0001213900-24-086270 | 10-Q | XBRL Viewer

Revolving Credit Facilities

^[14]

SBA Debentures Payable

^[14]

8.75% Notes Payable 2024 [Member]

7.00% Notes Payable 2025 [Member]

^[14]

7.25% Notes Payable 2025 [Member]

^[14]

7.75% Notes Payable 2025 [Member]

^[15]

4.375% Notes Payable [Member]

^[14]

4.35% Notes Payable [Member]

^[14]

6.00% Notes Payable 2027 [Member]

^[14]

6.25% Notes Payable 2027 [Member]

24.18

23.31

8.00% Notes Payable 2027 [Member]

^[14]

8.125% Notes Payable 2027 [Member]

25.11

24.92

8.50% Notes Payable 2028 [Member]

25.2

24.93

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items]

$ 25.34

$ 25.03

[1]	Per share amounts are calculated using the weighted average shares outstanding during the period.
[2]	The continuous issuance of common stock may cause an incremental 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]	The Manager agreed to reimburse the Company to the extent the per share price of the shares to the public, less underwriting fees, was less than net asset value per share.
[4]	Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11. Stockholders’ Equity.
[5]	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.
[6]	Ratios are not annualized.
[7]	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.
[8]	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.
[9]	Ratios are annualized. Incentive management fees included within the ratio are not annualized.
[10]	Certain prior period amounts have been reclassified to conform to current period presentation.
[11]	Ratios are annualized.
[12]	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.
[13]	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.
[14]	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.
[15]	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) - Schedule of Fair Value Measurements of Investments, by Major Class - USD ($)

6 Months Ended

12 Months Ended

Aug. 31, 2024

Feb. 29, 2024

$ 886,176

$ 976,423

26,361

18,097

16,280

15,818

23,297

30,626

88,597

97,830

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items]

1,040,711

1,138,794

Level 1 [Member]

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items]

Level 2 [Member]

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items]

Level 3 [Member]

886,176

976,423

26,361

18,097

16,280

15,818

23,297

30,626

83,470

88,426

Valued Using Net Asset Value [Member]

1,035,584

1,129,390

Investments (Details) - Schedule of Fair Value Measurements of Investments, by Major Class [Line Items]

^[1]

^[1]

^[1]

^[1]

^[1]

5,127

9,404

Saratoga Investment Corp. [Member]

^[1]

$ 5,127

$ 9,404

[1]

The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique.

Investments

6 Months Ended

Aug. 31, 2024

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. Summary of Significant Accounting Policies). Consistent with our valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading, in determining fair value.

The following table presents fair value measurements of investments, by major class, as of August 31, 2024 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements						Valued Using Net Asset
	Level 1		Level 2		Level 3		Value*		Total
First lien term loans	$	-	$	-	$	886,176	$	-	$	886,176
Second lien term loans		-		-		26,361		-		26,361
Unsecured term loans		-		-		16,280		-		16,280
Structured finance securities		-		-		23,297		-		23,297
Equity interests		-		-		83,470		5,127		88,597
Total	$	-	$	-	$	1,035,584	$	5,127	$	1,040,711

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

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

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended August 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		1,627			7,745		-		(3,430	)		631			6,573
Net accretion of discount on investments		1,281			4		-		-			-			1,285
Net change in unrealized appreciation (depreciation) on investments		46,044			515		462		(3,899	)		3,815			46,937
Purchases		41,348			-		-		-			538			41,886
Sales and repayments		(132,875	)		-		-		-			(2,968	)		(135,843	)
Net realized gain (loss) from investments		(47,672	)		-		-		-			(6,972	)		(54,644	)
Balance as of August 31, 2024	$	886,176		$	26,361	$	16,280	$	23,297		$	83,470		$	1,035,584
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	$	245		$	515	$	462	$	(3,899	)	$	(684	)	$	(3,361	)

Purchases, PIK and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK interests. For the six months ended August 31, 2024, non-cash restructurings related to two controlled investments resulting in realized losses of $49.1m were included in net realized (gain) loss from investments on the consolidated statements of cash flows.

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

Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2 or 3 during the six months ended August 31, 2024.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended August 31, 2023 (dollars in thousands):

	First lien 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		800			408			-			(3,824	)		(91	)		(2,707	)
Net accretion of discount on investments		858			4			-			-			-			862
Net change in unrealized appreciation (depreciation) on investments		(16,192	)		(22	)		341			(1,929	)		(924	)		(18,726	)
Purchases		159,113			-			-			-			8,159			167,272
Sales and repayments		(13,721	)		-			(3,383	)		-			-			(17,104	)
Net realized gain (loss) from investments		-			-			-			-			91			91
Balance as of August 31, 2023	$	929,392		$	15,326		$	17,619		$	35,609		$	91,225		$	1,089,171
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period	$	(16,151	)	$	(22	)	$	(5	)	$	(1,929	)	$	(925	)	$	(19,032	)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of August 31, 2024 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average*

First lien term loans

886,176

Market Comparables

Market Yield (%)

10.4% - 19.7%

12.7%

Revenue Multiples (x)

3.5x

Third-party Bid (x)

6.9x

Second lien term loans

26,361

Market Comparables

Market Yield (%)

19.5% - 39.0%

34.7%

Third-party Bid (x)

12.7x

EBITDA Multiples (x)

7.0x

Unsecured term loans

16,280

Discounted Cash Flow

Discount Rate (%)

10.5%

Structured finance securities

23,297

Discounted Cash Flow

Discount Rate (%)

8.5% - 40.0%

20.0%

Recovery Rate (%)

35.0% - 70.0%

62.1%

Prepayment Rate (%)

20.0%

Equity interests

83,470

Enterprise Value Waterfall

Revenue Multiples (x)

0.1x - 9.9x

6.9x

EBITDA Multiples (x)

4.0x - 20.4x

9.8x

Total

1,035,584

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 August 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	$	883,386		85.0	%	$	886,176		85.2	%
Second lien term loans		29,717		2.9			26,361		2.5
Unsecured term loans		17,619		1.7			16,280		1.6
Structured finance securities		39,340		3.8			23,297		2.2
Equity interests		68,980		6.6			88,597		8.5
Total	$	1,039,042		100.0	%	$	1,040,711		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 August 31, 2024. The inputs at August 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 August 31, 2024, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4. Investment in Saratoga CLO and Note 5. Investment in SLF JV for more information on Saratoga CLO, SLF JV and SLF 2022, respectively).

Invita (fka HemaTerra Holdings Company, LLC)

Invita (fka HemaTerra Holding Company, LLC) 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.

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

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

For the three months ended August 31, 2024 and August 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.

For the six months ended August 31, 2024 and August 31, 2023, the Company accrued management fee income of $1.6 million and $1.6 million, respectively, and interest income of $0.0 million and $0.0 million, respectively, from the subordinated notes of Saratoga CLO.

As of August 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 $5.8 million and $5.3 million, respectively. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of August 31, 2024, Saratoga CLO had investments with a principal balance of $586.2 million and a weighted average spread over LIBOR of 3.7% and had debt with a principal balance of $582.9 million with a weighted average spread over LIBOR of 2.2%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. As of August 31, 2024, the present value of the projected future cash flows of the subordinated notes was approximately $5.8 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 $88.1 million, management fees of $36.7 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 August 31, 2024 (unaudited) and February 29, 2024 and for the three and six months ended August 31, 2024 (unaudited) and August 31, 2023 (unaudited).

	August 31, 2024			February 29, 2024
	(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $572,465,295 and $629,345,724, respectively)	$	552,279,152		$	606,531,189
Equities at fair value (amortized cost of $5,781,151 and $1,649,986, respectively)		1,803,992			1,020,585
Total investments at fair value (amortized cost of $578,246,446 and $630,995,710, respectively)		554,083,144			607,551,774
Cash and cash equivalents		25,684,819			12,104,832
Receivable from open trades		1,415,378			2,865,174
Interest receivable (net of reserve of $399,327 and $615,604, respectively)		3,534,381			3,402,471
Due from affiliate		3,481			3,953
Prepaid expenses and other assets		60,364			205,400
Total assets	$	584,781,567		$	626,133,604

LIABILITIES
Interest payable	$	4,939,007		$	5,043,712
Payable from open trades		2,184,855			10,519,573
Accrued base management fee		66,765			68,605
Accrued subordinated management fee		267,061			274,418
Accounts payable and accrued expenses		123,363			84,199
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-3 Senior Secured Floating Rate Notes		-			357,500,000
Class A-2-R-3 Senior Secured Floating Rate Notes		-			65,000,000
Class A-1-R-4 Senior Secured Floating Rate Notes		329,433,729			-
Class A-2-R-4 Senior Secured Floating Rate Notes		65,000,000			-
Class B-FL-R-3 Senior Secured Floating Rate Notes		60,500,000			60,500,000
Class B-FXD-R-3 Senior Secured Fixed Rate Notes		11,000,000			11,000,000
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes		26,000,000			26,000,000
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes		6,500,000			6,500,000
Class D-R-3 Deferrable Mezzanine Floating Rate Notes		39,000,000			39,000,000
Discount on Class D-R-3 Notes		(207,968	)		(220,100	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(2,160,554	)		(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		(1,303,627	)		(1,707,224	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(34,171,472	)		(36,164,988	)
Total liabilities		663,671,159			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)		(78,889,842	)		(71,478,243	)
Total net deficit		(78,889,592	)		(71,477,993	)
Total liabilities and net assets	$	584,781,567		$	626,133,604

	For the three months ended						For the six months ended
	August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023
INVESTMENT INCOME
Total interest from investments	$	14,579,025		$	15,662,824		$	30,653,197		$	30,640,303
Interest from cash and cash equivalents		330,398			156,192			563,896			341,236
Other income		465,627			216,150			1,100,396			470,224
Total investment income		15,375,050			16,035,166			32,317,489			31,451,763

EXPENSES
Interest and debt financing expenses		13,744,549			14,780,606			28,930,970			28,704,737
Base management fee		158,465			163,450			319,356			326,808
Subordinated management fee		633,859			653,801			1,277,423			1,307,231
Professional fees		350,029			133,365			408,834			172,891
Trustee expenses		61,273			66,540			123,478			129,034
Other expense		71,025			68,889			176,563			139,885
Total expenses		15,019,200			15,866,651			31,236,624			30,780,586
NET INVESTMENT INCOME (LOSS)		355,850			168,515			1,080,865			671,177

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(2,795,356	)		(641,267	)		(7,193,885	)		(2,749,834	)
Net change in unrealized depreciation on investments		(3,662,317	)		13,352,743			(719,366	)		3,015,505
Net realized and unrealized gain (loss) on investments		(6,457,673	)		12,711,476			(7,913,251	)		265,671
Realized losses on extinguishment of debt		(579,213	)		-			(579,213	)		-
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,681,036	)	$	12,879,991		$	(7,411,599	)	$	936,848

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	$	-	$	18,538
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Common Stock	Equity												23,799		660,422		630,674
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Warrants	Equity												349		9,685		9,249
Envision Parent Inc	Healthcare & Pharmaceuticals	Common Stock	Equity												4,410		175,000		47,408
Envision Parent Inc	Healthcare & Pharmaceuticals	Warrants	Equity												92,837		-		-
Instant Brands Litigation Trust Interests	Consumer goods: Durable	Warrants	Equity												8,572		-		42,860
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity												86,398		-		-
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Common Stock	Equity												39,808		557,312		617,024
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												24,320		1,034,581		21,888
URS TOPCO LLC	Transportation: Cargo	Common Stock	Equity												25,330		440,405		394,500
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+	1.75	%		0.00	%		7.00	%	9/20/2030	$	1,443,881		1,425,138		1,431,478
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.70	%	2/7/2029		2,461,090		2,379,021		2,407,758
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25	%		0.00	%		10.58	%	7/8/2028		3,059,319		2,788,548		2,987,303
Adtalem Global Education Inc.	Services: Business	Term Loan B (08/24)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.00	%	8/12/2028		582,329		578,845		582,695
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		10.87	%	5/9/2025		2,287,755		2,285,186		1,618,587
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	5/1/2030		2,165,053		2,150,540		2,147,473
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	3M USD SOFR+	3.50	%		0.75	%		8.80	%	2/1/2031		2,910,206		2,849,335		2,913,116
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.85	%	3/21/2031		997,500		995,015		996,672
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan (04/21)	Loan	3M USD SOFR+	4.75	%		0.75	%		9.87	%	4/6/2028		2,462,025		2,336,394		2,461,508
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.86	%	2/4/2028		241,875		241,708		242,738
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.89	%	3/12/2026		2,093,757		2,086,541		2,096,374
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%		0.00	%		10.98	%	2/10/2027		4,326,473		4,309,765		2,850,064
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.81	%	11/6/2030		799,019		798,965		801,152
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%		0.50	%		9.10	%	5/12/2028		1,945,000		1,939,536		1,932,688
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B5 (03/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.75	%	5/31/2030		250,000		250,000		251,043

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. (c)	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.43	%	4/30/2025		1,131,980		1,132,120		605,609
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.00	%		7.75	%	6/11/2031		485,000		483,792		482,881
Amer Sports Oyj (MASCOT BIDCO OY)	Consumer goods: Durable	USD Term Loan B (01/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		8.35	%	2/7/2031		498,750		496,552		499,373
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	12/13/2029		480,000		468,336		481,320
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+	5.75	%		0.00	%		11.00	%	10/30/2029		2,964,091		2,962,682		2,979,474
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.10	%	3/3/2028		1,357,439		1,356,288		1,249,522
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD SOFR+	2.25	%		0.75	%		7.61	%	2/17/2028		1,930,035		1,916,085		1,932,447
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		9.35	%	8/11/2025		942,500		941,632		673,218
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan (4/24)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.00	%	7/18/2029		1,954,167		1,936,125		1,960,030
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD SOFR+	5.50	%		0.75	%		10.86	%	9/1/2027		1,725,000		1,710,216		1,513,067
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+	5.50	%		0.75	%		10.86	%	9/1/2027		500,000		495,721		433,595
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (07/24)	Loan	6M USD SOFR+	4.00	%		0.00	%		9.08	%	7/27/2028		492,500		468,408		494,963
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.11	%	5/15/2026		2,893,401		2,878,566		2,850,000
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	3/6/2028		967,500		961,922		931,219
AppLovin Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.75	%	8/19/2030		967,193		967,193		968,102
AppLovin Corporation	High Tech Industries	Term Loan B (3/24)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.75	%	10/25/2028		1,470,066		1,468,205		1,471,286
AqGen Ascensus, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	8/2/2028		497,383		494,003		498,005
Aramark Services, Inc.	Services: Consumer	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.11	%	1/15/2027		2,331,250		2,299,079		2,331,250
Aramark Services, Inc.	Services: Consumer	Term Loan B7 (03/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	4/6/2028		1,753,715		1,749,098		1,757,223
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.85	%	9/23/2028		976,274		974,109		974,380
ARCIS GOLF LLC	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.50	%		9.11	%	11/24/2028		495,490		491,354		496,521
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B 2	Loan	1M USD SOFR+	4.00	%		0.00	%		9.25	%	8/9/2030		2,629,488		2,615,350		2,571,271
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term loan	Loan	1M USD SOFR+	4.25	%		0.00	%		9.53	%	12/23/2030		897,750		889,500		899,438
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B5 (02/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.75	%	2/14/2031		1,296,750		1,295,177		1,298,864
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+	4.00	%		0.00	%		9.35	%	8/19/2028		1,965,000		1,893,128		1,944,996
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD SOFR+	3.25	%		0.00	%		8.61	%	12/18/2026		2,919,478		2,915,555		2,905,055
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.50	%	2/15/2029		1,310,485		1,306,886		1,299,254
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+	2.00	%		0.00	%		7.31	%	6/22/2028		1,476,331		1,428,121		1,481,410
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		853,218		846,504		855,266

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
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.62	%		0.75	%		11.98	%	9/20/2027		437,500		429,719		430,391
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.00	%		8.56	%	10/10/2029		533,621		531,838		528,728
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		1,475,470		1,485,867
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	5/26/2031		1,648,521		1,637,973		1,646,461
Belfor Holdings Inc.	Services: Consumer	Term Loan B-1 (11/23)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.00	%	11/1/2030		1,498,834		1,485,415		1,502,581
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.63	%	4/18/2029		247,500		247,500		248,428
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	1.93	%		0.50	%		7.32	%	4/13/2028		1,935,000		1,935,000		1,939,238
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	1/24/2029		1,960,000		1,959,365		1,692,244
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		7.62	%	4/23/2026		964,557		961,929		945,266
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.12	%	4/23/2026		1,442,772		1,438,274		1,417,524
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.00	%	1/22/2031		1,432,970		1,429,358		1,433,328
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+	2.75	%		0.50	%		8.00	%	12/13/2029		491,288		481,298		491,376
Boost Newco Borrower, LLC (Worldpay)	Banking, Finance, Insurance & Real Estate	Term Loan (06/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.75	%	1/31/2031		500,000		497,743		500,355
Boxer Parent Company, Inc.	High Tech Industries	Term Loan B (06/24)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.01	%	7/3/2031		1,007,194		1,002,844		1,004,051
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan (02/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	2/21/2031		970,069		970,069		970,932
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	6/14/2031		2,910,884		2,908,733		2,908,788
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.00	%	1/27/2031		1,447,688		1,447,688		1,448,528
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	3M USD SOFR+	2.75	%		0.00	%		8.00	%	7/1/2031		492,516		482,330		492,122
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B 3	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	11/1/2026		907,689		905,055		911,093
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B4 (05/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	11/22/2030		666,671		664,490		666,778
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	3/31/2028		2,425,000		2,411,089		2,431,063
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		8.25	%	3/16/2030		473,750		469,672		468,814
Calpine Corporation	Utilities: Electric	Term Loan B10 (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	1/31/2031		1,995,000		1,985,366		1,992,965
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+	2.50	%		0.75	%		7.86	%	6/5/2028		2,449,367		2,283,646		2,330,989
CAPSTONE BORROWER INC	Services: Business	Term Loan B (05/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		8.58	%	6/17/2030		877,065		865,562		880,907
CareerBuilder, LLC (c)	Services: Business	Term Loan B3	Loan	1M USD SOFR+	2.50	%		0.00	%		7.86	%	7/31/2026		4,002,879		3,987,650		320,230
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.07	%	1/27/2027		1,938,267		1,932,746		1,172,651
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	3M USD SOFR+	2.75	%		0.50	%		8.09	%	10/21/2027		985,000		979,547		987,463
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+	2.75	%		1.00	%		8.21	%	11/1/2025		2,315,548		2,111,768		2,158,276
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		7.61	%	9/16/2028		243,750		243,465		243,826
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%		0.75	%		9.33	%	12/17/2027		241,875		240,555		242,177
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		9.69	%	3/5/2028		985,000		948,557		854,488
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.75	%		9.61	%	3/5/2028		967,500		964,900		850,597
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		0.00	%		10.82	%	9/25/2025		2,362,500		2,358,436		1,498,912
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		969,310		982,823
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.87	%	8/27/2028		726,092		721,684		724,843

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
Charlotte Buyer, Inc.	Services: Business	Term Loan B (07/24)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.08	%	2/11/2028		1,477,500		1,405,241		1,485,301
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.50	%		8.75	%	8/18/2028		2,381,718		2,347,211		2,375,764
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.35	%	3/17/2028		483,750		483,217		483,750
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B1 (05/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.25	%	5/17/2028		1,949,936		1,883,863		1,949,117
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	7/29/2030		4,839,048		4,839,048		4,847,516
Citco Funding LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.10	%	4/27/2028		992,513		988,572		997,475
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.75	%	5/6/2030		1,197,000		1,192,024		1,197,994
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.85	%	8/9/2026		3,386,534		3,375,262		3,200,274
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.18	%		0.50	%		8.42	%	4/13/2029		1,220,000		1,197,598		1,217,584
Columbus McKinnon Corporation	Capital Equipment	Term Loan (03/24)	Loan	3M USD SOFR+	2.50	%		0.50	%		7.83	%	5/14/2028		378,325		377,813		379,509
Conduent, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.50	%		9.61	%	10/16/2028		208,666		204,439		207,623
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.75	%	9/11/2029		2,880,281		2,809,410		2,797,473
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.86	%	10/2/2027		2,714,005		2,572,136		2,592,716
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	1M USD SOFR+	2.25	%		0.00	%		7.70	%	1/31/2028		4,000,000		3,991,962		3,948,000
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	6/2/2028		2,431,250		2,424,504		2,397,820
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan B (05/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.34	%	3/2/2027		1,930,437		1,930,437		1,934,954
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	11/27/2028		1,580,064		1,571,122		1,586,479
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.50	%	2/19/2029		922,500		895,746		925,157
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.75	%		8.75	%	9/15/2027		486,281		486,231		487,195
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B	Loan	3M USD SOFR+	4.00	%		0.75	%		9.25	%	1/30/2031		2,400,000		2,378,157		2,413,992
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan 12/22	Loan	1M USD SOFR+	4.50	%		0.00	%		9.84	%	1/15/2028		2,364,032		2,357,265		2,251,740
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.95	%	4/15/2027		477,500		477,500		401,339
CTC Holdings, LP	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.50	%		10.27	%	2/15/2029		2,199,375		2,159,261		2,182,880
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	6.00	%		1.00	%		11.51	%	11/2/2027		1,928,210		1,898,801		1,920,980
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.50	%	6/29/2029		985,069		947,486		983,227
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	1M USD SOFR+	4.00	%		0.00	%		9.25	%	10/16/2026		1,447,103		1,447,103		1,415,904
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.85	%	11/16/2029		5,319,000		5,225,625		5,314,585

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
Delta 2 Lux Sarl	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.58	%	1/15/2030		2,000,000		1,991,966		2,007,500
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan (5/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.84	%	11/1/2030		623,438		614,878		624,217
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+	3.75	%		0.50	%		9.35	%	10/4/2028		977,500		974,845		954,656
DG Investment Intermediate Holdings 2, Inc.	Aerospace & Defense	Incremental Term Loan (3/22)	Loan	1M USD SOFR+	4.75	%		0.75	%		10.00	%	3/31/2028		491,250		476,791		491,559
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+	10.00	%		1.00	%		15.44	%	5/25/2026		152,224		149,983		138,632
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan (1/24)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.71	%	8/2/2029		3,046,450		3,028,017		3,031,918
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%		0.50	%		9.69	%	10/4/2029		1,477,612		1,383,730		1,476,031
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.73	%	3/25/2028		485,000		482,285		409,219
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+	5.50	%		0.75	%		10.86	%	11/30/2028		3,157,692		3,107,270		3,049,162
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.50	%		9.44	%	11/30/2028		1,964,646		1,813,703		1,962,191
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+	5.25	%		0.50	%		10.60	%	12/15/2028		3,912,450		3,799,628		3,755,952
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	6M USD SOFR+	3.50	%		0.00	%		8.59	%	6/17/2031		6,305,000		6,278,088		6,310,927
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B (04/24)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.00	%	1/31/2030		1,097,250		1,073,039		1,099,993
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.11	%	8/21/2025		49,419		49,382		49,357
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B1 (06/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.25	%	1/31/2030		2,019,155		2,017,439		2,014,107
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+	4.25	%		1.00	%		9.68	%	4/11/2031		1,500,000		1,478,254		1,503,750
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.50	%	8/16/2028		975,007		972,383		971,350
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75	%		0.50	%		9.10	%	11/23/2028		1,955,000		1,952,876		1,937,581
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (05/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	4/7/2028		2,160,773		2,156,819		2,161,746
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.36	%	11/1/2028		488,750		487,442		489,635
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD SOFR+	6.50	%		0.00	%		11.86	%	12/14/2025		2,201,776		2,179,600		2,185,813
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.25	%	3/30/2029		3,084,096		3,033,788		3,023,463
Emrld Borrower LP	Capital Equipment	Term Loan B (04/23)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.56	%	5/31/2030		995,000		990,650		994,274
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Exit Term Loan B (04/24)	Loan	3M USD SOFR+	4.50	%		0.50	%		9.78	%	4/9/2031		2,000,000		1,981,089		1,995,000
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.96	%	2/10/2028		2,425,000		2,418,676		2,158,250
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B3 (5/24)	Loan	6M USD SOFR+	2.75	%		0.50	%		8.01	%	10/31/2029		1,483,744		1,469,816		1,485,598
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	6M USD SOFR+	6.00	%		0.50	%		11.26	%	10/6/2029		962,500		900,574		794,784
Equiniti Group PLC	Services: Business	Term Loan B	Loan	6M USD SOFR+	4.50	%		0.50	%		10.01	%	12/11/2028		975,000		968,670		982,313
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.50	%	10/30/2030		1,125,000		1,109,641		1,133,438
EyeCare Partners, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	1.00	%		0.00	%		6.38	%	11/30/2028		12,285		13,510		7,678
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	First Lien TLB	Loan	1M USD SOFR+	4.00	%		0.00	%		9.25	%	2/12/2031		500,000		495,383		502,500
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (08/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.26	%	6/27/2029		2,802,640		2,800,104		2,816,653
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.51	%	3/30/2027		4,837,500		4,798,636		4,772,484

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Term Loan B (02/24)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	3/5/2029		5,078,923		5,070,226		5,028,134
First Student Bidco Inc.	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.50	%		8.60	%	7/21/2028		711,437		708,240		712,611
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD SOFR+	3.00	%		0.50	%		8.60	%	7/21/2028		216,966		215,980		217,324
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+	5.25	%		1.00	%		10.50	%	2/5/2029		1,197,000		1,164,665		1,192,511
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan B3 (11/23)	Loan	3M USD SOFR+	2.25	%		0.50	%		7.58	%	11/25/2030		3,731,250		3,721,953		3,730,578
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7	Loan	1M USD SOFR+	2.75	%		0.50	%		8.00	%	6/30/2028		1,465,026		1,452,221		1,463,473
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	6M USD SOFR+	4.75	%		0.75	%		10.39	%	3/10/2026		801,094		798,183		480,656
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.75	%		10.25	%	3/10/2026		2,962,500		2,882,924		1,792,313
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	4/25/2031		4,252,472		4,246,263		4,249,835
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	1M USD SOFR+	2.25	%		0.00	%		7.60	%	1/29/2027		1,920,000		1,919,309		1,922,054
Garrett LX III S.a r.l.	Automotive	Term Loan	Loan	3M USD SOFR+	2.75	%		0.50	%		8.00	%	4/30/2028		1,458,750		1,454,817		1,460,573
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.51	%	12/31/2027		2,128,892		2,119,613		2,131,021
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+	2.00	%		0.00	%		7.33	%	4/10/2031		1,500,000		1,492,740		1,499,535
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.00	%		7.85	%	8/27/2025		2,420,998		2,328,941		2,410,782
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan (05/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.82	%	10/4/2030		454,423		452,427		455,560
Global Tel*Link Corporation	Telecommunications	Term Loan (6/24)	Loan	1M USD SOFR+	7.50	%		3.00	%		12.85	%	7/31/2029		4,821,101		4,748,318		4,656,364
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+	1.75	%		0.00	%		7.00	%	5/30/2031		944,956		944,956		943,869
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.71	%	12/1/2027		1,825,000		1,814,836		1,523,875
GOTO GROUP, INC.	High Tech Industries	First Lien Term Loan	Loan	1M USD SOFR+	4.75	%		0.00	%		10.14	%	4/30/2028		1,251,655		765,868		1,055,308
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	1M USD SOFR+	4.75	%		0.00	%		10.14	%	4/30/2028		1,728,476		1,651,310		665,463
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan B (07/24)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.75	%	8/4/2027		942,441		939,210		942,017
Great Outdoors Group, LLC	Retail	Term Loan B2	Loan	1M USD SOFR+	3.75	%		0.75	%		9.11	%	3/6/2028		965,206		962,753		964,801
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	3M USD SOFR+	2.00	%		0.00	%		7.34	%	1/24/2029		143,438		143,243		143,169
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Term Loan B (5/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	2/25/2030		2,800,713		2,800,234		2,803,346
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	3M USD SOFR+	4.75	%		0.75	%		10.35	%	5/27/2028		2,424,733		2,113,351		2,288,778
GYP HOLDINGS III CORP.	Construction & Building	Term Loan (1/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	5/12/2030		248,128		247,069		247,922
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.00	%		9.10	%	6/30/2028		2,093,490		2,039,739		1,886,381
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.50	%	7/14/2028		3,154,420		3,152,395		3,155,619
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+	1.75	%		0.00	%		7.03	%	11/8/2030		1,500,000		1,496,812		1,501,710

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
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		499,295
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+	6.75	%		0.50	%		12.00	%	4/12/2029		3,116,400		3,114,318		2,961,297
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.75	%		9.11	%	11/17/2028		2,202,149		2,196,509		2,182,880
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.32	%	3/17/2028		5,805,000		5,773,194		5,796,118
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B-1	Loan	3M USD SOFR+	3.50	%		0.50	%		8.57	%	2/26/2029		2,462,374		2,243,517		2,443,906
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.75	%	2/15/2031		2,992,500		2,978,860		2,993,847
Idera, Inc.	High Tech Industries	Term Loan (06/24)	Loan	3M USD SOFR+	3.50	%		0.75	%		8.75	%	3/2/2028		4,749,901		4,745,286		4,715,132
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.50	%	11/1/2028		2,452,455		2,444,649		2,449,390
INDY US BIDCO, LLC	Services: Business	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.11	%	3/6/2028		2,182,047		2,181,428		2,152,829
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+	3.75	%		0.00	%		9.10	%	3/13/2030		495,000		490,728		494,792
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	2/18/2030		992,500		984,060		990,019
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		9.60	%	4/2/2029		2,708,087		2,655,367		2,711,472
Informatica Inc.	High Tech Industries	Term Loan B (06/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	10/27/2028		488,750		488,682		489,669
Ingram Micro Inc.	Wholesale	Term Loan (09/23)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.60	%	6/30/2028		978,511		972,462		981,368
Inmar, Inc.	Services: Business	Term Loan (06/23)	Loan	1M USD SOFR+	5.50	%		1.00	%		10.75	%	5/1/2026		3,316,500		3,242,891		3,323,763
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.00	%		9.11	%	2/4/2027		478,750		478,001		478,152
INSTANT BRANDS HOLDINGS INC. (b)(c)	Consumer goods: Durable	Instant Brands TL	Loan	3M USD SOFR+	15.00	%		0.00	%		20.34	%	2/26/2031		37,614		30,255		37,614
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.75	%		8.10	%	12/15/2027		493,724		490,080		493,907
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	6M USD SOFR+	2.50	%		0.00	%		2.50	%	4/13/2028		1,316,681		928,733		1,132,346
Isolved Inc.	Services: Business	Term Loan (4/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.75	%	10/14/2030		623,438		617,611		625,775
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.86	%	1/26/2028		3,860,000		3,859,188		3,861,698
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.75	%		9.62	%	3/1/2028		2,910,000		2,866,904		2,897,865
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan 7/23	Loan	3M USD SOFR+	5.50	%		1.00	%		11.01	%	11/20/2027		3,413,673		3,401,590		238,957
Kleopatra Finco S.a r.l.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+	4.73	%		0.50	%		9.72	%	2/12/2026		1,451,250		1,450,520		1,366,250
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD SOFR+	3.25	%		0.75	%		8.85	%	3/13/2028		483,617		482,833		483,922
Kodiak BP, LLC	Construction & Building	Term Loan B2	Loan	3M USD SOFR+	3.75	%		0.00	%		9.08	%	3/13/2028		498,750		496,426		501,244
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.34	%	4/10/2030		990,031		964,500		992,506
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+	3.50	%		0.50	%		9.08	%	9/1/2027		483,844		477,925		477,796
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		626,323		197,324

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
Latham Pool Products, Inc.	Consumer goods: Durable	Term Loan 2/22	Loan	1M USD SOFR+	4.00	%		0.50	%		9.35	%	2/23/2029		997,203		982,857		952,329
Lealand Finance Company B.V. (c)	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD SOFR+	1.00	%		0.00	%		6.46	%	12/31/2027		361,211		361,211		127,627
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.10	%	2/16/2029		2,462,968		2,101,336		2,301,644
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+	5.50	%		1.00	%		10.90	%	8/26/2027		1,617,830		1,612,762		1,569,295
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.11	%	3/17/2028		970,000		968,360		967,575
LOYALTY VENTURES INC. (b)	Services: Business	Term Loan B	Loan	Prime	5.50	%		0.50	%		14.00	%	11/3/2027		2,913,525		2,903,746		21,851
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD SOFR+	1.75	%		0.00	%		7.19	%	11/11/2026		1,189,178		1,188,643		1,188,120
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan B (06/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	10/15/2028		1,729,327		1,711,900		1,726,543
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan B (06/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.81	%	6/14/2030		975,840		963,067		970,961
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan (2/24)	Loan	3M USD SOFR+	6.50	%		0.75	%		11.83	%	3/31/2029		2,740,313		2,671,808		2,754,014
Lumen Technologies Inc	Telecommunications	Term Loan B1 (3/24)	Loan	1M USD SOFR+	2.35	%		2.00	%		7.74	%	4/15/2029		1,616,424		1,615,740		1,296,502
Lumen Technologies Inc	Telecommunications	Term Loan B2 (3/24)	Loan	1M USD SOFR+	2.35	%		2.00	%		7.74	%	4/15/2030		1,616,424		1,615,734		1,263,704
MAGNITE, INC.	Services: Business	Term Loan B (01/24)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.75	%	2/6/2031		3,241,875		3,211,441		3,260,127
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	4/1/2031		1,317,074		1,317,074		1,312,965
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD SOFR+	1.75	%		0.00	%		7.24	%	2/15/2027		250,000		249,789		249,688
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	5.00	%		0.50	%		10.25	%	10/3/2030		1,995,000		1,872,111		1,862,891
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.00	%	2/28/2028		3,424,168		3,349,573		3,425,401
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	3M USD SOFR+	4.00	%		0.50	%		9.23	%	8/1/2031		1,350,441		1,341,371		1,351,399
MedAssets Software Inter Hldg, Inc.	High Tech Industries	Term Loan (11/21) (USD)	Loan	1M USD SOFR+	4.00	%		0.50	%		9.36	%	12/18/2028		488,750		486,572		328,684
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.85	%	4/8/2028		2,429,874		2,418,194		1,985,159
Milano Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+	4.00	%		0.75	%		9.43	%	10/1/2027		1,994,832		1,909,962		1,804,485
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.75	%	3/21/2031		500,000		497,571		502,085
MKS Instruments, Inc.	High Tech Industries	Term Loan B (07/24)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.56	%	8/17/2029		1,341,592		1,339,345		1,343,940
Momentive Performance Materials Inc.	Chemicals, Plastics, & Rubber	Term Loan (03/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.75	%	3/28/2028		493,750		478,401		493,133
Moneygram International, Inc.	Services: Business	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.50	%		10.08	%	6/1/2030		2,978,781		2,623,547		2,911,759
Mosel Bidco SE	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	4.50	%		0.50	%		9.83	%	9/16/2030		500,000		495,431		503,125
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Term Loan B (08/21)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.57	%	9/1/2028		2,946,970		2,741,535		2,293,126
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.10	%	11/23/2028		2,925,169		2,920,937		2,920,898
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.60	%	2/22/2029		2,954,660		2,471,055		2,840,167
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	6M USD SOFR+	3.50	%		0.00	%		8.95	%	11/14/2025		3,287,750		3,280,186		3,246,653
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD SOFR+	3.75	%		0.75	%		9.18	%	3/2/2028		87,464		87,231		84,266

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
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	3M USD SOFR+	3.75	%		0.75	%		9.18	%	3/2/2028		2,694,271		2,688,893		2,595,769
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.86	%	9/18/2026		657,625		654,643		658,171
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD SOFR+	7.50	%		1.00	%		12.89	%	8/9/2026		2,426,448		2,426,448		1,851,380
NortonLifeLock Inc.	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+	1.75	%		0.50	%		7.09	%	9/12/2029		977,500		974,353		976,141
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	3M USD SOFR+	3.50	%		0.00	%		8.63	%	4/3/2028		497,494		493,370		498,946
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.75	%		10.50	%	12/22/2028		1,955,000		1,944,782		1,946,457
Nuvei Technologies Corp.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.35	%	12/19/2030		2,073,029		2,058,029		2,074,335
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.85	%	2/23/2029		2,454,830		2,371,898		2,315,985
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.50	%	1/31/2030		929,383		905,926		933,556
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.75	%	5/2/2030		495,000		486,345		493,763
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.59	%	3/17/2031		1,197,000		1,195,755		1,200,423
Pacific Gas & Electric	Utilities: Electric	Term Loan	Loan	1M USD SOFR+	2.50	%		0.50	%		7.75	%	6/23/2027		250,000		249,297		250,730
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B4 (05/24)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.75	%	9/24/2028		972,562		969,935		972,806
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.75	%		0.50	%		10.33	%	7/6/2028		941,176		935,248		863,529
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		9.06	%	2/28/2030		2,471,225		2,449,026		2,482,345
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75	%		0.50	%		10.85	%	8/1/2029		2,962,462		2,619,094		2,750,764
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75	%		0.00	%		9.11	%	3/31/2027		479,062		474,117		394,714
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.34	%	7/18/2031		794,490		793,310		789,238
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	4.00	%		0.50	%		9.25	%	2/28/2029		978,034		976,902		981,095
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	3M USD SOFR+	3.25	%		0.50	%		8.76	%	12/29/2028		1,467,134		1,463,277		1,424,426
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.50	%		8.10	%	5/3/2029		980,000		976,649		982,862
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.10	%	2/1/2028		5,208,834		5,199,099		5,091,635
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	6M USD SOFR+	4.00	%		0.50	%		9.56	%	12/23/2028		2,943,624		2,890,193		1,961,925
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.36	%	3/17/2028		3,879,773		3,860,466		3,888,269
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (11/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.85	%	12/1/2028		1,795,294		1,789,892		1,800,752
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.11	%	3/13/2028		4,353,750		4,348,700		4,345,217
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.70	%	4/21/2029		1,965,000		1,958,391		1,929,041
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan (04/24)	Loan	3M USD SOFR+	3.00	%		0.75	%		8.33	%	12/29/2027		483,788		482,492		485,602
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.11	%	2/12/2028		5,321,250		5,291,007		5,210,408
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.11	%	12/15/2028		2,932,500		2,915,906		2,931,679

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
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B (04/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.60	%	10/14/2030		1,995,000		1,976,968		1,997,693
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (5/24)	Loan	3M USD SOFR+	4.75	%		0.50	%		10.00	%	5/16/2031		2,917,500		2,901,080		2,906,559
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD SOFR+	3.25	%		0.75	%		8.84	%	12/28/2027		483,741		482,538		470,800
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+	5.25	%		0.50	%		10.60	%	7/20/2029		985,000		931,439		842,352
Propulsion (BC) Finco	Aerospace & Defense	Term Loan	Loan	3M USD SOFR+	3.75	%		0.50	%		9.08	%	9/14/2029		746,212		739,185		747,764
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+	4.75	%		0.00	%		10.00	%	3/15/2030		468,141		467,239		465,997
Quartz AcquireCo, LLC	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+	2.75	%		0.00	%		8.08	%	6/28/2030		1,241,247		1,232,291		1,240,080
QUEST BORROWER LIMITED	High Tech Industries	Term Loan (1/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.65	%	2/1/2029		1,960,000		1,946,455		1,434,877
Quikrete Holdings, Inc.	Construction & Building	Quikrete 3/24 (2031)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.75	%	4/14/2031		997,500		995,095		998,976
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		1,201,200
R1 RCM INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.25	%	6/21/2029		1,193,924		1,180,752		1,195,118
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+	6.25	%		0.75	%		11.65	%	5/15/2028		549,664		544,484		553,237
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.15	%	5/15/2028		2,050,682		1,069,197		1,009,961
RAND PARENT LLC	Transportation: Cargo	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.00	%		9.07	%	3/16/2030		2,468,750		2,393,051		2,464,751
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.36	%	4/24/2028		972,500		971,632		931,169
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.00	%	2/17/2028		1,850,158		1,821,756		1,842,073
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Second-Out Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		10.88	%	7/15/2028		2,901,937		2,767,804		2,714,762
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan (07/24)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.38	%	7/15/2028		340,439		335,544		342,141
Resideo Funding Inc.	Services: Consumer	Term Loan B (05/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.28	%	2/11/2028		674,488		674,133		676,174
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+	6.50	%		1.00	%		12.10	%	4/30/2027		1,958,313		1,958,313		1,806,544
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.86	%	10/20/2028		3,409,843		3,406,428		3,135,999
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.10	%	2/4/2027		1,057,311		1,057,311		1,060,747
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	%		10.25	%	5/30/2027		5,748,878		5,736,129		5,022,048
RV Retailer LLC	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.10	%	2/8/2028		2,912,819		2,879,951		2,598,642
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.75	%		0.75	%		8.00	%	9/1/2027		1,455,934		1,447,849		1,460,782
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	5.00	%		0.50	%		10.44	%	3/10/2028		2,421,181		2,384,525		2,403,022
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	1.75	%		0.00	%		7.09	%	2/28/2030		493,750		490,670		494,984
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.11	%	4/20/2028		1,297,546		1,293,920		1,292,680
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.50	%		8.32	%	4/4/2029		492,500		491,808		490,102
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	3M USD SOFR+	3.00	%		0.00	%		8.25	%	7/31/2031		987,500		980,180		988,320
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+	1.75	%		0.00	%		7.08	%	11/5/2028		500,000		499,272		502,770
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.11	%	8/28/2028		1,945,000		1,939,928		1,306,807
SiteOne Landscape Supply, LLC	Services: Business	Term Loan B (06/24)	Loan	1M USD SOFR+	1.75	%		0.50	%		7.09	%	3/23/2030		1,260,861		1,256,054		1,259,285

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
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.85	%	4/1/2029		511,646		508,530		514,844
Sotheby’s	Services: Business	Term Loan (7/21)	Loan	3M USD SOFR+	4.50	%		0.50	%		10.06	%	1/15/2027		3,174,651		3,148,828		3,099,698
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	1M USD SOFR+	3.25	%		0.75	%		8.59	%	8/2/2030		1,950,000		1,944,437		1,952,750
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		9.60	%	3/31/2028		1,945,000		1,934,196		1,886,650
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD SOFR+	4.00	%		0.75	%		9.60	%	3/4/2028		2,902,500		2,893,119		2,456,966
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.11	%	5/12/2028		2,269,091		2,267,193		2,267,684
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.00	%		0.50	%		7.31	%	9/22/2028		415,250		412,897		416,654
Staples, Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+	5.75	%		0.50	%		11.08	%	8/23/2029		4,284,976		4,226,728		3,899,328
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.08	%	9/30/2030		1,246,875		1,229,981		1,238,085
Storable, Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.75	%	4/17/2028		487,500		487,162		488,212
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.75	%		0.50	%		9.11	%	12/1/2028		975,000		968,696		973,781
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+	4.25	%		0.00	%		9.50	%	3/27/2031		498,750		493,886		502,865
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD SOFR+	4.25	%		0.75	%		9.61	%	8/2/2028		2,150,579		2,080,124		2,150,579
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+	4.00	%		0.75	%		9.51	%	4/24/2028		2,432,469		2,431,935		2,375,841
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan B (6/24)	Loan	3M USD SOFR+	4.75	%		0.50	%		10.08	%	4/2/2029		984,957		977,435		982,494
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.11	%	7/7/2028		975,000		973,834		975,000
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (03/24)	Loan	1M USD SOFR+	4.75	%		1.00	%		10.00	%	3/13/2031		3,491,250		3,457,159		3,501,444
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 5/23	Loan	1M USD SOFR+	6.00	%		0.00	%		11.25	%	5/25/2028		1,870,000		1,870,000		1,793,442
The Dun & Bradstreet Corporation	Services: Business	Term Loan (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.03	%	1/18/2029		1,145,916		1,144,580		1,147,165
Thor Industries, Inc.	Automotive	Term Loan B (06/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	11/15/2030		385,981		382,541		386,464
TIBCO Software Inc	High Tech Industries	Term Loan (3/24)	Loan	3M USD SOFR+	4.50	%		0.50	%		9.83	%	3/24/2031		500,000		499,375		501,875
Torrid LLC	Wholesale	Term Loan 5/21	Loan	3M USD SOFR+	5.50	%		0.75	%		11.08	%	6/14/2028		3,200,528		2,839,678		2,928,483
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.61	%	4/15/2028		2,296,247		2,175,803		2,299,117
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	3M USD SOFR+	3.50	%		0.75	%		9.09	%	8/18/2027		-		3,395		-
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7 (02/24)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.25	%	12/1/2028		607,510		606,739		607,783
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD SOFR+	3.25	%		0.50	%		8.85	%	3/31/2028		1,455,004		1,450,794		1,454,015
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	2.50	%		0.00	%		8.10	%	3/10/2028		346,923		346,566		347,482
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.00	%	4/4/2029		1,995,000		1,977,881		1,999,529

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
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+	4.00	%		0.75	%		9.35	%	11/2/2027		939,891		936,336		911,694
Uber Technologies, Inc.	Transportation: Consumer	Term Loan 2/23	Loan	3M USD SOFR+	2.75	%		0.00	%		8.09	%	3/3/2030		392,938		392,073		394,368
Ultra Clean Holdings, Inc.	High Tech Industries	Term loan (03/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.75	%	2/25/2028		1,249,372		1,245,946		1,253,283
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD SOFR+	4.00	%		1.00	%		9.58	%	7/31/2026		496,815		484,461		492,622
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (05/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	1/31/2029		2,415,600		2,412,837		2,340,861
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.58	%	6/25/2029		245,000		239,412		241,786
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+	5.00	%		0.75	%		10.48	%	1/19/2029		2,306,722		2,253,639		2,224,834
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Extended Term Loan (07/24)	Loan	3M USD SOFR+	7.75	%		1.00	%		13.03	%	6/15/2030		1,284,849		1,284,111		1,238,273
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.33	%	8/20/2025		1,346,600		1,345,165		1,212,707
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.00	%	12/6/2030		977,625		974,960		980,763
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.75	%	3/5/2029		2,952,318		2,898,449		2,751,442
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.61	%	9/28/2028		2,753,864		2,748,805		2,753,864
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	12/20/2030		1,879,946		1,873,141		1,884,307
VM Consolidated, Inc.	Construction & Building	Term Loan B (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.00	%	3/24/2028		1,829,589		1,829,053		1,838,737
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD SOFR+	6.00	%		1.00	%		11.25	%	9/30/2025		463,750		463,750		480,561
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.25	%		0.50	%		7.60	%	12/15/2028		493,734		486,123		494,968
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	First Lien TL I (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	1/24/2031		1,250,000		1,249,979		1,250,388
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		9.26	%	3/2/2028		2,751,011		2,742,871		2,764,766
WeddingWire, Inc.	Services: Consumer	Term Loan (09/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.75	%	1/29/2028		4,796,901		4,795,317		4,802,897
WEX Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	4/1/2028		2,909,811		2,904,166		2,917,609
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Windsor Holdings III TL	Loan	1M USD SOFR+	4.00	%		0.00	%		9.31	%	8/1/2030		497,500		497,500		498,898
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+	1.75	%		0.00	%		7.00	%	5/24/2030		992,500		988,332		993,125
Xperi Corporation	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.34	%	6/8/2028		1,906,238		1,903,614		1,909,822
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+	4.25	%		0.50	%		9.50	%	3/9/2027		977,500		962,949		906,221
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		1,857,011		1,849,307		1,850,344
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.56	%	1/24/2031		1,450,394		1,449,269		1,452,656
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+	5.25	%		0.00	%		10.51	%	2/8/2028		1,970,000		1,896,997		1,973,704
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	1.93	%		0.50	%		7.27	%	1/29/2029		487,500		486,880		487,193
TOTAL INVESTMENTS																$	578,246,446	$	554,083,144

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)		25,684,819	$	25,684,819	$	25,684,819
Total cash and cash equivalents		25,684,819	$	25,684,819	$	25,684,819

(a) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of August 31, 2024.

(b) As of August 31, 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 August 31, 2024 was 5.31%.

3M USD LIBOR - The 3-month USD LIBOR rate as of August 31, 2024 was 5.28%.

1M SOFR - The 1-month SOFR rate as of August 31, 2024 was 5.20%.

3M SOFR - The 3-month SOFR rate as of August 31, 2024 was 5.02%.

6M SOFR - The 6-month SOFR rate as of August 31, 2024 was 4.71%.

Prime - The Prime Rate as of August 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

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
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
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
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

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
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
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

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
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
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

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
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
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

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
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
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

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
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
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
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

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
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
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

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
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
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

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
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
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

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
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
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
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

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
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
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

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
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
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

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
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
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

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
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
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.

(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 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 August 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 August 31, 2024 and February 29, 2024, the Company’s investment in the unsecured note of SLF JV had a fair value of $16.3 million and $15.8 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $5.1 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 August 31, 2024 and August 31, 2023, the Company earned $0.4 million and $0.4 million, respectively, of interest income related to SLF JV, which is included in interest income on control investments. For the six months ended August 31, 2024 and August 31, 2023, the Company earned $0.9 million and $0.9 million, respectively, of interest income related to SLF JV, which is included in interest income on control investments. As of August 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 consolidated statements of assets and liabilities.

For the three months ended August 31, 2024 and August 31, 2023, the Company earned $0.9 million and $1.5 million, respectively, of dividend income related to SLF JV, which is included in dividend income on control investments. For the six months ended August 31, 2024 and August 31, 2023, the Company earned $2.2 million and $3.4 million, respectively, of dividend income related to SLF JV, which is included in dividend income on control investments. As of August 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 consolidated 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 August 31, 2024 and February 29, 2024, the fair value of these Class E Notes were $12.3 million and $12.3 million, respectively.

Borrowings

6 Months Ended

Aug. 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 August 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:

●

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.

In addition to any fees or other amounts payable under the terms of the Encina Credit Facility, an administrative agent fee per annum equal to $0.1 million is payable in equal monthly installments in arrears.

As of August 31, 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 August 31, 2024 and August 31, 2023, we recorded $0.8 million and $0.9 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended August 31, 2024 and August 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 August 31, 2024 and August 31, 2023, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 9.89% and 9.75%, respectively, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $32.5 million and $35.0 million, respectively.

For the six months ended August 31, 2024 and August 31, 2023, we recorded $1.7 million and $2.0 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the six months ended August 31, 2024 and August 31, 2023, we recorded $0.2 million and $0.2 million of deferred financing costs related to the Encina Credit Facility, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2024 and August 31, 2023, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 9.89% and 9.56%, respectively, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $33.6 million and $40.9 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 $88.3 million subject to the Encina Credit Facility cap of $65.0 million at August 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 August 31, 2024 borrowing base relies upon the valuations set forth in the Quarterly Report on Form 10-Q for the period ended May 31, 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 originally provided 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.

On June 14, 2024, the Company entered into the first amendment to the Live Oak Credit Agreement (the “Amendment”). The Amendment, among other things:

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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;

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added new lenders (as identified in the Amendment) to the Live Oak Credit Agreement;

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replaced administrative agent approval with “Required Lender” (as defined in the Live Oak Credit Agreement) approval with respect to certain matters;

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replaced Required Lender approval with 100% lender approval with respect to certain matters; and

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changed the definition of Required Lender to require the approval of at least two unaffiliated lenders.

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 August 31, 2024 there was $20.0 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 August 31, 2024, we recorded $0.5 million of interest expense related to the Live Oak Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended August 31, 2024, we recorded $0.1 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 August 31, 2024, the weighted average interest rate on the outstanding borrowings under the Live Oak Credit Facility was 9.56%, and the average dollar amount of outstanding borrowings under the Live Oak Credit Facility was $19.0 million.

For the six months ended August 31, 2024, we recorded $0.8 million of interest expense related to the Live Oak Credit Facility, respectively, which includes commitment and administrative agent fees. For the six months ended August 31, 2024, we recorded $0.1 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 six months ended August 31, 2024, the weighted average interest rate on the outstanding borrowings under the Live Oak Credit Facility was 9.54%, and the average dollar amount of outstanding borrowings under the Live Oak Credit Facility was $16.0 million.

Our borrowing base under the Live Oak Credit Facility is $87.9 million subject to the Live Oak Credit Facility cap of $75.0 million at August 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 August 31, 2024 borrowing base relies upon the valuations set forth in the Quarterly Report on Form 10-Q for the period ended May 31, 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. The Company’s wholly owned subsidiary, SBIC LP, repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million.

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 Subsidiary’s 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 August 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 August 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 August 31, 2024 and August 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 August 31, 2024 and August 31, 2023, the Company recorded $0.2 million and $0.3 million of amortization of deferred financing costs related to the SBA debentures, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. The weighted average interest rate during the three months ended August 31, 2024 and August 31, 2023 on the outstanding borrowings of the SBA debentures was 3.34% and 2.90%, respectively. During the three months ended August 31, 2024 and August 31, 2023, the average dollar amount of SBA debentures outstanding was $214.0 million and $202.6 million, respectively.

For the six months ended August 31, 2024 and August 31, 2023, the Company recorded $3.6 million and $2.9 million of interest expense related to the SBA debentures, respectively. For the six months ended August 31, 2024 and August 31, 2023, the Company recorded $0.5 million and $0.5 million of amortization of deferred financing costs related to the SBA debentures, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. The weighted average interest rate during the six months ended August 31, 2024 and August 31, 2023 on the outstanding borrowings of the SBA debentures was 3.35% and 2.89%, respectively. During the six months ended August 31, 2024 and August 31, 2023, the average dollar amount of SBA debentures outstanding was $214.0 million and $202.3 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 August 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 August 31, 2024 and August 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 August 31, 2024 and August 31, 2023, the average dollar amount of 7.75% 2025 Notes outstanding was $5.0 million and $5.0 million respectively.

For the six months ended August 31, 2024 and August 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 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 six months ended August 31, 2024 and August 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 August 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 $14.4 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 August 31, 2024 and August 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 August 31, 2024 and August 31, 2023 the average dollar amount of 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million respectively.

For the six months ended August 31, 2024 and August 31, 2023, the Company recorded $0.5 million and $0.5 million, respectively, of interest expense and $0.04 million and $0.04 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2024 and August 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 August 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 $166.1 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 4.375% 2026 Notes was $175.0 million and $163.4 million, respectively.

For the three months ended August 31, 2024 and August 31, 2023, the Company recorded $1.9 million and $1.9 million, respectively, of interest expense, $0.1 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 August 31, 2024 and August 31, 2023, the average dollar amount of 4.375% 2026 Notes outstanding was $175.0 million and $175.0 million, respectively.

For the six months ended August 31, 2024 and August 31, 2023, the Company recorded $3.8 million and $3.8 million, respectively, of interest expense, $0.3 million and $0.4 million, respectively, of amortization of deferred financing costs and $0.1 million and $0.1 million, respectively, of amortization of premium on issuance of 4.375% Notes due 2026 (inclusive of the issuance of the Additional 4.375% 2026 Notes). Interest expense, amortization of deferred financing costs and amortization of premium on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the six months ended August 31, 2024 and August 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 August 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 $68.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 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 August 31, 2024 and August 31, 2023, the Company recorded $0.8 million and $0.8 million, respectively, of interest expense, $0.1 million and $0.09 million, respectively, of amortization of deferred financing costs and $0.03 million and $0.03 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 August 31, 2024 and August 31, 2023, the average dollar amount of 4.35% 2027 Notes outstanding was $75.0 million and $75.0 million, respectively.

For the six months ended August 31, 2024 and August 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 financing costs and $0.06 million and $0.06 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 six months ended August 31, 2024 and August 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 August 31, 2024, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $101.9 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 August 31, 2024 and August 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 August 31, 2024 and August 31, 2023, the average dollar amount of 6.00% 2027 Notes outstanding was $105.5 million and $105.5 million, respectively.

For the six months ended August 31, 2024 and August 31, 2023, the Company recorded $3.2 million and $3.2 million, respectively, of interest expense, $0.4 million and $0.4 million, respectively, of amortization of deferred financial costs and $0.02 million and $0.02 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 six months ended August 31, 2024 and August 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 August 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 $11.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 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 August 31, 2024 and August 31, 2023, the Company recorded $0.2 million and $0.2 million, respectively, of interest expense, $0.03 million and $0.00 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 August 31, 2024 and August 31, 2023, the average dollar amount of 7.00% 2025 Notes outstanding was $12.0 million and $12.0 million, respectively.

For the six months ended August 31, 2024 and August 31, 2023, the Company recorded $0.4 million and $0.4 million, respectively, of interest expense, $0.07 million and $0.06 million, respectively, of amortization of deferred financial costs and $0.06 million and $0.05 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 six months ended August 31, 2024 and August 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 August 31, 2024, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.5 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 August 31, 2024 and August 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 August 31, 2024 and August 31, 2023, the average dollar amount of 8.00% 2027 Notes outstanding was $46.0 million and $46.0 million, respectively.

For the six months ended August 31, 2024 and August 31, 2023, the Company recorded $1.8 million and $1.8 million, respectively, of interest expense and $0.2 million and $0.2 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 six months ended August 31, 2024 and August 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 August 31, 2024, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $60.8 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 August 31, 2024 and August 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 August 31, 2024 and August 31, 2023 the average dollar amount of 8.125% 2027 Notes outstanding was $60.4 million and $60.4 million respectively.

For the six months ended August 31, 2024 and August 31, 2023, the Company recorded $2.5 million and $2.5 million, respectively, of interest expense and $0.2 million and $0.2 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 six months ended August 31, 2024 and August 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 August 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 August 31, 2024 and August 31, 2023, the Company recorded $0.4 million and $0.4 million, respectively, of interest expense, $0.03 million and $0.0 million, respectively, of amortization of deferred financial costs and $0.03 million and $0.2 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 August 31, 2024 and August 31, 2023 the average dollar amount of 8.75% 2025 Notes outstanding was $20.0 million and $20.0 million respectively.

For the six months ended August 31, 2024 and August 31, 2023, the Company recorded $0.9 million and $0.7 million, respectively, of interest expense, $0.05 million and $0.0 million, respectively, of amortization of deferred financial costs and $0.05 million and $0.3 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 six months ended August 31, 2024 and August 31, 2023 the average dollar amount of 8.75% 2025 Notes outstanding was $20.0 million and $15.0 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 August 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 August 31, 2024, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $58.3 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 August 31, 2024 and August 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 8.50% 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 August 31, 2024 and August 31, 2023 the average dollar amount of 8.50% 2028 Notes outstanding was $57.5 million and $57.5 million respectively.

For the six months ended August 31, 2024 and August 31, 2023, the Company recorded $2.4 million and $1.9 million, respectively, of interest expense and $0.2 million and $0.2 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 six months ended August 31, 2024 and August 31, 2023 the average dollar amount of 8.50% 2028 Notes outstanding was $57.5 million and $42.9 million respectively.

Class and Year (1)(2)	Total Amount Outstanding Exclusive of Treasury Securities(3)		Asset Coverage per Unit(4)		Involuntary Liquidating Preference per Share(5)		Average Market Value per Share(6)
	(in thousands)

Credit Facility with Encina Lender Finance, LLC
Fiscal year 2025 (as of August 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 August 31, 2024)	$	20,000	$	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 August 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 August 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)
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)

Class and Year (1)(2)	Total Amount Outstanding Exclusive of Treasury Securities(3)		Asset Coverage per Unit(4)		Involuntary Liquidating Preference per Share(5)		Average Market Value per Share(6)
	(in thousands)
7.75% Notes due 2025
Fiscal year 2025 (as of August 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 August 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 August 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 August 31, 2024)	$	105,500	$	1,596		-	$	24.18	(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 August 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 August 31, 2024)	$	46,000	$	1,596		-	$	25.11	(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 August 31, 2024)	$	60,375	$	1,596		-	$	25.20	(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 August 31, 2024)	$	57,500	$	1,596		-	$	25.34	(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.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Dividend (Details) - Schedule of Dividends Declared [Line Items]

Schedule of Transactions Related to Affiliates - USD ($)	6 Months Ended	12 Months Ended
	Aug. 31, 2024	Feb. 29, 2024
Affiliate [Member]
Net Change in Unrealized Appreciation (Depreciation)	$ 954,668	$ (1,541,829)
Net Realized Gain (Loss) from Investments
Sales
Purchases		19,343,789
Management Fee Income
Total Interest from Investments	1,479,305	4,174,042
Affiliate [Member] \| Axero Holdings, LLC [Member]
Net Change in Unrealized Appreciation (Depreciation)	1,981,111	976,251
Net Realized Gain (Loss) from Investments
Sales
Purchases
Management Fee Income
Total Interest from Investments	459,493	931,008
Affiliate [Member] \| ETU Holdings, Inc. [Member]
Net Change in Unrealized Appreciation (Depreciation)	(1,026,443)	(2,518,080)
Net Realized Gain (Loss) from Investments
Sales
Purchases
Management Fee Income
Total Interest from Investments	1,019,812	1,915,718
Affiliate [Member] \| Modis Dental Partners OpCo, LLC [Member]
Net Change in Unrealized Appreciation (Depreciation)
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 Change in Unrealized Appreciation (Depreciation)
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)	(4,976,759)	(21,381,288)
Net Realized Gain (Loss) from Investments	(55,202,425)
Management Fee Income	1,596,779	3,270,232
Total Interest from Investments	3,528,958	9,322,834
Sales	2,469,797
Purchases	304,768	2,475,000
Total Dividends from Investments	2,212,640	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	(6,084,163)
Management Fee Income
Total Interest from Investments	921,530	4,374,804
Sales	2,260,337
Purchases		2,475,000
Total Dividends from Investments
Control [Member] \| Pepper Palace, Inc [Member]
Net Change in Unrealized Appreciation (Depreciation)	(1,225,367)
Net Realized Gain (Loss) from Investments	(34,007,427)
Management Fee Income
Total Interest from Investments	1,338
Sales
Purchases
Total Dividends from Investments
Control [Member] \| Zollege PBC [Member]
Net Change in Unrealized Appreciation (Depreciation)	160,151
Net Realized Gain (Loss) from Investments	(15,110,835)
Management Fee Income
Total Interest from Investments	110,862
Sales	209,460
Purchases	304,768
Total Dividends from Investments
Control [Member] \| Saratoga Investment Corp. CLO 2013-1, Ltd. [Member]
Net Change in Unrealized Appreciation (Depreciation)	(297,319)	(4,733,934)
Net Realized Gain (Loss) from Investments
Management Fee Income	1,596,779	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	867,989	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)	(3,601,789)	43,821
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments	746,292	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)	461,616	(1,800,657)
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments	880,948	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)	(4,276,905)	(3,702,956)
Net Realized Gain (Loss) from Investments
Management Fee Income
Total Interest from Investments
Sales
Purchases
Total Dividends from Investments	$ 2,212,640	$ 5,911,564

Subsequent Events

6 Months Ended

Aug. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

The Company has evaluated subsequent events through the filing of this Form 10-Q and determined that there have been no events that have occurred that would require adjustments to the Company’s consolidated financial statements and disclosures in the consolidated financial statements as of and for the quarter ended August 31, 2024.

Summary of Significant Accounting Policies (Details) - Schedule of Reconciliation of Cash and Cash Equivalents and Cash and Cash Equivalents - USD ($)	Aug. 31, 2024	Feb. 29, 2024	Aug. 31, 2023	Feb. 28, 2023
Schedule of Reconciliation of Cash and Cash Equivalents and Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 84,569,590	$ 8,692,846
Cash and cash equivalents, reserve accounts	77,434,591	31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$ 162,004,181	$ 40,507,124	$ 48,432,900	$ 96,076,273

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

6 Months Ended

Aug. 31, 2024

Aug. 31, 2023

Aug. 22, 2024

O 2024 H2 Dividends [Member]

$ 1.48

$ 1.41

Total Amount

^[1]

$ 20,309

$ 17,639

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

O 2024 H2 Dividends [Member] | August 22, 2024 [Member]

$ 0.74

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

$ 0.74

$ 10,172

Sep. 11, 2024

Sep. 26, 2024

O 2024 H2 Dividends [Member] | May 23, 2024 [Member]

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

O 2024 H2 Dividends [Member] | August 14, 2023 [Member]

$ 0.74

Total Amount

^[1]

$ 10,137

Record Date

Jun. 13, 2024

Payment Date

Jun. 27, 2024

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

$ 0.71

$ 9,287

Sep. 14, 2023

Sep. 28, 2023

O 2024 H2 Dividends [Member] | May 22, 2023 [Member]

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

Commitments and Contingencies [Abstract]

$ 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.

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
INCREASE FROM OPERATIONS:
Net investment income	$ 32,532,403	$ 29,923,734
Net realized gain (loss) from investments	(54,643,724)	90,691
Realized losses on extinguishment of debt		(110,056)
Net change in unrealized appreciation (depreciation) on investments	42,659,586	(22,059,878)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	(620,188)	(161,799)
Net increase in net assets resulting from operations	19,928,077	7,682,692
DECREASE FROM SHAREHOLDER DISTRIBUTIONS:
Total distributions to shareholders	(20,104,269)	(16,545,737)
Net decrease in net assets from shareholder distributions	(20,104,269)	(16,545,737)
CAPITAL SHARE TRANSACTIONS:
Proceeds from issuance of common stock		22,498,117
Capital contribution from Manager		2,050,288
Stock dividend distribution	2,005,926	1,808,157
Repurchases of common stock		(2,157,605)
Repurchase fees		(1,772)
Offering costs		(213,427)
Net increase in net assets from capital share transactions	2,005,926	23,983,758
Total increase in net assets	1,829,734	15,120,713
Net assets at beginning of period	370,224,108	346,958,042
Net assets at end of period	$ 372,053,842	$ 362,078,755

Commitments and Contingencies (Tables)

6 Months Ended

Aug. 31, 2024

Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations

The following table shows our payment obligations for repayment of debt and other contractual obligations at August 31, 2024:

			Payment Due by Period
Long-Term Debt Obligations	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years		More Than 5 Years
	($ in thousands)
Encina credit facility	$	32,500	$	-	$	32,500	$	-	$	-
Live Oak credit facility		20,000		-		20,000		-		-
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	$	837,875	$	25,000	$	420,000	$	178,875	$	214,000

Schedule of Unfunded Commitments Outstanding

A summary of the unfunded commitments outstanding as of August 31, 2024 and February 29, 2024 is shown in the table below (dollars in thousands):

	August 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		-
Davisware, LLC		1,000		-
Granite Comfort, LP		-		750
JDXpert		4,500		5,000
LFR Chicken LLC		10,000		-
Pepper Palace, Inc.		1,200		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	$	83,748	$	77,696

At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
Alpha Aesthetics Partners OpCo, LLC	$	3,902	$	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		2,000		750
Exigo, LLC - Revolver		625		1,042
Gen4 Dental Partners Holdings, LLC		2,857		-
GoReact		2,500		2,500
Granite Comfort, LP		11,637		11,637
Inspect Point Holding, LLC		1,500		1,500
Pepper Palace, Inc. - Revolver		800		2,500
Stretch Zone Franchising, LLC		1,500		1,500
VetnCare MSO, LLC		15,319		15,319
Zollege PBC		-		150
		48,390		54,733
Total	$	132,138	$	132,429

Investments (Details) - USD ($)										1 Months Ended		3 Months Ended						6 Months Ended		12 Months Ended
Investments (Details) - USD ($)	Aug. 31, 2024	Feb. 29, 2024	Jun. 09, 2023	Oct. 28, 2022	Aug. 31, 2021	Aug. 11, 2021	Feb. 28, 2021	Feb. 26, 2021	Dec. 14, 2018	Dec. 31, 2018	Jan. 31, 2008	Aug. 31, 2024	May 31, 2024	Feb. 29, 2024	Nov. 30, 2023	Aug. 31, 2023	May 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Feb. 29, 2024	Jun. 10, 2024	Aug. 09, 2021
Investments [Line Items]
Realized loss												$ (33,448,727)	$ (21,194,997)	$ 2,327	$ 60,565		$ 90,691	$ (54,643,724)	$ 90,691
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%
Cash contributions	$ 48,341,503	$ 91,270,036							$ 500,000,000			48,341,503		91,270,036				$ 48,341,503		$ 91,270,036
Interest income												$ 0				0		1,600,000	1,600,000
Dividend income																3,400,000		1,500,000
Purchased of fair value percentage												87.50%
Aggregate fair value	963,176,509	1,019,774,616										$ 963,176,509		1,019,774,616				$ 963,176,509		1,019,774,616
Legal maturity date									January 2030
Aggregate principal amount																				8,900,000
Additional investments								$ 14,000,000
Transaction of refinancing and upsizing cost paid								2,600,000													$ 500,000
Outstanding receivable					$ 2,600,000
Issuer issued																					$ 422,500,000
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												792,323				817,250		$ 1,596,779	1,634,038
Investment principal balance	586,200,000	$ 640,800,000										586,200,000		$ 640,800,000				$ 586,200,000		$ 640,800,000
Weighted average spread percentage																		3.70%		3.80%
Percentage of debt weighted average spread																		2.20%		2.20%
Percentage of discount on subordinated note	$ 5,800,000											$ 5,800,000						$ 5,800,000
Percentage of discount rate	40.00%	22.00%										40.00%		22.00%				40.00%		22.00%
Total investment	$ 1,039,041,812	$ 1,179,783,737										$ 1,039,041,812		$ 1,179,783,737				$ 1,039,041,812		$ 1,179,783,737
Received distributions																		88,100,000
Management fees												4,766,445				4,840,899		9,749,025	9,405,088
Incentive fees																		8,100,000	6,500,000
Debt principal balance																				611,000,000
Cash flows of the subordinated notes		9,500,000												9,500,000						9,500,000
The Class F-R-3 Notes [Member]
Investments [Line Items]
Aggregate principal amount								17,900,000
The Class F-R-2 Notes [Member]
Investments [Line Items]
Aggregate principal amount								2,500,000
The Class G-R-2 Notes [Member]
Investments [Line Items]
Aggregate principal amount								7,500,000
The CLO 2013-1 [Member]
Investments [Line Items]
Aggregate principal amount								25,000,000
Class F-R-3 Note [Member]
Investments [Line Items]
Notes exchanged																						$ 17,900,000
The Class F-1-R-3 Notes [Member]
Investments [Line Items]
Realized loss						$ 100,000
Notes exchanged																						8,500,000
The Class F-2-R-3 Notes [Member]
Investments [Line Items]
Notes exchanged	9,400,000											9,400,000						9,400,000				$ 9,400,000
Corresponding fair value																		5,300,000
The Subordinated Notes [Member]
Investments [Line Items]
Interest income																		0	0
Aggregate principal amount																				$ 9,500,000
Notes exchanged	111,000,000											111,000,000						111,000,000
Corresponding fair value																		5,800,000
Maximum [Member]
Investments [Line Items]
Aggregate principal amount									$ 500,000,000
Minimum [Member]
Investments [Line Items]
Aggregate principal amount									300,000,000
PIK [Member]
Investments [Line Items]
Realized loss																		$ 49,100,000
London Interbank Offered Rate [Member]
Investments [Line Items]
Investment description																		1M USD LIBOR - The 1-month USD LIBOR rate as of August 31, 2024 was 5.31%.3M USD LIBOR - The 3-month USD LIBOR rate as of August 31, 2024 was 5.28%.		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 [Line Items]
Investment description																		1M SOFR - The 1-month SOFR rate as of August 31, 2024 was 5.20%.3M SOFR - The 3-month SOFR rate as of August 31, 2024 was 5.02%.6M SOFR - The 6-month SOFR rate as of August 31, 2024 was 4.71%.		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 [Line Items]
Investment description																		Prime - The Prime Rate as of August 31, 2024 was 8.50%.		Prime - The Prime Rate as of February 29, 2024 was 8.50%.
Saratoga CLO [Member]
Investments [Line Items]
Cash contributions									$ 300,000,000
Interest income												800,000				800,000
Management fee income											$ 30,000,000	800,000				800,000
Total investment	57,800,000	57,800,000					$ 14,000,000			$ 13,800,000		57,800,000		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] \| Maximum [Member]
Investments [Line Items]
Cash contributions								650,000,000
Saratoga CLO [Member] \| Minimum [Member]
Investments [Line Items]
Cash contributions								$ 500,000,000
SLF JV [Member]
Investments [Line Items]
Cash contributions	$ 43,750,000											$ 43,750,000						$ 43,750,000
Fixed interest rate	10.00%											10.00%						10.00%
Unsecured debt	$ 2,500,000											$ 2,500,000						$ 2,500,000
Membership interest	2,500,000											2,500,000						2,500,000
Investment unsecured note	16,300,000	15,800,000										16,300,000		15,800,000				16,300,000		15,800,000
Interest income	200,000	200,000										400,000				400,000		900,000	900,000
Dividend income	0	0										900,000				$ 1,500,000		2,200,000	$ 3,400,000
Unsecured percentage			7.00%
Collateralized loan obligation trust				$ 402,100,000
Saratoga CLO [Member]
Investments [Line Items]
Management fees																		36,700,000
Incentive fees																		1,200,000
TJHA [Member]
Investments [Line Items]
Cash contributions	6,250,000											6,250,000						6,250,000
Unsecured debt	17,600,000											17,600,000						17,600,000
Membership interest	17,600,000											17,600,000						17,600,000
TJHA [Member] \| SLF JV [Member]
Investments [Line Items]
Cash contributions	50,000,000											50,000,000						50,000,000
Membership interest	$ 5,100,000	9,400,000										$ 5,100,000		9,400,000				$ 5,100,000		9,400,000
TJHA and SLF JV [Member] \| Maximum [Member]
Investments [Line Items]
Ownership percentage	87.50%											87.50%						87.50%
TJHA and SLF JV [Member] \| Minimum [Member]
Investments [Line Items]
Ownership percentage	12.50%											12.50%						12.50%
Voting Interest in SLF JV [Member]
Investments [Line Items]
Ownership percentage	50.00%											50.00%						50.00%
Class E [Member]
Investments [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		$ 12,300,000

Investment in Saratoga CLO (Details) - Schedule of Investments - Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] - USD ($)

6 Months Ended

12 Months Ended

Aug. 31, 2024

Feb. 29, 2024

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 578,246,446

$ 630,995,710

U.S. Bank Money Market [Member]

$ 554,083,144

$ 607,551,774

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

25,684,819

^[1]

12,104,832

^[2]

$ 25,684,819

^[1]

$ 12,104,832

^[2]

Cash and Cash Equivalents [Member]

$ 25,684,819

^[1]

$ 12,104,832

^[2]

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

25,684,819

12,104,832

$ 25,684,819

$ 12,104,832

Altisource Solutions S.a r.l. [Member]

$ 25,684,819

$ 12,104,832

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Common Stock

Equity

15,981

Endo Finance Holdings, Inc. [Member]

$ 18,538

$ 44,587

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Common Stock

Equity

23,799

$ 660,422

Endo Finance Holdings, Inc. [Member]

$ 630,674

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Warrants

Equity

349

$ 9,685

Envision Parent Inc [Member]

$ 9,249

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Common Stock

Equity

4,410

92,837

$ 175,000

Envision Parent Inc [Member]

$ 47,408

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Warrants

Equity

92,837

4,410

$ 175,000

Instant Brands Litigation Trust Interests [Member]

$ 42,998

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

Warrants

Equity

8,572

Isagenix International, LLC [Member]

$ 42,860

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Common Stock

Equity

86,398

Research Now Group, Inc [Member]

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Advertising, Printing & Publishing

Common Stock

Term Loan

Equity

Loan

3M USD SOFR+

5.50%

1.00%

11.07%

Dec. 20, 2024

39,808

4,252,891

$ 557,312

$ 4,231,426

Resolute Investment Managers (American Beacon), Inc. [Member]

$ 617,024

$ 2,426,275

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Common Stock

Equity

24,320

$ 1,034,581

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 21,888

$ 468,000

URS TOPCO LLC [Member]

Transportation: Cargo

Common Stock

Equity

25,330

$ 440,405

1011778 B.C Unltd Liability Co [Member]

$ 394,500

$ 465,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Term Loan B6

Term Loan B (09/23)

Loan

1M USD SOFR+

1.75%

2.25%

0.00%

7.00%

7.58%

Sep. 20, 2030

Sep. 12, 2030

1,443,881

1,447,500

$ 1,425,138

$ 1,427,292

19TH HOLDINGS GOLF, LLC [Member]

$ 1,431,478

$ 1,440,002

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

Term Loan

Loan

1M USD SOFR+

3.25%

0.50%

8.70%

8.67%

Feb. 07, 2029

2,461,090

2,473,646

$ 2,379,021

$ 2,383,742

888 Acquisitions Limited [Member]

$ 2,407,758

$ 2,416,950

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B

Loan

6M USD SOFR+

5.25%

0.00%

10.58%

10.82%

Jul. 08, 2028

3,059,319

2,472,826

$ 2,788,548

$ 2,173,473

Adtalem Global Education Inc. [Member]

$ 2,987,303

$ 2,418,745

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B (08/24)

Term Loan B

Loan

1M USD SOFR+

2.75%

3.50%

0.75%

8.00%

8.83%

Aug. 12, 2028

582,329

$ 578,845

$ 578,482

Aegis Sciences Corporation [Member]

$ 582,695

$ 583,423

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD SOFR+

5.50%

1.00%

10.87%

11.08%

May 09, 2025

2,287,755

2,308,370

$ 2,285,186

$ 2,303,734

Agiliti Health Inc. [Member]

$ 1,618,587

$ 2,206,410

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (03/23)

Loan

3M USD SOFR+

3.00%

0.00%

8.33%

May 01, 2030

2,165,053

1,674,704

$ 2,150,540

$ 1,662,945

AHEAD DB Holdings, LLC [Member]

$ 2,147,473

$ 1,668,424

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B3 (07/24)

Term Loan (04/21)

Loan

3M USD SOFR+

3.50%

3.75%

0.75%

8.80%

9.20%

Feb. 01, 2031

Oct. 18, 2027

2,910,206

2,925,000

$ 2,849,335

$ 2,856,780

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,913,116

$ 2,914,031

Air Canada [Member]

Transportation: Consumer

Term Loan B (03/24)

Term Loan B (07/21)

Loan

3M USD SOFR+

1M USD SOFR+

2.50%

3.50%

0.00%

0.75%

7.85%

8.93%

Mar. 21, 2031

Aug. 11, 2028

997,500

1,970,000

$ 995,015

$ 1,853,394

AIT Worldwide Logistics Holdings, Inc. [Member]

$ 996,672

$ 1,970,276

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Transportation: Cargo

Term Loan (04/21)

Loan

3M USD SOFR+

1M USD SOFR+

4.75%

0.75%

9.87%

10.17%

Apr. 06, 2028

2,462,025

2,474,684

$ 2,336,394

$ 2,334,728

AlixPartners, LLP [Member]

$ 2,461,508

$ 2,471,590

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (01/21)

Loan

1M USD SOFR+

2.50%

0.50%

7.86%

7.94%

Feb. 04, 2028

241,875

243,125

$ 241,708

$ 242,907

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 242,738

$ 243,064

Alkermes, Inc. [Member]

Healthcare & Pharmaceuticals

Term Loan B (3/21)

Loan

1M USD SOFR+

2.50%

0.50%

7.89%

7.93%

Mar. 12, 2026

2,093,757

2,104,577

$ 2,086,541

$ 2,095,205

Allen Media, LLC [Member]

$ 2,096,374

$ 2,101,947

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Diversified & Production

Term Loan (7/21)

Loan

3M USD SOFR+

5.50%

0.00%

10.98%

11.00%

Feb. 10, 2027

4,326,473

4,349,069

$ 4,309,765

$ 4,329,175

Alliant Holdings Intermediate, LLC [Member]

$ 2,850,064

$ 3,803,870

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (12/23)

Loan

1M USD SOFR+

3.50%

0.50%

8.81%

8.82%

Nov. 06, 2030

799,019

803,044

$ 798,965

$ 802,787

Allied Universal Holdco LLC [Member]

$ 801,152

$ 803,197

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan 4/21

Loan

1M USD SOFR+

3.75%

0.50%

9.10%

9.18%

May 12, 2028

1,945,000

1,955,000

$ 1,939,536

$ 1,948,856

Alterra Mountain Company (Intrawest Resort Holdings) [Member]

$ 1,932,688

$ 1,945,948

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B5 (03/24)

Term Loan B Add-on

Loan

1M USD SOFR+

3.50%

3.75%

0.00%

8.75%

9.07%

May 31, 2030

250,000

$ 250,000

Altisource Solutions S.a r.l. One [Member]

$ 251,043

$ 250,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

^[3]

Banking, Finance, Insurance & Real Estate

^[4]

Term Loan B (03/18)

^[3]

Term Loan B (03/18)

^[4]

Loan

^[3]

Loan

^[4]

3M USD SOFR+

^[3]

3M USD SOFR+

^[4]

5.00%

^[3]

5.00%

^[4]

1.00%

^[3]

1.00%

^[4]

10.43%

^[3]

10.45%

^[4]

Apr. 30, 2025

^[3]

Apr. 30, 2025

^[4]

1,131,980

^[3]

1,110,821

^[4]

$ 1,132,120

^[3]

$ 1,110,656

^[4]

Altium Packaging LLC [Member]

$ 605,609

^[3]

$ 877,549

^[4]

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan B

Term Loan (01/21)

Loan

1M USD SOFR+

2.50%

2.75%

0.00%

0.50%

7.75%

8.19%

Jun. 11, 2031

Jan. 29, 2028

485,000

486,250

$ 483,792

$ 484,910

Amer Sports Oyj (MASCOT BIDCO OY) [Member]

$ 482,881

$ 483,819

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

USD Term Loan B (01/24)

Loan

3M USD SOFR+

3.25%

0.00%

8.35%

8.58%

Feb. 07, 2031

498,750

500,000

$ 496,552

$ 497,525

American Axle & Manufacturing Inc. [Member]

$ 499,373

$ 499,375

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Automotive

Term Loan (12/22)

Loan

1M USD SOFR+

3.00%

3.50%

0.50%

8.33%

8.92%

Dec. 13, 2029

480,000

$ 468,336

$ 467,515

American Greetings Corporation [Member]

$ 481,320

$ 479,798

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Advertising, Printing & Publishing

Term Loan B (04/24)

Term Loan (01/23)

Loan

1M USD SOFR+

5.75%

6.00%

0.00%

1.00%

11.00%

11.33%

Oct. 30, 2029

Apr. 05, 2028

2,964,091

2,982,733

$ 2,962,682

$ 2,981,076

American Trailer World Corp [Member]

$ 2,979,474

$ 2,983,478

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Automotive

Term Loan

Loan

1M USD SOFR+

3.75%

0.75%

9.10%

9.18%

Mar. 03, 2028

1,357,439

$ 1,356,288

$ 1,355,695

AmWINS Group, LLC [Member]

$ 1,249,522

$ 1,323,788

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan 2/21

Loan

1M USD SOFR+

2.25%

0.75%

7.61%

7.69%

Feb. 17, 2028

1,930,035

1,940,029

$ 1,916,085

$ 1,924,089

Anastasia Parent LLC [Member]

$ 1,932,447

$ 1,930,484

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Non-durable

Term Loan

Loan

3M USD SOFR+

3.75%

0.00%

9.35%

9.36%

Aug. 11, 2025

942,500

947,500

$ 941,632

$ 946,257

Anchor Packaging, LLC [Member]

$ 673,218

$ 681,859

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan (4/24)

Term Loan B

Loan

1M USD SOFR+

3.75%

3.50%

0.00%

9.00%

8.93%

Jul. 18, 2029

Jul. 18, 2026

1,954,167

1,959,296

$ 1,936,125

$ 1,939,016

AP Core Holdings II LLC [Member]

$ 1,960,030

$ 1,955,632

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B1

Loan

1M USD SOFR+

5.50%

0.75%

10.86%

10.94%

Sep. 01, 2027

1,725,000

1,775,000

$ 1,710,216

$ 1,757,513

AP Core Holdings II LLC [Member]

$ 1,513,067

$ 1,734,317

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B2

Loan

1M USD SOFR+

5.50%

0.75%

10.86%

10.94%

Sep. 01, 2027

500,000

$ 495,721

$ 495,081

APEX GROUP TREASURY LLC [Member]

$ 433,595

$ 487,320

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (07/24)

Term Loan

Loan

6M USD SOFR+

3M USD SOFR+

4.00%

5.00%

0.00%

0.50%

9.08%

10.32%

Jul. 27, 2028

Jul. 26, 2028

492,500

495,000

$ 468,408

$ 468,246

Apollo Commercial Real Estate Finance, Inc. [Member]

$ 494,963

$ 494,381

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

1M USD SOFR+

2.75%

0.00%

8.11%

8.19%

May 15, 2026

2,893,401

2,908,629

$ 2,878,566

$ 2,890,508

Apollo Commercial Real Estate Finance, Inc. [Member]

$ 2,850,000

$ 2,857,728

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B1 (2/21)

Loan

1M USD SOFR+

3.50%

0.50%

8.86%

8.94%

Mar. 06, 2028

967,500

972,500

$ 961,922

$ 966,275

AppLovin Corporation [Member]

$ 931,219

$ 943,325

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B

Term Loan (10/21)

Loan

1M USD SOFR+

2.50%

3.00%

0.50%

7.75%

8.43%

Aug. 19, 2030

Oct. 21, 2028

967,193

1,473,750

$ 967,193

$ 1,471,272

AppLovin Corporation [Member]

$ 968,102

$ 1,474,207

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (3/24)

Term Loan (08/23)

Loan

1M USD SOFR+

2.50%

3.00%

0.50%

7.75%

8.43%

Oct. 25, 2028

Aug. 15, 2030

1,470,066

969,617

$ 1,468,205

$ 969,617

AqGen Ascensus, Inc. [Member]

$ 1,471,286

$ 970,374

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

8.86%

8.94%

Aug. 02, 2028

497,383

500,000

$ 494,003

$ 496,312

Aramark Services, Inc. [Member]

$ 498,005

$ 496,375

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan

Term Loan B (4/21)

Loan

1M USD SOFR+

1.75%

2.50%

0.00%

7.11%

7.94%

Jan. 15, 2027

Apr. 01, 2028

2,331,250

1,753,715

$ 2,299,079

$ 1,748,558

Aramark Services, Inc. One [Member]

$ 2,331,250

$ 1,750,436

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan B7 (03/24)

Term Loan

Loan

1M USD SOFR+

2.00%

1.75%

0.00%

7.25%

7.19%

Apr. 06, 2028

Jan. 15, 2027

1,753,715

2,331,250

$ 1,749,098

$ 2,292,785

ARC FALCON I INC. [Member]

$ 1,757,223

$ 2,324,699

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

8.85%

8.93%

Sep. 23, 2028

976,274

981,274

$ 974,109

$ 978,810

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 974,380

$ 972,550

ARCIS GOLF LLC [Member]

Services: Consumer

Term Loan B

Loan

1M USD SOFR+

3.75%

0.50%

9.11%

9.19%

Nov. 24, 2028

495,490

497,980

$ 491,354

$ 493,335

Aretec Group, Inc. [Member]

$ 496,521

$ 498,602

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B 2

Term Loan B

Loan

1M USD SOFR+

4.00%

4.50%

0.00%

9.25%

9.93%

Aug. 09, 2030

2,629,488

2,642,718

$ 2,615,350

$ 2,627,451

Aspire Bakeries Holdings, LLC [Member]

$ 2,571,271

$ 2,651,650

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Term loan

Loan

1M USD SOFR+

4.25%

0.00%

9.53%

9.57%

Dec. 23, 2030

Dec. 13, 2030

897,750

900,000

$ 889,500

$ 891,160

Assuredpartners Inc. [Member]

$ 899,438

$ 900,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B5 (02/24)

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

8.75%

8.83%

Feb. 14, 2031

Feb. 12, 2027

1,296,750

491,250

$ 1,295,177

$ 490,654

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,298,864

$ 491,250

Asurion, LLC [Member]

Banking, Finance, Insurance & Real Estate

Term Loan B10

Loan

1M USD SOFR+

4.00%

0.00%

9.35%

9.43%

Aug. 19, 2028

1,965,000

1,975,000

$ 1,893,128

$ 1,895,414

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,944,996

$ 1,957,719

Asurion, LLC [Member]

Banking, Finance, Insurance & Real Estate

Term Loan B8

Loan

1M USD SOFR+

3.25%

0.00%

8.61%

8.69%

Dec. 18, 2026

2,919,478

2,934,604

$ 2,915,555

$ 2,928,879

ATHENAHEALTH GROUP INC. [Member]

$ 2,905,055

$ 2,915,442

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (2/22)

Loan

1M USD SOFR+

3.25%

0.50%

8.50%

8.58%

Feb. 15, 2029

1,310,485

1,317,171

$ 1,306,886

$ 1,313,077

Avolon TLB Borrower 1 (US) LLC [Member]

$ 1,299,254

$ 1,304,619

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Capital Equipment

Term Loan B6

Loan

1M USD SOFR+

2.00%

0.00%

7.31%

7.32%

Jun. 22, 2028

1,476,331

1,483,750

$ 1,428,121

$ 1,429,872

Axalta Coating Systems Dutch Holding B B.V. [Member]

$ 1,481,410

$ 1,483,038

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B6 (03/24)

Loan

3M USD SOFR+

2.00%

0.50%

7.33%

Dec. 20, 2029

853,218

$ 846,504

AZURITY PHARMACEUTICALS, INC. [Member]

$ 855,266

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B

Loan

1M USD SOFR+

6.62%

0.75%

11.98%

12.06%

Sep. 20, 2027

437,500

450,000

$ 429,719

$ 440,909

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 430,391

$ 445,500

B&G Foods, Inc. [Member]

Beverage, Food & Tobacco

Term Loan B

Term Loan

Loan

3M USD SOFR+

1M USD SOFR+

3.50%

2.50%

0.00%

8.56%

7.83%

Oct. 10, 2029

Oct. 10, 2026

533,621

556,042

$ 531,838

$ 553,804

BAKELITE UK INTERMEDIATE LTD. [Member]

$ 528,728

$ 553,540

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (5/24)

Term Loan

Loan

3M USD SOFR+

3.50%

4.00%

0.50%

8.83%

9.50%

May 29, 2029

1,481,231

985,000

$ 1,475,470

$ 981,238

Baldwin Insurance Group Holdings, LLC [Member]

$ 1,485,867

$ 980,075

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

1M USD SOFR+

3.25%

0.00%

8.50%

May 26, 2031

1,648,521

$ 1,637,973

Belfor Holdings Inc. [Member]

$ 1,646,461

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan B-1 (11/23)

Loan

1M USD SOFR+

3.75%

0.50%

9.00%

9.08%

Nov. 01, 2030

Oct. 25, 2030

1,498,834

1,600,000

$ 1,485,415

$ 1,584,928

Belron Finance US LLC [Member]

$ 1,502,581

$ 1,602,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Automotive

Term Loan B

Loan

3M USD SOFR+

2.25%

2.00%

0.50%

7.63%

7.58%

Apr. 18, 2029

Apr. 13, 2028

247,500

1,945,000

$ 247,500

$ 1,945,000

Belron Finance US LLC One [Member]

$ 248,428

$ 1,943,172

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Automotive

Term Loan B

Loan

3M USD SOFR+

1.93%

2.25%

0.50%

7.32%

7.66%

Apr. 13, 2028

Apr. 18, 2029

1,935,000

248,750

$ 1,935,000

$ 248,750

Bengal Debt Merger Sub LLC [Member]

$ 1,939,238

$ 248,544

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Term Loan

Loan

1M USD SOFR+

3M USD SOFR+

3.25%

0.50%

8.69%

8.70%

Jan. 24, 2029

1,960,000

1,970,000

$ 1,959,365

$ 1,969,251

Blackstone Mortgage Trust, Inc. [Member]

$ 1,692,244

$ 1,852,785

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Term Loan (6/21)

Loan

1M USD SOFR+

2.25%

2.75%

0.00%

0.50%

7.62%

8.19%

Apr. 23, 2026

964,557

1,450,228

$ 961,929

$ 1,444,650

Blackstone Mortgage Trust, Inc. One [Member]

$ 945,266

$ 1,439,352

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (6/21)

Term Loan B

Loan

1M USD SOFR+

2.75%

2.25%

0.50%

0.00%

8.12%

7.69%

Apr. 23, 2026

1,442,772

969,620

$ 1,438,274

$ 966,168

Bombardier Recreational Products, Inc. [Member]

$ 1,417,524

$ 962,348

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

Term Loan

Loan

1M USD SOFR+

2.75%

0.00%

8.00%

8.08%

Jan. 22, 2031

1,432,970

1,440,189

$ 1,429,358

$ 1,436,033

Bombardier Recreational Products, Inc. One [Member]

$ 1,433,328

$ 1,437,942

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

Term Loan B3

Loan

1M USD SOFR+

2.75%

0.50%

8.00%

8.18%

Dec. 13, 2029

491,288

493,769

$ 481,298

$ 482,991

Boost Newco Borrower, LLC (Worldpay) [Member]

$ 491,376

$ 493,833

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (06/24)

Term Loan B

Loan

3M USD SOFR+

1M USD SOFR+

2.50%

3.00%

0.00%

0.50%

7.75%

8.33%

Jan. 31, 2031

500,000

$ 497,743

$ 497,629

Boxer Parent Company, Inc. [Member]

$ 500,355

$ 501,460

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (06/24)

Term Loan USD (11/23)

Loan

3M USD SOFR+

1M USD SOFR+

3.75%

4.25%

0.00%

9.01%

9.58%

Jul. 03, 2031

Dec. 29, 2028

1,007,194

1,012,255

$ 1,002,844

$ 1,007,334

BrightSpring Health Services (Phoenix Guarantor) [Member]

$ 1,004,051

$ 1,015,018

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan (02/24)

Loan

1M USD SOFR+

3.25%

0.00%

8.50%

8.58%

Feb. 21, 2031

970,069

972,500

$ 970,069

$ 972,500

BroadStreet Partners, Inc. [Member]

$ 970,932

$ 961,355

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B-4

Term Loan B3

Loan

1M USD SOFR+

3.25%

3.00%

0.00%

8.50%

8.44%

Jun. 14, 2031

Jan. 22, 2027

2,910,884

2,918,464

$ 2,908,733

$ 2,915,588

Brookfield WEC Holdings Inc. [Member]

$ 2,908,788

$ 2,913,007

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Energy: Electricity

Term Loan B

Loan

1M USD SOFR+

2.75%

0.00%

8.00%

8.08%

Jan. 27, 2031

Jan. 17, 2031

1,447,688

$ 1,447,688

BROWN GROUP HOLDING, LLC [Member]

$ 1,448,528

$ 1,442,028

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Aerospace & Defense

Term Loan B-2

Loan

3M USD SOFR+

1M USD SOFR+

2.75%

3.00%

0.00%

8.00%

8.33%

Jul. 01, 2031

Jul. 01, 2029

492,516

493,750

$ 482,330

$ 483,706

Buckeye Partners, L.P. [Member]

$ 492,122

$ 492,856

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Utilities: Oil & Gas

Term Loan B 3

Term Loan B2

Loan

1M USD SOFR+

2.00%

2.50%

0.00%

7.25%

7.83%

Nov. 01, 2026

Nov. 15, 2030

907,689

333,333

$ 905,055

$ 332,779

Buckeye Partners, L.P. One [Member]

$ 911,093

$ 333,393

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Utilities: Oil & Gas

Term Loan B4 (05/24)

Term Loan B 3

Loan

1M USD SOFR+

2.00%

0.00%

7.25%

7.33%

Nov. 22, 2030

Nov. 01, 2026

666,671

1,595,639

$ 664,490

$ 1,589,524

BW Gas & Convenience Holdings LLC [Member]

$ 666,778

$ 1,595,910

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

3.50%

0.50%

8.86%

8.94%

Mar. 31, 2028

2,425,000

2,437,500

$ 2,411,089

$ 2,421,791

Callaway Golf Company [Member]

$ 2,431,063

$ 2,400,938

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan B

Loan

1M USD SOFR+

3.00%

3.50%

0.00%

8.25%

8.93%

Mar. 16, 2030

473,750

496,250

$ 469,672

$ 491,660

Calpine Corporation [Member]

$ 468,814

$ 496,200

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Utilities: Electric

Term Loan B10 (01/24)

Term Loan B-10 (01/20)

Loan

1M USD SOFR+

3M USD LIBOR+

2.00%

0.00%

7.25%

3.87%

Jan. 31, 2031

Aug. 12, 2026

1,995,000

2,000,000

$ 1,985,366

$ 1,990,000

Camping World, Inc. [Member]

$ 1,992,965

$ 1,983,760

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan B (5/21)

Loan

1M USD SOFR+

2.50%

0.75%

7.86%

7.94%

Jun. 05, 2028

2,449,367

2,462,025

$ 2,283,646

$ 2,277,630

CAPSTONE BORROWER INC [Member]

$ 2,330,989

$ 2,401,238

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B (05/24)

Term Loan (06/23)

Loan

3M USD SOFR+

3.25%

3.75%

0.00%

8.58%

9.10%

Jun. 17, 2030

Jun. 15, 2030

877,065

998,077

$ 865,562

$ 984,312

CareerBuilder, LLC [Member]

$ 880,907

$ 993,396

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B3

Loan

1M USD SOFR+

3M USD SOFR+

2.50%

6.75%

0.00%

7.86%

12.36%

Jul. 31, 2026

4,002,879

3,930,582

$ 3,987,650

$ 3,912,784

Castle US Holding Corporation [Member]

$ 320,230

$ 589,587

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Advertising, Printing & Publishing

Term Loan B (USD)

Loan

3M USD SOFR+

3.75%

0.00%

9.07%

9.35%

Jan. 27, 2027

1,938,267

1,946,639

$ 1,932,746

$ 1,939,553

CASTLELAKE AVIATION LLC [Member]

$ 1,172,651

$ 1,354,627

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Aerospace & Defense

Term Loan B

Loan

3M USD SOFR+

2.75%

0.50%

8.09%

8.40%

Oct. 21, 2027

985,000

990,000

$ 979,547

$ 983,747

CBL & Associates Limited Partnership [Member]

$ 987,463

$ 989,228

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan 11/21

Loan

1M USD SOFR+

2.75%

1.00%

8.21%

8.19%

Nov. 01, 2025

2,315,548

2,464,605

$ 2,111,768

$ 2,167,043

CCC Intelligent Solutions Inc. [Member]

$ 2,158,276

$ 2,214,029

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B

Loan

1M USD SOFR+

2.25%

0.50%

7.61%

7.69%

Sep. 16, 2028

243,750

245,000

$ 243,465

$ 244,633

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 243,826

$ 244,030

CCI Buyer, Inc [Member]

Telecommunications

Term Loan

Loan

3M USD SOFR+

4.00%

0.75%

9.33%

9.35%

Dec. 17, 2027

241,875

243,125

$ 240,555

$ 241,678

CCRR Parent, Inc. [Member]

$ 242,177

$ 241,195

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

1M USD SOFR+

4.25%

0.50%

9.69%

9.68%

Mar. 05, 2028

985,000

990,000

$ 948,557

$ 949,452

CCRR Parent, Inc. One [Member]

$ 854,488

$ 920,700

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B

Loan

1M USD SOFR+

4.25%

3.75%

0.75%

9.61%

9.19%

Mar. 05, 2028

967,500

972,500

$ 964,900

$ 969,580

CCS-CMGC Holdings, Inc. [Member]

$ 850,597

$ 866,741

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD SOFR+

1M USD SOFR+

5.50%

0.00%

10.82%

10.83%

Sep. 25, 2025

2,362,500

2,375,000

$ 2,358,436

$ 2,368,777

CDK GLOBAL, INC. [Member]

$ 1,498,912

$ 1,863,520

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (05/24)

Term Loan B (10/23)

Loan

3M USD SOFR+

3.25%

4.00%

0.00%

8.58%

9.35%

Jul. 06, 2029

992,500

$ 969,310

$ 967,482

CENTURI GROUP, INC. [Member]

$ 982,823

$ 994,406

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan B

Loan

1M USD SOFR+

2.50%

0.50%

7.87%

7.94%

Aug. 27, 2028

726,092

868,330

$ 721,684

$ 862,415

Charlotte Buyer, Inc. [Member]

$ 724,843

$ 868,191

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B (07/24)

Term Loan B

Loan

1M USD SOFR+

4.75%

5.25%

0.50%

10.08%

10.57%

Feb. 11, 2028

1,477,500

1,485,000

$ 1,405,241

$ 1,404,122

Chemours Company, (The) [Member]

$ 1,485,301

$ 1,487,866

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B2

Loan

1M USD SOFR+

3.50%

0.50%

8.75%

8.83%

Aug. 18, 2028

Aug. 10, 2028

2,381,718

2,393,717

$ 2,347,211

$ 2,355,365

Churchill Downs Incorporated [Member]

$ 2,375,764

$ 2,345,842

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B1 (3/21)

Loan

1M USD SOFR+

2.00%

0.00%

7.35%

7.43%

Mar. 17, 2028

483,750

486,250

$ 483,217

$ 485,591

CIMPRESS PUBLIC LIMITED COMPANY [Member]

$ 483,750

$ 485,642

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Advertising, Printing & Publishing

Term Loan B1 (05/24)

USD Term Loan

Loan

1M USD SOFR+

3.00%

3.50%

0.50%

8.25%

8.94%

May 17, 2028

1,949,936

1,959,849

$ 1,883,863

$ 1,885,810

CITADEL SECURITIES LP [Member]

$ 1,949,117

$ 1,951,676

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (01/24)

Loan

1M USD SOFR+

2.25%

0.00%

7.50%

7.58%

Jul. 29, 2030

4,839,048

4,863,365

$ 4,839,048

$ 4,862,868

Citco Funding LLC [Member]

$ 4,847,516

$ 4,857,286

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (06/24)

Term Loa 1st Lien Incremental

Loan

3M USD SOFR+

2.75%

3.25%

0.50%

8.10%

8.57%

Apr. 27, 2028

992,513

997,500

$ 988,572

$ 992,828

Clarios Global LP [Member]

$ 997,475

$ 997,919

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Automotive

Term Loan B (07/24)

Term Loan (12/23)

Loan

1M USD SOFR+

2.50%

3.00%

0.00%

7.75%

8.33%

May 06, 2030

1,197,000

$ 1,192,024

$ 1,191,616

Claros Mortgage Trust, Inc [Member]

$ 1,197,994

$ 1,196,629

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B-1 (11/21)

Loan

1M USD SOFR+

4.50%

0.50%

9.85%

9.92%

Aug. 09, 2026

3,386,534

3,404,430

$ 3,375,262

$ 3,390,583

CLYDESDALE ACQUISITION HOLDINGS, INC. [Member]

$ 3,200,274

$ 3,132,076

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan B

Loan

1M USD SOFR+

3.18%

3.68%

0.50%

8.42%

9.10%

Apr. 13, 2029

1,220,000

1,477,500

$ 1,197,598

$ 1,448,088

Columbus McKinnon Corporation [Member]

$ 1,217,584

$ 1,475,343

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Capital Equipment

Term Loan (03/24)

Term Loan (4/21)

Loan

3M USD SOFR+

2.50%

2.75%

0.50%

7.83%

8.39%

May 14, 2028

378,325

406,951

$ 377,813

$ 406,326

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 379,509

$ 407,207

Conduent, Inc. [Member]

Services: Business

Term Loan B

Loan

1M USD SOFR+

4.25%

0.50%

9.61%

9.69%

Oct. 16, 2028

208,666

2,762,330

$ 204,439

$ 2,701,073

Connect Finco SARL [Member]

$ 207,623

$ 2,702,470

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Telecommunications

Term Loan B (03/24)

Term Loan (1/21)

Loan

1M USD SOFR+

4.50%

3.50%

0.50%

1.00%

9.75%

8.83%

Sep. 11, 2029

Dec. 11, 2026

2,880,281

2,887,500

$ 2,809,410

$ 2,809,993

Consolidated Communications, Inc. [Member]

$ 2,797,473

$ 2,882,678

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Telecommunications

Term Loan B

Loan

1M USD SOFR+

3.50%

0.75%

8.86%

8.94%

Oct. 02, 2027

2,714,005

$ 2,572,136

$ 2,553,865

CORAL-US CO-BORROWER LLC [Member]

$ 2,592,716

$ 2,544,379

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Telecommunications

Term Loan B-5

Loan

1M USD SOFR+

2.25%

0.00%

7.70%

7.68%

Jan. 31, 2028

4,000,000

$ 3,991,962

$ 3,990,860

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 3,948,000

$ 3,950,000

Corelogic, Inc. [Member]

Services: Business

Term Loan (4/21)

Loan

1M USD SOFR+

3.50%

0.50%

8.86%

8.94%

Jun. 02, 2028

2,431,250

2,443,750

$ 2,424,504

$ 2,436,006

Cortes NP Acquisition Corp (Vertiv) [Member]

$ 2,397,820

$ 2,372,344

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Capital Equipment

Term Loan B (05/24)

Term Loan B (12/23)

Loan

1M USD SOFR+

2.00%

2.50%

0.00%

7.34%

7.94%

Mar. 02, 2027

1,930,437

1,940,138

$ 1,930,437

$ 1,940,138

Creative Artists Agency, LLC [Member]

$ 1,934,954

$ 1,941,903

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Diversified & Production

Term Loan B

Term Loan B (02/23)

Loan

1M USD SOFR+

3.25%

3.50%

0.00%

8.50%

8.83%

Nov. 27, 2028

1,580,064

1,588,004

$ 1,571,122

$ 1,577,748

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,586,479

$ 1,588,449

CROCS INC [Member]

Consumer goods: Durable

Term Loan B (01/24)

Loan

1M USD SOFR+

2.25%

0.50%

7.50%

7.58%

Feb. 19, 2029

922,500

1,230,000

$ 895,746

$ 1,190,854

Cross Financial Corp [Member]

$ 925,157

$ 1,230,923

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B2

Loan

1M USD SOFR+

3.50%

0.75%

8.75%

8.83%

Sep. 15, 2027

486,281

487,500

$ 486,231

$ 487,355

Crown Subsea Communications Holding, Inc. [Member]

$ 487,195

$ 486,891

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan B

Term Loan B (01/24)

Loan

3M USD SOFR+

4.00%

4.75%

0.75%

9.25%

10.07%

Jan. 30, 2031

2,400,000

$ 2,378,157

$ 2,376,371

CSC Holdings LLC (Neptune Finco Corp.) [Member]

$ 2,413,992

$ 2,409,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Broadcasting & Subscription

Term Loan 12/22

Term Loan B-5

Loan

1M USD SOFR+

1M USD LIBOR+

4.50%

2.50%

0.00%

9.84%

7.93%

Jan. 15, 2028

Apr. 15, 2027

2,364,032

480,000

$ 2,357,265

$ 480,000

CSC Holdings LLC (Neptune Finco Corp.) One [Member]

$ 2,251,740

$ 448,277

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Broadcasting & Subscription

Term Loan B-5

Term Loan 12/22

Loan

1M USD LIBOR+

1M USD SOFR+

2.50%

4.50%

0.00%

7.95%

9.82%

Apr. 15, 2027

477,500

2,376,032

$ 477,500

$ 2,368,120

CTC Holdings, LP [Member]

$ 401,339

$ 2,307,222

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

3M USD SOFR+

5.00%

0.50%

10.27%

10.48%

Feb. 15, 2029

2,199,375

2,210,625

$ 2,159,261

$ 2,165,966

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,182,880

$ 2,194,045

CTS Midco, LLC [Member]

High Tech Industries

Term Loan B

Loan

3M USD SOFR+

6.00%

1.00%

11.51%

11.57%

Nov. 02, 2027

1,928,210

1,937,017

$ 1,898,801

$ 1,903,074

Dave & Buster’s Inc. [Member]

$ 1,920,980

$ 1,830,481

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B (1/24)

Loan

1M USD SOFR+

3.25%

0.50%

8.50%

8.63%

Jun. 29, 2029

985,069

990,019

$ 947,486

$ 949,041

DCert Buyer, Inc. [Member]

$ 983,227

$ 990,791

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan

Loan

1M USD SOFR+

4.00%

0.00%

9.25%

9.33%

Oct. 16, 2026

1,447,103

1,454,660

$ 1,447,103

$ 1,454,660

Delek US Holdings, Inc. [Member]

$ 1,415,904

$ 1,442,426

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Utilities: Oil & Gas

Term Loan B (11/22)

Loan

1M USD SOFR+

3.50%

0.50%

8.85%

8.93%

Nov. 16, 2029

5,319,000

5,346,000

$ 5,225,625

$ 5,244,974

Delta 2 Lux Sarl [Member]

$ 5,314,585

$ 5,325,952

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B

Loan

3M USD SOFR+

2.25%

0.50%

7.58%

7.60%

Jan. 15, 2030

2,000,000

$ 1,991,966

$ 1,991,389

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,007,500

$ 1,997,000

Derby Buyer LLC [Member]

Chemicals, Plastics, & Rubber

Term Loan (5/24)

Term Loan (09/23)

Loan

1M USD SOFR+

3.50%

4.25%

0.50%

8.84%

9.58%

Nov. 01, 2030

623,438

625,000

$ 614,878

$ 616,061

DexKo Global, Inc. (Dragon Merger) [Member]

$ 624,217

$ 625,394

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Automotive

Term Loan (9/21)

Loan

3M USD SOFR+

3.75%

0.50%

9.35%

9.36%

Oct. 04, 2028

977,500

982,500

$ 974,845

$ 979,722

DG Investment Intermediate Holdings 2, Inc. [Member]

$ 954,656

$ 978,206

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Aerospace & Defense

Incremental Term Loan (3/22)

Loan

1M USD SOFR+

4.75%

0.75%

10.00%

10.08%

Mar. 31, 2028

491,250

493,750

$ 476,791

$ 477,680

Diamond Sports Group, LLC [Member]

$ 491,559

$ 492,051

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Broadcasting & Subscription

1st Priority Term Loan

Loan

1M USD SOFR+

10.00%

1.00%

15.44%

15.43%

May 25, 2026

152,224

$ 149,983

$ 149,462

DIRECTV FINANCING, LLC [Member]

$ 138,632

$ 146,896

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Broadcasting & Subscription

Term Loan (1/24)

Term Loan

Loan

1M USD SOFR+

3M USD SOFR+

5.25%

0.75%

10.71%

10.83%

Aug. 02, 2029

3,046,450

3,190,000

$ 3,028,017

$ 3,169,423

DISCOVERY PURCHASER CORPORATION [Member]

$ 3,031,918

$ 3,181,036

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

3M USD SOFR+

4.38%

0.50%

9.69%

9.71%

Oct. 04, 2029

1,477,612

1,485,028

$ 1,383,730

$ 1,383,712

Dispatch Acquisition Holdings, LLC [Member]

$ 1,476,031

$ 1,476,207

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Environmental Industries

Term Loan B (3/21)

Loan

3M USD SOFR+

4.25%

0.75%

9.73%

9.75%

Mar. 25, 2028

485,000

487,500

$ 482,285

$ 484,443

DOMTAR CORPORATION [Member]

$ 409,219

$ 452,463

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Forest Products & Paper

Term Loan 9/21

Loan

1M USD SOFR+

5.50%

0.75%

10.86%

10.94%

Nov. 30, 2028

3,157,692

3,243,968

$ 3,107,270

$ 3,187,785

DOTDASH MEREDITH, INC. [Member]

$ 3,049,162

$ 3,163,874

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Advertising, Printing & Publishing

Term Loan B

Loan

1M USD SOFR+

4.00%

0.50%

9.44%

9.43%

Nov. 30, 2028

1,964,646

1,974,747

$ 1,813,703

$ 1,809,468

DRI HOLDING INC. [Member]

$ 1,962,191

$ 1,955,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Advertising, Printing & Publishing

Term Loan (12/21)

Loan

1M USD SOFR+

5.25%

0.50%

10.60%

10.68%

Dec. 15, 2028

3,912,450

3,932,462

$ 3,799,628

$ 3,808,999

DRW Holdings, LLC [Member]

$ 3,755,952

$ 3,605,596

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (06/24)

Term Loan (2/21)

Loan

6M USD SOFR+

1M USD SOFR+

3.50%

3.75%

0.00%

8.59%

9.19%

Jun. 17, 2031

Mar. 01, 2028

6,305,000

6,370,000

$ 6,278,088

$ 6,338,820

DTZ U.S. Borrower, LLC [Member]

$ 6,310,927

$ 6,354,075

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan B (04/24)

Term Loan

Loan

1M USD SOFR+

3.75%

2.75%

0.50%

0.00%

9.00%

8.19%

Jan. 31, 2030

Aug. 21, 2025

1,097,250

198,929

$ 1,073,039

$ 198,685

DTZ U.S. Borrower, LLC One [Member]

$ 1,099,993

$ 198,432

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan

Term Loan (01/23)

Loan

1M USD SOFR+

2.75%

3.25%

0.00%

0.50%

8.11%

8.68%

Aug. 21, 2025

Jan. 31, 2030

49,419

2,024,241

$ 49,382

$ 2,022,091

DTZ U.S. Borrower, LLC Two [Member]

$ 49,357

$ 1,999,788

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan B1 (06/24)

Term Loan (08/23)

Loan

1M USD SOFR+

3.00%

4.00%

0.50%

8.25%

9.33%

Jan. 31, 2030

2,019,155

1,100,000

$ 2,017,439

$ 1,074,202

Dye & Durham Corporation [Member]

$ 2,014,107

$ 1,097,250

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B (04/24)

Loan

3M USD SOFR+

4.25%

1.00%

9.68%

Apr. 11, 2031

1,500,000

$ 1,478,254

EAB Global, Inc. [Member]

$ 1,503,750

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan (08/21)

Loan

1M USD SOFR+

3.25%

3.50%

0.50%

8.50%

8.94%

Aug. 16, 2028

975,007

980,000

$ 972,383

$ 976,771

Echo Global Logistics, Inc. [Member]

$ 971,350

$ 977,344

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

3.75%

3.50%

0.50%

9.10%

8.93%

Nov. 23, 2028

1,955,000

1,965,000

$ 1,952,876

$ 1,962,209

Edelman Financial Group Inc., The [Member]

$ 1,937,581

$ 1,926,761

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (05/24)

Term Loan B (3/21)

Loan

1M USD SOFR+

3.25%

3.50%

0.00%

0.75%

8.50%

8.94%

Apr. 07, 2028

2,160,773

2,166,328

$ 2,156,819

$ 2,161,731

ELECTRON BIDCO INC. [Member]

$ 2,161,746

$ 2,158,616

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

1M USD SOFR+

3.00%

0.50%

8.36%

8.44%

Nov. 01, 2028

488,750

491,250

$ 487,442

$ 489,769

ELO Touch Solutions, Inc. [Member]

$ 489,635

$ 490,253

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Diversified & Production

Term Loan (12/18)

Loan

1M USD SOFR+

6.50%

0.00%

11.86%

11.94%

Dec. 14, 2025

2,201,776

2,522,373

$ 2,179,600

$ 2,488,308

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,185,813

$ 2,485,798

Embecta Corp [Member]

Healthcare & Pharmaceuticals

Term Loan B

Loan

1M USD SOFR+

3.00%

0.50%

8.25%

8.33%

Mar. 30, 2029

3,084,096

2,598,596

$ 3,033,788

$ 2,581,552

Emrld Borrower LP [Member]

$ 3,023,463

$ 2,366,360

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Capital Equipment

Term Loan B (04/23)

Loan

3M USD SOFR+

2.50%

0.00%

7.56%

May 31, 2030

995,000

$ 990,650

Endo Finance Holdings Inc Two [Member]

$ 994,274

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Exit Term Loan B (04/24)

Loan

3M USD SOFR+

4.50%

0.50%

9.78%

Apr. 09, 2031

2,000,000

$ 1,981,089

Endure Digital, Inc. [Member]

$ 1,995,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

6M USD SOFR+

3.50%

0.75%

8.96%

9.42%

Feb. 10, 2028

2,425,000

2,437,500

$ 2,418,676

$ 2,430,093

Entain Holdings (Gibraltar) Limited [Member]

$ 2,158,250

$ 2,380,048

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B3 (5/24)

Term Loan B (10/22)

Loan

6M USD SOFR+

3M USD SOFR+

2.75%

3.50%

0.50%

8.01%

8.95%

Oct. 31, 2029

Oct. 30, 2029

1,483,744

1,487,496

$ 1,469,816

$ 1,472,128

EOS U.S. FINCO LLC [Member]

$ 1,485,598

$ 1,489,355

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Transportation: Cargo

Term Loan

Loan

6M USD SOFR+

3M USD SOFR+

6.00%

5.75%

0.50%

11.26%

11.10%

Oct. 06, 2029

962,500

975,000

$ 900,574

$ 908,088

Equiniti Group PLC [Member]

$ 794,784

$ 871,104

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B

Loan

6M USD SOFR+

4.50%

0.50%

10.01%

9.93%

Dec. 11, 2028

975,000

980,000

$ 968,670

$ 973,017

Evertec Group LLC [Member]

$ 982,313

$ 981,470

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (09/23)

Loan

1M USD SOFR+

3.25%

3.50%

0.50%

8.50%

8.83%

Oct. 30, 2030

1,125,000

$ 1,109,641

$ 1,108,675

EyeCare Partners, LLC [Member]

$ 1,133,438

$ 1,123,594

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD SOFR+

1.00%

3.75%

0.00%

6.38%

9.39%

Nov. 30, 2028

Feb. 18, 2027

12,285

$ 13,510

$ 1,951

Fiesta Purchaser, Inc. [Member]

$ 7,678

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

First Lien TLB

Loan

1M USD SOFR+

4.00%

0.00%

9.25%

9.32%

Feb. 12, 2031

500,000

$ 495,383

$ 495,088

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 502,500

$ 499,315

Finco I LLC [Member]

Banking, Finance, Insurance & Real Estate

Term Loan B (08/23)

Loan

3M USD SOFR+

3.00%

0.00%

8.26%

8.31%

Jun. 27, 2029

2,802,640

2,816,795

$ 2,800,104

$ 2,813,980

First Brands Group, LLC [Member]

$ 2,816,653

$ 2,815,386

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Automotive

1st Lien Term Loan (3/21)

Loan

3M USD SOFR+

5.00%

1.00%

10.51%

10.57%

Mar. 30, 2027

4,837,500

4,862,500

$ 4,798,636

$ 4,816,997

First Eagle Investment Management [Member]

$ 4,772,484

$ 4,868,578

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (02/24)

Refinancing Term Loan

Loan

3M USD SOFR+

3.00%

2.50%

0.00%

8.33%

7.95%

Mar. 05, 2029

Feb. 01, 2027

5,078,923

5,091,652

$ 5,070,226

$ 5,082,259

First Student Bidco Inc. [Member]

$ 5,028,134

$ 5,068,332

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Transportation: Consumer

Term Loan B

Loan

3M USD SOFR+

3.00%

0.50%

8.60%

8.61%

Jul. 21, 2028

711,437

715,360

$ 708,240

$ 711,800

First Student Bidco Inc. One [Member]

$ 712,611

$ 709,694

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Transportation: Consumer

Term Loan C

Loan

3M USD SOFR+

3.00%

0.50%

8.60%

8.61%

Jul. 21, 2028

216,966

$ 215,980

$ 215,877

Fitness International, LLC (LA Fitness) [Member]

$ 217,324

$ 215,248

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan B (1/24)

Loan

1M USD SOFR+

5.25%

1.00%

10.50%

10.58%

Feb. 05, 2029

1,197,000

1,200,000

$ 1,164,665

$ 1,164,361

Flutter Financing B.V. [Member]

$ 1,192,511

$ 1,165,500

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B3 (11/23)

Third Amendment 2028-B Term Loan

Loan

3M USD SOFR+

2.25%

3.25%

0.50%

7.58%

8.86%

Nov. 25, 2030

Jul. 21, 2028

3,731,250

309,759

$ 3,721,953

$ 304,101

FOCUS FINANCIAL PARTNERS, LLC [Member]

$ 3,730,578

$ 310,103

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B7

Loan

1M USD SOFR+

2.75%

0.50%

8.00%

8.08%

Jun. 30, 2028

1,465,026

1,472,388

$ 1,452,221

$ 1,458,275

Franchise Group, Inc. [Member]

$ 1,463,473

$ 1,461,345

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

First Out Term Loan

Loan

6M USD SOFR+

4.75%

0.75%

10.39%

10.36%

Mar. 10, 2026

801,094

799,104

$ 798,183

$ 795,310

Franchise Group, Inc. One [Member]

$ 480,656

$ 703,211

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan B

Loan

3M USD SOFR+

4.75%

0.75%

10.25%

10.33%

Mar. 10, 2026

2,962,500

2,977,500

$ 2,882,924

$ 2,874,281

Franklin Square Holdings, L.P. [Member]

$ 1,792,313

$ 2,612,756

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (04/24)

Term Loan

Loan

1M USD SOFR+

2.25%

0.00%

7.50%

7.68%

Apr. 25, 2031

Aug. 01, 2025

4,252,472

4,263,723

$ 4,246,263

$ 4,255,884

Froneri International (R&R Ice Cream) [Member]

$ 4,249,835

$ 4,258,394

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Term Loan B-2

Loan

1M USD SOFR+

2.25%

0.00%

7.60%

7.68%

Jan. 29, 2027

1,920,000

1,930,000

$ 1,919,309

$ 1,928,989

Garrett LX III S.a r.l. [Member]

$ 1,922,054

$ 1,928,340

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Automotive

Term Loan

Dollar Term Loan

Loan

3M USD SOFR+

2.75%

3.25%

0.50%

8.00%

8.82%

Apr. 30, 2028

1,458,750

1,466,250

$ 1,454,817

$ 1,461,820

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,460,573

$ 1,465,634

Gemini HDPE LLC [Member]

Chemicals, Plastics, & Rubber

Term Loan B (12/20)

Loan

3M USD SOFR+

3.00%

0.50%

8.51%

8.57%

Dec. 31, 2027

2,128,892

2,183,488

$ 2,119,613

$ 2,172,849

Genesee & Wyoming, Inc. [Member]

$ 2,131,021

$ 2,163,466

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Transportation: Cargo

Term Loan B (03/24)

Term Loan (11/19)

Loan

3M USD SOFR+

2.00%

0.00%

7.33%

7.45%

Apr. 10, 2031

Dec. 30, 2026

1,500,000

1,443,750

$ 1,492,740

$ 1,440,683

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,499,535

$ 1,443,577

GGP Inc. [Member]

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

1M USD SOFR+

1M USD LIBOR+

2.50%

0.00%

7.85%

2.96%

Aug. 27, 2025

2,420,998

2,781,634

$ 2,328,941

$ 2,604,347

GIP Pilot Acquisition Partners, L.P. [Member]

$ 2,410,782

$ 2,766,864

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Energy: Oil & Gas

Term Loan (05/24)

Term Loan

Loan

3M USD SOFR+

2.50%

3.00%

0.00%

7.82%

8.33%

Oct. 04, 2030

454,423

500,000

$ 452,427

$ 497,577

Global Tel*Link Corporation [Member]

$ 455,560

$ 499,585

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Telecommunications

Term Loan (6/24)

Term Loan B

Loan

1M USD SOFR+

7.50%

4.25%

3.00%

0.00%

12.85%

9.68%

Jul. 31, 2029

Nov. 29, 2025

4,821,101

4,846,612

$ 4,748,318

$ 4,750,154

Go Daddy Operating Company, LLC [Member]

$ 4,656,364

$ 4,708,290

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B7

Term Loan 2/21

Loan

1M USD SOFR+

1.75%

2.00%

0.00%

7.00%

7.44%

May 30, 2031

Aug. 10, 2027

944,956

947,411

$ 944,956

$ 947,411

GOLDEN WEST PACKAGING GROUP LLC [Member]

$ 943,869

$ 946,984

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Forest Products & Paper

Term Loan (11/21)

Loan

1M USD SOFR+

5.25%

0.75%

10.71%

10.69%

Dec. 01, 2027

1,825,000

1,875,000

$ 1,814,836

$ 1,862,167

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,523,875

$ 1,556,250

GOTO GROUP, INC.[Member]

High Tech Industries

First Lien Term Loan

Loan

1M USD SOFR+

4.75%

0.00%

10.14%

10.17%

Apr. 30, 2028

1,251,655

1,254,792

$ 765,868

$ 730,596

GOTO GROUP, INC.One [Member]

$ 1,055,308

$ 1,198,326

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Second-Out Term Loan (02/24)

Loan

1M USD SOFR+

4.75%

0.00%

10.14%

10.17%

Apr. 30, 2028

1,728,476

1,732,808

$ 1,651,310

$ 1,646,943

Graham Packaging Co Inc [Member]

$ 665,463

$ 1,199,970

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan B (07/24)

Term Loan (2/21)

Loan

1M USD SOFR+

2.50%

3.00%

0.00%

0.75%

7.75%

8.44%

Aug. 04, 2027

Aug. 07, 2027

942,441

945,831

$ 939,210

$ 942,144

Great Outdoors Group, LLC [Member]

$ 942,017

$ 944,554

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan B2

Loan

1M USD SOFR+

3.75%

0.75%

9.11%

9.19%

Mar. 06, 2028

965,206

970,169

$ 962,753

$ 967,400

Griffon Corporation [Member]

$ 964,801

$ 969,994

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

Term Loan B

Loan

3M USD SOFR+

2.00%

2.25%

0.00%

0.50%

7.34%

7.75%

Jan. 24, 2029

143,438

144,063

$ 143,243

$ 143,842

Grosvenor Capital Management Holdings, LLLP [Member]

$ 143,169

$ 143,838

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (5/24)

Amendment 5 Term Loan

Loan

1M USD SOFR+

2.25%

2.50%

0.00%

0.50%

7.50%

7.94%

Feb. 25, 2030

Feb. 24, 2028

2,800,713

2,807,931

$ 2,800,234

$ 2,806,739

Groupe Solmax Inc. [Member]

$ 2,803,346

$ 2,807,061

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Environmental Industries

Term Loan (6/21)

Loan

3M USD SOFR+

4.75%

0.75%

10.35%

10.36%

May 27, 2028

2,424,733

2,473,405

$ 2,113,351

$ 2,125,105

GYP HOLDINGS III CORP. [Member]

$ 2,288,778

$ 2,402,740

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan (1/24)

Loan

1M USD SOFR+

2.25%

0.00%

7.50%

7.58%

May 12, 2030

248,128

249,375

$ 247,069

$ 248,230

Hertz Corporation (The) [Member]

$ 247,922

$ 249,375

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Transportation: Consumer

Term Loan B

Loan

3M USD SOFR+

1M USD SOFR+

3.75%

0.00%

9.10%

9.07%

Jun. 30, 2028

2,093,490

500,000

$ 2,039,739

$ 490,436

Hillman Group Inc. (The) (New) [Member]

$ 1,886,381

$ 481,875

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

Term Loan B-1 (2/21)

Loan

1M USD SOFR+

2.25%

2.75%

0.50%

7.50%

8.19%

Jul. 14, 2028

3,154,420

3,172,373

$ 3,152,395

$ 3,168,887

Hilton Domestic Operating Company Inc. [Member]

$ 3,155,619

$ 3,167,266

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B 4

Loan

1M USD SOFR+

1.75%

2.00%

0.00%

7.03%

7.42%

Nov. 08, 2030

1,500,000

$ 1,496,812

$ 1,496,471

Hilton Grand Vacations Borrower LLC [Member]

$ 1,501,710

$ 1,501,020

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B

Term Loan (3/21)

Loan

1M USD SOFR+

2.75%

0.00%

0.50%

8.18%

8.19%

Aug. 02, 2028

500,000

497,455

$ 500,000

$ 497,455

HLF Financing SARL (Herbalife) [Member]

$ 499,295

$ 496,834

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Non-durable

Term Loan

Term Loan B (08/18)

Loan

1M USD SOFR+

6.75%

2.50%

0.50%

0.00%

12.00%

7.94%

Apr. 12, 2029

Aug. 18, 2025

3,116,400

$ 3,114,318

$ 3,113,557

Holley Purchaser, Inc [Member]

$ 2,961,297

$ 3,044,598

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Automotive

Term Loan (11/21)

Loan

1M USD SOFR+

3.75%

0.75%

9.11%

9.19%

Nov. 17, 2028

2,202,149

2,254,003

$ 2,196,509

$ 2,247,557

Hudson River Trading LLC [Member]

$ 2,182,880

$ 2,188,795

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (3/21)

Loan

3M USD SOFR+

1M USD SOFR+

3.00%

0.00%

8.32%

8.44%

Mar. 17, 2028

5,805,000

5,835,000

$ 5,773,194

$ 5,798,864

Hunter Douglas Inc [Member]

$ 5,796,118

$ 5,792,171

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

Term Loan B-1

Loan

3M USD SOFR+

3.50%

0.50%

8.57%

8.82%

Feb. 26, 2029

2,462,374

2,474,937

$ 2,243,517

$ 2,235,702

Hyperion Refinance S.a.r.l. [Member]

$ 2,443,906

$ 2,442,466

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B

Loan

1M USD SOFR+

3M USD SOFR+

3.50%

0.50%

8.75%

8.81%

Feb. 15, 2031

2,992,500

3,000,000

$ 2,978,860

$ 2,985,024

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,993,847

$ 2,983,440

Idera, Inc. [Member]

High Tech Industries

Term Loan (06/24)

Term Loan (02/21)

Loan

3M USD SOFR+

3.50%

3.75%

0.75%

8.75%

9.21%

Mar. 02, 2028

4,749,901

4,762,143

$ 4,745,286

$ 4,756,197

IMA Financial Group, Inc. [Member]

$ 4,715,132

$ 4,730,379

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (10/21)

Loan

1M USD SOFR+

3.25%

3.75%

0.50%

8.50%

9.19%

Nov. 01, 2028

2,452,455

2,458,728

$ 2,444,649

$ 2,449,919

INDY US BIDCO, LLC [Member]

$ 2,449,390

$ 2,452,581

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan (11/21)

Loan

1M USD SOFR+

3.75%

0.00%

9.11%

9.08%

Mar. 06, 2028

2,182,047

2,193,266

$ 2,181,428

$ 2,192,568

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,152,829

$ 2,119,243

INEOS 226 Ltd. [Member]

Chemicals, Plastics, & Rubber

Term Loan 3/23

Loan

1M USD SOFR+

3.75%

0.00%

9.10%

9.18%

Mar. 13, 2030

495,000

497,500

$ 490,728

$ 492,907

Ineos US Finance LLC [Member]

$ 494,792

$ 490,450

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan C

Loan

1M USD SOFR+

3.25%

3.50%

0.00%

8.50%

8.93%

Feb. 18, 2030

992,500

995,000

$ 984,060

$ 985,838

INEOS US PETROCHEM LLC [Member]

$ 990,019

$ 985,259

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B

Loan

1M USD SOFR+

4.25%

0.00%

9.60%

9.68%

Apr. 02, 2029

2,708,087

2,714,874

$ 2,655,367

$ 2,657,733

Informatica Inc. [Member]

$ 2,711,472

$ 2,667,363

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (06/24)

Term Loan B (10/21)

Loan

1M USD SOFR+

2.25%

2.75%

0.00%

7.50%

8.19%

Oct. 27, 2028

488,750

491,250

$ 488,682

$ 491,064

Ingram Micro Inc. [Member]

$ 489,669

$ 491,250

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Wholesale

Term Loan (09/23)

Loan

3M USD SOFR+

3.00%

0.50%

8.60%

8.61%

Jun. 30, 2028

978,511

1,095,000

$ 972,462

$ 1,087,525

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 981,368

$ 1,093,631

Inmar, Inc. [Member]

Services: Business

Term Loan (06/23)

Loan

1M USD SOFR+

5.50%

1.00%

10.75%

10.83%

May 01, 2026

3,316,500

3,333,250

$ 3,242,891

$ 3,240,468

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 3,323,763

$ 3,305,117

Innophos, Inc. [Member]

Chemicals, Plastics, & Rubber

Term Loan B

Loan

1M USD SOFR+

3.75%

3.25%

0.00%

9.11%

8.58%

Feb. 04, 2027

478,750

481,250

$ 478,001

$ 480,346

INSTANT BRANDS HOLDINGS INC. [Member]

$ 478,152

$ 475,475

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

^[3],[5]

Consumer goods: Durable

Instant Brands TL

^[3],[5]

Instant Brands TL

Loan

^[3],[5]

Loan

3M USD SOFR+

^[3],[5]

Prime

15.00%

^[3],[5]

4.00%

0.00%

^[3],[5]

0.75%

20.34%

^[3],[5]

14.50%

Feb. 26, 2031

^[3],[5]

Apr. 07, 2028

37,614

^[3],[5]

10,085

$ 30,255

^[3],[5]

$ 10,085

IRB Holding Corporation [Member]

$ 37,614

^[3],[5]

$ 10,085

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

2.75%

0.75%

8.10%

8.18%

Dec. 15, 2027

493,724

494,962

$ 490,080

$ 490,830

Isagenix International, LLC One [Member]

$ 493,907

$ 494,101

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

^[3]

Beverage, Food & Tobacco

^[3]

Term Loan

^[3]

Loan

^[3]

6M USD SOFR+

^[3]

2.50%

^[3]

0.00%

^[3]

2.50%

^[3]

Apr. 13, 2028

^[3]

1,316,681

1,258,790

^[3]

$ 928,733

$ 838,779

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

^[3]

$ 1,132,346

$ 1,082,559

Isolved Inc. [Member]

Services: Business

Term Loan (4/24)

Term Loan

Loan

1M USD SOFR+

6M USD SOFR+

3.50%

4.00%

0.00%

0.50%

8.75%

9.48%

Oct. 14, 2030

Oct. 05, 2030

623,438

625,000

$ 617,611

$ 618,886

Jane Street Group [Member]

$ 625,775

$ 626,563

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

2.50%

0.00%

7.86%

7.94%

Jan. 26, 2028

3,860,000

3,880,000

$ 3,859,188

$ 3,878,565

Journey Personal Care Corp. [Member]

$ 3,861,698

$ 3,869,602

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Non-durable

Term Loan B

Loan

1M USD SOFR+

4.25%

0.75%

9.62%

9.69%

Mar. 01, 2028

2,910,000

2,925,000

$ 2,866,904

$ 2,876,836

JP Intermediate B, LLC [Member]

$ 2,897,865

$ 2,850,647

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Non-durable

Term Loan 7/23

Loan

3M USD SOFR+

5.50%

1.00%

11.01%

11.07%

Nov. 20, 2027

3,413,673

3,456,884

$ 3,401,590

$ 3,442,560

Kleopatra Finco S.a r.l. [Member]

$ 238,957

$ 276,551

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan (1/21) (USD)

Loan

6M USD SOFR+

4.73%

0.50%

9.72%

10.27%

Feb. 12, 2026

1,451,250

1,458,750

$ 1,450,520

$ 1,456,824

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,366,250

$ 1,400,400

Kodiak BP, LLC [Member]

Construction & Building

Term Loan

Loan

3M USD SOFR+

3.25%

0.75%

8.85%

8.86%

Mar. 13, 2028

483,617

486,159

$ 482,833

$ 485,291

Kodiak BP, LLC One [Member]

$ 483,922

$ 485,211

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan B2

Loan

3M USD SOFR+

3.75%

0.00%

9.08%

Mar. 13, 2028

498,750

$ 496,426

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 501,244

Koppers Inc [Member]

Chemicals, Plastics, & Rubber

Term Loan B (04/24)

Term Loan B

Loan

1M USD SOFR+

3.00%

3.50%

0.50%

8.34%

8.93%

Apr. 10, 2030

990,031

995,006

$ 964,500

$ 967,558

KREF Holdings X LLC [Member]

$ 992,506

$ 998,121

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (11/21)

Loan

3M USD SOFR+

1M USD SOFR+

3.50%

0.50%

9.08%

8.93%

Sep. 01, 2027

483,844

486,325

$ 477,925

$ 479,475

Lakeland Tours, LLC [Member]

$ 477,796

$ 464,440

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

^[3]

Hotel, Gaming & Leisure

^[4]

Holdco Fixed Term Loan

^[3]

Holdco Fixed Term Loan

^[4]

Loan

^[3]

Loan

^[4]

Fixed

^[3]

Fixed

^[4]

0.00%

^[3]

0.00%

^[4]

0.00%

^[3]

0.00%

^[4]

8.00%

^[3]

8.00%

^[4]

Sep. 27, 2027

^[3]

Sep. 27, 2027

^[4]

1,127,568

^[3]

1,127,568

^[4]

$ 626,323

^[3]

$ 568,253

^[4]

Latham Pool Products, Inc. [Member]

$ 197,324

^[3]

$ 761,108

^[4]

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

Term Loan 2/22

Loan

1M USD SOFR+

4.00%

0.50%

9.35%

Feb. 23, 2029

997,203

$ 982,857

Lealand Finance Company B.V. [Member]

$ 952,329

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Energy: Oil & Gas

^[3]

Energy: Oil & Gas

^[4]

Exit Term Loan

^[3]

Exit Term Loan

^[4]

Loan

^[3]

Loan

^[4]

1M USD SOFR+

^[3]

1M USD SOFR+

^[4]

1.00%

^[3]

1.00%

^[4]

0.00%

^[3]

0.00%

^[4]

6.46%

^[3]

6.44%

^[4]

Dec. 31, 2027

^[3]

Jun. 30, 2025

^[4]

361,211

^[3]

355,751

^[4]

$ 361,211

^[3]

$ 355,751

^[4]

LHS BORROWER, LLC [Member]

$ 127,627

^[3]

$ 138,149

^[4]

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan (02/22)

Loan

1M USD SOFR+

4.75%

0.50%

10.10%

10.18%

Feb. 16, 2029

2,462,968

2,475,771

$ 2,101,336

$ 2,084,045

Lifetime Brands, Inc [Member]

$ 2,301,644

$ 2,310,216

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Non-durable

Term Loan

Loan

1M USD SOFR+

5.50%

1.00%

10.90%

10.94%

Aug. 26, 2027

1,617,830

1,659,313

$ 1,612,762

$ 1,653,207

Liquid Tech Solutions Holdings, LLC [Member]

$ 1,569,295

$ 1,595,015

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

4.75%

0.75%

10.11%

10.19%

Mar. 17, 2028

970,000

975,000

$ 968,360

$ 972,922

LOYALTY VENTURES INC. [Member]

$ 967,575

$ 957,938

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

^[5]

Services: Business

^[6]

Term Loan B

^[5]

Term Loan B

^[6]

Loan

^[5]

Loan

^[6]

Prime

^[5]

Prime

^[6]

5.50%

^[5]

5.50%

^[6]

0.50%

^[5]

0.50%

^[6]

14.00%

^[5]

14.00%

^[6]

Nov. 03, 2027

^[5]

Nov. 03, 2027

^[6]

2,913,525

^[5]

2,913,525

^[6]

$ 2,903,746

^[5]

$ 2,902,171

^[6]

LPL Holdings, Inc. [Member]

$ 21,851

^[5]

$ 25,493

^[6]

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B1

Loan

1M USD SOFR+

1.75%

0.00%

7.19%

7.18%

Nov. 11, 2026

1,189,178

1,195,404

$ 1,188,643

$ 1,194,671

LSF11 A5 HOLDCO LLC [Member]

$ 1,188,120

$ 1,194,125

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B (06/24)

Term Loan (01/23)

Loan

1M USD SOFR+

3.50%

4.25%

0.50%

8.86%

9.68%

Oct. 15, 2028

Oct. 14, 2028

1,729,327

1,492,500

$ 1,711,900

$ 1,473,942

LSF11 TRINITY BIDCO INC [Member]

$ 1,726,543

$ 1,491,754

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Aerospace & Defense

Term Loan B (06/24)

Term Loan B

Loan

1M USD SOFR+

3.50%

4.00%

0.00%

8.81%

9.32%

Jun. 14, 2030

975,840

980,756

$ 963,067

$ 967,038

LSF9 Atlantis Holdings, LLC (A Wireless) [Member]

$ 970,961

$ 980,756

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan (2/24)

Loan

3M USD SOFR+

1M USD SOFR+

6.50%

0.75%

11.83%

Mar. 31, 2029

2,740,313

2,775,000

$ 2,671,808

$ 2,700,276

Lumen Technologies Inc [Member]

$ 2,754,014

$ 2,775,860

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Telecommunications

Term Loan B1 (3/24)

Loan

1M USD SOFR+

2.35%

2.00%

7.74%

Apr. 15, 2029

1,616,424

$ 1,615,740

Lumen Technologies Inc One [Member]

$ 1,296,502

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Telecommunications

Term Loan B2 (3/24)

Loan

1M USD SOFR+

2.35%

2.00%

7.74%

Apr. 15, 2030

1,616,424

$ 1,615,734

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,263,704

MAGNITE, INC. [Member]

Services: Business

Term Loan B (01/24)

Loan

1M USD SOFR+

4.50%

0.00%

9.75%

9.82%

Feb. 06, 2031

3,241,875

3,250,000

$ 3,211,441

$ 3,218,266

Marriott Ownership Resorts, Inc. [Member]

$ 3,260,127

$ 3,241,875

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B (3/24)

Term Loan (11/19)

Loan

1M USD SOFR+

2.25%

1.75%

0.00%

7.50%

7.18%

Apr. 01, 2031

Aug. 29, 2025

1,317,074

$ 1,317,074

Match Group, Inc, The [Member]

$ 1,312,965

$ 1,312,543

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan (1/20)

Loan

3M USD SOFR+

1.75%

0.00%

7.24%

7.27%

Feb. 15, 2027

250,000

$ 249,789

$ 249,741

Max US Bidco Inc. [Member]

$ 249,688

$ 249,063

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

3M USD SOFR+

5.00%

0.50%

10.25%

10.35%

Oct. 03, 2030

1,995,000

2,000,000

$ 1,872,111

$ 1,870,298

Mayfield Agency Borrower Inc. (FeeCo) [Member]

$ 1,862,891

$ 1,832,500

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (06/24)

First Lien Term Loan B (12/23)

Loan

3M USD SOFR+

1M USD SOFR+

3.75%

4.25%

0.00%

9.00%

9.58%

Feb. 28, 2028

3,424,168

3,432,772

$ 3,349,573

$ 3,346,276

McGraw-Hill Education, Inc. [Member]

$ 3,425,401

$ 3,432,772

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Advertising, Printing & Publishing

Term Loan B

Term Loan (07/21)

Loan

3M USD SOFR+

1M USD SOFR+

4.00%

4.75%

0.50%

9.23%

10.19%

Aug. 01, 2031

Jul. 28, 2028

1,350,441

1,955,000

$ 1,341,371

$ 1,940,387

MedAssets Software Inter Hldg, Inc. [Member]

$ 1,351,399

$ 1,946,281

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan (11/21) (USD)

Loan

1M USD SOFR+

4.00%

0.50%

9.36%

9.44%

Dec. 18, 2028

488,750

491,250

$ 486,572

$ 488,835

Michaels Companies Inc [Member]

$ 328,684

$ 409,275

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan B (Magic Mergeco)

Loan

3M USD SOFR+

4.25%

0.75%

9.85%

9.86%

Apr. 08, 2028

2,429,874

2,442,400

$ 2,418,194

$ 2,429,364

Milano Acquisition Corp. [Member]

$ 1,985,159

$ 1,996,417

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B

Loan

3M USD SOFR+

4.00%

0.75%

9.43%

Oct. 01, 2027

1,994,832

$ 1,909,962

MIWD Holdco II LLC [Member]

$ 1,804,485

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan B2 (03/24)

Loan

1M USD SOFR+

3.50%

0.00%

8.75%

Mar. 21, 2031

500,000

$ 497,571

MKS Instruments, Inc. [Member]

$ 502,085

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (07/24)

Term Loan B

Loan

1M USD SOFR+

2.25%

2.50%

0.50%

7.56%

7.82%

Aug. 17, 2029

1,341,592

1,971,537

$ 1,339,345

$ 1,967,675

Momentive Performance Materials Inc. [Member]

$ 1,343,940

$ 1,966,253

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (03/23)

Loan

1M USD SOFR+

4.50%

0.00%

9.75%

9.83%

Mar. 28, 2028

493,750

496,250

$ 478,401

$ 479,007

Moneygram International, Inc. [Member]

$ 493,133

$ 485,084

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B

Term Loan

Loan

3M USD SOFR+

4.75%

5.50%

0.50%

10.08%

10.88%

Jun. 01, 2030

May 31, 2030

2,978,781

2,993,750

$ 2,623,547

$ 2,617,290

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,911,759

$ 2,936,989

Mosel Bidco SE [Member]

High Tech Industries

Term Loan B

Loan

3M USD SOFR+

4.50%

4.75%

0.50%

9.83%

10.10%

Sep. 16, 2030

500,000

$ 495,431

$ 495,262

MPH Acquisition Holdings LLC (Multiplan) [Member]

$ 503,125

$ 500,625

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B (08/21)

Loan

3M USD SOFR+

4.25%

0.50%

9.57%

9.85%

Sep. 01, 2028

2,946,970

2,962,121

$ 2,741,535

$ 2,734,973

NAB Holdings, LLC (North American Bancard) [Member]

$ 2,293,126

$ 2,861,320

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (06/24)

Term Loan (11/21)

Loan

3M USD SOFR+

2.75%

0.50%

8.10%

8.25%

Nov. 23, 2028

2,925,169

2,940,000

$ 2,920,937

$ 2,935,048

Napa Management Services Corp [Member]

$ 2,920,898

$ 2,929,504

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (02/22)

Loan

1M USD SOFR+

5.25%

0.75%

10.60%

10.68%

Feb. 22, 2029

2,954,660

2,969,773

$ 2,471,055

$ 2,447,043

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,840,167

$ 2,806,436

Natgasoline LLC [Member]

Chemicals, Plastics, & Rubber

Term Loan

Loan

6M USD SOFR+

1M USD SOFR+

3.50%

0.00%

8.95%

8.94%

Nov. 14, 2025

3,287,750

3,305,649

$ 3,280,186

$ 3,294,914

National Mentor Holdings, Inc. [Member]

$ 3,246,653

$ 3,289,120

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan C 2/21

Term Loan 2/21

Loan

3M USD SOFR+

1M USD SOFR+

3.75%

0.75%

9.18%

Mar. 02, 2028

87,464

2,708,195

$ 87,231

$ 2,701,639

National Mentor Holdings, Inc. One [Member]

$ 84,266

$ 2,522,007

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan 2/21

Term Loan C 2/21

Loan

3M USD SOFR+

3.75%

0.75%

9.18%

9.20%

Mar. 02, 2028

2,694,271

87,464

$ 2,688,893

$ 87,200

Nexstar Broadcasting, Inc. (Mission Broadcasting) [Member]

$ 2,595,769

$ 81,450

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Broadcasting & Subscription

Term Loan

Loan

1M USD SOFR+

2.50%

0.00%

7.86%

7.94%

Sep. 18, 2026

657,625

$ 654,643

$ 654,056

Next Level Apparel, Inc. [Member]

$ 658,171

$ 655,705

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan

Loan

3M USD SOFR+

1M USD SOFR+

7.50%

1.00%

12.89%

12.92%

Aug. 09, 2026

2,426,448

2,605,709

$ 2,426,448

$ 2,579,219

NortonLifeLock Inc. [Member]

$ 1,851,380

$ 2,019,425

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (05/24)

Term Loan B

Loan

1M USD SOFR+

1.75%

2.00%

0.50%

7.09%

7.43%

Sep. 12, 2029

977,500

997,195

$ 974,353

$ 993,475

Nouryon Finance B.V. [Member]

$ 976,141

$ 994,014

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B (04/24)

Term Loan B

Loan

3M USD SOFR+

1M USD SOFR+

3.50%

4.00%

0.00%

8.63%

9.42%

Apr. 03, 2028

497,494

497,500

$ 493,370

$ 492,525

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 498,946

$ 497,192

Novae LLC [Member]

Automotive

Term Loan B

Loan

3M USD SOFR+

5.00%

0.75%

10.50%

10.52%

Dec. 22, 2028

1,955,000

1,965,000

$ 1,944,782

$ 1,954,113

Nuvei Technologies Corp. [Member]

$ 1,946,457

$ 1,948,632

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

3.00%

0.50%

8.35%

8.43%

Dec. 19, 2030

2,073,029

2,100,000

$ 2,058,029

$ 2,084,250

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,074,335

$ 2,100,336

Olaplex, Inc. [Member]

Consumer goods: Non-durable

Term Loan (2/22)

Loan

1M USD SOFR+

3.50%

0.50%

8.85%

8.93%

Feb. 23, 2029

2,454,830

2,467,387

$ 2,371,898

$ 2,376,707

Open Text Corporation [Member]

$ 2,315,985

$ 2,249,442

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (08/23)

Loan

1M USD SOFR+

2.25%

2.75%

0.50%

7.50%

8.18%

Jan. 31, 2030

929,383

1,380,397

$ 905,926

$ 1,343,151

Oxbow Carbon, LLC [Member]

$ 933,556

$ 1,381,267

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Metals & Mining

Term Loan B (04/23)

Loan

1M USD SOFR+

3.50%

4.00%

0.50%

8.75%

9.43%

May 02, 2030

495,000

497,500

$ 486,345

$ 488,294

PACIFIC DENTAL SERVICES, LLC [Member]

$ 493,763

$ 496,669

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (02//24)

Term Loan

Loan

1M USD SOFR+

3.25%

3.50%

0.00%

0.75%

8.59%

8.94%

Mar. 17, 2031

Apr. 21, 2028

1,197,000

895,408

$ 1,195,755

$ 894,474

Pacific Gas & Electric [Member]

$ 1,200,423

$ 893,734

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Utilities: Electric

Term Loan

Loan

1M USD SOFR+

2.50%

0.50%

7.75%

7.83%

Jun. 23, 2027

250,000

$ 249,297

$ 248,893

PACTIV EVERGREEN GROUP HOLDINGS INC. [Member]

$ 250,730

$ 249,923

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan B4 (05/24)

Term Loan B

Loan

1M USD SOFR+

2.50%

3.25%

0.00%

0.50%

7.75%

8.69%

Sep. 24, 2028

Sep. 20, 2028

972,562

975,000

$ 969,935

$ 971,827

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 972,806

$ 975,994

Padagis LLC [Member]

Healthcare & Pharmaceuticals

Term Loan

Loan

3M USD SOFR+

4.75%

0.50%

10.33%

10.34%

Jul. 06, 2028

941,176

$ 935,248

$ 934,588

PAR PETROLEUM LLC [Member]

$ 863,529

$ 896,471

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Energy: Oil & Gas

Term Loan B

Term Loan 2/23

Loan

3M USD SOFR+

3.75%

4.25%

0.50%

9.06%

9.69%

Feb. 28, 2030

Feb. 27, 2030

2,471,225

2,483,737

$ 2,449,026

$ 2,460,184

PATAGONIA HOLDCO LLC [Member]

$ 2,482,345

$ 2,482,198

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Telecommunications

Term Loan B

Loan

3M USD SOFR+

5.75%

0.50%

10.85%

11.06%

Aug. 01, 2029

2,962,462

1,975,000

$ 2,619,094

$ 1,671,950

Pathway Partners Vet Management Company LLC [Member]

$ 2,750,764

$ 1,816,013

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

3.75%

0.00%

9.11%

9.19%

Mar. 31, 2027

Mar. 30, 2027

479,062

481,544

$ 474,117

$ 475,840

PCI Gaming Authority [Member]

$ 394,714

$ 411,321

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan

Loan

1M USD SOFR+

2.00%

2.50%

0.00%

7.34%

7.94%

Jul. 18, 2031

May 29, 2026

794,490

$ 793,310

$ 793,022

PEARLS (Netherlands) Bidco B.V. [Member]

$ 789,238

$ 794,156

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

USD Term Loan (02/22)

Loan

3M USD SOFR+

4.00%

3.75%

0.50%

9.25%

9.06%

Feb. 28, 2029

978,034

982,500

$ 976,902

$ 981,042

PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC [Member]

$ 981,095

$ 972,066

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan (12/22)

Loan

3M USD SOFR+

1M USD SOFR+

3.25%

0.50%

8.76%

8.69%

Dec. 29, 2028

1,467,134

1,474,639

$ 1,463,277

$ 1,470,327

Penn National Gaming, Inc [Member]

$ 1,424,426

$ 1,325,332

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B

Loan

1M USD SOFR+

2.75%

0.50%

8.10%

8.18%

May 03, 2029

980,000

985,000

$ 976,649

$ 981,209

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 982,862

$ 979,720

Peraton Corp. [Member]

Aerospace & Defense

Term Loan B

Loan

1M USD SOFR+

3.75%

0.75%

9.10%

9.18%

Feb. 01, 2028

5,208,834

5,236,340

$ 5,199,099

$ 5,225,013

PHYSICIAN PARTNERS, LLC [Member]

$ 5,091,635

$ 5,236,340

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan

Loan

6M USD SOFR+

3M USD SOFR+

4.00%

0.50%

9.56%

9.46%

Dec. 23, 2028

2,943,624

2,958,680

$ 2,890,193

$ 2,899,926

Pitney Bowes Inc [Member]

$ 1,961,925

$ 2,608,254

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B

Loan

1M USD SOFR+

4.00%

0.00%

9.36%

9.44%

Mar. 17, 2028

3,879,773

3,899,823

$ 3,860,466

$ 3,878,054

Plastipak Holdings Inc. [Member]

$ 3,888,269

$ 3,880,324

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan B (11/21)

Loan

1M USD SOFR+

2.50%

0.50%

7.85%

7.93%

Dec. 01, 2028

1,795,294

$ 1,789,892

$ 1,789,191

Playtika Holding Corp. [Member]

$ 1,800,752

$ 1,791,309

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (3/21)

Loan

1M USD SOFR+

2.75%

0.00%

8.11%

8.19%

Mar. 13, 2028

4,353,750

4,376,250

$ 4,348,700

$ 4,370,414

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 4,345,217

$ 4,362,377

PMHC II, INC. [Member]

Chemicals, Plastics, & Rubber

Term Loan (02/22)

Loan

3M USD SOFR+

4.25%

0.50%

9.70%

9.72%

Apr. 21, 2029

1,965,000

1,975,000

$ 1,958,391

$ 1,967,432

PointClickCare Technologies, Inc. [Member]

$ 1,929,041

$ 1,926,968

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan (04/24)

Term Loan B

Loan

3M USD SOFR+

3.00%

0.75%

8.33%

8.61%

Dec. 29, 2027

483,788

486,250

$ 482,492

$ 484,831

Polymer Process Holdings, Inc. [Member]

$ 485,602

$ 485,642

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan

Loan

1M USD SOFR+

4.75%

0.75%

10.11%

10.19%

Feb. 12, 2028

5,321,250

5,348,750

$ 5,291,007

$ 5,313,507

Pre-Paid Legal Services, Inc. [Member]

$ 5,210,408

$ 5,071,310

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan (12/21)

Loan

1M USD SOFR+

3.75%

0.50%

9.11%

9.19%

Dec. 15, 2028

2,932,500

2,947,500

$ 2,915,906

$ 2,929,343

Prime Security Services Borrower, LLC (ADT) [Member]

$ 2,931,679

$ 2,939,512

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan B (04/24)

Term Loan B (10/23)

Loan

1M USD SOFR+

3M USD SOFR+

2.25%

2.50%

0.00%

7.60%

7.83%

Oct. 14, 2030

Oct. 11, 2030

1,995,000

2,000,000

$ 1,976,968

$ 1,980,728

PRIORITY HOLDINGS, LLC [Member]

$ 1,997,693

$ 1,998,300

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan B (5/24)

Term Loan

Loan

3M USD SOFR+

1M USD SOFR+

4.75%

5.75%

0.50%

1.00%

10.00%

11.19%

May 16, 2031

Apr. 27, 2027

2,917,500

2,925,000

$ 2,901,080

$ 2,906,770

PriSo Acquisition Corporation [Member]

$ 2,906,559

$ 2,921,344

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan (01/21)

Loan

3M USD SOFR+

3.25%

0.75%

8.84%

Dec. 28, 2027

483,741

486,242

$ 482,538

$ 484,862

Project Leopard Holdings, Inc. (NEW) [Member]

$ 470,800

$ 472,311

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (06/22)

Loan

3M USD SOFR+

5.25%

0.50%

10.60%

10.66%

Jul. 20, 2029

985,000

990,000

$ 931,439

$ 931,883

Propulsion (BC) Finco [Member]

$ 842,352

$ 907,711

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Aerospace & Defense

Term Loan

Loan

3M USD SOFR+

3.75%

0.50%

9.08%

9.10%

Sep. 14, 2029

746,212

750,000

$ 739,185

$ 742,504

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 747,764

$ 748,748

PUG LLC [Member]

Services: Consumer

Term Loan B (03/24)

Term Loan B (02/20)

Loan

1M USD SOFR+

4.75%

3.50%

0.00%

10.00%

8.94%

Mar. 15, 2030

Feb. 12, 2027

468,141

475,176

$ 467,239

$ 474,168

Quartz AcquireCo, LLC [Member]

$ 465,997

$ 466,010

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (05/24)

Term Loan B

Loan

3M USD SOFR+

1M USD SOFR+

2.75%

3.50%

0.00%

8.08%

8.83%

Jun. 28, 2030

1,241,247

997,500

$ 1,232,291

$ 988,167

QUEST BORROWER LIMITED [Member]

$ 1,240,080

$ 996,253

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan (1/22)

Loan

3M USD SOFR+

4.25%

0.50%

9.65%

9.71%

Feb. 01, 2029

1,960,000

1,970,000

$ 1,946,455

$ 1,954,941

Quikrete Holdings, Inc. [Member]

$ 1,434,877

$ 1,552,734

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Quikrete 3/24 (2031)

Loan

1M USD SOFR+

2.50%

0.00%

7.75%

Apr. 14, 2031

997,500

$ 995,095

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 998,976

R1 RCM INC. [Member]

Healthcare & Pharmaceuticals

Term Loan (12/23)

Loan

1M USD SOFR+

3.00%

0.00%

8.36%

Jun. 21, 2029

1,200,000

$ 1,185,480

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,201,200

$ 1,200,000

R1 RCM INC. One [Member]

Healthcare & Pharmaceuticals

Term Loan

Loan

1M USD SOFR+

3.00%

0.50%

8.25%

8.33%

Jun. 21, 2029

1,193,924

1,200,000

$ 1,180,752

$ 1,185,733

Rackspace Technology Global, Inc. [Member]

$ 1,195,118

$ 1,200,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Super-Priority Term Loan (03/24)

Term Loan (1/21)

Loan

1M USD SOFR+

6.25%

2.75%

0.75%

11.65%

8.19%

May 15, 2028

Feb. 15, 2028

549,664

2,944,353

$ 544,484

$ 2,869,199

Rackspace Technology Global, Inc One [Member]

$ 553,237

$ 1,278,173

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan (3/24)

Loan

1M USD SOFR+

2.75%

0.75%

8.15%

May 15, 2028

2,050,682

$ 1,069,197

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,009,961

RAND PARENT LLC [Member]

Transportation: Cargo

Term Loan B

Loan

3M USD SOFR+

3.75%

4.25%

0.00%

9.07%

9.60%

Mar. 16, 2030

2,468,750

2,481,250

$ 2,393,051

$ 2,400,653

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,464,751

$ 2,476,213

RealPage, Inc. [Member]

High Tech Industries

Term Loan (04/21)

Loan

1M USD SOFR+

3.00%

0.50%

8.36%

8.44%

Apr. 24, 2028

972,500

977,500

$ 971,632

$ 976,326

Rent-A-Center, Inc. [Member]

$ 931,169

$ 950,501

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan B2 (9/21)

Loan

3M USD SOFR+

6M USD SOFR+

2.75%

3.25%

0.50%

8.00%

9.12%

Feb. 17, 2028

1,850,158

1,860,192

$ 1,821,756

$ 1,827,856

Research Now Group, Inc Two [Member]

$ 1,842,073

$ 1,856,323

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Advertising, Printing & Publishing

Second-Out Term Loan

Loan

3M USD SOFR+

5.50%

1.00%

10.88%

Jul. 15, 2028

2,901,937

$ 2,767,804

Research Now Group, Inc One [Member]

$ 2,714,762

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Advertising, Printing & Publishing

Term Loan (07/24)

Loan

3M USD SOFR+

5.00%

1.00%

10.38%

Jul. 15, 2028

340,439

$ 335,544

Resideo Funding Inc. [Member]

$ 342,141

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan B (05/24)

Term Loan (1/21)

Loan

1M USD SOFR+

2.00%

2.25%

0.00%

0.50%

7.28%

7.69%

Feb. 11, 2028

674,488

1,458,750

$ 674,133

$ 1,457,581

Resolute Investment Managers (American Beacon), Inc. One [Member]

$ 676,174

$ 1,454,651

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (12/23)

Loan

3M USD SOFR+

6.50%

1.00%

12.10%

12.11%

Apr. 30, 2027

1,958,313

1,968,154

$ 1,958,313

$ 1,968,154

Restoration Hardware, Inc. [Member]

$ 1,806,544

$ 1,936,172

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan (9/21)

Loan

1M USD SOFR+

2.50%

0.50%

7.86%

7.94%

Oct. 20, 2028

3,409,843

3,427,375

$ 3,406,428

$ 3,422,882

Reynolds Consumer Products LLC [Member]

$ 3,135,999

$ 3,328,838

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan

Loan

1M USD SOFR+

1.75%

0.00%

7.10%

7.18%

Feb. 04, 2027

Jan. 29, 2027

1,057,311

1,117,917

$ 1,057,311

$ 1,117,917

Russell Investments US Inst’l Holdco, Inc. [Member]

$ 1,060,747

$ 1,117,078

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

^[3]

Banking, Finance, Insurance & Real Estate

Term Loan B PIK (3/24)

^[3]

Term Loan (10/20)

Loan

^[3]

Loan

3M USD SOFR+

^[3]

1M USD SOFR+

5.00%

^[3]

3.50%

1.00%

^[3]

1.00%

10.25%

^[3]

8.93%

May 30, 2027

^[3]

Jun. 02, 2025

5,748,878

^[3]

5,503,217

$ 5,736,129

^[3]

$ 5,487,956

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 5,022,048

^[3]

$ 5,313,356

RV Retailer LLC [Member]

Automotive

Term Loan

Loan

1M USD SOFR+

3.75%

0.75%

9.10%

9.17%

Feb. 08, 2028

2,912,819

2,927,756

$ 2,879,951

$ 2,890,768

Ryan Specialty Group LLC [Member]

$ 2,598,642

$ 2,728,317

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

2.75%

0.75%

8.00%

8.08%

Sep. 01, 2027

1,455,934

1,463,497

$ 1,447,849

$ 1,454,416

S&S HOLDINGS LLC [Member]

$ 1,460,782

$ 1,463,497

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

3M USD SOFR+

5.00%

0.50%

10.44%

10.42%

Mar. 10, 2028

2,421,181

2,433,693

$ 2,384,525

$ 2,393,141

Sally Holdings LLC [Member]

$ 2,403,022

$ 2,405,560

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan B

Loan

1M USD SOFR+

1.75%

2.25%

0.00%

7.09%

7.58%

Feb. 28, 2030

493,750

496,250

$ 490,670

$ 492,943

Schweitzer-Mauduit International, Inc. [Member]

$ 494,984

$ 495,421

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

3.75%

0.75%

9.11%

9.19%

Apr. 20, 2028

1,297,546

$ 1,293,920

$ 1,293,069

Scientific Games Holdings LP [Member]

$ 1,292,680

$ 1,294,847

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B

Loan

3M USD SOFR+

3.00%

3.25%

0.50%

8.32%

8.58%

Apr. 04, 2029

492,500

493,750

$ 491,808

$ 492,933

Sedgwick Claims Management Services, Inc. [Member]

$ 490,102

$ 492,516

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B 2/23

Loan

3M USD SOFR+

1M USD SOFR+

3.00%

3.75%

0.00%

8.25%

9.08%

Jul. 31, 2031

Feb. 17, 2028

987,500

992,500

$ 980,180

$ 984,017

SETANTA AIRCRAFT LEASING DAC [Member]

$ 988,320

$ 993,294

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Aerospace & Defense

Term Loan B (05/24)

Term Loan

Loan

3M USD SOFR+

1.75%

2.00%

0.00%

7.08%

7.61%

Nov. 05, 2028

Nov. 02, 2028

500,000

1,000,000

$ 499,272

$ 998,338

Sitel Worldwide Corporation [Member]

$ 502,770

$ 1,000,560

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

USD Term Loan (7/21)

Loan

1M USD SOFR+

3.75%

0.50%

9.11%

9.19%

Aug. 28, 2028

1,945,000

1,955,000

$ 1,939,928

$ 1,948,734

SiteOne Landscape Supply, LLC [Member]

$ 1,306,807

$ 1,873,144

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B (06/24)

Term Loan (3/21)

Loan

1M USD SOFR+

1.75%

2.00%

0.50%

7.09%

7.44%

Mar. 23, 2030

Mar. 18, 2028

1,260,861

1,267,378

$ 1,256,054

$ 1,261,906

Smyrna Ready Mix Concrete, LLC [Member]

$ 1,259,285

$ 1,267,378

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan B

Loan

1M USD SOFR+

3.50%

0.00%

8.85%

8.82%

Apr. 01, 2029

511,646

514,217

$ 508,530

$ 510,811

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 514,844

$ 514,860

Sotheby’s [Member]

Services: Business

Term Loan (7/21)

Loan

3M USD SOFR+

4.50%

0.50%

10.06%

10.08%

Jan. 15, 2027

3,174,651

3,191,015

$ 3,148,828

$ 3,159,783

Sparta U.S. HoldCo LLC [Member]

$ 3,099,698

$ 3,159,903

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (04/21)

Loan

1M USD SOFR+

3.25%

0.75%

8.59%

8.69%

Aug. 02, 2030

Aug. 02, 2028

1,950,000

1,960,000

$ 1,944,437

$ 1,953,602

Specialty Pharma III Inc. [Member]

$ 1,952,750

$ 1,955,453

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan

Loan

1M USD SOFR+

4.25%

0.75%

9.60%

9.68%

Mar. 31, 2028

1,945,000

1,955,000

$ 1,934,196

$ 1,942,520

Spin Holdco, Inc. [Member]

$ 1,886,650

$ 1,857,250

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan 3/21

Loan

3M USD SOFR+

4.00%

0.75%

9.60%

9.62%

Mar. 04, 2028

2,902,500

2,917,500

$ 2,893,119

$ 2,907,433

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,456,966

$ 2,644,510

SRAM, LLC [Member]

Consumer goods: Durable

Term Loan (05/21)

Loan

1M USD SOFR+

2.75%

0.50%

8.11%

8.19%

May 12, 2028

2,269,091

2,523,636

$ 2,267,193

$ 2,521,215

STANDARD INDUSTRIES INC. [Member]

$ 2,267,684

$ 2,517,327

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan B

Loan

1M USD SOFR+

2.00%

2.25%

0.50%

7.31%

7.68%

Sep. 22, 2028

415,250

620,250

$ 412,897

$ 616,132

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 416,654

$ 619,785

Staples, Inc. [Member]

Wholesale

Term Loan B

Term Loan (03/19)

Loan

3M USD SOFR+

1M USD SOFR+

5.75%

5.00%

0.50%

0.00%

11.08%

10.44%

Aug. 23, 2029

Apr. 16, 2026

4,284,976

4,296,252

$ 4,226,728

$ 4,227,884

Star Parent, Inc. [Member]

$ 3,899,328

$ 4,185,881

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B (09/23)

Loan

3M USD SOFR+

3.75%

4.00%

0.00%

9.08%

9.35%

Sep. 30, 2030

Sep. 19, 2030

1,246,875

1,250,000

$ 1,229,981

$ 1,232,293

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,238,085

$ 1,233,600

Storable, Inc [Member]

High Tech Industries

Term Loan B

Loan

1M USD SOFR+

3.50%

0.50%

8.75%

8.83%

Apr. 17, 2028

487,500

490,000

$ 487,162

$ 489,451

Superannuation & Investments US LLC [Member]

$ 488,212

$ 489,084

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

3.75%

0.50%

9.11%

9.19%

Dec. 01, 2028

975,000

980,000

$ 968,696

$ 972,893

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 973,781

$ 979,510

SupplyOne, Inc [Member]

Wholesale

Term Loan B (03/24)

Loan

1M USD SOFR+

4.25%

0.00%

9.50%

Mar. 27, 2031

498,750

$ 493,886

Sweetwater Borrower, LLC [Member]

$ 502,865

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan (8/21)

Loan

1M USD SOFR+

4.25%

0.75%

9.61%

9.69%

Aug. 02, 2028

2,150,579

2,197,331

$ 2,080,124

$ 2,118,286

Syncsort Incorporated [Member]

$ 2,150,579

$ 2,186,345

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (10/21)

Loan

3M USD SOFR+

4.00%

0.75%

9.51%

9.59%

Apr. 24, 2028

2,432,469

2,444,975

$ 2,431,935

$ 2,444,257

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,375,841

$ 2,421,748

Ta TT Buyer LLC [Member]

Media: Broadcasting & Subscription

Term Loan B (6/24)

Term Loan 3/22

Loan

3M USD SOFR+

4.75%

5.00%

0.50%

10.08%

10.35%

Apr. 02, 2029

984,957

987,475

$ 977,435

$ 979,563

Tenable Holdings, Inc. [Member]

$ 982,494

$ 987,060

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B (6/21)

Loan

1M USD SOFR+

2.75%

0.50%

8.11%

8.19%

Jul. 07, 2028

975,000

980,000

$ 973,834

$ 978,620

Teneo Holdings LLC [Member]

$ 975,000

$ 977,962

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (03/24)

Term Loan

Loan

1M USD SOFR+

4.75%

5.25%

1.00%

10.00%

10.68%

Mar. 13, 2031

Jul. 15, 2025

3,491,250

4,337,912

$ 3,457,159

$ 4,305,238

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 3,501,444

$ 4,332,490

Ten-X, LLC [Member]

Banking, Finance, Insurance & Real Estate

Term Loan 5/23

Loan

1M USD SOFR+

6.00%

0.00%

11.25%

11.33%

May 25, 2028

1,870,000

1,880,000

$ 1,870,000

$ 1,879,762

The Dun & Bradstreet Corporation [Member]

$ 1,793,442

$ 1,809,030

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan (01/24)

Loan

1M USD SOFR+

2.75%

0.00%

8.03%

8.07%

Jan. 18, 2029

1,145,916

1,148,788

$ 1,144,580

$ 1,146,995

Thor Industries, Inc. [Member]

$ 1,147,165

$ 1,145,629

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Automotive

Term Loan B (06/24)

Term Loan B2

Loan

1M USD SOFR+

2.25%

2.75%

0.00%

7.50%

8.07%

Nov. 15, 2030

385,981

847,276

$ 382,541

$ 839,124

TIBCO Software Inc [Member]

$ 386,464

$ 847,276

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan (3/24)

Loan

3M USD SOFR+

4.50%

0.50%

9.83%

Mar. 24, 2031

500,000

$ 499,375

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 501,875

Torrid LLC [Member]

Wholesale

Term Loan 5/21

Loan

3M USD SOFR+

5.50%

0.75%

11.08%

11.11%

Jun. 14, 2028

3,200,528

3,293,297

$ 2,839,678

$ 2,885,799

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,928,483

$ 2,766,369

TORY BURCH LLC [Member]

Retail

Term Loan

Loan

1M USD SOFR+

3.25%

0.50%

8.61%

8.69%

Apr. 15, 2028

2,296,247

2,308,083

$ 2,175,803

$ 2,173,521

Tosca Services, LLC [Member]

$ 2,299,117

$ 2,279,878

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan (2/21)

Loan

3M USD SOFR+

3.50%

0.75%

9.09%

9.07%

Aug. 18, 2027

485,000

$ 3,395

$ 481,026

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 403,360

Trans Union LLC [Member]

Banking, Finance, Insurance & Real Estate

Term Loan B7 (02/24)

Loan

1M USD SOFR+

2.00%

0.50%

7.25%

7.33%

Dec. 01, 2028

607,510

609,032

$ 606,739

$ 608,154

TRITON WATER HOLDINGS, INC. [Member]

$ 607,783

$ 608,161

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Term Loan (03/21)

Loan

3M USD SOFR+

3.25%

0.50%

8.85%

8.86%

Mar. 31, 2028

1,455,004

1,462,504

$ 1,450,794

$ 1,457,793

Tronox Finance LLC [Member]

$ 1,454,015

$ 1,435,389

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

3M USD SOFR+

1M USD SOFR+

2.50%

0.00%

8.10%

7.94%

Mar. 10, 2028

346,923

$ 346,566

$ 346,548

Tronox Finance LLC One [Member]

$ 347,482

$ 345,584

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B (04/24)

Incremental Term Loan

Loan

1M USD SOFR+

3M USD SOFR+

2.75%

3.50%

0.00%

0.50%

8.00%

8.85%

Apr. 04, 2029

Aug. 11, 2028

1,995,000

2,000,000

$ 1,977,881

$ 1,981,659

TruGreen Limited Partnership [Member]

$ 1,999,529

$ 1,997,500

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan

Loan

1M USD SOFR+

4.00%

0.75%

9.35%

9.43%

Nov. 02, 2027

Oct. 29, 2027

939,891

944,761

$ 936,336

$ 940,433

Uber Technologies, Inc. [Member]

$ 911,694

$ 912,034

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Transportation: Consumer

Term Loan 2/23

Loan

3M USD SOFR+

2.75%

0.00%

8.09%

8.13%

Mar. 03, 2030

392,938

395,438

$ 392,073

$ 394,559

Ultra Clean Holdings, Inc. [Member]

$ 394,368

$ 396,284

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term loan (03/24)

Incremental Term Loan 3/21

Loan

1M USD SOFR+

3.50%

3.75%

0.00%

8.75%

9.19%

Feb. 25, 2028

Aug. 27, 2025

1,249,372

763,480

$ 1,245,946

$ 761,941

Unimin Corporation [Member]

$ 1,253,283

$ 764,755

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Metals & Mining

Term Loan (12/20)

Loan

3M USD SOFR+

4.00%

1.00%

9.58%

9.59%

Jul. 31, 2026

496,815

$ 484,461

$ 481,603

Univision Communications Inc. [Member]

$ 492,622

$ 494,207

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Broadcasting & Subscription

Term Loan B (05/24)

Term Loan B (6/21)

Loan

1M USD SOFR+

3.50%

3.25%

0.50%

0.75%

8.86%

8.69%

Jan. 31, 2029

Mar. 15, 2026

2,415,600

2,421,809

$ 2,412,837

$ 2,418,336

Univision Communications Inc. One [Member]

$ 2,340,861

$ 2,418,031

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Broadcasting & Subscription

Term Loan B (6/22)

Loan

3M USD SOFR+

4.25%

0.50%

9.58%

9.60%

Jun. 25, 2029

245,000

246,250

$ 239,412

$ 240,243

Vaco Holdings, LLC [Member]

$ 241,786

$ 246,250

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan (01/22)

Loan

3M USD SOFR+

6M USD SOFR+

5.00%

0.75%

10.48%

10.43%

Jan. 19, 2029

2,306,722

2,318,552

$ 2,253,639

$ 2,260,590

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,224,834

$ 2,287,251

Vericast Corp. [Member]

Media: Advertising, Printing & Publishing

^[3]

Media: Advertising, Printing & Publishing

^[4]

Extended Term Loan (07/24)

^[3]

Term Loan (12/23)

^[4]

Loan

^[3]

Loan

^[4]

3M USD SOFR+

^[3]

3M USD SOFR+

^[4]

7.75%

^[3]

7.75%

^[4]

1.00%

^[3]

0.00%

^[4]

13.03%

^[3]

13.36%

^[4]

Jun. 15, 2030

^[3]

Jun. 16, 2026

^[4]

1,284,849

^[3]

1,208,512

^[4]

$ 1,284,111

^[3]

$ 1,207,739

^[4]

Verifone Systems, Inc. [Member]

$ 1,238,273

^[3]

$ 1,111,831

^[4]

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan (7/18)

Loan

3M USD SOFR+

4.00%

0.00%

9.33%

9.59%

Aug. 20, 2025

1,346,600

1,353,744

$ 1,345,165

$ 1,351,272

Vertex Aerospace Services Corp [Member]

$ 1,212,707

$ 1,170,988

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Aerospace & Defense

Term Loan (10/21)

Loan

1M USD SOFR+

2.75%

3.25%

0.75%

8.00%

8.68%

Dec. 06, 2030

Dec. 06, 2028

977,625

982,538

$ 974,960

$ 979,566

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 980,763

$ 982,459

Viasat Inc [Member]

Telecommunications

Term Loan (2/22)

Loan

1M USD SOFR+

4.50%

0.50%

9.75%

9.83%

Mar. 05, 2029

2,952,318

2,967,381

$ 2,898,449

$ 2,908,179

Virtus Investment Partners, Inc. [Member]

$ 2,751,442

$ 2,909,903

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (9/21)

Loan

1M USD SOFR+

2.25%

0.00%

7.61%

7.69%

Sep. 28, 2028

2,753,864

2,823,409

$ 2,748,805

$ 2,817,201

Vistra Operations Company LLC [Member]

$ 2,753,864

$ 2,819,880

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Energy: Electricity

2018 Incremental Term Loan

Loan

1M USD SOFR+

2.00%

0.00%

7.25%

7.33%

Dec. 20, 2030

1,879,946

1,889,393

$ 1,873,141

$ 1,880,083

VM Consolidated, Inc. [Member]

$ 1,884,307

$ 1,880,135

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Construction & Building

Term Loan B (01/24)

Loan

1M USD SOFR+

2.75%

0.00%

8.00%

8.08%

Mar. 24, 2028

1,829,589

1,841,374

$ 1,829,053

$ 1,840,186

Vouvray US Finance LLC [Member]

$ 1,838,737

$ 1,843,676

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan

Loan

1M USD SOFR+

6.00%

1.00%

11.25%

11.33%

Sep. 30, 2025

463,750

466,250

$ 463,750

$ 466,250

Walker & Dunlop, Inc. [Member]

$ 480,561

$ 472,078

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Term Loan B (12/22)

Loan

1M USD SOFR+

2.25%

3.00%

0.50%

7.60%

8.43%

Dec. 15, 2028

493,734

496,250

$ 486,123

$ 487,839

Warner Music Group Corp. (WMG Acquisition Corp.) [Member]

$ 494,968

$ 495,009

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

First Lien TL I (01/24)

Loan

1M USD SOFR+

2.00%

0.00%

7.25%

7.33%

Jan. 24, 2031

1,250,000

$ 1,249,979

$ 1,249,906

Watlow Electric Manufacturing Company [Member]

$ 1,250,388

$ 1,247,463

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B

Loan

3M USD SOFR+

3.75%

0.50%

9.26%

9.33%

Mar. 02, 2028

2,751,011

2,831,632

$ 2,742,871

$ 2,822,010

WeddingWire, Inc. [Member]

$ 2,764,766

$ 2,826,337

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan (09/23)

Loan

1M USD SOFR+

4.50%

0.00%

9.75%

9.82%

Jan. 29, 2028

4,796,901

4,808,923

$ 4,795,317

$ 4,806,669

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 4,802,897

$ 4,784,879

WEX Inc. [Member]

Services: Business

Term Loan

Loan

1M USD SOFR+

2.00%

0.00%

7.25%

7.33%

Apr. 01, 2028

Mar. 31, 2028

2,909,811

2,924,849

$ 2,904,166

$ 2,918,448

Windsor Holdings III, LLC [Member]

$ 2,917,609

$ 2,919,379

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Windsor Holdings III TL

Term Loan

Loan

1M USD SOFR+

4.00%

4.50%

0.00%

9.31%

9.82%

Aug. 01, 2030

497,500

500,000

$ 497,500

$ 500,000

Wyndham Hotels & Resorts, Inc. [Member]

$ 498,898

$ 500,390

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan (05/24)

Term Loan 5/23

Loan

1M USD SOFR+

1.75%

2.25%

0.00%

7.00%

7.68%

May 24, 2030

992,500

995,000

$ 988,332

$ 990,380

Xperi Corporation [Member]

$ 993,125

$ 996,124

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B (05/24)

Term Loan

Loan

1M USD SOFR+

3.00%

3.50%

0.00%

8.34%

8.94%

Jun. 08, 2028

1,906,238

1,983,094

$ 1,903,614

$ 1,979,717

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,909,822

$ 1,977,303

Zayo Group, LLC [Member]

Telecommunications

Term Loan 4/22

Loan

1M USD SOFR+

4.25%

0.50%

9.50%

9.65%

Mar. 09, 2027

977,500

982,500

$ 962,949

$ 965,514

ZEBRA BUYER (Allspring) LLC [Member]

$ 906,221

$ 884,555

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan 4/21

Loan

3M USD SOFR+

3.25%

0.50%

8.89%

Nov. 01, 2028

1,857,011

1,866,509

$ 1,849,307

$ 1,857,862

Zekelman Industries, Inc. [Member]

$ 1,850,344

$ 1,862,142

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Metals & Mining

Term Loan B (03/24)

Term Loan (01/20)

Loan

1M USD SOFR+

2.25%

2.00%

0.00%

7.56%

7.44%

Jan. 24, 2031

Jan. 25, 2027

1,450,394

954,029

$ 1,449,269

$ 954,029

Zest Acquisition Corp. [Member]

$ 1,452,656

$ 953,733

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan (1/23)

Loan

3M USD SOFR+

1M USD SOFR+

5.25%

5.50%

0.00%

10.51%

10.83%

Feb. 08, 2028

1,970,000

1,980,000

$ 1,896,997

$ 1,897,656

Zodiac Pool Solutions [Member]

$ 1,973,704

$ 1,940,400

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Consumer goods: Durable

Term Loan (1/22)

Loan

1M USD SOFR+

1.93%

0.50%

7.27%

7.35%

Jan. 29, 2029

487,500

490,000

$ 486,880

$ 489,237

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 487,193

$ 488,772

AIS HoldCo, LLC [Member]

Services: Business

Term Loan

Loan

3M USD SOFR+

5.00%

0.00%

10.57%

Aug. 15, 2025

4,551,925

$ 4,499,117

Alchemy US Holdco 1, LLC [Member]

$ 4,392,607

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Metals & Mining

Term Loan

Loan

1M USD LIBOR+

7.32%

0.00%

7.42%

Oct. 10, 2025

1,654,803

$ 1,647,646

ANI Pharmaceuticals, Inc. [Member]

$ 1,646,943

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B

Loan

1M USD SOFR+

6.00%

0.75%

11.44%

Nov. 19, 2027

2,940,000

$ 2,901,304

Arches Buyer Inc. [Member]

$ 2,940,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Consumer

Term Loan B

Loan

1M USD SOFR+

3.25%

0.50%

8.68%

Dec. 06, 2027

1,469,697

$ 1,463,299

Asplundh Tree Expert, LLC [Member]

$ 1,405,398

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan 2/21

Loan

1M USD SOFR+

1.75%

0.00%

7.18%

Sep. 07, 2027

967,500

$ 965,030

AssuredPartners Capital, Inc. [Member]

$ 966,068

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan B (2/20)

Loan

1M USD SOFR+

3.50%

0.00%

8.94%

Feb. 12, 2027

979,592

$ 977,377

Assuredpartners Inc. One [Member]

$ 979,866

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Incremental Term Loan (7/21)

Loan

1M USD SOFR+

3.50%

0.50%

8.94%

Feb. 12, 2027

975,000

$ 975,000

Axalta Coating Systems US Holdings [Member]

$ 975,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan B (08/23)

Loan

3M USD SOFR+

2.50%

0.50%

7.85%

Dec. 20, 2029

867,888

$ 860,595

Baldwin Risk Partners, LLC [Member]

$ 868,183

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Banking, Finance, Insurance & Real Estate

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

8.94%

Oct. 14, 2027

1,960,048

$ 1,946,212

Barnes Group Inc. [Member]

$ 1,946,171

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Aerospace & Defense

Term Loan B

Loan

1M USD SOFR+

3.00%

0.00%

8.43%

Aug. 09, 2030

249,375

$ 247,649

Bausch Health Companies Inc. [Member]

$ 249,500

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B (1/22)

Loan

1M USD SOFR+

5.25%

0.50%

10.67%

Feb. 01, 2027

1,850,000

$ 1,710,365

Blue Tree Holdings, Inc. [Member]

$ 1,465,552

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (2/21)

Loan

3M USD SOFR+

2.50%

0.00%

8.11%

Mar. 04, 2028

972,500

$ 971,083

Catalent Pharma Solutions, Inc. [Member]

$ 967,229

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B4

Loan

1M USD SOFR+

3.00%

0.50%

8.32%

Feb. 22, 2028

600,000

$ 595,597

Catalent Pharma Solutions, Inc. One [Member]

$ 601,500

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan B3 (2/21)

Loan

1M USD SOFR+

2.00%

0.50%

7.43%

Feb. 22, 2028

598,462

$ 587,525

Cengage Learning, Inc. [Member]

$ 597,588

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Media: Advertising, Printing & Publishing

Term Loan B (6/21)

Loan

3M USD SOFR+

4.75%

1.00%

10.33%

Jul. 14, 2026

2,932,500

$ 2,917,832

CenturyLink, Inc. [Member]

$ 2,930,682

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Telecommunications

Term Loan B (1/20)

Loan

1M USD SOFR+

2.25%

0.00%

7.69%

Mar. 15, 2027

3,838,165

$ 3,835,627

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,781,480

Daseke Inc [Member]

Transportation: Cargo

Term Loan 2/21

Loan

1M USD SOFR+

4.00%

0.75%

9.44%

Mar. 05, 2028

1,162,500

$ 1,159,080

Delos Aircraft DAC [Member]

$ 1,162,860

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Transportation: Consumer

Term Loan B

Loan

3M USD SOFR+

2.00%

0.00%

7.35%

Oct. 31, 2027

250,000

$ 250,000

Electrical Components Inter., Inc. [Member]

$ 250,438

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Capital Equipment

Term Loan (6/18)

Loan

1M USD SOFR+

4.25%

0.00%

9.68%

Jun. 26, 2025

1,868,421

$ 1,868,421

Emerson Climate Technologies Inc [Member]

$ 1,861,415

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan B (04/23)

Loan

1M USD SOFR+

2.50%

0.00%

7.79%

May 31, 2030

1,000,000

$ 995,376

Endo Luxembourg Finance Company I S.a.r.l. [Member]

$ 997,250

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Healthcare & Pharmaceuticals

Term Loan (3/21)

Loan

Prime

6.00%

0.75%

14.50%

Mar. 27, 2028

2,335,285

$ 2,330,451

Flutter Financing B.V. One [Member]

$ 1,522,606

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B3 (11/23)

Loan

3M USD SOFR+

2.25%

0.50%

7.70%

Nov. 25, 2030

3,000,000

$ 2,992,850

Harbor Freight Tools USA, Inc. [Member]

$ 2,984,370

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Retail

Term Loan B (06/21)

Loan

1M USD SOFR+

2.75%

0.50%

8.19%

Oct. 19, 2027

3,344,665

$ 3,330,419

Helix Gen Funding, LLc [Member]

$ 3,319,212

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Energy: Electricity

Term Loan

Loan

3M USD SOFR+

4.75%

1.00%

10.10%

Dec. 31, 2027

932,597

$ 915,944

Hilton Grand Vacations Borrower LLC One [Member]

$ 933,763

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Hotel, Gaming & Leisure

Term Loan B

Loan

1M USD SOFR+

2.75%

0.00%

8.18%

Aug. 02, 2028

500,000

$ 500,000

INSTANT BRANDS HOLDINGS INC. One [Member]

$ 499,375

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

^[6]

Consumer goods: Durable

^[6]

Term Loan 4/21

^[6]

Loan

^[6]

Prime

^[6]

4.00%

^[6]

0.75%

^[6]

14.50%

^[6]

Apr. 07, 2028

^[6]

3,942,576

^[6]

$ 3,929,234

INSTANT BRANDS HOLDINGS INC. Two [Member]

^[6]

$ 256,267

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

^[3]

Consumer goods: Durable

^[3]

PIK DIP Term Loan

^[3]

Loan

^[3]

1M USD SOFR+

^[3]

3.00%

^[3]

1.00%

^[3]

15.45%

^[3]

Jan. 31, 2024

^[3]

1,523,653

^[3]

$ 1,523,115

LSF11 A5 HOLDCO LLC One [Member]

^[3]

$ 1,557,935

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan

Loan

1M USD SOFR+

3.50%

0.50%

8.94%

Oct. 16, 2028

245,625

$ 244,848

Mermaid Bidco Inc. [Member]

$ 244,473

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

High Tech Industries

Term Loan B2

Loan

3M USD SOFR+

4.50%

0.75%

9.88%

Dec. 22, 2027

1,966,412

$ 1,947,595

New Trojan Parent, Inc. [Member]

$ 1,968,870

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

^[4]

Consumer goods: Durable

^[4]

Term Loan

^[4]

Loan

^[4]

1M USD SOFR+

^[4]

5.25%

^[4]

0.50%

^[4]

10.69%

^[4]

Jan. 06, 2028

^[4]

^[4]

$ 40,239

Nouryon Finance B.V. One [Member]

^[4]

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Chemicals, Plastics, & Rubber

Term Loan (05/23)

Loan

3M USD SOFR+

4.00%

0.00%

9.42%

Apr. 03, 2028

498,747

$ 494,084

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 498,228

Organon & Co. [Member]

Healthcare & Pharmaceuticals

Term Loan USD

Loan

1M USD SOFR+

3.00%

0.50%

8.43%

Jun. 02, 2028

2,118,750

$ 2,112,577

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,120,085

Presidio, Inc. [Member]

Services: Business

Term Loan B (1/20)

Loan

3M USD SOFR+

3.50%

0.00%

8.91%

Jan. 22, 2027

482,500

$ 482,164

Reynolds Group Holdings Inc.[Member]

$ 483,103

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Containers, Packaging & Glass

Term Loan B2

Loan

1M USD SOFR+

3.25%

0.00%

8.69%

Feb. 05, 2026

1,933,578

$ 1,929,763

SMG US Midco 2, Inc. [Member]

$ 1,936,692

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Services: Business

Term Loan (01/20)

Loan

3M USD SOFR+

2.50%

0.00%

8.07%

Jan. 23, 2025

480,000

$ 480,000

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 479,702

Transdigm, Inc. [Member]

Aerospace & Defense

Term Loan H

Loan

3M USD SOFR+

3.25%

0.00%

8.60%

Feb. 22, 2027

1,973,436

$ 1,970,279

United Natural Foods, Inc [Member]

$ 1,977,580

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

3.25%

0.00%

8.69%

Oct. 22, 2025

1,241,834

$ 1,218,443

Utz Quality Foods, LLC [Member]

$ 1,239,922

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

Beverage, Food & Tobacco

Term Loan B

Loan

1M USD SOFR+

3.00%

0.00%

8.44%

Jan. 20, 2028

1,478,977

$ 1,478,749

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 1,478,252

VFH Parent LLC [Member]

Banking, Finance, Insurance & Real Estate

Term Loan (01/22)

Loan

1M USD SOFR+

3.00%

0.50%

8.43%

Jan. 12, 2029

2,975,130

$ 2,970,557

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 2,970,667

Vizient, Inc [Member]

Healthcare & Pharmaceuticals

Term Loan 4/22

Loan

1M USD SOFR+

2.25%

0.50%

7.68%

May 16, 2029

492,500

$ 488,534

Investment in Saratoga CLO (Details) - Schedule of Investments [Line Items]

$ 492,731

WildBrain Ltd. [Member]

Media: Diversified & Production

Term Loan

Loan

1M USD SOFR+

4.25%

0.75%

9.69%

Mar. 27, 2028

3,005,025

$ 2,952,048

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

$ 2,899,849

[1]	Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of August 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]	Investments include Payment-in-Kind Interest.
[5]	As of August 31, 2024, the investment was in default and on non-accrual status.
[6]	As of February 29, 2024, the investment was in default and on non-accrual status.

Consolidated Schedule of Investments (Parentheticals)

Aug. 31, 2024

Feb. 29, 2024

^[2]

8.50%

^[1]

8.50%

^[3]

^[2]

13.52%

^[1]

13.83%

^[3]

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

^[2]

Jul. 18, 2027

^[1]

Jul. 18, 2027

^[3]

^[2]

6.75%

^[1],[4]

6.75%

^[3]

^[2]

11.77%

^[1],[4]

12.08%

^[3]

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

^[2]

Apr. 13, 2028

^[1],[4]

Apr. 13, 2028

^[3]

^[2]

6.75%

^[1],[5]

6.75%

^[3],[6]

^[2]

11.77%

^[1],[5]

12.08%

^[3],[6]

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

^[2]

Apr. 13, 2028

^[1],[5]

Apr. 13, 2028

^[3],[6]

^[2]

8.25%

^[1]

8.25%

^[3]

^[2]

13.27%

^[1]

13.58%

^[3]

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

^[2]

May 10, 2028

^[1]

May 10, 2028

^[3]

^[2],[4]

7.50%

^[1],[5]

6.75%

^[3],[6]

^[2],[4]

12.70%

^[1],[5]

12.07%

^[3],[6]

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

^[2],[4]

May 20, 2026

^[1],[5]

May 20, 2026

^[3],[6]

^[2]

5.50%

^[1],[5]

10.22%

^[3]

^[2]

10.21%

^[1],[5]

15.55%

^[3]

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

^[2]

May 13, 2030

^[1],[5]

Apr. 29, 2026

^[3]

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

5.50%

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

10.21%

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

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

May 13, 2030

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

5.50%

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

10.21%

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

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

May 13, 2030

^[2]

9.45%

^[1]

9.48%

^[3]

^[2]

14.64%

^[1]

14.80%

^[3]

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

^[2]

Apr. 18, 2028

^[1]

Apr. 18, 2028

^[3]

^[2]

9.45%

^[1]

9.48%

^[3]

^[2]

14.64%

^[1]

14.80%

^[3]

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

^[2]

Apr. 18, 2028

^[1]

Apr. 18, 2028

^[3]

^[2]

8.00%

^[1]

8.00%

^[3]

^[2]

13.17%

^[1]

13.48%

^[3]

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

^[2]

Nov. 25, 2025

^[1]

Nov. 25, 2025

^[3]

^[2]

8.00%

^[1]

8.00%

^[3]

^[2]

13.17%

^[1]

13.48%

^[3]

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

^[2]

Nov. 25, 2025

^[1]

Nov. 25, 2025

^[3]

^[2]

6.25%

^[1],[4]

5.75%

^[3]

^[2]

11.55%

^[1],[5]

11.17%

^[3]

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

^[2]

Mar. 16, 2027

^[1],[4]

Mar. 16, 2027

^[3]

^[2]

6.25%

^[1],[5]

5.75%

^[3],[6]

^[2]

11.55%

^[1],[5]

11.17%

^[3],[6]

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

^[2]

Mar. 16, 2027

^[1],[5]

Mar. 16, 2027

^[3],[6]

^[2]

8.50%

^[1],[4]

8.50%

^[3]

^[2]

13.52%

^[1],[4]

13.83%

^[3]

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

^[2]

May 31, 2025

^[1],[4]

May 31, 2025

^[3]

^[2]

8.50%

^[1],[5]

8.50%

^[3],[6]

^[2]

13.52%

^[1],[5]

13.83%

^[3],[6]

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

^[2]

May 31, 2025

^[1],[5]

May 31, 2025

^[3],[6]

^{[2],[3],[6],[7]}

7.00%

^{[2],[3],[6],[7]}

12.33%

Aug. 09, 2027

May 11, 2026

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

4.84%

2.00%

^[2],[3],[7]

7.00%

^[2],[3],[7]

12.33%

^[2],[3],[7]

May 11, 2026

Total Education Software [Member] | GoReact [Member]

^[2]

2.00%

^[2]

7.50%

^[1]

7.50%

^[3]

^[2]

12.72%

^[1]

13.03%

^[3]

^[2]

Jan. 17, 2025

^[1]

Jan. 17, 2025

^[3]

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

^[2]

1.00%

^[1]

1.00%

^[3]

^[2]

7.50%

^[1],[5]

7.50%

^[3],[6]

^[2]

12.72%

^[1],[5]

13.03%

^[3],[6]

^[2]

Jan. 17, 2025

^[1],[5]

Jan. 17, 2025

^[3],[6]

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

^[2]

1.00%

^[1],[5]

1.00%

^[3],[6]

^[2]

7.00%

^[1],[4]

7.00%

^[3]

^[2]

12.02%

^[1],[4]

12.33%

^[3]

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

^[2]

Aug. 05, 2027

^[1],[4]

Aug. 05, 2027

^[3]

^[2]

6.50%

^[1]

7.00%

^[3]

^[2]

11.52%

^[1]

12.33%

^[3]

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

^[2]

Nov. 30, 2025

^[1]

Jul. 31, 2024

^[3]

^[2]

6.50%

^[1]

7.00%

^[2]

11.52%

^[1]

12.33%

^[3],[6]

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

^[2]

Nov. 30, 2025

^[1]

Jul. 31, 2024

^[3],[6]

^[2]

7.00%

^[1]

7.00%

^[3]

^[2]

12.02%

^[1]

12.33%

^[3]

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

^[2]

Dec. 30, 2026

^[1]

Dec. 30, 2026

^[3]

^[2]

7.00%

^[1],[4]

7.00%

^[3]

^[2]

12.02%

^[1],[4]

12.33%

^[3]

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

^[2]

Dec. 30, 2026

^[1],[4]

Dec. 30, 2026

^[3]

^[2]

7.50%

^[1]

7.50%

^[3]

^[2]

12.78%

^[1]

13.10%

^[3]

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

^[2]

Dec. 15, 2026

^[1]

Dec. 15, 2026

^[3]

^[2]

7.50%

^[1],[5]

7.50%

^[3],[6]

^[2]

12.78%

^[1],[5]

13.10%

^[3],[6]

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

^[2]

Dec. 15, 2026

^[1],[5]

Dec. 15, 2026

^[3],[6]

^[2]

6.50%

^[1]

6.50%

^[3]

^[2]

11.70%

^[1]

11.82%

^[3]

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

^[2]

Jul. 19, 2028

^[1]

Jul. 19, 2028

^[3]

^[2]

6.50%

^[1],[5]

6.50%

^[3],[6]

^[2]

11.70%

^[1],[5]

11.82%

^[3],[6]

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

^[2]

Jul. 19, 2028

^[1],[8]

Jul. 19, 2028

^[3],[6]

^[2]

7.00%

^[1],[4]

7.00%

^[3]

^[2]

12.02%

^[1],[4]

12.33%

^[3]

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

^[2]

Mar. 31, 2028

^[1],[4]

Mar. 31, 2028

^[3]

^[2]

7.00%

^[1],[5]

7.00%

^[3],[6]

^[2]

12.02%

^[1],[5]

12.33%

^[3]

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

^[2]

Mar. 31, 2028

^[1],[5]

Mar. 31, 2028

^[3],[6]

^[2]

9.95%

^[1]

9.98%

^[3]

^[2]

15.15%

^[1]

15.30%

^[3]

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

^[2]

Mar. 20, 2028

^[1]

Mar. 20, 2028

^[3]

^[2]

9.95%

^[1],[5]

9.98%

^[3],[6]

^[2]

15.15%

^[1],[5]

15.30%

^[3],[6]

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

^[2]

Mar. 20, 2028

^[1],[5]

Mar. 20, 2028

^[3],[6]

^[2]

6.00%

^[1]

6.00%

^[9]

^[2]

11.02%

^[1]

11.33%

^[3]

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

^[2]

Sep. 11, 2028

^[1]

Sep. 11, 2028

^[3]

^[2]

6.00%

^[1],[5]

6.00%

^[3],[6]

^[2]

11.02%

^[1],[5]

11.33%

^[3],[6]

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

^[2]

Sep. 11, 2028

^[1],[5]

Sep. 11, 2028

^[3],[6]

^[1],[2]

6.25%

^[4]

6.25%

^[3]

^[2],[4]

11.27%

^[1]

11.58%

^[3]

Total Healthcare Software [Member] | Invita (fka HemaTerra Holding Company, LLC) [Member]

^[2],[4]

Dec. 31, 2027

^[1]

Jan. 31, 2025

^[3]

^[1],[2],[4]

8.25%

^[1],[2],[4]

13.45%

Total Healthcare Software [Member] | Invita (fka HemaTerra Holding Company, LLC) One [Member]

^[1],[2],[4]

Jan. 31, 2027

^[1],[2]

8.25%

^[1],[2]

13.45%

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

^[1],[2]

Jan. 31, 2027

^[2]

6.50%

^[1]

6.50%

^[3]

^[2]

11.52%

^[1]

11.83%

^[3]

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

^[2]

May 12, 2026

^[1]

May 12, 2026

^[3]

^[2]

6.50%

^[1],[5]

6.50%

^[3],[6]

^[2]

11.52%

^[1],[5]

11.83%

^[3],[6]

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

^[2]

May 12, 2026

^[1],[5]

May 12, 2026

^[3],[6]

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

8.25%

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

13.57%

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

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

Jan. 31, 2027

^[2],[3]

8.25%

^[2],[3]

13.57%

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

^[2],[3]

Jan. 31, 2027

^[2]

8.00%

^[1]

8.00%

^[3],[7]

^[2]

13.17%

^[1]

13.48%

^[3],[7]

^[2]

Dec. 31, 2024

^[1]

Dec. 31, 2024

^[3],[7]

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

^[2]

3.00%

^[1]

3.00%

^[3],[7]

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

7.50%

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

12.83%

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

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

Dec. 22, 2025

^[2],[3],[10]

7.50%

^[2],[3],[10]

12.83%

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

^[2],[3],[10]

Dec. 22, 2025

^[2],[3]

7.25%

^[2],[3]

12.58%

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

^[2],[3]

Nov. 15, 2027

^[2],[3],[6]

7.25%

^[2],[3],[6]

12.58%

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

^[2],[3],[6]

Nov. 15, 2027

^[2],[4]

7.43%

^[1]

7.46%

^[3]

^[2],[4]

12.45%

^[1]

12.79%

^[3]

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

^[2],[4]

May 16, 2027

^[1]

May 16, 2027

^[3]

^[2]

7.43%

^[1],[4],[5]

7.46%

^[3],[6]

^[2]

12.45%

^[1],[4],[5]

12.79%

^[3],[6]

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

^[2]

May 16, 2027

^[1],[4],[5]

May 16, 2027

^[3],[6]

^[2],[4]

6.50%

^[1]

6.50%

^[3]

^[2],[4]

11.52%

^[1]

11.75%

^[3]

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

^[2],[4]

Mar. 06, 2025

^[1]

Mar. 06, 2025

^[3]

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

^[2]

Nov. 30, 2027

^[1],[11]

Nov. 30, 2027

^[3],[9]

^[2]

7.76%

^[1]

7.76%

^[3]

^[2]

12.96%

^[1]

13.09%

^[3]

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

^[2]

Oct. 01, 2026

^[1]

Oct. 01, 2026

^[3]

^[2],[4]

6.50%

^[1]

6.50%

^[3]

^[2],[4]

11.52%

^[1]

11.83%

^[3]

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

^[2],[4]

May 17, 2026

^[1]

May 17, 2026

^[3]

^[2],[3],[12]

6.50%

^[2],[3],[12]

11.98%

^[2],[3],[12]

Dec. 31, 2025

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

^[2],[3],[12]

3.50%

^[2],[3],[12]

6.50%

^[2],[3],[12]

11.98%

^[2],[3],[12]

Dec. 31, 2025

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

^[2],[3],[12]

3.50%

^[2],[4]

6.00%

^[1]

6.00%

^[3]

^[2],[4]

11.22%

^[1]

11.53%

^[3]

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

^[2],[4]

Aug. 08, 2027

^[1]

Aug. 08, 2027

^[3]

^[2]

6.00%

^[1],[5]

6.00%

^[3],[6]

^[2]

11.54%

^[1],[5]

11.53%

^[3],[6]

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

^[2]

Aug. 08, 2027

^[1],[5]

Aug. 08, 2027

^[3],[6]

^[2],[4]

7.00%

^[1]

7.00%

^[3]

^[2],[4]

12.02%

^[1]

12.33%

^[3]

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

^[2],[4]

Dec. 30, 2028

^[1]

Dec. 30, 2028

^[3]

^[2],[4]

8.42%

^[1]

8.47%

^[3]

^[2],[4]

13.44%

^[1]

13.81%

^[3]

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

^[2],[4]

Aug. 05, 2027

^[1]

Aug. 05, 2027

^[3]

^[2],[4]

8.42%

^[1]

8.47%

^[3],[6]

^[2],[4]

13.44%

^[1]

13.81%

^[3],[6]

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

^[2],[4]

Aug. 05, 2027

^[1]

Aug. 05, 2027

^[3],[6]

^[2]

5.25%

^[1]

5.25%

^[3]

^[2]

10.42%

^[1]

10.73%

^[3]

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

^[2]

Aug. 26, 2026

^[1]

Aug. 26, 2026

^[3]

^[2]

6.00%

^[1],[4]

6.00%

^[3]

^[2]

11.17%

^[1],[4]

11.48%

^[3]

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

^[2]

Aug. 26, 2026

^[1],[4]

Aug. 26, 2026

^[3]

^[2]

8.00%

^[1],[4]

8.00%

^[3]

^[2]

13.28%

^[1],[4]

13.59%

^[3]

^[2]

Jun. 30, 2025

^[1],[4]

Jun. 30, 2025

^[3]

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

^[2]

1.00%

^[1],[4]

1.00%

^[3]

^[2]

6.25%

^[1],[4]

7.50%

^[3]

^[2]

11.27%

^[1],[4]

12.83%

^[3]

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

^[2]

Dec. 31, 2027

^[1],[4]

Dec. 31, 2025

^[3]

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

^[2]

Dec. 31, 2027

^[1],[11]

Dec. 31, 2025

^[3],[9]

^[2],[4]

7.00%

^[1]

7.00%

^[3]

^[2],[4]

12.12%

^[1]

12.43%

^[3]

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

^[2],[4]

Jul. 09, 2025

^[1]

Jul. 09, 2025

^[3]

^[2]

7.00%

^[1]

7.00%

^[3]

^[2]

12.12%

^[1]

12.47%

^[3]

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

^[2]

Jul. 09, 2025

^[1]

Jul. 09, 2025

^[3]

^[2]

8.42%

^[1]

6.00%

^[3]

^[2]

13.62%

^[1]

11.32%

^[3]

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

^[2]

Dec. 22, 2028

^[1]

Dec. 22, 2028

^[3]

^[2]

8.42%

^[1]

6.00%

^[3]

^[2]

13.62%

^[1]

11.32%

^[3]

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

^[2]

Dec. 22, 2028

^[1]

Dec. 22, 2028

^[3]

7.00%

^[2],[3]

^[2]

12.20%

^[1]

12.32%

^[3]

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

^[2]

Nov. 19, 2026

^[1]

Nov. 19, 2026

^[3]

^[2]

7.00%

^[1],[5]

7.00%

^[3]

^[2]

12.20%

^[1],[5]

12.32%

^[3]

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

^[2]

Nov. 19, 2026

^[1],[5]

Nov. 19, 2026

^[3]

^[2]

8.75%

^[1]

8.75%

^[3]

^[2]

13.92%

^[1]

14.17%

^[3]

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

^[2]

Sep. 20, 2026

^[1]

Sep. 20, 2026

^[3]

^[2]

8.50%

^[1]

8.50%

^[3]

^[2]

13.78%

^[1]

14.10%

^[3]

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

^[2]

May 02, 2027

^[1]

May 02, 2027

^[3]

^[2]

8.50%

^[1]

8.50%

^[3],[6]

^[2]

13.78%

^[1]

14.10%

^[3],[6]

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

^[2]

May 02, 2027

^[1]

May 02, 2027

^[3],[6]

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

8.50%

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

13.78%

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

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

May 02, 2027

^[2],[4]

7.50%

^[1]

8.00%

^[3]

^[2],[4]

12.52%

^[1]

13.27%

^[3]

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

Aug. 05, 2028

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

^[2]

5.75%

^[1],[5]

5.75%

^[3],[6]

^[2]

10.77%

^[1],[5]

11.08%

^[3],[6]

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

^[2]

May 12, 2028

^[1],[5]

May 12, 2028

^[3],[6]

^[2]

9.00%

^[1],[13]

9.00%

^[3],[14]

^[2]

14.17%

^[1],[13]

14.48%

^[3],[14]

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

^[2]

Aug. 18, 2027

^[1],[13]

Aug. 18, 2027

^[3],[14]

^[2]

Feb. 18, 2028

^[1],[13]

Feb. 18, 2028

^[3],[14]

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

^[2]

15.00%

^[1],[13]

15.00%

^[3],[14]

^[2]

8.00%

^[1],[13]

8.00%

^[3],[14]

^[2]

13.17%

^[1],[13]

13.48%

^[3],[14]

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

^[2]

Jun. 30, 2026

^[1],[13]

Jun. 30, 2026

^[3],[14]

^[2]

8.00%

^[1],[13]

8.00%

^[3],[14]

^[2]

13.17%

^[1],[13]

13.48%

^[3],[14]

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

^[2]

Jun. 30, 2026

^[1],[13]

Jun. 30, 2026

^[3],[14]

^[2]

8.00%

^[1],[5],[13]

8.00%

^[3],[6],[14]

^[2]

13.17%

^[1],[5],[13]

13.48%

^[3],[6],[14]

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

^[2]

Jun. 30, 2026

^[1],[5],[13]

Jun. 30, 2026

^[3],[6],[14]

^{[2],[3],[4],[7]}

6.25%

^{[2],[3],[4],[7]}

11.73%

Dec. 31, 2028

Jun. 30, 2026

^{[2],[3],[4],[7]}

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

4.42%

^{[2],[3],[6],[7]}

6.25%

^{[2],[3],[6],[7]}

11.73%

Dec. 31, 2028

Jun. 30, 2026

^{[2],[3],[6],[7]}

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

4.42%

^{[2],[3],[6],[7]}

6.25%

^{[2],[3],[6],[7]}

11.73%

Dec. 31, 2028

Jun. 30, 2026

^{[2],[3],[6],[7]}

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

4.42%

0.00%

^{[2],[3],[10],[12],[15]}

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

Apr. 20, 2033

^{[2],[10],[12],[15]}

10.00%

^{[2],[3],[10],[12]}

15.28%

15.60%

^{[2],[3],[10],[12]}

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

Apr. 20, 2033

^{[2],[3],[10],[12]}

8.55%

^{[2],[3],[10],[12]}

13.57%

13.88%

^{[2],[3],[10],[12]}

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

Oct. 20, 2033

^{[2],[3],[10],[12]}

10.00%

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

Oct. 20, 2033

^[2],[3]

7.75%

^[2],[3]

13.08%

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

^[2],[3]

Jan. 18, 2027

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

6.00%

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

11.33%

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

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

Feb. 21, 2025

^[2],[3]

6.00%

^[2],[3]

11.33%

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

^[2],[3]

Feb. 21, 2025

^{[2],[3],[6],[10],[12]}

10.00%

^{[2],[3],[6],[10],[12]}

Oct. 20, 2033

[1]	Percentages are based on net assets of $372,053,842 as of August 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]	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).
[5]	All or a portion of this investment has an unfunded commitment as of August 31, 2024. (See Note 9 to the consolidated financial statements).
[6]	All or a portion of this investment has an unfunded commitment as of February 29, 2024. (See Note 9 to the consolidated financial statements).
[7]	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).
[8]	Includes securities issued by an affiliate of the company.
[9]	Non-income producing at February 29, 2024.
[10]	Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of 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.
[11]	Non-income producing at August 31, 2024.
[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 year ended February 29, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:
[13]	As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the six months ended August 31, 2024 in which the issuer was an affiliate are as follows:
[14]	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:
[15]	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.

Borrowings (Details) - Details 2 - USD ($)												3 Months Ended		6 Months Ended
Borrowings (Details) - Details 2 - USD ($)	May 01, 2023	Apr. 26, 2023	Apr. 14, 2023	Mar. 31, 2023	Jan. 19, 2022	Aug. 31, 2021	Jul. 31, 2021	Jul. 15, 2021	Mar. 10, 2021	Feb. 07, 2020	Dec. 21, 2019	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 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	$ 200,000	$ 50,000.00	$ 300,000
Fair value												5,000,000		5,000,000
Deferred financing costs														400,000
Interest expense												30,000.00	0	50,000.00	0
Financing costs														1,198,831	4,085,214
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			$ 50,000,000	$ 10,000,000								20,000,000		20,000,000
Net proceeds amount	$ 9,700,000			9,700,000
Deducting underwriting commissions amount	400,000			$ 400,000
Outstanding borrowings	10,000,000													$ 30,000.00
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		$ 20,100,000
Deferred financing costs												400,000	400,000		700,000
Average outstanding amount												20,000,000	20,000,000	20,000,000	15,000,000
Offering costs	$ 30,000.00
8.50% 2028 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Aggregate principal amount		$ 7,500,000
Net proceeds amount		7,300,000	48,400,000
Deducting underwriting commissions amount			1,600,000
Outstanding borrowings		$ 200,000
Carrying amount												58,300,000		58,300,000
Deferred financing costs												100,000	100,000	200,000	200,000
Interest expense												$ 1,200,000	1,200,000	$ 2,400,000	1,900,000
Financing costs			$ 2,000,000
Par value, per share (in Dollars per share)												$ 25		$ 25
Outstanding fair value												$ 57,500,000	42,900,000	$ 57,500,000	42,900,000
8.50% 2028 Notes [Member] \| Fair Value, Inputs, Level 1 [Member]
Borrowings (Details) - Details 2 [Line Items]
Carrying amount												57,500,000		57,500,000
8.00% 2027 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Outstanding														57,500,000
Four Point Three Seven Five Percentage Two thousand Twenty Six [Member]
Borrowings (Details) - Details 2 [Line Items]
Aggregate principal amount								$ 125,000,000	$ 50,000,000			175,000,000		175,000,000		$ 175,000,000
Net proceeds amount								123,800,000	49,000,000
Deducting underwriting commissions amount									1,000,000
Fair value																163,400,000
Deferred financing costs															400,000
Interest expense														3,800,000	3,800,000
Offering costs								200,000
Financing costs								$ 2,700,000	$ 1,300,000
Outstanding fair value												57,500,000		57,500,000
Four Point Three Five Percentage Two thousand Twenty Seven [Member]
Borrowings (Details) - Details 2 [Line Items]
Aggregate principal amount					$ 75,000,000							75,000,000		75,000,000
Net proceeds amount					73,000,000
Deducting underwriting commissions amount					1,500,000
Deferred financing costs												100,000		200,000	200,000
Interest expense												800,000	800,000	1,600,000	1,600,000
Offering costs					300,000
Financing costs					$ 1,800,000
Outstanding fair value													57,500,000		57,500,000
Principal amount, percentage					4.35%
Four Point Three Five Percentage Two thousand Twenty Seven [Member] \| Fair Value, Inputs, Level 1 [Member]
Borrowings (Details) - Details 2 [Line Items]
Outstanding fair value												$ 68,900,000		$ 68,900,000
SBA Debentures [Member]
Borrowings (Details) - Details 2 [Line Items]
Debt instrument, interest rate, stated percentage												150.00%		150.00%
Notes One [Member]
Borrowings (Details) - Details 2 [Line Items]
Aggregate principal amount												$ 74,450,000		$ 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%
Interest Expense [Member] \| 8.75% 2025 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Deferred financing costs														$ 900,000
7.25% 2025 Notes [Member] \| 8.50% 2028 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Principal amount, percentage						6.25%
Minimum [Member]
Borrowings (Details) - Details 2 [Line Items]
Interest expense												1,900,000
Minimum [Member] \| 8.75% 2025 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Carrying amount																20,000,000
Minimum [Member] \| 8.50% 2028 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Fair value																57,500,000
Minimum [Member] \| Four Point Three Seven Five Percentage Two thousand Twenty Six [Member]
Borrowings (Details) - Details 2 [Line Items]
Deferred financing costs													200,000
Interest expense												1,900,000
Minimum [Member] \| Four Point Three Five Percentage Two thousand Twenty Seven [Member]
Borrowings (Details) - Details 2 [Line Items]
Fair value																75,000,000
Deferred financing costs													$ 90,000.00
Maximum [Member]
Borrowings (Details) - Details 2 [Line Items]
Interest expense															1,900,000
Maximum [Member] \| 8.75% 2025 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Carrying amount																20,100,000
Maximum [Member] \| 8.50% 2028 Notes [Member]
Borrowings (Details) - Details 2 [Line Items]
Fair value																58,300,000
Maximum [Member] \| Four Point Three Seven Five Percentage Two thousand Twenty Six [Member]
Borrowings (Details) - Details 2 [Line Items]
Deferred financing costs												$ 100,000
Interest expense															$ 1,900,000
Maximum [Member] \| Four Point Three Five Percentage Two thousand Twenty Seven [Member]
Borrowings (Details) - Details 2 [Line Items]
Fair value																$ 64,500,000

Directors Fees

6 Months Ended

Aug. 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 August 31, 2024 and August 31, 2023, the Company incurred $0.1 million and $0.1 million for directors’ fees and expenses, respectively. For the six months ended August 31, 2024 and August 31, 2023, the Company incurred $0.2 million and $0.2 million for directors’ fees and expenses, respectively. As of August 31, 2024 and February 29, 2024, $0.1 million and $0.0 million in directors’ fees and expenses were accrued and unpaid, respectively. As of August 31, 2024, the Company had not issued any common stock to our directors as compensation for their services.

Consolidated Statements of Operations (Unaudited) - USD ($)

3 Months Ended

6 Months Ended

Aug. 31, 2024

Aug. 31, 2023

Aug. 31, 2024

Aug. 31, 2023

Interest income:

$ 35,721,214

$ 28,489,719

$ 66,945,491

$ 54,800,512

Affiliate investments

491,015

907,064

987,855

1,634,150

1,247,256

2,085,448

3,244,368

4,131,308

Payment in kind interest income:

1,654,044

493,338

1,717,874

618,233

Affiliate investments

250,346

215,547

491,450

423,136

Total interest from investments

1,277

142,289

284,590

283,852

39,365,152

32,333,405

73,671,628

61,891,191

Interest from cash and cash equivalents

1,671,031

539,093

2,295,662

1,343,382

Management fee income

792,323

817,250

1,596,779

1,634,038

Dividend income(*):

162,779

^[1]

94,613

^[1]

412,270

112,033

Total dividend from investments

915,590

^[1]

1,536,970

^[1]

2,212,640

3,360,480

1,078,369

^[1]

1,631,583

^[1]

2,624,910

3,472,513

Structuring and advisory fee income

35,000

45,000

445,843

1,474,222

Other income

61,500

147,814

1,046,703

330,842

Total investment income

43,003,375

35,514,145

81,681,525

70,146,188

OPERATING EXPENSES

Interest and debt financing expenses

13,128,941

12,413,462

26,091,022

24,106,284

Base management fees

4,766,445

4,840,899

9,749,025

9,405,088

Incentive management fees expense (benefit)

4,550,270

2,481,473

8,135,004

2,584,821

Professional fees

125,886

486,673

1,125,196

972,723

Administrator expenses

1,133,333

904,167

2,208,333

1,722,917

Insurance

77,597

81,901

155,193

163,802

Directors fees and expenses

80,000

111,000

193,000

200,068

General and administrative

821,584

467,116

1,430,711

1,297,844

Income tax expense (benefit)

121,921

(237,330)

61,638

(231,093)

Total operating expenses

24,805,977

21,549,361

49,149,122

40,222,454

NET INVESTMENT INCOME

18,197,398

13,964,784

32,532,403

29,923,734

Net realized gain (loss) from investments:

558,701

90,691

Net realized gain (loss) from investments

(34,007,428)

(55,202,425)

(33,448,727)

(54,643,724)

90,691

Net change in unrealized appreciation (depreciation) on investments:

32,524,852

(11,657,451)

46,681,677

(13,385,585)

Affiliate investments

353,445

39,648

954,668

(205,636)

Net change in unrealized appreciation (depreciation) on investments

(4,150,142)

5,880,232

(4,976,759)

(8,468,657)

28,728,155

(5,737,571)

42,659,586

(22,059,878)

Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments

(159,187)

(221,206)

(620,188)

(161,799)

Net realized and unrealized gain (loss) on investments

(4,879,759)

(5,958,777)

(12,604,326)

(22,130,986)

Realized losses on extinguishment of debt

(110,056)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ 13,317,639

$ 7,895,951

$ 19,928,077

$ 7,682,692

WEIGHTED AVERAGE - BASIC EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)

$ 0.97

$ 0.65

$ 1.45

$ 0.64

WEIGHTED AVERAGE - DILUTED EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)

$ 0.97

$ 0.65

$ 1.45

$ 0.64

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC (in Shares)

13,726,142

12,158,440

13,704,759

12,011,180

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED (in Shares)

13,726,142

12,158,440

13,704,759

12,011,180

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

Dividend (Tables)

6 Months Ended

Aug. 31, 2024

Dividend [Abstract]

Schedule of Dividends Declared

The following table summarizes dividends declared for the six months ended August 31, 2024 (dollars in thousands except per share amounts):

Date Declared	Record Date	Payment Date	Amount Per Share		Total Amount*
August 22, 2024	September 11, 2024	September 26, 2024	$	0.74	$	10,172
May 23, 2024	June 13, 2024	June 27, 2024		0.74		10,137
Total dividends declared			$	1.48	$	20,309

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

The following table summarizes dividends declared for the six months ended August 31, 2023 (dollars in thousands except per share amounts):

Date Declared	Record Date	Payment Date	Amount Per Share		Total Amount*
August 14, 2023	September 14, 2023	September 28, 2023	$	0.71	$	9,287
May 22, 2023	June 13, 2023	June 29, 2023		0.70		8,352
Total dividends declared			$	1.41	$	17,639

Income Taxes

6 Months Ended

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

The Company may distribute a portion of its realized net long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a portion, or all, of its net capital gains and elect to pay the 21% U.S. federal tax on the net capital gain, potentially in the form of a “deemed distribution” to its stockholders. Income tax (provision) relating to an election to retain its net capital gains, including in the form of a deemed distribution, is included as a component of income tax (provision) benefit from realized gains on investments, depending on the character of the underlying taxable income (ordinary or capital gains), on the consolidated statements of operations.

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

	August 31, 2024			February 29, 2024
Total deferred tax assets	$	1,775,324		$	2,650,580
Total deferred tax liabilities		(4,522,183	)		(3,901,995	)
Valuation allowance on net deferred tax assets		(1,671,021	)		(2,539,735	)
Net deferred tax liability	$	(4,417,880	)	$	(3,791,150	)

As of August 31, 2024, the valuation allowance on deferred tax assets was $1.7 million, which represents the federal and state tax effect of net operating losses and unrealized losses that the Company does not believe will be realized through future taxable income. Any adjustments to the Company’s valuation allowance will depend on estimates of future taxable income and will be made in the period such determination is made.

Net income tax expense for the three months ended August 31, 2024 includes $0.2 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 $0.12 million net change in total operating expense in the consolidated statement of operations, respectively. Net income tax expense for the three months ended August 31, 2023 includes $0.2 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 ($0.2) million net change in total operating expense, in the consolidated statement of operations, respectively.

Net income tax expense for the six months ended August 31, 2024 includes $0.6 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 six months ended August 31, 2023 includes $0.2 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 ($0.2) million net change in total operating expense, in the consolidated statement of operations, respectively.

Deferred tax temporary differences may include differences for state taxes and joint venture interests.

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

	For the three months ended					For the six months ended
	August 31, 2024		August 31, 2023			August 31, 2024		August 31, 2023
Current
Federal	$	-	$	-		$	-	$	-
State		-		-					-
Net current expense		-		-			-		-
Deferred
Federal		268,114		(23,832	)		590,581		(38,741	)
State		12,993		7,708			36,150		8,680
Net deferred expense		281,107		(16,124	)		626,731		(30,060	)
Net tax provision	$	281,107	$	(16,124	)	$	626,731	$	(30,060	)

The entire disclosure for income tax.

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

Commitments and Contingencies [Abstract]

Commitments and Contingencies

6 Months Ended

Aug. 31, 2024

Commitments and Contingencies

Note 9. Commitments and Contingencies

Contractual Obligations

The following table shows our payment obligations for repayment of debt and other contractual obligations at August 31, 2024:

			Payment Due by Period
Long-Term Debt Obligations	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years		More Than 5 Years
	($ in thousands)
Encina credit facility	$	32,500	$	-	$	32,500	$	-	$	-
Live Oak credit facility		20,000		-		20,000		-		-
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	$	837,875	$	25,000	$	420,000	$	178,875	$	214,000

Off-Balance Sheet Arrangements

As of August 31, 2024 and February 29, 2024, the Company’s off-balance sheet arrangements consisted of $132.1 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 August 31, 2024 and February 29, 2024 is shown in the table below (dollars in thousands):

	August 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		-
Davisware, LLC		1,000		-
Granite Comfort, LP		-		750
JDXpert		4,500		5,000
LFR Chicken LLC		10,000		-
Pepper Palace, Inc.		1,200		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	$	83,748	$	77,696

At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
Alpha Aesthetics Partners OpCo, LLC	$	3,902	$	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		2,000		750
Exigo, LLC - Revolver		625		1,042
Gen4 Dental Partners Holdings, LLC		2,857		-
GoReact		2,500		2,500
Granite Comfort, LP		11,637		11,637
Inspect Point Holding, LLC		1,500		1,500
Pepper Palace, Inc. - Revolver		800		2,500
Stretch Zone Franchising, LLC		1,500		1,500
VetnCare MSO, LLC		15,319		15,319
Zollege PBC		-		150
		48,390		54,733
Total	$	132,138	$	132,429

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of August 31, 2024, the Company had cash and cash equivalents of $84.4 million, $32.5 million in available borrowings under the Encina Credit Facility, and $55.0 million in available borrowings under the Live Oak Credit Facility.

Income Taxes (Tables)

6 Months Ended

Aug. 31, 2024

Income Taxes [Abstract]

Schedule of Deferred Tax Assets and Liabilities

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

	August 31, 2024			February 29, 2024
Total deferred tax assets	$	1,775,324		$	2,650,580
Total deferred tax liabilities		(4,522,183	)		(3,901,995	)
Valuation allowance on net deferred tax assets		(1,671,021	)		(2,539,735	)
Net deferred tax liability	$	(4,417,880	)	$	(3,791,150	)

Schedule of Federal and State Income Tax Provisions Benefit

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

	For the three months ended					For the six months ended
	August 31, 2024		August 31, 2023			August 31, 2024		August 31, 2023
Current
Federal	$	-	$	-		$	-	$	-
State		-		-					-
Net current expense		-		-			-		-
Deferred
Federal		268,114		(23,832	)		590,581		(38,741	)
State		12,993		7,708			36,150		8,680
Net deferred expense		281,107		(16,124	)		626,731		(30,060	)
Net tax provision	$	281,107	$	(16,124	)	$	626,731	$	(30,060	)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 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

Agreements and Related Party Transactions (Details) - USD ($)							1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 01, 2024	Jun. 10, 2024	Feb. 29, 2024	Aug. 11, 2021	Jul. 30, 2010	Feb. 26, 2021	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 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								$ 4,800,000	$ 4,800,000	$ 9,700,000	$ 9,400,000
Incentive fees										8,100,000	6,500,000
Incentive fees capital								0	(800,000)	0	(3,900,000)
Management fees accrual										4,800,000
Incentive fees accrual										4,600,000
Administrator expenses								1,100,000	900,000	2,200,000	1,800,000
Upsized from assets	$ 48,341,503			$ 91,270,036				48,341,503		48,341,503						$ 500,000,000
Aggregate principal amount												$ 402,100,000
Transaction cost paid			$ 500,000
Realized loss								120,000	200,000	60,000.00	200,000
Issuer issued			$ 422,500,000
Interest income								0	0	1,600,000	1,600,000
Voting interest percentage														50.00%
Dividend income									3,400,000	1,500,000
Dividend receivable	0							$ 0	0	0	0
Share percentage								87.50%
Price per share (in Dollars per share)																	$ 25
Interest Receivable [Member]
Agreements and Related Party Transactions [Line Items]
Interest income								$ 400,000
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	16,300,000							16,300,000		16,300,000
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								800,000	800,000
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	21,400,000							21,400,000		21,400,000
Pre-Incentive Fee [Member]
Agreements and Related Party Transactions [Line Items]
Incentive fees								4,600,000	3,300,000
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
Realized loss					$ 100,000
Class F-2-R-3 Notes [Member]
Agreements and Related Party Transactions [Line Items]
Aggregate principal amount															$ 9,400,000
SLF JV [Member]
Agreements and Related Party Transactions [Line Items]
Interest income										900,000	900,000
Membership Interest	5,100,000							5,100,000		5,100,000
Dividend income										2,200,000
Dividend receivable	$ 0							$ 0		$ 0
Price per share (in Dollars per share)	$ 12,250,000							$ 12,250,000		$ 12,250,000
SLF JV [Member] \| Interest Receivable [Member]
Agreements and Related Party Transactions [Line Items]
Interest income										$ 200,000	$ 200,000
SLF JV One [Member]
Agreements and Related Party Transactions [Line Items]
Interest income									400,000
Dividend income								$ 900,000
Dividend receivable	$ 0							0		$ 0
SLF JV One [Member] \| Interest Receivable [Member]
Agreements and Related Party Transactions [Line Items]
Interest income								$ 200,000	$ 200,000
Management Agreement [Member]
Agreements and Related Party Transactions [Line Items]
Incentive fee capital gains percentage										20.00%
Administration Agreements [Member]
Agreements and Related Party Transactions [Line Items]
Administrator expenses	$ 800,000			$ 500,000
Administration Agreements [Member] \| Maximum [Member]
Agreements and Related Party Transactions [Line Items]
Reimbursement of expenses		$ 5,000,000
Administration Agreements [Member] \| Minimum [Member]
Agreements and Related Party Transactions [Line Items]
Reimbursement of expenses		$ 4,300,000
Warehouse [Member]
Agreements and Related Party Transactions [Line Items]
Repaid loan							$ 25,000,000

Investments (Details) - Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets - USD ($)

6 Months Ended

12 Months Ended

Aug. 31, 2024

Feb. 29, 2024

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

First lien term loans [Member]

$ 1,035,584

$ 1,129,390

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 886,176

$ 976,423

Market Comparables

Market Yield (%)

First lien term loans 1 [Member]

^[1]

12.7%

13.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Revenue Multiples (x)

First lien term loans 2 [Member]

^[1]

3.5x

6.6x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Third-party Bid (x)

EBITDA Multiples (x)

Second lien term loans [Member]

^[1]

6.9x

5.6x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 26,361

$ 18,097

Market Comparables

Market Yield (%)

Second lien term loans 2 [Member]

^[1]

34.7%

25.5%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Third-party Bid (x)

EBITDA Multiples (x)

Second lien term loans 3 [Member]

^[1]

12.7x

7.0x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

EBITDA Multiples (x)

Third-party bid (x)

Unsecured Term Loans [Member]

^[1]

7.0x

29.7x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 16,280

$ 15,818

Discounted Cash Flow

Discount Rate (%)

Structured finance securities [Member]

^[1]

10.5%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 23,297

$ 30,626

Discounted Cash Flow

Discount Rate (%)

Structured finance securities 1 [Member]

^[1]

20.0%

15.1%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Recovery Rate (%)

Structured finance securities 2 [Member]

^[1]

62.1%

70.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Prepayment Rate (%)

Equity interests [Member]

^[1]

20.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 83,470

$ 88,426

Enterprise Value Waterfall

Revenue Multiples (x)

EBITDA Multiples (x)

Equity interests 1 [Member]

^[1]

6.9x

10.4x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

EBITDA Multiples (x)

Revenue Multiples (x)

First lien term loans 3 [Member]

^[1]

9.8x

6.3x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Third-party bid (x)

Equity interests 2 [Member]

^[1]

4.0x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Third-party bid (x)

Minimum [Member] | First lien term loans [Member]

^[1]

3.9x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | First lien term loans 1 [Member]

10.4%

10.6%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | First lien term loans 2 [Member]

3.5x

4.6x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Second lien term loans [Member]

6.9x

5.0x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Second lien term loans 2 [Member]

19.5%

19.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Second lien term loans 3 [Member]

12.7x

7.0x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Unsecured Term Loans [Member]

7.0x

29.7x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Structured finance securities [Member]

10.5%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Structured finance securities 1 [Member]

8.5%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Structured finance securities 2 [Member]

35.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Equity interests [Member]

20.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Equity interests 1 [Member]

0.1x

4.7x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | First lien term loans 3 [Member]

4.0x

1.3x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Minimum [Member] | Equity interests 2 [Member]

3.9x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | First lien term loans [Member]

3.9x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | First lien term loans 1 [Member]

19.7%

17.2%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | First lien term loans 2 [Member]

3.5x

9.4x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Second lien term loans [Member]

6.9x

6.0x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Second lien term loans 2 [Member]

39.0%

28.3%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Second lien term loans 3 [Member]

12.7x

7.0x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Unsecured Term Loans [Member]

7.0x

29.7x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Structured finance securities [Member]

10.5%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Structured finance securities 1 [Member]

40.0%

22.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Structured finance securities 2 [Member]

70.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Equity interests [Member]

20.0%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Equity interests 1 [Member]

9.9x

20.4x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | First lien term loans 3 [Member]

20.4x

10.4x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Maximum [Member] | Equity interests 2 [Member]

4.2x

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Fair Value Measurements of Investments, by Major Class

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.

Organization (Details) - USD ($) $ in Millions		6 Months Ended
Organization (Details) - USD ($) $ in Millions	Oct. 28, 2022	Aug. 31, 2024
SBA [Member]
Organization [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 [Line Items]
Issued of debt	$ 402.1

Income Taxes (Details) - Schedule of Federal and State Income Tax Provisions Benefit - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Current
Federal
State
Net current expense
Deferred
Federal	268,114	(23,832)	590,581	(38,741)
State	12,993	7,708	36,150	8,680
Net deferred expense	281,107	(16,124)	626,731	(30,060)
Net tax provision	$ 281,107	$ (16,124)	$ 626,731	$ (30,060)

N-2 - $ / shares	6 Months Ended
N-2 - $ / shares	Aug. 31, 2024	Feb. 29, 2024	Aug. 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 regulated 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 six months ended August 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	$ 27.07	$ 27.12	$ 28.44	$ 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 six months ended August 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.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Income Taxes [Line Items]
Owned percentage			100.00%
U.S. federal tax percentage			21.00%
Deferred tax assets	$ 1,700		$ 1,700
Deferred tax expense (benefit)	200	$ 200	600	$ 200
Income tax provision/benefit	0	0	0	0
Realized gain loss on investment	$ 120	$ 200	$ 60	$ 200

Investments (Tables)

6 Months Ended

Aug. 31, 2024

Investments (Tables) [Line Items]

The following table presents fair value measurements of investments, by major class, as of August 31, 2024 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements						Valued Using Net Asset
	Level 1		Level 2		Level 3		Value*		Total
First lien term loans	$	-	$	-	$	886,176	$	-	$	886,176
Second lien term loans		-		-		26,361		-		26,361
Unsecured term loans		-		-		16,280		-		16,280
Structured finance securities		-		-		23,297		-		23,297
Equity interests		-		-		83,470		5,127		88,597
Total	$	-	$	-	$	1,035,584	$	5,127	$	1,040,711

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

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

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 six months ended August 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		1,627			7,745		-		(3,430	)		631			6,573
Net accretion of discount on investments		1,281			4		-		-			-			1,285
Net change in unrealized appreciation (depreciation) on investments		46,044			515		462		(3,899	)		3,815			46,937
Purchases		41,348			-		-		-			538			41,886
Sales and repayments		(132,875	)		-		-		-			(2,968	)		(135,843	)
Net realized gain (loss) from investments		(47,672	)		-		-		-			(6,972	)		(54,644	)
Balance as of August 31, 2024	$	886,176		$	26,361	$	16,280	$	23,297		$	83,470		$	1,035,584
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	$	245		$	515	$	462	$	(3,899	)	$	(684	)	$	(3,361	)

	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		800			408			-			(3,824	)		(91	)		(2,707	)
Net accretion of discount on investments		858			4			-			-			-			862
Net change in unrealized appreciation (depreciation) on investments		(16,192	)		(22	)		341			(1,929	)		(924	)		(18,726	)
Purchases		159,113			-			-			-			8,159			167,272
Sales and repayments		(13,721	)		-			(3,383	)		-			-			(17,104	)
Net realized gain (loss) from investments		-			-			-			-			91			91
Balance as of August 31, 2023	$	929,392		$	15,326		$	17,619		$	35,609		$	91,225		$	1,089,171
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period	$	(16,151	)	$	(22	)	$	(5	)	$	(1,929	)	$	(925	)	$	(19,032	)

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of August 31, 2024 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average*

First lien term loans

886,176

Market Comparables

Market Yield (%)

10.4% - 19.7%

12.7%

Revenue Multiples (x)

3.5x

Third-party Bid (x)

6.9x

Second lien term loans

26,361

Market Comparables

Market Yield (%)

19.5% - 39.0%

34.7%

Third-party Bid (x)

12.7x

EBITDA Multiples (x)

7.0x

Unsecured term loans

16,280

Discounted Cash Flow

Discount Rate (%)

10.5%

Structured finance securities

23,297

Discounted Cash Flow

Discount Rate (%)

8.5% - 40.0%

20.0%

Recovery Rate (%)

35.0% - 70.0%

62.1%

Prepayment Rate (%)

20.0%

Equity interests

83,470

Enterprise Value Waterfall

Revenue Multiples (x)

0.1x - 9.9x

6.9x

EBITDA Multiples (x)

4.0x - 20.4x

9.8x

Total

1,035,584

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 August 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	$	883,386		85.0	%	$	886,176		85.2	%
Second lien term loans		29,717		2.9			26,361		2.5
Unsecured term loans		17,619		1.7			16,280		1.6
Structured finance securities		39,340		3.8			23,297		2.2
Equity interests		68,980		6.6			88,597		8.5
Total	$	1,039,042		100.0	%	$	1,040,711		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

	August 31, 2024			February 29, 2024
	(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $572,465,295 and $629,345,724, respectively)	$	552,279,152		$	606,531,189
Equities at fair value (amortized cost of $5,781,151 and $1,649,986, respectively)		1,803,992			1,020,585
Total investments at fair value (amortized cost of $578,246,446 and $630,995,710, respectively)		554,083,144			607,551,774
Cash and cash equivalents		25,684,819			12,104,832
Receivable from open trades		1,415,378			2,865,174
Interest receivable (net of reserve of $399,327 and $615,604, respectively)		3,534,381			3,402,471
Due from affiliate		3,481			3,953
Prepaid expenses and other assets		60,364			205,400
Total assets	$	584,781,567		$	626,133,604

LIABILITIES
Interest payable	$	4,939,007		$	5,043,712
Payable from open trades		2,184,855			10,519,573
Accrued base management fee		66,765			68,605
Accrued subordinated management fee		267,061			274,418
Accounts payable and accrued expenses		123,363			84,199
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-3 Senior Secured Floating Rate Notes		-			357,500,000
Class A-2-R-3 Senior Secured Floating Rate Notes		-			65,000,000
Class A-1-R-4 Senior Secured Floating Rate Notes		329,433,729			-
Class A-2-R-4 Senior Secured Floating Rate Notes		65,000,000			-
Class B-FL-R-3 Senior Secured Floating Rate Notes		60,500,000			60,500,000
Class B-FXD-R-3 Senior Secured Fixed Rate Notes		11,000,000			11,000,000
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes		26,000,000			26,000,000
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes		6,500,000			6,500,000
Class D-R-3 Deferrable Mezzanine Floating Rate Notes		39,000,000			39,000,000
Discount on Class D-R-3 Notes		(207,968	)		(220,100	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(2,160,554	)		(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		(1,303,627	)		(1,707,224	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(34,171,472	)		(36,164,988	)
Total liabilities		663,671,159			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)		(78,889,842	)		(71,478,243	)
Total net deficit		(78,889,592	)		(71,477,993	)
Total liabilities and net assets	$	584,781,567		$	626,133,604

Schedule of Consolidated Statements of Operations

	For the three months ended						For the six months ended
	August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023
INVESTMENT INCOME
Total interest from investments	$	14,579,025		$	15,662,824		$	30,653,197		$	30,640,303
Interest from cash and cash equivalents		330,398			156,192			563,896			341,236
Other income		465,627			216,150			1,100,396			470,224
Total investment income		15,375,050			16,035,166			32,317,489			31,451,763

EXPENSES
Interest and debt financing expenses		13,744,549			14,780,606			28,930,970			28,704,737
Base management fee		158,465			163,450			319,356			326,808
Subordinated management fee		633,859			653,801			1,277,423			1,307,231
Professional fees		350,029			133,365			408,834			172,891
Trustee expenses		61,273			66,540			123,478			129,034
Other expense		71,025			68,889			176,563			139,885
Total expenses		15,019,200			15,866,651			31,236,624			30,780,586
NET INVESTMENT INCOME (LOSS)		355,850			168,515			1,080,865			671,177

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(2,795,356	)		(641,267	)		(7,193,885	)		(2,749,834	)
Net change in unrealized depreciation on investments		(3,662,317	)		13,352,743			(719,366	)		3,015,505
Net realized and unrealized gain (loss) on investments		(6,457,673	)		12,711,476			(7,913,251	)		265,671
Realized losses on extinguishment of debt		(579,213	)		-			(579,213	)		-
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,681,036	)	$	12,879,991		$	(7,411,599	)	$	936,848

Schedule of Investments

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	$	-	$	18,538
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Common Stock	Equity												23,799		660,422		630,674
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Warrants	Equity												349		9,685		9,249
Envision Parent Inc	Healthcare & Pharmaceuticals	Common Stock	Equity												4,410		175,000		47,408
Envision Parent Inc	Healthcare & Pharmaceuticals	Warrants	Equity												92,837		-		-
Instant Brands Litigation Trust Interests	Consumer goods: Durable	Warrants	Equity												8,572		-		42,860
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity												86,398		-		-
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Common Stock	Equity												39,808		557,312		617,024
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity												24,320		1,034,581		21,888
URS TOPCO LLC	Transportation: Cargo	Common Stock	Equity												25,330		440,405		394,500
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+	1.75	%		0.00	%		7.00	%	9/20/2030	$	1,443,881		1,425,138		1,431,478
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.70	%	2/7/2029		2,461,090		2,379,021		2,407,758
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25	%		0.00	%		10.58	%	7/8/2028		3,059,319		2,788,548		2,987,303
Adtalem Global Education Inc.	Services: Business	Term Loan B (08/24)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.00	%	8/12/2028		582,329		578,845		582,695
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		10.87	%	5/9/2025		2,287,755		2,285,186		1,618,587
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	5/1/2030		2,165,053		2,150,540		2,147,473
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	3M USD SOFR+	3.50	%		0.75	%		8.80	%	2/1/2031		2,910,206		2,849,335		2,913,116
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.85	%	3/21/2031		997,500		995,015		996,672
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan (04/21)	Loan	3M USD SOFR+	4.75	%		0.75	%		9.87	%	4/6/2028		2,462,025		2,336,394		2,461,508
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.86	%	2/4/2028		241,875		241,708		242,738
Alkermes, Inc.	Healthcare & Pharmaceuticals	Term Loan B (3/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.89	%	3/12/2026		2,093,757		2,086,541		2,096,374
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50	%		0.00	%		10.98	%	2/10/2027		4,326,473		4,309,765		2,850,064
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.81	%	11/6/2030		799,019		798,965		801,152
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+	3.75	%		0.50	%		9.10	%	5/12/2028		1,945,000		1,939,536		1,932,688
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B5 (03/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.75	%	5/31/2030		250,000		250,000		251,043

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. (c)	Banking, Finance, Insurance & Real Estate	Term Loan B (03/18)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.43	%	4/30/2025		1,131,980		1,132,120		605,609
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.00	%		7.75	%	6/11/2031		485,000		483,792		482,881
Amer Sports Oyj (MASCOT BIDCO OY)	Consumer goods: Durable	USD Term Loan B (01/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		8.35	%	2/7/2031		498,750		496,552		499,373
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.33	%	12/13/2029		480,000		468,336		481,320
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+	5.75	%		0.00	%		11.00	%	10/30/2029		2,964,091		2,962,682		2,979,474
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.10	%	3/3/2028		1,357,439		1,356,288		1,249,522
AmWINS Group, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 2/21	Loan	1M USD SOFR+	2.25	%		0.75	%		7.61	%	2/17/2028		1,930,035		1,916,085		1,932,447
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+	3.75	%		0.00	%		9.35	%	8/11/2025		942,500		941,632		673,218
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan (4/24)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.00	%	7/18/2029		1,954,167		1,936,125		1,960,030
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD SOFR+	5.50	%		0.75	%		10.86	%	9/1/2027		1,725,000		1,710,216		1,513,067
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+	5.50	%		0.75	%		10.86	%	9/1/2027		500,000		495,721		433,595
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (07/24)	Loan	6M USD SOFR+	4.00	%		0.00	%		9.08	%	7/27/2028		492,500		468,408		494,963
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.11	%	5/15/2026		2,893,401		2,878,566		2,850,000
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	3/6/2028		967,500		961,922		931,219
AppLovin Corporation	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.75	%	8/19/2030		967,193		967,193		968,102
AppLovin Corporation	High Tech Industries	Term Loan B (3/24)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.75	%	10/25/2028		1,470,066		1,468,205		1,471,286
AqGen Ascensus, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	8/2/2028		497,383		494,003		498,005
Aramark Services, Inc.	Services: Consumer	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.11	%	1/15/2027		2,331,250		2,299,079		2,331,250
Aramark Services, Inc.	Services: Consumer	Term Loan B7 (03/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	4/6/2028		1,753,715		1,749,098		1,757,223
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	3.50	%		0.50	%		8.85	%	9/23/2028		976,274		974,109		974,380
ARCIS GOLF LLC	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.50	%		9.11	%	11/24/2028		495,490		491,354		496,521
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B 2	Loan	1M USD SOFR+	4.00	%		0.00	%		9.25	%	8/9/2030		2,629,488		2,615,350		2,571,271
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term loan	Loan	1M USD SOFR+	4.25	%		0.00	%		9.53	%	12/23/2030		897,750		889,500		899,438
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B5 (02/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.75	%	2/14/2031		1,296,750		1,295,177		1,298,864
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+	4.00	%		0.00	%		9.35	%	8/19/2028		1,965,000		1,893,128		1,944,996
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B8	Loan	1M USD SOFR+	3.25	%		0.00	%		8.61	%	12/18/2026		2,919,478		2,915,555		2,905,055
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.50	%	2/15/2029		1,310,485		1,306,886		1,299,254
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+	2.00	%		0.00	%		7.31	%	6/22/2028		1,476,331		1,428,121		1,481,410
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		853,218		846,504		855,266

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
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.62	%		0.75	%		11.98	%	9/20/2027		437,500		429,719		430,391
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+	3.50	%		0.00	%		8.56	%	10/10/2029		533,621		531,838		528,728
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		1,475,470		1,485,867
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	5/26/2031		1,648,521		1,637,973		1,646,461
Belfor Holdings Inc.	Services: Consumer	Term Loan B-1 (11/23)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.00	%	11/1/2030		1,498,834		1,485,415		1,502,581
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.63	%	4/18/2029		247,500		247,500		248,428
Belron Finance US LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	1.93	%		0.50	%		7.32	%	4/13/2028		1,935,000		1,935,000		1,939,238
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.69	%	1/24/2029		1,960,000		1,959,365		1,692,244
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.00	%		7.62	%	4/23/2026		964,557		961,929		945,266
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.12	%	4/23/2026		1,442,772		1,438,274		1,417,524
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.00	%	1/22/2031		1,432,970		1,429,358		1,433,328
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+	2.75	%		0.50	%		8.00	%	12/13/2029		491,288		481,298		491,376
Boost Newco Borrower, LLC (Worldpay)	Banking, Finance, Insurance & Real Estate	Term Loan (06/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.75	%	1/31/2031		500,000		497,743		500,355
Boxer Parent Company, Inc.	High Tech Industries	Term Loan B (06/24)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.01	%	7/3/2031		1,007,194		1,002,844		1,004,051
BrightSpring Health Services (Phoenix Guarantor)	Healthcare & Pharmaceuticals	Term Loan (02/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	2/21/2031		970,069		970,069		970,932
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	6/14/2031		2,910,884		2,908,733		2,908,788
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.00	%		8.00	%	1/27/2031		1,447,688		1,447,688		1,448,528
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	3M USD SOFR+	2.75	%		0.00	%		8.00	%	7/1/2031		492,516		482,330		492,122
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B 3	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	11/1/2026		907,689		905,055		911,093
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B4 (05/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	11/22/2030		666,671		664,490		666,778
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	3/31/2028		2,425,000		2,411,089		2,431,063
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.00	%		8.25	%	3/16/2030		473,750		469,672		468,814
Calpine Corporation	Utilities: Electric	Term Loan B10 (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	1/31/2031		1,995,000		1,985,366		1,992,965
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+	2.50	%		0.75	%		7.86	%	6/5/2028		2,449,367		2,283,646		2,330,989
CAPSTONE BORROWER INC	Services: Business	Term Loan B (05/24)	Loan	3M USD SOFR+	3.25	%		0.00	%		8.58	%	6/17/2030		877,065		865,562		880,907
CareerBuilder, LLC (c)	Services: Business	Term Loan B3	Loan	1M USD SOFR+	2.50	%		0.00	%		7.86	%	7/31/2026		4,002,879		3,987,650		320,230
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.07	%	1/27/2027		1,938,267		1,932,746		1,172,651
CASTLELAKE AVIATION LLC	Aerospace & Defense	Term Loan B	Loan	3M USD SOFR+	2.75	%		0.50	%		8.09	%	10/21/2027		985,000		979,547		987,463
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+	2.75	%		1.00	%		8.21	%	11/1/2025		2,315,548		2,111,768		2,158,276
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.25	%		0.50	%		7.61	%	9/16/2028		243,750		243,465		243,826
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+	4.00	%		0.75	%		9.33	%	12/17/2027		241,875		240,555		242,177
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	4.25	%		0.50	%		9.69	%	3/5/2028		985,000		948,557		854,488
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.75	%		9.61	%	3/5/2028		967,500		964,900		850,597
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.50	%		0.00	%		10.82	%	9/25/2025		2,362,500		2,358,436		1,498,912
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		969,310		982,823
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.50	%		7.87	%	8/27/2028		726,092		721,684		724,843

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
Charlotte Buyer, Inc.	Services: Business	Term Loan B (07/24)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.08	%	2/11/2028		1,477,500		1,405,241		1,485,301
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.50	%		8.75	%	8/18/2028		2,381,718		2,347,211		2,375,764
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.35	%	3/17/2028		483,750		483,217		483,750
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B1 (05/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.25	%	5/17/2028		1,949,936		1,883,863		1,949,117
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	7/29/2030		4,839,048		4,839,048		4,847,516
Citco Funding LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.10	%	4/27/2028		992,513		988,572		997,475
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.75	%	5/6/2030		1,197,000		1,192,024		1,197,994
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.85	%	8/9/2026		3,386,534		3,375,262		3,200,274
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.18	%		0.50	%		8.42	%	4/13/2029		1,220,000		1,197,598		1,217,584
Columbus McKinnon Corporation	Capital Equipment	Term Loan (03/24)	Loan	3M USD SOFR+	2.50	%		0.50	%		7.83	%	5/14/2028		378,325		377,813		379,509
Conduent, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.50	%		9.61	%	10/16/2028		208,666		204,439		207,623
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.75	%	9/11/2029		2,880,281		2,809,410		2,797,473
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.86	%	10/2/2027		2,714,005		2,572,136		2,592,716
CORAL-US CO-BORROWER LLC	Telecommunications	Term Loan B-5	Loan	1M USD SOFR+	2.25	%		0.00	%		7.70	%	1/31/2028		4,000,000		3,991,962		3,948,000
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	6/2/2028		2,431,250		2,424,504		2,397,820
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan B (05/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.34	%	3/2/2027		1,930,437		1,930,437		1,934,954
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	11/27/2028		1,580,064		1,571,122		1,586,479
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.50	%	2/19/2029		922,500		895,746		925,157
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+	3.50	%		0.75	%		8.75	%	9/15/2027		486,281		486,231		487,195
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B	Loan	3M USD SOFR+	4.00	%		0.75	%		9.25	%	1/30/2031		2,400,000		2,378,157		2,413,992
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan 12/22	Loan	1M USD SOFR+	4.50	%		0.00	%		9.84	%	1/15/2028		2,364,032		2,357,265		2,251,740
CSC Holdings LLC (Neptune Finco Corp.)	Media: Broadcasting & Subscription	Term Loan B-5	Loan	1M USD LIBOR+	2.50	%		0.00	%		7.95	%	4/15/2027		477,500		477,500		401,339
CTC Holdings, LP	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.50	%		10.27	%	2/15/2029		2,199,375		2,159,261		2,182,880
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	6.00	%		1.00	%		11.51	%	11/2/2027		1,928,210		1,898,801		1,920,980
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.50	%	6/29/2029		985,069		947,486		983,227
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	1M USD SOFR+	4.00	%		0.00	%		9.25	%	10/16/2026		1,447,103		1,447,103		1,415,904
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.85	%	11/16/2029		5,319,000		5,225,625		5,314,585

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
Delta 2 Lux Sarl	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	2.25	%		0.50	%		7.58	%	1/15/2030		2,000,000		1,991,966		2,007,500
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan (5/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.84	%	11/1/2030		623,438		614,878		624,217
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+	3.75	%		0.50	%		9.35	%	10/4/2028		977,500		974,845		954,656
DG Investment Intermediate Holdings 2, Inc.	Aerospace & Defense	Incremental Term Loan (3/22)	Loan	1M USD SOFR+	4.75	%		0.75	%		10.00	%	3/31/2028		491,250		476,791		491,559
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+	10.00	%		1.00	%		15.44	%	5/25/2026		152,224		149,983		138,632
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan (1/24)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.71	%	8/2/2029		3,046,450		3,028,017		3,031,918
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	4.38	%		0.50	%		9.69	%	10/4/2029		1,477,612		1,383,730		1,476,031
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.73	%	3/25/2028		485,000		482,285		409,219
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+	5.50	%		0.75	%		10.86	%	11/30/2028		3,157,692		3,107,270		3,049,162
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.50	%		9.44	%	11/30/2028		1,964,646		1,813,703		1,962,191
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+	5.25	%		0.50	%		10.60	%	12/15/2028		3,912,450		3,799,628		3,755,952
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	6M USD SOFR+	3.50	%		0.00	%		8.59	%	6/17/2031		6,305,000		6,278,088		6,310,927
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B (04/24)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.00	%	1/31/2030		1,097,250		1,073,039		1,099,993
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan	Loan	1M USD SOFR+	2.75	%		0.00	%		8.11	%	8/21/2025		49,419		49,382		49,357
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B1 (06/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.25	%	1/31/2030		2,019,155		2,017,439		2,014,107
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+	4.25	%		1.00	%		9.68	%	4/11/2031		1,500,000		1,478,254		1,503,750
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.50	%	8/16/2028		975,007		972,383		971,350
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75	%		0.50	%		9.10	%	11/23/2028		1,955,000		1,952,876		1,937,581
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan B (05/24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	4/7/2028		2,160,773		2,156,819		2,161,746
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.36	%	11/1/2028		488,750		487,442		489,635
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD SOFR+	6.50	%		0.00	%		11.86	%	12/14/2025		2,201,776		2,179,600		2,185,813
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.25	%	3/30/2029		3,084,096		3,033,788		3,023,463
Emrld Borrower LP	Capital Equipment	Term Loan B (04/23)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.56	%	5/31/2030		995,000		990,650		994,274
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Exit Term Loan B (04/24)	Loan	3M USD SOFR+	4.50	%		0.50	%		9.78	%	4/9/2031		2,000,000		1,981,089		1,995,000
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.75	%		8.96	%	2/10/2028		2,425,000		2,418,676		2,158,250
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B3 (5/24)	Loan	6M USD SOFR+	2.75	%		0.50	%		8.01	%	10/31/2029		1,483,744		1,469,816		1,485,598
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	6M USD SOFR+	6.00	%		0.50	%		11.26	%	10/6/2029		962,500		900,574		794,784
Equiniti Group PLC	Services: Business	Term Loan B	Loan	6M USD SOFR+	4.50	%		0.50	%		10.01	%	12/11/2028		975,000		968,670		982,313
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.50	%	10/30/2030		1,125,000		1,109,641		1,133,438
EyeCare Partners, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	1.00	%		0.00	%		6.38	%	11/30/2028		12,285		13,510		7,678
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	First Lien TLB	Loan	1M USD SOFR+	4.00	%		0.00	%		9.25	%	2/12/2031		500,000		495,383		502,500
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (08/23)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.26	%	6/27/2029		2,802,640		2,800,104		2,816,653
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.51	%	3/30/2027		4,837,500		4,798,636		4,772,484

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread			SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Term Loan B (02/24)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.33	%	3/5/2029		5,078,923		5,070,226		5,028,134
First Student Bidco Inc.	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.50	%		8.60	%	7/21/2028		711,437		708,240		712,611
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD SOFR+	3.00	%		0.50	%		8.60	%	7/21/2028		216,966		215,980		217,324
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+	5.25	%		1.00	%		10.50	%	2/5/2029		1,197,000		1,164,665		1,192,511
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan B3 (11/23)	Loan	3M USD SOFR+	2.25	%		0.50	%		7.58	%	11/25/2030		3,731,250		3,721,953		3,730,578
FOCUS FINANCIAL PARTNERS, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7	Loan	1M USD SOFR+	2.75	%		0.50	%		8.00	%	6/30/2028		1,465,026		1,452,221		1,463,473
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	6M USD SOFR+	4.75	%		0.75	%		10.39	%	3/10/2026		801,094		798,183		480,656
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.75	%		10.25	%	3/10/2026		2,962,500		2,882,924		1,792,313
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	4/25/2031		4,252,472		4,246,263		4,249,835
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B-2	Loan	1M USD SOFR+	2.25	%		0.00	%		7.60	%	1/29/2027		1,920,000		1,919,309		1,922,054
Garrett LX III S.a r.l.	Automotive	Term Loan	Loan	3M USD SOFR+	2.75	%		0.50	%		8.00	%	4/30/2028		1,458,750		1,454,817		1,460,573
Gemini HDPE LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/20)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.51	%	12/31/2027		2,128,892		2,119,613		2,131,021
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+	2.00	%		0.00	%		7.33	%	4/10/2031		1,500,000		1,492,740		1,499,535
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.50	%		0.00	%		7.85	%	8/27/2025		2,420,998		2,328,941		2,410,782
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan (05/24)	Loan	3M USD SOFR+	2.50	%		0.00	%		7.82	%	10/4/2030		454,423		452,427		455,560
Global Tel*Link Corporation	Telecommunications	Term Loan (6/24)	Loan	1M USD SOFR+	7.50	%		3.00	%		12.85	%	7/31/2029		4,821,101		4,748,318		4,656,364
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+	1.75	%		0.00	%		7.00	%	5/30/2031		944,956		944,956		943,869
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.71	%	12/1/2027		1,825,000		1,814,836		1,523,875
GOTO GROUP, INC.	High Tech Industries	First Lien Term Loan	Loan	1M USD SOFR+	4.75	%		0.00	%		10.14	%	4/30/2028		1,251,655		765,868		1,055,308
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	1M USD SOFR+	4.75	%		0.00	%		10.14	%	4/30/2028		1,728,476		1,651,310		665,463
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan B (07/24)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.75	%	8/4/2027		942,441		939,210		942,017
Great Outdoors Group, LLC	Retail	Term Loan B2	Loan	1M USD SOFR+	3.75	%		0.75	%		9.11	%	3/6/2028		965,206		962,753		964,801
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	3M USD SOFR+	2.00	%		0.00	%		7.34	%	1/24/2029		143,438		143,243		143,169
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Term Loan B (5/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	2/25/2030		2,800,713		2,800,234		2,803,346
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	3M USD SOFR+	4.75	%		0.75	%		10.35	%	5/27/2028		2,424,733		2,113,351		2,288,778
GYP HOLDINGS III CORP.	Construction & Building	Term Loan (1/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	5/12/2030		248,128		247,069		247,922
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.00	%		9.10	%	6/30/2028		2,093,490		2,039,739		1,886,381
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.50	%	7/14/2028		3,154,420		3,152,395		3,155,619
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+	1.75	%		0.00	%		7.03	%	11/8/2030		1,500,000		1,496,812		1,501,710

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
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		499,295
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+	6.75	%		0.50	%		12.00	%	4/12/2029		3,116,400		3,114,318		2,961,297
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.75	%		9.11	%	11/17/2028		2,202,149		2,196,509		2,182,880
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (3/21)	Loan	3M USD SOFR+	3.00	%		0.00	%		8.32	%	3/17/2028		5,805,000		5,773,194		5,796,118
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B-1	Loan	3M USD SOFR+	3.50	%		0.50	%		8.57	%	2/26/2029		2,462,374		2,243,517		2,443,906
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.75	%	2/15/2031		2,992,500		2,978,860		2,993,847
Idera, Inc.	High Tech Industries	Term Loan (06/24)	Loan	3M USD SOFR+	3.50	%		0.75	%		8.75	%	3/2/2028		4,749,901		4,745,286		4,715,132
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+	3.25	%		0.50	%		8.50	%	11/1/2028		2,452,455		2,444,649		2,449,390
INDY US BIDCO, LLC	Services: Business	Term Loan (11/21)	Loan	1M USD SOFR+	3.75	%		0.00	%		9.11	%	3/6/2028		2,182,047		2,181,428		2,152,829
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+	3.75	%		0.00	%		9.10	%	3/13/2030		495,000		490,728		494,792
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.25	%		0.00	%		8.50	%	2/18/2030		992,500		984,060		990,019
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.00	%		9.60	%	4/2/2029		2,708,087		2,655,367		2,711,472
Informatica Inc.	High Tech Industries	Term Loan B (06/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	10/27/2028		488,750		488,682		489,669
Ingram Micro Inc.	Wholesale	Term Loan (09/23)	Loan	3M USD SOFR+	3.00	%		0.50	%		8.60	%	6/30/2028		978,511		972,462		981,368
Inmar, Inc.	Services: Business	Term Loan (06/23)	Loan	1M USD SOFR+	5.50	%		1.00	%		10.75	%	5/1/2026		3,316,500		3,242,891		3,323,763
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.00	%		9.11	%	2/4/2027		478,750		478,001		478,152
INSTANT BRANDS HOLDINGS INC. (b)(c)	Consumer goods: Durable	Instant Brands TL	Loan	3M USD SOFR+	15.00	%		0.00	%		20.34	%	2/26/2031		37,614		30,255		37,614
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.75	%		8.10	%	12/15/2027		493,724		490,080		493,907
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	6M USD SOFR+	2.50	%		0.00	%		2.50	%	4/13/2028		1,316,681		928,733		1,132,346
Isolved Inc.	Services: Business	Term Loan (4/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.75	%	10/14/2030		623,438		617,611		625,775
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.86	%	1/26/2028		3,860,000		3,859,188		3,861,698
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B	Loan	1M USD SOFR+	4.25	%		0.75	%		9.62	%	3/1/2028		2,910,000		2,866,904		2,897,865
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan 7/23	Loan	3M USD SOFR+	5.50	%		1.00	%		11.01	%	11/20/2027		3,413,673		3,401,590		238,957
Kleopatra Finco S.a r.l.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+	4.73	%		0.50	%		9.72	%	2/12/2026		1,451,250		1,450,520		1,366,250
Kodiak BP, LLC	Construction & Building	Term Loan	Loan	3M USD SOFR+	3.25	%		0.75	%		8.85	%	3/13/2028		483,617		482,833		483,922
Kodiak BP, LLC	Construction & Building	Term Loan B2	Loan	3M USD SOFR+	3.75	%		0.00	%		9.08	%	3/13/2028		498,750		496,426		501,244
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.34	%	4/10/2030		990,031		964,500		992,506
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+	3.50	%		0.50	%		9.08	%	9/1/2027		483,844		477,925		477,796
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		626,323		197,324

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
Latham Pool Products, Inc.	Consumer goods: Durable	Term Loan 2/22	Loan	1M USD SOFR+	4.00	%		0.50	%		9.35	%	2/23/2029		997,203		982,857		952,329
Lealand Finance Company B.V. (c)	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD SOFR+	1.00	%		0.00	%		6.46	%	12/31/2027		361,211		361,211		127,627
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+	4.75	%		0.50	%		10.10	%	2/16/2029		2,462,968		2,101,336		2,301,644
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+	5.50	%		1.00	%		10.90	%	8/26/2027		1,617,830		1,612,762		1,569,295
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.11	%	3/17/2028		970,000		968,360		967,575
LOYALTY VENTURES INC. (b)	Services: Business	Term Loan B	Loan	Prime	5.50	%		0.50	%		14.00	%	11/3/2027		2,913,525		2,903,746		21,851
LPL Holdings, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1	Loan	1M USD SOFR+	1.75	%		0.00	%		7.19	%	11/11/2026		1,189,178		1,188,643		1,188,120
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan B (06/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	10/15/2028		1,729,327		1,711,900		1,726,543
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan B (06/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.81	%	6/14/2030		975,840		963,067		970,961
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan (2/24)	Loan	3M USD SOFR+	6.50	%		0.75	%		11.83	%	3/31/2029		2,740,313		2,671,808		2,754,014
Lumen Technologies Inc	Telecommunications	Term Loan B1 (3/24)	Loan	1M USD SOFR+	2.35	%		2.00	%		7.74	%	4/15/2029		1,616,424		1,615,740		1,296,502
Lumen Technologies Inc	Telecommunications	Term Loan B2 (3/24)	Loan	1M USD SOFR+	2.35	%		2.00	%		7.74	%	4/15/2030		1,616,424		1,615,734		1,263,704
MAGNITE, INC.	Services: Business	Term Loan B (01/24)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.75	%	2/6/2031		3,241,875		3,211,441		3,260,127
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	4/1/2031		1,317,074		1,317,074		1,312,965
Match Group, Inc, The	Services: Consumer	Term Loan (1/20)	Loan	3M USD SOFR+	1.75	%		0.00	%		7.24	%	2/15/2027		250,000		249,789		249,688
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	5.00	%		0.50	%		10.25	%	10/3/2030		1,995,000		1,872,111		1,862,891
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.00	%	2/28/2028		3,424,168		3,349,573		3,425,401
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	3M USD SOFR+	4.00	%		0.50	%		9.23	%	8/1/2031		1,350,441		1,341,371		1,351,399
MedAssets Software Inter Hldg, Inc.	High Tech Industries	Term Loan (11/21) (USD)	Loan	1M USD SOFR+	4.00	%		0.50	%		9.36	%	12/18/2028		488,750		486,572		328,684
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+	4.25	%		0.75	%		9.85	%	4/8/2028		2,429,874		2,418,194		1,985,159
Milano Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+	4.00	%		0.75	%		9.43	%	10/1/2027		1,994,832		1,909,962		1,804,485
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.75	%	3/21/2031		500,000		497,571		502,085
MKS Instruments, Inc.	High Tech Industries	Term Loan B (07/24)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.56	%	8/17/2029		1,341,592		1,339,345		1,343,940
Momentive Performance Materials Inc.	Chemicals, Plastics, & Rubber	Term Loan (03/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.75	%	3/28/2028		493,750		478,401		493,133
Moneygram International, Inc.	Services: Business	Term Loan B	Loan	3M USD SOFR+	4.75	%		0.50	%		10.08	%	6/1/2030		2,978,781		2,623,547		2,911,759
Mosel Bidco SE	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	4.50	%		0.50	%		9.83	%	9/16/2030		500,000		495,431		503,125
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Term Loan B (08/21)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.57	%	9/1/2028		2,946,970		2,741,535		2,293,126
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.10	%	11/23/2028		2,925,169		2,920,937		2,920,898
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+	5.25	%		0.75	%		10.60	%	2/22/2029		2,954,660		2,471,055		2,840,167
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	6M USD SOFR+	3.50	%		0.00	%		8.95	%	11/14/2025		3,287,750		3,280,186		3,246,653
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD SOFR+	3.75	%		0.75	%		9.18	%	3/2/2028		87,464		87,231		84,266

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
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	3M USD SOFR+	3.75	%		0.75	%		9.18	%	3/2/2028		2,694,271		2,688,893		2,595,769
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD SOFR+	2.50	%		0.00	%		7.86	%	9/18/2026		657,625		654,643		658,171
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD SOFR+	7.50	%		1.00	%		12.89	%	8/9/2026		2,426,448		2,426,448		1,851,380
NortonLifeLock Inc.	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+	1.75	%		0.50	%		7.09	%	9/12/2029		977,500		974,353		976,141
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	3M USD SOFR+	3.50	%		0.00	%		8.63	%	4/3/2028		497,494		493,370		498,946
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	5.00	%		0.75	%		10.50	%	12/22/2028		1,955,000		1,944,782		1,946,457
Nuvei Technologies Corp.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.00	%		0.50	%		8.35	%	12/19/2030		2,073,029		2,058,029		2,074,335
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.85	%	2/23/2029		2,454,830		2,371,898		2,315,985
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+	2.25	%		0.50	%		7.50	%	1/31/2030		929,383		905,926		933,556
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.75	%	5/2/2030		495,000		486,345		493,763
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+	3.25	%		0.00	%		8.59	%	3/17/2031		1,197,000		1,195,755		1,200,423
Pacific Gas & Electric	Utilities: Electric	Term Loan	Loan	1M USD SOFR+	2.50	%		0.50	%		7.75	%	6/23/2027		250,000		249,297		250,730
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B4 (05/24)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.75	%	9/24/2028		972,562		969,935		972,806
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.75	%		0.50	%		10.33	%	7/6/2028		941,176		935,248		863,529
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		9.06	%	2/28/2030		2,471,225		2,449,026		2,482,345
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75	%		0.50	%		10.85	%	8/1/2029		2,962,462		2,619,094		2,750,764
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75	%		0.00	%		9.11	%	3/31/2027		479,062		474,117		394,714
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.34	%	7/18/2031		794,490		793,310		789,238
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	4.00	%		0.50	%		9.25	%	2/28/2029		978,034		976,902		981,095
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	3M USD SOFR+	3.25	%		0.50	%		8.76	%	12/29/2028		1,467,134		1,463,277		1,424,426
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.75	%		0.50	%		8.10	%	5/3/2029		980,000		976,649		982,862
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.10	%	2/1/2028		5,208,834		5,199,099		5,091,635
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	6M USD SOFR+	4.00	%		0.50	%		9.56	%	12/23/2028		2,943,624		2,890,193		1,961,925
Pitney Bowes Inc	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.00	%		0.00	%		9.36	%	3/17/2028		3,879,773		3,860,466		3,888,269
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B (11/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.85	%	12/1/2028		1,795,294		1,789,892		1,800,752
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.11	%	3/13/2028		4,353,750		4,348,700		4,345,217
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.70	%	4/21/2029		1,965,000		1,958,391		1,929,041
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan (04/24)	Loan	3M USD SOFR+	3.00	%		0.75	%		8.33	%	12/29/2027		483,788		482,492		485,602
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	4.75	%		0.75	%		10.11	%	2/12/2028		5,321,250		5,291,007		5,210,408
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.11	%	12/15/2028		2,932,500		2,915,906		2,931,679

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
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B (04/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.60	%	10/14/2030		1,995,000		1,976,968		1,997,693
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (5/24)	Loan	3M USD SOFR+	4.75	%		0.50	%		10.00	%	5/16/2031		2,917,500		2,901,080		2,906,559
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD SOFR+	3.25	%		0.75	%		8.84	%	12/28/2027		483,741		482,538		470,800
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+	5.25	%		0.50	%		10.60	%	7/20/2029		985,000		931,439		842,352
Propulsion (BC) Finco	Aerospace & Defense	Term Loan	Loan	3M USD SOFR+	3.75	%		0.50	%		9.08	%	9/14/2029		746,212		739,185		747,764
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+	4.75	%		0.00	%		10.00	%	3/15/2030		468,141		467,239		465,997
Quartz AcquireCo, LLC	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+	2.75	%		0.00	%		8.08	%	6/28/2030		1,241,247		1,232,291		1,240,080
QUEST BORROWER LIMITED	High Tech Industries	Term Loan (1/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.65	%	2/1/2029		1,960,000		1,946,455		1,434,877
Quikrete Holdings, Inc.	Construction & Building	Quikrete 3/24 (2031)	Loan	1M USD SOFR+	2.50	%		0.00	%		7.75	%	4/14/2031		997,500		995,095		998,976
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		1,201,200
R1 RCM INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+	3.00	%		0.50	%		8.25	%	6/21/2029		1,193,924		1,180,752		1,195,118
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+	6.25	%		0.75	%		11.65	%	5/15/2028		549,664		544,484		553,237
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.15	%	5/15/2028		2,050,682		1,069,197		1,009,961
RAND PARENT LLC	Transportation: Cargo	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.00	%		9.07	%	3/16/2030		2,468,750		2,393,051		2,464,751
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	1M USD SOFR+	3.00	%		0.50	%		8.36	%	4/24/2028		972,500		971,632		931,169
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	3M USD SOFR+	2.75	%		0.50	%		8.00	%	2/17/2028		1,850,158		1,821,756		1,842,073
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Second-Out Term Loan	Loan	3M USD SOFR+	5.50	%		1.00	%		10.88	%	7/15/2028		2,901,937		2,767,804		2,714,762
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan (07/24)	Loan	3M USD SOFR+	5.00	%		1.00	%		10.38	%	7/15/2028		340,439		335,544		342,141
Resideo Funding Inc.	Services: Consumer	Term Loan B (05/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.28	%	2/11/2028		674,488		674,133		676,174
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+	6.50	%		1.00	%		12.10	%	4/30/2027		1,958,313		1,958,313		1,806,544
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+	2.50	%		0.50	%		7.86	%	10/20/2028		3,409,843		3,406,428		3,135,999
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	1.75	%		0.00	%		7.10	%	2/4/2027		1,057,311		1,057,311		1,060,747
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	%		10.25	%	5/30/2027		5,748,878		5,736,129		5,022,048
RV Retailer LLC	Automotive	Term Loan	Loan	1M USD SOFR+	3.75	%		0.75	%		9.10	%	2/8/2028		2,912,819		2,879,951		2,598,642
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.75	%		0.75	%		8.00	%	9/1/2027		1,455,934		1,447,849		1,460,782
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	5.00	%		0.50	%		10.44	%	3/10/2028		2,421,181		2,384,525		2,403,022
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	1.75	%		0.00	%		7.09	%	2/28/2030		493,750		490,670		494,984
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.75	%		0.75	%		9.11	%	4/20/2028		1,297,546		1,293,920		1,292,680
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.00	%		0.50	%		8.32	%	4/4/2029		492,500		491,808		490,102
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	3M USD SOFR+	3.00	%		0.00	%		8.25	%	7/31/2031		987,500		980,180		988,320
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+	1.75	%		0.00	%		7.08	%	11/5/2028		500,000		499,272		502,770
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	1M USD SOFR+	3.75	%		0.50	%		9.11	%	8/28/2028		1,945,000		1,939,928		1,306,807
SiteOne Landscape Supply, LLC	Services: Business	Term Loan B (06/24)	Loan	1M USD SOFR+	1.75	%		0.50	%		7.09	%	3/23/2030		1,260,861		1,256,054		1,259,285

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
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.00	%		8.85	%	4/1/2029		511,646		508,530		514,844
Sotheby’s	Services: Business	Term Loan (7/21)	Loan	3M USD SOFR+	4.50	%		0.50	%		10.06	%	1/15/2027		3,174,651		3,148,828		3,099,698
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan (04/21)	Loan	1M USD SOFR+	3.25	%		0.75	%		8.59	%	8/2/2030		1,950,000		1,944,437		1,952,750
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	4.25	%		0.75	%		9.60	%	3/31/2028		1,945,000		1,934,196		1,886,650
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD SOFR+	4.00	%		0.75	%		9.60	%	3/4/2028		2,902,500		2,893,119		2,456,966
SRAM, LLC	Consumer goods: Durable	Term Loan (05/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.11	%	5/12/2028		2,269,091		2,267,193		2,267,684
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.00	%		0.50	%		7.31	%	9/22/2028		415,250		412,897		416,654
Staples, Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+	5.75	%		0.50	%		11.08	%	8/23/2029		4,284,976		4,226,728		3,899,328
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+	3.75	%		0.00	%		9.08	%	9/30/2030		1,246,875		1,229,981		1,238,085
Storable, Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+	3.50	%		0.50	%		8.75	%	4/17/2028		487,500		487,162		488,212
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.75	%		0.50	%		9.11	%	12/1/2028		975,000		968,696		973,781
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+	4.25	%		0.00	%		9.50	%	3/27/2031		498,750		493,886		502,865
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD SOFR+	4.25	%		0.75	%		9.61	%	8/2/2028		2,150,579		2,080,124		2,150,579
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+	4.00	%		0.75	%		9.51	%	4/24/2028		2,432,469		2,431,935		2,375,841
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan B (6/24)	Loan	3M USD SOFR+	4.75	%		0.50	%		10.08	%	4/2/2029		984,957		977,435		982,494
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+	2.75	%		0.50	%		8.11	%	7/7/2028		975,000		973,834		975,000
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (03/24)	Loan	1M USD SOFR+	4.75	%		1.00	%		10.00	%	3/13/2031		3,491,250		3,457,159		3,501,444
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 5/23	Loan	1M USD SOFR+	6.00	%		0.00	%		11.25	%	5/25/2028		1,870,000		1,870,000		1,793,442
The Dun & Bradstreet Corporation	Services: Business	Term Loan (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.03	%	1/18/2029		1,145,916		1,144,580		1,147,165
Thor Industries, Inc.	Automotive	Term Loan B (06/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.50	%	11/15/2030		385,981		382,541		386,464
TIBCO Software Inc	High Tech Industries	Term Loan (3/24)	Loan	3M USD SOFR+	4.50	%		0.50	%		9.83	%	3/24/2031		500,000		499,375		501,875
Torrid LLC	Wholesale	Term Loan 5/21	Loan	3M USD SOFR+	5.50	%		0.75	%		11.08	%	6/14/2028		3,200,528		2,839,678		2,928,483
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+	3.25	%		0.50	%		8.61	%	4/15/2028		2,296,247		2,175,803		2,299,117
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan (2/21)	Loan	3M USD SOFR+	3.50	%		0.75	%		9.09	%	8/18/2027		-		3,395		-
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B7 (02/24)	Loan	1M USD SOFR+	2.00	%		0.50	%		7.25	%	12/1/2028		607,510		606,739		607,783
TRITON WATER HOLDINGS, INC.	Beverage, Food & Tobacco	Term Loan (03/21)	Loan	3M USD SOFR+	3.25	%		0.50	%		8.85	%	3/31/2028		1,455,004		1,450,794		1,454,015
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	2.50	%		0.00	%		8.10	%	3/10/2028		346,923		346,566		347,482
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan B (04/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.00	%	4/4/2029		1,995,000		1,977,881		1,999,529

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
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+	4.00	%		0.75	%		9.35	%	11/2/2027		939,891		936,336		911,694
Uber Technologies, Inc.	Transportation: Consumer	Term Loan 2/23	Loan	3M USD SOFR+	2.75	%		0.00	%		8.09	%	3/3/2030		392,938		392,073		394,368
Ultra Clean Holdings, Inc.	High Tech Industries	Term loan (03/24)	Loan	1M USD SOFR+	3.50	%		0.00	%		8.75	%	2/25/2028		1,249,372		1,245,946		1,253,283
Unimin Corporation	Metals & Mining	Term Loan (12/20)	Loan	3M USD SOFR+	4.00	%		1.00	%		9.58	%	7/31/2026		496,815		484,461		492,622
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (05/24)	Loan	1M USD SOFR+	3.50	%		0.50	%		8.86	%	1/31/2029		2,415,600		2,412,837		2,340,861
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25	%		0.50	%		9.58	%	6/25/2029		245,000		239,412		241,786
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+	5.00	%		0.75	%		10.48	%	1/19/2029		2,306,722		2,253,639		2,224,834
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Extended Term Loan (07/24)	Loan	3M USD SOFR+	7.75	%		1.00	%		13.03	%	6/15/2030		1,284,849		1,284,111		1,238,273
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD SOFR+	4.00	%		0.00	%		9.33	%	8/20/2025		1,346,600		1,345,165		1,212,707
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+	2.75	%		0.75	%		8.00	%	12/6/2030		977,625		974,960		980,763
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50	%		0.50	%		9.75	%	3/5/2029		2,952,318		2,898,449		2,751,442
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.61	%	9/28/2028		2,753,864		2,748,805		2,753,864
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	12/20/2030		1,879,946		1,873,141		1,884,307
VM Consolidated, Inc.	Construction & Building	Term Loan B (01/24)	Loan	1M USD SOFR+	2.75	%		0.00	%		8.00	%	3/24/2028		1,829,589		1,829,053		1,838,737
Vouvray US Finance LLC	High Tech Industries	Term Loan	Loan	1M USD SOFR+	6.00	%		1.00	%		11.25	%	9/30/2025		463,750		463,750		480,561
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.25	%		0.50	%		7.60	%	12/15/2028		493,734		486,123		494,968
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	First Lien TL I (01/24)	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	1/24/2031		1,250,000		1,249,979		1,250,388
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.75	%		0.50	%		9.26	%	3/2/2028		2,751,011		2,742,871		2,764,766
WeddingWire, Inc.	Services: Consumer	Term Loan (09/23)	Loan	1M USD SOFR+	4.50	%		0.00	%		9.75	%	1/29/2028		4,796,901		4,795,317		4,802,897
WEX Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	2.00	%		0.00	%		7.25	%	4/1/2028		2,909,811		2,904,166		2,917,609
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Windsor Holdings III TL	Loan	1M USD SOFR+	4.00	%		0.00	%		9.31	%	8/1/2030		497,500		497,500		498,898
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+	1.75	%		0.00	%		7.00	%	5/24/2030		992,500		988,332		993,125
Xperi Corporation	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+	3.00	%		0.00	%		8.34	%	6/8/2028		1,906,238		1,903,614		1,909,822
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+	4.25	%		0.50	%		9.50	%	3/9/2027		977,500		962,949		906,221
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		1,857,011		1,849,307		1,850,344
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+	2.25	%		0.00	%		7.56	%	1/24/2031		1,450,394		1,449,269		1,452,656
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+	5.25	%		0.00	%		10.51	%	2/8/2028		1,970,000		1,896,997		1,973,704
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	1.93	%		0.50	%		7.27	%	1/29/2029		487,500		486,880		487,193
TOTAL INVESTMENTS																$	578,246,446	$	554,083,144

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)		25,684,819	$	25,684,819	$	25,684,819
Total cash and cash equivalents		25,684,819	$	25,684,819	$	25,684,819

(a) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of August 31, 2024.

(b) As of August 31, 2024, the investment was in default and on non-accrual status.

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

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
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
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
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

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
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
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

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
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
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

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
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
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

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
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
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

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
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
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
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

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
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
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

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
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
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

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
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
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

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
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
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
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

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
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
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

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
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
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

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
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
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

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
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
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.

(c)

Investments include Payment-in-Kind Interest.

Dividend (Details)	Aug. 22, 2024 $ / shares
O 2024 H2 Dividends [Member]
Dividend Disclosure [Line Items]
Dividend payable per share	$ 0.74

Stockholders' Equity (Tables)

6 Months Ended

Aug. 31, 2024

Stockholders' Equity [Abstract]

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

Pursuant to Regulation S-X, the Company has presented a reconciliation of the changes in each significant caption of stockholders’ equity as shown in the tables below:

										Total
	Common Stock						Capital in Excess			Distributable Earnings
	Shares			Amount			of Par Value			(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
Offfering 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:
Stock dividend distribution		45,490			45			987,527			-			987,572
Balance at May 31, 2024		13,698,966		$	13,699		$	372,068,726		$	(4,227,343	)	$	367,855,082
Increase (Decrease) from Operations:
Net investment income		-			-			-			18,197,398			18,197,398
Net realized gain (loss) from investments		-			-			-			(33,448,727	)		(33,448,727	)
Net change in unrealized appreciation (depreciation) on investments		-			-			-			28,728,155			28,728,155
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(159,187	)		(159,187	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(10,137,233	)		(10,137,233	)
Capital Share Transactions:
Stock dividend distribution		46,803			47			1,018,307			-			1,018,354
Balance at August 31, 2024		13,745,769		$	13,746		$	373,087,033		$	(1,046,937	)	$	372,053,842

Accounting Policies, by Policy (Policies)

6 Months Ended

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

The Company, SBIC II LP, and SBIC III LP are all considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies (“ASC 946”). There have been no changes to the Company, SBIC II LP, or SBIC III LP’s status as investment companies during the three months ended August 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

Operating Segment

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

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include short-term, liquid investments in a money market fund. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are carried at cost which approximates fair value. Pursuant to Section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another investment company, such as a money market fund, if such investment would cause the Company to:

●

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

●

hold securities in the investment company having an aggregate value in excess of 5.0% of the value of the Company’s total assets; or

●

hold securities in investment companies having an aggregate value in excess of 10.0% of the value of the Company’s total assets.

As of August 31, 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.

	August 31, 2024		February 29, 2024
Cash and cash equivalents	$	84,569,590	$	8,692,846
Cash and cash equivalents, reserve accounts		77,434,591		31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	162,004,181	$	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. 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 August 31, 2024, our investment in two controlled portfolio companies were on non-accrual status with a fair value of approximately $3.6 million, or 0.4% of the fair value of our portfolio. At February 29, 2024, our investment in three non-controlled portfolio companies were on non-accrual status with a fair value of approximately $18.9 million, or 1.7% of the fair value of our portfolio.

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

Payment-in-Kind Interest

Payment-in-Kind Interest

The Company may hold debt and preferred equity investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company stops accruing PIK interest if it is expected that the issuer will not be able to pay all principal and interest when due. The Company restores to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.

Dividend Income

Dividend Income

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

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

Risk Management

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.

Financial Highlights

6 Months Ended

Aug. 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 six months ended August 31, 2024 and August 31, 2023:

Per share data	August 31, 2024			August 31, 2023
Net asset value at beginning of period	$	27.12		$	29.18
Net investment income(1)		2.37			2.49
Net realized and unrealized gain and losses on investments(1)		(0.92	)		(1.84	)
Realized losses on extinguishment of debt		-			(0.01	)
Net increase in net assets resulting from operations		1.45			0.64
Distributions declared from net investment income		(1.47	)		(1.39	)
Total distributions to stockholders		(1.47	)		(1.39	)
Issuance of common stock at net asset value (2)		-			(0.21	)
Capital contribution from Manager for the issuance of common stock (14)		-			0.23
Repurchases of common stock(3)		-			0.04
Dilution(4)		(0.03	)		(0.05	)
Net asset value at end of period	$	27.07		$	28.44
Net assets at end of period	$	372,053,842		$	362,078,755
Shares outstanding at end of period		13,745,769			12,729,781
Per share market value at end of period	$	23.57		$	25.85
Total return based on market value(5)(6)		6.70	%		(0.69	)%
Total return based on net asset value(5)(7)		6.68	%		3.15	%
Ratio/Supplemental data:
Ratio of net investment income to average net assets(8)		19.60	%		17.80	%
Expenses:
Ratios of operating expenses and income taxes to average net assets*(9)		8.16	%		7.76	%
Ratio of incentive management fees to average net assets(5)		2.20	%		0.74	%
Ratio of interest and debt financing expenses to average net assets(9)		13.99	%		13.75	%
Ratio of total expenses and income taxes to average net assets*(8)		24.35	%		22.25	%
Portfolio turnover rate(5)(10)		3.84	%		1.63	%
Asset coverage ratio per unit(11)		1,596			1,597
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	$	24.18		$	23.31
6.25% Notes Payable 2027(12)		N/A			N/A
8.00% Notes Payable 2027	$	25.11		$	24.92
8.125% Notes Payable 2027	$	25.20		$	24.93
8.50% Notes Payable 2028	$	25.34		$	25.03

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.

(14)

The Manager agreed to reimburse the Company to the extent the per share price of the shares to the public, less underwriting fees, was less than net asset value per share.

Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($)	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 13,317,639	$ 7,895,951	$ 19,928,077	$ 7,682,692

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Operating activities
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 19,928,077	$ 7,682,692
ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Payment-in-kind and other adjustments to cost	(6,573,881)	2,707,440
Net accretion of discount on investments	(1,285,027)	(862,540)
Amortization of deferred debt financing costs	2,522,568	2,589,024
Realized losses on extinguishment of debt		110,056
Income tax expense (benefit)	61,638	(231,093)
Net realized (gain) loss from investments	54,643,724	(90,691)
Net change in unrealized (appreciation) depreciation on investments	(42,659,586)	22,059,878
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	620,188	161,799
Proceeds from sales and repayments of investments	135,842,533	17,103,496
Purchases of investments	(41,885,424)	(167,272,090)
(Increase) decrease in operating assets:
Interest receivable	213,732	127,723
Management fee receivable	9,197	(908)
Other assets	(403,782)	94,389
Current income tax receivable	97,745	336,875
Increase (decrease) in operating liabilities:
Base management and incentive fees payable	1,169,499	(2,945,019)
Accounts payable and accrued expenses	159,498	501,141
Interest and debt fees payable	418,839	(421,083)
Directors fees payable	80,000	(14,932)
Due to Manager	334,693	367,663
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	123,294,231	(117,996,180)
Financing activities
Borrowings on debt	30,000,000	46,500,000
Paydowns on debt	(12,500,000)	(57,000,000)
Issuance of notes		77,500,000
Payments of deferred debt financing costs	(1,198,831)	(4,085,214)
Proceeds from issuance of common stock		22,498,117
Capital contribution from Manager		2,050,288
Payments of cash dividends	(18,098,343)	(14,737,580)
Repurchases of common stock		(2,157,605)
Repurchases fees		(1,772)
Payments of offering costs		(213,427)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(1,797,174)	70,352,807
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS	121,497,057	(47,643,373)
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD	40,507,124	96,076,273
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD (See note 2)	162,004,181	48,432,900
Supplemental information:
Interest paid during the period	23,149,615	21,938,344
Cash paid for taxes	88,955	4,852
Supplemental non-cash information:
Payment-in-kind interest income and other adjustments to cost	6,573,881	(2,707,440)
Net accretion of discount on investments	1,285,027	862,540
Amortization of deferred debt financing costs	2,522,568	2,589,024
Stock dividend distribution	$ 2,005,926	$ 1,808,157

Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($)	Aug. 31, 2024	Feb. 29, 2024
Amortized cost (in Dollars)	$ 1,039,041,812	$ 1,179,783,737
Net reserve of interest receivable (in Dollars)	$ 21,216	$ 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)	13,745,769	13,653,476
Common stock, shares outstanding (in Shares)	13,745,769	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)	$ 932,599,967	$ 1,035,879,751
Affiliate investments
Amortized cost (in Dollars)	27,197,048	26,707,415
Control investments
Amortized cost (in Dollars)	$ 79,244,797	$ 117,196,571

Stockholders' Equity

6 Months Ended

Aug. 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 August 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 and six months ended August 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 August 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 and six months ended August 31, 2024, the Company did not sell any shares under the ATM Program.

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

										Total
	Common Stock						Capital in Excess			Distributable Earnings
	Shares			Amount			of Par Value			(Loss)			Net Assets
Balance at February 28, 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
Offfering 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:
Stock dividend distribution		45,490			45			987,527			-			987,572
Balance at May 31, 2024		13,698,966		$	13,699		$	372,068,726		$	(4,227,343	)	$	367,855,082
Increase (Decrease) from Operations:
Net investment income		-			-			-			18,197,398			18,197,398
Net realized gain (loss) from investments		-			-			-			(33,448,727	)		(33,448,727	)
Net change in unrealized appreciation (depreciation) on investments		-			-			-			28,728,155			28,728,155
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(159,187	)		(159,187	)
Decrease from Shareholder Distributions:
Distributions of investment income – net		-			-			-			(10,137,233	)		(10,137,233	)
Capital Share Transactions:
Stock dividend distribution		46,803			47			1,018,307			-			1,018,354
Balance at August 31, 2024		13,745,769		$	13,746		$	373,087,033		$	(1,046,937	)	$	372,053,842

The entire disclosure for equity.

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Agreements and Related Party Transactions [Abstract]

Agreements and Related Party Transactions

6 Months Ended

Aug. 31, 2024

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 August 31, 2024 and August 31, 2023, the Company incurred $4.8 million and $4.8 million in base management fees, respectively. For the three months ended August 31, 2024 and August 31, 2023, the Company incurred $4.6 million and $3.3 million in incentive fees related to pre-incentive fee net investment income, respectively. For the three months ended August 31, 2024 and August 31, 2023, the Company accrued an expense (benefit) of ($0.0) million and ($0.8) million in incentive fees related to capital gains.

For the six months ended August 31, 2024 and August 31, 2023, the Company incurred $9.7 million and $9.4 million in base management fees, respectively. For the six months ended August 31, 2024 and August 31, 2023, the Company incurred $8.1 million and $6.5 million in incentive fees related to pre-incentive fee net investment income, respectively. For the six months ended August 31, 2024 and August 31, 2023, the Company accrued an expense (benefit) of ($0.0) million and ($3.9) million in incentive fees related to capital gains.

The accrual is calculated using both realized and unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable in arrears at the end of the fiscal year and will include only realized capital gains for the period. As of August 31, 2024, the base management fees accrual was $4.8 million and the incentive fees accrual was $4.6 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, with the most renewal occurring on July 8, 2024. Since its inception the amount of expenses payable or reimbursable by the Company under the Administration Agreement has been subject to a cap that is reviewed annually in connection with the renewal of the Administration Agreement. Most recently, on August 1, 2024, the Company’s board of directors approved the renewal of the Administration Agreement for an additional one-year term and determined to increase the cap on the payment or reimbursement of expenses by the Company from $4.3 million to $5.0 million, effective August 1, 2024. The Company’s board of directors will continue to assess the cap on payment or reimbursement of expenses on an annual basis.

For the three months ended August 31, 2024 and August 31, 2023, the Company recognized $1.1 million and $0.9 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion of rent and other overhead related expenses. For the six months ended August 31, 2024 and August 31, 2023, the Company recognized $2.2 million and $1.8 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 August 31, 2024 and February 29, 2024, $0.8 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. Investment in Saratoga CLO 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.

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

For the three months ended August 31, 2024 and August 31, 2023, the Company recognized management fee income of $0.8 million and $0.8 million, respectively, related to the Saratoga CLO.

For the six months ended August 31, 2024 and August 31, 2023, the Company recognized management fee income of $1.6 million and $1.6 million, respectively, related to the Saratoga CLO.

For the six months ended August 31, 2024 and August 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 August 31, 2024, the Company’s investment in the SLF JV had a fair value of $21.4 million, consisting of an unsecured loan of $16.3 million and membership interest of $5.1 million. For the three months ended August 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 consolidated statements of assets and liabilities as of August 31, 2024. For the three months ended August 31, 2023, 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 consolidated statements of assets and liabilities as of August 31, 2023. For the three months ended August 31, 2024, the Company had $0.9 million of dividend income related to SLF JV, of which $0.0 million was included in dividend receivable on the consolidated statements of assets and liabilities as of August 31, 2024. For the three months ended August 31, 2023, the Company had $1.5 million of dividend income related to SLF JV, of which $0.0 million was included in dividend receivable on the consolidated statements of assets and liabilities and Liabilities as of August 31, 2023.

For the six months ended August 31, 2024, the Company had $0.9 million of interest income related to SLF JV, of which $0.2 million was included in interest receivable on the consolidated statements of assets and liabilities as of August 31, 2024. For the six months ended August 31, 2023, the Company had $0.9 million of interest income related to SLF JV, of which $0.2 million was included in interest receivable on the consolidated statements of assets and liabilities as of August 31, 2023. For the six months ended August 31, 2024, the Company had $2.2 million of dividend income related to SLF JV, of which $0.0 million was included in dividend receivable on the consolidated statements of assets and liabilities as of August 31, 2024. For the six months ended August 31, 2023, the Company had $3.4 million of dividend income related to SLF JV, of which $0.0 million was included in dividend receivable on the consolidated statements of assets and liabilities as of August 31, 2023.

As part of the JV CLO trust transaction, the Company purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.25 million.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-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

Summary of Significant Accounting Policies [Abstract]

Consolidated Statements of Assets and Liabilities - USD ($)	Aug. 31, 2024	Feb. 29, 2024
Investments at fair value
Non-control/Non-affiliate investments (amortized cost of $932,599,967 and $1,035,879,751, respectively)	$ 963,176,509	$ 1,019,774,616
Affiliate investments (amortized cost of $27,197,048 and $26,707,415, respectively)	29,193,438	27,749,137
Control investments (amortized cost of $79,244,797 and $117,196,571, respectively)	48,341,503	91,270,036
Total investments at fair value (amortized cost of $1,039,041,812 and $1,179,783,737, respectively)	1,040,711,450	1,138,793,789
Cash and cash equivalents	84,569,590	8,692,846
Cash and cash equivalents, reserve accounts	77,434,591	31,814,278
Interest receivable (net of reserve of $21,216 and $9,490,340, respectively)	10,085,266	10,298,998
Management fee receivable	333,826	343,023
Other assets	1,567,007	1,163,225
Current income tax receivable	1,931	99,676
Total assets	1,214,703,661	1,191,205,835
LIABILITIES
Revolving credit facilities	52,500,000	35,000,000
Commitments and contingencies (See Note 9)
NET ASSETS
Common stock, par value $0.001, 100,000,000 common shares authorized, 13,745,769 and 13,653,476 common shares issued and outstanding, respectively	13,746	13,654
Capital in excess of par value	373,087,033	371,081,199
Total distributable deficit	(1,046,937)	(870,745)
Total net assets	372,053,842	370,224,108
Total liabilities and net assets	$ 1,214,703,661	$ 1,191,205,835
NET ASSET VALUE PER SHARE (in Dollars per share)	$ 27.07	$ 27.12
Debentures payable
LIABILITIES
Deferred debt financing costs	$ (5,306,833)	$ (5,779,892)
Notes Payable	214,000,000	214,000,000
8.75% Notes Payable 2025
LIABILITIES
Deferred debt financing costs	(2,557)	(4,777)
Notes Payable	20,000,000	20,000,000
Discount on notes payable	(61,587)	(112,894)
7.00% Notes Payable 2025
LIABILITIES
Deferred debt financing costs	(16,212)	(24,210)
Notes Payable	12,000,000	12,000,000
Discount on notes payable	(132,133)	(193,175)
7.75% Notes Payable 2025
LIABILITIES
Deferred debt financing costs	(46,883)	(74,531)
Notes Payable	5,000,000	5,000,000
4.375% Notes Payable 2026
LIABILITIES
Deferred debt financing costs	(1,283,387)	(1,708,104)
Notes Payable	175,000,000	175,000,000
Premium on 4.375% notes payable 2026	439,902	564,260
4.35% Notes Payable 2027
LIABILITIES
Deferred debt financing costs	(859,567)	(1,033,178)
Notes Payable	75,000,000	75,000,000
Discount on notes payable	(254,551)	(313,010)
6.25% Notes Payable 2027
LIABILITIES
Deferred debt financing costs	(237,503)	(273,449)
Notes Payable	15,000,000	15,000,000
6.00% Notes Payable 2027
LIABILITIES
Deferred debt financing costs	(1,871,368)	(2,224,403)
Notes Payable	105,500,000	105,500,000
Discount on notes payable	(105,834)	(123,782)
8.00% Notes Payable 2027
LIABILITIES
Deferred debt financing costs	(1,099,544)	(1,274,455)
Notes Payable	46,000,000	46,000,000
8.125% Notes Payable 2027
LIABILITIES
Deferred debt financing costs	(1,358,240)	(1,563,594)
Notes Payable	60,375,000	60,375,000
8.50% Notes Payable 2028
LIABILITIES
Deferred debt financing costs	(1,474,914)	(1,680,039)
Base management and incentive fees payable	9,316,716	8,147,217
Deferred tax liability	4,417,880	3,791,150
Accounts payable and accrued expenses	1,497,040	1,337,542
Interest and debt fees payable	4,001,012	3,582,173
Directors fees payable	80,000
Due to Manager	784,693	450,000
Total liabilities	842,649,819	820,981,727
Notes Payable	57,500,000	57,500,000
Revolving credit facility
LIABILITIES
Deferred debt financing costs	$ (1,651,311)	$ (882,122)

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	$ 1,775,324	$ 2,650,580
Total deferred tax liabilities	(4,522,183)	(3,901,995)
Valuation allowance on net deferred tax assets	(1,671,021)	(2,539,735)
Net deferred tax liability	$ (4,417,880)	$ (3,791,150)

Commitments and Contingencies (Details) - USD ($) $ in Millions	Aug. 31, 2024	Feb. 29, 2024
Commitments and Contingencies [Line Items]
Off-balance sheet arrangements	$ 132.1	$ 132.4
Cash and cash equivalents	84.4
Available borrowings credit facility	87.9
Encina Credit Facility [Member]
Commitments and Contingencies [Line Items]
Available borrowings credit facility	32.5
Credit facility	$ 55.0

Investment in Saratoga CLO (Details) - Schedule of Statements of Assets and Liabilities (Parentheticals) - Saratoga CLO [Member] - USD ($)	Aug. 31, 2024	Feb. 29, 2024
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost of loans at fair value	$ 572,465,295	$ 629,345,724
Amortized cost equities at fair value	5,781,151	1,649,986
Amortized cost total investments at fair value	578,246,446	630,995,710
Net of reserve	$ 399,327	$ 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

Summary of Significant Accounting Policies

6 Months Ended

Aug. 31, 2024

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 August 31, 2024, the Company did not exceed any of these limitations.

Cash and Cash Equivalents, Reserve Accounts

	August 31, 2024		February 29, 2024
Cash and cash equivalents	$	84,569,590	$	8,692,846
Cash and cash equivalents, reserve accounts		77,434,591		31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	162,004,181	$	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

Schedule of Cash and Cash Equivalents and Cash and Cash Equivalents - USD ($)

Aug. 31, 2024

Feb. 29, 2024

Number of Shares (in Shares)

$ 84,569,590

$ 40,507,124

84,569,590

40,507,124

22.70%

10.90%

U.S. Bank Money Market [Member]

$ 84,569,590

$ 40,507,124

Number of Shares (in Shares)

^[1]

$ 84,569,590

$ 40,507,124

^[1]

84,569,590

40,507,124

^[1]

22.70%

10.90%

Total Alternative Investment Management Software [Member]

^[1]

$ 84,569,590

$ 40,507,124

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

Dividend

6 Months Ended

Aug. 31, 2024

Dividend [Abstract]

Dividend

Note 13. Dividend

On August 22, 2024, the Company declared a dividend of $0.74 per share payable on September 26, 2024, to common stockholders of record on September 11, 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 six months ended August 31, 2024 (dollars in thousands except per share amounts):

Date Declared	Record Date	Payment Date	Amount Per Share		Total Amount*
August 22, 2024	September 11, 2024	September 26, 2024	$	0.74	$	10,172
May 23, 2024	June 13, 2024	June 27, 2024		0.74		10,137
Total dividends declared			$	1.48	$	20,309

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

The following table summarizes dividends declared for the six months ended August 31, 2023 (dollars in thousands except per share amounts):

Date Declared	Record Date	Payment Date	Amount Per Share		Total Amount*
August 14, 2023	September 14, 2023	September 28, 2023	$	0.71	$	9,287
May 22, 2023	June 13, 2023	June 29, 2023		0.70		8,352
Total dividends declared			$	1.41	$	17,639

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

Investments (Details) - Schedule of Amortized Cost and Fair Value - USD ($)	Aug. 31, 2024	Feb. 29, 2024
Schedule of Amortized Cost and Fair Value [Line Items]
Investments at Amortized Cost	$ 1,039,042	$ 1,179,784
Amortized Cost Percentage of Total Portfolio	100.00%	100.00%
Investments at Fair Value	$ 1,040,711	$ 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	$ 883,386	$ 1,019,678
Amortized Cost Percentage of Total Portfolio	85.00%	86.40%
Investments at Fair Value	$ 886,176	$ 976,423
Fair Value Percentage of Total Portfolio	85.20%	85.70%
Second lien term loans [Member]
Schedule of Amortized Cost and Fair Value [Line Items]
Investments at Amortized Cost	$ 29,717	$ 21,968
Amortized Cost Percentage of Total Portfolio	2.90%	1.90%
Investments at Fair Value	$ 26,361	$ 18,097
Fair Value Percentage of Total Portfolio	2.50%	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	1.70%	1.50%
Investments at Fair Value	$ 16,280	$ 15,818
Fair Value Percentage of Total Portfolio	1.60%	1.40%
Structured finance securities [Member]
Schedule of Amortized Cost and Fair Value [Line Items]
Investments at Amortized Cost	$ 39,340	$ 42,769
Amortized Cost Percentage of Total Portfolio	3.80%	3.60%
Investments at Fair Value	$ 23,297	$ 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	$ 68,980	$ 77,750
Amortized Cost Percentage of Total Portfolio	6.60%	6.60%
Investments at Fair Value	$ 88,597	$ 97,830
Fair Value Percentage of Total Portfolio	8.50%	8.60%

Investment in Saratoga CLO (Details) - Schedule of Consolidated Statements of Operations - Investment in Saratoga CLO [Member] - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
INVESTMENT INCOME
Total interest from investments	$ 14,579,025	$ 15,662,824	$ 30,653,197	$ 30,640,303
Interest from cash and cash equivalents	330,398	156,192	563,896	341,236
Other income	465,627	216,150	1,100,396	470,224
Total investment income	15,375,050	16,035,166	32,317,489	31,451,763
EXPENSES
Interest and debt financing expenses	13,744,549	14,780,606	28,930,970	28,704,737
Base management fee	158,465	163,450	319,356	326,808
Subordinated management fee	633,859	653,801	1,277,423	1,307,231
Professional fees	350,029	133,365	408,834	172,891
Trustee expenses	61,273	66,540	123,478	129,034
Other expense	71,025	68,889	176,563	139,885
Total expenses	15,019,200	15,866,651	31,236,624	30,780,586
NET INVESTMENT INCOME (LOSS)	355,850	168,515	1,080,865	671,177
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments	(2,795,356)	(641,267)	(7,193,885)	(2,749,834)
Net change in unrealized depreciation on investments	(3,662,317)	13,352,743	(719,366)	3,015,505
Net realized and unrealized gain (loss) on investments	(6,457,673)	12,711,476	(7,913,251)	265,671
Realized losses on extinguishment of debt	(579,213)		(579,213)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ (6,681,036)	$ 12,879,991	$ (7,411,599)	$ 936,848

Consolidated Schedule of Investments - USD ($)

6 Months Ended

12 Months Ended

Aug. 31, 2024

Feb. 29, 2024

^[2]

3.10%

^[1]

2.90%

^[3]

^[2],[4]

$ 11,524,893

^[1]

$ 10,779,336

^[3]

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

^[2]

$ 10,808,773

^[1]

$ 9,840,328

^[3]

^[2]

2.40%

^[1]

2.10%

^[3]

^[2],[4]

$ 8,889,768

^[1]

$ 7,884,990

^[3]

^[2]

8,808,773

^[1]

7,840,328

^[3]

^[2]

$ 8,880,000

^[1]

$ 7,900,000

^[3]

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

^[2]

Jul. 18, 2022

^[1]

Jul. 18, 2022

^[3]

^[2]

0.70%

^[1],[5]

0.80%

^[3],[6]

^[2],[4]

$ 2,635,125

^[1],[5]

$ 2,894,346

^[3],[6]

^[2]

2,000,000

^[1],[5]

2,000,000

^[3],[6]

^[2]

$ 2,000,000

^[1],[5]

$ 2,000,000

^[3],[6]

Total Architecture & Engineering Software [Member]

^[2]

Jul. 18, 2022

^[1],[5]

Jul. 18, 2022

^[3],[6]

^[2]

6.90%

^[1]

6.80%

^[3]

^[2],[4]

$ 25,755,000

^[1]

$ 25,247,475

^[3]

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

^[2]

$ 25,040,367

^[1]

$ 25,029,150

^[3]

^[2]

6.70%

^[1],[7]

6.60%

^[3]

^[2],[4]

$ 24,990,000

^[1],[7]

$ 24,497,550

^[3]

^[2]

24,296,216

^[1],[7]

24,285,669

^[3]

^[2]

$ 24,500,000

^[1],[7]

$ 24,500,000

^[3]

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

^[2]

Apr. 13, 2023

^[1],[7]

Apr. 13, 2023

^[3]

^[2]

0.20%

^[1],[8]

0.20%

^[3],[9]

^[2],[4]

$ 765,000

^[1],[8]

$ 749,925

^[3],[9]

^[2]

744,151

^[1],[8]

743,481

^[3],[9]

^[2]

$ 750,000

^[1],[8]

$ 750,000

^[3],[9]

Total Association Management Software [Member]

^[2]

Apr. 13, 2023

^[1],[8]

Apr. 13, 2023

^[3],[9]

^[2]

6.90%

^[1]

6.50%

^[3]

^[2],[4]

$ 25,364,668

^[1]

$ 24,088,940

^[3]

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

^[2]

$ 24,193,721

^[1]

$ 23,364,477

^[3]

^[2]

6.50%

^[1]

6.20%

^[3]

^[2],[4]

$ 24,045,064

^[1]

$ 22,934,808

^[3]

^[2]

23,121,327

^[1]

22,292,083

^[3]

^[2]

$ 23,454,023

^[1]

$ 22,649,425

^[3]

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

^[2]

May 10, 2023

^[1]

May 10, 2023

^[3]

^[2]

0.40%

^[1],[5]

0.30%

^[3],[6]

^[2],[4]

$ 1,319,604

^[1],[5]

$ 1,154,132

^[3],[6]

^[2]

1,072,394

^[1],[5]

1,072,394

^[3],[6]

^[2]

$ 1,072,394

^[1],[5]

$ 1,072,394

^[3],[6]

Total Consumer Services [Member]

^[2]

May 10, 2023

^[1],[5]

May 10, 2023

^[3],[6]

^[2]

16.20%

^[1]

17.50%

^[3]

^[2],[4]

$ 60,276,350

^[1]

$ 64,689,071

^[3]

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

^[2]

$ 60,485,311

^[1]

$ 60,208,255

^[3]

^[2],[7]

15.30%

^[1],[8]

15.70%

^[3],[9]

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

$ 56,890,500

^[1],[8]

$ 58,149,750

^[3],[9]

^[2],[7]

57,273,445

^[1],[8]

57,208,255

^[3],[9]

^[2],[7]

$ 57,500,000

^[1],[8]

$ 57,500,000

^[3],[9]

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

^[2],[7]

May 20, 2021

^[1],[8]

May 20, 2021

^[3],[9]

^[2]

0.40%

^[1],[5]

1.30%

^[3],[6]

^[2],[4]

$ 1,356,160

^[1],[5]

$ 4,822,941

^[3],[6]

^[2]

1,500,000

^[1],[5]

1,500,000

^[3],[6]

^[2]

$ 934,463

^[1],[5]

$ 934,463

^[3],[6]

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

^[2]

May 20, 2021

^[1],[5]

May 20, 2021

^[3],[6]

^[2]

0.50%

^[1],[5]

0.50%

^[3],[6]

^[2]

$ 2,029,690

^[1],[5]

$ 1,716,380

^[3],[4],[6]

^[2]

1,711,866

^[1],[5]

1,500,000

^[3],[6]

^[2]

$ 331,640

^[1],[5]

$ 278,769

^[3],[6]

Total Corporate Education Software [Member]

^[2]

Dec. 22, 2022

^[1],[5]

Dec. 22, 2022

^[3],[6]

^[2]

1.20%

^[1]

1.20%

^[3],[6],[10]

^[2],[4]

$ 4,394,242

^[1]

$ 4,426,630

^[3],[6],[10]

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

^[2]

$ 475,698

^[1]

$ 475,698

^[3],[6],[10]

^[2],[10]

1.20%

^[1],[5]

1.20%

^[3],[6]

^[2],[4],[10]

$ 4,394,242

^[1],[5]

$ 4,426,630

^[3],[6]

^[2],[10]

475,698

^[1],[5]

475,698

^[3],[6]

^[2],[10]

$ 1,050

^[1],[5]

$ 1,050

^[3],[6]

Total Cyber Security [Member]

^[2],[10]

Dec. 08, 2020

^[1],[5]

Dec. 08, 2020

^[3],[6]

^[2]

0.90%

^[1]

0.80%

^[3],[6]

^[2],[4]

$ 3,189,357

^[1]

$ 2,826,009

^[3],[6]

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

^[2]

$ 1,906,275

^[1]

$ 1,906,275

^[3],[6]

^[2]

0.90%

^[1],[5]

0.80%

^[3],[6]

^[2],[4]

$ 3,189,357

^[1],[5]

$ 2,826,009

^[3],[6]

^[2]

1,906,275

^[1],[5]

1,906,275

^[3],[6]

^[2]

$ 7,857,689

^[1],[5]

$ 7,857,689

^[3],[6]

Total Dental Practice Management [Member]

^[2]

Nov. 10, 2021

^[1],[5]

Nov. 10, 2021

^[3],[6]

^[2]

9.40%

^[1]

10.90%

^[3]

^[2],[4]

$ 34,657,280

^[1]

$ 40,234,843

^[3]

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

^[2]

$ 34,047,369

^[1]

$ 40,418,843

^[3]

^[2]

1.90%

^[1],[8]

3.00%

^[3]

^[2],[4]

$ 7,071,429

^[1],[8]

$ 11,110,000

^[3]

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

7,072,749

10,979,958

^[3]

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

$ 7,142,857

$ 11,000,000

^[3]

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

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

May 13, 2024

Feb. 08, 2023

^[3]

^[1],[2]

0.00%

^[8]

0.30%

^[6],[10]

^[1],[2],[4]

^[8]

$ 1,111,499

^[6],[10]

^[1],[2]

^[8]

1,027,519

^[6],[10]

^[1],[2]

^[8]

$ 493,999

^[6],[10]

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

^[1],[2]

May 13, 2024

^[8]

Feb. 08, 2023

^[6],[10]

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

0.00%

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

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

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

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

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

May 13, 2024

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

0.30%

^{[1],[2],[4],[5],[10]}

$ 1,155,960

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

1,027,519

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

$ 493,999

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

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

Feb. 08, 2023

^[2]

1.90%

^[1]

1.90%

^[3]

^[2],[4]

$ 7,140,000

^[1]

$ 7,113,400

^[3]

^[2]

6,914,132

^[1]

6,906,453

^[3]

^[2]

$ 7,000,000

^[1]

$ 7,000,000

^[3]

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

^[2]

Apr. 18, 2023

^[1]

Apr. 18, 2023

^[3]

^[2]

2.10%

^[1]

2.10%

^[3]

^[2],[4]

$ 7,650,000

^[1]

$ 7,621,500

^[3]

^[2]

7,401,255

^[1]

7,392,367

^[3]

^[2]

$ 7,500,000

^[1]

$ 7,500,000

^[3]

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

^[2]

Apr. 18, 2023

^[1]

Apr. 18, 2023

^[3]

^[2],[5]

0.80%

^[1]

0.70%

^[3]

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

$ 2,849,582

^[1]

$ 2,682,996

^[3]

^[2],[5]

2,950,000

^[1]

2,950,000

^[3]

^[2],[5]

$ 2,950,000

^[1]

$ 2,950,000

^[3]

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

^[2],[5]

Apr. 18, 2023

^[1]

Apr. 18, 2023

^[3]

^[2]

1.80%

^[1]

1.70%

^[3]

^[2],[4]

$ 6,619,239

^[1]

$ 6,198,408

^[3]

^[2]

6,535,334

^[1]

6,526,643

^[3]

^[2]

$ 6,555,000

^[1]

$ 6,555,000

^[3]

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

^[2]

Nov. 25, 2020

^[1]

Nov. 25, 2020

^[3]

^[2]

0.60%

^[1]

1.20%

^[3]

^[2],[4]

$ 2,171,070

^[1]

$ 4,397,040

^[3]

^[2]

2,146,380

^[1]

4,635,903

^[3]

^[2]

$ 2,150,000

^[1]

$ 4,650,000

^[3]

Total Direct Selling Software [Member]

^[2]

Nov. 25, 2020

^[1]

Nov. 25, 2020

^[3]

^[2]

6.50%

^[1]

6.60%

^[3]

^[2],[4]

$ 24,241,961

^[1]

$ 24,073,455

^[3]

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

^[2]

$ 25,104,335

^[1]

$ 25,209,021

^[3]

^[2],[7]

6.30%

^[1]

6.30%

^[3]

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

$ 23,463,721

^[1]

$ 23,165,555

^[3]

^[2],[7]

24,062,668

^[1]

24,167,354

^[3]

^[2],[7]

$ 24,189,404

^[1]

$ 24,313,135

^[3]

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

^[2],[7]

Mar. 16, 2022

^[1]

Mar. 16, 2022

^[3]

^[2]

0.00%

^[1],[8]

0.00%

^[3],[9]

^[2],[4]

$ (18,750)

^[1],[8]

$ (49,167)

^[3],[9]

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

^[3],[9]

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

^[3],[9]

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

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

Mar. 16, 2022

^[3],[9],[10]

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

0.20%

^[1]

0.30%

^[3]

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

$ 796,990

^[1]

$ 957,067

^[3]

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

1,041,667

^[1]

1,041,667

^[3]

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

$ 1,041,667

^[1]

$ 1,041,667

^[3]

Total Education Services [Member]

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

Mar. 16, 2022

^[1]

Mar. 16, 2022

^[3]

^[2]

6.40%

^[1]

7.00%

^[3]

^[2],[4]

$ 23,593,072

^[1]

$ 25,819,196

^[3]

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

^[2]

$ 23,477,153

^[1]

$ 39,927,391

^[3]

^[2],[7]

6.20%

^[1]

5.80%

^[3]

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

$ 23,002,300

^[1]

$ 21,459,150

^[3]

^[2],[7]

22,977,249

^[1]

21,478,821

^[3]

^[2],[7]

$ 23,000,000

^[1]

$ 21,500,000

^[3]

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

^[2],[7]

May 31, 2017

^[1]

May 31, 2017

^[3]

^[2],[8]

0.00%

^[1]

0.00%

^[3],[9]

^[2],[8]

^[1],[4]

^[3],[9]

^[2],[8]

^[1]

^[3],[9]

^[2],[8]

^[1]

^[3],[9]

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

^[2],[8]

Apr. 28, 2023

^[1]

Apr. 28, 2023

^[3],[9]

^[2]

0.20%

^[1],[5]

0.20%

^[3],[6]

^[2],[4]

$ 590,772

^[1],[5]

$ 576,118

^[3],[6]

^[2]

499,904

^[1],[5]

499,904

^[3],[6]

^[2]

$ 3,127

^[1],[5]

$ 3,127

^[3],[6]

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

^[2]

May 18, 2021

^[1],[5]

May 18, 2021

^[3],[6]

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

0.00%

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

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

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

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

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

Jan. 18, 2022

^[2]

0.30%

^{[1],[11],[12]}

0.10%

^[3],[9],[13]

^[2],[4]

$ 1,049,908

^{[1],[11],[12]}

$ 290,419

^[3],[9],[13]

^[2]

1,461,250

^{[1],[11],[12]}

1,358,200

^[3],[9],[13]

^[2]

$ 1,461,250

^{[1],[11],[12]}

$ 1,364,109

^[3],[9],[13]

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

^[2]

May 11, 2021

^{[1],[11],[12]}

May 11, 2021

^[3],[9],[13]

^[2]

0.30%

^[1],[5],[14]

0.00%

^[3],[6]

^[2],[4]

$ 1,126,594

^[1],[5],[14]

^[3],[6]

^[2]

555,101

^[1],[5],[14]

250,000

^[3],[6]

^[2]

$ 7,731,294

^[1],[5],[14]

$ 250,000

^[3],[6]

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

^[2]

May 11, 2021

^[1],[5],[14]

May 11, 2021

^[3],[6]

^[2],[3],[13]

0.90%

^{[2],[3],[4],[13]}

$ 3,493,509

^[2],[3],[13]

16,340,466

^[2],[3],[13]

$ 16,409,153

Total Education Software [Member]

^[2],[3],[13]

May 11, 2021

^[2]

12.50%

^[1]

12.40%

^[3]

^[2],[4]

$ 46,424,628

^[1]

$ 45,579,262

^[3]

Total Education Software [Member] | Modern Campus (fka Destiny Solutions Inc.) [Member]

^[2]

$ 39,303,859

^[1]

$ 39,231,039

^[3]

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

2.80%

^{[1],[2],[4],[5],[10]}

$ 10,439,727

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

3,969,291

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

$ 3,068

Total Education Software [Member] | GoReact [Member]

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

May 16, 2018

^[2]

2.20%

^[1]

2.20%

^[3]

^[2],[4]

$ 8,122,206

^[1]

$ 8,087,775

^[3]

^[2]

8,110,606

^[1]

8,060,498

^[3]

^[2]

$ 8,122,206

^[1]

$ 8,087,775

^[3]

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

^[2]

Jan. 17, 2020

^[1]

Jan. 17, 2020

^[3]

^[2],[3],[9]

0.00%

^{[2],[3],[4],[9]}

^[2],[3],[9]

^[2],[3],[9]

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

^[2],[3],[9]

Jan. 18, 2022

^[2]

0.20%

^[1],[5]

0.20%

^[3],[6]

^[2],[4]

$ 663,725

^[1],[5]

$ 569,355

^[3],[6]

^[2]

232,616

^[1],[5]

232,616

^[3],[6]

^[2]

$ 232,616

^[1],[5]

$ 232,616

^[3],[6]

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

^[2]

Aug. 25, 2014

^[1],[5]

Aug. 25, 2014

^[3],[6]

^[2]

0.10%

^[1],[5]

0.10%

^[3],[6]

^[2],[4]

$ 244,870

^[1],[5]

$ 235,296

^[3],[6]

^[2]

171,571

^[1],[5]

171,571

^[3],[6]

^[2]

$ 43,715

^[1],[5]

$ 43,715

^[3],[6]

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

^[2]

Mar. 06, 2020

^[1],[5]

Mar. 06, 2020

^[3],[6]

^[2]

7.20%

^[1],[7]

7.20%

^[3]

^[2],[4]

$ 26,954,100

^[1],[7]

$ 26,792,100

^[3]

^[2]

26,819,775

^[1],[7]

26,797,063

^[3]

^[2]

$ 27,000,000

^[1],[7]

$ 27,000,000

^[3]

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

^[2]

Aug. 05, 2022

^[1],[7]

Aug. 05, 2022

^[3]

^{[2],[3],[6],[10]}

2.70%

^{[2],[3],[4],[6],[10]}

$ 9,894,736

^{[2],[3],[6],[10]}

3,969,291

^{[2],[3],[6],[10]}

$ 3,068

Total Facilities Maintenance [Member]

^{[2],[3],[6],[10]}

May 16, 2018

^[2]

0.00%

^[1]

0.10%

^[3]

^[2],[4]

^[1]

$ 231,181

^[3]

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

^[2]

$ 488,148

^[1]

$ 488,148

^[3]

^[2]

0.00%

^[1],[5]

0.10%

^[3],[6]

^[2],[4]

^[1],[5]

$ 231,181

^[3],[6]

^[2]

488,148

^[1],[5]

488,148

^[3],[6]

^[2]

$ 488,148

^[1],[5]

$ 488,148

^[3],[6]

Total Field Service Management [Member]

^[2]

Aug. 12, 2019

^[1],[5]

Aug. 12, 2019

^[3],[6]

^[2]

3.10%

^[1]

2.90%

^[3]

^[2],[4]

$ 11,488,120

^[1]

$ 10,708,480

^[3]

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

^[2]

$ 11,477,761

^[1]

$ 10,705,638

^[3]

^[2]

1.60%

^[1]

1.60%

^[3]

^[2],[4]

$ 6,005,400

^[1]

$ 5,989,200

^[3]

^[2]

5,999,971

^[1]

5,991,382

^[3]

^[2]

$ 6,000,000

^[1]

$ 6,000,000

^[3]

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

^[2]

Sep. 06, 2019

^[1]

Sep. 06, 2019

^[3]

^[2]

1.50%

^[1]

1.30%

^[3],[9]

^[2],[4]

$ 5,482,720

^[1]

$ 4,719,280

^[3],[9]

^[2]

5,477,790

^[1]

4,714,256

^[3],[9]

^[2]

$ 5,477,790

^[1]

$ 4,727,790

^[3],[9]

Total Financial Services [Member]

^[2]

Sep. 06, 2019

^[1]

Sep. 06, 2019

^[3],[9]

^[2]

7.10%

^[1]

7.10%

^[3]

^[2],[4]

$ 26,476,658

^[1]

$ 26,275,804

^[3]

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

^[2]

$ 26,147,064

^[1]

$ 26,136,433

^[3]

^[2]

6.10%

^[1]

6.10%

^[3]

^[2],[4]

$ 22,709,384

^[1]

$ 22,545,843

^[3]

^[2]

22,632,532

^[1]

22,624,322

^[3]

^[2]

$ 22,713,926

^[1]

$ 22,713,926

^[3]

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

^[2]

Dec. 30, 2021

^[1]

Dec. 30, 2021

^[3]

^[2]

0.90%

^[1],[7]

0.90%

^[3]

^[2],[4]

$ 3,285,416

^[1],[7]

$ 3,261,757

^[3]

^[2]

3,264,532

^[1],[7]

3,262,111

^[3]

^[2]

$ 3,286,074

^[1],[7]

$ 3,286,074

^[3]

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

^[2]

Dec. 30, 2021

^[1],[7]

Dec. 30, 2021

^[3]

^[2]

0.10%

^[1],[5]

0.10%

^[3],[6]

^[2],[4]

$ 481,858

^[1],[5]

$ 468,204

^[3],[6]

^[2]

250,000

^[1],[5]

250,000

^[3],[6]

^[2]

$ 250,000

^[1],[5]

$ 250,000

^[3],[6]

Total Financial Services Software [Member]

^[2]

Aug. 23, 2018

^[1],[5]

Aug. 23, 2018

^[3],[6]

^[2]

2.70%

^[1]

2.70%

^[3]

^[2],[4]

$ 10,006,785

^[1]

$ 9,916,335

^[3]

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

^[2]

$ 10,000,786

^[1]

$ 9,990,834

^[3]

^[2]

1.60%

^[1]

1.60%

^[3]

^[2],[4]

$ 5,974,200

^[1]

$ 5,920,200

^[3]

^[2]

5,967,632

^[1]

5,961,680

^[3]

^[2]

$ 6,000,000

^[1]

$ 6,000,000

^[3]

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

^[2]

Dec. 15, 2021

^[1]

Dec. 15, 2021

^[3]

^[2]

1.10%

^[1],[8]

1.10%

^[3],[9]

^[2],[4]

$ 4,032,585

^[1],[8]

$ 3,996,135

^[3],[9]

^[2]

4,033,154

^[1],[8]

4,029,154

^[3],[9]

^[2]

$ 4,050,000

^[1],[8]

$ 4,050,000

^[3],[9]

Total Fire Inspection Business Software [Member]

^[2]

Dec. 15, 2021

^[1],[8]

Dec. 15, 2021

^[3],[9]

^[2]

2.70%

^[1]

2.70%

^[3]

^[2],[4]

$ 10,156,000

^[1]

$ 9,916,000

^[3]

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

^[2]

$ 9,913,859

^[1]

$ 9,908,861

^[3]

^[2]

2.70%

^[1]

2.70%

^[3]

^[2],[4]

$ 10,156,000

^[1]

$ 9,916,000

^[3]

^[2]

9,913,859

^[1]

9,908,861

^[3]

^[2]

$ 10,000,000

^[1]

$ 10,000,000

^[3]

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

^[2]

Jul. 19, 2023

^[1]

Jul. 19, 2023

^[3]

^[2]

0.00%

^[1],[8]

0.00%

^[3],[9]

^[2]

^[1],[4],[8]

^[3],[9]

^[2]

^[1],[8]

^[3],[9]

^[2]

^[1],[8]

^[3],[9]

Total Health/Fitness Franchisor [Member]

^[2]

Jul. 19, 2023

^[1],[8]

Jul. 19, 2023

^[3],[9]

^[2]

8.50%

^[1]

8.70%

^[3]

^[2],[4]

$ 31,444,467

^[1]

$ 32,032,331

^[3]

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

^[2]

$ 30,483,838

^[1]

$ 31,740,931

^[3]

^[2]

7.90%

^[1],[7]

8.10%

^[3]

^[2],[4]

$ 29,214,080

^[1],[7]

$ 29,970,000

^[3]

^[2]

28,483,838

^[1],[7]

29,740,931

^[3]

^[2]

$ 28,717,271

^[1],[7]

$ 30,000,000

^[3]

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

^[2]

Mar. 31, 2023

^[1],[7]

Mar. 31, 2023

^[3]

^[2]

0.00%

^[1],[8]

0.00%

^[3],[9]

^[2]

^[1],[4],[8]

^[3],[9]

^[2]

^[1],[8]

^[3],[9]

^[2]

^[1],[8]

^[3],[9]

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

^[2]

Mar. 31, 2023

^[1],[8]

Mar. 31, 2023

^[3],[9]

^[2]

0.60%

^[1],[5]

0.60%

^[3],[6]

^[2],[4]

$ 2,230,387

^[1],[5]

$ 2,062,331

^[3],[6]

^[2]

2,000,000

^[1],[5]

2,000,000

^[3],[6]

^[2]

$ 20,000

^[1],[5]

$ 20,000

^[3],[6]

Total Healthcare Services [Member]

^[2]

Mar. 31, 2023

^[1],[5]

Mar. 31, 2023

^[3],[6]

^[2]

18.60%

^[1]

14.10%

^[3]

^[2],[4]

$ 68,733,946

^[1]

$ 51,094,111

^[3]

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

^[2]

$ 67,110,810

^[1]

$ 50,329,442

^[3]

^[2]

1.20%

^[1]

1.20%

^[3]

^[2],[4]

$ 3,978,000

^[1]

$ 3,959,670

^[3]

^[2]

3,852,226

^[1]

3,847,845

^[3]

^[2]

$ 3,900,000

^[1]

$ 3,900,000

^[3]

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

^[2]

Mar. 20, 2023

^[1]

Mar. 20, 2023

^[3]

^[2]

3.10%

^[1],[8]

2.40%

^[3],[9]

^[2],[4]

$ 11,421,705

^[1],[8]

$ 8,731,580

^[3],[9]

^[2]

11,050,714

^[1],[8]

8,482,841

^[3],[9]

^[2]

^[1],[8]

$ 8,600,000

^[3],[9]

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

^[2]

Mar. 20, 2023

^[1],[8]

Mar. 20, 2023

^[3],[9]

^[2]

0.80%

^[1],[5]

0.80%

^[3],[6]

^[2],[4]

$ 3,152,776

^[1],[5]

$ 2,859,121

^[3],[6]

^[2]

3,175,000

^[1],[5]

2,850,000

^[3],[6]

^[2]

$ 3,175,000

^[1],[5]

$ 2,850,000

^[3],[6]

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

^[2]

Mar. 20, 2023

^[1],[5]

Mar. 20, 2023

^[3],[6]

^[2]

2.70%

^[1]

2.70%

^[3]

^[2],[4]

$ 10,086,000

^[1]

$ 9,913,000

^[3]

^[2]

9,923,496

^[1]

9,917,367

^[3]

^[2]

$ 10,000,000

^[1]

$ 10,000,000

^[3]

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

^[2]

Sep. 11, 2023

^[1]

Sep. 11, 2023

^[3]

^[2]

0.00%

^[1],[8]

0.00%

^[3],[9]

^[2],[4]

^[1],[8]

^[3],[9]

^[2]

^[1],[8]

^[3],[9]

^[2]

^[1],[8]

^[3],[9]

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

^[2]

Sep. 11, 2023

^[1],[8]

Sep. 11, 2023

^[3],[9]

^[2]

0.20%

^[1],[5]

0.20%

^[3],[6]

^[2],[4]

$ 565,065

^[1],[5]

$ 630,740

^[3],[6]

^[2]

258,389

^[1],[5]

258,389

^[3],[6]

^[2]

$ 400,000

^[1],[5]

$ 400,000

^[3],[6]

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

^[2]

Jun. 19, 2018

^[1],[5]

Jun. 19, 2018

^[3],[6]

^[2],[7]

10.60%

^[1]

6.80%

^[3]

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

$ 39,530,400

^[1]

$ 25,000,000

^[3]

^[2],[7]

38,850,985

^[1]

24,973,000

^[3]

^[2],[7]

$ 39,000,000

^[1]

$ 25,000,000

^[3]

Total Healthcare Software [Member]

^[2],[7]

Jan. 31, 2017

^[1]

Jan. 31, 2017

^[3]

^[2]

32.60%

^[1]

32.50%

^[3]

^[2],[4]

$ 121,618,391

^[1]

$ 120,496,489

^[3]

Total Healthcare Software [Member] | Invita (fka HemaTerra Holding Company, LLC) [Member]

^[2]

$ 115,768,192

^[1]

$ 116,918,187

^[3]

^[1],[2],[7]

14.50%

^{[1],[2],[4],[7]}

$ 54,082,115

^[1],[2],[7]

53,671,530

^[1],[2],[7]

$ 53,931,108

Total Healthcare Software [Member] | Invita (fka HemaTerra Holding Company, LLC) One [Member]

^[1],[2],[7]

Apr. 15, 2019

^[1],[2]

3.60%

^[1],[2],[4]

$ 13,544,107

^[1],[2]

13,471,579

^[1],[2]

$ 13,506,289

Total Healthcare Software [Member] | Invita (fkaTRC HemaTerra, LLC) [Member]

^[1],[2]

Apr. 15, 2019

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

2.20%

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

$ 8,101,932

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

2,816,693

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

$ 2,487

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

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

Apr. 15, 2019

^[2]

9.40%

^[1]

9.50%

^[3]

^[2],[4]

$ 35,125,000

^[1]

$ 35,125,000

^[3]

^[2]

34,994,211

^[1]

34,965,458

^[3]

^[2]

$ 35,125,000

^[1]

$ 35,125,000

^[3]

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

^[2]

Nov. 12, 2020

^[1]

Nov. 12, 2020

^[3]

^[2]

2.80%

^[1],[8]

2.80%

^[3],[9]

^[2],[4]

$ 10,300,000

^[1],[8]

$ 10,300,000

^[3],[9]

^[2]

10,242,960

^[1],[8]

10,230,001

^[3],[9]

^[2]

$ 10,300,000

^[1],[8]

$ 10,300,000

^[3],[9]

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

^[2]

Nov. 12, 2020

^[1],[8]

Nov. 12, 2020

^[3],[9]

^[2]

0.10%

^[1],[5]

0.20%

^[3],[6]

^[2],[4]

$ 465,237

^[1],[5]

$ 826,280

^[3],[6]

^[2]

571,219

^[1],[5]

571,219

^[3],[6]

^[2]

$ 571,219

^[1],[5]

$ 571,219

^[3],[6]

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

^[2]

Nov. 12, 2020

^[1],[5]

Nov. 12, 2020

^[3],[6]

^[2],[3],[7]

14.90%

^{[2],[3],[4],[7]}

$ 55,087,003

^[2],[3],[7]

54,624,303

^[2],[3],[7]

$ 54,927,713

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

^[2],[3],[7]

Apr. 15, 2019

^[2],[3]

3.70%

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

$ 13,795,767

^[2],[3]

13,710,513

^[2],[3]

$ 13,755,875

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

^[2],[3]

Apr. 15, 2019

^[2],[3],[6]

1.40%

^{[2],[3],[4],[6]}

$ 5,362,439

^[2],[3],[6]

2,816,693

^[2],[3],[6]

$ 2,487

Total Healthcare Supply [Member]

^[2],[3],[6]

Apr. 15, 2019

^[2]

0.00%

^[1]

0.00%

^[3]

^[2],[4]

^[1]

^[3]

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

^[2]

$ 508,077

^[1]

$ 508,077

^[3]

^[2]

0.00%

^[1],[5]

0.00%

^[3],[6]

^[2],[4]

^[1],[5]

^[3],[6]

^[2]

508,077

^[1],[5]

508,077

^[3],[6]

^[2]

$ 5,081

^[1],[5]

$ 5,081

^[3],[6]

Total Hospitality/Hotel [Member]

^[2]

Mar. 26, 2014

^[1],[5]

Mar. 26, 2014

^[3],[6]

^[2]

5.50%

^[1]

11.10%

^[3]

^[2],[4]

$ 20,488,826

^[1]

$ 41,447,199

^[3]

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

^[2]

$ 23,150,241

^[1]

$ 43,983,696

^[3]

^[2]

5.50%

^[1]

3.40%

^[3],[13]

^[2],[4]

$ 20,488,826

^[1]

$ 12,642,851

^[3],[13]

^[2]

23,150,241

^[1]

15,878,989

^[3],[13]

^[2]

$ 23,150,241

^[1]

$ 15,878,989

^[3],[13]

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

^[2]

Nov. 09, 2018

^[1]

Nov. 09, 2018

^[3],[13]

^{[2],[3],[7],[15]}

0.80%

^{[2],[3],[4],[7],[15]}

$ 3,136,517

^{[2],[3],[7],[15]}

3,122,542

^{[2],[3],[7],[15]}

$ 3,136,517

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

^{[2],[3],[7],[15]}

Dec. 22, 2020

^[2],[3],[15]

0.50%

^{[2],[3],[4],[15]}

$ 2,000,000

^[2],[3],[15]

1,989,839

^[2],[3],[15]

$ 2,000,000

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

^[2],[3],[15]

Dec. 22, 2020

^{[2],[3],[6],[10],[15]}

0.10%

^{[2],[3],[4],[6],[10],[15]}

$ 389,531

^{[2],[3],[6],[10],[15]}

156,826

^{[2],[3],[6],[10],[15]}

$ 200,000

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

^{[2],[3],[6],[10],[15]}

Dec. 22, 2020

^[2],[3]

6.30%

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

$ 23,278,300

^[2],[3]

22,835,500

^[2],[3]

$ 23,000,000

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

^[2],[3]

Apr. 27, 2020

^[2],[3],[9]

0.00%

^{[1],[2],[3],[4],[8],[9]}

^{[1],[2],[3],[8],[9]}

^{[1],[2],[3],[8],[9]}

Total HVAC Services and Sales [Member]

^[2],[3],[9]

Sep. 02, 2021

^[2]

16.00%

^[1]

16.00%

^[3]

^[2],[4]

$ 59,213,726

^[1]

$ 59,207,805

^[3]

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

^[2]

$ 58,884,125

^[1]

$ 58,841,345

^[3]

^[2],[7]

11.60%

^[1]

11.60%

^[3]

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

$ 43,004,300

^[1]

$ 43,000,000

^[3]

^[2],[7]

42,808,235

^[1]

42,781,757

^[3]

^[2],[7]

$ 43,000,000

^[1]

$ 43,000,000

^[3]

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

^[2],[7]

Nov. 16, 2020

^[1]

Nov. 16, 2020

^[3]

^[2]

4.40%

^[1],[7],[8]

4.40%

^[3],[9]

^[2],[4]

$ 16,209,426

^[1],[7],[8]

$ 16,207,805

^[3],[9]

^[2]

16,075,890

^[1],[7],[8]

16,059,588

^[3],[9]

^[2]

$ 16,207,805

^[1],[7],[8]

$ 16,207,805

^[3],[9]

Total Industrial Products [Member]

^[2]

Nov. 16, 2020

^[1],[7],[8]

Nov. 16, 2020

^[3],[9]

^[2]

2.30%

^[1]

2.40%

^[3]

^[2],[4]

$ 8,542,810

^[1]

$ 9,095,121

^[3]

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

^[2]

$ 307,962

^[1]

$ 923,886

^[3]

^[2],[7]

0.10%

^[1]

0.20%

^[3]

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

$ 307,962

^[1]

$ 923,886

^[3]

^[2],[7]

307,962

^[1]

923,886

^[3]

^[2],[7]

$ 307,962

^[1]

$ 923,886

^[3]

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

^[2],[7]

Mar. 06, 2013

^[1]

Mar. 06, 2013

^[3]

^[2]

2.20%

^[1],[5]

2.20%

^[3],[6]

^[2],[4]

$ 8,234,848

^[1],[5]

$ 8,171,235

^[3],[6]

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

^[4]

^[3],[6]

^[2]

$ 343

^[1],[5]

$ 343

^[3],[6]

Total Insurance Software [Member]

^[2]

May 31, 2015

^[1],[5]

May 31, 2015

^[3],[6]

^[2]

5.40%

^[1]

5.40%

^[3]

^[2],[4]

$ 20,155,090

^[1]

$ 19,821,100

^[3]

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

^[2]

$ 18,131,751

^[1]

$ 18,186,250

^[3]

^[2]

4.20%

^[1]

4.30%

^[3]

^[2],[4]

$ 15,732,514

^[1]

$ 15,806,231

^[3]

^[2]

15,631,751

^[1]

15,686,250

^[3]

^[2]

$ 15,715,227

^[1]

$ 15,788,864

^[3]

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

^[2]

Oct. 01, 2021

^[1]

Oct. 01, 2021

^[3]

^[2]

1.20%

^[1],[5]

1.10%

^[3],[6]

^[2],[4]

$ 4,422,576

^[1],[5]

$ 4,014,869

^[3],[6]

^[2]

2,500,000

^[1],[5]

2,500,000

^[3],[6]

^[2]

$ 2,500,000

^[1],[5]

$ 2,500,000

^[3],[6]

Total IT Services [Member]

^[2]

Oct. 01, 2021

^[1],[5]

Oct. 01, 2021

^[3],[6]

^[2]

11.60%

^[1]

11.60%

^[3]

^[2],[4]

$ 43,000,000

^[1]

$ 43,000,000

^[3]

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

^[2]

$ 42,967,165

^[1]

$ 42,967,165

^[3]

^[2],[7]

11.60%

^[1]

11.60%

^[3]

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

$ 43,000,000

^[1]

$ 43,000,000

^[3]

^[2],[7]

42,967,165

^[1]

42,967,165

^[3]

^[2],[7]

$ 43,000,000

^[1]

$ 43,000,000

^[3]

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

^[2],[7]

Mar. 20, 2020

^[1]

Mar. 20, 2020

^[3]

^[2],[3],[16]

1.50%

^{[2],[3],[4],[16]}

$ 5,582,719

^[2],[3],[16]

5,686,791

^[2],[3],[16]

$ 5,693,748

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

^[2],[3],[16]

Jul. 03, 2018

^[2],[3],[16]

6.70%

^{[2],[3],[4],[16]}

$ 24,778,425

^[2],[3],[16]

25,193,452

^[2],[3],[16]

$ 25,271,214

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

^[2],[3],[16]

May 26, 2020

^{[2],[3],[6],[16]}

1.40%

^{[2],[3],[4],[6],[16]}

$ 5,060,745

^{[2],[3],[6],[16]}

8,344,500

^{[2],[3],[6],[16]}

$ 4,600,677

Total Lead Management Software [Member]

^{[2],[3],[6],[16]}

Jul. 03, 2018

^[2]

3.10%

^[1]

3.30%

^[3]

^[2],[4]

$ 11,640,880

^[1]

$ 12,120,000

^[3]

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

^[2]

$ 11,456,675

^[1]

$ 11,920,834

^[3]

^[2],[7]

3.10%

^[1]

3.30%

^[3]

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

$ 11,640,880

^[1]

$ 12,120,000

^[3]

^[2],[7]

11,456,675

^[1]

11,920,834

^[3]

^[2],[7]

$ 11,525,624

^[1]

$ 12,000,000

^[3]

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

^[2],[7]

Aug. 08, 2022

^[1]

Aug. 08, 2022

^[3]

^[2]

0.00%

^[1],[8]

0.00%

^[3],[9]

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

^[3],[9]

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

^[3],[9]

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

^[3],[9]

Total Marketing Orchestration Software [Member]

^[2]

Aug. 08, 2022

^[1],[8]

Aug. 08, 2022

^[3],[9]

^[1],[2]

4.90%

5.00%

^[1],[2],[4]

$ 18,345,973

$ 18,420,006

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

^[1],[2]

$ 18,477,484

$ 18,544,720

^[2],[7]

4.90%

^[1]

5.00%

^[3]

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

$ 18,345,973

^[1]

$ 18,420,006

^[3]

^[2],[7]

18,477,484

^[1]

18,544,720

^[3]

^[2],[7]

$ 18,762,500

^[1]

$ 18,857,500

^[3]

Total Mental Healthcare Services [Member]

^[2],[7]

Dec. 30, 2022

^[1]

Dec. 30, 2022

^[3]

^[2]

9.10%

^[1]

10.20%

^[3]

^[2],[4]

$ 33,807,270

^[1]

$ 37,377,120

^[3]

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

^[2]

$ 37,519,217

^[1]

$ 37,512,347

^[3]

^[2],[7]

1.70%

^[1]

1.80%

^[3]

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

$ 6,271,850

^[1]

$ 6,490,900

^[3]

^[2],[7]

6,444,219

^[1]

6,438,832

^[3]

^[2],[7]

$ 6,500,000

^[1]

$ 6,500,000

^[3]

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

^[2],[7]

Aug. 05, 2022

^[1]

Aug. 05, 2022

^[3]

^[2],[7]

7.00%

^[1]

7.30%

^[3],[9]

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

$ 25,969,875

^[1]

$ 26,876,897

^[3],[9]

^[2],[7]

26,905,399

^[1]

26,903,916

^[3],[9]

^[2],[7]

$ 22,377,827

^[1]

$ 26,914,577

^[3],[9]

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

^[2],[7]

Aug. 05, 2022

^[1]

Aug. 05, 2022

^[3],[9]

^[2]

0.40%

^[1],[5]

1.10%

^[3],[6]

^[2],[4]

$ 1,565,545

^[1],[5]

$ 4,009,323

^[3],[6]

^[2]

4,169,599

^[1],[5]

4,169,599

^[3],[6]

^[2]

$ 3,818,400

^[1],[5]

$ 3,818,400

^[3],[6]

Total Mentoring Software [Member]

^[2]

Aug. 05, 2022

^[1],[5]

Aug. 05, 2022

^[3],[6]

^[2]

5.90%

^[1]

5.90%

^[3]

^[2],[4]

$ 22,211,887

^[1]

$ 22,068,881

^[3]

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

^[2]

$ 22,896,357

^[1]

$ 22,874,859

^[3]

^[2]

4.00%

^[1]

4.00%

^[3]

^[2],[4]

$ 14,980,500

^[1]

$ 14,841,000

^[3]

^[2]

14,928,228

^[1]

14,911,921

^[3]

^[2]

$ 15,000,000

^[1]

$ 15,000,000

^[3]

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

^[2]

Aug. 26, 2021

^[1]

Aug. 26, 2021

^[3]

^[2]

1.30%

^[1],[7]

1.30%

^[3]

^[2],[4]

$ 4,993,500

^[1],[7]

$ 4,947,000

^[3]

^[2]

4,968,129

^[1],[7]

4,962,938

^[3]

^[2]

$ 5,000,000

^[1],[7]

$ 5,000,000

^[3]

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

^[2]

Aug. 26, 2021

^[1],[7]

Aug. 26, 2021

^[3]

^[2]

0.60%

^[1],[5]

0.60%

^[3],[6]

^[2],[4]

$ 2,237,887

^[1],[5]

$ 2,280,881

^[3],[6]

^[2]

3,000,000

^[1],[5]

3,000,000

^[3],[6]

^[2]

$ 3,000

^[1],[5]

$ 3,000

^[3],[6]

Total Non-profit Services [Member]

^[2]

Aug. 26, 2021

^[1],[5]

Aug. 26, 2021

^[3],[6]

^[2]

4.40%

^[1]

4.40%

^[3]

^[2],[4]

$ 16,417,887

^[1]

$ 16,266,938

^[3]

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

^[2]

$ 16,318,356

^[1]

$ 16,239,922

^[3]

^[2]

4.40%

^[1],[7]

4.40%

^[3]

^[2],[4]

$ 16,417,887

^[1],[7]

$ 16,266,938

^[3]

^[2]

16,318,356

^[1],[7]

16,239,922

^[3]

^[2]

$ 16,339,458

^[1],[7]

$ 16,270,192

^[3]

Total Office Supplies [Member]

^[2]

May 29, 2018

^[1],[7]

May 29, 2018

^[3]

^[2]

1.40%

^[1]

1.90%

^[3]

^[2],[4]

$ 5,173,626

^[1]

$ 7,180,874

^[3]

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

^[2]

$ 4,395,783

^[1]

$ 6,392,437

^[3]

^[2]

1.10%

^[1],[7]

1.60%

^[3]

^[2],[4]

$ 4,001,600

^[1],[7]

$ 6,027,000

^[3]

^[2]

3,995,783

^[1],[7]

5,992,437

^[3]

^[2]

$ 4,000,000

^[1],[7]

$ 6,000,000

^[3]

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

^[2]

Dec. 28, 2012

^[1],[7]

Dec. 28, 2012

^[3]

^[2]

0.30%

^[1],[5]

0.30%

^[3],[6]

^[2],[4]

$ 1,172,026

^[1],[5]

$ 1,153,874

^[3],[6]

^[2]

400,000

^[1],[5]

400,000

^[3],[6]

^[2]

$ 49,318

^[1],[5]

$ 49,318

^[3],[6]

Total Real Estate Services [Member]

^[2]

Dec. 28, 2012

^[1],[5]

Dec. 28, 2012

^[3],[6]

^[2]

14.10%

^[1]

14.10%

^[3]

^[2],[4]

$ 52,235,733

^[1]

$ 52,350,445

^[3]

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

^[2]

$ 53,727,006

^[1]

$ 53,665,591

^[3]

^[2],[7]

3.70%

^[1]

3.70%

^[3]

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

$ 13,633,200

^[1]

$ 13,631,800

^[3]

^[2],[7]

13,964,540

^[1]

13,950,236

^[3]

^[2],[7]

$ 14,000,000

^[1]

$ 14,000,000

^[3]

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

^[2],[7]

Jul. 09, 2020

^[1]

Jul. 09, 2020

^[3]

^[2]

10.10%

^[1]

10.10%

^[3]

^[2],[4]

$ 37,491,300

^[1]

$ 37,487,450

^[3]

^[2]

38,389,909

^[1]

38,342,798

^[3]

^[2]

$ 38,500,000

^[1]

$ 38,500,000

^[3]

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

^[2]

Feb. 12, 2021

^[1]

Feb. 12, 2021

^[3]

^[2],[10]

0.30%

^[1],[5]

0.30%

^[3],[6]

^[2],[4],[10]

$ 1,111,233

^[1],[5]

$ 1,231,195

^[3],[6]

^[2],[10]

1,372,557

^[1],[5]

1,372,557

^[3],[6]

^[2],[10]

$ 1,250

^[1],[5]

$ 1,250

^[3],[6]

Total Research Software [Member]

^[2],[10]

Jul. 09, 2020

^[1],[5]

Jul. 09, 2020

^[3],[6]

^[2]

7.10%

^[1]

7.20%

^[3]

^[2],[4]

$ 26,345,813

^[1]

$ 26,254,706

^[3]

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

^[2]

$ 26,192,639

^[1]

$ 26,176,748

^[3]

^[2]

2.60%

^[1]

2.60%

^[3]

^[2],[4]

$ 9,552,000

^[1]

$ 9,483,226

^[3]

^[2]

9,478,239

^[1]

9,474,084

^[3]

^[2]

$ 9,552,000

^[1]

$ 9,552,000

^[3]

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

^[2]

Jun. 27, 2022

^[1]

Jun. 27, 2022

^[3]

^[2]

3.90%

^[1]

3.90%

^[3]

^[2],[4]

$ 14,400,000

^[1]

$ 14,296,320

^[3]

^[2]

14,239,240

^[1]

14,227,504

^[3]

^[2]

$ 14,400,000

^[1]

$ 14,400,000

^[3]

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

^[2]

Jun. 27, 2022

^[1]

Jun. 27, 2022

^[3]

^[2]

0.60%

^[1],[5]

0.70%

^[3],[6]

^[2],[4]

$ 2,393,813

^[1],[5]

$ 2,475,160

^[3],[6]

^[2]

2,475,160

^[1],[5]

2,475,160

^[3],[6]

^[2]

$ 2,475,160

^[1],[5]

$ 2,475,160

^[3],[6]

Total Restaurant [Member]

^[2]

Jun. 27, 2022

^[1],[5]

Jun. 27, 2022

^[3],[6]

^[2]

8.50%

^[1]

6.20%

^[3]

^[2],[4]

$ 31,473,584

^[1]

$ 22,580,272

^[3]

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

^[2]

$ 30,791,797

^[1]

$ 21,861,817

^[3]

^[2]

3.30%

^[1]

3.30%

^[3]

^[2],[4]

$ 12,120,000

^[1]

$ 12,104,400

^[3]

^[2]

11,939,440

^[1]

11,926,272

^[3]

^[2]

$ 12,000,000

^[1]

$ 12,000,000

^[3]

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

^[2]

Nov. 19, 2021

^[1]

Nov. 19, 2021

^[3]

^[2]

4.90%

^[1],[8]

2.50%

^[3]

^[2],[4]

$ 18,180,000

^[1],[8]

$ 9,078,300

^[3]

^[2]

17,852,357

^[1],[8]

8,935,545

^[3]

^[2]

$ 18,000,000

^[1],[8]

$ 9,000,000

^[3]

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

^[2]

Nov. 19, 2021

^[1],[8]

Nov. 19, 2021

^[3]

^[2]

0.30%

^[1],[5]

0.40%

^[3],[6]

^[2],[4]

$ 1,173,584

^[1],[5]

$ 1,397,572

^[3],[6]

^[2]

1,000,000

^[1],[5]

1,000,000

^[3],[6]

^[2]

$ 497,183

^[1],[5]

$ 497,183

^[3],[6]

Total Roofing Contractor Software [Member]

^[2]

Nov. 19, 2021

^[1],[5]

Nov. 19, 2021

^[3],[6]

^[2]

5.10%

^[1]

5.10%

^[3]

^[2],[4]

$ 19,004,802

^[1]

$ 19,014,055

^[3]

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

^[2]

$ 18,560,628

^[1]

$ 18,624,294

^[3]

^[2]

5.10%

^[1]

5.10%

^[3]

^[2],[4]

$ 19,004,802

^[1]

$ 19,014,055

^[3]

^[2]

18,560,628

^[1]

18,624,294

^[3]

^[2]

$ 18,683,447

^[1]

$ 18,777,459

^[3]

Total Staffing Services [Member]

^[2]

Mar. 28, 2023

^[1]

Mar. 28, 2023

^[3]

^[2]

1.00%

^[1]

0.90%

^[3]

^[2],[4]

$ 3,632,002

^[1]

$ 3,287,970

^[3]

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

^[2]

$ 100,000

^[1]

$ 100,000

^[3]

^[2]

1.00%

^[1],[5]

0.90%

^[3],[6]

^[2],[4]

$ 3,632,002

^[1],[5]

$ 3,287,970

^[3],[6]

^[2]

100,000

^[1],[5]

100,000

^[3],[6]

^[2]

$ 100,000

^[1],[5]

$ 100,000

^[3],[6]

Total Talent Acquisition Software [Member]

^[2]

Jan. 08, 2014

^[1],[5]

Jan. 08, 2014

^[3],[6]

^[1],[2]

7.30%

7.50%

^[1],[2],[4]

$ 27,457,000

$ 26,896,000

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

^[1],[2]

$ 27,339,387

$ 26,822,857

^[2]

1.60%

^[1]

1.60%

^[3]

^[2],[4]

$ 6,060,000

^[1]

$ 6,060,000

^[3]

^[2]

5,960,315

^[1]

5,955,935

^[3]

^[2]

$ 6,000,000

^[1]

$ 6,000,000

^[3]

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

^[2]

May 02, 2022

^[1]

May 02, 2022

^[3]

^[2]

0.30%

^[1]

0.30%

^[3],[9]

^[2],[4]

$ 1,010,000

^[1]

$ 1,010,000

^[3],[9]

^[2]

992,302

^[1]

991,649

^[3],[9]

^[2]

$ 1,000,000

^[1]

$ 1,000,000

^[3],[9]

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

^[2]

May 02, 2022

^[1]

May 02, 2022

^[3],[9]

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

0.10%

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

$ 505,000

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

495,212

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

$ 500,000

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

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

Mar. 31, 2023

^[2],[7]

5.30%

^[1]

5.60%

^[3]

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

$ 19,882,000

^[1]

$ 19,826,000

^[3]

^[2],[7]

19,891,558

^[1]

19,875,273

^[3]

^[2],[7]

$ 20,000,000

^[1]

$ 20,000,000

^[3]

Total Veterinary Services [Member]

^[2],[7]

Aug. 05, 2022

^[1]

Aug. 05, 2022

^[3]

^[2]

1.30%

^[1]

1.30%

^[3]

^[2],[4]

$ 4,683,782

^[1]

$ 4,753,048

^[3]

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

^[2]

$ 4,641,998

^[1]

$ 4,638,599

^[3]

^[2]

1.30%

^[1],[8]

1.30%

^[3],[9]

^[2],[4]

$ 4,683,782

^[1],[8]

$ 4,753,048

^[3],[9]

^[2]

4,641,998

^[1],[8]

4,638,599

^[3],[9]

^[2]

$ 4,680,505

^[1],[8]

$ 4,680,505

^[3],[9]

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

^[2]

May 12, 2023

^[1],[8]

May 12, 2023

^[3],[9]

^[2]

259.30%

^[1]

276.50%

^[3]

^[2],[4]

$ 963,176,509

^[1]

$ 1,019,774,616

^[3]

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

^[2]

$ 932,599,967

^[1]

$ 1,035,879,751

^[3]

^[2]

1.90%

^[1],[14]

1.90%

^[3],[17]

^[2],[4]

$ 6,983,900

^[1],[14]

$ 6,983,200

^[3],[17]

^[2]

6,951,798

^[1],[14]

6,945,060

^[3],[17]

^[2]

$ 7,000,000

^[1],[14]

$ 7,000,000

^[3],[17]

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

^[2]

Aug. 18, 2022

^[1],[14]

Aug. 18, 2022

^[3],[17]

^[2]

1.60%

^[1],[14]

1.50%

^[3],[17]

^[2],[4]

$ 5,872,447

^[1],[14]

$ 5,454,290

^[3],[17]

^[2]

6,567,024

^[1],[14]

6,089,408

^[3],[17]

^[2]

$ 6,604,191

^[1],[14]

$ 6,130,483

^[3],[17]

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

^[2]

Aug. 18, 2022

^[1],[14]

Aug. 18, 2022

^[3],[17]

^[2]

0.10%

^[1],[5],[14]

0.30%

^[3],[6],[17]

^[2],[4]

$ 201,094

^[1],[5],[14]

$ 1,162,040

^[3],[6],[17]

^[2]

3,000,000

^[1],[5],[14]

3,000,000

^[3],[6],[17]

^[2]

$ 3,000,000

^[1],[5],[14]

$ 3,000,000

^[3],[6],[17]

Total Corporate Education Software One [Member]

^[2]

Aug. 18, 2022

^[1],[5],[14]

Aug. 18, 2022

^[3],[6],[17]

^[2]

3.60%

^[1]

3.70%

^[3]

^[2],[4]

$ 13,057,441

^[1]

$ 13,599,530

^[3]

Total Employee Collaboration Software [Member]

^[2]

$ 16,518,822

^[1]

$ 16,034,468

^[3]

^[2]

4.20%

^[1]

3.80%

^[3]

^[2],[4]

$ 16,135,997

^[1]

$ 14,149,607

^[3]

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

^[2]

$ 10,678,226

^[1]

$ 10,672,947

^[3]

^[2]

1.50%

^[1],[14]

1.50%

^[3],[17]

^[2],[4]

$ 5,500,000

^[1],[14]

$ 5,555,000

^[3],[17]

^[2]

5,473,117

^[1],[14]

5,468,859

^[3],[17]

^[2]

$ 5,500,000

^[1],[14]

$ 5,500,000

^[3],[17]

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

^[2]

Jun. 30, 2021

^[1],[14]

Jun. 30, 2021

^[3],[17]

^[2]

0.30%

^[1],[14]

0.30%

^[3],[17]

^[2]

$ 1,100,000

^[1],[4],[14]

$ 1,111,000

^[3],[17]

^[2]

1,093,892

^[1],[14]

1,092,870

^[3],[17]

^[2]

$ 1,100,000

^[1],[14]

$ 1,100,000

^[3],[17]

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

^[2]

Jun. 30, 2021

^[1],[14]

Jun. 30, 2021

^[3],[17]

^[2]

0.00%

^[1],[8],[14]

0.00%

^[3],[9],[17]

^{[1],[2],[4],[8],[14]}

^{[1],[2],[8],[14]}

^[2]

^[1],[8],[14]

^[3],[9],[17]

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

^[2]

Feb. 03, 2022

^[1],[8],[14]

Feb. 03, 2022

^[3],[9],[17]

^[2]

0.80%

^[1],[5],[14]

0.80%

^[3],[6],[17]

^[2],[4]

$ 3,032,000

^[1],[5],[14]

$ 2,877,000

^[3],[6],[17]

^[2]

2,055,609

^[1],[5],[14]

2,055,609

^[3],[6],[17]

^[2]

$ 2,055,609

^[1],[5],[14]

$ 2,055,609

^[3],[6],[17]

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

^[2]

Jun. 30, 2021

^[1],[5],[14]

Jun. 30, 2021

^[3],[6],[17]

^[2]

1.60%

^[1],[5],[14]

1.20%

^[3],[6],[17]

^[2],[4]

$ 6,503,997

^[1],[5],[14]

$ 4,606,607

^[3],[6],[17]

^[2]

2,055,608

^[1],[5],[14]

2,055,609

^[3],[6],[17]

^[2]

$ 2,055,609

^[1],[5],[14]

$ 2,055,609

^[3],[6],[17]

Sub Total Affiliate investments [Member]

^[2]

Jun. 30, 2021

^[1],[5],[14]

Jun. 30, 2021

^[3],[6],[17]

^[2]

7.80%

^[1]

7.50%

^[3]

^[2],[4]

$ 29,193,438

^[1]

$ 27,749,137

^[3]

Total Education Services One [Member]

^[2]

$ 27,197,048

^[1]

$ 26,707,415

^[3]

^{[1],[2],[5],[11]}

0.60%

^{[1],[2],[4],[5],[11]}

$ 2,176,502

Total Specialty Food Retailer [Member]

^{[1],[2],[5],[11]}

$ 2,016,351

0.40%

0.70%

^[2],[3]

^[4]

$ 1,460,940

$ 2,488,682

^[2],[3]

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

$ 2,686,307

$ 35,437,789

^[2],[3]

0.40%

0.70%

^{[2],[3],[7],[13]}

^[4]

$ 1,348,560

$ 2,409,036

^{[2],[3],[7],[13]}

2,400,000

33,148,332

^{[2],[3],[7],[13]}

$ 2,400,000

$ 33,320,000

^{[2],[3],[7],[13]}

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

Jun. 30, 2021

^{[2],[3],[7],[13]}

0.00%

^{[2],[3],[9],[13]}

^[4]

$ 79,646

^{[2],[3],[9],[13]}

1,092,422

^{[2],[3],[9],[13]}

$ 1,101,600

^{[2],[3],[9],[13]}

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

Jun. 30, 2021

^{[2],[3],[9],[13]}

0.00%

^{[2],[3],[9],[13]}

^[4]

$ 112,380

^{[1],[2],[3],[8],[9],[13]}

200,000

^{[1],[2],[3],[8],[9],[13]}

$ 200,000

^{[1],[2],[3],[8],[9],[13]}

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

Jun. 30, 2021

^{[2],[3],[9],[13]}

0.00%

^[2],[3],[6]

^[4]

^{[1],[2],[3],[5],[6]}

86,307

1,000,000

^[2],[3],[6]

$ 100,000

$ 1,000,000

^[2],[3],[6]

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

Jun. 30, 2021

^[2],[3],[6]

^[2],[3],[6]

0.00%

^{[2],[3],[4],[6]}

^[2],[3],[6]

197,035

^[2],[3],[6]

$ 197,035

Total Structured Finance Securities [Member]

^[2],[3],[6]

Jun. 30, 2021

^[2]

6.30%

^[1]

8.30%

^[3]

^[2],[4]

$ 23,297,059

^[1]

$ 30,625,854

^[3]

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

^[2]

$ 39,339,700

^[1]

$ 42,769,387

^[3]

^[2],[19]

1.60%

^{[1],[11],[18],[20]}

2.60%

^{[3],[15],[16]}

^[2],[4],[19]

$ 5,773,621

^{[1],[11],[18],[20]}

$ 9,500,627

^{[3],[15],[16]}

^[2],[19]

18,572,200

^{[1],[11],[18],[20]}

22,001,887

^{[3],[15],[16]}

^[2],[19]

$ 111,000,000

^{[1],[11],[18],[20]}

$ 111,000,000

^{[3],[15],[16]}

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

^[2],[19]

Jan. 22, 2008

^{[1],[11],[18],[20]}

Jan. 22, 2008

^{[3],[15],[16]}

^[2]

1.40%

^{[1],[11],[18]}

2.40%

^{[3],[15],[16]}

^[2],[4]

$ 5,273,438

^{[1],[11],[18]}

$ 8,875,227

^{[3],[15],[16]}

^[2]

9,375,000

^{[1],[11],[18]}

9,375,000

^{[3],[15],[16]}

^[2]

$ 9,375,000

^{[1],[11],[18]}

$ 9,375,000

^{[3],[15],[16]}

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

^[2]

Aug. 09, 2021

^{[1],[11],[18]}

Aug. 09, 2021

^{[3],[15],[16]}

^[2]

3.30%

^{[1],[11],[18]}

3.30%

^{[3],[15],[16]}

^[2],[4]

$ 12,250,000

^{[1],[11],[18]}

$ 12,250,000

^{[3],[15],[16]}

^[2]

11,392,500

^{[1],[11],[18]}

11,392,500

^{[3],[15],[16]}

^[2]

$ 12,250,000

^{[1],[11],[18]}

$ 12,250,000

^{[3],[15],[16]}

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

^[2]

Oct. 28, 2022

^{[1],[11],[18]}

Oct. 28, 2022

^{[3],[15],[16]}

^{[1],[2],[8],[11],[18]}

4.40%

^{[1],[2],[4],[8],[11],[18]}

$ 16,279,913

^{[1],[2],[8],[11],[18]}

17,618,954

^{[1],[2],[8],[11],[18]}

$ 17,618,954

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

^{[1],[2],[8],[11],[18]}

Dec. 17, 2021

1.40%

^[4]

$ 5,127,089

17,583,485

$ 17,583,486

Total Investment Fund [Member]

Dec. 17, 2021

^[2]

5.80%

^{[1],[11],[18]}

6.80%

^[3]

^[2],[4]

$ 21,407,002

^{[1],[11],[18]}

$ 25,222,293

^[3]

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

^[2]

$ 35,202,439

^{[1],[11],[18]}

$ 35,202,441

^[3]

^{[2],[3],[9],[15],[16]}

4.30%

^{[2],[3],[4],[9],[15],[16]}

$ 15,818,297

^{[2],[3],[9],[15],[16]}

17,618,954

^{[2],[3],[9],[15],[16]}

$ 17,618,954

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

^{[2],[3],[9],[15],[16]}

Dec. 17, 2021

^{[2],[3],[15],[16]}

2.50%

^{[2],[3],[4],[15],[16]}

$ 9,403,996

^{[2],[3],[15],[16]}

17,583,487

^{[2],[3],[15],[16]}

$ 17,583,486

Sub Total Control investments [Member]

^{[2],[3],[15],[16]}

Dec. 17, 2021

^[2]

13.10%

^[1]

24.70%

^[3]

^[2],[4]

$ 48,341,503

^[1]

$ 91,270,036

^[3]

TOTAL INVESTMENTS [Member]

^[2]

$ 79,244,797

^[1]

$ 117,196,571

^[3]

^[2]

280.20%

^[1]

308.70%

^[3]

^[2],[4]

$ 1,040,711,450

^[1]

$ 1,138,793,789

^[3]

Total Legal Software [Member]

^[2]

$ 1,039,041,812

^[1]

$ 1,179,783,737

^[3]

^[2],[3]

5.60%

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

$ 20,709,446

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

^[2],[3]

$ 20,882,496

^[2],[3]

5.60%

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

$ 20,709,446

^[2],[3]

20,882,496

^[2],[3]

$ 21,033,360

Total Sports Management [Member]

^[2],[3]

Jan. 18, 2022

^[2],[3]

7.30%

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

$ 27,000,000

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

^[2],[3]

$ 26,945,071

^[2],[3],[7]

7.00%

^{[2],[3],[4],[7]}

$ 26,000,000

^[2],[3],[7]

25,945,071

^[2],[3],[7]

$ 26,000,000

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

^[2],[3],[7]

Feb. 21, 2020

^[2],[3]

0.30%

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

$ 1,000,000

^[2],[3]

1,000,000

^[2],[3]

$ 1,000,000

Total IT Services [Member]

^[2],[3]

Feb. 21, 2020

^[2],[3]

9.60%

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

$ 35,421,889

Schedule of Credit Facility

^[2],[3]

$ 39,224,743

[1]	Percentages are based on net assets of $372,053,842 as of August 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]	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).
[5]	Non-income producing at August 31, 2024.
[6]	Non-income producing at February 29, 2024.
[7]	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).
[8]	All or a portion of this investment has an unfunded commitment as of August 31, 2024. (See Note 9 to the consolidated financial statements).
[9]	All or a portion of this investment has an unfunded commitment as of February 29, 2024. (See Note 9 to the consolidated financial statements).
[10]	Includes securities issued by an affiliate of the company.
[11]	As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the six months ended August 31, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:
[12]	As of August 31, 2024, the investment was on non-accrual status. The fair value of these investments was approximately $2.5 million, which represented 0.2% of the Company’s portfolio (see Note 2 to the consolidated financial statements).
[13]	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).
[14]	As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the six months ended August 31, 2024 in which the issuer was an affiliate are as follows:
[15]	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.
[16]	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:
[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]	Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of August 31, 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.
[19]	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.
[20]	Interest rate floor is 0.0% and cannot be negative.

Borrowings (Tables)

6 Months Ended

Aug. 31, 2024

Borrowings [Abstract]

During the six months ended August 31, 2024 and August 31, 2023 the average dollar amount of 8.50% 2028 Notes outstanding was $57.5 million and $42.9 million respectively.

Class and Year (1)(2)	Total Amount Outstanding Exclusive of Treasury Securities(3)		Asset Coverage per Unit(4)		Involuntary Liquidating Preference per Share(5)		Average Market Value per Share(6)
	(in thousands)

Credit Facility with Encina Lender Finance, LLC
Fiscal year 2025 (as of August 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 August 31, 2024)	$	20,000	$	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 August 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 August 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)
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)

Class and Year (1)(2)	Total Amount Outstanding Exclusive of Treasury Securities(3)		Asset Coverage per Unit(4)		Involuntary Liquidating Preference per Share(5)		Average Market Value per Share(6)
	(in thousands)
7.75% Notes due 2025
Fiscal year 2025 (as of August 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 August 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 August 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 August 31, 2024)	$	105,500	$	1,596		-	$	24.18	(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 August 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 August 31, 2024)	$	46,000	$	1,596		-	$	25.11	(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 August 31, 2024)	$	60,375	$	1,596		-	$	25.20	(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 August 31, 2024)	$	57,500	$	1,596		-	$	25.34	(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.

Stockholders' Equity (Details) - Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity - USD ($)	3 Months Ended						6 Months Ended		12 Months Ended
	Aug. 31, 2024	May 31, 2024	Feb. 29, 2024	Nov. 30, 2023	Aug. 31, 2023	May 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Feb. 29, 2024
Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity [Line Items]
Balance	$ 367,855,082	$ 370,224,108	$ 359,558,749	$ 362,078,755	$ 337,450,848	$ 346,958,042	$ 370,224,108	$ 346,958,042	$ 346,958,042
Increase (Decrease) from Operations:
Net investment income	18,197,398	14,335,005	12,784,511	14,166,063	13,964,784	15,958,950
Realized losses on extinguishment of debt					(110,056)			(110,056)
Net realized gain (loss) from investments	(33,448,727)	(21,194,997)	2,327	60,565		90,691	(54,643,724)	90,691
Net change in unrealized appreciation (depreciation) on investments	28,728,155	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	(159,187)	(461,001)	(315,473)	(415,894)	(221,206)	59,407
Decrease from Shareholder Distributions:
Distributions of investment income – net	(10,137,233)	(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	1,018,354	987,572	915,193	858,995	749,313	1,058,844
Offering costs			(163,789)	(92,240)	(213,427)			(213,427)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles
Repurchases of common stock						(2,157,605)
Repurchase fees						(1,772)
Balance	372,053,842	367,855,082	370,224,108	359,558,749	362,078,755	337,450,848	372,053,842	362,078,755	370,224,108
Common Stock [Member]
Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity [Line Items]
Balance	$ 13,699	$ 13,654	$ 13,115	$ 12,730	$ 11,848	$ 11,891	$ 13,654	$ 11,891	$ 11,891
Balance (in Shares)	13,698,966	13,653,476	13,114,977	12,729,781	11,847,742	11,890,500	13,653,476	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	$ 47	$ 45	$ 38	$ 35	$ 30	$ 47
Stock dividend distribution (in Shares)	46,803	45,490	37,394	35,196	29,627	45,818
Offering costs
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles
Repurchases of common stock						$ (90)
Repurchases of common stock (in Shares)						(88,576)
Repurchase fees
Balance	$ 13,746	$ 13,699	$ 13,654	$ 13,115	$ 12,730	$ 11,848	$ 13,746	$ 12,730	$ 13,654
Balance (in Shares)	13,745,769	13,698,966	13,653,476	13,114,977	12,729,781	11,847,742	13,745,769	12,729,781	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	$ 372,068,726	$ 371,081,199	$ 356,698,595	$ 345,876,725	$ 320,793,316	$ 321,893,806	$ 371,081,199	$ 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	1,018,307	987,527	915,155	858,960	749,283	1,058,797
Offering costs			(163,789)	(92,240)	(213,427)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles			(779,040)
Repurchases of common stock						(2,157,515)
Repurchase fees						(1,772)
Balance	373,087,033	372,068,726	371,081,199	356,698,595	345,876,725	320,793,316	373,087,033	345,876,725	371,081,199
Total Distributable Earnings (Loss) [Member]
Schedule of Reconciliation of the Changes in Each Significant Caption of Stockholders’ Equity [Line Items]
Balance	(4,227,343)	(870,745)	2,847,039	16,189,300	16,645,684	25,052,345	(870,745)	25,052,345	25,052,345
Increase (Decrease) from Operations:
Net investment income	18,197,398	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	(33,448,727)	(21,194,997)	2,327	60,565		90,691
Net change in unrealized appreciation (depreciation) on investments	28,728,155	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	(159,187)	(461,001)	(315,473)	(415,894)	(221,206)	59,407
Decrease from Shareholder Distributions:
Distributions of investment income – net	(10,137,233)	(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
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles			779,040
Repurchases of common stock
Repurchase fees
Balance	$ (1,046,937)	$ (4,227,343)	$ (870,745)	$ 2,847,039	$ 16,189,300	$ 16,645,684	$ (1,046,937)	$ 16,189,300	$ (870,745)

Commitments and Contingencies (Details) - Schedule of Unfunded Commitments Outstanding - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	$ 83,748	$ 77,696
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member]
At Company’s discretion
Off balance sheet arrangements	132,138	132,429
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	3,902	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	2,000	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	2,500	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	800	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	48,390	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
Davisware, LLC [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	1,000
Granite Comfort, LP [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements		750
JDXpert [Member] \| At Company’s Discretion [Member]
At Company’s discretion
Off balance sheet arrangements	4,500	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	1,200	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

6 Months Ended

Aug. 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 and six months ended August 31, 2024 and August 31, 2023 (dollars in thousands except share and per share amounts):

	For the three months ended				For the six months ended
Basic and Diluted	August 31, 2024		August 31, 2023		August 31, 2024		August 31, 2023
Net increase (decrease) in net assets resulting from operations	$	13,318	$	7,896	$	19,928	$	7,683
Weighted average common shares outstanding		13,726,142		12,158,440		13,704,759		12,011,180
Weighted average earnings (loss) per common share	$	0.97	$	0.65	$	1.45	$	0.64

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Aug. 31, 2024	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Summary of Significant Accounting Policies [Line Items]
Non-accrual fair value (in Dollars)	$ 3.6	$ 18.9
Fair value percentage	0.40%	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%
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]
Summary of Significant Accounting Policies [Line Items]
Aggregate value in excess percentage	5.00%
Minimum [Member] \| Affiliated Investments [Member]
Summary of Significant Accounting Policies [Line Items]
Outstanding voting shares percentage	5.00%
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Aggregate value in excess percentage	10.00%
Maximum [Member] \| Affiliated Investments [Member]
Summary of Significant Accounting Policies [Line Items]
Outstanding voting shares percentage	25.00%

Earnings Per Share (Details) - Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 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	$ 13,318	$ 7,896	$ 19,928	$ 7,683
Weighted average common shares outstanding	13,726,142	12,158,440	13,704,759	12,011,180
Weighted average earnings (loss) per common share	$ 0.97	$ 0.65	$ 1.45	$ 0.64

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