0001213900-26-052176 | 10-K | XBRL Viewer

$ 1,109,134

$ 978,078

Level 1 [Member]

Level 2 [Member]

46,412

Level 3 [Member]

Valued Using Net Asset Value [Member]

1,061,187

974,997

First lien term loans [Member]

^[1]

1,535

3,081

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

910,991

867,866

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

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

First lien term loans [Member] | Valued Using Net Asset Value [Member]

910,991

867,866

Second lien term loans [Member]

^[1]

Second lien term loans [Member] | Level 1 [Member]

42,707

6,388

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

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

Second lien term loans [Member] | Valued Using Net Asset Value [Member]

42,707

6,388

Unsecured term loans [Member]

^[1]

Unsecured term loans [Member] | Level 1 [Member]

16,130

16,534

Unsecured term loans [Member] | Level 2 [Member]

Unsecured term loans [Member] | Level 3 [Member]

Unsecured term loans [Member] | Valued Using Net Asset Value [Member]

16,130

16,534

Structured finance securities [Member]

^[1]

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

54,834

14,772

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

Structured finance securities [Member] | Level 3 [Member]

46,412

Structured finance securities [Member] | Valued Using Net Asset Value [Member]

8,422

14,772

Equity Interests [Member]

^[1]

Equity Interests [Member] | Level 1 [Member]

84,472

72,518

Equity Interests [Member] | Level 2 [Member]

Equity Interests [Member] | Level 3 [Member]

Equity Interests [Member] | Valued Using Net Asset Value [Member]

82,937

69,437

Schedule of Amortized Cost and Fair Value [Line Items]

^[1]

$ 1,535

$ 3,081

[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 - Schedule of Amortized Cost and Fair Value (Details) - USD ($)

Feb. 28, 2026

Feb. 28, 2025

$ 1,136,387,874

$ 1,000,093,332

^[1],[2]

100.00%

$ 1,109,133,812

$ 978,077,750

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

First lien term loans [Member]

100.00%

Schedule of Amortized Cost and Fair Value [Line Items]

$ 920,429,000

$ 873,342,000

81.00%

87.30%

$ 910,991,000

$ 867,866,000

Second lien term loans [Member]

82.10%

88.70%

Schedule of Amortized Cost and Fair Value [Line Items]

$ 42,945,000

$ 7,094,000

3.80%

0.70%

$ 42,707,000

$ 6,388,000

Unsecured term loans [Member]

3.90%

0.70%

Schedule of Amortized Cost and Fair Value [Line Items]

$ 17,619,000

1.60%

1.80%

$ 16,130,000

$ 16,534,000

Structured finance securities [Member]

1.50%

1.70%

Schedule of Amortized Cost and Fair Value [Line Items]

$ 78,962,000

$ 35,657,000

6.90%

3.60%

$ 54,834,000

$ 14,772,000

Equity interests [Member]

4.90%

1.50%

Schedule of Amortized Cost and Fair Value [Line Items]

$ 76,433,000

$ 66,381,000

6.70%

6.60%

$ 84,472,000

$ 72,518,000

Schedule of Dividend in Cash

7.60%

7.40%

[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.
[2]	Percentages are based on net assets of $392,665,468 as of February 28, 2025.
[3]	Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).

Subsequent Events (Tables)

12 Months Ended

Feb. 28, 2026

Subsequent Events [Abstract]

On March 17, 2026, the Company declared the following dividends for the quarter ending May 31, 2026. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to the DRIP.

Month	Amount per Share		Record Date	Payment Date
March 2026	$	0.25	April 7, 2026	April 23, 2026
April 2026	$	0.25	May 5, 2026	May 21, 2026
May 2026	$	0.25	June 4, 2026	June 23, 2026

Organization

12 Months Ended

Feb. 28, 2026

Organization [Abstract]

Organization

Note 1. Organization

Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is a non-diversified closed end management investment company incorporated in Maryland that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed the initial public offering (“IPO”) on March 28, 2007. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.

GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company.

On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction.

The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager” or “Saratoga Investment Advisors”), pursuant to an investment advisory and management agreement (the “Management Agreement”).

The Company has established wholly owned subsidiaries, SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT, Inc. and SIA-Vector, Inc., which are structured as Delaware entities that are treated as corporations for U.S. federal income tax purposes and are intended to facilitate its compliance with the requirements to be treated as a RIC under the Code by holding equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass through entities). These entities are consolidated for accounting purposes, but are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expenses as a result of their ownership of portfolio companies.

Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”) and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC II LP, the “SBIC Subsidiaries”), received licenses to operate as small business investment companies from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. Our wholly owned subsidiary Saratoga Investment Corp. SBIC LP (“SBIC LP”) repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million with at least $175.0 million in combined regulatory capital.

The Company has formed wholly owned special purpose entities organized as Delaware limited liability companies, Saratoga Investment Funding II LLC (“SIF II”) and Saratoga Investment Funding III LLC (“SIF III”) for the purpose of the Company’s credit facilities as described in Note 8, Borrowings.

On October 26, 2021, the Company and TJHA JV I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV LLC (“SLF JV”). SLF JV is under joint control and is not consolidated. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (“SLF 2022”), which is a wholly owned subsidiary of SLF JV. SLF 2022 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. On October 28, 2022, SLF 2022 issued $402.1 million of debt (the “2022 JV CLO Notes”) through a collateralized loan obligation trust (the “JV CLO trust”). The 2022 JV CLO Notes were issued pursuant to an indenture, dated October 28, 2022 (the “JV Indenture”), with U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (the “Trustee”) serving as the trustee.

On September 24, 2025, the Company completed the first refinancing of SLF 2022. This refinancing, among other things, extended SLF 2022’s investment period to October 2028. As part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company also paid $1.6 million of additional equity investment related to the refinancing of SLF JV.

Stockholders’ Equity (Tables)

12 Months Ended

Feb. 28, 2026

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:

							Capital			Total Distributable
	Common Stock						in Excess			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		-			-			-			(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		-			-			-			(8,352,335	)		(8,352,335	)
Capital Share Transactions:
Proceeds from issuance of common stock		852,412			852			22,497,265			-			22,498,117
Capital contribution from Manager		-			-			2,050,288			-			2,050,288
Stock dividend distribution		29,627			30			749,283			-			749,313
Offering costs		-			-			(213,427	)		-			(213,427	)
Balance at August 31, 2023		12,729,781		$	12,730		$	345,876,725		$	16,189,300		$	362,078,755
Increase (Decrease) from Operations:
Net investment income		-			-			-			14,166,063			14,166,063
Net realized gain (loss) from investments		-			-			-			60,565			60,565
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(17,866,353	)		(17,866,353	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(415,894	)		(415,894	)
Decrease from Shareholder Distributions:
Distributions of investment income		-			-			-			(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

					Capital			Total Distributable
	Common Stock				in Excess			Earnings
	Shares		Amount		of Par Value			(Loss)			Net Assets
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		-		-		-			(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		-		-		-			(9,967,036	)		(9,967,036	)
Capital Share Transactions:
Proceeds from issuance of common stock		-		-		-			-			-
Capital contribution from Manager		-		-		-			-			-
Stock dividend distribution		45,490		45		987,527			-			987,572
Offering costs		-		-		-			-			-
Balance at May 31, 2024		13,698,966	$	13,699	$	372,068,726		$	(4,227,343	)	$	367,855,082
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		-		-		-			(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

					Capital			Total Distributable
	Common Stock				in Excess			Earnings
	Shares		Amount		of Par Value			(Loss)			Net Assets
Increase (Decrease) from Operations:
Net investment income		-		-		-			12,435,655			12,435,655
Net realized gain (loss) from investments		-		-		-			5,444,745			5,444,745
Net change in unrealized appreciation (depreciation) on investments		-		-		-			(8,918,583	)		(8,918,583	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-		-		-			(126,875	)		(126,875	)
Decrease from Shareholder Distributions:
Distributions of investment income		-		-		-			(10,171,868	)		(10,171,868	)
Capital Share Transactions:
Proceeds from issuance of common stock		108,438		108		2,777,318			-			2,777,426
Capital contribution from Manager		-		-		199,652			-			199,652
Stock dividend distribution		54,999		55		1,214,181			-			1,214,236
Offering costs		-		-		(42,575	)		-			(42,575	)
Balance at November 30, 2024	$	13,909,206	$	13,909	$	377,235,609		$	(2,383,863	)	$	374,865,655
Increase (Decrease) from Operations:
Net investment income		-		-		-			8,034,545			8,034,545
Net realized gain (loss) from investments		-		-		-			7,169,655			7,169,655
Income tax (provision) benefit from realized gain on investments		-		-		-			-			-
Realized losses on extinguishment of debt		-		-		-			(800,452	)		(800,452	)
Net change in unrealized appreciation (depreciation) on investments		-		-		-			(14,766,637	)		(14,766,637	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-		-		-			(313,873	)		(313,873	)
Decrease from Shareholder Distributions:
Distributions of investment income		-		-		-			(15,548,742	)		(15,548,742	)
Capital Share Transactions:
Proceeds from issuance of common stock		1,192,400		1,193		30,223,409			-			30,224,602
Capital contribution from Manager		-		-		2,152,115			-			2,152,115
Stock dividend distribution		81,472		81		1,857,389			-			1,857,470
Offering costs		-		-		(208,870	)		-			(208,870	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-		-		1,653,945			(1,653,945	)		-
Balance at February 28, 2025	$	15,183,078	$	15,183	$	412,913,597		$	(20,263,312	)	$	392,665,468
Increase (Decrease) from Operations:
Net investment income		-		-		-			10,142,033			10,142,033
Net realized gain (loss) from investments		-		-		-			2,901,339			2,901,339
Income tax (provision) benefit from realized gain on investments		-		-		-			-			-
Realized losses on extinguishment of debt		-		-		-			-			-
Net change in unrealized appreciation (depreciation) on investments		-		-		-			943,977			943,977
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-		-		-			(55,085	)		(55,085	)
Decrease from Shareholder Distributions:
Distributions of investment income		-		-		-			(18,980,079	)		(18,980,079	)
Capital Share Transactions:
Proceeds from issuance of common stock		244,831		245		6,143,575			-			6,143,820
Capital contribution from Manager		-		-		297,770			-			297,770
Stock dividend distribution		101,482		101		2,312,052			-			2,312,153
Offering costs		-		-		(2,080	)		-			(2,080	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-		-					-			-
Balance at May 31, 2025	$	15,529,391	$	15,529	$	421,664,914		$	(25,311,127	)	$	396,369,316

							Capital			Total Distributable
	Common Stock						in Excess			Earnings
	Shares			Amount			of Par Value			(Loss)			Net Assets
Net investment income		-			-			-			9,080,732			9,080,732
Net realized gain (loss) from investments		-			-			-			52,691			52,691
Income tax (provision) benefit from realized gain on investments		-			-			-			-			-
Realized losses on extinguishment of debt		-			-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		-			-			-			3,727,713			3,727,713
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			423,998			423,998
Decrease from Shareholder Distributions:											-
Distributions of investment income		-			-			-			(11,797,313	)		(11,797,313	)
Capital Share Transactions:
Proceeds from issuance of common stock		443,406			443			11,101,401			-			11,101,844
Capital contribution from Manager		-			-			271,552			-			271,552
Stock dividend distribution		54,515			55			1,289,733			-			1,289,788
Offering costs		-			-			(20,753	)		-			(20,753	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-						-			-
Balance at August 31, 2025	$	16,027,312		$	16,027		$	434,306,847		$	(23,823,306	)	$	410,499,568
Net investment income		-			-			-			9,786,386			9,786,386
Net realized gain (loss) from investments		-			-			-			3,070,547			3,070,547
Income tax (provision) benefit from realized gain on investments		-			-			-			-			-
Realized losses on extinguishment of debt		-			-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(583,659	)		(583,659	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(150,134	)		(150,134	)
Realized losses on extinguishment of debt		-			-			-			(123,157	)		(123,157	)
Decrease from Shareholder Distributions:
Distributions of investment income		-			-			-			(12,078,766	)		(12,078,766	)
Capital Share Transactions:
Proceeds from issuance of common stock		58,962			59			1,507,206			-			1,507,265
Capital contribution from Manager		-			-			-			-			-
Stock dividend distribution		59,124			59			1,281,827			-			1,281,886
Offering costs		-			-			(3,024	)		-			(3,024	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			-			-
Balance at November 30, 2025	$	16,145,398		$	16,145		$	437,092,856		$	(23,902,089	)	$	413,206,912
Net investment income		-			-			-			7,797,648			7,797,648
Net realized gain (loss) from investments		-			-			-			(278,087	)		(278,087	)
Income tax (provision) benefit from realized gain on investments		-			-			-			-			-
Realized losses on extinguishment of debt		-			-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(9,326,511	)		(9,326,511	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(105,281	)		(105,281	)
Realized losses on extinguishment of debt		-			-			-			(700,853	)		(700,853	)
Decrease from Shareholder Distributions:
Distributions of investment income		-			-			-			(16,169,750	)		(16,169,750	)
Capital Share Transactions:
Proceeds from issuance of common stock		-			-			-			-			-
Repurchases of common stock		(2,495	)		(2	)		(54,312	)		-			(54,314	)
Capital contribution from Manager		-			-			-			-			-
Stock dividend distribution		81,295			81			1,785,909			-			1,785,990
Offering costs		-			-			-			-			-
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			378,024			(378,024	)
Balance at February 28, 2026	$	16,224,198		$	16,224		$	439,202,477		$	(43,062,947	)	$	396,155,754

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Feb. 28, 2026	Dec. 31, 2025	Feb. 28, 2025	Feb. 29, 2024
Income Taxes [Line Items]
Percentage of investment of taxable income	90.00%
Net unrealized depreciation	$ 400,000		$ 4,000,000
Cost of securities for U.S. federal income tax	1,500,000,000		1,500,000,000
Short term capital loss	800,000
Long term capital loss	$ 83,500,000
Net long term capital losses			73,400,000
Percentage of U.S. federal excise tax	4.00%
Percentage of ordinary income		98.00%
Capital gain		98.20%
Accrued U.S. federal excise taxes	$ 1,700,000		2,400,000
Owned percentage	100.00%
U.S. federal tax percentage	21.00%
Deferred tax assets	$ 2,300,000
Deferred tax expense (benefit)	100,000		1,100,000	$ 900,000
Total operating expense (benefit)	$ 80,000.00		$ 400,000	40,000.00
Federal net operating loss carryforwards				2,400,000
State net operating loss carryforwards				2,200,000
U.S. federal statutory rate	4.00%		21.00%
Effective tax rate perentage	0.00%
Federal excise tax	$ (149,069)		$ 356,482	52,680
UNITED STATES
Income Taxes [Line Items]
Federal excise tax	$ 1,700,000		$ 2,400,000	$ 1,800,000
Ownership Saratoga CLO [Member]
Income Taxes [Line Items]
Ownership percentage	100.00%
U.S. federal statutory rate	21.00%

Borrowings - Schedule of Credit Facility (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Feb. 28, 2026

Feb. 28, 2025

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

Feb. 28, 2021

Feb. 29, 2020

Feb. 28, 2019

Feb. 28, 2018

Feb. 28, 2017

Feb. 29, 2016

Feb. 28, 2015

Feb. 28, 2014

Feb. 28, 2013

Feb. 29, 2012

Feb. 28, 2011

Credit Facility with Valley National Bank [Member] | Fiscal year 2026 (as of February 28, 2026) [Member]

Total Amount Outstanding Exclusive of Treasury Securities

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

$ 32,500

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

1,684

Average Market Value per Share (in Dollars per share)

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

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

Credit Facility with Encina Lender Finance, LLC [Member]

Total Amount Outstanding Exclusive of Treasury Securities

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

$ 32,500

$ 3,500

$ 32,500

$ 12,500

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

1,629

1,610

1,659

2,093

Average Market Value per Share (in Dollars per share)

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

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

Credit Facility with Live Oak Banking Company [Member]

Total Amount Outstanding Exclusive of Treasury Securities

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

$ 37,500

$ 20,000

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

1,684

1,629

Average Market Value per Share (in Dollars per share)

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

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

Credit Facility with Madison Capital Funding [Member]

Total Amount Outstanding Exclusive of Treasury Securities

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

$ 9,600

$ 24,300

$ 20,000

$ 4,500

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

3,471

6,071

2,345

2,930

2,710

3,025

3,117

3,348

5,421

5,834

20,077

Average Market Value per Share (in Dollars per share)

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

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

7.50% Notes due 2020 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[9]}

$ 61,793

^[10]

$ 48,300

^[10]

$ 48,300

^[10]

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

3,025

3,117

3,348

Average Market Value per Share (in Dollars per share)

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

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

$ 25.24

$ 25.46

$ 25.18

6.75% Notes due 2023 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[11]}

$ 74,451

^[12]

$ 74,451

^[12]

$ 74,451

^[12]

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

2,345

2,930

2,710

Average Market Value per Share (in Dollars per share)

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

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

$ 25.74

$ 26.05

$ 25.89

8.75% Notes due 2025 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

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

^[13]

$ 20,000

^[14]

$ 20,000

^[14]

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

1,629

1,610

Average Market Value per Share (in Dollars per share)

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

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

$ 25

6.25% Notes due 2025 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

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

$ 60,000

^[16]

$ 60,000

^[16]

$ 60,000

^[16]

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

3,471

6,071

2,345

Average Market Value per Share (in Dollars per share)

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

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

$ 24.24

$ 25.75

$ 24.97

7.75% Notes due 2025 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

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

^[17]

^[18]

$ 5,000

^[14],[18]

$ 5,000

^[14],[18]

$ 5,000

^[14],[18]

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

1,610

1,659

2,093

Average Market Value per Share (in Dollars per share)

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

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

$ 25

7.00% Notes due 2025 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[14],[17]}

$ 12,000

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

1,629

1,610

1,659

Average Market Value per Share (in Dollars per share)

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

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

$ 25

7.25% Notes due 2025 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[19]}

$ 43,125

^[16]

$ 43,125

^[16]

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

2,093

3,471

Average Market Value per Share (in Dollars per share)

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

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

$ 25.46

$ 25.77

6.25% Notes due 2027 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[14]}

$ 15,000

$ 5,000

^[18]

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

1,684

1,629

1,610

1,659

2,093

3,471

Average Market Value per Share (in Dollars per share)

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

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

$ 25

4.375% Notes due 2026 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[20]}

$ 175,000

^[14]

$ 175,000

^[14]

$ 175,000

^[14]

$ 175,000

^[14]

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

1,629

1,610

1,659

2,093

Average Market Value per Share (in Dollars per share)

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

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

$ 25

4.35% Notes due 2027 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[14]}

$ 75,000

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

1,684

1,629

1,610

1,659

2,093

Average Market Value per Share (in Dollars per share)

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

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

$ 25

6.00% Notes due 2027 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[21]}

$ 105,500

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

1,684

1,629

1,610

1,659

Average Market Value per Share (in Dollars per share)

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

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

$ 24.74

$ 24.36

$ 23.51

$ 23.97

8.00% Notes due 2027 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[21]}

$ 46,000

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

1,684

1,629

1,610

Average Market Value per Share (in Dollars per share)

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

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

$ 25.47

$ 25.21

$ 25

8.125% Notes due 2027 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[21]}

$ 60,375

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

1,684

1,629

1,610

1,659

Average Market Value per Share (in Dollars per share)

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

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

$ 25.37

$ 25.27

$ 25.05

$ 25.1

8.50% Notes due 2028 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[19]}

$ 57,500

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

1,684

1,629

1,610

Average Market Value per Share (in Dollars per share)

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

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

$ 25.39

$ 25.47

$ 25.17

7.25% Notes due 2030 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[14]}

$ 50,000

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

1,684

Average Market Value per Share (in Dollars per share)

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

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

7.50% Notes due 2031 [Member]

Total Amount Outstanding Exclusive of Treasury Securities

^{[1],[2],[3],[21]}

$ 100,000

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

1,684

Average Market Value per Share (in Dollars per share)

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

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

$ 25.29

[1]	This table does not include the senior securities of our predecessor entity, GSC Investment Corp., relating to a revolving securitized credit facility with Deutsche Bank, in light of the fact that the Company was under different management during the time that such credit facility was outstanding.
[2]	Total amount of senior securities outstanding at the end of the period presented.
[3]	We have excluded our SBA-guaranteed debentures from this table because the SEC has granted us exemptive relief that permits us to exclude such debentures from the definition of senior securities in the 150% asset coverage ratio we are required to maintain under the 1940 Act.
[4]	Asset coverage per unit is the ratio of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness, calculated on a total basis.
[5]	The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities.
[6]	Not applicable for credit facility because not registered for public trading.
[7]	On November 6, 2025, the Company repaid all remaining amounts outstanding under the Encina Credit Facility and the credit agreement relating to the Encina Credit Facility was terminated.
[8]	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.
[9]	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.
[10]	Based on the average daily trading price of the 2020 Notes on the NYSE.
[11]	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.
[12]	Based on the average daily trading price of the 2023 Notes on the NYSE.
[13]	On March 31, 2025, we repaid $20.0 million in aggregate principal amount of the issued and outstanding 8.75% 2025 Notes.
[14]	The carrying value of this unlisted security approximates its fair value, based on a waterfall analysis showing adequate collateral coverage.
[15]	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.
[16]	Based on the average daily trading price of the 2025 Notes on the NYSE.
[17]	On September 8, 2025, we repaid $12.0 million in aggregate principal amount of the issued and outstanding 7.00% 2025 Notes.
[18]	On July 9, 2025, we repaid $5.0 million in aggregate principal amount of the issued and outstanding 7.75% 2025 Notes.
[19]	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the issued and outstanding 7.25% 2025 Notes.
[20]	On February 28, 2026, we repaid $175.0 million in aggregate principal amount of the issued and outstanding 4.375% 2026 Notes.
[21]	Based on the average daily trading price of the 2027 Notes on the NYSE.

Investments (Details) - USD ($)

1 Months Ended

12 Months Ended

Sep. 24, 2025

Feb. 28, 2025

Jun. 09, 2023

Oct. 28, 2022

Aug. 31, 2021

Aug. 11, 2021

Feb. 28, 2021

Feb. 26, 2021

Feb. 01, 2021

Dec. 31, 2018

Dec. 14, 2018

Dec. 31, 2018

Jan. 31, 2008

Feb. 28, 2026

Feb. 28, 2025

Feb. 29, 2024

Jun. 10, 2024

Aug. 09, 2021

Description of valuation model rate

Net realized (gain) loss

$ 49,100,000

●Default rate: 2.0% ● Recovery rate: 70% ● Discount rate: 8.50%–70.0% ● Prepayment rate: 20.0% ● Reinvestment rate / price: S+365bps / $99.00

Fair value investment, Percentage

5.00%

Current total investments

$ 559,200,000

Percentage of total investments

50.40%

Legal maturity date

January 2030

$ 2,300,000

Transaction of refinancing and upsizing cost paid

$ 1,600,000

$ 500,000,000

Additional investments

$ 14,000,000

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

$ 2,586,517

3,114,466

$ 3,270,232

Percentage of debt weighted average spread

$ 0

2.30%

70.00%

Investment principal balance

$ 527,100,000

527,100,000

Weighted average spread percentage

3.70%

Cash flows of the subordinated notes

$ 200,000

$ 0

200,000

Percentage of discount rate

17,769,904

$ 18,382,404

19,212,337

70.00%

Total investment

$ 1,000,093,332

^[1],[2]

$ 1,136,387,874

$ 1,000,093,332

^[1],[2]

Additional investments

$ 38,300,000

Investment description

1M SOFR - The 1-month SOFR rate as of February 28, 2026 was 3.86%.3M SOFR - The 3-month SOFR rate as of February 28, 2026 was 3.79%.6M SOFR - The 6-month SOFR rate as of February 28, 2026 was 3.70%.

Current yield percentage

4.28%

Current yield percentage

3.59%

4.28%

$ 200,000

Interest receivable

$ 7,477,468

7,314,053

$ 7,477,468

Class F-R-3 Notes [Member]

978,077,750

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

1,109,133,812

$ 978,077,750

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

17,900,000

The Class F-R-2 Notes [Member]

$ 17,900,000

The Class G-R-2 Notes [Member]

2,500,000

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

7,500,000

25,000,000

Class F-1-R-3 [Member]

8,500,000

Realized loss

$ 100,000

Class F-2-R-3 [Member]

$ 9,400,000

Subordinated Debt [Member]

$ 1,200,000

200,000

Corresponding fair value

$ 0

Prime Rate [Member]

Secured Overnight Financing Rate [Member]

Investment description

Prime - The Prime Rate as of February 28, 2026 was 7.00%.

Prime - The Prime Rate as of February 28, 2025 was 7.50%.

Investment description

1M SOFR - The 1-month SOFR rate as of February 28, 2025 was 4.32%.3M SOFR - The 3-month SOFR rate as of February 28, 2025 was 4.32%.6M SOFR - The 6-month SOFR rate as of February 28, 2025 was 4.26%.

TJHA [Member]

$ 6,250,000

Unsecured debt

17,600,000

$ 17,600,000

Voting Interest in SLF JV [Member]

17,600,000

$ 19,200,000

17,600,000

Ownership percentage

50.00%

Percentage of debt weighted average spread

$ 390,000,000

3.40%

Total investment

$ 92,200,000

LIBOR [Member]

Investment principal balance

524,200,000

$ 43,750,000

Fixed interest rate

10.00%

Unsecured debt

2,500,000

$ 2,500,000

2,500,000

Investment unsecured note

2,500,000

2,700,000

2,500,000

16,500,000

16,100,000

16,500,000

Dividend income

3,300,000

4,000,000

5,900,000

Unsecured percentage

7.00%

Collateralized loan obligation trust

$ 402,100,000

SLF JV [Member] | TJHA [Member]

50,000,000

3,100,000

1,500,000

3,100,000

Purchased of fair value percentage

1,800,000

Interest receivable

200,000

$ 200,000

200,000

87.50%

Class E-R Notes [Member]

$ 8,400,000

$ 300,000,000

Management fee income

$ 13,800,000

30,000,000

2,600,000

3,100,000

$ 3,300,000

Investment principal balance

$ 14,000,000

57,800,000

410,300,000

Received distributions

92,200,000

$ 41,000,000

$ 1,200,000

Total investment

57,800,000

Additional investments

$ 14,000,000

$ 13,800,000

$ 30,000,000

200,000

$ 0

200,000

SOFR [Member]

Weighted average spread percentage

2.60%

Class E [Member]

Purchased of fair value percentage

87.50%

Purchased of fair value per value

$ 12,300,000

Class E [Member] | SLF JV [Member]

$ 12,300,000

$ 0

$ 12,300,000

1,600,000

Purchases, securities

8,800,000

Repayments of securities

$ 12,300,000

Minimum [Member]

Minimum [Member] | TJHA and SLF JV [Member]

300,000,000

Minimum [Member] | Saratoga CLO [Member]

Ownership percentage

12.50%

500,000,000

Maximum [Member]

Maximum [Member] | TJHA and SLF JV [Member]

$ 500,000,000

Maximum [Member] | Saratoga CLO [Member]

Ownership percentage

87.50%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 650,000,000

[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.
[2]	Percentages are based on net assets of $392,665,468 as of February 28, 2025.
[3]	Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 28, 2026
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

Directors Fees (Details) - USD ($)	12 Months Ended
Directors Fees (Details) - USD ($)	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024
Directors Fees [Abstract]
Annual fee	$ 90,000
Board meeting attending fees	3,500
Committee meeting attending fees	2,000
Audit committee annual fees	15,000
Chairman annual fees	8,000
Directors’ fees and expenses	430,000	$ 366,500	$ 351,297
Accrued and unpaid amount	$ 0	$ 0

Investment in Saratoga CLO - Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($)
$ in Thousands

Feb. 28, 2026

Feb. 28, 2025

Feb. 29, 2024

Investment in Saratoga CLO [Member]

$ 1,061,187

$ 974,997

$ 1,129,390

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Term loans [Member] | Investment in Saratoga CLO [Member]

26,666,804

40,150,378

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Equity interests [Member]

25,835,252

39,203,487

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Equity interests [Member] | Investment in Saratoga CLO [Member]

82,937

69,437

$ 88,426

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Valuation, Market Approach [Member] | Term loans [Member] | Measurement Input, Third-Party Bid [Member]

831,552

946,891

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 25,835,252

$ 39,203,487

Valuation Technique

Market Approach

Unobservable Inputs

Third-Party Bid

Valuation, Market Approach [Member] | Equity interests [Member] | Measurement Input, Third-Party Bid [Member]

^[1]

100.13%

101.4%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 831,552

$ 946,891

Valuation Technique

Market Approach

Unobservable Inputs

Third-Party Bid

Valuation, Market Approach [Member] | Minimum [Member] | Term loans [Member] | Measurement Input, Third-Party Bid [Member]

^[1]

100%

100.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Valuation, Market Approach [Member] | Minimum [Member] | Equity interests [Member] | Measurement Input, Third-Party Bid [Member]

^[1]

9.50%

2.5%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Valuation, Market Approach [Member] | Maximum [Member] | Term loans [Member] | Measurement Input, Third-Party Bid [Member]

^[1]

0.3%

0.4%

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Valuation, Market Approach [Member] | Maximum [Member] | Equity interests [Member] | Measurement Input, Third-Party Bid [Member]

^[1]

(93.60%)

(97.89%)

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Selected Quarterly Data [Line Items]

^[1]

(62.83%)

(13.7%)

[1]	Weighted average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount.

Selected Quarterly Data (Unaudited) - Schedule of Selected Quarterly Data (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Feb. 28, 2026

Feb. 28, 2025

Feb. 29, 2024

Qtr 4 [Member]

$ 31,123

$ 31,295

$ 37,233

7,798

8,035

12,785

(9,710)

(7,911)

(7,478)

Net increase in net assets resulting from operations

^[1]

(701)

(800)

$ (2,613)

$ (676)

$ 5,307

Net investment income per common share (in Dollars per share)

$ 0.48

$ 0.56

$ 0.94

Net realized and unrealized gain (loss) per common share (in Dollars per share)

(0.6)

(0.55)

Dividends declared per common share (in Dollars per share)

1.09

0.72

Net asset value per common share (in Dollars per share)

$ 24.42

$ 25.86

$ 27.12

Qtr 3 [Member]

Schedule of Selected Quarterly Data [Line Items]

$ 31,646

$ 35,879

$ 36,340

9,786

12,436

14,166

2,337

(3,601)

(18,222)

Net increase in net assets resulting from operations

^[1]

(123)

$ 12,000

$ 8,835

$ (4,056)

Net investment income per common share (in Dollars per share)

$ 0.61

$ 0.9

$ 1.09

Net realized and unrealized gain (loss) per common share (in Dollars per share)

0.15

(0.26)

(1.4)

Dividends declared per common share (in Dollars per share)

0.75

0.74

0.71

Net asset value per common share (in Dollars per share)

$ 25.59

$ 26.95

$ 27.42

Qtr 2 [Member]

Schedule of Selected Quarterly Data [Line Items]

$ 30,626

$ 43,003

$ 35,514

9,081

18,197

13,965

4,204

(4,880)

(5,959)

Net increase in net assets resulting from operations

^[1]

(110)

$ 13,285

$ 13,317

$ 7,896

Net investment income per common share (in Dollars per share)

$ 0.58

$ 1.33

$ 1.15

Net realized and unrealized gain (loss) per common share (in Dollars per share)

0.27

(0.36)

(0.49)

Dividends declared per common share (in Dollars per share)

0.75

0.74

0.7

Net asset value per common share (in Dollars per share)

$ 25.54

$ 27.07

$ 28.44

Qtr 1 [Member]

Schedule of Selected Quarterly Data [Line Items]

$ 32,319

$ 38,678

$ 34,632

10,142

14,335

15,959

3,790

(7,725)

(16,172)

Net increase in net assets resulting from operations

^[1]

$ 13,932

$ 6,610

$ (213)

Net investment income per common share (in Dollars per share)

$ 0.66

$ 1.05

$ 1.35

Net realized and unrealized gain (loss) per common share (in Dollars per share)

0.25

(0.56)

(1.36)

Dividends declared per common share (in Dollars per share)

1.26

0.73

0.69

Net asset value per common share (in Dollars per share)

$ 25.53

$ 26.85

$ 28.48

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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Feb. 28, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company’s cybersecurity program is designed to identify, assess, and manage material risks from cybersecurity threats. The Company relies on Saratoga Investment Advisors to implement the cybersecurity program. The cyber risk management program involves risk assessments relating to the information systems of Saratoga Investment Advisors, incident response training and testing, implementation of security measures, identification of sensitive information assets (“Critical Information”) and ongoing monitoring of systems and networks and assessment of the associated risks on an annual basis, including networks on which the Company relies on. The Chief Compliance Officer, along with the Company’s external information technology consultant (the “IT Consultant”), actively monitors the current threat landscape in an effort to identify material risks arising from new and evolving cybersecurity threats. The Company and Saratoga Investment Advisors have engaged external experts, including consultants, such as the IT Consultant, to evaluate cybersecurity measures and risk management processes, and depends on and engages various third parties, including suppliers, vendors, and service providers. The compliance team of the Company and Saratoga Investment Advisors will conduct ongoing due diligence of its significant service providers to determine whether the cybersecurity programs of service providers include, among other things, procedures and safeguards designed to ensure the protection of Critical Information and the information of the Company’s stockholders and portfolio companies, as well as adequate responses in the case of a cybersecurity incident. *Board Oversight of Cybersecurity Risks* The Board has the primary responsibility for overseeing and reviewing the guidelines and policies with respect to the Company’s risk management, including risks associated with cybersecurity threats. The Chief Compliance Officer will periodically report to the Board on cybersecurity matters, such as the overall state of the Company’s cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and material cybersecurity incidents. *Management’s Role in Cybersecurity Risk Management* The Company’s management is responsible for assessing and managing material risks from cybersecurity threats, in consultations with cybersecurity consultants. The compliance team of the Company will maintain effective disclosure controls and procedures to ensure timely identification, consideration, and disclosure of material cybersecurity incidents, including through timely reporting to management and the Board. The Chief Compliance Officer, in consultation with the IT Consultant, will periodically determine whether the Company requires additional information technology or cybersecurity support. *Assessment of Cybersecurity Risk* The potential impact of risks from cybersecurity threats are assessed on an ongoing basis, and how such risks could materially affect the Company’s business strategy, operational results, and financial condition are regularly evaluated. During the reporting period, the Company has not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Company believes has materially affected, or are reasonably likely to materially affect, the Company, including the Company’s business strategy, operational results, and financial condition.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	*Board Oversight of Cybersecurity Risks* The Board has the primary responsibility for overseeing and reviewing the guidelines and policies with respect to the Company’s risk management, including risks associated with cybersecurity threats. The Chief Compliance Officer will periodically report to the Board on cybersecurity matters, such as the overall state of the Company’s cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and material cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company’s management is responsible for assessing and managing material risks from cybersecurity threats, in consultations with cybersecurity consultants.
Cybersecurity Risk Role of Management [Text Block]	The Company’s management is responsible for assessing and managing material risks from cybersecurity threats, in consultations with cybersecurity consultants. The compliance team of the Company will maintain effective disclosure controls and procedures to ensure timely identification, consideration, and disclosure of material cybersecurity incidents, including through timely reporting to management and the Board. The Chief Compliance Officer, in consultation with the IT Consultant, will periodically determine whether the Company requires additional information technology or cybersecurity support.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	During the reporting period, the Company has not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Company believes has materially affected, or are reasonably likely to materially affect, the Company, including the Company’s business strategy, operational results, and financial condition.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Commitments and Contingencies [Line Items]
Off-balance sheet arrangements	$ 153,063	$ 126,686
Available borrowings credit facility	85,000
SBA Debentures [Member]
Commitments and Contingencies [Line Items]
Commitments held	99,000
Encina Credit Facility [Member]
Commitments and Contingencies [Line Items]
Off-balance sheet arrangements	153,100	$ 126,700
Live Oak credit facility [Member]
Commitments and Contingencies [Line Items]
Credit facility	1,700
Available borrowings credit facility	37,500
Valley Credit Facility [Member]
Commitments and Contingencies [Line Items]
Available borrowings credit facility	$ 52,500

Agreements and Related Party Transactions

12 Months Ended

Feb. 28, 2026

Agreements and Related Party Transactions [Abstract]

Agreements and Related Party Transactions

Note 7. Agreements and Related Party Transactions

Investment Advisory and Management Agreement

On July 30, 2010, the Company entered into the Management Agreement with the Manager. The initial term of the Management Agreement was two years from its effective date, with one-year renewals thereafter subject to certain approvals by the Company’s board of directors and/or the Company’s stockholders. Most recently, on July 7, 2025, 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 years ended February 28, 2026, February 28, 2025 and February 29, 2024, the Company incurred $17.8 million, $18.4 million and $19.2 million in base management fees, respectively. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, the Company incurred $9.2 million, $13.2 million and $8.0 million in incentive fees related to pre-incentive fee net investment income. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, the Company accrued $(1.0) million, $(5.9) million and $(8.3) million, respectively, 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 February 28, 2026, the base management fees accrual was $4.6 million and the incentive fees accrual was $2.0 million and are included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. As of February 28, 2025, the base management fees accrual was $4.2 million and the incentive fees accrual was $2.0 million and are 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. 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 July 7, 2025, the Company’s board of directors approved the renewal of the Administration Agreement for an additional one-year term, and subsequently also determined to increase the cap on the payment or reimbursement of expenses by the Company from $5.0 million to $5.4 million, effective August 1, 2025. The Company’s board of directors will continue to assess the cap on payment or reimbursement of expenses on an annual basis.

For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, we recognized $5.2 million, $4.7 million and $3.9 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. As of February 28, 2026, $0.6 million of administrator expenses were accrued and included in due to Manager in the accompanying consolidated statements of assets and liabilities. As of February 28, 2025, $0.3 million of administrator expenses were accrued and included in due to Manager in the accompanying consolidated statements of assets and liabilities.

Saratoga CLO

On December 14, 2018, the Company completed the third refinancing and issuance of the 2013-1 Reset CLO Notes. This refinancing, among other things, extended the Saratoga CLO reinvestment period to January 2021, and extended its legal maturity to January 2030. In addition, and as part of the refinancing, the Saratoga CLO has also been upsized from $300 million in assets to approximately $500 million.

In conjunction with the third refinancing and issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to receive an incentive management fee from Saratoga CLO. See Note 4. 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.

As of February 28, 2026, and February 28, 2025, the Company’s investment in the Class F-2-R-3 Note of the Saratoga CLO had a fair value of $0.0 million and $2.3 million, respectively. As of February 28, 2026, the Class F-2-R-3 Note of the Saratoga CLO was placed on non-accrual status, the Company has reserved all related outstanding interest receivables.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, we recognized $1.2 million, $1.5 million and $1.5 million in interest income, respectively, related to the Class F-2-R-3 Note of the Saratoga CLO.

As of February 28, 2026, and February 28, 2025, the Company’s investment in the Subordinated Note of the Saratoga CLO had a fair value of $0.0 million and $0.2 million, respectively. In addition, the Company has no outstanding receivable balance from the Subordinated Note of the Saratoga CLO, as of February 28, 2026.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, we recognized $2.6 million, $3.1 million and $3.3 million in management fee income, respectively, related to the Subordinated Note of the Saratoga CLO.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, we recognized $0.0 million, $0.0 million and $0.0 million in interest income, respectively, related to the Subordinated Note of the Saratoga CLO.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, 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 February 28, 2026 and February 28, 2025 respectively, the Company’s investment in the SLF JV had a fair value of $17.7 million and $19.6 million, consisting of an unsecured loan of $16.1 million and $16.5 million, and membership interest of $1.5 million and $3.1 million. In addition, approximately $0.2 million and $0.2 million of interest income related to SLF JV was included in interest receivable on the Statement of Assets and Liabilities.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, we recognized $1.8 million, $1.8 million and $1.8 million in interest income on the consolidated statement of operations, respectively, related to the SLF JV.

For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, we recognized $3.3 million, $4.0 million and $5.9 million of dividend income on the consolidated statement of operations, respectively, related to the SLF JV.

As part of the JV CLO trust transaction, the Company purchased 87.50% of the Class E Notes from SLF 2022 with a principal value of $12.3 million and fair value of $12.3 million, respectively. This was repaid as part of the refinancing of the SLF 2022 on September 24, 2025, and the Company purchased 87.5% of the Class E-R Notes from SLF 2022 with a principal value of $8.8 million and fair value of $8.8 million, respectively.

As of February 28, 2026 and February 28, 2025, the fair value of the Class E-R Notes were $8.4 million and $0.0 million, respectively. As of February 28, 2026 and February 28, 2025, the fair value of the Class E Notes were $0.0 million and $12.3 million, respectively.

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 850
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($)

Feb. 28, 2026

Feb. 28, 2025

Net reserve of interest receivable

$ 1,136,387,874

$ 1,000,093,332

^[1],[2]

$ 470,751

$ 210,319

Common stock, par value (in Dollars per share)

$ 0.001

Common stock, shares authorized (in Shares)

100,000,000

Common stock, shares issued (in Shares)

16,224,198

15,183,078

Common stock, shares outstanding (in Shares)

16,224,198

15,183,078

8.75% Notes Payable 2025

8.75%

8.75%

7.00% Notes Payable 2025

7.00%

7.00%

7.75% Notes Payable 2025

7.75%

4.375% Notes Payable 2026

7.75%

4.375%

4.375%

4.35% Notes Payable 2027

4.35%

4.35%

6.25% Notes Payable 2027

6.25%

6.25%

6.00% Notes Payable 2027

6.00%

6.00%

8.00% Notes Payable 2027

8.00%

8.125% Notes Payable 2027

8.00%

8.125%

8.125%

8.50% Notes Payable 2028

8.50%

8.50%

7.25% Notes Payable 2030

7.25%

7.25%

7.50% Notes Payable 2031

7.50%

Non-control/Non-affiliate investments

7.50%

$ 1,011,840,007

$ 886,071,934

Affiliate investments

49,429,192

38,203,811

Control investments

$ 75,118,675

$ 75,817,587

[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.
[2]	Percentages are based on net assets of $392,665,468 as of February 28, 2025.

Directors Fees

12 Months Ended

Feb. 28, 2026

Directors Fees [Abstract]

Directors Fees

Note 10. Directors Fees

The independent directors of the Company’s board of directors each receive an annual fee of $90,000. They also receive $3,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and receive $2,000 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 $15,000 and the chairman of each other committee receives an annual fee of $8,000 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 years ended February 28, 2026, February 28, 2025 and February 29, 2024, we incurred $0.4 million, $0.4 million and $0.4 million for directors’ fees and expenses, respectively. As of February 28, 2026 and February 28, 2025, $0.0 million and $0.0 million in directors’ fees and expenses were accrued and unpaid, respectively. As of February 28, 2026, we had not issued any common stock to our directors as compensation for their services.

Investment in Saratoga CLO - Schedule of Statements of Assets and Liabilities (Parentheticals) (Details) - Saratoga CLO [Member] - USD ($)	Feb. 28, 2026	Feb. 28, 2025
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost investments at fair value	$ 382,812,855	$ 520,335,803
Interest receivable	$ 817,651	$ 1,121,546
Ordinary equity, par value (in Dollars per share)	$ 1	$ 1
Ordinary shares authorized (in Shares)	250	250
Common stock, shares issued (in Shares)	250	250
Common stock, shares outstanding (in Shares)	250	250
Loans at fair value [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost investments at fair value	$ 381,488,638	$ 517,757,349
Equities at fair value [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost investments at fair value	$ 1,324,217	$ 2,578,454

Investments (Tables)

12 Months Ended

Feb. 28, 2026

Schedule of Fair Value Measurements of Investments, by Major Class

The following table presents fair value measurements of investments, by major class, as of February 28, 2026 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements						Valued Using Net
	Level 1		Level 2		Level 3		Asset Value*		Total
First lien term loans	$	-	$	-	$	910,991	$	-	$	910,991
Second lien term loans		-		-		42,707		-		42,707
Unsecured term loans		-		-		16,130		-		16,130
Structured finance securities		-		46,412		8,422		-		54,834
Equity interests		-		-		82,937		1,535		84,472
Total	$	-	$	46,412	$	1,061,187	$	1,535	$	1,109,134

The following table presents fair value measurements of investments, by major class, as of February 28, 2025 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements						Valued Using Net
	Level 1		Level 2		Level 3		Asset Value*		Total
First lien term loans	$	-	$	-	$	867,866	$	-	$	867,866
Second lien term loans		-		-		6,388		-		6,388
Unsecured term loans		-		-		16,534		-		16,534
Structured finance securities		-		-		14,772		-		14,772
Equity interests		-		-		69,437		3,081		72,518
Total	$	-	$	-	$	974,997	$	3,081	$	978,078

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 year ended February 28, 2026 (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, 2025	$	867,866		$	6,388	$	16,534		$	14,772		$	69,437		$	974,997
Payment-in-kind and other adjustments to cost		1,918			1,147		-			(480	)		-			2,585
Net accretion of discount on investments		2,230			10		-			858			-			3,098
Net change in unrealized appreciation (depreciation) on investments		(3,962	)		468		(404	)		(2,920	)		5,061			(1,757	)
Purchases		208,408			34,694		-			8,443			9,610			261,155
Sales and repayments		(165,469	)		-		-			(12,251	)		(6,917	)		(184,637	)
Net realized gain (loss) from investments		-			-		-			-			5,746			5,746
Balance as of February 28, 2026	$	910,991		$	42,707	$	16,130		$	8,422		$	82,937		$	1,061,187
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 year	$	(5,388	)	$	468	$	(404	)	$	(2,385	)	$	6,955		$	(754	)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 2025 (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		2,409			8,267			-		(7,113	)		3			3,566
Net accretion of discount on investments		2,799			9			-		-			-			2,808
Net change in unrealized appreciation (depreciation) on investments		37,778			3,165			716		(8,741	)		(7,621	)		25,297
Purchases		163,009			-			-		-			5,069			168,078
Sales and repayments		(266,880	)		(23,150	)		-		-			(22,083	)		(312,113	)
Net realized gain (loss) from investments		(47,672	)		-			-		-			5,643			(42,029	)
Balance as of February 28, 2025	$	867,866		$	6,388		$	16,534	$	14,772		$	69,437		$	974,997
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 year	$	(6,384	)	$	(71	)	$	716	$	(8,741	)	$	(2,893	)	$	(17,373	)

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 February 28, 2026 were as follows (dollars in thousands):

	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*
First lien term loans	$	910,991	Market Comparables	Market Yield (%)	8.3% - 30.9%	11.1%
				EBITDA Multiples (x)	12.1x	12.1x
Second lien term loans		42,707	Market Comparables	Market Yield (%)	11.1% - 16.9%	12.2%
Unsecured term loans		16,130	Discounted Cash Flow	Discount Rate (%)	10.0%	10.0%
Structured finance securities		8,422	Discounted Cash Flow	Discount Rate (%)	8.50% - 70.0%	10.9%
				Recovery Rate (%)	70.0%	70.0%
				Prepayment Rate (%)	20.0%	20.0%
Equity interests		82,937	Market Comparables	Market Yield (%)	13.5%	0.1%
			Enterprise Value Waterfall (x)	Revenue Multiples	0.1x - 8.2x	6.0x
			Black-Scholes Modeling	Volatility (%)	38.7%	38.7%
				EBITDA Multiples (x)	0.5x - 20.0x	9.4x
Total	$	1,061,187

*	The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input, excluding the recovery rate for Structured finance securities.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2025 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

867,866

Market Comparables

Market Yield (%)

9.8% - 22.0%

12.4%

Revenue Multiples (x)

2.5x

EBITDA Multiples (x)

6.8x

Second lien term loans

6,388

Market Comparables

Market Yield (%)

19.7%

Unsecured term loans

16,534

Discounted Cash Flow

Discount Rate (%)

10.0%

Structured finance securities

14,772

Discounted Cash Flow

Discount Rate (%)

8.0% - 70.0%

14.1%

Recovery Rate (%)

70.0%

Prepayment Rate (%)

20.0%

Equity interests

69,437

Enterprise Value Waterfall

EBITDA Multiples (x)

1.1x - 13.9x

8.2x

Revenue Multiples (x)

0.1x - 9.0x

6.3x

Total

974,997

*	The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input, excluding the recovery rate for Structured finance securities.

Schedule of Amortized Cost and Fair Value

The composition of our investments as of February 28, 2026 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	$	920,429		81.0	%	$	910,991		82.1	%
Second lien term loans		42,945		3.8			42,707		3.9
Unsecured term loans		17,619		1.6			16,130		1.5
Structured finance securities		78,962		6.9			54,834		4.9
Equity interests		76,433		6.7			84,472		7.6
Total	$	1,136,388		100.0	%	$	1,109,134		100.0	%

The composition of our investments as of February 28, 2025 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	$	873,342		87.3	%	$	867,866		88.7	%
Second lien term loans		7,094		0.7			6,388		0.7
Unsecured term loans		17,619		1.8			16,534		1.7
Structured finance securities		35,657		3.6			14,772		1.5
Equity interests		66,381		6.6			72,518		7.4
Total	$	1,000,093		100.0	%	$	978,078		100.0	%

Schedule of Investments for SLF JV

The following table shows the schedule of investment for SLF JV as of February 28, 2026:

Company

Industry

Investment
Interest Rate/
Maturity

Original
Acquisition
Date

Principal/
Number of
Shares

Cost

Fair Value

% of
Net Assets

Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd

Structured Finance Securities

Other/Structured Finance Securities, 3.58% 10/20/2033

10/28/2022

40,100,000

27,873,499

21,825,598

1,243.77

TOTAL INVESTMENT

27,873,499

21,825,598

1,243.77

	Number of Shares		Cost		Fair Value		% of Net Assets
Money Market Funds (included in cash and cash equivalents) - 1.1% (b)
Goldman Sachs Financial Square Government Fund (1)		83,648	$	83,648	$	83,648		4.77	%
Total cash and cash equivalents		83,648	$	83,648	$	83,648		4.77	%

(1)	Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.

The following table shows the schedule of investment for SLF JV as of February 28, 2025:

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value		% of Net Assets
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd	Structured Finance Securities	Other/Structured Finance Securities, 3.00% 10/20/2033	10/28/2022		40,100,000	$	30,410,415	$	23,676,606		672.4	%
TOTAL INVESTMENT						$	30,410,415	$	23,676,606		672.4	%

	Number of Shares		Cost		Fair Value		% of Net Assets
Money Market Funds (included in cash and cash equivalents) - 2.0% (b)
Goldman Sachs Financial Square Government Fund (1)		71,444	$	71,444	$	71,444		2.0	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts		71,444	$	71,444	$	71,444		2.0	%

(1)	Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.

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 February 28, 2026 were as follows (dollars in thousands):

	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Term loans	$	25,835,252	Market Approach	Third-Party Bid	9.50% - 100.13% (93.60%)
Equity interests		831,552	Market Approach	Third-Party Bid	0.3% - 100% (62.83%)
Total	$	26,666,804

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2025 were as follows (dollars in thousands):

	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Term loans	$	39,203,487	Market Approach	Third-Party Bid	2.5% - 101.4% (97.89%)
Equity interests		946,891	Market Approach	Third-Party Bid	0.4% - 100.0 % (13.7%)
Total	$	40,150,378

*	Weighted average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount.

Schedule of Statements of Assets and Liabilities

Below is certain financial information from the separate financial statements of Saratoga CLO as of February 28, 2026 and February 28, 2025.

	February 28, 2026			February 28, 2025

ASSETS
Investments at fair value
Loans at fair value (amortized cost of $381,488,638 and $517,757,349, respectively)	$	353,285,019		$	490,510,660
Equities at fair value (amortized cost of $1,324,217 and $2,578,454, respectively)		831,552			1,684,429
Total investments at fair value (amortized cost of $382,812,855 and $520,335,803, respectively)		354,116,571			492,195,089
Cash and cash equivalents		22,319,387			21,272,327
Receivable from open trades		10,432,424			1,138,899
Interest receivable (net of reserve of $817,651 and $1,121,546, respectively)		2,115,446			2,380,214
Due from affiliate (See Note 7)		1,591			801
Prepaid expenses and other assets		596,520			101,453
Total assets	$	389,581,939		$	517,088,783

LIABILITIES
Interest payable	$	2,852,957		$	3,739,343
Accrued base management fee		49,944			62,839
Accrued subordinated management fee		199,776			251,354
Accounts payable and accrued expenses		568,796			143,135
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-4 Senior Secured Floating Rate Notes		156,828,563			270,719,300
Class A-2-R-4 Senior Secured Floating Rate Notes		65,000,000			65,000,000
Class B-FL-R-3 Senior Secured Floating Rate Notes		60,500,000			60,500,000
Class B-FXD-R-3 Senior Secured Fixed Rate Notes		11,000,000			11,000,000
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes		26,000,000			26,000,000
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes		6,500,000			6,500,000
Class D-R-3 Deferrable Mezzanine Floating Rate Notes		39,000,000			39,000,000
Discount on Class D-R-3 Notes		(171,966	)		(196,033	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(1,786,533	)		(2,036,565	)
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		(1,081,116	)		(1,229,456	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(28,255,929	)		(32,210,459	)
Total liabilities		493,704,492			603,743,458

Commitments and contingencies

NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively		250			250
Total distributable earnings (loss)		(104,122,803	)		(86,654,925	)
Total net deficit		(104,122,553	)		(86,654,675	)
Total liabilities and net assets	$	389,581,939		$	517,088,783

Schedule of Consolidated Statements of Operations

	For the years ended
	February 28, 2026			February 28, 2025			February 29, 2024
INVESTMENT INCOME
Total interest from investments	$	40,796,860		$	55,501,782		$	61,667,773
Interest from cash and cash equivalents		905,534			1,128,878			719,268
Other income		294,406			1,278,155			929,392
Total investment income		41,996,800			57,908,815			63,316,433

EXPENSES
Interest and debt financing expenses		36,146,891			54,573,978			57,706,205
Base management fee		517,303			622,893			654,046
Subordinated management fee		2,069,213			2,491,573			2,616,185
Professional fees		310,893			282,012			307,340
Trustee expenses		184,047			240,883			262,197
Other expense		369,937			334,443			241,181
Total expenses		39,598,284			58,545,782			61,787,154
NET INVESTMENT INCOME (LOSS)		2,398,516			(636,967	)		1,529,279

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(19,310,824	)		(9,263,724	)		(18,580,949	)
Net change in unrealized depreciation on investments		(555,570	)		(4,696,778	)		16,200,597
Net realized and unrealized gain (loss) on investments		(19,866,394	)		(13,960,502	)		(2,380,352	)
Realized losses on extinguishment of debt		-			(579,213	)		-
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,467,878	)	$	(15,176,682	)	$	(851,073	)

Schedule of Financial Statements of Saratoga CLO

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 PORTFOLIO SOL	Banking, Finance, Insurance & Real Estate	Common Stock	Equity										37,028	$	216,246	$	282,156
Altisource Portfolio Solutions - CS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										990		3,736		330
Altisource Portfolio Solutions - NS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										990		3,129		426
Instant Brands Litigation Trust	Consumer Goods: Durable	Equity Interests	Equity										82,384		66,525		500,000
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity										86,398		-		-
JP Intermediate B, LLC	Consumer goods: Non-durable	Common Stock	Equity										9,319		-		-
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity										24,320		1,034,581		48,640
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	9/20/2030	$	1,361,428		1,347,552		1,359,154
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.02	%	2/7/2029		2,423,420		2,366,682		2,412,830
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+ 5.25%		0.00	%		9.05	%	7/8/2028		3,005,629		2,830,391		2,806,506
Adtalem Global Education Inc.	Services: Business	Term Loan B (08/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		6.42	%	8/12/2028		237,528		236,609		237,331
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	6M USD SOFR+ 3.00%		0.00	%		6.58	%	5/1/2030		2,132,332		2,121,217		2,031,110
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	3M USD SOFR+ 2.50%		0.75	%		6.17	%	2/1/2031		2,866,735		2,817,968		2,785,205
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.47	%	3/21/2031		982,500		980,765		980,289
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan B (01/25)	Loan	1M USD SOFR+ 4.00%		0.75	%		7.67	%	4/8/2030		2,431,139		2,337,505		2,421,634
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan (08/25)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	8/12/2032		239,374		239,374		235,585
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+ 5.50%		0.00	%		9.32	%	2/10/2027		4,258,657		4,252,679		2,516,866
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (8/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	9/19/2031		789,061		789,061		769,879
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B8 (07/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	5/31/2030		247,508		247,508		247,508
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan (Specified) B	Loan	3M USD SOFR+ 6.50%		3.50	%		10.27	%	2/20/2029		496,248		486,595		496,248
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/11/2031		477,725		476,870		460,207
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.66	%	12/13/2029		480,000		471,250		478,800
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+ 5.75%		0.00	%		9.42	%	10/30/2029		2,852,238		2,851,373		2,845,108
Amynta Agency Borrower Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	12/29/2031		3,390,033		3,332,526		3,278,637
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/25)	Loan	3M USD SOFR+ 3.50%		0.00	%		7.17	%	2/27/2032		486,362		467,586		430,431
Aramark Services, Inc.	Services: Consumer	Term Loan B-10 (12/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/24/2030		2,230,663		2,209,788		2,232,515
Aramark Services, Inc.	Services: Consumer	Term Loan (08/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	4/6/2028		1,753,715		1,751,257		1,754,820
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.50%		0.50	%		7.27	%	9/23/2028		961,274		960,627		957,938
ARCIS GOLF LLC	Services: Consumer	Term Loan B (01/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	11/24/2028		489,544		486,712		490,919
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	8/9/2030		2,603,226		2,592,314		2,509,223
Ascensus Group Holdings, Inc	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	11/24/2032		490,842		488,123		478,978
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term Loan (12/25)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	12/23/2030		886,545		880,042		887,653
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+ 4.00%		0.00	%		7.77	%	8/19/2028		1,935,000		1,887,506		1,932,581
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B12	Loan	1M USD SOFR+ 4.25%		0.00	%		7.92	%	9/19/2030		2,882,984		2,880,325		2,874,335
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	2/15/2029		1,294,020		1,291,768		1,258,435
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/22/2030		1,457,896		1,427,348		1,462,196
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (11/24)	Loan	3M USD SOFR+ 1.75%		0.50	%		5.42	%	12/20/2029		725,038		720,887		724,675

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	10/10/2029		526,951		525,719		495,334
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+ 2.50%		0.00	%		6.16	%	5/27/2031		1,623,917		1,615,529		1,590,091
Belfor Holdings Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	11/4/2030		1,386,385		1,376,720		1,388,118
Bengal Debt Merger Sub LLC (c)	Beverage, Food & Tobacco	Third Out Term Loan	Loan	3M USD SOFR+ 1.00%		0.50	%		4.77	%	1/24/2030		402,884		165,333		84,831
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	1/22/2031		1,411,439		1,408,828		1,411,877
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	12/13/2029		483,893		476,456		485,224
Boxer Parent Company, Inc.	High Tech Industries	Term Loan	Loan	3M USD SOFR+ 3.00%		0.00	%		6.82	%	7/30/2031		999,640		996,144		917,849
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/16/2031		2,868,890		2,867,506		2,739,503
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	1/27/2031		1,425,973		1,425,973		1,421,267
Brookfield Property REIT Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (05/25)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	5/16/2030		1,730,609		1,764,353		1,733,084
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	7/1/2031		486,359		478,134		487,060
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B-7 (10/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	11/22/2032		1,136,241		1,133,991		1,138,604
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	3/31/2028		2,387,500		2,378,891		2,378,547
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	3/16/2030		76,620		76,101		76,907
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+ 2.50%		0.75	%		6.29	%	6/5/2028		2,350,518		2,247,033		2,292,742
CAPSTONE BORROWER INC	Services: Business	Term Loan B	Loan	3M USD SOFR+ 2.75%		0.00	%		6.42	%	6/17/2030		863,942		855,298		765,306
CareerBuilder, LLC (c)	Services: Business	Term Loan B3	Loan	1M USD SOFR+ 2.50%		0.00	%		6.58	%	7/31/2026		-		380,369		-
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B1	Loan	3M USD SOFR+ 4.25%		0.00	%		8.18	%	5/31/2030		1,739,251		1,226,866		832,232
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+ 2.75%		1.00	%		6.54	%	3/2/2026		1,966,341		1,958,592		1,899,151
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.50	%		5.67	%	1/23/2032		240,216		240,010		236,538
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.25%		0.50	%		8.17	%	3/6/2028		970,000		948,589		227,950
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+ 4.25%		0.75	%		8.33	%	3/6/2028		952,500		951,356		261,147
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		6.92	%	7/6/2029		980,094		963,358		612,559
Charlotte Buyer, Inc.	Services: Business	Term Loan B (01/25)	Loan	3M USD SOFR+ 4.25%		0.50	%		7.91	%	2/11/2028		1,459,068		1,416,074		1,394,709
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B4 (10/25)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	10/15/2032		2,351,722		2,327,364		2,343,491
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/17/2028		476,250		475,992		475,955
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	5/17/2028		1,920,736		1,885,068		1,920,736

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
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan (10/24)	Loan	3M USD SOFR+ 2.00%		0.00	%		5.67	%	10/31/2031		4,778,621		4,778,621		4,762,708
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	5/6/2030		1,185,030		1,181,455		1,180,586
Cloud Software Group Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	3/21/2031		495,013		494,747		458,629
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 3.18%		0.50	%		6.85	%	4/13/2029		1,220,000		1,203,910		1,209,044
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.17	%	9/27/2029		2,836,969		2,784,593		2,831,210
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	6/2/2028		2,393,750		2,390,000		2,268,078
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (7/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	10/1/2031		1,564,293		1,557,435		1,558,099
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	3M USD SOFR+ 2.25%		0.50	%		5.92	%	2/19/2029		750,000		734,817		752,813
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B4 (07/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	10/31/2031		481,431		480,633		468,793
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B (01/26)	Loan	1M USD SOFR+ 3.00%		0.75	%		6.67	%	1/30/2031		2,376,000		2,358,575		2,377,497
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.13	%	6/29/2029		762,038		740,571		704,123
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.27	%	11/16/2029		5,238,000		5,168,379		5,214,638
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.66	%	11/1/2030		614,102		607,478		613,844
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.68	%	10/4/2028		962,500		960,816		957,004
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+ 10.00%		1.00	%		13.77	%	5/25/2026		29,734		29,677		5,947
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan (1/24)	Loan	3M USD SOFR+ 5.25%		0.75	%		9.18	%	8/2/2029		2,615,800		2,604,745		2,614,989
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+ 3.75%		0.50	%		7.42	%	10/4/2029		1,459,234		1,389,418		1,429,510
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+ 5.50%		0.75	%		9.29	%	11/30/2028		2,898,865		2,867,842		2,348,081
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+ 5.25%		0.50	%		9.02	%	12/15/2028		3,852,412		3,773,120		3,772,166
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	6/17/2031		6,241,950		6,221,653		6,117,111
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	1/31/2030		1,708,945		1,708,945		1,709,663
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (7/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	1/31/2030		932,250		916,770		933,415
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+ 4.25%		1.00	%		8.02	%	4/11/2031		1,299,800		1,284,463		1,152,494
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	8/16/2030		960,394		958,888		861,800
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+ 3.75%		0.50	%		7.52	%	11/23/2028		1,925,000		1,924,346		1,896,433
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	4/7/2028		2,133,818		2,132,281		2,116,705
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	3/30/2029		2,255,886		2,229,506		2,256,112
Emrld Borrower LP	Capital Equipment	Term Loan B (04/23)	Loan	3M USD SOFR+ 2.25%		0.00	%		6.07	%	5/31/2030		980,075		977,113		975,527
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.50	%		7.42	%	4/23/2031		1,975,000		1,959,230		1,975,494

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.75	%		7.61	%	2/10/2028		-		9,730		-
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B6	Loan	3M USD SOFR+ 2.25%		0.00	%		5.92	%	10/31/2029		1,465,234		1,455,384		1,458,948
Equiniti Group PLC	Services: Business	Term Loan	Loan	6M USD SOFR+ 3.75%		0.50	%		7.55	%	12/10/2031		960,368		955,647		953,367
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	10/30/2030		1,125,000		1,112,817		1,124,066
Examworks Bidco Inc	Healthcare & Pharmaceuticals	ExamWorks/Electron 1/26 TL	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	2/6/2033		483,844		483,218		482,837
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	Second Refinancing Term Loan (8/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	2/12/2031		492,534		488,885		477,143
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (07/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/27/2029		2,774,631		2,773,459		2,737,645
First Brands Group, LLC (c)	Automotive	1st Lien Term Loan (3/21)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	3/30/2027		1,404,140		90,412		784
First Brands Group, LLC (c)	Automotive	New Money DIP Term Loan A (10/25)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	6/29/2026		1,597,186		1,459,537		293,483
First Brands Group, LLC (c)	Automotive	Roll-Up DIP Term Loan B (10/25)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	6/29/2026		3,569,559		2,218,257		7,139
First Student Bidco Inc.	Transportation: Consumer	Term Loan C (01/26)	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	8/15/2030		707,702		705,487		706,379
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+ 4.50%		1.00	%		8.17	%	2/5/2029		1,179,000		1,156,545		1,181,582
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD SOFR+ 1.75%		0.50	%		5.42	%	11/29/2030		3,675,000		3,668,121		3,610,688
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/25/2031		4,188,685		4,184,968		3,790,760
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B4 (10/24)	Loan	6M USD SOFR+ 2.25%		0.00	%		5.88	%	9/16/2031		1,900,638		1,901,053		1,853,331
Garrett LX III S.a r.l.	Automotive	Term Loan (1/25)	Loan	3M USD SOFR+ 2.00%		0.50	%		5.67	%	1/20/2032		1,335,471		1,332,852		1,334,910
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		5.42	%	4/10/2031		1,481,250		1,475,521		1,478,747
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		5.65	%	10/4/2030		383,422		382,138		383,614
Global Tel*Link Corporation	Telecommunications	Term Loan (6/24)	Loan	1M USD SOFR+ 7.50%		3.00	%		11.17	%	7/31/2029		4,748,790		4,693,939		4,763,654
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	5/30/2031		930,782		930,782		896,780
GOLDEN WEST PACKAGING GROUP LLC (c)	Forest Products & Paper	Term Loan B1 (06/25)	Loan	1M USD SOFR+ 5.25%		0.75	%		9.35	%	6/27/2031		1,750,000		1,744,125		1,070,423
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	3M USD SOFR+ 4.75%		0.00	%		8.57	%	4/30/2028		469,651		641,354		143,243
Great Outdoors Group, LLC	Retail	Term Loan (1/25)	Loan	1M USD SOFR+ 3.25%		0.75	%		6.92	%	1/20/2032		950,641		948,924		948,265
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	1/24/2029		121,563		121,483		121,866
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Term Loan B (5/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	2/25/2030		2,343,071		2,343,071		2,335,011
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.00	%		7.42	%	6/30/2028		2,061,930		2,027,902		1,580,820

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
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+ 2.00%		0.50	%		5.68	%	7/14/2028		2,678,618		2,678,618		2,674,306
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	11/8/2030		1,500,000		1,497,879		1,504,845
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 6.75%		0.50	%		10.42	%	4/12/2029		2,882,670		2,882,597		2,883,708
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+ 3.75%		0.75	%		7.54	%	11/17/2028		2,163,198		2,159,946		2,149,678
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Hudson River 1/26	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	3/18/2030		5,717,625		5,648,595		5,643,753
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B (1/25)	Loan	3M USD SOFR+ 3.00%		0.00	%		6.67	%	1/19/2032		2,210,322		2,039,275		2,208,023
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	2/15/2031		2,947,799		2,938,339		2,794,514
Idera, Inc.	High Tech Industries	Term Loan (06/24)	Loan	3M USD SOFR+ 3.50%		0.75	%		7.16	%	3/2/2028		4,678,430		4,676,802		3,719,351
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	11/1/2028		2,415,776		2,410,653		2,385,579
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+ 3.75%		0.00	%		7.52	%	3/13/2030		487,500		484,204		379,031
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	2/18/2030		980,094		973,648		820,829
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.02	%	4/2/2029		2,667,363		2,630,839		2,158,351
Ingram Micro Inc.	Wholesale	Term Loan B (6/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	9/22/2031		450,298		448,093		451,144
Inmar, Inc.	Services: Business	Term Loan B (06/25)	Loan	3M USD SOFR+ 4.50%		0.50	%		8.17	%	10/30/2031		3,266,898		3,222,520		3,177,058
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.04	%	3/16/2029		471,250		469,569		454,521
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B (11/25)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	12/16/2030		486,195		483,914		484,119
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+ 2.50%		0.00	%		2.50	%	4/13/2028		1,509,341		1,242,094		75,467
Isolved Inc.	Services: Business	Infinisource/iSolved 7/25 Cov-lite TL B	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	10/15/2030		614,129		609,564		571,527
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		5.82	%	12/15/2031		3,800,000		3,800,000		3,675,132
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.75%		0.75	%		7.42	%	3/1/2028		2,865,975		2,840,446		2,839,694
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+ 7.00%		1.00	%		10.67	%	9/30/2030		233,182		233,182		186,546
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan (9/25)	Loan	3M USD SOFR+ 5.50%		0.00	%		9.17	%	9/30/2032		1,103,261		571,479		551,630
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 2.50%		0.50	%		6.18	%	4/10/2030		975,206		955,785		968,701
Lakeland Tours, LLC (c)	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed 0.00%		0.00	%		10.00	%	9/27/2027		1,127,568		818,937		107,119
Latham Pool Products, Inc.	Consumer goods: Durable	Term Loan 2/22	Loan	3M USD SOFR+ 3.75%		0.50	%		7.72	%	2/23/2029		980,422		970,513		974,706
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 5.50%		1.00	%		9.28	%	8/26/2027		1,493,382		1,491,106		1,314,176
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan (9/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.18	%	6/17/2030		961,092		951,264		960,496
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan B (9/25)	Loan	3M USD SOFR+ 3.75%		0.75	%		7.42	%	3/29/2029		2,539,884		2,494,092		2,528,785
MAGNITE, INC.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	2/6/2031		3,209,517		3,185,690		3,177,422

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
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/1/2031		1,297,318		1,297,318		1,294,619
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+ 5.00%		0.50	%		8.67	%	10/3/2030		1,965,000		1,867,659		1,611,791
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	8/6/2031		579,182		576,274		577,282
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+ 4.25%		0.75	%		8.18	%	4/8/2028		2,392,299		2,385,209		2,387,323
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	3/21/2031		492,525		490,631		488,462
Moneygram International, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 4.75%		0.50	%		8.41	%	6/1/2030		2,933,988		2,654,564		1,915,483
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	First-Out Term Loan (01/25)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.42	%	12/31/2030		313,244		287,511		308,389
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan B (2/25)	Loan	3M USD SOFR+ 2.50%		0.50	%		6.17	%	11/24/2028		2,881,401		2,879,478		2,661,176
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan (3/25)	Loan	1M USD SOFR+ 5.50%		0.00	%		9.17	%	3/25/2030		3,208,542		3,122,422		3,220,574
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 6.00%		0.00	%		9.67	%	12/5/2030		1,922,848		1,921,097		1,886,198
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD SOFR+ 7.50%		1.00	%		12.89	%	8/9/2026		2,317,073		2,312,037		1,567,894
Nielsen Consumer Inc.	Services: Business	Term Loan (08/25)	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	10/7/2030		2,154,574		2,153,950		2,079,164
NortonLifeLock Inc.	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.42	%	9/12/2029		955,000		952,861		928,737
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B (10/24)	Loan	6M USD SOFR+ 3.25%		0.00	%		7.04	%	4/3/2028		479,041		476,798		478,442
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+ 5.00%		0.75	%		8.82	%	12/22/2028		1,925,000		1,918,692		1,764,590
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	3M USD SOFR+ 3.50%		0.50	%		7.42	%	2/23/2029		1,319,846		1,288,190		1,290,704
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.42	%	1/31/2030		838,682		822,775		814,746
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.17	%	5/2/2030		460,397		454,127		459,103
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	3/17/2031		1,179,075		1,178,728		1,177,436
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.75%		0.50	%		8.66	%	7/6/2028		930,329		926,455		860,555
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan B (12/25)	Loan	3M USD SOFR+ 3.25%		0.50	%		6.95	%	2/28/2030		2,433,760		2,417,597		2,434,272
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		9.41	%	8/1/2029		2,917,234		2,660,957		2,042,063
Pathway Partners Vet Management Company LLC (c)	Consumer goods: Non-durable	Term Loan B (03/25)	Loan	3M USD SOFR+ 5.00%		1.00	%		8.67	%	6/30/2028		-		6,950		-
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	7/18/2031		782,573		782,327		780,460
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+ 3.25%		0.50	%		6.92	%	2/28/2029		962,978		962,623		798,068
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.18	%	12/29/2028		1,444,621		1,442,234		1,391,531

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
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	5/3/2029		965,000		962,640		966,476
Phoenix Guarantor Inc.	Healthcare & Pharmaceuticals	Term Loan B (12/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	2/21/2031		955,542		955,542		953,564
PHYSICIAN PARTNERS, LLC (b) (c)	Healthcare & Pharmaceuticals	Term Loan B1 (1/25)	Loan	3M USD SOFR+ 1.50%		0.00	%		5.32	%	12/31/2029		1,865,532		985,648		895,455
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.54	%	3/13/2028		4,286,250		4,283,564		3,974,168
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan (07/25)	Loan	3M USD SOFR+ 2.75%		0.00	%		6.42	%	11/3/2031		478,962		478,042		474,474
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+ 4.75%		0.75	%		8.54	%	2/12/2028		3,942,289		3,932,110		2,534,340
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+ 3.25%		0.50	%		6.92	%	12/15/2028		2,888,325		2,877,497		2,451,466
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	10/13/2030		1,769,515		1,757,142		1,765,286
Primo Brands Corporation	Beverage, Food & Tobacco	Term Loan B (01/25)	Loan	3M USD SOFR+ 2.25%		0.50	%		5.92	%	3/31/2028		1,433,030		1,430,561		1,431,497
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (07/25)	Loan	1M USD SOFR+ 3.75%		0.50	%		7.42	%	7/30/2032		2,830,585		2,817,297		2,761,009
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+ 5.25%		0.50	%		9.02	%	7/20/2029		970,000		930,838		603,825
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.75%		0.00	%		8.42	%	3/15/2030		244,372		244,095		236,022
Quartz AcquireCo, LLC	High Tech Industries	Term Loan (2/25)	Loan	3M USD SOFR+ 2.25%		0.00	%		5.92	%	6/28/2030		1,222,487		1,215,995		1,084,958
Quikrete Holdings, Inc.	Construction & Building	Term Loan (2/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/14/2031		982,575		980,934		981,475
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		6.53	%	5/15/2028		2,018,945		1,329,862		826,092
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+ 6.25%		0.75	%		10.03	%	5/15/2028		541,399		538,133		537,338
RAND PARENT LLC	Transportation: Cargo	Term Loan B (01/25)	Loan	3M USD SOFR+ 3.00%		0.00	%		6.67	%	3/18/2030		2,431,842		2,374,944		2,430,626
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.93	%	4/24/2028		957,500		957,300		882,499
Rent-A-Center, Inc.	Retail	Term Loan B (08/25)	Loan	3M USD SOFR+ 2.75%		0.50	%		6.42	%	8/13/2032		1,825,515		1,806,157		1,820,951
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan (07/24)	Loan	3M USD SOFR+ 5.00%		1.00	%		8.91	%	7/15/2028		335,333		332,328		330,303
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Second-Out Term Loan	Loan	3M USD SOFR+ 5.50%		1.00	%		9.41	%	10/15/2028		2,858,408		2,768,737		1,667,881
Resideo Funding Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.66	%	2/11/2028		674,488		674,488		673,227
Resolute Investment Managers (American Beacon), Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+ 6.50%		1.00	%		10.43	%	10/30/2028		1,948,080		1,948,081		1,504,892
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.29	%	10/20/2028		3,357,249		3,355,349		3,295,140
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan B (2/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/4/2032		931,115		931,115		935,771
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	9/15/2031		1,441,374		1,434,941		1,437,771
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+ 5.00%		0.50	%		8.77	%	3/10/2028		2,383,643		2,361,520		2,332,991
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	2/28/2030		318,750		317,260		319,349
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.75	%		7.54	%	4/20/2028		939,236		937,872		931,017

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+ 3.00%		0.50	%		6.65	%	4/4/2029		486,344		485,950		476,213
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	7/31/2031		975,193		970,172		942,524
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		5.42	%	11/5/2028		350,000		349,707		350,875
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.68	%	8/28/2028		1,915,000		1,912,199		716,765
SiteOne Landscape Supply, LLC	Services: Business	Term Loan B (06/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.41	%	3/23/2030		1,245,101		1,241,692		1,243,544
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	4/2/2029		505,257		503,333		505,677
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	8/2/2030		1,920,000		1,917,584		1,914,163
SRAM, LLC	Consumer goods: Durable	Term Loan (02/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	2/23/2032		2,246,400		2,245,458		2,246,400
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.50	%		5.43	%	9/22/2028		200,250		199,674		200,546
Staples, Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		9.41	%	9/4/2029		4,220,701		4,178,169		3,766,976
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+ 4.00%		0.00	%		7.67	%	9/27/2030		1,228,125		1,215,137		1,187,340
Storable, Inc	High Tech Industries	Term Loan B (3/25)	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	4/16/2031		481,363		481,250		459,099
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Superannuation and Investments/CFS 1/26 TL	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	12/1/2028		960,175		956,194		953,876
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	3/27/2031		491,288		487,342		492,978
Sweetwater Borrower, LLC	Retail	Term Loan B (2/26)	Loan	1M USD SOFR+ 4.00%		0.00	%		7.66	%	2/17/2033		1,895,910		1,854,369		1,898,280
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+ 4.00%		0.75	%		7.93	%	4/24/2028		2,394,950		2,394,735		2,037,216
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan B (6/24)	Loan	3M USD SOFR+ 4.75%		0.50	%		8.42	%	4/2/2029		970,182		964,903		940,670
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.54	%	7/7/2028		960,000		959,716		954,605
Thor Industries, Inc.	Automotive	Term Loan B (06/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	11/15/2030		94,142		93,485		93,906
Torrid LLC	Wholesale	Term Loan 5/21	Loan	1M USD SOFR+ 5.50%		0.75	%		9.29	%	6/14/2028		2,922,221		2,705,250		1,168,888
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.04	%	4/17/2028		2,260,738		2,186,326		2,253,956
Tosca Services, LLC (c)	Containers, Packaging & Glass	Term Loan A (08/24)	Loan	1M USD SOFR+ 5.50%		1.50	%		9.17	%	11/30/2028		80,509		79,712		81,224
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B9 (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/24/2031		599,927		599,530		594,006
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan B (09/24)	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	9/30/2031		343,454		343,361		267,035
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+ 4.00%		0.75	%		7.77	%	11/2/2027		925,281		923,548		908,700
Ultra Clean Holdings, Inc.	High Tech Industries	Term Loan (09/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	2/25/2028		1,203,008		1,201,345		1,205,017
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (05/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	1/31/2029		2,379,366		2,379,365		2,371,442
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+ 4.25%		0.50	%		7.92	%	6/25/2029		241,250		237,262		238,234
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+ 5.00%		0.75	%		8.82	%	1/19/2029		2,271,234		2,234,639		1,704,243
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Extended Term Loan (07/24)	Loan	3M USD SOFR+ 7.75%		1.00	%		11.42	%	6/16/2026		1,259,184		1,259,163		1,212,758
Verifone Systems, Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (03/25)	Loan	3M USD SOFR+ 5.25%		0.00	%		9.18	%	8/21/2028		1,188,774		1,188,361		1,089,428
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+ 2.25%		0.75	%		5.92	%	12/6/2030		962,997		961,733		962,997
Vertiv Group Corporation	Capital Equipment	Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	8/12/2032		1,901,601		1,901,601		1,901,601

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
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.29	%	3/5/2029		2,907,129		2,869,038		2,906,780
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	12/20/2030		1,851,605		1,850,971		1,854,956
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan J	Loan	3M USD SOFR+ 1.75%		0.00	%		5.57	%	1/24/2031		1,250,000		1,250,000		1,251,563
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B (03/21)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.67	%	3/2/2028		2,631,521		2,627,980		2,632,626
WeddingWire, Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.75%		0.00	%		7.42	%	1/31/2028		4,725,068		4,725,067		4,032,042
WEX Inc.	Services: Business	Term Loan B (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/31/2028		2,866,626		2,864,574		2,849,312
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Term Loan B (02/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	8/1/2030		490,062		490,062		488,989
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	5/24/2030		977,613		974,397		980,330
Xperi Corporation	High Tech Industries	Term Loan (1/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/8/2028		1,481,388		1,481,214		1,473,981
Zayo Group, LLC (c)	Telecommunications	Term Loan (09/25)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.79	%	3/11/2030		620,347		615,143		596,308
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.69	%	11/1/2030		1,838,369		1,832,728		1,832,909
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.91	%	1/24/2031		1,428,583		1,427,966		1,430,769
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+ 5.25%		0.00	%		8.92	%	2/8/2028		1,940,000		1,896,965		1,828,450
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+ 1.93%		0.50	%		5.70	%	1/29/2029		480,000		479,676		479,280
TOTAL INVESTMENTS														$	382,812,855	$	354,116,571

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)		22,319,387	$	22,319,387	$	22,319,387
Total cash and cash equivalents		22,319,387	$	22,319,387	$	22,319,387

(a)

Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2026.

(b)

As of February 28, 2026, the investment was in default and on non-accrual status.

(c)

Investments include Payment-in-Kind Interest.

(d)

All or a portion of this investment has an unfunded commitment as of February 28, 2026.

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 PORTFOLIO SOL	Banking, Finance, Insurance & Real Estate	Common Stock	Equity										296,227	$	216,246	$	204,397
Altisource Portfolio Solutions - CS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										7,917		3,736		2,895
Altisource Portfolio Solutions - NS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										7,917		3,129		2,883
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Common Stock	Equity										24,148		670,107		682,181
Envision Parent Inc	Healthcare & Pharmaceuticals	Common Stock	Equity										4,410		175,000		50,715
Envision Parent Inc	Healthcare & Pharmaceuticals	Warrants	Equity										92,837		-		4,642
Instant Brands Litigation Trust	Consumer goods: Durable	Equity Interests	Equity										51,095		35,250		151,056
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		231,040
URS TOPCO, LLC	Transportation: Cargo	Common Stock	Equity										25,330		440,405		354,620
Wellpath Holdings LLC	Healthcare & Pharmaceuticals	Common Stock	Equity										41,758		-		-
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	9/20/2030	$	1,436,662		1,419,292		1,429,076
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.66	%	2/7/2029		2,448,533		2,374,623		2,398,044
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+ 5.25%		0.00	%		9.50	%	7/8/2028		3,036,695		2,797,339		2,936,484
Adtalem Global Education Inc.	Services: Business	Term Loan B (08/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		7.07	%	8/12/2028		352,462		350,628		352,902
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 5.50%		1.00	%		10.28	%	5/9/2025		2,267,140		2,265,721		1,271,865
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	6M USD SOFR+ 3.00%		0.00	%		7.26	%	5/1/2030		2,154,146		2,140,760		2,093,119
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	1M USD SOFR+ 3.00%		0.75	%		7.30	%	2/1/2031		2,895,655		2,838,488		2,902,228
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	3M USD SOFR+ 2.00%		0.00	%		6.34	%	3/21/2031		992,500		990,413		995,607
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan B (01/25)	Loan	3M USD SOFR+ 4.00%		0.75	%		8.30	%	4/8/2030		2,455,696		2,341,381		2,458,250
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.94	%	2/4/2028		240,624		240,582		241,166
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+ 5.50%		0.00	%		9.98	%	2/10/2027		4,303,877		4,290,645		2,571,566
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B6 (09/24)	Loan	1M USD SOFR+ 2.75%		0.00	%		7.07	%	9/19/2031		797,021		797,021		795,579
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+ 3.75%		0.50	%		8.17	%	5/12/2028		1,935,000		1,930,761		1,936,529
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	First Lien Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	5/31/2030		249,375		249,375		249,532
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+ 6.50%		3.50	%		10.92	%	2/20/2029		500,000		487,543		500,000
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B (02/25)	Loan	3M USD SOFR+ 6.50%		3.50	%		10.92	%	4/30/2030		545,284		545,284		539,831
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	6/11/2031		482,575		481,544		477,547
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	12/13/2029		480,000		469,318		478,200
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+ 5.75%		0.00	%		10.07	%	10/30/2029		2,926,807		2,925,603		2,945,099

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
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+ 3.75%		0.75	%		8.17	%	3/3/2028		1,357,439		1,356,879		1,140,588
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+ 3.75%		0.00	%		8.34	%	8/11/2025		937,500		937,084		765,084
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan (12/24)	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	7/18/2029		1,944,396		1,928,125		1,945,408
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD SOFR+ 5.50%		0.75	%		9.94	%	9/1/2027		1,674,963		1,662,638		1,576,559
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+ 5.50%		0.75	%		9.94	%	9/1/2027		500,000		496,326		467,625
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/25)	Loan	3M USD SOFR+ 4.00%		0.00	%		8.29	%	7/27/2028		490,038		468,587		491,875
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.00	%		7.19	%	5/15/2026		2,878,173		2,868,237		2,874,575
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.94	%	3/6/2028		962,500		957,781		957,688
Aramark Services, Inc.	Services: Consumer	Term Loan B7 (03/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		6.32	%	4/6/2028		1,753,715		1,750,058		1,758,538
Aramark Services, Inc.	Services: Consumer	Term Loan B8 (03/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		6.32	%	6/22/2030		2,331,250		2,305,337		2,337,078
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.50%		0.50	%		7.92	%	9/23/2028		971,274		969,846		971,711
ARCIS GOLF LLC	Services: Consumer	Term Loan B (01/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		7.07	%	11/24/2028		493,000		489,289		494,543
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.82	%	8/9/2030		2,622,898		2,610,006		2,616,891
Ascensus Group Holdings, Inc	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	8/2/2028		494,767		491,912		493,035
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term loan	Loan	1M USD SOFR+ 4.25%		0.00	%		8.57	%	12/23/2030		893,250		885,649		895,483
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B5 (02/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.82	%	2/14/2031		1,290,250		1,289,103		1,290,082
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+ 4.00%		0.00	%		8.42	%	8/19/2028		1,955,000		1,890,928		1,949,780
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B12	Loan	1M USD SOFR+ 4.25%		0.00	%		8.56	%	9/19/2030		2,912,179		2,908,959		2,898,521
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	2/15/2029		1,303,799		1,300,749		1,300,070
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	6/22/2030		1,472,622		1,429,929		1,472,136
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (11/24)	Loan	3M USD SOFR+ 1.75%		0.50	%		6.08	%	12/20/2029		851,048		844,987		852,546
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 6.62%		0.75	%		11.05	%	9/20/2027		425,000		418,550		422,344
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.00	%		7.82	%	10/10/2029		532,287		530,730		528,849

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
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.31	%	5/27/2031		1,640,279		1,630,478		1,642,329
Belfor Holdings Inc.	Services: Consumer	Term Loan 4/23	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	11/1/2030		1,490,834		1,478,738		1,498,288
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+ 3.00%		0.50	%		7.43	%	1/24/2029		1,950,000		1,949,473		1,175,753
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+ 2.25%		0.00	%		6.69	%	4/23/2026		342,601		341,898		341,317
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 2.75%		0.00	%		7.07	%	1/22/2031		1,425,751		1,422,525		1,423,712
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+ 2.75%		0.50	%		7.06	%	12/13/2029		488,806		479,686		488,669
Boost Newco Borrower, LLC (Worldpay)	Banking, Finance, Insurance & Real Estate	Term Loan B (01/25)	Loan	3M USD SOFR+ 2.00%		0.00	%		6.29	%	1/31/2031		498,750		496,603		498,127
Boxer Parent Company, Inc.	High Tech Industries	Term Loan	Loan	3M USD SOFR+ 3.00%		0.00	%		7.29	%	7/30/2031		1,007,194		1,003,006		1,004,766
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+ 3.00%		0.00	%		7.31	%	6/16/2031		2,896,329		2,894,596		2,894,794
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+ 2.25%		0.00	%		6.56	%	1/27/2031		1,440,450		1,440,450		1,437,396
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	3M USD SOFR+ 2.50%		0.00	%		6.81	%	7/1/2031		491,284		481,764		490,464
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B (01/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	11/22/2030		663,337		661,343		663,430
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B5 (09/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	11/2/2026		483,028		482,076		482,897
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.50	%		7.94	%	3/31/2028		2,412,500		2,400,434		2,418,531
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	3/16/2030		471,250		467,499		465,458
Calpine Corporation	Utilities: Electric	Term Loan B10 (01/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	1/31/2031		1,990,000		1,981,632		1,987,513
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+ 2.50%		0.75	%		6.94	%	6/5/2028		2,436,709		2,289,886		2,386,586
CAPSTONE BORROWER INC	Services: Business	Term Loan B (05/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		7.58	%	6/17/2030		872,669		862,196		874,851
CareerBuilder, LLC	Services: Business	Term Loan B3	Loan	1M USD SOFR+ 2.50%		0.00	%		6.94	%	7/31/2026		4,089,659		4,079,749		204,483
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	3M USD SOFR+ 3.75%		0.00	%		8.32	%	1/27/2027		1,929,894		1,925,694		1,192,520
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+ 2.75%		1.00	%		7.17	%	11/1/2025		2,085,112		1,976,819		1,978,250
CCC Intelligent Solutions Inc.	Services: Business	Term Loan (01/25)	Loan	1M USD SOFR+ 2.00%		0.50	%		6.32	%	9/16/2028		242,500		242,288		241,894
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+ 4.00%		0.75	%		8.33	%	12/17/2027		240,625		239,544		241,426
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.25%		0.50	%		8.66	%	3/6/2028		980,000		948,779		395,263
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+ 4.25%		0.75	%		8.82	%	3/6/2028		962,500		960,608		399,438
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 5.50%		0.00	%		10.28	%	9/25/2025		1,140,869		1,139,841		386,047

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		7.58	%	7/6/2029		990,019		968,890		903,640
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.94	%	8/28/2028		616,921		613,611		617,470
Charlotte Buyer, Inc.	Services: Business	Term Loan B (01/25)	Loan	1M USD SOFR+ 4.25%		0.50	%		8.57	%	2/11/2028		1,473,806		1,410,924		1,469,886
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B3 (08/23)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	8/18/2028		2,369,720		2,339,142		2,358,866
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	3/17/2028		481,250		480,828		480,047
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.82	%	5/17/2028		1,940,187		1,883,647		1,930,486
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan (10/24)	Loan	3M USD SOFR+ 2.00%		0.00	%		6.33	%	10/31/2031		4,826,890		4,826,890		4,832,344
Citco Funding LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	6M USD SOFR+ 2.75%		0.50	%		7.31	%	4/27/2028		987,538		984,246		994,529
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	5/6/2030		1,197,000		1,192,661		1,191,015
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.92	%	8/10/2026		3,368,637		3,360,331		3,099,146
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 3.18%		0.50	%		7.50	%	4/13/2029		1,220,000		1,199,733		1,219,244
Columbus McKinnon Corporation	Capital Equipment	Term Loan (03/24)	Loan	3M USD SOFR+ 2.50%		0.50	%		6.83	%	5/14/2028		361,967		361,543		361,062
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.82	%	9/27/2029		2,865,844		2,801,249		2,491,679
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.75	%		7.94	%	10/2/2027		2,714,005		2,592,779		2,700,788
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.94	%	6/2/2028		2,418,750		2,413,203		2,406,656
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan B (12/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.06	%	3/2/2027		1,920,785		1,920,785		1,918,921
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (09/24)	Loan	1M USD SOFR+ 2.75%		0.00	%		7.07	%	10/1/2031		1,576,094		1,568,099		1,576,536
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	3M USD SOFR+ 2.25%		0.50	%		6.58	%	2/19/2029		750,000		730,356		752,723
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B2 (10/24)	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	10/24/2031		485,063		483,905		485,974
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 4.00%		0.75	%		8.31	%	1/30/2031		2,388,000		2,367,977		2,397,695
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+ 6.00%		1.00	%		10.55	%	11/2/2027		1,919,403		1,894,257		1,919,403
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.56	%	6/29/2029		762,038		735,302		721,079
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	1M USD SOFR+ 4.00%		0.00	%		8.32	%	10/16/2026		1,439,547		1,439,547		1,394,748
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.92	%	11/16/2029		5,292,000		5,206,553		5,270,514
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.31	%	11/1/2030		620,320		612,532		620,475
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		8.34	%	10/4/2028		972,500		970,335		916,251
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+ 10.00%		1.00	%		14.41	%	5/25/2026		29,734		29,407		26,463
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan (1/24)	Loan	3M USD SOFR+ 5.25%		0.75	%		9.80	%	8/2/2029		2,902,900		2,887,032		2,882,115

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+ 4.00%		0.50	%		8.29	%	10/4/2029		1,470,233		1,383,873		1,465,749
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+ 4.25%		0.75	%		8.73	%	3/25/2028		482,500		480,166		454,496
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+ 5.50%		0.75	%		9.94	%	11/30/2028		3,071,416		3,028,380		2,973,530
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.81	%	12/1/2028		1,911,111		1,778,613		1,920,667
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+ 5.25%		0.50	%		9.67	%	12/15/2028		3,892,437		3,790,333		3,773,718
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	3M USD SOFR+ 3.50%		0.00	%		7.79	%	6/17/2031		6,305,000		6,280,258		6,283,311
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B1 (01/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		7.07	%	1/31/2030		2,014,107		2,013,573		2,009,072
DTZ U.S. Borrower, LLC	Construction & Building	2024-3 Term Loan (09/24)	Loan	1M USD SOFR+ 3.25%		0.50	%		7.57	%	1/31/2030		1,097,250		1,075,232		1,098,161
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+ 4.25%		1.00	%		8.68	%	4/11/2031		1,431,964		1,412,492		1,443,148
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	8/16/2028		970,169		967,824		967,336
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+ 3.75%		0.50	%		8.16	%	11/23/2028		1,945,000		1,943,317		1,923,663
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	4/7/2028		2,155,371		2,152,592		2,158,281
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+ 2.75%		0.50	%		7.07	%	11/1/2028		487,500		486,541		486,769
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD SOFR+ 6.50%		0.00	%		10.94	%	12/15/2025		2,137,656		2,124,478		2,137,656
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.50	%		7.31	%	3/30/2029		2,885,658		2,843,183		2,880,262
Emrld Borrower LP	Capital Equipment	Term Loan B (04/23)	Loan	6M USD SOFR+ 2.50%		0.00	%		6.93	%	5/31/2030		990,000		986,329		986,594
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 4.00%		0.50	%		8.32	%	4/23/2031		1,995,000		1,977,056		1,995,000
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.75	%		7.92	%	2/10/2028		2,412,500		2,407,887		1,668,654
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B3 (5/24)	Loan	3M USD SOFR+ 2.75%		0.50	%		7.08	%	10/31/2029		1,476,325		1,464,198		1,477,476
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	6M USD SOFR+ 6.00%		0.50	%		10.28	%	10/9/2029		950,000		893,353		397,813
Equiniti Group PLC	Services: Business	Term Loan (12/24)	Loan	6M USD SOFR+ 3.75%		0.50	%		8.03	%	12/11/2028		970,069		964,262		976,937
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+ 2.75%		0.50	%		7.07	%	10/30/2030		1,125,000		1,110,800		1,130,625
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	2/12/2031		497,503		493,271		497,011
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (9/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	6/27/2029		2,795,563		2,793,344		2,794,389
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	3M USD SOFR+ 5.00%		1.00	%		9.55	%	3/30/2027		4,812,500		4,781,859		4,607,969
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Term Loan B (02/24)	Loan	3M USD SOFR+ 3.00%		0.00	%		7.33	%	3/5/2029		5,053,465		5,046,585		5,052,454
First Student Bidco Inc.	Transportation: Consumer	Term Loan B (12/24)	Loan	3M USD SOFR+ 2.50%		0.50	%		6.89	%	7/21/2028		709,476		706,708		707,603
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD SOFR+ 2.50%		0.50	%		6.89	%	7/21/2028		216,966		216,137		216,393
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+ 5.25%		1.00	%		9.57	%	2/5/2029		1,191,000		1,161,999		1,204,030
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD SOFR+ 1.75%		0.50	%		6.08	%	11/29/2030		3,712,500		3,704,077		3,699,729

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
Franchise Group, Inc.	Services: Consumer	New Money Term Commitments	Loan	1M USD SOFR+ 9.00%		1.00	%		13.43	%	5/6/2025		257,225		254,175		257,225
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	6M USD SOFR+ 4.75%		0.75	%		9.30	%	3/10/2026		827,674		825,735		412,802
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+ 4.75%		0.75	%		9.30	%	3/10/2026		3,041,686		2,988,228		1,517,041
Franchise Group, Inc.	Services: Consumer	Term Loan DIP New Money	Loan	1M USD SOFR+ 9.00%		1.00	%		13.43	%	5/6/2025		355,828		353,546		355,828
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	4/25/2031		4,231,210		4,225,781		4,231,210
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B4 (10/24)	Loan	6M USD SOFR+ 2.00%		0.00	%		6.24	%	9/16/2031		1,915,000		1,914,701		1,905,751
Garrett LX III S.a r.l.	Automotive	Term Loan (1/25)	Loan	3M USD SOFR+ 2.25%		0.50	%		6.54	%	1/20/2032		1,451,250		1,447,746		1,438,552
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		6.08	%	4/10/2031		1,496,250		1,489,525		1,489,711
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		2.96	%	8/27/2025		2,323,401		2,300,582		2,318,312
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		6.30	%	10/4/2030		415,684		414,006		414,387
Global Tel*Link Corporation	Telecommunications	Term Loan (6/24)	Loan	1M USD SOFR+ 7.50%		3.00	%		11.82	%	7/31/2029		4,809,048		4,741,980		4,798,757
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	5/30/2031		940,231		940,231		938,473
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	6M USD SOFR+ 5.25%		0.75	%		9.92	%	12/1/2027		1,775,000		1,767,298		1,434,786
GOTO GROUP, INC.	High Tech Industries	First Lien Term Loan	Loan	3M USD SOFR+ 4.75%		0.00	%		9.19	%	4/30/2028		1,245,381		804,484		1,151,043
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	3M USD SOFR+ 4.75%		0.00	%		9.19	%	4/30/2028		1,719,812		1,651,916		832,389
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan B (07/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	8/4/2027		830,576		828,359		830,161
Great Outdoors Group, LLC	Retail	Term Loan (1/25)	Loan	1M USD SOFR+ 3.25%		0.75	%		7.55	%	1/20/2032		960,244		958,144		962,049
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		6.31	%	1/24/2029		142,188		142,044		142,898
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Term Loan B (5/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	2/25/2030		2,786,709		2,786,614		2,791,057
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	1M USD SOFR+ 4.75%		0.75	%		9.19	%	5/27/2028		2,412,086		2,134,984		2,133,827
GYP HOLDINGS III CORP.	Construction & Building	Term Loan (1/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	5/12/2030		246,881		245,937		247,037
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.00	%		8.07	%	6/30/2028		2,082,970		2,035,333		1,807,726
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+ 2.00%		0.50	%		6.31	%	7/14/2028		2,714,525		2,713,474		2,704,780
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	11/8/2030		1,500,000		1,497,236		1,505,160
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 6.75%		0.50	%		11.07	%	4/12/2029		3,038,490		3,037,561		3,036,606
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+ 3.75%		0.75	%		8.19	%	11/17/2028		2,189,325		2,184,763		2,130,935

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (10/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.31	%	3/29/2030		5,775,525		5,692,371		5,770,327
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B (1/25)	Loan	3M USD SOFR+ 3.25%		0.00	%		7.55	%	1/19/2032		2,232,648		2,038,638		2,215,904
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	2/18/2031		2,977,538		2,966,717		2,968,992
Idera, Inc.	High Tech Industries	Term Loan (06/24)	Loan	3M USD SOFR+ 3.50%		0.75	%		7.79	%	3/2/2028		4,726,151		4,723,056		4,447,167
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	11/1/2028		2,440,193		2,433,243		2,440,193
INDY US BIDCO, LLC	Services: Business	Term Loan (01/25)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.82	%	3/6/2028		2,170,828		2,170,359		2,166,313
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+ 3.75%		0.00	%		8.17	%	3/13/2030		492,500		488,601		474,031
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	2/18/2030		990,019		982,264		973,931
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.67	%	4/2/2029		2,694,512		2,647,631		2,627,149
Informatica Inc.	High Tech Industries	Term Loan B (06/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	10/27/2028		486,250		486,237		485,642
Ingram Micro Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+ 2.75%		0.00	%		7.08	%	9/17/2031		693,439		689,636		697,343
Inmar, Inc.	Services: Business	Term Loan (06/23)	Loan	3M USD SOFR+ 5.00%		1.00	%		9.31	%	10/30/2031		3,299,855		3,234,272		3,303,980
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.69	%	3/16/2029		476,250		472,714		475,826
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.75	%		6.82	%	12/15/2027		492,487		489,357		491,935
Isagenix International, LLC	Beverage, Food & Tobacco	Term Loan	Loan	6M USD SOFR+ 2.50%		0.00	%		2.50	%	4/13/2028		1,378,403		1,025,602		186,084
Isolved Inc.	Services: Business	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	10/15/2030		620,324		614,960		624,394
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		6.30	%	12/15/2031		3,840,000		3,839,989		3,790,810
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.75%		0.75	%		8.07	%	3/1/2028		2,895,000		2,858,590		2,872,072
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan 7/23	Loan	Prime 6.50%		1.00	%		14.00	%	11/20/2027		3,370,462		3,360,549		134,818
Kleopatra Finco S.a r.l.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+ 4.73%		0.50	%		9.23	%	2/12/2026		1,443,750		1,443,745		1,348,304
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 2.50%		0.50	%		6.82	%	4/10/2030		985,081		961,555		988,775
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+ 3.50%		0.50	%		8.06	%	9/1/2027		481,363		476,486		481,363
Lakeland Tours, LLC	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed 0.00%		0.00	%		8.00	%	9/27/2027		1,127,568		680,756		28,189
Latham Pool Products, Inc.	Consumer goods: Durable	Term Loan 2/22	Loan	3M USD SOFR+ 3.75%		0.50	%		8.19	%	2/23/2029		991,609		978,723		970,954
Lealand Finance Company B.V.	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD SOFR+ 1.00%		0.00	%		5.43	%	12/31/2027		366,724		366,724		149,257
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+ 4.75%		0.50	%		9.17	%	2/16/2029		2,450,166		2,120,597		2,266,403
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 5.50%		1.00	%		9.93	%	8/26/2027		1,576,347		1,572,295		1,500,163
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	1M USD SOFR+ 3.75%		0.75	%		8.18	%	3/17/2028		967,500		966,360		969,919

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
LOYALTY VENTURES INC.	Services: Business	Loyalty Ventures Claims	Term Loan B	Prime 5.50%		0.50	%		14.00	%	11/3/2027		2,913,525		2,905,305		211,231
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan B (06/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.93	%	10/15/2028		1,622,206		1,607,812		1,621,622
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	6/14/2030		970,924		959,085		970,924
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan Extended	Loan	1M USD SOFR+ 5.25%		0.75	%		9.57	%	3/29/2029		2,671,805		2,610,533		2,680,167
Lumen Technologies Inc	Telecommunications	Term Loan B1 (3/24)	Loan	1M USD SOFR+ 2.35%		2.00	%		6.79	%	4/16/2029		1,608,268		1,607,707		1,512,785
Lumen Technologies Inc	Telecommunications	Term Loan B2 (3/24)	Loan	1M USD SOFR+ 2.35%		2.00	%		6.79	%	4/15/2030		1,608,268		1,607,702		1,507,767
MAGNITE, INC.	Services: Business	Term Loan B (09/24)	Loan	1M USD SOFR+ 3.75%		0.00	%		8.07	%	2/6/2031		3,233,770		3,205,941		3,278,235
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	4/1/2031		1,310,489		1,310,489		1,310,489
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+ 5.00%		0.50	%		9.31	%	10/3/2030		1,985,000		1,870,513		1,942,819
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	3M USD SOFR+ 3.00%		0.00	%		7.29	%	12/29/2031		3,415,608		3,349,332		3,405,634
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan (1/25)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.55	%	8/6/2031		1,244,525		1,236,501		1,251,134
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+ 4.25%		0.75	%		8.84	%	4/8/2028		2,417,349		2,407,248		1,957,038
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	3/21/2031		497,500		495,226		498,067
MKS Instruments, Inc.	High Tech Industries	Term Loan B (01/25)	Loan	1M USD SOFR+ 2.00%		0.50	%		6.32	%	8/17/2029		1,280,586		1,278,776		1,281,227
Momentive Performance Materials Inc.	Chemicals, Plastics, & Rubber	Term Loan (03/23)	Loan	1M USD SOFR+ 4.00%		0.00	%		8.32	%	3/28/2028		491,250		477,801		490,331
Moneygram International, Inc.	Services: Business	Term Loan B	Loan	3M USD SOFR+ 4.75%		0.50	%		9.15	%	6/1/2030		2,963,850		2,633,472		2,846,363
Mosel Bidco SE	High Tech Industries	Term Loan B	Loan	3M USD SOFR+ 4.50%		0.50	%		8.83	%	9/28/2030		500,000		495,844		501,250
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	First-Out Term Loan (01/25)	Loan	3M USD SOFR+ 3.75%		0.00	%		8.04	%	12/31/2030		315,611		285,615		313,638
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Second-Out Term Loan (01/25)	Loan	3M USD SOFR+ 4.60%		0.00	%		9.15	%	12/31/2030		2,616,207		2,460,718		2,198,556
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan B (2/25)	Loan	3M USD SOFR+ 2.50%		0.50	%		6.82	%	11/24/2028		2,910,506		2,906,771		2,886,873
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+ 5.25%		0.75	%		9.67	%	2/22/2029		2,939,547		2,497,131		2,712,966
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	6M USD SOFR+ 3.50%		0.00	%		8.17	%	11/14/2025		3,269,852		3,265,583		3,253,503
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	3M USD SOFR+ 3.75%		0.75	%		8.48	%	3/2/2028		2,680,348		2,676,078		2,623,658
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD SOFR+ 3.75%		0.75	%		8.18	%	3/2/2028		87,464		87,262		85,614
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD SOFR+ 2.50%		0.00	%		6.94	%	9/18/2026		571,911		570,138		571,356
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD SOFR+ 7.50%		1.00	%		11.90	%	8/9/2026		2,382,698		2,373,272		1,894,245

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
NorthPole Newco S.a.r.l	Aerospace & Defense	Term Loan	Loan	Prime 7.00%		0.00	%		14.50	%	3/3/2025		-		-		-
NortonLifeLock Inc.	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		6.07	%	9/12/2029		970,000		967,278		967,507
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B (10/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		7.55	%	4/3/2028		483,926		480,497		485,591
Novae LLC	Automotive	Term Loan B	Loan	1M USD SOFR+ 5.00%		0.75	%		9.42	%	12/22/2028		1,945,000		1,935,728		1,819,800
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.92	%	2/23/2029		2,442,273		2,367,591		2,262,498
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+ 1.75%		0.50	%		6.07	%	1/31/2030		921,883		900,638		920,731
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.82	%	5/2/2030		492,500		484,592		491,269
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+ 2.75%		0.00	%		7.07	%	3/17/2031		1,191,000		1,190,157		1,194,347
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B4 (05/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	9/24/2028		921,247		919,105		920,841
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.75%		0.50	%		9.30	%	7/6/2028		941,176		935,900		876,866
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+ 3.75%		0.50	%		8.04	%	2/28/2030		2,458,727		2,438,711		2,448,474
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		10.05	%	8/1/2029		2,947,386		2,631,038		2,597,384
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	3M USD SOFR+ 3.75%		0.00	%		8.34	%	3/31/2027		476,580		472,582		387,545
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+ 2.00%		0.00	%		6.32	%	7/18/2031		790,518		789,679		788,834
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	1M USD SOFR+ 3.25%		0.50	%		7.57	%	2/28/2029		973,627		972,968		969,246
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.80	%	12/29/2028		1,459,630		1,456,242		1,379,350
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.82	%	5/3/2029		975,000		971,989		976,463
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.75	%		8.17	%	2/1/2028		5,181,328		5,175,310		4,677,754
Phoenix Guarantor Inc.	Healthcare & Pharmaceuticals	Term Loan B (12/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	2/21/2031		965,218		965,218		961,444
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.00%		0.50	%		8.74	%	12/22/2028		2,928,567		2,881,253		1,156,784
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 2.25%		0.50	%		6.57	%	12/1/2028		1,795,294		1,791,011		1,796,892
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+ 2.75%		0.00	%		7.19	%	3/13/2028		4,331,250		4,327,202		4,316,351
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+ 4.25%		0.50	%		8.69	%	4/21/2029		1,955,000		1,949,220		1,890,368
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan B (10/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		7.58	%	11/3/2031		482,575		481,443		483,178
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+ 4.75%		0.75	%		9.19	%	2/12/2028		4,020,266		4,001,931		3,897,648
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+ 3.25%		0.50	%		7.69	%	12/15/2028		2,917,500		2,903,248		2,917,500
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		6.31	%	10/13/2030		1,990,013		1,973,564		1,985,834
Primo Brands Corporation	Beverage, Food & Tobacco	Term Loan B (01/25)	Loan	3M USD SOFR+ 2.25%		0.50	%		6.56	%	3/31/2028		1,447,505		1,443,799		1,448,620

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
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (5/24)	Loan	1M USD SOFR+ 4.75%		0.50	%		9.07	%	5/16/2031		2,872,211		2,857,095		2,875,802
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD SOFR+ 3.25%		0.75	%		7.82	%	12/28/2027		481,239		480,294		466,152
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+ 5.25%		0.50	%		9.64	%	7/20/2029		980,000		930,969		871,387
Propulsion (BC) Finco	Aerospace & Defense	Term Loan B (10/24)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.58	%	9/14/2029		742,457		736,171		745,509
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.75%		0.00	%		9.07	%	3/15/2030		465,765		465,063		465,570
Quartz AcquireCo, LLC	High Tech Industries	Term Loan (2/25)	Loan	3M USD SOFR+ 2.25%		0.00	%		6.57	%	6/28/2030		1,234,994		1,226,841		1,233,450
Quikrete Holdings, Inc.	Construction & Building	Term Loan (2/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	4/14/2031		992,500		990,531		990,981
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		7.17	%	5/15/2028		2,040,103		1,143,598		1,165,409
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+ 6.25%		0.75	%		10.67	%	5/15/2028		546,909		542,424		563,705
RAND PARENT LLC	Transportation: Cargo	Term Loan B (01/25)	Loan	3M USD SOFR+ 3.00%		0.00	%		7.30	%	3/18/2030		2,456,406		2,386,949		2,452,108
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	3M USD SOFR+ 3.00%		0.50	%		7.59	%	4/24/2028		967,500		966,881		960,747
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	3M USD SOFR+ 2.75%		0.50	%		7.04	%	2/17/2028		1,840,124		1,815,493		1,839,351
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan (07/24)	Loan	3M USD SOFR+ 5.00%		1.00	%		9.58	%	7/15/2028		338,737		334,497		339,018
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Second-Out Term Loan	Loan	3M USD SOFR+ 5.50%		1.00	%		10.08	%	7/15/2028		2,887,427		2,767,310		2,721,400
Resideo Funding Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.06	%	2/14/2028		674,488		674,302		675,756
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+ 6.50%		1.00	%		11.09	%	4/30/2027		1,948,473		1,948,473		1,930,449
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.94	%	10/20/2028		3,392,312		3,389,647		3,339,595
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		6.17	%	2/4/2027		996,705		996,705		996,944
Russell Investments US Inst’l Holdco, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B PIK (3/24)	Loan	3M USD SOFR+ 5.00%		1.00	%		9.29	%	5/30/2027		5,764,065		5,754,497		5,539,266
RV Retailer LLC	Automotive	Term Loan	Loan	1M USD SOFR+ 3.75%		0.75	%		8.17	%	2/8/2028		2,897,881		2,869,896		2,714,039
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	9/15/2031		1,455,934		1,448,552		1,453,750
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+ 5.00%		0.50	%		9.42	%	3/10/2028		2,408,668		2,376,694		2,403,996
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	2/28/2030		441,250		438,790		440,147
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.75	%		8.19	%	4/20/2028		939,236		936,933		933,365
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+ 3.00%		0.50	%		7.30	%	4/4/2029		491,269		490,668		491,087
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	3M USD SOFR+ 3.00%		0.00	%		7.31	%	7/31/2031		985,031		978,594		985,297

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		6.08	%	11/5/2028		500,000		499,374		501,500
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		8.18	%	8/28/2028		1,935,000		1,930,481		1,248,733
SiteOne Landscape Supply, LLC	Services: Business	Term Loan B (06/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		6.06	%	3/23/2030		1,257,709		1,253,356		1,257,709
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	4/2/2029		509,075		506,578		510,984
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		7.31	%	8/2/2030		1,940,000		1,935,791		1,945,820
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+ 4.25%		0.75	%		8.67	%	3/31/2028		1,935,000		1,925,487		1,847,925
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD SOFR+ 4.00%		0.75	%		8.71	%	3/4/2028		2,887,500		2,880,793		2,496,128
SRAM, LLC	Consumer goods: Durable	Term Loan (02/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		7.94	%	5/12/2028		2,269,091		2,267,559		2,274,764
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.50	%		6.07	%	9/22/2028		210,250		209,230		210,250
Staples, Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		10.04	%	9/4/2029		4,263,551		4,210,817		4,001,726
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+ 4.00%		0.00	%		8.33	%	9/27/2030		1,240,625		1,225,176		1,214,088
Storable, Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.50	%		7.82	%	4/17/2028		485,000		484,751		484,913
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 3.75%		0.50	%		8.19	%	12/1/2028		970,000		964,328		974,608
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+ 3.75%		0.00	%		8.07	%	3/27/2031		496,250		491,740		498,811
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD SOFR+ 4.25%		0.75	%		8.69	%	8/2/2028		2,083,452		2,022,885		2,083,452
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+ 4.00%		0.75	%		8.55	%	4/24/2028		2,419,962		2,419,490		2,377,105
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan B (6/24)	Loan	3M USD SOFR+ 4.75%		0.50	%		9.08	%	4/2/2029		980,032		973,273		969,624
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+ 2.75%		0.50	%		7.19	%	7/7/2028		970,000		969,283		971,213
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.75%		1.00	%		9.07	%	3/13/2031		3,473,750		3,442,264		3,500,880
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 5/23	Loan	6M USD SOFR+ 6.00%		0.00	%		10.25	%	5/25/2028		1,860,000		1,860,000		1,616,340
Thor Industries, Inc.	Automotive	Term Loan B (06/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	11/15/2030		291,839		289,445		292,569
TIBCO Software Inc	High Tech Industries	Term Loan (Cov-Lite) (10/24)	Loan	3M USD SOFR+ 3.75%		0.50	%		8.08	%	3/21/2031		498,750		498,297		500,137
Torrid LLC	Wholesale	Term Loan 5/21	Loan	3M USD SOFR+ 5.50%		0.75	%		10.07	%	6/14/2028		3,107,759		2,794,667		2,863,582
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.69	%	4/17/2028		2,284,411		2,178,846		2,279,773
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan A (08/24)	Loan	1M USD SOFR+ 5.50%		1.50	%		9.82	%	11/30/2028		80,509		79,712		82,925
Tosca Services, LLC	Containers, Packaging & Glass	Superpriority Second-Out Term Loan B	Loan	1M USD SOFR+ 1.50%		0.00	%		5.92	%	11/30/2028		6,878		10,704		5,932

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
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B9 (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	6/24/2031		605,987		605,382		604,878
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan (09/24)	Loan	3M USD SOFR+ 2.25%		0.00	%		6.60	%	4/4/2029		1,995,000		1,979,840		1,967,070
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan B (09/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	9/30/2031		346,923		346,684		342,458
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+ 4.00%		0.75	%		8.42	%	11/2/2027		935,021		932,096		885,933
Ultra Clean Holdings, Inc.	High Tech Industries	Term Loan B (09/24)	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	2/25/2028		1,233,755		1,230,873		1,237,358
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (05/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.94	%	1/31/2029		2,403,522		2,402,406		2,379,486
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+ 4.25%		0.50	%		8.58	%	6/25/2029		243,750		238,712		240,094
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+ 5.00%		0.75	%		9.48	%	1/19/2029		2,294,893		2,247,090		2,098,680
Vericast Corp.	Media: Advertising, Printing & Publishing	Extended Term Loan (07/24)	Loan	6M USD SOFR+ 7.75%		1.00	%		12.03	%	6/16/2026		1,297,729		1,297,560		1,235,438
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD SOFR+ 4.00%		0.00	%		8.58	%	8/20/2025		1,339,456		1,338,547		1,272,175
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+ 2.25%		0.75	%		6.57	%	12/6/2030		972,724		970,725		966,509
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.94	%	3/5/2029		2,937,255		2,888,468		2,689,057
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.69	%	9/28/2028		2,575,227		2,570,947		2,575,227
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	12/20/2030		1,870,499		1,866,269		1,868,554
VM Consolidated, Inc.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	3/24/2028		1,817,804		1,817,479		1,816,895
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 2.25%		0.50	%		6.67	%	12/15/2028		491,202		484,449		491,816
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan J	Loan	3M USD SOFR+ 1.75%		0.00	%		6.04	%	1/24/2031		1,250,000		1,250,000		1,248,050

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B (03/21)	Loan	3M USD SOFR+ 3.50%		0.50	%		7.79	%	3/2/2028		2,661,649		2,655,782		2,671,072
WeddingWire, Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.75%		0.00	%		8.07	%	1/31/2028		4,772,917		4,772,450		4,784,849
Wellpath Holdings LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 6.93%		2.00	%		11.23	%	1/27/2030		693,228		693,228		693,228
WEX Inc.	Services: Business	Term Loan B (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	3/31/2028		2,895,655		2,891,840		2,886,621
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Term Loan B (09/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.82	%	8/1/2030		495,013		495,013		493,156
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	5/24/2030		987,538		983,680		987,814
Xperi Corporation	High Tech Industries	Term Loan (1/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	6/8/2028		1,690,908		1,690,037		1,690,908
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+ 4.25%		0.50	%		8.57	%	3/9/2027		972,500		960,739		935,185
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	3M USD SOFR+ 3.00%		0.50	%		7.38	%	11/1/2030		1,852,261		1,845,463		1,852,261
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.56	%	1/24/2031		1,443,124		1,442,200		1,444,812
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+ 5.25%		0.00	%		9.54	%	2/8/2028		1,960,000		1,896,443		1,979,600
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+ 1.93%		0.50	%		6.35	%	1/29/2029		485,000		484,495		484,267
TOTAL INVESTMENTS														$	520,335,803	$	492,195,089

	Number of Shares		Cost		Fair Value
Money Market Funds (included in cash and cash equivalents
Goldman Sachs Financial Square Government Fund (a)(e)		21,272,327	$	21,272,327	$	21,272,327
Total Money Market Funds (included in cash and cash equivalents)		21,272,327	$	21,272,327	$	21,272,327

(a)	Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2025.

(b)	As of February 28, 2025, the investment was in default and on non-accrual status.

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

(d)

All or a portion of this investment has an unfunded commitment as of February 28, 2025.

(e)

Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.

Schedule of Fair Value Measurements of Investments

The following table presents fair value measurements of investments, by major class, as of February 28, 2026 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Term loans	$	-	$	327,449,767	$	25,835,252	$	353,285,019
Equity interests		-		-		831,552		831,552
Total	$	-	$	327,449,767	$	26,666,804	$	354,116,571

The following table presents fair value measurements of investments, by major class, as of February 28, 2025 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Term loans	$	-	$	451,307,173	$	39,203,487	$	490,510,660
Equity interests		-		737,538		946,891		1,684,429
Total	$	-	$	452,044,711	$	40,150,378	$	492,195,089

Income Taxes - Schedule of U.S. Federal Excise and Capital Gains Tax and Worthless Securities Losses (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Feb. 28, 2025
Schedule of U.S Federal Excise and Gains Tax [Abstract]
Capital in excess of par value	$ 378	$ 1,654
Total distributable earnings (loss)	$ (378)	$ (1,654)

Earnings Per Share

12 Months Ended

Feb. 28, 2026

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 in net assets resulting from operations per share for the years ended February 28, 2026, February 28, 2025 and February 29, 2024 (dollars in thousands except share and per share amounts):

Basic and Diluted	February 28, 2026		February 28, 2025		February 29, 2024
Net increase in net assets resulting from operations	$	36,604	$	28,086	$	8,934
Weighted average common shares outstanding		15,850,270		13,912,170		12,670,939
Weighted average earnings per common share	$	2.31	$	2.02	$	0.71

Commitments and Contingencies - Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations (Details) $ in Thousands	Feb. 28, 2026 USD ($)
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	$ 739,375
Long-Term Debt Obligations, Less Than 1 Year	75,000
Long-Term Debt Obligations, 1 - 3 Years	354,375
Long-Term Debt Obligations, 3 - 5 Years	249,000
Long-Term Debt Obligations, More Than 5 Years	61,000
Live Oak Credit Facility [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	37,500
Long-Term Debt Obligations, Less Than 1 Year
Long-Term Debt Obligations, 1 - 3 Years	37,500
Long-Term Debt Obligations, 3 - 5 Years
Long-Term Debt Obligations, More Than 5 Years
Valley Bank credit facility [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	32,500
Long-Term Debt Obligations, Less Than 1 Year
Long-Term Debt Obligations, 1 - 3 Years	32,500
Long-Term Debt Obligations, 3 - 5 Years
Long-Term Debt Obligations, More Than 5 Years
SBA Debentures [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	160,000
Long-Term Debt Obligations, Less Than 1 Year
Long-Term Debt Obligations, 1 - 3 Years
Long-Term Debt Obligations, 3 - 5 Years	99,000
Long-Term Debt Obligations, More Than 5 Years	61,000
4.35% 2027 Notes [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	75,000
Long-Term Debt Obligations, Less Than 1 Year	75,000
Long-Term Debt Obligations, 1 - 3 Years
Long-Term Debt Obligations, 3 - 5 Years
Long-Term Debt Obligations, More Than 5 Years
6.00% 2027 Notes [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	105,500
Long-Term Debt Obligations, Less Than 1 Year
Long-Term Debt Obligations, 1 - 3 Years	105,500
Long-Term Debt Obligations, 3 - 5 Years
Long-Term Debt Obligations, More Than 5 Years
6.25% 2027 Notes [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	15,000
Long-Term Debt Obligations, Less Than 1 Year
Long-Term Debt Obligations, 1 - 3 Years	15,000
Long-Term Debt Obligations, 3 - 5 Years
Long-Term Debt Obligations, More Than 5 Years
8.00% 2027 Notes [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	46,000
Long-Term Debt Obligations, Less Than 1 Year
Long-Term Debt Obligations, 1 - 3 Years	46,000
Long-Term Debt Obligations, 3 - 5 Years
Long-Term Debt Obligations, More Than 5 Years
8.125% 2027 Notes [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	60,375
Long-Term Debt Obligations, Less Than 1 Year
Long-Term Debt Obligations, 1 - 3 Years	60,375
Long-Term Debt Obligations, 3 - 5 Years
Long-Term Debt Obligations, More Than 5 Years
8.50% 2028 Notes [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	57,500
Long-Term Debt Obligations, Less Than 1 Year
Long-Term Debt Obligations, 1 - 3 Years	57,500
Long-Term Debt Obligations, 3 - 5 Years
Long-Term Debt Obligations, More Than 5 Years
7.25% 2030 Notes [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	50,000
Long-Term Debt Obligations, Less Than 1 Year
Long-Term Debt Obligations, 1 - 3 Years
Long-Term Debt Obligations, 3 - 5 Years	50,000
Long-Term Debt Obligations, More Than 5 Years
7.50% 2031 Notes [Member]
Schedule of Payment Obligations for Repayment of Debt and Other Contractual Obligations [Line Items]
Total Long-Term Debt Obligations	100,000
Long-Term Debt Obligations, Less Than 1 Year
Long-Term Debt Obligations, 1 - 3 Years
Long-Term Debt Obligations, 3 - 5 Years	100,000
Long-Term Debt Obligations, More Than 5 Years

Organization (Details) - USD ($) $ in Millions			12 Months Ended
Organization (Details) - USD ($) $ in Millions	Sep. 24, 2025	Oct. 28, 2022	Feb. 28, 2026	Dec. 14, 2018
Organization [Line Items]
Investment purchased amount	$ 8.8
Additional equity investment	1.6			$ 500.0
SBA Debentures [Member]
Organization [Line Items]
Additional long-term capital			$ 175.0
Maximum amount of outstanding SBA debentures			350.0
Regulatory capital			$ 175.0
Investment purchased amount	$ 12.3
Collateralized Loan Obligations [Member]
Organization [Line Items]
Issued of debt		$ 402.1

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Feb. 28, 2026	May 04, 2026	Aug. 31, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Amendment Flag	false
Document Period End Date	Feb. 28, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Entity Information [Line Items]
Entity Registrant Name	SARATOGA INVESTMENT CORP.
Entity Central Index Key	0001377936
Securities Act File Number	814-00732
Entity Tax Identification Number	20-8700615
Entity Incorporation, State or Country Code	MD
Current Fiscal Year End Date	--02-28
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 350.6
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	535 Madison Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
Entity Phone Fax Numbers [Line Items]
City Area Code	(212)
Local Phone Number	906-7800
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		16,267,748
Common Stock, par value $0.001 per share
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	SAR
Security Exchange Name	NYSE
6.00% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	6.00% Notes due 2027
Trading Symbol	SAT
Security Exchange Name	NYSE
8.00% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	8.00% Notes due 2027
Trading Symbol	SAJ
Security Exchange Name	NYSE
8.125% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	8.125% Notes due 2027
Trading Symbol	SAY
Security Exchange Name	NYSE
8.50% Notes due 2028
Entity Listings [Line Items]
Title of 12(b) Security	8.50% Notes due 2028
Trading Symbol	SAZ
Security Exchange Name	NYSE
7.50% Notes due 2031
Entity Listings [Line Items]
Title of 12(b) Security	7.50% Notes due 2031
Trading Symbol	SAV
Security Exchange Name	NYSE

Borrowings

12 Months Ended

Feb. 28, 2026

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%, which 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 168.4% as of February 28, 2026 and 162.9% as of February 28, 2025.

Encina Credit Facility

On October 4, 2021, the Company entered into the Credit and Security Agreement (as amended from time to time, the “Encina Credit Agreement”) relating to a senior secured revolving credit facility (the “Encina Credit Facility”) with Encina Lender Finance, LLC (“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 period through April 4, 2022, which increased to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. On January 27, 2023, we entered into the first amendment to the Encina Credit Agreement which, among other things: (i) increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; (ii) changed 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; (iii) increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; (iv) extended the revolving period from October 4, 2024 to January 27, 2026; (v) extended 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; (vi) revised the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and (vii) amended 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 was payable in equal monthly installments in arrears. The Company paid the lender a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments was greater than or equal to 50%) on the unused amount of the Encina Credit Facility. Availability on the Encina Credit Facility was subject to a borrowing base calculation, based on, among other things, applicable advance rates (which varied 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 could be borrowed at the greater of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%.

On November 6, 2025, the Company terminated in full (i) the Encina Credit Agreement, and (ii) the Equity Pledge Agreement, dated as of October 4, 2021 (the “Encina Equity Pledge Agreement”), by and between the Company and Encina, as collateral agent, and repaid all outstanding amounts. The Encina Credit Agreement and the Encina Equity Pledge Agreement terminated upon the satisfaction of all obligations and liabilities of SIF II and the Company to secured parties thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the secured parties.

As of February 28, 2026 and February 28, 2025, there were $0.0 million and $32.5 million outstanding borrowings under the Encina Credit Facility. During the applicable periods, the Company was in compliance with all of the limitations and requirements under the Encina Credit Agreement. The repayment and termination of the Encina Credit Facility resulted in a realized loss on the extinguishment of debt of $0.1 million.

For the year ended February 28, 2026, February 28, 2025, and February 29, 2024, we recorded $2.2 million, $3.4 million and $3.9 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the year ended February 28, 2026, February 28, 2025, and February 29, 2024, we recorded $0.4 million, $0.5 million and $0.5 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. For the year ended February 28, 2026, February 28, 2025, and February 29, 2024, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 8.8%, 9.5%, and 9.7% respectively, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $22.3 million, $33.1 million and $37.9 million, respectively.

Live Oak Credit 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 equity holder, 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 required a minimum drawn amount of $12.5 million at all times during the period ended 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:

●

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;

●

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

●

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

●

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

●

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 covenant.

As of February 28, 2026 there was $37.5 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 year ended February 28, 2026 and February 28, 2025, we recorded $3.3 million and $1.9 million of interest expense related to the Live Oak Credit Facility, respectively, which includes commitment and administrative agent fees. For the year ended February 28, 2026 and February 28, 2025, we recorded $0.4 million and $0.3 million of deferred financing costs related to the Live Oak 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. For the year ended February 28, 2026 and February 28, 2025, the weighted average interest rate on the outstanding borrowings under the Live Oak Credit Facility was 8.2% and 9.1%, respectively, and the average dollar amount of outstanding borrowings under the Live Oak Credit Facility was $36.2 million and $18.0 million, respectively.

Our borrowing base under the Live Oak Credit Facility was $99.2 million subject to the Live Oak Credit Facility cap of $75.0 million at February 28, 2026. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the SEC. Accordingly, the February 28, 2026 borrowing base relies upon the valuations set forth in the Quarterly Report on Form 10-Q for the period ended November 30, 2025. The valuations presented in this Annual Report on Form 10-K will not be incorporated into the borrowing base until after this Annual Report on Form 10-K is filed with the SEC.

Valley Credit Facility

On November 6, 2025, the Company entered into a Credit and Security Agreement (the “Valley Credit Agreement”) establishing an $85.0 million senior secured revolving credit facility with Valley, as administrative agent and as a lender, and certain other lenders, supported by loans held by SIF II and pledged as collateral to secure the obligations under the Valley Credit Facility. The terms of the Valley Credit Facility require a minimum drawn amount at all times equal to the greater of $25.0 million or 38% of the facility amount in effect at such time. The Valley Credit Facility matures on November 6, 2028. The Valley Credit Facility has numerous eligibility criteria for loans to be included in the borrowing base. The Valley Credit Agreement also requires SIF II to pay an unused fee on the amount by which the commitment amount exceeds outstanding principal amounts on each day at a rate per annum equal to 0.75% if the unused amount is greater than 62% of the commitment amount, or otherwise 0.50%.

In addition to any fees or other amounts payable under the terms of the Valley Credit Facility, an administrative agent fee per annum equal to $35,000 is payable annually in advance.

As of February 28, 2026, there were $32.5 million outstanding borrowings under the Valley Credit Facility. During the applicable periods, the Company was in compliance with all of the limitations and requirements under the Valley Credit Agreement. Financing costs of $1.4 million related to the Valley Credit Facility have been capitalized and are being amortized over the term of the facility, with all existing financing costs amortized through November 6, 2028.

For the period from November 6, 2025 through February 28, 2026, we recorded $0.8 million of interest expense related to the Valley Credit Facility, which includes commitment and administrative agent fees. For the period from November 6, 2025 through February 28, 2026, we recorded $0.03 million of deferred financing costs related to the Valley Credit Facility, including arranger fees. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. For the period from November 6, 2025 through February 28, 2026, the weighted average interest rate on the outstanding borrowings under the Valley Credit Facility was 6.8%, and the average dollar amount of outstanding borrowings under the Valley Credit Facility was $10.2 million.

The Valley 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 Valley 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 if not cured in the prescribed period, allowing the lenders to accelerate repayment of amounts owed thereunder. Availability on the Valley Credit Facility is subject to a borrowing base calculation, with advance rates on eligible loans ranging from 25% to 75%. Advances under the Valley Credit Facility bear interest at a floating rate per annum equal to Term SOFR plus an applicable margin of 2.85%, with a SOFR Floor of 1.00%.

Our borrowing base under the Valley Credit Facility was $77.1 million subject to the Valley Credit Facility cap of $85.0 million at February 28, 2026. For purposes of determining the borrowing base, most assets will be assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the SEC. Accordingly, the February 28, 2026 borrowing base relies upon the valuations set forth in the Quarterly Report on Form 10-Q for the period ended November 30, 2025. The valuations presented in this Annual Report on Form 10-K will not be incorporated into the borrowing base until after this Annual Report on Form 10-K 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 an 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 February 28, 2026, we have funded SBIC II LP and SBIC III LP with an aggregate total of equity capital of $87.5 million and $87.5 million, respectively, and have $160.0 million in SBA-guaranteed debentures outstanding, of which $84.0 million was held by SBIC II LP and $76.0 million held in SBIC III LP.

At February 28, 2026 and February 28, 2025, there was $160.0 million and $170.0 million outstanding of SBA debentures, respectively. The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $5.0 million, $6.0 million, and $1.2 million related to the SBA debentures issued by SBIC LP, SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment and drawdown. During the year ended February 28, 2026, the Company repaid $10.0 million of SBA debentures in SBIC II LP, resulting in a realized loss on extinguishment of $0.7 million related to the acceleration of deferred debt financing costs.

For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, we recorded $5.1 million, $7.1 million and $6.2 million of interest expense related to the SBA debentures, respectively. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, we recorded $0.7 million, $0.9 million and $1.0 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 years ended February 28, 2026, February 28, 2025 and February 29, 2024 on the outstanding borrowings of the SBA debentures was 3.06%, 3.32% and 3.08%, respectively. During the years ended February 28, 2026 and February 28, 2025, the average dollar amount of SBA debentures outstanding was $167.5 million and $213.8 million, respectively.

Unsecured 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 was 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 matured and were paid off on July 9, 2025.

As of February 28, 2026, the total amount of 7.75% 2025 Notes outstanding was $0.0 million. The carrying amount of the outstanding 7.75% 2025 Notes had a fair value of $0.0 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the total amount of 7.75% 2025 Notes outstanding was $5.0 million, and they 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.

For the years ended February 28, 2026 and February 28, 2025, we recorded $0.1 million and $0.4 million, respectively, of interest expense and $0.02 million and $0.05 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. For the years ended February 28, 2026 and February 28, 2025, the average dollar amount of 7.75% 2025 Notes outstanding was $1.8 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 “Existing 6.25% 2027 Notes”). Offering costs incurred were approximately $0.1 million. 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. Offering costs incurred were approximately $0.1 million on the additional $10.0 million aggregate principal amount, (the “Additional 6.25% 2027 Notes” and together with the Existing 6.25% 2027 Notes, the “6.25% 2027Notes”). 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 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 $0.5 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.

As of February 28, 2026, the total amount of 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 $14.8 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the total amount of 6.25% 2027 Notes outstanding was $15.0 million, and they had a fair value of $14.2 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

For the years ended February 28, 2026 and February 28, 2025, we recorded $0.9 million and $0.9 million, respectively, of interest expense and $0.07 million and $0.07 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing cost are reported as interest and debt financing expense on the consolidated statements of operations. For the years ended February 28, 2026 and February 28, 2025, 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 the 4.375% fixed-rate notes due 2026 (the “Existing 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. 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” and together with the Existing 4.375% 2026 Notes, the “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 were treated as a single series with the existing 4.375% 2026 Notes under the indenture and had the same terms as the existing 4.375% 2026 Notes. Interest on the 4.375% 2026 Notes was paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The 4.375% 2026 Notes matured and were paid off on February 28, 2026.

As of February 28, 2026, the total amount of 4.375% 2026 Notes outstanding was $0.0 million. The carrying amount of the outstanding 4.375% 2026 Notes had a fair value of $0.0 million, which was based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the total amount of 4.375% 2026 Notes outstanding was $175.0 million, and they had a fair value of $163.4 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

For the years ended February 28, 2026 and February 28, 2025, we recorded $7.6 million and $7.7 million, respectively, of interest expense, $0.6 million and $0.8 million, respectively, of amortization of deferred financing costs and $0.3 million and $0.3 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 years ended February 28, 2026 and February 28, 2025, the average dollar amount of 4.375% 2026 Notes outstanding was $174.5 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 February 28, 2026, the total amount of 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 $72.7 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the total amount of 4.35% 2027 Notes outstanding was $75.0 million, and they had a fair value of $70.3 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

For the years ended February 28, 2026 and February 28, 2025, we recorded $3.3 million and $3.3 million, respectively, of interest expense, $0.3 million and $0.3 million, respectively, of amortization of deferred financing costs and $0.1 million and $0.1 million, respectively, of amortization of discount on issuance of 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 are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February 28, 2026 and February 28, 2025, 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 “Existing 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 Existing 6.00% 2027 Notes for net proceeds to the Company were $9.7 million after deducting underwriting commissions of approximately $0.3 million. On August 15, 2022, the Company issued an additional $8.0 million in aggregate principal amount of the Existing 6.00% 2027 Notes (the “Additional 6.00% 2027 Notes” and together with the Existing 6.00% 2027 Notes, the “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. 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.

As of February 28, 2026, the total amount of 6.00% 2027 Notes outstanding was $105.5 million. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with a par value of $25.00 per note. As of February 28, 2026, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $104.4 million, respectively. The fair value of the 6.00% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2025, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $104.1 million, respectively.

For the years ended February 28, 2026 and February 28, 2025, we recorded $6.3 million and $6.3 million, respectively, of interest expense, $0.7 million and $0.7 million, respectively, of amortization of deferred financing costs related to the 6.00% Notes due 2027. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February 28, 2026 and February 28, 2025, 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 was 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 matured and were paid off on September 8, 2025. 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 February 28, 2026, the total amount of 7.00% 2025 Notes outstanding was $0.0 million. As of February 28, 2025, the total amount of 7.00% 2025 Notes outstanding was $12.0 million, and they 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.

For the years ended February 28, 2026 and February 28, 2025, we recorded $0.4 million and $0.8 million, respectively, of interest expense, $0.01 million and $0.01 million, respectively, of amortization of deferred financing costs and $0.1 million and $0.1 million, respectively, of amortization of discount on issuance of 7.00% Notes due 2025. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February 28, 2026 and February 28, 2025, the average dollar amount of 7.00% 2025 Notes outstanding was $6.3 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 for net proceeds to the Company of $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.

As of February 28, 2026, the total amount of 8.00% 2027 Notes outstanding was $46.0 million. 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 February 28, 2026, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.4 million, respectively. The fair value of the 8.00% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2025, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.5 million, respectively.

For the years ended February 28, 2026 and February 28, 2025, the Company recorded $3.7 million and $3.7 million, respectively, of interest expense and $0.3 million and $0.3 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 years ended February 28, 2026 and February 28, 2025, 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 $7.875 million in aggregate principal amount of the 8.125% 2027 Notes for net proceeds to the Company of $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.

As of February 28, 2026, the total amount of 8.125% 2027 Notes outstanding was $60.4 million. 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 February 28, 2026, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $60.7 million, respectively. The fair value of the 8.125% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2025, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $61.0 million, respectively.

For the years ended February 28, 2026 and February 28, 2025, the Company recorded $4.9 million and $4.9 million, respectively, of interest expense and $0.4 million and $0.4 million, respectively, of amortization of deferred financing costs related to the 8.125% 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 years ended February 28, 2026 and February 28, 2025, 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 was 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. The 8.75% 2025 Notes were paid off in full at maturity on March 31, 2025.

As of February 28, 2026, the total amount of 8.75% 2025 Notes outstanding was $0.0 million. As of February 28, 2025, the total amount of 8.75% 2025 Notes outstanding was $20.0 million, and they had a fair value of $20.1 million.

For the years ended February 28, 2026 and February 28, 2025, we recorded $0.1 million and $1.5 million, respectively, of interest expense, $0.01 million and $0.04 million, respectively, of amortization of deferred financing costs and $0.01 million and $0.1 million, respectively, of amortization of discount on issuance of 8.75% Notes due 2025. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February 28, 2026 and February 28, 2025, the average dollar amount of 8.75% 2025 Notes outstanding was $1.6 million and $20.0 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 for net proceeds to the Company of $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 February 28, 2026, the total amount of 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 February 28, 2026, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $58.1 million, respectively. The fair value of the 8.50% 2028 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2025, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $58.3 million, respectively.

For the years ended February 28, 2026 and February 28, 2025, we recorded $4.9 million and $4.9 million, respectively, of interest expense and $0.4 million and $0.4 million, respectively, of amortization of deferred financing costs of 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 years ended February 28, 2026 and February 28, 2025, the average dollar amount of 8.50% 2028 Notes outstanding was $57.5 million and $57.5 million respectively.

7.25% 2030 Notes

On January 23, 2026, the Company issued $50.0 million in aggregate principal amount of 7.25% fixed-rate notes due 2030 (the “7.25% 2030 Notes”) for net proceeds of approximately $48.8 million, based on an offering price of 99.117% per Note, after deducting the placement agent fee and estimated offering expenses of approximately $1.2 million. Interest on the 7.25% 2030 Notes is paid semi-annually in arrears on May 1 and November 1, at a rate of 7.25% per year, commencing on May 1, 2026. The 7.25% 2030 Notes will mature on May 1, 2030 and may be redeemed in whole or in part at the Company’s option at any time prior to January 23, 2028 at par plus a “make-whole” premium, and thereafter at par. Net proceeds from this offering were used to pay off the Company’s outstanding 4.375% 2026 Notes and for general corporate purposes. Financing costs of $0.8 million related to the 7.25% 2030 Notes have been capitalized and are being amortized over the term of the 7.25% 2030 Notes.

As of February 28, 2026, the total amount of 7.25% 2030 Notes outstanding was $50.0 million. The 7.25% 2030 Notes are not listed and have a par value of $1,000 per note. As of February 28, 2026, the carrying amount and fair value of the 7.25% 2030 Notes was $50.0 million and $49.6 million, respectively, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

For the year ended February 28, 2026, the Company recorded $0.4 million of interest expense and $0.03 million of amortization of deferred financing costs related to the 7.25% 2030 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 year ended the average dollar amount of 7.25% 2030 Notes outstanding was $5.1 million.

7.50% 2031 Notes

On February 6, 2026, the Company issued $100.0 million in aggregate principal amount of 7.50% fixed-rate notes due 2031 (the “7.50% 2031 Notes”) for net proceeds were approximately $96.4 million, after deducting the underwriting discount of approximately $3.1 million and estimated offering costs of approximately $0.5 million. Interest on the 7.50% 2031 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.50% per year, commencing May 31, 2026. The 7.50% 2031 Notes mature on February 6, 2031 and, commencing February 6, 2028, 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, together with available cash, were used to pay off the outstanding 4.375% 2026 Notes at maturity on February 28, 2026. Financing costs of $3.3 million related to the 7.50% 2031 Notes have been capitalized and are being amortized over the term of the 7.50% 2031 Notes. The 7.50% 2031 Notes are listed on the NYSE under the trading symbol “SAV” with a par value of $25.00 per note.

As of February 28, 2026, the total amount of 7.50% 2031 Notes outstanding was $100.0 million. The 7.50% 2031 Notes are listed on the NYSE with a par value of $25.00 per note. As of February 28, 2026, the carrying amount and fair value of the 7.50% 2031 Notes was $100.0 million and $101.7 million, respectively. The fair value of the 7.50% 2031 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.

For the year ended February 28, 2026, the Company recorded $0.5 million of interest expense and $0.04 million of amortization of deferred financing costs related to the 7.50% 2031 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 year ended February 28, 2026, the average dollar amount of 7.50% 2031 Notes outstanding was $6.3 million.

Senior Securities

Information about our senior securities is shown in the following table as of February 28/29 for the fiscal years indicated in the table, unless otherwise noted. See Part II. Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial condition, liquidity and capital resources” for more detailed information regarding the senior securities.

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 Valley National Bank
Fiscal year 2026 (as of February 28, 2026)	$	32,500	$	1,684		-		N/A
Credit Facility with Encina Lender Finance, LLC(21)
Fiscal year 2026 (as of February 28, 2026)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	32,500	$	1,629		-		N/A
Fiscal year 2024 (as of February 29, 2024)	$	3,500	$	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 2026 (as of February 28, 2026)	$	37,500	$	1,684		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	20,000	$	1,629		-		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
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)
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 2026 (as of February 28, 2026)(18)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	20,000	$	1,629		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	20,000	$	1,610		-	$	25.00	(12)

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)
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(20)
Fiscal year 2026 (as of February 28, 2026)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	12,000	$	1,629		-	$	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)
7.75% Notes due 2025(19)
Fiscal year 2025 (as of February 28, 2025)	$	-	$	-		-		N/A
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(22)
Fiscal year 2026 (as of February 28, 2026)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	175,000	$	1,629		-	$	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)

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)
4.35% Notes due 2027
Fiscal year 2026 (as of February 28, 2026)	$	75,000	$	1,684		-	$	25.00	(12)
Fiscal year 2025 (as of February 28, 2025)	$	75,000	$	1,629		-	$	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 2026 (as of February 28, 2026)	$	105,500	$	1,684		-	$	24.74	(15)
Fiscal year 2025 (as of February 28, 2025)	$	105,500	$	1,629		-	$	24.36	(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 2026 (as of February 28, 2026)	$	15,000	$	1,684		-	$	25.00	(12)
Fiscal year 2025 (as of February 28, 2025)	$	15,000	$	1,629		-	$	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)
8.00% Notes due 2027
Fiscal year 2026 (as of February 28, 2026)	$	46,000	$	1,684		-	$	25.47	(15)
Fiscal year 2025 (as of February 28, 2025)	$	46,000	$	1,629		-	$	25.21	(15)
Fiscal year 2024 (as of February 29, 2024)	$	46,000	$	1,610		-	$	25.00	(15)
8.125% Notes due 2027
Fiscal year 2026 (as of February 28, 2026)	$	60,375	$	1,684		-	$	25.37	(15)
Fiscal year 2025 (as of February 28, 2025)	$	60,375	$	1,629		-	$	25.27	(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 2026 (as of February 28, 2026)	$	57,500	$	1,684		-	$	25.39	(17)
Fiscal year 2025 (as of February 28, 2025)	$	57,500	$	1,629		-	$	25.47	(17)
Fiscal year 2024 (as of February 29, 2024)	$	57,500	$	1,610		-	$	25.17	(17)
7.25% Notes due 2030
Fiscal year 2026 (as of February 28, 2026)	$	50,000	$	1,684		-		N/A	(12)
7.50% Notes due 2031
Fiscal year 2026 (as of February 28, 2026)	$	100,000	$	1,684		-	$	25.29	(15)

(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.

(18)	On March 31, 2025, we repaid $20.0 million in aggregate principal amount of the issued and outstanding 8.75% 2025 Notes.

(19)	On July 9, 2025, we repaid $5.0 million in aggregate principal amount of the issued and outstanding 7.75% 2025 Notes.

(20)	On September 8, 2025, we repaid $12.0 million in aggregate principal amount of the issued and outstanding 7.00% 2025 Notes.

(21)	On November 6, 2025, the Company repaid all remaining amounts outstanding under the Encina Credit Facility and the credit agreement relating to the Encina Credit Facility was terminated.

(22)	On February 28, 2026, we repaid $175.0 million in aggregate principal amount of the issued and outstanding 4.375% 2026 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.

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Borrowings - Details 2 (Details) - USD ($)																		4 Months Ended	9 Months Ended	12 Months Ended
Borrowings - Details 2 (Details) - USD ($)	Feb. 28, 2026	Jan. 23, 2026	Sep. 08, 2025	Jul. 09, 2025	Mar. 31, 2025	Jan. 03, 2024	May 01, 2023	Apr. 26, 2023	Apr. 14, 2023	Mar. 31, 2023	Sep. 08, 2022	Aug. 31, 2021	Jul. 15, 2021	Mar. 10, 2021	Jul. 09, 2020	Feb. 07, 2020	Dec. 21, 2019	Feb. 28, 2026	Nov. 30, 2025	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024	Jul. 14, 2022
Borrowings [Line Items]
Outstanding borrowings																		$ 10,200,000
Financing costs																				$ 6,852,926	$ 1,176,808	$ 4,694,711
Aggregate amount indebtedness																				1,000
Debt instrument, redemption amount												$ 60,000,000				$ 24,450,000	$ 50,000,000
8.75% 2025 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount										$ 10,000,000
Net proceeds amount							$ 9,700,000			9,700,000
Deducting underwriting commissions amount							400,000			$ 400,000
Deferred financing costs	$ 30,000.00																	$ 30,000.00		30,000.00
Debt instrument, description																			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. The 8.75% 2025 Notes were paid off in full at maturity on March 31, 2025.As of February 28, 2026, the total amount of 8.75% 2025 Notes outstanding was $0.0 million. As of February 28, 2025, the total amount of 8.75% 2025 Notes outstanding was $20.0 million, and they had a fair value of $20.1 million.For the years ended February 28, 2026 and February 28, 2025, we recorded $0.1 million and $1.5 million, respectively, of interest expense, $0.01 million and $0.04 million, respectively, of amortization of deferred financing costs and $0.01 million and $0.1 million, respectively, of amortization of discount on issuance of 8.75% Notes due 2025. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February 28, 2026 and February 28, 2025, the average dollar amount of 8.75% 2025 Notes outstanding was $1.6 million and $20.0 million respectively.8.50% 2028 NotesOn 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 for net proceeds to the Company of $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 February 28, 2026, the total amount of 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 February 28, 2026, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $58.1 million, respectively. The fair value of the 8.50% 2028 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2025, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $58.3 million, respectively.For the years ended February 28, 2026 and February 28, 2025, we recorded $4.9 million and $4.9 million, respectively, of interest expense and $0.4 million and $0.4 million, respectively, of amortization of deferred financing costs of 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 years ended February 28, 2026 and February 28, 2025, the average dollar amount of 8.50% 2028 Notes outstanding was $57.5 million and $57.5 million respectively.7.25% 2030 NotesOn January 23, 2026, the Company issued $50.0 million in aggregate principal amount of 7.25% fixed-rate notes due 2030 (the “7.25% 2030 Notes”) for net proceeds of approximately $48.8 million, based on an offering price of 99.117% per Note, after deducting the placement agent fee and estimated offering expenses of approximately $1.2 million. Interest on the 7.25% 2030 Notes is paid semi-annually in arrears on May 1 and November 1, at a rate of 7.25% per year, commencing on May 1, 2026. The 7.25% 2030 Notes will mature on May 1, 2030 and may be redeemed in whole or in part at the Company’s option at any time prior to January 23, 2028 at par plus a “make-whole” premium, and thereafter at par. Net proceeds from this offering were used to pay off the Company’s outstanding 4.375% 2026 Notes and for general corporate purposes. Financing costs of $0.8 million related to the 7.25% 2030 Notes have been capitalized and are being amortized over the term of the 7.25% 2030 Notes.As of February 28, 2026, the total amount of 7.25% 2030 Notes outstanding was $50.0 million. The 7.25% 2030 Notes are not listed and have a par value of $1,000 per note. As of February 28, 2026, the carrying amount and fair value of the 7.25% 2030 Notes was $50.0 million and $49.6 million, respectively, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.For the year ended February 28, 2026, the Company recorded $0.4 million of interest expense and $0.03 million of amortization of deferred financing costs related to the 7.25% 2030 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 year ended the average dollar amount of 7.25% 2030 Notes outstanding was $5.1 million.7.50% 2031 NotesOn February 6, 2026, the Company issued $100.0 million in aggregate principal amount of 7.50% fixed-rate notes due 2031 (the “7.50% 2031 Notes”) for net proceeds were approximately $96.4 million, after deducting the underwriting discount of approximately $3.1 million and estimated offering costs of approximately $0.5 million. Interest on the 7.50% 2031 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.50% per year, commencing May 31, 2026.
Outstanding borrowings																				1,600,000	20,000,000
Outstanding fair value																					20,100,000
Interest expense																				100,000	1,500,000
Amortization of deferred financing																				10,000.00	40,000.00
Amortization of premium on issuance																				$ 10,000.00	100,000
Debt instrument, interest rate, stated percentage	8.75%																	8.75%		8.75%
Aggregate principal amount					$ 20,000,000
8.50% 2028 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount								$ 7,500,000	$ 50,000,000
Net proceeds amount								7,300,000	48,400,000
Deducting underwriting commissions amount								$ 200,000	1,600,000
Deferred financing costs									$ 30,000.00
Outstanding borrowings																				$ 57,500,000
Outstanding fair value																					58,300,000
Interest expense																				4,900,000	4,900,000
Amortization of deferred financing																				400,000	400,000
Financing costs																				$ 2,000,000
Par value, per share (in Dollars per share)	$ 25																	$ 25		$ 25
Carrying amount																					57,500,000
Debt instrument, interest rate, stated percentage	8.50%																	8.50%		8.50%
8.75% 2025 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																				$ 0
7.25% 2030 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount		$ 50,000,000
Net proceeds amount		$ 48.8
Outstanding borrowings																				5,100,000
Outstanding fair value	$ 49,600,000																	$ 49,600,000		49,600,000
Interest expense																				400,000
Carrying amount	50,000,000																	50,000,000		50,000,000
Offering price rate		99.117%
Placement agent fee and estimated offering expenses		$ 1.2
Fixed interest, description		Interest on the 7.25% 2030 Notes is paid semi-annually in arrears on May 1 and November 1, at a rate of 7.25% per year
Integral multiples of excess	$ 1,000																	$ 1,000		1,000
Deferred financing costs																				30,000.00
7.75% 2025 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount															$ 5,000,000
Net proceeds amount															4,800,000
Deducting underwriting commissions amount															$ 200,000
Outstanding borrowings																				$ 1,800,000
Outstanding fair value																					5,000,000
Financing costs		$ 800,000
Fixed interest, description															Interest on the 7.75% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year.
Offering costs															$ 100,000
Debt instrument, interest rate, stated percentage	7.75%																	7.75%		7.75%
7.50% 2031 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount	$ 100,000,000																	$ 100,000,000		$ 100,000,000
Net proceeds amount																				96,400,000
Outstanding borrowings																				100,000,000
Outstanding fair value	101,700,000																	101,700,000		101,700,000
Interest expense																				500,000
Amortization of deferred financing																				0.04
Financing costs																				3,300,000
Carrying amount	100,000,000																	100,000,000		100,000,000
Underwriting discounts																				3,100,000
Offering costs	$ 500,000																	$ 500,000		$ 500,000
Trading symbol per share (in Dollars per share)																				$ 25
NYSE par value (in Dollars per share)																				$ 25
SBA Debentures [Member]
Borrowings [Line Items]
Outstanding amount						$ 350,000,000
Outstanding borrowings																				$ 160,000,000	170,000,000
Interest expense																				$ 5,100,000
Debt instrument, interest rate, stated percentage	150.00%																	150.00%		150.00%
Notes One [Member]
Borrowings [Line Items]
Aggregate principal amount																$ 74,450,000	$ 74,450,000
7.25% 2025 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount																							$ 43,100,000
Aggregate principal amount				$ 5,000,000
7.00% 2025 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount											$ 12,000,000
Net proceeds amount											11,600,000
Outstanding borrowings																				$ 6,300,000	12,000,000
Interest expense																				400,000
Amortization of deferred financing																				$ 10,000.00	10,000.00
Financing costs											$ 40,000.00
Fixed interest, description											Interest on the 7.00% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year.
Underwriting discounts											$ 400,000
Debt instrument, interest rate, stated percentage	7.00%																	7.00%		7.00%
Aggregate principal amount			$ 12,000,000
4.375% 2026 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount													$ 125,000,000	$ 50,000,000
Net proceeds amount													123,800,000	49,000,000
Deducting underwriting commissions amount														$ 1,000,000
Outstanding borrowings																				$ 0
Outstanding fair value	$ 163,400,000																	$ 163,400,000		163,400,000
Interest expense																				7,600,000	7,700,000
Amortization of premium on issuance																				300,000	300,000
Fixed interest, description														Interest on the 4.375% 2026 Notes was paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year.
Deferred financing costs																				$ 800,000	600,000
Underwriting discounts													2,500,000
Offering costs													$ 200,000
Debt instrument, interest rate, stated percentage	4.375%																	4.375%		4.375%
Aggregate principal amount																				$ 175,000,000
8.75% 2025 Notes [Member]
Borrowings [Line Items]
Outstanding amount							$ 10,000,000
8.50% 2028 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																					57,500,000
Outstanding fair value	$ 58,100,000																	$ 58,100,000		58,100,000
Carrying amount	57,500,000																	57,500,000		57,500,000
Level 3 [Member] \| 7.25% 2030 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																				50,000,000
Level 3 [Member] \| 7.75% 2025 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																				0
Unsecured Notes [Member] \| 7.75% 2025 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																					5,000,000
Amortization of deferred financing																				20,000.00	50,000.00
Unsecured Notes [Member] \| 7.50% 2031 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																				6,300,000
Unsecured Notes [Member] \| 7.00% 2025 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																				0
Outstanding fair value																					$ 11,900,000
Unsecured Notes [Member] \| 4.375% 2026 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings	175,000,000																			174,500,000
Outstanding fair value	$ 0																	$ 0		$ 0

Income Taxes - Schedule of Components of Accumulated Losses on a Tax Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Schedule of Components of Accumulated Losses on a Tax Basis [Abstract]
Post October loss deferred
Accumulated capital losses	(85,734)	(73,441)
Other temporary differences	6,581	6,443
Undistributed Long Term Gain
Undistributed ordinary income	24,570	49,771
Unrealized appreciation (depreciation)	(483)	(4,048)
Total components of accumulated losses	$ (55,066)	$ (21,275)

Investments - Schedule of Reconciliation of the Beginning and Ending Balances for Investments (Details) - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Schedule of Investments [Line Items]
Beginning balance	$ 974,997	$ 1,129,390
Payment-in-kind and other adjustments to cost	2,585	3,566
Net accretion of discount on investments	3,098	2,808
Net change in unrealized appreciation (depreciation) on investments	(1,757)	25,297
Purchases	261,155	168,078
Sales and repayments	(184,637)	(312,113)
Net realized gain (loss) from investments	5,746	(42,029)
Ending balance	1,061,187	974,997
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 year	(754)	(17,373)
First lien term loans [Member]
Schedule of Investments [Line Items]
Beginning balance	867,866	976,423
Payment-in-kind and other adjustments to cost	1,918	2,409
Net accretion of discount on investments	2,230	2,799
Net change in unrealized appreciation (depreciation) on investments	(3,962)	37,778
Purchases	208,408	163,009
Sales and repayments	(165,469)	(266,880)
Net realized gain (loss) from investments		(47,672)
Ending balance	910,991	867,866
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 year	(5,388)	(6,384)
Second lien term loans [Member]
Schedule of Investments [Line Items]
Beginning balance	6,388	18,097
Payment-in-kind and other adjustments to cost	1,147	8,267
Net accretion of discount on investments	10	9
Net change in unrealized appreciation (depreciation) on investments	468	3,165
Purchases	34,694
Sales and repayments		(23,150)
Net realized gain (loss) from investments
Ending balance	42,707	6,388
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 year	468	(71)
Unsecured term loans [Member]
Schedule of Investments [Line Items]
Beginning balance	16,534	15,818
Payment-in-kind and other adjustments to cost
Net accretion of discount on investments
Net change in unrealized appreciation (depreciation) on investments	(404)	716
Purchases
Sales and repayments
Net realized gain (loss) from investments
Ending balance	16,130	16,534
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 year	(404)	716
Structured finance securities [Member]
Schedule of Investments [Line Items]
Beginning balance	14,772	30,626
Payment-in-kind and other adjustments to cost	(480)	(7,113)
Net accretion of discount on investments	858
Net change in unrealized appreciation (depreciation) on investments	(2,920)	(8,741)
Purchases	8,443
Sales and repayments	(12,251)
Net realized gain (loss) from investments
Ending balance	8,422	14,772
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 year	(2,385)	(8,741)
Equity interests [Member]
Schedule of Investments [Line Items]
Beginning balance	69,437	88,426
Payment-in-kind and other adjustments to cost		3
Net accretion of discount on investments
Net change in unrealized appreciation (depreciation) on investments	5,061	(7,621)
Purchases	9,610	5,069
Sales and repayments	(6,917)	(22,083)
Net realized gain (loss) from investments	5,746	5,643
Ending balance	82,937	69,437
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 year	$ 6,955	$ (2,893)

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 36,604,298	$ 28,086,257	$ 8,933,825

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

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Saratoga Investment Corp. [Member]

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024
Statement of Cash Flows [Abstract]
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 36,604,298	$ 28,086,257	$ 8,933,825
FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Distributions from CLO, payment-in-kind and other adjustments to cost	(2,584,775)	(3,566,012)	4,910,320
Net accretion of discount on investments	(3,097,921)	(2,809,163)	(2,221,257)
Amortization of deferred debt financing costs	4,802,167	5,025,786	5,171,249
Realized losses on extinguishment of debt	824,010	800,452	110,056
Income tax expense (benefit)	(196,309)	37,243	42,926
Net realized (gain) loss from investments	(5,746,490)	42,029,324	(153,583)
Net change in unrealized (appreciation) depreciation on investments	5,238,480	(18,974,366)	47,090,844
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments	(113,498)	1,060,936	893,166
Proceeds from sales and repayments of investments	184,636,335	312,113,685	30,271,047
Purchases of investments	(309,501,690)	(168,077,429)	(246,100,906)
(Increase) decrease in operating assets:
Interest receivable	163,415	2,821,530	(2,139,047)
Management fee receivable	64,473	28,830	20,786
Other assets	168,756	212,703	(631,887)
Current income tax receivable		99,676	336,875
Increase (decrease) in operating liabilities:
Base management and incentive fees payable	371,875	(1,916,273)	(3,967,661)
Accounts payable and accrued expenses	95,580	338,793	(126,801)
Interest and debt fees payable	(5,374)	327,344	(70,763)
Directors fees payable	5,500		(14,932)
Due to Manager	241,435	(100,811)	439,065
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(88,029,733)	197,538,505	(157,206,679)
Financing activities
Borrowings on debt	87,000,000	30,000,000	71,500,000
Paydowns on debt	(79,500,000)	(56,500,000)	(57,000,000)
Issuance of notes	149,558,500		77,500,000
Repayments of notes	(212,000,000)
Payments of deferred debt financing costs	(6,852,926)	(1,176,808)	(4,694,711)
Proceeds from issuance of common stock	18,752,929	33,002,028	44,539,387
Capital contribution from Manager	569,322	2,351,767	4,475,297
Payments of cash dividends	(52,356,092)	(40,747,247)	(32,053,610)
Repurchases of common stock	(54,314)		(2,157,605)
Repurchases fees			(1,772)
Payments of offering costs	(25,857)	(251,445)	(469,456)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(94,908,438)	(33,321,705)	101,637,530
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS	(182,938,171)	164,216,800	(55,569,149)
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF YEAR	204,723,924	40,507,124	96,076,273
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF YEAR (See note 2)	21,785,753	204,723,924	40,507,124
Supplemental information:
Interest paid during the year	44,505,747	46,705,914	44,079,413
Cash paid for taxes	2,225,842	3,198,110	2,578,558
Supplemental non-cash information:
Payment-in-kind interest income and other adjustments to cost	2,584,775	3,407,609	(4,910,319)
Net accretion of discount on investments	3,097,921	2,809,163	2,221,257
Discount on debt issuance, 7.25% notes 2030	441,500
Amortization of deferred debt financing costs	4,802,167	5,025,786	5,171,249
Stock dividend distribution	$ 6,669,817	$ 5,077,632	$ 3,582,345

Investments

12 Months Ended

Feb. 28, 2026

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, the black-scholes model, 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 February 28, 2026 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements						Valued Using Net
	Level 1		Level 2		Level 3		Asset Value*		Total
First lien term loans	$	-	$	-	$	910,991	$	-	$	910,991
Second lien term loans		-		-		42,707		-		42,707
Unsecured term loans		-		-		16,130		-		16,130
Structured finance securities		-		46,412		8,422		-		54,834
Equity interests		-		-		82,937		1,535		84,472
Total	$	-	$	46,412	$	1,061,187	$	1,535	$	1,109,134

The following table presents fair value measurements of investments, by major class, as of February 28, 2025 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements						Valued Using Net
	Level 1		Level 2		Level 3		Asset Value*		Total
First lien term loans	$	-	$	-	$	867,866	$	-	$	867,866
Second lien term loans		-		-		6,388		-		6,388
Unsecured term loans		-		-		16,534		-		16,534
Structured finance securities		-		-		14,772		-		14,772
Equity interests		-		-		69,437		3,081		72,518
Total	$	-	$	-	$	974,997	$	3,081	$	978,078

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 2026 (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, 2025	$	867,866		$	6,388	$	16,534		$	14,772		$	69,437		$	974,997
Payment-in-kind and other adjustments to cost		1,918			1,147		-			(480	)		-			2,585
Net accretion of discount on investments		2,230			10		-			858			-			3,098
Net change in unrealized appreciation (depreciation) on investments		(3,962	)		468		(404	)		(2,920	)		5,061			(1,757	)
Purchases		208,408			34,694		-			8,443			9,610			261,155
Sales and repayments		(165,469	)		-		-			(12,251	)		(6,917	)		(184,637	)
Net realized gain (loss) from investments		-			-		-			-			5,746			5,746
Balance as of February 28, 2026	$	910,991		$	42,707	$	16,130		$	8,422		$	82,937		$	1,061,187
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 year	$	(5,388	)	$	468	$	(404	)	$	(2,385	)	$	6,955		$	(754	)

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 year ended February 28, 2026.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 2025 (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		2,409			8,267			-		(7,113	)		3			3,566
Net accretion of discount on investments		2,799			9			-		-			-			2,808
Net change in unrealized appreciation (depreciation) on investments		37,778			3,165			716		(8,741	)		(7,621	)		25,297
Purchases		163,009			-			-		-			5,069			168,078
Sales and repayments		(266,880	)		(23,150	)		-		-			(22,083	)		(312,113	)
Net realized gain (loss) from investments		(47,672	)		-			-		-			5,643			(42,029	)
Balance as of February 28, 2025	$	867,866		$	6,388		$	16,534	$	14,772		$	69,437		$	974,997
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 year	$	(6,384	)	$	(71	)	$	716	$	(8,741	)	$	(2,893	)	$	(17,373	)

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 year ended February 28, 2025, non-cash restructurings related to two controlled investments resulting in realized losses of $49.1 million 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.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2026 were as follows (dollars in thousands):

	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*
First lien term loans	$	910,991	Market Comparables	Market Yield (%)	8.3% - 30.9%	11.1%
				EBITDA Multiples (x)	12.1x	12.1x
Second lien term loans		42,707	Market Comparables	Market Yield (%)	11.1% - 16.9%	12.2%
Unsecured term loans		16,130	Discounted Cash Flow	Discount Rate (%)	10.0%	10.0%
Structured finance securities		8,422	Discounted Cash Flow	Discount Rate (%)	8.50% - 70.0%	10.9%
				Recovery Rate (%)	70.0%	70.0%
				Prepayment Rate (%)	20.0%	20.0%
Equity interests		82,937	Market Comparables	Market Yield (%)	13.5%	0.1%
			Enterprise Value Waterfall (x)	Revenue Multiples	0.1x - 8.2x	6.0x
			Black-Scholes Modeling	Volatility (%)	38.7%	38.7%
				EBITDA Multiples (x)	0.5x - 20.0x	9.4x
Total	$	1,061,187

*	The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input, excluding the recovery rate for Structured finance securities.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2025 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

867,866

Market Comparables

Market Yield (%)

9.8% - 22.0%

12.4%

Revenue Multiples (x)

2.5x

EBITDA Multiples (x)

6.8x

Second lien term loans

6,388

Market Comparables

Market Yield (%)

19.7%

Unsecured term loans

16,534

Discounted Cash Flow

Discount Rate (%)

10.0%

Structured finance securities

14,772

Discounted Cash Flow

Discount Rate (%)

8.0% - 70.0%

14.1%

Recovery Rate (%)

70.0%

Prepayment Rate (%)

20.0%

Equity interests

69,437

Enterprise Value Waterfall

EBITDA Multiples (x)

1.1x - 13.9x

8.2x

Revenue Multiples (x)

0.1x - 9.0x

6.3x

Total

974,997

*	The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input, excluding the recovery rate for Structured finance securities.

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 February 28, 2026 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	$	920,429		81.0	%	$	910,991		82.1	%
Second lien term loans		42,945		3.8			42,707		3.9
Unsecured term loans		17,619		1.6			16,130		1.5
Structured finance securities		78,962		6.9			54,834		4.9
Equity interests		76,433		6.7			84,472		7.6
Total	$	1,136,388		100.0	%	$	1,109,134		100.0	%

The composition of our investments as of February 28, 2025 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	$	873,342		87.3	%	$	867,866		88.7	%
Second lien term loans		7,094		0.7			6,388		0.7
Unsecured term loans		17,619		1.8			16,534		1.7
Structured finance securities		35,657		3.6			14,772		1.5
Equity interests		66,381		6.6			72,518		7.4
Total	$	1,000,093		100.0	%	$	978,078		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, black-scholes modeling, 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.

For CLO BB and CLO BBB debt, the Company determines the fair value by using recent actual market trades or an independent pricing service. The valuation methodology of the independent pricing service includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two sided markets, as well as transaction activity from comparable securities to those being valued.

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 February 28, 2026. The inputs at February 28, 2026 for the valuation model include:

●

Default rate: 2.0%

●

Recovery rate: 70%

●

Discount rate: 8.50%–70.0%

●

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 February 28, 2026, 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). As of February 28, 2026, our current total investments in SAAS companies were $559.2 million, or 50.4% of total investments.

ComForCare Health Care

ComForCare is a franchisor that provides home care services allowing elderly, physically handicapped, and injured people to live at home. The Company began franchising the concept in 2001, which has grown domestically to include 201 territories in 34 states.

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.

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 2021-1, 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 following table shows the schedule of investment for SLF JV as of February 28, 2026:

Company

Industry

Investment
Interest Rate/
Maturity

Original
Acquisition
Date

Principal/
Number of
Shares

Cost

Fair Value

% of
Net Assets

Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd

Structured Finance Securities

Other/Structured Finance Securities, 3.58% 10/20/2033

10/28/2022

40,100,000

27,873,499

21,825,598

1,243.77

TOTAL INVESTMENT

27,873,499

21,825,598

1,243.77

	Number of Shares		Cost		Fair Value		% of Net Assets
Money Market Funds (included in cash and cash equivalents) - 1.1% (b)
Goldman Sachs Financial Square Government Fund (1)		83,648	$	83,648	$	83,648		4.77	%
Total cash and cash equivalents		83,648	$	83,648	$	83,648		4.77	%

(1)	Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.

The following table shows the schedule of investment for SLF JV as of February 28, 2025:

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value		% of Net Assets
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd	Structured Finance Securities	Other/Structured Finance Securities, 3.00% 10/20/2033	10/28/2022		40,100,000	$	30,410,415	$	23,676,606		672.4	%
TOTAL INVESTMENT						$	30,410,415	$	23,676,606		672.4	%

	Number of Shares		Cost		Fair Value		% of Net Assets
Money Market Funds (included in cash and cash equivalents) - 2.0% (b)
Goldman Sachs Financial Square Government Fund (1)		71,444	$	71,444	$	71,444		2.0	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts		71,444	$	71,444	$	71,444		2.0	%

(1)	Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.

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 loan and equity. The unsecured loan pays a fixed rate of 10% per annum and is due and payable in full on October 20, 2033. As of February 28, 2026, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $17.6 million and $2.5 million, respectively; and membership interest of $19.2 million and $2.7 million, respectively. As of February 28, 2025, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and $2.5 million, respectively. As of February 28, 2026, and February 28, 2025, the Company’s investment in the unsecured note of SLF JV had a fair value of $16.1 million and $16.5 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $1.5 million and $3.1 million, respectively.

The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, ASC 810 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 year ended February 28, 2026, the Company earned approximately $1.8 million of interest income related to SLF JV, which is included in interest income on the consolidated statement of operations. As of February 28, 2026, approximately $0.2 million of interest income related to SLF JV was included in interest receivable on the consolidated statements of assets and liabilities.

For the year ended February 28, 2025, the Company earned approximately $1.8 million of interest income related to SLF JV, which is included in interest income on the consolidated statement of operations. As of February 28, 2025, approximately $0.2 million of interest income related to SLF JV was included in interest receivable on the consolidated statements of assets and liabilities.

For the year ended February 29, 2024, the Company earned approximately $1.8 million of interest income related to SLF JV, which is included in interest income on the consolidated statement of operations. As of February 29, 2024, approximately $0.2 million of interest income related to SLF JV was included in interest receivable on the consolidated statements of assets and liabilities.

For the years ended February 28, 2026, and February 28, 2025 and 2024, the Company earned approximately $3.3 million, $4.0 million and $5.9 million of dividend related to SLF JV, which is included in dividend income on control investments.

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 87.5% of the Class E Notes from SLF 2022 with a par value of $12.3 million.

On September 24, 2025, the Company completed the first refinancing of SLF 2022. This refinancing, among other things, extended the SLF 2022’s investment period to October 2028. As part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company also paid $1.6 million of additional equity investment related to the refinancing to SLF JV.

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 and November 2016 with its reinvestment period extended to October 2016 and October 2018, respectively.

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, which, 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, which, 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 with the fourth refinancing of the Saratoga CLO, 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, which adjusted the interest rate of two of the existing Notes. Saratoga CLO 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 years ended February 28, 2026, February 28, 2025 and February 29, 2024, we accrued management fee income of $2.6 million, $3.1 million and $3.3 million, respectively, and interest income of $0.0 million, $0.0 million and $0.0 million, respectively, from the Saratoga CLO.

As of February 28, 2026, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $0.0 million. As of February 28, 2026, the fair value of its investment in the Class F-2-R-3 Notes of Saratoga CLO was $0.0 million. As of February 28, 2026, Saratoga CLO had investments with a principal balance of $390.0 million and a weighted average spread over SOFR of 3.4% and had debt with a principal balance of $410.3 million with a weighted average spread over SOFR of 2.6%. As of February 28, 2026, the present value of the projected future cash flows of the subordinated notes, was $0.0 million, using a 70% 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 since received distributions of $92.2 million, management fees of $41.0 million and incentive fees of $1.2 million.

As of February 28, 2025, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $0.2 million. As of February 28, 2025, the fair value of its investment in the Class F-R-3 Notes of Saratoga CLO was $2.3 million. As of February 28, 2025, Saratoga CLO had investments with a principal balance of $527.1 million and a weighted average spread over SOFR of 3.7% and had debt with a principal balance of $524.2 million with a weighted average spread over SOFR of 2.3%. As of February 28, 2025, the present value of the projected future cash flows of the subordinated notes, was approximately $0.2 million, using a 70% 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 $92.2 million, management fees of $38.3 million and incentive fees of $1.2 million.

Below is certain financial information from the separate financial statements of Saratoga CLO as of February 28, 2026 and February 28, 2025.

	February 28, 2026			February 28, 2025

ASSETS
Investments at fair value
Loans at fair value (amortized cost of $381,488,638 and $517,757,349, respectively)	$	353,285,019		$	490,510,660
Equities at fair value (amortized cost of $1,324,217 and $2,578,454, respectively)		831,552			1,684,429
Total investments at fair value (amortized cost of $382,812,855 and $520,335,803, respectively)		354,116,571			492,195,089
Cash and cash equivalents		22,319,387			21,272,327
Receivable from open trades		10,432,424			1,138,899
Interest receivable (net of reserve of $817,651 and $1,121,546, respectively)		2,115,446			2,380,214
Due from affiliate (See Note 7)		1,591			801
Prepaid expenses and other assets		596,520			101,453
Total assets	$	389,581,939		$	517,088,783

LIABILITIES
Interest payable	$	2,852,957		$	3,739,343
Accrued base management fee		49,944			62,839
Accrued subordinated management fee		199,776			251,354
Accounts payable and accrued expenses		568,796			143,135
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-4 Senior Secured Floating Rate Notes		156,828,563			270,719,300
Class A-2-R-4 Senior Secured Floating Rate Notes		65,000,000			65,000,000
Class B-FL-R-3 Senior Secured Floating Rate Notes		60,500,000			60,500,000
Class B-FXD-R-3 Senior Secured Fixed Rate Notes		11,000,000			11,000,000
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes		26,000,000			26,000,000
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes		6,500,000			6,500,000
Class D-R-3 Deferrable Mezzanine Floating Rate Notes		39,000,000			39,000,000
Discount on Class D-R-3 Notes		(171,966	)		(196,033	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000			27,625,000
Discount on Class E-R-3 Notes		(1,786,533	)		(2,036,565	)
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		(1,081,116	)		(1,229,456	)
Subordinated Notes		111,000,000			111,000,000
Discount on Subordinated Notes		(28,255,929	)		(32,210,459	)
Total liabilities		493,704,492			603,743,458

Commitments and contingencies

NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively		250			250
Total distributable earnings (loss)		(104,122,803	)		(86,654,925	)
Total net deficit		(104,122,553	)		(86,654,675	)
Total liabilities and net assets	$	389,581,939		$	517,088,783

	For the years ended
	February 28, 2026			February 28, 2025			February 29, 2024
INVESTMENT INCOME
Total interest from investments	$	40,796,860		$	55,501,782		$	61,667,773
Interest from cash and cash equivalents		905,534			1,128,878			719,268
Other income		294,406			1,278,155			929,392
Total investment income		41,996,800			57,908,815			63,316,433

EXPENSES
Interest and debt financing expenses		36,146,891			54,573,978			57,706,205
Base management fee		517,303			622,893			654,046
Subordinated management fee		2,069,213			2,491,573			2,616,185
Professional fees		310,893			282,012			307,340
Trustee expenses		184,047			240,883			262,197
Other expense		369,937			334,443			241,181
Total expenses		39,598,284			58,545,782			61,787,154
NET INVESTMENT INCOME (LOSS)		2,398,516			(636,967	)		1,529,279

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(19,310,824	)		(9,263,724	)		(18,580,949	)
Net change in unrealized depreciation on investments		(555,570	)		(4,696,778	)		16,200,597
Net realized and unrealized gain (loss) on investments		(19,866,394	)		(13,960,502	)		(2,380,352	)
Realized losses on extinguishment of debt		-			(579,213	)		-
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,467,878	)	$	(15,176,682	)	$	(851,073	)

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 PORTFOLIO SOL	Banking, Finance, Insurance & Real Estate	Common Stock	Equity										37,028	$	216,246	$	282,156
Altisource Portfolio Solutions - CS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										990		3,736		330
Altisource Portfolio Solutions - NS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										990		3,129		426
Instant Brands Litigation Trust	Consumer Goods: Durable	Equity Interests	Equity										82,384		66,525		500,000
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity										86,398		-		-
JP Intermediate B, LLC	Consumer goods: Non-durable	Common Stock	Equity										9,319		-		-
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity										24,320		1,034,581		48,640
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	9/20/2030	$	1,361,428		1,347,552		1,359,154
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.02	%	2/7/2029		2,423,420		2,366,682		2,412,830
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+ 5.25%		0.00	%		9.05	%	7/8/2028		3,005,629		2,830,391		2,806,506
Adtalem Global Education Inc.	Services: Business	Term Loan B (08/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		6.42	%	8/12/2028		237,528		236,609		237,331
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	6M USD SOFR+ 3.00%		0.00	%		6.58	%	5/1/2030		2,132,332		2,121,217		2,031,110
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	3M USD SOFR+ 2.50%		0.75	%		6.17	%	2/1/2031		2,866,735		2,817,968		2,785,205
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.47	%	3/21/2031		982,500		980,765		980,289
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan B (01/25)	Loan	1M USD SOFR+ 4.00%		0.75	%		7.67	%	4/8/2030		2,431,139		2,337,505		2,421,634
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan (08/25)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	8/12/2032		239,374		239,374		235,585
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+ 5.50%		0.00	%		9.32	%	2/10/2027		4,258,657		4,252,679		2,516,866
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (8/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	9/19/2031		789,061		789,061		769,879
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B8 (07/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	5/31/2030		247,508		247,508		247,508
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan (Specified) B	Loan	3M USD SOFR+ 6.50%		3.50	%		10.27	%	2/20/2029		496,248		486,595		496,248
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/11/2031		477,725		476,870		460,207
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.66	%	12/13/2029		480,000		471,250		478,800
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+ 5.75%		0.00	%		9.42	%	10/30/2029		2,852,238		2,851,373		2,845,108
Amynta Agency Borrower Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	12/29/2031		3,390,033		3,332,526		3,278,637
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/25)	Loan	3M USD SOFR+ 3.50%		0.00	%		7.17	%	2/27/2032		486,362		467,586		430,431
Aramark Services, Inc.	Services: Consumer	Term Loan B-10 (12/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/24/2030		2,230,663		2,209,788		2,232,515
Aramark Services, Inc.	Services: Consumer	Term Loan (08/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	4/6/2028		1,753,715		1,751,257		1,754,820
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.50%		0.50	%		7.27	%	9/23/2028		961,274		960,627		957,938
ARCIS GOLF LLC	Services: Consumer	Term Loan B (01/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	11/24/2028		489,544		486,712		490,919
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	8/9/2030		2,603,226		2,592,314		2,509,223
Ascensus Group Holdings, Inc	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	11/24/2032		490,842		488,123		478,978
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term Loan (12/25)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	12/23/2030		886,545		880,042		887,653
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+ 4.00%		0.00	%		7.77	%	8/19/2028		1,935,000		1,887,506		1,932,581
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B12	Loan	1M USD SOFR+ 4.25%		0.00	%		7.92	%	9/19/2030		2,882,984		2,880,325		2,874,335
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	2/15/2029		1,294,020		1,291,768		1,258,435
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/22/2030		1,457,896		1,427,348		1,462,196
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (11/24)	Loan	3M USD SOFR+ 1.75%		0.50	%		5.42	%	12/20/2029		725,038		720,887		724,675

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	10/10/2029		526,951		525,719		495,334
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+ 2.50%		0.00	%		6.16	%	5/27/2031		1,623,917		1,615,529		1,590,091
Belfor Holdings Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	11/4/2030		1,386,385		1,376,720		1,388,118
Bengal Debt Merger Sub LLC (c)	Beverage, Food & Tobacco	Third Out Term Loan	Loan	3M USD SOFR+ 1.00%		0.50	%		4.77	%	1/24/2030		402,884		165,333		84,831
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	1/22/2031		1,411,439		1,408,828		1,411,877
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	12/13/2029		483,893		476,456		485,224
Boxer Parent Company, Inc.	High Tech Industries	Term Loan	Loan	3M USD SOFR+ 3.00%		0.00	%		6.82	%	7/30/2031		999,640		996,144		917,849
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/16/2031		2,868,890		2,867,506		2,739,503
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	1/27/2031		1,425,973		1,425,973		1,421,267
Brookfield Property REIT Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (05/25)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	5/16/2030		1,730,609		1,764,353		1,733,084
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	7/1/2031		486,359		478,134		487,060
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B-7 (10/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	11/22/2032		1,136,241		1,133,991		1,138,604
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	3/31/2028		2,387,500		2,378,891		2,378,547
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	3/16/2030		76,620		76,101		76,907
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+ 2.50%		0.75	%		6.29	%	6/5/2028		2,350,518		2,247,033		2,292,742
CAPSTONE BORROWER INC	Services: Business	Term Loan B	Loan	3M USD SOFR+ 2.75%		0.00	%		6.42	%	6/17/2030		863,942		855,298		765,306
CareerBuilder, LLC (c)	Services: Business	Term Loan B3	Loan	1M USD SOFR+ 2.50%		0.00	%		6.58	%	7/31/2026		-		380,369		-
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B1	Loan	3M USD SOFR+ 4.25%		0.00	%		8.18	%	5/31/2030		1,739,251		1,226,866		832,232
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+ 2.75%		1.00	%		6.54	%	3/2/2026		1,966,341		1,958,592		1,899,151
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.50	%		5.67	%	1/23/2032		240,216		240,010		236,538
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.25%		0.50	%		8.17	%	3/6/2028		970,000		948,589		227,950
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+ 4.25%		0.75	%		8.33	%	3/6/2028		952,500		951,356		261,147
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		6.92	%	7/6/2029		980,094		963,358		612,559
Charlotte Buyer, Inc.	Services: Business	Term Loan B (01/25)	Loan	3M USD SOFR+ 4.25%		0.50	%		7.91	%	2/11/2028		1,459,068		1,416,074		1,394,709
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B4 (10/25)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	10/15/2032		2,351,722		2,327,364		2,343,491
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/17/2028		476,250		475,992		475,955
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	5/17/2028		1,920,736		1,885,068		1,920,736

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
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan (10/24)	Loan	3M USD SOFR+ 2.00%		0.00	%		5.67	%	10/31/2031		4,778,621		4,778,621		4,762,708
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	5/6/2030		1,185,030		1,181,455		1,180,586
Cloud Software Group Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	3/21/2031		495,013		494,747		458,629
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 3.18%		0.50	%		6.85	%	4/13/2029		1,220,000		1,203,910		1,209,044
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.17	%	9/27/2029		2,836,969		2,784,593		2,831,210
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	6/2/2028		2,393,750		2,390,000		2,268,078
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (7/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	10/1/2031		1,564,293		1,557,435		1,558,099
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	3M USD SOFR+ 2.25%		0.50	%		5.92	%	2/19/2029		750,000		734,817		752,813
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B4 (07/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	10/31/2031		481,431		480,633		468,793
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B (01/26)	Loan	1M USD SOFR+ 3.00%		0.75	%		6.67	%	1/30/2031		2,376,000		2,358,575		2,377,497
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.13	%	6/29/2029		762,038		740,571		704,123
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.27	%	11/16/2029		5,238,000		5,168,379		5,214,638
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.66	%	11/1/2030		614,102		607,478		613,844
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.68	%	10/4/2028		962,500		960,816		957,004
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+ 10.00%		1.00	%		13.77	%	5/25/2026		29,734		29,677		5,947
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan (1/24)	Loan	3M USD SOFR+ 5.25%		0.75	%		9.18	%	8/2/2029		2,615,800		2,604,745		2,614,989
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+ 3.75%		0.50	%		7.42	%	10/4/2029		1,459,234		1,389,418		1,429,510
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+ 5.50%		0.75	%		9.29	%	11/30/2028		2,898,865		2,867,842		2,348,081
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+ 5.25%		0.50	%		9.02	%	12/15/2028		3,852,412		3,773,120		3,772,166
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	6/17/2031		6,241,950		6,221,653		6,117,111
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	1/31/2030		1,708,945		1,708,945		1,709,663
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (7/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	1/31/2030		932,250		916,770		933,415
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+ 4.25%		1.00	%		8.02	%	4/11/2031		1,299,800		1,284,463		1,152,494
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	8/16/2030		960,394		958,888		861,800
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+ 3.75%		0.50	%		7.52	%	11/23/2028		1,925,000		1,924,346		1,896,433
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	4/7/2028		2,133,818		2,132,281		2,116,705
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	3/30/2029		2,255,886		2,229,506		2,256,112
Emrld Borrower LP	Capital Equipment	Term Loan B (04/23)	Loan	3M USD SOFR+ 2.25%		0.00	%		6.07	%	5/31/2030		980,075		977,113		975,527
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.50	%		7.42	%	4/23/2031		1,975,000		1,959,230		1,975,494

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.75	%		7.61	%	2/10/2028		-		9,730		-
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B6	Loan	3M USD SOFR+ 2.25%		0.00	%		5.92	%	10/31/2029		1,465,234		1,455,384		1,458,948
Equiniti Group PLC	Services: Business	Term Loan	Loan	6M USD SOFR+ 3.75%		0.50	%		7.55	%	12/10/2031		960,368		955,647		953,367
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	10/30/2030		1,125,000		1,112,817		1,124,066
Examworks Bidco Inc	Healthcare & Pharmaceuticals	ExamWorks/Electron 1/26 TL	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	2/6/2033		483,844		483,218		482,837
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	Second Refinancing Term Loan (8/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	2/12/2031		492,534		488,885		477,143
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (07/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/27/2029		2,774,631		2,773,459		2,737,645
First Brands Group, LLC (c)	Automotive	1st Lien Term Loan (3/21)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	3/30/2027		1,404,140		90,412		784
First Brands Group, LLC (c)	Automotive	New Money DIP Term Loan A (10/25)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	6/29/2026		1,597,186		1,459,537		293,483
First Brands Group, LLC (c)	Automotive	Roll-Up DIP Term Loan B (10/25)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	6/29/2026		3,569,559		2,218,257		7,139
First Student Bidco Inc.	Transportation: Consumer	Term Loan C (01/26)	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	8/15/2030		707,702		705,487		706,379
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+ 4.50%		1.00	%		8.17	%	2/5/2029		1,179,000		1,156,545		1,181,582
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD SOFR+ 1.75%		0.50	%		5.42	%	11/29/2030		3,675,000		3,668,121		3,610,688
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/25/2031		4,188,685		4,184,968		3,790,760
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B4 (10/24)	Loan	6M USD SOFR+ 2.25%		0.00	%		5.88	%	9/16/2031		1,900,638		1,901,053		1,853,331
Garrett LX III S.a r.l.	Automotive	Term Loan (1/25)	Loan	3M USD SOFR+ 2.00%		0.50	%		5.67	%	1/20/2032		1,335,471		1,332,852		1,334,910
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		5.42	%	4/10/2031		1,481,250		1,475,521		1,478,747
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		5.65	%	10/4/2030		383,422		382,138		383,614
Global Tel*Link Corporation	Telecommunications	Term Loan (6/24)	Loan	1M USD SOFR+ 7.50%		3.00	%		11.17	%	7/31/2029		4,748,790		4,693,939		4,763,654
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	5/30/2031		930,782		930,782		896,780
GOLDEN WEST PACKAGING GROUP LLC (c)	Forest Products & Paper	Term Loan B1 (06/25)	Loan	1M USD SOFR+ 5.25%		0.75	%		9.35	%	6/27/2031		1,750,000		1,744,125		1,070,423
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	3M USD SOFR+ 4.75%		0.00	%		8.57	%	4/30/2028		469,651		641,354		143,243
Great Outdoors Group, LLC	Retail	Term Loan (1/25)	Loan	1M USD SOFR+ 3.25%		0.75	%		6.92	%	1/20/2032		950,641		948,924		948,265
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	1/24/2029		121,563		121,483		121,866
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Term Loan B (5/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	2/25/2030		2,343,071		2,343,071		2,335,011
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.00	%		7.42	%	6/30/2028		2,061,930		2,027,902		1,580,820

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
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+ 2.00%		0.50	%		5.68	%	7/14/2028		2,678,618		2,678,618		2,674,306
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	11/8/2030		1,500,000		1,497,879		1,504,845
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 6.75%		0.50	%		10.42	%	4/12/2029		2,882,670		2,882,597		2,883,708
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+ 3.75%		0.75	%		7.54	%	11/17/2028		2,163,198		2,159,946		2,149,678
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Hudson River 1/26	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	3/18/2030		5,717,625		5,648,595		5,643,753
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B (1/25)	Loan	3M USD SOFR+ 3.00%		0.00	%		6.67	%	1/19/2032		2,210,322		2,039,275		2,208,023
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	2/15/2031		2,947,799		2,938,339		2,794,514
Idera, Inc.	High Tech Industries	Term Loan (06/24)	Loan	3M USD SOFR+ 3.50%		0.75	%		7.16	%	3/2/2028		4,678,430		4,676,802		3,719,351
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	11/1/2028		2,415,776		2,410,653		2,385,579
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+ 3.75%		0.00	%		7.52	%	3/13/2030		487,500		484,204		379,031
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	2/18/2030		980,094		973,648		820,829
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.02	%	4/2/2029		2,667,363		2,630,839		2,158,351
Ingram Micro Inc.	Wholesale	Term Loan B (6/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	9/22/2031		450,298		448,093		451,144
Inmar, Inc.	Services: Business	Term Loan B (06/25)	Loan	3M USD SOFR+ 4.50%		0.50	%		8.17	%	10/30/2031		3,266,898		3,222,520		3,177,058
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.04	%	3/16/2029		471,250		469,569		454,521
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B (11/25)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	12/16/2030		486,195		483,914		484,119
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+ 2.50%		0.00	%		2.50	%	4/13/2028		1,509,341		1,242,094		75,467
Isolved Inc.	Services: Business	Infinisource/iSolved 7/25 Cov-lite TL B	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	10/15/2030		614,129		609,564		571,527
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		5.82	%	12/15/2031		3,800,000		3,800,000		3,675,132
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.75%		0.75	%		7.42	%	3/1/2028		2,865,975		2,840,446		2,839,694
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+ 7.00%		1.00	%		10.67	%	9/30/2030		233,182		233,182		186,546
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan (9/25)	Loan	3M USD SOFR+ 5.50%		0.00	%		9.17	%	9/30/2032		1,103,261		571,479		551,630
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 2.50%		0.50	%		6.18	%	4/10/2030		975,206		955,785		968,701
Lakeland Tours, LLC (c)	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed 0.00%		0.00	%		10.00	%	9/27/2027		1,127,568		818,937		107,119
Latham Pool Products, Inc.	Consumer goods: Durable	Term Loan 2/22	Loan	3M USD SOFR+ 3.75%		0.50	%		7.72	%	2/23/2029		980,422		970,513		974,706
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 5.50%		1.00	%		9.28	%	8/26/2027		1,493,382		1,491,106		1,314,176
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan (9/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.18	%	6/17/2030		961,092		951,264		960,496
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan B (9/25)	Loan	3M USD SOFR+ 3.75%		0.75	%		7.42	%	3/29/2029		2,539,884		2,494,092		2,528,785
MAGNITE, INC.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	2/6/2031		3,209,517		3,185,690		3,177,422

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
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/1/2031		1,297,318		1,297,318		1,294,619
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+ 5.00%		0.50	%		8.67	%	10/3/2030		1,965,000		1,867,659		1,611,791
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	8/6/2031		579,182		576,274		577,282
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+ 4.25%		0.75	%		8.18	%	4/8/2028		2,392,299		2,385,209		2,387,323
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	3/21/2031		492,525		490,631		488,462
Moneygram International, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 4.75%		0.50	%		8.41	%	6/1/2030		2,933,988		2,654,564		1,915,483
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	First-Out Term Loan (01/25)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.42	%	12/31/2030		313,244		287,511		308,389
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan B (2/25)	Loan	3M USD SOFR+ 2.50%		0.50	%		6.17	%	11/24/2028		2,881,401		2,879,478		2,661,176
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan (3/25)	Loan	1M USD SOFR+ 5.50%		0.00	%		9.17	%	3/25/2030		3,208,542		3,122,422		3,220,574
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 6.00%		0.00	%		9.67	%	12/5/2030		1,922,848		1,921,097		1,886,198
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD SOFR+ 7.50%		1.00	%		12.89	%	8/9/2026		2,317,073		2,312,037		1,567,894
Nielsen Consumer Inc.	Services: Business	Term Loan (08/25)	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	10/7/2030		2,154,574		2,153,950		2,079,164
NortonLifeLock Inc.	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.42	%	9/12/2029		955,000		952,861		928,737
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B (10/24)	Loan	6M USD SOFR+ 3.25%		0.00	%		7.04	%	4/3/2028		479,041		476,798		478,442
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+ 5.00%		0.75	%		8.82	%	12/22/2028		1,925,000		1,918,692		1,764,590
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	3M USD SOFR+ 3.50%		0.50	%		7.42	%	2/23/2029		1,319,846		1,288,190		1,290,704
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.42	%	1/31/2030		838,682		822,775		814,746
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.17	%	5/2/2030		460,397		454,127		459,103
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	3/17/2031		1,179,075		1,178,728		1,177,436
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.75%		0.50	%		8.66	%	7/6/2028		930,329		926,455		860,555
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan B (12/25)	Loan	3M USD SOFR+ 3.25%		0.50	%		6.95	%	2/28/2030		2,433,760		2,417,597		2,434,272
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		9.41	%	8/1/2029		2,917,234		2,660,957		2,042,063
Pathway Partners Vet Management Company LLC (c)	Consumer goods: Non-durable	Term Loan B (03/25)	Loan	3M USD SOFR+ 5.00%		1.00	%		8.67	%	6/30/2028		-		6,950		-
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	7/18/2031		782,573		782,327		780,460
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+ 3.25%		0.50	%		6.92	%	2/28/2029		962,978		962,623		798,068
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.18	%	12/29/2028		1,444,621		1,442,234		1,391,531

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
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	5/3/2029		965,000		962,640		966,476
Phoenix Guarantor Inc.	Healthcare & Pharmaceuticals	Term Loan B (12/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	2/21/2031		955,542		955,542		953,564
PHYSICIAN PARTNERS, LLC (b) (c)	Healthcare & Pharmaceuticals	Term Loan B1 (1/25)	Loan	3M USD SOFR+ 1.50%		0.00	%		5.32	%	12/31/2029		1,865,532		985,648		895,455
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.54	%	3/13/2028		4,286,250		4,283,564		3,974,168
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan (07/25)	Loan	3M USD SOFR+ 2.75%		0.00	%		6.42	%	11/3/2031		478,962		478,042		474,474
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+ 4.75%		0.75	%		8.54	%	2/12/2028		3,942,289		3,932,110		2,534,340
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+ 3.25%		0.50	%		6.92	%	12/15/2028		2,888,325		2,877,497		2,451,466
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	10/13/2030		1,769,515		1,757,142		1,765,286
Primo Brands Corporation	Beverage, Food & Tobacco	Term Loan B (01/25)	Loan	3M USD SOFR+ 2.25%		0.50	%		5.92	%	3/31/2028		1,433,030		1,430,561		1,431,497
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (07/25)	Loan	1M USD SOFR+ 3.75%		0.50	%		7.42	%	7/30/2032		2,830,585		2,817,297		2,761,009
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+ 5.25%		0.50	%		9.02	%	7/20/2029		970,000		930,838		603,825
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.75%		0.00	%		8.42	%	3/15/2030		244,372		244,095		236,022
Quartz AcquireCo, LLC	High Tech Industries	Term Loan (2/25)	Loan	3M USD SOFR+ 2.25%		0.00	%		5.92	%	6/28/2030		1,222,487		1,215,995		1,084,958
Quikrete Holdings, Inc.	Construction & Building	Term Loan (2/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/14/2031		982,575		980,934		981,475
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		6.53	%	5/15/2028		2,018,945		1,329,862		826,092
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+ 6.25%		0.75	%		10.03	%	5/15/2028		541,399		538,133		537,338
RAND PARENT LLC	Transportation: Cargo	Term Loan B (01/25)	Loan	3M USD SOFR+ 3.00%		0.00	%		6.67	%	3/18/2030		2,431,842		2,374,944		2,430,626
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.93	%	4/24/2028		957,500		957,300		882,499
Rent-A-Center, Inc.	Retail	Term Loan B (08/25)	Loan	3M USD SOFR+ 2.75%		0.50	%		6.42	%	8/13/2032		1,825,515		1,806,157		1,820,951
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan (07/24)	Loan	3M USD SOFR+ 5.00%		1.00	%		8.91	%	7/15/2028		335,333		332,328		330,303
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Second-Out Term Loan	Loan	3M USD SOFR+ 5.50%		1.00	%		9.41	%	10/15/2028		2,858,408		2,768,737		1,667,881
Resideo Funding Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.66	%	2/11/2028		674,488		674,488		673,227
Resolute Investment Managers (American Beacon), Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+ 6.50%		1.00	%		10.43	%	10/30/2028		1,948,080		1,948,081		1,504,892
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.29	%	10/20/2028		3,357,249		3,355,349		3,295,140
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan B (2/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/4/2032		931,115		931,115		935,771
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	9/15/2031		1,441,374		1,434,941		1,437,771
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+ 5.00%		0.50	%		8.77	%	3/10/2028		2,383,643		2,361,520		2,332,991
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	2/28/2030		318,750		317,260		319,349
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.75	%		7.54	%	4/20/2028		939,236		937,872		931,017

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+ 3.00%		0.50	%		6.65	%	4/4/2029		486,344		485,950		476,213
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	7/31/2031		975,193		970,172		942,524
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		5.42	%	11/5/2028		350,000		349,707		350,875
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.68	%	8/28/2028		1,915,000		1,912,199		716,765
SiteOne Landscape Supply, LLC	Services: Business	Term Loan B (06/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.41	%	3/23/2030		1,245,101		1,241,692		1,243,544
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	4/2/2029		505,257		503,333		505,677
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	8/2/2030		1,920,000		1,917,584		1,914,163
SRAM, LLC	Consumer goods: Durable	Term Loan (02/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	2/23/2032		2,246,400		2,245,458		2,246,400
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.50	%		5.43	%	9/22/2028		200,250		199,674		200,546
Staples, Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		9.41	%	9/4/2029		4,220,701		4,178,169		3,766,976
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+ 4.00%		0.00	%		7.67	%	9/27/2030		1,228,125		1,215,137		1,187,340
Storable, Inc	High Tech Industries	Term Loan B (3/25)	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	4/16/2031		481,363		481,250		459,099
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Superannuation and Investments/CFS 1/26 TL	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	12/1/2028		960,175		956,194		953,876
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	3/27/2031		491,288		487,342		492,978
Sweetwater Borrower, LLC	Retail	Term Loan B (2/26)	Loan	1M USD SOFR+ 4.00%		0.00	%		7.66	%	2/17/2033		1,895,910		1,854,369		1,898,280
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+ 4.00%		0.75	%		7.93	%	4/24/2028		2,394,950		2,394,735		2,037,216
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan B (6/24)	Loan	3M USD SOFR+ 4.75%		0.50	%		8.42	%	4/2/2029		970,182		964,903		940,670
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.54	%	7/7/2028		960,000		959,716		954,605
Thor Industries, Inc.	Automotive	Term Loan B (06/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	11/15/2030		94,142		93,485		93,906
Torrid LLC	Wholesale	Term Loan 5/21	Loan	1M USD SOFR+ 5.50%		0.75	%		9.29	%	6/14/2028		2,922,221		2,705,250		1,168,888
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.04	%	4/17/2028		2,260,738		2,186,326		2,253,956
Tosca Services, LLC (c)	Containers, Packaging & Glass	Term Loan A (08/24)	Loan	1M USD SOFR+ 5.50%		1.50	%		9.17	%	11/30/2028		80,509		79,712		81,224
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B9 (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/24/2031		599,927		599,530		594,006
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan B (09/24)	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	9/30/2031		343,454		343,361		267,035
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+ 4.00%		0.75	%		7.77	%	11/2/2027		925,281		923,548		908,700
Ultra Clean Holdings, Inc.	High Tech Industries	Term Loan (09/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	2/25/2028		1,203,008		1,201,345		1,205,017
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (05/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	1/31/2029		2,379,366		2,379,365		2,371,442
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+ 4.25%		0.50	%		7.92	%	6/25/2029		241,250		237,262		238,234
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+ 5.00%		0.75	%		8.82	%	1/19/2029		2,271,234		2,234,639		1,704,243
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Extended Term Loan (07/24)	Loan	3M USD SOFR+ 7.75%		1.00	%		11.42	%	6/16/2026		1,259,184		1,259,163		1,212,758
Verifone Systems, Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (03/25)	Loan	3M USD SOFR+ 5.25%		0.00	%		9.18	%	8/21/2028		1,188,774		1,188,361		1,089,428
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+ 2.25%		0.75	%		5.92	%	12/6/2030		962,997		961,733		962,997
Vertiv Group Corporation	Capital Equipment	Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	8/12/2032		1,901,601		1,901,601		1,901,601

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
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.29	%	3/5/2029		2,907,129		2,869,038		2,906,780
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	12/20/2030		1,851,605		1,850,971		1,854,956
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan J	Loan	3M USD SOFR+ 1.75%		0.00	%		5.57	%	1/24/2031		1,250,000		1,250,000		1,251,563
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B (03/21)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.67	%	3/2/2028		2,631,521		2,627,980		2,632,626
WeddingWire, Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.75%		0.00	%		7.42	%	1/31/2028		4,725,068		4,725,067		4,032,042
WEX Inc.	Services: Business	Term Loan B (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/31/2028		2,866,626		2,864,574		2,849,312
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Term Loan B (02/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	8/1/2030		490,062		490,062		488,989
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	5/24/2030		977,613		974,397		980,330
Xperi Corporation	High Tech Industries	Term Loan (1/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/8/2028		1,481,388		1,481,214		1,473,981
Zayo Group, LLC (c)	Telecommunications	Term Loan (09/25)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.79	%	3/11/2030		620,347		615,143		596,308
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.69	%	11/1/2030		1,838,369		1,832,728		1,832,909
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.91	%	1/24/2031		1,428,583		1,427,966		1,430,769
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+ 5.25%		0.00	%		8.92	%	2/8/2028		1,940,000		1,896,965		1,828,450
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+ 1.93%		0.50	%		5.70	%	1/29/2029		480,000		479,676		479,280
TOTAL INVESTMENTS														$	382,812,855	$	354,116,571

	Number of Shares		Cost		Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)		22,319,387	$	22,319,387	$	22,319,387
Total cash and cash equivalents		22,319,387	$	22,319,387	$	22,319,387

(a)

Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2026.

(b)

As of February 28, 2026, the investment was in default and on non-accrual status.

(c)

Investments include Payment-in-Kind Interest.

(d)

All or a portion of this investment has an unfunded commitment as of February 28, 2026.

SOFR - Secured Overnight Financing Rate

1M SOFR - The 1-month SOFR rate as of February 28, 2026 was 3.86%.

3M SOFR - The 3-month SOFR rate as of February 28, 2026 was 3.79%.

6M SOFR - The 6-month SOFR rate as of February 28, 2026 was 3.70%.

Prime - The Prime Rate as of February 28, 2026 was 7.00%.

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 PORTFOLIO SOL	Banking, Finance, Insurance & Real Estate	Common Stock	Equity										296,227	$	216,246	$	204,397
Altisource Portfolio Solutions - CS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										7,917		3,736		2,895
Altisource Portfolio Solutions - NS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										7,917		3,129		2,883
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Common Stock	Equity										24,148		670,107		682,181
Envision Parent Inc	Healthcare & Pharmaceuticals	Common Stock	Equity										4,410		175,000		50,715
Envision Parent Inc	Healthcare & Pharmaceuticals	Warrants	Equity										92,837		-		4,642
Instant Brands Litigation Trust	Consumer goods: Durable	Equity Interests	Equity										51,095		35,250		151,056
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		231,040
URS TOPCO, LLC	Transportation: Cargo	Common Stock	Equity										25,330		440,405		354,620
Wellpath Holdings LLC	Healthcare & Pharmaceuticals	Common Stock	Equity										41,758		-		-
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	9/20/2030	$	1,436,662		1,419,292		1,429,076
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.66	%	2/7/2029		2,448,533		2,374,623		2,398,044
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+ 5.25%		0.00	%		9.50	%	7/8/2028		3,036,695		2,797,339		2,936,484
Adtalem Global Education Inc.	Services: Business	Term Loan B (08/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		7.07	%	8/12/2028		352,462		350,628		352,902
Aegis Sciences Corporation	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 5.50%		1.00	%		10.28	%	5/9/2025		2,267,140		2,265,721		1,271,865
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	6M USD SOFR+ 3.00%		0.00	%		7.26	%	5/1/2030		2,154,146		2,140,760		2,093,119
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	1M USD SOFR+ 3.00%		0.75	%		7.30	%	2/1/2031		2,895,655		2,838,488		2,902,228
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	3M USD SOFR+ 2.00%		0.00	%		6.34	%	3/21/2031		992,500		990,413		995,607
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan B (01/25)	Loan	3M USD SOFR+ 4.00%		0.75	%		8.30	%	4/8/2030		2,455,696		2,341,381		2,458,250
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan B (01/21)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.94	%	2/4/2028		240,624		240,582		241,166
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+ 5.50%		0.00	%		9.98	%	2/10/2027		4,303,877		4,290,645		2,571,566
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B6 (09/24)	Loan	1M USD SOFR+ 2.75%		0.00	%		7.07	%	9/19/2031		797,021		797,021		795,579
Allied Universal Holdco LLC	Services: Business	Term Loan 4/21	Loan	1M USD SOFR+ 3.75%		0.50	%		8.17	%	5/12/2028		1,935,000		1,930,761		1,936,529
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	First Lien Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	5/31/2030		249,375		249,375		249,532
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+ 6.50%		3.50	%		10.92	%	2/20/2029		500,000		487,543		500,000
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B (02/25)	Loan	3M USD SOFR+ 6.50%		3.50	%		10.92	%	4/30/2030		545,284		545,284		539,831
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	6/11/2031		482,575		481,544		477,547
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	12/13/2029		480,000		469,318		478,200
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+ 5.75%		0.00	%		10.07	%	10/30/2029		2,926,807		2,925,603		2,945,099

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
American Trailer World Corp	Automotive	Term Loan	Loan	1M USD SOFR+ 3.75%		0.75	%		8.17	%	3/3/2028		1,357,439		1,356,879		1,140,588
Anastasia Parent LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+ 3.75%		0.00	%		8.34	%	8/11/2025		937,500		937,084		765,084
Anchor Packaging, LLC	Containers, Packaging & Glass	Term Loan (12/24)	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	7/18/2029		1,944,396		1,928,125		1,945,408
AP Core Holdings II LLC	High Tech Industries	Term Loan B1	Loan	1M USD SOFR+ 5.50%		0.75	%		9.94	%	9/1/2027		1,674,963		1,662,638		1,576,559
AP Core Holdings II LLC	High Tech Industries	Term Loan B2	Loan	1M USD SOFR+ 5.50%		0.75	%		9.94	%	9/1/2027		500,000		496,326		467,625
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/25)	Loan	3M USD SOFR+ 4.00%		0.00	%		8.29	%	7/27/2028		490,038		468,587		491,875
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.00	%		7.19	%	5/15/2026		2,878,173		2,868,237		2,874,575
Apollo Commercial Real Estate Finance, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B1 (2/21)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.94	%	3/6/2028		962,500		957,781		957,688
Aramark Services, Inc.	Services: Consumer	Term Loan B7 (03/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		6.32	%	4/6/2028		1,753,715		1,750,058		1,758,538
Aramark Services, Inc.	Services: Consumer	Term Loan B8 (03/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		6.32	%	6/22/2030		2,331,250		2,305,337		2,337,078
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.50%		0.50	%		7.92	%	9/23/2028		971,274		969,846		971,711
ARCIS GOLF LLC	Services: Consumer	Term Loan B (01/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		7.07	%	11/24/2028		493,000		489,289		494,543
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.82	%	8/9/2030		2,622,898		2,610,006		2,616,891
Ascensus Group Holdings, Inc	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	8/2/2028		494,767		491,912		493,035
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term loan	Loan	1M USD SOFR+ 4.25%		0.00	%		8.57	%	12/23/2030		893,250		885,649		895,483
Assuredpartners Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B5 (02/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.82	%	2/14/2031		1,290,250		1,289,103		1,290,082
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+ 4.00%		0.00	%		8.42	%	8/19/2028		1,955,000		1,890,928		1,949,780
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B12	Loan	1M USD SOFR+ 4.25%		0.00	%		8.56	%	9/19/2030		2,912,179		2,908,959		2,898,521
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	2/15/2029		1,303,799		1,300,749		1,300,070
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	6/22/2030		1,472,622		1,429,929		1,472,136
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (11/24)	Loan	3M USD SOFR+ 1.75%		0.50	%		6.08	%	12/20/2029		851,048		844,987		852,546
AZURITY PHARMACEUTICALS, INC.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 6.62%		0.75	%		11.05	%	9/20/2027		425,000		418,550		422,344
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.00	%		7.82	%	10/10/2029		532,287		530,730		528,849

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
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.31	%	5/27/2031		1,640,279		1,630,478		1,642,329
Belfor Holdings Inc.	Services: Consumer	Term Loan 4/23	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	11/1/2030		1,490,834		1,478,738		1,498,288
Bengal Debt Merger Sub LLC	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+ 3.00%		0.50	%		7.43	%	1/24/2029		1,950,000		1,949,473		1,175,753
Blackstone Mortgage Trust, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+ 2.25%		0.00	%		6.69	%	4/23/2026		342,601		341,898		341,317
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 2.75%		0.00	%		7.07	%	1/22/2031		1,425,751		1,422,525		1,423,712
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+ 2.75%		0.50	%		7.06	%	12/13/2029		488,806		479,686		488,669
Boost Newco Borrower, LLC (Worldpay)	Banking, Finance, Insurance & Real Estate	Term Loan B (01/25)	Loan	3M USD SOFR+ 2.00%		0.00	%		6.29	%	1/31/2031		498,750		496,603		498,127
Boxer Parent Company, Inc.	High Tech Industries	Term Loan	Loan	3M USD SOFR+ 3.00%		0.00	%		7.29	%	7/30/2031		1,007,194		1,003,006		1,004,766
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+ 3.00%		0.00	%		7.31	%	6/16/2031		2,896,329		2,894,596		2,894,794
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+ 2.25%		0.00	%		6.56	%	1/27/2031		1,440,450		1,440,450		1,437,396
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	3M USD SOFR+ 2.50%		0.00	%		6.81	%	7/1/2031		491,284		481,764		490,464
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B (01/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	11/22/2030		663,337		661,343		663,430
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B5 (09/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	11/2/2026		483,028		482,076		482,897
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.50	%		7.94	%	3/31/2028		2,412,500		2,400,434		2,418,531
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	3/16/2030		471,250		467,499		465,458
Calpine Corporation	Utilities: Electric	Term Loan B10 (01/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	1/31/2031		1,990,000		1,981,632		1,987,513
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+ 2.50%		0.75	%		6.94	%	6/5/2028		2,436,709		2,289,886		2,386,586
CAPSTONE BORROWER INC	Services: Business	Term Loan B (05/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		7.58	%	6/17/2030		872,669		862,196		874,851
CareerBuilder, LLC	Services: Business	Term Loan B3	Loan	1M USD SOFR+ 2.50%		0.00	%		6.94	%	7/31/2026		4,089,659		4,079,749		204,483
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B (USD)	Loan	3M USD SOFR+ 3.75%		0.00	%		8.32	%	1/27/2027		1,929,894		1,925,694		1,192,520
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+ 2.75%		1.00	%		7.17	%	11/1/2025		2,085,112		1,976,819		1,978,250
CCC Intelligent Solutions Inc.	Services: Business	Term Loan (01/25)	Loan	1M USD SOFR+ 2.00%		0.50	%		6.32	%	9/16/2028		242,500		242,288		241,894
CCI Buyer, Inc	Telecommunications	Term Loan	Loan	3M USD SOFR+ 4.00%		0.75	%		8.33	%	12/17/2027		240,625		239,544		241,426
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.25%		0.50	%		8.66	%	3/6/2028		980,000		948,779		395,263
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+ 4.25%		0.75	%		8.82	%	3/6/2028		962,500		960,608		399,438
CCS-CMGC Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 5.50%		0.00	%		10.28	%	9/25/2025		1,140,869		1,139,841		386,047

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		7.58	%	7/6/2029		990,019		968,890		903,640
CENTURI GROUP, INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.94	%	8/28/2028		616,921		613,611		617,470
Charlotte Buyer, Inc.	Services: Business	Term Loan B (01/25)	Loan	1M USD SOFR+ 4.25%		0.50	%		8.57	%	2/11/2028		1,473,806		1,410,924		1,469,886
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B3 (08/23)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	8/18/2028		2,369,720		2,339,142		2,358,866
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	3/17/2028		481,250		480,828		480,047
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.82	%	5/17/2028		1,940,187		1,883,647		1,930,486
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan (10/24)	Loan	3M USD SOFR+ 2.00%		0.00	%		6.33	%	10/31/2031		4,826,890		4,826,890		4,832,344
Citco Funding LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	6M USD SOFR+ 2.75%		0.50	%		7.31	%	4/27/2028		987,538		984,246		994,529
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	5/6/2030		1,197,000		1,192,661		1,191,015
Claros Mortgage Trust, Inc	Banking, Finance, Insurance & Real Estate	Term Loan B-1 (11/21)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.92	%	8/10/2026		3,368,637		3,360,331		3,099,146
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 3.18%		0.50	%		7.50	%	4/13/2029		1,220,000		1,199,733		1,219,244
Columbus McKinnon Corporation	Capital Equipment	Term Loan (03/24)	Loan	3M USD SOFR+ 2.50%		0.50	%		6.83	%	5/14/2028		361,967		361,543		361,062
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.82	%	9/27/2029		2,865,844		2,801,249		2,491,679
Consolidated Communications, Inc.	Telecommunications	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.75	%		7.94	%	10/2/2027		2,714,005		2,592,779		2,700,788
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.94	%	6/2/2028		2,418,750		2,413,203		2,406,656
Cortes NP Acquisition Corp (Vertiv)	Capital Equipment	Term Loan B (12/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.06	%	3/2/2027		1,920,785		1,920,785		1,918,921
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (09/24)	Loan	1M USD SOFR+ 2.75%		0.00	%		7.07	%	10/1/2031		1,576,094		1,568,099		1,576,536
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	3M USD SOFR+ 2.25%		0.50	%		6.58	%	2/19/2029		750,000		730,356		752,723
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B2 (10/24)	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	10/24/2031		485,063		483,905		485,974
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 4.00%		0.75	%		8.31	%	1/30/2031		2,388,000		2,367,977		2,397,695
CTS Midco, LLC	High Tech Industries	Term Loan B	Loan	3M USD SOFR+ 6.00%		1.00	%		10.55	%	11/2/2027		1,919,403		1,894,257		1,919,403
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.56	%	6/29/2029		762,038		735,302		721,079
DCert Buyer, Inc.	High Tech Industries	Term Loan	Loan	1M USD SOFR+ 4.00%		0.00	%		8.32	%	10/16/2026		1,439,547		1,439,547		1,394,748
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.92	%	11/16/2029		5,292,000		5,206,553		5,270,514
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.31	%	11/1/2030		620,320		612,532		620,475
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		8.34	%	10/4/2028		972,500		970,335		916,251
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+ 10.00%		1.00	%		14.41	%	5/25/2026		29,734		29,407		26,463
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan (1/24)	Loan	3M USD SOFR+ 5.25%		0.75	%		9.80	%	8/2/2029		2,902,900		2,887,032		2,882,115

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+ 4.00%		0.50	%		8.29	%	10/4/2029		1,470,233		1,383,873		1,465,749
Dispatch Acquisition Holdings, LLC	Environmental Industries	Term Loan B (3/21)	Loan	3M USD SOFR+ 4.25%		0.75	%		8.73	%	3/25/2028		482,500		480,166		454,496
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+ 5.50%		0.75	%		9.94	%	11/30/2028		3,071,416		3,028,380		2,973,530
DOTDASH MEREDITH, INC.	Media: Advertising, Printing & Publishing	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.81	%	12/1/2028		1,911,111		1,778,613		1,920,667
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+ 5.25%		0.50	%		9.67	%	12/15/2028		3,892,437		3,790,333		3,773,718
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	3M USD SOFR+ 3.50%		0.00	%		7.79	%	6/17/2031		6,305,000		6,280,258		6,283,311
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B1 (01/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		7.07	%	1/31/2030		2,014,107		2,013,573		2,009,072
DTZ U.S. Borrower, LLC	Construction & Building	2024-3 Term Loan (09/24)	Loan	1M USD SOFR+ 3.25%		0.50	%		7.57	%	1/31/2030		1,097,250		1,075,232		1,098,161
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+ 4.25%		1.00	%		8.68	%	4/11/2031		1,431,964		1,412,492		1,443,148
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	8/16/2028		970,169		967,824		967,336
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+ 3.75%		0.50	%		8.16	%	11/23/2028		1,945,000		1,943,317		1,923,663
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	4/7/2028		2,155,371		2,152,592		2,158,281
ELECTRON BIDCO INC.	Healthcare & Pharmaceuticals	Term Loan	Loan	1M USD SOFR+ 2.75%		0.50	%		7.07	%	11/1/2028		487,500		486,541		486,769
ELO Touch Solutions, Inc.	Media: Diversified & Production	Term Loan (12/18)	Loan	1M USD SOFR+ 6.50%		0.00	%		10.94	%	12/15/2025		2,137,656		2,124,478		2,137,656
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.50	%		7.31	%	3/30/2029		2,885,658		2,843,183		2,880,262
Emrld Borrower LP	Capital Equipment	Term Loan B (04/23)	Loan	6M USD SOFR+ 2.50%		0.00	%		6.93	%	5/31/2030		990,000		986,329		986,594
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 4.00%		0.50	%		8.32	%	4/23/2031		1,995,000		1,977,056		1,995,000
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.75	%		7.92	%	2/10/2028		2,412,500		2,407,887		1,668,654
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B3 (5/24)	Loan	3M USD SOFR+ 2.75%		0.50	%		7.08	%	10/31/2029		1,476,325		1,464,198		1,477,476
EOS U.S. FINCO LLC	Transportation: Cargo	Term Loan	Loan	6M USD SOFR+ 6.00%		0.50	%		10.28	%	10/9/2029		950,000		893,353		397,813
Equiniti Group PLC	Services: Business	Term Loan (12/24)	Loan	6M USD SOFR+ 3.75%		0.50	%		8.03	%	12/11/2028		970,069		964,262		976,937
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+ 2.75%		0.50	%		7.07	%	10/30/2030		1,125,000		1,110,800		1,130,625
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	2/12/2031		497,503		493,271		497,011
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (9/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	6/27/2029		2,795,563		2,793,344		2,794,389
First Brands Group, LLC	Automotive	1st Lien Term Loan (3/21)	Loan	3M USD SOFR+ 5.00%		1.00	%		9.55	%	3/30/2027		4,812,500		4,781,859		4,607,969
First Eagle Investment Management	Banking, Finance, Insurance & Real Estate	Term Loan B (02/24)	Loan	3M USD SOFR+ 3.00%		0.00	%		7.33	%	3/5/2029		5,053,465		5,046,585		5,052,454
First Student Bidco Inc.	Transportation: Consumer	Term Loan B (12/24)	Loan	3M USD SOFR+ 2.50%		0.50	%		6.89	%	7/21/2028		709,476		706,708		707,603
First Student Bidco Inc.	Transportation: Consumer	Term Loan C	Loan	3M USD SOFR+ 2.50%		0.50	%		6.89	%	7/21/2028		216,966		216,137		216,393
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+ 5.25%		1.00	%		9.57	%	2/5/2029		1,191,000		1,161,999		1,204,030
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD SOFR+ 1.75%		0.50	%		6.08	%	11/29/2030		3,712,500		3,704,077		3,699,729

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
Franchise Group, Inc.	Services: Consumer	New Money Term Commitments	Loan	1M USD SOFR+ 9.00%		1.00	%		13.43	%	5/6/2025		257,225		254,175		257,225
Franchise Group, Inc.	Services: Consumer	First Out Term Loan	Loan	6M USD SOFR+ 4.75%		0.75	%		9.30	%	3/10/2026		827,674		825,735		412,802
Franchise Group, Inc.	Services: Consumer	Term Loan B	Loan	3M USD SOFR+ 4.75%		0.75	%		9.30	%	3/10/2026		3,041,686		2,988,228		1,517,041
Franchise Group, Inc.	Services: Consumer	Term Loan DIP New Money	Loan	1M USD SOFR+ 9.00%		1.00	%		13.43	%	5/6/2025		355,828		353,546		355,828
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	4/25/2031		4,231,210		4,225,781		4,231,210
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B4 (10/24)	Loan	6M USD SOFR+ 2.00%		0.00	%		6.24	%	9/16/2031		1,915,000		1,914,701		1,905,751
Garrett LX III S.a r.l.	Automotive	Term Loan (1/25)	Loan	3M USD SOFR+ 2.25%		0.50	%		6.54	%	1/20/2032		1,451,250		1,447,746		1,438,552
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		6.08	%	4/10/2031		1,496,250		1,489,525		1,489,711
GGP Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		2.96	%	8/27/2025		2,323,401		2,300,582		2,318,312
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		6.30	%	10/4/2030		415,684		414,006		414,387
Global Tel*Link Corporation	Telecommunications	Term Loan (6/24)	Loan	1M USD SOFR+ 7.50%		3.00	%		11.82	%	7/31/2029		4,809,048		4,741,980		4,798,757
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	5/30/2031		940,231		940,231		938,473
GOLDEN WEST PACKAGING GROUP LLC	Forest Products & Paper	Term Loan (11/21)	Loan	6M USD SOFR+ 5.25%		0.75	%		9.92	%	12/1/2027		1,775,000		1,767,298		1,434,786
GOTO GROUP, INC.	High Tech Industries	First Lien Term Loan	Loan	3M USD SOFR+ 4.75%		0.00	%		9.19	%	4/30/2028		1,245,381		804,484		1,151,043
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	3M USD SOFR+ 4.75%		0.00	%		9.19	%	4/30/2028		1,719,812		1,651,916		832,389
Graham Packaging Co Inc	Containers, Packaging & Glass	Term Loan B (07/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	8/4/2027		830,576		828,359		830,161
Great Outdoors Group, LLC	Retail	Term Loan (1/25)	Loan	1M USD SOFR+ 3.25%		0.75	%		7.55	%	1/20/2032		960,244		958,144		962,049
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		6.31	%	1/24/2029		142,188		142,044		142,898
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Term Loan B (5/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	2/25/2030		2,786,709		2,786,614		2,791,057
Groupe Solmax Inc.	Environmental Industries	Term Loan (6/21)	Loan	1M USD SOFR+ 4.75%		0.75	%		9.19	%	5/27/2028		2,412,086		2,134,984		2,133,827
GYP HOLDINGS III CORP.	Construction & Building	Term Loan (1/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	5/12/2030		246,881		245,937		247,037
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.00	%		8.07	%	6/30/2028		2,082,970		2,035,333		1,807,726
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+ 2.00%		0.50	%		6.31	%	7/14/2028		2,714,525		2,713,474		2,704,780
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	11/8/2030		1,500,000		1,497,236		1,505,160
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 6.75%		0.50	%		11.07	%	4/12/2029		3,038,490		3,037,561		3,036,606
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+ 3.75%		0.75	%		8.19	%	11/17/2028		2,189,325		2,184,763		2,130,935

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Term Loan (10/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.31	%	3/29/2030		5,775,525		5,692,371		5,770,327
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B (1/25)	Loan	3M USD SOFR+ 3.25%		0.00	%		7.55	%	1/19/2032		2,232,648		2,038,638		2,215,904
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	2/18/2031		2,977,538		2,966,717		2,968,992
Idera, Inc.	High Tech Industries	Term Loan (06/24)	Loan	3M USD SOFR+ 3.50%		0.75	%		7.79	%	3/2/2028		4,726,151		4,723,056		4,447,167
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		7.32	%	11/1/2028		2,440,193		2,433,243		2,440,193
INDY US BIDCO, LLC	Services: Business	Term Loan (01/25)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.82	%	3/6/2028		2,170,828		2,170,359		2,166,313
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+ 3.75%		0.00	%		8.17	%	3/13/2030		492,500		488,601		474,031
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	2/18/2030		990,019		982,264		973,931
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.67	%	4/2/2029		2,694,512		2,647,631		2,627,149
Informatica Inc.	High Tech Industries	Term Loan B (06/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	10/27/2028		486,250		486,237		485,642
Ingram Micro Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+ 2.75%		0.00	%		7.08	%	9/17/2031		693,439		689,636		697,343
Inmar, Inc.	Services: Business	Term Loan (06/23)	Loan	3M USD SOFR+ 5.00%		1.00	%		9.31	%	10/30/2031		3,299,855		3,234,272		3,303,980
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.69	%	3/16/2029		476,250		472,714		475,826
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.75	%		6.82	%	12/15/2027		492,487		489,357		491,935
Isagenix International, LLC	Beverage, Food & Tobacco	Term Loan	Loan	6M USD SOFR+ 2.50%		0.00	%		2.50	%	4/13/2028		1,378,403		1,025,602		186,084
Isolved Inc.	Services: Business	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	10/15/2030		620,324		614,960		624,394
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		6.30	%	12/15/2031		3,840,000		3,839,989		3,790,810
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.75%		0.75	%		8.07	%	3/1/2028		2,895,000		2,858,590		2,872,072
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan 7/23	Loan	Prime 6.50%		1.00	%		14.00	%	11/20/2027		3,370,462		3,360,549		134,818
Kleopatra Finco S.a r.l.	Containers, Packaging & Glass	Term Loan (1/21) (USD)	Loan	6M USD SOFR+ 4.73%		0.50	%		9.23	%	2/12/2026		1,443,750		1,443,745		1,348,304
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 2.50%		0.50	%		6.82	%	4/10/2030		985,081		961,555		988,775
KREF Holdings X LLC	Banking, Finance, Insurance & Real Estate	Term Loan (11/21)	Loan	3M USD SOFR+ 3.50%		0.50	%		8.06	%	9/1/2027		481,363		476,486		481,363
Lakeland Tours, LLC	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed 0.00%		0.00	%		8.00	%	9/27/2027		1,127,568		680,756		28,189
Latham Pool Products, Inc.	Consumer goods: Durable	Term Loan 2/22	Loan	3M USD SOFR+ 3.75%		0.50	%		8.19	%	2/23/2029		991,609		978,723		970,954
Lealand Finance Company B.V.	Energy: Oil & Gas	Exit Term Loan	Loan	1M USD SOFR+ 1.00%		0.00	%		5.43	%	12/31/2027		366,724		366,724		149,257
LHS BORROWER, LLC	Construction & Building	Term Loan (02/22)	Loan	1M USD SOFR+ 4.75%		0.50	%		9.17	%	2/16/2029		2,450,166		2,120,597		2,266,403
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 5.50%		1.00	%		9.93	%	8/26/2027		1,576,347		1,572,295		1,500,163
Liquid Tech Solutions Holdings, LLC	Services: Business	Term Loan	Loan	1M USD SOFR+ 3.75%		0.75	%		8.18	%	3/17/2028		967,500		966,360		969,919

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
LOYALTY VENTURES INC.	Services: Business	Loyalty Ventures Claims	Term Loan B	Prime 5.50%		0.50	%		14.00	%	11/3/2027		2,913,525		2,905,305		211,231
LSF11 A5 HOLDCO LLC	Chemicals, Plastics, & Rubber	Term Loan B (06/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.93	%	10/15/2028		1,622,206		1,607,812		1,621,622
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	6/14/2030		970,924		959,085		970,924
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan Extended	Loan	1M USD SOFR+ 5.25%		0.75	%		9.57	%	3/29/2029		2,671,805		2,610,533		2,680,167
Lumen Technologies Inc	Telecommunications	Term Loan B1 (3/24)	Loan	1M USD SOFR+ 2.35%		2.00	%		6.79	%	4/16/2029		1,608,268		1,607,707		1,512,785
Lumen Technologies Inc	Telecommunications	Term Loan B2 (3/24)	Loan	1M USD SOFR+ 2.35%		2.00	%		6.79	%	4/15/2030		1,608,268		1,607,702		1,507,767
MAGNITE, INC.	Services: Business	Term Loan B (09/24)	Loan	1M USD SOFR+ 3.75%		0.00	%		8.07	%	2/6/2031		3,233,770		3,205,941		3,278,235
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	4/1/2031		1,310,489		1,310,489		1,310,489
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+ 5.00%		0.50	%		9.31	%	10/3/2030		1,985,000		1,870,513		1,942,819
Mayfield Agency Borrower Inc. (FeeCo)	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	3M USD SOFR+ 3.00%		0.00	%		7.29	%	12/29/2031		3,415,608		3,349,332		3,405,634
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan (1/25)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.55	%	8/6/2031		1,244,525		1,236,501		1,251,134
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+ 4.25%		0.75	%		8.84	%	4/8/2028		2,417,349		2,407,248		1,957,038
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	3/21/2031		497,500		495,226		498,067
MKS Instruments, Inc.	High Tech Industries	Term Loan B (01/25)	Loan	1M USD SOFR+ 2.00%		0.50	%		6.32	%	8/17/2029		1,280,586		1,278,776		1,281,227
Momentive Performance Materials Inc.	Chemicals, Plastics, & Rubber	Term Loan (03/23)	Loan	1M USD SOFR+ 4.00%		0.00	%		8.32	%	3/28/2028		491,250		477,801		490,331
Moneygram International, Inc.	Services: Business	Term Loan B	Loan	3M USD SOFR+ 4.75%		0.50	%		9.15	%	6/1/2030		2,963,850		2,633,472		2,846,363
Mosel Bidco SE	High Tech Industries	Term Loan B	Loan	3M USD SOFR+ 4.50%		0.50	%		8.83	%	9/28/2030		500,000		495,844		501,250
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	First-Out Term Loan (01/25)	Loan	3M USD SOFR+ 3.75%		0.00	%		8.04	%	12/31/2030		315,611		285,615		313,638
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	Second-Out Term Loan (01/25)	Loan	3M USD SOFR+ 4.60%		0.00	%		9.15	%	12/31/2030		2,616,207		2,460,718		2,198,556
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan B (2/25)	Loan	3M USD SOFR+ 2.50%		0.50	%		6.82	%	11/24/2028		2,910,506		2,906,771		2,886,873
Napa Management Services Corp	Healthcare & Pharmaceuticals	Term Loan B (02/22)	Loan	1M USD SOFR+ 5.25%		0.75	%		9.67	%	2/22/2029		2,939,547		2,497,131		2,712,966
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	6M USD SOFR+ 3.50%		0.00	%		8.17	%	11/14/2025		3,269,852		3,265,583		3,253,503
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan 2/21	Loan	3M USD SOFR+ 3.75%		0.75	%		8.48	%	3/2/2028		2,680,348		2,676,078		2,623,658
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan C 2/21	Loan	3M USD SOFR+ 3.75%		0.75	%		8.18	%	3/2/2028		87,464		87,262		85,614
Nexstar Broadcasting, Inc. (Mission Broadcasting)	Media: Broadcasting & Subscription	Term Loan	Loan	1M USD SOFR+ 2.50%		0.00	%		6.94	%	9/18/2026		571,911		570,138		571,356
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD SOFR+ 7.50%		1.00	%		11.90	%	8/9/2026		2,382,698		2,373,272		1,894,245

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
NorthPole Newco S.a.r.l	Aerospace & Defense	Term Loan	Loan	Prime 7.00%		0.00	%		14.50	%	3/3/2025		-		-		-
NortonLifeLock Inc.	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		6.07	%	9/12/2029		970,000		967,278		967,507
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B (10/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		7.55	%	4/3/2028		483,926		480,497		485,591
Novae LLC	Automotive	Term Loan B	Loan	1M USD SOFR+ 5.00%		0.75	%		9.42	%	12/22/2028		1,945,000		1,935,728		1,819,800
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.92	%	2/23/2029		2,442,273		2,367,591		2,262,498
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+ 1.75%		0.50	%		6.07	%	1/31/2030		921,883		900,638		920,731
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.82	%	5/2/2030		492,500		484,592		491,269
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+ 2.75%		0.00	%		7.07	%	3/17/2031		1,191,000		1,190,157		1,194,347
PACTIV EVERGREEN GROUP HOLDINGS INC.	Containers, Packaging & Glass	Term Loan B4 (05/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	9/24/2028		921,247		919,105		920,841
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.75%		0.50	%		9.30	%	7/6/2028		941,176		935,900		876,866
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+ 3.75%		0.50	%		8.04	%	2/28/2030		2,458,727		2,438,711		2,448,474
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		10.05	%	8/1/2029		2,947,386		2,631,038		2,597,384
Pathway Partners Vet Management Company LLC	Services: Business	Term Loan	Loan	3M USD SOFR+ 3.75%		0.00	%		8.34	%	3/31/2027		476,580		472,582		387,545
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+ 2.00%		0.00	%		6.32	%	7/18/2031		790,518		789,679		788,834
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	1M USD SOFR+ 3.25%		0.50	%		7.57	%	2/28/2029		973,627		972,968		969,246
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.80	%	12/29/2028		1,459,630		1,456,242		1,379,350
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.82	%	5/3/2029		975,000		971,989		976,463
Peraton Corp.	Aerospace & Defense	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.75	%		8.17	%	2/1/2028		5,181,328		5,175,310		4,677,754
Phoenix Guarantor Inc.	Healthcare & Pharmaceuticals	Term Loan B (12/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	2/21/2031		965,218		965,218		961,444
PHYSICIAN PARTNERS, LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.00%		0.50	%		8.74	%	12/22/2028		2,928,567		2,881,253		1,156,784
Plastipak Holdings Inc.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 2.25%		0.50	%		6.57	%	12/1/2028		1,795,294		1,791,011		1,796,892
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+ 2.75%		0.00	%		7.19	%	3/13/2028		4,331,250		4,327,202		4,316,351
PMHC II, INC.	Chemicals, Plastics, & Rubber	Term Loan (02/22)	Loan	3M USD SOFR+ 4.25%		0.50	%		8.69	%	4/21/2029		1,955,000		1,949,220		1,890,368
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan B (10/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		7.58	%	11/3/2031		482,575		481,443		483,178
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+ 4.75%		0.75	%		9.19	%	2/12/2028		4,020,266		4,001,931		3,897,648
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+ 3.25%		0.50	%		7.69	%	12/15/2028		2,917,500		2,903,248		2,917,500
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		6.31	%	10/13/2030		1,990,013		1,973,564		1,985,834
Primo Brands Corporation	Beverage, Food & Tobacco	Term Loan B (01/25)	Loan	3M USD SOFR+ 2.25%		0.50	%		6.56	%	3/31/2028		1,447,505		1,443,799		1,448,620

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
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (5/24)	Loan	1M USD SOFR+ 4.75%		0.50	%		9.07	%	5/16/2031		2,872,211		2,857,095		2,875,802
PriSo Acquisition Corporation	Construction & Building	Term Loan (01/21)	Loan	3M USD SOFR+ 3.25%		0.75	%		7.82	%	12/28/2027		481,239		480,294		466,152
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+ 5.25%		0.50	%		9.64	%	7/20/2029		980,000		930,969		871,387
Propulsion (BC) Finco	Aerospace & Defense	Term Loan B (10/24)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.58	%	9/14/2029		742,457		736,171		745,509
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.75%		0.00	%		9.07	%	3/15/2030		465,765		465,063		465,570
Quartz AcquireCo, LLC	High Tech Industries	Term Loan (2/25)	Loan	3M USD SOFR+ 2.25%		0.00	%		6.57	%	6/28/2030		1,234,994		1,226,841		1,233,450
Quikrete Holdings, Inc.	Construction & Building	Term Loan (2/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	4/14/2031		992,500		990,531		990,981
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		7.17	%	5/15/2028		2,040,103		1,143,598		1,165,409
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+ 6.25%		0.75	%		10.67	%	5/15/2028		546,909		542,424		563,705
RAND PARENT LLC	Transportation: Cargo	Term Loan B (01/25)	Loan	3M USD SOFR+ 3.00%		0.00	%		7.30	%	3/18/2030		2,456,406		2,386,949		2,452,108
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	3M USD SOFR+ 3.00%		0.50	%		7.59	%	4/24/2028		967,500		966,881		960,747
Rent-A-Center, Inc.	Retail	Term Loan B2 (9/21)	Loan	3M USD SOFR+ 2.75%		0.50	%		7.04	%	2/17/2028		1,840,124		1,815,493		1,839,351
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan (07/24)	Loan	3M USD SOFR+ 5.00%		1.00	%		9.58	%	7/15/2028		338,737		334,497		339,018
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Second-Out Term Loan	Loan	3M USD SOFR+ 5.50%		1.00	%		10.08	%	7/15/2028		2,887,427		2,767,310		2,721,400
Resideo Funding Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.06	%	2/14/2028		674,488		674,302		675,756
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+ 6.50%		1.00	%		11.09	%	4/30/2027		1,948,473		1,948,473		1,930,449
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.94	%	10/20/2028		3,392,312		3,389,647		3,339,595
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		6.17	%	2/4/2027		996,705		996,705		996,944
Russell Investments US Inst’l Holdco, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B PIK (3/24)	Loan	3M USD SOFR+ 5.00%		1.00	%		9.29	%	5/30/2027		5,764,065		5,754,497		5,539,266
RV Retailer LLC	Automotive	Term Loan	Loan	1M USD SOFR+ 3.75%		0.75	%		8.17	%	2/8/2028		2,897,881		2,869,896		2,714,039
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	9/15/2031		1,455,934		1,448,552		1,453,750
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+ 5.00%		0.50	%		9.42	%	3/10/2028		2,408,668		2,376,694		2,403,996
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	2/28/2030		441,250		438,790		440,147
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.75	%		8.19	%	4/20/2028		939,236		936,933		933,365
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+ 3.00%		0.50	%		7.30	%	4/4/2029		491,269		490,668		491,087
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	3M USD SOFR+ 3.00%		0.00	%		7.31	%	7/31/2031		985,031		978,594		985,297

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		6.08	%	11/5/2028		500,000		499,374		501,500
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		8.18	%	8/28/2028		1,935,000		1,930,481		1,248,733
SiteOne Landscape Supply, LLC	Services: Business	Term Loan B (06/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		6.06	%	3/23/2030		1,257,709		1,253,356		1,257,709
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		7.32	%	4/2/2029		509,075		506,578		510,984
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		7.31	%	8/2/2030		1,940,000		1,935,791		1,945,820
Specialty Pharma III Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+ 4.25%		0.75	%		8.67	%	3/31/2028		1,935,000		1,925,487		1,847,925
Spin Holdco, Inc.	Services: Consumer	Term Loan 3/21	Loan	3M USD SOFR+ 4.00%		0.75	%		8.71	%	3/4/2028		2,887,500		2,880,793		2,496,128
SRAM, LLC	Consumer goods: Durable	Term Loan (02/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		7.94	%	5/12/2028		2,269,091		2,267,559		2,274,764
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.50	%		6.07	%	9/22/2028		210,250		209,230		210,250
Staples, Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		10.04	%	9/4/2029		4,263,551		4,210,817		4,001,726
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+ 4.00%		0.00	%		8.33	%	9/27/2030		1,240,625		1,225,176		1,214,088
Storable, Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.50	%		7.82	%	4/17/2028		485,000		484,751		484,913
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 3.75%		0.50	%		8.19	%	12/1/2028		970,000		964,328		974,608
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+ 3.75%		0.00	%		8.07	%	3/27/2031		496,250		491,740		498,811
Sweetwater Borrower, LLC	Retail	Term Loan (8/21)	Loan	1M USD SOFR+ 4.25%		0.75	%		8.69	%	8/2/2028		2,083,452		2,022,885		2,083,452
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+ 4.00%		0.75	%		8.55	%	4/24/2028		2,419,962		2,419,490		2,377,105
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan B (6/24)	Loan	3M USD SOFR+ 4.75%		0.50	%		9.08	%	4/2/2029		980,032		973,273		969,624
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+ 2.75%		0.50	%		7.19	%	7/7/2028		970,000		969,283		971,213
Teneo Holdings LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.75%		1.00	%		9.07	%	3/13/2031		3,473,750		3,442,264		3,500,880
Ten-X, LLC	Banking, Finance, Insurance & Real Estate	Term Loan 5/23	Loan	6M USD SOFR+ 6.00%		0.00	%		10.25	%	5/25/2028		1,860,000		1,860,000		1,616,340
Thor Industries, Inc.	Automotive	Term Loan B (06/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	11/15/2030		291,839		289,445		292,569
TIBCO Software Inc	High Tech Industries	Term Loan (Cov-Lite) (10/24)	Loan	3M USD SOFR+ 3.75%		0.50	%		8.08	%	3/21/2031		498,750		498,297		500,137
Torrid LLC	Wholesale	Term Loan 5/21	Loan	3M USD SOFR+ 5.50%		0.75	%		10.07	%	6/14/2028		3,107,759		2,794,667		2,863,582
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.69	%	4/17/2028		2,284,411		2,178,846		2,279,773
Tosca Services, LLC	Containers, Packaging & Glass	Term Loan A (08/24)	Loan	1M USD SOFR+ 5.50%		1.50	%		9.82	%	11/30/2028		80,509		79,712		82,925
Tosca Services, LLC	Containers, Packaging & Glass	Superpriority Second-Out Term Loan B	Loan	1M USD SOFR+ 1.50%		0.00	%		5.92	%	11/30/2028		6,878		10,704		5,932

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
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B9 (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	6/24/2031		605,987		605,382		604,878
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan (09/24)	Loan	3M USD SOFR+ 2.25%		0.00	%		6.60	%	4/4/2029		1,995,000		1,979,840		1,967,070
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan B (09/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	9/30/2031		346,923		346,684		342,458
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+ 4.00%		0.75	%		8.42	%	11/2/2027		935,021		932,096		885,933
Ultra Clean Holdings, Inc.	High Tech Industries	Term Loan B (09/24)	Loan	1M USD SOFR+ 3.25%		0.00	%		7.57	%	2/25/2028		1,233,755		1,230,873		1,237,358
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (05/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.94	%	1/31/2029		2,403,522		2,402,406		2,379,486
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+ 4.25%		0.50	%		8.58	%	6/25/2029		243,750		238,712		240,094
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+ 5.00%		0.75	%		9.48	%	1/19/2029		2,294,893		2,247,090		2,098,680
Vericast Corp.	Media: Advertising, Printing & Publishing	Extended Term Loan (07/24)	Loan	6M USD SOFR+ 7.75%		1.00	%		12.03	%	6/16/2026		1,297,729		1,297,560		1,235,438
Verifone Systems, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (7/18)	Loan	3M USD SOFR+ 4.00%		0.00	%		8.58	%	8/20/2025		1,339,456		1,338,547		1,272,175
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+ 2.25%		0.75	%		6.57	%	12/6/2030		972,724		970,725		966,509
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.94	%	3/5/2029		2,937,255		2,888,468		2,689,057
Virtus Investment Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (9/21)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.69	%	9/28/2028		2,575,227		2,570,947		2,575,227
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	12/20/2030		1,870,499		1,866,269		1,868,554
VM Consolidated, Inc.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 2.25%		0.00	%		6.57	%	3/24/2028		1,817,804		1,817,479		1,816,895
Walker & Dunlop, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 2.25%		0.50	%		6.67	%	12/15/2028		491,202		484,449		491,816
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan J	Loan	3M USD SOFR+ 1.75%		0.00	%		6.04	%	1/24/2031		1,250,000		1,250,000		1,248,050

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)			Maturity Date	Principal/ Number of Shares		Cost		Fair Value
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B (03/21)	Loan	3M USD SOFR+ 3.50%		0.50	%		7.79	%	3/2/2028		2,661,649		2,655,782		2,671,072
WeddingWire, Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.75%		0.00	%		8.07	%	1/31/2028		4,772,917		4,772,450		4,784,849
Wellpath Holdings LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 6.93%		2.00	%		11.23	%	1/27/2030		693,228		693,228		693,228
WEX Inc.	Services: Business	Term Loan B (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	3/31/2028		2,895,655		2,891,840		2,886,621
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Term Loan B (09/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.82	%	8/1/2030		495,013		495,013		493,156
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		6.07	%	5/24/2030		987,538		983,680		987,814
Xperi Corporation	High Tech Industries	Term Loan (1/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.82	%	6/8/2028		1,690,908		1,690,037		1,690,908
Zayo Group, LLC	Telecommunications	Term Loan 4/22	Loan	1M USD SOFR+ 4.25%		0.50	%		8.57	%	3/9/2027		972,500		960,739		935,185
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	3M USD SOFR+ 3.00%		0.50	%		7.38	%	11/1/2030		1,852,261		1,845,463		1,852,261
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		6.56	%	1/24/2031		1,443,124		1,442,200		1,444,812
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+ 5.25%		0.00	%		9.54	%	2/8/2028		1,960,000		1,896,443		1,979,600
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+ 1.93%		0.50	%		6.35	%	1/29/2029		485,000		484,495		484,267
TOTAL INVESTMENTS														$	520,335,803	$	492,195,089

	Number of Shares		Cost		Fair Value
Money Market Funds (included in cash and cash equivalents
Goldman Sachs Financial Square Government Fund (a)(e)		21,272,327	$	21,272,327	$	21,272,327
Total Money Market Funds (included in cash and cash equivalents)		21,272,327	$	21,272,327	$	21,272,327

(a)	Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2025.

(b)	As of February 28, 2025, the investment was in default and on non-accrual status.

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

(d)

All or a portion of this investment has an unfunded commitment as of February 28, 2025.

(e)

Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.

SOFR - Secured Overnight Financing Rate

1M SOFR - The 1-month SOFR rate as of February 28, 2025 was 4.32%.

3M SOFR - The 3-month SOFR rate as of February 28, 2025 was 4.32%.

6M SOFR - The 6-month SOFR rate as of February 28, 2025 was 4.26%.

Prime - The Prime Rate as of February 28, 2025 was 7.50%.

Fair Value Measurements

As noted above, the Issuer values all investments in accordance with ASC 820. ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. 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 market participants at the measurement date.

Based on the observability of the inputs used in the valuation techniques, the Issuer 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 Issuer 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 which 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 include 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. These inputs into the determination of fair value may require significant management judgment or estimation. 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 methodology.

In addition to using the above inputs in investment valuations, the Issuer continues to employ the valuation policy that is consistent with ASC 820 and the Investment Company Act of 1940, as amended (“1940 Act”).

The following table presents fair value measurements of investments, by major class, as of February 28, 2026 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Term loans	$	-	$	327,449,767	$	25,835,252	$	353,285,019
Equity interests		-		-		831,552		831,552
Total	$	-	$	327,449,767	$	26,666,804	$	354,116,571

The following table presents fair value measurements of investments, by major class, as of February 28, 2025 (dollars in thousands), according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Term loans	$	-	$	451,307,173	$	39,203,487	$	490,510,660
Equity interests		-		737,538		946,891		1,684,429
Total	$	-	$	452,044,711	$	40,150,378	$	492,195,089

Transfers into or out of Level 1, 2 or 3 are recognized at the reporting date.

Significant unobservable inputs used in the fair value measurement of the Level 3 term loans and equity interests include market quotations available from multiple dealers. A significant increase (decrease) in the market quote, in isolation, would result in a significantly higher (lower) fair value measurement.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2026 were as follows (dollars in thousands):

	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Term loans	$	25,835,252	Market Approach	Third-Party Bid	9.50% - 100.13% (93.60%)
Equity interests		831,552	Market Approach	Third-Party Bid	0.3% - 100% (62.83%)
Total	$	26,666,804

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2025 were as follows (dollars in thousands):

	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Term loans	$	39,203,487	Market Approach	Third-Party Bid	2.5% - 101.4% (97.89%)
Equity interests		946,891	Market Approach	Third-Party Bid	0.4% - 100.0 % (13.7%)
Total	$	40,150,378

*	Weighted average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Commitments and Contingencies [Abstract]

Commitments and Contingencies

12 Months Ended

Feb. 28, 2026

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 February 28, 2026:

			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)
Live Oak credit facility		37,500		-		37,500		-		-
Valley Bank Credit Facility		32,500		-		32,500		-		-
SBA debentures		160,000		-		-		99,000		61,000
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		-		-
7.25% 2030 Notes		50,000		-		-		50,000
7.50% 2031 Notes		100,000		-		-		100,000
Total Long-Term Debt Obligations	$	739,375	$	75,000	$	354,375	$	249,000	$	61,000

Off-balance Sheet Arrangements

At February 28, 2026 and February 28, 2025, the Company’s off-balance sheet arrangements consisted of $153.1 million and $126.7 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 February 28, 2026 and February 28, 2025 is shown in the table below (dollars in thousands):

	February 28, 2026		February 28, 2025
At Company’s discretion
ActiveProspect, Inc.	$	-	$	10,000
Angry Chickz, Inc.		4,000	$	-
Artemis Wax Corp.		7,500		23,500
Ascend Software, LLC		-		5,000
Better Impact USA, Inc.		5,000		-
C2 Educational Systems, Inc.		-		2,000
Davisware, LLC		-		1,000
Haystack Team Inc.		5,000		-
JDXpert		4,500		4,500
LFR Chicken LLC		10,000		10,000
Pepper Palace, Inc.		800		1,200
Procurement Partners, LLC		-		-
Saratoga Senior Loan Fund I JV, LLC		6,933		8,548
SAI Systems Health, LLC		4,000		-
Source 44 LLC		20,000		-
StockIQ Technologies, LLC		5,000		-
VetnCare MSO, LLC		-		10,000
Total	$	72,733	$	75,748

At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
Angry Chickz, Inc.	$	2,100	$	-
Axero Holdings, LLC - Revolver		500		500
Axiom Medical Consulting, LLC		-		1,500
Better Impact USA, Inc.		5,000		-
BQE Software, Inc.		250		2,250
Breezeway Homes, Inc.		4,000		-
Cloudpermit		8,500		5,000
Davisware, LLC		-		1,750
Exigo, LLC - Revolver		625		625
Gen4 Dental Partners Holdings, LLC		2,381		2,857
Granite Comfort, LP		-		11,637
Innergy, Inc.		1,500		5,000
Inspect Point Holdings, LLC		4,000		1,500
LFR Chicken LLC		25,000		-
Ludi, Inc. - Revolver		3,600		-
Modis Dental Partners OpCo, LLC		-		8,900
Pepper Palace, Inc. - Revolver		-		600
SAI Systems Health, LLC		1,474		-
SmartAC.com, Inc.		17,000		-
Source 44 LLC		500		-
Source 44 LLC - Revolver		2,000		-
StockIQ Technologies, LLC		400		-
Stretch Zone Franchising, LLC		-		1,500
VetnCare MSO, LLC		-		7,319
Zollege PBC		1,500		-
		80,330		50,938
Total	$	153,063	$	126,686

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of February 28, 2026, the Company had cash and cash equivalents of $1.7 million, $52.5 million in available borrowings under the Valley Credit Facility, and $37.5 million in available borrowings under the Live Oak Credit Facility. The Company also has $99.0 million available SBA debentures that can be used for any commitments held in SBIC III LP.

Financial Highlights (Details) - USD ($)					12 Months Ended
Financial Highlights (Details) - USD ($)	Feb. 28, 2026	Sep. 08, 2025	Jul. 09, 2025	Mar. 31, 2025	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024
Financial Highlights [Line Items]
Indebtedness amount					$ 1,000
Debt instrument redemption, description					On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE.
Repaid principal amount					$ 79,500,000	$ 56,500,000	$ 57,000,000
8.75% 2025 Notes [Member]
Financial Highlights [Line Items]
Repaid principal amount				$ 20,000,000
7.75% 2025 Notes [Member]
Financial Highlights [Line Items]
Repaid principal amount			$ 5,000,000
7.00% 2025 Notes [Member]
Financial Highlights [Line Items]
Repaid principal amount		$ 12,000,000
4.375% 2026 Notes [Member]
Financial Highlights [Line Items]
Repaid principal amount	$ 175,000,000
Revolving Credit Facility [Member]
Financial Highlights [Line Items]
Revolving credit facility, description					The Revolving Credit Facilities, SBA Debentures, 8.75% Notes Payable 2025, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027, 6.25% Notes Payable 2027 and 7.25% Notes Payable 2030 are not registered for public trading.
Two Thousand Twenty Five Notes [Member]
Financial Highlights [Line Items]
Debt instrument redemption, description					On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and, as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE.

Income Taxes - Schedule of Federal and State Income Tax Provisions (Benefits) on Investments (Details) - USD ($)

12 Months Ended

Feb. 28, 2026

Feb. 28, 2025

Feb. 29, 2024

Current

Deferred

(215,033)

968,246

990,920

State

(95,481)

129,934

(16,343)

Net deferred expense

(310,514)

1,098,180

974,577

Net tax provision

(310,514)

1,098,180

974,577

Federal and excise

^[1]

2,179,264

3,163,190

2,567,093

State

46,578

34,920

11,465

Total taxes paid

2,225,842

3,198,110

2,578,558

Federal

(149,069)

356,482

52,680

State

10,901

55,550

(9,754)

Total tax expense (benefit)

$ (138,168)

$ 412,032

$ 42,926

[1]	As of February 28, 2026, February 28, 2025 and February 2024, includes the U.S. federal excise tax payment of $1.7 million, $2.4 million and $1.8 million, respectively.

Dividend

12 Months Ended

Feb. 28, 2026

Dividend [Abstract]

Dividend

Note 13. Dividend

We have distributed or intend to distribute sufficient dividends to eliminate our U.S. federal taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to U.S. federal income tax in that year imposed at corporate rates on all of our taxable income, regardless of whether we made any distributions to our shareholders. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock. Our distributions for the tax years ended February 28, 2027 to inception were as follows:

Payment date	Cash Dividend
Tax Year Ended February 28, 2027
April 23, 2026	$	0.25	⁽⁶²⁾
March 19, 2026		0.25	⁽⁶¹⁾
	$	0.50
Tax Year Ended February 28, 2026
February 23, 2026		0.25	⁽⁶⁰⁾
January 26, 2026		0.25	⁽⁵⁹⁾
December 18, 2025		0.50	⁽⁵⁸⁾
November 20, 2025		0.25	⁽⁵⁷⁾
October 23, 2025		0.25	⁽⁵⁶⁾
September 24, 2025		0.25	⁽⁵⁵⁾
August 21, 2025		0.25	⁽⁵⁴⁾
July 24, 2025		0.25	⁽⁵³⁾
June 24, 2025		0.25	⁽⁵²⁾
May 22, 2025		0.25	⁽⁵¹⁾
April 24, 2025		0.25	⁽⁵⁰⁾
March 25, 2025		0.74	⁽⁴⁹⁾
	$	3.74
Tax Year Ended February 28, 2025
December 19, 2024	$	1.09	⁽⁴⁸⁾
September 26, 2024		0.74	⁽⁴⁶⁾
June 27, 2024		0.74	⁽⁴⁶⁾
March 28, 2024		0.73	⁽⁴⁵⁾
	$	3.30
Tax Year Ended February 29, 2024
December 28, 2023	$	0.72	⁽⁴⁴⁾
September 28, 2023		0.71	⁽⁴³⁾
June 29, 2023		0.70	⁽⁴²⁾
March 30, 2023		0.69	⁽¹⁾
	$	2.82

Payment date	Cash Dividend
Tax Year Ended February 28, 2023
January 4, 2023	$	0.68	⁽²⁾
September 29, 2022		0.54	⁽³⁾
June 29, 2022		0.53	⁽⁴⁾
March 28, 2022		0.53	⁽⁵⁾
	$	2.28
Tax Year Ended February 28, 2022
January 19, 2022	$	0.53	⁽⁶⁾
September 28, 2021		0.52	⁽⁷⁾
June 29, 2021		0.44	⁽⁸⁾
April 22, 2021		0.43	⁽⁹⁾
	$	1.92
Tax Year Ended February 28, 2021
February 10, 2021	$	0.42	⁽¹⁰⁾
November 10, 2020		0.41	⁽¹¹⁾
August 12, 2020		0.40	⁽¹²⁾
	$	1.23
Tax Year Ended February 29, 2020
February 6, 2020	$	0.56	⁽¹³⁾
September 26, 2019		0.56	⁽¹⁴⁾
June 27, 2019		0.55	⁽¹⁵⁾
March 28, 2019		0.54	⁽¹⁶⁾
	$	2.21
Tax Year Ended February 28, 2019
January 2, 2019	$	0.53	⁽¹⁷⁾
September 27, 2018		0.52	⁽¹⁸⁾
June 27, 2018		0.51	⁽¹⁹⁾
March 26, 2018		0.50	⁽²⁰⁾
	$	2.06
Tax Year Ended February 28, 2018
December 27, 2017	$	0.49	⁽²¹⁾
September 26, 2017		0.48	⁽²²⁾
June 27, 2017		0.47	⁽²³⁾
March 28, 2017		0.46	⁽²⁴⁾
	$	1.90
Tax Year Ended February 28, 2017
February 9, 2017	$	0.45	⁽²⁵⁾
November 9, 2016		0.44	⁽²⁶⁾
September 5, 2016		0.20	⁽²⁷⁾
August 9, 2016		0.43	⁽²⁸⁾
April 27, 2016		0.41	⁽²⁹⁾
	$	1.93

Payment date	Cash Dividend
Tax Year Ended February 29, 2016
February 29, 2016	$	0.40	⁽³⁰⁾
November 30, 2015		0.36	⁽³¹⁾
August 31, 2015		0.33	⁽³²⁾
June 5, 2015		1.00	⁽³³⁾
May 29. 2015		0.27	⁽³⁴⁾
	$	2.36
Tax Year Ended February 28, 2015
February 27, 2015	$	0.22	⁽³⁵⁾
November 28, 2014		0.18	⁽³⁶⁾
	$	0.40
Tax Year Ended February 28. 2014
December 27, 2013	$	2.65	⁽³⁷⁾
	$	2.65
Tax Year Ended February 28, 2013
December 31, 2012	$	4.25	⁽³⁸⁾
	$	4.25
Tax Year Ended February 29, 2012
December 30, 2011	$	3.00	⁽³⁹⁾
	$	3.00
Tax Year Ended February 28, 2011
December 29, 2010	$	4.40	⁽⁴⁰⁾
	$	4.40
Tax Year Ended February 28, 2010
December 31, 2009	$	18.25	⁽⁴¹⁾
	$	18.25

(1)	Based on shareholder elections, the dividend consisted of approximately $7.1 million in cash and 45,818 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 17, 20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023.

(2)	Based on shareholder elections, the dividend consisted of approximately $6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.26 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023.

(3)	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 52,312 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.00 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022.

(4)	Based on shareholder elections, the dividend consisted of approximately $5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.40 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022.

(5)	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.89 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022.

(6)	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022.

(7)	Based on shareholder elections, the dividend consisted of approximately $4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.77 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021.

(8)	Based on shareholder elections, the dividend consisted of approximately $4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.03 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021.

(9)	Based on shareholder elections, the dividend consisted of approximately $3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.69 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021.

(10)	Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.75 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021.

(11)	Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.63 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020.

(12)	Based on shareholder elections, the dividend consisted of approximately $3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.45 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020.

(13)	Based on shareholder elections, the dividend consisted of approximately $5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.44 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020.

(14)	Based on shareholder elections, the dividend consisted of approximately $4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.34 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019.

(15)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.65 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019.

(16)	Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.36 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019.

(17)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $18.88 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019.

(18)	Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.35 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018.

(19)	Based on shareholder elections, the dividend consisted of approximately $2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.72 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018.

(20)	Based on shareholder elections, the dividend consisted of approximately $2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $19.91 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018.

(21)	Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017.

(22)	Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017.

(23)	Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.

(24)	Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.

(25)	Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017.

(26)	Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016.

(27)	Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016.

(28)	Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016.

(29)	Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016.

(30)	Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016.

(31)	Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015.

(32)	Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015.

(33)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015.

(34)	Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015.

(35)

Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015.

(36)	Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014.

(37)	Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013.

(38)	Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012.

(39)	Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011.

(40)	Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010.

(41)	Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009.

(42)	Based on shareholder elections, the dividend consisted of approximately $7.6 million in cash and 29,627 newly issued shares of common stock, or 0.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.29 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 20, 21, 22, 23, 26, 27, 28, and 29, 2023.

(43)	Based on shareholder elections, the dividend consisted of approximately $8.4 million in cash and 35,196 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.41 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2023.

(44)	Based on shareholder elections, the dividend consisted of approximately $8.9 million in cash and 37,394 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.47 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 14, 15, 18, 19, 20, 21, 22, 26, 27, and 28, 2023.

(45)	Based on shareholder elections, the dividend consisted of approximately $9.0 million in cash and 45,490 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2024.

(46)	Based on shareholder elections, the dividend consisted of approximately $9.1 million in cash and 46,803 newly issued shares of common stock, or 10.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.76 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 13, 14, 17, 18, 20, 21, 24, 25, 26, and 27, 2024.

(47)	Based on shareholder elections, the dividend consisted of approximately $9.0 million in cash and 54,999 newly issued shares of common stock, or 10.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.08 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25, and 26, 2024.

(48)	Based on shareholder elections, the dividend consisted of approximately $13.7 million in cash and 81,471 newly issued shares of common stock, or 11.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.80 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2024.

(49)	Based on shareholder elections, the dividend consisted of approximately $9.9 million in cash and 60,611 newly issued shares of common stock, or 12.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.96 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 12, 13, 14, 17, 18, 19, 20, 21, 24, and 25, 2025.

(50)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 20,086 newly issued shares of common stock, or 11.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.02 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 10, 11, 14, 15, 16, 17, 21, 22, 23, and 24, 2025.

(51)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 20,784 newly issued shares of common stock, or 12.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.02 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on May 9, 12, 13, 14, 15, 16, 19, 20, 21, and 22, 2025.

(52)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 19,750 newly issued shares of common stock, or 11.7% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.09 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 10, 11, 12, 13, 16, 17, 18, 20, 23, and 24, 2025.

(53)	Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 17,443 newly issued shares of common stock, or 10.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.86 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on July 11, 14, 15, 16, 17, 18, 21, 22, 23 and 24, 2025.
(54)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 17,320 newly issued shares of common stock, or 10.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on August 8, 11, 12, 13, 14, 15, 18, 19, 20 and 21, 2025.

(55)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 17,673 newly issued shares of common stock, or 10.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.32 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 11, 12, 15, 16, 17, 18, 19, 22, 23 and 24, 2025.

(56)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,898 newly issued shares of common stock, or 10.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.97 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 10, 13, 14, 15, 16, 17, 20, 21, 22, and 23, 2025.

(57)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,552 newly issued shares of common stock, or 10.7% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.99 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on November 7, 10, 11, 12, 13, 14, 17, 18, 19, and 20, 2025.

(58)	Based on shareholder elections, the dividend consisted of approximately $7.2 million in cash and 41,155 newly issued shares of common stock, or 11.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 5, 8, 9, 10, 11, 12, 15, 16, 17, and 18, 2025.

(59)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,092 newly issued shares of common stock, or 11.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.12 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 8, 9, 12, 13, 14, 15, 16, 20, 21, and 22, 2026.

(60)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,049 newly issued shares of common stock, or 10.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.07 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on February 9, 10, 11, 12, 13, 17, 18, 19, 20, and 23, 2026.

(61)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,766 newly issued shares of common stock, or 11.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.45 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2026.

(62)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 22,784 newly issued shares of common stock, or 12.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.71 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 10, 13, 14, 15, 16, 17, 20, 21, 22, and 23, 2026.

The following tables summarize dividends declared for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022 (dollars in thousands except for share amounts):

Date Declared	Record Date	Payment Date	Amount per Share		Total Amount*
December 11, 2025	February 4, 2026	February 23, 2026	$	0.25	$	4,051
December 11, 2025	January 6, 2026	January 22, 2026		0.25		4,046
November 12, 2025	December 2, 2025	December 18, 2025		0.50		8,073
September 11, 2025	October 7, 2025	October 23, 2025		0.25		4,026
September 11, 2025	November 4, 2025	November 20, 2025		0.25		4,031
June 12, 2025	July 8, 2025	July 24,2025		0.25		3,917
June 12, 2025	August 6, 2025	August 21, 2025		0.25		3,988
June 12, 2025	September 4, 2025	September 24, 2025		0.25		4,022
Total dividends declared			$	2.25	$	36,154

Date Declared	Record Date	Payment Date	Amount per Share		Total Amount*
February 18, 2025	March 6, 2025	March 25, 2025	$	0.74	$	11,303
February 18, 2025	April 8, 2025	April 24, 2025		0.25		3,836
February 18, 2025	May 6, 2025	May 22, 2025		0.25		3,841
February 18, 2025	June 5, 2025	June 24, 2025		0.25		3,892
November 7, 2024	December 4, 2024	December 19, 2024		1.09		15,549
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			$	4.06	$	58,730

Date Declared	Record Date	Payment Date	Amount per Share		Total Amount*
February 15, 2024	March 13, 2024	March 28, 2024	$	0.73	$	9,967
November 15, 2023	December 11, 2023	December 28, 2023		0.72		9,803
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			$	2.86	$	37,409

Date Declared	Record Date	Payment Date	Amount per Share		Total Amount*
February 28, 2023	March 14, 2023	March 28, 2023	$	0.69	$	8,193
November 15, 2022	December 15, 2022	January 4, 2023		0.68		8,081
August 29, 2022	September 14, 2022	September 29, 2022		0.54		6,433
May 26, 2022	June 14, 2022	June 29, 2022		0.53		6,370
Total dividends declared			$	2.44	$	29,077

Date Declared	Record Date	Payment Date	Amount per Share		Total Amount*
February 24, 2022	March 14, 2022	March 28, 2022	$	0.53	$	6,434
August 26, 2021	September 14, 2021	September 28, 2021		0.52		5,889
May 27, 2021	June 15, 2021	June 29, 2021		0.44		4,910
March 22, 2021	April 8, 2021	April 22, 2021		0.43		4,799
Total dividends declared			$	1.92	$	22,032

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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 28, 2026

Summary of Significant Accounting Policies [Abstract]

Schedule of Reconciliation of Cash and Cash Equivalents and Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and liabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows:

	February 28, 2026		February 28, 2025		February 29, 2024
Cash and cash equivalents	$	1,680,070	$	148,218,491	$	8,692,846
Cash and cash equivalents, reserve accounts		20,105,683		56,505,433		31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	21,785,753	$	204,723,924	$	40,507,124

Selected Quarterly Data (Unaudited)

12 Months Ended

Feb. 28, 2026

Selected Quarterly Data (Unaudited) [Abstract]

Selected Quarterly Data (Unaudited)

Note 15. Selected Quarterly Data (Unaudited)

	2026
($ in thousands, except per share numbers)	Qtr 4			Qtr 3			Qtr 2		Qtr 1
Total investment income	$	31,123		$	31,646		$	30,626	$	32,319
Net investment income	$	7,798		$	9,786		$	9,081	$	10,142
Net realized and unrealized gain (loss)	$	(9,710	)	$	2,337		$	4,204	$	3,790
Realized losses on extinguishment of debt*	$	(701	)	$	(123	)	$	-	$	-
Net increase in net assets resulting from operations	$	(2,613	)	$	12,000		$	13,285	$	13,932
Net investment income per common share	$	0.48		$	0.61		$	0.58	$	0.66
Net realized and unrealized gain (loss) per common share	$	(0.60	)	$	0.15		$	0.27	$	0.25
Dividends declared per common share	$	1.00		$	0.75		$	0.75	$	1.26
Net asset value per common share	$	24.42		$	25.59		$	25.54	$	25.53

	2025
($ in thousands, except per share numbers)	Qtr 4			Qtr 3			Qtr 2			Qtr 1
Total investment income	$	31,295		$	35,879		$	43,003		$	38,678
Net investment income	$	8,035		$	12,436		$	18,197		$	14,335
Net realized and unrealized gain (loss)	$	(7,911	)	$	(3,601	)	$	(4,880	)	$	(7,725	)
Realized losses on extinguishment of debt*	$	(800	)	$	-		$	-		$	-
Net increase in net assets resulting from operations	$	(676	)	$	8,835		$	13,317		$	6,610
Net investment income per common share	$	0.56		$	0.90		$	1.33		$	1.05
Net realized and unrealized gain (loss) per common share	$	(0.55	)	$	(0.26	)	$	(0.36	)	$	(0.56	)
Dividends declared per common share	$	1.09		$	0.74		$	0.74		$	0.73
Net asset value per common share	$	25.86		$	26.95		$	27.07		$	26.85

	2024
($ in thousands, except per share numbers)	Qtr 4			Qtr 3			Qtr 2			Qtr 1
Total investment income	$	37,233		$	36,340		$	35,514		$	34,632
Net investment income	$	12,785		$	14,166		$	13,965		$	15,959
Net realized and unrealized gain (loss)	$	(7,478	)	$	(18,222	)	$	(5,959	)	$	(16,172	)
Realized losses on extinguishment of debt*	$	-		$	-		$	(110	)	$	-
Net increase in net assets resulting from operations	$	5,307		$	(4,056	)	$	7,896		$	(213	)
Net investment income per common share	$	0.94		$	1.09		$	1.15		$	1.35
Net realized and unrealized gain (loss) per common share	$	(0.55	)	$	(1.40	)	$	(0.49	)	$	(1.36	)
Dividends declared per common share	$	0.72		$	0.71		$	0.70		$	0.69
Net asset value per common share	$	27.12		$	27.42		$	28.44		$	28.48

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

Stockholders’ Equity

12 Months Ended

Feb. 28, 2026

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 6, 2026, the Company’s board of directors extended the Share Repurchase Plan for another year to January 15, 2027. As of February 28, 2026, the Company purchased 1,037,698 shares of common stock, at the average price of $22.05 for approximately $22.9 million pursuant to the Share Repurchase Plan. During the three months and year ended February 28, 2026, the Company purchased 2,495 shares of common stock, at an average price of $21.75 for approximately $0.1 million 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. (“Ladenburg”), 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 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 February 28, 2026 the Company sold 8,591,915 shares for gross proceeds of $227.2 million at an average price of $26.37 for aggregate net proceeds of $225.4 million (net of transaction costs). During the three months ended February 28, 2026, the Company sold 0 shares for gross proceeds of $0.0 million at an average price of $0.0 for aggregate net proceeds of $0.0 million (net of transaction costs). During the year ended February 28, 2026, the Company sold 747,199 shares for gross proceeds of $19.3 million at an average price of $25.83 for aggregate net proceeds of $19.3 million (net of transaction costs). The Manager agreed to reimburse the Company to the extent the per share price of the shares to the public, less underwriting fees, was less than net asset value per share. For the three months ended February 28, 2026, the Manager reimbursed the Company $0.0 million. For the year ended February 28, 2026, the Manager reimbursed the Company $0.6 million.

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

							Capital			Total Distributable
	Common Stock						in Excess			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		-			-			-			(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		-			-			-			(8,352,335	)		(8,352,335	)
Capital Share Transactions:
Proceeds from issuance of common stock		852,412			852			22,497,265			-			22,498,117
Capital contribution from Manager		-			-			2,050,288			-			2,050,288
Stock dividend distribution		29,627			30			749,283			-			749,313
Offering costs		-			-			(213,427	)		-			(213,427	)
Balance at August 31, 2023		12,729,781		$	12,730		$	345,876,725		$	16,189,300		$	362,078,755
Increase (Decrease) from Operations:
Net investment income		-			-			-			14,166,063			14,166,063
Net realized gain (loss) from investments		-			-			-			60,565			60,565
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(17,866,353	)		(17,866,353	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(415,894	)		(415,894	)
Decrease from Shareholder Distributions:
Distributions of investment income		-			-			-			(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

					Capital			Total Distributable
	Common Stock				in Excess			Earnings
	Shares		Amount		of Par Value			(Loss)			Net Assets
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		-		-		-			(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		-		-		-			(9,967,036	)		(9,967,036	)
Capital Share Transactions:
Proceeds from issuance of common stock		-		-		-			-			-
Capital contribution from Manager		-		-		-			-			-
Stock dividend distribution		45,490		45		987,527			-			987,572
Offering costs		-		-		-			-			-
Balance at May 31, 2024		13,698,966	$	13,699	$	372,068,726		$	(4,227,343	)	$	367,855,082
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		-		-		-			(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

					Capital			Total Distributable
	Common Stock				in Excess			Earnings
	Shares		Amount		of Par Value			(Loss)			Net Assets
Increase (Decrease) from Operations:
Net investment income		-		-		-			12,435,655			12,435,655
Net realized gain (loss) from investments		-		-		-			5,444,745			5,444,745
Net change in unrealized appreciation (depreciation) on investments		-		-		-			(8,918,583	)		(8,918,583	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-		-		-			(126,875	)		(126,875	)
Decrease from Shareholder Distributions:
Distributions of investment income		-		-		-			(10,171,868	)		(10,171,868	)
Capital Share Transactions:
Proceeds from issuance of common stock		108,438		108		2,777,318			-			2,777,426
Capital contribution from Manager		-		-		199,652			-			199,652
Stock dividend distribution		54,999		55		1,214,181			-			1,214,236
Offering costs		-		-		(42,575	)		-			(42,575	)
Balance at November 30, 2024	$	13,909,206	$	13,909	$	377,235,609		$	(2,383,863	)	$	374,865,655
Increase (Decrease) from Operations:
Net investment income		-		-		-			8,034,545			8,034,545
Net realized gain (loss) from investments		-		-		-			7,169,655			7,169,655
Income tax (provision) benefit from realized gain on investments		-		-		-			-			-
Realized losses on extinguishment of debt		-		-		-			(800,452	)		(800,452	)
Net change in unrealized appreciation (depreciation) on investments		-		-		-			(14,766,637	)		(14,766,637	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-		-		-			(313,873	)		(313,873	)
Decrease from Shareholder Distributions:
Distributions of investment income		-		-		-			(15,548,742	)		(15,548,742	)
Capital Share Transactions:
Proceeds from issuance of common stock		1,192,400		1,193		30,223,409			-			30,224,602
Capital contribution from Manager		-		-		2,152,115			-			2,152,115
Stock dividend distribution		81,472		81		1,857,389			-			1,857,470
Offering costs		-		-		(208,870	)		-			(208,870	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-		-		1,653,945			(1,653,945	)		-
Balance at February 28, 2025	$	15,183,078	$	15,183	$	412,913,597		$	(20,263,312	)	$	392,665,468
Increase (Decrease) from Operations:
Net investment income		-		-		-			10,142,033			10,142,033
Net realized gain (loss) from investments		-		-		-			2,901,339			2,901,339
Income tax (provision) benefit from realized gain on investments		-		-		-			-			-
Realized losses on extinguishment of debt		-		-		-			-			-
Net change in unrealized appreciation (depreciation) on investments		-		-		-			943,977			943,977
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-		-		-			(55,085	)		(55,085	)
Decrease from Shareholder Distributions:
Distributions of investment income		-		-		-			(18,980,079	)		(18,980,079	)
Capital Share Transactions:
Proceeds from issuance of common stock		244,831		245		6,143,575			-			6,143,820
Capital contribution from Manager		-		-		297,770			-			297,770
Stock dividend distribution		101,482		101		2,312,052			-			2,312,153
Offering costs		-		-		(2,080	)		-			(2,080	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-		-					-			-
Balance at May 31, 2025	$	15,529,391	$	15,529	$	421,664,914		$	(25,311,127	)	$	396,369,316

							Capital			Total Distributable
	Common Stock						in Excess			Earnings
	Shares			Amount			of Par Value			(Loss)			Net Assets
Net investment income		-			-			-			9,080,732			9,080,732
Net realized gain (loss) from investments		-			-			-			52,691			52,691
Income tax (provision) benefit from realized gain on investments		-			-			-			-			-
Realized losses on extinguishment of debt		-			-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		-			-			-			3,727,713			3,727,713
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			423,998			423,998
Decrease from Shareholder Distributions:											-
Distributions of investment income		-			-			-			(11,797,313	)		(11,797,313	)
Capital Share Transactions:
Proceeds from issuance of common stock		443,406			443			11,101,401			-			11,101,844
Capital contribution from Manager		-			-			271,552			-			271,552
Stock dividend distribution		54,515			55			1,289,733			-			1,289,788
Offering costs		-			-			(20,753	)		-			(20,753	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-						-			-
Balance at August 31, 2025	$	16,027,312		$	16,027		$	434,306,847		$	(23,823,306	)	$	410,499,568
Net investment income		-			-			-			9,786,386			9,786,386
Net realized gain (loss) from investments		-			-			-			3,070,547			3,070,547
Income tax (provision) benefit from realized gain on investments		-			-			-			-			-
Realized losses on extinguishment of debt		-			-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(583,659	)		(583,659	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(150,134	)		(150,134	)
Realized losses on extinguishment of debt		-			-			-			(123,157	)		(123,157	)
Decrease from Shareholder Distributions:
Distributions of investment income		-			-			-			(12,078,766	)		(12,078,766	)
Capital Share Transactions:
Proceeds from issuance of common stock		58,962			59			1,507,206			-			1,507,265
Capital contribution from Manager		-			-			-			-			-
Stock dividend distribution		59,124			59			1,281,827			-			1,281,886
Offering costs		-			-			(3,024	)		-			(3,024	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			-			-
Balance at November 30, 2025	$	16,145,398		$	16,145		$	437,092,856		$	(23,902,089	)	$	413,206,912
Net investment income		-			-			-			7,797,648			7,797,648
Net realized gain (loss) from investments		-			-			-			(278,087	)		(278,087	)
Income tax (provision) benefit from realized gain on investments		-			-			-			-			-
Realized losses on extinguishment of debt		-			-			-			-			-
Net change in unrealized appreciation (depreciation) on investments		-			-			-			(9,326,511	)		(9,326,511	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		-			-			-			(105,281	)		(105,281	)
Realized losses on extinguishment of debt		-			-			-			(700,853	)		(700,853	)
Decrease from Shareholder Distributions:
Distributions of investment income		-			-			-			(16,169,750	)		(16,169,750	)
Capital Share Transactions:
Proceeds from issuance of common stock		-			-			-			-			-
Repurchases of common stock		(2,495	)		(2	)		(54,312	)		-			(54,314	)
Capital contribution from Manager		-			-			-			-			-
Stock dividend distribution		81,295			81			1,785,909			-			1,785,990
Offering costs		-			-			-			-			-
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles		-			-			378,024			(378,024	)
Balance at February 28, 2026	$	16,224,198		$	16,224		$	439,202,477		$	(43,062,947	)	$	396,155,754

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

December 11, 2025 [Member]

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

12 Months Ended

Feb. 28, 2026

Feb. 28, 2025

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

December 11, 2025 [Member]

Feb. 04, 2026

Feb. 23, 2026

$ 0.25

$ 4,051

November 12, 2025 [Member]

Jan. 06, 2026

Jan. 22, 2026

$ 0.25

$ 4,046

September 11, 2025 [Member]

Dec. 02, 2025

Dec. 18, 2025

$ 0.5

$ 8,073

September 11, 2025 [Member]

Oct. 07, 2025

Oct. 23, 2025

$ 0.25

^[1]

$ 4,026

Nov. 04, 2025

Nov. 20, 2025

$ 0.25

^[1]

$ 4,031

June 12, 2025 [Member]

Jul. 08, 2025

Jul. 24, 2025

$ 0.25

^[1]

$ 3,917

June 12, 2025 [Member]

Aug. 06, 2025

Aug. 21, 2025

$ 0.25

^[1]

$ 3,988

June 12, 2025 [Member]

Sep. 04, 2025

Sep. 24, 2025

$ 0.25

^[1]

$ 4,022

$ 2.25

$ 36,154

Mar. 06, 2025

Mar. 25, 2025

$ 0.74

$ 11,303

Apr. 08, 2025

Apr. 24, 2025

$ 0.25

$ 3,836

May 06, 2025

May 22, 2025

$ 0.25

$ 3,841

November 7, 2024 [Member]

Jun. 05, 2025

Jun. 24, 2025

$ 0.25

$ 3,892

Dec. 04, 2024

Dec. 19, 2024

$ 1.09

^[1]

$ 15,549

August 22, 2024 [Member]

Sep. 11, 2024

Sep. 26, 2024

$ 0.74

^[1]

$ 10,172

May 23, 2024 [Member]

Jun. 13, 2024

Jun. 27, 2024

$ 0.74

^[1]

$ 10,137

$ 4.06

February 15, 2024 [Member]

$ 58,730

November 15, 2023 [Member]

Mar. 13, 2024

Mar. 28, 2024

$ 0.73

$ 9,967

Dec. 11, 2023

Dec. 28, 2023

$ 0.72

$ 9,803

August 14, 2023 [Member]

Sep. 14, 2023

Sep. 28, 2023

$ 0.71

$ 9,287

May 22, 2023 [Member]

Jun. 13, 2023

Jun. 29, 2023

$ 0.7

$ 8,352

$ 2.86

February 28, 2023 [Member]

$ 37,409

November 15, 2022 [Member]

Mar. 14, 2023

Mar. 28, 2023

$ 0.69

$ 8,193

Dec. 15, 2022

Jan. 04, 2023

$ 0.68

$ 8,081

August 29, 2022 [Member]

Sep. 14, 2022

Sep. 29, 2022

$ 0.54

$ 6,433

May 26, 2022 [Member]

Jun. 14, 2022

Jun. 29, 2022

$ 0.53

$ 6,370

$ 2.44

February 24, 2022 [Member]

$ 29,077

Mar. 14, 2022

Mar. 28, 2022

$ 0.53

$ 6,434

August 26, 2021 [Member]

Sep. 14, 2021

Sep. 28, 2021

$ 0.52

$ 5,889

May 27, 2021 [Member]

Jun. 15, 2021

Jun. 29, 2021

$ 0.44

$ 4,910

March 22, 2021 [Member]

Apr. 08, 2021

Apr. 22, 2021

$ 0.43

$ 4,799

$ 1.92

Investment, Identifier [Axis]: Affiliate investments - 10.3% - Axero Holdings, LLC - Employee Collaboration Software - Delayed Draw Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027

$ 22,032

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

Subsequent Events

12 Months Ended

Feb. 28, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 16. Subsequent Events

Month	Amount per Share		Record Date	Payment Date
March 2026	$	0.25	April 7, 2026	April 23, 2026
April 2026	$	0.25	May 5, 2026	May 21, 2026
May 2026	$	0.25	June 4, 2026	June 23, 2026

On April 10, 2026, the Company issued $25.0 million in aggregate principal amount of 7.25% fixed-rate notes due 2029 (the “7.25% 2029 Notes”) for net proceeds of approximately $24.5 million, based on an offering price of 98.00% per Note. Estimated offering costs incurred were approximately $0.2 million. Interest on the 7.25% 2029 Notes is paid quarterly on February 28, May 31, August 31 and November 30 of each year, beginning on May 31, 2026. The Notes will mature on April 10, 2029, and may be extended to October 10, 2029, at the sole discretion of the Company. The Notes may be redeemed at the Company’s option, in whole or in part at any time, or from time to time on or after April 10, 2027, at the redemption price of par, plus accrued and unpaid interest. The Company intends to use the net proceeds from the offering for general corporate purposes in accordance with the Company’s investment objective and strategies. Pursuant to the terms of the Notes Purchase Agreement, upon the mutual agreement of the Company and the Purchaser, the Company may issue additional Notes for sale in one or more subsequent private offerings by July 10, 2026, in an aggregate amount of up to $25.0 million, resulting in a total maximum issuance of $50.0 million.

In addition, holders of the 7.25% 2029 Notes will have the option to have the 7.25% 2029 Notes repaid prior to the stated maturity date if (i) the Company is no longer directly managed by Saratoga Investment Advisors or any of its affiliates, or if two or more of Christian L. Oberbeck, Michael J. Grisius, Thomas V. Inglesby, Charles G. Phillips or Henri J. Steenkamp cease to work or be employed on a full-time basis with respect to the business of Saratoga Investment Advisors at least the duties and responsibilities delegated to him as of the date of the Seventeenth Supplemental Indenture and has not been promptly replaced by another person reasonably acceptable by the holders of the Notes; or (ii) the Company violates Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act as in effect as of the date of the Seventeenth Supplemental Indenture, but giving effect to any exemptive relief granted to the Company by the SEC.

Consolidated Schedule of Investments (Parentheticals)

Feb. 28, 2026

Feb. 28, 2025

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

4.50%

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

2.50%

Investment, Identifier [Axis]: Affiliate investments - 10.3% - Axero Holdings, LLC - Employee Collaboration Software - First Lien Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027

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

Dec. 31, 2027

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

4.50%

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

2.50%

Investment, Identifier [Axis]: Affiliate investments - 10.3% - Axero Holdings, LLC - Employee Collaboration Software - Revolving Credit Facility 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027

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

Dec. 31, 2027

^{[1],[2],[3],[4]}

4.50%

^{[1],[2],[3],[4]}

Dec. 31, 2027

Investment, Identifier [Axis]: Affiliate investments - 10.3% - ETU Holdings, Inc. - Corporate Education Software - First Lien Term Loan (3M USD TERM SOFR+9.00%), 13.47% Cash, 8/18/2027

^{[1],[2],[3],[4]}

2.50%

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

9.00%

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

13.47%

Investment, Identifier [Axis]: Affiliate investments - 10.3% - ETU Holdings, Inc. - Corporate Education Software - Second Lien Term Loan 15.00% PIK, 2/18/2028

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

Aug. 18, 2027

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

Feb. 18, 2028

Investment, Identifier [Axis]: Affiliate investments - 13.4% - Axero Holdings, LLC - Employee Collaboration Software - Delayed Draw Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027

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

15.00%

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

4.50%

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

2.50%

Investment, Identifier [Axis]: Affiliate investments - 13.4% - Axero Holdings, LLC - Employee Collaboration Software - First Lien Term Loan 7.00% Cash, (3M USD TERM SOFR + 0.00%) PIK, 12/31/2027

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

Dec. 31, 2027

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

7.00%

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

0.00%

Investment, Identifier [Axis]: Affiliate investments - 13.4% - Axero Holdings, LLC - Employee Collaboration Software - Revolving Credit Facility 7.00% Cash, (3M USD TERM SOFR + 0.00%) PIK, 12/31/2027

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

Dec. 31, 2027

^{[1],[5],[6],[7]}

7.00%

^{[1],[5],[6],[7]}

0.00%

Investment, Identifier [Axis]: Affiliate investments - 13.4% - ETU Holdings, Inc. - Corporate Education Software - First Lien Term Loan (3M USD TERM SOFR+9.00%), 13.32% Cash, 8/18/2027

^{[1],[5],[6],[7]}

Dec. 31, 2027

^{[1],[5],[6],[8]}

9.00%

^{[1],[5],[6],[8]}

13.32%

Investment, Identifier [Axis]: Affiliate investments - 13.4% - ETU Holdings, Inc. - Corporate Education Software - Second Lien Term Loan 15.00% PIK, 2/18/2028

^{[1],[5],[6],[8]}

Aug. 18, 2027

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

Feb. 18, 2028

Investment, Identifier [Axis]: Affiliate investments - 13.4% - SmartAC.com, LLC - HVAC Monitoring Devices - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 11.67% Cash, 4/7/2030

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

15.00%

^{[1],[5],[6],[7]}

7.50%

^{[1],[5],[6],[7]}

11.67%

Investment, Identifier [Axis]: Affiliate investments - 13.4% - SmartAC.com, LLC - HVAC Monitoring Devices - First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.67% Cash, 4/7/2030

^{[1],[5],[6],[7]}

Apr. 07, 2030

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

7.50%

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

11.67%

Investment, Identifier [Axis]: Control investments - 10.1% - Pepper Palace, Inc. - Specialty Food Retailer - Delayed Draw Term Loan 4.42% PIK, 12/31/2028

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

Apr. 07, 2030

^{[1],[5],[7],[9],[10]}

Dec. 31, 2028

Investment, Identifier [Axis]: Control investments - 10.1% - Pepper Palace, Inc. - Specialty Food Retailer - First Lien Term Loan 4.42% PIK, 12/31/2028

^{[1],[5],[7],[9],[10]}

4.42%

^{[1],[5],[9],[10]}

Dec. 31, 2028

Investment, Identifier [Axis]: Control investments - 10.1% - Pepper Palace, Inc. - Specialty Food Retailer - Revolving Credit Facility 4.42% PIK, 12/31/2028

^{[1],[5],[9],[10]}

4.42%

^{[1],[5],[7],[9],[10]}

Dec. 31, 2028

Investment, Identifier [Axis]: Control investments - 10.1% - Saratoga Investment Corp. CLO 2013-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities 0.00%, 4/20/2033

^{[1],[5],[7],[9],[10]}

4.42%

^{[1],[5],[9],[11],[12]}

0.00%

Investment, Identifier [Axis]: Control investments - 10.1% - Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 14.43%, 4/20/2033

^{[1],[5],[9],[11],[12]}

Apr. 20, 2033

^{[1],[5],[9],[10],[12]}

10.00%

^{[1],[5],[9],[10],[12]}

14.43%

Investment, Identifier [Axis]: Control investments - 10.1% - Saratoga Senior Loan Fund I JV, LLC - Investment Fund - Unsecured Loan 10.00%, 10/20/2033

^{[1],[5],[9],[10],[12]}

Apr. 20, 2033

^{[1],[5],[7],[9],[12]}

10.00%

Investment, Identifier [Axis]: Control investments - 10.1% - Zollege PBC - Education Services - Delayed Draw Term Loan 10.00%, 8/9/2027

^{[1],[5],[7],[9],[12]}

Oct. 20, 2033

^[1],[5],[9]

Aug. 09, 2027

Investment, Identifier [Axis]: Control investments - 10.1% - Zollege PBC - Education Services - First Lien Term Loan 10.00%, 8/9/2027

^[1],[5],[9]

10.00%

^[1],[5],[9]

Aug. 09, 2027

Investment, Identifier [Axis]: Control investments - 10.1% -Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+7.35%), 11.14%, 10/20/2037

^[1],[5],[9]

10.00%

^{[1],[5],[9],[12]}

7.35%

^{[1],[5],[9],[12]}

11.14%

Investment, Identifier [Axis]: Control investments - 10.2% - Pepper Palace, Inc. - Specialty Food Retailer - First Lien Term Loan 4.42% PIK, 12/31/2028

^{[1],[5],[9],[12]}

Oct. 20, 2037

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

Dec. 31, 2028

Investment, Identifier [Axis]: Control investments - 10.2% - Pepper Palace, Inc. - Specialty Food Retailer - Revolving Credit Facility 4.42% PIK, 12/31/2028

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

4.42%

^{[1],[3],[13],[14],[15]}

Dec. 31, 2028

Investment, Identifier [Axis]: Control investments - 10.2% - Saratoga Investment Corp. CLO 2013-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities 0.00%, 4/20/2033

^{[1],[3],[4],[13],[14]}

4.42%

^{[1],[11],[13],[16]}

0.00%

Investment, Identifier [Axis]: Control investments - 10.2% - Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 14.58%, 4/20/2033

^{[1],[11],[13],[16]}

Apr. 20, 2033

^{[1],[13],[16]}

10.00%

^{[1],[13],[16]}

14.58%

Investment, Identifier [Axis]: Control investments - 10.2% - Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+8.55%), 12.87%, 10/20/2033

^{[1],[13],[16]}

Apr. 20, 2033

^{[1],[13],[16]}

8.55%

^{[1],[13],[16]}

12.87%

Investment, Identifier [Axis]: Control investments - 10.2% - Saratoga Senior Loan Fund I JV, LLC - Investment Fund - Unsecured Loan 10.00%, 10/20/2033

^{[1],[13],[16]}

Oct. 20, 2033

^{[1],[4],[13],[16]}

10.00%

Investment, Identifier [Axis]: Control investments - 10.2% - Zollege PBC - Education Services - First Lien Term Loan 4.84% PIK, 8/9/2027

^{[1],[4],[13],[16]}

Oct. 20, 2033

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

Aug. 09, 2027

Investment, Identifier [Axis]: Control investments - 10.2% -Pepper Palace, Inc. - Specialty Food Retailer - Delayed Draw Term Loan 4.42% PIK, 12/31/2028

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

4.84%

^{[1],[3],[4],[13],[14]}

Dec. 31, 2028

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - ARC Health OpCo LLC - Mental Healthcare Services - Delayed Draw Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027

^{[1],[3],[4],[13],[14]}

4.42%

^[1],[3],[17]

8.40%

^[1],[3],[17]

12.72%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - ARC Health OpCo LLC - Mental Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027

^[1],[3],[17]

Aug. 05, 2027

^[1],[3],[17]

8.40%

^[1],[3],[17]

12.72%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - ActiveProspect, Inc. - Lead Management Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027

^[1],[3],[17]

Aug. 05, 2027

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

6.00%

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

10.52%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - ActiveProspect, Inc. - Lead Management Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027

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

Aug. 08, 2027

^[1],[3],[17]

6.00%

^[1],[3],[17]

10.52%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - AgencyBloc, LLC - Insurance Software - First Lien Term Loan (1M USD TERM SOFR+7.76%), 12.09% Cash, 10/1/2026

^[1],[3],[17]

Aug. 08, 2027

^[1],[3]

7.76%

^[1],[3]

12.09%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - Delayed Draw Term Loan (1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028

^[1],[3]

Oct. 01, 2026

^[1],[3]

9.92%

^[1],[3]

14.25%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - First Lien Term Loan (1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028

^[1],[3]

Mar. 20, 2028

^[1],[3]

9.92%

^[1],[3]

14.25%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Altvia MidCo, LLC. - Alternative Investment Management Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 7/18/2027

^[1],[3]

Mar. 20, 2028

^[1],[3]

8.50%

^[1],[3]

12.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Artemis Wax Corp. - Consumer Services - Delayed Draw Term Loan (1M USD TERM SOFR+7.50%), 11.82% Cash, 5/20/2026

^[1],[3]

Jul. 18, 2027

^{[1],[3],[4],[17]}

7.50%

^{[1],[3],[4],[17]}

11.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Ascend Software, LLC - Financial Services Software - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026

^{[1],[3],[4],[17]}

May 20, 2026

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

7.50%

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

12.08%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Ascend Software, LLC - Financial Services Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026

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

Dec. 15, 2026

^[1],[3]

7.50%

^[1],[3]

12.08%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Avantra - IT Services - First Lien Term Loan (3M USD TERM SOFR+7.97%), 12.29% Cash, 9/20/2029

^[1],[3]

Dec. 15, 2026

^[1],[3]

7.97%

^[1],[3]

12.29%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Axiom Medical Consulting, LLC - Healthcare Services - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028

^[1],[3]

Sep. 20, 2029

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

6.00%

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

10.32%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Axiom Medical Consulting, LLC - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028

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

Sep. 11, 2028

^[1],[3]

6.00%

^[1],[3]

10.32%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - BQE Software, Inc. - Architecture & Engineering Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028

^[1],[3]

Sep. 11, 2028

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

5.50%

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

9.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - BQE Software, Inc. - Architecture & Engineering Software - First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028

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

Apr. 13, 2028

^[1],[3],[17]

5.50%

^[1],[3],[17]

9.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Buildout, Inc. - Real Estate Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025

^[1],[3],[17]

Apr. 13, 2028

^[1],[3]

7.00%

^[1],[3]

11.42%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Buildout, Inc. - Real Estate Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025

^[1],[3]

Jul. 09, 2025

^[1],[3],[17]

7.00%

^[1],[3],[17]

11.42%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - C2 Educational Systems, Inc. - Education Services - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025

^[1],[3],[17]

Jul. 09, 2025

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

8.50%

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

12.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - C2 Educational Systems, Inc. - Education Services - First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025

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

May 31, 2025

^[1],[3],[17]

8.50%

^[1],[3],[17]

12.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.72% Cash, 8/26/2026

^[1],[3],[17]

May 31, 2025

^[1],[3]

5.25%

^[1],[3]

9.72%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.47% Cash, 8/26/2026

^[1],[3]

Aug. 26, 2026

^[1],[3],[17]

6.00%

^[1],[3],[17]

10.47%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Cloudpermit - Municipal Government Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 9/5/2029

^[1],[3],[17]

Aug. 26, 2026

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

5.75%

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

10.07%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Cloudpermit - Municipal Government Software - First Lien Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 9/5/2029

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

Sep. 05, 2029

^[1],[3]

5.75%

^[1],[3]

10.07%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - ComForCare Health Care - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.25%), 10.57% Cash, 12/31/2027

^[1],[3]

Sep. 05, 2029

^[1],[3],[17]

6.25%

^[1],[3],[17]

10.57%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Davisware, LLC - Field Service Management - Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025

^[1],[3],[17]

Dec. 31, 2027

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

6.50%

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

10.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Davisware, LLC - Field Service Management - First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025

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

Nov. 30, 2025

^[1],[3]

6.50%

^[1],[3]

10.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Emily Street Enterprises, L.L.C. - Office Supplies - Senior Secured Note (3M USD TERM SOFR+6.75%), 11.07% Cash, 12/31/2028

^[1],[3]

Nov. 30, 2025

^[1],[3],[17]

6.75%

^[1],[3],[17]

11.07%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Exigo, LLC - Direct Selling Software - First Lien Term Loan (1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027

^[1],[3],[17]

Dec. 31, 2028

^[1],[3],[17]

6.25%

^[1],[3],[17]

10.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Exigo, LLC - Direct Selling Software - Revolving Credit Facility (1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027

^[1],[3],[17]

Mar. 16, 2027

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

6.25%

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

10.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - GDS Software Holdings, LLC - Financial Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026

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

Mar. 16, 2027

^[1],[3],[17]

7.00%

^[1],[3],[17]

11.32%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - GDS Software Holdings, LLC - Financial Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026

^[1],[3],[17]

Dec. 30, 2026

^[1],[3]

7.00%

^[1],[3]

11.32%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Delayed Draw Term Loan (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030

^[1],[3]

Dec. 30, 2026

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

5.75%

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

10.07%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - First Lien Term Loan (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030

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

May 13, 2030

^[1],[3]

5.75%

^[1],[3]

10.07%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Revolving Credit Facility (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030

^[1],[3]

May 13, 2030

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

5.75%

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

10.07%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - GoReact - Education Software - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025

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

May 13, 2030

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

7.50%

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

12.02%

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

Apr. 17, 2025

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - GoReact - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025

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

1.00%

^[1],[3]

7.50%

^[1],[3]

12.02%

^[1],[3]

Apr. 17, 2025

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Granite Comfort, LP - HVAC Services and Sales - Delayed Draw Term Loan (3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027

^[1],[3]

1.00%

^{[1],[3],[4],[17]}

7.41%

^{[1],[3],[4],[17]}

11.72%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Granite Comfort, LP - HVAC Services and Sales - First Lien Term Loan (3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027

^{[1],[3],[4],[17]}

May 16, 2027

^[1],[3],[17]

7.41%

^[1],[3],[17]

11.72%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - GrowthZone, LLC - Association Management Software - First Lien Term Loan (3M USD TERM SOFR+8.25%), 12.57% Cash, 5/10/2028

^[1],[3],[17]

May 16, 2027

^[1],[3]

8.25%

^[1],[3]

12.57%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Innergy, Inc. - Custom Millwork Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030

^[1],[3]

May 10, 2028

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

5.50%

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

9.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Innergy, Inc. - Custom Millwork Software - First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030

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

Jan. 31, 2030

^[1],[3]

5.50%

^[1],[3]

9.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Inspect Point Holdings, LLC - Fire Inspection Business Software - Delayed Draw Term Loan (1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028

^[1],[3]

Jan. 31, 2030

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

6.50%

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

10.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Inspect Point Holdings, LLC - Fire Inspection Business Software - First Lien Term Loan (1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028

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

Jul. 19, 2028

^[1],[3]

6.50%

^[1],[3]

10.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - JDXpert - Talent Acquisition Software - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027 - One

^[1],[3]

Jul. 19, 2028

^[1],[3]

8.50%

^[1],[3]

13.08%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - JDXpert - Talent Acquisition Software - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027- Two

^[1],[3]

May 02, 2027

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

8.50%

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

13.08%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - JDXpert - Talent Acquisition Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027

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

May 02, 2027

^[1],[3]

8.50%

^[1],[3]

13.08%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Jobvite, Inc. - Talent Acquisition Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.82% Cash, 8/5/2028

^[1],[3]

May 02, 2027

^[1],[3],[17]

7.50%

^[1],[3],[17]

11.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - LFR Chicken LLC - Restaurant - Delayed Draw Term Loan (1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026

^[1],[3],[17]

Aug. 05, 2028

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

7.00%

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

11.32%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - LFR Chicken LLC - Restaurant - First Lien Term Loan (1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026

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

Nov. 19, 2026

^[1],[3]

7.00%

^[1],[3]

11.32%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Madison Logic, Inc. - Marketing Orchestration Software - First Lien Term Loan (1M USD TERM SOFR+7.50%), 11.82% Cash, 12/30/2028

^[1],[3]

Nov. 19, 2026

^{[1],[3],[17],[18]}

7.50%

^{[1],[3],[17],[18]}

11.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Modis Dental Partners OpCo, LLC - Dental Practice Management - Delayed Draw Term Loan (1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028

^{[1],[3],[17],[18]}

Dec. 30, 2028

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

9.41%

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

13.74%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Modis Dental Partners OpCo, LLC - Dental Practice Management - First Lien Term Loan (1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028

^[1],[3],[15]

Apr. 18, 2028

^[1],[3]

9.41%

^[1],[3]

13.74%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - New England Dental Partners - Dental Practice Management - Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025

^[1],[3]

Apr. 18, 2028

^[1],[3]

8.00%

^[1],[3]

12.47%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - New England Dental Partners - Dental Practice Management - First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025

^[1],[3]

Nov. 25, 2025

^[1],[3]

8.00%

^[1],[3]

12.47%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Omatic Software, LLC - Non-profit Services - First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.58% Cash/1.00% PIK, 6/30/2025

^[1],[3]

Nov. 25, 2025

^[1],[3],[17]

8.00%

^[1],[3],[17]

12.58%

^[1],[3],[17]

Jun. 30, 2025

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Procurement Partners, LLC - Healthcare Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026

^[1],[3],[17]

1.00%

^[1],[3]

6.50%

^[1],[3]

10.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Procurement Partners, LLC - Healthcare Software - First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026

^[1],[3]

May 12, 2026

^[1],[3]

6.50%

^[1],[3]

10.82%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Ready Education - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 8/5/2027

^[1],[3]

May 12, 2026

^[1],[3],[17]

7.00%

^[1],[3],[17]

11.32%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028

^[1],[3],[17]

Aug. 05, 2027

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

7.00%

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

11.32%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028

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

Mar. 31, 2028

^[1],[3],[17]

7.00%

^[1],[3],[17]

11.32%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Vector Controls Holding Co., LLC - Industrial Products - Warrants to Purchase Limited Liability Company Interests, Expires 3/6/2025

^[1],[3],[17]

Mar. 31, 2028

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - VetnCare MSO, LLC - Veterinary Services - Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 5/12/2028

^[1],[3],[15]

Mar. 06, 2025

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

5.75%

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

10.07%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Wellspring Worldwide Inc. - Research Software - Delayed DrawTerm Loan (3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028

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

May 12, 2028

^[1],[3]

8.42%

^[1],[3]

12.74%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 229.3% - Wellspring Worldwide Inc. - Research Software - First Lien Term Loan (3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028

^[1],[3]

Dec. 22, 2028

^[1],[3]

8.42%

^[1],[3]

12.74%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - AIMCO 2025-24A E - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+6.10%), 10.27% Cash, 4/19/2038

^[1],[3]

Dec. 22, 2028

^[1],[5],[12]

6.10%

^[1],[5],[12]

10.27%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - APID 2017-28A DR - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+5.00%), 9.17% Cash, 10/20/2038

^[1],[5],[12]

Apr. 19, 2038

^{[1],[5],[12],[17]}

5.00%

^{[1],[5],[12],[17]}

9.17%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - APID 2023-45A ER - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+5.15%), 9.32% Cash, 7/26/2038

^{[1],[5],[12],[17]}

Oct. 20, 2038

^{[1],[5],[12],[17]}

5.15%

^{[1],[5],[12],[17]}

9.32%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - AgencyBloc, LLC - Insurance Software - First Lien Term Loan (1M USD TERM SOFR+7.76%), 12.09% Cash, 10/1/2026

^{[1],[5],[12],[17]}

Jul. 26, 2038

^[1],[5],[17]

6.31%

^[1],[5],[17]

12.03%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Altvia MidCo, LLC. - Alternative Investment Management Software - First Lien Term Loan (6M USD TERM SOFR+8.08%), 12.25% Cash, 7/18/2027

^[1],[5],[17]

Oct. 01, 2029

^[1],[5]

8.08%

^[1],[5]

12.25%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Angry Chickz, Inc. - Restaurant - Delayed Draw Term Loan (1M USD TERM SOFR+4.75%), 8.61% Cash, 10/9/2030

^[1],[5]

Jul. 18, 2027

^[1],[5],[7]

4.75%

^[1],[5],[7]

8.61%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Angry Chickz, Inc. - Restaurant - First Lien Term Loan (1M USD TERM SOFR+4.75%), 8.61% Cash, 10/9/2030

^[1],[5],[7]

Oct. 09, 2030

^[1],[5]

4.75%

^[1],[5]

8.61%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Artemis Wax Corp. - Consumer Services - Delayed Draw Term Loan (1M USD TERM SOFR+6.75%), 11.02% Cash, 5/20/2029

^[1],[5]

Oct. 09, 2030

^[1],[5],[17]

6.75%

^[1],[5],[17]

11.02%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Avantra - IT Services - First Lien Term Loan (3M USD TERM SOFR+7.97%), 12.14% Cash, 9/20/2029

^[1],[5],[17]

May 20, 2029

^[1],[5]

7.97%

^[1],[5]

12.14%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - BGCLO 2025-13A D2 - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+4.05%), 8.22% Cash, 10/23/2038

^[1],[5]

Sep. 20, 2029

^{[1],[5],[12],[17]}

4.05%

^{[1],[5],[12],[17]}

8.22%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - BQE Software, Inc. - Architecture & Engineering Software - First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.67% Cash, 4/13/2028 - One

^{[1],[5],[12],[17]}

Oct. 23, 2038

^[1],[5],[17]

5.50%

^[1],[5],[17]

9.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - BSP 2016-10A C2R3 - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038

^[1],[5],[17]

Apr. 13, 2028

^[1],[5],[12]

4.10%

^[1],[5],[12]

8.27%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - BSP 2020-21A ER2 - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+4.95%), 8.74% Cash, 1/15/2039

^[1],[5],[12]

Jul. 20, 2038

^[1],[5],[12]

4.95%

^[1],[5],[12]

8.74%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - BSP 2025-40A E - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash, 7/25/2038

^[1],[5],[12]

Jan. 15, 2039

^{[1],[5],[12],[17]}

5.25%

^{[1],[5],[12],[17]}

9.42%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Better Impact USA Inc. - Volunteer Program Management Software - Delayed Draw Term Loan (3M USD TERM SOFR+4.75%), 8.42% Cash, 1/8/2031

^{[1],[5],[12],[17]}

Jul. 25, 2038

^[1],[5],[7]

4.75%

^[1],[5],[7]

8.42%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Better Impact USA Inc. - Volunteer Program Management Software - First Lien Term Loan (3M USD TERM SOFR+4.75%), 8.42% Cash, 1/8/2031

^[1],[5],[7]

Jan. 08, 2031

^[1],[5]

4.75%

^[1],[5]

8.42%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Breezeway Homes, Inc - Property Operations Management Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.63%), 10.30% Cash, 2/23/2031

^[1],[5]

Jan. 08, 2031

^[1],[5],[7]

6.63%

^[1],[5],[7]

10.30%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Breezeway Homes, Inc - Property Operations Management Software - First Lien Term Loan (3M USD TERM SOFR+6.63%), 10.30% Cash, 2/23/2031

^[1],[5],[7]

Feb. 23, 2031

^[1],[5]

6.63%

^[1],[5]

10.30%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Buildout, Inc. - Real Estate Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.27% Cash, 9/30/2028

^[1],[5]

Feb. 23, 2031

^[1],[5]

7.00%

^[1],[5]

11.27%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Buildout, Inc. - Real Estate Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.27% Cash, 9/30/2028

^[1],[5]

Sep. 30, 2028

^[1],[5]

7.00%

^[1],[8]

11.27%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - C2 Educational Systems, Inc. - Education Services - First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.67% Cash, 11/30/2026

^[1],[5]

Sep. 30, 2028

^[1],[5],[17]

8.50%

^[1],[5],[17]

12.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.19% Cash, 8/26/2026

^[1],[5],[17]

Nov. 30, 2026

^[1],[5]

5.25%

^[1],[5]

9.19%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 9.94% Cash, 8/26/2026

^[1],[5]

Aug. 26, 2026

^[1],[5],[17]

6.00%

^[1],[5],[17]

9.94%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Cloudpermit - Municipal Government Software - Delayed Draw Term Loan - (3M USD TERM SOFR+5.75%), 9.92% Cash, 9/5/2029

^[1],[5],[17]

Aug. 26, 2026

^[1],[5],[7]

5.75%

^[1],[5],[7]

9.92%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Cloudpermit - Municipal Government Software - First Lien Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 9/5/2029

^[1],[5],[7]

Sep. 05, 2029

^[1],[5]

5.75%

^[1],[5]

9.92%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - ComForCare Health Care - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.25%), 10.42% Cash, 12/31/2028

^[1],[5]

Sep. 05, 2029

^[1],[5],[17]

6.25%

^[1],[5],[17]

10.42%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Dental Practice Management - Revolving Credit Facility (3M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030

^[1],[5],[17]

Dec. 31, 2028

^[1],[5],[7]

5.75%

^[1],[5],[7]

10.02%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Emily Street Enterprises, L.L.C. - Office Supplies - Senior Secured Note (3M USD TERM SOFR+6.75%), 11.00% Cash, 12/31/2028

^[1],[5],[7]

May 13, 2030

^[1],[5],[17]

6.75%

^[1],[5],[17]

11.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Employer Direct Healthcare, LLC - Surgical Benefits Management - Second Lien Term Loan (3M USD TERM SOFR+7.25%), 10.92% Cash, 1/20/2031

^[1],[5],[17]

Dec. 31, 2028

^[1],[5]

7.25%

^[1],[5]

10.92%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Exigo, LLC - Direct Selling Software - First Lien Term Loan (1M USD TERM SOFR+6.25%), 10.62% Cash, 3/16/2027

^[1],[5]

Jan. 20, 2031

^[1],[5],[17]

6.25%

^[1],[5],[17]

10.62%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Exigo, LLC - Direct Selling Software - Revolving Credit Facility (1M USD TERM SOFR+6.25%), 10.62% Cash, 3/16/2027

^[1],[5],[17]

Mar. 16, 2027

^[1],[5],[7]

6.25%

^[1],[5],[7]

10.62%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - GDS Software Holdings, LLC - Financial Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2028

^[1],[5],[7]

Mar. 16, 2027

^[1],[5],[17]

7.00%

^[1],[5],[17]

11.17%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - GDS Software Holdings, LLC - Financial Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2028

^[1],[5],[17]

Dec. 30, 2028

^[1],[5]

7.00%

^[1],[5]

11.17%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030

^[1],[5]

Dec. 30, 2028

^[1],[5],[7]

5.75%

^[1],[5],[7]

10.02%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - First Lien Term Loan (3M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030

^[1],[5],[7]

May 13, 2030

^[1],[5],[17]

5.75%

^[1],[5],[17]

10.02%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Granite Comfort, LP - HVAC Services and Sales - Delayed Draw Term Loan (3M USD TERM SOFR+7.40%), 11.57% Cash, 5/16/2027

^[1],[5],[17]

May 13, 2030

^{[1],[5],[7],[17]}

7.40%

^{[1],[5],[7],[17]}

11.57%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Granite Comfort, LP - HVAC Services and Sales - First Lien Term Loan (3M USD TERM SOFR+7.40%), 11.57% Cash, 5/16/2027

^{[1],[5],[7],[17]}

May 16, 2027

^[1],[5],[17]

7.40%

^[1],[5],[17]

11.57%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - HLM 2025-26A D2 - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038

^[1],[5],[17]

May 16, 2027

^{[1],[5],[12],[17]}

4.10%

^{[1],[5],[12],[17]}

8.27%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Haystack Team Inc. - Employee Collaboration Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.17% Cash, 12/31/2030

^{[1],[5],[12],[17]}

Jul. 20, 2038

^[1],[5],[7]

5.50%

^[1],[5],[7]

9.17%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Haystack Team Inc. - Employee Collaboration Software - First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.17% Cash, 12/31/2030

^[1],[5],[7]

Dec. 31, 2030

^[1],[5]

5.50%

^[1],[5]

9.17%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Innergy, Inc. - Custom Millwork Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.67% Cash, 2/20/2030

^[1],[5]

Dec. 31, 2030

^[1],[5],[7]

5.50%

^[1],[5],[7]

9.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Innergy, Inc. - Custom Millwork Software - First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.67% Cash, 2/20/2030

^[1],[5],[7]

Feb. 20, 2030

^[1],[5],[17]

5.50%

^[1],[5],[17]

9.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Inspect Point Holdings, LLC - Fire Inspection Business Software - Delayed Draw Term Loan (1M USD TERM SOFR+5.50%), 9.77% Cash, 07/19/2029

^[1],[5],[17]

Feb. 20, 2030

^[1],[5],[7]

5.50%

^[1],[5],[7]

9.77%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Inspect Point Holdings, LLC - Fire Inspection Business Software - First Lien Term Loan (1M USD TERM SOFR+5.50%), 9.77% Cash, 07/19/2029

^[1],[5],[7]

Jul. 19, 2029

^[1],[5]

5.50%

^[1],[5]

9.77%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - JDXpert - Talent Acquisition Software - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027

^[1],[5]

Jul. 19, 2029

^[1],[5],[17]

8.50%

^[1],[5],[17]

12.93%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - JDXpert - Talent Acquisition Software - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027 - One

^[1],[5],[17]

May 02, 2027

^[1],[5],[7]

8.50%

^[1],[5],[7]

12.93%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - JDXpert - Talent Acquisition Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027

^[1],[5],[7]

May 02, 2027

^[1],[5]

8.50%

^[1],[5]

12.93%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Jobvite, Inc. - Talent Acquisition Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.67% Cash, 8/5/2028

^[1],[5]

May 02, 2027

^[1],[5],[17]

7.50%

^[1],[5],[17]

11.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - LFR Chicken LLC - Restaurant - Delayed Draw Term Loan (1M USD TERM SOFR+4.50%), 8.36% Cash, 11/26/2030

^[1],[5],[17]

Aug. 05, 2028

^{[1],[5],[7],[17]}

4.50%

^{[1],[5],[7],[17]}

8.36%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Ludi, Inc. - Physician Compensation Management Software - Revolving Credit Facility (3M USD TERM SOFR+5.00%), 8.67% Cash, 12/31/2030

^{[1],[5],[7],[17]}

Nov. 26, 2030

^[1],[5],[7]

5.00%

^[1],[5],[15]

8.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Madison Logic, Inc. - Marketing Orchestration Software - First Lien Term Loan (1M USD TERM SOFR+7.00%), 11.37% Cash, 12/30/2028

^[1],[5],[15]

Dec. 31, 2030

^{[1],[5],[17],[18]}

7.00%

^{[1],[5],[17],[18]}

11.37%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Modis Dental Partners OpCo, LLC - Dental Practice Management - Delayed Draw Term Loan (1M USD TERM SOFR+9.34%), 13.69% Cash, 4/18/2028

^{[1],[5],[17],[18]}

Dec. 30, 2028

^[1],[5]

9.34%

^[1],[5]

13.69%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Modis Dental Partners OpCo, LLC - Dental Practice Management - First Lien Term Loan (1M USD TERM SOFR+9.34%), 13.69% Cash, 4/18/2028

^[1],[5]

Apr. 18, 2028

^[1],[5]

9.34%

^[1],[5]

13.69%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - NMC CLO-3A D2R - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 10/20/2038

^[1],[5]

Apr. 18, 2028

^{[1],[5],[12],[17]}

4.10%

^{[1],[5],[12],[17]}

8.27%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - NMC CLO-4A ER - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+6.91%), 11.08% Cash, 3/20/2038

^{[1],[5],[12],[17]}

Oct. 20, 2038

^[1],[5],[12]

6.91%

^[1],[5],[12]

11.08%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - NMC CLO-5A ER - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+5.85%), 10.02% Cash, 7/20/2036

^[1],[5],[12]

Mar. 20, 2038

^{[1],[5],[12],[17]}

5.85%

^{[1],[5],[12],[17]}

10.02%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - NMC CLO-7A E - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+5.00%), 9.17% Cash, 3/31/2038

^{[1],[5],[12],[17]}

Jul. 20, 2036

^[1],[5],[12]

5.00%

^[1],[5],[12]

9.17%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - OAKC 2016-13A ER2 - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 10/21/2037

^[1],[5],[12]

Mar. 31, 2038

^[1],[5],[12]

5.75%

^[1],[5],[12]

9.92%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - OAKC 2020-7A D2R2 - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+4.05%), 8.22% Cash, 7/19/2038

^[1],[5],[12]

Oct. 21, 2037

^{[1],[5],[12],[17]}

4.05%

^{[1],[5],[12],[17]}

8.22%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - OAKC 2025-22A E - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+5.55%), 9.72% Cash, 7/20/2038

^{[1],[5],[12],[17]}

Jul. 19, 2038

^[1],[5],[12]

5.55%

^[1],[5],[12]

9.72%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - OCP 2016-11A D2R3 - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/26/2038

^[1],[5],[12]

Jul. 20, 2038

^[1],[5],[12]

4.10%

^[1],[5],[12]

8.27%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - OCP 2023-28A - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash, 7/16/2038

^[1],[5],[12]

Jul. 26, 2038

^{[1],[5],[12],[17]}

5.25%

^{[1],[5],[12],[17]}

9.42%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - OCP 2025-43A E - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.67% Cash, 7/20/2038

^{[1],[5],[12],[17]}

Jul. 16, 2038

^[1],[5],[12]

6.50%

^[1],[5],[12]

10.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - POST 2023-1A D2R - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+3.95%), 7.74% Cash, 10/20/2038

^[1],[5],[12]

Jul. 20, 2038

^[1],[5],[12]

3.95%

^[1],[5],[12]

7.74%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Procurement Partners, LLC - Healthcare Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 10.67% Cash, 12/31/2028

^[1],[5],[12]

Oct. 20, 2038

^[1],[5]

5.50%

^[1],[5]

10.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Procurement Partners, LLC - Healthcare Software - First Lien Term Loan (3M USD TERM SOFR+5.50%), 10.67% Cash, 12/31/2028

^[1],[5]

Dec. 31, 2028

^[1],[5]

5.50%

^[1],[5]

10.67%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - REGT23 2021-1A D2R - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+4.00%), 7.79% Cash, 10/15/2038

^[1],[5]

Dec. 31, 2028

^[1],[5],[12]

4.00%

^[1],[5],[12]

7.79%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - REGT6 2016-1A ER3 - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+5.45%), 9.24% Cash, 10/20/2038

^[1],[5],[12]

Oct. 15, 2038

^[1],[5],[12]

5.45%

^[1],[5],[12]

9.24%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Ready Education - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 8/5/2027

^[1],[5],[12]

Oct. 20, 2038

^[1],[5],[17]

7.00%

^[1],[5],[17]

11.17%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - SAI Systems Health, LLC - Revenue Cycle Management & Related Services- First Lien Term Loan (3M USD TERM SOFR+5.00%), 11.57% Cash, 11/24/2030

^[1],[5],[17]

Aug. 05, 2027

^[1],[5]

5.00%

^[1],[5]

11.57%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Source 44 LLC - Product Compliance Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030

^[1],[5]

Nov. 24, 2030

^[1],[5],[7]

5.25%

^[1],[5],[7]

6.75%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Source 44 LLC - Product Compliance Software - Revolving Credit Facility (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030

^[1],[5],[7]

Oct. 17, 2030

^[1],[5],[7]

5.25%

^[1],[5],[7]

6.75%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - StockIQ Technologies, LLC - Supply Chain Planning Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash, 3/26/2030

^[1],[5],[7]

Oct. 17, 2030

^[1],[5],[7]

5.25%

^[1],[5],[7]

9.42%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - StockIQ Technologies, LLC - Supply Chain Planning Software - First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash,3/26/2030

^[1],[5],[7]

Mar. 26, 2030

^[1],[5]

5.25%

^[1],[5]

9.42%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.17% Cash, 3/31/2028

^[1],[5]

Mar. 26, 2030

^[1],[5],[17]

7.00%

^[1],[5],[17]

11.17%

^[1],[5]

Mar. 31, 2028

^[1],[5]

7.00%

^[1],[5]

11.17%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - TREST 2017-1A ERR - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+5.95%), 10.12% Cash, 7/25/2037

^[1],[5]

Mar. 31, 2028

^[1],[5],[12]

5.95%

^[1],[5],[12]

10.12%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Vector Controls Holding Co., LLC - Industrial Products - Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027

^[1],[5],[12]

Jul. 25, 2037

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - VetnCare MSO, LLC - Veterinary Services - Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 5/12/2028

^[1],[5],[19]

Nov. 30, 2027

^[1],[5]

5.75%

^[1],[5]

9.92%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - WBOX 2023-4A ER - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+6.48%), 10.65% Cash, 4/20/2036

^[1],[5]

May 12, 2028

^[1],[5],[12]

6.48%

^[1],[5],[12]

10.65%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - WBOX 2025-5A D2 - Structured Finance Securities - First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038

^[1],[5],[12]

Apr. 20, 2036

^{[1],[5],[12],[17]}

4.10%

^{[1],[5],[12],[17]}

8.27%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Wellspring Worldwide Inc. - Research Software - Delayed DrawTerm Loan (3M USD TERM SOFR+8.42%), 12.59% Cash, 2/28/2029

^{[1],[5],[12],[17]}

Jul. 20, 2038

^[1],[5]

8.42%

^[1],[5]

12.59%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5% - Wellspring Worldwide Inc. - Research Software - First Lien Term Loan (3M USD TERM SOFR+8.42%), 12.59% Cash, 2/28/2029

^[1],[5]

Feb. 28, 2029

^[1],[5],[17]

8.42%

^[1],[5],[17]

12.59%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5%- LFR Chicken LLC - Restaurant - First Lien Term Loan (1M USD TERM SOFR+4.50%), 8.36% Cash, 11/26/2030

^[1],[5],[17]

Feb. 28, 2029

^[1],[5],[17]

4.50%

^[1],[5],[17]

8.36%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5%- SAI Systems Health, LLC - Revenue Cycle Management & Related Services - Delayed Draw Term Loan (3M USD TERM SOFR+5.00%), 11.57% Cash, 11/24/2030

^[1],[5],[17]

Nov. 26, 2030

^[1],[5],[7]

5.00%

^[1],[5],[7]

11.57%

Investment, Identifier [Axis]: Non-control/Non-affiliate investments - 256.5%- Source 44 LLC - Product Compliance Software - First Lien Term Loan (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030

^[1],[5],[7]

Nov. 24, 2030

^[1],[5]

5.25%

^[1],[5]

6.75%

^[1],[5]

Oct. 17, 2030

[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.
[2]	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 year ended February 28, 2025 in which the issuer was an affiliate are as follows:
[3]	Percentages are based on net assets of $392,665,468 as of February 28, 2025.
[4]	All or a portion of this investment has an unfunded commitment as of February 28, 2025. (See Note 9 to the consolidated financial statements).
[5]	Percentages are based on net assets of $396,155,754 as of February 28, 2026.
[6]	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 year ended Feburary 28, 2026 in which the issuer was an affiliate are as follows:
[7]	All or a portion of this investment has an unfunded commitment as of February 28, 2026. (See Note 9 to the consolidated financial statements).
[8]	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).
[9]	As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended February 28, 2026 in which the issuer was both an affiliate and a portfolio company that we control are as follows:
[10]	As of February 28, 2026, the investment was on non-accrual status. The fair value of these investments was approximately $2.0 million, which represented 0.2% of the Company’s portfolio (see Note 2 to the consolidated financial statements).
[11]	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.
[12]	Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of February, 2026, non-qualifying assets represent 7.0% of the Company’s portfolio at fair value. As a BDC, the Company generally has to invest at least 70% of its total assets in qualifying assets.
[13]	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 28, 2025 in which the issuer was both an affiliate and a portfolio company that we control are as follows:
[14]	As of February 28, 2025, the investment was on non-accrual status. The fair value of these investments was approximately $2.6 million, which represented 0.3% of the Company’s portfolio (see Note 2 to the consolidated financial statements).
[15]	Includes securities issued by an affiliate of the company.
[16]	Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of February 28, 2025, non-qualifying assets represent 4.0% of the Company’s portfolio at fair value. As a BDC, the Company generally has to invest at least 70% of its total assets in qualifying assets.
[17]	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).
[18]	This investment elected to PIK 20% of accrued interest, with 80% of accrued interest payable in cash.
[19]	Non-income producing at February 28, 2026

Investment in Saratoga CLO - Schedule of Fair Value Measurements of Investments (Details) - Investment in Saratoga CLO [Member] - USD ($) $ in Thousands	Feb. 28, 2026	Feb. 28, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	$ 354,116,571	$ 492,195,089
Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Measurements
Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Measurements	327,449,767	452,044,711
Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Measurements	26,666,804	40,150,378
Term loans [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	353,285,019	490,510,660
Term loans [Member] \| Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Measurements
Term loans [Member] \| Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Measurements	327,449,767	451,307,173
Term loans [Member] \| Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Measurements	25,835,252	39,203,487
Equity interests [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	831,552	1,684,429
Equity interests [Member] \| Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Measurements
Equity interests [Member] \| Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Measurements		737,538
Equity interests [Member] \| Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Measurements	$ 831,552	$ 946,891

Fair value of investment in security owned.

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Schedule of Financial Highlights [Line Items]

Schedule of Transactions Related to Affiliates - USD ($)	12 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Affiliate [Member]
Fair Value at the Beginning of Year	$ 40,547,432	$ 27,749,137
Purchases/ Add-ons	11,670,279	10,000,000
Sales/ Paydowns	(2,882,702)
Total Interest from Investments	4,968,034	3,363,006
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	956,407	1,301,899
Fair Value at End of Period	52,710,911	40,547,432
Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	39,870,208
Fair Value at End of Period	40,175,335	39,870,208
Investment, Affiliated Issuer, Controlled Two [Member]
Fair Value at the Beginning of Year	39,870,208
Purchases/ Add-ons	11,058,125
Sales/ Paydowns	(12,888,355)
Total Interest from Investments	5,297,659
Management Fee Income	2,586,517
Net Realized Gain (Loss) from Investments	638,355
Net Change in Unrealized Appreciation (Depreciation)	1,200,614
Fair Value at End of Period	40,175,335	39,870,208
Total Dividends from Investments	2,404,864
Investment, Affiliated Issuer, Controlled One [Member]
Fair Value at the Beginning of Year	39,870,208	97,542,646
Purchases/ Add-ons		1,650,707
Sales/ Paydowns		2,469,797
Total Interest from Investments		5,934,583
Management Fee Income		3,114,466
Net Realized Gain (Loss) from Investments		(54,564,070)
Net Change in Unrealized Appreciation (Depreciation)		(10,020,844)
Fair Value at End of Period		39,870,208
Total Dividends from Investments		3,973,584
Axero Holdings, LLC [Member] \| Affiliate [Member]
Fair Value at the Beginning of Year	27,179,347
Purchases/ Add-ons
Sales/ Paydowns
Total Interest from Investments	2,017,402
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	131,417
Fair Value at End of Period	28,427,238	27,179,347
ETU Holdings, Inc. [Member] \| Affiliate [Member]
Fair Value at the Beginning of Year	13,368,085
Purchases/ Add-ons	730,280
Sales/ Paydowns
Total Interest from Investments	2,143,472
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	684,994
Fair Value at End of Period	16,055,433	13,368,085
SmartAC.com, LLC [Member] \| Affiliate [Member]
Fair Value at the Beginning of Year
Purchases/ Add-ons	10,939,999
Sales/ Paydowns	(2,882,702)
Total Interest from Investments	807,160
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	139,996
Fair Value at End of Period	8,228,240
Netreo Holdings, LLC [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year		35,421,889
Purchases/ Add-ons
Sales/ Paydowns	(638,355)	2,260,337
Total Interest from Investments		921,530
Management Fee Income
Net Realized Gain (Loss) from Investments	638,355	(5,445,808)
Net Change in Unrealized Appreciation (Depreciation)		3,802,854
Fair Value at End of Period
Total Dividends from Investments
Pepper Palace, Inc. [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	1,547,000
Purchases/ Add-ons	1,000,000
Sales/ Paydowns
Total Interest from Investments
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	(508,089)
Fair Value at End of Period	2,038,911	1,547,000
Total Dividends from Investments
Zollege PBC [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	3,937,150
Purchases/ Add-ons
Sales/ Paydowns
Total Interest from Investments	115,928
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	8,192,362
Fair Value at End of Period	12,048,652	3,937,150
Total Dividends from Investments
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	240,578
Purchases/ Add-ons
Sales/ Paydowns
Total Interest from Investments
Management Fee Income	2,586,517
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	239,675
Fair Value at End of Period		240,578
Total Dividends from Investments
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	12,250,000	12,250,000
Purchases/ Add-ons
Sales/ Paydowns	(12,250,000)
Total Interest from Investments	1,762,122	1,685,977
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	(857,500)
Fair Value at End of Period		12,250,000
Total Dividends from Investments
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	2,280,938
Purchases/ Add-ons
Sales/ Paydowns
Total Interest from Investments	1,222,262
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	(2,280,938)
Fair Value at End of Period		2,280,938
Total Dividends from Investments
Saratoga Senior Loan Fund I JV, LLC [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	16,533,626
Purchases/ Add-ons
Sales/ Paydowns
Total Interest from Investments	1,765,814
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	(403,474)
Fair Value at End of Period	16,130,152	16,533,626
Total Dividends from Investments
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year
Purchases/ Add-ons	8,443,750
Sales/ Paydowns
Total Interest from Investments	431,533
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	(21,573)
Fair Value at End of Period	8,422,177
Total Dividends from Investments
Saratoga Senior Loan Fund I JV, LLC [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	3,080,916
Purchases/ Add-ons	1,614,375
Sales/ Paydowns
Total Interest from Investments
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)	(3,159,849)
Fair Value at End of Period	1,535,443	3,080,916
Total Dividends from Investments	2,404,864
Axero Holdings, LLC One [Member] \| Affiliate [Member]
Fair Value at the Beginning of Year	27,179,347	14,149,607
Purchases/ Add-ons		10,000,000
Sales/ Paydowns
Total Interest from Investments		1,327,375
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)		2,551,701
Fair Value at End of Period		27,179,347
ETU Holdings, Inc. [Member] \| Affiliate [Member]
Fair Value at the Beginning of Year	13,368,085	13,599,530
Purchases/ Add-ons
Sales/ Paydowns
Total Interest from Investments		2,035,631
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)		(1,249,802)
Fair Value at End of Period		13,368,085
Pepper Palace, Inc. [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	1,547,000	2,488,682
Purchases/ Add-ons		1,450,000
Sales/ Paydowns
Total Interest from Investments		1,338
Management Fee Income
Net Realized Gain (Loss) from Investments		(34,007,427)
Net Change in Unrealized Appreciation (Depreciation)		(1,391,561)
Fair Value at End of Period		1,547,000
Total Dividends from Investments
Zollege PBC [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	3,937,150	3,783,928
Purchases/ Add-ons		200,707
Sales/ Paydowns		209,460
Total Interest from Investments		110,862
Management Fee Income
Net Realized Gain (Loss) from Investments		(15,110,835)
Net Change in Unrealized Appreciation (Depreciation)		1,917,101
Fair Value at End of Period		3,937,150
Total Dividends from Investments
Saratoga Investment Corp. CLO 2013-1, Ltd. [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	240,578	9,500,627
Purchases/ Add-ons
Sales/ Paydowns
Total Interest from Investments
Management Fee Income		3,114,466
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)		(2,147,199)
Fair Value at End of Period		240,578
Total Dividends from Investments
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	2,280,938	8,875,227
Purchases/ Add-ons
Sales/ Paydowns
Total Interest from Investments		1,452,981
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)		(6,594,289)
Fair Value at End of Period		2,280,938
Total Dividends from Investments
Saratoga Senior Loan Fund I JV, LLC One [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	16,533,626	15,818,297
Purchases/ Add-ons
Sales/ Paydowns
Total Interest from Investments		1,761,895
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)		715,329
Fair Value at End of Period		16,533,626
Total Dividends from Investments
Saratoga Senior Loan Fund I JV, LLC Two [Member] \| Investment, Affiliated Issuer, Controlled [Member]
Fair Value at the Beginning of Year	$ 3,080,916	9,403,996
Purchases/ Add-ons
Sales/ Paydowns
Total Interest from Investments
Management Fee Income
Net Realized Gain (Loss) from Investments
Net Change in Unrealized Appreciation (Depreciation)		(6,323,079)
Fair Value at End of Period		3,080,916
Total Dividends from Investments		$ 3,973,584

Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)

12 Months Ended

Feb. 28, 2026

Feb. 28, 2025

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

Net asset value at beginning of period

$ 25.86

$ 27.12

$ 29.18

$ 29.33

$ 27.25

Net realized and unrealized gain and losses on investments

^[1]

2.32

3.81

4.49

2.94

1.74

^[1]

0.04

(1.73)

(3.77)

(0.75)

2.46

Net increase in net assets resulting from operations

^[2]

(0.05)

(0.06)

(0.01)

(0.13)

(0.21)

2.31

2.02

0.71

2.06

3.99

Distributions declared from net investment income

(3.74)

(3.3)

(2.82)

(2.28)

(1.93)

Total distributions to stockholders

(3.74)

(3.3)

(2.82)

(2.28)

(1.93)

Issuance of common stock above net asset value

^[3]

(0.04)

(0.16)

(2.82)

(2.28)

(1.93)

Capital contribution from manager for the issuance of common stock

^[4]

0.05

0.26

0.48

Repurchases of common stock

^[5]

0.03

0.17

0.01

Dilution

^[6]

(0.02)

(0.08)

(0.06)

(0.1)

Net asset value at end of period

$ 24.42

$ 25.86

$ 27.12

$ 29.18

$ 29.33

Net assets at end of period (in Dollars)

$ 396,155,754

$ 392,665,468

$ 370,224,108

$ 346,958,042

$ 355,780,523

Shares outstanding at end of period (in Shares)

16,224,198

15,183,078

13,653,476

11,890,500

12,131,350

Per share market value at end of period

$ 23.16

$ 26

$ 23.61

$ 27.55

$ 27.47

Total return based on market value

^[7],[8]

1.54%

27.17%

(3.92%)

10.35%

28.19%

Total return based on net asset value

^[8],[9]

11.11%

10.11%

4.20%

9.46%

15.88%

Ratio/Supplemental data:

Ratio of net investment income to average net assets

^[10]

9.16%

14.11%

16.01%

10.23%

6.05%

Ratio of loss on extinguishment of debt to average net assets

0.21%

0.02%

0.03%

0.46%

0.74%

Ratios of operating expenses and income taxes to average net assets

^[2],[11]

7.53%

8.42%

8.60%

7.71%

6.48%

Ratio of incentive management fees to average net assets

^[8]

2.30%

3.53%

2.26%

1.47%

3.58%

Ratio of interest and debt financing expenses to average net assets

^[11]

12.27%

13.86%

13.84%

9.73%

6.03%

Ratio of total expenses and income taxes to average net assets

^[2],[10]

22.10%

25.81%

24.70%

18.91%

16.09%

Portfolio turnover rate

^[8],[12]

18.22%

16.12%

2.80%

24.05%

33.59%

Asset coverage ratio per unit (in Dollars)

^[13]

$ 1,684

$ 1,629

$ 1,610

$ 1,659

$ 2,092

Revolving Credit Facilities [Member]

SBA Debentures Payable [Member]

^[14]

8.75% Notes Payable 2025 [Member]

^[14]

6.25% Notes Payable 2025 [Member]

^[14],[15]

7.00% Notes Payable 2025 [Member]

^[16]

7.25% Notes Payable 2025 [Member]

^[14],[17]

7.75% Notes Payable 2025 [Member]

^[18]

26.18

4.375% Notes Payable 2026 [Member]

^[14],[19]

4.35% Notes Payable 2027 [Member]

^[14],[20]

6.00% Notes Payable 2027 [Member]

^[14]

6.25% Notes Payable 2027 [Member]

24.74

24.36

23.51

23.97

8.00% Notes Payable 2027 [Member]

^[14]

8.125% Notes Payable 2027 [Member]

25.47

25.21

25.08

8.50% Notes Payable 2028 [Member]

25.37

7.25% Notes Payable 2030 [Member]

25.39

7.50% Notes Payable 2031 [Member]

^[14]

$ 25.29

[1]	Per share amounts are calculated using the weighted average shares outstanding during the period.
[2]	Certain prior period amounts have been reclassified to conform to current period presentation.
[3]	The continuous issuance of common stock may cause an incremental increase in NAV per share due to the sale of shares at the prevailing public offering price and the receipt of net proceeds per share by the Company in excess of NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period.
[4]	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.
[5]	Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11. Stockholders’ Equity.
[6]	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.
[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]	Ratios are presented on an annualized basis for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022.
[9]	Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current NAV on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.
[10]	Ratios, including incentive management fees, are presented on an annualized basis for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023, and February 28, 2022.
[11]	Ratios, including income taxes are presented on an annualized basis for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022
[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, 6.25% Notes Payable 2027 and 7.25% Notes Payable 2030 are not registered for public trading.
[15]	On March 31, 2025, we repaid $20.0 million in aggregate principal amount of the issued and outstanding 8.75% 2025 Notes.
[16]	On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and, as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE.
[17]	On September 8, 2025, we repaid $12.0 million in aggregate principal amount of the issued and outstanding 7.00% 2025 Notes.
[18]	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.
[19]	On July 9, 2025, we repaid $5.0 million in aggregate principal amount of the issued and outstanding 7.75% 2025 Notes.
[20]	On February 28, 2026, we repaid $175.0 million in aggregate principal amount of the issued and outstanding 4.375% 2026 Notes.

Investment in Saratoga CLO - Schedule of Consolidated Statements of Operations (Details) - Saratoga CLO [Member] - USD ($)	12 Months Ended
	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024
INVESTMENT INCOME
Total interest from investments	$ 40,796,860	$ 55,501,782	$ 61,667,773
Interest from cash and cash equivalents	905,534	1,128,878	719,268
Other income	294,406	1,278,155	929,392
Total investment income	41,996,800	57,908,815	63,316,433
EXPENSES
Interest and debt financing expenses	36,146,891	54,573,978	57,706,205
Base management fee	517,303	622,893	654,046
Subordinated management fee	2,069,213	2,491,573	2,616,185
Professional fees	310,893	282,012	307,340
Trustee expenses	184,047	240,883	262,197
Other expense	369,937	334,443	241,181
Total expenses	39,598,284	58,545,782	61,787,154
NET INVESTMENT INCOME (LOSS)	2,398,516	(636,967)	1,529,279
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments	(19,310,824)	(9,263,724)	(18,580,949)
Net change in unrealized depreciation on investments	(555,570)	(4,696,778)	16,200,597
Net realized and unrealized gain (loss) on investments	(19,866,394)	(13,960,502)	(2,380,352)
Realized losses on extinguishment of debt		(579,213)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ (17,467,878)	$ (15,176,682)	$ (851,073)

Earnings Per Share - Schedule of Weighted Average Basic and Diluted Net Increase in Net Assets (Details) - USD ($)	12 Months Ended
	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024
Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets [Abstract]
Net increase in net assets resulting from operations	$ 36,604,298	$ 28,086,257	$ 8,933,825
Weighted average common shares outstanding	15,850,270	13,912,170	12,670,939
Weighted average earnings per common share	$ 2.31	$ 2.02	$ 0.71

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

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 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 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Summary of Significant Accounting Policies [Abstract]

Borrowings - Details 1 (Details) - USD ($)																						4 Months Ended	12 Months Ended
Borrowings - Details 1 (Details) - USD ($)	Feb. 28, 2026	Jan. 23, 2026	Nov. 06, 2025	Sep. 08, 2025	Feb. 28, 2025	Jun. 14, 2024	Jan. 03, 2024	Dec. 13, 2022	Nov. 10, 2022	Oct. 27, 2022	Sep. 08, 2022	Aug. 15, 2022	May 10, 2022	Apr. 27, 2022	Apr. 04, 2022	Jan. 19, 2022	Jul. 15, 2021	Mar. 10, 2021	Jan. 28, 2021	Dec. 29, 2020	Jul. 09, 2020	Feb. 28, 2026	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024	Mar. 27, 2025	Sep. 22, 2022	Aug. 14, 2019	Mar. 23, 2018
Borrowings [Line Items]
Employ leverage, percentage																							200.00%
Asset coverage ratio	168.40%				162.90%																	168.40%	168.40%	162.90%
Credit facility, percentage																							0.75%
Administrative agent fee																							$ 5,233,333	$ 4,708,333	$ 3,872,917
Outstanding borrowings																						$ 10,200,000
Realized loss on extinguishment of debt																							(824,010)	(800,452)	(110,056)
Amortization of deferred financing cost																							$ 400,000	500,000	500,000
Outstanding percentage rate	1.00%																					1.00%	1.00%
Line of credit facility minimum drawn amount	$ 85,000,000																					$ 85,000,000	$ 85,000,000
Securitized credit facility	70,000,000				$ 52,500,000																	70,000,000	70,000,000	52,500,000
Commitment amount, percentage			62.00%
Financing costs																							6,852,926	1,176,808	4,694,711
Net income taxes																							2,225,842	3,198,110	2,578,558
Borrowing amount	350,000,000																					350,000,000	350,000,000
Interest expense																							49,302,541	52,059,045	$ 49,179,899
SBA Debentures [Member]
Borrowings [Line Items]
Outstanding borrowings																							160,000,000	$ 170,000,000
Interest expense																							5,100,000
Amortization of deferred financing cost																							700,000
Additional long-term capital	$ 175,000,000																					$ 175,000,000	175,000,000
Outstanding amount							$ 350,000,000
Debentures outstanding amount																							$ 167,500,000
Weighted average interest rate																							3.06%	3.32%	3.08%
Debt instrument, interest rate, stated percentage	150.00%																					150.00%	150.00%
SBIC [Member]
Borrowings [Line Items]
Tangible net	$ 24,000,000																					$ 24,000,000	$ 24,000,000
Net income taxes																							8,000,000
7.75% 2025 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																							1,800,000
Financing costs		$ 800,000
Aggregate principal amount																					$ 5,000,000
Principal amount, percentage																					7.75%
Net proceeds amount																					$ 4,800,000
Deducting underwriting commissions amount																					200,000
Offering costs																					$ 100,000
Fixed interest, description																					Interest on the 7.75% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year.
Outstanding fair value					5,000,000																			$ 5,000,000
Interest expense																							$ 100,000	400,000
Debt instrument, interest rate, stated percentage	7.75%																					7.75%	7.75%
6.25% 2027 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																							$ 15,000,000	15,000,000	$ 15,000,000
Financing costs																				$ 500,000
Aggregate principal amount																			$ 10,000,000	5,000,000
Net proceeds amount																			9,700,000
Deducting underwriting commissions amount																			300,000
Offering costs																			$ 100,000	$ 100,000
Fixed interest, description																				Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year.
Outstanding fair value																									14,200,000
Amortization of deferred financing																							$ 70,000.00	70,000.00
Debt instrument, interest rate, stated percentage	6.25%																			6.25%		6.25%	6.25%
Par value, per share (in Dollars per share)	$ 25																					$ 25	$ 25
Interest expense																							$ 900,000	900,000
4.375% 2026 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																							0
Interest expense																							7,600,000	7,700,000
Aggregate principal amount																							175,000,000
Aggregate principal amount																	$ 125,000,000	$ 50,000,000
Net proceeds amount																	123,800,000	49,000,000
Deducting underwriting commissions amount																		$ 1,000,000
Offering costs																	$ 200,000
Fixed interest, description																		Interest on the 4.375% 2026 Notes was paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year.
Outstanding fair value	$ 163,400,000																					$ 163,400,000	$ 163,400,000
Debt instrument, interest rate, stated percentage	4.375%																					4.375%	4.375%
Offering costs incurred																		$ 300,000
Public offering price percentage																	101.00%
Underwriting discounts																	$ 2,500,000
Deferred financing costs																							$ 800,000	600,000
Amortization of premium on issuance																							300,000	300,000
4.35% 2027 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																							75,000,000	75,000,000
Interest expense																							3,300,000	3,300,000
Financing costs																$ 1,800,000
Aggregate principal amount	$ 75,000,000															$ 75,000,000						$ 75,000,000	$ 75,000,000
Principal amount, percentage																4.35%
Net proceeds amount																$ 73,000,000
Deducting underwriting commissions amount																1,500,000
Offering costs																$ 300,000
Fixed interest, description																Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year.
Outstanding fair value					70,300,000																			70,300,000
Debt instrument, interest rate, stated percentage	4.35%																					4.35%	4.35%
Public offering price percentage																99.317%
Deferred financing costs																							$ 300,000	300,000
Amortization of premium on issuance																								100,000
6.00% 2027 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																							105,500,000	105,500,000
Interest expense																							6,300,000	6,300,000
Financing costs														$ 3,300,000
Aggregate principal amount														87,500,000
Net proceeds amount												$ 7,800,000
Offering costs														100,000
Fixed interest, description												Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year.
Outstanding fair value	$ 104,400,000				104,100,000																	$ 104,400,000	$ 104,400,000	104,100,000
Debt instrument, interest rate, stated percentage	6.00%																					6.00%	6.00%
Offering costs incurred												$ 200,000
Public offering price percentage												97.80%
Deferred financing costs																							$ 700,000	700,000
Net proceeds													$ 9,700,000	84,800,000
Underwriting commissions													300,000	$ 2,700,000
Additional aggregate principal amount												$ 8,000,000	$ 10,000,000
Trading symbol per share (in Dollars per share)														$ 25									$ 25
Carrying amount					105,500,000																			105,500,000
7.00% 2025 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																							$ 6,300,000	12,000,000
Interest expense																							400,000
Amortization of deferred financing cost																							100,000	100,000
Financing costs											$ 40,000.00
Aggregate principal amount				$ 12,000,000
Aggregate principal amount											$ 12,000,000
Principal amount, percentage											7.00%
Net proceeds amount											$ 11,600,000
Fixed interest, description											Interest on the 7.00% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year.
Amortization of deferred financing																							$ 10,000.00	10,000.00
Debt instrument, interest rate, stated percentage	7.00%																					7.00%	7.00%
Interest expense																								800,000
Underwriting discounts											$ 400,000
Offering expenses											$ 50,000.00
8.00% 2027 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																							$ 46,000,000	46,000,000
Interest expense																							$ 3,700,000	3,700,000
Financing costs										$ 1,700,000
Aggregate principal amount										40,000,000
Net proceeds amount									$ 5,800,000	38,700,000
Deducting underwriting commissions amount									$ 200,000
Fixed interest, description									Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year
Outstanding fair value					46,500,000																			46,500,000
Debt instrument, interest rate, stated percentage	8.00%																					8.00%	8.00%
Offering costs incurred										200,000
Deferred financing costs																							$ 300,000	300,000
Additional aggregate principal amount									$ 6,000,000
Trading symbol per share (in Dollars per share)																							$ 25
Carrying amount					46,000,000																			46,000,000
Underwriting commissions										$ 1,300,000
8.125% 2027 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																							$ 60,400,000	60,400,000
Interest expense																							4,900,000	4,900,000
Aggregate principal amount								$ 52,500,000
Principal amount, percentage								8.125%
Net proceeds amount								$ 50,800,000
Deducting underwriting commissions amount								$ 1,600,000
Outstanding fair value	$ 60,700,000				61,000,000																	$ 60,700,000	$ 60,700,000	61,000,000
Debt instrument, interest rate, stated percentage	8.125%																					8.125%	8.125%
Deferred financing costs																							$ 400,000	400,000
Trading symbol per share (in Dollars per share)																							$ 25
Carrying amount	$ 60,400,000				60,400,000																	$ 60,400,000	$ 60,400,000	60,400,000
Debt instrument, description																							On December 21, 2022, the underwriters fully exercised their option to purchase an additional $7.875 million in aggregate principal amount of the 8.125% 2027 Notes for net proceeds to the Company of $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.As of February 28, 2026, the total amount of 8.125% 2027 Notes outstanding was $60.4 million. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $25.00 per note
Level 3 [Member] \| 7.75% 2025 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																							$ 0
Level 3 [Member] \| 4.35% 2027 Notes [Member]
Borrowings [Line Items]
Outstanding fair value	72,700,000																					72,700,000	72,700,000
Long-Term Debt [Member] \| SBA Debentures [Member]
Borrowings [Line Items]
Debentures outstanding amount																								213,800,000
Smaller Enterprise [Member]
Borrowings [Line Items]
Tangible net	6,000,000																					6,000,000	6,000,000
Net income taxes																							2,000,000
Borrowings [Member] \| 6.25% 2027 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount																				$ 10,000,000
Offering costs																				$ 100,000
Outstanding amount	15,000,000																					15,000,000	15,000,000
Borrowings [Member] \| 4.375% 2026 Notes [Member]
Borrowings [Line Items]
Principal amount, percentage																		4.375%
Unsecured Debt [Member] \| 7.75% 2025 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																								5,000,000
Amortization of deferred financing																							20,000.00	50,000.00
Unsecured Debt [Member] \| 4.375% 2026 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings	175,000,000																						174,500,000
Outstanding fair value	0																					$ 0	0
Unsecured Debt [Member] \| 4.35% 2027 Notes [Member]
Borrowings [Line Items]
Amortization of premium on issuance																							100,000
Unsecured Debt [Member] \| 7.00% 2025 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																							$ 0
Outstanding fair value					11,900,000																			11,900,000
Encina Credit Facility [Member]
Borrowings [Line Items]
Credit facility, percentage															50.00%
Credit facility balance, description																							increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; (ii) changed 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; (iii) increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; (iv) extended the revolving period from October 4, 2024 to January 27, 2026; (v) extended 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; (vi) revised the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and (vii) amended the provisions permitting the borrower to request an extension in the Commitment Termination Date (as defined in the Encina Credit Agreement) to allow requests to extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date, subject to a notice requirement.
Administrative agent fee																							$ 100,000
Line of credit facility, borrowing capacity, description																							Availability on the Encina Credit Facility was subject to a borrowing base calculation, based on, among other things, applicable advance rates (which varied 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 could be borrowed at the greater of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%.
Outstanding borrowings	$ 0				$ 32,500,000																		$ 22,300,000	33,100,000	37,900,000
Realized loss on extinguishment of debt																							100,000
Interest expense																							2,200,000	$ 1,900,000	$ 3,900,000
Credit agreement unused commitment, percentage																								3.40%
Amortization of deferred financing cost																							$ 400,000	$ 300,000
Outstanding percentage rate	8.80%				9.50%																	8.80%	8.80%	9.50%	9.70%
Oak Credit Facility [Member]
Borrowings [Line Items]
Line of credit facility maximum borrowing capacity	$ 50,000,000																					$ 50,000,000	$ 50,000,000
Live Oak Credit Facility [Member]
Borrowings [Line Items]
Outstanding borrowings	37,500,000																						36,200,000	$ 18,000,000
Interest expense																							$ 3,300,000	7,100,000	$ 6,200,000
Credit agreement unused commitment, percentage																							0.50%
Amortization of deferred financing cost																								900,000	$ 1,000,000
Outstanding percentage rate																										50.00%
Line of credit facility maximum borrowing capacity																										$ 25,000,000
Commitment amount																							$ 50,000,000
Customary fee																							150,000,000
Line of credit facility minimum drawn amount	99,200,000																					99,200,000	99,200,000			$ 12,500,000
Percentage of lender						100.00%
Live Oak Credit Facility Cap [Member]
Borrowings [Line Items]
Line of credit facility minimum drawn amount	$ 75,000,000																					75,000,000	75,000,000
Valley Credit Facility [Member]
Borrowings [Line Items]
Credit facility			$ 25,000,000
Credit facility, percentage			38.00%
Administrative agent fee																							35,000
Outstanding borrowings																							$ 32,500,000
Interest expense																						800,000
Amortization of deferred financing cost																						$ 30,000.00
Outstanding percentage rate	6.80%																					6.80%	6.80%
Line of credit facility minimum drawn amount	$ 77,100,000																					$ 77,100,000	$ 77,100,000
Floating rate per annum percentage			0.75%																				2.85%
Securitized credit facility			$ 85,000,000
Other percentage			0.50%
Financing costs																							$ 1,400,000
6.25% 2027 Notes [Member]
Borrowings [Line Items]
Outstanding fair value	14,800,000																					14,800,000	14,800,000
4.375% 2026 Notes [Member]
Borrowings [Line Items]
Outstanding borrowings																								$ 175,000,000
6.00% 2027 Notes [Member]
Borrowings [Line Items]
Carrying amount	$ 105,500,000																					$ 105,500,000	105,500,000
SBIC II LP [Member]
Borrowings [Line Items]
Debentures outstanding amount																							84,000,000
SBIC III LP [Member]
Borrowings [Line Items]
Debentures outstanding amount																							$ 76,000,000
1940 Act [Member]
Borrowings [Line Items]
Employ leverage, percentage																							150.00%
SBIC [Member]
Borrowings [Line Items]
Additional long-term capital																											$ 175,000,000	$ 175,000,000
Investment percentage	25.00%																					25.00%	25.00%
SBIC II LP [Member]
Borrowings [Line Items]
Realized loss on extinguishment of debt																							$ 700,000
Financing costs																							6,000,000
Aggregate total of equity capital amount	$ 87,500,000																					$ 87,500,000	87,500,000
SBIC II LP [Member] \| SBA Debentures [Member]
Borrowings [Line Items]
Aggregate principal amount																							10,000,000
SBIC III LP [Member]
Borrowings [Line Items]
Financing costs																							1,200,000
Aggregate total of equity capital amount	87,500,000																					87,500,000	87,500,000
SBIC LP [Member]
Borrowings [Line Items]
Financing costs																							5,000,000
Minimum [Member]
Borrowings [Line Items]
Asset coverage ratio																													150.00%
Credit facility															$ 12,500,000
Minimum [Member] \| 8.00% 2027 Notes [Member]
Borrowings [Line Items]
Outstanding fair value	$ 46,000,000																					$ 46,000,000	$ 46,000,000
Minimum [Member] \| Live Oak Credit Facility [Member]
Borrowings [Line Items]
Outstanding percentage rate					9.10%																			9.10%
Line of credit facility minimum drawn amount						$ 50,000,000
Floating rate per annum percentage																							3.50%
Maximum [Member]
Borrowings [Line Items]
Credit facility															$ 25,000,000
Maximum [Member] \| SBA Debentures [Member]
Borrowings [Line Items]
Debentures outstanding amount																							$ 160,000,000
Maximum [Member] \| 6.00% 2027 Notes [Member]
Borrowings [Line Items]
Outstanding fair value					$ 46,400,000																			$ 46,400,000
Maximum [Member] \| Live Oak Credit Facility [Member]
Borrowings [Line Items]
Outstanding percentage rate	8.20%																					8.20%	8.20%
Line of credit facility minimum drawn amount						$ 75,000,000
Floating rate per annum percentage																							4.25%

Summary of Significant Accounting Policies

12 Months Ended

Feb. 28, 2026

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), are stated in U.S. Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries, SIF II, SIF III, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP, Inc., SIA-SIQ, 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, SIF II, SIF III, 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, SIF II, SIF III, SBIC II LP, or SBIC III LP’s status as investment companies in accordance with ASC 946 during the year ended February 28, 2026.

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 (“ASC 810”), concludes that in a joint venture where both members have equal decision-making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate its investment in SLF JV.

Use of Estimates in the Preparation of Financial Statements

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains (losses) and expenses during the period reported. Actual results could differ materially from those estimates.

Operating Segment

In accordance with ASC Topic 280, Segment Reporting, the Company operates through two separate operating segments, with one primary core business segment and one non-core segment, assessed as immaterial by management, resulting in only one reportable segment. The Company’s primary core segment 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 reportable segment. The Company’s management and independent Board of Directors are the Chief Operating Decision Makers (“CODM”). The Company and the CODM evaluate and monitor performance of the business on an aggregated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, loan and compliance administration in addition to administrative functions of human resources, legal, finance and information technology. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statement of operations.

The CODM uses our consolidated net investment income and net increase (decrease) in net assets resulting from operations as reported in the Consolidated Statements of Operations to assess the Company’s performance and when allocating resources. Net investment income is comprised of total investment income (’segment revenues’), and total expenses (‘total segment expenses’) and operating expenses (“segment operating expenses”), which are considered the key segment measures of profit or loss received by the CODM. The expense categories included in the Company’s consolidated statement of operations are fully reflective of the significant expense categories and amounts that are regularly provided to the CODM. For the years ended 2026, 2025 and 2024, operating expenses totaled $12.6 million, $12.2 million and $10.4 million, respectively.

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 February 28, 2026, the Company did not exceed any of these limitations.

Cash and Cash Equivalents, Reserve Accounts

Cash and cash equivalents, reserve accounts include amounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits, representing payments received on secured investments or other reserved amounts associated with the credit facilities 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 credit facilities, after which these amounts are available for general corporate purposes.

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.

	February 28, 2026		February 28, 2025		February 29, 2024
Cash and cash equivalents	$	1,680,070	$	148,218,491	$	8,692,846
Cash and cash equivalents, reserve accounts		20,105,683		56,505,433		31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	21,785,753	$	204,723,924	$	40,507,124

Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “control investments” are defined as investments in companies in which the Company owns more than 25.0% of the voting securities or maintains greater than 50.0% of the board representation. Under the 1940 Act, “affiliated investments” are defined as those non-control investments in companies in which the Company owns between 5.0% and 25.0% of the voting securities. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither control investments nor affiliated investments.

Investment Valuation

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

Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject to any decision by the Company’s board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. The Company values investments for which market quotations are not readily available at fair value as approved, in good faith, by the Company’s board of directors based on input from the Manager, the audit committee of the board of directors and a third-party independent valuation firm.

The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:

●

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-R 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, the black-scholes model, 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-R 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-R 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.

The Company’s investments in CLO BB and CLO BBB debt have been valued using recent actual market trades or an independent pricing service. The valuation methodology of the independent pricing service includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two sided markets, as well as transaction activity from comparable securities to those being valued. As the independent pricing service contemplates real-time market data and no unobservable inputs or significant judgment has been used by Saratoga Investment Advisors in the valuation of the Company’s investments in CLO BB and CLO BBB debt, such positions are considered level II assets.

Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Company’s NAV could be materially affected if the determinations regarding the fair value of its investments were materially higher or lower than the values that the Company ultimately realizes upon the disposal of such investments.

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

Derivative Financial Instruments

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

Investment Transactions and Income Recognition

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

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At February 28, 2026 our investment in one portfolio company and the Class F-2-R-3 Notes of the Saratoga CLO were on non-accrual status with a fair value of approximately $2.0 million, or 0.2% of the fair value of our portfolio. At February 28, 2025, our investment in one portfolio company was on non-accrual status with a fair value of approximately $2.6 million, or 0.3% of the fair value of our portfolio.

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

Payment-in-Kind Interest

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

Dividend Income

Dividend income is recorded in the consolidated statements of operations when earned.

Structuring and Advisory Fee Income

Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments.

Other Income

Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned.

Deferred Debt Financing Costs

Financing costs incurred in connection with our credit facilities and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt securities. Financing costs incurred in connection with the SBA debentures of SBIC II LP and SBIC III LP are deferred and amortized using the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized using the effective interest method over the life of the respective debt security.

The Company presents deferred debt financing costs on the balance sheet as a contra-liability, which is a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.

Realized Loss on Extinguishment of Debt

Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying debt obligation).

Contingencies

In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management reasonably believes that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications.

In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company.

Income Taxes

The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code. By meeting these requirements, the Company generally will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders. Therefore, no provision has been recorded for federal income taxes, except as related to the Corporate Blockers (as defined below) and long-term capital gains, when applicable.

In order to qualify as a RIC, among other requirements, the Company generally is required to timely distribute to its stockholders at least 90% of its “investment company taxable income”, as defined by the Code, for each fiscal tax year. The Company will be subject to U.S. federal income tax imposed at corporate rates on its investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject to a non-deductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least (1) 98% of its net ordinary income in any calendar year, (2) 98.2% of its capital gain net income for each one-year period ending on October 31and (3) certain undistributed amounts from previous years on which we 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 28, 2026, February 28, 2025 and February 29, 2024, the excise tax accrual on estimated excess taxable income was $1.7 million, $2.4 million and $1.8 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, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate 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 taxable income until distributed by the Corporate Blocker, which may result in timing and character differences between the Company’s income for U.S. GAAP purposes and the Company’s income for U.S. federal income tax purposes. 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 28, 2026, February 28, 2025 and 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 2022, 2023, 2024 and 2025 federal tax years for the Company remain subject to examination by the IRS. At February 28, 2026, and February 28, 2025, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months.

Dividends

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

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

Capital Gains Incentive Fee

The Company records an expense accrual on the consolidated statements of operations relating to the capital gains incentive fee payable to the Manager, as recorded on the consolidated statements of assets and liabilities when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments, as a capital gains incentive fee would be owed to the Manager if the Company were to liquidate its investment portfolio at such time.

The actual incentive fee payable to the Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and only reflect those realized capital gains net of realized and unrealized losses for the period.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires additional disaggregated information on income taxes paid. This amended guidance is effective for annual reporting periods beginning after December 15, 2024. We have adopted ASU 2023-09 effective as of February 28, 2026, and concluded that the application of this guidance did not have a material impact on our consolidated financial statements. See Note 6 in Item 8, Financial Statements and Supplementary Data, for further information.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity’s expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.

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.

Borrowings (Tables)

12 Months Ended

Feb. 28, 2026

Borrowings [Abstract]

Schedule of Credit Facility

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 Valley National Bank
Fiscal year 2026 (as of February 28, 2026)	$	32,500	$	1,684		-		N/A
Credit Facility with Encina Lender Finance, LLC(21)
Fiscal year 2026 (as of February 28, 2026)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	32,500	$	1,629		-		N/A
Fiscal year 2024 (as of February 29, 2024)	$	3,500	$	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 2026 (as of February 28, 2026)	$	37,500	$	1,684		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	20,000	$	1,629		-		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
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)
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 2026 (as of February 28, 2026)(18)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	20,000	$	1,629		-	$	25.00	(12)
Fiscal year 2024 (as of February 29, 2024)	$	20,000	$	1,610		-	$	25.00	(12)

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)
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(20)
Fiscal year 2026 (as of February 28, 2026)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	12,000	$	1,629		-	$	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)
7.75% Notes due 2025(19)
Fiscal year 2025 (as of February 28, 2025)	$	-	$	-		-		N/A
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(22)
Fiscal year 2026 (as of February 28, 2026)	$	-	$	-		-		N/A
Fiscal year 2025 (as of February 28, 2025)	$	175,000	$	1,629		-	$	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)

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)
4.35% Notes due 2027
Fiscal year 2026 (as of February 28, 2026)	$	75,000	$	1,684		-	$	25.00	(12)
Fiscal year 2025 (as of February 28, 2025)	$	75,000	$	1,629		-	$	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 2026 (as of February 28, 2026)	$	105,500	$	1,684		-	$	24.74	(15)
Fiscal year 2025 (as of February 28, 2025)	$	105,500	$	1,629		-	$	24.36	(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 2026 (as of February 28, 2026)	$	15,000	$	1,684		-	$	25.00	(12)
Fiscal year 2025 (as of February 28, 2025)	$	15,000	$	1,629		-	$	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)
8.00% Notes due 2027
Fiscal year 2026 (as of February 28, 2026)	$	46,000	$	1,684		-	$	25.47	(15)
Fiscal year 2025 (as of February 28, 2025)	$	46,000	$	1,629		-	$	25.21	(15)
Fiscal year 2024 (as of February 29, 2024)	$	46,000	$	1,610		-	$	25.00	(15)
8.125% Notes due 2027
Fiscal year 2026 (as of February 28, 2026)	$	60,375	$	1,684		-	$	25.37	(15)
Fiscal year 2025 (as of February 28, 2025)	$	60,375	$	1,629		-	$	25.27	(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 2026 (as of February 28, 2026)	$	57,500	$	1,684		-	$	25.39	(17)
Fiscal year 2025 (as of February 28, 2025)	$	57,500	$	1,629		-	$	25.47	(17)
Fiscal year 2024 (as of February 29, 2024)	$	57,500	$	1,610		-	$	25.17	(17)
7.25% Notes due 2030
Fiscal year 2026 (as of February 28, 2026)	$	50,000	$	1,684		-		N/A	(12)
7.50% Notes due 2031
Fiscal year 2026 (as of February 28, 2026)	$	100,000	$	1,684		-	$	25.29	(15)

(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.

(18)	On March 31, 2025, we repaid $20.0 million in aggregate principal amount of the issued and outstanding 8.75% 2025 Notes.

(19)	On July 9, 2025, we repaid $5.0 million in aggregate principal amount of the issued and outstanding 7.75% 2025 Notes.

(20)	On September 8, 2025, we repaid $12.0 million in aggregate principal amount of the issued and outstanding 7.00% 2025 Notes.

(21)	On November 6, 2025, the Company repaid all remaining amounts outstanding under the Encina Credit Facility and the credit agreement relating to the Encina Credit Facility was terminated.

(22)	On February 28, 2026, we repaid $175.0 million in aggregate principal amount of the issued and outstanding 4.375% 2026 Notes.

Income Taxes

12 Months Ended

Feb. 28, 2026

Income Taxes [Abstract]

Income Taxes

Note 6. Income Taxes

The Company has elected and intends to operate so as to qualify annually to be taxed as a RIC under subchapter M of the Code and, as such, will not be subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to stockholders.

The Company owns 100% of Saratoga CLO, an exempted company incorporated in the Cayman Islands. For financial reporting purposes, the Saratoga CLO is not included as part of the consolidated financial statements. For U.S. federal income tax purposes, the Company has requested and received approval from the IRS to treat the Saratoga CLO as a disregarded entity. As such, for U.S. federal income tax purposes and for purposes of meeting the RIC qualification and diversification tests, the results of operations of the Saratoga CLO are included with those of the Company to qualify as a RIC. Generally, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90% of its investment company taxable income, as defined by the Code. Because U.S. federal income tax regulations differ from U.S. GAAP, distributions as required in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between these distributions and U.S. GAAP financial results may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. As of February 28, 2026 and February 28, 2025, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to nondeductible U.S. federal excise and capital gains tax and income from wholly owned investments (dollars in thousands):

	February 28, 2026			February 28, 2025
Capital in excess of par value	$	378		$	1,654
Total distributable earnings (loss)		(378	)		(1,654	)

For U.S federal income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid for the years ended February 28, 2026, February 28, 2025 and February 29, 2024 was as follows (dollars in thousands):

	February 28, 2026		February 28, 2025		February 29, 2024
Ordinary income	$	59,026	$	45,825	$	35,636
Capital gains		-		-		-
Total	$	59,026	$	45,825	$	35,636

For U.S. federal income tax purposes, as of February 28, 2026, the aggregate net unrealized depreciation for all securities was $0.4 million. The aggregate cost of securities for U.S. federal income tax purposes was $1.5 billion.

For U.S. federal income tax purposes, as of February 28, 2025, the aggregate net unrealized depreciation for all securities was $4.0 million. The aggregate cost of securities for U.S. federal income tax purposes was $1.5 billion.

As of February 28, 2026 and February 28, 2025, the components of accumulated losses on a tax basis as detailed below differ from the amounts reflected per the Company’s consolidated statements of assets and liabilities by temporary book/tax differences primarily arising from the consolidation of the Saratoga CLO for U.S federal tax purposes, market discount and original issue discount income, interest income accrual on defaulted bonds, write-off of investments, and amortization of organizational expenditures and partnership interests (dollars in thousands).

	February 28, 2026			February 28, 2025
Post October loss deferred	$	-		$	-
Accumulated capital losses		(85,734	)		(73,441	)
Other temporary differences		6,581			6,443
Undistributed Long Term Gain		-			-
Undistributed ordinary income		24,570			49,771
Unrealized appreciation (depreciation)		(483	)		(4,048	)
Total components of accumulated losses	$	(55,066	)	$	(21,275	)

At February 28, 2026, the Company had a short-term capital loss of $0.8 million and a long-term capital loss of $83.5 million, available to offset future capital gains. At February 28, 2026, the company did not utilize any short-term capital losses or long-term capital losses. Post RIC-modernization act losses are deemed to arise on the first day of the Company’s following fiscal year and there is no expiration for these losses. As of February 28, 2025, the Company had net long-term capital losses of $73.4 million.

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions into the next tax year and pay a 4.0% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the calendar years ended December 31, 2025 and December 31, 2024, the Company did not distribute at least 98% of its ordinary income and 98.2% of its capital gains and accrued $1.7 million and $2.4 million in U.S. federal excise taxes on undistributed taxable income for the years ended February 28, 2026 and February 28, 2025, respectively.

Management has analyzed the Company’s tax positions taken on U.S. federal income tax returns for all open years (fiscal years 2022- 2025) and has concluded that no provision for uncertain income tax positions is required in the Company’s consolidated financial statements.

SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SIQ, 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.

The Company’s V Rental Holdings LLC Class A-1 membership units were sold during the year ended February 28, 2022. The entity which held this investment, SIA-VR, Inc. will remain in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

The Company’s Texas Teachers of Tomorrow, LLC common stock was sold during the year ended February 28, 2022. The entity which held this investment, SIA-TT, Inc. will remain in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

The Company’s GreyHeller LLC Series A preferred units was sold during the year ended February 28, 2022. The entity which held this investment, SIA-TT, Inc. will remain in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be 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 allowances, as of February 28, 2026 and February 28, 2025, were as follows:

	February 28, 2026			February 28, 2025
Total deferred tax assets	$	2,595,077		$	1,786,943
Total deferred tax liabilities		(4,849,432	)		(4,968,693	)
Valuation allowance on net deferred tax assets		(2,325,167	)		(1,707,579	)
Net deferred tax liability	$	(4,579,522	)	$	(4,889,329	)

As of February 28, 2026, the valuation allowance on deferred tax assets was $2.3 million, which represents the federal and state tax effect of net operating losses and unrealized losses that we do not believe we will realize through future taxable income. Any adjustments to the Company’s valuation allowance will depend on estimates of future taxable income and will be made in the period such determination is made.

Net deferred tax expense (benefit) for the year ended February 28, 2026 includes $(0.1) million net change in unrealized appreciation (depreciation) on investments and $(0.08) million net change in total operating expense (benefit), in the consolidated statement of operations, respectively.

Net deferred tax expense (benefit) for the year ended February 28, 2025 includes $1.1 million net change in unrealized appreciation (depreciation) on investments and $0.4 million net change in total operating expense (benefit), in the consolidated statement of operations, respectively.

Net deferred tax expense (benefit) for the year ended February 29, 2024 includes $0.9 million net change in unrealized appreciation (depreciation) on investments and $0.04 million net change in total operating expense (benefit), 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 (benefits) on investments are as follows:

	February 28, 2026			February 28, 2025		February 29, 2024
Current
Federal	$	-		$	-	$	-
State		-			-		-
Net current expense		-			-		-
Deferred
Federal		(215,033	)		968,246		990,920
State		(95,481	)		129,934		(16,343	)
Net deferred expense		(310,514	)		1,098,180		974,577
Net tax provision	$	(310,514	)	$	1,098,180	$	974,577

The Company has remaining federal net operating loss carryforwards of $2.4 million with an indefinite life. In addition, the Company has state net operating loss carryforwards of $2.2 million, which begin to expire in fiscal year 2029.

Income tax expense was computed by applying the U.S. federal statutory rate of 21% combined with the weighted average state tax rate applicable to each Corporate Blocker based on the states they operate in.

The Company has elected to be treated for U.S. federal income tax purposes as a RIC and intends to qualify annually to eliminate corporate-level U.S. federal income tax, other than the 4% excise tax, by distributing at least 90% of its investment company taxable income. As a result, the Company maintains an effective tax rate of 0% before the impact of excise taxes and income taxes incurred by its Corporate Blockers, which are subject to U.S. federal and state corporate-level income taxes. As such, a reconciliation of the differences between the Company’s reported income tax expense and the federal statutory rate of 21% is not meaningful.

The following table is a reconciliation of the federal and state income taxes paid, net of refunds received, for the years ended February 28, 2026, 2025, and 2024.

	February 28, 2026		February 28, 2025		February 29, 2024
Federal and excise (1)	$	2,179,264		3,163,190		2,567,093
State		46,578		34,920		11,465
Total taxes paid	$	2,225,842		3,198,110		2,578,558

(1)

As of February 28, 2026, February 28, 2025 and February 2024, includes the U.S. federal excise tax payment of $1.7 million, $2.4 million and $1.8 million, respectively.

No individual jurisdiction accounted for a significant amount of our state income taxes paid for the years ended February 28, 2026, 2025 and 2024.

The following table is a reconciliation of the federal and state income taxes expense (benefit), for the years ended February 28, 2026, 2025, and 2024.

	February 28, 2026			February 28, 2025		February 29, 2024
Federal	$	(149,069	)		356,482		52,680
State		10,901			55,550		(9,754	)
Total tax expense (benefit)	$	(138,168	)		412,032		42,926

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Dividend - Schedule of Payment Date (Details) - $ / shares

1 Months Ended

12 Months Ended

Feb. 28, 2021

Feb. 28, 2027

Feb. 28, 2026

Feb. 28, 2025

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

Feb. 29, 2020

Feb. 28, 2019

Feb. 28, 2018

Feb. 28, 2017

Feb. 29, 2016

Feb. 28, 2015

Feb. 28, 2014

Feb. 28, 2013

Feb. 29, 2012

Feb. 28, 2011

Feb. 28, 2010

$ 1.23

$ 3.74

$ 3.3

$ 2.82

$ 2.28

$ 1.92

$ 2.21

$ 2.06

$ 1.9

$ 1.93

$ 2.36

$ 0.4

$ 2.65

$ 4.25

$ 3

$ 4.4

$ 18.25

Forecast [Member]

April 23, 2026 [Member] | Forecast [Member]

$ 0.5

March 19, 2026 [Member] | Forecast [Member]

^[1]

0.25

February 23, 2026 [Member]

^[2]

$ 0.25

January 26, 2026 [Member]

^[3]

0.25

December 18, 2025 [Member]

^[4]

0.25

November 20, 2025 [Member]

^[5]

0.5

October 23, 2025 [Member]

^[6]

0.25

September 24, 2025 [Member]

^[7]

0.25

^[8]

0.25

August 21, 2025 [Member]

^[9]

0.25

July 24, 2025 [Member]

^[10]

0.25

June 24, 2025 [Mmeber]

^[11]

0.25

May 22, 2025 [Member]

^[12]

0.25

April 24, 2025 [Member]

^[13]

0.25

March 25, 2025 [Member]

December 19, 2024 [Member]

^[14]

$ 0.74

September 26, 2024 [Member]

^[15]

1.09

^[16]

0.74

June 27, 2024 [Member]

^[16]

0.74

March 28, 2024 [Member]

December 28, 2023 [Member]

^[17]

$ 0.73

September 28, 2023 [Member]

^[18]

0.72

^[19]

0.71

June 29, 2023 [Member]

^[20]

0.7

March 30, 2023 [Member]

^[21]

$ 0.69

January 4, 2023 [Member]

September 29, 2022 [Member]

^[22]

0.68

^[23]

0.54

June 29, 2022 [Member]

^[24]

0.53

March 28, 2022 [Member]

January 19, 2022 [Member]

^[25]

$ 0.53

September 28, 2021 [Member]

^[26]

0.53

^[27]

0.52

June 29, 2021 [Member]

^[28]

0.44

April 22, 2021 [Member]

February 10, 2021 [Member]

^[29]

$ 0.43

November 10, 2020 [Member]

^[30]

0.42

^[31]

0.41

August 12, 2020 [Member]

February 6, 2020 [Member]

^[32]

$ 0.4

September 26, 2019 [Member]

^[33]

0.56

^[34]

0.56

June 27, 2019 [Member]

^[35]

0.55

March 28, 2019 [Member]

^[36]

$ 0.54

January 2, 2019 [Member]

September 27, 2018 [Member]

^[37]

0.53

^[38]

0.52

June 27, 2018 [Member]

^[39]

0.51

March 26, 2018 [Member]

December 27, 2017 [Member]

^[40]

$ 0.5

September 26, 2017 [Member]

^[41]

0.49

^[42]

0.48

June 27, 2017 [Member]

^[43]

0.47

March 28, 2017 [Member]

February 9, 2017 [Member]

^[44]

$ 0.46

November 9, 2016 [Member]

^[45]

0.45

September 5, 2016 [Member]

^[46]

0.44

^[47]

0.2

August 9, 2016 [Member]

^[48]

0.43

April 27, 2016 [Member]

February 29, 2016 [Member]

^[49]

$ 0.41

November 30, 2015 [Member]

^[50]

0.4

^[51]

0.36

August 31, 2015 [Member]

^[52]

0.33

June 5, 2015 [Member]

^[53]

May 29, 2015 [Member]

February 27, 2015 [Member]

^[54]

$ 0.27

November 28, 2014 [Member]

^[55]

0.22

December 27, 2013 [Member]

^[56]

$ 0.18

December 31, 2012 [Member]

^[57]

$ 2.65

December 30, 2011 [Member]

^[58]

$ 4.25

December 29, 2010 [Member]

^[59]

$ 3

December 31, 2009 [Member]

^[60]

$ 4.4

Agreements and Related Party Transactions [Line Items]

^[61]

$ 18.25

[1]	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 22,784 newly issued shares of common stock, or 12.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.71 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 10, 13, 14, 15, 16, 17, 20, 21, 22, and 23, 2026.
[2]	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,766 newly issued shares of common stock, or 11.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.45 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2026.
[3]	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,049 newly issued shares of common stock, or 10.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.07 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on February 9, 10, 11, 12, 13, 17, 18, 19, 20, and 23, 2026.
[4]	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,092 newly issued shares of common stock, or 11.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.12 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 8, 9, 12, 13, 14, 15, 16, 20, 21, and 22, 2026.
[5]	Based on shareholder elections, the dividend consisted of approximately $7.2 million in cash and 41,155 newly issued shares of common stock, or 11.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 5, 8, 9, 10, 11, 12, 15, 16, 17, and 18, 2025.
[6]	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,552 newly issued shares of common stock, or 10.7% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.99 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on November 7, 10, 11, 12, 13, 14, 17, 18, 19, and 20, 2025.
[7]	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,898 newly issued shares of common stock, or 10.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.97 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 10, 13, 14, 15, 16, 17, 20, 21, 22, and 23, 2025.
[8]	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 17,673 newly issued shares of common stock, or 10.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.32 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 11, 12, 15, 16, 17, 18, 19, 22, 23 and 24, 2025.
[9]	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 17,320 newly issued shares of common stock, or 10.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on August 8, 11, 12, 13, 14, 15, 18, 19, 20 and 21, 2025.
[10]	Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 17,443 newly issued shares of common stock, or 10.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.86 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on July 11, 14, 15, 16, 17, 18, 21, 22, 23 and 24, 2025.
[11]	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 19,750 newly issued shares of common stock, or 11.7% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.09 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 10, 11, 12, 13, 16, 17, 18, 20, 23, and 24, 2025.
[12]	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 20,784 newly issued shares of common stock, or 12.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.02 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on May 9, 12, 13, 14, 15, 16, 19, 20, 21, and 22, 2025.
[13]	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 20,086 newly issued shares of common stock, or 11.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.02 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 10, 11, 14, 15, 16, 17, 21, 22, 23, and 24, 2025.
[14]	Based on shareholder elections, the dividend consisted of approximately $9.9 million in cash and 60,611 newly issued shares of common stock, or 12.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.96 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 12, 13, 14, 17, 18, 19, 20, 21, 24, and 25, 2025.
[15]	Based on shareholder elections, the dividend consisted of approximately $13.7 million in cash and 81,471 newly issued shares of common stock, or 11.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.80 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2024.
[16]	Based on shareholder elections, the dividend consisted of approximately $9.1 million in cash and 46,803 newly issued shares of common stock, or 10.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.76 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 13, 14, 17, 18, 20, 21, 24, 25, 26, and 27, 2024.
[17]	Based on shareholder elections, the dividend consisted of approximately $9.0 million in cash and 45,490 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2024.
[18]	Based on shareholder elections, the dividend consisted of approximately $8.9 million in cash and 37,394 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.47 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 14, 15, 18, 19, 20, 21, 22, 26, 27, and 28, 2023.
[19]	Based on shareholder elections, the dividend consisted of approximately $8.4 million in cash and 35,196 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.41 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2023.
[20]	Based on shareholder elections, the dividend consisted of approximately $7.6 million in cash and 29,627 newly issued shares of common stock, or 0.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.29 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 20, 21, 22, 23, 26, 27, 28, and 29, 2023.
[21]	Based on shareholder elections, the dividend consisted of approximately $7.1 million in cash and 45,818 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 17, 20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023.
[22]	Based on shareholder elections, the dividend consisted of approximately $6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.26 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023.
[23]	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 52,312 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.00 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022.
[24]	Based on shareholder elections, the dividend consisted of approximately $5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.40 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022.
[25]	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.89 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022.
[26]	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022.
[27]	Based on shareholder elections, the dividend consisted of approximately $4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.77 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021.
[28]	Based on shareholder elections, the dividend consisted of approximately $4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.03 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021.
[29]	Based on shareholder elections, the dividend consisted of approximately $3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.69 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021.
[30]	Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.75 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021.
[31]	Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.63 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020.
[32]	Based on shareholder elections, the dividend consisted of approximately $3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.45 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020.
[33]	Based on shareholder elections, the dividend consisted of approximately $5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.44 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020.
[34]	Based on shareholder elections, the dividend consisted of approximately $4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.34 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019.
[35]	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.65 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019.
[36]	Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.36 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019.
[37]	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $18.88 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019.
[38]	Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.35 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018.
[39]	Based on shareholder elections, the dividend consisted of approximately $2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.72 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018.
[40]	Based on shareholder elections, the dividend consisted of approximately $2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $19.91 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018.
[41]	Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017.
[42]	Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017.
[43]	Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.
[44]	Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.
[45]	Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017.
[46]	Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016.
[47]	Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016.
[48]	Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016.
[49]	Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016.
[50]	Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016.
[51]	Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015.
[52]	Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015.
[53]	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015.
[54]	Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015.
[55]	Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015.
[56]	Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014.
[57]	Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013.
[58]	Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012.
[59]	Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011.
[60]	Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010.
[61]	Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009.

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Feb. 28, 2026	Feb. 28, 2025
Schedule of Deferred Tax Assets and Liabilities [Abstract]
Total deferred tax assets	$ 2,595,077	$ 1,786,943
Total deferred tax liabilities	(4,849,432)	(4,968,693)
Valuation allowance on net deferred tax assets	(2,325,167)	(1,707,579)
Net deferred tax liability	$ (4,579,522)	$ (4,889,329)

Agreements and Related Party Transactions (Details) - USD ($)
$ / shares in Millions

1 Months Ended

12 Months Ended

Sep. 24, 2025

Aug. 01, 2025

Jun. 10, 2024

Feb. 01, 2021

Dec. 31, 2018

Jul. 30, 2010

Feb. 26, 2021

Feb. 28, 2026

Feb. 28, 2025

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

Oct. 28, 2022

Oct. 26, 2022

Aug. 11, 2021

Dec. 14, 2018

Management agreement

2 years

Management fee, description

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

^[1]

2.30%

3.53%

2.26%

1.47%

3.58%

Percentage of incentive fee capital gains

20.00%

$ 17,769,904

$ 18,382,404

$ 19,212,337

Administrator expenses

5,200,000

4,700,000

3,900,000

$ 1,600,000

$ 500,000,000

Transaction cost paid

$ 500,000

Issuer issued

$ 422,500,000

Recognized interest income

1,109,133,812

978,077,750

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

106,898,012

131,021,941

127,785,225

Voting interest percentage

200,000

50.00%

Dividend income

4,547,999

4,561,831

6,532,962

Managers Capital Gains [Member]

Agreements and Related Party Transactions [Line Items]

Gain (Loss) on Investments [Member]

17,800,000

18,400,000

19,200,000

Agreements and Related Party Transactions [Line Items]

Management Agreement [Member]

$ 1,000,000

5,900,000

8,300,000

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

$ 600,000

300,000

Warehouse [Member]

Agreements and Related Party Transactions [Line Items]

Repaid loan

$ 25,000,000

Membership Interest [Member] | Fair Value [Member]

Agreements and Related Party Transactions [Line Items]

Investment fair value

19,600,000

Agreements and Related Party Transactions [Line Items]

$ 41,000,000

$ 1,200,000

Management fee

2.6

3,100,000

3,300,000

Newly issued subordinated notes

$ 300,000,000

Transaction cost paid

2,600,000

Outstanding receivable amount

2,600,000

Saratoga CLO [Member] | Subordinated Notes [Member]

200,000

Agreements and Related Party Transactions [Line Items]

Saratoga CLO [Member] | Class F-2-R-3 [Member]

Agreements and Related Party Transactions [Line Items]

Recognized interest income

2,300,000

1,200,000

1,500,000

Class F-R-2 Notes Tranche [Member]

Agreements and Related Party Transactions [Line Items]

Class G-R-2 Notes Tranche [Member]

2,500,000

Agreements and Related Party Transactions [Line Items]

Corporate Joint Venture [Member] | Fair Value [Member]

7,500,000

Agreements and Related Party Transactions [Line Items]

Investment fair value

17,700,000

Pre-Incentive Fee [Member]

Agreements and Related Party Transactions [Line Items]

Class F-R-3 Notes Tranche [Member]

9,200,000

13,200,000

8,000,000

Agreements and Related Party Transactions [Line Items]

Class F-R- Notes [Member]

17,900,000

Agreements and Related Party Transactions [Line Items]

Agreements and Related Party Transactions [Line Items]

17,900,000

Class F-1-R-3 [Member]

Agreements and Related Party Transactions [Line Items]

8,500,000

$ 100,000

Class F-2-R-3 [Member]

9,400,000

Agreements and Related Party Transactions [Line Items]

$ 402,100,000

SLF JV One [Member] | Interest Receivable [Member]

1,800,000

Dividend income

$ 3,300,000

4,000,000

$ 5,900,000

Share percentage

87.50%

Agreements and Related Party Transactions [Line Items]

Agreements and Related Party Transactions [Line Items]

$ 200,000

JV CLO [Member]

Price per share (in Dollars per share)

$ 12,300,000

$ 12.3

Class E-R Notes from SLF 2022 [Member]

Agreements and Related Party Transactions [Line Items]

Agreements and Related Party Transactions [Line Items]

$ 8,800,000

$ 8,400,000

Class E Notes [Member]

Agreements and Related Party Transactions [Line Items]

12,300,000

Maximum [Member]

Management fee

4,600,000

4,200,000

Maximum [Member] | Unsecured Debt [Member]

3,100,000

Agreements and Related Party Transactions [Line Items]

Unsecured loan

16,500,000

Maximum [Member] | Administration Agreements [Member]

Agreements and Related Party Transactions [Line Items]

Reimbursement of expenses

$ 5,400,000

Maximum [Member] | Saratoga CLO [Member]

Agreements and Related Party Transactions [Line Items]

Agreements and Related Party Transactions [Line Items]

650,000,000

Minimum [Member]

Incentive fees accrual

2,000,000

$ 2,000,000

Minimum [Member] | Unsecured Debt [Member]

1,500,000

Agreements and Related Party Transactions [Line Items]

Unsecured loan

$ 16,100,000

Minimum [Member] | Administration Agreements [Member]

Agreements and Related Party Transactions [Line Items]

Reimbursement of expenses

$ 5,000,000

Minimum [Member] | Saratoga CLO [Member]

Agreements and Related Party Transactions [Line Items]

$ 500,000,000

[1]	Ratios are presented on an annualized basis for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022.
[2]	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).
[3]	Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.
[4]	Percentages are based on net assets of $392,665,468 as of February 28, 2025.

Commitments and Contingencies - Schedule of Unfunded Commitments Outstanding (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Feb. 28, 2025
At Company’s discretion
Commitments Outstanding	$ 153,063	$ 126,686
At Company’s Discretion [Member]
At Company’s discretion
Commitments Outstanding	72,733	75,748
At Company’s Discretion [Member] \| ActiveProspect, Inc.[Member]
At Company’s discretion
Commitments Outstanding		10,000
At Company’s Discretion [Member] \| Angry Chickz, Inc. [Member]
At Company’s discretion
Commitments Outstanding	4,000
At Company’s Discretion [Member] \| Artemis Wax Corp. [Member]
At Company’s discretion
Commitments Outstanding	7,500	23,500
At Company’s Discretion [Member] \| Ascend Software, LLC [Member]
At Company’s discretion
Commitments Outstanding		5,000
At Company’s Discretion [Member] \| Better Impact USA, Inc. [Member]
At Company’s discretion
Commitments Outstanding	5,000
At Company’s Discretion [Member] \| C2 Educational Systems [Member]
At Company’s discretion
Commitments Outstanding		2,000
At Company’s Discretion [Member] \| Davisware, LLC [Member]
At Company’s discretion
Commitments Outstanding		1,000
At Company’s Discretion [Member] \| Haystack Team Inc [Member]
At Company’s discretion
Commitments Outstanding	5,000
At Company’s Discretion [Member] \| JDXpert [Member]
At Company’s discretion
Commitments Outstanding	4,500	4,500
At Company’s Discretion [Member] \| LFR Chicken LLC [Member]
At Company’s discretion
Commitments Outstanding	10,000	10,000
At Company’s Discretion [Member] \| Pepper Palace, Inc. [Member]
At Company’s discretion
Commitments Outstanding	800	1,200
At Company’s Discretion [Member] \| Procurement Partners, LLC [Member]
At Company’s discretion
Commitments Outstanding
At Company’s Discretion [Member] \| Saratoga Senior Loan Fund I JV, LLC [Member]
At Company’s discretion
Commitments Outstanding	6,933	8,548
At Company’s Discretion [Member] \| SAI Systems Health, LLC [Member]
At Company’s discretion
Commitments Outstanding	4,000
At Company’s Discretion [Member] \| Source 44 LLC [Member]
At Company’s discretion
Commitments Outstanding	20,000
At Company’s Discretion [Member] \| StockIQ Technologies, LLC [Member]
At Company’s discretion
Commitments Outstanding	5,000
At Company’s Discretion [Member] \| VetnCare MSO, LLC [Member]
At Company’s discretion
Commitments Outstanding		10,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member]
At Company’s discretion
Commitments Outstanding	80,330	50,938
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Angry Chickz, Inc. [Member]
At Company’s discretion
Commitments Outstanding	2,100
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Axero Holdings, LLC - Revolver [Member]
At Company’s discretion
Commitments Outstanding	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
Commitments Outstanding		1,500
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Better Impact USA, Inc. [Member]
At Company’s discretion
Commitments Outstanding	5,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| BQE Software, Inc. [Member]
At Company’s discretion
Commitments Outstanding	250	2,250
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Breezeway Homes, Inc. [Member]
At Company’s discretion
Commitments Outstanding	4,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Cloudpermit [Member]
At Company’s discretion
Commitments Outstanding	8,500	5,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Davisware, LLC [Member]
At Company’s discretion
Commitments Outstanding		1,750
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Exigo, LLC - Revolver [Member]
At Company’s discretion
Commitments Outstanding	625	625
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Gen4 Dental Partners Holdings, LLC [Member]
At Company’s discretion
Commitments Outstanding	2,381	2,857
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Granite Comfort, LP [Member]
At Company’s discretion
Commitments Outstanding		11,637
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Innergy, Inc. [Member]
At Company’s discretion
Commitments Outstanding	1,500	5,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Inspect Point Holdings, LLC [Member]
At Company’s discretion
Commitments Outstanding	4,000	1,500
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| LFR Chicken LLC [Member]
At Company’s discretion
Commitments Outstanding	25,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Ludi, Inc. - Revolver [Member]
At Company’s discretion
Commitments Outstanding	3,600
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Modis Dental Partners OpCo, LLC [Member]
At Company’s discretion
Commitments Outstanding		8,900
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Pepper Palace, Inc. - Revolver [Member]
At Company’s discretion
Commitments Outstanding		600
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| SAI Systems Health, LLC [Member]
At Company’s discretion
Commitments Outstanding	1,474
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| SmartAC.com, Inc. [Member]
At Company’s discretion
Commitments Outstanding	17,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Source 44 LLC [Member]
At Company’s discretion
Commitments Outstanding	500
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Source 44 LLC - Revolver [Member]
At Company’s discretion
Commitments Outstanding	2,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| StockIQ Technologies, LLC [Member]
At Company’s discretion
Commitments Outstanding	400
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Stretch Zone Franchising, LLC [Member]
At Company’s discretion
Commitments Outstanding		1,500
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| VetnCare MSO, LLC [Member]
At Company’s discretion
Commitments Outstanding		7,319
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required [Member] \| Zollege PBC [Member]
At Company’s discretion
Commitments Outstanding	$ 1,500

Consolidated Statements of Assets and Liabilities - USD ($)

Feb. 28, 2026

Feb. 28, 2025

Cash and cash equivalents

$ 1,109,133,812

$ 978,077,750

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

1,680,070

148,218,491

Cash and cash equivalents, reserve accounts

20,105,683

56,505,433

Interest receivable (net of reserve of $470,751 and $210,319, respectively)

7,314,053

7,477,468

Management fee receivable

249,720

314,193

Other assets

781,766

950,522

Total assets

1,139,265,104

1,191,543,857

Revolving credit facilities

70,000,000

52,500,000

Base management and incentive fees payable

6,602,819

6,230,944

Deferred tax liability

4,579,522

4,889,329

Accounts payable and accrued expenses

1,771,915

1,676,335

Interest and debt fees payable

3,904,143

3,909,517

Directors fees payable

5,500

Due to Manager

590,624

349,189

Total liabilities

743,109,350

798,878,389

Commitments and contingencies (See Note 9)

NET ASSETS

Common stock, par value $0.001, 100,000,000 common shares authorized, 16,224,198 and 15,183,078 common shares issued and outstanding, respectively

16,224

15,183

Capital in excess of par value

439,202,477

412,913,597

Total distributable deficit

(43,062,947)

(20,263,312)

Total net assets

396,155,754

392,665,468

Total liabilities and net assets

$ 1,139,265,104

$ 1,191,543,857

NET ASSET VALUE PER SHARE (in Dollars per share)

$ 24.42

$ 25.86

Debentures payable

$ (3,888,087)

$ (4,041,026)

160,000,000

170,000,000

8.75% Notes Payable 2025

(374)

20,000,000

(9,055)

7.00% Notes Payable 2025

(8,345)

12,000,000

(68,589)

7.75% Notes Payable 2025

(19,685)

4.375% Notes Payable 2026

5,000,000

(865,593)

Premium on 4.375% notes payable 2026

175,000,000

287,848

4.35% Notes Payable 2027

(344,393)

(688,786)

75,000,000

(108,898)

(213,424)

6.25% Notes Payable 2027

(130,839)

(202,144)

15,000,000

6.00% Notes Payable 2027

(823,774)

(1,524,089)

105,500,000

(48,361)

(87,295)

8.00% Notes Payable 2027

(580,514)

(927,484)

8.125% Notes Payable 2027

46,000,000

(748,873)

(1,156,234)

60,375,000

8.50% Notes Payable 2028

(866,230)

(1,273,134)

57,500,000

7.25% Notes Payable 2030

(775,165)

50,000,000

(435,318)

7.50% Notes Payable 2031

(3,298,905)

Non-control/Non-affiliate investments

100,000,000

1,016,247,566

897,660,110

Affiliate investments

52,710,911

40,547,432

Control investments

Revolving credit facilities

40,175,335

39,870,208

Investment Company, Financial Highlights [Abstract]

$ (1,670,816)

$ (1,254,516)

[1]	Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).
[2]	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 $392,665,468 as of February 28, 2025.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Feb. 28, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Financial Highlights

12 Months Ended

Feb. 28, 2026

Financial Highlights

Note 14. Financial Highlights

The following is a schedule of financial highlights as of and for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022:

Per share data	February 28, 2026			February 28, 2025			February 29, 2024			February 28, 2023			February 28, 2022
Net asset value at beginning of period	$	25.86		$	27.12		$	29.18		$	29.33		$	27.25
Net investment income(1)		2.32			3.81			4.49			2.94			1.74
Net realized and unrealized gain and losses on investments(1)		0.04			(1.73	)		(3.77	)		(0.75	)		2.46
Realized losses on extinguishment of debt*		(0.05	)		(0.06	)		(0.01	)		(0.13	)		(0.21	)
Net increase in net assets resulting from operations		2.31			2.02			0.71			2.06			3.99
Distributions declared from net investment income		(3.74	)		(3.30	)		(2.82	)		(2.28	)		(1.93	)
Total distributions to stockholders		(3.74	)		(3.30	)		(2.82	)		(2.28	)		(1.93	)
Issuance of common stock above net asset value(2)		(0.04	)		(0.16	)		(2.82	)		(2.28	)		(1.93	)
Capital contribution from manager for the issuance of common stock (19)		0.05			0.26			0.48			-			-
Repurchases of common stock(3)		-			-			0.03			0.17			0.01
Dilution(4)		(0.02	)		(0.08	)		(0.06	)		(0.10	)		-
Net asset value at end of period	$	24.42		$	25.86		$	27.12		$	29.18		$	29.33
Net assets at end of period	$	396,155,754		$	392,665,468		$	370,224,108		$	346,958,042		$	355,780,523
Shares outstanding at end of period		16,224,198			15,183,078			13,653,476			11,890,500			12,131,350
Per share market value at end of period	$	23.16		$	26.00		$	23.61		$	27.55		$	27.47
Total return based on market value(5)(6)		1.54	%		27.17	%		-3.92	%		10.35	%		28.19	%
Total return based on net asset value(5)(7)		11.11	%		10.11	%		4.20	%		9.46	%		15.88	%
Ratio/Supplemental data:
Ratio of net investment income to average net assets (8)		9.16	%		14.11	%		16.01	%		10.23	%		6.05	%
Ratio of loss on extinguishment of debt to average net assets		0.21	%		0.02	%		0.03	%		0.46	%		0.74	%
Expenses:
Ratios of operating expenses and income taxes to average net assets*(9)		7.53	%		8.42	%		8.60	%		7.71	%		6.48	%
Ratio of incentive management fees to average net assets(5)		2.30	%		3.53	%		2.26	%		1.47	%		3.58	%
Ratio of interest and debt financing expenses to average net assets(9)		12.27	%		13.86	%		13.84	%		9.73	%		6.03	%
Ratio of total expenses and income taxes to average net assets*(8)		22.10	%		25.81	%		24.70	%		18.91	%		16.09	%
Portfolio turnover rate(5)(10)		18.22	%		16.12	%		2.80	%		24.05	%		33.59	%
Asset coverage ratio per unit(11)		1,684			1,629			1,610			1,659			2,092
Average market value per unit
Revolving Credit Facilities(12)		N/A			N/A			N/A			N/A			N/A
SBA Debentures Payable(12)		N/A			N/A			N/A			N/A			N/A
8.75% Notes Payable 2025(12)(15)		N/A			N/A			N/A			N/A			N/A
6.25% Notes Payable 2025(13)		N/A			N/A			N/A			N/A			N/A
7.00% Notes Payable 2025(12)(17)		N/A			N/A			N/A			N/A			N/A
7.25% Notes Payable 2025(14)		N/A			N/A			N/A			N/A		$	26.18
7.75% Notes Payable 2025(12)(16)		N/A			N/A			N/A			N/A			N/A
4.375% Notes Payable 2026(12)(18)		N/A			N/A			N/A			N/A			N/A
4.35% Notes Payable 2027(12)		N/A			N/A			N/A			N/A			N/A
6.00% Notes Payable 2027	$	24.74		$	24.36		$	23.51		$	23.97			N/A
6.25% Notes Payable 2027(12)		N/A			N/A			N/A			N/A			N/A
8.00% Notes Payable 2027	$	25.47		$	25.21		$	25.00		$	25.08			N/A
8.125% Notes Payable 2027	$	25.37			N/A			N/A			N/A			N/A
8.50% Notes Payable 2028	$	25.39			N/A			N/A			N/A			N/A
7.25% Notes Payable 2030 (12)		N/A			N/A			N/A			N/A			N/A
7.50% Notes Payable 2031	$	25.29			N/A			N/A			N/A			N/A

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

(1)	Per share amounts are calculated using the weighted average shares outstanding during the period.

(2)	The continuous issuance of common stock may cause an incremental increase in NAV per share due to the sale of shares at the prevailing public offering price and the receipt of net proceeds per share by the Company in excess of NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period.

(3)	Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11. Stockholders’ Equity.

(4)	Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13, Dividend.

(5)	Ratios are presented on an annualized basis for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022.

(6)	Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.

(7)	Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current NAV on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.

(8)	Ratios, including incentive management fees, are presented on an annualized basis for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023, and February 28, 2022.

(9)	Ratios, including income taxes are presented on an annualized basis for the years ended February 28, 2026, February 28, 2025, February 29, 2024, February 28, 2023 and February 28, 2022

(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, 6.25% Notes Payable 2027 and 7.25% Notes Payable 2030 are not registered for public trading.

(13)	On August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and, as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE.

(14)	On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE.

(15)	On March 31, 2025, we repaid $20.0 million in aggregate principal amount of the issued and outstanding 8.75% 2025 Notes.

(16)	On July 9, 2025, we repaid $5.0 million in aggregate principal amount of the issued and outstanding 7.75% 2025 Notes.

(17)	On September 8, 2025, we repaid $12.0 million in aggregate principal amount of the issued and outstanding 7.00% 2025 Notes.

(18)	On February 28, 2026, we repaid $175.0 million in aggregate principal amount of the issued and outstanding 4.375% 2026 Notes.

(19)	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.

Subsequent Events - Schedule of Dividend in Cash (Details) - Subsequent Events [Member]	Mar. 17, 2026 $ / shares
Dividends Declared March 2026 [Member]
Schedule of Dividend in Cash [Line Items]
Amount per Share	$ 0.25
Record Date	Apr. 07, 2026
Payment Date	Apr. 23, 2026
Dividends Declared April 2026 [Member]
Schedule of Dividend in Cash [Line Items]
Amount per Share	$ 0.25
Record Date	May 05, 2026
Payment Date	May 21, 2026
Dividends Declared May 2026 [Member]
Schedule of Dividend in Cash [Line Items]
Amount per Share	$ 0.25
Record Date	Jun. 04, 2026
Payment Date	Jun. 23, 2026

Income Taxes (Tables)

12 Months Ended

Feb. 28, 2026

Income Taxes [Abstract]

Schedule of U.S. Federal Excise and Capital Gains Tax and Worthless Securities Losses

As of February 28, 2026 and February 28, 2025, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to nondeductible U.S. federal excise and capital gains tax and income from wholly owned investments (dollars in thousands):

	February 28, 2026			February 28, 2025
Capital in excess of par value	$	378		$	1,654
Total distributable earnings (loss)		(378	)		(1,654	)

Schedule of Tax Character of Distributions Paid

The tax character of distributions paid for the years ended February 28, 2026, February 28, 2025 and February 29, 2024 was as follows (dollars in thousands):

	February 28, 2026		February 28, 2025		February 29, 2024
Ordinary income	$	59,026	$	45,825	$	35,636
Capital gains		-		-		-
Total	$	59,026	$	45,825	$	35,636

Schedule of Components of Accumulated Losses on a Tax Basis

	February 28, 2026			February 28, 2025
Post October loss deferred	$	-		$	-
Accumulated capital losses		(85,734	)		(73,441	)
Other temporary differences		6,581			6,443
Undistributed Long Term Gain		-			-
Undistributed ordinary income		24,570			49,771
Unrealized appreciation (depreciation)		(483	)		(4,048	)
Total components of accumulated losses	$	(55,066	)	$	(21,275	)

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities, and related valuation allowances, as of February 28, 2026 and February 28, 2025, were as follows:

	February 28, 2026			February 28, 2025
Total deferred tax assets	$	2,595,077		$	1,786,943
Total deferred tax liabilities		(4,849,432	)		(4,968,693	)
Valuation allowance on net deferred tax assets		(2,325,167	)		(1,707,579	)
Net deferred tax liability	$	(4,579,522	)	$	(4,889,329	)

Schedule of Federal and State Income Tax Provisions (Benefits) on Investments

Federal and state income tax provisions (benefits) on investments are as follows:

	February 28, 2026			February 28, 2025		February 29, 2024
Current
Federal	$	-		$	-	$	-
State		-			-		-
Net current expense		-			-		-
Deferred
Federal		(215,033	)		968,246		990,920
State		(95,481	)		129,934		(16,343	)
Net deferred expense		(310,514	)		1,098,180		974,577
Net tax provision	$	(310,514	)	$	1,098,180	$	974,577

The following table is a reconciliation of the federal and state income taxes paid, net of refunds received, for the years ended February 28, 2026, 2025, and 2024.

	February 28, 2026		February 28, 2025		February 29, 2024
Federal and excise (1)	$	2,179,264		3,163,190		2,567,093
State		46,578		34,920		11,465
Total taxes paid	$	2,225,842		3,198,110		2,578,558

(1)

As of February 28, 2026, February 28, 2025 and February 2024, includes the U.S. federal excise tax payment of $1.7 million, $2.4 million and $1.8 million, respectively.

The following table is a reconciliation of the federal and state income taxes expense (benefit), for the years ended February 28, 2026, 2025, and 2024.

	February 28, 2026			February 28, 2025		February 29, 2024
Federal	$	(149,069	)		356,482		52,680
State		10,901			55,550		(9,754	)
Total tax expense (benefit)	$	(138,168	)		412,032		42,926

Schedule of Cash and Cash Equivalents and Cash and Cash Equivalents - USD ($)

Feb. 28, 2026

Feb. 28, 2025

^[2]

Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) - 5.4% (b)

21,785,753

^[1]

204,723,925

$ 21,785,753

^[1]

$ 204,723,925

$ 21,785,753

^[1]

$ 204,723,925

Goldman Sachs Financial Square Government Fund - Cash and Cash Equivalent Fund [Member]

5.50%

^[1]

52.10%

Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) - 5.4% (b)

^[4]

1,680,070

^[1],[3]

148,218,492

^[5]

^[4]

$ 1,680,070

^[1],[3]

$ 148,218,492

^[5]

^[4]

$ 1,680,070

^[1],[3]

$ 148,218,492

^[5]

Cash and Cash Equivalents [Member]

^[4]

0.40%

^[1],[3]

37.70%

^[5]

Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) - 5.4% (b)

1,680,070

^[1]

148,218,492

$ 1,680,070

^[1]

$ 148,218,492

$ 1,680,070

^[1]

$ 148,218,492

Goldman Sachs Financial Square Government Fund [Member]

0.40%

^[1]

37.70%

Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) - 5.4% (b)

^[4]

17,583,548

^[1],[3]

56,505,433

^[5]

^[4]

$ 17,583,548

^[1],[3]

$ 56,505,433

^[5]

^[4]

$ 17,583,548

^[1],[3]

$ 56,505,433

^[5]

Valley National Bank Business Money Market Fund [Member]

^[4]

4.40%

^[1],[3]

14.40%

^[5]

Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) - 5.4% (b)

^[1],[4],[6]

2,522,135

^[1],[4],[6]

$ 2,522,135

^[1],[4],[6]

$ 2,522,135

Cash and cash equivalents, reserve accounts [Member]

^[1],[4],[6]

0.70%

Money Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts) - 5.4% (b)

20,105,683

^[1]

56,505,433

$ 20,105,683

^[1]

$ 56,505,433

$ 20,105,683

^[1]

$ 56,505,433

Summary of Significant Accounting Policies [Abstract]

5.10%

^[1]

14.40%

[1]	Percentages are based on net assets of $396,155,754 as of February 28, 2026.
[2]	Percentages are based on net assets of $392,665,468 as of February 28, 2025.
[3]	Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.
[4]	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.
[5]	Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.
[6]	Current yield as of February 28, 2026, was approximately 3.19% on the Valley National Bank Business Money Market Fund.

Audit Information	12 Months Ended
Audit Information	Feb. 28, 2026
Auditor [Table]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	New York, New York
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated statements of assets and liabilities of Saratoga Investment Corp. (the “Company”), including the consolidated schedules of investments, as of February 28, 2026 and February 28, 2025, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended February 28, 2026, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at February 28, 2026 and February 28, 2025, and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended February 28, 2026, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of February 28, 2026, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated May 5, 2026 expressed an unqualified opinion thereon.

Income Taxes - Schedule of Tax Character of Distributions Paid (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024
Schedule of Tax Character of Distribution Paid [Abstract]
Ordinary income	$ 59,026	$ 45,825	$ 35,636
Capital gains
Total	$ 59,026	$ 45,825	$ 35,636

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Feb. 28, 2026 USD ($)	Feb. 28, 2025 USD ($)	Feb. 29, 2024 USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of operating segment	2
Number of reportable segment	1
Segment CODM, description	The Company’s primary core segment 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 reportable segment. The Company’s management and independent Board of Directors are the Chief Operating Decision Makers (“CODM”).
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Operating Decision Makers
Non-accrual fair value (in Dollars)	$ 2.0	$ 2.6
Fair value percentage	0.20%	0.30%
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)	$ 1.7	$ 2.4	$ 1.8
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%
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Aggregate value in excess percentage	5.00%
Minimum [Member] \| Control 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] \| Control Investments [Member]
Summary of Significant Accounting Policies [Line Items]
Outstanding voting shares percentage	25.00%
SLF JV [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of voting interest	50.00%
CODM [Member]
Summary of Significant Accounting Policies [Line Items]
Total operating expenses (in Dollars)	$ 12.6	$ 12.2	$ 10.4

Subsequent Events (Details) - USD ($) $ in Millions	Jul. 10, 2026	Apr. 10, 2026
Subsequent Events [Line Items]
Net proceeds		$ 24.5
Forecast [Member]
Subsequent Events [Line Items]
Aggregate amount private offering	$ 25.0
Maximum issuance amount	$ 50.0
7.25% 2029 Notes [Member]
Subsequent Events [Line Items]
Issued aggregage principal amount		$ 25.0
Fixed-rate percentage		7.25%
Percentage of offering price		98.00%
Offering costs incurred		$ 0.2

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Cash and Cash Equivalents (Details) - USD ($)	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024	Feb. 28, 2023
Schedule of Reconciliation of Cash and Cash Equivalents and Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,680,070	$ 148,218,491	$ 8,692,846
Cash and cash equivalents, reserve accounts	20,105,683	56,505,433	31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$ 21,785,753	$ 204,723,924	$ 40,507,124	$ 96,076,273

Accounting Policies, by Policy (Policies)

12 Months Ended

Feb. 28, 2026

Basis of Presentation

Basis of Presentation

Principles of Consolidation

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 (“ASC 810”), concludes that in a joint venture where both members have equal decision-making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate its investment in SLF JV.

Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

Operating Segment

Operating Segment

Cash and Cash Equivalents

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 February 28, 2026, the Company did not exceed any of these limitations.

Cash and Cash Equivalents, Reserve Accounts

Cash and Cash Equivalents, Reserve Accounts

	February 28, 2026		February 28, 2025		February 29, 2024
Cash and cash equivalents	$	1,680,070	$	148,218,491	$	8,692,846
Cash and cash equivalents, reserve accounts		20,105,683		56,505,433		31,814,278
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	21,785,753	$	204,723,924	$	40,507,124

Investment Classification

Investment Classification

Investment Valuation

Investment Valuation

The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:

●

In addition, all investments are subject to the following valuation process:

●

Derivative Financial Instruments

Derivative Financial Instruments

Investment Transactions and Income Recognition

Investment Transactions and Income Recognition

Payment-in-Kind Interest

Payment-in-Kind Interest

Dividend Income

Dividend Income

Dividend income is recorded in the consolidated statements of operations when earned.

Structuring and Advisory Fee Income

Structuring and Advisory Fee Income

Structuring and advisory fee income represents various fee income earned and received for performing certain investment structuring and advisory activities during the closing of new investments.

Other Income

Other Income

Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned.

Deferred Debt Financing Costs

Deferred Debt Financing Costs

Realized Loss on Extinguishment of Debt

Realized Loss on Extinguishment of Debt

Contingencies

Contingencies

Income Taxes

Income Taxes

Dividends

Dividends

Capital Gains Incentive Fee

Capital Gains Incentive Fee

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Risk Management

Risk Management

Investment in SLF JV - Schedule of Investments for SLF JV (Details) - USD ($)

Feb. 28, 2026

Feb. 28, 2025

$ 1,136,387,874

$ 1,000,093,332

^[1],[2]

$ 1,109,133,812

$ 978,077,750

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

Saratoga Senior Loan Fund I JV, LLC [Member]

^[1],[2]

249.80%

Principal/Number of Shares (in Shares)

Original Acquistion Date

Oct. 28, 2022

40,100,000

$ 27,873,499

$ 30,410,415

$ 21,825,598

$ 23,676,606

U.S. Bank Money Market [Member] | Goldman Sachs Financial Square Government Fund [Member]

1243.77%

672.40%

Principal/Number of Shares (in Shares)

83,648

^[4]

71,444

^[5]

$ 83,648

^[4]

$ 71,444

^[5]

$ 83,648

^[4]

$ 71,444

^[5]

4.77%

^[4]

2.00%

^[5]

Cash [Member]

Principal/Number of Shares (in Shares)

83,648

71,444

$ 83,648

$ 71,444

$ 83,648

$ 71,444

Schedule of Weighted Average Basic and Diluted Net Increase in Net Assets

4.77%

2.00%

[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.
[2]	Percentages are based on net assets of $392,665,468 as of February 28, 2025.
[3]	Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).
[4]	Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.
[5]	Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.

Earnings Per Share (Tables)

12 Months Ended

Feb. 28, 2026

Earnings Per Share [Abstract]

Basic and Diluted	February 28, 2026		February 28, 2025		February 29, 2024
Net increase in net assets resulting from operations	$	36,604	$	28,086	$	8,934
Weighted average common shares outstanding		15,850,270		13,912,170		12,670,939
Weighted average earnings per common share	$	2.31	$	2.02	$	0.71

Consolidated Statements of Cash Flows (Parentheticals)	12 Months Ended
Consolidated Statements of Cash Flows (Parentheticals)	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024
Statement of Cash Flows [Abstract]
Discount on debt issuance, Percentage	7.25%

Dividend (Tables)

12 Months Ended

Feb. 28, 2026

Dividend [Abstract]

Schedule of Payment Date

Our distributions for the tax years ended February 28, 2027 to inception were as follows:

Payment date	Cash Dividend
Tax Year Ended February 28, 2027
April 23, 2026	$	0.25	⁽⁶²⁾
March 19, 2026		0.25	⁽⁶¹⁾
	$	0.50
Tax Year Ended February 28, 2026
February 23, 2026		0.25	⁽⁶⁰⁾
January 26, 2026		0.25	⁽⁵⁹⁾
December 18, 2025		0.50	⁽⁵⁸⁾
November 20, 2025		0.25	⁽⁵⁷⁾
October 23, 2025		0.25	⁽⁵⁶⁾
September 24, 2025		0.25	⁽⁵⁵⁾
August 21, 2025		0.25	⁽⁵⁴⁾
July 24, 2025		0.25	⁽⁵³⁾
June 24, 2025		0.25	⁽⁵²⁾
May 22, 2025		0.25	⁽⁵¹⁾
April 24, 2025		0.25	⁽⁵⁰⁾
March 25, 2025		0.74	⁽⁴⁹⁾
	$	3.74
Tax Year Ended February 28, 2025
December 19, 2024	$	1.09	⁽⁴⁸⁾
September 26, 2024		0.74	⁽⁴⁶⁾
June 27, 2024		0.74	⁽⁴⁶⁾
March 28, 2024		0.73	⁽⁴⁵⁾
	$	3.30
Tax Year Ended February 29, 2024
December 28, 2023	$	0.72	⁽⁴⁴⁾
September 28, 2023		0.71	⁽⁴³⁾
June 29, 2023		0.70	⁽⁴²⁾
March 30, 2023		0.69	⁽¹⁾
	$	2.82

Payment date	Cash Dividend
Tax Year Ended February 28, 2023
January 4, 2023	$	0.68	⁽²⁾
September 29, 2022		0.54	⁽³⁾
June 29, 2022		0.53	⁽⁴⁾
March 28, 2022		0.53	⁽⁵⁾
	$	2.28
Tax Year Ended February 28, 2022
January 19, 2022	$	0.53	⁽⁶⁾
September 28, 2021		0.52	⁽⁷⁾
June 29, 2021		0.44	⁽⁸⁾
April 22, 2021		0.43	⁽⁹⁾
	$	1.92
Tax Year Ended February 28, 2021
February 10, 2021	$	0.42	⁽¹⁰⁾
November 10, 2020		0.41	⁽¹¹⁾
August 12, 2020		0.40	⁽¹²⁾
	$	1.23
Tax Year Ended February 29, 2020
February 6, 2020	$	0.56	⁽¹³⁾
September 26, 2019		0.56	⁽¹⁴⁾
June 27, 2019		0.55	⁽¹⁵⁾
March 28, 2019		0.54	⁽¹⁶⁾
	$	2.21
Tax Year Ended February 28, 2019
January 2, 2019	$	0.53	⁽¹⁷⁾
September 27, 2018		0.52	⁽¹⁸⁾
June 27, 2018		0.51	⁽¹⁹⁾
March 26, 2018		0.50	⁽²⁰⁾
	$	2.06
Tax Year Ended February 28, 2018
December 27, 2017	$	0.49	⁽²¹⁾
September 26, 2017		0.48	⁽²²⁾
June 27, 2017		0.47	⁽²³⁾
March 28, 2017		0.46	⁽²⁴⁾
	$	1.90
Tax Year Ended February 28, 2017
February 9, 2017	$	0.45	⁽²⁵⁾
November 9, 2016		0.44	⁽²⁶⁾
September 5, 2016		0.20	⁽²⁷⁾
August 9, 2016		0.43	⁽²⁸⁾
April 27, 2016		0.41	⁽²⁹⁾
	$	1.93

Payment date	Cash Dividend
Tax Year Ended February 29, 2016
February 29, 2016	$	0.40	⁽³⁰⁾
November 30, 2015		0.36	⁽³¹⁾
August 31, 2015		0.33	⁽³²⁾
June 5, 2015		1.00	⁽³³⁾
May 29. 2015		0.27	⁽³⁴⁾
	$	2.36
Tax Year Ended February 28, 2015
February 27, 2015	$	0.22	⁽³⁵⁾
November 28, 2014		0.18	⁽³⁶⁾
	$	0.40
Tax Year Ended February 28. 2014
December 27, 2013	$	2.65	⁽³⁷⁾
	$	2.65
Tax Year Ended February 28, 2013
December 31, 2012	$	4.25	⁽³⁸⁾
	$	4.25
Tax Year Ended February 29, 2012
December 30, 2011	$	3.00	⁽³⁹⁾
	$	3.00
Tax Year Ended February 28, 2011
December 29, 2010	$	4.40	⁽⁴⁰⁾
	$	4.40
Tax Year Ended February 28, 2010
December 31, 2009	$	18.25	⁽⁴¹⁾
	$	18.25

(1)	Based on shareholder elections, the dividend consisted of approximately $7.1 million in cash and 45,818 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 17, 20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023.

(2)	Based on shareholder elections, the dividend consisted of approximately $6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.26 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023.

(3)	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 52,312 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.00 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022.

(4)	Based on shareholder elections, the dividend consisted of approximately $5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.40 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022.

(5)	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.89 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022.

(6)	Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022.

(7)	Based on shareholder elections, the dividend consisted of approximately $4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.77 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021.

(8)	Based on shareholder elections, the dividend consisted of approximately $4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.03 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021.

(9)	Based on shareholder elections, the dividend consisted of approximately $3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.69 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021.

(10)	Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.75 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021.

(11)	Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.63 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020.

(12)	Based on shareholder elections, the dividend consisted of approximately $3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.45 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020.

(13)	Based on shareholder elections, the dividend consisted of approximately $5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.44 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020.

(14)	Based on shareholder elections, the dividend consisted of approximately $4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.34 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019.

(15)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.65 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019.

(16)	Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.36 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019.

(17)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $18.88 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019.

(18)	Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.35 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018.

(19)	Based on shareholder elections, the dividend consisted of approximately $2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.72 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018.

(20)	Based on shareholder elections, the dividend consisted of approximately $2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $19.91 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018.

(21)	Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017.

(22)	Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017.

(23)	Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.

(24)	Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.

(25)	Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017.

(26)	Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016.

(27)	Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016.

(28)	Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016.

(29)	Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016.

(30)	Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016.

(31)	Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015.

(32)	Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015.

(33)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015.

(34)	Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015.

(35)

(36)	Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014.

(37)	Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013.

(38)	Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012.

(39)	Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011.

(40)	Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010.

(41)	Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009.

(42)	Based on shareholder elections, the dividend consisted of approximately $7.6 million in cash and 29,627 newly issued shares of common stock, or 0.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.29 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 20, 21, 22, 23, 26, 27, 28, and 29, 2023.

(43)	Based on shareholder elections, the dividend consisted of approximately $8.4 million in cash and 35,196 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.41 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2023.

(44)	Based on shareholder elections, the dividend consisted of approximately $8.9 million in cash and 37,394 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.47 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 14, 15, 18, 19, 20, 21, 22, 26, 27, and 28, 2023.

(45)	Based on shareholder elections, the dividend consisted of approximately $9.0 million in cash and 45,490 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2024.

(46)	Based on shareholder elections, the dividend consisted of approximately $9.1 million in cash and 46,803 newly issued shares of common stock, or 10.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.76 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 13, 14, 17, 18, 20, 21, 24, 25, 26, and 27, 2024.

(47)	Based on shareholder elections, the dividend consisted of approximately $9.0 million in cash and 54,999 newly issued shares of common stock, or 10.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.08 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25, and 26, 2024.

(48)	Based on shareholder elections, the dividend consisted of approximately $13.7 million in cash and 81,471 newly issued shares of common stock, or 11.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.80 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2024.

(49)	Based on shareholder elections, the dividend consisted of approximately $9.9 million in cash and 60,611 newly issued shares of common stock, or 12.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.96 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 12, 13, 14, 17, 18, 19, 20, 21, 24, and 25, 2025.

(50)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 20,086 newly issued shares of common stock, or 11.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.02 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 10, 11, 14, 15, 16, 17, 21, 22, 23, and 24, 2025.

(51)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 20,784 newly issued shares of common stock, or 12.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.02 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on May 9, 12, 13, 14, 15, 16, 19, 20, 21, and 22, 2025.

(52)	Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 19,750 newly issued shares of common stock, or 11.7% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.09 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 10, 11, 12, 13, 16, 17, 18, 20, 23, and 24, 2025.

(53)	Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 17,443 newly issued shares of common stock, or 10.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.86 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on July 11, 14, 15, 16, 17, 18, 21, 22, 23 and 24, 2025.
(54)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 17,320 newly issued shares of common stock, or 10.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on August 8, 11, 12, 13, 14, 15, 18, 19, 20 and 21, 2025.

(55)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 17,673 newly issued shares of common stock, or 10.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.32 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 11, 12, 15, 16, 17, 18, 19, 22, 23 and 24, 2025.

(56)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,898 newly issued shares of common stock, or 10.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.97 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 10, 13, 14, 15, 16, 17, 20, 21, 22, and 23, 2025.

(57)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,552 newly issued shares of common stock, or 10.7% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.99 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on November 7, 10, 11, 12, 13, 14, 17, 18, 19, and 20, 2025.

(58)	Based on shareholder elections, the dividend consisted of approximately $7.2 million in cash and 41,155 newly issued shares of common stock, or 11.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 5, 8, 9, 10, 11, 12, 15, 16, 17, and 18, 2025.

(59)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,092 newly issued shares of common stock, or 11.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.12 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 8, 9, 12, 13, 14, 15, 16, 20, 21, and 22, 2026.

(60)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,049 newly issued shares of common stock, or 10.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.07 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on February 9, 10, 11, 12, 13, 17, 18, 19, 20, and 23, 2026.

(61)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 20,766 newly issued shares of common stock, or 11.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.45 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2026.

(62)	Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 22,784 newly issued shares of common stock, or 12.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.71 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 10, 13, 14, 15, 16, 17, 20, 21, 22, and 23, 2026.

Schedule of Dividends Declared

Date Declared	Record Date	Payment Date	Amount per Share		Total Amount*
December 11, 2025	February 4, 2026	February 23, 2026	$	0.25	$	4,051
December 11, 2025	January 6, 2026	January 22, 2026		0.25		4,046
November 12, 2025	December 2, 2025	December 18, 2025		0.50		8,073
September 11, 2025	October 7, 2025	October 23, 2025		0.25		4,026
September 11, 2025	November 4, 2025	November 20, 2025		0.25		4,031
June 12, 2025	July 8, 2025	July 24,2025		0.25		3,917
June 12, 2025	August 6, 2025	August 21, 2025		0.25		3,988
June 12, 2025	September 4, 2025	September 24, 2025		0.25		4,022
Total dividends declared			$	2.25	$	36,154

Date Declared	Record Date	Payment Date	Amount per Share		Total Amount*
February 18, 2025	March 6, 2025	March 25, 2025	$	0.74	$	11,303
February 18, 2025	April 8, 2025	April 24, 2025		0.25		3,836
February 18, 2025	May 6, 2025	May 22, 2025		0.25		3,841
February 18, 2025	June 5, 2025	June 24, 2025		0.25		3,892
November 7, 2024	December 4, 2024	December 19, 2024		1.09		15,549
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			$	4.06	$	58,730

Date Declared	Record Date	Payment Date	Amount per Share		Total Amount*
February 15, 2024	March 13, 2024	March 28, 2024	$	0.73	$	9,967
November 15, 2023	December 11, 2023	December 28, 2023		0.72		9,803
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			$	2.86	$	37,409

Date Declared	Record Date	Payment Date	Amount per Share		Total Amount*
February 28, 2023	March 14, 2023	March 28, 2023	$	0.69	$	8,193
November 15, 2022	December 15, 2022	January 4, 2023		0.68		8,081
August 29, 2022	September 14, 2022	September 29, 2022		0.54		6,433
May 26, 2022	June 14, 2022	June 29, 2022		0.53		6,370
Total dividends declared			$	2.44	$	29,077

Date Declared	Record Date	Payment Date	Amount per Share		Total Amount*
February 24, 2022	March 14, 2022	March 28, 2022	$	0.53	$	6,434
August 26, 2021	September 14, 2021	September 28, 2021		0.52		5,889
May 27, 2021	June 15, 2021	June 29, 2021		0.44		4,910
March 22, 2021	April 8, 2021	April 22, 2021		0.43		4,799
Total dividends declared			$	1.92	$	22,032

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

N-2 - $ / shares

12 Months Ended

Feb. 28, 2026

Feb. 28, 2025

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

Feb. 28, 2021

Cover [Abstract]

Entity Central Index Key

0001377936

Amendment Flag

false

Securities Act File Number

814-00732

Document Type

10-K

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

Entity Address, Postal Zip Code

10022

City Area Code

(212)

Local Phone Number

906-7800

Entity Well-known Seasoned Issuer

Entity Emerging Growth Company

false

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, we may invest in private equity funds in the future. Private equity funds are not limited in how they invest their assets, and the underlying investments held by private equity funds may impact our strategies, risks, and costs. Shareholders may have limited information about the underlying investments of the private equity funds in which we invest, including with respect to such funds’ holdings, liquidity, and valuation. 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

Investing in our securities involves a number of significant risks. In addition to other information contained in this Annual Report on Form 10-K, you should consider carefully the following information before making an investment in our securities. The risks set forth below are the principal risks with respect to the Company generally and with respect to BDCs, they may not be the only risks we face. This section nonetheless describes the principal risk factors associated with investment in the Company specifically, as well as those factors generally associated with investment in a company with investment objectives, investment policies, capital structure or trading markets similar to the Company’s. If any of the risks occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our NAV and the trading price of our securities could decline and you may lose all or part of your investment.

SUMMARY OF RISK FACTORS

The following is a summary of the principal risks that you should carefully consider before investing in our securities. These and other risk factors are described more fully in this Part I. Item 1A. “Risk Factors.”

Risks Related to Our Business and Structure

●

We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

●

We are exposed to risks associated with changes in interest rates including potential effects on our cost of capital and net investment income.

Risks Related to the Current Environment

●

Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

●

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.

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We are currently operating in a period of capital markets disruption and economic uncertainty, which may have a negative impact on our business, financial condition and operations. An extended disruption in the capital markets and the credit markets could negatively affect our business.

●

Economic recessions or downturns could impair the ability of our portfolio companies to repay loans and harm our operating results.

Risks Related to Our Adviser and Its Affiliates

●

We may be obligated to pay Saratoga Investment Advisors incentive fees even if we incur a net loss, or there is a decline in the value of our portfolio.

●

The way in which the base management and incentive fees under the Management Agreement is determined may encourage Saratoga Investment Advisors to take actions that may not be in our best interests.

●

Saratoga Investment Advisors’ liability is limited under the Management Agreement and we will indemnify Saratoga Investment Advisors against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.

●

Our ability to enter into transactions with our affiliates is restricted.

Risks Related to Our Investments

●

A majority of our debt investments are not required to make principal payments until the maturity of such debt securities and are generally riskier than other types of loans.

●

The lack of liquidity in our investments may adversely affect our business.

●

Our investment in Saratoga CLO constitutes a leveraged investment in a portfolio of subordinated notes representing the lowest-rated securities issued by a pool of predominantly senior secured first lien term loans and is subject to additional risks and volatility. All losses in the pool of loans will be borne by our subordinated notes and only after the value of our subordinated notes is reduced to zero will the higher-rated notes issued by the pool bear any losses.

●

Investments in equity securities involve a substantial degree of risk.

Risks Related to Our Common Stock

●

We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.

●

Due to the current market conditions, we may defer our dividends and choose to incur U.S. federal excise tax in order to preserve cash and maintain flexibility.

●

The market price of our common stock may fluctuate significantly.

●

There is a risk that you may not receive distributions or that our distributions may not grow over time.

Risks Related to Our Notes

●

The Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness.

●

The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries, including indebtedness under our Valley Credit Facility and our Live Oak Credit Facility.

●

An active trading market for the Public Notes may not develop or be sustained, which could limit the market price of the Public Notes or the ability to sell them.

RISKS RELATED TO OUR BUSINESS AND STRUCTURE

We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in us. We borrow from and issue senior debt securities to banks and other lenders that is secured by a lien on our assets. Holders of these senior securities have fixed dollar claims on our assets that are superior to the claims of the holders of our securities. Leverage is generally considered a speculative investment technique. Any increase in our income in excess of interest payable on our outstanding indebtedness would cause our net income to increase more than it would have had we not incurred leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make common stock distributions or scheduled debt payments, including with respect to the Notes, as defined below. There can be no assurance that our leveraging strategy will be successful.

Our outstanding indebtedness imposes, and additional debt we may incur in the future will likely impose, financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC under subchapter M of the Code. A failure to add new debt facilities or issue additional debt securities or other evidences of indebtedness in lieu of or in addition to existing indebtedness could have a material adverse effect on our business, financial condition or results of operations.

As of February 28, 2026, there were $37.5 million outstanding borrowings under the Live Oak Credit Facility. As of February 28, 2026 there were $32.5 million outstanding borrowings under the Valley Credit Facility. As of February 28, 2026, we had issued $160.0 million in SBA-guaranteed debentures and our $75.0 million principal amount of 4.35% fixed-rate notes due in 2027 (the “4.35% 2027 Notes”), our $105.5 million principal amount of 6.00% fixed-rate notes due in 2027 (the “6.00% 2027 Notes”), our $15.0 million principal amount of 6.25% fixed-rate notes due in 2027 (the “6.25% 2027 Notes”) our $46.0 million principal amount of 8.00% fixed-rate notes due 2027 (the “8.00% 2027 Notes”), our $60.4 million principal amount of 8.125% fixed-rate notes due 2027 (the “8.125% 2027 Notes”), our $57.5 million principal amount of 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”), our $50.0 million principal amount of 7.25% fixed-rate notes due 2030 (the “7.25% 2030 Notes”), and our $100.0 million principal amount of 7.50% fixed-rate notes due 2031 (the “7.50% 2031 Notes,” and together with the 6.00% 2027 Notes, the 8.00% 2027 Notes, the 8.125% 2027 Notes, and the 8.50% 2028 Notes, the “Public Notes”). Together, the 6.00% 2027 Notes, the 6.25% 2027 Notes, the 8.00% 2027 Notes, the 8.125% 2027 Notes, the 8.50% 2028 Notes, the 7.25% 2030 Notes, and the 7.50% 2031 Notes are referred to as the “Notes”. We may incur additional indebtedness in the future, including, but not limited to, borrowings under the Live Oak Credit Facility, the Valley Credit Facility, or the issuance of additional debt securities in one or more public or private offerings, although there can be no assurance that we will be successful in doing so. Our ability to service our debt depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ at any particular time will depend on our management’s and our board of directors’ assessment of market and other factors at the time of any proposed borrowing.

As a BDC, we are generally permitted to issue senior securities only in amounts such that our asset coverage ratio equals at least 150% of total assets to total borrowings and other senior securities, which include all of our borrowings (other than the senior securities of SBIC II LP’s and SBIC III LP’s under the terms of our SEC exemptive relief) and any preferred stock we may issue in the future. If this ratio declines below 150%, we may not be able to incur additional debt and may need to sell a portion of our investments to repay some debt when it is disadvantageous to do so, and we may not be able to make distributions to our stockholders.

The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.

Assumed Return on Our Portfolio

(net of expenses)

Assumed Return on Portfolio (Net of Expenses)		-10.0%		-5.0%		0%		5%		10%
Corresponding Return to Common Stockholder (1)		-42%		-27%		-12%		3%		18%

(1)

Assumes $1,187.3 million in average total assets, $777.1 million in average debt outstanding, $401.8 million in average net assets and an average interest rate of 6.2%. Actual interest payments may be different. The various return scenarios above exclude borrowing costs, which are then separately deducted from the net return to common stockholders calculated based on average debt outstanding and average interest rate.

Substantially all of the assets of SIF II and SIF III are subject to security interests under our Valley Credit Facility and our Live Oak Facility, respectively, and all of each SBIC Subsidiary’s assets are subject to claims of the SBA with respect to SBA-guaranteed debentures we issue and if we default on our obligations thereunder, we may suffer adverse consequences, including the foreclosure on our assets.

Substantially all of the assets of SIF II and SIF III are pledged as collateral under the Valley Credit Facility and the Live Oak Credit Facility, respectively, and all of each SBIC Subsidiary’s assets are subject to a superior claim by the SBA pursuant to the SBA-guaranteed debentures. If we default on our obligations under the Valley Credit Facility, the Live Oak Credit Facility, or the SBA-guaranteed debentures, Valley National Bank, Live Oak Banking Company, and/or the SBA may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests or superior claim. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings in order to avoid foreclosure and these forced sales may be at times and at prices we would not consider advantageous. Moreover, such deleveraging of our company could significantly impair our ability to effectively operate our business in the manner in which we have historically operated.

In addition, if the Live Oak Banking Company, the lender under the Live Oak Credit Facility, or Valley National Bank, the lender under the Valley Credit Facility exercise their right to sell the assets pledged under the Live Oak Credit Facility or the Valley Credit Facility respectively, such sales may be completed at distressed sale prices, thereby diminishing or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding under the Live Oak Credit Facility or Valley Credit Facility.

We are exposed to risks associated with changes in interest rates including potential effects on our cost of capital and net investment income.

General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital.

The Federal Reserve has reduced its benchmark interest rate by 0.25% in each of September 2025, October 2025 and December 2025, bringing the benchmark rate to the 3.50% to 3.75% range. While Federal Reserve has indicated that there may be additional rate cuts in the future, policymakers continue to emphasize their commitment to monitoring and addressing inflationary pressures. Given the evolving economic environment and policy considerations, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction.

It is possible that the Federal Reserve’s tightening cycle could result in a recession in the United States, which could have a material adverse effect on our business, results of operations and financial condition. An increase in interest rates would make it more expensive to use debt to finance our investments. Decreases in credit spreads on debt that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities. Although we have no policy governing the maturities of our investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to ten years. This means that we will be subject to greater risk (other things being equal) than an entity investing solely in shorter-term securities.

Because we may borrow to fund our investments, a portion of our net investment income may be dependent upon the difference between the interest rate at which we borrow funds and the interest rate at which we invest these funds. A portion of our investments will have fixed interest rates, while a portion of our borrowings will likely have floating interest rates. As a result, a significant change in market interest rates could have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds could increase, which would reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. Further, elevated interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum (or “floor”) interest rates, while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may temporarily increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner if market rates remain lower than the existing floor rate. If general interest rates rise, there is also a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, elevated interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

We may hedge against such interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts, subject to applicable legal requirements, including without limitation, all necessary registrations (or exemptions from registration) with the Commodity Futures Trading Commission. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

Uncertainty about U.S. Presidential Administration initiatives could negatively impact our business, financial condition and results of operations.

The U.S. government periodically calls for significant changes to U.S. trade, healthcare, immigration, foreign and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding tariffs, interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress, regulatory agencies, or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them.

There are significant potential conflicts of interest which could adversely impact our investment returns.

Our executive officers and directors, and the members of our Investment Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by our affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders. For example, Christian L. Oberbeck, our chief executive officer and managing member of our Investment Adviser, is the managing partner of Saratoga Partners, a middle-market private equity investment firm. In addition, the principals of our Investment Adviser may manage other funds which may from time to time have overlapping investment objectives with those of us and accordingly invest in, whether principally or secondarily, asset classes similar to those targeted by us. If this should occur, the principals of our Investment Adviser will face conflicts of interest in the allocation of investment opportunities to us and such other funds. Although our investment professionals will endeavor to allocate investment opportunities in a fair and equitable manner, we and our common stockholders could be adversely affected in the event investment opportunities are allocated among us and other investment vehicles managed or sponsored by, or affiliated with, our executive officers, directors and Investment Adviser, and the members of our Investment Adviser.

Changes in laws or regulations governing our operations, or changes in the interpretation thereof, and any failure by us to comply with laws or regulations governing our operations may adversely affect our business.

We and our portfolio companies are subject to regulation at the local, state and federal level. Despite political tensions and uncertainty, changes in federal policy, including tax policies, as well as the positions of regulatory agencies are expected to occur over time through policy and personnel changes, which may lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities.

New legislation may be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make, any of which could harm us and our stockholders, potentially with retroactive effect. For example, even though the current U.S. presidential administration has supported a de-regulatory agenda, it is possible that regulatory agencies could propose changes to existing regulations that impose greater costs on all sectors or on financial services companies in particular. In addition, any change to the SBA’s current debenture program could have a significant impact on our ability to obtain low-cost leverage and, therefore, our competitive advantage over other funds.

Legal, tax and regulatory changes could occur that may adversely affect us. For example, from time to time the market for private equity transactions has been adversely affected by a decrease in the availability of senior and subordinated financings for transactions, in part in response to credit market disruptions and/or regulatory pressures on providers of financing to reduce or eliminate their exposure to the risks involved in such transactions.

Additionally, any changes to the laws and regulations governing our operations related to permitted investments may cause us to alter our investment strategy in order to meet our investment objectives. Such changes could result in material differences to the strategies and plans set forth in this Annual Report and may shift our investment focus from the areas of expertise of our Investment Adviser to other types of investments in which our Investment Adviser may have little or no expertise or experience.

The nature, timing and economic and political effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain. Any such changes or prolonged uncertainty surrounding future changes may adversely affect our operating environment and therefore our business, financial condition, results of operations and growth prospects.

Legislative or other actions relating to taxes could have a negative effect on the Company.

Legislative or other actions relating to taxes could have a negative effect on the Company and its investors. Matters pertaining to U.S. federal income tax are constantly under review by persons involved in the legislative process, the IRS, and the U.S. Treasury Department. We cannot predict with certainty how any changes in the tax laws might affect the Company, its investments or its investors. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could affect the Company’s ability to qualify as a RIC or otherwise impact the U.S. federal income tax consequences to the Company and its investors. You are urged to consult with your tax advisor with respect to the impact of the status of any legislative, regulatory or administrative developments and proposals and their potential effect on your investment in our securities.

Changes to United States tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, harm us.

The U.S. government continues to enact and propose the imposition of new tariffs on specific countries and commodities, and may in the future increase or propose additional tariffs. In response, certain foreign trading partners, and others in the future, may impose retaliatory tariffs on certain U.S. goods or take other actions with respect to U.S. trade barriers. Although the Supreme Court invalidated the tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), certain tariff rates and obligations established through trade agreements that were negotiated during active IEEPA tariffs remain in effect, and the current administration has announced widely applicable tariffs pursuant to Section 122 the Trade Act of 1974, effective February 24, 2026. The administration has indicated that it will continue seeking to implement tariffs through other statutory authorities as well. The scope of the Supreme Court’s decision may create market uncertainty as it relates to the imposition of new tariffs. The U.S. Court of International Trade has ordered Customs and Border Protection (“CBP”) to refund all previously paid IEEPA tariffs, and CBP has begun implementing a system, the Consolidated Administration and Processing of Entries (“CAPE”), to do so through a phased process. There may be uncertainty regarding whether CAPE will ultimately be able to process all such refunds, or whether some entries will be excluded.

The foregoing has created significant uncertainty about the future relationship between the United States and certain other countries with respect to trade policies, treaties and the imposition of new or increased tariffs. These developments, or the continued uncertainty relating to U.S. trade policies, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce or re-route global trade and, in particular, trade between the impacted nations and the United States. The uncertainty relating to U.S. trade policies has also increased market volatility. Any of these factors could depress economic activity and restrict certain of our portfolio companies’ access to suppliers or customers, and increase costs, decrease margins, and reduce the competitiveness of products and services offered by our portfolio companies. The foregoing may adversely affect the revenues and profitability of such portfolio companies and, in turn, negatively affect our results of operations, which could cause the fair value of our common stock to decline. The ultimate impact of these or similar future events on the United States and other economies, specific industries, our business, or our underlying portfolio companies cannot be predicted with certainty, but any such impact could be material and adverse to us.

We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.

Our business is dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

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sudden electrical or telecommunications outages;

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natural disasters such as earthquakes, tornadoes and hurricanes;

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disease pandemics or other serious public health events;

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events arising from local or larger scale political or social matters, including terrorist acts;

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acts of war; and

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cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders.

Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.

Rule 18f-4 under the 1940 Act (“Rule 18f-4”) relates to the use of derivatives and other transactions that create future payment or delivery obligations by BDCs (and other funds that are registered investment companies). Under Rule 18f-4, BDCs that use derivatives are subject to a value-at-risk (“VaR”) leverage limit, certain derivatives risk management program and testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined in Rule 18f-4. A BDC that enters into reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of Section 18, as modified by Section 61 of the 1940 Act when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivatives transactions under Rule 18f-4. In addition, under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this requirement, it is required to treat the unfunded commitment as a derivatives transaction subject to the aforementioned requirements of Rule 18f-4. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts. We qualify as a “limited derivatives user,” and as a result the requirements applicable to us under Rule 18f-4 may limit our ability to use derivatives and enter into certain other financial contracts. However, if we fail to qualify as a limited derivatives user and become subject to the additional requirements under Rule 18f-4, compliance with such requirements may increase cost of doing business, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively.

We, and others in our industry, are the targets of malicious cyber activity. A successful cyber-attack, whether perpetrated by criminal or state-sponsored actors, against us or our service providers, or an accidental disclosure of non-public information, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data, especially personal and other confidential information. The rapid evolution and scale of artificial intelligence technologies also may increase the likelihood or effectiveness of a cyberattack against us, Saratoga Investment Advisors, or our third-party service providers. For example, artificial intelligence-enabled fraud can materially impact the effectiveness of our traditional cybersecurity controls by accelerating and scaling social engineering, creating realistic synthetic documents, and defeating common authentication methods.

Saratoga Investment Advisors and third-party service providers with which we do business depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to unauthorized access, acquisition, use, alteration, or destruction, such as from the insertion of malware (including ransomware) physical and electronic break-ins or unauthorized tampering, unauthorized access, or system failures and disruptions of our computer systems, networks and date. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, personal and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, misappropriation of assets, loss of personal information, litigation, regulatory enforcement action and penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. We may have to make a significant investment to fix or replace any inoperable or compromised systems or to modify or enhance our cybersecurity controls, procedures and measures. Similarly, the public perception that we or our affiliates may have been the target of a cybersecurity threat, whether successful or not, also could have a material adverse effect on our reputation and lead to financial losses from loss of business, depending on the nature and severity of the threat. Additionally, if a significant number of the members of our management were unavailable in the event of a disaster, our ability to effectively conduct our business could be severely compromised.

If unauthorized parties gain access to such information and technology systems, they may be able to steal, publish, delete or modify private and sensitive information, including nonpublic personal information related to stockholders (and their beneficial owners) and material nonpublic information. The systems we have implemented to manage risks relating to these types of events could prove to be inadequate and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail to adequately secure private information. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing them from being addressed appropriately. The failure of these systems or of disaster recovery plans for any reason could cause significant interruptions in our and our investment advisor’s operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to stockholders, material nonpublic information and other sensitive information in our possession.

Third parties with which we do business are sources of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. Cybersecurity failures or breaches to Saratoga Investment Advisors and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate its NAV, impediments to trading, the inability of our shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. Our disaster recovery programs may not be sufficient to mitigate the harm that may result from such a disaster or disruption. In addition, insurance and other safeguards might only partially reimburse us for our losses, if at all. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, acquisitions, use, alteration or destruction of data, or other cybersecurity incidents that affects our data, resulting in increased costs and other consequences as described above. The Company does not control the cybersecurity measures put in place by such third parties, and such third parties could have limited indemnification obligations to the Company and its affiliates. If such a third party fails to adopt or adhere to adequate cybersecurity procedures, or if despite such procedures its networks or systems are breached, information relating to investor transactions and/or personal information of investors may be lost or improperly accessed, used or disclosed.

In addition, cybersecurity has become a top priority for regulators around the world. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. For example, the SEC adopted rules requiring disclosure of material cybersecurity incidents and disclosure relating to cybersecurity risk management, and amendments to Regulation S-P governing policies and procedures designed to address unauthorized access to customer information. We may face increased costs to comply with any new or changing regulations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. We currently maintain insurance coverage relating to cybersecurity risks; however, we may be required to expend significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures, and we may be subject to litigation and financial losses that are not fully insured.

Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.

A cybersecurity incident is considered to be an unauthorized occurrence, or a series of related unauthorized occurrences, on or conducted through a company’s information systems that jeopardizes the confidentiality, integrity, or availability of a company’s information systems or any information residing therein. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems or those of our portfolio companies or third-party vendors for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. Despite careful security and controls design, the information technology system of our portfolio companies and our third-party vendors, may be subject to security breaches and cyber-attacks the result of which could include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to business relationships. As our portfolio companies’ and our third party vendor’s reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by third-party service providers, and the information systems of our portfolio companies and third-party vendors. We have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-incident, do not guarantee that a cyber-incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

Regulations governing our operation as a BDC will affect our ability to raise additional capital.

Our business requires a substantial amount of additional capital. We may acquire additional capital from the issuance of senior securities or other indebtedness or the issuance of additional shares of our common stock. However, we may not be able to raise additional capital in the future on favorable terms or at all. We may issue debt securities or preferred securities, which we refer to collectively as “senior securities,” and we may borrow money from banks or other financial institutions, up to the maximum amount permitted by the 1940 Act.

We are not generally able to issue and sell our common stock at a price below NAV per share. We may, however, sell our common stock, or issue warrants, options or rights to acquire our common stock, at a price below the current NAV of the common stock if our board of directors determines that such sale is in our best interests and the best interests of our stockholders, and the holders of a majority of our outstanding voting securities have approved such issuances within the prior year. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of our board of directors, closely approximates the market value of such securities (less any commission or discount). If our common stock trades at a discount to NAV, this restriction could adversely affect our ability to raise capital. We do not currently have stockholder approval of issuances below NAV.

Effective April 16, 2019, our asset coverage requirement was reduced from 200% to 150%, which may increase the risk of investing in the Company.

The 1940 Act generally prohibits BDCs from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our assets). However, on March 23, 2018, the Small Business Credit Availability Act modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. Under the 1940 Act, we were allowed to increase our leverage capacity once the majority of our independent directors approved an increase in our leverage capacity, with such approval becoming effective after one year. On April 16, 2018, our board of directors, including a majority of our independent directors, approved of our becoming subject to a minimum asset coverage ratio of 150% under the 1940 Act, which became effective on April 16, 2019. We are required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage.

We are generally permitted to incur indebtedness or issue senior securities in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities. Compliance with these requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. As a BDC, therefore, we may need to issue equity more frequently than our privately-owned competitors, which may lead to greater stockholder dilution. With respect to stock that is a senior security, we must make provisions to prohibit any dividend distribution to our stockholders or the repurchase of certain of our securities, unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. If the value of our assets decline, we may be unable to satisfy the asset coverage test. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales may be disadvantageous in order to make dividend distributions or repurchase certain of our securities.

Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, our stockholders will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the NAV attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Increased leverage may also cause a downgrade of our credit rating. Leverage is generally considered a speculative investment technique. See Part I. Item 1A. “Risk Factors—Risks Related to Our Business and Structure—We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.”

The agreements governing our Live Oak Credit Facility and our Valley Credit Facility contain various covenants that, among other things, limit our discretion in operating our business and provide for certain minimum financial covenants.

The agreements governing the Live Oak Credit Facility and the Valley Credit Facility contain customary default provisions such as the termination or departure of certain “key persons” of Saratoga Investment Advisors, a material adverse change in our business and the failure to maintain certain minimum loan quality and performance standards. An event of default under the Live Oak Credit Facility or the Valley Credit Facility would result, among other things, in termination of the availability of further funds under the Live Oak Credit Facility or the Valley Credit Facility and an accelerated maturity date for all amounts outstanding under the Live Oak Credit Facility or the Valley Credit Facility, which would likely disrupt our business and, potentially, the portfolio companies whose loans we financed through the Live Oak Credit Facility or the Valley Credit Facility. This could reduce our revenues and, by delaying any cash payment allowed to us under the Live Oak Credit Facility or the Valley Credit Facility until the lender has been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our status as a RIC.

Each loan origination under the respective facility is subject to the satisfaction of certain conditions. We cannot assure you that we will be able to borrow funds under the Live Oak Credit Facility or the Valley Credit Facility at any particular time or at all.

We will be subject to U.S. federal income tax imposed at corporate rates if we fail to qualify as a RIC.

We have elected to be treated and intend to maintain our qualification annually as a RIC under subchapter M of the Code; however, no assurance can be given that we will be able to maintain our RIC tax treatment. As a RIC, we are not subject to U.S. federal income tax on our income (including realized gains) that is timely distributed (or deemed distributed) to our stockholders, provided that we satisfy certain source-of-income, annual distribution and asset diversification requirements. While we are not subject to U.S. federal income tax on the income and gains we timely distribute to our stockholders, our stockholders will be required to include the amounts of such distributions in income and may be subject to U.S. federal income tax on such amounts.

The source-of-income requirement is satisfied if we derive at least 90% of our annual gross income from interest, dividends, payments with respect to certain securities loans, gains from the sale or other disposition of securities or options thereon or foreign currencies, or other income derived with respect to our business of investing in such securities or currencies, and net income from interests in “qualified publicly traded partnerships,” as defined in the Code.

The annual distribution requirement generally is satisfied if we timely distribute to our stockholders on an annual basis an amount equal to at least 90% of investment company taxable income, which is generally our ordinary net taxable income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. Because we incur debt, we are subject to certain asset coverage ratio requirements under the 1940 Act and covenants under our borrowing agreements that could, under certain circumstances, restrict us from making the required distributions. In such case, if we are unable to obtain cash from other sources or are prohibited from making distributions, we may be subject to U.S. federal income tax at corporate rates.

The asset-diversification requirements will be satisfied if we diversify our holdings so that at the end of each quarter of the taxable year: (i) at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities of any one issuer that do not (a) represent more than 5% of the value of our assets or (b) represent more than 10% of the outstanding voting securities of the issuer; and (ii) no more than 25% of the value of our assets is invested in (a) the securities, other than U.S. government securities or securities of other regulated investment companies, of one issuer, (b) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or (c) the securities of one or more “qualified” publicly traded partnerships.

Failure to meet these tests may result in our having to (i) dispose of certain investments or (ii) raise additional capital to prevent the loss of our RIC qualification. Because most of our investments will be in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we raise additional capital to satisfy the asset diversification requirements, it could take us time to invest such capital. During this period, we will invest the additional capital in temporary investments, such as cash and cash equivalents, which we expect will earn yields substantially lower than the interest income that we anticipate receiving in respect of investments in leveraged loans and mezzanine debt.

If we fail to qualify as a RIC for any reason, all of our taxable income will be subject to U.S. federal income tax imposed at corporate rates. The resulting tax liability could substantially reduce our net assets, the amount of income available for distribution to our common stockholders or payment of our outstanding indebtedness including the Notes. Such a failure would have a material adverse effect on our results of operations and financial condition.

Because we intend to distribute between 90% and 100% of our income to our stockholders in connection with our election to be treated as a RIC, we will continue to need additional capital to finance our growth. If additional funds are unavailable or not available on favorable terms, our ability to grow will be impaired.

In order to qualify for the tax benefits available to RICs and to minimize U.S. federal income taxes at corporate rates, we intend to distribute to our stockholders between 90% and 100% of our annual taxable income and capital gains, except that we may retain certain net capital gains for investment and treat such amounts as deemed distributions to our stockholders. If we elect to treat any amounts as deemed distributions, we must pay U.S. federal income tax imposed at corporate rates on such deemed distributions on behalf of our stockholders. As a result of these requirements, we will likely need to raise capital from other sources to grow our business. As a BDC, we generally are required to meet a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all of our borrowings and any outstanding preferred stock, of at least 150% as of April 16, 2019. These requirements limit the amount that we may borrow. Because we will continue to need capital to grow our investment portfolio, these limitations may prevent us from incurring debt and require us to raise additional equity at a time when it may be disadvantageous to do so.

While we expect to be able to borrow and to issue additional debt and equity securities, we cannot assure you that debt and equity financing will be available to us on favorable terms, or at all. Also, as a BDC, we generally are not permitted to issue equity securities priced below NAV without stockholder approval. If additional funds are not available to us, we could be forced to curtail or cease new investment activities, and our NAV and share price could decline.

We may have difficulty paying our required distributions if we recognize income before or without receiving cash in respect of such income.

For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, we may on occasion hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK or, in certain cases, increasing interest rates or issued with warrants) and we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. In addition, we may be required to accrue for U.S. federal income tax purposes amounts attributable to our investment in Saratoga CLO, a collateralized loan obligation fund, that may differ from the distributions paid in respect of our investment in the subordinated notes of such collateralized loan obligation fund because of the factors set forth above or because distributions on the subordinated notes are contractually required to be diverted for reinvestment or to pay down outstanding indebtedness.

Because any original issue discount accrued will be included in our “investment company taxable income” for the year of the accrual, we may be required to make distributions to shareholders to satisfy the annual distribution requirement applicable to RICs, even where we have not received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to maintain favorable tax treatment. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may become subject to U.S federal income tax imposed at corporate rates. Additionally, because investments with a deferred payment feature may have the effect of deferring a portion of the borrower’s payment obligation until maturity of the debt investment, it may be difficult for us to identify and address developing problems with borrowers in terms of their ability to repay us.

We operate in a highly competitive market for investment opportunities.

A number of entities compete with us to make the types of investments that we make in private middle-market companies. We compete with other BDCs, public and private funds (including SBICs), commercial and investment banks, commercial financing companies, insurance companies, high-yield investors, hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than us. Some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments that could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we cannot assure you that we will be able to identify and make investments that meet our investment objective.

While we do not seek to compete primarily based on the interest rates we offer, we believe that some our competitors may make loans with interest rates that are comparable or lower than the rates we offer.

We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we match our competitors’ pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. As a result of operating in such a competitive environment, we may make investments that are on better terms to our portfolio companies than we originally anticipated, which may impact our return on these investments.

We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Although we seek to maintain a diversified portfolio in accordance with our business strategies, to the extent that we assume large positions in the securities of a small number of issuers, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond our RIC asset-diversification requirements, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few portfolio companies.

Our financial condition and results of operations depend on our ability to manage future investments effectively.

Our ability to achieve our investment objective depends on our ability to acquire suitable investments and monitor and administer those investments, which depends, in turn, on Saratoga Investment Advisors’ ability to identify, invest in and monitor companies that meet our investment criteria.

Accomplishing this result on a cost-effective basis is largely a function of Saratoga Investment Advisors’ structuring of the investment process and its ability to provide competent, attentive and efficient service to us. Our executive officers and the officers and employees of Saratoga Investment Advisors have substantial responsibilities in connection with their roles at Saratoga Partners as well as responsibilities under the Management Agreement. They may also be called upon to provide managerial assistance to our portfolio companies. These demands on their time, which will increase as the number of investments grow, may distract them or slow the rate of investment. In order to grow, Saratoga Investment Advisors may need to hire, train, supervise and manage new employees. However, we cannot assure you that any such employees will contribute beneficially to the work of Saratoga Investment Advisors. Any failure to manage our future growth effectively could have a material adverse effect on our business and financial condition.

We may experience fluctuations in our quarterly and annual results.

We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the debt investments we make, the default rate on such investments, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, changes in our portfolio composition, the degree to which we encounter competition in the markets in which we operate and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. In addition, any of these factors could negatively impact our ability to achieve our investment objectives, which may cause the NAV of our common stock to decline.

Terrorist attacks, acts of war, or natural disasters may affect any market for our common stock, impact the businesses in which we invest and harm our business, operating results and financial condition.

Portfolio investments may be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including a portfolio company or a counterparty to us or a portfolio company) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to a portfolio company of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more companies or its assets, could result in a loss to us, including if our investment in such issuer is cancelled, unwound or acquired (which could be without what we consider to be adequate compensation). To the extent we are exposed to investments in portfolio companies that as a group are exposed to such force majeure events, the risks and potential losses to us are enhanced.

The continued threat of global terrorism and the impact of military and other action will likely continue to cause volatility in the economies of certain countries, contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide and various aspects thereof, including in prices of commodities. Our portfolio investments may involve significant strategic assets having a national or regional profile. The nature of these assets could expose them to a greater risk of being the subject of a terrorist attack than other assets or businesses. Acts of war could similarly lead to such volatility. For example, in response to the conflict between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions against Russia. In addition, the ongoing turmoil in Europe and the Middle East and escalating tensions in the region may create volatility and disruption of global markets. In particular, U.S. involvement and escalating hostilities in the Middle East may lead to global market instability of oil prices and shipping costs due to the impact of such conflict. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows, and results of operations, and could cause the market value of our common stock to decline.

Substantially all of our portfolio investments are recorded at fair value as determined in good faith by our board of directors; such valuations are inherently uncertain and may be materially higher or lower than the values that we ultimately realize upon the disposal of such investments.

Substantially all of our portfolio is, and we expect will continue to be, comprised of investments that are not publicly traded. The value of investments that are not publicly traded may not be readily determinable. We value these investments quarterly at fair value as determined in good faith by our board of directors. Saratoga Investment Advisors may utilize the services of an independent valuation firm to aid it in determining fair value of investments for which market quotations are not readily available. The types of factors that may be considered in valuing our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, market yield trend analysis, comparison to publicly traded companies, discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private investments and private companies are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these investments existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such investments.

Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.

Our board of directors has the authority to modify or waive our current investment objective, operating policies and strategies without prior notice and without stockholder approval. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, financial condition, and value of our common stock. However, the effects might be adverse, which could negatively impact our ability to pay dividends and cause you to lose all or part of your investment.

Any failure to comply with SBA regulations could have an adverse effect on our operations.

Our wholly owned subsidiaries, SBIC II LP and SBIC III LP, received an SBIC license from the SBA on August 14, 2019 and September 29, 2022, respectively.

The SBA places certain limitations on the financing terms of investments by SBICs in portfolio companies and prohibits SBICs from providing funds for certain purposes or to businesses in a few prohibited industries. Compliance with SBIC requirements may cause our SBIC subsidiaries to forego attractive investment opportunities that are not permitted under SBA regulations.

Further, SBA regulations require that an SBIC be periodically examined and audited by the SBA to determine its compliance with the relevant SBA regulations. The SBA prohibits, without prior SBA approval, a “change of control” of an SBIC or transfers that would result in any person (or a group of persons acting in concert) owning 10% or more of a class of capital stock of an SBIC. If our SBIC Subsidiaries fail to comply with applicable SBA regulations, the SBA could, depending on the severity of the violation, limit or prohibit its use of debentures, declare outstanding debentures immediately due and payable, and/or limit it from making new investments. In addition, the SBA can revoke or suspend a license for willful or repeated violation of, or willful or repeated failure to observe, any provision of the Small Business Investment Act of 1958 or any rule or regulation promulgated thereunder. These actions by the SBA would, in turn, negatively affect us because our SBIC Subsidiaries are our wholly owned subsidiaries. Any failure to comply with SBA regulations may hinder our ability to take advantage of our SBIC subsidiaries’ access to SBA-guaranteed debentures, which could have an adverse effect on our operations.

RISKS RELATED TO THE CURRENT ENVIRONMENT

Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

The current worldwide financial market situation, as well as various social and political tensions in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), have contributed to increased market volatility, may have long-term effects on the U.S. and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide.

The United Kingdom has ended its membership in the European Union and entered into certain agreements with the European Union to govern the future relationship between the parties. Such agreements implement significant regulation around trade, transport of goods and travel restrictions between the United Kingdom and the European Union. Notwithstanding the foregoing, the longer term economic, legal, political and social implications of Brexit are likely to continue to lead to ongoing political and economic uncertainty and periods of increased volatility in both the United Kingdom and in wider European markets for some time. In particular, Brexit could lead to calls for similar referendums in other European Union jurisdictions, which could cause increased economic volatility in the European and global markets. This mid- to long-term uncertainty could have adverse effects on the economy generally and on our ability to earn attractive returns. In particular, currency volatility could mean that our returns are adversely affected by market movements and could make it more difficult, or more expensive, for us to execute prudent currency hedging policies.

We are currently operating in a period of capital markets disruption and economic uncertainty, which may have a negative impact on our business, financial condition and results of operations. An extended disruption in the capital markets and the credit markets could negatively affect our business.

From time to time, capital markets may experience periods of disruption and instability. Uncertainty with respect to, among other things, inflationary pressures, elevated interest rates, new tariffs and trade barriers, geopolitical conditions, including the ongoing conflict between Russia and Ukraine, turmoil in Europe and the Middle East and the failure of major financial institutions introduced significant volatility in the financial markets, and the effect of this volatility has materially impacted and could continue to materially impact our market risks. The U.S. economy, as well as most other major economies, have continued to experience unpredictable economic conditions, and we anticipate our businesses would be materially and adversely affected by any prolonged economic downturn or recession in the United States and other major markets. In addition, disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. These types of events have adversely affected and could continue to adversely affect operating results for us and for our portfolio companies.

The current economic conditions have resulted in an adverse impact on the ability of lenders to originate loans, the volume, type, and quality of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. The U.S. credit markets (in particular for middle-market loans) have experienced the following among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans and increased uses of PIK features; and (iii) greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility, and liquidity issues.

With respect to loans to portfolio companies, the Company will be impacted if, among other things, (i) amendments and waivers are granted (or are required to be granted) to borrowers permitting deferral of loan payments or allowing for PIK interest payments, (ii) borrowers default on their loans, are unable to refinance their loans at maturity, or go out of business, or (iii) the value of loans held by the Company decreases as a result of such events and the uncertainty they cause. Portfolio companies may also be more likely to seek to draw on unfunded commitments we have made, and the risk of being unable to fund such commitments is heightened during such periods. Depending on the duration and extent of the disruption to the business operations of our portfolio companies, we expect some portfolio companies, particularly those in vulnerable industries, to experience financial distress and possibly to default on their financial obligations to us and/or their other capital providers. In addition, if such portfolio companies are subjected to prolonged and severe financial distress, we expect some of them to substantially curtail their operations, defer capital expenditures, and lay off workers. These developments would be likely to permanently impair their businesses and result in a reduction in the value of our investments in them.

These conditions and future market disruptions and/or illiquidity could have an adverse effect on our (and our portfolio companies’) business, financial condition, results of operations and cash flows. Ongoing unfavorable economic conditions may increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to our portfolio companies and/or us. These events have limited and could continue to limit our investment originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions, fluctuations in interest rates, or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations.

While we intend to continue to source and invest in new loan transactions to U.S. middle-market companies, we cannot be certain that we will be able to do so successfully or consistently. A lack of suitable investment opportunities may impair our ability to make new investments, and may negatively impact our earnings and result in decreased dividends to our shareholders.

If current economic conditions continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor net worth could result in increased costs and reduced income which would have a material adverse effect on our business, financial condition or results of operations. We also continue to observe supply chain interruptions, labor difficulties, commodity inflation and elements of economic and financial market instability both globally and in the United States, which could adversely impact our results of operations and financial condition.

We will need to raise additional capital in the future in order to continue to make investments in accordance with our business and investing strategy and to pursue new business opportunities. Ongoing disruptive conditions in the financial industry and the impact of new legislation in response to those conditions could restrict our business operations and could adversely impact our results of operations and financial condition.

In addition, we generally are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders to qualify as a RIC. As a result, these earnings will not be available to fund new investments. An inability to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully and could decrease our earnings, if any, which may have a material adverse effect on our business, results of operations and financial performance.

We cannot be certain as to the duration or magnitude of the ongoing economic conditions in the markets in which we and our portfolio companies operate and corresponding declines in economic activity that may negatively impact the U.S. economy and the markets for the various types of goods and services provided by U.S. middle-market companies. Depending on the duration, magnitude and severity of these conditions and their related economic and market impacts, certain of our portfolio companies may suffer declines in earnings and could experience financial distress, which could cause them to default on their financial obligations to us and their other lenders.

We will also be negatively affected if our operations and effectiveness or the operations and effectiveness of a portfolio company (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted. In consideration of these and related factors, we may downgrade our internal ratings with respect to certain portfolio companies in the future as conditions warrant and new information becomes available.

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.

Certain of our portfolio companies may be impacted by inflation, which may, in turn, impact the valuation of such portfolio companies. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

Downgrades of the U.S. credit rating, automatic spending cuts, or another government shutdown could negatively impact our liquidity, financial condition and earnings.

U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. U.S. lawmakers have passed legislation to address the federal debt ceiling on multiple occasions, but there is no guarantee that any such legislation will be passed in the future. Additionally, concerns over the United States’ budget deficit have led ratings agencies to lower or threaten to lower the long-term sovereign credit rating of the United States, including downgrades by Fitch from AAA to AA+ in August 2023 and by Moody’s from AAA to AA1 in May 2025. There is no guarantee that there will not be a further downgrade in the future.

The impact of this or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Changes in Federal Reserve monetary policy, including interest rate adjustments, could cause interest rates and borrowing costs to fluctuate, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

U.S. policy changes may adversely affect our business.

Political and governmental shifts in the United States have led to changing stances on numerous domestic and international issues. These changes, along with the resulting economic uncertainty, could impact our ability to source, negotiate, execute, manage, or exit investments. Actions taken by the United States government domestically, in the Western hemisphere, or globally may have significant global effects—including on market and financial conditions, trade policies, tax rates, legal or regulatory regimes and broader economic and social dynamics. Such actions could also prompt additional reciprocal, retaliatory, or responsive measures from other countries, regional blocs (including the European Union), corporations, or other market participants. The United States has taken certain actions to, and has indicated that it may continue seek to, withdraw from, renegotiate, amend, rescind or not abide by certain agreements, policies, regulations, statutes and other measures, and could pursue policy outcomes that may diverge significantly from prior assumptions. However, the specific measures that will be further implemented or enacted, as well as their impact on us and our portfolio companies, remain uncertain and could change frequently. Any such developments could materially affect our projections, goals, assumptions, targets, estimates, forecasts, strategies or plans in ways that cannot currently be determined with any certainty, including through effects (inside and outside the United States) on the desirability of certain financial or nonfinancial assets, the investability of certain countries or regions, the business prospects of certain industries, the certainty or predictability of legal systems and otherwise.

Economic recessions or downturns could impair the ability of our portfolio companies to repay loans and harm our operating results.

Many of our portfolio companies are susceptible to economic slowdowns or recessions, and, as a result, may be unable to repay our loans during these periods. Therefore, any non-performing assets are likely to increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions also may decrease the value of any collateral securing some of our loans and the value of our equity investments and could lead to financial losses in our portfolio and a corresponding decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. It is possible that we could become subject to a lender liability claim, including as a result of actions taken if we or Saratoga Investment Advisors renders significant managerial assistance to the borrower. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, even though we may have structured our investment as senior secured debt, depending on the facts and circumstances, including the extent to which we or Saratoga Investment Advisors provided managerial assistance to that portfolio company or otherwise exercise control over it, a bankruptcy court might re-characterize our debt as a form of equity and subordinate all or a portion of our claim to claims of other creditors.

RISKS RELATED TO OUR ADVISER AND ITS AFFILIATES

We may be obligated to pay Saratoga Investment Advisors incentive fees even if we incur a net loss, or there is a decline in the value of our portfolio.

Saratoga Investment Advisors is entitled to incentive fees for each fiscal quarter in an amount equal to a percentage of the excess of our investment income for that quarter (before deducting incentive compensation, but net of operating expenses and certain other items) above a threshold return for that quarter. Our pre-incentive fee net investment income, for incentive compensation purposes, excludes realized and unrealized capital gains or losses that we may incur in the fiscal quarter, even if such capital gains or losses result in a net gain or loss on our consolidated statements of operations for that quarter. Thus, we may be required to pay Saratoga Investment Advisors incentive fees for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter.

Under the terms of the Management Agreement, we may have to pay incentive fees to Saratoga Investment Advisors in connection with the sale of an investment that is sold at a price higher than the fair value of such investment on May 31, 2010, even if we incur a loss on the sale of such investment.

Incentive fees on capital gains paid to Saratoga Investment Advisors under the Management Agreement equals 20.0% of our “incentive fee capital gains,” which equals our realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis on each investment in the Company’s portfolio, less the aggregate amount of any previously paid capital gain incentive fee. Under the Management Agreement, 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 Saratoga Investment Advisors will be entitled to 20.0% of the incentive fee capital gains that arise after May 31, 2010. In addition, 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. See our Form 10-Q for the quarter ended May 31, 2010 that was filed with the SEC on July 15, 2010 for the fair value and other information related to our investments as of such date. As a result, we may be required to pay incentive fees to Saratoga Investment Advisors on the sale of an investment even if we incur a realized loss on such investment, so long as the investment is sold for an amount greater than its fair value as of May 31, 2010.

The way in which the base management and incentive fees under the Management Agreement is determined may encourage Saratoga Investment Advisors to take actions that may not be in our best interests.

The incentive fee payable by us to our Investment Adviser may create an incentive for it to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement, which could result in higher investment losses, particularly during cyclical economic downturns. The way in which the incentive fee payable to our Investment Adviser is determined, which is calculated separately in two components as a percentage of the income (subject to a hurdle rate) and as a percentage of the realized gain on invested capital, may encourage our Investment Adviser to use leverage to increase the return on our investments or otherwise manipulate our income so as to recognize income in quarters where the hurdle rate is exceeded.

Moreover, we pay Saratoga Investment Advisors a base management fee based on our total assets, including any investments made with borrowings, which may create an incentive for it to cause us to incur more leverage than is prudent, or not to repay our outstanding indebtedness when it may be advantageous for us to do so, in order to maximize its compensation. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor the holders of our securities.

The incentive fee payable by us to our Investment Adviser also may create an incentive for our Investment Adviser to invest on our behalf in instruments that have a deferred interest feature. Under these investments, we would accrue the interest over the life of the investment but would not receive the cash income from the investment until the end of the investment’s term, if at all. Our net investment income used to calculate the income portion of our incentive fee, however, includes accrued interest. Thus, a portion of the incentive fee would be based on income that we have not yet received in cash and may never receive in cash if the portfolio company is unable to satisfy such interest payment obligation to us. Consequently, while we may make incentive fee payments on income accruals that we may not collect in the future and with respect to which we do not have a “claw back” right against our Investment Adviser per se, the amount of accrued income written off in any period will reduce the income in the period in which such write-off was taken and may thereby reduce such period’s incentive fee payment.

In addition, Saratoga Investment Advisors receives a quarterly income incentive fee based, in part, on our pre-incentive fee net investment income, if any, for the immediately preceding calendar quarter. This income incentive fee is subject to a fixed quarterly hurdle rate before providing an income incentive fee return to Saratoga Investment Advisors. This fixed hurdle rate was determined when then current interest rates were relatively low on a historical basis. Thus, if interest rates rise, it would become easier for our investment income to exceed the hurdle rate and, as a result, more likely that Saratoga Investment Advisors will receive an income incentive fee than if interest rates on our investments remained constant or decreased. However, if we repurchase our outstanding debt securities, including the Notes, and such repurchase results in our recording a net gain or loss on the extinguishment of debt for financial reporting and tax purposes, such net gain or loss will not be included in our pre-incentive fee net investment income for purposes of determining the income incentive fee payable to our Investment Adviser under the Management Agreement. Moreover, our Investment Adviser receives the incentive fee based, in part, upon net capital gains realized on our investments. Unlike the portion of the incentive fee based on income, there is no performance threshold applicable to the portion of the incentive fee based on net capital gains. As a result, our Investment Adviser may have a tendency to invest more in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

Our board of directors will seek to ensure that Saratoga Investment Advisors is acting in our best interests and that any conflict of interest faced by Saratoga Investment Advisors in its capacity as our Investment Adviser does not negatively impact us.

The base management fee we pay to Saratoga Investment Advisors may induce it to influence our leverage, which may be contrary to our interest.

We pay Saratoga Investment Advisors a quarterly base management fee based on the value of our total assets (including any assets acquired with leverage). Accordingly, Saratoga Investment Advisors has an economic incentive to increase our leverage. Our board of directors monitors the conflicts presented by this compensation structure by approving the amount of leverage that we incur. If our leverage is increased, we will be exposed to increased risk of loss, bear the increased cost of issuing and servicing such senior indebtedness, and will be subject to any additional covenant restrictions imposed on us in an indenture or other instrument or by the applicable lender.

Saratoga Investment Advisors has not assumed any responsibility to us other than to render the services described in the Management Agreement. Pursuant to the Management Agreement, Saratoga Investment Advisors and its officers and employees are not liable to us for their acts under the Management Agreement absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. We have agreed to indemnify, defend and protect Saratoga Investment Advisors and its officers and employees with respect to all damages, liabilities, costs and expenses resulting from acts of Saratoga Investment Advisors not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Management Agreement. These protections may lead Saratoga Investment Advisors to act in a riskier manner when acting on our behalf than it would when acting for its own account.

Our ability to enter into transactions with our affiliates is restricted.

We generally are prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our independent directors and, in some cases, of the SEC. Those transactions include purchases from, sales to, and so-called “joint” transactions, in which we and one or more of our affiliates engage in certain types of profit-making activities, with such affiliates. Any person that owns, directly or indirectly, five percent or more of our outstanding voting securities will be considered an affiliate of ours for purposes of the 1940 Act, and we generally are prohibited from engaging in purchases of assets from or sales of assets to or joint transactions with such affiliates, absent the prior approval of our independent directors. Additionally, without receiving an exemptive order from the SEC, we are prohibited from engaging in purchases of assets from, or sales of assets to or joint transactions with certain affiliates, including our officers, directors, and employees, and investment adviser (and its affiliates) and their clients, as well as any person that owns more than 25% of our voting securities. As a result of these restrictions, we may be limited in the scope of investment opportunities that would otherwise be available to us.

We may, however, co-invest with Saratoga Investment Advisors and its affiliates’ other clients in certain circumstances where doing so is consistent with applicable law and SEC staff interpretations. For example, we may co-invest with such accounts consistent with guidance promulgated by the SEC staff permitting us and such other accounts to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that the applicable Adviser, acting on our behalf and on behalf of other clients, negotiates no term other than price.

Additionally, we, Saratoga Investment Advisors, and certain other funds and accounts sponsored or managed by Saratoga Investment Advisors and its affiliates have been granted the Order by the SEC, which permits the Company to participate in joint transactions with the foregoing affiliates subject to the conditions of the Order.

When we are permitted to co-invest with other clients of Saratoga Investment Advisors and its affiliates as permissible under regulatory guidance, applicable regulations, and in accordance with the Order, as discussed above, we do so pursuant to Saratoga Investment Advisors’ allocation policy. Under this allocation policy, a portion of each opportunity, which may vary based on asset class and from time to time, is offered to us and similar eligible accounts, as periodically determined by Saratoga Investment Advisors. However, we can offer no assurance that investment opportunities will be allocated to us fairly or equitably in the short-term or over time.

We depend on the key personnel of Saratoga Investment Advisors for our future success, and if Saratoga Investment Advisors is unable to retain qualified personnel or if we lose any member of our senior management team, our ability to achieve our investment objective could be significantly harmed.

We depend on the members of the senior management team and other key personnel of Saratoga Investment Advisors for the identification, final selection, structuring, closing, and monitoring of our investments. These individuals have extensive experience in, and knowledge of, the investment industry and our target markets. Our future success depends on the continued service of senior management and other key personnel of Saratoga Investment Advisors. The departure of any of the senior officers or key employees of Saratoga Investment Advisors, or of a significant number of the investment professionals of Saratoga Investment Advisors, could have a material adverse effect on our ability to achieve our investment objective.

In addition, we can offer no assurance that Saratoga Investment Advisors will remain our investment adviser or that we will continue to have access to its investment professionals.

RISKS RELATED TO OUR INVESTMENTS

If we make unsecured debt investments, we may lack adequate protection in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event our portfolio companies default on their indebtedness.

We make unsecured debt investments in portfolio companies. Unsecured debt investments are unsecured and junior to other indebtedness of the portfolio company. As a consequence, the holder of an unsecured debt investment may lack adequate protection in the event the portfolio company becomes distressed or insolvent and will likely experience a lower recovery than more senior debtholders in the event the portfolio company defaults on its indebtedness. In addition, unsecured debt investments of middle-market companies are often highly illiquid and in adverse market conditions may experience steep declines in valuation even if they are fully performing.

If we invest in the securities and other obligations of distressed or bankrupt companies, such investments may be subject to significant risks, including lack of income, extraordinary expenses, uncertainty with respect to satisfaction of debt, lower-than expected investment values or income potentials and resale restrictions.

We are authorized to invest in the securities and other obligations of distressed or bankrupt companies. At times, distressed debt obligations may not produce income and may require us to bear certain extraordinary expenses (including legal, accounting, valuation and transaction expenses) in order to protect and recover our investment. Therefore, to the extent we invest in distressed debt, our ability to achieve current income may be diminished which may affect our ability to make distributions on our common stock or make interest and principal payments of the Notes.

We also will be subject to significant uncertainty as to when and in what manner and for what value the distressed debt we invest in will eventually be satisfied (e.g., through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt held by us, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made.

Moreover, any securities received by us upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of our participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities if we are in possession of material non-public information relating to the issuer.

Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.

Certain loans that we make to portfolio companies will be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the company’s remaining assets, if any.

The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken with respect to the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.

A majority of our debt investments are not required to make principal payments until the maturity of such debt securities and are generally riskier than other types of loans.

As of February 28, 2026, 95.2% of our debt portfolio consisted of “interest-only” loans, which are structured such that the borrower makes only interest payments throughout the life of the loan and makes a large, “balloon payment” at the end of the loan term. The ability of a borrower to make or refinance a balloon payment may be affected by a number of factors, including the financial condition of the borrower, prevailing economic conditions, interest rates, and collateral values. If the interest-only loan borrower is unable to make or refinance a balloon payment, we may experience greater losses than if the loan were structured as amortizing.

We may be exposed to higher risks with respect to our investments that include PIK interest, particularly our investments in interest-only loans.

To the extent our portfolio investments permit PIK interest and our portfolio companies elect to pay PIK interest, we will be exposed to higher risks, including the following:

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because PIK interest results in an increase in the size of the loan balance of the underlying loan, our exposure to potential loss increases when we receive PIK interest;

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PIK instruments may have higher yields, which reflect the payment deferral and credit risk associated with these instruments;

	●	PIK accruals may create uncertainty about the source of our distributions to stockholders;

	●	the deferral of PIK interest has a negative impact on liquidity, as it represents non-cash income that may require distribution of cash dividends to shareholders in order to maintain our RIC tax treatment. In addition, the deferral of PIK interest also increases the loan-to-value ratio at a compounding rate, thus, increasing the risk that we will absorb a loss in the event of foreclosure; and

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PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of the collateral.

To the extent our investments are structured as interest-only loans, PIK interest will increase the size of the balloon payment due at the end of the loan term. PIK interest payments on such loans may increase the probability and magnitude of a loss on our investment, particularly with respect to our interest-only loans. As of February 28, 2026, 13.6% of our interest-only loans provided for contractual PIK interest, which represents contractual interest added to a loan balance and due at the end of such loan’s term, and 37.0% of such investments elected to pay a portion of interest due in PIK. As of February 28, 2026, 0.8% of the Company’s interest-only loans are loans that pay contractual PIK interest only.

The lack of liquidity in our investments may adversely affect our business.

We primarily make investments in private companies. A portion of these securities may be subject to legal and other restrictions on resale, transfer, pledge or other disposition or will otherwise be less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. In addition, we may face other restrictions on our ability to liquidate an investment in a business entity to the extent that we or our Investment Adviser has or could be deemed to have material non-public information regarding such business entity.

We may not have the funds to make additional investments in our portfolio companies which could impair the value of our portfolio.

After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation or may reduce the expected yield on the investment. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements, SBA regulations or the desire to maintain our RIC tax treatment. Our ability to make follow-on investments may also be limited by our Investment Adviser allocation policy.

The debt securities in which we invest are subject to credit risk and prepayment risk.

An issuer of a debt security may be unable to make interest payments and repay principal. We could lose money if the issuer of a debt obligation is, or is perceived to be, unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Substantially all of the debt investments held in our portfolio hold a non-investment grade rating by one or more rating agencies or, if not rated, would be rated below investment grade if they were rated, which are often referred to as “junk.”

Certain debt instruments may contain call or redemption provisions which would allow the issuer thereof to prepay principal prior to the debt instrument’s stated maturity. This is known as prepayment risk. Prepayment risk is greater during a falling interest rate environment as issuers can reduce their cost of capital by refinancing higher interest debt instruments with lower interest debt instruments. An issuer may also elect to refinance their debt instruments with lower interest debt instruments if the credit standing of the issuer improves. To the extent debt securities in our portfolio are called or redeemed, we may receive less than we paid for such security and we may be forced to reinvest in lower yielding securities or debt securities of issuers of lower credit quality.

At February 28, 2026, our investment in the subordinated notes of Saratoga CLO, a collateralized loan obligation fund, had a fair value of $0.0 million and constituted 0.0% of our portfolio. This investment constitutes a first loss position in a portfolio that, as of February 28, 2026, was composed of $391.0 million in aggregate principal amount of primarily senior secured first lien term loans and $22.3 million in uninvested cash. In addition, as of February 28, 2026, we also own $9.4 million and $8.8 million in aggregate principal of the F-2-R-3 Notes and Class E-R Notes with a fair value of $0.0 million and $8.4 million, respectively, in Saratoga CLO and Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd., that only rank senior to the subordinated notes of each collateralized loan obligation fund. A first loss position means that we will suffer the first economic losses if the value of Saratoga CLO decreases. First loss positions typically carry a higher risk and earn a higher yield. Interest payments generated from this portfolio will be used to pay the administrative expenses of Saratoga CLO and interest on the debt issued by Saratoga CLO before paying a return on the subordinated notes.

Principal payments will be similarly applied to pay administrative expenses of Saratoga CLO and for reinvestment or repayment of Saratoga CLO debt before paying a return on, or repayment of, the subordinated notes. In addition, 80.0% of our fixed management fee and 100.0% our incentive management fee for acting as the collateral manager of Saratoga CLO is subordinated to the payment of interest and principal on Saratoga CLO debt. Any losses on the portfolio will accordingly reduce the cash flow available to pay these management fees and provide a return on, or repayment of, our investment. Depending on the amount and timing of such losses, we may experience smaller than expected returns and, potentially, the loss of our entire investment.

As the manager of the portfolio of Saratoga CLO, we will have some ability to direct the composition of the portfolio, but our discretion is limited by the terms of the debt issued by Saratoga CLO which may limit our ability to make investments that we feel are in the best interests of the subordinated notes, and the availability of suitable investments. The performance of Saratoga CLO’s portfolio is also subject to many of the same risks sets forth in this Annual Report with respect to portfolio investments in leveraged loans.

In the event that a bankruptcy court orders the substantive consolidation of us with Saratoga CLO, the creditors of Saratoga CLO, including the holders of $391.0 million aggregate principal amount of debt, as of February 28, 2026 issued by Saratoga CLO, would have claims against the consolidated bankruptcy estate, which would include our assets.

We believe that we have observed and will observe certain formalities and operating procedures that are generally recognized requirements for maintaining our separate existence and that our assets and liabilities can be readily identified as distinct from those of Saratoga CLO. However, we cannot assure you that a bankruptcy court would agree in the event that we or Saratoga CLO became a debtor in connection with a bankruptcy proceeding. If a bankruptcy court concludes that substantive consolidation of us with Saratoga CLO is warranted, the creditors of Saratoga CLO would have claims against the consolidated bankruptcy estate.

Substantive consolidation means that our assets are placed in a single bankruptcy estate with those of Saratoga CLO, rather than kept separate, and that the creditors of Saratoga CLO have a claim against that single estate (including our assets), as opposed to retaining their claims against only Saratoga CLO.

Our investments in Saratoga CLO have a different risk profile than would direct investments made by us, including less information available and fewer rights regarding repayment compared to companies we invest in directly as well as complicated accounting and tax implications.

Due to our investments in the Saratoga CLO being primarily broadly syndicated loans, there may be less information available to us on those companies as compared to most investments that we make directly. For example, we will typically have fewer rights relating to how such companies manage their cash flow to repay debt, the inclusion of protective covenants, default penalties, lien protection, change of control provisions and board observation rights in deal terms, and our general ability to oversee the company’s operations. Our investment in Saratoga CLO is also subject to the risk of leverage associated with the debt issued by Saratoga CLO and the repayment priority of senior debt holders in Saratoga CLO.

The accounting and tax implications of such investments are complicated. In particular, reported earnings from the equity tranche investment of Saratoga CLO are recorded according to U.S. GAAP based upon an effective yield calculation. Current taxable earnings on these investments, however, will generally not be determinable until after the end of the fiscal year of Saratoga CLO that ends within the Company’s fiscal year, even though the investment is generating cash flow. In general, the U.S. federal income tax treatment of investment in Saratoga CLO may result in higher distributable earnings in the early years and a capital loss at maturity, while for reporting purposes the totality of cash flows are reflected in a constant yield to maturity.

The senior loan portfolio of Saratoga CLO may be concentrated in a limited number of industries or borrowers, which may subject Saratoga CLO, and in turn us, to a risk of significant loss if there is a downturn in a particular industry in which Saratoga CLO is concentrated.

Saratoga CLO has senior loan portfolios that may be concentrated in a limited number of industries or borrowers. A downturn in any particular industry or borrower in which Saratoga CLO is heavily invested may subject Saratoga CLO, and in turn us, to a risk of significant loss and could significantly impact the aggregate returns we realize. If an industry in which Saratoga CLO is heavily invested suffers from adverse business or economic conditions, a material portion of our investment in Saratoga CLO could be affected adversely, which, in turn, could adversely affect our financial position and results of operations. For example, as of February 28, 2026, Saratoga CLO’s investments in the banking, finance, insurance & real estate industry represented approximately 19.0% of the fair value of Saratoga CLO’s portfolio. Companies in the banking, finance, insurance & real estate industry are subject to general economic downturns and business cycles and will often suffer reduced revenues and rate pressures during periods of economic uncertainty. In addition, investments in business service represented approximately 10.1% of the fair value of Saratoga CLO’s portfolio. Changes in healthcare or other laws and regulations applicable to the businesses of some of the companies in which Saratoga CLO invests may occur that could increase their compliance and other costs of doing business, require significant systems enhancements, or render their products or services less profitable or obsolete, any of which could have a material adverse effect on their results of operations. There has also been an increased political and regulatory focus on healthcare laws in recent years, and new legislation could have a material effect on the business and operations of companies in which Saratoga CLO invests.

Failure by Saratoga CLO to satisfy certain debt compliance ratios may entitle senior debtholders to additional payments, which may harm our operating results by reducing payments we would otherwise be entitled to receive from Saratoga CLO.

The failure by Saratoga CLO to satisfy certain debt compliance ratios, specifically those with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that Saratoga CLO failed these certain tests, senior debt holders may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. Separately, we may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with Saratoga CLO or any other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows.

Downgrades by rating agencies of broadly syndicated loans could adversely impact the financial performance of Saratoga CLO and its ability to pay equity distributions in the future.

Ratings agencies periodically undergo reviews of CLO tranches and their broadly syndicated loans in response to adverse economic market conditions, such as the COVID-19 pandemic. Such reviews have, in some cases, resulted in downgrades of broadly syndicated loans. Such downgrades of broadly syndicated loans, as well as downgrades of broadly syndicated loans in the future, could adversely impact the financial performance of Saratoga CLO, thereby limiting Saratoga CLO’s ability to pay equity distributions and subordinated management fees to the Company in the future. The full extent of downgrades by ratings agencies of broadly syndicated loans is currently unknown, thereby resulting in a high degree of uncertainty with respect to Saratoga CLO’s financial performance and ability to pay equity distributions and subordinated management fees to the Company in the future.

We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.

We may make indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles, including SLF JV. In general, the risks associated with indirect investments in portfolio companies through a joint venture, partnership or other special purpose vehicle are similar to those associated with a direct investment in a portfolio company. While we intend to analyze the credit and business of a potential portfolio company in determining whether to make an investment in an investment vehicle, we will nonetheless be exposed to the creditworthiness of the investment vehicle. In the event of a bankruptcy proceeding against the portfolio company, the assets of the portfolio company may be used to satisfy its obligations prior to the satisfaction of our investment in the investment vehicle (i.e., our investment in the investment vehicle could be structurally subordinated to the other obligations of the portfolio company). In addition, if we are to invest in an investment vehicle, we may be required to rely on our partners in the investment vehicle when making decisions regarding such investment vehicle’s investments, accordingly, the value of the investment could be adversely affected if our interests diverge from those of our partners in the investment vehicle.

Available information about privately held companies is limited.

We invest primarily in privately-held companies. Generally, little public information exists about these companies, and we are required to rely on the ability of our Investment Adviser’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. These companies and their financial information are not subject to the Sarbanes-Oxley Act of 2002 and other rules that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

When we are a debt or minority equity investor in a portfolio company, we may not be in a position to control the entity, and its management may make decisions that could decrease the value of our investment.

We make both debt and minority equity investments; therefore, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings.

Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.

Our portfolio companies usually will have, or may be permitted to incur, other debt, or issue other equity securities that rank equally with, or senior to, our investments. By their terms, such instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments will usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debtor ranking equally with our investments, we would have to share on an equal basis any distributions with other holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. It is possible that we could become subject to a lender’s liability claim, including as a result of actions taken if we actually render significant managerial assistance.

Our investments in equity securities involve a substantial degree of risk.

We purchase common stock and other equity securities. Although equity securities have historically generated higher average total returns than fixed-income securities over the long-term, equity securities also have experienced significantly more volatility in those returns and in recent years have significantly underperformed relative to fixed-income securities. The equity securities we acquire may fail to appreciate and may decline in value or become worthless and our ability to recover our investment will depend on our portfolio company’s success. Investments in equity securities involve a number of significant risks, including:

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any equity investment we make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness or senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process;

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to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment in equity securities; and

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in some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of our portfolio companies. Even if the portfolio companies are successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can sell our equity investments. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell.

There are special risks associated with investing in preferred securities, including:

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preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for U.S. federal income tax purposes even though we have not received any cash payments in respect of such income;

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preferred securities are subordinated with respect to corporate income and liquidation payments, and are therefore subject to greater risk than debt;

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preferred securities may be substantially less liquid than many other securities, such as common securities or U.S. government securities; and

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preferred security holders generally have no voting rights with respect to the issuing company, subject to limited exceptions.

Our investments in foreign debt, including that of emerging market issuers, may involve significant risks in addition to the risks inherent in U.S. investments.

Although there are limitations on our ability to invest in foreign debt, we may, from time to time, invest in debt of foreign companies, including the debt of emerging market issuers. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of non-U.S. taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

Investments in the debt of emerging market issuers may subject us to additional risks such as inflation, wage and price controls, and the imposition of trade barriers. Furthermore, economic conditions in emerging market countries are, to some extent, influenced by economic and securities market conditions in other emerging market countries. Although economic conditions are different in each country, investors’ reaction to developments in one country can have effects on the debt of issuers in other countries.

Although most of our investments will be U.S. dollar-denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments.

We may employ hedging techniques to minimize these risks, but we cannot assure you that we will fully hedge against these risks or that such strategies will be effective. As a result, a change in currency exchange rates may adversely affect our profitability.

We may expose ourselves to risks if we engage in hedging transactions.

We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Use of these hedging instruments may expose us to counter-party credit risk. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is generally anticipated at an acceptable price.

The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates.

Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not entirely related to currency fluctuations. To the extent we engage in hedging transactions, we also face the risk that counterparties to the derivative instruments we hold may default, which may expose us to unexpected losses from positions where we believed that our risk had been appropriately hedged.

Our investments may be risky, and you could lose all or part of your investment.

Substantially all of our debt investments hold a non-investment grade rating by one or more rating agencies (which non-investment grade debt is commonly referred to as “high yield” and “junk” debt) or, where not rated by any rating agency, would be below investment grade or “junk”, if rated. A below investment grade or “junk” rating means that, in the rating agency’s view, there is an increased risk that the obligor on such debt will be unable to pay interest and repay principal on its debt in full. We also invest in debt that defers or pays PIK interest. To the extent interest payments associated with such debt are deferred, such debt will be subject to greater fluctuations in value based on changes in interest rates, such debt could produce taxable income without a corresponding cash payment to us, and since we generally do not receive any cash prior to maturity of the debt, the investment will be of greater risk.

In addition, private middle-market companies in which we invest are exposed to a number of significant risks, including:

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limited financial resources and an inability to meet their obligations, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

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shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;

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dependence on the management talents and efforts of a small group of persons; the death, disability, resignation or termination of one or more of which could have a material adverse impact on the company and, in turn, on us;

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less predictable operating results and, possibly, substantial additional capital requirements to support their operations, finance expansion or maintain their competitive position; and

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difficulty accessing the capital markets to meet future capital needs.

In addition, our executive officers, directors and our Investment Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies.

Our portfolio may continue to be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.

Our portfolio may continue to be concentrated in a limited number of industries. A downturn in any particular industry in which we are invested could significantly impact the aggregate returns we realize.

As of February 28, 2026, our investments in the Healthcare Services industry represented approximately 8.4% of the fair value of our portfolio, Structured Finance Securities represented approximately 6.6% of the fair value of the portfolio, and our investments in the Consumer Services industry represented approximately 6.0% of the fair value of our portfolio. In addition, we may from time to time invest a relatively significant percentage of our portfolio in industries we do not necessarily target. If an industry in which we have significant investments suffers from adverse business or economic conditions, as these industries have to varying degrees, a material portion of our investment portfolio could be affected adversely, which, in turn, could adversely affect our financial position and results of operations.

We may be subject to risks associated with artificial intelligence.

Recent technological advances in artificial intelligence and machine learning technology may pose risks to us and our portfolio companies. We and Saratoga Investment Advisors may utilize artificial intelligence tools in our business activities, including generative artificial intelligence technologies, machine learning, data analytics, and aggregation tools. The use of artificial intelligence is in its early stages, and ineffective or inadequate development or deployment could be costly and may involve unforeseen difficulties, such as undetected errors or material performance issues. Additionally, whether or not known to us, third-party service providers or other counterparties of ours or our portfolio companies may use artificial intelligence and machine learning technology in their business activities.

Because artificial intelligence is reliant on the collection and analysis of large amounts of data, the effectiveness of the results generated by such technology could be impacted by inaccuracies and/or errors, which may be material. To the extent that we or our portfolio companies are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on our investments. Artificial intelligence and its applications, including in the investment management and capital markets industries, continue to develop rapidly, and it is impossible to predict the future risks applicable to us that may arise from such developments.

In addition, regulators are also increasing scrutiny and considering regulation of the use of artificial intelligence technologies. We cannot predict what, if any, actions may be taken or the impact such actions may have on our business and results of operations. Uncertainty in the legal and regulatory regime relating to artificial intelligence, such as evolving review by the SEC, the U.S. Federal Trade Commission, and other U.S. and non-U.S. agencies and regulators, may require significant resources to modify and maintain business practices to comply with such regulations.

A number of our portfolio companies are in the Software-as-a-Service industry and such companies are subject to additional risks that are unique to that industry, and the financial results of our portfolio companies in the Software-as-a-Service industry could materially adversely affect our financial results.

A number of our portfolio companies are in the Software-as-a-Service (“SAAS”) industry and such companies are subject to additional risks that are unique to the SAAS industry. The rapid emergence of AI-first companies and generative AI tools poses significant competitive threats to traditional SAAS business models. In January 2026, AI companies such as OpenAI and Anthropic announced HIPAA-compliant life sciences and healthcare tools that directly compete with established SAAS vendors, demonstrating how AI-native companies are increasingly launching vertical-specific applications that challenge incumbents. It is possible that AI agents and autonomous AI systems could displace traditional business applications. Our portfolio companies may face margin pressure, customer churn, and declining recurring revenue if they fail to effectively integrate AI capabilities, differentiate their offerings from AI-native competitors, or adapt their technology platforms to meet evolving customer expectations for AI-powered functionality. The shifting technology landscape may require significant investment in research and development, product reimagination, and go-to-market strategy changes that our portfolio companies may be unable or unwilling to undertake.

Additionally, such portfolio companies may be subject to consumer protection laws that are enforced by regulators such as the Federal Trade Commission (“FTC”) and private parties, and include statutes that regulate the collection and use of information for marketing purposes. Any new legislation or regulations regarding the Internet, mobile devices, software sales or export and/or the cloud or SAAS industry, and/or the application of existing laws and regulations to the Internet, mobile devices, software sales or export and/or the cloud or SAAS industry, could create new legal or regulatory burdens on our portfolio companies that could have a material adverse effect on their respective operations. In addition, our SAAS portfolio companies may incur significant operating losses and negative cash flows during certain times of their respective life cycles, resulting in an adverse impact on their operations and on their ability to repay their debt. Because our SAAS portfolio companies are generally investments that are underwritten and valued on “recurring revenue” rather than EBITDA, the fair value determinations of such companies are inherently uncertain and may fluctuate over short periods of time. They are also subject to the risks that their customers have financial difficulties that make them unable or unwilling to pay for the software and services that drive a portfolio company’s recurring revenue projections or may switch to lower-cost AI-native alternatives that offer superior functionality or automation capabilities. There is often less collateral securing our loans to these companies as compared to our other portfolio companies, which could impair our ability to be repaid if the portfolio companies default on their obligations or otherwise encounter financial difficulties. For these reasons, our financial results could be materially adversely affected if our portfolio companies in the SAAS industry encounter financial difficulty and fail to repay their obligations. As of February 28, 2026, our current total investments in SAAS companies were $559.2 million, or 50.4% of total investments.

If our primary investments are deemed not to be qualifying assets, we could be precluded from investing in our desired manner or deemed to be in violation of the 1940 Act.

In order to maintain our status as a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70.0% of our total assets are qualifying assets. We believe that most of the investments that we may acquire in the future will constitute qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs and be precluded from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or required to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations and cash flows. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. If we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act, which would significantly decrease our operating flexibility.

We are subject to risks to the extent we invest in covenant-lite loans.

On occasion, the Company may invest in “covenant-lite” loans. Covenant-lite loans contain fewer maintenance covenants than other loans, or no maintenance covenants, and do not always include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite loans can carry more risk than traditional loans as they allow borrowers to engage in activities that would otherwise be difficult or not permitted under loan agreements with a full package of covenants. In an event of default, covenant-lite loans could result in diminished recovery values where the lender did not have the opportunity to negotiate with the borrower or to restructure the loan prior to default. Accordingly, to the extent the Company invests in covenant-lite loans, the Company may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

RISKS RELATED TO OUR COMMON STOCK

Investing in our common stock may involve an above average degree of risk.

The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive, and therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance.

We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.

We have in the past, and may in the future, distribute taxable dividends that are payable to our stockholders in part through the issuance of shares of our common stock. For example, on October 30, 2013, our board of directors declared a dividend of $2.65 per share to shareholders payable in cash or shares of our common stock. Under certain applicable provisions of the Code and the Treasury regulations and a revenue procedure issued by the IRS, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive their distributions in cash, we must allocate the cash available for distribution among the shareholders electing to receive cash (with the balance of the distribution paid in shares of our common stock). If we qualify as a publicly offered RIC and we decide to make any distributions consistent with this revenue procedure that are payable in part in our stock, taxable stockholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. The value of the shares received by a stockholder is treated as income for U.S. federal income tax purposes. A U.S. stockholder may have income from such a dividend in excess of the amount of cash received, and thus may be required to obtain cash from other sources to pay any applicable U.S. federal income tax. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale.

Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. If a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock.

Due to the current market conditions, we may defer our dividends and choose to incur U.S. federal excise tax in order to preserve cash and maintain flexibility.

As a BDC, we are not required to make any distributions to shareholders other than in connection with our election to be treated a RIC for U.S. federal income tax purposes as under subchapter M of the Code. In order to maintain our tax treatment as a RIC, we generally must distribute to shareholders for each taxable year at least 90% of our investment company taxable income (i.e., net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses). If we qualify for taxation as a RIC, we generally will not be subject to U.S. federal income tax on our investment company taxable income and net capital gains (i.e., realized net long- term capital gains in excess of realized net short-term capital losses) that we timely distribute to shareholders. We will be subject to U.S. federal income tax on our investment company taxable income and net capital gains that we do not timely distribute to shareholders. In addition, we will be subject to a nondeductible 4% U.S. federal excise tax on undistributed earnings of a RIC unless we distribute each calendar year an amount at least equal to the sum of (i) 98% of our net ordinary income for the calendar year, (ii) 98.2% of our capital gain net income for the one-year period ending on October 31 of the calendar year, and (iii) certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

Under the Code, we may satisfy certain of our RIC distributions with dividends paid after the end of the current calendar year. In particular, if we pay a distribution in January of the following year that was declared in October, November, or December of the current year and is payable to shareholders of record in the current year, the dividend will be treated for all U.S. federal tax purposes as if it were paid on December 31 of the current year. In addition, under the Code, we may pay dividends, referred to as “spillover dividends,” that are paid during the following taxable year that will allow us to maintain our qualification for taxation as a RIC and eliminate our liability for U.S. federal income tax imposed at corporate rates. Under these spillover dividend procedures, because our taxable year ends on February 28 or 29, we may defer distribution of income earned during the current taxable year until February of the following taxable year. For example, we may defer distributions of income earned during the year ended February 28, 2026 until as late as February 28, 2027. If we choose to carry-over this distribution of income in the form of a spillover dividend, we will incur the 4% U.S. federal excise tax on some or all of the distribution.

Due to current market conditions (as described herein) it is possible that we may take certain actions with respect to the timing and amounts of our distributions in order to preserve cash and maintain flexibility. For example, we may reduce our dividends and/or defer our dividends to the following taxable year. If we defer our dividends, we may choose to utilize the spillover dividend rules discussed above and incur the 4% U.S. federal excise tax on such amounts. To further preserve cash, we may combine these reductions or deferrals of dividends with one or more distributions that are payable partially in our stock. (see Part I. Item 1A. “Risk Factors—Risks Related to Our Common Stock—We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive” for more information).

The market price of our common stock may fluctuate significantly.

The market price and liquidity of the market for our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to:

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significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies;

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changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs, BDCs or SBICs;

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failure to qualify for RIC tax treatment;

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changes in the value of our portfolio of investments;

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any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

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departure of any of Saratoga Investment Advisors’ key personnel;

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operating performance of companies comparable to us;

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general economic trends and other external factors; or

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loss of a major funding source.

Our business and operation could be negatively affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price.

In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Shareholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space recently. While we are currently not subject to any securities litigation or shareholder activism, due to the potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of securities litigation or shareholder activism. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business.

Additionally, such securities litigation and shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist shareholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder activism.

There is a risk that you may not receive distributions or that our distributions may not grow over time.

As a BDC for 1940 Act purposes and a RIC for U.S. federal income tax purposes, we intend to make distributions out of assets legally available for distribution to our stockholders once such distributions are authorized by our board of directors and declared by us. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or periodically increase our dividend rate. In addition, due to the asset coverage test that is applicable to us as a BDC, and provisions contained in the agreements governing our borrowings, we may be limited in our ability to make distributions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution.

Provisions of our governing documents and the Maryland General Corporation Law could deter future takeover attempts and have an adverse impact on the price of our common stock.

We are governed by our charter and bylaws, which we refer to as our “governing documents.”

Our governing documents and the Maryland General Corporation Law contain provisions that may have the effect of delaying, deferring or preventing a future transaction or change in control of us that might involve a premium price for our stockholders or otherwise be in their best interest.

Our charter provides for the classification of our board of directors into three classes of directors, serving staggered three-year terms, which may render a change of control of us or removal of our incumbent management more difficult. Furthermore, any and all vacancies on our board of directors will be filled generally only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term until a successor is elected and qualifies.

Our board of directors is authorized to create and issue new series of shares, to classify or reclassify any unissued shares of stock into one or more classes or series, including preferred stock and, without stockholder approval, to amend our charter to increase or decrease the number of shares of stock that we have authority to issue, which could have the effect of diluting a stockholder’s ownership interest. Prior to the issuance of shares of stock of each class or series, including any reclassified series, our board of directors is required by our governing documents to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series of shares of stock.

Our governing documents also provide that our board of directors has the exclusive power to adopt, alter or repeal any provision of our bylaws, and to make new bylaws. The Maryland General Corporation Law also contains certain provisions that may limit the ability of a third party to acquire control of us, such as:

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the Maryland Business Combination Act, which, subject to certain limitations, prohibits certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of the common stock or an affiliate thereof) for five years after the most recent date on which the stockholder becomes an interested stockholder and, thereafter, imposes special minimum price provisions and special stockholder voting requirements on these combinations; and

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the Maryland Control Share Acquisition Act, which provides that “control shares” of a Maryland corporation (defined as shares of common stock which, when aggregated with other shares of common stock controlled by the stockholder, entitles the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of “control shares”) have no voting rights except to the extent approved by stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares of common stock.

In addition, the provisions of the Maryland Business Combination Act will not apply, however, if our board of directors adopts a resolution that any business combination between us and any other person will be exempt from the provisions of the Maryland Business Combination Act, subject to prior approval of such business combination by the board of directors. Although our board of directors has adopted such a resolution, there can be no assurance that this resolution will not be altered or repealed in whole or in part at any time. If the resolution is altered or repealed, the provisions of the Maryland Business Combination Act may discourage others from trying to acquire control of us.

As permitted by Maryland law, our bylaws contain a provision exempting from the Maryland Control Share Acquisition Act any and all acquisitions by any person of our common stock. Although our bylaws include such a provision, such a provision may also be amended or eliminated by our board of directors at any time in the future, subject to obtaining confirmation from the SEC that it does not object to us being subject to the Maryland Control Share Acquisition Act.

Our common stock may trade at a discount to our NAV per share.

Common stock of BDCs, as closed-end investment companies, frequently trade at a discount to NAV. Our common stock has traded at a discount to our NAV since shortly after our initial public offering. The risk that our common stock may continue to trade at a discount to our NAV is separate and distinct from the risk that our NAV per share may decline.

Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock.

The 1940 Act prohibits us from selling shares of our common stock at a price below the current NAV per share of such stock, with certain exceptions. One such exception is prior stockholder approval of issuances below NAV provided that our board of directors makes certain determinations. We do not currently have stockholder approval of issuances below NAV.

If we were to sell shares of our common stock below NAV per share, such sales would result in an immediate dilution to the NAV per share. This dilution would occur as a result of the sale of shares at a price below the then current NAV per share of our common stock and a proportionately greater decrease in a stockholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance.

Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted.

The issuance of subscription rights, warrants or convertible debt that are exchangeable for our common stock, will cause your economic interest and voting power in us to be diluted as a result of our offering of any such securities.

Stockholders who do not fully exercise rights, warrants or convertible debt issued to them in any offering of subscription rights, warrants or convertible debt to purchase our common stock should expect that they will, at the completion of the offering, own a smaller proportional economic interest and have diminished voting power in us than would otherwise be the case if they fully exercised their rights, warrants or convertible debt. We cannot state precisely the amount of any such dilution in share ownership or voting power because we do not know what proportion of the common stock would be purchased as a result of any such offering.

In addition, if the subscription price, warrant price or convertible debt price is less than our NAV per share of common stock at the time of such offering, then our stockholders would experience an immediate dilution of the aggregate NAV of their shares as a result of the offering. The amount of any such decrease in NAV is not predictable because it is not known at this time what the subscription price, warrant price, convertible debt price or NAV per share will be on the expiration date of such offering or what proportion of our common stock will be purchased as a result of any such offering. The risk of dilution is greater if there are multiple rights offerings. However, our board of directors will make a good faith determination that any offering of subscription rights, warrants or convertible debt would result in a net benefit to existing stockholders.

Finally, our common stockholders will bear all costs and expenses incurred by us in connection with any proposed offering of subscription rights, warrants or convertible debt that are exchangeable for our common stock, whether or not such offering is actually completed by us.

RISKS RELATED TO OUR NOTES

The Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness.

The Notes are not secured by any of our assets or any of the assets of any of our subsidiaries. As a result, the Notes are effectively subordinated to any existing and future secured indebtedness we or our subsidiaries have outstanding or that we or our subsidiaries may incur in the future (or any indebtedness that is initially unsecured as to which we have granted or subsequently grant a security interest) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our secured indebtedness or secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes.

The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries, including indebtedness under our Valley Credit Facility and our Live Oak Credit Facility.

The Notes are obligations exclusively of Saratoga Investment Corp., and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiary we may acquire or create in the future. Any assets of our subsidiaries are not directly available to satisfy the claims of our creditors, including holders of the Notes. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors of our subsidiaries will have priority over our equity interests in such entities (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such entities. Even if we are recognized as a creditor of one or more of these entities, our claims would still be effectively subordinated to any security interests in the assets of any such entity and to any indebtedness or other liabilities of any such entity senior to our claims. Consequently, the Notes are structurally subordinated to all indebtedness and other liabilities of any of our existing or future indebtedness of our subsidiaries, including, without limitation, borrowings under our Valley Credit Facility and our Live Oak Credit Facility, and the SBA-guaranteed debentures. These entities may incur substantial indebtedness in the future, all of which would be structurally senior to the Notes. As of February 28, 2026, there was $37.5 million outstanding borrowings under the Live Oak Credit Facility and we had the ability to borrow up to $75.0 million under the Live Oak Credit Facility, subject to certain conditions. As of February 28, 2026, there was $32.5 million outstanding borrowings under the Valley Facility and we had the ability to borrow up to $85.0 million under the Valley Credit Facility, subject to certain conditions. The Live Oak Credit Facility and the Valley Credit Facility is secured by substantially all of the assets of SIF II and SIF III, respectively, wholly owned subsidiaries. As of February 28, 2026, we had $160.0 million in SBA-guaranteed debentures outstanding. The indebtedness under the SBA-guaranteed debentures is structurally senior to the Notes.

The indenture under which the Notes are issued contains limited protection for holders of the Notes.

The indenture under which the Notes are issued offers limited protection to holders of the Notes.

The terms of the indenture and the Notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on your investment in the Notes. In particular, the terms of the indenture and the Notes do not place any restrictions on our or our subsidiaries’ ability to:

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issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of these entities, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act), but giving effect, in each case, to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings;

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sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

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enter into transactions with affiliates;

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create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

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make investments; or

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create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

Furthermore, the terms of the indenture and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, if any, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow, or liquidity.

Our ability to recapitalize, incur additional debt (including additional debt that matures prior to the maturity of the Notes), and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes.

Other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default. For example, the indenture under which the Notes are issued does not contain cross-default provisions that are contained in the Valley Credit Facility and the Live Oak Credit Facility. The issuance or incurrence of any such debt with incremental protections could affect the market for, trading levels and prices of the Notes.

We may not be able to repurchase the 4.35% 2027 Notes upon a Change of Control Repurchase Event.

Upon a Change of Control Repurchase Event (as defined in the relevant indenture), holders of the 4.35% 2027 Notes may require us to repurchase for cash some or all of the 4.35% 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the 4.35% 2027 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. We may not be able to repurchase the 4.35% 2027 Notes upon a Change of Control Repurchase Event because we may not have sufficient funds. Our and our subsidiaries’ future financing facilities may contain similar restrictions and provisions. Our failure to purchase such tendered 4.35% 2027 Notes upon the occurrence of such Change of Control Repurchase Event would cause an event of default under the governing indenture which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately. If the holders of the 4.35% 2027 Notes exercise their right to require us to repurchase the 4.35% 2027 Notes upon a Change of Control Repurchase Event, the financial effect of any such repurchase could cause a default under our current and future debt instruments, even if the Change of Control Repurchase Event itself would not cause a default. If a Change of Control Repurchase Event were to occur, we may not have sufficient funds to repay any such accelerated indebtedness.

An active trading market for the Public Notes may not develop or be sustained, which could limit the market price of the Public Notes or the ability to sell them.

Although each of the 6.00% 2027 Notes, 8.00% 2027 Notes, 8.125% 2027 Notes, 8.50% 2028 Notes, and 7.50% 2031 Notes are listed on the NYSE under the symbol “SAT”, “SAJ”, “SAY”, “SAZ”, and “SAV”, respectively, we cannot provide any assurances that an active trading market will develop or be maintained for the Public Notes or that the Public Notes will be able to be sold. At various times, the Public Notes may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, if any, general economic conditions, our financial condition, performance and prospects and other factors. Accordingly, we cannot provide any assurance that a liquid trading market will develop for the Public Notes, or that the Public Notes will be able to be sold at a particular time or at a favorable price. To the extent an active trading market does not develop, the liquidity and trading price for the Public Notes may be harmed. At the same time, the trading market for the Public Notes may also be very volatile, and many of the risk factors related to our common stock and outlined above in “Risks Related to Our Common Stock” could also be applicable to the Public Notes.

Terms relating to redemption may materially adversely affect the return on our Notes.

Subject to their terms, we may redeem the Notes from time to time, especially when prevailing interest rates are lower than the rate borne by the Notes. If prevailing rates are lower at the time of redemption, you would not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Notes being redeemed. Our redemption right also may adversely impact your ability to sell the Notes as the optional redemption date or period approaches.

The 6.00% 2027 Notes mature on April 30, 2027 and, as of April 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option.

The 8.00% 2027 Notes mature on October 31, 2027 and, as of October 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option.

The 8.125% 2027 Notes mature on December 31, 2027 and, as of December 13, 2024, may be redeemed in whole or in part at any time or from time to time at our option.

The 8.50% 2028 Notes mature on April 15, 2028 and, as of April 14, 2025, may be redeemed in whole or in part at any time or from time to time at our option.

The 4.35% 2027 Notes mature on February 28, 2027 and are redeemable, in whole or in part, at any time at our option prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par.

The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at our option, on or after December 29, 2024, at par plus a “make-whole” premium, and thereafter at par.

The 7.25% 2030 Notes mature on May 1, 2030 and are redeemable, in whole or in part, at any time at our option prior to January 23, 2028, at par plus a “make-whole” premium, and thereafter at par.

The 7.50% 2031 Notes mature on February 6, 2031, and commencing February 6, 2028, may be redeemed in whole or in part at any time at our option.

If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.

Any default under the agreements governing our indebtedness, including a default under the Valley Credit Facility or the Live Oak Credit Facility, the indenture governing each of the Notes, or other indebtedness to which we may be a party that is not waived by the required lenders or the holders, and the remedies sought by the lenders or the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, as applicable, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness (including the Live Oak Credit Facility, the Valley Credit Facility and the Notes). In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under the Live Oak Credit Facility, the Valley Credit Facility, or other debt we may incur in the future could elect to terminate their commitment, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. In addition, any such default may constitute a default under the Notes, which could further limit our ability to repay our debt, including the Notes.

Our ability to generate sufficient cash flow in the future is, to some extent, subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from operations, or that future borrowings will be available to us under the Live Oak Credit Facility, the Valley Credit Facility, or otherwise, in an amount sufficient to enable us to meet our payment obligations under the Notes, the Live Oak Credit Facility, and the Valley Credit Facility, and to fund other liquidity needs.

If our operating performance declines and we are not able to generate sufficient cash flow to service our debt obligations, we may, in the future, need to refinance or restructure our debt, including any Notes sold, sell assets, reduce or delay capital investments, seek to raise additional capital or seek to obtain waivers from the required lenders under the Live Oak Credit Facility or the Valley Credit Facility the holders of the respective Notes, or other debt that we may incur in the future to avoid being in default. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under the Notes and our other debt. If we breach our covenants under the Live Oak Credit Facility the Valley Credit Facility, the Notes or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or the holders thereof. If this occurs, we would be in default under the Live Oak Credit Facility, the Valley Credit Facility, the Notes or other debt, the lenders or holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt.

NAV Per Share

$ 24.42

$ 25.86

$ 27.12

$ 29.18

$ 29.33

$ 27.25

Risks Related to Our Business and Structure

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We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

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We are exposed to risks associated with changes in interest rates including potential effects on our cost of capital and net investment income.

Risks Related to the Current Environment

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Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

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Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.

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Economic recessions or downturns could impair the ability of our portfolio companies to repay loans and harm our operating results.

Risks Related to Our Adviser and Its Affiliates

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We may be obligated to pay Saratoga Investment Advisors incentive fees even if we incur a net loss, or there is a decline in the value of our portfolio.

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The way in which the base management and incentive fees under the Management Agreement is determined may encourage Saratoga Investment Advisors to take actions that may not be in our best interests.

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Our ability to enter into transactions with our affiliates is restricted.

Risks Related to Our Investments

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A majority of our debt investments are not required to make principal payments until the maturity of such debt securities and are generally riskier than other types of loans.

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The lack of liquidity in our investments may adversely affect our business.

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Investments in equity securities involve a substantial degree of risk.

Risks Related to Our Notes [Member]

Risks Related to Our Common Stock

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We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.

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Due to the current market conditions, we may defer our dividends and choose to incur U.S. federal excise tax in order to preserve cash and maintain flexibility.

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The market price of our common stock may fluctuate significantly.

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There is a risk that you may not receive distributions or that our distributions may not grow over time.

Risks Related to Our Notes

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The Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness.

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The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries, including indebtedness under our Valley Credit Facility and our Live Oak Credit Facility.

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An active trading market for the Public Notes may not develop or be sustained, which could limit the market price of the Public Notes or the ability to sell them.