%	12/31/2027		2,183,488		2,172,849		2,163,466
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan (11/19)	Loan	3M USD SOFR+	2.00	%		0.00	%		7.45	%	12/30/2026		1,443,750		1,440,683		1,443,577

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
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD LIBOR+	2.50	%		0.00	%		2.96	%	8/27/2025		2,781,634		2,604,347		2,766,864
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	10/4/2030		500,000		497,577		499,585
Global Tel*Link Corporation	Telecommunications	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		9.68	%	11/29/2025		4,846,612		4,750,154		4,708,290
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan 2/21	Loan	1M USD SOFR+	2.00	%		0.00	%		7.44	%	8/10/2027		947,411		947,411		946,984
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.69	%	12/1/2027		1,875,000		1,862,167		1,556,250
GOTO GROUP, INC.	High Tech Industries	First Lien Term Loan	Loan	1M USD SOFR+	4.75	%		0.00	%		10.17	%	4/30/2028		1,254,792		730,596		1,198,326
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	1M USD SOFR+	4.75	%		0.00	%		10.17	%	4/30/2028		1,732,808		1,646,943		1,199,970
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan (2/21)	Loan	1M USD SOFR+	3.00	%		0.75	%		8.44	%	8/7/2027		945,831		942,144		944,554
Great Outdoors Group, LLC	Retail	Term Loan B2	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	3/6/2028		970,169		967,400		969,994
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.75	%	1/24/2029		144,063		143,842		143,838
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Amendment 5 Term Loan	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	2/24/2028		2,807,931		2,806,739		2,807,061
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	3M USD SOFR+	4.75	%		0.75	%		10.36	%	5/27/2028		2,473,405		2,125,105		2,402,740
GYP HOLDINGS III CORP.	Construction & Building	Term Loan (1/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	5/12/2030		249,375		248,230		249,375
Harbor Freight Tools USA, Inc.	Retail	Term Loan B (06/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	10/19/2027		3,344,665		3,330,419		3,319,212
Helix Gen Funding, LLc	Energy: Electricity	Term Loan	Loan	3M USD SOFR+	4.75	%		1.00	%		10.10	%	12/31/2027		932,597		915,944		933,763
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.00	%		9.07	%	6/30/2028		500,000		490,436		481,875
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	7/14/2028		3,172,373		3,168,887		3,167,266
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+	2.00	%		0.00	%		7.42	%	11/8/2030		1,500,000		1,496,471		1,501,020
Hilton Grand Vacations Borrower LLC	Hotel, Gaming & Leisure	Term Loan (3/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	8/2/2028		497,455		497,455		496,834
Hilton Grand Vacations Borrower LLC	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.18	%	8/2/2028		500,000		500,000		499,375
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan B (08/18)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	8/18/2025		3,116,400		3,113,557		3,044,598
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	11/17/2028		2,254,003		2,247,557		2,188,795

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
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.44	%	3/17/2028		5,835,000		5,798,864		5,792,171
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B-1	Loan	3M USD SOFR+	3.50	%		0.50	%		8.82	%	2/26/2029		2,474,937		2,235,702		2,442,466
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.50	%		8.81	%	2/15/2031		3,000,000		2,985,024		2,983,440
Idera, Inc.	High Tech Industries	Term Loan (02/21)	Loan	3M USD SOFR+	3.75	%		0.75	%		9.21	%	3/2/2028		4,762,143		4,756,197		4,730,379
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	11/1/2028		2,458,728		2,449,919		2,452,581
INDY US BIDCO, LLC	Services: Business	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.08	%	3/6/2028		2,193,266		2,192,568		2,119,243
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+	3.75	%		0.00	%		9.18	%	3/13/2030		497,500		492,907		490,450
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.50	%		0.00	%		8.93	%	2/18/2030		995,000		985,838		985,259
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		9.68	%	4/2/2029		2,714,874		2,657,733		2,667,363
Informatica Inc.	High Tech Industries	Term Loan B (10/21)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	10/27/2028		491,250		491,064		491,250
Ingram Micro Inc.	Wholesale	Term Loan (09/23)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.61	%	6/30/2028		1,095,000		1,087,525		1,093,631
Inmar, Inc.	Services: Business	Term Loan (06/23)	Loan	1M USD SOFR+	5.50	%		1.00	%		10.83	%	5/1/2026		3,333,250		3,240,468		3,305,117
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.58	%	2/4/2027		481,250		480,346		475,475
INSTANT BRANDS HOLDINGS INC.	Consumer goods: Durable	Instant Brands TL	Loan	Prime	4.00	%		0.75	%		14.50	%	4/7/2028		10,085		10,085		10,085
INSTANT BRANDS HOLDINGS INC. (b)	Consumer goods: Durable	Term Loan 4/21	Loan	Prime	4.00	%		0.75	%		14.50	%	4/7/2028		3,942,576		3,929,234		256,267
INSTANT BRANDS HOLDINGS INC. (c)	Consumer goods: Durable	PIK DIP Term Loan	Loan	1M USD SOFR+	3.00	%		1.00	%		15.45	%	1/31/2024		1,523,653		1,523,115		1,557,935
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.75	%		8.18	%	12/15/2027		494,962		490,830		494,101
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	6M USD SOFR+	2.50	%		0.00	%		2.50	%	4/13/2028		1,258,790		838,779		1,082,559

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
Isolved Inc.	Services: Business	Term Loan	Loan	6M USD SOFR+	4.00	%		0.50	%		9.48	%	10/5/2030		625,000		618,886		626,563
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	1/26/2028		3,880,000		3,878,565		3,869,602
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	3/1/2028		2,925,000		2,876,836		2,850,647
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan 7/23	Loan	3M USD SOFR+	5.50	%		1.00	%		11.07	%	11/20/2027		3,456,884		3,442,560		276,551
Kleopatra Finco S.a r.l.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+	4.73	%		0.50	%		10.27	%	2/12/2026		1,458,750		1,456,824		1,400,400
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD SOFR+	3.25	%		0.75	%		8.86	%	3/13/2028		486,159		485,291		485,211
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	4/10/2030		995,006		967,558		998,121
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	9/1/2027		486,325		479,475		464,440
Lakeland Tours, LLC (c)	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed	0.00	%		0.00	%		8.00	%	9/27/2027		1,127,568		568,253		761,108
Lealand Finance Company B.V. (c)	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD SOFR+	1.00	%		0.00	%		6.44	%	6/30/2025		355,751		355,751		138,149
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.18	%	2/16/2029		2,475,771		2,084,045		2,310,216
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+	5.50	%		1.00	%		10.94	%	8/26/2027		1,659,313		1,653,207		1,595,015
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.19	%	3/17/2028		975,000		972,922		957,938
LOYALTY VENTURES INC. (b)	Services: Business	Term Loan B	Loan	Prime	5.50	%		0.50	%		14.00	%	11/3/2027		2,913,525		2,902,171		25,493
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD SOFR+	1.75	%		0.00	%		7.18	%	11/11/2026		1,195,404		1,194,671		1,194,125
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan (01/23)	Loan	1M USD SOFR+	4.25	%		0.50	%		9.68	%	10/14/2028		1,492,500		1,473,942		1,491,754
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.94	%	10/16/2028		245,625		244,848		244,473
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.32	%	6/14/2030		980,756		967,038		980,756
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan (2/24)	Loan	1M USD SOFR+	6.50	%		0.75	%		11.83	%	3/31/2029		2,775,000		2,700,276		2,775,860
MAGNITE, INC.	Services: Business	Term Loan B (01/24)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	2/6/2031		3,250,000		3,218,266		3,241,875
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (11/19)	Loan	1M USD SOFR+	1.75	%		0.00	%		7.18	%	8/29/2025		1,317,074		1,317,074		1,312,543
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD SOFR+	1.75	%		0.00	%		7.27	%	2/15/2027		250,000		249,741		249,063

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
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.50	%		10.35	%	10/3/2030		2,000,000		1,870,298		1,832,500
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	First Lien Term Loan B (12/23)	Loan	1M USD SOFR+	4.25	%		0.00	%		9.58	%	2/28/2028		3,432,772		3,346,276		3,432,772
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan (07/21)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.19	%	7/28/2028		1,955,000		1,940,387		1,946,281
MedAssets Software Inter Hldg, Inc.	High Tech Industries	Term Loan (11/21) (USD)	Loan	1M USD SOFR+	4.00	%		0.50	%		9.44	%	12/18/2028		491,250		488,835		409,275
Mermaid Bidco Inc.	High Tech Industries	Term Loan B2	Loan	3M USD SOFR+	4.50	%		0.75	%		9.88	%	12/22/2027		1,966,412		1,947,595		1,968,870
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.86	%	4/8/2028		2,442,400		2,429,364		1,996,417
MKS Instruments, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.82	%	8/17/2029		1,971,537		1,967,675		1,966,253
Momentive Performance Materials Inc.	Chemicals, Plastics, & Rubber	Term Loan (03/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.83	%	3/28/2028		496,250		479,007		485,084
Moneygram International, Inc.	Services: Business	Term Loan	Loan	3M USD SOFR+	5.50	%		0.50	%		10.88	%	5/31/2030		2,993,750		2,617,290		2,936,989
Mosel Bidco SE	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.50	%		10.10	%	9/16/2030		500,000		495,262		500,625
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Term Loan B (08/21)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.85	%	9/1/2028		2,962,121		2,734,973		2,861,320
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.25	%	11/23/2028		2,940,000		2,935,048		2,929,504
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.68	%	2/22/2029		2,969,773		2,447,043		2,806,436
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	11/14/2025		3,305,649		3,294,914		3,289,120
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	1M USD SOFR+	3.75	%		0.75	%		9.18	%	3/2/2028		2,708,195		2,701,639		2,522,007
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD SOFR+	3.75	%		0.75	%		9.20	%	3/2/2028		87,464		87,200		81,450
New Trojan Parent, Inc. (c)	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	5.25	%		0.50	%		10.69	%	1/6/2028		-		40,239		-
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	9/18/2026		657,625		654,056		655,705
Next Level Apparel, Inc.	Retail	Term Loan	Loan	1M USD SOFR+	7.50	%		1.00	%		12.92	%	8/9/2026		2,605,709		2,579,219		2,019,425
NortonLifeLock Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.00	%		0.50	%		7.43	%	9/12/2029		997,195		993,475		994,014
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.42	%	4/3/2028		497,500		492,525		497,192
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan (05/23)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.42	%	4/3/2028		498,747		494,084		498,228

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
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.75	%		10.52	%	12/22/2028		1,965,000		1,954,113		1,948,632
Nuvei Technologies Corp.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	12/19/2030		2,100,000		2,084,250		2,100,336
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.93	%	2/23/2029		2,467,387		2,376,707		2,249,442
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.18	%	1/31/2030		1,380,397		1,343,151		1,381,267
Organon & Co.	Healthcare & Pharmaceuticals	Term Loan USD	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	6/2/2028		2,118,750		2,112,577		2,120,085
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+	4.00	%		0.50	%		9.43	%	5/2/2030		497,500		488,294		496,669
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.50	%		0.75	%		8.94	%	4/21/2028		895,408		894,474		893,734
Pacific Gas & Electric	Utilities: Electric	Term Loan	Loan	1M USD SOFR+	2.50	%		0.50	%		7.83	%	6/23/2027		250,000		248,893		249,923
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	9/20/2028		975,000		971,827		975,994
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.75	%		0.50	%		10.34	%	7/6/2028		941,176		934,588		896,471
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan 2/23	Loan	3M USD SOFR+	4.25	%		0.50	%		9.69	%	2/27/2030		2,483,737		2,460,184		2,482,198
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75	%		0.50	%		11.06	%	8/1/2029		1,975,000		1,671,950		1,816,013
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	3/30/2027		481,544		475,840		411,321
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	5/29/2026		794,490		793,022		794,156
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	3.75	%		0.50	%		9.06	%	2/28/2029		982,500		981,042		972,066
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	12/29/2028		1,474,639		1,470,327		1,325,332
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.50	%		8.18	%	5/3/2029		985,000		981,209		979,720
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.18	%	2/1/2028		5,236,340		5,225,013		5,236,340
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.00	%		0.50	%		9.46	%	12/23/2028		2,958,680		2,899,926		2,608,254
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.44	%	3/17/2028		3,899,823		3,878,054		3,880,324
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (11/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.93	%	12/1/2028		1,795,294		1,789,191		1,791,309
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.19	%	3/13/2028		4,376,250		4,370,414		4,362,377
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.72	%	4/21/2029		1,975,000		1,967,432		1,926,968
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.75	%		8.61	%	12/29/2027		486,250		484,831		485,642

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
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.19	%	2/12/2028		5,348,750		5,313,507		5,071,310
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	12/15/2028		2,947,500		2,929,343		2,939,512
Presidio, Inc.	Services: Business	Term Loan B (1/20)	Loan	3M USD SOFR+	3.50	%		0.00	%		8.91	%	1/22/2027		482,500		482,164		483,103
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B (10/23)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.83	%	10/11/2030		2,000,000		1,980,728		1,998,300
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan	Loan	1M USD SOFR+	5.75	%		1.00	%		11.19	%	4/27/2027		2,925,000		2,906,770		2,921,344
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD SOFR+	3.25	%		0.75	%		8.84	%	12/28/2027		486,242		484,862		472,311
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+	5.25	%		0.50	%		10.66	%	7/20/2029		990,000		931,883		907,711
Propulsion (BC) Finco	Aerospace & Defense	Term Loan	Loan	3M USD SOFR+	3.75	%		0.50	%		9.10	%	9/14/2029		750,000		742,504		748,748
PUG LLC	Services: Consumer	Term Loan B (02/20)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	2/12/2027		475,176		474,168		466,010
Quartz AcquireCo, LLC	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.83	%	6/28/2030		997,500		988,167		996,253
QUEST BORROWER LIMITED	High Tech Industries	Term Loan (1/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.71	%	2/1/2029		1,970,000		1,954,941		1,552,734
R1 RCM INC.	Healthcare & Pharmaceuticals	Term Loan (12/23)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.36	%	6/21/2029		1,200,000		1,185,480		1,200,000
R1 RCM INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	6/21/2029		1,200,000		1,185,733		1,200,000
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (1/21)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.19	%	2/15/2028		2,944,353		2,869,199		1,278,173
RAND PARENT LLC	Transportation: Cargo	Term Loan B	Loan	3M USD SOFR+	4.25	%		0.00	%		9.60	%	3/16/2030		2,481,250		2,400,653		2,476,213
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.44	%	4/24/2028		977,500		976,326		950,501
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	6M USD SOFR+	3.25	%		0.50	%		9.12	%	2/17/2028		1,860,192		1,827,856		1,856,323
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		11.07	%	12/20/2024		4,252,891		4,231,426		2,426,275
Resideo Funding Inc.	Services: Consumer	Term Loan (1/21)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.69	%	2/11/2028		1,458,750		1,457,581		1,454,651
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+	6.50	%		1.00	%		12.11	%	4/30/2027		1,968,154		1,968,154		1,936,172
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.94	%	10/20/2028		3,427,375		3,422,882		3,328,838
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.18	%	1/29/2027		1,117,917		1,117,917		1,117,078

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
Reynolds Group Holdings Inc.	Containers, Packaging & Glass	Term Loan B2	Loan	1M USD SOFR+	3.25	%		0.00	%		8.69	%	2/5/2026		1,933,578		1,929,763		1,936,692
Russell Investments US Inst’l Holdco, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/20)	Loan	1M USD SOFR+	3.50	%		1.00	%		8.93	%	6/2/2025		5,503,217		5,487,956		5,313,356
RV Retailer LLC	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.17	%	2/8/2028		2,927,756		2,890,768		2,728,317
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.75	%		0.75	%		8.08	%	9/1/2027		1,463,497		1,454,416		1,463,497
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	3M USD SOFR+	5.00	%		0.50	%		10.42	%	3/10/2028		2,433,693		2,393,141		2,405,560
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		7.58	%	2/28/2030		496,250		492,943		495,421
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.19	%	4/20/2028		1,297,546		1,293,069		1,294,847
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.25	%		0.50	%		8.58	%	4/4/2029		493,750		492,933		492,516
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+	3.75	%		0.00	%		9.08	%	2/17/2028		992,500		984,017		993,294
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan	Loan	3M USD SOFR+	2.00	%		0.00	%		7.61	%	11/2/2028		1,000,000		998,338		1,000,560
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	8/28/2028		1,955,000		1,948,734		1,873,144
SiteOne Landscape Supply, LLC	Services: Business	Term Loan (3/21)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.44	%	3/18/2028		1,267,378		1,261,906		1,267,378
SMG US Midco 2, Inc.	Services: Business	Term Loan (01/20)	Loan	3M USD SOFR+	2.50	%		0.00	%		8.07	%	1/23/2025		480,000		480,000		479,702
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.82	%	4/1/2029		514,217		510,811		514,860
Sotheby’s	Services: Business	Term Loan (7/21)	Loan	3M USD SOFR+	4.50	%		0.50	%		10.08	%	1/15/2027		3,191,015		3,159,783		3,159,903
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	1M USD SOFR+	3.25	%		0.75	%		8.69	%	8/2/2028		1,960,000		1,953,602		1,955,453
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		9.68	%	3/31/2028		1,955,000		1,942,520		1,857,250
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD SOFR+	4.00	%		0.75	%		9.62	%	3/4/2028		2,917,500		2,907,433		2,644,510
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	5/12/2028		2,523,636		2,521,215		2,517,327
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		7.68	%	9/22/2028		620,250		616,132		619,785
Staples, Inc.	Wholesale	Term Loan (03/19)	Loan	1M USD SOFR+	5.00	%		0.00	%		10.44	%	4/16/2026		4,296,252		4,227,884		4,185,881
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.35	%	9/19/2030		1,250,000		1,232,293		1,233,600
Storable, Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.83	%	4/17/2028		490,000		489,451		489,084
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.75	%		0.50	%		9.19	%	12/1/2028		980,000		972,893		979,510

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
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	8/2/2028		2,197,331		2,118,286		2,186,345
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+	4.00	%		0.75	%		9.59	%	4/24/2028		2,444,975		2,444,257		2,421,748
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan 3/22	Loan	3M USD SOFR+	5.00	%		0.50	%		10.35	%	4/2/2029		987,475		979,563		987,060
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.19	%	7/7/2028		980,000		978,620		977,962
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	5.25	%		1.00	%		10.68	%	7/15/2025		4,337,912		4,305,238		4,332,490
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 5/23	Loan	1M USD SOFR+	6.00	%		0.00	%		11.33	%	5/25/2028		1,880,000		1,879,762		1,809,030
The Dun & Bradstreet Corporation	Services: Business	Term Loan (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.07	%	1/18/2029		1,148,788		1,146,995		1,145,629
Thor Industries, Inc.	Automotive	Term Loan B2	Loan	1M USD SOFR+	2.75	%		0.00	%		8.07	%	11/15/2030		847,276		839,124		847,276
Torrid LLC	Wholesale	Term Loan 5/21	Loan	3M USD SOFR+	5.50	%		0.75	%		11.11	%	6/14/2028		3,293,297		2,885,799		2,766,369
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	4/15/2028		2,308,083		2,173,521		2,279,878
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	3M USD SOFR+	3.50	%		0.75	%		9.07	%	8/18/2027		485,000		481,026		403,360
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7 (02/24)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.33	%	12/1/2028		609,032		608,154		608,161
Transdigm, Inc.	Aerospace & Defense	Term Loan H	Loan	3M USD SOFR+	3.25	%		0.00	%		8.60	%	2/22/2027		1,973,436		1,970,279		1,977,580
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD SOFR+	3.25	%		0.50	%		8.86	%	3/31/2028		1,462,504		1,457,793		1,435,389
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.94	%	3/10/2028		346,923		346,548		345,584
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Incremental Term Loan	Loan	3M USD SOFR+	3.50	%		0.50	%		8.85	%	8/11/2028		2,000,000		1,981,659		1,997,500
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+	4.00	%		0.75	%		9.43	%	10/29/2027		944,761		940,433		912,034
Uber Technologies, Inc.	Transportation: Consumer	Term Loan 2/23	Loan	3M USD SOFR+	2.75	%		0.00	%		8.13	%	3/3/2030		395,438		394,559		396,284
Ultra Clean Holdings, Inc.	High Tech Industries	Incremental Term Loan 3/21	Loan	1M USD SOFR+	3.75	%		0.00	%		9.19	%	8/27/2025		763,480		761,941		764,755
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD SOFR+	4.00	%		1.00	%		9.59	%	7/31/2026		496,815		481,603		494,207
United Natural Foods, Inc	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.69	%	10/22/2025		1,241,834		1,218,443		1,239,922
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/21)	Loan	1M USD SOFR+	3.25	%		0.75	%		8.69	%	3/15/2026		2,421,809		2,418,336		2,418,031

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
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.60	%	6/25/2029		246,250		240,243		246,250
Utz Quality Foods, LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		8.44	%	1/20/2028		1,478,977		1,478,749		1,478,252
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	6M USD SOFR+	5.00	%		0.75	%		10.43	%	1/19/2029		2,318,552		2,260,590		2,287,251
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Term Loan (12/23)	Loan	3M USD SOFR+	7.75	%		0.00	%		13.36	%	6/16/2026		1,208,512		1,207,739		1,111,831
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.59	%	8/20/2025		1,353,744		1,351,272		1,170,988
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+	3.25	%		0.75	%		8.68	%	12/6/2028		982,538		979,566		982,459
VFH Parent LLC	Banking, Finance, Insurance & Real Estate	Term Loan (01/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	1/12/2029		2,975,130		2,970,557		2,970,667
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.83	%	3/5/2029		2,967,381		2,908,179		2,909,903
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.69	%	9/28/2028		2,823,409		2,817,201		2,819,880
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	12/20/2030		1,889,393		1,880,083		1,880,135
Vizient, Inc	Healthcare & Pharmaceuticals	Term Loan 4/22	Loan	1M USD SOFR+	2.25	%		0.50	%		7.68	%	5/16/2029		492,500		488,534		492,731
VM Consolidated, Inc.	Construction & Building	Term Loan B (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.08	%	3/24/2028		1,841,374		1,840,186		1,843,676
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD SOFR+	6.00	%		1.00	%		11.33	%	9/30/2025		466,250		466,250		472,078
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (12/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.43	%	12/15/2028		496,250		487,839		495,009
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	First Lien TL I (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	1/24/2031		1,250,000		1,249,906		1,247,463
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		9.33	%	3/2/2028		2,831,632		2,822,010		2,826,337
WeddingWire, Inc.	Services: Consumer	Term Loan (09/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	1/29/2028		4,808,923		4,806,669		4,784,879
WEX Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.33	%	3/31/2028		2,924,849		2,918,448		2,919,379

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
WildBrain Ltd.	Media: Diversified & Production	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		9.69	%	3/27/2028		3,005,025		2,952,048		2,899,849
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	4.50	%		0.00	%		9.82	%	8/1/2030		500,000		500,000		500,390
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan 5/23	Loan	1M USD SOFR+	2.25	%		0.00	%		7.68	%	5/24/2030		995,000		990,380		996,124
Xperi Corporation	High Tech Industries	Term Loan	Loan	1M USD SOFR+	3.50	%		0.00	%		8.94	%	6/8/2028		1,983,094		1,979,717		1,977,303
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+	4.25	%		0.50	%		9.65	%	3/9/2027		982,500		965,514		884,555
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan 4/21	Loan	3M USD SOFR+	3.25	%		0.50	%		8.89	%	11/1/2028		1,866,509		1,857,862		1,862,142
Zekelman Industries, Inc.	Metals & Mining	Term Loan (01/20)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.44	%	1/25/2027		954,029		954,029		953,733
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	1M USD SOFR+	5.50	%		0.00	%		10.83	%	2/8/2028		1,980,000		1,897,656		1,940,400
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	1.93	%		0.50	%		7.35	%	1/29/2029		490,000		489,237		488,772
TOTAL INVESTMENTS																$	630,995,710	$	607,551,774

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)		12,104,832	$	12,104,832	$	12,104,832
Total cash and cash equivalents		12,104,832	$	12,104,832	$	12,104,832

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands								3 Months Ended
	Jul. 06, 2023	Jul. 30, 2021	Jul. 29, 2021	Oct. 08, 2019	Jul. 11, 2019	Jul. 13, 2018	Mar. 16, 2017	May 31, 2024	Feb. 29, 2024	Sep. 24, 2014
Stockholders' Equity [Line Items]
Average price (in Dollars per share)			$ 24.77
Shares issued (in Shares)						1,150,000
Stock issued price per share (in Dollars per share)						$ 25
Common stock par value (in Dollars per share)								$ 0.001	$ 0.001
Aggregate amount						$ 28,750
Underwriting commissions						1,150
Offering cost						200
Net proceeds			$ 95,900			$ 27,400
Additional common stock (in Shares)						172,500
Offer for sale		$ 150,000					$ 30,000
Amount of common stock				$ 130,000	$ 70,000
Number of shares sold (in Shares)			3,922,018
Gross proceeds			$ 97,100
Maximum [Member]
Stockholders' Equity [Line Items]
Sale of stock, amount	$ 300,000
Minimum [Member]
Stockholders' Equity [Line Items]
Sale of stock, amount	$ 150,000
Equity ATM Program Tranche One [Member]
Stockholders' Equity [Line Items]
Average price (in Dollars per share)								$ 26.37
Net proceeds								$ 171,000
Number of shares sold (in Shares)								6,543,878
Gross proceeds								$ 172,500
Common Stock [Member]
Stockholders' Equity [Line Items]
Common stock par value (in Dollars per share)						$ 0.001
Share Repurchase Plan [Member]
Stockholders' Equity [Line Items]
Number of share authorized for repurchase (in Shares)										1,700,000
Share Repurchase Plan [Member] \| Share Repurchase Tranche One [Member]
Stockholders' Equity [Line Items]
Number of share authorized for repurchase (in Shares)								1,035,203
Share Repurchase Plan [Member] \| Common Stock [Member]
Stockholders' Equity [Line Items]
Number of share authorized for repurchase (in Shares)										200,000
Share Repurchase Plan [Member] \| Common Stock [Member] \| Share Repurchase Tranche One [Member]
Stockholders' Equity [Line Items]
Average price (in Dollars per share)								$ 22.05
Stock repurchased amount								$ 22,800

Organization

3 Months Ended

May 31, 2024

Organization [Abstract]

Organization

Note 1. Organization

Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is a non-diversified closed end management investment company incorporated in Maryland that has elected to be treated and is regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed the initial public offering (“IPO”) on March 28, 2007. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.

GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company.

On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction.

The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager” or “Saratoga Investment Advisors”), pursuant to an investment advisory and management agreement (the “Management Agreement”).

The Company has established wholly owned subsidiaries, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MAC, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT, Inc., SIA-Vector, Inc. and SIA-VR, Inc., which are structured as Delaware entities that are treated as corporations for U.S. federal income tax purposes and are intended to facilitate its compliance with the requirements to be treated as a RIC under the Code by holding equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass through entities). These entities are consolidated for accounting purposes, but are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expenses as a result of their ownership of portfolio companies. In February 2022, SIA-GH, Inc., SIA-TT Inc. and SIA-VR, Inc. received an approved plan of liquidation following the sale of equity held by each of the portfolio companies.

Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”) and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC II LP, the “SBIC Subsidiaries”), received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. Following its debentures being fully repaid to the SBA, Saratoga Investment Corp. SBIC LP (“SBIC LP”) surrendered its license on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million with at least $175.0 million in combined regulatory capital.

The Company has formed wholly owned special purpose entities organized as Delaware limited liability companies, Saratoga Investment Funding II LLC (“SIF II”) and Saratoga Investment Funding III LLC (“SIF III”) for the purpose of the Encina Credit Facility and the Live Oak Credit Facility (each as defined below). The senior secured revolving credit facility (the “Encina Credit Facility) with Encina Lender Finance, LLC (“Encina”) is supported by loans held by SIF II and pledged to Encina, and the senior secured revolving credit facility (the “Live Oak Credit Facility”) with Live Oak Banking Company (“Live Oak”) is supported by loans held by SIF III and pledged to Live Oak.

On October 26, 2021, the Company and TJHA JV I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV LLC (“SLF JV”). SLF JV is under joint control and is not consolidated. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (“SLF 2022”), which is a wholly owned subsidiary of SLF JV. SLF 2022 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. On October 28, 2022, SLF 2022 issued $402.1 million of debt (the “2022 JV CLO Notes”) through a collateralized loan obligation trust (the “JV CLO trust”). The 2022 JV CLO Notes were issued pursuant to an indenture, dated October 28, 2022 (the “JV Indenture”), with U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (the “Trustee”) servicing as the trustee.

Income Taxes

3 Months Ended

May 31, 2024

Income Taxes [Abstract]

Income Taxes

Note 6. Income Taxes

SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MAC, Inc., SIA-MDP, 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 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 Corporate 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, 2024 and February 29, 2024 were as follows:

	May 31, 2024			February 29, 2024
Total deferred tax assets	$	3,134,349		$	2,650,580
Total deferred tax liabilities		(4,362,996	)		(3,901,995	)
Valuation allowance on net deferred tax assets		(2,908,125	)		(2,539,735	)
Net deferred tax liability	$	(4,136,772	)	$	(3,791,150	)

As of May 31, 2024, the valuation allowance on deferred tax assets was $2.9 million, which represents the federal and state tax effect of net operating losses and unrealized losses that the Company does not believe will be realized through future taxable income. Any adjustments to the Company’s valuation allowance will depend on estimates of future taxable income and will be made in the period such determination is made.

Net income tax expense for the three months ended May 31, 2024 includes $0.5 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 ($0.06) 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, 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.

Deferred tax temporary differences may include differences for state taxes and joint venture interests.

Federal and state income tax (provisions) benefit on investments for three months ended May 31, 2024 and May 31, 2023:

	For the three months ended
	May 31, 2024		May 31, 2023
Current
Federal	$	-	$	-
State		-		-
Net current expense		-		-
Deferred
Federal		322,466		14,909
State		23,156		(972	)
Net deferred expense		345,622		13,937
Net tax provision	$	345,622	$	13,937

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

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, 2024

Feb. 29, 2024

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

$ 1,086,757

$ 1,129,390

First lien term loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

$ 945,045

$ 976,423

Valuation Technique

Market Comparables

Unobservable Input

Market Yield (%)

Weighted Average

^[1]

12.9%

13.0%

First lien term loans 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

Revenue Multiples (x)

Weighted Average

^[1]

4.3x

6.6x

First lien term loans 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

EBITDA Multiples (x)

Weighted Average

^[1]

9.9x

5.6x

Second lien term loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

$ 18,387

$ 18,097

Valuation Technique

Market Comparables

Unobservable Input

Market Yield (%)

Weighted Average

^[1]

33.8%

25.5%

Second lien term loans 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

Third-party Bid (x)

EBITDA Multiples (x)

Weighted Average

15.1x

^[1]

7.0x

Second lien term loans 3 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

EBITDA Multiples (x)

Third-party bid (x)

Weighted Average

7.0x

^[1]

29.7x

Unsecured Term Loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 15,818

Discounted Cash Flow

Discount Rate (%)

^[1]

10.5%

Structured finance securities [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

$ 24,054

$ 30,626

Valuation Technique

Discounted Cash Flow

Unobservable Input

Discount Rate (%)

Weighted Average

^[1]

18.8%

15.1%

Structured finance securities 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

Recovery Rate (%)

Weighted Average

^[1]

70.0%

Structured finance securities 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

Prepayment Rate (%)

Weighted Average

^[1]

20.0%

Structured Finance Securities Three [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

Default Rate (%)

Weighted Average

^[1]

2.0%

Equity interests [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

$ 83,453

$ 88,426

Valuation Technique

Enterprise Value Waterfall

Unobservable Input

Revenue Multiples (x)

EBITDA Multiples (x)

Weighted Average

^[1]

6.6x

10.4x

Equity interests 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

EBITDA Multiples (x)

Revenue Multiples (x)

Weighted Average

^[1]

10.8x

6.3x

First lien term loans 3 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

Third-party bid (x)

Weighted Average

4.0x

Equity interests 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

Third-party bid (x)

Weighted Average

^[1]

3.9x

Minimum [Member] | First lien term loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

10.9%

10.6%

Minimum [Member] | First lien term loans 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

3.5x

4.6x

Minimum [Member] | First lien term loans 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

3.8x

5.0x

Minimum [Member] | Second lien term loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

19.0%

Minimum [Member] | Second lien term loans 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

15.1x

7.0x

Minimum [Member] | Second lien term loans 3 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

7.0x

29.7x

Minimum [Member] | Unsecured Term Loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

10.5%

Minimum [Member] | Structured finance securities [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

8.5%

Minimum [Member] | Structured finance securities 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

70.0%

35.0%

Minimum [Member] | Structured finance securities 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

20.0%

Minimum [Member] | Structured Finance Securities Three [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

2.0%

Minimum [Member] | Equity interests [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

1.3x

4.7x

Minimum [Member] | Equity interests 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

3.8x

1.3x

Minimum [Member] | First lien term loans 3 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

3.9x

Minimum [Member] | Equity interests 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

3.9x

Maximum [Member] | First lien term loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

15.0%

17.2%

Maximum [Member] | First lien term loans 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

4.6x

9.4x

Maximum [Member] | First lien term loans 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

12.5x

6.0x

Maximum [Member] | Second lien term loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

40.5%

28.3%

Maximum [Member] | Second lien term loans 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

15.1x

7.0x

Maximum [Member] | Second lien term loans 3 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

7.0x

29.7x

Maximum [Member] | Unsecured Term Loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

10.5%

Maximum [Member] | Structured finance securities [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

40.0%

22.0%

Maximum [Member] | Structured finance securities 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

70.0%

Maximum [Member] | Structured finance securities 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

20.0%

Maximum [Member] | Structured Finance Securities Three [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

2.0%

Maximum [Member] | Equity interests [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

10.4x

20.4x

Maximum [Member] | Equity interests 1 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

20.4x

10.4x

Maximum [Member] | First lien term loans 3 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

4.2x

Maximum [Member] | Equity interests 2 [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Range

3.9x

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

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended
	May 31, 2024	May 31, 2023
DECREASE FROM OPERATIONS:
Net investment income	$ 14,335,005	$ 15,958,950
Net realized gain (loss) from investments	(21,194,997)	90,691
Net change in unrealized appreciation (depreciation) on investments	13,931,431	(16,322,307)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	(461,001)	59,407
Net increase (decrease) in net assets resulting from operations	6,610,438	(213,259)
DECREASE FROM SHAREHOLDER DISTRIBUTIONS:
Total distributions to shareholders	(9,967,036)	(8,193,402)
Net decrease in net assets from shareholder distributions	(9,967,036)	(8,193,402)
CAPITAL SHARE TRANSACTIONS:
Stock dividend distribution	987,572	1,058,844
Repurchases of common stock		(2,157,605)
Repurchase fees		(1,772)
Net increase (decrease) in net assets from capital share transactions	987,572	(1,100,533)
Total decrease in net assets	(2,369,026)	(9,507,194)
Net assets at beginning of period	370,224,108	346,958,042
Net assets at end of period	$ 367,855,082	$ 337,450,848

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents - USD ($)

3 Months Ended

12 Months Ended

May 31, 2024

Feb. 29, 2024

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Cost

$ 606,745,959

$ 630,995,710

Fair Value

$ 586,244,974

$ 607,551,774

U.S. Bank Money Market [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Principal/ Number of Shares

26,949,110

^[1]

12,104,832

^[2]

Cost

$ 26,949,110

^[1]

$ 12,104,832

^[2]

Fair Value

$ 26,949,110

^[1]

$ 12,104,832

^[2]

Cash and Cash Equivalents [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Principal/ Number of Shares

26,949,110

12,104,832

Cost

$ 26,949,110

$ 12,104,832

Fair Value

$ 26,949,110

$ 12,104,832

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Common Stock

Asset Type

Equity

Principal/ Number of Shares

15,981

Cost

Fair Value

$ 30,044

$ 44,587

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Common Stock

Asset Type

Equity

Principal/ Number of Shares

23,799

Cost

$ 660,422

Fair Value

$ 660,422

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Warrants

Asset Type

Equity

Principal/ Number of Shares

349

Cost

$ 9,685

Fair Value

$ 9,685

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Common Stock

Asset Type

Equity

Principal/ Number of Shares

4,410

92,837

Cost

$ 175,000

Fair Value

$ 33,075

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Warrants

Asset Type

Equity

Principal/ Number of Shares

92,837

4,410

Cost

$ 175,000

Fair Value

$ 42,998

Instant Brands Litigation Trust Interests [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Asset Name

Warrants

Asset Type

Equity

Principal/ Number of Shares

8,572

Cost

Fair Value

$ 42,861

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Asset Name

Common Stock

Asset Type

Equity

Principal/ Number of Shares

86,398

Cost

Fair Value

Resolute Investment Managers (American Beacon), Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Common Stock

Asset Type

Equity

Principal/ Number of Shares

24,320

Cost

$ 1,034,581

Fair Value

$ 97,280

$ 468,000

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Cargo

Asset Name

Common Stock

Asset Type

Equity

Principal/ Number of Shares

25,330

Cost

$ 440,405

Fair Value

$ 366,000

$ 465,000

1011778 B.C Unltd Liability Co [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term Loan B (09/23)

Loan

1M USD SOFR+

2.25%

0.00%

Current Rate (All In)

7.58%

Maturity Date

Sep. 20, 2030

Sep. 12, 2030

Principal/ Number of Shares

1,443,881

1,447,500

Cost

$ 1,424,662

$ 1,427,292

Fair Value

$ 1,444,430

$ 1,440,002

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Term Loan

Loan

1M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.67%

Maturity Date

Feb. 07, 2029

Principal/ Number of Shares

2,467,368

2,473,646

Cost

$ 2,381,531

$ 2,383,742

Fair Value

$ 2,450,911

$ 2,416,950

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan B

Loan

6M USD SOFR+

5.25%

0.00%

Current Rate (All In)

10.58%

10.82%

Maturity Date

Jul. 08, 2028

Principal/ Number of Shares

3,066,073

2,472,826

Cost

$ 2,780,554

$ 2,173,473

Fair Value

$ 3,047,676

$ 2,418,745

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan B

Loan

1M USD SOFR+

3.50%

0.75%

Current Rate (All In)

8.83%

Maturity Date

Aug. 12, 2028

Principal/ Number of Shares

582,329

Cost

$ 578,746

$ 578,482

Fair Value

$ 583,301

$ 583,423

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD SOFR+

5.50%

1.00%

Current Rate (All In)

11.09%

11.08%

Maturity Date

May 09, 2025

Principal/ Number of Shares

2,298,063

2,308,370

Cost

$ 2,295,013

$ 2,303,734

Fair Value

$ 1,723,547

$ 2,206,410

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B (03/23)

Loan

3M USD SOFR+

3.00%

0.00%

Current Rate (All In)

8.30%

8.33%

Maturity Date

May 01, 2030

Principal/ Number of Shares

2,170,507

1,674,704

Cost

$ 2,155,587

$ 1,662,945

Fair Value

$ 2,166,448

$ 1,668,424

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan (04/21)

Loan

3M USD SOFR+

3.75%

0.75%

Current Rate (All In)

9.06%

9.20%

Maturity Date

Feb. 01, 2031

Oct. 18, 2027

Principal/ Number of Shares

2,917,500

2,925,000

Cost

$ 2,853,359

$ 2,856,780

Fair Value

$ 2,929,345

$ 2,914,031

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Consumer

Asset Name

Term Loan B (03/24)

Term Loan B (07/21)

Asset Type

Loan

Reference Rate

3M USD SOFR+

1M USD SOFR+

Reference Spread

2.50%

3.50%

SOFR/LIBOR Floor

0.00%

0.75%

Current Rate (All In)

7.83%

8.93%

Maturity Date

Mar. 21, 2031

Aug. 11, 2028

Principal/ Number of Shares

1,000,000

1,970,000

Cost

$ 997,507

$ 1,853,394

Fair Value

$ 1,004,580

$ 1,970,276

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Cargo

Term Loan (04/21)

Loan

1M USD SOFR+

4.75%

0.75%

Current Rate (All In)

10.17%

Maturity Date

Apr. 06, 2028

Principal/ Number of Shares

2,468,354

2,474,684

Cost

$ 2,335,840

$ 2,334,728

Fair Value

$ 2,471,440

$ 2,471,590

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Metals & Mining

Term Loan

Loan

1M USD LIBOR+

7.32%

0.00%

Current Rate (All In)

7.42%

Maturity Date

Oct. 10, 2025

Principal/ Number of Shares

1,654,803

Cost

$ 1,648,832

$ 1,647,646

Fair Value

$ 1,648,598

$ 1,646,943

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B (01/21)

Loan

1M USD SOFR+

2.50%

0.50%

Current Rate (All In)

7.94%

Maturity Date

Feb. 04, 2028

Principal/ Number of Shares

242,500

243,125

Cost

$ 242,320

$ 242,907

Fair Value

$ 243,198

$ 243,064

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B (3/21)

Loan

1M USD SOFR+

2.50%

0.50%

Current Rate (All In)

7.94%

7.93%

Maturity Date

Mar. 12, 2026

Principal/ Number of Shares

2,099,167

2,104,577

Cost

$ 2,091,130

$ 2,095,205

Fair Value

$ 2,099,167

$ 2,101,947

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Diversified & Production

Term Loan (7/21)

Loan

3M USD SOFR+

5.50%

0.00%

Current Rate (All In)

10.96%

11.00%

Maturity Date

Feb. 10, 2027

Principal/ Number of Shares

4,337,771

4,349,069

Cost

$ 4,319,775

$ 4,329,175

Fair Value

$ 3,632,883

$ 3,803,870

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan (12/23)

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.82%

Maturity Date

Nov. 06, 2030

Principal/ Number of Shares

801,032

803,044

Cost

$ 800,942

$ 802,787

Fair Value

$ 804,003

$ 803,197

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

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%

Current Rate (All In)

9.18%

Maturity Date

May 12, 2028

Principal/ Number of Shares

1,950,000

1,955,000

Cost

$ 1,944,391

$ 1,948,856

Fair Value

$ 1,949,669

$ 1,945,948

Alterra Mountain Company (Intrawest Resort Holdings) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan B Add-on

Loan

1M USD SOFR+

3.75%

0.00%

Current Rate (All In)

9.07%

Maturity Date

May 31, 2030

Principal/ Number of Shares

250,000

Cost

$ 250,000

Fair Value

$ 251,720

$ 250,000

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

^[3]

Asset Name

Term Loan B (03/18)

^[3]

Asset Type

Loan

^[3]

Reference Rate

3M USD SOFR+

^[3]

Reference Spread

5.00%

^[3]

SOFR/LIBOR Floor

1.00%

^[3]

Current Rate (All In)

10.41%

10.45%

^[3]

Maturity Date

Apr. 30, 2025

^[3]

Principal/ Number of Shares

1,121,235

1,110,821

^[3]

Cost

$ 1,121,238

$ 1,110,656

^[3]

Fair Value

$ 644,710

$ 877,549

^[3]

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Term Loan (01/21)

Loan

1M USD SOFR+

2.75%

0.50%

Current Rate (All In)

8.19%

Maturity Date

Jan. 29, 2028

Principal/ Number of Shares

485,000

486,250

Cost

$ 483,771

$ 484,910

Fair Value

$ 485,538

$ 483,819

Amer Sports Oyj (MASCOT BIDCO OY) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Asset Name

USD Term Loan B (01/24)

Loan

3M USD SOFR+

3.25%

0.00%

Current Rate (All In)

8.58%

Maturity Date

Feb. 07, 2031

Principal/ Number of Shares

500,000

Cost

$ 497,766

$ 497,525

Fair Value

$ 502,500

$ 499,375

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Automotive

Term Loan (12/22)

Loan

1M USD SOFR+

3.00%

3.50%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

8.32%

8.92%

Maturity Date

Dec. 13, 2029

Principal/ Number of Shares

480,000

Cost

$ 467,963

$ 467,515

Fair Value

$ 481,949

$ 479,798

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Advertising, Printing & Publishing

Asset Name

Term Loan B (04/24)

Term Loan (01/23)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

5.75%

6.00%

SOFR/LIBOR Floor

0.00%

1.00%

Current Rate (All In)

11.08%

11.33%

Maturity Date

Oct. 23, 2029

Apr. 05, 2028

Principal/ Number of Shares

2,982,733

Cost

$ 2,981,325

$ 2,981,076

Fair Value

$ 2,998,899

$ 2,983,478

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

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%

Current Rate (All In)

9.18%

Maturity Date

Mar. 03, 2028

Principal/ Number of Shares

1,357,439

Cost

$ 1,356,194

$ 1,355,695

Fair Value

$ 1,328,729

$ 1,323,788

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan 2/21

Loan

1M USD SOFR+

2.25%

0.75%

Current Rate (All In)

7.69%

Maturity Date

Feb. 17, 2028

Principal/ Number of Shares

1,935,032

1,940,029

Cost

$ 1,920,416

$ 1,924,089

Fair Value

$ 1,938,631

$ 1,930,484

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Non-durable

Term Loan

Loan

3M USD SOFR+

3.75%

0.00%

Current Rate (All In)

9.32%

9.36%

Maturity Date

Aug. 11, 2025

Principal/ Number of Shares

945,000

947,500

Cost

$ 944,009

$ 946,257

Fair Value

$ 645,558

$ 681,859

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Asset Name

Term Loan (4/24)

Term Loan B

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

3.75%

3.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

9.08%

8.93%

Maturity Date

Jul. 18, 2029

Jul. 18, 2026

Principal/ Number of Shares

1,954,167

1,959,296

Cost

$ 1,935,669

$ 1,939,016

Fair Value

$ 1,961,144

$ 1,955,632

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B

Loan

1M USD SOFR+

6.00%

0.75%

Current Rate (All In)

11.44%

Maturity Date

Nov. 19, 2027

Principal/ Number of Shares

2,932,500

2,940,000

Cost

$ 2,897,359

$ 2,901,304

Fair Value

$ 2,947,163

$ 2,940,000

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B1

Loan

1M USD SOFR+

5.50%

0.75%

Current Rate (All In)

10.94%

Maturity Date

Sep. 01, 2027

Principal/ Number of Shares

1,750,000

1,775,000

Cost

$ 1,734,306

$ 1,757,513

Fair Value

$ 1,601,250

$ 1,734,317

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B2

Loan

1M USD SOFR+

5.50%

0.75%

Current Rate (All In)

10.94%

Maturity Date

Sep. 01, 2027

Principal/ Number of Shares

500,000

Cost

$ 495,523

$ 495,081

Fair Value

$ 472,750

$ 487,320

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

3M USD SOFR+

5.00%

0.50%

Current Rate (All In)

10.32%

Maturity Date

Jul. 26, 2028

Principal/ Number of Shares

493,750

495,000

Cost

$ 468,345

$ 468,246

Fair Value

$ 494,984

$ 494,381

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

1M USD SOFR+

2.75%

0.00%

Current Rate (All In)

8.19%

Maturity Date

May 15, 2026

Principal/ Number of Shares

2,901,015

2,908,629

Cost

$ 2,884,650

$ 2,890,508

Fair Value

$ 2,850,102

$ 2,857,728

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B1 (2/21)

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.94%

Maturity Date

Mar. 06, 2028

Principal/ Number of Shares

970,000

972,500

Cost

$ 964,229

$ 966,275

Fair Value

$ 936,050

$ 943,325

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Term Loan B

Term Loan (10/21)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

2.50%

3.00%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.83%

8.43%

Maturity Date

Aug. 19, 2030

Oct. 21, 2028

Principal/ Number of Shares

969,617

1,473,750

Cost

$ 969,617

$ 1,471,272

Fair Value

$ 972,158

$ 1,474,207

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Term Loan B (3/24)

Term Loan (08/23)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

2.50%

3.00%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.83%

8.43%

Maturity Date

Oct. 25, 2028

Aug. 15, 2030

Principal/ Number of Shares

1,473,750

969,617

Cost

$ 1,471,784

$ 969,617

Fair Value

$ 1,479,896

$ 970,374

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.94%

Maturity Date

Aug. 02, 2028

Principal/ Number of Shares

498,692

500,000

Cost

$ 495,303

$ 496,312

Fair Value

$ 498,692

$ 496,375

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Services: Consumer

Asset Name

Term Loan

Term Loan B (4/21)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

1.75%

2.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.19%

7.94%

Maturity Date

Jan. 15, 2027

Apr. 01, 2028

Principal/ Number of Shares

2,331,250

1,753,715

Cost

$ 2,296,034

$ 1,748,558

Fair Value

$ 2,331,250

$ 1,750,436

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Services: Consumer

Asset Name

Term Loan B7 (03/24)

Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

2.00%

1.75%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.33%

7.19%

Maturity Date

Apr. 06, 2028

Jan. 15, 2027

Principal/ Number of Shares

1,753,715

2,331,250

Cost

$ 1,748,960

$ 2,292,785

Fair Value

$ 1,756,346

$ 2,324,699

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.93%

Maturity Date

Sep. 23, 2028

Principal/ Number of Shares

978,774

981,274

Cost

$ 976,519

$ 978,810

Fair Value

$ 978,774

$ 972,550

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Consumer

Term Loan B

Loan

1M USD SOFR+

3.75%

0.50%

Current Rate (All In)

9.19%

Maturity Date

Nov. 24, 2028

Principal/ Number of Shares

496,735

497,980

Cost

$ 492,460

$ 493,335

Fair Value

$ 499,219

$ 498,602

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan B 2

Term Loan B

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

4.00%

4.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

9.33%

9.93%

Maturity Date

Aug. 09, 2030

Principal/ Number of Shares

2,636,078

2,642,718

Cost

$ 2,621,595

$ 2,627,451

Fair Value

$ 2,648,019

$ 2,651,650

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term loan

Loan

1M USD SOFR+

4.25%

0.00%

Current Rate (All In)

9.57%

Maturity Date

Dec. 23, 2030

Dec. 13, 2030

Principal/ Number of Shares

900,000

Cost

$ 891,571

$ 891,160

Fair Value

$ 906,750

$ 900,000

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan B5 (02/24)

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.83%

Maturity Date

Feb. 14, 2031

Feb. 12, 2027

Principal/ Number of Shares

1,300,000

491,250

Cost

$ 1,298,420

$ 490,654

Fair Value

$ 1,309,646

$ 491,250

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B10

Loan

1M USD SOFR+

4.00%

0.00%

Current Rate (All In)

9.43%

Maturity Date

Aug. 19, 2028

Principal/ Number of Shares

1,970,000

1,975,000

Cost

$ 1,894,696

$ 1,895,414

Fair Value

$ 1,945,651

$ 1,957,719

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B8

Loan

1M USD SOFR+

3.25%

0.00%

Current Rate (All In)

8.69%

Maturity Date

Dec. 18, 2026

Principal/ Number of Shares

2,927,041

2,934,604

Cost

$ 2,922,738

$ 2,928,879

Fair Value

$ 2,905,088

$ 2,915,442

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B (2/22)

Loan

1M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.58%

Maturity Date

Feb. 15, 2029

Principal/ Number of Shares

1,313,828

1,317,171

Cost

$ 1,310,158

$ 1,313,077

Fair Value

$ 1,310,176

$ 1,304,619

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Capital Equipment

Term Loan B6

Loan

1M USD SOFR+

2.00%

0.00%

Current Rate (All In)

7.32%

Maturity Date

Jun. 22, 2028

Principal/ Number of Shares

1,480,041

1,483,750

Cost

$ 1,429,166

$ 1,429,872

Fair Value

$ 1,484,022

$ 1,483,038

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan B6 (03/24)

Loan

3M USD SOFR+

2.00%

0.50%

Current Rate (All In)

7.33%

Maturity Date

Dec. 20, 2029

Principal/ Number of Shares

855,388

Cost

$ 848,456

Fair Value

$ 858,458

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B

Loan

1M USD SOFR+

6.62%

0.75%

Current Rate (All In)

12.06%

Maturity Date

Sep. 20, 2027

Principal/ Number of Shares

443,750

450,000

Cost

$ 435,439

$ 440,909

Fair Value

$ 442,086

$ 445,500

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term Loan

Loan

1M USD SOFR+

2.50%

0.00%

Current Rate (All In)

7.83%

Maturity Date

Oct. 10, 2026

Principal/ Number of Shares

533,621

556,042

Cost

$ 531,766

$ 553,804

Fair Value

$ 533,088

$ 553,540

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Asset Name

Term Loan (5/24)

Term Loan

Asset Type

Loan

Reference Rate

3M USD SOFR+

Reference Spread

3.50%

4.00%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

8.83%

9.50%

Maturity Date

May 29, 2029

Principal/ Number of Shares

1,481,231

985,000

Cost

$ 1,475,389

$ 981,238

Fair Value

$ 1,489,867

$ 980,075

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

1M USD SOFR+

3.25%

0.00%

Current Rate (All In)

8.57%

Maturity Date

May 14, 2031

Principal/ Number of Shares

1,648,521

Cost

$ 1,637,811

Fair Value

$ 1,650,582

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Services: Consumer

Asset Name

Term Loan B-1 (11/23)

Loan

1M USD SOFR+

3.75%

0.50%

Current Rate (All In)

9.08%

Maturity Date

Oct. 25, 2030

Principal/ Number of Shares

1,502,834

1,600,000

Cost

$ 1,489,202

$ 1,584,928

Fair Value

$ 1,508,470

$ 1,602,000

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Automotive

Term Loan B

Loan

3M USD SOFR+

2.25%

2.00%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.68%

7.58%

Maturity Date

Apr. 18, 2029

Apr. 13, 2028

Principal/ Number of Shares

248,125

1,945,000

Cost

$ 248,125

$ 1,945,000

Fair Value

$ 248,951

$ 1,943,172

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Automotive

Term Loan B

Loan

3M USD SOFR+

1.93%

2.25%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.51%

7.66%

Maturity Date

Apr. 13, 2028

Apr. 18, 2029

Principal/ Number of Shares

1,940,000

248,750

Cost

$ 1,940,000

$ 248,750

Fair Value

$ 1,943,240

$ 248,544

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term Loan

Loan

3M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.66%

8.70%

Maturity Date

Jan. 24, 2029

Principal/ Number of Shares

1,965,000

1,970,000

Cost

$ 1,964,329

$ 1,969,251

Fair Value

$ 1,866,337

$ 1,852,785

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan B

Term Loan (6/21)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

2.25%

2.75%

SOFR/LIBOR Floor

0.00%

0.50%

Current Rate (All In)

7.69%

8.19%

Maturity Date

Apr. 23, 2026

Principal/ Number of Shares

967,089

1,450,228

Cost

$ 964,204

$ 1,444,650

Fair Value

$ 948,840

$ 1,439,352

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan (6/21)

Term Loan B

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

2.75%

2.25%

SOFR/LIBOR Floor

0.50%

0.00%

Current Rate (All In)

8.19%

7.69%

Maturity Date

Apr. 23, 2026

Principal/ Number of Shares

1,446,500

969,620

Cost

$ 1,441,614

$ 966,168

Fair Value

$ 1,426,611

$ 962,348

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan (2/21)

Loan

3M USD SOFR+

2.50%

0.00%

Current Rate (All In)

8.06%

8.11%

Maturity Date

Mar. 04, 2028

Principal/ Number of Shares

970,000

972,500

Cost

$ 968,732

$ 971,083

Fair Value

$ 969,593

$ 967,229

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Term Loan

Loan

1M USD SOFR+

2.75%

0.00%

Current Rate (All In)

8.08%

Maturity Date

Jan. 22, 2031

Principal/ Number of Shares

1,436,580

1,440,189

Cost

$ 1,432,892

$ 1,436,033

Fair Value

$ 1,439,769

$ 1,437,942

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Term Loan B3

Loan

1M USD SOFR+

2.75%

0.50%

Current Rate (All In)

8.08%

8.18%

Maturity Date

Dec. 13, 2029

Principal/ Number of Shares

492,528

493,769

Cost

$ 482,220

$ 482,991

Fair Value

$ 493,838

$ 493,833

Boost Newco Borrower, LLC (Worldpay) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan B

Asset Type

Loan

Reference Rate

3M USD SOFR+

1M USD SOFR+

Reference Spread

3.00%

SOFR/LIBOR Floor

0.00%

0.50%

Current Rate (All In)

8.31%

8.33%

Maturity Date

Jan. 31, 2031

Principal/ Number of Shares

500,000

Cost

$ 497,726

$ 497,629

Fair Value

$ 501,320

$ 501,460

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Term Loan USD (11/23)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

4.00%

4.25%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

9.33%

9.58%

Maturity Date

Dec. 29, 2028

Principal/ Number of Shares

1,009,724

1,012,255

Cost

$ 1,005,194

$ 1,007,334

Fair Value

$ 1,016,671

$ 1,015,018

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan (02/24)

Loan

1M USD SOFR+

3.25%

0.00%

Current Rate (All In)

8.58%

Maturity Date

Feb. 21, 2031

Principal/ Number of Shares

972,500

Cost

$ 972,500

Fair Value

$ 972,626

$ 961,355

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B3

Loan

1M USD SOFR+

3.00%

0.00%

Current Rate (All In)

8.44%

Maturity Date

Jan. 22, 2027

Principal/ Number of Shares

2,910,884

2,918,464

Cost

$ 2,908,714

$ 2,915,588

Fair Value

$ 2,919,383

$ 2,913,007

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Energy: Electricity

Term Loan B

Loan

1M USD SOFR+

2.75%

0.00%

Current Rate (All In)

8.08%

Maturity Date

Jan. 17, 2031

Principal/ Number of Shares

1,447,688

Cost

$ 1,447,688

Fair Value

$ 1,454,652

$ 1,442,028

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Aerospace & Defense

Term Loan B-2

Loan

1M USD SOFR+

3.00%

0.00%

Current Rate (All In)

8.33%

Maturity Date

Jul. 01, 2029

Principal/ Number of Shares

493,750

Cost

$ 484,103

$ 483,706

Fair Value

$ 495,434

$ 492,856

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Utilities: Oil & Gas

Asset Name

Term Loan B 3

Term Loan B2

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

2.00%

2.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.33%

7.83%

Maturity Date

Nov. 01, 2026

Nov. 15, 2030

Principal/ Number of Shares

1,261,946

333,333

Cost

$ 1,257,991

$ 332,779

Fair Value

$ 1,263,284

$ 333,393

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Utilities: Oil & Gas

Asset Name

Term Loan B4 (05/24)

Term Loan B 3

Loan

1M USD SOFR+

2.00%

0.00%

Current Rate (All In)

7.33%

Maturity Date

Nov. 22, 2030

Nov. 01, 2026

Principal/ Number of Shares

666,671

1,595,639

Cost

$ 664,451

$ 1,589,524

Fair Value

$ 667,864

$ 1,595,910

BW Gas & Convenience Holdings LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.94%

Maturity Date

Mar. 31, 2028

Principal/ Number of Shares

2,431,250

2,437,500

Cost

$ 2,416,861

$ 2,421,791

Fair Value

$ 2,437,328

$ 2,400,938

Callaway Golf Company [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan B

Loan

1M USD SOFR+

3.00%

3.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.33%

8.93%

Maturity Date

Mar. 16, 2030

Principal/ Number of Shares

475,000

496,250

Cost

$ 470,843

$ 491,660

Fair Value

$ 477,038

$ 496,200

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Utilities: Electric

Asset Name

Term Loan B10 (01/24)

Term Loan B-10 (01/20)

Asset Type

Loan

Reference Rate

1M USD SOFR+

3M USD LIBOR+

Reference Spread

2.00%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.33%

3.87%

Maturity Date

Jan. 31, 2031

Aug. 12, 2026

Principal/ Number of Shares

2,000,000

Cost

$ 1,990,188

$ 1,990,000

Fair Value

$ 2,002,500

$ 1,983,760

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan B (5/21)

Loan

1M USD SOFR+

2.50%

0.75%

Current Rate (All In)

7.94%

Maturity Date

Jun. 05, 2028

Principal/ Number of Shares

2,455,696

2,462,025

Cost

$ 2,280,977

$ 2,277,630

Fair Value

$ 2,393,469

$ 2,401,238

CAPSTONE BORROWER INC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Services: Business

Asset Name

Term Loan B (05/24)

Term Loan (06/23)

Asset Type

Loan

Reference Rate

1M USD SOFR+

3M USD SOFR+

Reference Spread

3.25%

3.75%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.57%

9.10%

Maturity Date

Jun. 17, 2030

Jun. 15, 2030

Principal/ Number of Shares

879,264

998,077

Cost

$ 867,452

$ 984,312

Fair Value

$ 882,191

$ 993,396

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan B3

Loan

3M USD SOFR+

6.75%

0.00%

Current Rate (All In)

12.32%

12.36%

Maturity Date

Jul. 31, 2026

Principal/ Number of Shares

3,930,582

Cost

$ 3,914,563

$ 3,912,784

Fair Value

$ 589,587

Castle US Holding Corporation [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Advertising, Printing & Publishing

Asset Name

Term Loan B (USD)

Asset Type

Loan

Reference Rate

1M USD SOFR+

3M USD SOFR+

Reference Spread

3.75%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

9.19%

9.35%

Maturity Date

Jan. 27, 2027

Principal/ Number of Shares

1,942,453

1,946,639

Cost

$ 1,936,309

$ 1,939,553

Fair Value

$ 1,267,761

$ 1,354,627

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

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%

Current Rate (All In)

8.08%

8.40%

Maturity Date

Oct. 21, 2027

Principal/ Number of Shares

987,500

990,000

Cost

$ 981,684

$ 983,747

Fair Value

$ 991,203

$ 989,228

CBL & Associates Limited Partnership [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan 11/21

Loan

1M USD SOFR+

2.75%

1.00%

Current Rate (All In)

8.18%

8.19%

Maturity Date

Nov. 01, 2025

Principal/ Number of Shares

2,435,462

2,464,605

Cost

$ 2,180,455

$ 2,167,043

Fair Value

$ 2,231,492

$ 2,214,029

CCC Intelligent Solutions Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan B

Loan

1M USD SOFR+

2.25%

0.50%

Current Rate (All In)

7.69%

Maturity Date

Sep. 16, 2028

Principal/ Number of Shares

244,375

245,000

Cost

$ 244,077

$ 244,633

Fair Value

$ 245,291

$ 244,030

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

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%

Current Rate (All In)

9.30%

9.35%

Maturity Date

Dec. 17, 2027

Principal/ Number of Shares

242,500

243,125

Cost

$ 241,119

$ 241,678

Fair Value

$ 243,562

$ 241,195

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan

Loan

1M USD SOFR+

4.25%

0.50%

Current Rate (All In)

9.67%

9.68%

Maturity Date

Mar. 05, 2028

Principal/ Number of Shares

987,500

990,000

Cost

$ 949,110

$ 949,452

Fair Value

$ 869,000

$ 920,700

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B

Loan

1M USD SOFR+

4.25%

3.75%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

9.69%

9.19%

Maturity Date

Mar. 05, 2028

Principal/ Number of Shares

970,000

972,500

Cost

$ 967,330

$ 969,580

Fair Value

$ 856,025

$ 866,741

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Term Loan

Asset Type

Loan

Reference Rate

3M USD SOFR+

1M USD SOFR+

Reference Spread

5.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

11.11%

10.83%

Maturity Date

Sep. 25, 2025

Principal/ Number of Shares

2,368,750

2,375,000

Cost

$ 2,363,883

$ 2,368,777

Fair Value

$ 1,604,828

$ 1,863,520

CDK GLOBAL, INC. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Term Loan B (05/24)

Term Loan B (10/23)

Asset Type

Loan

Reference Rate

3M USD SOFR+

Reference Spread

3.25%

4.00%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.58%

9.35%

Maturity Date

Jul. 06, 2029

Principal/ Number of Shares

992,500

Cost

$ 968,446

$ 967,482

Fair Value

$ 1,000,112

$ 994,406

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan B

Loan

1M USD SOFR+

2.50%

0.50%

Current Rate (All In)

7.94%

Maturity Date

Aug. 27, 2028

Principal/ Number of Shares

726,092

868,330

Cost

$ 721,525

$ 862,415

Fair Value

$ 727,907

$ 868,191

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

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%

0.50%

Current Rate (All In)

10.57%

Maturity Date

Feb. 11, 2028

Principal/ Number of Shares

1,481,250

1,485,000

Cost

$ 1,404,830

$ 1,404,122

Fair Value

$ 1,489,501

$ 1,487,866

Chemours Company, (The) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan B2

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.83%

Maturity Date

Aug. 10, 2028

Principal/ Number of Shares

2,387,717

2,393,717

Cost

$ 2,351,732

$ 2,355,365

Fair Value

$ 2,401,160

$ 2,345,842

Churchill Downs Incorporated [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan B1 (3/21)

Loan

1M USD SOFR+

2.00%

0.00%

Current Rate (All In)

7.43%

Maturity Date

Mar. 17, 2028

Principal/ Number of Shares

485,000

486,250

Cost

$ 484,451

$ 485,591

Fair Value

$ 486,213

$ 485,642

CIMPRESS PUBLIC LIMITED COMPANY [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Advertising, Printing & Publishing

Asset Name

Term Loan B1 (05/24)

USD Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

3.00%

3.50%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

8.33%

8.94%

Maturity Date

May 17, 2028

Principal/ Number of Shares

1,954,823

1,959,849

Cost

$ 1,884,621

$ 1,885,810

Fair Value

$ 1,953,611

$ 1,951,676

CITADEL SECURITIES LP [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B (01/24)

Loan

1M USD SOFR+

2.25%

0.00%

Current Rate (All In)

7.57%

7.58%

Maturity Date

Jul. 29, 2030

Principal/ Number of Shares

4,851,448

4,863,365

Cost

$ 4,851,448

$ 4,862,868

Fair Value

$ 4,878,131

$ 4,857,286

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loa 1st Lien Incremental

Loan

3M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.57%

Maturity Date

Apr. 27, 2028

Principal/ Number of Shares

995,000

997,500

Cost

$ 990,675

$ 992,828

Fair Value

$ 997,179

$ 997,919

Clarios Global LP [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Automotive

Term Loan (12/23)

Loan

1M USD SOFR+

3.00%

0.00%

Current Rate (All In)

8.33%

Maturity Date

May 06, 2030

Principal/ Number of Shares

1,197,000

Cost

$ 1,191,917

$ 1,191,616

Fair Value

$ 1,202,985

$ 1,196,629

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan B-1 (11/21)

Loan

1M USD SOFR+

4.50%

0.50%

Current Rate (All In)

9.92%

Maturity Date

Aug. 09, 2026

Principal/ Number of Shares

3,395,482

3,404,430

Cost

$ 3,383,139

$ 3,390,583

Fair Value

$ 3,136,577

$ 3,132,076

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Term Loan B

Loan

1M USD SOFR+

3.68%

0.50%

Current Rate (All In)

9.10%

Maturity Date

Apr. 13, 2029

Principal/ Number of Shares

1,473,750

1,477,500

Cost

$ 1,445,792

$ 1,448,088

Fair Value

$ 1,481,119

$ 1,475,343

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Capital Equipment

Asset Name

Term Loan (03/24)

Term Loan (4/21)

Asset Type

Loan

Reference Rate

3M USD SOFR+

Reference Spread

2.50%

2.75%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.81%

8.39%

Maturity Date

May 14, 2028

Principal/ Number of Shares

390,593

406,951

Cost

$ 390,049

$ 406,326

Fair Value

$ 392,792

$ 407,207

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan B

Loan

1M USD SOFR+

4.25%

0.50%

Current Rate (All In)

9.69%

Maturity Date

Oct. 16, 2028

Principal/ Number of Shares

215,713

2,762,330

Cost

$ 211,174

$ 2,701,073

Fair Value

$ 216,185

$ 2,702,470

Connect Finco SARL [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Telecommunications

Asset Name

Term Loan B (03/24)

Term Loan (1/21)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

4.50%

3.50%

SOFR/LIBOR Floor

0.50%

1.00%

Current Rate (All In)

9.83%

8.83%

Maturity Date

Sep. 11, 2029

Dec. 11, 2026

Principal/ Number of Shares

2,887,500

Cost

$ 2,814,050

$ 2,809,993

Fair Value

$ 2,754,675

$ 2,882,678

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Telecommunications

Term Loan B

Loan

1M USD SOFR+

3.50%

0.75%

Current Rate (All In)

8.94%

Maturity Date

Oct. 02, 2027

Principal/ Number of Shares

2,714,005

Cost

$ 2,563,151

$ 2,553,865

Fair Value

$ 2,577,137

$ 2,544,379

CORAL-US CO-BORROWER LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Telecommunications

Term Loan B-5

Loan

1M USD SOFR+

2.25%

0.00%

Current Rate (All In)

7.68%

Maturity Date

Jan. 31, 2028

Principal/ Number of Shares

4,000,000

Cost

$ 3,991,605

$ 3,990,860

Fair Value

$ 3,948,560

$ 3,950,000

Corelle Brands Holding Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Exit Term Loan

Loan

3M USD SOFR+

8.00%

2.00%

Current Rate (All In)

13.33%

Maturity Date

Feb. 27, 2029

Principal/ Number of Shares

100,196

Cost

$ 100,197

Fair Value

$ 99,194

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan (4/21)

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.94%

Maturity Date

Jun. 02, 2028

Principal/ Number of Shares

2,437,500

2,443,750

Cost

$ 2,430,573

$ 2,436,006

Fair Value

$ 2,400,938

$ 2,372,344

Cortes NP Acquisition Corp (Vertiv) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Capital Equipment

Term Loan B (12/23)

Loan

1M USD SOFR+

2.50%

0.00%

Current Rate (All In)

7.93%

7.94%

Maturity Date

Mar. 02, 2027

Principal/ Number of Shares

1,935,275

1,940,138

Cost

$ 1,935,275

$ 1,940,138

Fair Value

$ 1,941,816

$ 1,941,903

Creative Artists Agency, LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Diversified & Production

Asset Name

Term Loan B

Term Loan B (02/23)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

3.25%

3.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.58%

8.83%

Maturity Date

Nov. 27, 2028

Principal/ Number of Shares

1,584,034

1,588,004

Cost

$ 1,574,817

$ 1,577,748

Fair Value

$ 1,592,747

$ 1,588,449

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Asset Name

Term Loan B (01/24)

Asset Type

Loan

Reference Rate

3M USD SOFR+

1M USD SOFR+

Reference Spread

2.25%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.55%

7.58%

Maturity Date

Feb. 19, 2029

Principal/ Number of Shares

1,170,000

1,230,000

Cost

$ 1,134,582

$ 1,190,854

Fair Value

$ 1,177,090

$ 1,230,923

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B2

Loan

1M USD SOFR+

3.50%

0.75%

Current Rate (All In)

8.83%

Maturity Date

Sep. 15, 2027

Principal/ Number of Shares

487,500

Cost

$ 487,449

$ 487,355

Fair Value

$ 489,938

$ 486,891

Crown Subsea Communications Holding, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan B (01/24)

Loan

3M USD SOFR+

4.75%

0.75%

Current Rate (All In)

10.08%

10.07%

Maturity Date

Jan. 30, 2031

Principal/ Number of Shares

2,400,000

Cost

$ 2,377,563

$ 2,376,371

Fair Value

$ 2,419,992

$ 2,409,000

CSC Holdings LLC (Neptune Finco Corp.) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Broadcasting & Subscription

Asset Name

Term Loan 12/22

Term Loan B-5

Asset Type

Loan

Reference Rate

1M USD SOFR+

1M USD LIBOR+

Reference Spread

4.50%

2.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

9.82%

7.93%

Maturity Date

Jan. 15, 2028

Apr. 15, 2027

Principal/ Number of Shares

2,370,032

480,000

Cost

$ 2,362,895

$ 480,000

Fair Value

$ 2,276,084

$ 448,277

CSC Holdings LLC (Neptune Finco Corp.) One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Broadcasting & Subscription

Asset Name

Term Loan B-5

Term Loan 12/22

Asset Type

Loan

Reference Rate

1M USD LIBOR+

1M USD SOFR+

Reference Spread

2.50%

4.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.93%

9.82%

Maturity Date

Apr. 15, 2027

Principal/ Number of Shares

478,750

2,376,032

Cost

$ 478,750

$ 2,368,120

Fair Value

$ 377,078

$ 2,307,222

CTC Holdings, LP [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

3M USD SOFR+

5.00%

0.50%

Current Rate (All In)

10.48%

Maturity Date

Feb. 15, 2029

Principal/ Number of Shares

2,205,000

2,210,625

Cost

$ 2,163,134

$ 2,165,966

Fair Value

$ 2,193,975

$ 2,194,045

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

3M USD SOFR+

6.00%

1.00%

Current Rate (All In)

11.59%

11.57%

Maturity Date

Nov. 02, 2027

Principal/ Number of Shares

1,932,614

1,937,017

Cost

$ 1,901,296

$ 1,903,074

Fair Value

$ 1,932,614

$ 1,830,481

Dave & Buster’s Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan B (1/24)

Loan

1M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.63%

Maturity Date

Jun. 29, 2029

Principal/ Number of Shares

987,544

990,019

Cost

$ 948,521

$ 949,041

Fair Value

$ 992,343

$ 990,791

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan

Loan

1M USD SOFR+

4.00%

0.00%

Current Rate (All In)

9.33%

Maturity Date

Oct. 16, 2026

Principal/ Number of Shares

1,450,882

1,454,660

Cost

$ 1,450,882

$ 1,454,660

Fair Value

$ 1,442,829

$ 1,442,426

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

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%

Current Rate (All In)

8.93%

Maturity Date

Nov. 16, 2029

Principal/ Number of Shares

5,332,500

5,346,000

Cost

$ 5,236,120

$ 5,244,974

Fair Value

$ 5,347,751

$ 5,325,952

Delta 2 Lux Sarl [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan B

Loan

3M USD SOFR+

2.25%

0.50%

Current Rate (All In)

7.56%

7.60%

Maturity Date

Jan. 15, 2030

Principal/ Number of Shares

2,000,000

Cost

$ 1,991,719

$ 1,991,389

Fair Value

$ 2,010,000

$ 1,997,000

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Asset Name

Term Loan (5/24)

Term Loan (09/23)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

3.50%

4.25%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

8.82%

9.58%

Maturity Date

Nov. 01, 2030

Principal/ Number of Shares

625,000

Cost

$ 616,239

$ 616,061

Fair Value

$ 626,756

$ 625,394

DexKo Global, Inc. (Dragon Merger) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Automotive

Term Loan (9/21)

Loan

3M USD SOFR+

3.75%

0.50%

Current Rate (All In)

9.32%

9.36%

Maturity Date

Oct. 04, 2028

Principal/ Number of Shares

980,000

982,500

Cost

$ 977,303

$ 979,722

Fair Value

$ 976,835

$ 978,206

DG Investment Intermediate Holdings 2, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Aerospace & Defense

Asset Name

Incremental Term Loan (3/22)

Loan

1M USD SOFR+

4.75%

0.75%

Current Rate (All In)

10.08%

Maturity Date

Mar. 31, 2028

Principal/ Number of Shares

492,500

493,750

Cost

$ 477,286

$ 477,680

Fair Value

$ 493,426

$ 492,051

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Broadcasting & Subscription

Asset Name

1st Priority Term Loan

Loan

1M USD SOFR+

10.00%

1.00%

Current Rate (All In)

15.41%

15.43%

Maturity Date

May 25, 2026

Principal/ Number of Shares

152,224

Cost

$ 149,746

$ 149,462

Fair Value

$ 142,710

$ 146,896

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Broadcasting & Subscription

Asset Name

Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

3M USD SOFR+

Reference Spread

5.25%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

10.69%

10.83%

Maturity Date

Aug. 02, 2029

Principal/ Number of Shares

3,118,225

3,190,000

Cost

$ 3,099,077

$ 3,169,423

Fair Value

$ 3,122,435

$ 3,181,036

DISCOVERY PURCHASER CORPORATION [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan

Loan

3M USD SOFR+

4.38%

0.50%

Current Rate (All In)

9.68%

9.71%

Maturity Date

Oct. 04, 2029

Principal/ Number of Shares

1,481,316

1,485,028

Cost

$ 1,383,808

$ 1,383,712

Fair Value

$ 1,480,397

$ 1,476,207

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Environmental Industries

Term Loan B (3/21)

Loan

3M USD SOFR+

4.25%

0.75%

Current Rate (All In)

9.70%

9.75%

Maturity Date

Mar. 25, 2028

Principal/ Number of Shares

486,250

487,500

Cost

$ 483,394

$ 484,443

Fair Value

$ 428,075

$ 452,463

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Forest Products & Paper

Term Loan 9/21

Loan

1M USD SOFR+

5.50%

0.75%

Current Rate (All In)

10.94%

Maturity Date

Nov. 30, 2028

Principal/ Number of Shares

3,200,830

3,243,968

Cost

$ 3,148,020

$ 3,187,785

Fair Value

$ 3,128,811

$ 3,163,874

DOTDASH MEREDITH, INC. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Advertising, Printing & Publishing

Term Loan B

Loan

1M USD SOFR+

4.00%

0.50%

Current Rate (All In)

9.41%

9.43%

Maturity Date

Nov. 30, 2028

Principal/ Number of Shares

1,969,697

1,974,747

Cost

$ 1,811,779

$ 1,809,468

Fair Value

$ 1,972,159

$ 1,955,000

DRI HOLDING INC. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Advertising, Printing & Publishing

Term Loan (12/21)

Loan

1M USD SOFR+

5.25%

0.50%

Current Rate (All In)

10.68%

Maturity Date

Dec. 15, 2028

Principal/ Number of Shares

3,922,456

3,932,462

Cost

$ 3,805,230

$ 3,808,999

Fair Value

$ 3,731,236

$ 3,605,596

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan (2/21)

Loan

1M USD SOFR+

3.75%

0.00%

Current Rate (All In)

9.19%

Maturity Date

Mar. 01, 2028

Principal/ Number of Shares

6,305,000

6,370,000

Cost

$ 6,277,577

$ 6,338,820

Fair Value

$ 6,318,808

$ 6,354,075

DTZ U.S. Borrower, LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Asset Name

Term Loan (01/23)

Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

3.25%

2.75%

SOFR/LIBOR Floor

0.50%

0.00%

Current Rate (All In)

8.68%

8.19%

Maturity Date

Jan. 31, 2030

Aug. 21, 2025

Principal/ Number of Shares

2,019,155

198,929

Cost

$ 2,017,361

$ 198,685

Fair Value

$ 2,024,203

$ 198,432

DTZ U.S. Borrower, LLC One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Asset Name

Term Loan B (04/24)

Term Loan (01/23)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

3.75%

3.25%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

9.08%

8.68%

Maturity Date

Jan. 31, 2030

Principal/ Number of Shares

1,097,250

2,024,241

Cost

$ 1,072,388

$ 2,022,091

Fair Value

$ 1,104,108

$ 1,999,788

DTZ U.S. Borrower, LLC Two [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Asset Name

Term Loan

Term Loan (08/23)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

2.75%

4.00%

SOFR/LIBOR Floor

0.00%

0.50%

Current Rate (All In)

8.19%

9.33%

Maturity Date

Aug. 21, 2025

Jan. 31, 2030

Principal/ Number of Shares

147,374

1,100,000

Cost

$ 147,247

$ 1,074,202

Fair Value

$ 147,420

$ 1,097,250

Dye & Durham Corporation [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan B (04/24)

Loan

3M USD SOFR+

4.25%

1.00%

Current Rate (All In)

9.66%

Maturity Date

Apr. 11, 2031

Principal/ Number of Shares

1,500,000

Cost

$ 1,477,793

Fair Value

$ 1,503,750

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan (08/21)

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.94%

Maturity Date

Aug. 16, 2028

Principal/ Number of Shares

977,500

980,000

Cost

$ 974,753

$ 976,771

Fair Value

$ 979,738

$ 977,344

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

3.75%

3.50%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

9.18%

8.93%

Maturity Date

Nov. 23, 2028

Principal/ Number of Shares

1,960,000

1,965,000

Cost

$ 1,957,748

$ 1,962,209

Fair Value

$ 1,934,579

$ 1,926,761

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B (3/21)

Loan

1M USD SOFR+

3.50%

0.75%

Current Rate (All In)

8.94%

Maturity Date

Apr. 07, 2028

Principal/ Number of Shares

2,160,773

2,166,328

Cost

$ 2,156,666

$ 2,161,731

Fair Value

$ 2,160,773

$ 2,158,616

ELECTRON BIDCO INC. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan

Loan

1M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.44%

Maturity Date

Nov. 01, 2028

Principal/ Number of Shares

490,000

491,250

Cost

$ 488,626

$ 489,769

Fair Value

$ 491,632

$ 490,253

ELO Touch Solutions, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Diversified & Production

Term Loan (12/18)

Loan

1M USD SOFR+

6.50%

0.00%

Current Rate (All In)

11.94%

Maturity Date

Dec. 14, 2025

Principal/ Number of Shares

2,362,074

2,522,373

Cost

$ 2,334,535

$ 2,488,308

Fair Value

$ 2,352,035

$ 2,485,798

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B

Loan

1M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.33%

Maturity Date

Mar. 30, 2029

Principal/ Number of Shares

3,091,984

2,598,596

Cost

$ 3,039,668

$ 2,581,552

Fair Value

$ 2,902,260

$ 2,366,360

Emerson Climate Technologies Inc [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

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+

2.50%

0.00%

Current Rate (All In)

7.83%

7.79%

Maturity Date

May 31, 2030

Principal/ Number of Shares

997,500

1,000,000

Cost

$ 993,053

$ 995,376

Fair Value

$ 1,003,525

$ 997,250

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Exit Term Loan B (04/24)

Loan

3M USD SOFR+

4.50%

0.50%

Current Rate (All In)

9.83%

Maturity Date

Apr. 09, 2031

Principal/ Number of Shares

2,000,000

Cost

$ 1,980,403

Fair Value

$ 1,997,500

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

6M USD SOFR+

Reference Spread

3.50%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

8.93%

9.42%

Maturity Date

Feb. 10, 2028

Principal/ Number of Shares

2,431,250

2,437,500

Cost

$ 2,424,549

$ 2,430,093

Fair Value

$ 2,269,426

$ 2,380,048

Entain Holdings (Gibraltar) Limited [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Asset Name

Term Loan B3 (5/24)

Term Loan B (10/22)

Asset Type

Loan

Reference Rate

1M USD SOFR+

3M USD SOFR+

Reference Spread

2.75%

3.50%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

8.17%

8.95%

Maturity Date

Oct. 31, 2029

Oct. 30, 2029

Principal/ Number of Shares

1,483,744

1,487,496

Cost

$ 1,469,182

$ 1,472,128

Fair Value

$ 1,486,058

$ 1,489,355

EOS U.S. FINCO LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Cargo

Term Loan

Loan

3M USD SOFR+

6.00%

5.75%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

11.31%

11.10%

Maturity Date

Oct. 06, 2029

Principal/ Number of Shares

968,750

975,000

Cost

$ 904,370

$ 908,088

Fair Value

$ 758,531

$ 871,104

Equiniti Group PLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

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%

Current Rate (All In)

9.93%

Maturity Date

Dec. 11, 2028

Principal/ Number of Shares

977,500

980,000

Cost

$ 970,699

$ 973,017

Fair Value

$ 985,447

$ 981,470

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B (09/23)

Loan

1M USD SOFR+

3.25%

3.50%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

8.58%

8.83%

Maturity Date

Oct. 30, 2030

Principal/ Number of Shares

1,125,000

Cost

$ 1,109,376

$ 1,108,675

Fair Value

$ 1,133,438

$ 1,123,594

EyeCare Partners T/L B - Restructure Source 1 [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD SOFR+

3.75%

0.00%

Current Rate (All In)

9.39%

Maturity Date

Feb. 18, 2027

Principal/ Number of Shares

Cost

$ 1,946

Fair Value

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

First Lien TLB

Loan

1M USD SOFR+

4.00%

0.00%

Current Rate (All In)

9.33%

9.32%

Maturity Date

Feb. 12, 2031

Principal/ Number of Shares

500,000

Cost

$ 495,332

$ 495,088

Fair Value

$ 504,095

$ 499,315

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B (08/23)

Loan

3M USD SOFR+

3.00%

0.00%

Current Rate (All In)

8.33%

8.31%

Maturity Date

Jun. 27, 2029

Principal/ Number of Shares

2,809,718

2,816,795

Cost

$ 2,807,144

$ 2,813,980

Fair Value

$ 2,820,647

$ 2,815,386

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Automotive

Asset Name

1st Lien Term Loan (3/21)

Loan

3M USD SOFR+

5.00%

1.00%

Current Rate (All In)

10.59%

10.57%

Maturity Date

Mar. 30, 2027

Principal/ Number of Shares

4,850,000

4,862,500

Cost

$ 4,807,992

$ 4,816,997

Fair Value

$ 4,793,692

$ 4,868,578

First Eagle Investment Management [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan B (02/24)

Refinancing Term Loan

Asset Type

Loan

Reference Rate

3M USD SOFR+

Reference Spread

3.00%

2.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.33%

7.95%

Maturity Date

Mar. 05, 2029

Feb. 01, 2027

Principal/ Number of Shares

5,091,652

Cost

$ 5,082,600

$ 5,082,259

Fair Value

$ 5,075,410

$ 5,068,332

First Student Bidco Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Consumer

Term Loan B

Loan

3M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.56%

8.61%

Maturity Date

Jul. 21, 2028

Principal/ Number of Shares

713,399

715,360

Cost

$ 710,052

$ 711,800

Fair Value

$ 714,569

$ 709,694

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Consumer

Term Loan C

Loan

3M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.56%

8.61%

Maturity Date

Jul. 21, 2028

Principal/ Number of Shares

216,966

Cost

$ 215,938

$ 215,877

Fair Value

$ 217,322

$ 215,248

Fitness International, LLC (LA Fitness) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Consumer

Term Loan B (1/24)

Loan

3M USD SOFR+

1M USD SOFR+

Reference Spread

5.25%

SOFR/LIBOR Floor

1.00%

Current Rate (All In)

10.68%

10.58%

Maturity Date

Feb. 05, 2029

Principal/ Number of Shares

1,200,000

Cost

$ 1,166,020

$ 1,164,361

Fair Value

$ 1,201,500

$ 1,165,500

Flutter Financing B.V. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Asset Name

Term Loan B3 (11/23)

Third Amendment 2028-B Term Loan

Asset Type

Loan

Reference Rate

3M USD SOFR+

Reference Spread

2.25%

3.25%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.56%

8.86%

Maturity Date

Nov. 25, 2030

Jul. 21, 2028

Principal/ Number of Shares

3,740,625

309,759

Cost

$ 3,731,146

$ 304,101

Fair Value

$ 3,753,081

$ 310,103

FOCUS FINANCIAL PARTNERS, LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B7

Loan

1M USD SOFR+

2.75%

0.50%

Current Rate (All In)

8.08%

Maturity Date

Jun. 30, 2028

Principal/ Number of Shares

1,468,707

1,472,388

Cost

$ 1,455,320

$ 1,458,275

Fair Value

$ 1,470,396

$ 1,461,345

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Consumer

First Out Term Loan

Loan

6M USD SOFR+

4.75%

0.75%

Current Rate (All In)

10.36%

Maturity Date

Mar. 10, 2026

Principal/ Number of Shares

799,104

Cost

$ 795,806

$ 795,310

Fair Value

$ 623,301

$ 703,211

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

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%

Current Rate (All In)

10.34%

10.33%

Maturity Date

Mar. 10, 2026

Principal/ Number of Shares

2,970,000

2,977,500

Cost

$ 2,878,552

$ 2,874,281

Fair Value

$ 2,264,625

$ 2,612,756

Franklin Square Holdings, L.P. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan B (04/24)

Term Loan

Loan

1M USD SOFR+

2.25%

0.00%

Current Rate (All In)

7.57%

7.68%

Maturity Date

Apr. 25, 2031

Aug. 01, 2025

Principal/ Number of Shares

4,252,472

4,263,723

Cost

$ 4,245,946

$ 4,255,884

Fair Value

$ 4,247,156

$ 4,258,394

Froneri International (R&R Ice Cream) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term Loan B-2

Loan

1M USD SOFR+

2.25%

0.00%

Current Rate (All In)

7.68%

Maturity Date

Jan. 29, 2027

Principal/ Number of Shares

1,925,000

1,930,000

Cost

$ 1,924,173

$ 1,928,989

Fair Value

$ 1,926,925

$ 1,928,340

Garrett LX III S.a r.l. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Automotive

Asset Name

Term Loan

Dollar Term Loan

Loan

3M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.84%

8.82%

Maturity Date

Apr. 30, 2028

Principal/ Number of Shares

1,462,500

1,466,250

Cost

$ 1,458,378

$ 1,461,820

Fair Value

$ 1,464,328

$ 1,465,634

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan B (12/20)

Loan

3M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.59%

8.57%

Maturity Date

Dec. 31, 2027

Principal/ Number of Shares

2,156,309

2,183,488

Cost

$ 2,146,417

$ 2,172,849

Fair Value

$ 2,162,605

$ 2,163,466

Genesee & Wyoming, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Cargo

Asset Name

Term Loan B (03/24)

Term Loan (11/19)

Loan

3M USD SOFR+

2.00%

0.00%

Current Rate (All In)

7.30%

7.45%

Maturity Date

Apr. 10, 2031

Dec. 30, 2026

Principal/ Number of Shares

1,500,000

1,443,750

Cost

$ 1,492,566

$ 1,440,683

Fair Value

$ 1,503,240

$ 1,443,577

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

1M USD LIBOR+

2.50%

0.00%

Current Rate (All In)

2.96%

Maturity Date

Aug. 27, 2025

Principal/ Number of Shares

2,771,482

2,781,634

Cost

$ 2,630,046

$ 2,604,347

Fair Value

$ 2,757,624

$ 2,766,864

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Energy: Oil & Gas

Asset Name

Term Loan (05/24)

Term Loan

Asset Type

Loan

Reference Rate

3M USD SOFR+

Reference Spread

2.50%

3.00%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.83%

8.33%

Maturity Date

Oct. 04, 2030

Principal/ Number of Shares

498,750

500,000

Cost

$ 496,462

$ 497,577

Fair Value

$ 500,620

$ 499,585

Global Tel*Link Corporation [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Telecommunications

Term Loan B

Loan

1M USD SOFR+

4.25%

0.00%

Current Rate (All In)

9.68%

Maturity Date

Nov. 29, 2025

Principal/ Number of Shares

4,833,856

4,846,612

Cost

$ 4,751,056

$ 4,750,154

Fair Value

$ 4,712,237

$ 4,708,290

Go Daddy Operating Company, LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Term Loan B7

Term Loan 2/21

Loan

1M USD SOFR+

2.00%

0.00%

Current Rate (All In)

7.43%

7.44%

Maturity Date

Aug. 10, 2027

Principal/ Number of Shares

944,956

947,411

Cost

$ 944,956

$ 947,411

Fair Value

$ 944,559

$ 946,984

GOLDEN WEST PACKAGING GROUP LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Forest Products & Paper

Term Loan (11/21)

Loan

1M USD SOFR+

5.25%

0.75%

Current Rate (All In)

10.68%

10.69%

Maturity Date

Dec. 01, 2027

Principal/ Number of Shares

1,850,000

1,875,000

Cost

$ 1,838,568

$ 1,862,167

Fair Value

$ 1,535,500

$ 1,556,250

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

First Lien Term Loan

Loan

1M USD SOFR+

4.75%

0.00%

Current Rate (All In)

10.17%

Maturity Date

Apr. 30, 2028

Principal/ Number of Shares

1,254,792

Cost

$ 748,762

$ 730,596

Fair Value

$ 1,176,368

$ 1,198,326

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Second-Out Term Loan (02/24)

Loan

1M USD SOFR+

4.75%

0.00%

Current Rate (All In)

10.17%

Maturity Date

Apr. 30, 2028

Principal/ Number of Shares

1,732,808

Cost

$ 1,651,354

$ 1,646,943

Fair Value

$ 1,054,847

$ 1,199,970

Graham Packaging Co Inc [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Term Loan (2/21)

Loan

1M USD SOFR+

3.00%

0.75%

Current Rate (All In)

8.44%

Maturity Date

Aug. 07, 2027

Principal/ Number of Shares

942,441

945,831

Cost

$ 939,031

$ 942,144

Fair Value

$ 945,607

$ 944,554

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan B2

Loan

1M USD SOFR+

3.75%

0.75%

Current Rate (All In)

9.19%

Maturity Date

Mar. 06, 2028

Principal/ Number of Shares

967,688

970,169

Cost

$ 965,166

$ 967,400

Fair Value

$ 968,142

$ 969,994

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Term Loan B

Loan

3M USD SOFR+

2.50%

2.25%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.95%

7.75%

Maturity Date

Jan. 24, 2029

Principal/ Number of Shares

143,438

144,063

Cost

$ 143,233

$ 143,842

Fair Value

$ 143,677

$ 143,838

Grosvenor Capital Management Holdings, LLLP [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Amendment 5 Term Loan

Loan

1M USD SOFR+

2.50%

0.50%

Current Rate (All In)

7.93%

7.94%

Maturity Date

Feb. 24, 2028

Principal/ Number of Shares

2,800,713

2,807,931

Cost

$ 2,800,245

$ 2,806,739

Fair Value

$ 2,801,581

$ 2,807,061

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Environmental Industries

Term Loan (6/21)

Loan

3M USD SOFR+

4.75%

0.75%

Current Rate (All In)

10.31%

10.36%

Maturity Date

May 27, 2028

Principal/ Number of Shares

2,431,057

2,473,405

Cost

$ 2,103,884

$ 2,125,105

Fair Value

$ 2,362,890

$ 2,402,740

GYP HOLDINGS III CORP. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan (1/24)

Loan

1M USD SOFR+

2.25%

0.00%

Current Rate (All In)

7.58%

Maturity Date

May 12, 2030

Principal/ Number of Shares

248,752

249,375

Cost

$ 247,678

$ 248,230

Fair Value

$ 249,219

$ 249,375

Harbor Freight Tools USA, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan B (06/21)

Loan

1M USD SOFR+

2.75%

0.50%

Current Rate (All In)

8.19%

Maturity Date

Oct. 19, 2027

Principal/ Number of Shares

3,344,665

Cost

$ 3,331,814

$ 3,330,419

Fair Value

$ 3,344,397

$ 3,319,212

Helix Gen Funding, LLc [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Energy: Electricity

Term Loan

Loan

3M USD SOFR+

4.75%

1.00%

Current Rate (All In)

10.06%

10.10%

Maturity Date

Dec. 31, 2027

Principal/ Number of Shares

899,174

932,597

Cost

$ 884,040

$ 915,944

Fair Value

$ 905,693

$ 933,763

Hertz Corporation (The) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Consumer

Term Loan B

Loan

1M USD SOFR+

3.75%

0.00%

Current Rate (All In)

9.07%

Maturity Date

Jun. 30, 2028

Principal/ Number of Shares

2,098,750

500,000

Cost

$ 2,042,159

$ 490,436

Fair Value

$ 1,924,113

$ 481,875

Hillman Group Inc. (The) (New) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Term Loan B-1 (2/21)

Loan

1M USD SOFR+

2.25%

2.75%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.57%

8.19%

Maturity Date

Jul. 14, 2028

Principal/ Number of Shares

3,163,397

3,172,373

Cost

$ 3,161,165

$ 3,168,887

Fair Value

$ 3,167,857

$ 3,167,266

Hilton Domestic Operating Company Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan B 4

Loan

1M USD SOFR+

2.00%

0.00%

Current Rate (All In)

7.42%

Maturity Date

Nov. 08, 2030

Principal/ Number of Shares

1,500,000

Cost

$ 1,496,724

$ 1,496,471

Fair Value

$ 1,504,425

$ 1,501,020

Hilton Grand Vacations Borrower LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Asset Name

Term Loan B

Term Loan (3/21)

Loan

1M USD SOFR+

2.75%

0.00%

0.50%

Current Rate (All In)

8.18%

8.19%

Maturity Date

Aug. 02, 2028

Principal/ Number of Shares

500,000

497,455

Cost

$ 500,000

$ 497,455

Fair Value

$ 501,875

$ 496,834

HLF Financing SARL (Herbalife) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Non-durable

Asset Name

Term Loan

Term Loan B (08/18)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

6.75%

2.50%

SOFR/LIBOR Floor

0.50%

0.00%

Current Rate (All In)

12.08%

7.94%

Maturity Date

Apr. 12, 2029

Aug. 18, 2025

Principal/ Number of Shares

3,116,400

Cost

$ 3,114,216

$ 3,113,557

Fair Value

$ 2,988,285

$ 3,044,598

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Automotive

Term Loan (11/21)

Loan

1M USD SOFR+

3.75%

0.75%

Current Rate (All In)

9.19%

Maturity Date

Nov. 17, 2028

Principal/ Number of Shares

2,247,591

2,254,003

Cost

$ 2,241,738

$ 2,247,557

Fair Value

$ 2,239,522

$ 2,188,795

Hudson River Trading LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan (3/21)

Loan

1M USD SOFR+

3.00%

0.00%

Current Rate (All In)

8.44%

Maturity Date

Mar. 17, 2028

Principal/ Number of Shares

5,820,000

5,835,000

Cost

$ 5,787,078

$ 5,798,864

Fair Value

$ 5,822,735

$ 5,792,171

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Term Loan B-1

Loan

3M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.84%

8.82%

Maturity Date

Feb. 26, 2029

Principal/ Number of Shares

2,468,656

2,474,937

Cost

$ 2,240,046

$ 2,235,702

Fair Value

$ 2,452,782

$ 2,442,466

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan B

Asset Type

Loan

Reference Rate

1M USD SOFR+

3M USD SOFR+

Reference Spread

3.50%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

8.83%

8.81%

Maturity Date

Feb. 15, 2031

Principal/ Number of Shares

3,000,000

Cost

$ 2,986,212

$ 2,985,024

Fair Value

$ 3,015,000

$ 2,983,440

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan (02/21)

Loan

3M USD SOFR+

3.75%

0.75%

Current Rate (All In)

9.23%

9.21%

Maturity Date

Mar. 02, 2028

Principal/ Number of Shares

4,749,901

4,762,143

Cost

$ 4,744,630

$ 4,756,197

Fair Value

$ 4,757,168

$ 4,730,379

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan (10/21)

Loan

1M USD SOFR+

3.75%

0.50%

Current Rate (All In)

9.18%

9.19%

Maturity Date

Nov. 01, 2028

Principal/ Number of Shares

2,452,455

2,458,728

Cost

$ 2,444,544

$ 2,449,919

Fair Value

$ 2,454,001

$ 2,452,581

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan (11/21)

Loan

1M USD SOFR+

3.75%

0.00%

Current Rate (All In)

9.08%

Maturity Date

Mar. 06, 2028

Principal/ Number of Shares

2,187,656

2,193,266

Cost

$ 2,187,020

$ 2,192,568

Fair Value

$ 2,141,169

$ 2,119,243

INEOS 226 Ltd. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan 3/23

Loan

1M USD SOFR+

3.75%

0.00%

Current Rate (All In)

9.18%

Maturity Date

Mar. 13, 2030

Principal/ Number of Shares

496,250

497,500

Cost

$ 491,903

$ 492,907

Fair Value

$ 496,042

$ 490,450

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan C

Loan

1M USD SOFR+

3.50%

0.00%

Current Rate (All In)

8.93%

Maturity Date

Feb. 18, 2030

Principal/ Number of Shares

992,500

995,000

Cost

$ 983,884

$ 985,838

Fair Value

$ 994,981

$ 985,259

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan B

Loan

1M USD SOFR+

4.25%

0.00%

Current Rate (All In)

9.68%

Maturity Date

Apr. 02, 2029

Principal/ Number of Shares

2,714,874

Cost

$ 2,660,180

$ 2,657,733

Fair Value

$ 2,713,191

$ 2,667,363

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

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 SOFR+

2.75%

0.00%

Current Rate (All In)

8.19%

Maturity Date

Oct. 27, 2028

Principal/ Number of Shares

490,000

491,250

Cost

$ 489,903

$ 491,064

Fair Value

$ 491,838

$ 491,250

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Wholesale

Term Loan (09/23)

Loan

3M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.57%

8.61%

Maturity Date

Jun. 30, 2028

Principal/ Number of Shares

1,095,000

Cost

$ 1,087,935

$ 1,087,525

Fair Value

$ 1,100,475

$ 1,093,631

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan (06/23)

Loan

1M USD SOFR+

5.50%

1.00%

Current Rate (All In)

10.83%

Maturity Date

May 01, 2026

Principal/ Number of Shares

3,324,875

3,333,250

Cost

$ 3,241,812

$ 3,240,468

Fair Value

$ 3,335,282

$ 3,305,117

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan B

Loan

1M USD SOFR+

3.50%

3.25%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.94%

8.58%

Maturity Date

Feb. 04, 2027

Principal/ Number of Shares

480,000

481,250

Cost

$ 479,202

$ 480,346

Fair Value

$ 477,120

$ 475,475

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Asset Name

Instant Brands TL

Asset Type

Loan

Reference Rate

3M USD SOFR+

Prime

Reference Spread

15.00%

4.00%

SOFR/LIBOR Floor

0.00%

0.75%

Current Rate (All In)

20.34%

14.50%

Maturity Date

Feb. 26, 2031

Apr. 07, 2028

Principal/ Number of Shares

17,444

10,085

Cost

$ 10,085

Fair Value

$ 25,843

$ 10,085

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

2.75%

0.75%

Current Rate (All In)

8.18%

Maturity Date

Dec. 15, 2027

Principal/ Number of Shares

494,962

Cost

$ 491,142

$ 490,830

Fair Value

$ 496,684

$ 494,101

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

^[3]

Beverage, Food & Tobacco

Asset Name

^[3]

Term Loan

Asset Type

^[3]

Loan

Reference Rate

^[3]

6M USD SOFR+

Reference Spread

^[3]

2.50%

SOFR/LIBOR Floor

^[3]

0.00%

Current Rate (All In)

^[3]

2.50%

Maturity Date

^[3]

Apr. 13, 2028

Principal/ Number of Shares

^[3]

1,286,033

1,258,790

Cost

^[3]

$ 881,771

$ 838,779

Fair Value

^[3]

$ 1,105,989

$ 1,082,559

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Services: Business

Asset Name

Term Loan (4/24)

Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

6M USD SOFR+

Reference Spread

3.50%

4.00%

SOFR/LIBOR Floor

0.00%

0.50%

Current Rate (All In)

8.83%

9.48%

Maturity Date

Oct. 14, 2030

Oct. 05, 2030

Principal/ Number of Shares

623,438

625,000

Cost

$ 617,530

$ 618,886

Fair Value

$ 625,389

$ 626,563

Jane Street Group [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

2.50%

0.00%

Current Rate (All In)

7.94%

Maturity Date

Jan. 26, 2028

Principal/ Number of Shares

3,870,000

3,880,000

Cost

$ 3,869,080

$ 3,878,565

Fair Value

$ 3,881,262

$ 3,869,602

Journey Personal Care Corp. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Non-durable

Term Loan B

Loan

1M USD SOFR+

4.25%

0.75%

Current Rate (All In)

9.69%

Maturity Date

Mar. 01, 2028

Principal/ Number of Shares

2,917,500

2,925,000

Cost

$ 2,872,066

$ 2,876,836

Fair Value

$ 2,904,751

$ 2,850,647

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Non-durable

Term Loan 7/23

Loan

3M USD SOFR+

5.50%

1.00%

Current Rate (All In)

11.09%

11.07%

Maturity Date

Nov. 20, 2027

Principal/ Number of Shares

3,456,884

Cost

$ 3,444,076

$ 3,442,560

Fair Value

$ 254,945

$ 276,551

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Asset Name

Term Loan (1/21) (USD)

Loan

6M USD SOFR+

4.73%

0.50%

Current Rate (All In)

10.27%

Maturity Date

Feb. 12, 2026

Principal/ Number of Shares

1,455,000

1,458,750

Cost

$ 1,453,547

$ 1,456,824

Fair Value

$ 1,322,595

$ 1,400,400

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan

Loan

3M USD SOFR+

3.25%

0.75%

Current Rate (All In)

8.82%

8.86%

Maturity Date

Mar. 13, 2028

Principal/ Number of Shares

484,888

486,159

Cost

$ 484,065

$ 485,291

Fair Value

$ 486,532

$ 485,211

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan B2

Loan

3M USD SOFR+

3.75%

0.00%

Current Rate (All In)

9.06%

Maturity Date

Mar. 13, 2028

Principal/ Number of Shares

500,000

Cost

$ 497,561

Fair Value

$ 503,125

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Asset Name

Term Loan B (04/24)

Term Loan B

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

3.00%

3.50%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

8.33%

8.93%

Maturity Date

Apr. 10, 2030

Principal/ Number of Shares

992,513

995,006

Cost

$ 966,159

$ 967,558

Fair Value

$ 997,475

$ 998,121

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan 11/21

Loan

3M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.84%

Maturity Date

Mar. 15, 2029

Principal/ Number of Shares

2,000,000

Cost

$ 1,945,550

Fair Value

$ 1,966,080

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan (11/21)

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.94%

8.93%

Maturity Date

Sep. 01, 2027

Principal/ Number of Shares

485,084

486,325

Cost

$ 478,707

$ 479,475

Fair Value

$ 472,957

$ 464,440

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

^[3]

Hotel, Gaming & Leisure

Asset Name

^[3]

Holdco Fixed Term Loan

Asset Type

^[3]

Loan

Reference Rate

^[3]

#N/A

Fixed

Reference Spread

^[3]

0.00%

SOFR/LIBOR Floor

^[3]

0.00%

Current Rate (All In)

^[3]

8.00%

Maturity Date

^[3]

Sep. 27, 2027

Principal/ Number of Shares

^[3]

1,127,568

Cost

^[3]

$ 602,588

$ 568,253

Fair Value

^[3]

$ 225,514

$ 761,108

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Term Loan 2/22

Loan

1M USD SOFR+

4.00%

0.50%

Current Rate (All In)

9.42%

Maturity Date

Feb. 23, 2029

Principal/ Number of Shares

1,000,000

Cost

$ 985,152

Fair Value

$ 981,670

Lealand Finance Company B.V. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

^[3]

Energy: Oil & Gas

Asset Name

^[3]

Exit Term Loan

Asset Type

^[3]

Loan

Reference Rate

^[3]

1M USD SOFR+

Reference Spread

^[3]

1.00%

SOFR/LIBOR Floor

^[3]

0.00%

Current Rate (All In)

^[3]

6.44%

Maturity Date

^[3]

Dec. 31, 2027

Jun. 30, 2025

Principal/ Number of Shares

^[3]

358,485

355,751

Cost

^[3]

$ 358,485

$ 355,751

Fair Value

^[3]

$ 116,956

$ 138,149

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan (02/22)

Loan

1M USD SOFR+

4.75%

0.50%

Current Rate (All In)

10.18%

Maturity Date

Feb. 16, 2029

Principal/ Number of Shares

2,469,370

2,475,771

Cost

$ 2,093,137

$ 2,084,045

Fair Value

$ 2,368,397

$ 2,310,216

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Non-durable

Term Loan

Loan

1M USD SOFR+

5.50%

1.00%

Current Rate (All In)

10.94%

Maturity Date

Aug. 26, 2027

Principal/ Number of Shares

1,638,572

1,659,313

Cost

$ 1,633,129

$ 1,653,207

Fair Value

$ 1,592,151

$ 1,595,015

Liquid Tech Solutions Holdings, LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

4.75%

0.75%

Current Rate (All In)

10.19%

Maturity Date

Mar. 17, 2028

Principal/ Number of Shares

972,500

975,000

Cost

$ 970,797

$ 972,922

Fair Value

$ 969,660

$ 957,938

LOYALTY VENTURES INC. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Services: Business

^[4]

Services: Business

^[5]

Asset Name

Term Loan B

^[4]

Term Loan B

^[5]

Asset Type

Loan

^[4]

Loan

^[5]

Reference Rate

Prime

^[4]

Prime

^[5]

Reference Spread

5.50%

^[4]

5.50%

^[5]

SOFR/LIBOR Floor

0.50%

^[4]

0.50%

^[5]

Current Rate (All In)

14.00%

^[4]

14.00%

^[5]

Maturity Date

Nov. 03, 2027

^[4]

Nov. 03, 2027

^[5]

Principal/ Number of Shares

2,913,525

^[4]

2,913,525

^[5]

Cost

$ 2,902,962

^[4]

$ 2,902,171

^[5]

Fair Value

$ 21,851

^[4]

$ 25,493

^[5]

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B1

Loan

1M USD SOFR+

1.75%

0.00%

Current Rate (All In)

7.16%

7.18%

Maturity Date

Nov. 11, 2026

Principal/ Number of Shares

1,192,291

1,195,404

Cost

$ 1,191,670

$ 1,194,671

Fair Value

$ 1,193,531

$ 1,194,125

LSF11 A5 HOLDCO LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan (01/23)

Loan

1M USD SOFR+

4.25%

0.50%

Current Rate (All In)

9.68%

Maturity Date

Oct. 14, 2028

Principal/ Number of Shares

1,488,750

1,492,500

Cost

$ 1,471,308

$ 1,473,942

Fair Value

$ 1,491,549

$ 1,491,754

LSF11 A5 HOLDCO LLC One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.94%

Maturity Date

Oct. 16, 2028

Principal/ Number of Shares

245,000

245,625

Cost

$ 244,345

$ 244,848

Fair Value

$ 245,382

$ 244,473

LSF11 TRINITY BIDCO INC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Aerospace & Defense

Term Loan B

Loan

1M USD SOFR+

4.00%

0.00%

Current Rate (All In)

9.32%

Maturity Date

Jun. 14, 2030

Principal/ Number of Shares

978,298

980,756

Cost

$ 965,207

$ 967,038

Fair Value

$ 982,583

$ 980,756

LSF9 Atlantis Holdings, LLC (A Wireless) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan (2/24)

Loan

1M USD SOFR+

6.50%

0.75%

Current Rate (All In)

11.83%

Maturity Date

Mar. 31, 2029

Principal/ Number of Shares

2,775,000

Cost

$ 2,703,222

$ 2,700,276

Fair Value

$ 2,816,625

$ 2,775,860

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Telecommunications

Term Loan B1 (3/24)

Loan

1M USD SOFR+

2.35%

2.00%

Current Rate (All In)

7.79%

Maturity Date

Apr. 15, 2029

Principal/ Number of Shares

1,627,142

Cost

$ 1,626,419

Fair Value

$ 1,124,258

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Telecommunications

Term Loan B2 (3/24)

Loan

1M USD SOFR+

2.35%

2.00%

Current Rate (All In)

7.79%

Maturity Date

Apr. 15, 2030

Principal/ Number of Shares

1,627,142

Cost

$ 1,626,416

Fair Value

$ 1,094,709

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan B (01/24)

Loan

1M USD SOFR+

4.50%

0.00%

Current Rate (All In)

9.82%

Maturity Date

Feb. 06, 2031

Principal/ Number of Shares

3,250,000

Cost

$ 3,219,184

$ 3,218,266

Fair Value

$ 3,268,298

$ 3,241,875

Marriott Ownership Resorts, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Asset Name

Term Loan B (3/24)

Term Loan (11/19)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

2.25%

1.75%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.58%

7.18%

Maturity Date

Apr. 01, 2031

Aug. 29, 2025

Principal/ Number of Shares

1,317,074

Cost

$ 1,317,074

Fair Value

$ 1,315,428

$ 1,312,543

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Consumer

Term Loan (1/20)

Loan

3M USD SOFR+

1.75%

0.00%

Current Rate (All In)

7.23%

7.27%

Maturity Date

Feb. 15, 2027

Principal/ Number of Shares

250,000

Cost

$ 249,780

$ 249,741

Fair Value

$ 249,688

$ 249,063

Max US Bidco Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term Loan B

Loan

3M USD SOFR+

5.00%

0.50%

Current Rate (All In)

10.31%

10.35%

Maturity Date

Oct. 03, 2030

Principal/ Number of Shares

2,000,000

Cost

$ 1,873,829

$ 1,870,298

Fair Value

$ 1,892,960

$ 1,832,500

Mayfield Agency Borrower Inc. (FeeCo) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

First Lien Term Loan B (12/23)

Asset Type

Loan

Reference Rate

3M USD SOFR+

1M USD SOFR+

Reference Spread

4.25%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

9.55%

9.58%

Maturity Date

Feb. 28, 2028

Principal/ Number of Shares

3,424,168

3,432,772

Cost

$ 3,344,167

$ 3,346,276

Fair Value

$ 3,429,886

$ 3,432,772

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Advertising, Printing & Publishing

Term Loan (07/21)

Loan

1M USD SOFR+

4.75%

0.50%

Current Rate (All In)

10.19%

Maturity Date

Jul. 28, 2028

Principal/ Number of Shares

1,950,000

1,955,000

Cost

$ 1,936,776

$ 1,940,387

Fair Value

$ 1,953,822

$ 1,946,281

MedAssets Software Inter Hldg, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Term Loan (11/21) (USD)

Asset Type

Loan

Reference Rate

3M USD SOFR+

1M USD SOFR+

Reference Spread

4.00%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

9.42%

9.44%

Maturity Date

Dec. 18, 2028

Principal/ Number of Shares

490,000

491,250

Cost

$ 487,766

$ 488,835

Fair Value

$ 389,550

$ 409,275

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B2

Loan

3M USD SOFR+

4.25%

4.50%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

9.58%

9.88%

Maturity Date

Dec. 22, 2027

Principal/ Number of Shares

1,961,459

1,966,412

Cost

$ 1,943,656

$ 1,947,595

Fair Value

$ 1,976,170

$ 1,968,870

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Retail

Asset Name

Term Loan B (Magic Mergeco)

Loan

3M USD SOFR+

4.25%

0.75%

Current Rate (All In)

9.82%

9.86%

Maturity Date

Apr. 08, 2028

Principal/ Number of Shares

2,436,137

2,442,400

Cost

$ 2,423,899

$ 2,429,364

Fair Value

$ 2,217,981

$ 1,996,417

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B

Loan

3M USD SOFR+

4.00%

0.75%

Current Rate (All In)

9.41%

Maturity Date

Oct. 01, 2027

Principal/ Number of Shares

2,000,000

Cost

$ 1,909,216

Fair Value

$ 1,940,840

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan B2 (03/24)

Loan

1M USD SOFR+

3.50%

0.00%

Current Rate (All In)

8.83%

Maturity Date

Mar. 21, 2031

Principal/ Number of Shares

500,000

Cost

$ 497,527

Fair Value

$ 503,440

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

2.50%

0.50%

Current Rate (All In)

7.82%

Maturity Date

Aug. 17, 2029

Principal/ Number of Shares

1,346,646

1,971,537

Cost

$ 1,344,200

$ 1,967,675

Fair Value

$ 1,352,935

$ 1,966,253

Momentive Performance Materials Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan (03/23)

Loan

1M USD SOFR+

4.50%

0.00%

Current Rate (All In)

9.83%

Maturity Date

Mar. 28, 2028

Principal/ Number of Shares

495,000

496,250

Cost

$ 478,839

$ 479,007

Fair Value

$ 489,743

$ 485,084

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan

Loan

3M USD SOFR+

5.50%

0.50%

Current Rate (All In)

10.85%

10.88%

Maturity Date

May 31, 2030

Principal/ Number of Shares

2,986,247

2,993,750

Cost

$ 2,620,379

$ 2,617,290

Fair Value

$ 2,984,395

$ 2,936,989

Mosel Bidco SE [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

3M USD SOFR+

4.75%

0.50%

Current Rate (All In)

10.06%

10.10%

Maturity Date

Sep. 16, 2030

Principal/ Number of Shares

500,000

Cost

$ 495,352

$ 495,262

Fair Value

$ 503,750

$ 500,625

MPH Acquisition Holdings LLC (Multiplan) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan B (08/21)

Loan

3M USD SOFR+

4.25%

0.50%

Current Rate (All In)

9.86%

9.85%

Maturity Date

Sep. 01, 2028

Principal/ Number of Shares

2,954,545

2,962,121

Cost

$ 2,738,763

$ 2,734,973

Fair Value

$ 2,465,657

$ 2,861,320

NAB Holdings, LLC (North American Bancard) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan (11/21)

Loan

3M USD SOFR+

2.75%

0.50%

Current Rate (All In)

8.21%

8.25%

Maturity Date

Nov. 23, 2028

Principal/ Number of Shares

2,932,500

2,940,000

Cost

$ 2,927,977

$ 2,935,048

Fair Value

$ 2,936,166

$ 2,929,504

Napa Management Services Corp [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B (02/22)

Loan

1M USD SOFR+

5.25%

0.75%

Current Rate (All In)

10.68%

Maturity Date

Feb. 22, 2029

Principal/ Number of Shares

2,962,217

2,969,773

Cost

$ 2,459,723

$ 2,447,043

Fair Value

$ 2,836,322

$ 2,806,436

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD SOFR+

3.50%

0.00%

Current Rate (All In)

8.94%

Maturity Date

Nov. 14, 2025

Principal/ Number of Shares

3,296,699

3,305,649

Cost

$ 3,287,487

$ 3,294,914

Fair Value

$ 3,280,216

$ 3,289,120

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Term Loan C 2/21

Term Loan 2/21

Asset Type

Loan

Reference Rate

3M USD SOFR+

1M USD SOFR+

Reference Spread

3.75%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

9.16%

9.18%

Maturity Date

Mar. 02, 2028

Principal/ Number of Shares

87,464

2,708,195

Cost

$ 87,220

$ 2,701,639

Fair Value

$ 83,921

$ 2,522,007

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Term Loan 2/21

Term Loan C 2/21

Asset Type

Loan

Reference Rate

3M USD LIBOR+

3M USD SOFR+

Reference Spread

3.75%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

8.48%

9.20%

Maturity Date

Mar. 02, 2028

Principal/ Number of Shares

2,701,233

87,464

Cost

$ 2,695,618

$ 87,200

Fair Value

$ 2,591,833

$ 81,450

Nexstar Broadcasting, Inc. (Mission Broadcasting) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Broadcasting & Subscription

Term Loan

Loan

1M USD SOFR+

2.50%

0.00%

Current Rate (All In)

7.94%

Maturity Date

Sep. 18, 2026

Principal/ Number of Shares

657,625

Cost

$ 654,369

$ 654,056

Fair Value

$ 658,941

$ 655,705

Next Level Apparel, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan

Loan

1M USD SOFR+

7.50%

1.00%

Current Rate (All In)

12.92%

Maturity Date

Aug. 09, 2026

Principal/ Number of Shares

2,448,323

2,605,709

Cost

$ 2,438,190

$ 2,579,219

Fair Value

$ 1,915,813

$ 2,019,425

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

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%

Current Rate (All In)

7.43%

Maturity Date

Sep. 12, 2029

Principal/ Number of Shares

993,445

997,195

Cost

$ 990,163

$ 993,475

Fair Value

$ 993,942

$ 994,014

Nouryon Finance B.V. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Asset Name

Term Loan B (04/24)

Term Loan B

Asset Type

Loan

Reference Rate

3M USD SOFR+

1M USD SOFR+

Reference Spread

3.50%

4.00%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.83%

9.42%

Maturity Date

Apr. 03, 2028

Principal/ Number of Shares

497,494

497,500

Cost

$ 493,137

$ 492,525

Fair Value

$ 500,603

$ 497,192

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Automotive

Term Loan B

Loan

3M USD SOFR+

5.00%

0.75%

Current Rate (All In)

10.48%

10.52%

Maturity Date

Dec. 22, 2028

Principal/ Number of Shares

1,960,000

1,965,000

Cost

$ 1,949,488

$ 1,954,113

Fair Value

$ 1,953,258

$ 1,948,632

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.46%

8.43%

Maturity Date

Dec. 19, 2030

Principal/ Number of Shares

2,094,750

2,100,000

Cost

$ 2,079,418

$ 2,084,250

Fair Value

$ 2,101,118

$ 2,100,336

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Non-durable

Term Loan (2/22)

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.93%

Maturity Date

Feb. 23, 2029

Principal/ Number of Shares

2,461,108

2,467,387

Cost

$ 2,374,641

$ 2,376,707

Fair Value

$ 2,339,431

$ 2,249,442

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B (08/23)

Loan

1M USD SOFR+

2.25%

2.75%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.58%

8.18%

Maturity Date

Jan. 31, 2030

Principal/ Number of Shares

933,133

1,380,397

Cost

$ 908,855

$ 1,343,151

Fair Value

$ 939,021

$ 1,381,267

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Metals & Mining

Term Loan B (04/23)

Loan

3M USD SOFR+

1M USD SOFR+

Reference Spread

3.50%

4.00%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

8.81%

9.43%

Maturity Date

May 02, 2030

Principal/ Number of Shares

496,250

497,500

Cost

$ 487,397

$ 488,294

Fair Value

$ 496,563

$ 496,669

PACIFIC DENTAL SERVICES, LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Term Loan B (02//24)

Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

3.25%

3.50%

SOFR/LIBOR Floor

0.00%

0.75%

Current Rate (All In)

8.57%

8.94%

Maturity Date

Mar. 17, 2031

Apr. 21, 2028

Principal/ Number of Shares

1,200,000

895,408

Cost

$ 1,198,598

$ 894,474

Fair Value

$ 1,208,256

$ 893,734

Pacific Gas & Electric [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Utilities: Electric

Term Loan

Loan

1M USD SOFR+

2.50%

0.50%

Current Rate (All In)

7.83%

Maturity Date

Jun. 23, 2027

Principal/ Number of Shares

250,000

Cost

$ 249,129

$ 248,893

Fair Value

$ 250,860

$ 249,923

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Asset Name

Term Loan B4 (05/24)

Term Loan B

Loan

1M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.68%

8.69%

Maturity Date

Sep. 20, 2028

Principal/ Number of Shares

975,000

Cost

$ 972,255

$ 971,827

Fair Value

$ 976,570

$ 975,994

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD SOFR+

4.75%

0.50%

Current Rate (All In)

10.31%

10.34%

Maturity Date

Jul. 06, 2028

Principal/ Number of Shares

941,176

Cost

$ 935,003

$ 934,588

Fair Value

$ 918,824

$ 896,471

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Energy: Oil & Gas

Asset Name

Term Loan B

Term Loan 2/23

Asset Type

Loan

Reference Rate

3M USD SOFR+

Reference Spread

3.75%

4.25%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

9.05%

9.69%

Maturity Date

Feb. 28, 2030

Feb. 27, 2030

Principal/ Number of Shares

2,477,481

2,483,737

Cost

$ 2,454,534

$ 2,460,184

Fair Value

$ 2,491,107

$ 2,482,198

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

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%

Current Rate (All In)

11.07%

11.06%

Maturity Date

Aug. 01, 2029

Principal/ Number of Shares

2,970,000

1,975,000

Cost

$ 2,614,004

$ 1,671,950

Fair Value

$ 2,771,990

$ 1,816,013

Pathway Partners Vet Management Company LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

3.75%

0.00%

Current Rate (All In)

9.19%

Maturity Date

Mar. 31, 2027

Mar. 30, 2027

Principal/ Number of Shares

480,303

481,544

Cost

$ 475,007

$ 475,840

Fair Value

$ 374,771

$ 411,321

PCI Gaming Authority [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan

Loan

1M USD SOFR+

2.50%

0.00%

Current Rate (All In)

7.94%

Maturity Date

May 29, 2026

Principal/ Number of Shares

794,490

Cost

$ 793,256

$ 793,022

Fair Value

$ 796,675

$ 794,156

PEARLS (Netherlands) Bidco B.V. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Asset Name

USD Term Loan (02/22)

Asset Type

Loan

Reference Rate

3M USD SOFR+

Reference Spread

4.00%

3.75%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

9.33%

9.06%

Maturity Date

Feb. 28, 2029

Principal/ Number of Shares

980,000

982,500

Cost

$ 978,867

$ 981,042

Fair Value

$ 980,000

$ 972,066

PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan (12/22)

Loan

1M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.69%

Maturity Date

Dec. 29, 2028

Principal/ Number of Shares

1,470,887

1,474,639

Cost

$ 1,466,959

$ 1,470,327

Fair Value

$ 1,437,056

$ 1,325,332

Penn National Gaming, Inc [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan B

Loan

1M USD SOFR+

2.75%

0.50%

Current Rate (All In)

8.18%

Maturity Date

May 03, 2029

Principal/ Number of Shares

982,500

985,000

Cost

$ 979,071

$ 981,209

Fair Value

$ 984,101

$ 979,720

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Aerospace & Defense

Term Loan B

Loan

1M USD SOFR+

3.75%

0.75%

Current Rate (All In)

9.18%

Maturity Date

Feb. 01, 2028

Principal/ Number of Shares

5,222,587

5,236,340

Cost

$ 5,212,356

$ 5,225,013

Fair Value

$ 5,224,415

$ 5,236,340

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Term Loan

Asset Type

Loan

Reference Rate

6M USD SOFR+

3M USD SOFR+

Reference Spread

4.00%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

9.56%

9.46%

Maturity Date

Dec. 23, 2028

Principal/ Number of Shares

2,951,152

2,958,680

Cost

$ 2,895,186

$ 2,899,926

Fair Value

$ 2,217,791

$ 2,608,254

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

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%

Current Rate (All In)

9.44%

Maturity Date

Mar. 17, 2028

Principal/ Number of Shares

3,889,798

3,899,823

Cost

$ 3,869,799

$ 3,878,054

Fair Value

$ 3,880,074

$ 3,880,324

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Term Loan B (11/21)

Loan

1M USD SOFR+

2.50%

0.50%

Current Rate (All In)

7.93%

Maturity Date

Dec. 01, 2028

Principal/ Number of Shares

1,795,294

Cost

$ 1,789,772

$ 1,789,191

Fair Value

$ 1,800,303

$ 1,791,309

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

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 SOFR+

2.75%

0.00%

Current Rate (All In)

8.19%

Maturity Date

Mar. 13, 2028

Principal/ Number of Shares

4,365,000

4,376,250

Cost

$ 4,359,844

$ 4,370,414

Fair Value

$ 4,367,532

$ 4,362,377

PMHC II, INC. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan (02/22)

Loan

3M USD SOFR+

4.25%

0.50%

Current Rate (All In)

9.71%

9.72%

Maturity Date

Apr. 21, 2029

Principal/ Number of Shares

1,970,000

1,975,000

Cost

$ 1,963,112

$ 1,967,432

Fair Value

$ 1,943,267

$ 1,926,968

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Term Loan (04/24)

Term Loan B

Loan

3M USD SOFR+

3.00%

0.75%

Current Rate (All In)

8.32%

8.61%

Maturity Date

Dec. 29, 2027

Principal/ Number of Shares

485,000

486,250

Cost

$ 483,674

$ 484,831

Fair Value

$ 486,518

$ 485,642

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Term Loan

Loan

1M USD SOFR+

4.75%

0.75%

Current Rate (All In)

10.19%

Maturity Date

Feb. 12, 2028

Principal/ Number of Shares

5,335,000

5,348,750

Cost

$ 5,303,127

$ 5,313,507

Fair Value

$ 5,122,934

$ 5,071,310

Pre-Paid Legal Services, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Consumer

Term Loan (12/21)

Loan

1M USD SOFR+

3.75%

0.50%

Current Rate (All In)

9.19%

Maturity Date

Dec. 15, 2028

Principal/ Number of Shares

2,940,000

2,947,500

Cost

$ 2,922,984

$ 2,929,343

Fair Value

$ 2,935,267

$ 2,939,512

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

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%

Current Rate (All In)

8.91%

Maturity Date

Jan. 22, 2027

Principal/ Number of Shares

482,500

Cost

$ 482,164

Fair Value

$ 483,103

Presidio, Inc. [Member] | Restricted Stock [Member]

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%

Current Rate (All In)

8.93%

Maturity Date

Jan. 22, 2027

Principal/ Number of Shares

481,250

Cost

$ 481,071

Fair Value

$ 481,452

Prime Security Services Borrower, LLC (ADT) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Services: Consumer

Asset Name

Term Loan B (04/24)

Term Loan B (10/23)

Asset Type

Loan

Reference Rate

1M USD SOFR+

3M USD SOFR+

Reference Spread

2.25%

2.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.58%

7.83%

Maturity Date

Oct. 14, 2030

Oct. 11, 2030

Principal/ Number of Shares

1,995,000

2,000,000

Cost

$ 1,976,580

$ 1,980,728

Fair Value

$ 2,001,903

$ 1,998,300

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Services: Consumer

Asset Name

Term Loan B (5/24)

Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

4.75%

5.75%

SOFR/LIBOR Floor

0.50%

1.00%

Current Rate (All In)

10.07%

11.19%

Maturity Date

May 16, 2031

Apr. 27, 2027

Principal/ Number of Shares

2,917,500

2,925,000

Cost

$ 2,900,843

$ 2,906,770

Fair Value

$ 2,921,147

$ 2,921,344

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan (01/21)

Loan

3M USD SOFR+

3.25%

0.75%

Current Rate (All In)

8.81%

8.84%

Maturity Date

Dec. 28, 2027

Principal/ Number of Shares

484,991

486,242

Cost

$ 483,756

$ 484,862

Fair Value

$ 479,487

$ 472,311

Project Leopard Holdings, Inc. (NEW) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B (06/22)

Loan

3M USD SOFR+

5.25%

0.50%

Current Rate (All In)

10.68%

10.66%

Maturity Date

Jul. 20, 2029

Principal/ Number of Shares

987,500

990,000

Cost

$ 931,745

$ 931,883

Fair Value

$ 913,793

$ 907,711

Propulsion (BC) Finco [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Aerospace & Defense

Term Loan

Loan

3M USD SOFR+

3.75%

0.50%

Current Rate (All In)

9.06%

9.10%

Maturity Date

Sep. 14, 2029

Principal/ Number of Shares

748,106

750,000

Cost

$ 740,864

$ 742,504

Fair Value

$ 753,717

$ 748,748

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Services: Consumer

Asset Name

Term Loan B (03/24)

Term Loan B (02/20)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

4.75%

3.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

10.08%

8.94%

Maturity Date

Mar. 15, 2030

Feb. 12, 2027

Principal/ Number of Shares

475,176

Cost

$ 474,258

$ 474,168

Fair Value

$ 474,881

$ 466,010

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

3M USD SOFR+

1M USD SOFR+

Reference Spread

3.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.81%

8.83%

Maturity Date

Jun. 28, 2030

Principal/ Number of Shares

1,244,373

997,500

Cost

$ 1,235,260

$ 988,167

Fair Value

$ 1,249,040

$ 996,253

QUEST BORROWER LIMITED [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

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%

Current Rate (All In)

9.73%

9.71%

Maturity Date

Feb. 01, 2029

Principal/ Number of Shares

1,965,000

1,970,000

Cost

$ 1,951,003

$ 1,954,941

Fair Value

$ 1,457,794

$ 1,552,734

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Quikrete 3/24 (2031)

Loan

1M USD SOFR+

2.50%

0.00%

Current Rate (All In)

7.83%

Maturity Date

Apr. 14, 2031

Principal/ Number of Shares

1,000,000

Cost

$ 997,581

Fair Value

$ 1,003,630

R1 RCM INC. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan (12/23)

Loan

1M USD SOFR+

3.00%

0.00%

Current Rate (All In)

8.36%

Maturity Date

Jun. 21, 2029

Principal/ Number of Shares

1,200,000

Cost

$ 1,185,480

Fair Value

$ 1,206,300

$ 1,200,000

R1 RCM INC. One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan

Loan

1M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.33%

Maturity Date

Jun. 21, 2029

Principal/ Number of Shares

1,196,962

1,200,000

Cost

$ 1,183,318

$ 1,185,733

Fair Value

$ 1,203,246

$ 1,200,000

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Super-Priority Term Loan (03/24)

Term Loan (1/21)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

6.25%

2.75%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

11.69%

8.19%

Maturity Date

May 15, 2028

Feb. 15, 2028

Principal/ Number of Shares

551,042

2,944,353

Cost

$ 545,646

$ 2,869,199

Fair Value

$ 553,566

$ 1,278,173

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan (3/24)

Loan

1M USD SOFR+

2.75%

0.75%

Current Rate (All In)

8.19%

Maturity Date

May 15, 2028

Principal/ Number of Shares

2,936,992

Cost

$ 2,865,773

Fair Value

$ 1,308,812

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Cargo

Term Loan B

Loan

3M USD SOFR+

4.25%

0.00%

Current Rate (All In)

9.56%

9.60%

Maturity Date

Mar. 16, 2030

Principal/ Number of Shares

2,475,000

2,481,250

Cost

$ 2,396,832

$ 2,400,653

Fair Value

$ 2,480,420

$ 2,476,213

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan (04/21)

Loan

1M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.44%

Maturity Date

Apr. 24, 2028

Principal/ Number of Shares

975,000

977,500

Cost

$ 974,092

$ 976,326

Fair Value

$ 961,350

$ 950,501

Rent-A-Center, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan B2 (9/21)

Loan

1M USD SOFR+

6M USD SOFR+

Reference Spread

2.75%

3.25%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

8.08%

9.12%

Maturity Date

Feb. 17, 2028

Principal/ Number of Shares

1,855,175

1,860,192

Cost

$ 1,825,029

$ 1,827,856

Fair Value

$ 1,858,273

$ 1,856,323

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Advertising, Printing & Publishing

Term Loan

Loan

3M USD SOFR+

5.50%

1.00%

Current Rate (All In)

11.09%

11.07%

Maturity Date

Dec. 20, 2024

Principal/ Number of Shares

4,241,580

4,252,891

Cost

$ 4,227,343

$ 4,231,426

Fair Value

$ 3,154,082

$ 2,426,275

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Services: Consumer

Asset Name

Term Loan B (05/24)

Term Loan (1/21)

Asset Type

Loan

Reference Rate

3M USD SOFR+

1M USD SOFR+

Reference Spread

2.00%

2.25%

SOFR/LIBOR Floor

0.00%

0.50%

Current Rate (All In)

7.33%

7.69%

Maturity Date

Feb. 11, 2028

Principal/ Number of Shares

1,455,000

1,458,750

Cost

$ 1,454,141

$ 1,457,581

Fair Value

$ 1,457,735

$ 1,454,651

Resolute Investment Managers (American Beacon), Inc. One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan (12/23)

Loan

3M USD SOFR+

6.50%

1.00%

Current Rate (All In)

12.07%

12.11%

Maturity Date

Apr. 30, 2027

Principal/ Number of Shares

1,963,234

1,968,154

Cost

$ 1,963,234

$ 1,968,154

Fair Value

$ 1,926,423

$ 1,936,172

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan (9/21)

Loan

1M USD SOFR+

2.50%

0.50%

Current Rate (All In)

7.94%

Maturity Date

Oct. 20, 2028

Principal/ Number of Shares

3,418,609

3,427,375

Cost

$ 3,415,052

$ 3,422,882

Fair Value

$ 3,332,665

$ 3,328,838

Reynolds Consumer Products LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Term Loan

Loan

1M USD SOFR+

1.75%

0.00%

Current Rate (All In)

7.18%

Maturity Date

Feb. 04, 2027

Jan. 29, 2027

Principal/ Number of Shares

1,087,614

1,117,917

Cost

$ 1,087,614

$ 1,117,917

Fair Value

$ 1,091,051

$ 1,117,078

Russell Investments US Inst’l Holdco, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

^[3]

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan B PIK (3/24)

^[3]

Term Loan (10/20)

Asset Type

Loan

^[3]

Loan

Reference Rate

3M USD SOFR+

^[3]

1M USD SOFR+

Reference Spread

5.00%

^[3]

3.50%

SOFR/LIBOR Floor

1.00%

^[3]

1.00%

Current Rate (All In)

10.33%

^[3]

8.93%

Maturity Date

May 30, 2027

^[3]

Jun. 02, 2025

Principal/ Number of Shares

5,726,925

^[3]

5,503,217

Cost

$ 5,714,072

^[3]

$ 5,487,956

Fair Value

$ 5,122,735

^[3]

$ 5,313,356

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

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%

Current Rate (All In)

9.17%

Maturity Date

Feb. 08, 2028

Principal/ Number of Shares

2,920,287

2,927,756

Cost

$ 2,885,791

$ 2,890,768

Fair Value

$ 2,705,646

$ 2,728,317

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

2.75%

0.75%

Current Rate (All In)

8.07%

8.08%

Maturity Date

Sep. 01, 2027

Principal/ Number of Shares

1,459,715

1,463,497

Cost

$ 1,451,231

$ 1,454,416

Fair Value

$ 1,467,379

$ 1,463,497

S&S HOLDINGS LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

3M USD SOFR+

Reference Spread

5.00%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

10.42%

Maturity Date

Mar. 10, 2028

Principal/ Number of Shares

2,427,437

2,433,693

Cost

$ 2,388,922

$ 2,393,141

Fair Value

$ 2,432,753

$ 2,405,560

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan B

Loan

1M USD SOFR+

2.25%

0.00%

Current Rate (All In)

7.58%

Maturity Date

Feb. 28, 2030

Principal/ Number of Shares

495,000

496,250

Cost

$ 491,829

$ 492,943

Fair Value

$ 495,619

$ 495,421

Schweitzer-Mauduit International, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

3.75%

0.75%

Current Rate (All In)

9.19%

Maturity Date

Apr. 20, 2028

Principal/ Number of Shares

1,297,546

Cost

$ 1,293,746

$ 1,293,069

Fair Value

$ 1,294,302

$ 1,294,847

Scientific Games Holdings LP [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan B

Loan

3M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.56%

8.58%

Maturity Date

Apr. 04, 2029

Principal/ Number of Shares

492,500

493,750

Cost

$ 491,755

$ 492,933

Fair Value

$ 493,618

$ 492,516

Sedgwick Claims Management Services, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

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%

Current Rate (All In)

9.08%

Maturity Date

Feb. 17, 2028

Principal/ Number of Shares

990,000

992,500

Cost

$ 982,275

$ 984,017

Fair Value

$ 994,584

$ 993,294

SETANTA AIRCRAFT LEASING DAC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Aerospace & Defense

Asset Name

Term Loan B (05/24)

Term Loan

Asset Type

Loan

Reference Rate

3M USD SOFR+

Reference Spread

1.75%

2.00%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.07%

7.61%

Maturity Date

Nov. 05, 2028

Nov. 02, 2028

Principal/ Number of Shares

500,000

1,000,000

Cost

$ 499,260

$ 998,338

Fair Value

$ 501,615

$ 1,000,560

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

USD Term Loan (7/21)

Loan

1M USD SOFR+

3.75%

0.50%

Current Rate (All In)

9.19%

Maturity Date

Aug. 28, 2028

Principal/ Number of Shares

1,950,000

1,955,000

Cost

$ 1,944,692

$ 1,948,734

Fair Value

$ 1,529,405

$ 1,873,144

SiteOne Landscape Supply, LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan (3/21)

Loan

1M USD SOFR+

2.00%

0.50%

Current Rate (All In)

7.44%

Maturity Date

Mar. 18, 2028

Principal/ Number of Shares

1,264,119

1,267,378

Cost

$ 1,259,183

$ 1,261,906

Fair Value

$ 1,270,440

$ 1,267,378

SMG US Midco 2, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan (01/20)

Loan

6M USD SOFR+

3M USD SOFR+

Reference Spread

2.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.24%

8.07%

Maturity Date

Jan. 23, 2025

Principal/ Number of Shares

478,750

480,000

Cost

$ 478,750

$ 480,000

Fair Value

$ 478,602

$ 479,702

Smyrna Ready Mix Concrete, LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan B

Loan

1M USD SOFR+

3.50%

0.00%

Current Rate (All In)

8.82%

Maturity Date

Apr. 01, 2029

Principal/ Number of Shares

512,932

514,217

Cost

$ 509,730

$ 510,811

Fair Value

$ 516,138

$ 514,860

Sotheby’s [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan (7/21)

Loan

3M USD SOFR+

4.50%

0.50%

Current Rate (All In)

10.09%

10.08%

Maturity Date

Jan. 15, 2027

Principal/ Number of Shares

3,182,833

3,191,015

Cost

$ 3,154,509

$ 3,159,783

Fair Value

$ 2,983,906

$ 3,159,903

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan (04/21)

Loan

1M USD SOFR+

3.50%

3.25%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

8.93%

8.69%

Maturity Date

Aug. 02, 2028

Principal/ Number of Shares

1,955,000

1,960,000

Cost

$ 1,949,188

$ 1,953,602

Fair Value

$ 1,960,943

$ 1,955,453

Specialty Pharma III Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

4.25%

0.75%

Current Rate (All In)

9.68%

Maturity Date

Mar. 31, 2028

Principal/ Number of Shares

1,950,000

1,955,000

Cost

$ 1,938,805

$ 1,942,520

Fair Value

$ 1,891,500

$ 1,857,250

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Consumer

Term Loan 3/21

Loan

3M USD SOFR+

4.00%

0.75%

Current Rate (All In)

9.59%

9.62%

Maturity Date

Mar. 04, 2028

Principal/ Number of Shares

2,910,000

2,917,500

Cost

$ 2,900,294

$ 2,907,433

Fair Value

$ 2,498,963

$ 2,644,510

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Term Loan (05/21)

Loan

1M USD SOFR+

2.75%

0.50%

Current Rate (All In)

8.19%

Maturity Date

May 12, 2028

Principal/ Number of Shares

2,396,364

2,523,636

Cost

$ 2,394,431

$ 2,521,215

Fair Value

$ 2,391,882

$ 2,517,327

STANDARD INDUSTRIES INC. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan B

Loan

1M USD SOFR+

2.25%

0.50%

Current Rate (All In)

7.69%

7.68%

Maturity Date

Sep. 22, 2028

Principal/ Number of Shares

617,750

620,250

Cost

$ 614,049

$ 616,132

Fair Value

$ 619,115

$ 619,785

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Wholesale

Term Loan (03/19)

Loan

1M USD SOFR+

5.00%

0.00%

Current Rate (All In)

10.43%

10.44%

Maturity Date

Apr. 16, 2026

Principal/ Number of Shares

4,284,976

4,296,252

Cost

$ 4,224,044

$ 4,227,884

Fair Value

$ 4,242,554

$ 4,185,881

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan B (09/23)

Loan

3M USD SOFR+

4.00%

0.00%

Current Rate (All In)

9.31%

9.35%

Maturity Date

Sep. 30, 2030

Sep. 19, 2030

Principal/ Number of Shares

1,250,000

Cost

$ 1,232,700

$ 1,232,293

Fair Value

$ 1,250,163

$ 1,233,600

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

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%

Current Rate (All In)

8.83%

Maturity Date

Apr. 17, 2028

Principal/ Number of Shares

488,750

490,000

Cost

$ 488,366

$ 489,451

Fair Value

$ 489,728

$ 489,084

Superannuation & Investments US LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

3.75%

0.50%

Current Rate (All In)

9.19%

Maturity Date

Dec. 01, 2028

Principal/ Number of Shares

977,500

980,000

Cost

$ 971,012

$ 972,893

Fair Value

$ 977,256

$ 979,510

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Wholesale

Term Loan B (03/24)

Loan

1M USD SOFR+

4.25%

0.00%

Current Rate (All In)

9.58%

Maturity Date

Mar. 27, 2031

Principal/ Number of Shares

500,000

Cost

$ 495,096

Fair Value

$ 504,585

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan (8/21)

Loan

1M USD SOFR+

4.25%

0.75%

Current Rate (All In)

9.69%

Maturity Date

Aug. 02, 2028

Principal/ Number of Shares

2,191,005

2,197,331

Cost

$ 2,116,045

$ 2,118,286

Fair Value

$ 2,195,562

$ 2,186,345

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan B (10/21)

Loan

3M USD SOFR+

4.25%

4.00%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

9.84%

9.59%

Maturity Date

Apr. 24, 2028

Principal/ Number of Shares

2,438,722

2,444,975

Cost

$ 2,438,116

$ 2,444,257

Fair Value

$ 2,420,041

$ 2,421,748

Ta TT Buyer LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Broadcasting & Subscription

Term Loan 3/22

Loan

3M USD SOFR+

5.25%

5.00%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

10.55%

10.35%

Maturity Date

Apr. 02, 2029

Principal/ Number of Shares

984,957

987,475

Cost

$ 977,257

$ 979,563

Fair Value

$ 984,957

$ 987,060

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan B (6/21)

Loan

1M USD SOFR+

2.75%

0.50%

Current Rate (All In)

8.19%

Maturity Date

Jul. 07, 2028

Principal/ Number of Shares

977,500

980,000

Cost

$ 976,300

$ 978,620

Fair Value

$ 977,500

$ 977,962

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan B (03/24)

Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

4.75%

5.25%

SOFR/LIBOR Floor

1.00%

Current Rate (All In)

10.08%

10.68%

Maturity Date

Mar. 13, 2031

Jul. 15, 2025

Principal/ Number of Shares

3,500,000

4,337,912

Cost

$ 3,465,508

$ 4,305,238

Fair Value

$ 3,526,250

$ 4,332,490

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan 5/23

Loan

1M USD SOFR+

6.00%

0.00%

Current Rate (All In)

11.33%

Maturity Date

May 25, 2028

Principal/ Number of Shares

1,875,000

1,880,000

Cost

$ 1,875,000

$ 1,879,762

Fair Value

$ 1,802,344

$ 1,809,030

The Dun & Bradstreet Corporation [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan (01/24)

Loan

1M USD SOFR+

2.75%

0.00%

Current Rate (All In)

8.07%

Maturity Date

Jan. 18, 2029

Principal/ Number of Shares

1,148,788

Cost

$ 1,147,353

$ 1,146,995

Fair Value

$ 1,151,821

$ 1,145,629

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Automotive

Term Loan B2

Loan

1M USD SOFR+

2.75%

0.00%

Current Rate (All In)

8.07%

Maturity Date

Nov. 15, 2030

Principal/ Number of Shares

658,992

847,276

Cost

$ 652,965

$ 839,124

Fair Value

$ 662,564

$ 847,276

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

High Tech Industries

Term Loan (3/24)

Loan

3M USD SOFR+

4.50%

0.50%

Current Rate (All In)

9.93%

Maturity Date

Mar. 24, 2031

Principal/ Number of Shares

500,000

Cost

$ 499,375

Fair Value

$ 502,500

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Wholesale

Term Loan 5/21

Loan

6M USD SOFR+

3M USD SOFR+

Reference Spread

5.50%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

11.11%

Maturity Date

Jun. 14, 2028

Principal/ Number of Shares

3,246,912

3,293,297

Cost

$ 2,862,514

$ 2,885,799

Fair Value

$ 2,801,826

$ 2,766,369

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Retail

Term Loan

Loan

1M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.69%

Maturity Date

Apr. 15, 2028

Principal/ Number of Shares

2,302,165

2,308,083

Cost

$ 2,175,006

$ 2,173,521

Fair Value

$ 2,304,628

$ 2,279,878

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Term Loan (2/21)

Loan

3M USD SOFR+

3.50%

0.75%

Current Rate (All In)

9.09%

9.07%

Maturity Date

Aug. 18, 2027

Principal/ Number of Shares

483,750

485,000

Cost

$ 480,153

$ 481,026

Fair Value

$ 430,020

$ 403,360

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B7 (02/24)

Loan

1M USD SOFR+

2.00%

0.50%

Current Rate (All In)

7.33%

Maturity Date

Dec. 01, 2028

Principal/ Number of Shares

609,032

Cost

$ 608,222

$ 608,154

Fair Value

$ 610,902

$ 608,161

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term Loan (03/21)

Loan

3M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.81%

8.86%

Maturity Date

Mar. 31, 2028

Principal/ Number of Shares

1,458,754

1,462,504

Cost

$ 1,454,375

$ 1,457,793

Fair Value

$ 1,455,939

$ 1,435,389

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD SOFR+

2.50%

0.00%

Current Rate (All In)

7.94%

Maturity Date

Mar. 10, 2028

Principal/ Number of Shares

346,923

Cost

$ 346,562

$ 346,548

Fair Value

$ 348,224

$ 345,584

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Asset Name

Term Loan B (04/24)

Incremental Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

3M USD SOFR+

Reference Spread

2.75%

3.50%

SOFR/LIBOR Floor

0.00%

0.50%

Current Rate (All In)

8.08%

8.85%

Maturity Date

Apr. 04, 2029

Aug. 11, 2028

Principal/ Number of Shares

1,995,000

2,000,000

Cost

$ 1,977,441

$ 1,981,659

Fair Value

$ 2,003,239

$ 1,997,500

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Consumer

Term Loan

Loan

1M USD SOFR+

4.00%

0.75%

Current Rate (All In)

9.43%

Maturity Date

Oct. 29, 2027

Principal/ Number of Shares

942,326

944,761

Cost

$ 938,594

$ 940,433

Fair Value

$ 885,786

$ 912,034

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Consumer

Term Loan 2/23

Loan

3M USD SOFR+

2.75%

0.00%

Current Rate (All In)

8.08%

8.13%

Maturity Date

Mar. 03, 2030

Principal/ Number of Shares

394,188

395,438

Cost

$ 393,320

$ 394,559

Fair Value

$ 396,652

$ 396,284

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Term loan (03/24)

Incremental Term Loan 3/21

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

3.50%

3.75%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.83%

9.19%

Maturity Date

Feb. 25, 2028

Aug. 27, 2025

Principal/ Number of Shares

1,257,230

763,480

Cost

$ 1,253,647

$ 761,941

Fair Value

$ 1,265,088

$ 764,755

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Metals & Mining

Term Loan (12/20)

Loan

3M USD SOFR+

4.00%

1.00%

Current Rate (All In)

9.57%

9.59%

Maturity Date

Jul. 31, 2026

Principal/ Number of Shares

496,815

Cost

$ 483,060

$ 481,603

Fair Value

$ 493,834

$ 494,207

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Broadcasting & Subscription

Term Loan B (6/21)

Loan

1M USD SOFR+

3.25%

0.75%

Current Rate (All In)

8.69%

Maturity Date

Mar. 15, 2026

Principal/ Number of Shares

2,415,600

2,421,809

Cost

$ 2,412,716

$ 2,418,336

Fair Value

$ 2,414,996

$ 2,418,031

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Broadcasting & Subscription

Term Loan B (6/22)

Loan

3M USD SOFR+

4.25%

0.50%

Current Rate (All In)

9.56%

9.60%

Maturity Date

Jun. 25, 2029

Principal/ Number of Shares

245,625

246,250

Cost

$ 239,831

$ 240,243

Fair Value

$ 245,441

$ 246,250

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan (01/22)

Loan

6M USD SOFR+

5.00%

0.75%

Current Rate (All In)

10.43%

Maturity Date

Jan. 19, 2029

Principal/ Number of Shares

2,312,637

2,318,552

Cost

$ 2,257,185

$ 2,260,590

Fair Value

$ 2,305,422

$ 2,287,251

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

^[3]

Media: Advertising, Printing & Publishing

Asset Name

^[3]

Term Loan (12/23)

Asset Type

^[3]

Loan

Reference Rate

^[3]

3M USD SOFR+

Reference Spread

^[3]

7.75%

SOFR/LIBOR Floor

^[3]

0.00%

Current Rate (All In)

^[3]

13.32%

13.36%

Maturity Date

^[3]

Jun. 16, 2026

Principal/ Number of Shares

^[3]

1,216,065

1,208,512

Cost

^[3]

$ 1,215,327

$ 1,207,739

Fair Value

^[3]

$ 1,224,176

$ 1,111,831

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan (7/18)

Loan

3M USD SOFR+

4.00%

0.00%

Current Rate (All In)

9.60%

9.59%

Maturity Date

Aug. 20, 2025

Principal/ Number of Shares

1,350,172

1,353,744

Cost

$ 1,348,518

$ 1,351,272

Fair Value

$ 1,156,652

$ 1,170,988

Vertex Aerospace Services Corp [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Aerospace & Defense

Term Loan (10/21)

Loan

1M USD SOFR+

2.75%

3.25%

SOFR/LIBOR Floor

0.75%

Current Rate (All In)

8.08%

8.68%

Maturity Date

Dec. 06, 2030

Dec. 06, 2028

Principal/ Number of Shares

980,075

982,538

Cost

$ 977,321

$ 979,566

Fair Value

$ 983,143

$ 982,459

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan (01/22)

Loan

1M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.43%

Maturity Date

Jan. 12, 2029

Principal/ Number of Shares

2,975,130

Cost

$ 2,971,218

$ 2,970,557

Fair Value

$ 2,977,926

$ 2,970,667

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

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%

Current Rate (All In)

9.83%

Maturity Date

Mar. 05, 2029

Principal/ Number of Shares

2,959,849

2,967,381

Cost

$ 2,904,035

$ 2,908,179

Fair Value

$ 2,711,962

$ 2,909,903

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B (9/21)

Loan

1M USD SOFR+

2.25%

0.00%

Current Rate (All In)

7.69%

Maturity Date

Sep. 28, 2028

Principal/ Number of Shares

2,761,364

2,823,409

Cost

$ 2,756,082

$ 2,817,201

Fair Value

$ 2,757,912

$ 2,819,880

Vistra Operations Company LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Energy: Electricity

Asset Name

2018 Incremental Term Loan

Loan

1M USD SOFR+

2.00%

0.00%

Current Rate (All In)

7.33%

Maturity Date

Dec. 20, 2030

Principal/ Number of Shares

1,884,669

1,889,393

Cost

$ 1,876,723

$ 1,880,083

Fair Value

$ 1,890,719

$ 1,880,135

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan 4/22

Loan

1M USD SOFR+

2.25%

0.50%

Current Rate (All In)

7.68%

Maturity Date

May 16, 2029

Principal/ Number of Shares

491,250

492,500

Cost

$ 487,578

$ 488,534

Fair Value

$ 493,441

$ 492,731

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Construction & Building

Term Loan B (01/24)

Loan

1M USD SOFR+

2.75%

0.00%

Current Rate (All In)

8.08%

Maturity Date

Mar. 24, 2028

Principal/ Number of Shares

1,835,482

1,841,374

Cost

$ 1,834,853

$ 1,840,186

Fair Value

$ 1,848,477

$ 1,843,676

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

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%

Current Rate (All In)

11.33%

Maturity Date

Sep. 30, 2025

Principal/ Number of Shares

465,000

466,250

Cost

$ 465,000

$ 466,250

Fair Value

$ 477,206

$ 472,078

Walker & Dunlop, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Term Loan

Term Loan B (12/22)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

2.25%

3.00%

SOFR/LIBOR Floor

0.50%

Current Rate (All In)

7.68%

8.43%

Maturity Date

Dec. 15, 2028

Principal/ Number of Shares

495,000

496,250

Cost

$ 487,053

$ 487,839

Fair Value

$ 495,619

$ 495,009

Warner Music Group Corp. (WMG Acquisition Corp.) [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Asset Name

First Lien TL I (01/24)

Loan

1M USD SOFR+

2.00%

0.00%

Current Rate (All In)

7.33%

Maturity Date

Jan. 24, 2031

Principal/ Number of Shares

1,250,000

Cost

$ 1,249,971

$ 1,249,906

Fair Value

$ 1,252,775

$ 1,247,463

Watlow Electric Manufacturing Company [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

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%

Current Rate (All In)

9.34%

9.33%

Maturity Date

Mar. 02, 2028

Principal/ Number of Shares

2,791,322

2,831,632

Cost

$ 2,782,487

$ 2,822,010

Fair Value

$ 2,794,225

$ 2,826,337

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Consumer

Term Loan (09/23)

Loan

1M USD SOFR+

4.50%

0.00%

Current Rate (All In)

9.82%

Maturity Date

Jan. 29, 2028

Principal/ Number of Shares

4,808,923

Cost

$ 4,807,138

$ 4,806,669

Fair Value

$ 4,820,946

$ 4,784,879

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

2.00%

0.00%

Current Rate (All In)

7.33%

Maturity Date

Apr. 01, 2028

Mar. 31, 2028

Principal/ Number of Shares

2,917,330

2,924,849

Cost

$ 2,911,409

$ 2,918,448

Fair Value

$ 2,926,199

$ 2,919,379

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Diversified & Production

Term Loan

Loan

1M USD SOFR+

4.25%

0.75%

Current Rate (All In)

9.69%

Maturity Date

Mar. 27, 2028

Principal/ Number of Shares

2,997,300

3,005,025

Cost

$ 2,947,371

$ 2,952,048

Fair Value

$ 2,897,400

$ 2,899,849

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Asset Name

Windsor Holdings III TL

Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

4.00%

4.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

9.32%

9.82%

Maturity Date

Aug. 01, 2030

Principal/ Number of Shares

498,750

500,000

Cost

$ 498,750

$ 500,000

Fair Value

$ 503,947

$ 500,390

Wyndham Hotels & Resorts, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Asset Name

Term Loan (05/24)

Term Loan 5/23

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

1.75%

2.25%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.17%

7.68%

Maturity Date

May 24, 2030

Principal/ Number of Shares

992,500

995,000

Cost

$ 988,251

$ 990,380

Fair Value

$ 993,989

$ 996,124

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

High Tech Industries

Asset Name

Term Loan B (05/24)

Term Loan

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

3.00%

3.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

8.32%

8.94%

Maturity Date

Jun. 08, 2028

Principal/ Number of Shares

1,947,945

1,983,094

Cost

$ 1,945,147

$ 1,979,717

Fair Value

$ 1,948,763

$ 1,977,303

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

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%

Current Rate (All In)

9.65%

Maturity Date

Mar. 09, 2027

Principal/ Number of Shares

980,000

982,500

Cost

$ 964,355

$ 965,514

Fair Value

$ 856,628

$ 884,555

ZEBRA BUYER (Allspring) LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan 4/21

Loan

3M USD SOFR+

3.25%

0.50%

Current Rate (All In)

8.82%

8.89%

Maturity Date

Nov. 01, 2028

Principal/ Number of Shares

1,861,760

1,866,509

Cost

$ 1,853,650

$ 1,857,862

Fair Value

$ 1,856,230

$ 1,862,142

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Metals & Mining

Asset Name

Term Loan B (03/24)

Term Loan (01/20)

Asset Type

Loan

Reference Rate

1M USD SOFR+

Reference Spread

2.25%

2.00%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

7.57%

7.44%

Maturity Date

Jan. 24, 2031

Jan. 25, 2027

Principal/ Number of Shares

1,454,029

954,029

Cost

$ 1,452,837

$ 954,029

Fair Value

$ 1,455,061

$ 953,733

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Asset Name

Term Loan (1/23)

Asset Type

Loan

Reference Rate

3M USD SOFR+

1M USD SOFR+

Reference Spread

5.50%

SOFR/LIBOR Floor

0.00%

Current Rate (All In)

10.83%

Maturity Date

Feb. 08, 2028

Principal/ Number of Shares

1,975,000

1,980,000

Cost

$ 1,897,489

$ 1,897,656

Fair Value

$ 1,937,969

$ 1,940,400

Zodiac Pool Solutions [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Consumer goods: Durable

Term Loan (1/22)

Loan

1M USD SOFR+

1.93%

0.50%

Current Rate (All In)

7.35%

Maturity Date

Jan. 29, 2029

Principal/ Number of Shares

488,750

490,000

Cost

$ 488,112

$ 489,237

Fair Value

$ 489,226

$ 488,772

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan

Loan

3M USD SOFR+

5.00%

0.00%

Current Rate (All In)

10.57%

Maturity Date

Aug. 15, 2025

Principal/ Number of Shares

4,551,925

Cost

$ 4,499,117

Fair Value

$ 4,392,607

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

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%

Current Rate (All In)

8.68%

Maturity Date

Dec. 06, 2027

Principal/ Number of Shares

1,469,697

Cost

$ 1,463,299

Fair Value

$ 1,405,398

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Services: Business

Term Loan 2/21

Loan

1M USD SOFR+

1.75%

0.00%

Current Rate (All In)

7.18%

Maturity Date

Sep. 07, 2027

Principal/ Number of Shares

967,500

Cost

$ 965,030

Fair Value

$ 966,068

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan B (2/20)

Loan

1M USD SOFR+

3.50%

0.00%

Current Rate (All In)

8.94%

Maturity Date

Feb. 12, 2027

Principal/ Number of Shares

979,592

Cost

$ 977,377

Fair Value

$ 979,866

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Asset Name

Incremental Term Loan (7/21)

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.94%

Maturity Date

Feb. 12, 2027

Principal/ Number of Shares

975,000

Cost

$ 975,000

Fair Value

$ 975,000

Axalta Coating Systems US Holdings [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan B (08/23)

Loan

3M USD SOFR+

2.50%

0.50%

Current Rate (All In)

7.85%

Maturity Date

Dec. 20, 2029

Principal/ Number of Shares

867,888

Cost

$ 860,595

Fair Value

$ 868,183

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

Current Rate (All In)

8.94%

Maturity Date

Oct. 14, 2027

Principal/ Number of Shares

1,960,048

Cost

$ 1,946,212

Fair Value

$ 1,946,171

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Aerospace & Defense

Term Loan B

Loan

1M USD SOFR+

3.00%

0.00%

Current Rate (All In)

8.43%

Maturity Date

Aug. 09, 2030

Principal/ Number of Shares

249,375

Cost

$ 247,649

Fair Value

$ 249,500

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B (1/22)

Loan

1M USD SOFR+

5.25%

0.50%

Current Rate (All In)

10.67%

Maturity Date

Feb. 01, 2027

Principal/ Number of Shares

1,850,000

Cost

$ 1,710,365

Fair Value

$ 1,465,552

Catalent Pharma Solutions, Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B4

Loan

1M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.32%

Maturity Date

Feb. 22, 2028

Principal/ Number of Shares

600,000

Cost

$ 595,597

Fair Value

$ 601,500

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan B3 (2/21)

Loan

1M USD SOFR+

2.00%

0.50%

Current Rate (All In)

7.43%

Maturity Date

Feb. 22, 2028

Principal/ Number of Shares

598,462

Cost

$ 587,525

Fair Value

$ 597,588

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Media: Advertising, Printing & Publishing

Term Loan B (6/21)

Loan

3M USD SOFR+

4.75%

1.00%

Current Rate (All In)

10.33%

Maturity Date

Jul. 14, 2026

Principal/ Number of Shares

2,932,500

Cost

$ 2,917,832

Fair Value

$ 2,930,682

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Telecommunications

Term Loan B (1/20)

Loan

1M USD SOFR+

2.25%

0.00%

Current Rate (All In)

7.69%

Maturity Date

Mar. 15, 2027

Principal/ Number of Shares

3,838,165

Cost

$ 3,835,627

Fair Value

$ 2,781,480

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Cargo

Term Loan 2/21

Loan

1M USD SOFR+

4.00%

0.75%

Current Rate (All In)

9.44%

Maturity Date

Mar. 05, 2028

Principal/ Number of Shares

1,162,500

Cost

$ 1,159,080

Fair Value

$ 1,162,860

Delos Aircraft DAC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Transportation: Consumer

Term Loan B

Loan

3M USD SOFR+

2.00%

0.00%

Current Rate (All In)

7.35%

Maturity Date

Oct. 31, 2027

Principal/ Number of Shares

250,000

Cost

$ 250,000

Fair Value

$ 250,438

Electrical Components Inter., Inc. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Capital Equipment

Term Loan (6/18)

Loan

1M USD SOFR+

4.25%

0.00%

Current Rate (All In)

9.68%

Maturity Date

Jun. 26, 2025

Principal/ Number of Shares

1,868,421

Cost

$ 1,868,421

Fair Value

$ 1,861,415

Endo Luxembourg Finance Company I S.a.r.l. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan (3/21)

Loan

Prime

6.00%

0.75%

Current Rate (All In)

14.50%

Maturity Date

Mar. 27, 2028

Principal/ Number of Shares

2,335,285

Cost

$ 2,330,451

Fair Value

$ 1,522,606

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD SOFR+

3.75%

0.00%

Current Rate (All In)

9.39%

Maturity Date

Feb. 18, 2027

Principal/ Number of Shares

Cost

$ 1,951

Fair Value

Flutter Financing B.V. One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan B3 (11/23)

Loan

3M USD SOFR+

2.25%

0.50%

Current Rate (All In)

7.70%

Maturity Date

Nov. 25, 2030

Principal/ Number of Shares

3,000,000

Cost

$ 2,992,850

Fair Value

$ 2,984,370

Hilton Grand Vacations Borrower LLC One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Hotel, Gaming & Leisure

Term Loan B

Loan

1M USD SOFR+

2.75%

0.00%

Current Rate (All In)

8.18%

Maturity Date

Aug. 02, 2028

Principal/ Number of Shares

500,000

Cost

$ 500,000

Fair Value

$ 499,375

INSTANT BRANDS HOLDINGS INC. One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

^[5]

Consumer goods: Durable

Asset Name

^[5]

Term Loan 4/21

Asset Type

^[5]

Loan

Reference Rate

^[5]

Prime

Reference Spread

^[5]

4.00%

SOFR/LIBOR Floor

^[5]

0.75%

Current Rate (All In)

^[5]

14.50%

Maturity Date

^[5]

Apr. 07, 2028

Principal/ Number of Shares

^[5]

3,942,576

Cost

^[5]

$ 3,929,234

Fair Value

^[5]

$ 256,267

INSTANT BRANDS HOLDINGS INC. Two [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

^[3]

Consumer goods: Durable

Asset Name

^[3]

PIK DIP Term Loan

Asset Type

^[3]

Loan

Reference Rate

^[3]

1M USD SOFR+

Reference Spread

^[3]

3.00%

SOFR/LIBOR Floor

^[3]

1.00%

Current Rate (All In)

^[3]

15.45%

Maturity Date

^[3]

Jan. 31, 2024

Principal/ Number of Shares

^[3]

1,523,653

Cost

^[3]

$ 1,523,115

Fair Value

^[3]

$ 1,557,935

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

^[3]

Consumer goods: Durable

Asset Name

^[3]

Term Loan

Asset Type

^[3]

Loan

Reference Rate

^[3]

1M USD SOFR+

Reference Spread

^[3]

5.25%

SOFR/LIBOR Floor

^[3]

0.50%

Current Rate (All In)

^[3]

10.69%

Maturity Date

^[3]

Jan. 06, 2028

Principal/ Number of Shares

^[3]

Cost

^[3]

$ 40,239

Fair Value

^[3]

Nouryon Finance B.V. One [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Chemicals, Plastics, & Rubber

Term Loan (05/23)

Loan

3M USD SOFR+

4.00%

0.00%

Current Rate (All In)

9.42%

Maturity Date

Apr. 03, 2028

Principal/ Number of Shares

498,747

Cost

$ 494,084

Fair Value

$ 498,228

Organon & Co. [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Healthcare & Pharmaceuticals

Term Loan USD

Loan

1M USD SOFR+

3.00%

0.50%

Current Rate (All In)

8.43%

Maturity Date

Jun. 02, 2028

Principal/ Number of Shares

2,118,750

Cost

$ 2,112,577

Fair Value

$ 2,120,085

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

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Containers, Packaging & Glass

Term Loan B2

Loan

1M USD SOFR+

3.25%

0.00%

Current Rate (All In)

8.69%

Maturity Date

Feb. 05, 2026

Principal/ Number of Shares

1,933,578

Cost

$ 1,929,763

Fair Value

$ 1,936,692

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

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%

Current Rate (All In)

8.60%

Maturity Date

Feb. 22, 2027

Principal/ Number of Shares

1,973,436

Cost

$ 1,970,279

Fair Value

$ 1,977,580

United Natural Foods, Inc [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

3.25%

0.00%

Current Rate (All In)

8.69%

Maturity Date

Oct. 22, 2025

Principal/ Number of Shares

1,241,834

Cost

$ 1,218,443

Fair Value

$ 1,239,922

Utz Quality Foods, LLC [Member] | Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments Cash and Cash Equivalents [Line Items]

Industry

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

3.00%

0.00%

Current Rate (All In)

8.44%

Maturity Date

Jan. 20, 2028

Principal/ Number of Shares

1,478,977

Cost

$ 1,478,749

Fair Value

$ 1,478,252

[1]	Included within cash and cash equivalents in Saratoga CLO's Statements of Assets and Liabilities as of May 31, 2024.
[2]	Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 29, 2024.
[3]	Investments include Payment-in-Kind Interest.
[4]	As of May 31, 2024, the investment was in default and on non-accrual status.
[5]	As of February 29, 2024, the investment was in default and on non-accrual status.

Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($)	May 31, 2024	Feb. 29, 2024
Amortized cost (in Dollars)	$ 1,122,617,957	$ 1,179,783,737
Net reserve of interest receivable (in Dollars)	$ 10,431,823	$ 9,490,340
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in Shares)	100,000,000	100,000,000
Common stock, shares issued (in Shares)	13,698,966	13,653,476
Common stock, shares outstanding (in Shares)	13,698,966	13,653,476
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%
8.50% Notes Payable 2028
Notes payable discount, percentage	8.50%
Debt financing costs, percentage	8.50%
Non-control/Non-affiliate investments
Amortized cost (in Dollars)	$ 1,018,223,820	$ 1,035,879,751
Affiliate investments
Amortized cost (in Dollars)	26,950,411	26,707,415
Control investments
Amortized cost (in Dollars)	$ 77,443,726	$ 117,196,571

Stockholders' Equity (Details) - Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity - USD ($)	3 Months Ended					12 Months Ended
	May 31, 2024	Feb. 29, 2024	Nov. 30, 2023	Aug. 31, 2023	May 31, 2023	Feb. 29, 2024
Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity [Line Items]
Balance	$ 370,224,108	$ 359,558,749	$ 362,078,755	$ 337,450,848	$ 346,958,042	$ 346,958,042
Increase (Decrease) from Operations:
Net investment income	14,335,005	12,784,511	14,166,063	13,964,784	15,958,950
Realized losses on extinguishment of debt	(21,194,997)			(110,056)	90,691
Net realized gain (loss) from investments	(21,194,997)	2,327	60,565		90,691
Net change in unrealized appreciation (depreciation) on investments	13,931,431	(7,164,613)	(17,866,353)	(5,737,571)	(16,322,307)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	(461,001)	(315,473)	(415,894)	(221,206)	59,407
Decrease from Shareholder Distributions:
Distributions of investment income – net	(9,967,036)	(9,803,576)	(9,286,642)	(8,352,335)	(8,193,402)
Capital Share Transactions:
Proceeds from issuance of common stock		13,028,770	9,012,500	22,498,117
Capital contribution from manager		1,382,009	1,043,000	2,050,288
Stock dividend distribution	987,572	915,193	858,995	749,313	1,058,844
Offering costs		(163,789)	(92,240)	(213,427)
Repurchases of common stock					(2,157,605)
Repurchase fees					(1,772)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles
Balance	367,855,082	370,224,108	359,558,749	362,078,755	337,450,848	370,224,108
Common Stock [Member]
Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity [Line Items]
Balance	$ 13,654	$ 13,115	$ 12,730	$ 11,848	$ 11,891	$ 11,891
Balance (in Shares)	13,653,476	13,114,977	12,729,781	11,847,742	11,890,500	11,890,500
Increase (Decrease) from Operations:
Net investment income
Realized losses on extinguishment of debt
Net realized gain (loss) from 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		$ 501	$ 350	$ 852
Proceeds from issuance of common stock (in Shares)		501,105	350,000	852,412
Capital contribution from manager
Stock dividend distribution	$ 45	$ 38	$ 35	$ 30	$ 47
Stock dividend distribution (in Shares)	45,490	37,394	35,196	29,627	45,818
Offering costs
Repurchases of common stock					$ (90)
Repurchases of common stock (in Shares)					(88,576)
Repurchase fees
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles
Balance	$ 13,699	$ 13,654	$ 13,115	$ 12,730	$ 11,848	$ 13,654
Balance (in Shares)	13,698,966	13,653,476	13,114,977	12,729,781	11,847,742	13,653,476
Capital in Excess of Par Value [Member]
Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity [Line Items]
Balance	$ 371,081,199	$ 356,698,595	$ 345,876,725	$ 320,793,316	$ 321,893,806	$ 321,893,806
Increase (Decrease) from Operations:
Net investment income
Realized losses on extinguishment of debt
Net realized gain (loss) from 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		13,028,269	9,012,150	22,497,265
Capital contribution from manager		1,382,009	1,043,000	2,050,288
Stock dividend distribution	987,527	915,155	858,960	749,283	1,058,797
Offering costs		(163,789)	(92,240)	(213,427)
Repurchases of common stock					(2,157,515)
Repurchase fees					(1,772)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		(779,040)
Balance	372,068,726	371,081,199	356,698,595	345,876,725	320,793,316	371,081,199
Total Distributable Earnings (Loss) [Member]
Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity [Line Items]
Balance	(870,745)	2,847,039	16,189,300	16,645,684	25,052,345	25,052,345
Increase (Decrease) from Operations:
Net investment income	14,335,005	12,784,511	14,166,063	13,964,784	15,958,950
Realized losses on extinguishment of debt				(110,056)
Net realized gain (loss) from investments	(21,194,997)	2,327	60,565		90,691
Net change in unrealized appreciation (depreciation) on investments	13,931,431	(7,164,613)	(17,866,353)	(5,737,571)	(16,322,307)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	(461,001)	(315,473)	(415,894)	(221,206)	59,407
Decrease from Shareholder Distributions:
Distributions of investment income – net	(9,967,036)	(9,803,576)	(9,286,642)	(8,352,335)	(8,193,402)
Capital Share Transactions:
Proceeds from issuance of common stock
Capital contribution from manager
Stock dividend distribution
Offering costs
Repurchases of common stock
Repurchase fees
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		779,040
Balance	$ (4,227,343)	$ (870,745)	$ 2,847,039	$ 16,189,300	$ 16,645,684	$ (870,745)

Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	May 31, 2024	May 31, 2023
Operating activities
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 6,610,438	$ (213,259)
FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Payment-in-kind and other adjustments to cost	383,131	1,473,779
Net accretion of discount on investments	(814,013)	(461,543)
Amortization of deferred debt financing costs	1,238,632	1,220,162
Income tax expense (benefit)	(60,283)	6,237
Net realized (gain) loss from investments	21,194,997	(90,691)
Net change in unrealized (appreciation) depreciation on investments	(13,931,431)	16,322,307
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	461,001	(59,407)
Proceeds from sales and repayments of investments	75,702,723	11,067,194
Purchases of investments	(39,301,058)	(139,818,921)
(Increase) decrease in operating assets:
Interest receivable	680,549	328,202
Management fee receivable	7,967	1,783
Other assets	(522,897)	(136,569)
Receivable from open trades	(1,269,231)
Current income tax receivable	84,245	336,875
Increase (decrease) in operating liabilities:
Base management and incentive fees payable	420,098	(2,490,034)
Accounts payable and accrued expenses	(13,164)	434,280
Interest and debt fees payable	1,353,253	832,931
Directors fees payable		(14,932)
Due to manager	(79,909)	348,138
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	52,145,048	(110,913,468)
Financing activities
Borrowings on debt	23,000,000	32,500,000
Paydowns on debt	(12,500,000)	(30,000,000)
Issuance of notes		77,500,000
Payments of deferred debt financing costs	(875,791)	(2,715,705)
Payments of cash dividends	(8,979,464)	(7,134,558)
Repurchases of common stock		(2,157,605)
Repurchases fees		(1,772)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	644,745	67,990,360
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS	52,789,793	(42,923,108)
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF YEAR	40,507,124	96,076,273
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD (See Note 2)	93,296,917	53,153,165
Supplemental information:
Interest paid during the year	10,370,196	9,639,729
Cash paid for taxes	54,821	300
Supplemental non-cash information:
Payment-in-kind interest income and other adjustments to cost	(383,131)	(1,473,779)
Net accretion of discount on investments	814,013	461,543
Amortization of deferred debt financing costs	1,238,632	1,220,162
Stock dividend distribution	$ 987,572	$ 1,058,844

Summary of Significant Accounting Policies (Tables)

3 Months Ended

May 31, 2024

Summary of Significant Accounting Policies [Abstract]

Schedule of Reconciliation of Cash and Cash Equivalents and Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and liabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows:

	May 31, 2024		February 29, 2024
Cash and cash equivalents	$	32,228,082	$	8,692,846
Cash and cash equivalents, reserve accounts		61,068,835		31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	93,296,917	$	40,507,124

Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	May 31, 2024	May 31, 2023
Income Statement [Abstract]
WEIGHTED AVERAGE - DILUTED EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)	$ 0.48	$ (0.02)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED	13,683,314	11,862,163

- Definition

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.

+ References

+ Details

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class - USD ($)

3 Months Ended

12 Months Ended

May 31, 2024

Feb. 29, 2024

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items]

First lien term loans

$ 945,045

$ 976,423

Second lien term loans

18,387

18,097

Unsecured term loans

15,818

Structured finance securities

24,054

30,626

Equity interests

92,255

97,830

Total

1,095,559

1,138,794

Level 1 [Member]

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items]

First lien term loans

Second lien term loans

Unsecured term loans

Structured finance securities

Equity interests

Total

Level 2 [Member]

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items]

First lien term loans

Second lien term loans

Unsecured term loans

Structured finance securities

Equity interests

Total

Level 3 [Member]

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items]

First lien term loans

945,045

976,423

Second lien term loans

18,387

18,097

Unsecured term loans

15,818

Structured finance securities

24,054

30,626

Equity interests

83,453

88,426

Total

1,086,757

1,129,390

Valued Using Net Asset Value [Member]

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items]

First lien term loans

^[1]

Second lien term loans

^[1]

Unsecured term loans

^[1]

Structured finance securities

^[1]

Equity interests

^[1]

8,802

9,404

Total

^[1]

$ 8,802

$ 9,404

[1]

Accounting Policies, by Policy (Policies)

3 Months Ended

May 31, 2024

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), are stated in U.S. Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries, SIF II, SIF III, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-MAC, Inc., SIA-PP, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., SIA-Vector, Inc. and SIA-VR, Inc. All intercompany accounts and transactions have been eliminated in consolidation. All references made to the “Company,” “we,” and “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise.

The Company, SBIC II LP, and SBIC III LP are all considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies (“ASC 946”). There have been no changes to the Company, SBIC II LP, or SBIC III LP’s status as investment companies during the three months ended May 31, 2024.

Principles of Consolidation

Principles of Consolidation

Under the investment company rules and regulations pursuant to ASC 946, the Company is precluded from consolidating any entity other than another investment company or controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, FASB ASC Topic 810, Consolidation, concludes that in a joint venture where both members have equal decision-making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate its investment in SLF JV.

Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains (losses) and expenses during the period reported. Actual results could differ materially from those estimates.

Operating Segment

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

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include short-term, liquid investments in a money market fund. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are carried at cost which approximates fair value. Pursuant to Section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another investment company, such as a money market fund, if such investment would cause the Company to:

●

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

●

hold securities in the investment company having an aggregate value in excess of 5.0% of the value of the Company’s total assets; or

●

hold securities in investment companies having an aggregate value in excess of 10.0% of the value of the Company’s total assets.

As of May 31, 2024, the Company did not exceed any of these limitations.

Cash and Cash Equivalents, Reserve Accounts

Cash and Cash Equivalents, Reserve Accounts

Cash and cash equivalents, reserve accounts include amounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits, representing payments received on secured investments or other reserved amounts associated with the Encina Credit Facility or the Live Oak Credit Facility held by the Company’s wholly owned subsidiaries, SIF II and SIF III, respectively. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance with the terms of the Encina Credit Facility and the Live Oak Credit Facility.

In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market funds, within the Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP.

The statements of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts.

	May 31, 2024		February 29, 2024
Cash and cash equivalents	$	32,228,082	$	8,692,846
Cash and cash equivalents, reserve accounts		61,068,835		31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	93,296,917	$	40,507,124

Investment Classification

Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “control investments” are defined as investments in companies in which the Company owns more than 25.0% of the voting securities or maintains greater than 50.0% of the board representation. Under the 1940 Act, “affiliated investments” are defined as those non-control investments in companies in which the Company owns between 5.0% and 25.0% of the voting securities. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither control investments nor affiliated investments.

Investment Valuation

Investment Valuation

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

Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject to any decision by the Company’s board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. The Company values investments for which market quotations are not readily available at fair value as approved, in good faith, by the Company’s board of directors based on input from the Manager, the audit committee of the board of directors and a third-party independent valuation firm.

The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:

●

each investment is initially valued by the responsible investment professionals of the Manager and preliminary valuation conclusions are documented, reviewed and discussed with our senior management; and

●

an independent valuation firm engaged by the Company’s board of directors independently reviews a selection of these preliminary valuations each quarter so that the valuation of each investment for which market quotes are not readily available is reviewed by the independent valuation firm at least once each fiscal year. The Company uses a third-party independent valuation firm to value its investment in the subordinated notes of Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”), the Class F-2-R-3 Notes of the Saratoga CLO, and the Class E Notes of the SLF 2022 every quarter.

In addition, all investments are subject to the following valuation process:

●

the audit committee of the Company’s board of directors reviews and approves each preliminary valuation and the Manager and independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and

●

the Company’s board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of the Manager, independent valuation firm (to the extent applicable) and the audit committee of the board of directors.

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

The Company’s investments in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds, when available, as determined by the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of its investment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022. The inputs are based on available market data and projections provided by third parties as well as management estimates. The Company uses the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine the valuation for our investment in Saratoga CLO.

The Company’s equity investment in SLF JV is measured using the proportionate share of the net asset value (“NAV”), or equivalent, of SLF JV as a practical expedient for fair value, provided by ASC 820. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique.

Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Company’s NAV could be materially affected if the determinations regarding the fair value of its investments were materially higher or lower than the values that the Company ultimately realizes upon the disposal of such investments.

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

Derivative Financial Instruments

Derivative Financial Instruments

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

Investment Transactions and Income Recognition

Investment Transactions and Income Recognition

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

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At May 31, 2024, our investment in three portfolio companies were on non-accrual status with a fair value of approximately $16.7 million, or 1.5% of the fair value of our portfolio. At February 29, 2024, our investment in three portfolio companies were on non-accrual status with a fair value of approximately $18.9 million, or 1.7% of the fair value of our portfolio.

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

Payment-in-Kind Interest

Payment-in-Kind Interest

The Company holds debt and preferred equity investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company stops accruing PIK interest if it is expected that the issuer will not be able to pay all principal and interest when due. The Company restores to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.

Dividend Income

Dividend Income

Dividend income is recorded in the consolidated statements of operations when earned.

Structuring and Advisory Fee Income

Structuring and Advisory Fee Income

Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments.

Other Income

Other Income

Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned.

Deferred Debt Financing Costs

Deferred Debt Financing Costs

Financing costs incurred in connection with our credit facility and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt securities. Financing costs incurred in connection with the SBA debentures of SBIC II LP and SBIC III LP are deferred and amortized using the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized using the effective interest method over the life of the respective debt security.

The Company presents deferred debt financing costs on the balance sheet as a contra-liability, which is a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.

Realized Loss on Extinguishment of Debt

Realized Loss on Extinguishment of Debt

Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying debt obligation).

Contingencies

Contingencies

In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management reasonably believes that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications.

In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company.

Income Taxes

Income Taxes

The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. By meeting these requirements, the Company generally will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders. Therefore, no provision has been recorded for federal income taxes, except as related to the Corporate Blockers (as defined below) and long-term capital gains, when applicable.

In order to qualify as a RIC, among other requirements, the Company generally is required to timely distribute to its stockholders at least 90% of its “investment company taxable income”, as defined by the Code, for each fiscal tax year. The Company will be subject to U.S. federal income tax imposed at corporate rates on its investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject to a non-deductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least (1) 98% of its net ordinary income in any calendar year, (2) 98.2% of its capital gain net income for each one-year period ending on October 31and (3) any net ordinary income and capital gain net income that it recognized for preceding years, but were not distributed during such year, and on which the Company paid no U.S federal income tax.

Depending on the level of investment company taxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry forward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year and pay U.S. federal income tax, and possibly the 4% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual investment company taxable income will be in excess of estimated current year dividend distributions for U.S. federal excise tax purposes, the Company accrues the U.S. federal excise tax, if any, on estimated excess taxable income as taxable income is earned. For the years ended February 29, 2024, 2023 and 2022, the excise tax accrual on estimated excess taxable income was $1.8 million, $1.1 million and $0.6 million, respectively.

In accordance with U.S. Treasury regulations and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution in either cash or stock of the RIC. This published guidance indicates that the rule will apply where the aggregate amount of cash to be distributed to all stockholders is not at least 20% of the aggregate declared distribution. Under the published guidance, if too many stockholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock.

The Company may utilize wholly owned holding companies that are treated as corporations for U.S. federal income tax purposes when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC (“Corporate Blockers”). Corporate Blockers are consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred U.S. federal and state income tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included in the Company’s tax-basis net investment income until distributed by the Corporate Blocker, which may result in timing and character differences between the Company’s U.S. GAAP and tax-basis net investment income and realized gains and losses. Income tax expense or benefit from Corporate Blockers related to net investment income are included in total operating expenses, while any expense or benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net realized or unrealized gain or loss line item. Deferred tax assets of the Corporate Blockers are reduced by a valuation allowance when, in the opinion of management, it is more-likely than-not that some portion or all of the deferred tax assets will not be realized.

FASB ASC Topic 740, Income Taxes, (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 29, 2024, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2021, 2022, 2023 and 2024 federal tax years for the Company remain subject to examination by the IRS. At May 31, 2024 and February 29, 2024, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months.

Dividends

Dividends

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

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

Capital Gains Incentive Fee

Capital Gains Incentive Fee

The Company records an expense accrual on the consolidated statements of operations relating to the capital gains incentive fee payable to the Manager, as recorded on the consolidated statements of assets and liabilities when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments, as a capital gains incentive fee would be owed to the Manager if the Company were to liquidate its investment portfolio at such time.

The actual incentive fee payable to the Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and only reflect those realized capital gains net of realized and unrealized losses for the period.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820) (“ASU 2022-03”), which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU 2022-03 amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. With the adoption of ASU 2022-03, there was no significant impact to the consolidated financial statements.

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

Risk Management

Risk Management

In the ordinary course of its business, the Company manages a variety of risks, including market and credit risk. Market risk is the risk of potential adverse changes to the value of investments because of changes in market conditions such as interest rate movements and volatility in investment prices.

Credit risk is the risk of default or non-performance by portfolio companies, equivalent to the investment’s carrying amount. The Company is also exposed to credit risk related to maintaining all of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to any of its derivative counterparties.

The Company has investments in lower rated and comparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree of credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because such investments are generally unsecured and are often subordinated to other creditors of the issuer.

Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($)	May 31, 2024	Feb. 29, 2024
Schedule of Deferred Tax Assets and Liabilities [Abstract]
Total deferred tax assets	$ 3,134,349	$ 2,650,580
Total deferred tax liabilities	(4,362,996)	(3,901,995)
Valuation allowance on net deferred tax assets	(2,908,125)	(2,539,735)
Net deferred tax liability	$ (4,136,772)	$ (3,791,150)

Cover - shares	3 Months Ended
Cover - shares	May 31, 2024	Jul. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	May 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Information [Line Items]
Entity Registrant Name	SARATOGA INVESTMENT CORP.
Entity Central Index Key	0001377936
Securities Act File Number	814-00732
Entity Tax Identification Number	20-8700615
Entity Incorporation, State or Country Code	MD
Current Fiscal Year End Date	--02-28
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	(212)
Local Phone Number	906-7800
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		13,745,769
Common Stock, par value $0.001 per share
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	SAR
Security Exchange Name	NYSE
6.00% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	6.00% Notes due 2027
Trading Symbol	SAT
Security Exchange Name	NYSE
8.00% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	8.00% Notes due 2027
Trading Symbol	SAJ
Security Exchange Name	NYSE
8.125% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	8.125% Notes due 2027
Trading Symbol	SAY
Security Exchange Name	NYSE
8.50% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	8.50% Notes due 2027
Trading Symbol	SAZ
Security Exchange Name	NYSE

Summary of Significant Accounting Policies

3 Months Ended

May 31, 2024

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, FASB ASC Topic 810, Consolidation, concludes that in a joint venture where both members have equal decision-making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate its investment in SLF JV.

Use of Estimates in the Preparation of Financial Statements

Operating Segment

Cash and Cash Equivalents

●

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

●

hold securities in the investment company having an aggregate value in excess of 5.0% of the value of the Company’s total assets; or

●

hold securities in investment companies having an aggregate value in excess of 10.0% of the value of the Company’s total assets.

As of May 31, 2024, the Company did not exceed any of these limitations.

Cash and Cash Equivalents, Reserve Accounts

	May 31, 2024		February 29, 2024
Cash and cash equivalents	$	32,228,082	$	8,692,846
Cash and cash equivalents, reserve accounts		61,068,835		31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	93,296,917	$	40,507,124

Investment Classification

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 investments are subject to the following valuation process:

●

Derivative Financial Instruments

Investment Transactions and Income Recognition

Payment-in-Kind Interest

Dividend Income

Dividend income is recorded in the consolidated statements of operations when earned.

Structuring and Advisory Fee Income

Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments.

Other Income

Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned.

Deferred Debt Financing Costs

Realized Loss on Extinguishment of Debt

Contingencies

Income Taxes

Dividends

Capital Gains Incentive Fee

Recent Accounting Pronouncements

Risk Management

Earnings Per Share (Tables)

3 Months Ended

May 31, 2024

Earnings Per Share [Abstract]

Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets

	For the three months ended
Basic and Diluted	May 31, 2024		May 31, 2023
Net increase (decrease) in net assets resulting from operations	$	6,610	$	(213	)
Weighted average common shares outstanding		13,683,314		11,862,163
Weighted average earnings (loss) per common share	$	0.48	$	(0.02	)

Subsequent Events (Details) - Subsequent Event [Member] $ in Millions	Jul. 14, 2024 USD ($)
Subsequent Event [Line Items]
Percentage of lender approval	100.00%
Minimum [Member] \| Live Oak credit facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 50.0
Maximum [Member] \| Live Oak credit facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 75.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	May 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	May 31, 2024	May 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,610,438	$ (213,259)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Dividend (Tables)

3 Months Ended

May 31, 2024

Dividend [Abstract]

Schedule of Dividends Declared

The following table summarizes dividends declared for the three months ended May 31, 2024 (dollars in thousands except per share amounts):

			Amount		Total
Date Declared	Record Date	Payment Date	Per Share		Amount*
May 23, 2024	June 13, 2024	June 27, 2024	$	0.74	$	10,137
Total dividends declared			$	0.74	$	10,137

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

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
Total dividends declared			$	0.70	$	8,352

Schedule of Cash and Cash Equivalents and Cash and Cash Equivalents - USD ($)

May 31, 2024

^[1]

Feb. 29, 2024

^[2]

Cost

$ 93,296,917

$ 40,507,124

Number of Shares (in Shares)

93,296,917

40,507,124

% of Net Assets

25.40%

10.90%

Fair Value

$ 93,296,917

$ 40,507,124

U.S. Bank Money Market [Member]

Cost

^[3]

$ 93,296,917

$ 40,507,124

Number of Shares (in Shares)

^[3]

93,296,917

40,507,124

% of Net Assets

^[3]

25.40%

10.90%

Fair Value

^[3]

$ 93,296,917

$ 40,507,124

[1]	Percentages are based on net assets of $367,855,082 as of May 31, 2024.
[2]	Percentages are based on net assets of $370,224,108 as of February 29, 2024.
[3]	Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.

Financial Highlights (Tables)

3 Months Ended

May 31, 2024

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights as of and for the three months ended May 31, 2024 and May 31, 2023:

Per share data	May 31, 2024			May 31, 2023
Net asset value at beginning of period	$	27.12		$	29.18
Net investment income(1)		1.05			1.35
Net realized and unrealized gain and losses on investments(1)		(0.57	)		(1.36	)
Net increase in net assets resulting from operations		0.48			(0.01	)
Distributions declared from net investment income		(0.73	)		(0.69	)
Total distributions to stockholders		(0.73	)		(0.69	)
Issuance of common stock at net asset value (2)		-			-
Capital contribution from Manager for the issuance of common stock (14)		-			-
Repurchases of common stock(3)		-			0.04
Dilution(4)		(0.02	)		(0.04	)
Net asset value at end of period	$	26.85		$	28.48
Net assets at end of period	$	367,855,082		$	337,450,848
Shares outstanding at end of period		13,698,966			11,847,742
Per share market value at end of period	$	23.74		$	28.10
Total return based on market value(5)(6)		3.93	%		5.04	%
Total return based on net asset value(5)(7)		2.33	%		0.52	%
Ratio/Supplemental data:
Ratio of net investment income to average net assets(8)		18.29	%		18.64	%
Expenses:
Ratios of operating expenses and income taxes to average net assets*(9)		8.51	%		7.98	%
Ratio of incentive management fees to average net assets(5)		0.97	%		0.03	%
Ratio of interest and debt financing expenses to average net assets(9)		13.93	%		13.59	%
Ratio of total expenses and income taxes to average net assets*(8)		23.41	%		21.60	%
Portfolio turnover rate(5)(10)		3.52	%		1.09	%
Asset coverage ratio per unit(11)		1,596			1,557
Average market value per unit
Revolving Credit Facilities(12)		N/A			N/A
SBA Debentures Payable(12)		N/A			N/A
8.75% Notes Payable 2025(12)		N/A			N/A
7.00% Notes Payable 2025(12)		N/A			N/A
7.25% Notes Payable 2025(13)		N/A			N/A
7.75% Notes Payable 2025(12)		N/A			N/A
4.375% Notes Payable 2026(12)		N/A			N/A
4.35% Notes Payable 2027(12)		N/A			N/A
6.00% Notes Payable 2027	$	24.14		$	23.24
6.25% Notes Payable 2027(12)		N/A			N/A
8.00% Notes Payable 2027	$	25.09		$	24.86
8.125% Notes Payable 2027	$	25.21		$	24.88
8.50% Notes Payable 2028	$	25.35		$	24.91

*	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 decrease 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 less than NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period.

(3)	Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11. Stockholders’ Equity.
(4)	Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13. Dividend.
(5)	Ratios are not annualized.
(6)	Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
(7)	Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
(8)	Ratios are annualized. Incentive management fees included within the ratio are not annualized.
(9)	Ratios are annualized.
(10)	Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value.
(11)	Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage.
(12)	The Revolving Credit Facilities, SBA Debentures, 8.75% Notes Payable 2025, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading.
(13)	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE.

Commitments and Contingencies (Details) - USD ($) $ in Millions	May 31, 2024	Feb. 29, 2024
Commitments and Contingencies [Line Items]
Off-balance sheet arrangements	$ 132.0	$ 132.4
Cash and cash equivalents	32.2
Available borrowings credit facility	70.2
Encina Credit Facility [Member]
Commitments and Contingencies [Line Items]
Available borrowings credit facility	32.5
Credit facility
Live Oak credit facility [Member]
Commitments and Contingencies [Line Items]
Available borrowings credit facility	37.0
Credit facility

Agreements and Related Party Transactions

3 Months Ended

May 31, 2024

Agreements and Related Party Transactions [Abstract]

Agreements and Related Party Transactions

Note 7. Agreements and Related Party Transactions

Investment Advisory and Management Agreement

On July 30, 2010, the Company entered into the Management Agreement with the Manager. The initial term of the Management Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by the Company’s board of directors and/or the Company’s stockholders. Most recently, on July 8, 2024, the Company’s board of directors approved the renewal of the Management Agreement for an additional one-year term. Pursuant to the Management Agreement, the Manager implements the Company’s business strategy on a day-to-day basis and performs certain services for the Company, subject to oversight by the board of directors. The Manager is responsible for, among other duties, determining investment criteria, sourcing, analyzing and executing investments transactions, asset sales, financings and performing asset management duties. Under the Management Agreement, the Company pays the Manager a management fee for investment advisory and management services consisting of a base management fee and an incentive management fee.

Base Management Fee and Incentive Management Fee

The base management fee of 1.75% per year is calculated based on the average value of 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% of the Company’s pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, that exceeds a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter, subject to a “catch-up” provision. Under this provision, in any fiscal quarter, the Manager receives no incentive fee unless our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. The Manager will receive 100% 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% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. There is no accumulation of amounts on the hurdle rate from quarter to quarter, and accordingly there is no claw back of amounts previously paid if subsequent quarters are below the quarterly hurdle rate, and there is no delay of payment if prior quarters are below the quarterly hurdle rate.

The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals 20.0% of the Company’s “incentive fee capital gains,” which equals the Company’s realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis on each investment in the Company’s portfolio, less the aggregate amount of any previously paid capital gain incentive fee. Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May 31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital gains portion of the incentive fee, and the Manager will be entitled to 20.0% of incentive fee capital gains that arise after May 31, 2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date.

For the three months ended May 31, 2024 and May 31, 2023, the Company incurred $5.0 million and $4.6 million in base management fees, respectively. For the three months ended May 31, 2024 and May 31, 2023, the Company incurred $3.6 million and $3.2 million in incentive fees related to pre-incentive fee net investment income, respectively. For the three months ended May 31, 2024 and May 31, 2023, the Company accrued an expense (benefit) of $0.0 million and ($3.1) 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, 2024, the base management fees accrual was $5.0 million and the incentive fees accrual was $3.6 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. As of February 29, 2024, the base management fees accrual was $5.0 million and the incentive fees accrual was $3.2 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities.

Administration Agreement

On July 30, 2010, the Company entered into a separate administration agreement (the “Administration Agreement”) with the Manager, pursuant to which the Manager, as the Company’s administrator, has agreed to furnish the Company with the facilities and administrative services necessary to conduct day-to-day operations and provide managerial assistance on the Company’s behalf to those portfolio companies to which the Company is required to provide such assistance. The initial term of the Administration Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by the Company’s board of directors and/or the Company’s stockholders. The amount of expenses payable or reimbursable thereunder by the Company was capped at $1.0 million for the initial two-year term of the Administration Agreement and subsequent renewals. Most recently, on July 8, 2024, the Company’s 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 $4.3 million, while continuing to assess whether to increase this within the foreseeable future, with any increase to be effective August 1, 2024.

For the three months ended May 31, 2024 and May 31, 2023, the Company recognized $1.1 million and $0.8 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion of rent and other overhead related expenses. As of May 31, 2024 and February 29, 2024, $0.4 million and $0.5 million, respectively, of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities.

Saratoga CLO

On December 14, 2018, the Company completed the third refinancing and issuance of the 2013-1 Reset CLO Notes. This refinancing, among other things, extended the Saratoga CLO reinvestment period to January 2021, and extended its legal maturity to January 2030. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $300 million in assets to approximately $500 million.

In conjunction with the third refinancing and issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to receive an incentive management fee from Saratoga CLO. See Note 4 for additional information.

On February 26, 2021, the Company completed the fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended its legal maturity to April 2033, and extended the non-call period to February 2022. In addition, and as part of the refinancing, the Saratoga CLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At November 30, 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, 2024 and May 31, 2023, the Company 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, 2024 and May 31, 2023, 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. The Company records interest income from its investment in an unsecured loan with SLF JV on an accrual basis and records dividend income from its membership interest when earned. All operating decisions are shared with a 50% voting interest in SLF JV.

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, 2024, the Company’s investment in the SLF JV had a fair value of $24.6 million, consisting of an unsecured loan of $15.8 million and membership interest of $8.8 million. For the three months ended May 31, 2024, the Company had $0.4 million of interest income related to SLF JV, of which $0.2 million was included in interest receivable on the Statement of Assets and Liabilities as of May 31, 2024. 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 on the Statements of Assets and Liabilities as of May 31, 2023. For the three months ended May 31, 2024, the Company had $1.3 million of dividend income related to SLF JV, of which $0.0 million was included in dividend receivable on the Statements of Assets and Liabilities as of May 31, 2024. For the three months ended May 31, 2023, the Company had $1.8 million of dividend income related to SLF JV, of which $0.0 million was included in dividend receivable on the Statements of Assets and Liabilities 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Consolidated Statements of Operations (Unaudited) - USD ($)

3 Months Ended

May 31, 2024

May 31, 2023

Interest income:

Non-control/Non-affiliate investments

$ 31,224,277

$ 26,310,793

Affiliate investments

496,840

727,086

Control investments

1,997,112

2,045,860

Payment in kind interest income:

Non-control/Non-affiliate investments

63,830

124,895

Affiliate investments

241,104

207,589

Control investments

283,313

141,563

Total interest from investments

34,306,476

29,557,786

Interest from cash and cash equivalents

624,631

804,289

Management fee income

804,456

816,788

Dividend income(*):

Non-control/Non-affiliate investments

^[1]

249,491

17,420

Control investments

^[1]

1,297,050

1,823,510

Total dividend from investments

^[1]

1,546,541

1,840,930

Structuring and advisory fee income

410,843

1,429,222

Other income

985,203

183,028

Total investment income

38,678,150

34,632,043

OPERATING EXPENSES

Interest and debt financing expenses

12,962,081

11,692,822

Base management fees

4,982,580

4,564,189

Incentive management fees expense (benefit)

3,584,734

103,348

Professional fees

999,310

486,050

Administrator expenses

1,075,000

818,750

Insurance

77,596

81,901

Directors fees and expenses

113,000

89,068

General and administrative

609,127

830,728

Income tax expense (benefit)

(60,283)

6,237

Total operating expenses

24,343,145

18,673,093

NET INVESTMENT INCOME

14,335,005

15,958,950

Net realized gain (loss) from investments:

Non-control/Non-affiliate investments

90,691

Control investments

(21,194,997)

Net realized gain (loss) from investments

(21,194,997)

90,691

Net change in unrealized appreciation (depreciation) on investments:

Non-control/Non-affiliate investments

14,156,825

(1,728,134)

Affiliate investments

601,223

(245,284)

Control investments

(826,617)

(14,348,889)

Net change in unrealized appreciation (depreciation) on investments

13,931,431

(16,322,307)

Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments

(461,001)

59,407

Net realized and unrealized gain (loss) on investments

(7,724,567)

(16,172,209)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ 6,610,438

$ (213,259)

WEIGHTED AVERAGE - BASIC EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)

$ 0.48

$ (0.02)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC (in Shares)

13,683,314

11,862,163

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

Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations	May 31, 2024 USD ($)
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	$ 830,875
Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	20,000
1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	312,500
3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	284,375
More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	214,000
Encina Credit Facility [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	32,500
Encina Credit Facility [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
Encina Credit Facility [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	32,500
Encina Credit Facility [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
Encina Credit Facility [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
Live Oak credit facility [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	13,000
Live Oak credit facility [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
Live Oak credit facility [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	13,000
Live Oak credit facility [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
Live Oak credit facility [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
SBA Debentures [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	214,000
SBA Debentures [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
SBA Debentures [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
SBA Debentures [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
SBA Debentures [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	214,000
8.75% 2024 Notes [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	20,000
8.75% 2024 Notes [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	20,000
8.75% 2024 Notes [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
8.75% 2024 Notes [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
7.00% 2025 Notes [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	12,000
7.00% 2025 Notes [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
7.00% 2025 Notes [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	12,000
7.00% 2025 Notes [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
7.00% 2025 Notes [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
7.75% 2025 Notes [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	5,000
7.75% 2025 Notes [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
7.75% 2025 Notes [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	5,000
7.75% 2025 Notes [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
7.75% 2025 Notes [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
4.375% 2026 Notes [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	175,000
4.375% 2026 Notes [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
4.375% 2026 Notes [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	175,000
4.375% 2026 Notes [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
4.375% 2026 Notes [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
4.35% 2027 Notes [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	75,000
4.35% 2027 Notes [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
4.35% 2027 Notes [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	75,000
4.35% 2027 Notes [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
4.35% 2027 Notes [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
6.00% 2027 Notes [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	105,500
6.00% 2027 Notes [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
6.00% 2027 Notes [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
6.00% 2027 Notes [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	105,500
6.00% 2027 Notes [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
6.25% 2027 Notes [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	15,000
6.25% 2027 Notes [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
6.25% 2027 Notes [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
6.25% 2027 Notes [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	15,000
6.25% 2027 Notes [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
8.00% 2027 Notes [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	46,000
8.00% 2027 Notes [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
8.00% 2027 Notes [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
8.00% 2027 Notes [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	46,000
8.00% 2027 Notes [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
8.125% 2027 Notes [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	60,375
8.125% 2027 Notes [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
8.125% 2027 Notes [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
8.125% 2027 Notes [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	60,375
8.125% 2027 Notes [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
8.50% 2028 Notes [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	57,500
8.50% 2028 Notes [Member] \| Less Than 1 Year [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
8.50% 2028 Notes [Member] \| 1 - 3 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period
8.50% 2028 Notes [Member] \| 3 - 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period	57,500
8.50% 2028 Notes [Member] \| More Than 5 Years [Member]
Commitments and Contingencies (Details) - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Payment Due by Period