SARATOGA INVESTMENT CORP. 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended May 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 814-00732 SARATOGA INVESTMENT CORP. (Exact name of registrant as specified in its charter) Maryland 20-8700615 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 535 Madison Avenue New York, New York 10022 (Address of principal executive offices) (212) 906-7800 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share SAR The New York Stock Exchange 6.00% Notes due 2027 SAT The New York Stock Exchange 8.00% Notes due 2027 SAJ The New York Stock Exchange 8.125% Notes due 2027 SAY The New York Stock Exchange 8.50% Notes due 2027 SAZ The New York Stock Exchange Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ The number of outstanding common shares of the registrant as of July 7, 2025 was 15,668,131 . TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION 1 Item 1. Consolidated Financial Statements 1 Consolidated Statements of Assets and Liabilities as of May 31, 2025 (unaudited) and February 28, 2025 1 Consolidated Statements of Operations for the three months ended May 31, 2025 (unaudited) and May 31, 2024 (unaudited) 2 Consolidated Statements of Changes in Net Assets for three months ended May 31, 2025 (unaudited) and May 31, 2024 (unaudited) 3 Consolidated Statements of Cash Flows for the three months ended May 31, 2025 (unaudited) and May 31, 2024 (unaudited) 4 Consolidated Schedules of Investments as of May 31, 2025 (unaudited) and February 28, 2025 5 Notes to Consolidated Financial Statements as of May 31, 2025 (unaudited) 29 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 108 Item 3. Quantitative and Qualitative Disclosures About Market Risk 148 Item 4. Controls and Procedures 149 PART II. OTHER INFORMATION 150 Item 1. Legal Proceedings 150 Item 1A. Risk Factors 150 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 150 Item 3. Defaults Upon Senior Securities 150 Item 4. Mine Safety Disclosures 150 Item 5. Other Information 150 Item 6. Exhibits 151 Signatures 153 i PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Saratoga Investment Corp. Consolidated Statements of Assets and Liabilities May 31, 2025 February 28, 2025 (unaudited) ASSETS Investments at fair value Non-control/Non-affiliate investments (amortized cost of $ 863,450,463 and $ 886,071,934 , respectively) $ 875,410,787 $ 897,660,110 Affiliate investments (amortized cost of $ 49,725,886 and $ 38,203,811 , respectively) 52,023,563 40,547,432 Control investments (amortized cost of $ 76,213,218 and $ 75,817,587 , respectively) 40,883,612 39,870,208 Total investments at fair value (amortized cost of $ 989,389,567 and $ 1,000,093,332 , respectively) 968,317,962 978,077,750 Cash and cash equivalents 131,562,513 148,218,491 Cash and cash equivalents, reserve accounts 92,724,212 56,505,433 Interest receivable (net of reserve of $ 264,278 and $ 210,319 , respectively) 8,000,745 7,477,468 Management fee receivable 294,307 314,193 Other assets 1,369,594 950,522 Total assets $ 1,202,269,333 $ 1,191,543,857 LIABILITIES Revolving credit facilities $ 70,000,000 $ 52,500,000 Deferred debt financing costs, revolving credit facilities ( 1,037,309 ) ( 1,254,516 ) SBA debentures payable 170,000,000 170,000,000 Deferred debt financing costs, SBA debentures payable ( 3,831,484 ) ( 4,041,026 ) 8.75 % Notes Payable 2025 - 20,000,000 Discount on 8.75 % notes payable 2025 - ( 9,055 ) Deferred debt financing costs, 8.75 % notes payable 2025 - ( 374 ) 7.00 % Notes Payable 2025 12,000,000 12,000,000 Discount on 7.00 % notes payable 2025 ( 35,844 ) ( 68,589 ) Deferred debt financing costs, 7.00 % notes payable 2025 ( 4,346 ) ( 8,345 ) 7.75 % Notes Payable 2025 5,000,000 5,000,000 Deferred debt financing costs, 7.75 % notes payable 2025 ( 5,860 ) ( 19,685 ) 4.375 % Notes Payable 2026 175,000,000 175,000,000 Premium on 4.375 % notes payable 2026 226,581 287,848 Deferred debt financing costs, 4.375 % notes payable 2026 ( 653,235 ) ( 865,593 ) 4.35 % Notes Payable 2027 75,000,000 75,000,000 Discount on 4.35 % notes payable 2027 ( 180,419 ) ( 213,424 ) Deferred debt financing costs, 4.35 % notes payable 2027 ( 601,980 ) ( 688,786 ) 6.25 % Notes Payable 2027 15,000,000 15,000,000 Deferred debt financing costs, 6.25 % notes payable 2027 ( 184,171 ) ( 202,144 ) 6.00 % Notes Payable 2027 105,500,000 105,500,000 Discount on 6.00 % notes payable 2027 ( 77,798 ) ( 87,295 ) Deferred debt financing costs, 6.00 % notes payable 2027 ( 1,347,571 ) ( 1,524,089 ) 8.00 % Notes Payable 2027 46,000,000 46,000,000 Deferred debt financing costs, 8.00 % notes payable 2027 ( 840,029 ) ( 927,484 ) 8.125 % Notes Payable 2027 60,375,000 60,375,000 Deferred debt financing costs, 8.125 % notes payable 2027 ( 1,053,557 ) ( 1,156,234 ) 8.50 % Notes Payable 2028 57,500,000 57,500,000 Deferred debt financing costs, 8.50 % notes payable 2028 ( 1,170,572 ) ( 1,273,134 ) Base management and incentive fees payable 6,869,845 6,230,944 Deferred tax liability 4,994,417 4,889,329 Payable from open trades 6,750,000 - Accounts payable and accrued expenses 1,556,106 1,676,335 Interest and debt fees payable 4,598,538 3,909,517 Due to Manager 553,706 349,189 Total liabilities 805,900,018 798,878,389 Commitments and contingencies (See Note 9) NET ASSETS Common stock, par value $ 0.001 , 100,000,000 common shares authorized, 15,529,391 and 15,183,078 common shares issued and outstanding, respectively 15,529 15,183 Capital in excess of par value 421,664,914 412,913,597 Total distributable deficit ( 25,311,128 ) ( 20,263,312 ) Total net assets 396,369,315 392,665,468 Total liabilities and net assets $ 1,202,269,333 $ 1,191,543,857 NET ASSET VALUE PER SHARE $ 25.52 $ 25.86 See accompanying notes to consolidated financial statements. 1 Saratoga Investment Corp. Consolidated Statements of Operations (unaudited) For the three months ended May 31, 2025 May 31, 2024 INVESTMENT INCOME Interest from investments Interest income: Non-control/Non-affiliate investments $ 25,464,663 $ 31,224,277 Affiliate investments 595,624 496,840 Control investments 1,190,661 1,997,112 Payment in kind interest income: Non-control/Non-affiliate investments 168,229 63,830 Affiliate investments 584,749 241,104 Control investments - 283,313 Total interest from investments 28,003,926 34,306,476 Interest from cash and cash equivalents 2,027,211 624,631 Management fee income 705,175 804,456 Dividend income: Non-control/Non-affiliate investments 562,183 249,491 Control investments 436,418 1,297,050 Total dividend from investments 998,601 1,546,541 Structuring and advisory fee income 264,375 410,843 Other income 319,329 985,203 Total investment income 32,318,617 38,678,150 OPERATING EXPENSES Interest and debt financing expenses 12,451,865 12,962,081 Base management fees 4,333,332 4,982,580 Incentive management fees expense (benefit) 2,536,513 3,584,734 Professional fees 699,200 999,310 Administrator expenses 1,250,000 1,075,000 Insurance 74,310 77,596 Directors fees and expenses 131,500 113,000 General and administrative 645,411 609,127 Income tax expense (benefit) 54,454 ( 60,283 ) Total operating expenses 22,176,585 24,343,145 NET INVESTMENT INCOME 10,142,032 14,335,005 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) from investments: Non-control/Non-affiliate investments 2,262,984 - Control investments 638,355 ( 21,194,997 ) Net realized gain (loss) from investments 2,901,339 ( 21,194,997 ) Net change in unrealized appreciation (depreciation) on investments: Non-control/Non-affiliate investments 372,148 14,156,825 Affiliate investments ( 45,944 ) 601,223 Control investments 617,773 ( 826,617 ) Net change in unrealized appreciation (depreciation) on investments 943,977 13,931,431 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments ( 55,085 ) ( 461,001 ) Net realized and unrealized gain (loss) on investments 3,790,231 ( 7,724,567 ) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 13,932,263 $ 6,610,438 WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE $ 0.91 $ 0.48 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED 15,344,510 13,683,314 See accompanying notes to consolidated financial statements. 2 Saratoga Investment Corp. Consolidated Statements of Changes in Net Assets (unaudited) For the three months ended May 31, 2025 May 31, 2024 INCREASE (DECREASE) FROM OPERATIONS: Net investment income $ 10,142,032 $ 14,335,005 Net realized gain (loss) from investments 2,901,339 ( 21,194,997 ) Net change in unrealized appreciation (depreciation) on investments 943,977 13,931,431 Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments ( 55,085 ) ( 461,001 ) Net increase in net assets resulting from operations 13,932,263 6,610,438 DECREASE FROM SHAREHOLDER DISTRIBUTIONS: Total distributions to shareholders ( 18,980,079 ) ( 9,967,036 ) Net decrease in net assets from shareholder distributions ( 18,980,079 ) ( 9,967,036 ) CAPITAL SHARE TRANSACTIONS: Proceeds from issuance of common stock (1) 6,143,820 - Capital contribution from Manager 297,770 - Stock dividend distribution 2,312,153 987,572 Offering costs ( 2,080 ) - Net increase (decrease) in net assets from capital share transactions 8,751,663 987,572 Total increase (decrease) in net assets 3,703,847 ( 2,369,026 ) Net assets at beginning of period 392,665,468 370,224,108 Net assets at end of period $ 396,369,315 $ 367,855,082 (1) See Note 11 to the Consolidated Financial Statements contained herein for more information on share issuance. See accompanying notes to consolidated financial statements. 3 Saratoga Investment Corp. Consolidated Statements of Cash Flows (unaudited) For the three months ended May 31, 2025 May 31, 2024 Operating activities NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 13,932,263 $ 6,610,438 ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: Distributions from CLO, payment-in-kind and other adjustments to cost ( 517,108 ) 383,131 Net accretion of discount on investments ( 858,544 ) ( 814,013 ) Amortization of deferred debt financing costs 1,254,331 1,238,632 Income tax expense (benefit) 50,004 ( 60,283 ) Net realized (gain) loss from investments ( 2,901,339 ) 21,194,997 Net change in unrealized (appreciation) depreciation on investments ( 943,977 ) ( 13,931,431 ) Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments 55,085 461,001 Proceeds from sales and repayments of investments 65,066,218 75,702,723 Purchases of investments ( 50,085,463 ) ( 39,301,058 ) (Increase) decrease in operating assets: Interest receivable ( 523,277 ) 680,549 Management fee receivable 19,886 7,967 Other assets ( 419,072 ) ( 522,897 ) Receivable from open trades - ( 1,269,231 ) Current income tax receivable - 84,245 Increase (decrease) in operating liabilities: Base management and incentive fees payable 638,901 420,098 Payable from open trades 6,750,000 - Accounts payable and accrued expenses ( 120,229 ) ( 13,164 ) Interest and debt fees payable 689,021 1,353,253 Due to Manager 204,517 ( 79,909 ) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 32,291,217 52,145,048 Financing activities Borrowings on debt 17,500,000 23,000,000 Paydowns on debt - ( 12,500,000 ) Repayments of notes ( 20,000,000 ) - Payments of deferred debt financing costs - ( 875,791 ) Proceeds from issuance of common stock 6,143,820 - Capital contribution from Manager 297,770 - Payments of cash dividends ( 16,667,926 ) ( 8,979,464 ) Payments of offering costs ( 2,080 ) - NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES ( 12,728,416 ) 644,745 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS 19,562,801 52,789,793 CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD 204,723,924 40,507,124 CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD (See note 2) $ 224,286,725 $ 93,296,917 Supplemental information: Interest paid during the period $ 10,508,514 $ 10,370,196 Cash paid for taxes 2,762 54,821 Supplemental non-cash information: Payment-in-kind interest income and other adjustments to cost 721,477 ( 383,131 ) Net accretion of discount on investments 858,544 814,013 Amortization of deferred debt financing costs 1,254,331 1,238,632 Stock dividend distribution 2,312,153 987,572 See accompanying notes to consolidated financial statements. 4 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Non-control/Non-affiliate investments - 220.9% (b) Altvia MidCo, LLC. Alternative Investment Management Software First Lien Term Loan (3M USD TERM SOFR+ 8.50 %), 12.82 % Cash, 7/18/2027 7/18/2022 $ 11,313,400 $ 11,236,928 $ 11,338,289 2.9 % Altvia MidCo, LLC. (h) Alternative Investment Management Software Series A-1 Preferred Shares 7/18/2022 2,083,939 2,083,939 2,806,358 0.7 % Total Alternative Investment Management Software 13,320,867 14,144,647 3.6 % BQE Software, Inc. (d) Architecture & Engineering Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 4/13/2028 4/13/2023 $ 24,500,000 24,336,623 24,615,150 6.2 % BQE Software, Inc. (j) Architecture & Engineering Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 4/13/2028 4/13/2023 $ 500,000 499,347 502,350 0.1 % Total Architecture & Engineering Software 24,835,970 25,117,500 6.3 % Golden TopCo LP (h) Association Management Software Class A-2 Common Units 5/10/2023 1,072,394 1,072,394 1,588,532 0.4 % Total Association Management Software 1,072,394 1,588,532 0.4 % Artemis Wax Corp. (d)(j) Consumer Services Delayed Draw Term Loan (1M USD TERM SOFR+ 6.75 %), 11.07 % Cash, 5/20/2026 5/20/2021 $ 57,500,000 57,390,336 57,057,250 14.4 % Artemis Wax Corp. (h) Consumer Services Series B-1 Preferred Stock 5/20/2021 934,463 1,500,000 227,927 0.1 % Artemis Wax Corp. (h) Consumer Services Series D Preferred Stock 12/22/2022 331,640 1,711,866 1,929,104 0.5 % Total Consumer Services 60,602,202 59,214,281 15.0 % Schoox, Inc. (h), (i) Corporate Education Software Series 1 Membership Interest 12/8/2020 1,050 548,298 3,924,856 1.0 % Total Corporate Education Software 548,298 3,924,856 1.0 % Innergy, Inc. Custom Millwork Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 2/20/2030 2/20/2025 $ 32,000,000 31,738,782 31,721,600 8.0 % 5 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Innergy, Inc. (j) Custom Millwork Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 2/20/2030 2/20/2025 $ - - - 0.0 % Total Custom Millwork Software 31,738,782 31,721,600 8.0 % GreyHeller LLC (h) Cyber Security Common Stock 11/10/2021 7,857,689 1,906,275 3,746,734 0.9 % Total Cyber Security 1,906,275 3,746,734 0.9 % Gen4 Dental Partners Holdings, LLC Dental Practice Management First Lien Term Loan (1M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 5/13/2030 5/13/2024 $ 7,089,286 7,029,937 7,160,179 1.8 % Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Delayed Draw Term Loan (1M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 5/13/2030 5/13/2024 $ - - - 0.0 % Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Revolving Credit Facility (1M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 5/13/2030 5/13/2024 $ - - - 0.0 % Gen4 Dental Partners Holdings, LLC (h)(i) Dental Practice Management Series A Preferred Units 2/8/2023 493,999 1,027,519 1,002,819 0.3 % Modis Dental Partners OpCo, LLC Dental Practice Management First Lien Term Loan (1M USD TERM SOFR+ 9.42 %), 13.74 % Cash, 4/18/2028 4/18/2023 $ 7,000,000 6,931,105 7,108,500 1.8 % Modis Dental Partners OpCo, LLC (j) Dental Practice Management Delayed Draw Term Loan (1M USD TERM SOFR+ 9.42 %), 13.74 % Cash, 4/18/2028 4/18/2023 $ 13,000,000 12,843,206 13,201,500 3.3 % Modis Dental Partners OpCo, LLC (h) Dental Practice Management Class A Preferred Units 4/18/2023 2,950,000 2,950,000 2,979,884 0.8 % Total Dental Practice Management 30,781,767 31,452,882 8.0 % Exigo, LLC (d) Direct Selling Software First Lien Term Loan (1M USD TERM SOFR+ 6.25 %), 10.67 % Cash, 3/16/2027 3/16/2022 $ 24,002,538 23,915,484 23,373,672 5.9 % 6 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Exigo, LLC (j) Direct Selling Software Revolving Credit Facility (1M USD TERM SOFR+ 6.25 %), 10.67 % Cash, 3/16/2027 3/16/2022 $ - - ( 16,375 ) 0.0 % Exigo, LLC (h), (i) Direct Selling Software Common Units 3/16/2022 1,041,667 1,041,667 808,398 0.2 % Total Direct Selling Software 24,957,151 24,165,695 6.1 % C2 Educational Systems, Inc. (d) Education Services First Lien Term Loan (3M USD TERM SOFR+ 8.50 %), 12.82 % Cash, 11/30/2026 5/31/2017 $ 23,000,000 22,998,485 22,954,000 5.8 % C2 Educational Systems, Inc. (h) Education Services Series A-1 Preferred Stock 5/18/2021 3,127 499,904 613,204 0.2 % Ready Education (d) Education Software First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 8/5/2027 8/5/2022 $ 32,000,000 31,827,080 31,910,400 8.1 % Total Education Software 55,325,469 55,477,604 14.1 % TG Pressure Washing Holdings, LLC (h) Facilities Maintenance Preferred Equity 8/12/2019 488,148 488,148 - 0.0 % Total Facilities Maintenance 488,148 - 0.0 % GDS Software Holdings, LLC Financial Services First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 12/30/2026 12/30/2021 $ 22,713,926 22,664,442 22,659,413 5.7 % GDS Software Holdings, LLC (d) Financial Services Delayed Draw Term Loan (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 12/30/2026 12/30/2021 $ 3,286,074 3,268,123 3,278,187 0.8 % GDS Software Holdings, LLC (h) Financial Services Common Stock Class A Units 8/23/2018 250,000 250,000 370,057 0.1 % Total Financial Services 26,182,565 26,307,657 6.6 % Ascend Software, LLC Financial Services Software First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 12.09 % Cash, 12/15/2026 12/15/2021 $ 6,000,000 5,979,447 5,985,000 1.5 % Ascend Software, LLC (j) Financial Services Software Delayed Draw Term Loan (3M USD TERM SOFR+ 7.50 %), 12.09 % Cash, 12/15/2026 12/15/2021 $ 4,050,000 4,041,099 4,039,875 1.0 % Total Financial Services Software 10,020,546 10,024,875 2.5 % 7 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Inspect Point Holdings, LLC Fire Inspection Business Software First Lien Term Loan (1M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 07/19/2029 7/19/2023 $ 18,000,000 17,860,836 18,050,400 4.6 % Inspect Point Holdings, LLC (j) Fire Inspection Business Software Delayed Draw Term Loan (1M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 07/19/2029 7/19/2023 $ - - - 0.0 % Total Fire Inspection Business Software 17,860,836 18,050,400 4.6 % Stretch Zone Franchising, LLC (d) Health/Fitness Franchisor First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 3/31/2028 3/31/2023 $ 16,228,726 16,126,626 15,722,390 4.0 % Stretch Zone Franchising, LLC Health/Fitness Franchisor First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 3/31/2028 3/31/2023 $ 8,738,545 8,683,564 8,465,902 2.1 % Stretch Zone Franchising, LLC (h) Health/Fitness Franchisor Class A Units 3/31/2023 20,000 2,000,000 1,296,329 0.3 % Total Health/Fitness Franchisor 26,810,190 25,484,621 6.4 % Alpha Aesthetics Partners OpCo, LLC Healthcare Services First Lien Term Loan (1M USD TERM SOFR+ 9.90 %), 14.23 % Cash, 3/20/2028 3/20/2023 $ 3,900,000 3,861,753 3,952,260 1.0 % Alpha Aesthetics Partners OpCo, LLC Healthcare Services Delayed Draw Term Loan (1M USD TERM SOFR+ 9.90 %), 14.23 % Cash, 3/20/2028 3/20/2023 $ 15,100,000 14,931,725 15,302,340 3.9 % Alpha Aesthetics Partners OpCo, LLC (h) Healthcare Services Class A Preferred Units 3/20/2023 3,675,000 3,675,000 3,655,853 0.9 % Axiom Medical Consulting, LLC Healthcare Services First Lien Term Loan (3M USD TERM SOFR+ 6.00 %), 10.32 % Cash, 9/11/2028 9/11/2023 $ 4,400,000 4,370,421 4,400,000 1.1 % Axiom Medical Consulting, LLC (j) Healthcare Services Delayed Draw Term Loan (3M USD TERM SOFR+ 6.00 %), 10.32 % Cash, 9/11/2028 9/11/2023 $ - - - 0.0 % Axiom Parent Holdings, LLC (h) Healthcare Services Class A Preferred Units 6/19/2018 400,000 258,389 1,146,774 0.3 % ComForCare Health Care (d) Healthcare Services First Lien Term Loan (3M USD TERM SOFR+ 6.25 %), 10.57 % Cash, 12/31/2027 1/31/2017 $ 55,000,000 54,788,813 55,137,500 13.9 % Total Healthcare Services 81,886,101 83,594,727 21.1 % 8 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Procurement Partners, LLC Healthcare Software First Lien Term Loan (3M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 5/12/2026 11/12/2020 $ 35,125,000 35,055,019 35,125,000 8.9 % Procurement Partners, LLC Healthcare Software First Lien Term Loan (3M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 5/12/2026 11/12/2020 $ 10,300,000 10,295,530 10,300,000 2.6 % Procurement Partners Holdings LLC (h) Healthcare Software Class A Units 11/12/2020 571,219 571,219 409,459 0.1 % Procurement Partners Holdings LLC (h) Healthcare Software Class AA Units 11/12/2020 220,385 30,994 109,379 0.0 % Total Healthcare Software 45,952,762 45,943,838 11.6 % Roscoe Medical, Inc. (h) Healthcare Supply Common Stock 3/26/2014 5,081 508,077 - 0.0 % Total Healthcare Supply 508,077 - 0.0 % Granite Comfort, LP (d) HVAC Services and Sales First Lien Term Loan (3M USD TERM SOFR+ 7.40 %), 11.72 % Cash, 5/16/2027 11/16/2020 $ 43,000,000 42,866,512 42,023,900 10.6 % Granite Comfort, LP (j)(d) HVAC Services and Sales Delayed Draw Term Loan (3M USD TERM SOFR+ 7.40 %), 11.72 % Cash, 5/16/2027 11/16/2020 $ 12,270,550 12,199,358 11,727,851 3.0 % Total HVAC Services and Sales 55,065,870 53,751,751 13.6 % Vector Controls Holding Co., LLC (h) Industrial Products Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027 5/31/2015 329 - 9,499,754 2.4 % Total Industrial Products - 9,499,754 2.4 % AgencyBloc, LLC Insurance Software First Lien Term Loan (1M USD TERM SOFR+ 7.76 %), 12.08 % Cash, 10/1/2026 10/1/2021 $ 15,555,682 15,502,457 15,555,682 3.9 % Panther ParentCo LLC (h) Insurance Software Class A Units 10/1/2021 2,500,000 2,500,000 4,976,072 1.3 % Total Insurance Software 18,002,457 20,531,754 5.2 % 9 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Avantra IT Services First Lien Term Loan (3M USD TERM SOFR+ 7.97 %), 12.29 % Cash, 9/20/2029 9/19/2024 $ 17,000,000 16,829,022 16,875,900 4.3 % Maple Holdings Midco Limited (h) IT Services Class A Common Units 9/19/2024 2,000,000 2,000,000 2,182,185 0.6 % Total IT Services 18,829,022 19,058,085 4.9 % ActiveProspect, Inc. (d) Lead Management Software First Lien Term Loan (3M USD TERM SOFR+ 6.00 %), 10.52 % Cash, 8/9/2027 8/8/2022 $ 11,525,624 11,475,531 11,525,624 2.9 % ActiveProspect, Inc. (j) Lead Management Software Delayed Draw Term Loan (3M USD TERM SOFR+ 6.00 %), 10.52 % Cash, 8/9/2027 8/8/2022 $ - - - 0.0 % Total Lead Management Software 11,475,531 11,525,624 2.9 % Madison Logic, Inc. (d)(m) Marketing Orchestration Software First Lien Term Loan (1M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 12/30/2028 12/30/2025 $ 18,905,249 18,724,321 18,525,253 4.7 % Total Marketing Orchestration Software 18,724,321 18,525,253 4.7 % ARC Health OpCo LLC (d) Mental Healthcare Services First Lien Term Loan (3M USD TERM SOFR+ 8.35 %), 12.67 % Cash, 8/5/2027 8/5/2022 $ 6,500,000 6,458,577 6,185,400 1.6 % ARC Health OpCo LLC (d) Mental Healthcare Services Delayed Draw Term Loan (3M USD TERM SOFR+ 8.35 %), 12.67 % Cash, 8/5/2027 8/5/2022 $ 26,914,577 26,907,069 25,611,911 6.5 % ARC Health OpCo LLC (h) Mental Healthcare Services Class A Preferred Units 8/5/2022 3,818,400 4,169,599 127,668 0.0 % Total Mental Healthcare Services 37,535,245 31,924,979 8.1 % Chronus LLC Mentoring Software First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 9.72 % Cash, 8/26/2026 8/26/2021 $ 15,000,000 14,956,281 14,922,000 3.8 % Chronus LLC (d) Mentoring Software First Lien Term Loan (3M USD TERM SOFR+ 6.00 %), 10.47 % Cash, 8/26/2026 8/26/2021 $ 5,000,000 4,979,867 4,974,000 1.3 % Chronus LLC (h) Mentoring Software Series A Preferred Stock 8/26/2021 3,000 3,000,000 1,942,213 0.5 % Total Mentoring Software 22,936,148 21,838,213 5.6 % 10 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Cloudpermit Municipal Government Software First Lien Term Loan (3M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 9/5/2029 9/5/2024 $ 28,000,000 27,759,396 27,829,200 7.0 % Cloudpermit (j) Municipal Government Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 9/5/2029 9/5/2024 $ - - - 0.0 % Cloudpermit (h) Municipal Government Software Limited Partner Interests 9/5/2024 2,000 2,000,000 2,176,751 0.5 % Total Municipal Government Software 29,759,396 30,005,951 7.5 % Omatic Software, LLC (d) Non-profit Services First Lien Term Loan (3M USD TERM SOFR+ 8.00 %), 12.59 % Cash/ 1.00 % PIK, 6/30/2025 5/29/2018 $ 16,463,783 16,461,436 16,555,981 4.2 % Total Non-profit Services 16,461,436 16,555,981 4.2 % Emily Street Enterprises, L.L.C. (d) Office Supplies Senior Secured Note (3M USD TERM SOFR+ 6.75 %), 11.07 % Cash, 12/31/2028 1/1/2018 $ 5,300,000 5,285,417 5,339,220 1.3 % Total Office Supplies 5,285,417 5,339,220 1.3 % Buildout, Inc. (d) Real Estate Services First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.42 % Cash, 7/9/2025 7/9/2020 $ 14,000,000 13,995,313 13,589,800 3.4 % Buildout, Inc. Real Estate Services Delayed Draw Term Loan (3M USD TERM SOFR+ 7.00 %), 11.42 % Cash, 7/9/2025 2/12/2021 $ 38,500,000 38,485,527 37,371,950 9.3 % Buildout, Inc. (h)(i) Real Estate Services Limited Partner Interests 7/9/2020 1,250 1,372,557 697,210 0.2 % Total Real Estate Services 53,853,397 51,658,960 12.9 % Wellspring Worldwide Inc. Research Software First Lien Term Loan (3M USD TERM SOFR+ 8.42 %), 12.75 % Cash, 12/22/2028 6/27/2022 $ 9,432,000 9,372,843 9,432,000 2.4 % Wellspring Worldwide Inc. Research Software Delayed DrawTerm Loan (3M USD TERM SOFR+ 8.42 %), 12.75 % Cash, 12/22/2028 6/27/2022 $ 14,400,000 14,267,488 14,400,000 3.5 % Archimedes Parent LLC (h) Research Software Class A Common Units 6/27/2022 2,475,160 2,475,160 2,354,214 0.6 % Total Research Software 26,115,491 26,186,214 6.5 % 11 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets LFR Chicken LLC Restaurant First Lien Term Loan (1M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 11/19/2026 11/19/2021 $ 12,000,000 11,962,729 12,000,000 3.0 % LFR Chicken LLC (j) Restaurant Delayed Draw Term Loan (1M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 11/19/2026 11/19/2021 $ 18,000,000 17,929,206 18,000,000 4.4 % LFR Chicken LLC (h) Restaurant Series B Preferred Units 11/19/2021 497,183 1,000,000 1,656,178 0.4 % Total Restaurant 30,891,935 31,656,178 7.8 % Avionte Holdings, LLC (h) Staffing Services Class A Units 1/8/2014 100,000 100,000 3,541,920 0.9 % Total Staffing Services 100,000 3,541,920 0.9 % AIMCO 2025-24A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.10 %), 10.42 % Cash, 4/19/2038 4/30/2025 $ 1,500,000 1,500,000 1,509,576 0.4 % BSP 2025-40A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 9.57 % Cash, 7/25/2038 5/22/2025 $ 3,000,000 3,000,000 3,019,188 0.8 % NMC CLO-4A ER (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.91 %), 11.23 % Cash, 3/20/2038 4/17/2025 $ 1,000,000 980,000 1,003,680 0.3 % NMC CLO-7A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.00 %), 9.32 % Cash, 3/31/2038 3/13/2025 $ 1,000,000 1,000,000 1,025,700 0.3 % OAKC 2016-13A ER2 (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 10/21/2037 4/10/2025 $ 1,000,000 976,249 1,009,227 0.3 % OAKC 2025-22A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.55 %), 9.87 % Cash, 7/20/2038 5/9/2025 $ 1,250,000 1,250,000 1,257,985 0.3 % OCP 2025-43A E (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 7/20/2038 4/23/2025 $ 1,000,000 1,000,000 1,006,380 0.3 % TREST 2017-1A ERR (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 5.95 %), 10.27 % Cash, 7/25/2037 3/7/2025 $ 1,250,000 1,257,125 1,262,408 0.3 % WBOX 2023-4A ER (a) Structured Finance Securities First Lien Term Loan (3M USD TERM SOFR+ 6.48 %), 10.80 % Cash, 4/20/2036 4/10/2025 $ 2,000,000 1,970,000 2,031,980 0.5 % Total Structured Finance Securities 12,933,374 13,126,124 3.5 % 12 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets StockIQ Technologies, LLC Supply Chain Planning Software First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 9.57 % Cash, 3/26/2030 3/25/2025 $ 10,000,000 9,914,569 9,913,000 2.4 % StockIQ Technologies, LLC (j) Supply Chain Planning Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.25 %), 9.57 % Cash, 3/26/2030 3/25/2025 $ - - - 0.0 % StockIQ Technologies, LLC (h) Supply Chain Planning Software Class A Units 3/25/2025 200,000 200,000 200,000 0.1 % Total Supply Chain Planning Software 10,114,569 10,113,000 2.5 % JDXpert Talent Acquisition Software First Lien Term Loan (3M USD TERM SOFR+ 8.50 %), 13.09 % Cash, 5/2/2027 5/2/2022 $ 6,000,000 5,971,723 6,000,000 1.5 % JDXpert Talent Acquisition Software Delayed Draw Term Loan (3M USD TERM SOFR+ 8.50 %), 13.09 % Cash, 5/2/2027 5/2/2022 $ 1,000,000 994,336 1,000,000 0.3 % JDXpert (j) Talent Acquisition Software Delayed Draw Term Loan (3M USD TERM SOFR+ 8.50 %), 13.09 % Cash, 5/2/2027 3/31/2023 $ 500,000 496,548 500,000 0.1 % Jobvite, Inc. (d) Talent Acquisition Software First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 11.82 % Cash, 8/5/2028 8/5/2022 $ 20,000,000 19,915,453 19,838,000 5.0 % Total Talent Acquisition Software 27,378,060 27,338,000 6.9 % VetnCare MSO, LLC (j) Veterinary Services Delayed Draw Term Loan (3M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 5/12/2028 5/12/2023 $ 13,290,655 13,190,394 13,273,377 3.3 % Total Veterinary Services 13,190,394 13,273,377 3.3 % Sub Total Non-control/Non-affiliate investments 863,450,463 875,410,787 220.9 % 13 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Affiliate investments - 13.1% (b) ETU Holdings, Inc. (f) Corporate Education Software First Lien Term Loan (3M USD TERM SOFR+ 9.00 %), 13.47 % Cash, 8/18/2027 8/18/2022 $ 7,000,000 6,964,923 6,980,400 1.8 % ETU Holdings, Inc. (f) Corporate Education Software Second Lien Term Loan 15.00 % PIK, 2/18/2028 8/18/2022 $ 7,393,154 7,365,722 6,599,868 1.7 % ETU Holdings, Inc. (f)(h) Corporate Education Software Series A Preferred Units 8/18/2022 3,000,000 3,000,000 - 0.0 % Total Corporate Education Software 17,330,645 13,580,268 3.5 % Axero Holdings, LLC (f) Employee Collaboration Software First Lien Term Loan 4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027 6/30/2021 $ 16,214,518 16,196,275 16,248,569 4.0 % Axero Holdings, LLC (f) Employee Collaboration Software Delayed Draw Term Loan 4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027 6/30/2021 $ 1,150,708 1,146,415 1,153,125 0.3 % Axero Holdings, LLC (f)(j) Employee Collaboration Software Revolving Credit Facility 4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027 2/3/2022 $ - - - 0.0 % Axero Holdings, LLC (f)(h) Employee Collaboration Software Series A Preferred Units 6/30/2021 2,055,609 2,055,609 3,741,208 0.9 % Axero Holdings, LLC (f)(h) Employee Collaboration Software Series B Preferred Units 6/30/2021 2,055,609 2,055,609 6,360,394 1.6 % Total Employee Collaboration Software 21,453,908 27,503,296 6.8 % SmartAC.com, Inc. (f) HVAC Monitoring Devices First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 11.82 % Cash, 4/7/2030 4/7/2025 $ 8,000,000 7,941,334 7,940,000 2.0 % SmartAC.com, Inc. (f) HVAC Monitoring Devices Delayed Draw Term Loan (3M USD TERM SOFR+ 7.50 %), 11.82 % Cash, 4/7/2030 4/7/2025 $ 1,262,201 2,999,999 2,999,999 0.8 % SmartAC.com, Inc. (f)(j) HVAC Monitoring Devices Delayed Draw Term Loan (3M USD TERM SOFR+ 7.50 %), 11.82 % Cash, 4/7/2030 4/7/2025 $ - - - 0.0 % Total HVAC Monitoring Devices 10,941,333 10,939,999 2.8 % Sub Total Affiliate investments 49,725,886 52,023,563 13.1 % 14 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Control investments - 10.3% (b) Zollege PBC (k)(g) Education Services First Lien Term Loan 4.84 % PIK, 8/9/2027 5/11/2021 $ 1,461,250 1,461,250 1,078,695 0.3 % Zollege PBC (h)(g) Education Services Common Stock 5/11/2021 7,731,294 558,799 3,960,751 1.0 % Total Education Services 2,020,049 5,039,446 1.3 % Pepper Palace, Inc. (k)(g) Specialty Food Retailer First Lien Term Loan 4.42 % PIK, 12/31/2028 6/30/2021 $ 2,400,000 2,400,000 1,313,760 0.3 % Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Delayed Draw Term Loan 4.42 % PIK, 12/31/2028 6/30/2021 $ - - - 0.0 % Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Revolving Credit Facility 4.42 % PIK, 12/31/2028 6/30/2021 $ 1,000,000 1,000,000 547,400 0.1 % Pepper Palace, Inc. (h)(g) Specialty Food Retailer Class A Units 6/30/2021 100,000 138,561 - 0.0 % Total Specialty Food Retailer 3,538,561 1,861,160 0.4 % Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g) Structured Finance Securities Other/Structured Finance Securities 0.00 %, 4/20/2033 1/22/2008 $ 111,000,000 14,684,668 156,793 0.0 % Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g) Structured Finance Securities Other/Structured Finance Securities (3M USD TERM SOFR+ 10.00 %), 14.58 %, 4/20/2033 8/9/2021 $ 9,375,000 9,375,000 1,857,189 0.5 % Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a)(g) Structured Finance Securities Other/Structured Finance Securities (3M USD TERM SOFR+ 8.55 %), 12.87 %, 10/20/2033 10/28/2022 $ 12,250,000 11,392,500 12,250,000 3.1 % Total Structured Finance Securities 35,452,168 14,263,982 3.6 % Saratoga Senior Loan Fund I JV, LLC (a)(g)(j) Investment Fund Unsecured Loan 10.00 %, 10/20/2033 12/17/2021 $ 17,618,954 17,618,954 16,634,935 4.2 % Saratoga Senior Loan Fund I JV, LLC (a)(g) Investment Fund Membership Interest 12/17/2021 17,583,486 17,583,486 3,084,089 0.8 % Total Investment Fund 35,202,440 19,719,024 5.0 % Sub Total Control investments 76,213,218 40,883,612 10.3 % TOTAL INVESTMENTS - 244.3% (b) $ 989,389,567 $ 968,317,962 244.3 % Number of Shares Cost Fair Value % of Net Assets Cash and cash equivalents and cash and cash equivalents, reserve accounts - 33.2% (b) U.S. Bank Money Market (l) 131,562,513 $ 131,562,513 $ 131,562,513 33.2 % Total cash and cash equivalents and cash and cash equivalents, reserve accounts 131,562,513 $ 131,562,513 $ 131,562,513 33.2 % (1) Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy. (a) Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of May 31, 2025, non-qualifying assets represent 5.7% of the Company’s portfolio at fair value. As a BDC, the Company generally has to invest at least 70% of its total assets in qualifying assets. (b) Percentages are based on net assets of $396,369,315 as of May 31, 2025. (c) Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements). 15 Saratoga Investment Corp. Consolidated Schedule of Investments May 31, 2025 (unaudited) (d) These securities are either fully or partially pledged as collateral under the Company’s senior secured revolving credit facility (see Note 8 to the consolidated financial statements). (e) This investment does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment. (f) As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the three months ended May 31, 2025 in which the issuer was an affiliate are as follows: Company Purchases Sales Total Interest from Investments Management Fee Income Net Realized Gain (Loss) from Investments Net Change in Unrealized Appreciation (Depreciation) Axero Holdings, LLC $ - $ - $ 503,808 $ - $ - $ 21,027 ETU Holdings, Inc. - - 531,233 - - ( 65,637 ) SmartAC.com Inc. 10,939,999 - 145,333 - - ( 1,334 ) Total $ 10,939,999 $ - $ 1,180,374 $ - $ - $ ( 45,944 ) (g) As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the three months ended May 31, 2025 in which the issuer was both an affiliate and a portfolio company that we control are as follows: Company Purchases Sales Total Interest from Investments Total Dividends from Investments Management Fee Income Net Realized Gain (Loss) from Investments Net Change in Unrealized Appreciation (Depreciation) Netreo Holdings, LLC $ - $ - $ - $ - $ - $ 638,355 $ - Pepper Palace, Inc. 600,000 - - - - - ( 285,840 ) Zollege PBC - - - - - - 1,102,296 Saratoga Investment Corp. CLO 2013-1, Ltd. - - - - 705,175 - 120,584 Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note - - 401,732 - - - - Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note - - 348,455 - - - ( 423,749 ) Saratoga Senior Loan Fund I JV, LLC - - 440,474 - - - 101,309 Saratoga Senior Loan Fund I JV, LLC - - - 436,418 - - 3,173 Total $ 600,000 $ - $ 1,190,661 $ 436,418 $ 705,175 $ 638,355 $ 617,773 (h) Non-income producing at May 31, 2025 (i) Includes securities issued by an affiliate of the company. (j) All or a portion of this investment has an unfunded commitment as of May 31, 2025. (See Note 9 to the consolidated financial statements). (k) As of May 31, 2025, the investment was on non-accrual status. The fair value of these investments was approximately $2.9 million, which represented 0.3% of the Company’s portfolio (see Note 2 to the consolidated financial statements). (l) Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of May 31, 2025. (m) This investment elected to PIK 20% of accrued interest, with 80% of accrued interest payable in cash. SOFR - Secured Overnight Financing Rate 1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of May 31, 2025 was 4.32%. 3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of May 31, 2025 was 4.32%. See accompanying notes to consolidated financial statements. 16 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Non-control/Non-affiliate investments - 229.3%(b) Altvia MidCo, LLC. Alternative Investment Management Software First Lien Term Loan (3M USD TERM SOFR+ 8.50 %), 12.82 % Cash, 7/18/2027 7/18/2022 $ 8,835,600 $ 8,775,378 $ 8,845,319 2.3 % Altvia MidCo, LLC. (h) Alternative Investment Management Software Series A-1 Preferred Shares 7/18/2022 2,000,000 2,000,000 2,730,236 0.7 % Total Alternative Investment Management Software 10,775,378 11,575,555 3.0 % BQE Software, Inc. (d) Architecture & Engineering Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 4/13/2028 4/13/2023 $ 24,500,000 24,328,507 24,541,650 6.3 % BQE Software, Inc. (j) Architecture & Engineering Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 4/13/2028 4/13/2023 $ 750,000 746,569 751,275 0.2 % Total Architecture & Engineering Software 25,075,076 25,292,925 6.5 % GrowthZone, LLC Association Management Software First Lien Term Loan (3M USD TERM SOFR+ 8.25 %), 12.57 % Cash, 5/10/2028 5/10/2023 $ 23,336,753 23,044,093 23,402,096 6.0 % Golden TopCo LP (h) Association Management Software Class A-2 Common Units 5/10/2023 1,072,394 1,072,394 1,447,602 0.4 % Total Association Management Software 24,116,487 24,849,698 6.4 % Artemis Wax Corp. (d)(j) Consumer Services Delayed Draw Term Loan (1M USD TERM SOFR+ 7.50 %), 11.82 % Cash, 5/20/2026 5/20/2021 $ 57,500,000 57,333,736 56,953,750 14.5 % Artemis Wax Corp. (h) Consumer Services Series B-1 Preferred Stock 5/20/2021 934,463 1,500,000 338,044 0.1 % Artemis Wax Corp. (h) Consumer Services Series D Preferred Stock 12/22/2022 331,640 1,711,866 2,147,020 0.5 % Total Consumer Services 60,545,602 59,438,814 15.1 % Schoox, Inc. (h),(i) Corporate Education Software Series 1 Membership Interest 12/8/2020 1,050 475,698 3,978,192 1.0 % Total Corporate Education Software 475,698 3,978,192 1.0 % 17 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Innergy, Inc. Custom Millwork Software First Lien Term Loan (3M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 1/31/2030 2/20/2025 $ 32,000,000 31,721,847 31,721,600 8.1 % Innergy, Inc. (j) Custom Millwork Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 1/31/2030 2/20/2025 $ - - - 0.0 % Total Custom Millwork Software 31,721,847 31,721,600 8.1 % GreyHeller LLC (h) Cyber Security Common Stock 11/10/2021 7,857,689 1,906,275 3,516,571 0.9 % Total Cyber Security 1,906,275 3,516,571 0.9 % Gen4 Dental Partners Holdings, LLC Dental Practice Management First Lien Term Loan (1M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 5/13/2030 5/13/2024 $ 7,107,143 7,043,790 7,043,179 1.8 % Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Delayed Draw Term Loan (1M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 5/13/2030 5/13/2024 $ - - - 0.0 % Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Revolving Credit Facility (1M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 5/13/2030 5/13/2024 $ - - - 0.0 % Gen4 Dental Partners Holdings, LLC (h)(i) Dental Practice Management Series A Preferred Units 2/8/2023 493,999 1,027,519 972,485 0.2 % Modis Dental Partners OpCo, LLC Dental Practice Management First Lien Term Loan (1M USD TERM SOFR+ 9.41 %), 13.74 % Cash, 4/18/2028 4/18/2023 $ 7,000,000 6,925,052 7,079,800 1.8 % Modis Dental Partners OpCo, LLC (j) Dental Practice Management Delayed Draw Term Loan (1M USD TERM SOFR+ 9.41 %), 13.74 % Cash, 4/18/2028 4/18/2023 $ 8,600,000 8,498,729 8,698,040 2.2 % Modis Dental Partners OpCo, LLC (h) Dental Practice Management Class A Preferred Units 4/18/2023 2,950,000 2,950,000 2,552,488 0.7 % New England Dental Partners Dental Practice Management First Lien Term Loan (3M USD TERM SOFR+ 8.00 %), 12.47 % Cash, 11/25/2025 11/25/2020 $ 6,555,000 6,541,869 6,636,282 1.7 % New England Dental Partners Dental Practice Management Delayed Draw Term Loan (3M USD TERM SOFR+ 8.00 %), 12.47 % Cash, 11/25/2025 11/25/2020 $ 2,150,000 2,148,547 2,176,660 0.6 % Total Dental Practice Management 35,135,506 35,158,934 9.0 % 18 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Exigo, LLC (d) Direct Selling Software First Lien Term Loan (1M USD TERM SOFR+ 6.25 %), 10.67 % Cash, 3/16/2027 3/16/2022 $ 24,065,038 23,961,810 23,352,713 5.9 % Exigo, LLC (j) Direct Selling Software Revolving Credit Facility (1M USD TERM SOFR+ 6.25 %), 10.67 % Cash, 3/16/2027 3/16/2022 $ - - ( 18,500 ) 0.0 % Exigo, LLC (h), (i) Direct Selling Software Common Units 3/16/2022 1,041,667 1,041,667 729,464 0.2 % Total Direct Selling Software 25,003,477 24,063,677 6.1 % C2 Educational Systems, Inc. (d) Education Services First Lien Term Loan (3M USD TERM SOFR+ 8.50 %), 12.82 % Cash, 5/31/2025 5/31/2017 $ 23,000,000 22,993,974 22,990,800 5.9 % C2 Educational Systems, Inc. (j) Education Services Delayed Draw Term Loan (3M USD TERM SOFR+ 8.50 %), 12.82 % Cash, 5/31/2025 4/28/2023 $ - - - 0.0 % C2 Education Systems, Inc. (h) Education Services Series A-1 Preferred Stock 5/18/2021 3,127 499,904 605,383 0.2 % Total Education Services 23,493,878 23,596,183 6.1 % GoReact Education Software First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 12.02 % Cash/ 1.00 % PIK, 4/17/2025 1/17/2020 $ 8,170,158 8,169,876 8,170,158 2.1 % GoReact (j) Education Software Delayed Draw Term Loan (3M USD TERM SOFR+ 7.50 %), 12.02 % Cash/ 1.00 % PIK, 4/17/2025 1/18/2022 $ - - - 0.0 % Identity Automation Systems (h) Education Software Common Stock Class A-2 Units 8/25/2014 232,616 232,616 1,182,481 0.3 % Identity Automation Systems (h) Education Software Common Stock Class A-1 Units 3/6/2020 43,715 171,571 329,237 0.1 % Ready Education (d) Education Software First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 8/5/2027 8/5/2022 $ 32,000,000 31,801,611 31,913,600 8.1 % Total Education Software 40,375,674 41,595,476 10.6 % TG Pressure Washing Holdings, LLC (h) Facilities Maintenance Preferred Equity 8/12/2019 488,148 488,148 - 0.0 % Total Facilities Maintenance 488,148 - 0.0 % 19 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Davisware, LLC Field Service Management First Lien Term Loan (3M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 11/30/2025 9/6/2019 $ 6,000,000 6,000,000 6,012,000 1.5 % Davisware, LLC (j) Field Service Management Delayed Draw Term Loan (3M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 11/30/2025 9/6/2019 $ 5,727,790 5,725,290 5,739,246 1.5 % Total Field Service Management 11,725,290 11,751,246 3.0 % GDS Software Holdings, LLC Financial Services First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 12/30/2026 12/30/2021 $ 22,713,926 22,655,802 22,654,870 5.8 % GDS Software Holdings, LLC (d) Financial Services Delayed Draw Term Loan (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 12/30/2026 12/30/2021 $ 3,286,074 3,266,913 3,277,530 0.8 % GDS Software Holdings, LLC (h) Financial Services Common Stock Class A Units 8/23/2018 250,000 250,000 370,057 0.1 % Total Financial Services 26,172,715 26,302,457 6.7 % Ascend Software, LLC Financial Services Software First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 12.08 % Cash, 12/15/2026 12/15/2021 $ 6,000,000 5,974,824 5,930,400 1.5 % Ascend Software, LLC (j) Financial Services Software Delayed Draw Term Loan (3M USD TERM SOFR+ 7.50 %), 12.08 % Cash, 12/15/2026 12/15/2021 $ 4,050,000 4,037,989 4,003,020 1.0 % Total Financial Services Software 10,012,813 9,933,420 2.5 % Inspect Point Holdings, LLC Fire Inspection Business Software First Lien Term Loan (1M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 07/19/2028 7/19/2023 $ 10,000,000 9,927,042 10,178,000 2.6 % Inspect Point Holdings, LLC (j) Fire Inspection Business Software Delayed Draw Term Loan (1M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 07/19/2028 7/19/2023 $ - - - 0.0 % Total Fire Inspection Business Software 9,927,042 10,178,000 2.6 % Stretch Zone Franchising, LLC (d) Health/Fitness Franchisor First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 3/31/2028 3/31/2023 $ 28,717,271 28,525,975 27,327,355 7.0 % Stretch Zone Franchising, LLC (j) Health/Fitness Franchisor Delayed Draw Term Loan (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 3/31/2028 3/31/2023 $ - - ( 72,600 ) 0.0 % Stretch Zone Franchising, LLC (h) Health/Fitness Franchisor Class A Units 3/31/2023 20,000 2,000,000 1,198,117 0.3 % Total Health/Fitness Franchisor 30,525,975 28,452,872 7.3 % 20 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Alpha Aesthetics Partners OpCo, LLC Healthcare Services First Lien Term Loan (1M USD TERM SOFR+ 9.92 %), 14.25 % Cash, 3/20/2028 3/20/2023 $ 3,900,000 3,858,168 3,952,260 1.1 % Alpha Aesthetics Partners OpCo, LLC Healthcare Services Delayed Draw Term Loan (1M USD TERM SOFR+ 9.92 %), 14.25 % Cash, 3/20/2028 3/20/2023 $ 15,100,000 14,915,338 15,302,340 3.9 % Alpha Aesthetics Partners OpCo, LLC (h) Healthcare Services Class A Preferred Units 3/20/2023 3,675,000 3,675,000 3,822,369 1.0 % Axiom Medical Consulting, LLC Healthcare Services First Lien Term Loan (3M USD TERM SOFR+ 6.00 %), 10.32 % Cash, 9/11/2028 9/11/2023 $ 6,000,000 5,959,513 6,000,000 1.5 % Axiom Medical Consulting, LLC (j) Healthcare Services Delayed Draw Term Loan (3M USD TERM SOFR+ 6.00 %), 10.32 % Cash, 9/11/2028 9/11/2023 $ - - - 0.0 % Axiom Parent Holdings, LLC (h) Healthcare Services Class A Preferred Units 6/19/2018 400,000 258,389 884,831 0.2 % ComForCare Health Care (d) Healthcare Services First Lien Term Loan (3M USD TERM SOFR+ 6.25 %), 10.57 % Cash, 12/31/2027 1/31/2017 $ 55,000,000 54,766,528 55,187,000 14.1 % Total Healthcare Services 83,432,936 85,148,800 21.8 % Procurement Partners, LLC Healthcare Software First Lien Term Loan (3M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 5/12/2026 11/12/2020 $ 35,125,000 35,033,286 35,125,000 8.9 % Procurement Partners, LLC Healthcare Software Delayed Draw Term Loan (3M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 5/12/2026 11/12/2020 $ 10,300,000 10,287,080 10,300,000 2.6 % Procurement Partners Holdings LLC (h) Healthcare Software Class A Units 11/12/2020 571,219 571,219 442,532 0.1 % Procurement Partners Holdings LLC (h) Healthcare Software Class AA Units 11/12/2020 220,385 30,994 118,529 0.0 % Total Healthcare Software 45,922,579 45,986,061 11.6 % Roscoe Medical, Inc. (h) Healthcare Supply Common Stock 3/26/2014 5,081 508,077 - 0.0 % Total Healthcare Supply 508,077 - 0.0 % 21 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Granite Comfort, LP (d) HVAC Services and Sales First Lien Term Loan (3M USD TERM SOFR+ 7.41 %), 11.72 % Cash, 5/16/2027 11/16/2020 $ 43,000,000 42,842,108 41,937,900 10.7 % Granite Comfort, LP (j)(d) HVAC Services and Sales Delayed Draw Term Loan (3M USD TERM SOFR+ 7.41 %), 11.72 % Cash, 5/16/2027 11/16/2020 $ 16,207,805 16,101,236 15,520,041 4.0 % Total HVAC Services and Sales 58,943,344 57,457,941 14.7 % Vector Controls Holding Co., LLC (h) Industrial Products Warrants to Purchase Limited Liability Company Interests, Expires 3/6/2025 5/31/2015 329 - 9,404,077 2.4 % Total Industrial Products - 9,404,077 2.4 % AgencyBloc, LLC Insurance Software First Lien Term Loan (1M USD TERM SOFR+ 7.76 %), 12.09 % Cash, 10/1/2026 10/1/2021 $ 15,615,511 15,553,310 15,615,511 4.0 % Panther ParentCo LLC (h) Insurance Software Class A Units 10/1/2021 2,500,000 2,500,000 4,729,353 1.2 % Total Insurance Software 18,053,310 20,344,864 5.2 % Avantra IT Services First Lien Term Loan (3M USD TERM SOFR+ 7.97 %), 12.29 % Cash, 9/20/2029 9/19/2024 $ 17,000,000 16,823,180 16,809,600 4.3 % Maple Holdings Midco Limited (h) IT Services Class A Common Units 9/19/2024 2,000,000 2,000,000 2,000,000 0.5 % Total IT Services 18,823,180 18,809,600 4.8 % ActiveProspect, Inc. (d) Lead Management Software First Lien Term Loan (3M USD TERM SOFR+ 6.00 %), 10.52 % Cash, 8/8/2027 8/8/2022 $ 11,525,624 11,470,461 11,640,880 3.0 % ActiveProspect, Inc. (j) Lead Management Software Delayed Draw Term Loan (3M USD TERM SOFR+ 6.00 %), 10.52 % Cash, 8/8/2027 8/8/2022 $ - - - 0.0 % Total Lead Management Software 11,470,461 11,640,880 3.0 % Madison Logic, Inc. (d)(m) Marketing Orchestration Software First Lien Term Loan (1M USD TERM SOFR+ 7.50 %), 11.82 % Cash, 12/30/2028 12/30/2022 $ 18,841,634 18,649,126 18,444,075 4.7 % Total Marketing Orchestration Software 18,649,126 18,444,075 4.7 % 22 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets ARC Health OpCo LLC (d) Mental Healthcare Services First Lien Term Loan (3M USD TERM SOFR+ 8.40 %), 12.72 % Cash, 8/5/2027 8/5/2022 $ 6,500,000 6,455,259 6,184,750 1.6 % ARC Health OpCo LLC (d) Mental Healthcare Services Delayed Draw Term Loan (3M USD TERM SOFR+ 8.40 %), 12.72 % Cash, 8/5/2027 8/5/2022 $ 26,914,577 26,907,840 25,609,220 6.5 % ARC Health OpCo LLC (h) Mental Healthcare Services Class A Preferred Units 8/5/2022 3,818,400 4,169,599 610,944 0.2 % Total Mental Healthcare Services 37,532,698 32,404,914 8.3 % Chronus LLC Mentoring Software First Lien Term Loan (3M USD TERM SOFR+ 5.25 %), 9.72 % Cash, 8/26/2026 8/26/2021 $ 15,000,000 14,943,520 14,910,000 3.8 % Chronus LLC (d) Mentoring Software First Lien Term Loan (3M USD TERM SOFR+ 6.00 %), 10.47 % Cash, 8/26/2026 8/26/2021 $ 5,000,000 4,975,736 4,970,000 1.3 % Chronus LLC (h) Mentoring Software Series A Preferred Stock 8/26/2021 3,000 3,000,000 2,146,574 0.5 % Total Mentoring Software 22,919,256 22,026,574 5.6 % Cloudpermit Municipal Government Software First Lien Term Loan (3M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 9/5/2029 9/5/2024 $ 28,000,000 27,750,119 27,720,000 7.1 % Cloudpermit (j) Municipal Government Software Delayed Draw Term Loan (3M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 9/5/2029 9/5/2024 $ - - - 0.0 % Cloudpermit (h) Municipal Government Software Limited Partner Interests 9/5/2024 2,000 2,000,000 2,000,000 0.5 % Total Municipal Government Software 29,750,119 29,720,000 7.6 % Omatic Software, LLC (d) Non-profit Services First Lien Term Loan (3M USD TERM SOFR+ 8.00 %), 12.58 % Cash/ 1.00 % PIK, 6/30/2025 5/29/2018 $ 16,435,922 16,429,958 16,470,437 4.2 % Total Non-profit Services 16,429,958 16,470,437 4.2 % 23 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Emily Street Enterprises, L.L.C. (d) Office Supplies Senior Secured Note (3M USD TERM SOFR+ 6.75 %), 11.07 % Cash, 12/31/2028 12/28/2012 $ 5,300,000 5,285,054 5,339,220 1.4 % Total Office Supplies 5,285,054 5,339,220 1.4 % Buildout, Inc. (d) Real Estate Services First Lien Term Loan (3M USD TERM SOFR+ 7.00 %), 11.42 % Cash, 7/9/2025 7/9/2020 $ 14,000,000 13,985,556 13,587,000 3.5 % Buildout, Inc. Real Estate Services Delayed Draw Term Loan (3M USD TERM SOFR+ 7.00 %), 11.42 % Cash, 7/9/2025 2/12/2021 $ 38,500,000 38,454,669 37,364,250 9.5 % Buildout, Inc. (h)(i) Real Estate Services Limited Partner Interests 7/9/2020 1,250 1,372,557 798,892 0.2 % Total Real Estate Services 53,812,782 51,750,142 13.2 % Wellspring Worldwide Inc. Research Software First Lien Term Loan (3M USD TERM SOFR+ 8.42 %), 12.74 % Cash, 12/22/2028 6/27/2022 $ 9,492,000 9,428,229 9,492,000 2.4 % Wellspring Worldwide Inc. Research Software Delayed DrawTerm Loan (3M USD TERM SOFR+ 8.42 %), 12.74 % Cash, 12/22/2028 6/27/2022 $ 14,400,000 14,259,405 14,400,000 3.7 % Archimedes Parent LLC (h) Research Software Class A Common Units 6/27/2022 2,475,160 2,475,160 2,387,902 0.6 % Total Research Software 26,162,794 26,279,902 6.7 % LFR Chicken LLC Restaurant First Lien Term Loan (1M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 11/19/2026 11/19/2021 $ 12,000,000 11,952,144 12,000,000 3.1 % LFR Chicken LLC (j) Restaurant Delayed Draw Term Loan (1M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 11/19/2026 11/19/2021 $ 18,000,000 17,906,382 18,000,000 4.6 % LFR Chicken LLC (h) Restaurant Series B Preferred Units 11/19/2021 497,183 1,000,000 1,599,989 0.4 % Total Restaurant 30,858,526 31,599,989 8.1 % Avionte Holdings, LLC (h) Staffing Services Class A Units 1/8/2014 100,000 100,000 3,426,460 0.9 % Total Staffing Services 100,000 3,426,460 0.9 % 24 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets JDXpert Talent Acquisition Software First Lien Term Loan (3M USD TERM SOFR+ 8.50 %), 13.08 % Cash, 5/2/2027 5/2/2022 $ 6,000,000 5,969,521 6,000,000 1.5 % JDXpert Talent Acquisition Software Delayed Draw Term Loan (3M USD TERM SOFR+ 8.50 %), 13.08 % Cash, 5/2/2027 5/2/2022 $ 1,000,000 993,974 1,000,000 0.3 % JDXpert (j) Talent Acquisition Software Delayed Draw Term Loan (3M USD TERM SOFR+ 8.50 %), 13.08 % Cash, 5/2/2027 3/31/2023 $ 500,000 496,237 500,000 0.1 % Jobvite, Inc. (d) Talent Acquisition Software First Lien Term Loan (3M USD TERM SOFR+ 7.50 %), 11.82 % Cash, 8/5/2028 8/5/2022 $ 20,000,000 19,900,196 19,834,000 5.1 % Total Talent Acquisition Software 27,359,928 27,334,000 7.0 % VetnCare MSO, LLC (j) Veterinary Services Delayed Draw Term Loan (3M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 5/12/2028 5/12/2023 $ 12,680,505 12,580,925 12,666,554 3.2 % Total Veterinary Services 12,580,925 12,666,554 3.2 % Sub Total Non-control/Non-affiliate investments 886,071,934 897,660,110 229.3 % Affiliate investments - 10.3% (b) ETU Holdings, Inc. (f) Corporate Education Software First Lien Term Loan (3M USD TERM SOFR+ 9.00 %), 13.47 % Cash, 8/18/2027 8/18/2022 $ 7,000,000 6,959,248 6,980,400 1.8 % ETU Holdings, Inc. (f) Corporate Education Software Second Lien Term Loan 15.00 % PIK, 2/18/2028 8/18/2022 $ 7,125,931 7,093,577 6,387,685 1.6 % ETU Holdings, Inc. (f)(h) Corporate Education Software Series A Preferred Units 8/18/2022 3,000,000 3,000,000 - 0.0 % Total Corporate Education Software 17,052,825 13,368,085 3.4 % Axero Holdings, LLC (f) Employee Collaboration Software First Lien Term Loan 4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027 6/30/2021 $ 15,933,063 15,913,591 15,933,063 4.1 % Axero Holdings, LLC (f) Employee Collaboration Software Delayed Draw Term Loan 4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027 6/30/2021 $ 1,130,734 1,126,177 1,130,734 0.3 % 25 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Axero Holdings, LLC (f)(j) Employee Collaboration Software Revolving Credit Facility 4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027 2/3/2022 $ - - - 0.0 % Axero Holdings, LLC (f)(h) Employee Collaboration Software Series A Preferred Units 6/30/2021 2,055,609 2,055,609 3,529,000 0.9 % Axero Holdings, LLC (f)(h) Employee Collaboration Software Series B Preferred Units 6/30/2021 2,055,609 2,055,609 6,586,550 1.6 % Total Employee Collaboration Software 21,150,986 27,179,347 6.9 % Sub Total Affiliate investments 38,203,811 40,547,432 10.3 % Control investments - 10.2% (b) Zollege PBC (k)(g) Education Services First Lien Term Loan 4.84 % PIK, 8/9/2027 5/11/2021 $ 1,461,250 1,461,250 1,085,855 0.3 % Zollege PBC (h)(g) Education Services Common Stock 5/11/2021 7,731,294 558,799 2,851,295 0.7 % Total Education Services 2,020,049 3,937,150 1.0 % Pepper Palace, Inc. (k)(g) Specialty Food Retailer First Lien Term Loan 4.42 % PIK, 12/31/2028 6/30/2021 $ 2,400,000 2,400,000 1,326,000 0.3 % Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Delayed Draw Term Loan 4.42 % PIK, 12/31/2028 6/30/2021 $ - - - 0.0 % Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Revolving Credit Facility 4.42 % PIK, 12/31/2028 6/30/2021 $ 400,000 400,000 221,000 0.1 % Pepper Palace, Inc. (h)(g) Specialty Food Retailer Class A Units 6/30/2021 100,000 138,561 - 0.0 % Total Specialty Food Retailer 2,938,561 1,547,000 0.4 % 26 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 Company(1) Industry Investment Interest Rate/ Maturity Original Acquisition Date Principal/ Number of Shares Cost Fair Value (c) % of Net Assets Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g) Structured Finance Securities Other/Structured Finance Securities 0.00 %, 4/20/2033 1/22/2008 $ 111,000,000 14,889,037 240,578 0.1 % Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g) Structured Finance Securities Other/Structured Finance Securities (3M USD TERM SOFR+ 10.00 %), 14.58 %, 4/20/2033 8/9/2021 $ 9,375,000 9,375,000 2,280,938 0.6 % Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a)(g) Structured Finance Securities Other/Structured Finance Securities (3M USD TERM SOFR+ 8.55 %), 12.87 %, 10/20/2033 10/28/2022 $ 12,250,000 11,392,500 12,250,000 3.1 % Total Structured Finance Securities 35,656,537 14,771,516 3.8 % Saratoga Senior Loan Fund I JV, LLC (a)(g)(j) Investment Fund Unsecured Loan 10.00 %, 10/20/2033 12/17/2021 $ 17,618,954 17,618,954 16,533,626 4.2 % Saratoga Senior Loan Fund I JV, LLC (a)(g) Investment Fund Membership Interest 12/17/2021 17,583,486 17,583,486 3,080,916 0.8 % Total Investment Fund 35,202,440 19,614,542 5.0 % Sub Total Control investments 75,817,587 39,870,208 10.2 % TOTAL INVESTMENTS - 249.8% (b) $ 1,000,093,332 $ 978,077,750 249.8 % Number of Shares Cost Fair Value % of Net Assets Cash and cash equivalents and cash and cash equivalents, reserve accounts - 37.7% (b) U.S. Bank Money Market (l) 148,218,491 $ 148,218,491 $ 148,218,491 37.7 % Total cash and cash equivalents and cash and cash equivalents, reserve accounts 148,218,491 $ 148,218,491 $ 148,218,491 37.7 % (1) Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy. (a) Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of 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. (b) Percentages are based on net assets of $392,665,468 as of February 28, 2025. 27 Saratoga Investment Corp Consolidated Schedule of Investments February 28, 2025 (c) Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements). (d) These securities are either fully or partially pledged as collateral under the Company’s senior secured revolving credit facility (see Note 8 to the consolidated financial statements). (e) This investment does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment. (f) As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the year ended February 28, 2025 in which the issuer was an affiliate are as follows: Company Purchases Sales Total Interest from Investments Management Fee Income Net Realized Gain (Loss) from Investments Net Change in Unrealized Appreciation (Depreciation) Axero Holdings, LLC $ 10,000,000 $ - $ 1,327,375 $ - $ - $ 2,551,701 ETU Holdings, Inc. - - 2,035,631 - - ( 1,249,802 ) Total $ 10,000,000 $ - $ 3,363,006 $ - $ - $ 1,301,899 (g) As defined in the 1940 Act, we “control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended February 28, 2025 in which the issuer was both an affiliate and a portfolio company that we control are as follows: Company Purchases Sales Total Interest from Investments Total Dividends from Investments Management Fee Income Net Realized Gain (Loss) from Investments Net Change in Unrealized Appreciation (Depreciation) Netreo Holdings, LLC $ - $ 2,260,337 $ 921,530 $ - $ - $ ( 5,445,808 ) $ 3,802,854 Pepper Palace, Inc. 1,450,000 - 1,338 - - ( 34,007,427 ) ( 1,391,561 ) Zollege PBC 200,707 209,460 110,862 - - ( 15,110,835 ) 1,917,101 Saratoga Investment Corp. CLO 2013-1, Ltd. - - - - 3,114,466 - ( 2,147,199 ) Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note - - 1,685,977 - - - - Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note - - 1,452,981 - - - ( 6,594,289 ) Saratoga Senior Loan Fund I JV, LLC - - 1,761,895 - - - 715,329 Saratoga Senior Loan Fund I JV, LLC - - - 3,973,584 - - ( 6,323,079 ) Total $ 1,650,707 $ 2,469,797 $ 5,934,583 $ 3,973,584 $ 3,114,466 $ ( 54,564,070 ) $ ( 10,020,844 ) (h) Non-income producing at February 28, 2025. (i) Includes securities issued by an affiliate of the company. (j) All or a portion of this investment has an unfunded commitment as of February 28, 2025. (See Note 9 to the consolidated financial statements). (k) 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). (l) Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of February 28, 2025. (m) This investment elected to PIK 20% of accrued interest, with 80% of accrued interest payable in cash. SOFR - Secured Overnight Financing Rate 1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of February 28, 2025 was 4.32%. 3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of February 28, 2025 was 4.32%. PIK - Payment-in-Kind (see Note 2 to the consolidated financial statements). See accompanying notes to consolidated financial statements 28 SARATOGA INVESTMENT CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS May 31, 2025 (unaudited) Note 1. Organization Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is a non-diversified closed end management investment company incorporated in Maryland that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed the initial public offering (“IPO”) on March 28, 2007. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments. GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company. On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction. The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager” or “Saratoga Investment Advisors”), pursuant to an investment advisory and management agreement (the “Management Agreement”). The Company has established wholly owned subsidiaries, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-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 Encina Credit Facility and the Live Oak Credit Facility (each as defined below), respectively. The senior secured revolving credit facility (the “Encina Credit Facility) with Encina Lender Finance, LLC (“Encina”) is supported by loans held by SIF II and pledged to Encina, and the senior secured revolving credit facility (the “Live Oak Credit Facility”) with Live Oak Banking Company (“Live Oak”) is supported by loans held by SIF III and pledged to Live Oak. 29 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. Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), are stated in U.S. Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries, SIF II, SIF III, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP, Inc., SIA-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 during the three months ended May 31, 2025. Principles of Consolidation Under the investment company rules and regulations pursuant to ASC 946, the Company is precluded from consolidating any entity other than another investment company or controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company has determined that SLF JV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50 % voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, FASB ASC Topic 810, Consolidation , concludes that in a joint venture where both members have equal decision-making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate its investment in SLF JV. Use of Estimates in the Preparation of Financial Statements The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains (losses) and expenses during the period reported. Actual results could differ materially from those estimates. 30 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 in 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 quarters ended May 31, 2025 and 2024, operating expenses totaled $ 2.9 million and $ 2.8 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 May 31, 2025, the Company did not exceed any of these limitations. Cash and Cash Equivalents, Reserve Accounts Cash and cash equivalents, reserve accounts include amounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits, representing payments received on secured investments or other reserved amounts associated with the Encina Credit Facility or the Live Oak Credit Facility held by the Company’s wholly owned subsidiaries, SIF II and SIF III, respectively. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance with the terms of the Encina Credit Facility and the Live Oak Credit Facility. In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market funds, within the Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP. 31 The statements of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts. The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and liabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows: May 31, 2025 February 28, 2025 Cash and cash equivalents 131,562,513 $ 148,218,491 Cash and cash equivalents, reserve accounts 92,724,212 56,505,433 Total cash and cash equivalents and cash and cash equivalents, reserve accounts $ 224,286,725 $ 204,723,924 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 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 32 ● the Company’s board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of the Manager, independent valuation firm (to the extent applicable) and the audit committee of the board of directors. The Company uses multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of the Company’s investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors. The Company’s investments in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds, when available, as determined by the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of its investment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E Notes of SLF 2022. The inputs are based on available market data and projections provided by third parties as well as management estimates. The Company uses the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine the valuation for our investment in Saratoga CLO. The Company’s equity investment in SLF JV is measured using the proportionate share of the net asset value (“NAV”), or equivalent, of SLF JV as a practical expedient for fair value, provided by ASC 820. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique. 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 the Manager 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. 33 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 May 31, 2025 our investments in two portfolio companies were on non-accrual status with a fair value of approximately $ 2.9 million, or 0.3 % of the fair value of our portfolio. At February 28, 2025, our investments in two portfolio companies were 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. 34 Other Income Other income includes prepayment income fees, and monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned. Deferred Debt Financing Costs Financing costs incurred in connection with our credit facility and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt securities. Financing costs incurred in connection with the SBA debentures of SBIC II LP and SBIC III LP are deferred and amortized using the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized using the effective interest method over the life of the respective debt security. The Company presents deferred debt financing costs on the balance sheet as a contra-liability, which is a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Realized Loss on Extinguishment of Debt Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying debt obligation). Contingencies In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management reasonably believes that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications. In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company. Income Taxes The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. By meeting these requirements, the Company generally will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders. Therefore, no provision has been recorded for federal income taxes, except as related to the Corporate Blockers (as defined below) and long-term capital gains, when applicable. In order to qualify as a RIC, among other requirements, the Company generally is required to timely distribute to its stockholders at least 90 % of its “investment company taxable income”, as defined by the Code, for each fiscal tax year. The Company will be subject to U.S. federal income tax imposed at corporate rates on its investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject to a non-deductible U.S. federal excise tax of 4 % on undistributed income if it does not distribute at least (1) 98 % of its net ordinary income in any calendar year, (2) 98.2 % of its capital gain net income for each one-year period ending on October 31and (3) any net ordinary income and capital gain net income that it recognized for preceding years, but were not distributed during such year, and on which the Company paid no U.S federal income tax. Depending on the level of investment company taxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry forward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year and pay U.S. federal income tax, and possibly the 4 % U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual investment company taxable income will be in excess of estimated current year dividend distributions for U.S. federal excise tax purposes, the Company accrues the U.S. federal excise tax, if any, on estimated excess taxable income as taxable income is earned. For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, the excise tax accrual on estimated excess taxable income was $ 2.4 million, $ 1.8 million and $ 1.1 million, respectively. 35 In accordance with U.S. Treasury regulations and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution in either cash or stock of the RIC. This published guidance indicates that the rule will apply where the aggregate amount of cash to be distributed to all stockholders is not at least 20 % of the aggregate declared distribution. Under the published guidance, if too many stockholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20 % of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. The Company may utilize wholly owned holding companies that are treated as corporations for U.S. federal income tax purposes when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC (“Corporate Blockers”). Corporate Blockers are consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred U.S. federal and state income tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included in the Company’s tax-basis net investment income until distributed by the Corporate Blocker, which may result in timing and character differences between the Company’s U.S. GAAP and tax-basis net investment income and realized gains and losses. Income tax expense or benefit from Corporate Blockers related to net investment income are included in total operating expenses, while any expense or benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net realized or unrealized gain or loss line item. Deferred tax assets of the Corporate Blockers are reduced by a valuation allowance when, in the opinion of management, it is more likely than-not that some portion or all of the deferred tax assets will not be realized. FASB ASC Topic 740, Income Taxes (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 28, 2025, February 29, 2024 and February 28, 2023 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 May 31, 2025 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. 36 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 . The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for years beginning after December 15, 2024. Early adoption is permitted, however the Company has not elected to early adopt this provision as of the date of the financial statements contained in this report. The Company is still assessing the impact of the new guidance. 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. 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. 37 Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories: ● Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. ● Level 2— Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally from, or corroborated by, observable market information. Investments that are generally included in this category include illiquid debt securities and less liquid, privately held or restricted equity securities, for which some level of recent trading activity has been observed. ● Level 3—Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation technique. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors. In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the board of directors that is consistent with ASC 820 and the 1940 Act (see Note 2. Summary of Significant Accounting Policies ). Consistent with our valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading, in determining fair value. The following table presents fair value measurements of investments, by major class, as of May 31, 2025 (dollars in thousands), according to the fair value hierarchy: Fair Value Measurements Valued Using Net Asset Level 1 Level 2 Level 3 Value* Total First lien term loans $ - $ - $ 841,577 $ - $ 841,577 Second lien term loans - - 6,600 - 6,600 Unsecured term loans - - 16,635 - 16,635 Structured finance securities - 13,126 14,264 - 27,390 Equity interests - - 73,032 3,084 76,116 Total $ - $ 13,126 $ 952,108 $ 3,084 $ 968,318 * 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. 38 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 Asset Level 1 Level 2 Level 3 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 Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 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 28, 2025 $ 867,866 $ 6,388 $ 16,534 $ 14,772 $ 69,437 $ 974,997 Payment-in-kind and other adjustments to cost 455 267 - ( 205 ) - 517 Net accretion of discount on investments 854 5 - - - 859 Net change in unrealized appreciation (depreciation) on investments 367 ( 60 ) 101 ( 303 ) 643 748 Purchases 33,796 - - - 3,356 37,152 Sales and repayments ( 61,761 ) - - - ( 3,305 ) ( 65,066 ) Net realized gain (loss) from investments - - - - 2,901 2,901 Balance as of May 31, 2025 $ 841,577 $ 6,600 $ 16,635 $ 14,264 $ 73,032 $ 952,108 Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period $ 850 $ ( 60 ) $ 102 $ ( 110 ) $ 1,750 $ 2,532 Purchases, PIK and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK interests. Sales and repayments represent net proceeds received from investments sold and principal paydowns received during the period. Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2, or 3 during the three months ended May 31, 2025. 39 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2024 (dollars in thousands): First lien term loans Second lien term loans Unsecured term loans Structured finance securities Equity interests Total Balance as of February 29, 2024 $ 976,423 $ 18,097 $ 15,818 $ 30,626 $ 88,426 $ 1,129,390 Payment-in-kind and other adjustments to cost 1,565 232 - ( 2,180 ) - ( 383 ) Net accretion of discount on investments 811 3 - - - 814 Net change in unrealized appreciation (depreciation) on investments 15,575 55 - ( 4,392 ) 3,296 14,534 Purchases 38,975 - - - 325 39,300 Sales and repayments ( 73,442 ) - - - ( 2,261 ) ( 75,703 ) Net realized gain (loss) from investments ( 14,862 ) - - - ( 6,333 ) ( 21,195 ) Balance as of May 31, 2024 $ 945,045 $ 18,387 $ 15,818 $ 24,054 $ 83,453 $ 1,086,757 Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period $ 14,874 $ 55 $ - $ ( 4,392 ) $ ( 540 ) $ 9,997 Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2, or 3 during the three months ended May 31, 2024. The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2025 were as follows (dollars in thousands): Fair Value Valuation Technique Unobservable Input Range Weighted Average* First lien term loans $ 841,577 Market Comparables Market Yield (%) 6.4 % - 39.2 % 13.3% Revenue Multiples (x) 3.0 x - 5.4 x 4.5x Second lien term loans 6,600 Market Comparables Market Yield (%) 20.2 % 20.2% Unsecured term loans 16,635 Discounted Cash Flow Discount Rate (%) 10.0 % 10.0% Structured finance securities 14,264 Discounted Cash Flow Discount Rate (%) 8.0 % - 70.0 % 14.0% Recovery Rate (%) 70.00 % 70.0% Prepayment Rate (%) 20.0 % 20.0% Equity interests 73,032 Enterprise Value Waterfall Revenue Multiples (x) 0.1 x - 8.5 x 6.3x EBITDA Multiples (x) 5.0 x - 18.6 x 8.3x Total $ 952,108 * The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input. 40 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) 2.5 x 2.5x EBITDA Multiples (x) 6.8 x 6.8x Second lien term loans 6,388 Market Comparables Market Yield (%) 19.7 % 19.7% Unsecured term loans 16,534 Discounted Cash Flow Discount Rate (%) 10.0 % 10.0% Structured finance securities 14,772 Discounted Cash Flow Discount Rate (%) 8.0 % - 70.0 % 14.1% Recovery Rate (%) 70.0 % 70.0% Prepayment Rate (%) 20.0 % 20.0% Equity interests 69,437 Enterprise Value Waterfall EBITDA Multiples (x) 1.1 x - 13.9 x 8.2x Revenue Multiples (x) 0.1 x - 9.0 x 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. For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the earnings before interest, tax, depreciation and amortization (“EBITDA”) or revenue valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, and prepayment rate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in recovery rate, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a market quote, third party bid or net asset value in deriving a value, a significant increase (decrease) in the market quote, bid or net asset value in isolation, would result in a significantly higher (lower) fair value measurement. The composition of our investments as of May 31, 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 $ 846,686 85.6 % $ 841,577 86.9 % Second lien term loans 7,366 0.7 6,600 0.7 Unsecured term loans 17,619 1.8 16,635 1.7 Structured finance securities 48,386 4.9 27,390 2.8 Equity interests 69,333 7.0 76,116 7.9 Total $ 989,390 100.0 % $ 968,318 100.0 % 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 % 41 For loans and debt securities for which market quotations are not readily available, the Company determines their fair value based on third party indicative broker quotes, where available, or the inputs that a hypothetical market participant would use to value the security in a current hypothetical sale using a market comparables valuation technique. In applying the market comparables valuation technique, the Company determines the fair value based on such factors as market participant inputs including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. If, in the Company’s judgment, the market comparables technique is not sufficient or appropriate, the Company may use additional techniques such as an asset liquidation or expected recovery model. For equity securities of portfolio companies and partnership interests, the Company determines the fair value using an enterprise value waterfall valuation technique. Under the enterprise value waterfall valuation technique, the Company determines the enterprise fair value of the portfolio company and then waterfalls the enterprise value over the portfolio company’s securities in order of their preference relative to one another. To estimate the enterprise value of the portfolio company, the Company weighs some or all of the traditional market valuation techniques and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The techniques for performing investments may be based on, among other things: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, third party valuations of the portfolio company, considering offers from third parties to buy the company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. For non-performing investments, the Company may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities. The Company also takes into account historical and anticipated financial results. 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 May 31, 2025. The inputs at May 31, 2025 for the valuation model include: ● Default rate: 2.0% ● Recovery rate: 70% ● Discount rate: 8.0%–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 May 31, 2025, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4. Investment in Saratoga CLO and Note 5. Investment in SLF JV for more information on Saratoga CLO, SLF JV and SLF 2022, respectively). Artemis Wax Corp. Artemis Wax Corporation is a U.S. based retail aggregator of European Wax Center (“EWC”) franchise locations with a concentration in the northeast. Founded in 2004, EWC is the largest U.S. body waxing national chain with more than 800 locations across the country. 42 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 , and added a non-call period of January 2020. 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, which was fully repaid. During the fourth quarter ended February 28, 2021, the CLO 2013-1 Warehouse 2 Ltd. was repaid in full. On February 26, 2021, the Company completed the fourth refinancing of the Saratoga CLO. This refinancing, 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 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 % owned and managed by the Company. The Company receives a base management fee of 0.10 % per annum and a subordinated management fee of 0.40 % per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to an incentive management fee equal to 20.0 % of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0 %. For the three months ended May 31, 2025 and May 31, 2024, the Company accrued management fee income of $ 0.7 million and $ 0.8 million, respectively, and interest income of $ 0.0 million and $ 0.0 million, respectively, from the subordinated notes of Saratoga CLO. As of May 31, 2025, the aggregate principal amounts of the Company’s investments in the subordinated notes and Class F-2-R-3 Notes of the Saratoga CLO was $ 111.0 million and $ 9.4 million, respectively, which had a corresponding fair value of $ 0.2 million and $ 1.9 million, respectively. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of May 31, 2025, Saratoga CLO had investments with a principal balance of $ 504.6 million and a weighted average spread over SOFR of 3.6 % and had debt with a principal balance of $ 498.8 million with a weighted average spread over SOFR of 2.3 %. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. As of May 31, 2025, the present value of the projected future cash flows of the subordinated notes was approximately $ 0.2 million, using a 70.0 % discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $ 57.8 million, which consists of additional investments of $ 30 million in January 2008, $ 13.8 million in December 2018 and $ 14.0 million in February 2021; to date, the Company has received distributions of $ 91.9 million, management fees of $ 36.0 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 40 % 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 $ 91.7 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 May 31, 2025 (unaudited) and February 28, 2025 and for the three months ended May 31, 2025 (unaudited) and May 31, 2024 (unaudited). 43 Saratoga Investment Corp. CLO 2013-1, Ltd. Statement of Assets and Liabilities May 31, 2025 February 28, 2025 (unaudited) ASSETS Investments at fair value Loans at fair value (amortized cost of $ 495,437,321 and $ 517,757,349 , respectively) $ 462,635,127 $ 490,510,660 Equities at fair value (amortized cost of $ 2,846,566 and $ 2,578,454 , respectively) 2,485,637 1,684,429 Total investments at fair value (amortized cost of $ 498,283,887 and $ 520,335,803 , respectively) 465,120,764 492,195,089 Cash and cash equivalents 17,490,859 21,272,327 Receivable from open trades 1,060,286 1,138,899 Interest receivable (net of reserve of $ 1,150,673 and $ 1,121,546 , respectively) 2,495,034 2,380,214 Due from affiliate (See Note 7) 86,333 801 Prepaid expenses and other assets 108,321 101,453 Total assets $ 486,361,597 $ 517,088,783 LIABILITIES Interest payable $ 3,753,075 $ 3,739,343 Accrued base management fee 64,898 62,839 Accrued subordinated management fee 229,409 251,354 Accounts payable and accrued expenses 258,762 143,135 Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: Class A-1-R-4 Senior Secured Floating Rate Notes 245,263,754 270,719,300 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 ( 189,967 ) ( 196,033 ) Class E-R-3 Deferrable Mezzanine Floating Rate Notes 27,625,000 27,625,000 Discount on Class E-R-3 Notes ( 1,973,543 ) ( 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 ( 1,191,959 ) ( 1,229,456 ) Subordinated Notes 111,000,000 111,000,000 Discount on Subordinated Notes ( 31,213,700 ) ( 32,210,459 ) Total liabilities 579,500,729 603,743,458 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) ( 93,139,382 ) ( 86,654,925 ) Total net deficit ( 93,139,132 ) ( 86,654,675 ) Total liabilities and net assets $ 486,361,597 $ 517,088,783 See accompanying notes to financial statements 44 Saratoga Investment Corp. CLO 2013-1, Ltd. Statements of Operations (unaudited) For the three months ended May 31, 2025 May 31, 2024 INVESTMENT INCOME Total interest from investments $ 11,413,857 $ 16,074,172 Interest from cash and cash equivalents 208,109 233,498 Other income 5,859 634,769 Total investment income 11,627,825 16,942,439 EXPENSES Interest and debt financing expenses 9,944,361 15,186,421 Base management fee 147,072 160,891 Subordinated management fee 558,103 643,564 Professional fees 188,125 58,805 Trustee expenses 48,860 62,205 Other expense 136,476 105,538 Total expenses 11,022,997 16,217,424 NET INVESTMENT INCOME (LOSS) 604,828 725,015 REALIZED AND UNREALIZED LOSS ON INVESTMENTS Net realized loss from investments ( 2,066,876 ) ( 4,398,529 ) Net change in unrealized depreciation on investments ( 5,022,409 ) 2,942,951 Net realized and unrealized gain (loss) on investments ( 7,089,285 ) ( 1,455,578 ) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ ( 6,484,457 ) $ ( 730,563 ) See accompanying notes to financial statements. 45 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value ALTISOURCE PORTFOLIO SOL Banking, Finance, Insurance & Real Estate Common Stock Equity 37,028 $ 216,246 $ 208,099 Altisource Portfolio Solutions - CS Warrant Banking, Finance, Insurance & Real Estate Warrants Equity 7,917 3,736 4,996 Altisource Portfolio Solutions - NS Warrant Banking, Finance, Insurance & Real Estate Warrants Equity 7,917 3,129 4,258 Endo Finance Holdings, Inc. Healthcare & Pharmaceuticals Common Stock Equity 23,799 670,107 507,108 Envision Parent Inc Healthcare & Pharmaceuticals Common Stock Equity 4,410 175,000 63,945 Envision Parent Inc Healthcare & Pharmaceuticals Warrants Equity 92,837 - 4,642 Instant Brands Litigation Trust Consumer goods: Durable Equity Interests Equity 43,556 36,281 501,034 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 1,034,581 510,720 Wellpath Recovery Solutions Healthcare & Pharmaceuticals Common Stock Equity 41,758 501,091 501,091 Wellpath Correct Care Healthcare & Pharmaceuticals Common Stock Equity 19,309 - - Wellpath Correct Care Healthcare & Pharmaceuticals Preferred Stock Equity 18,608 242,677 223,301 1011778 B.C Unltd Liability Co Beverage, Food & Tobacco Term Loan B6 Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 9/20/2030 $ 1,433,052 1,416,700 1,426,603 19TH HOLDINGS GOLF, LLC Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 7.68 % 2/7/2029 2,442,255 2,372,917 2,365,934 888 Acquisitions Limited Hotel, Gaming & Leisure Term Loan B Loan 3M USD SOFR+ 5.25 % 0.00 % 9.63 % 7/8/2028 3,028,929 2,805,280 2,871,818 Adtalem Global Education Inc. Services: Business Term Loan B (08/24) Loan 1M USD SOFR+ 2.75 % 0.75 % 7.08 % 8/12/2028 352,462 350,781 352,684 Aegis Sciences Corporation Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 5.50 % 1.00 % 10.06 % 5/9/2025 2,256,832 2,256,832 1,015,574 Agiliti Health Inc. Healthcare & Pharmaceuticals Term Loan B (03/23) Loan 3M USD SOFR+ 3.00 % 0.00 % 7.30 % 5/1/2030 2,148,693 2,136,131 2,082,448 AHEAD DB Holdings, LLC Services: Business Term Loan B3 (07/24) Loan 3M USD SOFR+ 3.00 % 0.75 % 7.30 % 2/1/2031 2,888,380 2,833,712 2,888,784 Air Canada Transportation: Consumer Term Loan B (03/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 6.32 % 3/21/2031 990,000 988,078 990,495 AIT Worldwide Logistics Holdings, Inc. Transportation: Cargo Term Loan B (01/25) Loan 3M USD SOFR+ 4.00 % 0.75 % 8.26 % 4/8/2030 2,449,557 2,340,557 2,437,922 46 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value 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 239,999 239,973 240,210 Allen Media, LLC Media: Diversified & Production Term Loan (7/21) Loan 3M USD SOFR+ 5.50 % 0.00 % 9.95 % 2/10/2027 4,292,579 4,282,023 2,639,936 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 795,024 795,024 791,422 Allied Universal Holdco LLC Services: Business Term Loan 4/21 Loan 1M USD SOFR+ 3.75 % 0.50 % 8.18 % 5/12/2028 1,930,000 1,926,130 1,931,814 Alterra Mountain Company (Intrawest Resort Holdings) Hotel, Gaming & Leisure First Lien Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 5/31/2030 248,752 248,752 249,063 Altisource Solutions S.a r.l. Banking, Finance, Insurance & Real Estate Term Loan (Specified) B Loan 3M USD SOFR+ 6.50 % 3.50 % 10.90 % 2/20/2029 500,000 488,274 500,000 Altium Packaging LLC Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 2.50 % 0.00 % 6.83 % 6/11/2031 481,363 480,399 474,946 American Axle & Manufacturing Inc. Automotive Term Loan (12/22) Loan 1M USD SOFR+ 3.00 % 0.50 % 7.33 % 12/13/2029 480,000 469,796 475,200 American Greetings Corporation Media: Advertising, Printing & Publishing Term Loan B (04/24) Loan 1M USD SOFR+ 5.75 % 0.00 % 10.08 % 10/30/2029 2,908,164 2,907,204 2,902,348 American Trailer World Corp Automotive Term Loan Loan 1M USD SOFR+ 3.75 % 0.75 % 8.18 % 3/3/2028 1,357,439 1,357,373 1,114,607 Anastasia Parent LLC Consumer goods: Non-durable Term Loan Loan 3M USD SOFR+ 3.75 % 0.00 % 8.31 % 8/11/2025 935,000 934,940 775,274 Anchor Packaging, LLC Containers, Packaging & Glass Term Loan (12/24) Loan 1M USD SOFR+ 3.25 % 0.00 % 7.58 % 7/18/2029 1,939,511 1,924,334 1,945,330 AP Core Holdings II LLC High Tech Industries Term Loan B1 Loan 1M USD SOFR+ 5.50 % 0.75 % 9.94 % 9/1/2027 1,649,944 1,639,441 1,489,768 AP Core Holdings II LLC High Tech Industries Term Loan B2 Loan 1M USD SOFR+ 5.50 % 0.75 % 9.94 % 9/1/2027 500,000 496,822 450,000 APEX GROUP TREASURY LLC Banking, Finance, Insurance & Real Estate Term Loan (2/25) Loan 3M USD SOFR+ 3.50 % 0.00 % 7.83 % 2/27/2032 490,038 469,431 489,018 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 2,870,558 2,862,296 2,849,029 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 960,000 955,700 952,800 Aramark Services, Inc. Services: Consumer Term Loan B7 (03/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 6.33 % 4/6/2028 1,753,715 1,750,340 1,755,907 Aramark Services, Inc. Services: Consumer Term Loan B8 (03/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 6.33 % 6/22/2030 2,272,969 2,248,915 2,273,446 ARC FALCON I INC. Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 7.92 % 9/23/2028 968,774 967,467 968,319 47 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value ARCIS GOLF LLC Services: Consumer Term Loan B (01/25) Loan 1M USD SOFR+ 2.75 % 0.50 % 7.08 % 11/24/2028 493,000 489,645 491,462 Aretec Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.83 % 8/9/2030 2,616,340 2,604,026 2,611,579 Ascensus Group Holdings, Inc Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 8/2/2028 493,458 490,772 491,342 Aspire Bakeries Holdings, LLC Beverage, Food & Tobacco Term loan Loan 1M USD SOFR+ 4.25 % 0.00 % 8.58 % 12/23/2030 891,000 883,903 891,740 Assuredpartners Inc. Banking, Finance, Insurance & Real Estate Term Loan B5 (02/24) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.83 % 2/14/2031 1,287,000 1,286,060 1,288,673 Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B10 Loan 1M USD SOFR+ 4.00 % 0.00 % 8.43 % 8/19/2028 1,950,000 1,890,600 1,938,632 Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B12 Loan 1M USD SOFR+ 4.25 % 0.00 % 8.58 % 9/19/2030 2,904,880 2,902,007 2,869,034 ATHENAHEALTH GROUP INC. Healthcare & Pharmaceuticals Term Loan B (2/22) Loan 1M USD SOFR+ 3.00 % 0.50 % 7.33 % 2/15/2029 1,303,799 1,301,116 1,297,515 Avolon TLB Borrower 1 (US) LLC Capital Equipment Term Loan B6 Loan 1M USD SOFR+ 1.75 % 0.00 % 6.07 % 6/22/2030 1,468,940 1,429,604 1,468,514 Axalta Coating Systems US Holdings Chemicals, Plastics, & Rubber Term Loan B (11/24) Loan 3M USD SOFR+ 1.75 % 0.50 % 6.05 % 12/20/2029 848,920 843,161 850,338 B&G Foods, Inc. Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.00 % 7.83 % 10/10/2029 530,953 529,509 485,822 Baldwin Insurance Group Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan B-1 (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 5/27/2031 1,636,178 1,626,904 1,636,865 Belfor Holdings Inc. Services: Consumer Term Loan 4/23 Loan 1M USD SOFR+ 3.00 % 0.50 % 7.33 % 11/1/2030 1,458,445 1,446,966 1,457,541 Bengal Debt Merger Sub LLC Beverage, Food & Tobacco Second Out Term Loan Loan 3M USD SOFR+ 3.25 % 0.50 % 7.56 % 1/24/2029 1,167,000 714,962 826,901 Bengal Debt Merger Sub LLC Beverage, Food & Tobacco Third Out Term Loan Loan 3M USD SOFR+ 6.00 % 0.50 % 10.31 % 1/24/2030 389,000 134,283 136,150 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 342,601 342,129 341,745 Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 2.75 % 0.00 % 7.08 % 1/22/2031 1,422,142 1,419,348 1,407,693 Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan B3 Loan 1M USD SOFR+ 2.75 % 0.50 % 7.08 % 12/13/2029 487,566 478,922 485,840 Boost Newco Borrower, LLC (Worldpay) Banking, Finance, Insurance & Real Estate Term Loan B (01/25) Loan 3M USD SOFR+ 2.00 % 0.00 % 6.30 % 1/31/2031 498,750 496,749 499,064 Boxer Parent Company, Inc. High Tech Industries Term Loan Loan 3M USD SOFR+ 3.00 % 0.00 % 7.33 % 7/30/2031 1,007,194 1,003,310 999,478 48 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value BroadStreet Partners, Inc. Banking, Finance, Insurance & Real Estate Term Loan B-4 Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 6/16/2031 2,889,052 2,887,470 2,891,132 Brookfield WEC Holdings Inc. Energy: Electricity Term Loan B Loan 1M USD SOFR+ 2.25 % 0.00 % 6.57 % 1/27/2031 1,436,831 1,436,831 1,433,454 BROWN GROUP HOLDING, LLC Aerospace & Defense Term Loan B-2 Loan 3M USD SOFR+ 2.50 % 0.00 % 6.78 % 7/1/2031 490,053 480,899 488,284 Buckeye Partners, L.P. Utilities: Oil & Gas Term Loan B (01/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 11/22/2030 663,337 661,550 663,039 Buckeye Partners, L.P. Utilities: Oil & Gas Term Loan B5 (09/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 11/2/2026 480,759 479,940 480,869 BW Gas & Convenience Holdings LLC Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.50 % 7.94 % 3/31/2028 2,406,250 2,395,539 2,388,203 Callaway Golf Company Retail Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 3/16/2030 470,000 466,490 458,133 Calpine Corporation Utilities: Electric Term Loan B10 (01/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 1/31/2031 1,990,000 1,981,864 1,986,876 Camping World, Inc. Retail Term Loan B (5/21) Loan 1M USD SOFR+ 2.50 % 0.75 % 6.94 % 6/5/2028 2,430,380 2,294,352 2,324,707 CAPSTONE BORROWER INC Services: Business Term Loan B Loan 3M USD SOFR+ 2.75 % 0.00 % 7.05 % 6/17/2030 870,487 860,448 870,052 CareerBuilder, LLC (c) Services: Business Term Loan B3 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.94 % 7/31/2026 4,133,751 4,124,925 165,350 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 1,925,708 1,922,410 1,268,560 Castle US Holding Corporation Media: Advertising, Printing & Publishing Term Loan (4/25) Loan 3M USD SOFR+ 5.00 % 2.00 % 9.33 % 4/29/2030 219,360 213,064 217,989 CBL & Associates Limited Partnership Retail Term Loan 11/21 Loan 1M USD SOFR+ 2.75 % 1.00 % 7.19 % 11/1/2025 2,063,753 1,995,539 1,916,711 CCC Intelligent Solutions Inc. Services: Business Term Loan B Loan 1M USD SOFR+ 2.00 % 0.50 % 6.33 % 1/23/2032 241,894 241,729 241,894 CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.25 % 0.50 % 8.66 % 3/6/2028 977,500 948,617 429,123 CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 3M USD SOFR+ 4.25 % 0.75 % 8.84 % 3/6/2028 960,000 958,242 428,803 CDK GLOBAL, INC. High Tech Industries Term Loan B (05/24) Loan 3M USD SOFR+ 3.25 % 0.00 % 7.55 % 7/6/2029 987,538 967,621 877,318 CENTURI GROUP, INC. Construction & Building Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.94 % 8/28/2028 616,921 613,914 617,181 Charlotte Buyer, Inc. Services: Business Term Loan B (01/25) Loan 1M USD SOFR+ 4.25 % 0.50 % 8.58 % 2/11/2028 1,470,122 1,412,229 1,468,549 49 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Chemours Company, (The) Chemicals, Plastics, & Rubber Term Loan B3 (08/23) Loan 1M USD SOFR+ 3.00 % 0.50 % 7.33 % 8/18/2028 2,363,720 2,335,631 2,318,408 Churchill Downs Incorporated Hotel, Gaming & Leisure Term Loan B1 (3/21) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 3/17/2028 480,000 479,679 480,000 CIMPRESS PUBLIC LIMITED COMPANY Media: Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.83 % 5/17/2028 1,935,324 1,884,301 1,915,971 CITADEL SECURITIES LP Banking, Finance, Insurance & Real Estate Term Loan (10/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 6.33 % 10/31/2031 4,814,822 4,814,822 4,829,267 Citco Funding LLC Banking, Finance, Insurance & Real Estate Term Loan B (06/24) Loan 6M USD SOFR+ 2.75 % 0.50 % 6.93 % 4/27/2028 985,050 982,126 987,719 Clarios Global LP Automotive Term Loan B (07/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.83 % 5/6/2030 1,194,008 1,189,857 1,186,246 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 1,200,923 1,214,315 Columbus McKinnon Corporation Capital Equipment Term Loan (03/24) Loan 3M USD SOFR+ 2.50 % 0.50 % 6.80 % 5/14/2028 357,877 357,541 356,535 Connect Finco SARL Telecommunications Term Loan B (03/24) Loan 1M USD SOFR+ 4.50 % 0.50 % 8.83 % 9/27/2029 2,858,625 2,797,410 2,603,150 Corelogic, Inc. Services: Business Term Loan (4/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.94 % 6/2/2028 2,412,500 2,407,700 2,375,709 Cortes NP Acquisition Corp (Vertiv) Capital Equipment Term Loan B (12/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.07 % 3/2/2027 1,915,971 1,915,971 1,913,518 Creative Artists Agency, LLC Media: Diversified & Production Term Loan B (09/24) Loan 1M USD SOFR+ 2.75 % 0.00 % 7.08 % 10/1/2031 1,572,154 1,564,361 1,571,179 CROCS INC Consumer goods: Durable Term Loan B (01/24) Loan 3M USD SOFR+ 2.25 % 0.50 % 6.55 % 2/19/2029 750,000 731,565 752,190 Cross Financial Corp Banking, Finance, Insurance & Real Estate Term Loan B2 (10/24) Loan 1M USD SOFR+ 3.25 % 0.00 % 7.58 % 10/24/2031 483,850 482,849 486,874 Crown Subsea Communications Holding, Inc. Construction & Building Term Loan B Loan 1M USD SOFR+ 4.00 % 0.75 % 8.32 % 1/30/2031 2,382,000 2,362,687 2,390,194 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 762,038 736,667 722,115 DCert Buyer, Inc. High Tech Industries Term Loan Loan 1M USD SOFR+ 4.00 % 0.00 % 8.33 % 10/16/2026 1,435,768 1,435,768 1,415,352 Delek US Holdings, Inc. Utilities: Oil & Gas Term Loan B (11/22) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.93 % 11/16/2029 5,278,500 5,198,117 5,133,341 Derby Buyer LLC Chemicals, Plastics, & Rubber Term Loan B (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.34 % 11/1/2030 618,766 611,284 609,794 DexKo Global, Inc. (Dragon Merger) Automotive Term Loan (9/21) Loan 1M USD SOFR+ 3.75 % 0.50 % 8.19 % 10/4/2028 970,000 968,084 924,808 50 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Diamond Sports Group, LLC Media: Broadcasting & Subscription 1st Priority Term Loan Loan 1M USD SOFR+ 10.00 % 1.00 % 14.43 % 5/25/2026 29,734 29,479 26,612 DIRECTV FINANCING, LLC Media: Broadcasting & Subscription Term Loan (1/24) Loan 3M USD SOFR+ 5.25 % 0.75 % 9.79 % 8/2/2029 2,831,125 2,817,448 2,783,364 DISCOVERY PURCHASER CORPORATION Chemicals, Plastics, & Rubber Term Loan Loan 3M USD SOFR+ 3.75 % 0.50 % 8.02 % 10/4/2029 1,470,233 1,387,948 1,466,249 Dispatch Acquisition Holdings, LLC Environmental Industries Term Loan B (3/21) Loan 3M USD SOFR+ 4.25 % 0.75 % 8.70 % 3/25/2028 481,250 479,197 469,734 DOMTAR CORPORATION Forest Products & Paper Term Loan 9/21 Loan 1M USD SOFR+ 5.50 % 0.75 % 9.94 % 11/30/2028 3,028,279 2,988,105 2,821,356 DOTDASH MEREDITH, INC. Media: Advertising, Printing & Publishing Term Loan B (11/24) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.82 % 12/1/2028 1,911,111 1,785,818 1,907,537 DRI HOLDING INC. Media: Advertising, Printing & Publishing Term Loan (12/21) Loan 1M USD SOFR+ 5.25 % 0.50 % 9.68 % 12/15/2028 3,882,431 3,787,136 3,807,228 DRW Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan B (06/24) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.83 % 6/17/2031 6,305,000 6,281,907 6,305,000 DTZ U.S. Borrower, LLC Construction & Building Term Loan B1 (01/25) Loan 1M USD SOFR+ 2.75 % 0.50 % 7.08 % 1/31/2030 2,014,107 2,013,733 2,019,143 DTZ U.S. Borrower, LLC Construction & Building 2024-3 Term Loan (09/24) Loan 1M USD SOFR+ 3.25 % 0.50 % 7.58 % 1/31/2030 1,069,750 1,049,122 1,075,548 Dye & Durham Corporation Services: Business Term Loan B (04/24) Loan 3M USD SOFR+ 4.25 % 1.00 % 8.65 % 4/11/2031 1,428,214 1,409,607 1,435,355 EAB Global, Inc. Services: Business Term Loan (08/21) Loan 1M USD SOFR+ 3.00 % 0.50 % 7.33 % 8/16/2030 967,725 965,896 946,435 Echo Global Logistics, Inc. Services: Business Term Loan Loan 1M USD SOFR+ 3.75 % 0.50 % 8.18 % 11/23/2028 1,940,000 1,939,082 1,795,412 Edelman Financial Group Inc., The Banking, Finance, Insurance & Real Estate Term Loan (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 4/7/2028 2,149,983 2,147,499 2,147,059 ELECTRON BIDCO INC. Healthcare & Pharmaceuticals Term Loan Loan 1M USD SOFR+ 2.75 % 0.50 % 7.08 % 11/1/2028 487,500 486,600 487,944 Embecta Corp Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.00 % 0.50 % 7.33 % 3/30/2029 2,794,742 2,755,721 2,783,982 Emrld Borrower LP Capital Equipment Term Loan B (04/23) Loan 6M USD SOFR+ 2.50 % 0.00 % 6.83 % 5/31/2030 987,500 983,956 981,901 Endo Finance Holdings, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 4.00 % 0.50 % 8.33 % 4/23/2031 1,990,000 1,973,150 1,941,504 Endure Digital, Inc. High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.50 % 0.75 % 7.96 % 2/10/2028 2,406,250 2,402,196 1,291,362 Entain Holdings (Gibraltar) Limited Hotel, Gaming & Leisure Term Loan B3 (5/24) Loan 3M USD SOFR+ 2.75 % 0.50 % 7.05 % 10/31/2029 1,472,615 1,461,262 1,476,754 51 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value EOS U.S. FINCO LLC Transportation: Cargo Term Loan Loan 6M USD SOFR+ 6.00 % 0.50 % 10.28 % 10/9/2029 937,500 884,118 288,281 Equiniti Group PLC Services: Business Term Loan (03/25) Loan 3M USD SOFR+ 3.75 % 0.00 % 8.03 % 12/11/2028 967,638 962,171 972,476 Evertec Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/23) Loan 1M USD SOFR+ 2.75 % 0.50 % 7.08 % 10/30/2030 1,125,000 1,111,371 1,125,000 Fiesta Purchaser, Inc. Beverage, Food & Tobacco Term Loan B (12/24) Loan 1M USD SOFR+ 3.25 % 0.00 % 7.58 % 2/12/2031 496,256 492,228 495,968 Finco I LLC Banking, Finance, Insurance & Real Estate Term Loan B (9/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 6/27/2029 2,788,574 2,787,053 2,792,645 First Brands Group, LLC Automotive 1st Lien Term Loan (3/21) Loan 3M USD SOFR+ 5.00 % 1.00 % 9.54 % 3/30/2027 4,800,000 4,772,940 4,631,232 First Eagle Investment Management Banking, Finance, Insurance & Real Estate Term Loan B (02/24) Loan 3M USD SOFR+ 3.00 % 0.00 % 7.30 % 3/5/2029 5,040,736 5,034,263 5,035,090 First Student Bidco Inc. Transportation: Consumer Term Loan B (12/24) Loan 3M USD SOFR+ 2.50 % 0.50 % 6.80 % 7/21/2028 709,476 706,990 709,278 First Student Bidco Inc. Transportation: Consumer Term Loan C Loan 3M USD SOFR+ 2.50 % 0.50 % 6.80 % 7/21/2028 216,966 216,232 216,905 Fitness International, LLC (LA Fitness) Services: Consumer Term Loan B (1/24) Loan 1M USD SOFR+ 5.25 % 1.00 % 9.58 % 2/5/2029 1,188,000 1,160,704 1,187,263 Flutter Financing B.V. Hotel, Gaming & Leisure Term Loan Loan 3M USD SOFR+ 1.75 % 0.50 % 6.05 % 11/29/2030 3,703,125 3,695,424 3,688,090 Franchise Group, Inc. (b)(d) Services: Consumer New Money Term Commitments Loan 1M USD SOFR+ 9.00 % 1.00 % 13.44 % 5/6/2025 514,450 514,305 205,780 Franchise Group, Inc. (c) Services: Consumer First Out Term Loan Loan 6M USD SOFR+ 4.75 % 0.75 % 9.25 % 3/10/2026 827,674 826,177 331,483 Franchise Group, Inc. (c) Services: Consumer Term Loan B Loan 3M USD SOFR+ 4.75 % 0.75 % 9.30 % 3/10/2026 3,041,686 3,000,891 1,218,195 Franchise Group, Inc. (b)(c) Services: Consumer Term Loan DIP New Money Loan 1M USD SOFR+ 9.00 % 1.00 % 13.45 % 5/6/2025 355,828 354,956 354,938 Franklin Square Holdings, L.P. Banking, Finance, Insurance & Real Estate Term Loan B (04/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 4/25/2031 4,220,578 4,216,436 4,199,475 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 1,914,756 1,909,523 Garrett LX III S.a r.l. Automotive Term Loan (1/25) Loan 3M USD SOFR+ 2.25 % 0.50 % 6.53 % 1/20/2032 1,451,250 1,448,149 1,454,878 Genesee & Wyoming, Inc. Transportation: Cargo Term Loan B (03/24) Loan 3M USD SOFR+ 1.75 % 0.00 % 6.05 % 4/10/2031 1,492,500 1,486,172 1,484,754 GGP Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD LIBOR+ 2.50 % 0.00 % 2.96 % 8/27/2025 1,739,305 1,773,219 1,721,912 52 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value GIP Pilot Acquisition Partners, L.P. Energy: Oil & Gas Term Loan B Loan 3M USD SOFR+ 2.00 % 0.00 % 6.28 % 10/4/2030 407,641 406,109 406,793 Global Tel*Link Corporation Telecommunications Term Loan (6/24) Loan 1M USD SOFR+ 7.50 % 3.00 % 11.83 % 7/31/2029 4,796,995 4,733,018 4,657,067 Go Daddy Operating Company, LLC High Tech Industries Term Loan B7 Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 5/30/2031 937,869 937,869 937,100 GOLDEN WEST PACKAGING GROUP LLC Forest Products & Paper Term Loan (11/21) Loan 6M USD SOFR+ 5.25 % 0.75 % 9.79 % 12/1/2027 1,750,000 1,743,790 1,233,750 GOTO GROUP, INC. High Tech Industries First Lien Term Loan Loan 1M USD SOFR+ 4.75 % 0.00 % 9.18 % 4/30/2028 1,242,244 826,469 1,086,193 GOTO GROUP, INC. High Tech Industries Second-Out Term Loan (02/24) Loan 1M USD SOFR+ 4.75 % 0.00 % 9.18 % 4/30/2028 1,715,480 1,652,660 625,087 Graham Packaging Co Inc Containers, Packaging & Glass Term Loan B (07/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.83 % 8/4/2027 817,017 815,023 816,796 Great Outdoors Group, LLC Retail Term Loan (1/25) Loan 1M USD SOFR+ 3.25 % 0.75 % 7.58 % 1/20/2032 957,843 956,032 948,744 Griffon Corporation Consumer goods: Durable Term Loan B Loan 1M USD SOFR+ 2.25 % 0.00 % 6.57 % 1/24/2029 141,563 141,445 141,252 Grosvenor Capital Management Holdings, LLLP Banking, Finance, Insurance & Real Estate Term Loan B (5/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 2/25/2030 2,779,708 2,779,679 2,785,489 Groupe Solmax Inc. Environmental Industries Term Loan (6/21) Loan 1M USD SOFR+ 4.75 % 0.75 % 9.19 % 5/27/2028 2,405,762 2,146,993 2,029,356 GYP HOLDINGS III CORP. Construction & Building Term Loan (1/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 5/12/2030 246,258 245,373 245,950 Hertz Corporation (The) Transportation: Consumer Term Loan B Loan 3M USD SOFR+ 3.75 % 0.00 % 8.03 % 6/30/2028 2,077,710 2,033,553 1,699,837 Hillman Group Inc. (The) (New) Consumer goods: Durable Term Loan B-1 (2/21) Loan 1M USD SOFR+ 2.00 % 0.50 % 6.33 % 7/14/2028 2,705,549 2,705,053 2,699,921 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 1,497,504 1,504,470 HLF Financing SARL (Herbalife) Consumer goods: Non-durable Term Loan Loan 1M USD SOFR+ 6.75 % 0.50 % 11.08 % 4/12/2029 2,999,535 2,998,985 3,009,523 Holley Purchaser, Inc Automotive Term Loan (11/21) Loan 1M USD SOFR+ 3.75 % 0.75 % 8.19 % 11/17/2028 2,182,913 2,178,800 2,030,109 Hudson River Trading LLC Banking, Finance, Insurance & Real Estate Term Loan (10/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 3/29/2030 5,761,050 5,681,962 5,773,436 Hunter Douglas Inc Consumer goods: Durable Term Loan B (1/25) Loan 3M USD SOFR+ 3.25 % 0.00 % 7.55 % 1/19/2032 2,227,067 2,038,972 2,190,877 Hyperion Refinance S.a.r.l. Banking, Finance, Insurance & Real Estate Term Loan B (11/24) Loan 1M USD SOFR+ 3.00 % 0.50 % 7.33 % 2/18/2031 2,970,075 2,959,616 2,962,947 53 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Idera, Inc. High Tech Industries Term Loan (06/24) Loan 3M USD SOFR+ 3.50 % 0.75 % 7.78 % 3/2/2028 4,714,277 4,711,503 4,469,747 IMA Financial Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan (10/21) Loan 1M USD SOFR+ 3.00 % 0.50 % 7.33 % 11/1/2028 2,434,062 2,427,937 2,431,019 INDY US BIDCO, LLC Services: Business Term Loan (01/25) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.83 % 3/6/2028 2,170,828 2,170,397 2,164,489 INEOS 226 Ltd. Chemicals, Plastics, & Rubber Term Loan 3/23 Loan 1M USD SOFR+ 3.75 % 0.00 % 8.18 % 3/13/2030 491,250 487,577 434,756 Ineos US Finance LLC Chemicals, Plastics, & Rubber Term Loan C Loan 1M USD SOFR+ 3.25 % 0.00 % 7.58 % 2/18/2030 987,538 980,329 953,596 INEOS US PETROCHEM LLC Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 4.25 % 0.00 % 8.68 % 4/2/2029 2,687,725 2,643,307 2,452,549 Informatica Inc. High Tech Industries Term Loan B (06/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 10/27/2028 485,000 485,000 486,363 Ingram Micro Inc. Wholesale Term Loan B Loan 3M USD SOFR+ 2.75 % 0.00 % 7.05 % 9/17/2031 599,923 596,713 602,551 Inmar, Inc. Services: Business Term Loan (06/23) Loan 1M USD SOFR+ 5.00 % 1.00 % 9.33 % 10/30/2031 3,291,584 3,239,655 3,301,887 Innophos, Inc. Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 4.25 % 0.00 % 8.69 % 3/16/2029 475,000 471,904 474,763 IRB Holding Corporation Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 2.50 % 0.75 % 6.83 % 12/15/2027 491,256 488,460 490,544 Isagenix International, LLC (c) Beverage, Food & Tobacco Term Loan Loan 6M USD SOFR+ 2.50 % 0.00 % 2.50 % 4/13/2028 1,407,452 1,074,792 182,969 Isolved Inc. Services: Business Term Loan B (11/24) Loan 1M USD SOFR+ 3.25 % 0.00 % 7.58 % 10/15/2030 618,770 613,694 620,316 Jane Street Group Banking, Finance, Insurance & Real Estate Term Loan B Loan 3M USD SOFR+ 2.00 % 0.00 % 6.33 % 12/15/2031 3,830,000 3,829,989 3,818,893 Journey Personal Care Corp. Consumer goods: Non-durable Term Loan B (11/24) Loan 3M USD SOFR+ 3.75 % 0.75 % 8.05 % 3/1/2028 2,887,744 2,853,503 2,873,305 JP Intermediate B, LLC (b) Consumer goods: Non-durable Term Loan 7/23 Loan Prime 6.50 % 1.00 % 14.00 % 11/20/2027 3,413,673 3,404,567 102,410 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 1,440,000 1,440,000 1,305,605 Koppers Inc Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 2.50 % 0.50 % 6.83 % 4/10/2030 982,612 960,286 980,156 Lakeland Tours, LLC (c) Hotel, Gaming & Leisure Holdco Fixed Term Loan Loan Fixed 0.00 % 0.00 % 8.00 % 9/27/2027 1,127,568 711,596 19,732 Latham Pool Products, Inc. Consumer goods: Durable Term Loan 2/22 Loan 1M USD SOFR+ 4.00 % 0.50 % 8.43 % 2/23/2029 988,812 977,033 959,148 54 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Lealand Finance Company B.V. (c) Energy: Oil & Gas Exit Term Loan Loan 1M USD SOFR+ 1.00 % 0.00 % 5.44 % 12/31/2027 369,512 369,512 154,825 LHS BORROWER, LLC Construction & Building Term Loan (02/22) Loan 1M USD SOFR+ 4.75 % 0.50 % 9.18 % 2/16/2029 2,443,764 2,131,750 2,304,274 Lifetime Brands, Inc Consumer goods: Non-durable Term Loan Loan 1M USD SOFR+ 5.50 % 1.00 % 9.94 % 8/26/2027 1,541,812 1,538,500 1,387,630 Liquid Tech Solutions Holdings, LLC Services: Business Term Loan (12/24) Loan 1M USD SOFR+ 3.75 % 0.75 % 8.08 % 6/18/2029 965,081 964,118 965,081 LOYALTY VENTURES INC. (b) Services: Business Loyalty Ventures Claims Term Loan B Prime 5.50 % 0.50 % 14.00 % 11/3/2027 2,913,525 2,906,099 211,231 LSF11 TRINITY BIDCO INC Aerospace & Defense Term Loan B (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.32 % 6/14/2030 968,466 957,340 963,624 LSF9 Atlantis Holdings, LLC (A Wireless) Retail Term Loan Loan 3M USD SOFR+ 4.25 % 0.75 % 8.55 % 3/29/2029 2,638,407 2,581,125 2,631,811 Lumen Technologies Inc Telecommunications Term Loan B1 (3/24) Loan 1M USD SOFR+ 2.35 % 2.00 % 6.79 % 4/16/2029 1,604,190 1,602,340 1,587,041 Lumen Technologies Inc Telecommunications Term Loan B2 (3/24) Loan 1M USD SOFR+ 2.35 % 2.00 % 6.79 % 4/15/2030 504,190 503,696 498,659 MAGNITE, INC. Services: Business Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 2/6/2031 3,233,770 3,207,215 3,217,601 Marriott Ownership Resorts, Inc. Hotel, Gaming & Leisure Term Loan B (3/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 4/1/2031 1,307,196 1,307,196 1,298,215 Max US Bidco Inc. Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 5.00 % 0.50 % 9.33 % 10/3/2030 1,980,000 1,870,077 1,954,755 Mayfield Agency Borrower Inc. (FeeCo) Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 12/29/2031 3,407,069 3,343,070 3,393,577 McGraw-Hill Education, Inc. Media: Advertising, Printing & Publishing Term Loan (1/25) Loan 1M USD SOFR+ 3.25 % 0.50 % 7.58 % 8/6/2031 1,189,880 1,183,332 1,192,486 Michaels Companies Inc Retail Term Loan B (Magic Mergeco) Loan 3M USD SOFR+ 4.25 % 0.75 % 8.81 % 4/8/2028 2,411,087 2,402,142 1,676,308 MIWD Holdco II LLC Construction & Building Term Loan B2 (03/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 3/21/2031 496,250 494,202 494,776 MKS Instruments, Inc. High Tech Industries Term Loan B (01/25) Loan 1M USD SOFR+ 2.00 % 0.50 % 6.32 % 8/17/2029 1,275,401 1,274,025 1,276,039 Momentive Performance Materials Inc. Chemicals, Plastics, & Rubber Term Loan (03/23) Loan 1M USD SOFR+ 4.00 % 0.00 % 8.33 % 3/28/2028 458,824 447,267 456,245 Moneygram International, Inc. Services: Business Term Loan B Loan 3M USD SOFR+ 4.75 % 0.50 % 9.04 % 6/1/2030 2,956,384 2,638,038 2,641,204 MPH Acquisition Holdings LLC (Multiplan) Services: Business First-Out Term Loan (01/25) Loan 3M USD SOFR+ 3.75 % 0.50 % 8.03 % 12/31/2030 315,611 286,645 309,955 55 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value MPH Acquisition Holdings LLC (Multiplan) Services: Business Second-Out Term Loan (01/25) Loan 3M USD SOFR+ 4.60 % 0.50 % 9.14 % 12/31/2030 2,616,207 2,466,257 2,293,550 NAB Holdings, LLC (North American Bancard) Banking, Finance, Insurance & Real Estate Term Loan B (2/25) Loan 3M USD SOFR+ 2.50 % 0.50 % 6.80 % 11/24/2028 2,903,175 2,900,711 2,878,237 Napa Management Services Corp Healthcare & Pharmaceuticals Term Loan B (02/22) Loan 1M USD SOFR+ 5.25 % 0.75 % 9.68 % 2/22/2029 2,931,990 2,512,905 2,382,242 Natgasoline LLC Chemicals, Plastics, & Rubber Term Loan (3/25) Loan 3M USD SOFR+ 5.50 % 0.00 % 9.80 % 3/25/2030 3,269,852 3,170,881 3,228,979 National Mentor Holdings, Inc. Healthcare & Pharmaceuticals Term Loan 2/21 Loan 3M USD SOFR+ 3.75 % 0.75 % 8.15 % 3/2/2028 2,673,386 2,670,120 2,588,933 National Mentor Holdings, Inc. Healthcare & Pharmaceuticals Term Loan C 2/21 Loan 3M USD SOFR+ 3.75 % 0.75 % 8.15 % 3/2/2028 87,464 87,295 84,701 Nexstar Broadcasting, Inc. (Mission Broadcasting) Media: Broadcasting & Subscription Term Loan Loan 1M USD SOFR+ 2.50 % 0.00 % 6.94 % 9/18/2026 571,911 570,403 571,710 Next Level Apparel, Inc. Retail Term Loan Loan 3M USD SOFR+ 7.50 % 1.00 % 11.88 % 8/9/2026 2,360,823 2,353,895 1,749,960 NortonLifeLock Inc. High Tech Industries Term Loan B (05/24) Loan 1M USD SOFR+ 1.75 % 0.50 % 6.08 % 9/12/2029 966,250 963,748 964,801 Nouryon Finance B.V. Chemicals, Plastics, & Rubber Term Loan B (10/24) Loan 3M USD SOFR+ 3.25 % 0.00 % 7.51 % 4/3/2028 482,705 479,642 483,511 Novae LLC Automotive Term Loan B Loan 3M USD SOFR+ 5.00 % 0.75 % 9.45 % 12/22/2028 1,940,000 1,932,037 1,770,250 Olaplex, Inc. Consumer goods: Non-durable Term Loan (2/22) Loan 3M USD SOFR+ 3.50 % 0.50 % 7.93 % 2/23/2029 1,319,846 1,281,877 1,259,714 Open Text Corporation High Tech Industries Term Loan B (08/23) Loan 1M USD SOFR+ 1.75 % 0.50 % 6.08 % 1/31/2030 918,133 897,845 916,884 Oxbow Carbon, LLC Metals & Mining Term Loan B (04/23) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.83 % 5/2/2030 463,938 456,780 457,559 PACIFIC DENTAL SERVICES, LLC Healthcare & Pharmaceuticals Term Loan B (02//24) Loan 1M USD SOFR+ 2.75 % 0.00 % 7.07 % 3/17/2031 1,188,000 1,187,535 1,185,957 Padagis LLC Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.75 % 0.50 % 9.27 % 7/6/2028 930,329 925,587 869,858 PAR PETROLEUM LLC Energy: Oil & Gas Term Loan B Loan 3M USD SOFR+ 3.75 % 0.50 % 8.01 % 2/28/2030 2,452,485 2,433,351 2,379,426 PATAGONIA HOLDCO LLC Telecommunications Term Loan B Loan 3M USD SOFR+ 5.75 % 0.50 % 10.05 % 8/1/2029 2,939,848 2,639,288 2,505,309 Pathway Partners Vet Management Company LLC Consumer goods: Non-durable Term Loan Tranch A Loan 3M USD SOFR+ 5.00 % 1.00 % 9.28 % 6/30/2028 131,927 127,813 131,268 Pathway Partners Vet Management Company LLC Consumer goods: Non-durable Term Loan B (03/25) Loan 3M USD SOFR+ 5.00 % 1.00 % 9.28 % 6/30/2028 417,772 414,354 323,773 56 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value PCI Gaming Authority Hotel, Gaming & Leisure Term Loan Loan 1M USD SOFR+ 2.00 % 0.00 % 6.33 % 7/18/2031 788,531 787,943 786,686 PEARLS (Netherlands) Bidco B.V. Chemicals, Plastics, & Rubber USD Term Loan (02/22) Loan 3M USD SOFR+ 3.25 % 0.50 % 7.53 % 2/28/2029 971,193 970,694 962,996 PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC Healthcare & Pharmaceuticals Term Loan (12/22) Loan 3M USD SOFR+ 3.25 % 0.50 % 7.79 % 12/29/2028 1,455,878 1,453,139 1,317,569 Penn National Gaming, Inc Hotel, Gaming & Leisure Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.83 % 5/3/2029 972,500 969,842 970,069 Peraton Corp. Aerospace & Defense Term Loan B Loan 1M USD SOFR+ 3.75 % 0.75 % 8.18 % 2/1/2028 5,167,574 5,162,187 4,468,092 Phoenix Guarantor Inc. Healthcare & Pharmaceuticals Term Loan B (12/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.83 % 2/21/2031 962,799 962,799 963,020 PHYSICIAN PARTNERS, LLC (b) Healthcare & Pharmaceuticals Term Loan Loan 1M USD SOFR+ 4.00 % 0.50 % 8.42 % 12/22/2028 2,928,567 2,883,374 878,570 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 1,791,222 1,795,294 Playtika Holding Corp. High Tech Industries Term Loan B (3/21) Loan 1M USD SOFR+ 2.75 % 0.00 % 7.19 % 3/13/2028 4,320,000 4,316,511 4,262,069 PMHC II, INC. Chemicals, Plastics, & Rubber Term Loan (02/22) Loan 3M USD SOFR+ 4.25 % 0.50 % 8.64 % 4/21/2029 1,950,000 1,945,004 1,712,354 PointClickCare Technologies, Inc. High Tech Industries Term Loan B (10/24) Loan 3M USD SOFR+ 3.25 % 0.00 % 7.55 % 11/3/2031 481,369 480,337 481,970 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 4,004,404 3,666,804 Pre-Paid Legal Services, Inc. Services: Consumer Term Loan (12/21) Loan 1M USD SOFR+ 3.25 % 0.50 % 7.58 % 12/15/2028 2,910,206 2,896,892 2,894,287 Prime Security Services Borrower, LLC (ADT) Services: Consumer Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 6.33 % 10/13/2030 1,985,038 1,969,281 1,983,013 Primo Brands Corporation Beverage, Food & Tobacco Term Loan B (01/25) Loan 3M USD SOFR+ 2.25 % 0.50 % 6.55 % 3/31/2028 1,443,886 1,440,702 1,443,525 PRIORITY HOLDINGS, LLC Services: Consumer Term Loan B (5/24) Loan 1M USD SOFR+ 4.75 % 0.50 % 9.08 % 5/16/2031 2,872,211 2,857,778 2,882,982 PriSo Acquisition Corporation Construction & Building Term Loan (01/21) Loan 3M USD SOFR+ 3.25 % 0.75 % 7.80 % 12/28/2027 479,988 479,131 460,952 Project Leopard Holdings, Inc. (NEW) High Tech Industries Term Loan B (06/22) Loan 3M USD SOFR+ 5.25 % 0.50 % 9.63 % 7/20/2029 977,500 931,122 847,981 Propulsion (BC) Finco Aerospace & Defense Term Loan B (10/24) Loan 3M USD SOFR+ 3.25 % 0.50 % 7.55 % 9/14/2029 740,597 734,635 742,048 PUG LLC Services: Consumer Term Loan B (03/24) Loan 1M USD SOFR+ 4.75 % 0.00 % 9.08 % 3/15/2030 464,578 463,950 452,382 57 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Quartz AcquireCo, LLC High Tech Industries Term Loan (2/25) Loan 3M USD SOFR+ 2.25 % 0.00 % 6.55 % 6/28/2030 1,231,867 1,224,342 1,231,103 Quikrete Holdings, Inc. Construction & Building Term Loan (2/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 4/14/2031 990,019 988,219 984,841 Rackspace Technology Global, Inc. High Tech Industries Term Loan (3/24) Loan 1M USD SOFR+ 2.75 % 0.75 % 7.20 % 5/15/2028 2,034,813 1,186,116 907,751 Rackspace Technology Global, Inc. High Tech Industries Super-Priority Term Loan (03/24) Loan 1M USD SOFR+ 6.25 % 0.75 % 10.70 % 5/15/2028 545,532 541,417 543,780 RAND PARENT LLC Transportation: Cargo Term Loan B (01/25) Loan 3M USD SOFR+ 3.00 % 0.00 % 7.30 % 3/18/2030 2,450,265 2,384,217 2,392,684 RealPage, Inc. High Tech Industries Term Loan (04/21) Loan 3M USD SOFR+ 3.00 % 0.50 % 7.56 % 4/24/2028 965,000 964,614 956,778 Rent-A-Center, Inc. Retail Term Loan B2 (9/21) Loan 3M USD SOFR+ 2.75 % 0.50 % 7.03 % 2/17/2028 1,835,107 1,812,832 1,837,401 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 337,886 334,033 336,761 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 2,880,173 2,768,310 2,512,951 Resideo Funding Inc. Services: Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 2/14/2028 674,488 674,464 674,070 Resolute Investment Managers (American Beacon), Inc. Banking, Finance, Insurance & Real Estate Term Loan (12/23) Loan 3M USD SOFR+ 6.50 % 1.00 % 11.06 % 4/30/2027 1,943,552 1,943,552 1,916,343 Restoration Hardware, Inc. Retail Term Loan (9/21) Loan 1M USD SOFR+ 2.50 % 0.50 % 6.94 % 10/20/2028 3,383,546 3,381,337 3,215,215 Reynolds Consumer Products LLC Containers, Packaging & Glass Term Loan B (2/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 3/4/2032 996,705 996,705 1,001,269 Russell Investments US Inst'l Holdco, Inc. (c) Banking, Finance, Insurance & Real Estate Term Loan B PIK (3/24) Loan 3M USD SOFR+ 5.00 % 1.00 % 9.28 % 5/30/2027 5,770,982 5,762,890 5,377,112 RV Retailer LLC Automotive Term Loan Loan 1M USD SOFR+ 3.75 % 0.75 % 8.18 % 2/8/2028 2,890,412 2,864,807 2,659,179 Ryan Specialty Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 9/15/2031 1,452,294 1,445,326 1,446,848 S&S HOLDINGS LLC Services: Business Term Loan Loan 1M USD SOFR+ 5.00 % 0.50 % 9.42 % 3/10/2028 2,402,412 2,373,412 2,343,865 Sally Holdings LLC Retail Term Loan B Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 2/28/2030 396,250 394,107 395,259 Schweitzer-Mauduit International, Inc. High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.75 % 0.75 % 8.19 % 4/20/2028 939,236 937,492 929,843 Scientific Games Holdings LP Hotel, Gaming & Leisure Term Loan B Loan 3M USD SOFR+ 3.00 % 0.50 % 7.28 % 4/4/2029 490,038 489,534 487,038 58 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Sedgwick Claims Management Services, Inc. Services: Business Term Loan B 2/23 Loan 1M USD SOFR+ 3.00 % 0.00 % 7.33 % 7/31/2031 982,563 976,875 983,240 SETANTA AIRCRAFT LEASING DAC Aerospace & Defense Term Loan B (05/24) Loan 3M USD SOFR+ 1.75 % 0.00 % 6.05 % 11/5/2028 500,000 499,476 502,320 Sitel Worldwide Corporation Services: Business USD Term Loan (7/21) Loan 1M USD SOFR+ 3.75 % 0.50 % 8.19 % 8/28/2028 1,930,000 1,926,200 1,080,800 SiteOne Landscape Supply, LLC Services: Business Term Loan B (06/24) Loan 1M USD SOFR+ 1.75 % 0.50 % 6.09 % 3/23/2030 1,254,557 1,250,528 1,256,916 Smyrna Ready Mix Concrete, LLC Construction & Building Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 7.32 % 4/2/2029 509,075 506,748 508,760 Sparta U.S. HoldCo LLC Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 7.32 % 8/2/2030 1,935,000 1,931,086 1,912,825 Specialty Pharma III Inc. Services: Business Term Loan Loan 1M USD SOFR+ 4.25 % 0.75 % 8.68 % 3/31/2028 1,930,044 1,921,933 1,905,919 Spin Holdco, Inc. Services: Consumer Term Loan 3/21 Loan 3M USD SOFR+ 4.00 % 0.75 % 8.56 % 3/4/2028 2,880,000 2,873,627 2,452,205 SRAM, LLC Consumer goods: Durable Term Loan (02/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 2/23/2032 2,263,418 2,262,540 2,252,101 STANDARD INDUSTRIES INC. Construction & Building Term Loan B Loan 1M USD SOFR+ 1.75 % 0.50 % 6.08 % 9/22/2028 207,750 206,899 207,906 Staples, Inc. Wholesale Term Loan B Loan 3M USD SOFR+ 5.75 % 0.50 % 10.03 % 9/4/2029 4,252,838 4,202,769 3,796,424 Star Parent, Inc. Services: Business Term Loan B (09/23) Loan 3M USD SOFR+ 4.00 % 0.00 % 8.30 % 9/27/2030 1,237,500 1,222,691 1,215,225 Storable, Inc High Tech Industries Term Loan B (3/25) Loan 1M USD SOFR+ 3.25 % 0.00 % 7.58 % 4/16/2031 485,000 484,862 484,481 Superannuation & Investments US LLC Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.75 % 0.50 % 8.19 % 12/1/2028 967,500 962,490 970,722 SupplyOne, Inc Wholesale Term Loan B (03/24) Loan 1M USD SOFR+ 3.75 % 0.00 % 8.08 % 3/27/2031 495,000 490,727 496,134 Sweetwater Borrower, LLC Retail Term Loan (8/21) Loan 1M USD SOFR+ 4.25 % 0.75 % 8.69 % 8/2/2028 2,083,452 2,026,740 2,057,409 Syncsort Incorporated High Tech Industries Term Loan B (10/21) Loan 3M USD SOFR+ 4.00 % 0.75 % 8.54 % 4/24/2028 2,413,709 2,413,394 2,256,818 Ta TT Buyer LLC Media: Broadcasting & Subscription Term Loan B (6/24) Loan 3M USD SOFR+ 4.75 % 0.50 % 9.05 % 4/2/2029 977,570 971,326 938,467 Tenable Holdings, Inc. Services: Business Term Loan B (6/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 7.19 % 7/7/2028 967,500 966,880 965,081 Teneo Holdings LLC Banking, Finance, Insurance & Real Estate Term Loan B (03/24) Loan 1M USD SOFR+ 4.75 % 1.00 % 9.08 % 3/13/2031 3,465,000 3,434,970 3,488,112 59 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Thor Industries, Inc. Automotive Term Loan B (06/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 11/15/2030 188,283 186,817 187,813 TIBCO Software Inc High Tech Industries Term Loan (Cov-Lite) (10/24) Loan 3M USD SOFR+ 3.75 % 0.50 % 8.05 % 3/21/2031 497,500 497,114 496,022 Torrid LLC Wholesale Term Loan 5/21 Loan 6M USD SOFR+ 5.50 % 0.75 % 10.18 % 6/14/2028 3,061,375 2,773,489 2,816,465 TORY BURCH LLC Retail Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 7.69 % 4/17/2028 2,278,492 2,180,961 2,236,182 Tosca Services, LLC (c) 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 80,811 Trans Union LLC Banking, Finance, Insurance & Real Estate Term Loan B9 (11/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 6/24/2031 604,472 604,028 603,801 Tronox Finance LLC Chemicals, Plastics, & Rubber Term Loan (09/24) Loan 3M USD SOFR+ 2.25 % 0.00 % 6.55 % 4/4/2029 1,995,000 1,980,884 1,945,883 Tronox Finance LLC Chemicals, Plastics, & Rubber Term Loan B (09/24) Loan 3M USD SOFR+ 2.50 % 0.00 % 6.80 % 9/30/2031 346,056 345,860 337,366 TruGreen Limited Partnership Services: Consumer Term Loan Loan 1M USD SOFR+ 4.00 % 0.75 % 8.43 % 11/2/2027 932,586 930,163 891,786 Ultra Clean Holdings, Inc. High Tech Industries Term Loan B (09/24) Loan 1M USD SOFR+ 3.25 % 0.00 % 7.58 % 2/25/2028 1,225,996 1,223,841 1,229,061 Univision Communications Inc. Media: Broadcasting & Subscription Term Loan B (05/24) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.94 % 1/31/2029 2,397,483 2,396,601 2,321,554 Univision Communications Inc. Media: Broadcasting & Subscription Term Loan B (6/22) Loan 3M USD SOFR+ 4.25 % 0.50 % 8.55 % 6/25/2029 243,125 238,350 240,694 Vaco Holdings, LLC Services: Business Term Loan (01/22) Loan 3M USD SOFR+ 5.00 % 0.75 % 9.45 % 1/19/2029 2,288,978 2,244,371 2,048,636 Vericast Corp. (c) Media: Advertising, Printing & Publishing Extended Term Loan (07/24) Loan 6M USD SOFR+ 7.75 % 1.00 % 12.03 % 6/16/2026 1,288,093 1,287,985 1,224,977 Verifone Systems, Inc. Banking, Finance, Insurance & Real Estate Term Loan (03/25) Loan 3M USD SOFR+ 5.50 % 0.00 % 10.21 % 8/21/2028 1,197,757 1,197,332 1,090,953 Vertex Aerospace Services Corp Aerospace & Defense Term Loan (10/21) Loan 1M USD SOFR+ 2.25 % 0.75 % 6.58 % 12/6/2030 970,293 968,411 966,353 Viasat Inc Telecommunications Term Loan (2/22) Loan 1M USD SOFR+ 4.50 % 0.50 % 8.94 % 3/5/2029 2,929,724 2,884,572 2,763,257 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 2,567,727 2,564,301 2,558,098 Vistra Operations Company LLC Energy: Electricity 2018 Incremental Term Loan Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 12/20/2030 1,865,775 1,863,018 1,867,119 VM Consolidated, Inc. Construction & Building Term Loan B Loan 1M USD SOFR+ 2.25 % 0.00 % 6.58 % 3/24/2028 1,811,912 1,811,688 1,819,848 60 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments May 31, 2025 (unaudited) Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value Warner Music Group Corp. (WMG Acquisition Corp.) Hotel, Gaming & Leisure Term Loan J Loan 3M USD SOFR+ 1.75 % 0.00 % 6.08 % 1/24/2031 1,250,000 1,250,000 1,248,438 Watlow Electric Manufacturing Company High Tech Industries Term Loan B (03/21) Loan 3M USD SOFR+ 3.00 % 0.50 % 7.28 % 3/2/2028 2,654,117 2,648,858 2,654,117 WeddingWire, Inc. Services: Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 3.75 % 0.00 % 8.08 % 1/31/2028 4,760,954 4,760,760 4,737,150 Wellpath Recovery Solutions Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 6.93 % 2.00 % 11.23 % 1/27/2030 693,228 693,228 681,097 Wellpath Correct Care Healthcare & Pharmaceuticals Term Loan Loan 1M USD SOFR+ 9.50 % 1.00 % 13.84 % 5/9/2030 580,094 580,094 527,885 WEX Inc. Services: Business Term Loan B (11/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 3/31/2028 2,888,398 2,884,894 2,877,566 Windsor Holdings III, LLC Chemicals, Plastics, & Rubber Term Loan B (02/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 7.07 % 8/1/2030 493,775 493,775 491,617 Wyndham Hotels & Resorts, Inc. Hotel, Gaming & Leisure Term Loan (05/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.08 % 5/24/2030 985,056 981,574 987,164 Xperi Corporation High Tech Industries Term Loan (1/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.83 % 6/8/2028 1,631,585 1,630,908 1,627,506 Zayo Group, LLC Telecommunications Term Loan 4/22 Loan 1M USD SOFR+ 4.25 % 0.50 % 8.58 % 3/9/2027 970,000 959,651 926,903 ZEBRA BUYER (Allspring) LLC Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 3M USD SOFR+ 3.00 % 0.50 % 7.31 % 11/1/2030 1,852,261 1,845,947 1,853,706 Zekelman Industries, Inc. Metals & Mining Term Loan B (03/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.59 % 1/24/2031 1,439,488 1,438,697 1,432,896 Zest Acquisition Corp. Healthcare & Pharmaceuticals Term Loan (1/23) Loan 3M USD SOFR+ 5.25 % 0.00 % 9.53 % 2/8/2028 1,955,000 1,897,165 1,957,444 Zodiac Pool Solutions Consumer goods: Durable Term Loan (1/22) Loan 1M USD SOFR+ 1.93 % 0.50 % 6.35 % 1/29/2029 483,750 483,365 483,145 TOTAL INVESTMENTS $ 498,283,887 $ 465,120,764 Number of Shares Cost Fair Value Cash and cash equivalents U.S. Bank Money Market (a) 17,490,859 $ 17,490,859 $ 17,490,859 Total cash and cash equivalents 17,490,859 $ 17,490,859 $ 17,490,859 (a) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of May 31, 2025. (b) As of May 31, 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 May 31, 2025. SOFR - Secured Overnight Financing Rate 1M SOFR - The 1-month SOFR rate as of May 31, 2025 was 4.32%. 3M SOFR - The 3-month SOFR rate as of May 31, 2025 was 4.32%. 6M SOFR - The 6-month SOFR rate as of May 31, 2025 was 4.26%. Prime - The Prime Rate as of May 31, 2025 was 7.50%. See accompanying notes to financial statements. 61 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 62 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 63 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 64 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 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 65 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 66 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 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 67 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 68 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 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 69 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 70 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 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 71 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 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 72 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 73 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 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 74 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 75 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 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 76 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 77 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 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 78 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 Issuer Name Industry Asset Name Asset Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/ Number of Shares Cost Fair Value RAND PARENT LLC Transportation: Cargo Term Loan B (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 79 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 % 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 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 80 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 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 81 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 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 82 Saratoga Investment Corp. CLO 2013-1, Ltd. Schedule of Investments February 28, 2025 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 $ 520,335,803 $ 492,195,089 Number of Shares Cost Fair Value Cash and cash equivalents U.S. Bank Money Market (a) 21,272,327 $ 21,272,327 $ 21,272,327 Total 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. 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%. See accompanying notes to financial statements. 83 Note 5. Investment in SLF JV On October 26, 2021, the Company and TJHA entered into the LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. On September 30, 2022, SLF 2021 was renamed to Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”). The Company and TJHA have equal voting interest on all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate governance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally. The Company and TJHA have committed to provide up to a combined $ 50.0 million of financing to SLF JV through cash contributions, with the Company providing $ 43.75 million and TJHA providing $ 6.25 million, resulting in an 87.5 % and 12.5 % ownership between the two parties. The financing is issued in the form of an unsecured 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 May 31, 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, 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 May 31, 2025, and February 28, 2025, the Company’s investment in the unsecured note of SLF JV had a fair value of $ 16.6 million and $ 16.5 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $ 3.1 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 three months ended May 31, 2025 and May 31, 2024, the Company earned $ 0.4 million and $ 0.4 million, respectively, of interest income related to SLF JV, which is included in interest income. As of May 31, 2025 and February 28, 2025, $ 0.2 million and $ 0.2 million, respectively, of interest income related to SLF JV was included in interest receivable on the Statements of Assets and Liabilities. For the three months ended May 31, 2025 and May 31, 2024, the Company earned $ 0.4 million and $ 1.3 million, respectively, of dividend related to SLF JV, which is included in dividend income on control investments. As of May 31, 2025 and February 28, 2025, $ 0.0 million and $ 0.0 million, respectively, of dividend income related to SLF JV was included in dividend receivable on the Statements of Assets and Liabilities. SLF JV’s initial investment in SLF 2022 was in the form of an unsecured loan. The unsecured loan paid a floating rate of LIBOR plus 7.00 % per annum and was paid in full on June 9, 2023. The unsecured loan was repaid in full on October 28, 2022, as part of the CLO closing. On October 28, 2022, SLF 2022 issued $ 402.1 million of the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee. As part of the transaction, the Company purchased 87.50 % of the Class E Notes from SLF 2022 with a par value of $ 12.25 million. As of February 28, 2025 and February 29, 2024, the fair value of these Class E Notes were $ 12.3 million and $ 12.3 million, respectively. 84 Note 6. Income Taxes SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc.,, SIA-MDP, Inc., SIA-PP Inc., SIA-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 may distribute a portion of its realized net long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a portion, or all, of its net capital gains and elect to pay the 21 % U.S. federal tax on the net capital gain, potentially in the form of a “deemed distribution” to its stockholders. Income tax (provision) relating to an election to retain its net capital gains, including in the form of a deemed distribution, is included as a component of income tax (provision) benefit from realized gains on investments, depending on the character of the underlying taxable income (ordinary or capital gains), on the consolidated statements of operations. Deferred tax assets and liabilities, and related valuation allowance as of May 31, 2025 and February 28, 2025 were as follows: May 31, 2025 February 28, 2025 Total deferred tax assets $ 1,799,606 $ 1,786,943 Total deferred tax liabilities ( 5,025,381 ) ( 4,968,693 ) Valuation allowance on net deferred tax assets ( 1,768,642 ) ( 1,707,579 ) Net deferred tax liability $ ( 4,994,417 ) $ ( 4,889,329 ) As of May 31, 2025, the valuation allowance on deferred tax assets was $ 1.8 million, which represents the federal and state tax effect of net operating losses and unrealized losses that the Company does not believe will be realized through future taxable income. Any adjustments to the Company’s valuation allowance will depend on estimates of future taxable income and will be made in the period such determination is made. Net income tax expense for the three months ended May 31, 2025 includes $( 0.1 ) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and $ 0.1 million income tax provision/benefit from realized gain/(loss) on investments and $ 0.0 million net change in total operating expense in the consolidated statement of operations, respectively. Net income tax expense for the three months ended May 31, 2024 includes $ 0.5 million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and $ 0.0 million income tax provision/benefit from realized gain/(loss) on investments and ($ 0.06 ) million net change in total operating expense, in the consolidated statement of operations, respectively. Deferred tax temporary differences may include differences for state taxes and joint venture interests. Federal and state income tax (provisions) benefit on investments for three months ended May 31, 2025 and May 31, 2024: For the three months ended May 31, 2025 May 31, 2024 Current Federal $ - $ - State - - Net current expense - - Deferred Federal 98,776 322,466 State 6,312 23,156 Net deferred expense 105,088 345,622 Net tax provision $ 105,088 $ 345,622 85 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 three months ended May 31, 2025 and May 31, 2024, the Company incurred $ 4.3 million and $ 5.0 million in base management fees, respectively. For the three months ended May 31, 2025 and May 31, 2024, the Company incurred $ 2.5 million and $ 3.6 million in incentive fees related to pre-incentive fee net investment income, respectively. For the three months ended May 31, 2025 and May 31, 2024, the Company accrued an expense (benefit) of ($ 0.4 ) million and ($0.0) million in incentive fees related to capital gains. The accrual is calculated using both realized and unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable in arrears at the end of the fiscal year and will include only realized capital gains for the period. As of May 31, 2025, the base management fees accrual was $ 4.3 million and the incentive fees accrual was $ 2.5 million and is 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. 86 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 determined to keep the cap on the payment or reimbursement of expenses by the Company unchanged at $ 5.0 million, while continuing to assess whether to increase this within the foreseeable future, with any increase to be effective August 1, 2025. For the three months ended May 31, 2025 and May 31, 2024, the Company recognized $ 1.3 million and $ 1.1 million in administrator expenses, respectively, pertaining to bookkeeping, recordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion of rent and other overhead related expenses. As of May 31, 2025 and February 28, 2025, $ 0.6 million and $ 0.3 million, respectively, of administrator expenses were accrued and included in due to the Manager in the accompanying consolidated statements of assets and liabilities. Saratoga CLO See Note 4. Investment in Saratoga CLO for more information regarding Saratoga CLO. For the three months ended May 31, 2025 and May 31, 2024, the Company recognized management fee income of $ 0.7 million and $ 0.8 million, respectively, related to the Saratoga CLO. For the three months ended May 31, 2025 and May 31, 2024, the Company neither bought nor sold any investments from the Saratoga CLO. SLF JV See Note 5 for more information about SLF JV. As of May 31, 2025, the Company’s investment in the SLF JV had a fair value of $ 19.7 million, consisting of an unsecured loan of $ 16.6 million and membership interest of $ 3.1 million. For the three months ended May 31, 2025, the Company had $ 0.4 million of interest income related to SLF JV, of which $ 0.2 million was included in interest receivable as of May 31, 2025. For the three months ended May 31, 2024, the Company had $ 0.4 million of interest income related to SLF JV, of which $ 0.2 million was included in interest receivable on the Statements of Assets and Liabilities as of May 31, 2024. 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. 87 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 163.8 % as of May 31, 2025 and 162.9 % as of February 28, 2025. Encina Credit Facility On October 4, 2021, the Company entered into the Credit and Security Agreement (the “Encina Credit Agreement”) relating to a $ 50.0 million senior secured revolving credit facility with Encina, supported by loans held by SIF II and pledged to the Encina Credit Facility. The terms of the Encina Credit Facility required a minimum drawn amount of $ 12.5 million at all times during the first six months following the closing date, which increased to the greater of $ 25.0 million or 50 % of the commitment amount in effect at any time thereafter. Advances under the Encina Credit Facility originally bore interest at a floating rate per annum equal to LIBOR plus 4.0 %, with LIBOR having a floor of 0.75 %, with customary provisions related to the selection by Encina and the Company of a replacement benchmark rate. On January 27, 2023, we entered into the first amendment to the Encina Credit Agreement to, among other things: ● increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; ● 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; ● increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; ● extended the revolving period from October 4, 2024 to January 27, 2026; ● 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; ● revised the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and ● 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 is payable in equal monthly installments in arrears. As of May 31, 2025 and February 28, 2025, there were $ 32.5 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. Financing costs of $ 2.0 million related to the Encina Credit Facility have been capitalized and are being amortized over the term of the facility, with all existing financing costs amortized through January 27, 2026 from the date of the amendment and extension. For the three months ended May 31, 2025 and May 31, 2024, we recorded $ 0.8 million and $ 0.9 million of interest expense related to the Encina Credit Facility, respectively, which includes commitment and administrative agent fees. For the three months ended May 31, 2025 and May 31, 2024, we recorded $ 0.1 million and $ 0.1 million of deferred financing costs related to the Encina Credit Facility, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024, the weighted average interest rate on the outstanding borrowings under the Encina Credit Facility was 8.9 % and 9.9 %, respectively, and the average dollar amount of outstanding borrowings under the Encina Credit Facility was $ 32.5 million and $ 34.8 million, respectively. 88 The Encina Credit Facility contains limitations as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination and collateral interests. The Encina Credit Facility also includes certain requirements relating to portfolio performance, the violation of which could result in the limit of further advances and, in some cases, result in an event of default, allowing the lenders to accelerate repayment of amounts owed thereunder. Availability on the Encina Credit Facility will be subject to a borrowing base calculation, based on, among other things, applicable advance rates (which vary from 50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets included as part of the borrowing base. Funds may be borrowed at the greater of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%. In addition, the Company will pay the lender a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Encina Credit Facility. Our borrowing base under the Encina Credit Facility was $ 79.5 million subject to the Encina Credit Facility cap of $ 65.0 million at May 31, 2025. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, the May 31, 2025 borrowing base relies upon the valuations set forth in the Annual Report on Form 10-K for the period ended February 28, 2025. The valuations presented in this Quarterly Report on Form 10-Q will not be incorporated into the borrowing base until after this Quarterly Report on Form 10-Q is filed with the SEC. Live Oak 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. 89 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 May 31, 2025 and February 28, 2025, there were $ 37.5 million and $ 20.0 million in outstanding borrowings under the Live Oak Credit Facility. During the applicable period, the Company was in compliance with all of the limitations and requirements under the Live Oak Credit Agreement. For the three months ended May 31, 2025 and May 31, 2024, we recorded $ 0.8 million and $ 0.3 million of interest expense related to the Live Oak Credit Facility, which includes commitment and administrative agent fees. For the three months ended May 31, 2025 and May 31, 2024, we recorded $ 0.1 million and $ 0.05 million of deferred financing costs related to the Live Oak Credit Facility. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024, the weighted average interest rate on the outstanding borrowings under the Live Oak Credit Facility was 8.5 % and 9.5 % respectively, and the average dollar amount of outstanding borrowings under the Live Oak Credit Facility was $ 32.4 million and $ 12.9 million, respectively. Our borrowing base under the Live Oak Credit Facility was $ 86.8 million subject to the Live Oak Credit Facility cap of $ 75.0 million at May 31, 2025. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the SEC. Accordingly, the May 31, 2025 borrowing base relies upon the valuations set forth in the Annual Report on Form 10-K for the period ended February 28, 2025. The valuations presented in this Quarterly Report on Form 10-Q will not be incorporated into the borrowing base until after this Quarterly Report on Form 10-Q is filed with the SEC. SBA Debentures The Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP, received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provide up to $ 175.0 million in long-term capital in the form of debentures guaranteed by the SBA. The Company’s wholly owned subsidiary, SBIC LP, repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $ 350.0 million. SBICs are designed to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses. Under present SBA regulations, eligible small businesses include businesses that have a tangible net worth not exceeding $ 24.0 million and have average annual fully taxed net income not exceeding $ 8.0 million for the two most recent fiscal years. In addition, an SBIC must devote 25.0 % of its investment activity to “smaller enterprises” as defined by the SBA. A smaller enterprise is one that has a net worth not exceeding $ 6.0 million and has 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. 90 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 May 31, 2025, 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 $ 170.0 million in SBA-guaranteed debentures outstanding, of which $ 131.0 million was held by SBIC II LP and $ 39.0 million held in SBIC III LP. As noted above, as of May 31, 2025, there was $ 170.0 million of SBA debentures outstanding and as of February 28, 2025, there was $ 170.0 million of SBA debentures outstanding. The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $ 6.0 million, and $ 0.4 million related to the SBA debentures issued by SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment and drawdown. For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 1.3 million and $ 1.8 million of interest expense related to the SBA debentures, respectively. For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 0.2 million and $ 0.2 million of amortization of deferred financing costs related to the SBA debentures, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. The weighted average interest rate during the three months ended May 31, 2025 and May 31, 2024 on the outstanding borrowings of the SBA debentures was 3.04 % and 3.36 %, respectively. During the three months ended May 31, 2025 and May 31, 2024, the average dollar amount of SBA debentures outstanding was $ 170 million and $ 214.0 million, respectively. Notes 7.75% 2025 Notes On July 9, 2020, the Company issued $ 5.0 million in aggregate principal amount of 7.75 % fixed-rate notes due in 2025 (the “7.75% 2025 Notes”) for net proceeds of $ 4.8 million after deducting underwriting commissions of approximately $ 0.2 million. Offering costs incurred were approximately $ 0.1 million. Interest on the 7.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year. The 7.75% 2025 Notes mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at the Company’s option subject to a fee depending on the date of repayment. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 0.3 million related to the 7.75% 2025 Notes have been capitalized and are being amortized over the term of the 7.75% 2025 Notes. As of May 31, 2025, the total amount of 7.75% 2025 Notes outstanding was $ 5.0 million. The 7.75% 2025 Notes are not listed and have a par value of $ 25.00 per note. The carrying amount of the outstanding 7.75% 2025 Notes had a fair value of $ 5.0 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the carrying amount and fair value of the 7.75% 2025 Notes was $ 5.0 million and $ 5.0 million, respectively. 91 For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 0.1 million and $ 0.1 million, respectively, of interest expense and $ 0.01 million and $ 0.01 million, respectively, of amortization of deferred financing costs related to the 7.75% 2025 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024, the average dollar amount of 7.75% 2025 Notes outstanding was $ 5.0 million and $ 5.0 million respectively. 6.25% 2027 Notes On December 29, 2020, the Company issued $ 5.0 million in aggregate principal amount of 6.25 % fixed-rate notes due in 2027 (the “6.25% 2027 Notes”). Offering costs incurred were approximately $ 0.1 million. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option, on or after December 29, 2024. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 0.1 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes. On January 28, 2021, the Company issued an additional $ 10.0 million in aggregate principal amount of the 6.25% 2027 Notes for net proceeds of $ 9.7 million after deducting underwriting commissions of approximately $ 0.3 million (the “Additional 6.25% 2027 Notes”). Offering costs incurred were approximately $ 0.1 million. The Additional 6.25% 2027 Notes are treated as a single series with the existing 6.25% 2027 Notes under the indenture and have the same terms as the existing 6.25% 2027 Notes. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on January 28, 2027 and commencing January 28, 2023, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 0.4 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the 6.25% 2027 Notes. The 6.25% 2027 Notes are not listed and have a par value of $ 25.00 per note. As of May 31, 2025, 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 $ 14.6 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the carrying amount and fair value of the 6.25% 2027 Notes was $ 15.0 million and $ 14.2 million, respectively. For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 0.2 million and $ 0.2 million, respectively, of interest expense and $ 0.02 million and $ 0.02 million, respectively, of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024 the average dollar amount of 6.25% 2027 Notes outstanding was $ 15.0 million and $ 15.0 million respectively. 4.375% 2026 Notes On March 10, 2021, the Company issued $ 50.0 million in aggregate principal amount of 4.375 % fixed-rate notes due 2026 (the “4.375% 2026 Notes”) for net proceeds of $ 49.0 million after deducting underwriting commissions of approximately $ 1.0 million. Offering costs incurred were approximately $ 0.3 million. Interest on the 4.375% 2026 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The 4.375% 2026 Notes mature on February 28, 2026 and may be redeemed in whole or in part at any time on or after November 28, 2025 at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 1.3 million related to the 4.375% 2026 Notes have been capitalized and are being amortized over the term of the 4.375% 2026 Notes. 92 On July 15, 2021, the Company issued an additional $ 125.0 million in aggregate principal amount of the 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes”) for net proceeds for approximately $ 123.8 million, based on the public offering price of 101.00 % of the aggregate principal amount of the Additional 4.375% 2026 Notes, after deducting the underwriting commissions of $ 2.5 million. Offering costs incurred were approximately $ 0.2 million. The Additional 4.375% 2026 Notes are treated as a single series with the existing 4.375% 2026 Notes under the indenture and have the same terms as the existing 4.375% 2026 Notes. The net proceeds from the offering were used to redeem all of the outstanding 6.25% 2025 Notes (as described above), and for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 2.7 million have been capitalized and are being amortized over the term of the additional 4.375% 2026 Notes. As of May 31, 2025, the total amount of 4.375% 2026 Notes outstanding was $ 175.0 million. The 4.375% 2026 Notes are not listed and are issued in minimum denominations of $ 2,000 and integral multiples of $ 1,000 in excess thereof. The carrying amount of the outstanding 4.375% 2026 Notes had a fair value of $ 170.7 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 carrying amount and fair value of the 4.375% 2026 Notes was $ 175.0 million and $ 163.4 million, respectively. For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 1.9 million and $ 1.9 million, respectively, of interest expense, $ 0.2 million and $ 0.2 million, respectively, of amortization of deferred financing costs and $ 0.06 million and $ 0.06 million, respectively, of amortization of premium on issuance of 4.375% Notes due 2026 (inclusive of the issuance of the Additional 4.375% 2026 Notes). Interest expense, amortization of deferred financing costs and amortization of premium on issuance of notes are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024, the average dollar amount of 4.375% 2026 Notes outstanding was $ 175.0 million and $ 175.0 million, respectively. 4.35% 2027 Notes On January 19, 2022, the Company issued $ 75.0 million in aggregate principal amount of 4.35 % fixed-rate notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of $ 73.0 million, based on the public offering price of 99.317 % of the aggregate principal amount of the 4.35% 2027 Notes, after deducting the underwriting commissions of approximately $ 1.5 million. Offering costs incurred were approximately $ 0.3 million. Interest on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year. The 4.35% 2027 Notes mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November 28, 2026, at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 1.8 million related to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the 4.35% 2027 Notes As of May 31, 2025, 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 $ 70.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the carrying amount and fair value of the 4.35% 2027 Notes was $ 75.0 million and $ 64.5 million, respectively. 93 For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 0.8 million and $ 0.8 million, respectively, of interest expense, $ 0.1 million and $ 0.1 million, respectively, of amortization of deferred financing costs and $ 0.03 million and $ 0.02 million, respectively, of amortization of on issuance of the 4.35% Notes due 2027 (inclusive of the issuance of the Additional 4.35% 2027 Notes). Interest expense, amortization of deferred financing costs, and amortization of discount on issuance of notes and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2024 and May 31, 2023, the average dollar amount of 4.35% 2027 Notes outstanding was $ 75.0 million and $ 75.0 million, respectively. 6.00% 2027 Notes On April 27, 2022, the Company issued $ 87.5 million in aggregate principal amount of 6.00% fixed-rate notes due 2027 (the “6.00% 2027 Notes”) for net proceeds of $ 84.8 million after deducting underwriting commissions of approximately $ 2.7 million. Offering costs incurred were approximately $ 0.1 million. On May 10, 2022, the underwriters partially exercised their option to purchase an additional $ 10.0 million in aggregate principal amount of the 6.00% 2027 Notes. Net proceeds to the Company were $ 9.7 million after deducting underwriting commissions of approximately $ 0.3 million. Interest on the 6.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. The 6.00% 2027 Notes mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 3.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with a par value of $ 25.00 per note. On August 15, 2022, the Company issued an additional $ 8.0 million in aggregate principal amount of the 6.00% 2027 Notes (the “Additional 6.00% 2027 Notes”) for net proceeds of $ 7.8 million, based on the public offering price of 97.80 % of the aggregate principal amount of the 6.00 % 2027 Notes. Additional offering costs incurred were approximately $ 0.2 million. The Additional 6.00% 2027 Notes are treated as a single series with the existing 6.00% 2027 Notes under the indenture and have the same terms as the existing 6.00% 2027 Notes. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Additional financing costs of $ 0.03 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes. As of May 31, 2025, the carrying amount and fair value of the 6.00% 2027 Notes was $ 105.5 million and $ 103.1 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 $ 100.7 million, respectively. 94 For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 1.6 million and $ 1.6 million, respectively, of interest expense, $ 0.2 million and $ 0.2 million, respectively, of amortization of deferred financial costs and $ 0.01 million and $ 0.01 million, respectively, of amortization of discount on issuance of 6.00% Notes due 2027. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024, the average dollar amount of 6.00% 2027 Notes outstanding was $ 105.5 million and $ 105.5 million, respectively. 7.00% 2025 Notes On September 8, 2022, the Company issued $ 12.0 million in aggregate principal amount of 7.00 % fixed-rate notes due 2025 (the “7.00% 2025 Notes”) for net proceeds of $ 11.6 million after deducting underwriting discounts of approximately $ 0.4 million. Additional offering costs incurred were approximately $ 0.05 million. Interest on the 7.00% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.00% per year. The 7.00% 2025 Notes mature on September 8, 2025 and commencing September 8, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 0.04 million related to the 7.00% 2025 Notes have been capitalized and are being amortized over the term of the 7.00% 2025 Notes. As of May 31, 2025, the total amount of 7.00% 2025 Notes outstanding was $ 12.0 million. The 7.00% 2025 Notes are not listed. The carrying amount of the outstanding 7.00% 2025 Notes had a fair value of $ 12.0 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 carrying amount and fair value of the 7.00% 2025 Notes was $ 12.0 million and $ 11.8 million, respectively. For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 0.2 million and $ 0.2 million, respectively, of interest expense, $ 0.04 million and $ 0.03 million, respectively, of amortization of deferred financial costs and $ 0.03 million and $ 0.03 million, respectively, of amortization of discount on issuance of 7.00% 2025 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024, the average dollar amount of 7.00% 2025 Notes outstanding was $ 12.0 million and $ 12.0 million, respectively. 8.00% 2027 Notes On October 27, 2022, the Company issued $ 40.0 million in aggregate principal amount of our 8.00% fixed-rate notes due 2027 (the “8.00% 2027 Notes”) for net proceeds of $ 38.7 million after deducting underwriting commissions of approximately $ 1.3 million. Offering costs incurred were approximately $ 0.2 million. On November 10, 2022, the underwriters partially exercised their option to purchase an additional $ 6.0 million in aggregate principal amount of the 8.00% 2027 Notes. Net proceeds to the Company were $ 5.8 million after deducting underwriting commissions of approximately $ 0.2 million. Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.00% per year . The 8.00% 2027 Notes mature on October 31, 2027 and commencing October 27, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $ 1.7 million related to the 8.00% 2027 Notes have been capitalized and are being amortized over the term of the 8.00% 2027 Notes. The 8.00% 2027 Notes are listed on the NYSE under the trading symbol “SAJ” with a par value of $ 25.00 per note. 95 As of May 31, 2025, the carrying amount and fair value of the 8.00% 2027 Notes was $ 46.0 million and $ 46.9 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 $ 46.2 million, respectively. For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 0.9 million and $ 0.9 million, respectively, of interest expense and $ 0.09 million and $ 0.09 million, respectively, of amortization of deferred financing costs related to the 8.00% 2027 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024, the average dollar amount of 8.00% 2027 Notes outstanding was $ 46.0 million and $ 46.0 million, respectively. 8.125% 2027 Notes On December 13, 2022, the Company issued $ 52.5 million in aggregate principal amount of 8.125 % fixed-rate notes due 2027 (the “8.125% 2027 Notes”) for net proceeds of $ 50.8 million after deducting underwriting commissions of approximately $ 1.6 million. Offering costs incurred were approximately $ 0.1 million. On December 21, 2022, the underwriters fully exercised their option to purchase an additional $7.9 million in aggregate principal amount of the 8.125% 2027 Notes. Net proceeds to the Company were $7.6 million after deducting underwriting commissions of approximately $0.2 million. Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.125% per year. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s option. The net proceeds from this offering were used to make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being amortized over the term of the 8.125% 2027 Notes. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with a par value of $ 25.00 per note As of May 31, 2025, the carrying amount and fair value of the 8.125% 2027 Notes was $ 60.4 million and $ 60.8 million, respectively. The fair value of the 8.125% 2027 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 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 three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 1.2 million and $ 1.2 million, respectively, of interest expense and $ 0.1 million and $ 0.1 million, respectively, of amortization of deferred financing costs related to the 8.125% 2027 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024 the average dollar amount of 8.125% 2027 Notes outstanding was $ 60.4 million and $ 60.4 million respectively. 8.75% 2025 Notes On March 31, 2023, the Company issued $ 10.0 million in aggregate principal amount of 8.75% fixed-rate notes due 2024 (the “8.75% 2025 Notes”) for net proceeds of $ 9.7 million after deducting underwriting discounts of approximately $ 0.4 million. On May 1, 2023, the Company issued an additional $ 10.0 million in aggregate principal amount of the 8.75% 2025 Notes for net proceeds of $ 9.7 million after deducting underwriting discounts of approximately $ 0.4 million. Offering costs incurred were approximately $ 0.03 million. Interest on the 8.75% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year. On February 2, 2024, pursuant to the terms of the indenture governing the 8.75% 2025 Notes, the Company elected to exercise its option to extend the maturity date of the 8.75% 2025 Notes from March 31, 2024 to March 31, 2025. Net proceeds from this offering were used to make investments in middle-market companies (including investments made through the SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and general corporate purposes. Financing costs and discounts of $0.7 million related to the 8.75% 2025 Notes have been capitalized and are being amortized over the term of the 8.75% 2025 Notes. On March 31, 2025, $ 20.0 million in aggregate principal amount of the issued and outstanding 8.75% 2025 Notes was repaid in full. 96 For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 0.1 million and $ 0.4 million, respectively, of interest expense, $ 0.1 million and $ 0.03 million, respectively, of amortization of deferred financial costs and $ 0.01 million and $ 0.03 million, respectively, of amortization of discount related to the 8.75% 2025 Notes. Interest expense and amortization of discount and deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024 the average dollar amount of 8.75% 2025 Notes outstanding was $ 6.5 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. Net proceeds to the Company were $ 7.3 million after deducting underwriting commissions of approximately $ 0.2 million. Interest on the 8.50% 2028 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per year. The 8.50% 2028 Notes mature on April 15, 2028, and commencing April 14, 2025, may be redeemed in whole or in part at any time or from time to time at the Company’s option. Net proceeds from this offering were used to repay a portion of the outstanding indebtedness under the Encina Credit Facility, make investments in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies and for general corporate purposes. Financing costs of $ 2.0 million related to the 8.50% 2028 Notes have been capitalized and are being amortized over the term of the 8.50% 2028 Notes. As of May 31, 2025, 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 May 31, 2025, the carrying amount and fair value of the 8.50% 2028 Notes was $ 57.5 million and $ 57.8 million, respectively. The fair value of the 8.50% 2028 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2025, the carrying amount and fair value of the 8.50% 2028 Notes was $ 57.5 million and $ 58.3 million, respectively. For the three months ended May 31, 2025 and May 31, 2024, the Company recorded $ 1.2 million and $ 1.2 million, respectively, of interest expense and $ 0.1 million and $ 0.1 million, respectively, of amortization of deferred financing costs related to the 8.50% 2028 Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. During the three months ended May 31, 2025 and May 31, 2024 the average dollar amount of 8.50% 2028 Notes outstanding was $ 57.5 million and $ 57.5 million respectively. 97 SENIOR SECURITIES (dollar amounts in thousands, except per share data) Class and Year (1)(2) Total Amount Outstanding Exclusive of Treasury Securities (3) Asset Coverage per Unit (4) Involuntary Liquidating Preference per Share (5) Average Market Value per Share (6) (in thousands) Credit Facility with Encina Lender Finance, LLC Fiscal year 2026 (as of May 31, 2025) $ 32,500 $ 1,638 N/A Fiscal year 2025 (as of February 28, 2025) $ 32,500 $ 1,629 - N/A Fiscal year 2024 (as of February 29, 2024) $ 35,000 $ 1,610 - N/A Fiscal year 2023 (as of February 28, 2023) $ 32,500 $ 1,659 - N/A Fiscal year 2022 (as of February 28, 2022) $ 12,500 $ 2,093 - N/A Credit Facility with Live Oak Banking Company Fiscal year 2026 (as of May 31, 2025) $ 20,000 $ 1,638 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 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) 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) 98 Class and Year (1)(2) Total Amount Outstanding Exclusive of Treasury Securities (3) Asset Coverage per Unit (4) Involuntary Liquidating Preference per Share (5) Average Market Value per Share (6) (in thousands) 7.00% Notes due 2025 Fiscal year 2026 (as of May 31, 2025) $ 12,000 $ 1,638 - $ 25.00 (12) 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 Fiscal year 2026 (as of May 31, 2025) $ 5,000 $ 1,638 - $ 25.00 (12) Fiscal year 2025 (as of February 28, 2025) $ 5,000 $ 1,629 - $ 25.00 (12) Fiscal year 2024 (as of February 29, 2024) $ 5,000 $ 1,610 - $ 25.00 (12) Fiscal year 2023 (as of February 28, 2023) $ 5,000 $ 1,659 - $ 25.00 (12) Fiscal year 2022 (as of February 28, 2022) $ 5,000 $ 2,093 - $ 25.00 (12) Fiscal year 2021 (as of February 28, 2021) $ 5,000 $ 3,471 - $ 25.00 (12) 4.375% Notes due 2026 Fiscal year 2026 (as of May 31, 2025) $ 175,000 $ 1,638 - $ 25.00 (12) 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) 4.35% Notes due 2027 Fiscal year 2026 (as of May 31, 2025) $ 75,000 $ 1,638 - $ 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 May 31, 2025) $ 105,500 $ 1,638 - $ 24.52 (15) Fiscal year 2025 (as of February 28, 2025) $ 105,500 $ - - $ 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 May 31, 2025) $ 15,000 $ 1,638 - $ 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) Fiscal year 2021 (as of February 28, 2021) $ 15,000 $ 3,471 - $ 25.00 (12) 8.00% Notes due 2027 Fiscal year 2026 (as of May 31, 2025) $ 46,000 $ 1,638 - $ 25.36 (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 May 31, 2025) $ 60,375 $ 1,638 - $ 25.33 (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 May 31, 2025) $ 57,500 $ 1,638 - $ 25.32 (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) (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. 99 (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. Note 9. Commitments and Contingencies Contractual Obligations The following table shows our payment obligations for repayment of debt and other contractual obligations at May 31, 2025: Payment Due by Period Long-Term Debt Obligations Total Less Than 1 Year 1 - 3 Years 3 - 5 Years More Than 5 Years ($ in thousands) Encina Credit Facility $ 32,500 $ 32,500 $ - $ - $ - Live Oak Credit Facility $ 37,500 $ - $ 37,500 $ - $ - SBA debentures 170,000 - - 20,000 150,000 6.25% 2025 Notes - - - - - 8.75% 2025 Notes - - - - - 7.75% 2025 Notes 5,000 5,000 - - - 4.375% 2026 Notes 175,000 175,000 - - - 4.35% 2027 Notes 75,000 - 75,000 - - 6.25% 2027 Notes 15,000 - 15,000 - - 6.00% 2027 Notes 105,500 - 105,500 - - 8.00% 2027 Notes 46,000 - 46,000 - - 8.125% 2027 Notes 60,375 - 60,375 - - 8.5% 2028 Notes 57,500 - 57,500 - - 7.00% 2025 Notes 12,000 12,000 - - - Total Long-Term Debt Obligations $ 791,375 $ 224,500 $ 396,875 $ 20,000 $ 150,000 100 Off-Balance Sheet Arrangements As of May 31, 2025 and February 28, 2025, the Company’s off-balance sheet arrangements consisted of $ 136.4 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 May 31, 2025 and February 28, 2025 is shown in the table below (dollars in thousands): May 31, 2025 February 28, 2025 At Company’s discretion ActiveProspect, Inc. $ 10,000 $ 10,000 Artemis Wax Corp. 23,500 23,500 Ascend Software, LLC 5,000 5,000 C2 Educational Systems, Inc. - 2,000 Davisware, LLC - 1,000 JDXpert 4,500 4,500 LFR Chicken LLC 10,000 10,000 Pepper Palace, Inc. 1,200 1,200 Procurement Partners, LLC - - Saratoga Senior Loan Fund I JV, LLC 8,548 8,548 VetnCare MSO, LLC 10,000 10,000 StockIQ Technologies, LLC 5,000 - Total $ 77,748 $ 75,748 At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required Axero Holdings, LLC – Revolving Credit Facility 500 500 Axiom Medical Consulting, LLC 1,000 1,500 BQE Software, Inc. 250 2,250 Cloudpermit Intermediate Holding Company 5,000 5,000 Davisware, LLC - 1,750 Exigo, LLC – Revolving Credit Facility 625 625 Gen4 Dental Partners Holdings, LLC 2,381 2,857 Granite Comfort, LP 11,637 11,637 Innergy, Inc. 5,000 5,000 Inspect Point Holding, LLC 2,000 1,500 Modis Dental Partners OpCo, LLC 4,500 8,900 Pepper Palace, Inc. – Revolving Credit Facility - 600 Stretch Zone Franchising, LLC - 1,500 VetnCare MSO, LLC 6,709 7,319 StockIQ Technologies, LLC 2,000 - SmartAC.com, Inc. 17,000 - 58,602 50,938 Total $ 136,350 $ 126,686 The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of May 31, 2025, the Company had cash and cash equivalents of $ 131.6 million, $ 32.5 million in available borrowings under the Encina Credit Facility, and $ 37.5 million in available borrowings under the Live Oak Credit Facility. 101 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 three months ended May 31, 2025 and May 31,2024, the Company incurred $ 0.1 million and $ 0.1 million for directors’ fees and expenses, respectively. As of May 31, 2025 and February 28, 2025, $ 0.0 million and $ 0.00 million in directors’ fees and expenses were accrued and unpaid, respectively. As of May 31, 2025, the Company had not issued any common stock to our directors as compensation for their services. 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 7, 2025, the Company’s board of directors extended the Share Repurchase Plan for another year to January 15, 2026. As of May 31, 2025, the Company had purchased 1,035,203 shares of common stock, at an average price of $ 22.05 for approximately $ 22.8 million pursuant to the Share Repurchase Plan. During the three months ended May 31, 2025, the Company did not purchase any shares of common stock pursuant to the Share Repurchase Plan. Public Equity Offering On July 13, 2018, the Company issued 1,150,000 shares of its common stock priced at $ 25.00 per share (par value $ 0.001 per share) at an aggregate total of $ 28.75 million. The net proceeds, after deducting underwriting commissions of $ 1.15 million and offering costs of approximately $ 0.2 million, amounted to approximately $ 27.4 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of its common stock, which was not exercised. Equity ATM Program On March 16, 2017, the Company entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which the Company offered for sale, from time to time, up to $ 30.0 million of the Company’s common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of the common stock to be offered was increased to $ 70.0 million, and on October 8, 2019, the amount of the common stock to be offered was increased to $ 130.0 million. This agreement was terminated as of July 29, 2021, and as of that date, the Company had sold 3,922,018 shares for gross proceeds of $ 97.1 million at an average price of $ 24.77 for aggregate net proceeds of $ 95.9 million (net of transaction costs). On July 30, 2021, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (“Ladenburg”) and Compass Point Research and Trading, LLC (“Compass Point”), through which the Company may offer for sale, from time to time, up to $ 150.0 million of the Company’s common stock through the Agents (as defined below), or to them, as principal for their account (the “ATM Program”). On July 6, 2023, the Company amended the Equity Distribution Agreement to increase the maximum amount of shares of our common stock to be sold through the ATM Program to $ 300.0 million from $ 150.0 million. On July 19, 2023, the Company amended the Equity Distribution Agreement to add an additional distribution agent, Raymond James & Associates, Inc. (“Raymond James”). On May 15, 2024, the Company amended the Equity Distribution Agreement to add an additional distribution agent, Lucid Capital Markets, LLC (“Lucid” and together with Ladenburg, Compass Point, and Raymond James, the “Agents”). The sales price per share of the Company’s common stock offered under the ATM Program, less the Agents’ commission, will not be less than the NAV per share of the Company’s common stock at the time of such sale. Consistent with the terms of the ATM Program, the Manager may, from time to time and in its sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV per share. As of May 31, 2025, the Company sold 8,089,547 shares for gross proceeds of $ 214.3 million at an average price of $ 26.37 for aggregate net proceeds of $ 212.6 million (net of transaction costs). During the three months ended May 31, 2025, the Company sold 244,831 shares for gross proceeds of $ 6.4 million at an average price of $ 26.31 for aggregate net proceeds of $ 6.4 million (net of transaction costs). 102 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 Earning Shares Amount of Par Value (Loss) Net Assets 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 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 ) $ 374,865,655 103 Capital Total Distributable Common Stock in Excess Earning Shares Amount of Par Value (Loss) Net Assets 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 - - - 10,142,032 10,142,032 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 $ ( 25,311,128 ) $ 396,369,315 104 Note 12. Earnings Per Share In accordance with the provisions of FASB ASC Topic 260, Earnings per Share , basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets resulting from operations per share for the three months ended May 31, 2025 and May 31, 2024 (dollars in thousands except share and per share amounts): For the three months ended Basic and Diluted May 31, 2025 May 31, 2024 Net increase (decrease) in net assets resulting from operations $ 13,932 $ 6,610 Weighted average common shares outstanding 15,344,510 13,683,314 Weighted average earnings (loss) per common share $ 0.91 $ 0.48 Note 13. Dividend The following table summarizes dividends declared for the three months ended May 31, 2025 (dollars in thousands except per share amounts): Date Declared Record Date Payment Date Amount Per Share Total Amount* March 6, 2025 March 6, 2025 March 25, 2025 $ 0.74 $ 11,303 April 8, 2025 April 8, 2025 April 24, 2025 0.25 3,836 May 6, 2025 May 6, 2025 May 22, 2025 0.25 3,841 Total dividends declared $ 1.24 $ 18,980 * Total amount is calculated based on the number of shares outstanding at the date of record. The following table summarizes dividends declared for the three months ended May 31, 2024 (dollars in thousands except per share amounts): Date Declared Record Date Payment Date Amount Per Share Total Amount* May 23, 2024 June 13, 2024 June 27, 2024 0.74 10,137 Total dividends declared $ 0.74 $ 10,137 * Total amount is calculated based on the number of shares outstanding at the date of record. 105 Note 14. Financial Highlights The following is a schedule of financial highlights as of and for the three months ended May 31, 2025 and May 31, 2024: Per share data May 31, 2025 May 31, 2024 Net asset value at beginning of period $ 25.86 $ 27.12 Net investment income(1) 0.66 1.05 Net realized and unrealized gain and losses on investments(1) 0.25 ( 0.57 ) Net increase in net assets resulting from operations 0.91 0.48 Distributions declared from net investment income ( 1.24 ) ( 0.73 ) Total distributions to stockholders ( 1.24 ) ( 0.73 ) Issuance of common stock at net asset value (2) ( 0.01 ) - Capital contribution from Manager for the issuance of common stock (14) 0.02 - Repurchases of common stock(3) - - Dilution(4) ( 0.02 ) ( 0.02 ) Net asset value at end of period $ 25.52 $ 26.85 Net assets at end of period $ 396,369,315 $ 367,855,082 Shares outstanding at end of period 15,529,391 13,698,966 Per share market value at end of period $ 24.78 $ 23.74 Total return based on market value(5)(6) 0.58 % 3.93 % Total return based on net asset value(5)(7) 4.12 % 2.33 % Ratio/Supplemental data: Ratio of net investment income to average net assets(8) 30.27 % 18.29 % Expenses: Ratios of operating expenses and income taxes to average net assets*(9) 18.11 % 8.51 % Ratio of incentive management fees to average net assets(5) 1.61 % 0.97 % Ratio of interest and debt financing expenses to average net assets(9) 31.30 % 13.93 % Ratio of total expenses and income taxes to average net assets*(8) 51.02 % 23.41 % Portfolio turnover rate(5)(10) 5.15 % 3.52 % Asset coverage ratio per unit(11) 1,638 1,596 Average market value per unit Revolving Credit Facilities(12) N/A N/A SBA Debentures Payable(12) N/A N/A 8.75% Notes Payable 2025(12) N/A N/A 7.00% Notes Payable 2025(12) N/A N/A 7.25% Notes Payable 2025(13) N/A N/A 7.75% Notes Payable 2025(12) N/A N/A 4.375% Notes Payable 2026(12) N/A N/A 4.35% Notes Payable 2027(12) N/A N/A 6.00% Notes Payable 2027 $ 24.52 $ 24.14 6.25% Notes Payable 2027(12) N/A N/A 8.00% Notes Payable 2027 $ 25.36 $ 25.09 8.125% Notes Payable 2027 $ 25.33 $ 25.21 8.50% Notes Payable 2028 $ 25.32 $ 25.35 * Certain prior period amounts have been reclassified to conform to current period presentation. (1) Per share amounts are calculated using the weighted average shares outstanding during the period. (2) The continuous issuance of common stock may cause an incremental decrease in NAV per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company less than NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period. 106 (3) Represents the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares. See Note 11. Stockholders’ Equity. (4) Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13. Dividend. (5) Ratios are not annualized. (6) Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. (7) Total investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions. (8) Ratios are annualized. Incentive management fees included within the ratio are not annualized. (9) Ratios are annualized. (10) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. (11) Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $ 1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage. (12) The Revolving Credit Facilities, SBA Debentures, 8.75% Notes Payable 2025, 7.00% Notes Payable 2025, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes Payable 2027 and 6.25% Notes Payable 2027 are not registered for public trading. (13) On July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE. (14) The Manager agreed to reimburse the Company to the extent the per share price of the shares to the public, less underwriting fees, was less than net asset value per share. Note 15. Subsequent Events On June 12, 2025, the Company declared the following dividends for the quarter ended August 31, 2025. 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 June 2025 $ 0.25 July 8, 2025 July 24, 2025 July 2025 $ 0.25 August 6, 2025 August 21, 2025 August 2025 $ 0.25 September 4, 2025 September 24, 2025 107 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, the following discussion and other parts of this Quarterly Report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under “Note about Forward-Looking Statements” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended February 28, 2025. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to: ● our future operating results; ● the introduction, withdrawal, success and timing of business initiatives and strategies; ● changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of our assets; ● the relative and absolute investment performance and operations of our Manager; ● the impact of increased competition; ● our ability to turn potential investment opportunities into transactions and thereafter into completed and successful investments; ● the unfavorable resolution of any future legal proceedings; ● our business prospects and the operational and financial performance of our portfolio companies, including their ability to achieve our respective objectives as a result of the current economic conditions caused by, among other things, elevated levels of inflation, and an elevated interest rate environment, and the effects of the disruptions caused thereby on our ability to continue to effectively manage our business; ● interest rate volatility, including the elevated interest rate environment, could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy; ● the impact of investments that we expect to make and future acquisitions and divestitures; ● our contractual arrangements and relationships with third parties; 108 ● the dependence of our future success on the general economy and its impact on the industries in which we invest; ● the ability of our portfolio companies to achieve their objectives; ● our expected financings and investments; ● our regulatory structure and tax treatment, including our ability to operate as a business development company (“BDC”), or to operate our small business investment company (“SBIC”) subsidiaries, and to continue to qualify to be taxed as a regulated investment company (“RIC”); ● the adequacy of our cash resources and working capital; ● the timing of cash flows, if any, from the operations of our portfolio companies; ● the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy; ● the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest; ● the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy; ● the impact of geopolitical conditions on our portfolio companies and on the industries in which we invest; ● the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to us or our Manager; ● the impact of changes to tax legislation and, generally, our tax position; ● our ability to access capital and any future financings by us; ● the ability of our Manager to attract and retain highly talented professionals; and ● the ability of our Manager to locate suitable investments for us and to monitor and effectively administer our investments. Such forward-looking statements may include statements preceded by, followed by or that otherwise include terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will” and “would” or the negative of these terms or other comparable terminology. We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements. Actual results could differ materially from those anticipated in our forward-looking statements, and future results could differ materially from historical performance. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law or SEC rule or regulation. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The following analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form 10-Q. 109 OVERVIEW We are a Maryland corporation that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. We invest primarily in senior and unitranche leveraged loans and mezzanine debt issued by private U.S. middle-market companies, which we define as companies having earnings before interest, tax, depreciation and amortization (“EBITDA”) of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. We may also invest up to 30.0% of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed debt, which may include securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention to do so, to the extent we invest in private equity funds, we will limit our investments in entities that are excluded from the definition of “investment company” under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, which includes private equity funds, to no more than 15.0% of our net assets. We have elected and qualified to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Corporate History We commenced operations, at the time known as GSC Investment Corp., on March 23, 2007 and completed an initial public offering of shares of common stock on March 28, 2007. Prior to July 30, 2010, we were externally managed and advised by GSCP (NJ), L.P., an entity affiliated with GSC Group, Inc. In connection with the consummation of a recapitalization transaction on July 30, 2010, as described below we engaged Saratoga Investment Advisors to replace GSCP (NJ), L.P. as our investment adviser and changed our name to Saratoga Investment Corp. Our wholly owned subsidiaries, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”) and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC II LP, the “SBIC Subsidiaries”), received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. With all debentures repaid to the SBA, SBIC LP’s license was surrendered 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. On June 10, 2024, we completed the fifth refinancing of the Saratoga CLO. This refinancing, among other things, did not extend the Saratoga CLO reinvestment period nor extend its legal maturity, while adjusting the interest rate of two of the existing Notes. The Issuer issued $422.5 million of notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced as part of this refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing. We have formed a wholly owned special purpose entity, Saratoga Investment Funding II LLC, a Delaware limited liability company (“SIF II”), for the purpose of entering into a senior secured revolving credit facility with Encina Lender Finance, LLC (“Encina”), supported by loans held by SIF II and pledged to Encina under the credit facility (the “Encina Credit Facility). The Encina Credit Facility closed on October 4, 2021. During the first two years following the closing date, SIF II may request an increase in the commitment amount under the Encina Credit Facility to up to $75.0 million. The terms of the Encina Credit Facility require a minimum drawn amount of $12.5 million at all times during the first six months following the closing date, which increases to the greater of $25.0 million or 50% of the commitment amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility bear interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related to our and Encina’s selection of a replacement benchmark rate. Concurrently with the closing of the Encina Credit Facility, all remaining amounts outstanding on our existing revolving credit facility with Madison Capital Funding, LLC were repaid and the facility was terminated. On January 27, 2023, among other things, the borrowings available under the Encina Credit Facility was increased from up to $50.0 million to up to $65.0 million, the underlying benchmark rate used to compute interest changed from LIBOR to Term SOFR for one-month tenor plus a 0.10% credit spread adjustment; the applicable effective margin rate on borrowings increased from 4.00% to 4.25% and the maturity date was extended from October 4, 2024 to January 27, 2026. 110 We have formed a wholly owned special purpose entity, Saratoga Investment Funding III LLC, a Delaware limited liability company (“SIF III”), for the purpose of entering into a $50.0 million senior secured revolving credit facility with Live Oak Banking Company (“Live Oak”), supported by loans held by SIF III and pledged to Live Oak under the credit facility (the “Live Oak Credit Facility). The Live Oak Credit Facility closed on March 27, 2024. During the first two years following the closing date, SIF III may request an increase in the commitment amount under the Live Oak Credit Facility to up to $150.0 million. The terms of the Live Oak Credit Facility required a minimum drawn amount of $12.5 million at all times during the period ended March 27, 2025, which increased to the greater of $25.0 million or 50% of the facility amount in effect at any time thereafter. The term of the Live Oak Credit Facility is three years. 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. On June 14, 2024, the Live Oak Credit Facility was amended to, among other things: (i) increase the borrowings available under the Live Oak Credit Facility from up to $50.0 million to up to $75.0 million, subject to a borrowing base requirement; (ii) add new lenders to the Live Oak Credit Agreement; (iii) replace administrative agent approval with “Required Lender” (as defined in the Live Oak Credit Agreement) approval with respect to certain matters; (iv) replace Required Lender approval with 100% lender approval with respect to certain matters; and (v) change the definition of Required Lender to require the approval of at least two unaffiliated lenders. On October 26, 2021, we entered into a Limited Liability Company Agreement with TJHA JV I LLC (“TJHA”) to co-manage Saratoga Senior Loan Fund I JV LLC (“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”). We 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. We and TJHA have committed to provide up to a combined $50.0 million of financing to SLF JV through cash contributions, where we provided $43.75 million and TJHA provided $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured note and equity. The unsecured note will pay a fixed-rate of 10.0% per annum and is due and payable in full on October 20, 2033. As of May 31, 2025 our and TJHA’s investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and $2.5 million, respectively. As of February 28, 2025, our and TJHA’s investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and $2.5 million, respectively. As of May 31, 2025 and February 28, 2025, our investment in the unsecured note of SLF JV had a fair value of $16.6 million and $16.5 million, respectively, and our investment in the membership interests of SLF JV had a fair value of $3.1 million and $3.1 million, respectively. 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. We have determined that SLF JV is an investment company under (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies ; however, in accordance with such guidance we will generally not consolidate our investment in a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as we and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore, FASB ASC Topic 810, Consolidation , concludes that in a joint venture where both members have equal decision-making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, we do not consolidate SLF JV. On October 28, 2022, SLF 2022 issued $402.1 million of debt 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, we purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.25 million. As of May 31, 2025 and February 28, 2025, the fair value of these Class E Notes were $12.3 million and $12.3 million, respectively. 111 Critical Accounting Policies and Estimates Basis of Presentation The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make certain estimates and assumptions affecting amounts reported in our consolidated financial statements. We have identified investment valuation, revenue recognition and the recognition of capital gains incentive fee expense as our most critical accounting estimates. We continuously evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies and estimates follows. Investment Valuation We account for 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. Under ASC 820 we are required to assume that its investments are to be sold or its liabilities are to be transferred at the balance sheet 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 our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from Saratoga Investment Advisors, the audit committee of our board of directors and a third-party independent valuation firm. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which we determine 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. We undertake 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 Saratoga Investment Advisors and preliminary valuation conclusions are documented and discussed with our senior management; and ● an independent valuation firm engaged by our 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. We use a third-party independent valuation firm to value our investment in the subordinated notes of Saratoga CLO and the Class F-2-R-3 Notes tranche of the Saratoga CLO every quarter. 112 In addition, all our investments are subject to the following valuation process: ● the audit committee of our board of directors reviews and approves each preliminary valuation and Saratoga Investment Advisors and an independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and ● our board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of Saratoga Investment Advisors, independent valuation firm (to the extent applicable) and the audit committee of our board of directors. Our investment in Saratoga CLO is carried at fair value, which is based on a discounted cash flows that utilizes prepayment, re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and market comparables for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by Saratoga Investment Advisors and recommended to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO. Our 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 the Manager in the valuation of the Company’s investments in CLO BB and CLO BBB debt, such positions are considered level II assets. 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, 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 the recordkeeping requirements associated with fair value determinations. While our board of directors has not elected to designate Saratoga Investment Advisors as the valuation designee, we have adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. Revenue Recognition Income Recognition 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. We stop accruing interest on our investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized over the life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums on investments. 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 we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. 113 Payment-in-Kind Interest We hold debt and preferred equity investments in our 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. We stop accruing PIK interest if we do not expect the issuer to be able to pay all principal and interest when due. Revenues We generate revenue in the form of interest income and capital gains on the debt investments that we hold and capital gains, if any, on equity interests that we may acquire. We expect our debt investments, whether in the form of leveraged loans or mezzanine debt, to have terms of up to ten years, and to bear interest at either a fixed or floating rate. Interest on debt will be payable generally either quarterly or semi-annually. In some cases, our debt or preferred equity investments may provide for a portion or all of the interest to be PIK. To the extent interest is PIK, it will be payable through the increase of the principal amount of the obligation by the amount of interest due on the then-outstanding aggregate principal amount of such obligation. The principal amount of the debt and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring, amendment, redemption or diligence fees, fees for providing managerial assistance or investment management services and possibly consulting fees. Any such fees will be generated in connection with our investments and recognized as earned. We may also invest in preferred equity or common equity securities that pay dividends on a current basis. On January 22, 2008, we entered into a collateral management agreement with Saratoga CLO, pursuant to which we act as its collateral manager. The Saratoga CLO was refinanced in October 2013 and November 2016 with its reinvestment period extended to October 2016 and October 2018, respectively. On December 14, 2018, we completed a third refinancing and upsize of the Saratoga CLO. The third Saratoga CLO refinancing, among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030, and added a non-call period of January 2020. 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. In addition to refinancing its liabilities, we invested an additional $13.8 million in all of the newly issued subordinated notes of the Saratoga CLO and also purchased $2.5 million in aggregate principal amount of the Class F-R-2 and $7.5 million aggregate principal amount of the Class G-R-2 notes tranches at par, with a coupon of 3M USD LIBOR plus 8.75% and 3M USD LIBOR plus 10.00%, respectively. As part of this refinancing, we also redeemed our existing $4.5 million aggregate amount of the Class F notes tranche at par and the $20.0 million CLO 2013-1 Warehouse Loan was repaid. On February 11, 2020, we 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, which was fully repaid during the fourth quarter ended February 28, 2021. On February 26, 2021, we completed the fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended its legal maturity to April 2033, and added a non-call period of February 2022. In addition, and as part of the refinancing, the Saratoga CLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, we 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. We 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. 114 On August 9, 2021, we exchanged our 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, we sold our Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million. On June 10, 2024, we completed our fifth refinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes. Saratoga CLO issued $422.5 million 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% owned and managed by Saratoga Investment Corp. We receive a base management fee of 0.10% per annum and a subordinated management fee of 0.40% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, we are no longer entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%. Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of FASB 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. On October 26, 2021, we and TJHA entered into the LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets. We 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. We and TJHA have committed to provide up to a combined $50.0 million of financing to SLF JV through cash contributions, with us providing $43.75 million and TJHA providing $6.25 million, resulting in 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured note and equity. The unsecured note pays a fixed-rate of 10% per annum and is due and payable in full on October 20, 2033. We record 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 115 Expenses Our primary operating expenses include the payment of investment advisory and management fees, professional fees, directors and officers insurance, fees paid to directors who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company (“independent directors”) and administrator expenses, including our allocable portion of our administrator’s overhead. Our investment advisory and management fees compensate our Manager for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other costs and expenses of our operations and transactions, including those relating to: ● organization; ● calculating our net asset value (“NAV”) (including the cost and expenses of any independent valuation firm); ● expenses incurred by our Manager payable to third parties, including agents, consultants or other advisers, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies; ● expenses incurred by our Manager payable for travel and due diligence on our prospective portfolio companies; ● interest payable on debt, if any, incurred to finance our investments; ● offerings of our common stock and other securities; ● investment advisory and management fees; ● fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments; ● transfer agent and custodial fees; ● federal and state registration fees; ● all costs of registration and listing our common stock on any securities exchange; ● U.S. federal, state and local taxes; 116 ● independent directors’ fees and expenses; ● costs of preparing and filing reports or other documents required by governmental bodies (including the SEC and the SBA); ● costs of any reports, proxy statements or other notices to common stockholders including printing costs; ● our fidelity bond, directors and officers errors and omissions liability insurance, and any other insurance premiums; ● direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and ● administration fees and all other expenses incurred by us or, if applicable, the administrator in connection with administering our business (including payments under the Administration Agreement based upon our allocable portion of the administrator’s overhead in performing its obligations under an Administration Agreement, including rent and the allocable portion of the cost of our officers and their respective staffs (including travel expenses)). The terms of the investment advisory and management agreement with Saratoga Investment Advisors, our current investment adviser, are substantially similar to the terms of the investment advisory and management agreement we had entered into with GSCP (NJ), L.P., our former investment adviser, except for the following material distinctions in the fee terms: ● The capital gains portion of the incentive fee was reset with respect to gains and losses from May 31, 2010, and therefore losses and gains incurred prior to such time will not be taken into account when calculating the capital gains fee payable to Saratoga Investment Advisors and, as a result, Saratoga Investment Advisors will be entitled to 20.0% of net 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 equal the fair value of such investment as of such date. Under the investment advisory and management agreement with our former investment adviser, GSCP (NJ), L.P., the capital gains fee was calculated from March 21, 2007, and the gains were substantially outweighed by losses. ● Under the “catch up” provision, 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income that exceeds 1.875% but is less than or equal to 2.344% in any fiscal quarter is payable to Saratoga Investment Advisors. This will enable Saratoga Investment Advisors to receive 20.0% of all net investment income as such amount approaches 2.344% in any quarter, and Saratoga Investment Advisors will receive 20.0% of any additional net investment income. Under the investment advisory and management agreement with our former investment adviser, GSCP (NJ), L.P. only received 20.0% of the excess net investment income over 1.875%. ● We will no longer have deferral rights regarding incentive fees in the event that the distributions to stockholders and change in net assets is less than 7.5% for the preceding four fiscal quarters. 117 Capital Gains Incentive Fee We record an expense accrual relating to the capital gains incentive fee payable by us to the Manager when the unrealized gains on its investments exceed all realized capital losses on its investments given the fact that a capital gains incentive fee would be owed to the Manager if we were to liquidate our investment portfolio at such time. The actual incentive fee payable to our Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and will include only realized capital gains for the period. Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for years beginning after December 15, 2024. Early adoption is permitted, however we have not elected to adopt this provision as of the date of the financial statements contained in this report. We are still assessing the impact of the new guidance. 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. We are currently evaluating the impact of the new standard on our consolidated financial statements and related disclosures and do not believe it will have a material impact on its consolidated financial statements or its disclosures. Portfolio and Investment Activity Investment Portfolio Overview May 31, 2025 February 28, 2025 ($ in millions) Number of investments(1) 127 135 Number of portfolio companies(2) 46 48 Average investment per portfolio company(2) $ 20.0 $ 20.1 Average investment size(1) $ 7.5 $ 7.2 Weighted average maturity(3) 1.9 2.2 yrs Number of industries (5) 40 41 Non-performing or delinquent investments (fair value) $ 2.9 $ 2.6 Fixed rate debt (% of interest earning portfolio)(3) $ 9.5(1.1 )% $ 26.1(3.0 )% Fixed rate debt (weighted average current coupon)(3) 8.2 % 7.4 % Floating rate debt (% of interest earning portfolio)(3) $ 838.6(98.9 )% $ 850.5(97.0 )% Floating rate debt (weighted average current spread over SOFR)(3)(4) 7.0 % 7.2 % (1) Excludes our investment in the subordinated notes of Saratoga CLO, and our investments in BBB and BB CLO Debt (2) Excludes our investment in the subordinated notes of Saratoga CLO and Class F-2-R-3 Notes tranche, as well as the unsecured notes and equity interests in the SLF JV, the Class E Note tranche of the SLF 2022 and our investments in BB and BBB CLO debt. (3) Excludes our investment in the subordinated notes of Saratoga CLO and equity interests, as well as the unsecured notes and equity interests in SLF JV, the Class E Note tranche of the SLF 2022 and our investments in BB and BBB CLO debt. (4) Calculation uses either 1-month or 3-month SOFR, depending on the contractual terms, and after factoring in any existing SOFR floors. (5) Our investment in the subordinated notes of Saratoga CLO and Class F-R-3 Note tranche, the unsecured notes and equity interests in the SLF JV, the Class E Note tranche of the SLF 2022 and the BB and BBB CLO debt securities are included in Structured Finance Securities industry. 118 During the three months ended May 31, 2025, we invested $50.1 million in new and existing portfolio companies and had $64.3 million in aggregate amount of exits and repayments resulting in net investments of $(14.2) million for the period. During the three months ended May 31, 2024, we invested $39.3 million in new and existing portfolio companies and had $75.7 million in aggregate amount of exits and repayments resulting in net repayments of $(36.4) million for the period. Portfolio Composition Our portfolio composition at May 31, 2025 and February 28, 2025 at fair value was as follows: May 31, 2025 February 28, 2025 Percentage of Total Portfolio Weighted Average Current Yield Percentage of Total Portfolio Weighted Average Current Yield First lien term loans 86.9 % 11.4 % 88.7 % 11.3 % Second lien term loans 0.7 16.8 0.7 16.7 Unsecured term loans 1.7 10.6 1.7 10.7 Structured finance securities 2.8 15.6 1.5 19.9 Equity interests 7.9 - 7.4 - Total 100.0 % 10.7 % 100.0 % 10.8 % At May 31, 2025, our investment in the subordinated notes of Saratoga CLO, a collateralized loan obligation fund, had a fair value of $0.2 million and constituted 0.02% of our portfolio. This investment constitutes a first loss position in a portfolio that, as of May 31, 2025 and February 28, 2025, was c