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Item 9A. Controls and Procedures

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This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.

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Based on that evaluation, our chief executive officer and our chief financial officer

have concluded that our current disclosure controls and procedures are effective in facilitating timely decisions regarding required disclosure

of any material information relating to us that is required to be disclosed by us in the reports we file or submit under the Exchange

However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter

how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily

was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

have concluded that our current disclosure controls and procedures are effective in facilitating timely decisions regarding required

disclosure of any material information relating to us that is required to be disclosed by us in the reports we file or submit under the

Exchange Act.

However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures,

no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management

necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Management’s annual report on internal control over financial

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of financial reporting and the preparation of our financial statements for external reporting purposes in accordance with U.S.

control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable

detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance

that the transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S.

GAAP, and that the

receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the

company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control

over financial reporting may not prevent or detect misstatements.

Projections of any evaluation of effectiveness to future periods are

subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with polices

or procedures may deteriorate.

Under the supervision and with participation of

our Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of internal control

Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that

in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable

assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S.

and that the receipts and expenditures of the company are being made only in accordance with authorizations of management and directors

of the company;

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations,

internal control over financial reporting may not prevent or detect misstatements.

Projections of any evaluation of effectiveness to

future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance

with polices or procedures may deteriorate.

Under the supervision and with participation

of our Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of internal control

over financial reporting based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee

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OTHER INFORMATION

During the fiscal quarter ended February 29, 2025, no director or officer of the Company has entered into (i) any contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

The Company has adopted insider trading policies and procedures

governing the purchase, sale, and disposition of the Company’s securities by officers and directors of the Company that are reasonably

designed to promote compliance with insider trading laws, rules and regulations.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT

During the fiscal quarter ended February 28, 2026,

no director or officer of the Company has entered into (i) any contract, instruction or written plan for the purchase or sale of

securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii)

any non-Rule 10b5-1 trading arrangement.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS

THAT PREVENT INSPECTIONS

Not applicable.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

PLEASE HAVE ROCHELLE REVIEW THIS SECTION

DIRECTORS, EXECUTIVE OFFICERS AND

CORPORATE GOVERNANCE

Director and Executive Officer Information

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individual during the past five years and the specific qualifications that led to the conclusion that each individual should serve as

Interested Directors

Chairman of the Board, Chief Executive Officer and President

Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary

Independent Directors

Chairman of the Board, Chief Executive Officer and

Chief Financial Officer,

Chief Compliance Officer, Treasurer and Secretary

Cabell Williams

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Oberbeck is also the Managing Partner of Saratoga Partners, a middle-market private equity investment firm.

Prior to assuming

full management responsibility for Saratoga Partners in 2008, Mr.

assuming full management responsibility for Saratoga Partners in 2008, Mr.

Oberbeck had co-managed Saratoga Partners since 1995.

Oberbeck joined

Dillon Read and Saratoga Partners from Castle Harlan, Inc., a corporate buyout firm which he had joined at its founding in 1987 and was

a Managing Director, leading successful investments in manufacturing and financial services companies.

Prior to that, he worked in the

Corporate Development Group of Arthur Young and in corporate finance at Blyth Eastman Paine Webber.

Oberbeck has been a director of

numerous middle-market companies.

Oberbeck graduated from Brown University in 1982 with a BS in Physics and a BA in Mathematics.

1985, he earned an MBA from Columbia University.

Oberbeck’s qualifications as a director include his extensive experience in

the investment and finance industry, as well as his intimate knowledge of the Company’s operations gained through his service as

an executive officer.

Oberbeck joined Dillon Read and Saratoga Partners from Castle Harlan, Inc., a corporate buyout firm which he had joined at its founding

in 1987 and was a Managing Director, leading successful investments in manufacturing and financial services companies.

Prior to that,

he worked in the Corporate Development Group of Arthur Young and in corporate finance at Blyth Eastman Paine Webber.

been a director of numerous middle-market companies.

Oberbeck graduated from Brown University in 1982 with a BS in Physics and a

BA in Mathematics.

In 1985, he earned an MBA from Columbia University.

Oberbeck’s qualifications as a director include his

extensive experience in the investment and finance industry, as well as his intimate knowledge of the Company’s operations gained

through his service as an executive officer.

has served as member of our Board since 2007.

Looney is a Managing Director of Peale Davies & Co.

Inc., a strategic advisory firm

specializing in change management and revenue enhancement for middle-market enterprises, and is a CPA and an attorney.

served as a consultant and director to numerous companies in the healthcare, manufacturing and services industries.

Between 2000 and 2005,

he served as Senior Vice President and Chief Financial Officer of PCCI, Inc., a private IT staffing and outsourcing firm.

Inc., a strategic advisory

firm specializing in change management and revenue enhancement for middle-market enterprises, and is a CPA and an attorney.

has served as a consultant and director to numerous companies in the healthcare, manufacturing and services industries.

and 2005, he served as Senior Vice President and Chief Financial Officer of PCCI, Inc., a private IT staffing and outsourcing firm.

1992 and 2000, Mr.

Looney worked at WH Industries as Chief Financial and Administrative Officer.

Looney is a trustee of Excellent Education

for Everyone, a nonprofit organization and founder of its affiliate, TradePrep and a director of ICG Loan Funding Ltd., a manager of and

investor in collateralized loan portfolios in Europe and the United States.

Looney graduated summa cum laude from the University of

Washington with a B.A.

Looney is a trustee of Excellent

Education for Everyone, a nonprofit organization and founder of its affiliate, TradePrep and a director and chair of the audit committee

of ICG Loan Funding Ltd., a manager of and investor in collateralized loan portfolios in Europe and the United States.

Looney graduated

summa cum laude from the University of Washington with a B.A.

degree in accounting and received a J.D.

from the University of Washington School of Law where he was a member

of the law review.

from the University of Washington

School of Law where he was a member of the law review.

He began his career at the SEC.

Looney’s qualifications as director include his experience as a Managing

Director of Peale Davies & Co., as Chief Financial and Administrative Officer of WH Industries and as General Counsel and Chief Compliance

Officer of A.G.

Becker-Warburg Paribas Becker, as well as his financial, accounting and legal expertise.

Looney’s qualifications as director

include his experience as a Managing Director of Peale Davies & Co., as Chief Financial and Administrative Officer of WH Industries

and as General Counsel and Chief Compliance Officer of A.G.

Becker-Warburg Paribas Becker, as well as his financial, accounting and legal

Whitman III — Mr.

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Steenkamp — Mr.

has served as the Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary of the Company, the Company’s investment

adviser, Saratoga Investment Advisors, since 2014.

Steenkamp has served as the Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary of the Company and the Company’s

investment adviser, Saratoga Investment Advisors, since 2014.

Steenkamp has also served as a director of the Company since 2020.

has served as the Chief Financial Officer of MF Global Holdings Ltd., a broker in commodities and derivatives, from April 2011.

Steenkamp has served as the Chief Financial Officer of MF Global Holdings Ltd., a broker in commodities and derivatives, from April

Prior to that, Mr.

Steenkamp held the position of Chief Accounting Officer and Global Controller at MF Global for four years.

He joined MF Global,

then Man Financial, in 2006 as Vice President of External Reporting and Accounting Policy.

After MF Global filed for bankruptcy protection

in October 2011, he continued to serve as Chief Financial Officer through January 2013.

Before joining MF Global, Mr.

Steenkamp spent

eight years with PricewaterhouseCoopers (“PwC”), including four years in Transaction Services in its New York office, managing

a variety of capital-raising transactions on a global basis.

His focus was also on the SEC registration and public company filing process,

including technical accounting.

He spent four years with PwC in South Africa, where he served as an auditor primarily for SEC registrants

and assisted South African companies as they went public in the United States Mr.

Steenkamp is a chartered accountant and holds an honors

degree in Finance.

Steenkamp’s qualifications as a director include his extensive experience in the investment and finance industry,

as well as his intimate knowledge of the Company’s operations gained through his service as an executive officer.

joined MF Global, then Man Financial, in 2006 as Vice President of External Reporting and Accounting Policy.

After MF Global filed for

bankruptcy protection in October 2011, he continued to serve as Chief Financial Officer through January 2013.

Before joining MF Global,

Steenkamp spent eight years with PricewaterhouseCoopers (“PwC”), including four years in Transaction Services in its

New York office, managing a variety of capital-raising transactions on a global basis.

His focus was also on the SEC registration and

public company filing process, including technical accounting.

He spent four years with PwC in South Africa, where he served as an auditor

primarily for SEC registrants and assisted South African companies as they went public in the United States Mr.

Steenkamp is a chartered

accountant and holds an honors degree in Finance.

Steenkamp’s qualifications as a director include his extensive experience

in the investment and finance industry, as well as his intimate knowledge of the Company’s operations gained through his service

as an executive officer.

Cabell Williams — Mr.

has served as member of our Board since 2007.

Williams has served as the Managing General Partner of Williams and Gallagher, a private

equity partnership located in Chevy Chase, Maryland since 2004.

Williams is a Partner, Senior Manager and Director of Farragut Capital

Partners, which is a Mezzanine Fund based out of Chevy Chase, Maryland.

Williams concluded a 23-year career at Allied Capital

Corporation, a business development company based in Washington, DC, which was acquired by Ares Capital Corporation in 2010.

Williams held a variety of positions, including President, CIO and finally Managing Director following Allied’s merger

with its affiliates in 1998.

Williams has served as member of our Board since 2007.

Williams has served as the Managing General Partner of Williams and Gallagher,

a private equity partnership located in Chevy Chase, Maryland since 2004.

From March 2011 to December 2024, Mr.

Williams was a Partner,

Senior Manager and Director of Farragut Capital Partners, which is a Mezzanine Fund based out of Chevy Chase, Maryland.

Williams concluded a 23-year career at Allied Capital Corporation, a business development company based in Washington, DC, which was

acquired by Ares Capital Corporation in 2010.

While at Allied, Mr.

Williams held a variety of positions, including President, CIO and

finally Managing Director following Allied’s merger with its affiliates in 1998.

From 1991 to 2004, Mr.

Williams either led or co-managed the firm’s Private Equity Group.

years prior to 1999, Mr.

Williams led Allied’s Mezzanine investment activities.

Williams either led or

co-managed the firm’s Private Equity Group.

For the nine years prior to 1999, Mr.

Williams led Allied’s Mezzanine investment

For 15 years, Mr.

Williams served on Allied’s

Investment Committee where he was responsible for reviewing and approving all of the firm’s investments.

Williams served on Allied’s Investment Committee where he was responsible for reviewing and approving

all of the firm’s investments.

Prior to 1991, Mr.

ran Allied’s Minority Small Business Investment Company.

He also founded Allied Capital Commercial Corporation, a real estate investment

Williams has served on the board of directors of various public and private companies.

Williams attended The Landon School,

and graduated from Mercersburg Academy and Rollins College, receiving a B.S.

Williams ran Allied’s Minority Small Business Investment Company.

founded Allied Capital Commercial Corporation, a real estate investment vehicle.

Williams has served on the board of directors of

various public and private companies.

Williams attended The Landon School, and graduated from Mercersburg Academy and Rollins College,

receiving a B.S.

in Business Administration from the latter.

qualifications as director include his 28 years of experience managing investment activities at Allied Capital, where he served in a variety

of positions, including President, CIO and Managing Director.

Williams’ qualifications as director include his 28 years of experience

managing investment activities at Allied Capital, where he served in a variety of positions, including President, CIO and Managing Director.

Code of Business Conduct and Ethics

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as well as every officer, director and employee of the Company.

Requests for copies should be sent in writing to Saratoga Investment Corp.,

535 Madison Avenue, New York, New York 10022.

The Company’s Code of Business Conduct and Ethics is also available on our website

at www.saratogainvestmentcorp.com.

Requests for copies should be sent in writing to Saratoga Investment

Corp., 535 Madison Avenue, New York, New York 10022.

The Company’s Code of Business Conduct and Ethics is also available on our

website at www.saratogainvestmentcorp.com.

If we make any substantive amendment to, or grant

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Section 16(a) of the Exchange Act requires the

Company’s officers and directors, and persons who own more than 10% of our shares, to file reports of securities ownership and changes

in such ownership with the SEC.

Officers, directors, and greater than 10% shareholders also are required by SEC rules to furnish the Company

with copies of all Section 16(a) forms they file.

Company’s officers and directors, and persons who own more than 10% of our shares, to file reports of securities ownership and

changes in such ownership with the SEC.

Officers, directors, and greater than 10% shareholders also are required by SEC rules to furnish

the Company with copies of all Section 16(a) forms they file.

Based solely on the Company’s review of

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during the year ended February 28, 2026, all Section 16(a) filing requirements applicable to such persons were met in a timely manner.

with the following inadvertent exceptions:

Oberbeck filed late a Form 4 with respect to one transaction in our shares during

the reporting period.

Practices and Policies Regarding Hedging, Speculative Trading and

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Insider Trading Arrangements and Policies

We have adopted insider trading policies and procedures

governing the purchase, sale, and disposition of our securities by our officers and directors of that are reasonably designed to promote

compliance with insider trading laws, rules and regulations.

We have adopted insider trading policies and

procedures governing the purchase, sale, and disposition of our securities by our officers and directors of that are reasonably designed

to promote compliance with insider trading laws, rules and regulations.

Nomination of Directors

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The board of directors has determined that Mr.

“audit committee financial expert” as defined under Item 407 of Regulation S-K of the Exchange Act and that each of Messrs.

an “audit committee financial expert” as defined under Item 407 of Regulation S-K of the Exchange Act and that each of Messrs.

Whitman and Williams are “financially literate” as required by NYSE corporate governance standards.

All of these members are

independent directors.

All of these members

are independent directors.

EXECUTIVE COMPENSATION

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board meeting and receive $2,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee

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.

compensation is paid to directors who are “interested persons.”

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.”

The following table sets forth information concerning

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Cabell Williams

(1) No compensation was paid to directors who are interested persons

of us as defined in the 1940 Act.

(1) No compensation was paid to directors who are interested

persons of us as defined in the 1940 Act.

Compensation Committee Interlocks and Insider Participation

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No current or past executive officers or employees of the Company or its affiliates serve on the compensation committee.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL

OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth, as of May 4,

the beneficial ownership of each current director, the nominees for director, the Company’s executive officers, each person known

to us to beneficially own 5.0% or more of the outstanding shares of our common stock, and the executive officers and directors as a group.

2026, the beneficial ownership of each current director, the nominees for director, the Company’s executive officers, each person

known to us to beneficially own 5.0% or more of the outstanding shares of our common stock, and the executive officers and directors

The percentage ownership is based on 16,267,748

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currently exercisable or exercisable within 60 days thereof, are deemed outstanding for the purposes of computing the percentage ownership

of the person holding these options or convertible securities, but are not deemed outstanding for computing the percentage ownership of

any other person.

Beneficial ownership is determined under the rules of the SEC and generally includes voting or investment power with

respect to securities.

To our knowledge, unless otherwise indicated in the footnotes to this table, the persons and entities named in

the table have sole voting and sole investment power with respect to all shares beneficially owned.

Unless otherwise indicated by footnote,

the address for each listed individual is Saratoga Investment Corp., 535 Madison Avenue, New York, New York 10022.

of the person holding these options or convertible securities, but are not deemed outstanding for computing the percentage ownership

of any other person.

Beneficial ownership is determined under the rules of the SEC and generally includes voting or investment power

with respect to securities.

To our knowledge, unless otherwise indicated in the footnotes to this table, the persons and entities named

in the table have sole voting and sole investment power with respect to all shares beneficially owned.

Unless otherwise indicated by

footnote, the address for each listed individual is Saratoga Investment Corp., 535 Madison Avenue, New York, New York 10022.

Name of Beneficial Owners

Interested Directors

1,527,894 (1)

Independent Directors

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Includes 720,586 shares of common stock directly held by Mr.

117,774 shares of common stock held by CLO Partners LLC, an entity wholly owned by Mr.

Oberbeck, 100,000 shares of common stock held by

CLO Partners Holdings LLC, an entity wholly owned by Mr.

Oberbeck, 21,607 shares of common stock held by CLO Partners LLC, an entity wholly owned by Mr.

Oberbeck, 100,000 shares of common stock held by CLO Partners Holdings, LLC, an entity wholly owned by Mr.

Oberbeck, 145,510 shares of common stock directly held by Mr.

children, for which Mr.

Oberbeck’s children, for which Mr.

Oberbeck retains the voting rights, 2,005 shares of common stock directly held by Mr.

Oberbeck’s wife, for

Oberbeck’s wife, for which Mr.

Oberbeck retains the voting rights, and 549,183 shares of common stock directly held by Elizabeth Oberbeck.

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(2) Based on information included in Amendment No.

2 to Schedule

13D filed on January 16, 2020, which amends and supplements the statements on Schedule 13D originally filed with the Securities and Exchange

filed jointly by Christian L.

Oberbeck, Elizabeth Oberbeck, Saratoga Investment Advisors and CLO Partners LLC on November 4, 2014.

to an Agreement Relating to Shares of Common Stock of Saratoga Investment Corp.

Schedule 13D filed on January 16, 2020, which amends and supplements the statements on Schedule

13D originally filed with the Securities and Exchange filed jointly by Christian L.

Elizabeth Oberbeck, Saratoga Investment Advisors and CLO Partners LLC on November 4, 2014.

Pursuant to an Agreement Relating to Shares of Common Stock of Saratoga Investment Corp.

(the “Transfer Agreement”), Christian L.

Oberbeck transferred 744,183 shares of common stock beneficially owned by him to Elizabeth Oberbeck.

Elizabeth Oberbeck has full ownership

rights with respect to the shares, including without limitation, the right to (A) receive any cash and/or stock dividends and distributions

paid on or with respect to the shares and (B) sell the shares in accordance with the provisions of the Transfer Agreement and receive

all proceeds therefrom.

However, pursuant to the terms of the Transfer Agreement, Christian L.

Oberbeck has retained the right to vote

the shares, except that Elizabeth Oberbeck has retained the right to vote the shares on all matters submitted to shareholders with respect

to any matter that could give rise to dissenters or other rights of an objecting shareholder under Maryland General Corporation Law.

The Transfer Agreement also contains a right of first refusal that requires Elizabeth Oberbeck to offer Christian L.

Oberbeck the opportunity

to purchase any shares of Common Stock owned by her prior to her intended sale of the shares.

Any such purchases may be made either directly

Oberbeck or through entities affiliated with him.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR

Oberbeck transferred 744,183 shares

of common stock beneficially owned by him to Elizabeth Oberbeck.

Elizabeth Oberbeck has full

ownership rights with respect to the shares, including without limitation, the right to (A)

receive any cash and/or stock dividends and distributions paid on or with respect to the

shares and (B) sell the shares in accordance with the provisions of the Transfer Agreement

and receive all proceeds therefrom.

However, pursuant to the terms of the Transfer Agreement,

Oberbeck has retained the right to vote the shares, except that Elizabeth Oberbeck

has retained the right to vote the shares on all matters submitted to shareholders with respect

to any matter that could give rise to dissenters or other rights of an objecting shareholder

under Maryland General Corporation Law.

The Transfer Agreement also contains a right of first

refusal that requires Elizabeth Oberbeck to offer Christian L.

Oberbeck the opportunity to

purchase any shares of Common Stock owned by her prior to her intended sale of the shares.

Any such purchases may be made either directly by Mr.

Oberbeck or through entities affiliated

CERTAIN RELATIONSHIPS AND RELATED

TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Transactions with Related Persons

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Saratoga Investment Advisors, LLC.

We have also entered into a license agreement with Saratoga Investment Advisors, LLC, pursuant to which

Saratoga Investment Advisors has agreed to grant us a non-exclusive, royalty-free license to use the name “Saratoga.” In addition,

pursuant to the terms of the Administration Agreement, Saratoga Investment Advisors, LLC provides us with the office facilities and administrative

services necessary to conduct our day-to-day operations.

Oberbeck, our chief executive officer, is the primary investor in and controls

Saratoga Investment Advisors, LLC.

We have also entered into a license agreement with Saratoga Investment Advisors, LLC, pursuant to

which Saratoga Investment Advisors has agreed to grant us a non-exclusive, royalty-free license to use the name “Saratoga.”

In addition, pursuant to the terms of the Administration Agreement, Saratoga Investment Advisors, LLC provides us with the office facilities

and administrative services necessary to conduct our day-to-day operations.

Oberbeck, our chief executive officer, is the primary

investor in and controls Saratoga Investment Advisors, LLC.

Review, Approval or Ratification of Transactions with Related Persons

The Audit Committee of our board is required to

review and approve any transactions with related persons (as such term is defined in Item 404 of Regulation S-K).

The Audit Committee of our board is required

to review and approve any transactions with related persons (as such term is defined in Item 404 of Regulation S-K).

Director Independence

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and its Investment Adviser.

PRINCIPAL ACCOUNTING FEES AND SERVICES

PRINCIPAL ACCOUNTING

FEES AND SERVICES

Independent Registered Public Accounting Firm

Ernst & Young LLP served as our independent

registered public accounting form for the fiscal year ended February 28, 2026.

For the years ended February 28, 2026 and February 28,

2025, the Company incurred the following fees for services provided by Ernst & Young LLP, including expenses:

Fiscal Year Ended

Fiscal Year Ended February 28,

Fiscal Year Ended

Audit-Related Fees

All Other Fees

In addition to the services listed above, Ernst

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The following are the related fees:

Fiscal Year Ended February 28,

Fiscal Year Ended

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all audit, review or attest engagements and permissible non-audit services to be performed by our independent registered public accounting

EXHIBITS, CONSOLIDATED FINANCIAL STATEMENT SCHEDULES

EXHIBITS, CONSOLIDATED FINANCIAL STATEMENT

The following documents are filed or incorporated

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of the Company are filed herewith:

Report of Independent Registered Public Accounting Firm

Consolidated Statements of Assets and Liabilities as of February 28, 2025 and February 29, 2024

Consolidated Statements of Operations for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

Consolidated Statements of Changes in Net Assets for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

Consolidated Statements of Cash Flows for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

Consolidated Schedules of Investments for the year ended February 28, 2025 and February 29, 2024

Notes to Consolidated Financial Statements

of Independent Registered Public Accounting Firm

Statements of Assets and Liabilities as of February 28, 2026 and February 28, 2025

Statements of Operations for the years ended February 28, 2026, February 28, 2025 and February 29, 2024

Statements of Changes in Net Assets for the years ended February 28, 2026, February 28, 2025 and February 29, 2024

Statements of Cash Flows for the years ended February 28, 2026, February 28, 2025 and February 29, 2024

Schedules of Investments for the year ended February 28, 2026 and February 28, 2025

to Consolidated Financial Statements

Financial Statement Schedules

Reference is made to the Index to Other Financial

Statements on page S-1.

Exhibits required to be filed by Item 601 of Regulation S-K

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EXHIBIT INDEX

Articles of Incorporation of Saratoga Investment Corp.

(incorporated by reference to Saratoga Investment Corp.’s Form 10-Q for the quarterly period ended May 31, 2007).

Articles of Amendment of Saratoga Investment Corp.

(incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed August 3, 2010).

Articles of Amendment of Saratoga Investment Corp.

(incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed August 13, 2010).

Third Amended and Restated Bylaws of Saratoga Investment Corp.

(incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 10-Q filed January 6, 2021)

Specimen certificate of Saratoga Investment Corp.’s common stock, par value $0.001 per share.

(incorporated by reference to Saratoga Investment Corp.’s Registration Statement on Form N-2, File No.

of Incorporation of Saratoga Investment Corp.

(incorporated by reference to Saratoga Investment Corp.’s Form 10-Q for the quarterly

period ended May 31, 2007).

of Amendment of Saratoga Investment Corp.

(incorporated by reference to Saratoga Investment Corp.’s Current Report on Form

8-K filed August 3, 2010).

of Amendment of Saratoga Investment Corp.

(incorporated by reference to Saratoga Investment Corp.’s Current Report on Form

8-K filed August 13, 2010).

Amended and Restated Bylaws of Saratoga Investment Corp.

(incorporated by reference to Saratoga Investment Corp.’s Current

Report on Form 10-Q filed January 6, 2021)

certificate of Saratoga Investment Corp.’s common stock, par value $0.001 per share.

(incorporated by reference to Saratoga

Investment Corp.’s Registration Statement on Form N-2, File No.

333-169135, filed on September 1, 2010).

Registration Rights Agreement dated July 30, 2010 between GSC Investment Corp., GSC CDO III L.L.C., and the investors party thereto (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on August 3, 2010).

Dividend Reinvestment Plan (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on September 24, 2014).

Form of Indenture by and between the Company and U.S.

Bank National Association, as trustee (incorporated by reference to Saratoga Investment Corp.’s Pre-Effective Amendment No.

Rights Agreement dated July 30, 2010 between GSC Investment Corp., GSC CDO III L.L.C., and the investors party thereto (incorporated

by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on August 3, 2010).

Reinvestment Plan (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on September 24,

of Indenture by and between the Company and U.S.

Bank National Association, as trustee (incorporated by reference to Saratoga Investment

Corp.’s Pre-Effective Amendment No.

2 to the Registration Statement on Form N-2, File No.

333-186323 filed April 30, 2013).

Form of Articles Supplementary Establishing and Fixing the Rights and Preferences of Preferred Stock (incorporated by reference to Saratoga Investment Corp.’s registration statement on Form N-2 Pre-Effective Amendment No.

of Articles Supplementary Establishing and Fixing the Rights and Preferences of Preferred Stock (incorporated by reference to Saratoga

Investment Corp.’s registration statement on Form N-2 Pre-Effective Amendment No.

333-196526, filed on December

Fifth Supplemental Indenture

between Saratoga Investment Corp.

Bank National Association, as trustee, relating to 7.75% Notes due 2025 (incorporated

by reference to Saratoga Investment Corp.’s Quarterly Report

on Form 10-Q, filed on January 10, 2023).

Seventh Supplemental Indenture between Saratoga Investment Corp.

Bank National Association, as trustee, relating to 6.25% Notes due 2027 (incorporated by reference to Saratoga Investment Corp.’s Quarterly Report on Form 10-Q, filed on January 10, 2023).

Eighth Supplemental Indenture between the Saratoga Investment Corp.

Bank National Association, as trustee, relating to the 4.375% Note due 2026 (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No.

814-00732) filed on March 10, 2021).

Ninth Supplemental Indenture between Saratoga Investment Corp.

Bank National Association, as trustee, relating to the 4.375% Note due 2027 (incorporated by reference to the Registrant’s Current Report on Form 8-K (File No.

Supplemental Indenture between Saratoga Investment Corp.

Bank National Association, as trustee, relating to 6.25% Notes

due 2027 (incorporated by reference to Saratoga Investment Corp.’s Quarterly Report on Form 10-Q, filed on January 10, 2023).

Supplemental Indenture between Saratoga Investment Corp.

Bank National Association, as trustee, relating to the 4.35% Note

due 2027 (incorporated by reference to the Registrant’s Current Report on Form 8-K (File No.

814-00732) filed on January 19,

Tenth Supplemental Indenture between Saratoga Investment Corp.

Bank National Association, as trustee, relating to the 6.00% Note due 2027 (incorporated by reference to the Registrant’s Current Report on Form 8-K (File No.

814-00732) filed on April 27, 2022) .

Eleventh Supplemental Indenture between Saratoga Investment Corp.

Bank Trust Company, National Association (as successor in interest to U.S.

Bank National Association), as trustee, relating to the 7.00% Notes due 2025 (incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q, filed on January 10, 2023).

Twelfth Supplemental Indenture between Saratoga Investment Corp.

Bank Trust Company, National Association, as trustee, relating to the 8.00% Notes due 2027 (incorporated by reference to the Saratoga Investment Corp.’s Current Report on Form 8-K (File No.

Supplemental Indenture between Saratoga Investment Corp.

Bank National Association, as trustee, relating to the 6.00%

Note due 2027 (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K (File No.

814-00732) filed

on April 27, 2022) .

Supplemental Indenture between Saratoga Investment Corp.

Bank Trust Company, National Association, as trustee, relating

to the 8.00% Notes due 2027 (incorporated by reference to the Saratoga Investment Corp.’s Current Report on Form 8-K (File

813-00732) filed on October 27, 2022).

Thirteenth Supplemental Indenture between Saratoga Investment Corp.

Bank Trust Company, National Association (as successor in interest to U.S.

Bank National Association), as trustee, relating to the 8.125% Notes due 2027 (incorporated by reference to the Registrant’s Current Report on Form 8-K, filed on December 13, 2022).

Supplemental Indenture between Saratoga Investment Corp.

Bank Trust Company, National Association (as successor in interest

Bank National Association), as trustee, relating to the 8.125% Notes due 2027 (incorporated by reference to Saratoga Investment

Corp.’s Current Report on Form 8-K, filed on December 13, 2022).

Fifteenth Supplemental Indenture between Saratoga Investment Corp.

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Bank National Association), as trustee, relating to the 8.50% Notes due 2028 (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on April 14, 2023).

Form of 7.75% Notes due 2025 (incorporated by reference to Exhibit 4.6 hereto).

Sixteenth Supplemental Indenture between Saratoga Investment Corp.

Bank Trust Company, National Association (as successor in interest to U.S.

Bank National Association), as trustee, relating to the 7.50% Notes due 2031 (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on February 6, 2026).

Seventeenth Supplemental Indenture, dated as of April 10, 2026, by and between Saratoga Investment Corp.

Bank Trust Company, National Association (as successor in interest to U.S.

Bank National Association), as trustee (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on April 14, 2026).

Form of 6.25% Notes due 2027 (incorporated by reference to Exhibit 4.6 hereto).

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Form of 7.25% Notes due 2029 (incorporated by reference to Exhibit 4.13 hereto).

Registration Rights Agreement, dated as of January 23, 2026, by and between Saratoga Investment Corp.

and the investors party thereto (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on January 27, 2026)

Description of Securities (incorporated by reference to Saratoga Investment Corp.’s Annual Report on Form 10-K filed on May 2, 2023).

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Bank National Association (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on March 4, 2021).

Equity Distribution Agreement, dated

July 30, 2021, by and among Saratoga Investment Corp.

and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg Thalmann &

and Compass Point Research & Trading, LLC, on the other hand (incorporated by reference to Saratoga Investment Corp.’s

Current Report on Form 8-K filed on August 2, 2021).

Equity Distribution Agreement, dated July 30, 2021, by and among Saratoga Investment Corp.

and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg Thalmann & Co.

and Compass Point Research & Trading, LLC, on the other hand (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on August 2, 2021).

Amendment No.

2 to the Equity Distribution Agreement,

dated July 30, 2021, by and among Saratoga Investment Corp.

and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg

Thalmann & Co.

and Compass Point Research & Trading, LLC, on the other hand (incorporated by reference to Saratoga Investment

Corp.’s Current Report on Form 8-K filed on July 10, 2023).

2 to the Equity Distribution Agreement, dated July 30, 2021, by and among Saratoga Investment Corp.

and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg Thalmann & Co.

and Compass Point Research & Trading, LLC, on the other hand (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on July 10, 2023).

Amendment No.

3 to the Equity Distribution Agreement,

dated July 30, 2021, by and among Saratoga Investment Corp.

and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg

Thalmann & Co.

3 to the Equity Distribution Agreement, dated July 30, 2021, by and among Saratoga Investment Corp.

and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg Thalmann & Co.

Inc., Compass Point Research and Trading, LLC, and Raymond James & Associates, Inc.

on the other hand (incorporated

by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on July 19, 2023).

on the other hand (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on July 19, 2023).

Amendment No.

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Inc., Compass Point Research and Trading, LLC, Raymond James & Associates, Inc., and Lucid Capital Markets, LLC (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on May 15, 2024).

Credit and Security Agreement, dated as of October 4, 2021, by and among Saratoga Investment Funding II, LLC, Saratoga Investment Corp., as collateral manager and equityholder, the lenders party thereto, Encina Lender Finance, LLC, as administrative agent for the secured parties and the collateral agent, and U.S.

Bank National Association, as collateral custodian for the secured parties thereto and as collateral administrator (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on October 7, 2021).

First Amendment to the Credit and Security Agreement, dated as of January 27, 2023, by and among Saratoga Investment Fund II LLC, as borrower, Saratoga Investment Corp., as equityholder and as collateral manager, the lenders party thereto, Encina Lender Finance, LLC, as administrative agent and as collateral agent, U.S.

Bank National Association, as custodian, and U.S.

Bank Trust Company, National Association (successor in interest to U.S.

Bank National Association), as collateral administrator (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K, filed on February 2, 2023).

Equity Pledge Agreement, dated as of October 4, 2021, by and between Saratoga Investment Corp.

and Encina Lender Finance, LLC, as collateral agent for the secured parties thereto (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on October 7, 2021).

Amendment No.

5, dated March 13, 2026, to Equity Distribution Agreement by and among Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Lucid Capital Markets, LLC, Ladenburg Thalmann & Co.

Inc., Compass Point Research & Trading, LLC, and Raymond James & Associates, Inc.

(incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on March 13, 2026).

Loan Sale and Contribution Agreement, dated as of October 4, 2021, by and between Saratoga Investment Corp., as seller, and Saratoga Investment Funding II LLC, as purchaser (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on October 7, 2021).

Credit and Security Agreement, dated as of March 27, 2024, by and among Saratoga Investment Funding III, LLC, as borrower, Saratoga Investment Corp., as collateral manager and equityholder, the lenders from time to time party thereto, Live Oak Banking Company, as administrative agent and collateral agent, U.S.

Credit and Security Agreement, dated as of March 27, 2024, by and among Saratoga Investment Funding III, LLC, as borrower, Saratoga Investment Corp., as collateral manager and equity holder, the lenders from time to time party thereto, Live Oak Banking Company, as administrative agent and collateral agent, U.S.

Bank National Association, as custodian, and U.S.

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and TJHA JV I LLC (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on October 27, 2021).

Note Purchase Agreement by and between Saratoga Investment Corp.

and the purchaser party thereto, dated July 9, 2020 (incorporated by reference to Saratoga Investment Corp.’s Quarterly Report on Form 10-Q filed on October 4, 2022).

First Supplemental Note Purchase Agreement by and between Saratoga Investment Corp.

and the purchaser party thereto, dated January 28, 2021 (incorporated by reference to Saratoga Investment Corp.’s Quarterly Report on Form 10-Q filed on October 4, 2022).

Second Supplemental Note Purchase Agreement by and between Saratoga Investment Corp.

and the purchaser party thereto, dated September 8, 2022 (incorporated by reference to Saratoga Investment Corp.’s Quarterly Report on Form 10-Q filed on October 4, 2022).

Credit and Security Agreement, dated as of November 6, 2025, by and among Saratoga Investment Funding II, LLC, as borrower, Saratoga Investment Corp., as collateral manager and equity holder, the lenders parties thereto, Valley National Bank, as administrative agent, lead arranger and bookrunner, Bank OZK, as documentation agent, U.S.

Bank National Association, as collateral custodian, and U.S.

Bank Trust Company, National Association, as collateral agent and collateral administrator (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on November 6, 2025).

Equity Pledge Agreement, dated as of November 6, 2025, by and between Saratoga Investment Corp., as pledgor, and U.S.

Bank Trust Company, National Association, as collateral agent for the benefit of the secured parties (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on November 6, 2025).

Loan Sale and Contribution Agreement, dated as of November 6, 2025, by and between Saratoga Investment Corp., as seller, and Saratoga Investment Funding II LLC, as purchaser (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on November 6, 2025).

Limited Guaranty Agreement, dated as of November 6, 2025, by Saratoga Investment Corp., as guarantor, in favor of Valley National Bank, as administrator for the secured parties (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on November 6, 2025).

Springing Guaranty Agreement, dated as of November 6, 2025, by Saratoga Investment Corp., as guarantor, in favor of Valley National Bank, as administrator for the secured parties (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on November 6, 2025).

Notes Purchase Agreement, dated April 10, 2026, by and between Saratoga Investment Corp.

and the purchaser party thereto (incorporated by reference to Saratoga Investment Corp.’s Current Report on Form 8-K filed on April 14, 2026).

Code of Ethics of the Company adopted under Rule 17j-1 (incorporated by reference to Amendment No.7 to Saratoga Investment Corp.’s Registration Statement on Form N-2, File No.

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Consent of Ernst & Young LLP for Saratoga Investment Corp.

Consent of CohnReznick LLP for Saratoga Investment Corp.

CLO 2013-1, Ltd.

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

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FORM 10-K SUMMARY

Pursuant to the requirements of Section 13 or

15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,

thereunto duly authorized.

to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed

on its behalf by the undersigned, thereunto duly authorized.

SARATOGA INVESTMENT CORP.

/s/ CHRISTIAN L.

/s/ CHRISTIAN

Chief Executive Officer

Chief Financial Officer and Chief Compliance Officer

KNOW ALL PERSONS BY THESE PRESENT, that each person

whose signature appears below hereby constitutes and appoints Christian L.

KNOW ALL PERSONS BY THESE PRESENT, that each

person whose signature appears below hereby constitutes and appoints Christian L.

Oberbeck and Henri J.

Steenkamp, and each of them (with full

power to each of them to act alone), his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,

for him and in his name, place, and stead, in any and all capacities, to sign this report and any and all amendments thereto, and to file

the same, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do

and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes

as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or

substitutes, may lawfully do or cause to be done by virtue hereof.

Steenkamp, and each of them (with

full power to each of them to act alone), his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,

for him and in his name, place, and stead, in any and all capacities, to sign this report and any and all amendments thereto, and to

file the same, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority

to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents

and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their

substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities

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on the dates indicated.

/s/ CHRISTIAN L.

Chairman of the Board of Directors, Chief Executive Officer

Chairman of the Board of Directors, Chief Executive

(Principal Executive Officer)

Chief Financial Officer (Principal Accounting Officer and

Principal Financial Officer), Member of the Board of Directors

/s/ STEVEN M.

Chief Financial Officer (Principal Accounting Officer

Principal Financial Officer), Member of the Board of

Member of the Board of Directors

/s/ CHARLES S.

Member of the Board of Directors

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Notes to Consolidated Financial Statements F-30

One Manhattan West

New York , NY 10001-8604 Tel:

+1 212 773 3000

Report of Independent Registered

Public Accounting Firm

To the Shareholders and the Board of Directors

of Saratoga Investment Corp.

Opinion on Internal Control over Financial

We have audited Saratoga Investment Corp.’s

internal control over financial reporting as of February 28, 2026, based on criteria established in Internal Control—Integrated

Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

opinion, Saratoga Investment Corp.

(the “Company”) maintained, in all material respects, effective internal control over financial

reporting as of February 28, 2026, based on the COSO criteria .

We also have audited, in accordance with the standards

of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities of the

Company including the consolidated schedules of investments of the Company, as of February 28, 2026 and February 28, 2025, the related

consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended February 28,

2026, and the related notes (collectively referred to as the “financial statements”), and our report dated May 5, 2026 expressed

an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible

for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over

financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting.

Our responsibility

is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We are a public accounting

firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.

federal securities

laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective

internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding

of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and

operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary

in the circumstances.

We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control

Over Financial Reporting

A company’s internal control over financial

reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of

financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control

over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,

accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions

are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and

that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition

of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal

control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future

periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance

with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

New York, New York

Report of Independent Registered Public Accounting

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Critical Audit Matter

The critical audit matter communicated below is a matter arising from

the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective

or complex judgments.

The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial

statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical

audit matter or on the accounts or disclosures to which it relates.

The critical audit matter communicated below is

a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the

audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially

challenging, subjective or complex judgments.

The communication of the critical audit matter does not alter in any way our opinion on

the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below,

providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of investments using significant unobservable inputs

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At February 28, 2026, the fair value of the Company’s

investments categorized in Level 3 of the fair value hierarchy (Level 3 investments) totaled $974,997 (in thousands).

Management determines

the fair value of these investments by applying the valuation techniques described in Notes 2 and 3 to the consolidated financial statements

and using significant unobservable inputs and assumptions.

investments categorized as Level 3 within the fair value hierarchy (Level 3 investments) totaled $1,061,187 (in thousands).

determines the fair value of these investments by applying the valuation techniques described in Notes 2 and 3 to the consolidated financial

statements and using significant unobservable inputs and assumptions.

The selection of the valuation techniques and the significant unobservable

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The valuation techniques used by the Company include

market comparables, discounted cash flows and enterprise value waterfalls.

The significant unobservable inputs used to measure fair value

include market yields, EBITDA multiples, revenue multiples, discount rates, recovery rates and prepayment rates.

market comparables, discounted cash flows, enterprise value waterfalls, and black-scholes modeling.

The significant unobservable inputs

used to measure fair value include, among others, market yields, EBITDA multiples, revenue multiples, volatility, discount rates, recovery

rates and prepayment rates.

Auditing the fair value of the Company’s Level

3 investments was complex and involved auditor judgment, as the valuation techniques selected and the significant unobservable inputs

and assumptions used by the Company are highly judgmental and require estimation, and the selection of such techniques, inputs and assumptions

has a significant effect on the fair value measurement of such investments.

and assumptions used by the Company are highly judgmental, are sensitive to economic dislocation and require estimation, and the selection

of such techniques, inputs and assumptions has a significant effect on the fair value measurement of such investments.

How We Addressed the Matter in Our Audit

To test the valuation of the Company’s

Level 3 investments, we gained an understanding of the valuation techniques, significant unobservable inputs and assumptions used by

the Company to value the Level 3 investments and reviewed the information considered by the Board of Directors relating to the fair value

of each investment.

For a sample of Level 3 investments, we evaluated the valuation techniques used, tested the significant unobservable

We obtained an understanding, evaluated the design

and tested the operating effectiveness of controls over the Company’s investment valuation process.

This included controls related

to management’s selection and review of the valuation techniques and significant unobservable inputs and assumptions used in determining

the fair value measurements of the Level 3 investments.

To test the valuation of and assess the adequacy

of the disclosures related to the Company’s Level 3 investments, we gained an understanding of the valuation techniques, significant

unobservable inputs and assumptions used by the Company to value the Level 3 investments and reviewed the information considered by the

Board of Directors relating to the fair value of each investment.

For a sample of the Company’s Level 3 investments, and in some

cases with the involvement of our valuation specialists, we evaluated the valuation techniques used, tested the significant unobservable

inputs and assumptions, and tested the mathematical accuracy of the related valuation models.

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information, and we compared such estimates to the Company’s fair value of these investments.

We also searched for and evaluated

information that corroborated or contradicted the Company’s valuations of Level 3 investments.

We evaluated the competence and objectivity

of management’s third-party valuation specialists.

In developing our independent fair value estimates, we considered the impact

of current economic conditions on trends in borrower financial information and the resulting fair value estimates.

We also evaluated

subsequent events and other available information and considered whether they corroborated or contradicted the Company’s year-end

/S/ Ernst & Young LLP

1 unchanged sentence

New York, New York

Ernst & Young LLP

One Manhattan West

New York, NY 10001-8604

+1 212 773 3000

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To the Shareholders and the Board of Directors

of Saratoga Investment Corp.

Opinion on Internal Control over Financial

We have audited Saratoga Investment Corp.’s

internal control over financial reporting as of February 28, 2025, based on criteria established in Internal Control— Integrated

Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

opinion, Saratoga Investment Corp.

(the “Company”) maintained, in all material respects, effective internal control over financial

reporting as of February 28, 2025, based on the COSO criteria .

We also have audited, in accordance with the standards

of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities of the

Company including the consolidated schedules of investments of the Company, as of February 28, 2025 and February 29, 2024, the related

consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended February 28,

2025, and the related notes (collectively referred to as the “financial statements”), and our report dated May 7, 2025 expressed

an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible

for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over

financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting.

Our responsibility

is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We are a public accounting

firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.

federal securities

laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective

internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding

of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and

operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary

in the circumstances.

We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control

Over Financial Reporting

A company’s internal control over financial

reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of

financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control

over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,

accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions

are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and

that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition

of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal

control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future

periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance

with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

New York, New York

FINANCIAL INFORMATION

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1,016,247,566

$ 1,019,774,616

Affiliate investments (amortized cost of $ 49,429,192 and $ 38,203,811 , respectively)

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Cash and cash equivalents

Cash and cash equivalents,

reserve accounts

Cash and cash equivalents, reserve accounts

Interest receivable (net of reserve of $ 470,751 and $ 210,319 , respectively)

Management fee receivable

Current income tax receivable

1,139,265,104

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Revolving credit facilities

Deferred debt financing costs,

revolving credit facilities

( 1,254,516 )

SBA debentures payable

Deferred debt financing costs,

Deferred debt financing costs, revolving credit facilities

SBA debentures payable

( 4,041,026 )

( 5,779,892 )

Deferred debt financing costs, SBA debentures payable

8.75 % Notes Payable 2025

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Deferred debt financing costs, 4.375 % notes payable 2026

( 1,708,104 )

4.35 % Notes Payable 2027

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Deferred debt financing costs, 4.35 % notes payable 2027

( 1,033,178 )

6.25 % Notes Payable 2027

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Deferred debt financing costs, 6.00 % notes payable 2027

( 1,524,089 )

( 2,224,403 )

8.00 % Notes Payable 2027

Deferred debt financing costs, 8.00 % notes payable 2027

( 1,274,455 )

8.125 % Notes Payable 2027

Deferred debt financing costs, 8.125 % notes payable 2027

( 1,156,234 )

( 1,563,594 )

8.50 % Notes Payable 2028

Deferred debt financing costs, 8.50 % notes payable 2028

( 1,273,134 )

( 1,680,039 )

Base management and incentive

7.25 % Notes Payable 2030

Discount on 7.25 % notes payable 2030

Deferred debt financing costs, 7.25 % notes payable 2030

7.50 % Notes Payable 2031

Deferred debt financing costs, 7.50 % notes payable 2031

Base management and incentive fees payable

Deferred tax liability

Accounts payable and accrued

Accounts payable and accrued expenses

Interest and debt fees payable

Commitments and contingencies

Common stock, par value $ 0.001 , 100,000,000 common shares authorized, 15,183,078 and 13,653,476 common shares issued and outstanding, respectively

Directors fees payable

Due to Manager

Total liabilities

Commitments and contingencies (See Note 9)

Common stock, par value $ 0.001 , 100,000,000 common shares

authorized, 16,224,198 and 15,183,078 common shares issued and outstanding, respectively

Capital in excess of par value

distributable deficit

( 20,263,312 )

liabilities and net assets

Total distributable deficit

Total net assets

Total liabilities and net assets

1,139,265,104

22 unchanged sentences

Non-control/Non-affiliate investments

Affiliate investments

Control investments

21 unchanged sentences

( 42,029,324 )

Income tax (provision) benefit from realized gain on investments

Net change in unrealized appreciation (depreciation) on investments:

7 unchanged sentences

( 21,381,288 )

( 10,461,606 )

Net change in unrealized appreciation (depreciation) on investments

3 unchanged sentences

( 1,060,936 )

( 1,715,333 )

Net realized and unrealized gain (loss) on investments

1 unchanged sentence

( 47,830,427 )

( 8,938,301 )

Realized losses on extinguishment of debt

( 1,587,083 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

1 unchanged sentence

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED

* Certain prior period amounts have been reclassified to conform

to current year presentation.

See accompanying notes to consolidated financial

2 unchanged sentences

For the year ended

INCREASE (DECREASE) FROM OPERATIONS:

INCREASE FROM OPERATIONS:

Net investment income

2 unchanged sentences

Realized losses on extinguishment of debt

( 1,587,083 )

Income tax (provision) benefit from realized gain on investments

Net change in unrealized appreciation (depreciation) on investments

3 unchanged sentences

( 1,060,936 )

( 1,715,333 )

Net increase in net assets resulting from operations

14 unchanged sentences

( 2,157,605 )

( 10,824,340 )

Repurchase fees

1 unchanged sentence

Net increase (decrease) in net assets from capital share transactions

( 6,184,842 )

Total increase (decrease) in net assets

( 8,822,481 )

Total increase in net assets

Net assets at beginning of year

3 unchanged sentences

$ 370,224,108

(1) See Note 11 to the Consolidated Financial Statements contained

herein for more information on share issuance.

(1) See Note 11 to the Consolidated Financial Statements contained herein for more information on share issuance.

See accompanying notes to consolidated financial

1 unchanged sentence

Consolidated Statements of Cash Flows

the year ended

For the year ended

Operating activities

2 unchanged sentences

FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Distributions from CLO, payment-in-kind and other

adjustments to cost

( 3,566,012 )

Distributions from CLO, payment-in-kind and other adjustments to cost

Net accretion of discount on investments

( 2,809,163 )

( 2,221,257 )

( 1,816,934 )

Amortization of deferred debt financing costs

2 unchanged sentences

Net realized (gain) loss from investments

( 7,446,596 )

Net change in unrealized (appreciation) depreciation

on investments

( 18,974,366 )

Net change in provision for

deferred taxes on unrealized (appreciation) depreciation on investments

Net change in unrealized (appreciation) depreciation on investments

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

Proceeds from sales and repayments of investments

5 unchanged sentences

Interest receivable

( 2,139,047 )

( 3,066,390 )

Due from affiliate

Management fee receivable

2 unchanged sentences

Base management and incentive fees payable

( 1,916,273 )

( 3,967,661 )

Accounts payable and accrued expenses

Current tax payable

( 2,820,036 )

Interest and debt fees payable

Directors fees payable

Excise tax payable

Due to Manager

1 unchanged sentence

( 157,206,679

( 130,373,839 )

Financing activities

1 unchanged sentence

Paydowns on debt

( 56,500,000 )

( 57,000,000 )

( 76,000,000 )

Issuance of notes

2 unchanged sentences

Payments of deferred debt financing costs

( 1,176,808 )

( 4,694,711 )

( 10,135,986 )

Discount on debt issuance, 6.00% notes 2027

Discount on debt issuance, 7.00% notes 2025

Proceeds from issuance of common stock

1 unchanged sentence

Payments of cash dividends

( 40,747,247 )

( 32,053,610 )

( 22,665,140 )

Repurchases of common stock

( 2,157,605 )

( 10,824,340 )

Repurchases fees

1 unchanged sentence

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

( 33,321,705 )

NET INCREASE (DECREASE) IN

CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS

( 55,569,149 )

AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF YEAR

AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF YEAR (See note 2)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS

( 182,938,171

CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF YEAR

CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF YEAR (See note 2)

Supplemental information:

2 unchanged sentences

Supplemental non-cash information:

Payment-in-kind interest income and other adjustments

( 4,910,319 )

( 1,882,737 )

Payment-in-kind interest income and other adjustments to cost

Net accretion of discount on investments

Discount on debt issuance, 7.25 % notes 2030

Amortization of deferred debt financing costs

Stock dividend distribution

* Certain prior period amounts have been reclassified to conform

to current period presentation.

See accompanying notes to consolidated financial

6 unchanged sentences

Date Principal/

Number of Shares Cost Fair

Shares Cost Fair

Value (c) % of

10 unchanged sentences

BQE Software, Inc.

(j) Architecture & Engineering Software Delayed Draw Term Loan

Architecture & Engineering Software Delayed Draw Term Loan

(3M USD TERM SOFR+5.50%), 9.67% Cash, 4/13/2028 4/13/2023 $ -

Total Architecture & Engineering Software 23,383,683 23,697,400 6.0 %

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 1,860,341 0.5 %

1 unchanged sentence

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 %

(d) Consumer Services Delayed Draw Term Loan

(1M USD TERM SOFR+ 6.75 %), 11.02 % Cash, 5/20/2029 5/20/2021 $ 65,000,000 64,886,056 64,473,500 16.2 %

Artemis Wax Corp.

6 unchanged sentences

Innergy, Inc.

Custom Millwork Software First Lien Term Loan

(d) Custom Millwork Software First Lien Term Loan

(3M USD TERM SOFR+ 5.50 %), 9.67 % Cash, 2/20/2030 2/20/2025 $ 32,000,000 31,778,687 31,884,800 8.0 %

5 unchanged sentences

Total Cyber Security 1,906,275 4,233,053 1.1 %

Gen4 Dental Partners Holdings, LLC Dental Practice Management First Lien Term Loan

Gen4 Dental Partners Holdings, LLC (d) Dental Practice Management First Lien Term Loan

(3M USD TERM SOFR+ 5.75 %), 10.02 % Cash, 5/13/2030 5/13/2024 $ 7,035,714 6,982,168 7,049,786 1.8 %

15 unchanged sentences

Value (c) % of

Modis Dental Partners OpCo, LLC (j) Dental Practice Management Delayed Draw Term Loan

Modis Dental Partners OpCo, LLC Dental Practice Management Delayed Draw Term Loan

(1M USD TERM SOFR+ 9.34 %), 13.69 % Cash, 4/18/2028 4/18/2023 $ 13,000,000 12,876,266 13,071,500 3.3 %

Modis Dental Partners OpCo, LLC (h) Dental Practice Management Class A Preferred Units 4/18/2023 3,200,000 3,200,000 3,983,552 1.0 %

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 31,031,272 32,422,795 8.1 %

10 unchanged sentences

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 $ -

C2 Education Systems, Inc.

(h) Education Services Series A-1 Preferred Stock 5/18/2021 3,127 499,904 636,224 0.2 %

Total Education Services 23,493,878 23,596,183 6.1 %

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 %

Education Software Delayed Draw Term Loan

(3M USD TERM SOFR+ 7.50 %), 12.02 % Cash/ 1.00 % PIK, 4/17/2025 1/18/2022 $ -

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

1 unchanged sentence

Total Education Software 55,375,895 55,411,224 14.1 %

TG Pressure Washing Holdings, LLC (h) Facilities Maintenance Preferred Equity 8/12/2019 488,148 488,148 -

Total Facilities Maintenance 488,148 -

Davisware, LLC Field Service Management First Lien Term Loan

Haystack Team Inc.

Employee Collaboration Software First Lien Term Loan

(3M USD TERM SOFR+ 5.50 %), 9.17 % Cash, 12/31/2030 12/31/2025 $ 5,299,222 5,249,222 5,248,609 1.3 %

Davisware, LLC (j) Field Service Management Delayed Draw Term Loan

Haystack Team Inc.

(j) Employee Collaboration Software Delayed Draw Term Loan

(3M USD TERM SOFR+ 5.50 %), 9.17 % Cash, 12/31/2030 12/31/2025 -

Total Field Service Management 11,725,290 11,751,246 3.0 %

GDS Software Holdings, LLC Financial Services First Lien Term Loan

Haystack Team Inc.

(h) Employee Collaboration Software Series A Preferred Stock 12/31/2025 $ 1,250,000 1,421,890 1,250,000 0.3 %

Total Employee Collaboration Software 6,671,112 6,498,609 1.6 %

TG Pressure Washing Holdings, LLC (h) Facilities Maintenance Preferred Equity 8/12/2019 488,148 488,148 -

Total Facilities Maintenance 488,148 -

GDS Software Holdings, LLC (d) Financial Services First Lien Term Loan

(3M USD TERM SOFR+ 7.00 %), 11.17 % Cash, 12/30/2028 12/30/2021 $ 28,713,926 28,655,242 28,713,926 7.2 %

12 unchanged sentences

Value (c) % of

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

5 unchanged sentences

(3M USD TERM SOFR+ 7.00 %), 11.17 % Cash, 3/31/2028 3/31/2023 $ 16,228,726 16,154,267 15,504,925 3.9 %

Stretch Zone Franchising, LLC (j) Health/Fitness Franchisor Delayed Draw Term Loan

Stretch Zone Franchising, LLC Health/Fitness Franchisor First Lien Term Loan

(3M USD TERM SOFR+ 7.00 %), 11.17 % Cash, 3/31/2028 3/31/2023 $ 8,738,545 8,696,307 8,348,806 2.1 %

( 72,600 ) 0.0 %

Stretch Zone Franchising, LLC (h) Health/Fitness Franchisor Class A Units 3/31/2023 20,000 2,000,000 754,655 0.2 %

Total Health/Fitness Franchisor 26,850,574 24,608,386 6.2 %

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 3,353,548 0.8 %

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 $ -

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

8 unchanged sentences

Total Healthcare Software 46,010,826 45,724,072 11.6 %

Roscoe Medical, Inc.

(h) Healthcare Supply Common Stock 3/26/2014 5,081 508,077 -

Total Healthcare Supply 508,077 -

Granite Comfort, LP (d) HVAC Services and Sales First Lien Term Loan

(3M USD TERM SOFR+ 7.40 %), 11.57 % Cash, 5/16/2027 11/16/2020 $ 43,000,000 42,902,297 42,247,500 10.7 %

Granite Comfort, LP (j)(d) HVAC Services and Sales Delayed Draw Term Loan

(3M USD TERM SOFR+ 7.40 %), 11.57 % Cash, 5/16/2027 11/16/2020 $ 9,992,940 9,955,368 9,818,064 2.5 %

Total HVAC Services and Sales 52,857,665 52,065,564 13.2 %

Saratoga Investment Corp.

7 unchanged sentences

Value (c) % of

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 11/30/2027 5/31/2015 329 -

2 unchanged sentences

8,604,501 2.2 %

AgencyBloc, LLC Insurance Software First Lien Term Loan

AgencyBloc, LLC (d) Insurance Software First Lien Term Loan

(1M USD TERM SOFR+ 6.31 %), 12.03 % Cash, 10/1/2029 10/1/2021 $ 17,436,477 17,398,618 17,450,426 4.4 %

5 unchanged sentences

Total IT Services 18,854,905 19,271,816 4.9 %

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 $ -

Total Lead Management Software 11,470,461 11,640,880 3.0 %

Madison Logic, Inc.

2 unchanged sentences

Total Marketing Orchestration Software 18,942,898 16,791,168 4.2 %

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 4,169,599 332,895 0.1 %

21 unchanged sentences

Value (c) % of

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 %

Emily Street Enterprises, L.L.C.

2 unchanged sentences

Total Office Supplies 5,288,924 5,313,250 1.3 %

(j) Physician Compensation Management Software Revolving Credit Facility

(3M USD TERM SOFR+ 5.00 %), 8.67 % Cash, 12/31/2030 2/17/2026 $ 1,400,000 1,375,000 1,375,000 0.3 %

Total Physician Compensation Management Software 1,375,000 1,375,000 0.3 %

Breezeway Homes, Inc Property Operations Management Software First Lien Term Loan

(3M USD TERM SOFR+ 6.63 %), 10.30 % Cash, 2/23/2031 2/23/2026 22,000,000 21,783,721 21,782,500 5.5 %

Breezeway Homes, Inc (j) Property Operations Management Software Delayed Draw Term Loan

(3M USD TERM SOFR+ 6.63 %), 10.30 % Cash, 2/23/2031 2/23/2026 -

Breezeway Homes, Inc (h) Property Operations Management Software Class A Common Units 2/23/2026 1,000,000 1,000,000 1,000,000 0.3 %

Total Property Operations Management Software 22,783,721 22,782,500 5.8 %

Source 44 LLC Product Compliance Software First Lien Term Loan

(3M USD TERM SOFR+ 5.25 %), 6.75 % Cash, 10/17/2030 10/17/2025 3,000,000 2,965,873 2,973,750 0.8 %

Source 44 LLC (j) Product Compliance Software Delayed Draw Term Loan

(3M USD TERM SOFR+ 5.25 %), 6.75 % Cash, 10/17/2030 10/17/2025 1,500,000 1,486,911 1,486,875 0.4 %

Source 44 LLC (j) Product Compliance Software Revolving Credit Facility

(3M USD TERM SOFR+ 5.25 %), 6.75 % Cash, 10/17/2030 10/17/2025 -

PG Source Investments, LLC (h) Product Compliance Software Series A Preferred Stock 10/17/2025 705 1,500,000 1,499,999 0.4 %

Total Product Compliance Software 5,952,784 5,960,624 1.6 %

Buildout, Inc.

8 unchanged sentences

Wellspring Worldwide Inc.

Research Software First Lien Term Loan

(d) Research Software First Lien Term Loan

(3M USD TERM SOFR+ 8.42 %), 12.59 % Cash, 2/28/2029 6/27/2022 $ 9,372,000 9,323,366 9,372,000 2.4 %

Wellspring Worldwide Inc.

Research Software Delayed DrawTerm Loan

Research Software Delayed Draw Term Loan

(3M USD TERM SOFR+ 8.42 %), 12.59 % Cash, 2/28/2029 6/27/2022 $ 25,310,000 25,094,468 25,310,000 6.4 %

1 unchanged sentence

Total Research Software 36,892,994 36,553,060 9.3 %

LFR Chicken LLC Restaurant First Lien Term Loan

Angry Chickz, Inc.

Restaurant First Lien Term Loan

(1M USD TERM SOFR+ 4.75 %), 8.61 % Cash, 10/9/2030 10/9/2025 $ 7,900,000 7,860,500 7,860,500 2.0 %

LFR Chicken LLC (j) Restaurant Delayed Draw Term Loan

Angry Chickz, Inc.

(j) Restaurant Delayed Draw Term Loan

(1M USD TERM SOFR+ 4.75 %), 8.61 % Cash, 10/9/2030 10/9/2025 $ 6,000,000 5,970,000 5,970,000 1.5 %

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1) Industry Investment

Interest Rate/

Maturity Original

Date Principal/

Shares Cost Fair

Value (c) % of

LFR Chicken LLC (d) Restaurant First Lien Term Loan

(1M USD TERM SOFR+ 4.50 %), 8.36 % Cash, 11/26/2030 11/19/2021 $ 22,000,000 21,882,824 21,903,200 5.5 %

LFR Chicken LLC (d)(j) Restaurant Delayed Draw Term Loan

(1M USD TERM SOFR+ 4.50 %), 8.36 % Cash, 11/26/2030 11/19/2021 $ 18,000,000 17,948,780 17,920,800 4.5 %

LFR Chicken LLC (h) Restaurant Series B Preferred Units 11/19/2021 497,183 1,000,000 1,993,985 0.5 %

Total Restaurant 54,662,104 55,648,485 14.0 %

SAI Systems Health, LLC Revenue Cycle Management & Related Services First Lien Term Loan

(3M USD TERM SOFR+ 5.00 %), 11.57 % Cash, 11/24/2030 11/24/2025 $ 28,000,000 27,825,000 27,825,000 7.0 %

SAI Systems Health, LLC (j) Revenue Cycle Management & Related Services Delayed Draw Term Loan

(3M USD TERM SOFR+ 5.00 %), 11.57 % Cash, 11/24/2030 11/24/2025 $ -

SAI Systems Health Topco, LLC (h) Revenue Cycle Management & Related Services Class A Common Units 11/24/2025 350,000 350,000 350,000 0.1 %

Total Revenue Cycle Management & Related Services 28,175,000 28,175,000 7.1 %

Avionte Holdings, LLC (h) Staffing Services Class A Units 1/8/2014 100,000 100,000 2,362,023 0.6 %

Total Staffing Services 100,000 2,362,023 0.6 %

AIMCO 2025-24A E (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 6.10 %), 10.27 % Cash, 4/19/2038 4/30/2025 $ 1,500,000 1,500,000 1,530,603 0.4 %

APID 2023-45A ER (a)(d) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 5.15 %), 9.32 % Cash, 7/26/2038 6/5/2025 $ 2,800,000 2,800,000 2,735,813 0.7 %

APID 2017-28A DR (a)(d) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 5.00 %), 9.17 % Cash, 10/20/2038 7/25/2025 $ 2,500,000 2,500,000 2,470,738 0.6 %

BGCLO 2025-13A D2 (a)(d) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 4.05 %), 8.22 % Cash, 10/23/2038 8/7/2025 $ 2,000,000 2,000,000 2,012,484 0.5 %

BSP 2016-10A C2R3 (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 4.10 %), 8.27 % Cash, 7/20/2038 7/10/2025 $ 2,000,000 2,000,000 1,989,962 0.5 %

BSP 2020-21A ER2 (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 4.95 %), 8.74 % Cash, 1/15/2039 11/4/2025 $ 1,500,000 1,500,000 1,463,577 0.4 %

BSP 2025-40A E (a)(d) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 5.25 %), 9.42 % Cash, 7/25/2038 5/22/2025 $ 3,000,000 3,000,000 3,026,652 0.8 %

HLM 2025-26A D2 (a)(d) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 4.10 %), 8.27 % Cash, 7/20/2038 7/18/2025 $ 2,000,000 2,000,000 1,949,386 0.5 %

NMC CLO-4A ER (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 6.91 %), 11.08 % Cash, 3/20/2038 4/17/2025 $ 1,000,000 980,000 1,026,088 0.3 %

NMC CLO-7A E (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 5.00 %), 9.17 % Cash, 3/31/2038 3/13/2025 $ 1,000,000 1,000,000 976,321 0.2 %

NMC CLO-5A ER (a)(d) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 5.85 %), 10.02 % Cash, 7/20/2036 6/30/2025 $ 3,000,000 3,000,000 2,973,408 0.8 %

NMC CLO-3A D2R (a)(d) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 4.10 %), 8.27 % Cash, 10/20/2038 8/4/2025 $ 2,250,000 2,250,000 2,158,945 0.5 %

OAKC 2016-13A ER2 (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 5.75 %), 9.92 % Cash, 10/21/2037 4/10/2025 $ 1,000,000 976,250 989,690 0.2 %

OAKC 2025-22A E (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 5.55 %), 9.72 % Cash, 7/20/2038 5/9/2025 $ 1,250,000 1,250,000 1,261,281 0.3 %

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1) Industry Investment

Interest Rate/

Maturity Original

Date Principal/

Shares Cost Fair

Value (c) % of

OAKC 2020-7A D2R2 (a)(d) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 4.05 %), 8.22 % Cash, 7/19/2038 6/18/2025 $ 3,250,000 3,250,000 3,251,898 0.8 %

OCP 2025-43A E (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 6.50 %), 10.67 % Cash, 7/20/2038 4/23/2025 $ 1,000,000 1,000,000 1,025,791 0.3 %

OCP 2023-28A (a)(d) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 5.25 %), 9.42 % Cash, 7/16/2038 6/18/2025 $ 3,000,000 3,000,000 2,915,295 0.7 %

OCP 2016-11A D2R3 (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 4.10 %), 8.27 % Cash, 7/26/2038 6/26/2025 $ 1,500,000 1,500,000 1,510,355 0.3 %

POST 2023-1A D2R (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 3.95 %), 7.74 % Cash, 10/20/2038 10/17/2025 $ 1,000,000 1,000,000 971,977 0.2 %

REGT6 2016-1A ER3 (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 5.45 %), 9.24 % Cash, 10/20/2038 9/12/2025 $ 1,500,000 1,500,000 1,421,099 0.4 %

REGT23 2021-1A D2R (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 4.00 %), 7.79 % Cash, 10/15/2038 10/30/2025 $ 2,000,000 2,000,000 1,978,886 0.5 %

TREST 2017-1A ERR (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 5.95 %), 10.12 % Cash, 7/25/2037 3/7/2025 $ 1,250,000 1,257,125 1,262,855 0.3 %

WBOX 2023-4A ER (a) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 6.48 %), 10.65 % Cash, 4/20/2036 4/10/2025 $ 3,500,000 3,470,645 3,501,505 0.9 %

WBOX 2025-5A D2 (a)(d) Structured Finance Securities First Lien Term Loan

(3M USD TERM SOFR+ 4.10 %), 8.27 % Cash, 7/20/2038 6/24/2025 $ 2,000,000 2,000,000 2,006,926 0.5 %

Total Structured Finance Securities 46,734,020 46,411,535 11.7 %

StockIQ Technologies, LLC Supply Chain Planning Software First Lien Term Loan

(3M USD TERM SOFR+ 5.25 %), 9.42 % Cash, 3/26/2030 3/25/2025 $ 10,000,000 9,926,398 9,903,000 2.5 %

StockIQ Technologies, LLC (j) Supply Chain Planning Software Delayed Draw Term Loan

(3M USD TERM SOFR+ 5.25 %), 9.42 % Cash, 3/26/2030 3/25/2025 $ 1,600,000 1,587,257 1,584,480 0.4 %

StockIQ Technologies, LLC (h) Supply Chain Planning Software Class A Units 3/25/2025 200,000 200,000 202,924 0.1 %

Total Supply Chain Planning Software 11,713,655 11,690,404 3.0 %

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1) Industry Investment

Interest Rate/

Maturity Original

Date Principal/

Shares Cost Fair

Value (c) % of

Employer Direct Healthcare, LLC (Lantern) Surgical Benefits Management Second Lien Term Loan

(3M USD TERM SOFR+ 7.25 %), 10.92 % Cash, 1/20/2031 1/20/2026 35,000,000 34,693,750 34,693,750 8.8 %

Total Surgical Benefits Management 34,693,750 34,693,750 8.8 %

JDXpert Talent Acquisition Software First Lien Term Loan

(3M USD TERM SOFR+ 8.50 %), 12.93 % Cash, 5/2/2027 5/2/2022 $ 6,000,000 5,982,179 6,000,000 1.4 %

JDXpert Talent Acquisition Software Delayed Draw Term Loan

JDXpert (d) Talent Acquisition Software Delayed Draw Term Loan

(3M USD TERM SOFR+ 8.50 %), 12.93 % Cash, 5/2/2027 5/2/2022 $ 1,000,000 996,525 1,000,000 0.3 %

5 unchanged sentences

Total Talent Acquisition Software 27,401,173 27,282,000 6.8 %

VetnCare MSO, LLC (j) Veterinary Services Delayed Draw Term Loan

VetnCare MSO, LLC Veterinary Services Delayed Draw Term Loan

(3M USD TERM SOFR+ 5.75 %), 9.92 % Cash, 5/12/2028 5/12/2023 $ 13,290,655 13,241,485 13,290,655 3.4 %

Total Veterinary Services 13,241,485 13,290,655 3.4 %

Better Impact USA Inc.

Volunteer Program Management Software First Lien Term Loan

(3M USD TERM SOFR+ 4.75 %), 8.42 % Cash, 1/8/2031 1/8/2026 $ 12,000,000 11,910,000 11,910,000 3.0 %

Better Impact USA Inc.

(j) Volunteer Program Management Software Delayed Draw Term Loan

(3M USD TERM SOFR+ 4.75 %), 8.42 % Cash, 1/8/2031 1/8/2026 $ -

Better Impact USA Inc.

(h) Volunteer Program Management Software Preferred Units 1/8/2026 683,585 1,000,000 1,000,000 0.3 %

Total Volunteer Program Management Software 12,910,000 12,910,000 3.3 %

Sub Total Non-control/Non-affiliate investments 1,011,840,007 1,016,247,566 256.5 %

16 unchanged sentences

ETU Holdings, Inc.

(f)(h) Corporate Education Software Series A Preferred Units 8/18/2022 3,000,000 3,000,000 -

(f)(h) Corporate Education Software Series B Preferred Units 11/21/2025 854,300 3,000,000 211,874 0.1 %

ETU Holdings, Inc.

(f)(h) Corporate Education Software Series C Preferred Units 11/21/2025 730,280 730,280 730,280 0.2 %

Total Corporate Education Software 19,055,179 16,055,433 4.1 %

8 unchanged sentences

Total Employee Collaboration Software 22,289,684 28,427,238 7.2 %

SmartAC.com, LLC (f) HVAC Monitoring Devices First Lien Term Loan

(3M USD TERM SOFR+ 7.50 %), 11.67 % Cash, 4/7/2030 4/7/2025 $ 5,117,298 5,084,330 5,100,700 1.3 %

SmartAC.com, LLC (f)(j) HVAC Monitoring Devices Delayed Draw Term Loan

(3M USD TERM SOFR+ 7.50 %), 11.67 % Cash, 4/7/2030 4/7/2025 $ -

SmartAC.com, LLC (f)(j) HVAC Monitoring Devices Series A Preferred Units 4/7/2025 1,262,201 2,999,999 3,127,540 0.8 %

Total HVAC Monitoring Devices 8,084,329 8,228,240 2.1 %

Sub Total Affiliate investments 49,429,192 52,710,911 13.4 %

Control investments - 10.1% (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 (g) Education Services First Lien Term Loan

10.00 %, 8/9/2027 5/11/2021 $ 1,576,966 1,576,966 1,370,304 0.3 %

Zollege PBC (g) Education Services Delayed Draw Term Loan

10.00 %, 8/9/2027 5/11/2021 $ - - ( 196,575 ) 0.0 %

Zollege PBC (h)(g) Education Services Common Stock 5/11/2021 7,731,294 558,799 10,874,923 2.7 %

18 unchanged sentences

CLO 2013-1, Ltd.

Class F-2-R-3 Note (a)(g) Structured Finance Securities Other/Structured Finance Securities

Class F-2-R-3 Note (a)(g)(k) Structured Finance Securities Other/Structured Finance Securities

(3M USD TERM SOFR+ 10.00 %), 14.43 %, 4/20/2033 8/9/2021 $ 9,375,000 9,375,000 -

1 unchanged sentence

Senior Loan Fund 2022-1, Ltd.

Class E Note (a)(g) Structured Finance Securities Other/Structured Finance Securities

Class E-R Note (a)(g) Structured Finance Securities Other/Structured Finance Securities

(3M USD TERM SOFR+ 7.35 %), 11.14 %, 10/20/2037 9/24/2025 $ 8,750,000 8,443,750 8,422,177 2.1 %

2 unchanged sentences

10.00 %, 10/20/2033 12/17/2021 $ 17,618,954 17,618,954 16,130,152 4.1 %

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 %

Saratoga Senior Loan Fund I JV, LLC (a)(g)(n) Investment Fund Membership Interest 12/17/2021 19,197,861 19,197,861 1,535,443 0.4 %

Total Investment Fund 36,816,815 17,665,595 4.5 %

4 unchanged sentences

February 28, 2026

Number of Shares

Cash and cash equivalents and cash and cash equivalents, reserve accounts - 37.7% (b)

Bank Money Market (l)

$ 148,218,491

Total cash and cash equivalents and cash and cash equivalents, reserve accounts

$ 148,218,491

(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

Money Market Funds (included in cash and cash equivalents

and cash and cash equivalents, reserve accounts) - 5.4% (b)

Goldman Sachs Financial Square Government Fund (1)(2)

Cash and cash equivalents

Goldman Sachs Financial Square Government Fund (1)(2)

Valley National Bank Business Money Market Fund (1)(3)

Cash and cash

equivalents, reserve accounts

Total Money Market

Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts)

(1) Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities.

Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.

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

(3) Current yield as of February 28, 2026, was approximately 3.19% on the Valley National Bank Business Money Market Fund.

(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 2026, non-qualifying assets represent 7.0% of the Company’s portfolio at fair value.

As a BDC, the Company

generally has to invest at least 70% of its total assets in qualifying assets.

(b) Percentages

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

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.

investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).

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).

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.

defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting

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 $396,155,754 as of February 28, 2026.

(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, 2026 in which the issuer was an affiliate are as follows:

Total Interest from Investments

Management Fee Income

Gain (Loss) from Investments

Net Change in Unrealized Appreciation (Depreciation)

the Beginning

Interest from

(Depreciation)

Axero Holdings, LLC

ETU Holdings, Inc.

SmartAC.com, LLC

( 2,882,702 )

$ ( 2,882,702 )

Saratoga Investment Corp.

1 unchanged sentence

February 28, 2026

(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:

Total Interest from Investments

Total Dividends from Investments

Management Fee Income

Gain (Loss) from Investments

Net Change in Unrealized Appreciation (Depreciation)

(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, 2026 in which the issuer was both an affiliate and a portfolio company that we control are as follows:

the Beginning

Interest from

Dividends from

(Depreciation)

Netreo Holdings, LLC

1 unchanged sentence

Pepper Palace, Inc.

( 34,007,427 )

( 1,391,561 )

( 15,110,835 )

Saratoga Investment Corp.

CLO 2013-1, Ltd.

( 2,147,199 )

Saratoga Investment Corp.

Senior Loan Fund 2022-1, Ltd.

( 12,250,000 )

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Class F-2-R-3 Note

Class F-2-R-3

( 2,280,938 )

Saratoga Senior Loan Fund I JV, LLC

( 6,323,079 )

Saratoga Investment Corp.

Senior Loan Fund 2022-1, Ltd.

Class E-R Note

Saratoga Senior Loan Fund I JV,

( 3,159,849 )

2 unchanged sentences

(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.

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

(See Note 9 to the consolidated financial statements).

(k) As of February 28, 2025, the investment was on non-accrual

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.

(k) As of February 28, 2026, the investment was on non-accrual status.

The fair value of these investments was approximately $2.0 million, which represented 0.2% of the Company’s portfolio (see Note 2 to the consolidated financial statements).

(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, 2026.

(m) This investment elected to PIK 20% of accrued interest, with 80% of accrued interest payable in cash.

(n) On September 24, 2025, the Company completed the first refinancing of SLF 2022.

This refinancing, among other things, extended the SLF 2022’s investment period to October 2028.

As part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par.

Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid.

The Company also paid $1.6 million of additional equity investment related to the refinancing to SLF JV.

(See Note 5 to the consolidated financial statements).

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).

1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of

February 28, 2026 was 3.67%.

3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of

February 28, 2026 was 3.67%.

PIK - Payment-in-Kind (see Note 2 to the consolidated financial

See accompanying notes to consolidated financial

2 unchanged sentences

February 28, 2025

Company(1) Industry Investment

Interest Rate/

Company(1) Industry Investment Interest Rate/

Maturity Original

Date Principal/

Acquisition Date Principal/

Number of Shares Cost Fair

8 unchanged sentences

BQE Software, Inc.

Architecture & Engineering Software First Lien Term Loan

(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 %

17 unchanged sentences

Total Corporate Education Software 475,698 3,978,192 1.0 %

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 $ -

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 Delayed Draw Term Loan

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 $ -

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 $ -

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 %

1 unchanged sentence

(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 Dental Practice Management Delayed Draw Term Loan

(1M USD TERM SOFR+ 9.48 %), 14.80 % Cash, 4/18/2028 4/18/2023 $ 7,500,000 7,392,367 7,621,500 2.1 %

Saratoga Investment Corp.

1 unchanged sentence

February 28, 2025

Company(1) Industry Investment

Interest Rate/

Company(1) Industry Investment Interest Rate/

Maturity Original

Date Principal/

Acquisition Date Principal/

Number of Shares Cost Fair

Value (c) % of

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 %

19 unchanged sentences

(h) Education Services Series A-1 Preferred Stock 5/18/2021 3,127 499,904 605,383 0.2 %

Zollege PBC (k) Education Services First Lien Term Loan

(3M USD TERM SOFR+ 7.00 %), 12.33 % Cash/ 2.00 % PIK, 5/11/2026 5/11/2021 $ 16,409,153 16,340,466 3,493,509 0.9 %

Zollege PBC (j)(k) Education Services Delayed Draw Term Loan

(3M USD TERM SOFR+ 7.00 %), 12.33 % Cash/ 2.00 % PIK, 5/11/2026 5/11/2021 $ 1,364,109 1,358,200 290,419 0.1 %

Zollege PBC (h) Education Services Class A Units 5/11/2021 250,000 250,000 -

Total Education Services 23,493,878 23,596,183 6.1 %

Destiny Solutions Inc.

(h)(i) Education Software Limited Partner Interests 5/16/2018 3,068 3,969,291 9,894,736 2.7 %

GoReact Education Software First Lien Term Loan

4 unchanged sentences

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 Education Software First Lien Term Loan

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 %

3 unchanged sentences

February 28, 2025

Company(1) Industry Investment

Interest Rate/

Company(1) Industry Investment Interest Rate/

Maturity Original

Date Principal/

Acquisition Date Principal/

Number of Shares Cost Fair

9 unchanged sentences

(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 Financial Services Delayed Draw Term Loan

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 %

8 unchanged sentences

(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 First Lien Term Loan

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 $ -

Total Fire Inspection Business Software 9,927,042 10,178,000 2.6 %

Stretch Zone Franchising, LLC Health/Fitness Franchisor First Lien Term Loan

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 %

1 unchanged sentence

(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 %

2 unchanged sentences

(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 (j) Healthcare Services Delayed Draw Term Loan

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 %

3 unchanged sentences

February 28, 2025

Company(1) Industry Investment

Interest Rate/

Company(1) Industry Investment Interest Rate/

Maturity Original

Date Principal/

Acquisition Date Principal/

Number of Shares Cost Fair

8 unchanged sentences

Total Healthcare Services 83,432,936 85,148,800 21.8 %

HemaTerra Holding Company, LLC (d) Healthcare Software First Lien Term Loan

(1M USD TERM SOFR+ 8.25 %), 13.57 % Cash, 1/31/2027 4/15/2019 $ 54,927,713 54,624,303 55,087,003 14.9 %

HemaTerra Holding Company, LLC Healthcare Software Delayed Draw Term Loan

(1M USD TERM SOFR+ 8.25 %), 13.57 % Cash, 1/31/2027 4/15/2019 $ 13,755,875 13,710,513 13,795,767 3.7 %

TRC HemaTerra, LLC (h) Healthcare Software Class D Membership Interests 4/15/2019 2,487 2,816,693 5,362,439 1.4 %

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 (j) Healthcare Software Delayed Draw Term Loan

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 %

2 unchanged sentences

Total Healthcare Supply 508,077 -

Book4Time, Inc.

(a)(d) Hospitality/Hotel First Lien Term Loan

(3M USD TERM SOFR+ 7.50 %), 12.83 %, 12/22/2025 12/22/2020 $ 3,136,517 3,122,542 3,136,517 0.8 %

Book4Time, Inc.

(a) Hospitality/Hotel Delayed Draw Term Loan

(3M USD TERM SOFR+ 7.50 %), 12.83 %, 12/22/2025 12/22/2020 $ 2,000,000 1,989,839 2,000,000 0.5 %

Book4Time, Inc.

(a)(h)(i) Hospitality/Hotel Class A Preferred Shares 12/22/2020 200,000 156,826 389,531 0.1 %

Knowland Group, LLC (k) Hospitality/Hotel Second Lien Term Loan

(3M USD TERM SOFR+ 8.00 %), 13.48 % Cash/ 3.00 % PIK, 12/31/2024 11/9/2018 $ 15,878,989 15,878,989 12,642,851 3.4 %

Sceptre Hospitality Resources, LLC Hospitality/Hotel First Lien Term Loan

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 %

Sceptre Hospitality Resources, LLC (j) Hospitality/Hotel Delayed Draw Term Loan

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 Hospitality/Hotel 43,983,696 41,447,199 11.1 %

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 %

Saratoga Investment Corp.

1 unchanged sentence

February 28, 2025

Company(1) Industry Investment

Interest Rate/

Company(1) Industry Investment Interest Rate/

Maturity Original

Date Principal/

Acquisition Date Principal/

Number of Shares Cost Fair

Value (c) % of

Granite Comfort, LP (d) HVAC Services and Sales First Lien Term Loan

(3M USD TERM SOFR+ 7.46 %), 12.79 % Cash, 5/16/2027 11/16/2020 $ 43,000,000 42,781,757 43,000,000 11.6 %

Granite Comfort, LP (j) HVAC Services and Sales Delayed Draw Term Loan

(3M USD TERM SOFR+ 7.46 %), 12.79 % Cash, 5/16/2027 11/16/2020 $ 16,207,805 16,059,588 16,207,805 4.4 %

Total HVAC Services and Sales 58,841,345 59,207,805 16.0 %

Vector Controls Holding Co., LLC (d) Industrial Products First Lien Term Loan

(3M USD TERM SOFR+ 6.50 %), 11.75 % Cash, 11/30/2027 3/6/2013 $ 923,886 923,886 923,886 0.2 %

Vector Controls Holding Co., LLC (h) Industrial Products Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027 5/31/2015 343 -

8,171,235 2.2 %

Total Industrial Products 923,886 9,095,121 2.4 %

AgencyBloc, LLC Insurance Software First Lien Term Loan

2 unchanged sentences

Total Insurance Software 18,053,310 20,344,864 5.2 %

LogicMonitor, Inc.

(d) IT Services First Lien Term Loan

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 %

6 unchanged sentences

Total Lead Management Software 11,470,461 11,640,880 3.0 %

Centerbase, LLC Legal Software First Lien Term Loan

(3M USD TERM SOFR+ 7.75 %), 13.08 % Cash, 1/18/2027 1/18/2022 $ 21,033,360 20,882,496 20,709,446 5.6 %

Total Legal Software 20,882,496 20,709,446 5.6 %

Madison Logic, Inc.

(d) Marketing Orchestration Software First Lien Term Loan

(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 %

2 unchanged sentences

(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 %

Saratoga Investment Corp.

1 unchanged sentence

February 28, 2025

Company(1) Industry Investment

Interest Rate/

Company(1) Industry Investment Interest Rate/

Maturity Original

Date Principal/

Acquisition Date Principal/

Number of Shares Cost Fair

Value (c) % of

ARC Health OpCo LLC (d)(j) Mental Healthcare Services Delayed Draw Term Loan

(3M USD TERM SOFR+ 8.47 %), 13.81 % Cash, 8/5/2027 8/5/2022 $ 26,914,577 26,903,916 26,876,897 7.3 %

ARC Health OpCo LLC (h) Mental Healthcare Services Class A Preferred Units 8/5/2022 3,818,400 4,169,599 4,009,323 1.1 %

Total Mental Healthcare Services 37,512,347 37,377,120 10.2 %

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 Mentoring Software First Lien Term Loan

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 %

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Total Mentoring Software 22,919,256 22,026,574 5.6 %

Omatic Software, LLC Non-profit Services First Lien Term Loan

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 $ -

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 %

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Emily Street Enterprises, L.L.C.

Office Supplies Senior Secured Note

(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 %

Emily Street Enterprises, L.L.C.

(h) Office Supplies Warrant Membership Interests,

Expires 12/31/2025 12/28/2012 49,318 400,000 1,153,874 0.3 %

Total Office Supplies 5,285,054 5,339,220 1.4 %

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(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 Restaurant Delayed Draw Term Loan

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 %

2 unchanged sentences

February 28, 2025

Company(1) Industry Investment

Interest Rate/

Company(1) Industry Investment Interest Rate/

Maturity Original

Date Principal/

Acquisition Date Principal/

Number of Shares Cost Fair

2 unchanged sentences

Total Restaurant 30,858,526 31,599,989 8.1 %

JobNimbus LLC Roofing Contractor Software First Lien Term Loan

(1M USD TERM SOFR+ 8.75 %), 14.17 % Cash, 9/20/2026 3/28/2023 $ 18,777,459 18,624,294 19,014,055 5.1 %

Total Roofing Contractor Software 18,624,294 19,014,055 5.1 %

Pepper Palace, Inc.

(d)(k) Specialty Food Retailer First Lien Term Loan

(3M USD TERM SOFR+ 6.25 %), 11.73 % Cash, 6/30/2026 6/30/2021 $ 33,320,000 33,148,332 2,409,036 0.7 %

Pepper Palace, Inc.

(j)(k) Specialty Food Retailer Delayed Draw Term Loan

(3M USD TERM SOFR+ 6.25 %), 11.73 % Cash, 6/30/2026 6/30/2021 $ 1,101,600 1,092,422 79,646 0.0 %

Pepper Palace, Inc.

(j)(k) Specialty Food Retailer Revolving Credit Facility

(3M USD TERM SOFR+ 6.25 %), 11.73 % Cash, 6/30/2026 6/30/2021 $ -

Pepper Palace, Inc.

(h) Specialty Food Retailer Membership Interest (Series A) 6/30/2021 1,000,000 1,000,000 -

Pepper Palace, Inc.

(h) Specialty Food Retailer Membership Interest (Series B) 6/30/2021 197,035 197,035 -

Total Specialty Food Retailer 35,437,789 2,488,682 0.7 %

ArbiterSports, LLC (d) Sports Management First Lien Term Loan

(3M USD TERM SOFR+ 6.00 %), 11.33 % Cash, 2/21/2025 2/21/2020 $ 26,000,000 25,945,071 26,000,000 7.0 %

ArbiterSports, LLC Sports Management Delayed Draw Term Loan

(3M USD TERM SOFR+ 6.00 %), 11.33 % Cash, 2/21/2025 2/21/2020 $ 1,000,000 1,000,000 1,000,000 0.3 %

Total Sports Management 26,945,071 27,000,000 7.3 %

Avionte Holdings, LLC (h) Staffing Services Class A Units 1/8/2014 100,000 100,000 3,426,460 0.9 %

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(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

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Sub Total Non-control/Non-affiliate investments 886,071,934 897,660,110 229.3 %

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 29, 2024

Company(1) Industry Investment

Interest Rate/

Maturity Original

Date Principal/

Number of Shares Cost Fair

Value (c) % of

Affiliate investments - 10.3% (b)

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Total Corporate Education Software 17,052,825 13,368,085 3.4 %

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

Axero Holdings, LLC (f) Employee Collaboration Software First Lien Term Loan

(3M USD TERM SOFR+ 8.00 %), 13.48 % Cash, 6/30/2026 6/30/2021 $ 5,500,000 5,468,859 5,555,000 1.5 %

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

(3M USD TERM SOFR+ 8.00 %), 13.48 % Cash, 6/30/2026 6/30/2021 $ 1,100,000 1,092,870 1,111,000 0.3 %

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 %

Axero Holdings, LLC (f)(j) Employee Collaboration Software Revolving Credit Facility

(3M USD TERM SOFR+ 8.00 %), 13.48 % Cash, 6/30/2026 2/3/2022 $ -

4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027 2/3/2022 $ -

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 %

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Control investments - 10.2% (b)

Netreo Holdings, LLC (g) IT Services First Lien Term Loan

(3M USD TERM SOFR + 6.50 %), 11.98 % Cash/ 3.50 % PIK

12/31/2025 7/3/2018 $ 5,693,748 5,686,791 5,582,719 1.5 %

Netreo Holdings, LLC (d)(g) IT Services Delayed Draw Term Loan

(3M USD TERM SOFR + 6.50 %), 11.98 % Cash/ 3.50 % PIK,

12/31/2025 5/26/2020 $ 25,271,214 25,193,452 24,778,425 6.7 %

Netreo Holdings, LLC (g)(h) IT Services Common Stock Class A Units 7/3/2018 4,600,677 8,344,500 5,060,745 1.4 %

Total IT Services 39,224,743 35,421,889 9.6 %

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 $ -

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 -

Total Specialty Food Retailer 2,938,561 1,547,000 0.4 %

Saratoga Investment Corp.

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February 28, 2025

Cash and cash equivalents and cash and cash equivalents, reserve accounts - 10.9% (b)

Bank Money Market (l)

Total cash and cash equivalents and cash and cash equivalents, reserve accounts

(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 29, 2024, non-qualifying assets

represent 6.2% of the Company’s portfolio at fair value.

As a BDC, the Company generally has to invest at least 70% of its total assets

in qualifying assets.

(b) Percentages are based on net assets of $370,224,108 as of

February 29, 2024.

(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.

Modis Dental Partners OpCo, LLC and Alpha

Aesthetics Partners OpCo, LLC are no longer affiliates as of February 29, 2024.

Transactions during the year ended February 29, 2024

in which the issuer was an affiliate are as follows:

Total Interest from Investments

Management Fee Income

Gain (Loss) from Investments

Net Change in Unrealized Appreciation (Depreciation)

Number of Shares

% of Net Assets

Money Market Funds (included in cash and cash equivalents

and cash and cash equivalents, reserve accounts) – 52.1% (b)

Goldman Sachs Financial

Square Government Fund (1)(2)

$ 148,218,492

Cash and cash equivalents

Goldman Sachs Financial Square Government Fund (1)(2)

Cash and cash

equivalents, reserve accounts

Total Money Market

Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts)

$ 204,723,925

(1) Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities.

Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.

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

(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.

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.

(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:

the Beginning

Interest from

(Depreciation)

Axero Holdings, LLC

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13,599,530.00

Modis Dental Partners OpCo, LLC

Alpha Aesthetics Partners OpCo, LLC

( 1,249,802 )

(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

29, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:

Total Interest from Investments

Total Dividends from Investments

Management Fee Income

Gain (Loss) from Investments

Net Change in Unrealized Appreciation (Depreciation)

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

(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:

the Beginning

Interest from

Dividends from

(Depreciation)

Netreo Holdings, LLC

$ ( 5,445,808 )

Pepper Palace, Inc.

( 34,007,427 )

( 1,391,561 )

( 15,110,835 )

Saratoga Investment Corp.

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CLO 2013-1, Ltd.

Class F-2-R-3 Note

Saratoga Senior Loan Fund I JV, LLC

Class F-2-R-3

( 6,594,289 )

Saratoga Senior Loan Fund I JV, LLC

Saratoga Senior Loan Fund I JV,

( 6,323,079 )

$ ( 54,564,070 )

(h) Non-income producing at February 29, 2024.

(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 29, 2024.

$ ( 10,020,844 )

(i) Includes securities issued by an affiliate of the

(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

The fair value of these investments was approximately $18.9 million, which represented 1.7% of the Company’s portfolio (see Note

2 to the consolidated financial statements).

(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 29, 2024.

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

TERM SOFR - The 1 month USD TERM SOFR rate as of February 29, 2024 was 5.32%.

TERM SOFR - The 3 month USD TERM SOFR rate as of February 29, 2024 was 5.33%.

6M USD TERM SOFR - The 6 month USD TERM SOFR rate as of February

29, 2024 was 5.27%.

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

See accompanying notes to consolidated financial statements.

See accompanying notes to

consolidated financial statements.

SARATOGA INVESTMENT CORP.

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(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,

“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.

and completed

the initial public offering (“IPO”) on March 28, 2007.

The Company has elected, and intends to qualify annually, to be treated

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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-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.

SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP Inc.,

SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT, Inc.

and SIA-Vector, Inc., which are structured as Delaware entities that are

treated as corporations for U.S.

federal income tax purposes and are intended to facilitate its compliance with the requirements to be

treated as a RIC under the Code by holding equity or equity-like investments in portfolio companies organized as limited liability companies,

or LLCs (or other forms of pass through entities).

These entities are consolidated for accounting purposes, but are not consolidated

federal income tax purposes and may incur U.S.

federal income tax expenses as a result of their ownership of portfolio companies.

In February 2022, SIA-GH, Inc., SIA-TT Inc.

received an approved plan of liquidation following the sale of equity held by each of the portfolio companies.

In June 2024,

SIA-MAC, Inc.

and SIA-VR, Inc.

were dissolved.

Our wholly owned subsidiaries, Saratoga Investment

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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.

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.

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

Funding III LLC (“SIF III”) for the purpose of the Company’s credit facilities as described in Note 8, Borrowings .

On October 26, 2021, the Company and TJHA JV

I LLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV LLC (“SLF

SLF JV is under joint control and is not consolidated.

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“Trustee”) serving as the trustee.

On September 24, 2025, the Company completed

the first refinancing of SLF 2022.

This refinancing, among other things, extended SLF 2022’s investment period to October 2028.

As part of this refinancing, the Company purchased $ 8.8 million of the SLF 2022-1 Class E-R Notes tranche at par.

Concurrently, the existing

$ 12.3 million of the SLF 2022-1 Class E Notes were repaid.

The Company also paid $ 1.6 million of additional equity investment related

to the refinancing of SLF JV.

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.

The accompanying consolidated financial statements

have been prepared on the accrual basis of accounting in conformity with U.S.

generally accepted accounting principles (“U.S.

GAAP”), are stated in U.S.

Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries,

SIF II, SIF III, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP,

Inc., SIA-PP, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., and SIA-Vector, Inc.

All intercompany accounts and transactions have been

eliminated in consolidation.

All references made to the “Company,” “we,” and “us” herein include Saratoga

Investment Corp.

are stated in U.S.

Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries, SIF II,

SIF III, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH,

Inc., SIA-MDP, Inc., SIA-PP, Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., and SIA-Vector, Inc.

All intercompany

accounts and transactions have been eliminated in consolidation.

All references made to the “Company,” “we,”

and “us” herein include Saratoga Investment Corp.

and its consolidated subsidiaries, except as stated otherwise.

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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 year ended February 28, 2025.

Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment

Companies (“ASC 946”).

There have been no changes to the Company, SIF II, SIF III, SBIC II LP, or SBIC III LP’s

status as investment companies in accordance with ASC 946 during the year ended February 28, 2026.

Principles of Consolidation

6 unchanged sentences

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.

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.

FASB ASC Topic 810, Consolidation (“ASC 810”), concludes that in a joint venture where both members have equal decision-making

authority, it is not appropriate for one member to consolidate the joint venture since neither has control.

Accordingly, the Company

does not consolidate its investment in SLF JV.

Use of Estimates in the Preparation of Financial Statements

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Operating Segment

In accordance with ASC Topic 280, Segment Reporting,

the Company operates through two separate operating segments, with one primary core business segment and one non-core segment, assessed

as immaterial by management, resulting in only one reportable segment.

The Company’s primary core segment invests in various industries

and separately evaluates the performance of each of its investment relationships.

However, because each of these investment relationships

have similar business and economic characteristics, they have been aggregated into a single reportable segment.

The Company’s management

and independent Board of Directors are the Chief Operating Decision Makers (“CODM”).

The Company and the CODM evaluate and

monitor performance of the business on an aggregated basis.

Further, each investment is evaluated and managed using similar processes

and shared operations support functions such as deal origination, underwriting, loan and compliance administration in addition to administrative

functions of human resources, legal, finance and information technology.

As the Company’s operations comprise of a single reporting

segment, the segment assets are reflected on the accompanying consolidated statement of operations.

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”).

and the CODM evaluate and monitor performance of the business on an aggregated basis.

Further, each investment is evaluated and managed

using similar processes and shared operations support functions such as deal origination, underwriting, loan and compliance administration

in addition to administrative functions of human resources, legal, finance and information technology.

As the Company’s operations

comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statement of operations.

The CODM uses our consolidated net investment

income and net increase (decrease) in net assets resulting from operations as reported in the Consolidated Statements of

Operations to assess the Company’s performance and when allocating resources.

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

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(“segment operating expenses”), which are considered the key segment measures of profit or loss received by the CODM.

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.

expense categories included in the Company’s consolidated statement of operations are fully reflective of the significant expense

categories and amounts that are regularly provided to the CODM.

For the years ended 2026, 2025 and 2024, operating expenses totaled $ 12.6

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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.

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

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

As of February 28, 2025, the Company did not exceed

any of these limitations.

As of February 28, 2026, the Company did not

exceed any of these limitations.

Cash and Cash Equivalents, Reserve Accounts

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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.

or other reserved amounts associated with the credit facilities held by the Company’s wholly owned subsidiaries, SIF II and SIF

III, respectively.

The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance

with the terms of the credit facilities, after which these amounts are available for general corporate purposes.

In addition, cash and cash equivalents, reserve

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Cash and cash equivalents, reserve accounts

Total cash and cash equivalents and cash and cash equivalents, reserve accounts

Total cash and cash equivalents and

cash and cash equivalents, reserve accounts

$ 204,723,924

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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.

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.

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.

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

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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.

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;

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.

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

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.

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.

(“Saratoga CLO”), the Class F-2-R-3 Notes of the Saratoga CLO, and the Class E-R Notes of the SLF 2022

every quarter.

In addition, all investments are subject to the

following valuation process:

the audit committee of the Company’s board of directors reviews and approves each preliminary valuation and the Manager and independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee;

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 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;

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

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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.

These techniques include market comparables, the black-scholes model, discounted cash flows and enterprise value waterfalls.

Fair value is best expressed as a range of values from which the Company determines a single best estimate.

The types of inputs and assumptions

that may be considered in determining the range of values of the Company’s investments include the nature and realizable value

of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest

rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted

cash flows and other relevant factors.

The Company’s investments in the subordinated

notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E 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

notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E-R Notes of SLF 2022 are carried at fair value, which is

based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience

and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests

in collateralized loan obligation funds, when available, as determined by the Manager and recommended to the Company’s board of

Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of its

investment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E-R Notes of SLF 2022.

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

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.

independent pricing service contemplates real-time market data and no unobservable inputs or significant judgment has been used by

Saratoga Investment Advisors in the valuation of the Company’s investments in CLO BB and CLO BBB debt, such positions are

considered level II assets.

Because such valuations, and particularly valuations

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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.

Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for

determining whether a fund must determine the fair value of a security.

Rule 31a-4 under the 1940 Act (“Rule 31a-4”) provides

for certain recordkeeping requirements associated with fair value determinations.

While the Company’s board of directors has not

elected to designate Saratoga Investment Advisors as the valuation designee, the Company has established policies and procedures in compliance

with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Derivative Financial Instruments

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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.

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

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has sufficient collateral value and is in the process of collection.

At February 28, 2025 our investment 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.

29, 2024, our investment in one portfolio company was on non-accrual status with a fair value of approximately $ 18.9 million, or 1.7 %

of the fair value of our portfolio.

At February 28, 2026 our investment in one portfolio company and

the Class F-2-R-3 Notes of the Saratoga CLO were on non-accrual status with a fair value of approximately $ 2.0 million,

or 0.2 % of the fair value of our portfolio.

At February 28, 2025, our investment in one portfolio company was on non-accrual status with

a fair value of approximately $ 2.6 million, or 0.3 % of the fair value of our portfolio.

Interest income on our investment in the subordinated

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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

Structuring and advisory fee

income represents various fee income earned and received for performing certain investment structuring and advisory activities during

the closing of new investments.

Other income includes prepayment income fees,

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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

credit facilities and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt

Financing costs incurred in connection with the SBA debentures of SBIC II LP and SBIC III LP are deferred and amortized using

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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.

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

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

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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.

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.

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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.

income tax, and possibly the 4 % U.S.

income in any calendar year, (2) 98.2 % of its capital gain net income for each one-year period ending on October 31and (3) certain undistributed

amounts from previous years on which we paid no U.S.

federal income tax.

Depending on the level of investment company

taxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry

forward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year

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

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.

federal excise tax, if any, on estimated excess taxable

income as taxable income is earned.

For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, the excise tax accrual

on estimated excess taxable income was $ 1.7 million, $ 2.4 million and $ 1.8 million, respectively.

In accordance with U.S.

Treasury regulations and

published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of its

own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution

in either cash or stock of the RIC.

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.

Treasury regulations

and published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of

its own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution

in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must

be at least 20 % of the aggregate distribution.

Under the published guidance, if too many stockholders elect to receive cash, the

cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution

paid in stock).

In no event will any stockholder, electing to receive cash, receive less than 20 % of his or her entire distribution in

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.

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.

federal and state

income tax expense with respect to income derived from those investments.

Such income, net of applicable income taxes, is not included

in the Company’s taxable income until distributed by the Corporate Blocker, which may result in timing and character differences

between the Company’s income for U.S.

GAAP purposes and the Company’s income for U.S.

federal income tax purposes.

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

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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.

We have adopted a dividend reinvestment plan

(“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder

elects to receive cash.

As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who

have not “opted out” of the DRIP by the dividend record date will have their cash dividends automatically reinvested into

additional shares of our common stock, rather than receiving the cash dividends.

We have the option to satisfy the share requirements

of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator.

Capital Gains Incentive Fee

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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.

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

In December 2023, the FASB issued ASU 2023-09,

Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires additional disaggregated information on income

This amended guidance is effective for annual reporting periods beginning after December 15, 2024.

We have adopted ASU 2023-09

effective as of February 28, 2026, and concluded that the application of this guidance did not have a material impact on our consolidated

financial statements.

See Note 6 in Item 8, Financial Statements and Supplementary Data , for further information.

In November 2024, the FASB issued ASU 2024-03,

“Disaggregation of Income Statement Expenses,” which requires additional disclosure of the nature of expenses included in the

income statement in response to requests from investors for more information about an entity’s expenses.

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

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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.

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

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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.

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.

As noted above, the Company values all investments

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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.

Level 1—Valuations based on quoted prices in

active markets for identical assets or liabilities that the Company has the ability to access.

Level 2— Pricing inputs are other than quoted

prices in active markets, which are either directly or indirectly observable as of the reporting date.

Such inputs may be quoted

prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated

by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally

from, or corroborated by, observable market information.

Investments that are generally included in this category include illiquid

debt securities and less liquid, privately held or restricted equity securities, for which some level of recent trading activity

has been observed.

Level 3—Pricing inputs are unobservable for the investment

and includes situations where there is little, if any, market activity for the investment.

The inputs may be based on the Company’s

own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect

specific investment attributes relative to a broader market assumption.

Even if observable market data for comparable performance

or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments

are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows,

etc.) is used in the valuation technique.

We use multiple techniques for determining fair value based on the nature of the investment

and experience with those types of investments and specific portfolio companies.

The selections of the valuation techniques and

the inputs and assumptions used within those techniques often require subjective judgements and estimates.

These techniques include

market comparables, the black-scholes model, discounted cash flows and enterprise value waterfalls.

Fair value is best expressed

as a range of values from which the Company determines a single best estimate.

The types of inputs and assumptions that may be

considered in determining the range of values of our investments include the nature and realizable value of any collateral, the

portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call

and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted

cash flows and other relevant factors.

In addition to using the above inputs in investment

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Second lien term loans

Unsecured loans

Unsecured term loans

Structured finance securities

Equity interests

* 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

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

The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique.

The following table presents fair value measurements of investments,

by major class, as of February 29, 2024 (dollars in thousands), according to the fair value hierarchy:

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

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Second lien term loans

Unsecured loans

Unsecured term loans

Structured finance securities

Equity interests

* 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

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 year ended February 28, 2025 (dollars in thousands):

* 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 year ended February 28, 2026 (dollars in thousands):

First lien term loans

Second lien term loans

Unsecured term loans

Equity interests

Balance as of February 28, 2025

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Net accretion of discount on investments

Net change in unrealized appreciation (depreciation) on investments

Net change in unrealized appreciation (depreciation) on

Sales and repayments

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Balance as of February 28, 2026

Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year

Purchases, PIK and other adjustments to cost include

purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on

debt securities, and PIK interests.

For the year ended February 28, 2025, non-cash restructurings related to two controlled investments

resulting in realized losses of $ 49.1 million were included in net realized (gain) loss from investments on the consolidated statements

of cash flows.

Net change in unrealized appreciation

(depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year

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

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year ended February 28, 2026.

The following table provides a reconciliation of the beginning and

ending balances for investments that use Level 3 inputs for the year ended February 29, 2024 (dollars in thousands):

The following table provides a reconciliation

of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 2025 (dollars in thousands):

First lien term loans

Second lien term loans

Unsecured term loans

Equity interests

Balance as of February 29, 2024

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Net accretion of discount on investments

Net change in unrealized appreciation (depreciation) on investments

Net change in unrealized appreciation (depreciation) on

Sales and repayments

1 unchanged sentence

Balance as of February 28, 2025

Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year

Net change in unrealized appreciation

(depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year

Purchases, PIK and other adjustments to cost include

purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on

debt securities, and PIK interests.

For the year ended February 28, 2025, non-cash restructurings related to two controlled investments

resulting in realized losses of $ 49.1 million were included in net realized (gain) loss from investments on the consolidated statements

of cash flows.

Sales and repayments represent net proceeds received

from investments sold and principal paydowns received during the period.

Transfers and restructurings, if any, are recognized

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inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2026 were as follows (dollars in thousands):

Fair Value Valuation Technique Unobservable Input Range Weighted

Fair Value Valuation Technique Unobservable Input Range Weighted Average*

First lien term loans $ 910,991 Market Comparables Market Yield (%) 8.3 % - 30.9 % 11.1%

Revenue Multiples (x) 2.5 x 2.5x

EBITDA Multiples (x) 12.1 x 12.1x

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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

Equity interests 82,937 Market Comparables Market Yield (%) 13.5 % 0.1%

Enterprise Value Waterfall (x) Revenue Multiples 0.1 x - 8.2 x 6.0x

Black-Scholes Modeling Volatility (%) 38.7 % 38.7%

EBITDA Multiples (x) 0.5 x - 20.0 x 9.4x

Total $ 1,061,187

* The weighted average in the table above is calculated based

on each investment’s fair value weighting, using the applicable unobservable input, excluding the recovery rate for Structured finance

The valuation techniques and significant unobservable inputs used in

recurring Level 3 fair value measurements of assets as of February 29, 2024 were as follows (dollars in thousands):

Fair Value Valuation Technique Unobservable Input Range Weighted

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

The valuation techniques and significant unobservable inputs used

in recurring Level 3 fair value measurements of assets as of February 28, 2025 were as follows (dollars in thousands):

Fair Value Valuation Technique Unobservable Input Range Weighted Average*

First lien term loans $ 867,866 Market Comparables Market Yield (%) 9.8 % - 22.0 % 12.4%

Revenue Multiples (x) 4.6 x – 9.4 x 6.6x

EBITDA Multiples (x) 5.0 x – 6.0 x 5.6x

Third-party bid (x) 3.9 x – 4.2 x 4.0x

Second lien term loans 18,097 Market Comparables Market Yield (%) 19.0 % – 28.3 % 25.5 %

Revenue Multiples (x) 2.5 x 2.5x

EBITDA Multiples (x) 6.8 x 6.8x

Third-party bid (x) 29.7 x 29.7x

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%

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Revenue Multiples (x) 0.1 x - 9.0 x 6.3x

Third-party bid (x) 3.9 x 3.9x

Total $ 974,997

* The weighted average in the table above is calculated based

on each investment’s fair value weighting, using the applicable unobservable input, excluding the recovery rate for Structured

finance securities.

* The weighted average in the table above is calculated

based on each investment’s fair value weighting, using the applicable unobservable

input, excluding the recovery rate for Structured finance securities.

For investments utilizing a market comparables

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For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, and prepayment

rate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in recovery

rate, in isolation, would result in a significantly higher (lower) fair value measurement.

For investments utilizing a market quote, third

party bid or net asset value in deriving a value, a significant increase (decrease) in the market quote, bid or net asset value in isolation,

would result in a significantly higher (lower) fair value measurement.

The composition of our investments as of February 28, 2025 at amortized

cost and fair value was as follows (dollars in thousands):

rate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in

recovery rate, in isolation, would result in a significantly higher (lower) fair value measurement.

For investments utilizing a market

quote, third party bid or net asset value in deriving a value, a significant increase (decrease) in the market quote, bid or net asset

value in isolation, would result in a significantly higher (lower) fair value measurement.

The composition of our investments as of February

28, 2026 at amortized cost and fair value was as follows (dollars in thousands):

Investments at

Amortized Cost

Percentage of

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Percentage of

Total Portfolio

First lien term loans

Second lien term loans

Unsecured loans

Unsecured term loans

Structured finance securities

Equity interests

The composition of our investments as of February 29, 2024 at amortized

cost and fair value was as follows (dollars in thousands):

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

Percentage of

Investments at

Percentage of

First lien term loans

Second lien term loans

Unsecured loans

Unsecured term loans

Structured finance securities

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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

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

valuations of comparable public companies, recent sales of private and public comparable companies, black-scholes modeling, discounting

the forecasted cash flows of the portfolio company, third party valuations of the portfolio company, considering offers from third parties

to buy the company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities

of the portfolio company.

For non-performing investments, the Company may estimate the liquidation or collateral value of the portfolio

company’s assets and liabilities.

The Company also takes into account historical and anticipated financial results.

For CLO BB and CLO BBB debt, the Company determines

the fair value by using recent actual market trades or an independent pricing service.

The valuation methodology of the independent pricing

service includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two

sided markets, as well as transaction activity from comparable securities to those being valued.

The Company’s investments in Saratoga CLO

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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

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

The inputs are based on available market data and projections provided by third parties as well as management estimates.

Company ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 structure, including capital

structure, cost of liabilities and reinvestment period.

The Company uses the output from the Intex models (i.e., the estimated cash flows)

to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in Saratoga CLO

and SLF 2022 at February 28, 2025.

The Company ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 structure, including

capital structure, cost of liabilities and reinvestment period.

The Company uses the output from the Intex models (i.e., the estimated

cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in

Saratoga CLO and SLF 2022 at February 28, 2026.

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

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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.

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

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in SLF JV for more information on Saratoga CLO, SLF JV and SLF 2022, respectively).

As of February 28, 2026, our current total investments

in SAAS companies were $ 559.2 million, or 50.4 % of total investments.

ComForCare Health Care

ComForCare is a franchisor that provides home

care services allowing elderly, physically handicapped, and injured people to live at home.

The Company began franchising the concept

in 2001, which has grown domestically to include 201 territories in 34 states.

Artemis Wax Corp.

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body waxing national chain with more than 800 locations across the country.

Granite Comfort, LP

Granite Comfort, LP is a U.S.

based heating,

ventilation and air conditioning (“HVAC”) company.

The company provides traditional service and replacement of HVAC / plumbing

systems, as well as a rental model that is in the early stages of implementation.]

Investment in Saratoga CLO

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The Saratoga CLO was

initially refinanced in October 2013 with its reinvestment period extended to October 2016.

On November 15, 2016, the Company completed

a second refinancing of the Saratoga CLO with its reinvestment period extended to October 2018.

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, among

other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030 .

Following this refinancing,

the Saratoga CLO portfolio increased its aggregate principal amount from approximately $ 300.0 million to approximately $ 500.0 million

of predominantly senior secured first lien term loans.

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 .

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

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On February 26, 2021, the Company completed the

fourth refinancing of the Saratoga CLO.

This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024,

extended its legal maturity to April 2033, and added a non-call period of February 2022.

In addition, and as part of the refinancing,

the Saratoga CLO was upsized from $ 500 million in assets to approximately $ 650 million.

As part of this refinancing and upsizing, the

Company invested an additional $ 14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $ 17.9 million

in aggregate principal amount of the Class F-R-3 Notes tranche at par.

Concurrently, the existing $ 2.5 million of Class F-R-2 Notes, $ 7.5

million of Class G-R-2 Notes and $ 25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid.

The Company also paid $ 2.6 million of transaction

costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions.

31, 2021, the outstanding receivable of $ 2.6 million was repaid in full.

On August 9, 2021, the Company exchanged its existing

$ 17.9 million Class F-R-3 Note for $ 8.5 million Class F-1-R-3 Notes and $ 9.4 million Class F-2-R-3 Notes at par.

On August 11, 2021, the

Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $ 0.1 million.

On June 10, 2024, the Company completed

its fifth refinancing of the Saratoga CLO.

This refinancing, among other things, did not extend the Saratoga CLO reinvestment period nor

extend its legal maturity, while adjusting the interest rate of two of the existing Notes.

The Issuer issued $ 422.5 million of notes (the

“2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4.

The 2013-1 2024 Reset CLO Notes were issued

pursuant to the Indenture with the same Trustee.

Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing

assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes.

No other Notes were refinanced as part of this

fourth refinancing of the Saratoga CLO, which, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended

its legal maturity to April 2033, and added a non-call period of February 2022.

In addition, and as part of the refinancing, the Saratoga

CLO was upsized from $ 500 million in assets to approximately $ 650 million.

As part of this refinancing and upsizing, the Company invested

an additional $ 14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $ 17.9 million in aggregate

principal amount of the Class F-R-3 Notes tranche at par.

Concurrently with the fourth refinancing of the Saratoga CLO, the existing

$ 2.5 million of Class F-R-2 Notes, $ 7.5 million of Class G-R-2 Notes and $ 25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid.

The Company also paid $ 2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be

reimbursed from future equity distributions.

At August 31, 2021, the outstanding receivable of $ 2.6 million was repaid in full.

On August 9, 2021, the Company exchanged its

existing $ 17.9 million Class F-R-3 Note for $ 8.5 million Class F-1-R-3 Notes and $ 9.4 million Class F-2-R-3 Notes at par.

On August 11,

2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $ 0.1 million.

On June 10, 2024, the Company completed its fifth

refinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes.

Saratoga CLO issued $ 422.5 million of

notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4.

The 2013-1 2024 Reset CLO Notes

were issued pursuant to the Indenture with the same Trustee.

Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along

with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes.

No other Notes were refinanced

as part of this refinancing.

The Saratoga CLO paid $ 0.5 million of transaction costs related to the refinancing.

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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.

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.

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

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As of February 28, 2026, 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

of the subordinated notes, was $ 0.0 million, using a 70 % discount rate.

The Company’s total investment in the subordinate notes

of Saratoga CLO is $ 57.8 million which consists of additional investments of $ 30 million in January 2008, $ 13.8 million in December 2018

and $ 14.0 million in February 2021.

15 unchanged sentences

and incentive fees of $ 1.2 million.

The separate audited financial statements of the

Saratoga CLO as of February 28, 2025 and February 29, 2024, pursuant to Rule 3-09 of SEC rules Regulation S-X, and for the years ended

February 28, 2025, February 29, 2024 and February 28, 2023, are presented on page S-1.

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 February

28, 2025, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $ 17.6 million and $ 2.5 million, respectively;

and membership interest of $ 17.6 million and $ 2.5 million, respectively.

As of February 29, 2024, 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, and February 29, 2024, the Company’s investment in the unsecured note of SLF

JV had a fair value of $ 16.5 million and $ 15.8 million, respectively, and the Company’s investment in the membership interests of

SLF JV had a fair value of $ 3.1 million and $ 9.4 million, respectively.

The Company has determined that SLF JV is an investment

company under ASC 946;

however, in accordance with such guidance the Company will generally not consolidate its investment in a company

other than a wholly owned investment company subsidiary.

SLF JV is not a wholly owned investment company subsidiary as the Company and

TJHA each have an equal 50 % voting interest in SLF JV and thus neither party has a controlling financial interest.

Furthermore, ASC 810

concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate

the joint venture since neither has control.

Accordingly, the Company does not consolidate SLF JV.

For the year ended February 28, 2025, the Company

earned approximately $ 1.8 million of interest income related to SLF JV, which is included in interest income on the Statement of Operations.

As of February 28, 2025, approximately $ 0.2 million of interest income related to SLF JV was included in interest receivable on the Statements

of Assets and Liabilities.

For the year ended February 29, 2024, the Company

earned approximately $ 1.8 million of interest income related to SLF JV, which is included in interest income on the Statement of Operations.

As of February 29, 2024, approximately $ 0.2 million of interest income related to SLF JV was included in interest receivable on the Statements

of Assets and Liabilities.

For the year ended February 28, 2023 the Company

earned approximately $ 1.5 million of interest income related to SLF JV, which is included in interest income on the Statements of

As of February 28, 2023, approximately $ 0.4 million of interest income related to SLF JV was included in interest receivable

on the Statements of Assets and Liabilities.

For the years ended February 28, 2025, and February

29, 2024 and 2023, the Company earned approximately $ 4.0 million, $ 5.9 million and $ 0.0 million of dividend related to SLF JV, which is

included in dividend income on control investments.

SLF JV’s initial investment in SLF 2022

was in the form of an unsecured loan.

The unsecured loan paid a floating rate of LIBOR plus 7.00 % per annum and was paid in full on June

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.

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.

The Company has elected and intends to operate

so as to qualify annually to be taxed as a RIC under Subchapter M of the Code and, as such, will not be subject to U.S.

federal income

tax on the portion of taxable income and gains timely distributed to stockholders.

The Company owns 100 % of Saratoga CLO, an exempted

company incorporated in the Cayman Islands.

For financial reporting purposes, the Saratoga CLO is not included as part of the consolidated

financial statements.

federal income tax purposes, the Company has requested and received approval from the IRS to treat the

Saratoga CLO as a disregarded entity.

As such, for U.S.

federal income tax purposes and for purposes of meeting the RIC qualification

and diversification tests, the results of operations of the Saratoga CLO are included with those of the Company to qualify as a RIC.

the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90 % of its

investment company taxable income, as defined by the Code.

federal income tax regulations differ from U.S.

GAAP, distributions

as required in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting

Differences between these distributions and U.S.

GAAP financial results may be permanent or temporary in nature.

Permanent differences

are reclassified among capital accounts in the consolidated financial statements to reflect their tax character.

Differences in classification

may also result from the treatment of short-term gains as ordinary income for U.S.

federal income tax purposes.

As of February 28, 2025

and February 29, 2024, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to nondeductible U.S.

federal excise and capital gains tax and income from wholly owned investments (dollars in thousands):

Capital in excess of par value

Below is certain financial information from the

separate financial statements of Saratoga CLO as of February 28, 2026 and February 28, 2025.

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Statements of Assets and Liabilities

Investments at fair value

Loans at fair value (amortized cost of $ 381,488,638 and $ 517,757,349 , respectively)

$ 353,285,019

$ 490,510,660

Equities at fair value (amortized cost of $ 1,324,217 and $ 2,578,454 , respectively)

Total investments at fair value (amortized cost of $ 382,812,855 and $ 520,335,803 , respectively)

Cash and cash equivalents

Receivable from open trades

Interest receivable (net of reserve of $ 817,651 and $ 1,121,546 , respectively)

Due from affiliate (See Note 7)

Prepaid expenses and other assets

$ 389,581,939

$ 517,088,783

Interest payable

Accrued base management fee

Accrued subordinated management fee

Accounts payable and accrued expenses

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Class A-1-R-4 Senior Secured Floating Rate Notes

Class A-2-R-4 Senior Secured Floating Rate Notes

Class B-FL-R-3 Senior Secured Floating Rate Notes

Class B-FXD-R-3 Senior Secured Fixed Rate Notes

Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes

Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes

Class D-R-3 Deferrable Mezzanine Floating Rate Notes

Discount on Class D-R-3 Notes

Class E-R-3 Deferrable Mezzanine Floating Rate Notes

Discount on Class E-R-3 Notes

( 1,786,533 )

( 2,036,565 )

Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes

Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes

Deferred debt financing costs

( 1,081,116 )

( 1,229,456 )

Subordinated Notes

Discount on Subordinated Notes

( 28,255,929 )

( 32,210,459 )

Total liabilities

Commitments and contingencies

Ordinary equity, par value $ 1.00 , 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively

Total distributable earnings (loss)

For U.S federal income tax purposes, distributions

paid to shareholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The tax character

of distributions paid for the years ended February 28, 2025, February 29, 2024 and February 28, 2023 was as follows (dollars in thousands):

Ordinary income

Capital gains

federal income tax purposes, as of February

28, 2025, the aggregate net unrealized depreciation for all securities was $ 4.0 million.

The aggregate cost of securities for U.S.

income tax purposes was $ 1.5 billion.

federal income tax purposes, as of February

29, 2024, the aggregate net unrealized depreciation for all securities was $ 39.7 million.

The aggregate cost of securities for U.S.

income tax purposes was $ 1.8 billion.

As of February 28, 2025 and February 29, 2024,

the components of accumulated losses on a tax basis as detailed below differ from the amounts reflected per the Company’s consolidated

statements of assets and liabilities by temporary book/tax differences primarily arising from the consolidation of the Saratoga CLO for

U.S federal tax purposes, market discount and original issue discount income, interest income accrual on defaulted bonds, write-off of

investments, and amortization of organizational expenditures and partnership interests (dollars in thousands).

Post October loss deferred

Accumulated capital losses

Other temporary differences

Undistributed Long Term Gain

Undistributed ordinary income

Unrealized appreciation (depreciation)

Total components of accumulated losses

At February 28, 2025, the Company had a short-term

capital loss of $ 0.0 million and a long-term capital loss of $ 73.0 million, available to offset future capital gains.

At February 28,

2025 the company did not utilize any short-term capital losses or long-term capital losses.

Post RIC-modernization act losses are deemed

to arise on the first day of the Company’s following fiscal year and there is no expiration for these losses.

As of February 29,

2024, the Company had net long-term capital losses of $ 19.9 million.

Depending on the level of taxable income earned

in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions into the next tax

year and pay a 4.0 % U.S.

federal excise tax on such income, as required.

To the extent that the Company determines that its estimated

current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company

accrues excise tax, if any, on estimated excess taxable income as taxable income is earned.

For the calendar years ended December 31,

2024 and December 31, 2023, the Company did not distribute at least 98 % of its ordinary income and 98.2 % of its capital gains and accrued

$ 2.4 million and $ 1.8 million in U.S.

federal excise taxes on undistributed taxable income for the years ended February 28, 2025 and February

29, 2024 , respectively.

Management has analyzed the Company’s tax

positions taken on U.S.

federal income tax returns for all open years (fiscal years 2021- 2024) and has concluded that no provision

for uncertain income tax positions is required in the Company’s consolidated financial statements.

SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc.,

SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., and SIA-Vector, Inc.

100 % owned by the Company, are each filing standalone C Corporation tax returns for U.S.

federal and state tax purposes.

As separately

regarded entities for tax purposes, these entities are subject to U.S.

federal income tax at corporate rates.

For tax purposes, any distributions

by the entities to the parent company would generally need to be distributed to the Company’s shareholders.

Generally, such distributions

of the entities’ income to the Company’s shareholders will be considered as qualified dividends for tax purposes.

The entities’

taxable net income will differ from U.S.

GAAP net income because of deferred tax temporary differences arising from net operating losses

and unrealized appreciation and deprecation of securities held.

Deferred tax assets and liabilities are measured using enacted corporate

federal and state tax rates expected to apply to taxable income in the years in which those net operating losses are utilized and the

unrealized gains and losses are realized.

Deferred tax assets and deferred tax liabilities are netted off by entity, as allowed.

The recoverability

of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion

of the deferred tax asset will not be realized on the basis of a history of operating losses combined with insufficient projected taxable

income or other taxable events in the Corporate Blockers.

In February 2022, SIA-GH, Inc., SIA-TT Inc.

and SIA-VR, Inc.

received an approved

plan of liquidation following the sale of equity held by each of the portfolio companies.

In June 2024, SIA-MAC, Inc.

and SIA-VR, Inc.

were dissolved.

The Company’s V Rental Holdings LLC Class

A-1 membership units were sold during the year ended February 28, 2022.

The entity which held this investment, SIA-VR, Inc.

in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

The Company’s Texas Teachers of Tomorrow,

LLC common stock was sold during the year ended February 28, 2022.

The entity which held this investment, SIA-TT, Inc.

will remain in

existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

The Company’s GreyHeller LLC Series A preferred

units was sold during the year ended February 28, 2022.

The entity which held this investment, SIA-TT, Inc.

will remain in existence for

a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

The Company may distribute a portion of its realized

net long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a portion,

or all, of its net capital gains and elect to pay the 21 % U.S.

federal tax on the net capital gain, potentially in the form of a “deemed

distribution” to its stockholders.

Income tax (provision) relating to an election to retain its net capital gains, including

in the form of a deemed distribution, is included as a component of income tax (provision) benefit from realized gains on investments,

depending on the character of the underlying taxable income (ordinary or capital gains), on the consolidated statements of operations.

Deferred tax assets and liabilities, and related

valuation allowances, as of February 28, 2025 and February 29, 2024, were as follows:

Total deferred tax assets

Total deferred tax liabilities

( 104,122,803 )

( 86,654,925 )

Valuation allowance on net deferred tax assets

Total net deficit

( 104,122,553 )

( 86,654,675 )

Net deferred tax liability

Total liabilities and net assets

$ 389,581,939

$ 517,088,783

As of February 28, 2025, the valuation allowance

on deferred tax assets was $ 1.7 million, which represents the federal and state tax effect of net operating losses and unrealized losses

that we do not believe we will realize through future taxable income.

Any adjustments to the Company’s valuation allowance will

depend on estimates of future taxable income and will be made in the period such determination is made.

Net deferred tax expense (benefit) for the year

ended February 28, 2025 includes $ 1.1 million net change in unrealized appreciation (depreciation) on investments and $ 0.4 million net

change in total operating expense (benefit), in the consolidated statement of operations, respectively.

Net deferred tax expense (benefit) for the year

ended February 29, 2024 includes $ 0.9 million net change in unrealized appreciation (depreciation) on investments and $ 0.04 million net

change in total operating expense (benefit), in the consolidated statement of operations, respectively.

Net deferred tax expense (benefit) for the year

ended February 28, 2023 includes $ 1.7 million net change in unrealized appreciation (depreciation) on investments and $( 0.2 ) million net

change in total operating expense, in the consolidated statement of operations, respectively.

Deferred tax temporary differences may include

differences for state taxes and joint venture interests.

Federal and state income tax provisions (benefits) on investments are

See accompanying notes to financial statements.

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Statements of Operations

For the years ended

INVESTMENT INCOME

Total interest from investments

Interest from cash and cash equivalents

Total investment income

Interest and debt financing expenses

Base management fee

Subordinated management fee

Professional fees

Trustee expenses

Other expense

Total expenses

NET INVESTMENT INCOME (LOSS)

REALIZED AND UNREALIZED LOSS ON INVESTMENTS

Net realized loss from investments

( 19,310,824 )

Net current expense

Net deferred expense

Net tax provision

The Company has remaining federal net operating loss carryforwards

of $ 1.3 million with an indefinite life.

In addition, the Company has state net operating loss carryforwards of $ 0.6 million, which begin

to expire in fiscal year 2029.

Income tax expense was computed by applying the

federal statutory rate of 21 % combined with the weighted average state tax rate applicable to each Corporate Blocker based on the

states they operate in.

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.

recently, on July 8, 2024, the Company’s board of directors approved the renewal of the Management Agreement for an additional one-year

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

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

Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May

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,

In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized

gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date.

For the years ended February 28, 2025, February

29, 2024 and February 28, 2023, the Company incurred $ 18.4 million, $ 19.2 million and $ 16.4 million in base management fees, respectively.

For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, the Company incurred $ 13.2 million, $ 13.0 million and

$ 6.8 million in incentive fees related to pre-incentive fee net investment income.

For the years ended February 28, 2025, February 29,

2024 and February 28, 2023, the Company accrued $( 5.9 ) million, $( 8.3 ) million and $( 1.8 ) million, respectively, in incentive fees related

to capital gains.

The accrual is calculated using both realized

and unrealized capital gains for the period.

The actual incentive fee related to capital gains will be determined and payable in arrears

at the end of the fiscal year and will include only realized capital gains for the period.

As of February 28, 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.

As of February 29, 2024, the base management fees accrual was $ 5.0

million and the incentive fees accrual was $ 3.2 million and are included in base management and incentive fees payable in the accompanying

consolidated statements of assets and liabilities.

Administration Agreement

On July 30, 2010, the Company entered into a separate

administration agreement (the “Administration Agreement”) with the Manager, pursuant to which the Manager, as the Company’s

administrator, has agreed to furnish the Company with the facilities and administrative services necessary to conduct day-to-day operations

and provide managerial assistance on the Company’s behalf to those portfolio companies to which the Company is required to provide

such assistance.

The initial term of the Administration Agreement was two years from its effective date, with one-year renewals thereafter

subject to certain approvals by the Company’s board of directors and/or the Company’s stockholders, with the most renewal

occurring on July 8, 2024.

Since its inception the amount of expenses payable or reimbursable by the Company under the Administration

Agreement has been subject to a cap that is reviewed annually in connection with the renewal of the Administration Agreement.

Most recently,

on August 1, 2024, the Company’s board of directors approved the renewal of the Administration Agreement for an additional one-year

term and determined to increase the cap on the payment or reimbursement of expenses by the Company from $ 4.3 million to $ 5.0 million,

effective August 1, 2024.

The Company’s board of directors will continue to assess the cap on payment or reimbursement of expenses

on an annual basis.

For the years ended February 28, 2025, February

29, 2024 and February 28, 2023, we recognized $ 4.7 million, $ 3.9 million and $ 3.2 million in administrator expenses, respectively, pertaining

to bookkeeping, recordkeeping and other administrative services provided to us in addition to our allocable portion of rent and other

overhead related expenses.

As of February 28, 2025, $ 0.3 million of administrator expenses were accrued and included in due to Manager

in the accompanying consolidated statements of assets and liabilities.

As of February 29, 2024, $ 0.5 million of administrator expenses

were accrued and included in due to Manager in the accompanying consolidated statements of assets and liabilities.

On December 14, 2018, the Company completed the

third refinancing and issuance of the 2013-1 Reset CLO Notes.

This refinancing, among other things, extended the Saratoga CLO reinvestment

period to January 2021, and extended its legal maturity to January 2030.

In addition, and as part of the refinancing, the Saratoga CLO

has also been upsized from $ 300 million in assets to approximately $ 500 million.

In conjunction with the third refinancing and

issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to receive an incentive management fee

from Saratoga CLO.

Investment in Saratoga CLO for additional information.

On February 26, 2021, the Company completed the

fourth refinancing of the Saratoga CLO.

This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024,

extended its legal maturity to April 2033, and extended the non-call period to February 2022.

In addition, and as part of the refinancing,

the Saratoga CLO was upsized from $ 500 million in assets to approximately $ 650 million.

As part of this refinancing and upsizing, the

Company invested an additional $ 14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $ 17.9 million

in aggregate principal amount of the Class F-R-3 Notes tranche at par.

Concurrently, the existing $ 2.5 million of Class F-R-2 Notes, $ 7.5

million of Class G-R-2 Notes and $ 25.0 million CLO 2013-1 Warehouse 2 Loan were repaid.

The Company also paid $ 2.6 million of transaction

costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions.

30, 2021, the outstanding receivable of 2.6 million was repaid in full.

On August 9, 2021, the Company exchanged its existing

$ 17.9 million Class F-R-3 Notes for $ 8.5 million Class F-1-R-3 Notes and $ 9.4 million Class F-2-R-3 Notes at par.

On August 11, 2021,

the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $ 0.1 million.

On June 10, 2024, the Company completed its fifth

refinancing of the Saratoga CLO.

This refinancing, among other things, did not extend the Saratoga CLO reinvestment period nor extend

its legal maturity, while adjusting the interest rate of two of the existing Notes.

The Issuer issued $ 422.5 million of notes, consisting

of Class A-1-R-4 and Class A-2-R-4.

The 2013-1 2024 Reset CLO Notes were issued pursuant to the Indenture with the same Trustee.

of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing assets of the Saratoga CLO to redeem the existing Class

A-1-R-3 and Class A-2-R-3 Notes.

No other Notes were refinanced as part of this refinancing.

The Saratoga CLO paid $ 0.5 million of transaction

costs related to the refinancing.

As of February 28, 2025, and February 29, 2024,

the Company’s investment in the Class F-2-R-3 Note of the Saratoga CLO had a fair value of $ 2.3 million and $ 8.9 million, respectively.

In addition, the Company has no outstanding receivable balance from the Class F-2-R-3 Note of the Saratoga CLO, as of February 28, 2025.

For the years ended February 28, 2025, February

29, 2024, and February 28, 2023, we recognized $ 1.5 million, $ 1.5 million and $ 1.2 million in interest income, respectively, related to

the Class F-2-R-3 Note of the Saratoga CLO.

As of February 28, 2025, and February 29, 2024,

the Company’s investment in the Subordinated Note of the Saratoga CLO had a fair value of $ 0.2 million and $ 9.5 million, respectively.

In addition, the Company has no outstanding receivable balance from the Subordinated Note of the Saratoga CLO, as of February 28, 2025.

For the years ended February 28, 2025, February

29, 2024, and February 28, 2023, we recognized $ 3.1 million, $ 3.3 million and $ 3.3 million in management fee income, respectively, related

to the Subordinated Note of the Saratoga CLO.

For the years ended February 28, 2025, February

29, 2024, and February 28, 2023, we recognized $ 0.0 million, $ 0.0 million and $ 1.2 million in interest income, respectively, related to

the Subordinated Note of the Saratoga CLO.

For the years ended February 28, 2025, February

29, 2024, and February 28, 2023, the Company neither bought nor sold any investments from the Saratoga CLO.

On October 26, 2021, the Company and TJHA entered

into an LLC Agreement to co-manage the SLF JV.

SLF JV is a joint venture that invests in the debt or equity interests of collateralized

loan obligations, loan, notes and other debt instruments.

The Company records interest income from its investment in an unsecured loan

with SLF JV on an accrual basis and records dividend income from its membership interest when earned.

All operating decisions are shared

with a 50 % voting interest in SLF JV.

On October 28, 2022, SLF 2022 issued $ 402.1 million

of the 2022 JV CLO Notes through the JV CLO trust.

The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee.

As of February 28, 2025 and February 29, 2024

respectively, the Company’s investment in the SLF JV had a fair value of $ 19.6 million and $ 25.2 million, consisting of an unsecured

loan of $ 16.5 million and $ 15.8 million, and membership interest of $ 3.1 million and $ 9.4 million.

In addition, approximately $ 0.2 million

and $ 0.3 million of interest income related to SLF JV was included in interest receivable on the Statement of Assets and Liabilities.

For the years ended February 28, 2025, February

29, 2024, and February 28, 2023, we recognized $ 1.8 million, $ 1.8 million and $ 1.5 million in interest income on the consolidated statement

of operations, respectively, related to the SLF JV.

For the years ended February 28, 2025, February

29, 2024, and February 28, 2023, we recognized $ 4.0 million, $ 5.9 million and $ 0.0 million of dividend income on the consolidated statement

of operations, respectively, related to the SLF JV.

As part of the JV CLO trust transaction, the

Company purchased 87.50 % of the Class E Notes from SLF 2022 with a principal value of $ 12.3 million and fair value of $ 12.3 million,

respectively.

As a BDC, we are only allowed to employ leverage

to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200 % after giving effect to such leverage, or, 150 %

if certain requirements under the 1940 Act are met.

On April 16, 2018, as permitted by the Small Business Credit Availability Act, which

was signed into law on March 23, 2018, our board of directors, including a majority of our directors who are not “interested persons”

(as defined in Section 2(a)(19) of the 1940 Act”) of the Company (“independent directors”), approved a minimum asset

coverage ratio of 150 %.

The 150 % asset coverage ratio became effective on April 16, 2019.

The amount of leverage that we employ at any

time depends on our assessment of the market and other factors at the time of any proposed borrowing.

Our asset coverage ratio, as defined

in the 1940 Act, was 162.9 % as of February 28, 2025 and 161.1 % as of February 29, 2024.

Revolving Credit Facilities and Term Facility

On April 11, 2007, we entered into a $ 100.0 million

revolving securitized credit facility (the “Revolving Facility”).

On May 1, 2007, we entered into a $ 25.7 million term securitized

credit facility (the “Term Facility” and, together with the Revolving Facility, the “Facilities”), which was fully

drawn at closing.

In December 2007, we consolidated the Facilities by using a draw under the Revolving Facility to repay the Term Facility.

In response to the market wide decline in financial asset prices, which negatively affected the value of our portfolio, we terminated

the revolving period of the Revolving Facility effective January 14, 2009 and commenced a two-year amortization period during which all

principal proceeds from the collateral were used to repay outstanding borrowings.

A significant percentage of our total assets had been

pledged under the Revolving Facility to secure our obligations thereunder.

Under the Revolving Facility, funds were borrowed from or through

certain lenders and interest was payable monthly at the greater of the commercial paper rate and our lender’s prime rate plus 4.00%

plus a default rate of 2.00% or, if the commercial paper market was unavailable, the greater of the prevailing LIBOR rates and our lender’s

prime rate plus 6.00% plus a default rate of 3.00%.

Madison Credit Facility

On July 30, 2010, we used the net proceeds from

(i) the stock purchase transaction and (ii) a portion of the funds available to us under the $ 45.0 million senior secured revolving credit

facility with Madison Capital Funding LLC (the “Madison Credit Facility”), in each case, to pay the full amount of principal

and accrued interest, including default interest, outstanding under the Revolving Facility.

As a result, the Revolving Facility was terminated

in connection therewith.

Substantially all of our total assets, other than those held by SBIC LP, SBIC II LP and SBIC III LP, were pledged

under the Madison Credit Facility to secure our obligations thereunder.

On October 4, 2021, all outstanding amounts on

the Madison Credit Facility were repaid and the Madison Credit Facility was terminated.

The repayment and termination of the Madison Credit

Facility resulted in a realized loss on the extinguishment of debt of $ 0.8 million.

Encina Credit Facility

On October 4, 2021, the Company entered into the

Credit and Security Agreement (the “Encina Credit Agreement”) relating to a $ 50.0 million senior secured revolving credit

facility with Encina, supported by loans held by SIF II and pledged to the Encina Credit Facility.

The terms of the Encina Credit Facility

required a minimum drawn amount of $ 12.5 million at all times during the first six months following the closing date, which increased

to the greater of $ 25.0 million or 50 % of the commitment amount in effect at any time thereafter.

Advances under the Encina Credit Facility

originally bore interest at a floating rate per annum equal to LIBOR plus 4.0 %, with LIBOR having a floor of 0.75 %, with customary provisions

related to the selection by Encina and the Company of a replacement benchmark rate.

On January 27, 2023,

we entered into the first amendment to the Encina Credit Agreement to, among other things:

● increase the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million;

change the underlying benchmark used to compute interest under the Encina Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment;

increase the applicable effective margin rate on borrowings from 4.00% to 4.25%;

extend the revolving period from October 4, 2024 to January 27, 2026;

extend the period during which the borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase, a “Facility Increase”) from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant to the Encina Facility Increase from $75.0 million to $150.0 million;

revise the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved;

amend the provisions permitting the borrower to request an extension in the Commitment Termination Date (as defined in the Encina Credit Agreement) to allow requests to extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date, subject to a notice requirement.

In addition to any fees or other amounts payable

under the terms of the Encina Credit Facility, an administrative agent fee per annum equal to $ 0.1 million is payable in equal

monthly installments in arrears.

As of February 28, 2025 and February 29, 2024,

there were $ 32.5 million and $ 35.0 million outstanding borrowings under the Encina Credit Facility.

During the applicable periods, the

Company was in compliance with all of the limitations and requirements under the Encina Credit Agreement.

Financing costs of $ 2.0 million

related to the Encina Credit Facility have been capitalized and are being amortized over the term of the facility, with all existing financing

costs amortized through January 27, 2026 from the date of the amendment and extension .

the years ended February 28, 2025, February 29, 2024 and February 28, 2023, we recorded $ 3.4 million, $ 3.9 million and 2.0 million of

interest expense related to the Encina Credit Facility and the Madison Credit Facility, respectively, which includes commitment and administrative

For the years ended February 28, 2025, February

29, 2024 and February 28, 2023, we recorded $ 0.5 million, $ 0.5 million and $ 0.5 million of amortization of deferred financing costs related

to the Encina Credit Facility and Madison Credit Facility, respectively.

Interest expense and amortization of deferred financing costs

are reported as interest and debt financing expenses on the consolidated statements of operations.

For the fiscal year ended February

28, 2025, the average borrowings outstanding and the weighted average interest rate on outstanding borrowings under the Encina Credit

Facility was approximately $ 33.1 million and 9.49 %, respectively.

For the fiscal year ended February 29, 2024, the average borrowings

outstanding and the weighted average interest rate on outstanding borrowings under the Encina Credit Facility was approximately $ 37.9

million and 9.66 %, respectively.

For the fiscal year ended February 28, 2023, the average borrowings outstanding and the weighted average

interest rate on outstanding borrowings under the Encina Credit Facility and the Madison Credit Facility were approximately $ 26.3 million

and 6.72 %, respectively.

The Encina Credit Facility contains limitations

as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination

and collateral interests.

The Encina Credit Facility also includes certain requirements relating to portfolio performance, the violation

of which could result in the limit of further advances and, in some cases, result in an event of default, allowing the lenders to accelerate

repayment of amounts owed thereunder.

Availability on the Encina Credit Facility will be subject to a borrowing base calculation, based

on, among other things, applicable advance rates (which vary from 50.0% to 75.0% of par or fair value depending on the type of loan asset)

and the value of certain “eligible” loan assets included as part of the borrowing base.

Funds may be borrowed at the greater

of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%.

In addition, the Company will pay the lender a commitment

fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the

unused amount of the Encina Credit Facility.

Our borrowing base under the Encina Credit Facility

was $ 78.6 million subject to the Encina Credit Facility cap of $ 65.0 million at February 28, 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 February 28, 2025 borrowing base relies upon the

valuations set forth in the Quarterly Report on Form 10-Q for the period ended November 30, 2024.

The valuations presented in this Quarterly

Report on Form 10-Q will not be incorporated into the borrowing base until after this Annual Report on Form 10-K 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 equityholder, the lenders from time to time parties thereto,

Live Oak, as administrative agent and collateral agent, U.S.

Bank National Association, as custodian, and U.S.

Bank Trust Company, National

Association, as collateral administrator, relating to Live Oak Credit Facility.

The Live Oak Credit Facility originally provided

for borrowings in U.S.

dollars in an aggregate amount of up to $ 50.0 million.

During the first two years following the closing date,

SIF III may request one or more increases in the commitment amount from $ 50.0 million to an amount not to exceed $ 150.0 million,

subject to certain terms and conditions and a customary fee.

The terms of the Live Oak Credit Agreement require a minimum drawn amount

of $ 12.5 million at all times during the period ending March 27, 2025 and, thereafter, the greater of:

(i) $ 25.0 million and

(ii) 50 % of the facility amount in effect at such time.

The Live Oak Credit Facility matures on March 27, 2027.

Advances are available

during the term of the Live Oak Credit Facility and must be repaid in full at maturity.

SIF III may request an extension of the maturity

date by an additional one year, subject to the agreement of the lenders and an extension fee.

On June 14, 2024, the Company entered into the

first amendment to the Live Oak Credit Agreement (the “Amendment”).

The Amendment, among other things:

● 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;

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

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;

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.

SIF III’s obligations to the lenders under the Live Oak Credit Facility are secured by a pledge by the Company of its equity interests

in SIF III, which is evidenced by the equity pledge agreement, dated as of March 27, 2024, by and between the Company, as pledgor, and

Live Oak, as collateral agent for the benefit of the secured parties.

In connection with the Live Oak Credit Agreement,

the Company entered into a loan sale and contribution agreement with SIF III, dated as of March 27, 2024, by and between the Company,

as seller, and SIF III, as purchaser, pursuant to which the Company will sell or contribute certain loans held by the Company to SIF III

to be used to support the borrowing base under the Live Oak Credit Facility.

The Live Oak Credit Facility permits loan proceeds and excess

cash in SIF III’s collection accounts to be distributed to us at any time based on three business days advance notice, subject to

compliance with various conditions, including the absence of a default or event of default, the absence of an over-advance against the

borrowing base and the absence of a violation of the financial covenants.

As of February 28, 2025 there was $ 20.0 million

in outstanding borrowings under the Live Oak Credit Facility.

During the applicable period, the Company was in compliance with all of

the limitations and requirements under the Live Oak Credit Agreement.

Our borrowing base under the Live Oak Credit Facility

was $ 86.9 million subject to the Live Oak Credit Facility cap of $ 75.0 million at February 28, 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 February 28, 2025 borrowing base relies upon the

valuations set forth in the Quarterly Report on Form 10-Q for the period ended November 30, 2024.

The valuations presented in this Quarterly

Report on Form 10-Q will not be incorporated into the borrowing base until after this Annual Report on Form 10-K is filed with the SEC.

SBA Debentures

The Company’s wholly owned subsidiaries,

SBIC II LP and SBIC III LP, received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively.

Each of the SBIC

Subsidiaries provide up to $ 175.0 million in long-term capital in the form of debentures guaranteed by the SBA.

The Company’s wholly

owned subsidiary, SBIC LP, repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing

the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company.

Under current SBIC

regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $ 350.0 million.

SBICs are designed to stimulate the flow of private

equity capital to eligible small businesses.

Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the

equity securities of small businesses.

Under present SBA regulations, eligible small businesses include businesses that have a tangible

net worth not exceeding $ 24.0 million and have average annual fully taxed net income not exceeding $ 8.0 million for the two most recent

fiscal years.

In addition, an SBIC must devote 25.0 % of its investment activity to “smaller enterprises” as defined by the

A smaller enterprise is one that has a net worth not exceeding $ 6.0 million and has average annual fully taxed net income not exceeding

$ 2.0 million for the two most recent fiscal years.

SBA regulations also provide alternative size standard criteria to determine eligibility,

which depend on the industry in which the business is engaged and are based on such factors as the number of employees and gross sales.

According to SBA regulations, SBICs may make long-term loans to small businesses, invest in the equity securities of such businesses and

provide them with consulting and advisory services.

The SBIC Subsidiaries are able to borrow funds

from the SBA against each SBIC’s regulatory capital (which generally approximates equity capital in the respective SBIC).

Subsidiaries are subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA and requirements

to maintain certain minimum financial ratios and other covenants.

Receipt of an SBIC license does not assure that the SBIC Subsidiaries

will receive SBA-guaranteed debenture funding, which is dependent upon the SBIC Subsidiaries complying with SBA regulations and policies.

The SBA, as a creditor, will have a superior claim to each SBIC Subsidiary’s assets over the Company’s stockholders and debtholders

in the event that the Company liquidates such SBIC Subsidiary or the SBA exercises its remedies under the SBA-guaranteed debentures issued

by the SBIC Subsidiary upon an event of default.

The Company received exemptive relief from the

SEC to permit it to exclude the debentures guaranteed by the SBA of the SBIC Subsidiaries from the definition of senior securities in

the asset coverage test under the 1940 Act.

This allows the Company increased flexibility under the asset coverage requirement by permitting

it to borrow up to $ 350.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

As of February 28, 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.

At February 28, 2025 and February 29, 2024, there

was $ 170.0 million and $ 214.0 million outstanding of SBA debentures, respectively.

The carrying amount of the amount outstanding of SBA

debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage and would be classified

as a Level 3 liability within the fair value hierarchy.

Financing costs of $ 5.0 million, $ 6.0 , and $ 0.4 million related to the SBA debentures

issued by SBIC LP, SBIC II LP and SBIC III LP, respectively, have been capitalized and are being amortized over the term of the commitment

and drawdown.

During the year ended February 28, 2025, the Company repaid $ 44.0 million of SBA debentures in SBIC II LP, resulting in

a realized loss on extinguishment of $ 0.8 million related to the acceleration of deferred debt financing costs.

For the years ended February 28, 2025, February

29, 2024 and February 28, 2023, we recorded $ 7.1 million, $ 6.2 million and $ 6.4 million of interest expense related to the SBA debentures,

respectively.

For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, we recorded $ 0.9 million, $ 1.0 million and

$ 1.0 million of amortization of deferred financing costs related to the SBA debentures, respectively.

Interest expense and amortization

of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations.

average interest rate during the years ended February 28, 2025, February 29, 2024 and February 28, 2023 on the outstanding borrowings

of the SBA debentures was 3.32 %, 3.08 % and 2.78 %, respectively.

During the years ended February 28, 2025 and February 29, 2024, the average

dollar amount of SBA debentures outstanding was $ 213.8 million and $ 202.5 million, respectively.

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.

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.

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 February 28, 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.

amount of the outstanding 7.75% 2025 Notes had a fair value of $ 5.0 million, which is based on a market yield analysis and would be

classified as a Level 3 liability within the fair value hierarchy.

As of February 29, 2024, the total amount of 7.75% 2025 Notes outstanding

was $ 5.0 million, and they had a fair value of $ 5.0 million, which is based on a market yield analysis and would be classified as a Level

3 liability within the fair value hierarchy.

For the years ended February 28, 2025 and February

29, 2024, we recorded $ 0.4 million and $ 0.4 million, respectively, of interest expense and $ 0.05 million and $ 0.05 million, respectively,

of amortization of deferred financing costs related to the 7.75% 2025 Notes.

Interest expense and amortization of deferred financing costs

are reported as interest and debt financing expense on the consolidated statements of operations.

For the year ended February 28, 2025

and February 29, 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.

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 February 28, 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.

amount of the outstanding 6.25% 2027 Notes had a fair value of $ 14.5 million, which is based on a market yield analysis and would be

classified as a Level 3 liability within the fair value hierarchy.

As of February 29, 2024, the total amount of 6.25% 2027 Notes outstanding

was $ 15.0 million, and they had a fair value of $ 14.2 million, which is based on a market yield analysis and would be classified as a

Level 3 liability within the fair value hierarchy.

For the years ended February 28, 2025 and February

29, 2024, we recorded $ 0.9 million and $ 0.9 million, respectively, of interest expense and $ 0.07 million and $ 0.07 million, respectively,

of amortization of deferred financing costs related to the 6.25% 2027 Notes.

Interest expense and amortization of deferred financing cost

are reported as interest and debt financing expense on the consolidated statements of operations.

For the year ended February 28, 2025

and February 29, 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 in 2026 (the “4.375% 2026 Notes”) for net proceeds of $ 49.0 million

after deducting underwriting commissions of approximately $ 1.0 million.

Offering costs incurred were approximately $ 0.3 million.

Interest on the 4.375% 2026 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year.

4.375% 2026 Notes mature on February 28, 2026 and may be redeemed in whole or in part at any time on or after November 28, 2025 at par

plus a “make-whole” premium, and thereafter at par.

The net proceeds from the offering were used for general corporate purposes

in accordance with the Company’s investment objective and strategies.

Financing costs of $ 1.3 million related to the 4.375%

2026 Notes have been capitalized and are being amortized over the term of the 4.375% 2026 Notes.

On July 15, 2021, the Company issued an additional

$ 125.0 million in aggregate principal amount of the 4.375% 2026 Notes (the “Additional 4.375% 2026 Notes”) for net proceeds

for approximately $ 123.8 million, based on the public offering price of 101.00 % of the aggregate principal amount of the Additional 4.375%

2026 Notes, after deducting the underwriting commissions of $ 2.5 million.

Offering costs incurred were approximately $ 0.2 million.

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.

costs of $ 2.7 million have been capitalized and are being amortized over the term of the additional 4.375% 2026 Notes.

As of February 28, 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 $ 169.4

million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

of February 29, 2024, the total amount of 4.375% 2026 Notes outstanding was $ 175.0 million, and they had a fair value of $ 163.4 million,

which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

( 9,263,724 )

( 18,580,949 )

Net change in unrealized depreciation on investments

( 4,696,778 )

Net realized and unrealized gain (loss) on investments

( 19,866,394 )

( 13,960,502 )

( 2,380,352 )

Realized losses on extinguishment of debt

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 17,467,878 )

$ ( 15,176,682 )

$ ( 851,073 )

See accompanying notes to financial statements

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

Issuer Name Industry Asset Name Asset

Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/

Number of Shares Cost Fair Value

ALTISOURCE PORTFOLIO SOL Banking, Finance, Insurance & Real Estate Common Stock Equity 37,028 $ 216,246 $ 282,156

Altisource Portfolio Solutions - CS Warrant Banking, Finance, Insurance & Real Estate Warrants Equity 990 3,736 330

Altisource Portfolio Solutions - NS Warrant Banking, Finance, Insurance & Real Estate Warrants Equity 990 3,129 426

Instant Brands Litigation Trust Consumer Goods:

Durable Equity Interests Equity 82,384 66,525 500,000

Isagenix International, LLC Beverage, Food & Tobacco Common Stock Equity 86,398 -

JP Intermediate B, LLC Consumer goods:

Non-durable Common Stock Equity 9,319 -

Resolute Investment Managers (American Beacon), Inc.

Banking, Finance, Insurance & Real Estate Common Stock Equity 24,320 1,034,581 48,640

1011778 B.C Unltd Liability Co Beverage, Food & Tobacco Term Loan B6 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 9/20/2030 $ 1,361,428 1,347,552 1,359,154

19TH HOLDINGS GOLF, LLC Consumer goods:

Durable Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 7.02 % 2/7/2029 2,423,420 2,366,682 2,412,830

888 Acquisitions Limited Hotel, Gaming & Leisure Term Loan B Loan 6M USD SOFR+ 5.25 % 0.00 % 9.05 % 7/8/2028 3,005,629 2,830,391 2,806,506

Adtalem Global Education Inc.

Business Term Loan B (08/24) Loan 1M USD SOFR+ 2.75 % 0.75 % 6.42 % 8/12/2028 237,528 236,609 237,331

Agiliti Health Inc.

Healthcare & Pharmaceuticals Term Loan B (03/23) Loan 6M USD SOFR+ 3.00 % 0.00 % 6.58 % 5/1/2030 2,132,332 2,121,217 2,031,110

AHEAD DB Holdings, LLC Services:

Business Term Loan B3 (07/24) Loan 3M USD SOFR+ 2.50 % 0.75 % 6.17 % 2/1/2031 2,866,735 2,817,968 2,785,205

Air Canada Transportation:

Consumer Term Loan B (03/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.47 % 3/21/2031 982,500 980,765 980,289

AIT Worldwide Logistics Holdings, Inc.

Transportation:

Cargo Term Loan B (01/25) Loan 1M USD SOFR+ 4.00 % 0.75 % 7.67 % 4/8/2030 2,431,139 2,337,505 2,421,634

AlixPartners, LLP Banking, Finance, Insurance & Real Estate Term Loan (08/25) Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 8/12/2032 239,374 239,374 235,585

Allen Media, LLC Media:

Diversified & Production Term Loan (7/21) Loan 3M USD SOFR+ 5.50 % 0.00 % 9.32 % 2/10/2027 4,258,657 4,252,679 2,516,866

Alliant Holdings Intermediate, LLC Banking, Finance, Insurance & Real Estate Term Loan (8/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 9/19/2031 789,061 789,061 769,879

Alterra Mountain Company (Intrawest Resort Holdings) Hotel, Gaming & Leisure Term Loan B8 (07/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 5/31/2030 247,508 247,508 247,508

Altisource Solutions S.a r.l.

Banking, Finance, Insurance & Real Estate Term Loan (Specified) B Loan 3M USD SOFR+ 6.50 % 3.50 % 10.27 % 2/20/2029 496,248 486,595 496,248

Altium Packaging LLC Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 6/11/2031 477,725 476,870 460,207

American Axle & Manufacturing Inc.

Automotive Term Loan (12/22) Loan 1M USD SOFR+ 3.00 % 0.50 % 6.66 % 12/13/2029 480,000 471,250 478,800

American Greetings Corporation Media:

Advertising, Printing & Publishing Term Loan B (04/24) Loan 1M USD SOFR+ 5.75 % 0.00 % 9.42 % 10/30/2029 2,852,238 2,851,373 2,845,108

Amynta Agency Borrower Inc.

Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 12/29/2031 3,390,033 3,332,526 3,278,637

APEX GROUP TREASURY LLC Banking, Finance, Insurance & Real Estate Term Loan (2/25) Loan 3M USD SOFR+ 3.50 % 0.00 % 7.17 % 2/27/2032 486,362 467,586 430,431

Aramark Services, Inc.

Consumer Term Loan B-10 (12/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 6/24/2030 2,230,663 2,209,788 2,232,515

Aramark Services, Inc.

Consumer Term Loan (08/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 4/6/2028 1,753,715 1,751,257 1,754,820

ARC FALCON I INC.

Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 7.27 % 9/23/2028 961,274 960,627 957,938

ARCIS GOLF LLC Services:

Consumer Term Loan B (01/25) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 11/24/2028 489,544 486,712 490,919

Aretec Group, Inc.

Banking, Finance, Insurance & Real Estate Term Loan B-4 Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 8/9/2030 2,603,226 2,592,314 2,509,223

Ascensus Group Holdings, Inc Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 11/24/2032 490,842 488,123 478,978

Aspire Bakeries Holdings, LLC Beverage, Food & Tobacco Term Loan (12/25) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 12/23/2030 886,545 880,042 887,653

Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B10 Loan 1M USD SOFR+ 4.00 % 0.00 % 7.77 % 8/19/2028 1,935,000 1,887,506 1,932,581

Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B12 Loan 1M USD SOFR+ 4.25 % 0.00 % 7.92 % 9/19/2030 2,882,984 2,880,325 2,874,335

ATHENAHEALTH GROUP INC.

Healthcare & Pharmaceuticals Term Loan B (2/22) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 2/15/2029 1,294,020 1,291,768 1,258,435

Avolon TLB Borrower 1 (US) LLC Capital Equipment Term Loan B6 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 6/22/2030 1,457,896 1,427,348 1,462,196

Axalta Coating Systems US Holdings Chemicals, Plastics, & Rubber Term Loan B (11/24) Loan 3M USD SOFR+ 1.75 % 0.50 % 5.42 % 12/20/2029 725,038 720,887 724,675

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

Issuer Name Industry Asset Name Asset

Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/

Number of Shares Cost Fair Value

B&G Foods, Inc.

Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.00 % 7.17 % 10/10/2029 526,951 525,719 495,334

Baldwin Insurance Group Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan B2 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.16 % 5/27/2031 1,623,917 1,615,529 1,590,091

Belfor Holdings Inc.

Consumer Term Loan B Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 11/4/2030 1,386,385 1,376,720 1,388,118

Bengal Debt Merger Sub LLC (c) Beverage, Food & Tobacco Third Out Term Loan Loan 3M USD SOFR+ 1.00 % 0.50 % 4.77 % 1/24/2030 402,884 165,333 84,831

Bombardier Recreational Products, Inc.

Consumer goods:

Durable Term Loan Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 1/22/2031 1,411,439 1,408,828 1,411,877

Bombardier Recreational Products, Inc.

Consumer goods:

Durable Term Loan B3 Loan 1M USD SOFR+ 2.25 % 0.50 % 5.92 % 12/13/2029 483,893 476,456 485,224

Boxer Parent Company, Inc.

High Tech Industries Term Loan Loan 3M USD SOFR+ 3.00 % 0.00 % 6.82 % 7/30/2031 999,640 996,144 917,849

BroadStreet Partners, Inc.

Banking, Finance, Insurance & Real Estate Term Loan B-4 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 6/16/2031 2,868,890 2,867,506 2,739,503

Brookfield WEC Holdings Inc.

Electricity Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 1/27/2031 1,425,973 1,425,973 1,421,267

Brookfield Property REIT Inc.

Banking, Finance, Insurance & Real Estate Term Loan B (05/25) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.17 % 5/16/2030 1,730,609 1,764,353 1,733,084

BROWN GROUP HOLDING, LLC Aerospace & Defense Term Loan B-2 Loan 3M USD SOFR+ 2.50 % 0.00 % 6.17 % 7/1/2031 486,359 478,134 487,060

Buckeye Partners, L.P.

Oil & Gas Term Loan B-7 (10/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 11/22/2032 1,136,241 1,133,991 1,138,604

BW Gas & Convenience Holdings LLC Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.50 % 7.29 % 3/31/2028 2,387,500 2,378,891 2,378,547

Callaway Golf Company Retail Term Loan B Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 3/16/2030 76,620 76,101 76,907

Camping World, Inc.

Retail Term Loan B (5/21) Loan 1M USD SOFR+ 2.50 % 0.75 % 6.29 % 6/5/2028 2,350,518 2,247,033 2,292,742

CAPSTONE BORROWER INC Services:

Business Term Loan B Loan 3M USD SOFR+ 2.75 % 0.00 % 6.42 % 6/17/2030 863,942 855,298 765,306

CareerBuilder, LLC (c) Services:

Business Term Loan B3 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.58 % 7/31/2026 -

Castle US Holding Corporation Media:

Advertising, Printing & Publishing Term Loan B1 Loan 3M USD SOFR+ 4.25 % 0.00 % 8.18 % 5/31/2030 1,739,251 1,226,866 832,232

CBL & Associates Limited Partnership Retail Term Loan 11/21 Loan 1M USD SOFR+ 2.75 % 1.00 % 6.54 % 3/2/2026 1,966,341 1,958,592 1,899,151

CCC Intelligent Solutions Inc.

Business Term Loan B Loan 1M USD SOFR+ 2.00 % 0.50 % 5.67 % 1/23/2032 240,216 240,010 236,538

CCRR Parent, Inc.

Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.25 % 0.50 % 8.17 % 3/6/2028 970,000 948,589 227,950

CCRR Parent, Inc.

Healthcare & Pharmaceuticals Term Loan B Loan 3M USD SOFR+ 4.25 % 0.75 % 8.33 % 3/6/2028 952,500 951,356 261,147

CDK GLOBAL, INC.

High Tech Industries Term Loan B (05/24) Loan 3M USD SOFR+ 3.25 % 0.00 % 6.92 % 7/6/2029 980,094 963,358 612,559

Charlotte Buyer, Inc.

Business Term Loan B (01/25) Loan 3M USD SOFR+ 4.25 % 0.50 % 7.91 % 2/11/2028 1,459,068 1,416,074 1,394,709

Chemours Company, (The) Chemicals, Plastics, & Rubber Term Loan B4 (10/25) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.17 % 10/15/2032 2,351,722 2,327,364 2,343,491

Churchill Downs Incorporated Hotel, Gaming & Leisure Term Loan B1 (3/21) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 3/17/2028 476,250 475,992 475,955

CIMPRESS PUBLIC LIMITED COMPANY Media:

Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 5/17/2028 1,920,736 1,885,068 1,920,736

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

Issuer Name Industry Asset Name Asset

Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/

Number of Shares Cost Fair Value

CITADEL SECURITIES LP Banking, Finance, Insurance & Real Estate Term Loan (10/24) Loan 3M USD SOFR+ 2.00 % 0.00 % 5.67 % 10/31/2031 4,778,621 4,778,621 4,762,708

Clarios Global LP Automotive Term Loan B (07/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 5/6/2030 1,185,030 1,181,455 1,180,586

Cloud Software Group Inc High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.25 % 0.00 % 6.92 % 3/21/2031 495,013 494,747 458,629

CLYDESDALE ACQUISITION HOLDINGS, INC.

Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 3.18 % 0.50 % 6.85 % 4/13/2029 1,220,000 1,203,910 1,209,044

Connect Finco SARL Telecommunications Term Loan B (03/24) Loan 1M USD SOFR+ 4.50 % 0.50 % 8.17 % 9/27/2029 2,836,969 2,784,593 2,831,210

Corelogic, Inc.

Business Term Loan (4/21) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.29 % 6/2/2028 2,393,750 2,390,000 2,268,078

Creative Artists Agency, LLC Media:

Diversified & Production Term Loan B (7/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 10/1/2031 1,564,293 1,557,435 1,558,099

CROCS INC Consumer goods:

Durable Term Loan B (01/24) Loan 3M USD SOFR+ 2.25 % 0.50 % 5.92 % 2/19/2029 750,000 734,817 752,813

Cross Financial Corp Banking, Finance, Insurance & Real Estate Term Loan B4 (07/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 10/31/2031 481,431 480,633 468,793

Crown Subsea Communications Holding, Inc.

Construction & Building Term Loan B (01/26) Loan 1M USD SOFR+ 3.00 % 0.75 % 6.67 % 1/30/2031 2,376,000 2,358,575 2,377,497

Dave & Buster’s Inc.

Hotel, Gaming & Leisure Term Loan B (1/24) Loan 3M USD SOFR+ 3.25 % 0.50 % 7.13 % 6/29/2029 762,038 740,571 704,123

Delek US Holdings, Inc.

Oil & Gas Term Loan B (11/22) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.27 % 11/16/2029 5,238,000 5,168,379 5,214,638

Derby Buyer LLC Chemicals, Plastics, & Rubber Term Loan B (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.66 % 11/1/2030 614,102 607,478 613,844

DexKo Global, Inc.

(Dragon Merger) Automotive Term Loan (9/21) Loan 3M USD SOFR+ 3.75 % 0.50 % 7.68 % 10/4/2028 962,500 960,816 957,004

Diamond Sports Group, LLC Media:

Broadcasting & Subscription 1st Priority Term Loan Loan 1M USD SOFR+ 10.00 % 1.00 % 13.77 % 5/25/2026 29,734 29,677 5,947

DIRECTV FINANCING, LLC Media:

Broadcasting & Subscription Term Loan (1/24) Loan 3M USD SOFR+ 5.25 % 0.75 % 9.18 % 8/2/2029 2,615,800 2,604,745 2,614,989

DISCOVERY PURCHASER CORPORATION Chemicals, Plastics, & Rubber Term Loan Loan 3M USD SOFR+ 3.75 % 0.50 % 7.42 % 10/4/2029 1,459,234 1,389,418 1,429,510

DOMTAR CORPORATION Forest Products & Paper Term Loan 9/21 Loan 1M USD SOFR+ 5.50 % 0.75 % 9.29 % 11/30/2028 2,898,865 2,867,842 2,348,081

DRI HOLDING INC.

Advertising, Printing & Publishing Term Loan (12/21) Loan 1M USD SOFR+ 5.25 % 0.50 % 9.02 % 12/15/2028 3,852,412 3,773,120 3,772,166

DRW Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan B (06/24) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.17 % 6/17/2031 6,241,950 6,221,653 6,117,111

Borrower, LLC Construction & Building Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 1/31/2030 1,708,945 1,708,945 1,709,663

Borrower, LLC Construction & Building Term Loan (7/25) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 1/31/2030 932,250 916,770 933,415

Dye & Durham Corporation Services:

Business Term Loan B (04/24) Loan 3M USD SOFR+ 4.25 % 1.00 % 8.02 % 4/11/2031 1,299,800 1,284,463 1,152,494

EAB Global, Inc.

Business Term Loan (08/21) Loan 1M USD SOFR+ 3.00 % 0.50 % 6.67 % 8/16/2030 960,394 958,888 861,800

Echo Global Logistics, Inc.

Business Term Loan Loan 1M USD SOFR+ 3.75 % 0.50 % 7.52 % 11/23/2028 1,925,000 1,924,346 1,896,433

Edelman Financial Group Inc., The Banking, Finance, Insurance & Real Estate Term Loan (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 4/7/2028 2,133,818 2,132,281 2,116,705

Embecta Corp Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.00 % 0.50 % 6.67 % 3/30/2029 2,255,886 2,229,506 2,256,112

Emrld Borrower LP Capital Equipment Term Loan B (04/23) Loan 3M USD SOFR+ 2.25 % 0.00 % 6.07 % 5/31/2030 980,075 977,113 975,527

Endo Finance Holdings, Inc.

Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.75 % 0.50 % 7.42 % 4/23/2031 1,975,000 1,959,230 1,975,494

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

Issuer Name Industry Asset Name Asset

Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/

Number of Shares Cost Fair Value

Endure Digital, Inc.

High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.50 % 0.75 % 7.61 % 2/10/2028 -

Entain Holdings (Gibraltar) Limited Hotel, Gaming & Leisure Term Loan B6 Loan 3M USD SOFR+ 2.25 % 0.00 % 5.92 % 10/31/2029 1,465,234 1,455,384 1,458,948

Equiniti Group PLC Services:

Business Term Loan Loan 6M USD SOFR+ 3.75 % 0.50 % 7.55 % 12/10/2031 960,368 955,647 953,367

Evertec Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/23) Loan 1M USD SOFR+ 2.25 % 0.50 % 5.92 % 10/30/2030 1,125,000 1,112,817 1,124,066

Examworks Bidco Inc Healthcare & Pharmaceuticals ExamWorks/Electron 1/26 TL Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 2/6/2033 483,844 483,218 482,837

Fiesta Purchaser, Inc.

Beverage, Food & Tobacco Second Refinancing Term Loan (8/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 2/12/2031 492,534 488,885 477,143

Finco I LLC Banking, Finance, Insurance & Real Estate Term Loan B (07/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 6/27/2029 2,774,631 2,773,459 2,737,645

First Brands Group, LLC (c) Automotive 1st Lien Term Loan (3/21) Loan 1M USD SOFR+ 0.00 % 1.00 % 0.00 % 3/30/2027 1,404,140 90,412 784

First Brands Group, LLC (c) Automotive New Money DIP Term Loan A (10/25) Loan 1M USD SOFR+ 0.00 % 1.00 % 0.00 % 6/29/2026 1,597,186 1,459,537 293,483

First Brands Group, LLC (c) Automotive Roll-Up DIP Term Loan B (10/25) Loan 1M USD SOFR+ 0.00 % 1.00 % 0.00 % 6/29/2026 3,569,559 2,218,257 7,139

First Student Bidco Inc.

Transportation:

Consumer Term Loan C (01/26) Loan 3M USD SOFR+ 2.50 % 0.00 % 6.17 % 8/15/2030 707,702 705,487 706,379

Fitness International, LLC (LA Fitness) Services:

Consumer Term Loan B (1/24) Loan 1M USD SOFR+ 4.50 % 1.00 % 8.17 % 2/5/2029 1,179,000 1,156,545 1,181,582

Flutter Financing B.V.

Hotel, Gaming & Leisure Term Loan Loan 3M USD SOFR+ 1.75 % 0.50 % 5.42 % 11/29/2030 3,675,000 3,668,121 3,610,688

Franklin Square Holdings, L.P.

Banking, Finance, Insurance & Real Estate Term Loan B (04/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 4/25/2031 4,188,685 4,184,968 3,790,760

Froneri International (R&R Ice Cream) Beverage, Food & Tobacco Term Loan B4 (10/24) Loan 6M USD SOFR+ 2.25 % 0.00 % 5.88 % 9/16/2031 1,900,638 1,901,053 1,853,331

Garrett LX III S.a r.l.

Automotive Term Loan (1/25) Loan 3M USD SOFR+ 2.00 % 0.50 % 5.67 % 1/20/2032 1,335,471 1,332,852 1,334,910

Genesee & Wyoming, Inc.

Transportation:

Cargo Term Loan B (03/24) Loan 3M USD SOFR+ 1.75 % 0.00 % 5.42 % 4/10/2031 1,481,250 1,475,521 1,478,747

GIP Pilot Acquisition Partners, L.P.

Oil & Gas Term Loan B Loan 3M USD SOFR+ 2.00 % 0.00 % 5.65 % 10/4/2030 383,422 382,138 383,614

Global Tel*Link Corporation Telecommunications Term Loan (6/24) Loan 1M USD SOFR+ 7.50 % 3.00 % 11.17 % 7/31/2029 4,748,790 4,693,939 4,763,654

Go Daddy Operating Company, LLC High Tech Industries Term Loan B7 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 5/30/2031 930,782 930,782 896,780

GOLDEN WEST PACKAGING GROUP LLC (c) Forest Products & Paper Term Loan B1 (06/25) Loan 1M USD SOFR+ 5.25 % 0.75 % 9.35 % 6/27/2031 1,750,000 1,744,125 1,070,423

GOTO GROUP, INC.

High Tech Industries Second-Out Term Loan (02/24) Loan 3M USD SOFR+ 4.75 % 0.00 % 8.57 % 4/30/2028 469,651 641,354 143,243

Great Outdoors Group, LLC Retail Term Loan (1/25) Loan 1M USD SOFR+ 3.25 % 0.75 % 6.92 % 1/20/2032 950,641 948,924 948,265

Griffon Corporation Consumer goods:

Durable Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 1/24/2029 121,563 121,483 121,866

Grosvenor Capital Management Holdings, LLLP Banking, Finance, Insurance & Real Estate Term Loan B (5/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 2/25/2030 2,343,071 2,343,071 2,335,011

Hertz Corporation (The) Transportation:

Consumer Term Loan B Loan 1M USD SOFR+ 3.75 % 0.00 % 7.42 % 6/30/2028 2,061,930 2,027,902 1,580,820

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

Issuer Name Industry Asset Name Asset

Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/

Number of Shares Cost Fair Value

Hillman Group Inc.

(The) (New) Consumer goods:

Durable Term Loan B-1 (2/21) Loan 1M USD SOFR+ 2.00 % 0.50 % 5.68 % 7/14/2028 2,678,618 2,678,618 2,674,306

Hilton Domestic Operating Company Inc.

Hotel, Gaming & Leisure Term Loan B 4 Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 11/8/2030 1,500,000 1,497,879 1,504,845

HLF Financing SARL (Herbalife) Consumer goods:

Non-durable Term Loan Loan 1M USD SOFR+ 6.75 % 0.50 % 10.42 % 4/12/2029 2,882,670 2,882,597 2,883,708

Holley Purchaser, Inc Automotive Term Loan (11/21) Loan 1M USD SOFR+ 3.75 % 0.75 % 7.54 % 11/17/2028 2,163,198 2,159,946 2,149,678

Hudson River Trading LLC Banking, Finance, Insurance & Real Estate Hudson River 1/26 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 3/18/2030 5,717,625 5,648,595 5,643,753

Hunter Douglas Inc Consumer goods:

Durable Term Loan B (1/25) Loan 3M USD SOFR+ 3.00 % 0.00 % 6.67 % 1/19/2032 2,210,322 2,039,275 2,208,023

Hyperion Refinance S.a.r.l.

Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 2/15/2031 2,947,799 2,938,339 2,794,514

High Tech Industries Term Loan (06/24) Loan 3M USD SOFR+ 3.50 % 0.75 % 7.16 % 3/2/2028 4,678,430 4,676,802 3,719,351

IMA Financial Group, Inc.

Banking, Finance, Insurance & Real Estate Term Loan (10/21) Loan 1M USD SOFR+ 3.00 % 0.50 % 6.67 % 11/1/2028 2,415,776 2,410,653 2,385,579

INEOS 226 Ltd.

Chemicals, Plastics, & Rubber Term Loan 3/23 Loan 1M USD SOFR+ 3.75 % 0.00 % 7.52 % 3/13/2030 487,500 484,204 379,031

Ineos US Finance LLC Chemicals, Plastics, & Rubber Term Loan C Loan 1M USD SOFR+ 3.25 % 0.00 % 6.92 % 2/18/2030 980,094 973,648 820,829

INEOS US PETROCHEM LLC Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 4.25 % 0.00 % 8.02 % 4/2/2029 2,667,363 2,630,839 2,158,351

Ingram Micro Inc.

Wholesale Term Loan B (6/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 9/22/2031 450,298 448,093 451,144

Business Term Loan B (06/25) Loan 3M USD SOFR+ 4.50 % 0.50 % 8.17 % 10/30/2031 3,266,898 3,222,520 3,177,058

Innophos, Inc.

Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 4.25 % 0.00 % 8.04 % 3/16/2029 471,250 469,569 454,521

IRB Holding Corporation Beverage, Food & Tobacco Term Loan B (11/25) Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 12/16/2030 486,195 483,914 484,119

Isagenix International, LLC (c) Beverage, Food & Tobacco Term Loan Loan 3M USD SOFR+ 2.50 % 0.00 % 2.50 % 4/13/2028 1,509,341 1,242,094 75,467

Business Infinisource/iSolved 7/25 Cov-lite TL B Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 10/15/2030 614,129 609,564 571,527

Jane Street Group Banking, Finance, Insurance & Real Estate Term Loan B Loan 3M USD SOFR+ 2.00 % 0.00 % 5.82 % 12/15/2031 3,800,000 3,800,000 3,675,132

Journey Personal Care Corp.

Consumer goods:

Non-durable Term Loan B (11/24) Loan 1M USD SOFR+ 3.75 % 0.75 % 7.42 % 3/1/2028 2,865,975 2,840,446 2,839,694

JP Intermediate B, LLC Consumer goods:

Non-durable Term Loan Loan 3M USD SOFR+ 7.00 % 1.00 % 10.67 % 9/30/2030 233,182 233,182 186,546

JP Intermediate B, LLC Consumer goods:

Non-durable Term Loan (9/25) Loan 3M USD SOFR+ 5.50 % 0.00 % 9.17 % 9/30/2032 1,103,261 571,479 551,630

Koppers Inc Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 2.50 % 0.50 % 6.18 % 4/10/2030 975,206 955,785 968,701

Lakeland Tours, LLC (c) Hotel, Gaming & Leisure Holdco Fixed Term Loan Loan Fixed 0.00% 0.00 % 10.00 % 9/27/2027 1,127,568 818,937 107,119

Latham Pool Products, Inc.

Consumer goods:

Durable Term Loan 2/22 Loan 3M USD SOFR+ 3.75 % 0.50 % 7.72 % 2/23/2029 980,422 970,513 974,706

Lifetime Brands, Inc Consumer goods:

Non-durable Term Loan Loan 1M USD SOFR+ 5.50 % 1.00 % 9.28 % 8/26/2027 1,493,382 1,491,106 1,314,176

LSF11 TRINITY BIDCO INC Aerospace & Defense Term Loan (9/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.18 % 6/17/2030 961,092 951,264 960,496

LSF9 Atlantis Holdings, LLC (A Wireless) Retail Term Loan B (9/25) Loan 3M USD SOFR+ 3.75 % 0.75 % 7.42 % 3/29/2029 2,539,884 2,494,092 2,528,785

MAGNITE, INC.

Business Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 2/6/2031 3,209,517 3,185,690 3,177,422

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

Issuer Name Industry Asset Name Asset

Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/

Number of Shares Cost Fair Value

Marriott Ownership Resorts, Inc.

Hotel, Gaming & Leisure Term Loan B (3/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 4/1/2031 1,297,318 1,297,318 1,294,619

Max US Bidco Inc.

Beverage, Food & Tobacco Term Loan B Loan 3M USD SOFR+ 5.00 % 0.50 % 8.67 % 10/3/2030 1,965,000 1,867,659 1,611,791

McGraw-Hill Education, Inc.

Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 2.75 % 0.50 % 6.42 % 8/6/2031 579,182 576,274 577,282

Michaels Companies Inc Retail Term Loan B (Magic Mergeco) Loan 3M USD SOFR+ 4.25 % 0.75 % 8.18 % 4/8/2028 2,392,299 2,385,209 2,387,323

MIWD Holdco II LLC Construction & Building Term Loan B2 (03/24) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 3/21/2031 492,525 490,631 488,462

Moneygram International, Inc.

Business Term Loan B Loan 1M USD SOFR+ 4.75 % 0.50 % 8.41 % 6/1/2030 2,933,988 2,654,564 1,915,483

MPH Acquisition Holdings LLC (Multiplan) Services:

Business First-Out Term Loan (01/25) Loan 3M USD SOFR+ 3.75 % 0.50 % 7.42 % 12/31/2030 313,244 287,511 308,389

NAB Holdings, LLC (North American Bancard) Banking, Finance, Insurance & Real Estate Term Loan B (2/25) Loan 3M USD SOFR+ 2.50 % 0.50 % 6.17 % 11/24/2028 2,881,401 2,879,478 2,661,176

Natgasoline LLC Chemicals, Plastics, & Rubber Term Loan (3/25) Loan 1M USD SOFR+ 5.50 % 0.00 % 9.17 % 3/25/2030 3,208,542 3,122,422 3,220,574

National Mentor Holdings, Inc.

Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 6.00 % 0.00 % 9.67 % 12/5/2030 1,922,848 1,921,097 1,886,198

Next Level Apparel, Inc.

Retail Term Loan Loan 3M USD SOFR+ 7.50 % 1.00 % 12.89 % 8/9/2026 2,317,073 2,312,037 1,567,894

Nielsen Consumer Inc.

Business Term Loan (08/25) Loan 1M USD SOFR+ 2.25 % 0.50 % 5.92 % 10/7/2030 2,154,574 2,153,950 2,079,164

NortonLifeLock Inc.

High Tech Industries Term Loan B (05/24) Loan 1M USD SOFR+ 1.75 % 0.50 % 5.42 % 9/12/2029 955,000 952,861 928,737

Nouryon Finance B.V.

Chemicals, Plastics, & Rubber Term Loan B (10/24) Loan 6M USD SOFR+ 3.25 % 0.00 % 7.04 % 4/3/2028 479,041 476,798 478,442

Novae LLC Automotive Term Loan B Loan 3M USD SOFR+ 5.00 % 0.75 % 8.82 % 12/22/2028 1,925,000 1,918,692 1,764,590

Olaplex, Inc.

Consumer goods:

Non-durable Term Loan (2/22) Loan 3M USD SOFR+ 3.50 % 0.50 % 7.42 % 2/23/2029 1,319,846 1,288,190 1,290,704

Open Text Corporation High Tech Industries Term Loan B (08/23) Loan 1M USD SOFR+ 1.75 % 0.50 % 5.42 % 1/31/2030 838,682 822,775 814,746

Oxbow Carbon, LLC Metals & Mining Term Loan B (04/23) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.17 % 5/2/2030 460,397 454,127 459,103

PACIFIC DENTAL SERVICES, LLC Healthcare & Pharmaceuticals Term Loan B (02//24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 3/17/2031 1,179,075 1,178,728 1,177,436

Padagis LLC Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.75 % 0.50 % 8.66 % 7/6/2028 930,329 926,455 860,555

PAR PETROLEUM LLC Energy:

Oil & Gas Term Loan B (12/25) Loan 3M USD SOFR+ 3.25 % 0.50 % 6.95 % 2/28/2030 2,433,760 2,417,597 2,434,272

PATAGONIA HOLDCO LLC Telecommunications Term Loan B Loan 3M USD SOFR+ 5.75 % 0.50 % 9.41 % 8/1/2029 2,917,234 2,660,957 2,042,063

Pathway Partners Vet Management Company LLC (c) Consumer goods:

Non-durable Term Loan B (03/25) Loan 3M USD SOFR+ 5.00 % 1.00 % 8.67 % 6/30/2028 - 6,950 -

PCI Gaming Authority Hotel, Gaming & Leisure Term Loan Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 7/18/2031 782,573 782,327 780,460

PEARLS (Netherlands) Bidco B.V.

Chemicals, Plastics, & Rubber USD Term Loan (02/22) Loan 3M USD SOFR+ 3.25 % 0.50 % 6.92 % 2/28/2029 962,978 962,623 798,068

PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC Healthcare & Pharmaceuticals Term Loan (12/22) Loan 3M USD SOFR+ 3.25 % 0.50 % 7.18 % 12/29/2028 1,444,621 1,442,234 1,391,531

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

Issuer Name Industry Asset Name Asset

Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/

Number of Shares Cost Fair Value

Penn National Gaming, Inc Hotel, Gaming & Leisure Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 5/3/2029 965,000 962,640 966,476

Phoenix Guarantor Inc.

Healthcare & Pharmaceuticals Term Loan B (12/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 2/21/2031 955,542 955,542 953,564

PHYSICIAN PARTNERS, LLC (b) (c) Healthcare & Pharmaceuticals Term Loan B1 (1/25) Loan 3M USD SOFR+ 1.50 % 0.00 % 5.32 % 12/31/2029 1,865,532 985,648 895,455

Playtika Holding Corp.

High Tech Industries Term Loan B (3/21) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.54 % 3/13/2028 4,286,250 4,283,564 3,974,168

PointClickCare Technologies, Inc.

High Tech Industries Term Loan (07/25) Loan 3M USD SOFR+ 2.75 % 0.00 % 6.42 % 11/3/2031 478,962 478,042 474,474

Polymer Process Holdings, Inc.

Containers, Packaging & Glass Term Loan Loan 1M USD SOFR+ 4.75 % 0.75 % 8.54 % 2/12/2028 3,942,289 3,932,110 2,534,340

Pre-Paid Legal Services, Inc.

Consumer Term Loan (12/21) Loan 1M USD SOFR+ 3.25 % 0.50 % 6.92 % 12/15/2028 2,888,325 2,877,497 2,451,466

Prime Security Services Borrower, LLC (ADT) Services:

Consumer Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 10/13/2030 1,769,515 1,757,142 1,765,286

Primo Brands Corporation Beverage, Food & Tobacco Term Loan B (01/25) Loan 3M USD SOFR+ 2.25 % 0.50 % 5.92 % 3/31/2028 1,433,030 1,430,561 1,431,497

PRIORITY HOLDINGS, LLC Services:

Consumer Term Loan B (07/25) Loan 1M USD SOFR+ 3.75 % 0.50 % 7.42 % 7/30/2032 2,830,585 2,817,297 2,761,009

Project Leopard Holdings, Inc.

(NEW) High Tech Industries Term Loan B (06/22) Loan 3M USD SOFR+ 5.25 % 0.50 % 9.02 % 7/20/2029 970,000 930,838 603,825

PUG LLC Services:

Consumer Term Loan B (03/24) Loan 1M USD SOFR+ 4.75 % 0.00 % 8.42 % 3/15/2030 244,372 244,095 236,022

Quartz AcquireCo, LLC High Tech Industries Term Loan (2/25) Loan 3M USD SOFR+ 2.25 % 0.00 % 5.92 % 6/28/2030 1,222,487 1,215,995 1,084,958

Quikrete Holdings, Inc.

Construction & Building Term Loan (2/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 4/14/2031 982,575 980,934 981,475

Rackspace Technology Global, Inc.

High Tech Industries Term Loan (3/24) Loan 1M USD SOFR+ 2.75 % 0.75 % 6.53 % 5/15/2028 2,018,945 1,329,862 826,092

Rackspace Technology Global, Inc.

High Tech Industries Super-Priority Term Loan (03/24) Loan 1M USD SOFR+ 6.25 % 0.75 % 10.03 % 5/15/2028 541,399 538,133 537,338

RAND PARENT LLC Transportation:

Cargo Term Loan B (01/25) Loan 3M USD SOFR+ 3.00 % 0.00 % 6.67 % 3/18/2030 2,431,842 2,374,944 2,430,626

RealPage, Inc.

High Tech Industries Term Loan (04/21) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.93 % 4/24/2028 957,500 957,300 882,499

Rent-A-Center, Inc.

Retail Term Loan B (08/25) Loan 3M USD SOFR+ 2.75 % 0.50 % 6.42 % 8/13/2032 1,825,515 1,806,157 1,820,951

Research Now Group, Inc Media:

Advertising, Printing & Publishing Term Loan (07/24) Loan 3M USD SOFR+ 5.00 % 1.00 % 8.91 % 7/15/2028 335,333 332,328 330,303

Research Now Group, Inc Media:

Advertising, Printing & Publishing Second-Out Term Loan Loan 3M USD SOFR+ 5.50 % 1.00 % 9.41 % 10/15/2028 2,858,408 2,768,737 1,667,881

Resideo Funding Inc.

Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 5.66 % 2/11/2028 674,488 674,488 673,227

Resolute Investment Managers (American Beacon), Inc.

(c) Banking, Finance, Insurance & Real Estate Term Loan (12/23) Loan 3M USD SOFR+ 6.50 % 1.00 % 10.43 % 10/30/2028 1,948,080 1,948,081 1,504,892

Restoration Hardware, Inc.

Retail Term Loan (9/21) Loan 1M USD SOFR+ 2.50 % 0.50 % 6.29 % 10/20/2028 3,357,249 3,355,349 3,295,140

Reynolds Consumer Products LLC Containers, Packaging & Glass Term Loan B (2/25) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 3/4/2032 931,115 931,115 935,771

Ryan Specialty Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 5.67 % 9/15/2031 1,441,374 1,434,941 1,437,771

S&S HOLDINGS LLC Services:

Business Term Loan Loan 1M USD SOFR+ 5.00 % 0.50 % 8.77 % 3/10/2028 2,383,643 2,361,520 2,332,991

Sally Holdings LLC Retail Term Loan B Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 2/28/2030 318,750 317,260 319,349

Schweitzer-Mauduit International, Inc.

High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.75 % 0.75 % 7.54 % 4/20/2028 939,236 937,872 931,017

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

Issuer Name Industry Asset Name Asset

Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/

Number of Shares Cost Fair Value

Scientific Games Holdings LP Hotel, Gaming & Leisure Term Loan B Loan 3M USD SOFR+ 3.00 % 0.50 % 6.65 % 4/4/2029 486,344 485,950 476,213

Sedgwick Claims Management Services, Inc.

Business Term Loan B 2/23 Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 7/31/2031 975,193 970,172 942,524

SETANTA AIRCRAFT LEASING DAC Aerospace & Defense Term Loan B (05/24) Loan 3M USD SOFR+ 1.75 % 0.00 % 5.42 % 11/5/2028 350,000 349,707 350,875

Sitel Worldwide Corporation Services:

Business USD Term Loan (7/21) Loan 3M USD SOFR+ 3.75 % 0.50 % 7.68 % 8/28/2028 1,915,000 1,912,199 716,765

SiteOne Landscape Supply, LLC Services:

Business Term Loan B (06/24) Loan 1M USD SOFR+ 1.75 % 0.50 % 5.41 % 3/23/2030 1,245,101 1,241,692 1,243,544

Smyrna Ready Mix Concrete, LLC Construction & Building Term Loan B Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 4/2/2029 505,257 503,333 505,677

HoldCo LLC Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 6.67 % 8/2/2030 1,920,000 1,917,584 1,914,163

SRAM, LLC Consumer goods:

Durable Term Loan (02/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 2/23/2032 2,246,400 2,245,458 2,246,400

STANDARD INDUSTRIES INC.

Construction & Building Term Loan B Loan 1M USD SOFR+ 1.75 % 0.50 % 5.43 % 9/22/2028 200,250 199,674 200,546

Staples, Inc.

Wholesale Term Loan B Loan 3M USD SOFR+ 5.75 % 0.50 % 9.41 % 9/4/2029 4,220,701 4,178,169 3,766,976

Star Parent, Inc.

Business Term Loan B (09/23) Loan 3M USD SOFR+ 4.00 % 0.00 % 7.67 % 9/27/2030 1,228,125 1,215,137 1,187,340

Storable, Inc High Tech Industries Term Loan B (3/25) Loan 1M USD SOFR+ 3.25 % 0.00 % 6.92 % 4/16/2031 481,363 481,250 459,099

Superannuation & Investments US LLC Banking, Finance, Insurance & Real Estate Superannuation and Investments/CFS 1/26 TL Loan 1M USD SOFR+ 2.50 % 0.50 % 6.17 % 12/1/2028 960,175 956,194 953,876

SupplyOne, Inc Wholesale Term Loan B (03/24) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.17 % 3/27/2031 491,288 487,342 492,978

Sweetwater Borrower, LLC Retail Term Loan B (2/26) Loan 1M USD SOFR+ 4.00 % 0.00 % 7.66 % 2/17/2033 1,895,910 1,854,369 1,898,280

Syncsort Incorporated High Tech Industries Term Loan B (10/21) Loan 3M USD SOFR+ 4.00 % 0.75 % 7.93 % 4/24/2028 2,394,950 2,394,735 2,037,216

Ta TT Buyer LLC Media:

Broadcasting & Subscription Term Loan B (6/24) Loan 3M USD SOFR+ 4.75 % 0.50 % 8.42 % 4/2/2029 970,182 964,903 940,670

Tenable Holdings, Inc.

Business Term Loan B (6/21) Loan 1M USD SOFR+ 2.75 % 0.50 % 6.54 % 7/7/2028 960,000 959,716 954,605

Thor Industries, Inc.

Automotive Term Loan B (06/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.92 % 11/15/2030 94,142 93,485 93,906

Torrid LLC Wholesale Term Loan 5/21 Loan 1M USD SOFR+ 5.50 % 0.75 % 9.29 % 6/14/2028 2,922,221 2,705,250 1,168,888

TORY BURCH LLC Retail Term Loan Loan 1M USD SOFR+ 3.25 % 0.50 % 7.04 % 4/17/2028 2,260,738 2,186,326 2,253,956

Tosca Services, LLC (c) Containers, Packaging & Glass Term Loan A (08/24) Loan 1M USD SOFR+ 5.50 % 1.50 % 9.17 % 11/30/2028 80,509 79,712 81,224

Trans Union LLC Banking, Finance, Insurance & Real Estate Term Loan B9 (11/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 6/24/2031 599,927 599,530 594,006

Tronox Finance LLC Chemicals, Plastics, & Rubber Term Loan B (09/24) Loan 3M USD SOFR+ 2.50 % 0.00 % 6.17 % 9/30/2031 343,454 343,361 267,035

TruGreen Limited Partnership Services:

Consumer Term Loan Loan 1M USD SOFR+ 4.00 % 0.75 % 7.77 % 11/2/2027 925,281 923,548 908,700

Ultra Clean Holdings, Inc.

High Tech Industries Term Loan (09/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 2/25/2028 1,203,008 1,201,345 1,205,017

Univision Communications Inc.

Broadcasting & Subscription Term Loan B (05/24) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.29 % 1/31/2029 2,379,366 2,379,365 2,371,442

Univision Communications Inc.

Broadcasting & Subscription Term Loan B (6/22) Loan 3M USD SOFR+ 4.25 % 0.50 % 7.92 % 6/25/2029 241,250 237,262 238,234

Vaco Holdings, LLC Services:

Business Term Loan (01/22) Loan 3M USD SOFR+ 5.00 % 0.75 % 8.82 % 1/19/2029 2,271,234 2,234,639 1,704,243

Vericast Corp.

Advertising, Printing & Publishing Extended Term Loan (07/24) Loan 3M USD SOFR+ 7.75 % 1.00 % 11.42 % 6/16/2026 1,259,184 1,259,163 1,212,758

Verifone Systems, Inc.

(c) Banking, Finance, Insurance & Real Estate Term Loan (03/25) Loan 3M USD SOFR+ 5.25 % 0.00 % 9.18 % 8/21/2028 1,188,774 1,188,361 1,089,428

Vertex Aerospace Services Corp Aerospace & Defense Term Loan (10/21) Loan 1M USD SOFR+ 2.25 % 0.75 % 5.92 % 12/6/2030 962,997 961,733 962,997

Vertiv Group Corporation Capital Equipment Term Loan Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 8/12/2032 1,901,601 1,901,601 1,901,601

Saratoga Investment Corp.

CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

Issuer Name Industry Asset Name Asset

Type Reference Rate/Spread SOFR/LIBOR Floor Current Rate (All In) Maturity Date Principal/

Number of Shares Cost Fair Value

Viasat Inc Telecommunications Term Loan (2/22) Loan 1M USD SOFR+ 4.50 % 0.50 % 8.29 % 3/5/2029 2,907,129 2,869,038 2,906,780

Vistra Operations Company LLC Energy:

Electricity 2018 Incremental Term Loan Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 12/20/2030 1,851,605 1,850,971 1,854,956

Warner Music Group Corp.

(WMG Acquisition Corp.) Hotel, Gaming & Leisure Term Loan J Loan 3M USD SOFR+ 1.75 % 0.00 % 5.57 % 1/24/2031 1,250,000 1,250,000 1,251,563

Watlow Electric Manufacturing Company High Tech Industries Term Loan B (03/21) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.67 % 3/2/2028 2,631,521 2,627,980 2,632,626

WeddingWire, Inc.

Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 3.75 % 0.00 % 7.42 % 1/31/2028 4,725,068 4,725,067 4,032,042

Business Term Loan B (11/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 3/31/2028 2,866,626 2,864,574 2,849,312

Windsor Holdings III, LLC Chemicals, Plastics, & Rubber Term Loan B (02/25) Loan 1M USD SOFR+ 2.75 % 0.00 % 6.42 % 8/1/2030 490,062 490,062 488,989

Wyndham Hotels & Resorts, Inc.

Hotel, Gaming & Leisure Term Loan (05/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 5.42 % 5/24/2030 977,613 974,397 980,330

Xperi Corporation High Tech Industries Term Loan (1/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.17 % 6/8/2028 1,481,388 1,481,214 1,473,981

Zayo Group, LLC (c) Telecommunications Term Loan (09/25) Loan 1M USD SOFR+ 3.00 % 0.00 % 6.79 % 3/11/2030 620,347 615,143 596,308

ZEBRA BUYER (Allspring) LLC Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 3M USD SOFR+ 3.00 % 0.50 % 6.69 % 11/1/2030 1,838,369 1,832,728 1,832,909

Zekelman Industries, Inc.

Metals & Mining Term Loan B (03/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 5.91 % 1/24/2031 1,428,583 1,427,966 1,430,769

Zest Acquisition Corp.

Healthcare & Pharmaceuticals Term Loan (1/23) Loan 3M USD SOFR+ 5.25 % 0.00 % 8.92 % 2/8/2028 1,940,000 1,896,965 1,828,450

Zodiac Pool Solutions Consumer goods:

Durable Term Loan (1/22) Loan 1M USD SOFR+ 1.93 % 0.50 % 5.70 % 1/29/2029 480,000 479,676 479,280

TOTAL INVESTMENTS $ 382,812,855 $ 354,116,571

Cash and cash equivalents

Bank Money Market (a)

Total cash and cash equivalents

(a) Included within cash and cash equivalents in Saratoga CLO’s

Statements of Assets and Liabilities as of February 28, 2026.

(b) As of February 28, 2026, the investment was in default and on

non-accrual status.

(d) All or a portion of this investment has an unfunded commitment

as of February 28, 2026.

29, 2024, there was $ 175.0 million outstanding.

For the years ended February 28, 2025 and February

29, 2024, we recorded $ 7.7 million and $ 7.7 million, respectively, of interest expense, $ 0.8 million and $ 0.8 million, respectively, of

amortization of deferred financing costs and $ 0.3 million and $ 0.3 million, respectively, of amortization of premium on issuance of 4.375%

Notes due 2026 (inclusive of the issuance of the Additional 4.375% 2026 Notes).

Interest expense, amortization of deferred financing costs

and amortization of premium on issuance of notes are reported as interest and debt financing expense on the consolidated statements of

During the years ended February 28, 2025 and February 29, 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.

the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year.

The 4.35% 2027 Notes

mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November 28, 2026,

at par plus a “make-whole” premium, and thereafter at par.

The net proceeds from the offering were used for general corporate

purposes in accordance with the Company’s investment objective and strategies.

Financing costs of $ 1.8 million related to the

4.35% 2027 Notes have been capitalized and are being amortized over the term of the 4.35% 2027 Notes.

As of February 28, 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 $ 70.3 million, which is based on a market yield analysis and would be classified as a Level 3 liability within

the fair value hierarchy.

As of February 29, 2024, the total amount of 4.35% 2027 Notes outstanding was $ 75.0 million, and they had a

fair value of $ 67.8 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair

value hierarchy.

As of February 29, 2024, there was $ 75.0 million outstanding.

For the years ended February 28, 2025 and February

29, 2024, we recorded $ 3.3 million and $ 3.3 million, respectively, of interest expense, $ 0.3 million and $ 0.3 million, respectively, of

amortization of deferred financing costs and $ 0.1 million and $ 0.1 million, respectively, of amortization of discount on issuance of 4.35%

Notes due 2027 (inclusive of the issuance of the Additional 4.35% 2027 Notes).

Interest expense, amortization of deferred financing costs

and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements of

During the years ended February 28, 2025 and February 29, 2024, 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.

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

The 6.00% 2027 Notes mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or

from time to time at the Company’s option.

The net proceeds from the offering were used for general corporate purposes in accordance

with the Company’s investment objective and strategies.

Financing costs of $ 3.3 million related to the 6.00% 2027 Notes have been

capitalized and are being amortized over the term of the 6.00% 2027 Notes.

The 6.00% 2027 Notes are listed on the NYSE under the trading

symbol “SAT” with a par value of $ 25.00 per note.

On August 15, 2022, the Company issued an additional

$ 8.0 million in aggregate principal amount of the 6.00% 2027 Notes (the “Additional 6.00% 2027 Notes”) for net proceeds of

$ 7.8 million, based on the public offering price of 97.80 % of the aggregate principal amount of the 6.00 % 2027 Notes.

Additional offering

costs incurred were approximately $ 0.2 million.

The Additional 6.00% 2027 Notes are treated as a single series with the existing 6.00%

2027 Notes under the indenture and have the same terms as the existing 6.00% 2027 Notes.

The net proceeds from the offering were used

for general corporate purposes in accordance with the Company’s investment objective and strategies.

Additional financing costs

of $ 0.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes.

As of February 28, 2025, the total amount of 6.00%

2027 Notes outstanding was $ 105.5 million.

The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with

a par value of $ 25.00 per note.

As of February 28, 2025, the carrying amount and fair value of the 6.00% 2027 Notes was $ 105.5 million

and $ 104.1 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 29, 2024, the

carrying amount and fair value of the 6.00% 2027 Notes was $ 105.5 million and $ 100.7 million, respectively.

For the years ended February 28, 2025 and February

29, 2024, we recorded $ 6.3 million and $ 6.3 million, respectively, of interest expense, $ 0.7 million and $ 0.7 million, respectively, of

amortization of deferred financing costs related to the 6.00% Notes due 2027.

Interest expense and amortization of deferred financing

costs are reported as interest and debt financing expense on the consolidated statements of operations.

During the years ended February

28, 2025 and February 29, 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

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 February 28, 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 $ 11.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the

fair value hierarchy.

As of February 29, 2024, the total amount of 7.00% 2025 Notes outstanding was $ 12.0 million, and they had a fair

value of $ 11.8 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value

As of February 29, 2024, there was $ 12.0 million outstanding.

For the years ended February 28, 2025 and February

29, 2024, we recorded $ 0.8 million and $ 0.8 million, respectively, of interest expense, $ 0.01 million and $ 0.01 million, respectively,

of amortization of deferred financing costs and $ 0.1 million and $ 0.1 million, respectively, of amortization of discount on issuance of

7.00% Notes due 2025.

Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are

reported as interest and debt financing expense on the consolidated statements of operations.

During the years ended February 28, 2025

and February 29, 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

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.

As of February 28, 2025, the total amount of 8.00%

2027 Notes outstanding was $ 46.0 million.

The 8.00% 2027 Notes are listed on the NYSE under the trading symbol “SAJ” with

a par value of $ 25.00 per note.

As of February 28, 2025, the carrying amount and fair value of the 8.00% 2027 Notes was $ 46.0 million

and $ 46.5 million, respectively.

The fair value of the 8.00% 2027 Notes, which are publicly traded, is based upon closing market quotes

as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy.

As of February 29, 2024, the

carrying amount and fair value of the 8.00% 2027 Notes was $ 46.0 million and $ 46.2 million, respectively.

For the years ended February 28, 2025 and February

29, 2024, the Company recorded $ 3.7 million and $ 3.7 million, respectively, of interest expense and $ 0.3 million and $ 0.3 million, respectively,

of amortization of deferred financing costs related to the 8.00% 2027 Notes.

Interest expense and amortization of deferred financing costs

are reported as interest and debt financing expense on the consolidated statements of operations.

During the years ended February 28,

2025 and February 29, 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

Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of

8.125% per year.

The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in part

at any time or from time to time at the Company’s option.

The net proceeds from this offering were used to make investments in middle-market

companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment objective and strategies

and for general corporate purposes.

Financing costs of $2.0 million related to the 8.125% 2027 Notes have been capitalized and are being

amortized over the term of the 8.125% 2027 Notes.

As of February 28, 2025, the total amount of 8.125%

2027 Notes outstanding was $60.4 million.

The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY” with

a par value of $ 25.00 per note.

As of February 28, 2025, the carrying amount and fair value of the 8.125% 2027 Notes was $ 60.4 million

and $ 61.0 million, respectively.

The fair value of the 8.125% 2027 Notes, which are publicly traded, is based upon closing market quotes

as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy.

As of February 29, 2024, the

carrying amount and fair value of the 8.125% 2027 Notes was $ 60.4 million and $ 60.8 million, respectively.

For the years ended February 28, 2025 and February

29, 2024, the Company recorded $ 4.9 million and $ 4.9 million, respectively, of interest expense and $ 0.4 million and $ 0.4 million, respectively,

of amortization of deferred financing costs related to the 8.125% 2027 Notes.

Interest expense and amortization of deferred financing

costs are reported as interest and debt financing expense on the consolidated statements of operations.

During the years ended February

28, 2025 and February 29, 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.

As of February 28, 2025, the total amount of

8.75% 2025 Notes outstanding was $ 20.0 million.

The 8.75% 2025 Notes are not listed.

The carrying amount of the outstanding 8.75% 2025

Notes had a fair value of $ 20.0 million, which is based on a market yield analysis and would be classified as a Level 3 liability within

the fair value hierarchy.

As of February 29, 2024, the total amount of 8.75% 2025 Notes outstanding was $ 20.0 million, and they had a

fair value of $ 20.1 million.

As of February 29, 2024, there was $ 20.0 million outstanding.

For the years ended February 28, 2025 and February

29, 2024, we recorded $ 1.8 million and $ 1.5 million, respectively, of interest expense, $ 0.04 million and $ 0.02 million, respectively,

of amortization of deferred financing costs and $ 0.1 million and $ 0.6 million, respectively, of amortization of discount on issuance of

8.75% Notes due 2025.

Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes are

reported as interest and debt financing expense on the consolidated statements of operations.

During the years ended February 28, 2025

and February 29, 2024, the average dollar amount of 8.75% 2025 Notes outstanding was $ 20.0 million and $ 17.5 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.

26, 2023, the underwriters fully exercised their option to purchase an additional $ 7.5 million in aggregate principal amount of the 8.50%

Net proceeds to the Company were $ 7.3 million after deducting underwriting commissions of approximately $ 0.2 million.

on the 8.50% 2028 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per year.

The 8.50% 2028 Notes mature on April 15, 2028, and commencing April 14, 2025, may be redeemed in whole or in part at any time or from

time to time at the Company’s option.

Net proceeds from this offering were used to repay a portion of the outstanding indebtedness

under the Encina Credit Facility, make investments in middle-market companies (including investments made through our SBIC Subsidiaries)

in accordance with the Company’s investment objective and strategies and for general corporate purposes.

Financing costs of $ 2.0

million related to the 8.50% 2028 Notes have been capitalized and are being amortized over the term of the 8.50% 2028 Notes.

As of February 28, 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 February 28, 2025, the carrying amount and fair value of the 8.50% 2028 Notes was $ 57.5 million

and $ 58.3 million, respectively.

The fair value of the 8.50% 2028 Notes, which are publicly traded, is based upon closing market quotes

as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy.

As of February 29, 2024, the

carrying amount and fair value of the 8.50% 2028 Notes was $ 57.5 million and $ 58.3 million, respectively.

For the years ended February 28, 2025 and February

29, 2024, we recorded $4.9 million and $ 4.3 million, respectively, of interest expense and $ 0.4 million and $ 0.4 million, respectively,

of amortization of deferred financing costs of 8.50% 2028 Notes.

Interest expense and amortization of deferred financing costs are reported

as interest and debt financing expense on the consolidated statements of operations.

During the years ended February 28, 2025 and February

29, 2024, the average dollar amount of 8.50% 2028 Notes outstanding was $ 57.5 million and $ 50.2 million respectively.

Senior Securities

Information about our senior securities is shown

in the following table as of February 28/29 for the fiscal years indicated in the table, unless otherwise noted.

See “Management’s

Discussion and Analysis of Financial Condition and Results of Operations—Financial condition, liquidity and capital resources”

for more detailed information regarding the senior securities.

SENIOR SECURITIES

(dollar amounts in thousands, except per share data)

Class and Year (1)(2)

Securities(3)

Preference per

Average Market

(in thousands)

Credit Facility with Encina Lender Finance, LLC

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

Fiscal year 2023 (as of February 28, 2023)

Fiscal year 2022 (as of February 28, 2022)

Credit Facility with Live Oak Banking Company

Fiscal year 2025 (as of February 28, 2025)

Credit Facility with Madison Capital Funding(14)

Fiscal year 2021 (as of February 28, 2021)

Fiscal year 2020 (as of February 29, 2020)

Fiscal year 2019 (as of February 28, 2019)

Fiscal year 2018 (as of February 28, 2018)

Fiscal year 2017 (as of February 28, 2017)

Fiscal year 2016 (as of February 29, 2016)

Fiscal year 2015 (as of February 28, 2015)

Fiscal year 2014 (as of February 28, 2014)

Fiscal year 2013 (as of February 28, 2013)

Fiscal year 2012 (as of February 29, 2012)

Fiscal year 2011 (as of February 28, 2011)

7.50% Notes due 2020(7)

Fiscal year 2017 (as of February 28, 2017)

Fiscal year 2016 (as of February 29, 2016)

Fiscal year 2015 (as of February 28, 2015)

Fiscal year 2014 (as of February 28, 2014)

6.75% Notes due 2023(9)

Fiscal year 2020 (as of February 29, 2020)

Fiscal year 2019 (as of February 28, 2019)

Fiscal year 2018 (as of February 28, 2018)

Fiscal year 2017 (as of February 28, 2017)

8.75% Notes due 2025

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

6.25% Notes due 2025(13)

Fiscal year 2022 (as of February 28, 2022)

Fiscal year 2021 (as of February 28, 2021)

Fiscal year 2020 (as of February 29, 2020)

Fiscal year 2019 (as of February 28, 2019)

SENIOR SECURITIES

(dollar amounts in thousands, except per share data)

Class and Year (1)(2)

Securities(3)

Preference per

(in thousands)

7.00% Notes due 2025

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

Fiscal year 2023 (as of February 28, 2023)

7.25% Notes due 2025(16)

Fiscal year 2023 (as of February 28, 2023)

Fiscal year 2022 (as of February 28, 2022)

Fiscal year 2021 (as of February 28, 2021)

7.75% Notes due 2025

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

Fiscal year 2023 (as of February 28, 2023)

Fiscal year 2022 (as of February 28, 2022)

Fiscal year 2021 (as of February 28, 2021)

4.375% Notes due 2026

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

Fiscal year 2023 (as of February 28, 2023)

Fiscal year 2022 (as of February 28, 2022)

4.35% Notes due 2027

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

Fiscal year 2023 (as of February 28, 2023)

Fiscal year 2022 (as of February 28, 2022)

6.00% Notes due 2027

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

Fiscal year 2023 (as of February 28, 2023)

6.25% Notes due 2027

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

Fiscal year 2023 (as of February 28, 2023)

Fiscal year 2022 (as of February 28, 2022)

Fiscal year 2021 (as of February 28, 2021)

8.00% Notes due 2027

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

8.125% Notes due 2027

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

Fiscal year 2023 (as of February 28, 2023)

8.50% Notes due 2028

Fiscal year 2025 (as of February 28, 2025)

Fiscal year 2024 (as of February 29, 2024)

(1) We have excluded our SBA-guaranteed debentures from

this table because the SEC has granted us exemptive relief that permits us to exclude such debentures from the definition of senior securities

in the 150 % asset coverage ratio we are required to maintain under the 1940 Act.

(2) This table does not include the senior securities of our predecessor

entity, GSC Investment Corp., relating to a revolving securitized credit facility with Deutsche Bank, in light of the fact that the Company

was under different management during the time that such credit facility was outstanding.

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

the period presented.

(4) Asset coverage per unit is the ratio of our total assets, less

all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.

Asset coverage per unit is expressed in terms of dollar amounts per $ 1,000 of indebtedness, calculated on a total basis.

(5) The amount to which such class of senior security would be entitled

upon the involuntary liquidation of the issuer in preference to any security junior to it.

The “—” indicates information

which the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities.

(6) Not applicable for credit facility because not registered for

public trading.

(7) On January 13, 2017, the Company redeemed in full its 2020

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

(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

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

(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

(16) On July 14, 2022, the Company redeemed $ 43.1 million in aggregate

principal amount of the issued and outstanding 7.25% 2025 Notes.

(17) Based on the average daily trading price of the 2028 Notes on

Commitments and Contingencies

Contractual Obligations

The following table shows our payment obligations for repayment of

debt and other contractual obligations at February 28, 2025:

Payment Due by Period

Long-Term Debt Obligations

($ in thousands)

Encina credit facility

Live Oak credit facility

SBA debentures

8.75% 2025 Notes

7.00% 2025 Notes

7.75% 2025 Notes

4.375% 2026 Notes

4.35% 2027 Notes

6.00% 2027 Notes

6.25% 2027 Notes

8.00% 2027 Notes

8.125% 2027 Notes

8.50% 2028 Notes

Total Long-Term Debt Obligations

Off-balance Sheet Arrangements

At February 28, 2025 and February 29, 2024, the

Company’s off-balance sheet arrangements consisted of $ 126.7 million and $ 132.4 million, respectively, of unfunded commitments outstanding

to provide debt financing to its portfolio companies or to fund limited partnership interests.

Such commitments are generally up to the

Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees,

elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and

are not reflected in the Company’s consolidated statements of assets and liabilities.

A summary of the unfunded commitments outstanding as of February

28, 2025 and February 29, 2024 is shown in the table below (dollars in thousands):

At Company’s discretion

ActiveProspect, Inc.

Artemis Wax Corp.

Ascend Software, LLC

C2 Educational Systems

Davisware, LLC

Granite Comfort, LP

LFR Chicken LLC

Pepper Palace, Inc.

Procurement Partners, LLC

Saratoga Senior Loan Fund I JV, LLC

Sceptre Hospitality Resources, LLC

Stretch Zone Franchising, LLC

VetnCare MSO, LLC

At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required

Alpha Aesthetics Partners OpCo, LLC

ARC Health OpCo LLC

Axero Holdings, LLC - Revolver

Axiom Medical Consulting, LLC

BQE Software, Inc.

C2 Educational Systems

Cloudpermit Intermediate Holding Company

Davisware, LLC

Exigo, LLC - Revolver

Gen4 Dental Partners Holdings, LLC

Granite Comfort, LP

Innergy, Inc.

Inspect Point Holding, LLC

Modis Dental Partners OpCo, LLC

Pepper Palace, Inc.

Stretch Zone Franchising, LLC

VetnCare MSO, LLC

The Company believes its assets will provide adequate

coverage to satisfy these unfunded commitments.

As of February 28, 2025, the Company had cash and cash equivalents of $ 148.2 million,

$ 32.5 million in available borrowings under the Encina Credit Facility, and $ 55.0 million in available borrowings under the Live Oak Credit

Directors Fees

Our independent directors each receives 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

For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, we incurred $ 0.4 million, $ 0.4 million and $ 0.4

million for directors’ fees and expenses, respectively.

As of February 28, 2025 and February 29, 2024, $ 0.0 million and $ 0.0 million

in directors’ fees and expenses were accrued and unpaid, respectively.

As of February 28, 2025, we had not issued any common stock

to our directors as compensation for their services.

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.

of February 28, 2025, the Company purchased 1,035,203 shares of common stock, at the average price of $ 22.05 for approximately $ 22.8 million

pursuant to the Share Repurchase Plan.

During the three months ended February 28, 2025, the Company did not purchase any shares of common

stock pursuant to the Share Repurchase Plan.

During the year ended February 28, 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.

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.

(“Ladenburg”)

and Compass Point Research and Trading, LLC (“Compass Point”), through which the Company may offer for sale, from time to

time, up to $ 150.0 million of the Company’s common stock through the Agents (as defined below), or to them, as principal for their

account (the “ATM Program”).

On July 6, 2023, the Company amended the Equity

Distribution Agreement to increase the maximum amount of shares of our common stock to be sold through the ATM Program to $ 300.0 million

from $ 150.0 million.

On July 19, 2023, the Company amended the Equity Distribution Agreement to add an additional distribution agent,

Raymond James & Associates, Inc.

(“Raymond James”).

On May 15, 2024, the Company amended the Equity Distribution Agreement

to add an additional distribution agent, Lucid Capital Markets, LLC (“Lucid” and together with Ladenburg, Compass Point, and

Raymond James, the “Agents”).

The sales price per share of the Company’s common stock offered under the ATM Program,

less the Agents’ commission, will not be less than the NAV per share of the Company’s common stock at the time of such sale.

Consistent with the terms of the ATM Program, the Manager may, from time to time and in its sole discretion, contribute proceeds necessary

to ensure that no sales are made at a price below the then-current NAV per share.

As of February 28, 2025 the Company sold 7,844,716

SOFR - Secured Overnight Financing Rate

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

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

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

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

See accompanying notes to

financial statements.

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 -

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.

Business Term Loan B (08/24) Loan 1M USD SOFR+ 2.75 % 0.75 % 7.07 % 8/12/2028 352,462 350,628 352,902

Aegis Sciences Corporation Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 5.50 % 1.00 % 10.28 % 5/9/2025 2,267,140 2,265,721 1,271,865

Agiliti Health Inc.

Healthcare & Pharmaceuticals Term Loan B (03/23) Loan 6M USD SOFR+ 3.00 % 0.00 % 7.26 % 5/1/2030 2,154,146 2,140,760 2,093,119

AHEAD DB Holdings, LLC Services:

Business Term Loan B3 (07/24) Loan 1M USD SOFR+ 3.00 % 0.75 % 7.30 % 2/1/2031 2,895,655 2,838,488 2,902,228

Air Canada Transportation:

Consumer Term Loan B (03/24) Loan 3M USD SOFR+ 2.00 % 0.00 % 6.34 % 3/21/2031 992,500 990,413 995,607

AIT Worldwide Logistics Holdings, Inc.

Transportation:

Cargo Term Loan B (01/25) Loan 3M USD SOFR+ 4.00 % 0.75 % 8.30 % 4/8/2030 2,455,696 2,341,381 2,458,250

AlixPartners, LLP Banking, Finance, Insurance & Real Estate Term Loan B (01/21) Loan 1M USD SOFR+ 2.50 % 0.50 % 6.94 % 2/4/2028 240,624 240,582 241,166

Allen Media, LLC Media:

Diversified & Production Term Loan (7/21) Loan 3M USD SOFR+ 5.50 % 0.00 % 9.98 % 2/10/2027 4,303,877 4,290,645 2,571,566

Alliant Holdings Intermediate, LLC Banking, Finance, Insurance & Real Estate Term Loan B6 (09/24) Loan 1M USD SOFR+ 2.75 % 0.00 % 7.07 % 9/19/2031 797,021 797,021 795,579

Allied Universal Holdco LLC Services:

Business Term Loan 4/21 Loan 1M USD SOFR+ 3.75 % 0.50 % 8.17 % 5/12/2028 1,935,000 1,930,761 1,936,529

Alterra Mountain Company (Intrawest Resort Holdings) Hotel, Gaming & Leisure First Lien Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 7.32 % 5/31/2030 249,375 249,375 249,532

Altisource Solutions S.a r.l.

Banking, Finance, Insurance & Real Estate Term Loan B Loan 3M USD SOFR+ 6.50 % 3.50 % 10.92 % 2/20/2029 500,000 487,543 500,000

Altisource Solutions S.a r.l.

Banking, Finance, Insurance & Real Estate Term Loan B (02/25) Loan 3M USD SOFR+ 6.50 % 3.50 % 10.92 % 4/30/2030 545,284 545,284 539,831

Altium Packaging LLC Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 2.50 % 0.00 % 6.82 % 6/11/2031 482,575 481,544 477,547

American Axle & Manufacturing Inc.

Automotive Term Loan (12/22) Loan 1M USD SOFR+ 3.00 % 0.50 % 7.32 % 12/13/2029 480,000 469,318 478,200

American Greetings Corporation Media:

Advertising, Printing & Publishing Term Loan B (04/24) Loan 1M USD SOFR+ 5.75 % 0.00 % 10.07 % 10/30/2029 2,926,807 2,925,603 2,945,099

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.

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.

Consumer Term Loan B8 (03/24) Loan 1M USD SOFR+ 2.00 % 0.00 % 6.32 % 6/22/2030 2,331,250 2,305,337 2,337,078

ARC FALCON I INC.

Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.50 % 0.50 % 7.92 % 9/23/2028 971,274 969,846 971,711

ARCIS GOLF LLC Services:

Consumer Term Loan B (01/25) Loan 1M USD SOFR+ 2.75 % 0.50 % 7.07 % 11/24/2028 493,000 489,289 494,543

Aretec Group, Inc.

Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.82 % 8/9/2030 2,622,898 2,610,006 2,616,891

Ascensus Group Holdings, Inc Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.00 % 0.00 % 7.32 % 8/2/2028 494,767 491,912 493,035

Aspire Bakeries Holdings, LLC Beverage, Food & Tobacco Term loan Loan 1M USD SOFR+ 4.25 % 0.00 % 8.57 % 12/23/2030 893,250 885,649 895,483

Assuredpartners Inc.

Banking, Finance, Insurance & Real Estate Term Loan B5 (02/24) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.82 % 2/14/2031 1,290,250 1,289,103 1,290,082

Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B10 Loan 1M USD SOFR+ 4.00 % 0.00 % 8.42 % 8/19/2028 1,955,000 1,890,928 1,949,780

Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B12 Loan 1M USD SOFR+ 4.25 % 0.00 % 8.56 % 9/19/2030 2,912,179 2,908,959 2,898,521

ATHENAHEALTH GROUP INC.

Healthcare & Pharmaceuticals Term Loan B (2/22) Loan 1M USD SOFR+ 3.00 % 0.50 % 7.32 % 2/15/2029 1,303,799 1,300,749 1,300,070

Avolon TLB Borrower 1 (US) LLC Capital Equipment Term Loan B6 Loan 1M USD SOFR+ 1.75 % 0.00 % 6.07 % 6/22/2030 1,472,622 1,429,929 1,472,136

Axalta Coating Systems US Holdings Chemicals, Plastics, & Rubber Term Loan B (11/24) Loan 3M USD SOFR+ 1.75 % 0.50 % 6.08 % 12/20/2029 851,048 844,987 852,546

AZURITY PHARMACEUTICALS, INC.

Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 6.62 % 0.75 % 11.05 % 9/20/2027 425,000 418,550 422,344

B&G Foods, Inc.

Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50 % 0.00 % 7.82 % 10/10/2029 532,287 530,730 528,849

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

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.

Consumer Term Loan 4/23 Loan 1M USD SOFR+ 3.00 % 0.50 % 7.32 % 11/1/2030 1,490,834 1,478,738 1,498,288

Bengal Debt Merger Sub LLC Beverage, Food & Tobacco Term Loan Loan 3M USD SOFR+ 3.00 % 0.50 % 7.43 % 1/24/2029 1,950,000 1,949,473 1,175,753

Blackstone Mortgage Trust, Inc.

Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.25 % 0.00 % 6.69 % 4/23/2026 342,601 341,898 341,317

Bombardier Recreational Products, Inc.

Consumer goods:

Durable Term Loan Loan 1M USD SOFR+ 2.75 % 0.00 % 7.07 % 1/22/2031 1,425,751 1,422,525 1,423,712

Bombardier Recreational Products, Inc.

Consumer goods:

Durable Term Loan B3 Loan 1M USD SOFR+ 2.75 % 0.50 % 7.06 % 12/13/2029 488,806 479,686 488,669

Boost Newco Borrower, LLC (Worldpay) Banking, Finance, Insurance & Real Estate Term Loan B (01/25) Loan 3M USD SOFR+ 2.00 % 0.00 % 6.29 % 1/31/2031 498,750 496,603 498,127

Boxer Parent Company, Inc.

High Tech Industries Term Loan Loan 3M USD SOFR+ 3.00 % 0.00 % 7.29 % 7/30/2031 1,007,194 1,003,006 1,004,766

BroadStreet Partners, Inc.

Banking, Finance, Insurance & Real Estate Term Loan B-4 Loan 1M USD SOFR+ 3.00 % 0.00 % 7.31 % 6/16/2031 2,896,329 2,894,596 2,894,794

Brookfield WEC Holdings Inc.

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.

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.

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.

Business Term Loan (01/25) Loan 1M USD SOFR+ 2.00 % 0.50 % 6.32 % 9/16/2028 242,500 242,288 241,894

CCI Buyer, Inc Telecommunications Term Loan Loan 3M USD SOFR+ 4.00 % 0.75 % 8.33 % 12/17/2027 240,625 239,544 241,426

CCRR Parent, Inc.

Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.25 % 0.50 % 8.66 % 3/6/2028 980,000 948,779 395,263

CCRR Parent, Inc.

Healthcare & Pharmaceuticals Term Loan B Loan 3M USD SOFR+ 4.25 % 0.75 % 8.82 % 3/6/2028 962,500 960,608 399,438

CCS-CMGC Holdings, Inc.

Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 5.50 % 0.00 % 10.28 % 9/25/2025 1,140,869 1,139,841 386,047

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

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.

Business Term Loan B (01/25) Loan 1M USD SOFR+ 4.25 % 0.50 % 8.57 % 2/11/2028 1,473,806 1,410,924 1,469,886

Chemours Company, (The) Chemicals, Plastics, & Rubber Term Loan B3 (08/23) Loan 1M USD SOFR+ 3.00 % 0.50 % 7.32 % 8/18/2028 2,369,720 2,339,142 2,358,866

Churchill Downs Incorporated Hotel, Gaming & Leisure Term Loan B1 (3/21) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.07 % 3/17/2028 481,250 480,828 480,047

CIMPRESS PUBLIC LIMITED COMPANY Media:

Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.82 % 5/17/2028 1,940,187 1,883,647 1,930,486

CITADEL SECURITIES LP Banking, Finance, Insurance & Real Estate Term Loan (10/24) Loan 3M USD SOFR+ 2.00 % 0.00 % 6.33 % 10/31/2031 4,826,890 4,826,890 4,832,344

Citco Funding LLC Banking, Finance, Insurance & Real Estate Term Loan B (06/24) Loan 6M USD SOFR+ 2.75 % 0.50 % 7.31 % 4/27/2028 987,538 984,246 994,529

Clarios Global LP Automotive Term Loan B (07/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.82 % 5/6/2030 1,197,000 1,192,661 1,191,015

Claros Mortgage Trust, Inc Banking, Finance, Insurance & Real Estate Term Loan B-1 (11/21) Loan 1M USD SOFR+ 4.50 % 0.50 % 8.92 % 8/10/2026 3,368,637 3,360,331 3,099,146

CLYDESDALE ACQUISITION HOLDINGS, INC.

Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 3.18 % 0.50 % 7.50 % 4/13/2029 1,220,000 1,199,733 1,219,244

Columbus McKinnon Corporation Capital Equipment Term Loan (03/24) Loan 3M USD SOFR+ 2.50 % 0.50 % 6.83 % 5/14/2028 361,967 361,543 361,062

Connect Finco SARL Telecommunications Term Loan B (03/24) Loan 1M USD SOFR+ 4.50 % 0.50 % 8.82 % 9/27/2029 2,865,844 2,801,249 2,491,679

Consolidated Communications, Inc.

Telecommunications Term Loan B Loan 1M USD SOFR+ 3.50 % 0.75 % 7.94 % 10/2/2027 2,714,005 2,592,779 2,700,788

Corelogic, Inc.

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.

Oil & Gas Term Loan B (11/22) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.92 % 11/16/2029 5,292,000 5,206,553 5,270,514

Derby Buyer LLC Chemicals, Plastics, & Rubber Term Loan B (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.31 % 11/1/2030 620,320 612,532 620,475

DexKo Global, Inc.

(Dragon Merger) Automotive Term Loan (9/21) Loan 3M USD SOFR+ 3.75 % 0.50 % 8.34 % 10/4/2028 972,500 970,335 916,251

Diamond Sports Group, LLC Media:

Broadcasting & Subscription 1st Priority Term Loan Loan 1M USD SOFR+ 10.00 % 1.00 % 14.41 % 5/25/2026 29,734 29,407 26,463

DIRECTV FINANCING, LLC Media:

Broadcasting & Subscription Term Loan (1/24) Loan 3M USD SOFR+ 5.25 % 0.75 % 9.80 % 8/2/2029 2,902,900 2,887,032 2,882,115

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

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.

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.

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

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

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.

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.

Business Term Loan Loan 1M USD SOFR+ 3.75 % 0.50 % 8.16 % 11/23/2028 1,945,000 1,943,317 1,923,663

Edelman Financial Group Inc., The Banking, Finance, Insurance & Real Estate Term Loan (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.32 % 4/7/2028 2,155,371 2,152,592 2,158,281

ELECTRON BIDCO INC.

Healthcare & Pharmaceuticals Term Loan Loan 1M USD SOFR+ 2.75 % 0.50 % 7.07 % 11/1/2028 487,500 486,541 486,769

ELO Touch Solutions, Inc.

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

FINCO LLC Transportation:

Cargo Term Loan Loan 6M USD SOFR+ 6.00 % 0.50 % 10.28 % 10/9/2029 950,000 893,353 397,813

Equiniti Group PLC Services:

Business Term Loan (12/24) Loan 6M USD SOFR+ 3.75 % 0.50 % 8.03 % 12/11/2028 970,069 964,262 976,937

Evertec Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/23) Loan 1M USD SOFR+ 2.75 % 0.50 % 7.07 % 10/30/2030 1,125,000 1,110,800 1,130,625

Fiesta Purchaser, Inc.

Beverage, Food & Tobacco Term Loan B (12/24) Loan 1M USD SOFR+ 3.25 % 0.00 % 7.57 % 2/12/2031 497,503 493,271 497,011

Finco I LLC Banking, Finance, Insurance & Real Estate Term Loan B (9/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.57 % 6/27/2029 2,795,563 2,793,344 2,794,389

First Brands Group, LLC Automotive 1st Lien Term Loan (3/21) Loan 3M USD SOFR+ 5.00 % 1.00 % 9.55 % 3/30/2027 4,812,500 4,781,859 4,607,969

First Eagle Investment Management Banking, Finance, Insurance & Real Estate Term Loan B (02/24) Loan 3M USD SOFR+ 3.00 % 0.00 % 7.33 % 3/5/2029 5,053,465 5,046,585 5,052,454

First Student Bidco Inc.

Transportation:

Consumer Term Loan B (12/24) Loan 3M USD SOFR+ 2.50 % 0.50 % 6.89 % 7/21/2028 709,476 706,708 707,603

First Student Bidco Inc.

Transportation:

Consumer Term Loan C Loan 3M USD SOFR+ 2.50 % 0.50 % 6.89 % 7/21/2028 216,966 216,137 216,393

Fitness International, LLC (LA Fitness) Services:

Consumer Term Loan B (1/24) Loan 1M USD SOFR+ 5.25 % 1.00 % 9.57 % 2/5/2029 1,191,000 1,161,999 1,204,030

Flutter Financing B.V.

Hotel, Gaming & Leisure Term Loan Loan 3M USD SOFR+ 1.75 % 0.50 % 6.08 % 11/29/2030 3,712,500 3,704,077 3,699,729

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

Franchise Group, Inc.

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.

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.

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.

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

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.

Oil & Gas Term Loan B Loan 3M USD SOFR+ 2.00 % 0.00 % 6.30 % 10/4/2030 415,684 414,006 414,387

Global Tel*Link Corporation Telecommunications Term Loan (6/24) Loan 1M USD SOFR+ 7.50 % 3.00 % 11.82 % 7/31/2029 4,809,048 4,741,980 4,798,757

Go Daddy Operating Company, LLC High Tech Industries Term Loan B7 Loan 1M USD SOFR+ 1.75 % 0.00 % 6.07 % 5/30/2031 940,231 940,231 938,473

GOLDEN WEST PACKAGING GROUP LLC Forest Products & Paper Term Loan (11/21) Loan 6M USD SOFR+ 5.25 % 0.75 % 9.92 % 12/1/2027 1,775,000 1,767,298 1,434,786

GOTO GROUP, INC.

High Tech Industries First Lien Term Loan Loan 3M USD SOFR+ 4.75 % 0.00 % 9.19 % 4/30/2028 1,245,381 804,484 1,151,043

GOTO GROUP, INC.

High Tech Industries Second-Out Term Loan (02/24) Loan 3M USD SOFR+ 4.75 % 0.00 % 9.19 % 4/30/2028 1,719,812 1,651,916 832,389

Graham Packaging Co Inc Containers, Packaging & Glass Term Loan B (07/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.82 % 8/4/2027 830,576 828,359 830,161

Great Outdoors Group, LLC Retail Term Loan (1/25) Loan 1M USD SOFR+ 3.25 % 0.75 % 7.55 % 1/20/2032 960,244 958,144 962,049

Griffon Corporation Consumer goods:

Durable Term Loan B Loan 1M USD SOFR+ 2.00 % 0.00 % 6.31 % 1/24/2029 142,188 142,044 142,898

Grosvenor Capital Management Holdings, LLLP Banking, Finance, Insurance & Real Estate Term Loan B (5/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.57 % 2/25/2030 2,786,709 2,786,614 2,791,057

Groupe Solmax Inc.

Environmental Industries Term Loan (6/21) Loan 1M USD SOFR+ 4.75 % 0.75 % 9.19 % 5/27/2028 2,412,086 2,134,984 2,133,827

GYP HOLDINGS III CORP.

Construction & Building Term Loan (1/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.57 % 5/12/2030 246,881 245,937 247,037

Hertz Corporation (The) Transportation:

Consumer Term Loan B Loan 1M USD SOFR+ 3.75 % 0.00 % 8.07 % 6/30/2028 2,082,970 2,035,333 1,807,726

Hillman Group Inc.

(The) (New) Consumer goods:

Durable Term Loan B-1 (2/21) Loan 1M USD SOFR+ 2.00 % 0.50 % 6.31 % 7/14/2028 2,714,525 2,713,474 2,704,780

Hilton Domestic Operating Company Inc.

Hotel, Gaming & Leisure Term Loan B 4 Loan 1M USD SOFR+ 1.75 % 0.00 % 6.07 % 11/8/2030 1,500,000 1,497,236 1,505,160

HLF Financing SARL (Herbalife) Consumer goods:

Non-durable Term Loan Loan 1M USD SOFR+ 6.75 % 0.50 % 11.07 % 4/12/2029 3,038,490 3,037,561 3,036,606

Holley Purchaser, Inc Automotive Term Loan (11/21) Loan 1M USD SOFR+ 3.75 % 0.75 % 8.19 % 11/17/2028 2,189,325 2,184,763 2,130,935

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

Hudson River Trading LLC Banking, Finance, Insurance & Real Estate Term Loan (10/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.31 % 3/29/2030 5,775,525 5,692,371 5,770,327

Hunter Douglas Inc Consumer goods:

Durable Term Loan B (1/25) Loan 3M USD SOFR+ 3.25 % 0.00 % 7.55 % 1/19/2032 2,232,648 2,038,638 2,215,904

Hyperion Refinance S.a.r.l.

Banking, Finance, Insurance & Real Estate Term Loan B (11/24) Loan 1M USD SOFR+ 3.00 % 0.50 % 7.32 % 2/18/2031 2,977,538 2,966,717 2,968,992

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

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

Business Term Loan B (11/24) Loan 1M USD SOFR+ 3.25 % 0.00 % 7.57 % 10/15/2030 620,324 614,960 624,394

Jane Street Group Banking, Finance, Insurance & Real Estate Term Loan B Loan 3M USD SOFR+ 2.00 % 0.00 % 6.30 % 12/15/2031 3,840,000 3,839,989 3,790,810

Journey Personal Care Corp.

Consumer goods:

Non-durable Term Loan B (11/24) Loan 1M USD SOFR+ 3.75 % 0.75 % 8.07 % 3/1/2028 2,895,000 2,858,590 2,872,072

JP Intermediate B, LLC Consumer goods:

Non-durable Term Loan 7/23 Loan Prime 6.50% 1.00 % 14.00 % 11/20/2027 3,370,462 3,360,549 134,818

Kleopatra Finco S.a r.l.

Containers, Packaging & Glass Term Loan (1/21) (USD) Loan 6M USD SOFR+ 4.73 % 0.50 % 9.23 % 2/12/2026 1,443,750 1,443,745 1,348,304

Koppers Inc Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 2.50 % 0.50 % 6.82 % 4/10/2030 985,081 961,555 988,775

KREF Holdings X LLC Banking, Finance, Insurance & Real Estate Term Loan (11/21) Loan 3M USD SOFR+ 3.50 % 0.50 % 8.06 % 9/1/2027 481,363 476,486 481,363

Lakeland Tours, LLC Hotel, Gaming & Leisure Holdco Fixed Term Loan Loan Fixed 0.00% 0.00 % 8.00 % 9/27/2027 1,127,568 680,756 28,189

Latham Pool Products, Inc.

Consumer goods:

Durable Term Loan 2/22 Loan 3M USD SOFR+ 3.75 % 0.50 % 8.19 % 2/23/2029 991,609 978,723 970,954

Lealand Finance Company B.V.

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

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

LOYALTY VENTURES INC.

Business Loyalty Ventures Claims Term Loan B Prime 5.50% 0.50 % 14.00 % 11/3/2027 2,913,525 2,905,305 211,231

LSF11 A5 HOLDCO LLC Chemicals, Plastics, & Rubber Term Loan B (06/24) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.93 % 10/15/2028 1,622,206 1,607,812 1,621,622

LSF11 TRINITY BIDCO INC Aerospace & Defense Term Loan B (12/24) Loan 1M USD SOFR+ 3.00 % 0.00 % 7.32 % 6/14/2030 970,924 959,085 970,924

LSF9 Atlantis Holdings, LLC (A Wireless) Retail Term Loan Extended Loan 1M USD SOFR+ 5.25 % 0.75 % 9.57 % 3/29/2029 2,671,805 2,610,533 2,680,167

Lumen Technologies Inc Telecommunications Term Loan B1 (3/24) Loan 1M USD SOFR+ 2.35 % 2.00 % 6.79 % 4/16/2029 1,608,268 1,607,707 1,512,785

Lumen Technologies Inc Telecommunications Term Loan B2 (3/24) Loan 1M USD SOFR+ 2.35 % 2.00 % 6.79 % 4/15/2030 1,608,268 1,607,702 1,507,767

MAGNITE, INC.

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.

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.

Business Term Loan B Loan 3M USD SOFR+ 4.75 % 0.50 % 9.15 % 6/1/2030 2,963,850 2,633,472 2,846,363

Mosel Bidco SE High Tech Industries Term Loan B Loan 3M USD SOFR+ 4.50 % 0.50 % 8.83 % 9/28/2030 500,000 495,844 501,250

MPH Acquisition Holdings LLC (Multiplan) Services:

Business First-Out Term Loan (01/25) Loan 3M USD SOFR+ 3.75 % 0.00 % 8.04 % 12/31/2030 315,611 285,615 313,638

MPH Acquisition Holdings LLC (Multiplan) Services:

Business Second-Out Term Loan (01/25) Loan 3M USD SOFR+ 4.60 % 0.00 % 9.15 % 12/31/2030 2,616,207 2,460,718 2,198,556

NAB Holdings, LLC (North American Bancard) Banking, Finance, Insurance & Real Estate Term Loan B (2/25) Loan 3M USD SOFR+ 2.50 % 0.50 % 6.82 % 11/24/2028 2,910,506 2,906,771 2,886,873

Napa Management Services Corp Healthcare & Pharmaceuticals Term Loan B (02/22) Loan 1M USD SOFR+ 5.25 % 0.75 % 9.67 % 2/22/2029 2,939,547 2,497,131 2,712,966

Natgasoline LLC Chemicals, Plastics, & Rubber Term Loan Loan 6M USD SOFR+ 3.50 % 0.00 % 8.17 % 11/14/2025 3,269,852 3,265,583 3,253,503

National Mentor Holdings, Inc.

Healthcare & Pharmaceuticals Term Loan 2/21 Loan 3M USD SOFR+ 3.75 % 0.75 % 8.48 % 3/2/2028 2,680,348 2,676,078 2,623,658

National Mentor Holdings, Inc.

Healthcare & Pharmaceuticals Term Loan C 2/21 Loan 3M USD SOFR+ 3.75 % 0.75 % 8.18 % 3/2/2028 87,464 87,262 85,614

Nexstar Broadcasting, Inc.

(Mission Broadcasting) Media:

Broadcasting & Subscription Term Loan Loan 1M USD SOFR+ 2.50 % 0.00 % 6.94 % 9/18/2026 571,911 570,138 571,356

Next Level Apparel, Inc.

Retail Term Loan Loan 3M USD SOFR+ 7.50 % 1.00 % 11.90 % 8/9/2026 2,382,698 2,373,272 1,894,245

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

NorthPole Newco S.a.r.l Aerospace & Defense Term Loan Loan Prime 7.00% 0.00 % 14.50 % 3/3/2025 -

NortonLifeLock Inc.

High Tech Industries Term Loan B (05/24) Loan 1M USD SOFR+ 1.75 % 0.50 % 6.07 % 9/12/2029 970,000 967,278 967,507

Nouryon Finance B.V.

Chemicals, Plastics, & Rubber Term Loan B (10/24) Loan 3M USD SOFR+ 3.25 % 0.00 % 7.55 % 4/3/2028 483,926 480,497 485,591

Novae LLC Automotive Term Loan B Loan 1M USD SOFR+ 5.00 % 0.75 % 9.42 % 12/22/2028 1,945,000 1,935,728 1,819,800

Olaplex, Inc.

Consumer goods:

Non-durable Term Loan (2/22) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.92 % 2/23/2029 2,442,273 2,367,591 2,262,498

Open Text Corporation High Tech Industries Term Loan B (08/23) Loan 1M USD SOFR+ 1.75 % 0.50 % 6.07 % 1/31/2030 921,883 900,638 920,731

Oxbow Carbon, LLC Metals & Mining Term Loan B (04/23) Loan 1M USD SOFR+ 3.50 % 0.50 % 7.82 % 5/2/2030 492,500 484,592 491,269

PACIFIC DENTAL SERVICES, LLC Healthcare & Pharmaceuticals Term Loan B (02//24) Loan 1M USD SOFR+ 2.75 % 0.00 % 7.07 % 3/17/2031 1,191,000 1,190,157 1,194,347

PACTIV EVERGREEN GROUP HOLDINGS INC.

Containers, Packaging & Glass Term Loan B4 (05/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.82 % 9/24/2028 921,247 919,105 920,841

Padagis LLC Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.75 % 0.50 % 9.30 % 7/6/2028 941,176 935,900 876,866

PAR PETROLEUM LLC Energy:

Oil & Gas Term Loan B Loan 3M USD SOFR+ 3.75 % 0.50 % 8.04 % 2/28/2030 2,458,727 2,438,711 2,448,474

PATAGONIA HOLDCO LLC Telecommunications Term Loan B Loan 3M USD SOFR+ 5.75 % 0.50 % 10.05 % 8/1/2029 2,947,386 2,631,038 2,597,384

Pathway Partners Vet Management Company LLC Services:

Business Term Loan Loan 3M USD SOFR+ 3.75 % 0.00 % 8.34 % 3/31/2027 476,580 472,582 387,545

PCI Gaming Authority Hotel, Gaming & Leisure Term Loan Loan 1M USD SOFR+ 2.00 % 0.00 % 6.32 % 7/18/2031 790,518 789,679 788,834

PEARLS (Netherlands) Bidco B.V.

Chemicals, Plastics, & Rubber USD Term Loan (02/22) Loan 1M USD SOFR+ 3.25 % 0.50 % 7.57 % 2/28/2029 973,627 972,968 969,246

PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC Healthcare & Pharmaceuticals Term Loan (12/22) Loan 3M USD SOFR+ 3.25 % 0.50 % 7.80 % 12/29/2028 1,459,630 1,456,242 1,379,350

Penn National Gaming, Inc Hotel, Gaming & Leisure Term Loan B Loan 1M USD SOFR+ 2.50 % 0.50 % 6.82 % 5/3/2029 975,000 971,989 976,463

Peraton Corp.

Aerospace & Defense Term Loan B Loan 1M USD SOFR+ 3.75 % 0.75 % 8.17 % 2/1/2028 5,181,328 5,175,310 4,677,754

Phoenix Guarantor Inc.

Healthcare & Pharmaceuticals Term Loan B (12/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.82 % 2/21/2031 965,218 965,218 961,444

PHYSICIAN PARTNERS, LLC Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.00 % 0.50 % 8.74 % 12/22/2028 2,928,567 2,881,253 1,156,784

Plastipak Holdings Inc.

Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 2.25 % 0.50 % 6.57 % 12/1/2028 1,795,294 1,791,011 1,796,892

Playtika Holding Corp.

High Tech Industries Term Loan B (3/21) Loan 1M USD SOFR+ 2.75 % 0.00 % 7.19 % 3/13/2028 4,331,250 4,327,202 4,316,351

PMHC II, INC.

Chemicals, Plastics, & Rubber Term Loan (02/22) Loan 3M USD SOFR+ 4.25 % 0.50 % 8.69 % 4/21/2029 1,955,000 1,949,220 1,890,368

PointClickCare Technologies, Inc.

High Tech Industries Term Loan B (10/24) Loan 3M USD SOFR+ 3.25 % 0.00 % 7.58 % 11/3/2031 482,575 481,443 483,178

Polymer Process Holdings, Inc.

Containers, Packaging & Glass Term Loan Loan 1M USD SOFR+ 4.75 % 0.75 % 9.19 % 2/12/2028 4,020,266 4,001,931 3,897,648

Pre-Paid Legal Services, Inc.

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

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

PRIORITY HOLDINGS, LLC Services:

Consumer Term Loan B (5/24) Loan 1M USD SOFR+ 4.75 % 0.50 % 9.07 % 5/16/2031 2,872,211 2,857,095 2,875,802

PriSo Acquisition Corporation Construction & Building Term Loan (01/21) Loan 3M USD SOFR+ 3.25 % 0.75 % 7.82 % 12/28/2027 481,239 480,294 466,152

Project Leopard Holdings, Inc.

(NEW) High Tech Industries Term Loan B (06/22) Loan 3M USD SOFR+ 5.25 % 0.50 % 9.64 % 7/20/2029 980,000 930,969 871,387

Propulsion (BC) Finco Aerospace & Defense Term Loan B (10/24) Loan 3M USD SOFR+ 3.25 % 0.50 % 7.58 % 9/14/2029 742,457 736,171 745,509

PUG LLC Services:

Consumer Term Loan B (03/24) Loan 1M USD SOFR+ 4.75 % 0.00 % 9.07 % 3/15/2030 465,765 465,063 465,570

Quartz AcquireCo, LLC High Tech Industries Term Loan (2/25) Loan 3M USD SOFR+ 2.25 % 0.00 % 6.57 % 6/28/2030 1,234,994 1,226,841 1,233,450

Quikrete Holdings, Inc.

Construction & Building Term Loan (2/25) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.57 % 4/14/2031 992,500 990,531 990,981

Rackspace Technology Global, Inc.

High Tech Industries Term Loan (3/24) Loan 1M USD SOFR+ 2.75 % 0.75 % 7.17 % 5/15/2028 2,040,103 1,143,598 1,165,409

Rackspace Technology Global, Inc.

High Tech Industries Super-Priority Term Loan (03/24) Loan 1M USD SOFR+ 6.25 % 0.75 % 10.67 % 5/15/2028 546,909 542,424 563,705

RAND PARENT LLC Transportation:

Cargo Term Loan B (01/25) Loan 3M USD SOFR+ 3.00 % 0.00 % 7.30 % 3/18/2030 2,456,406 2,386,949 2,452,108

RealPage, Inc.

High Tech Industries Term Loan (04/21) Loan 3M USD SOFR+ 3.00 % 0.50 % 7.59 % 4/24/2028 967,500 966,881 960,747

Rent-A-Center, Inc.

Retail Term Loan B2 (9/21) Loan 3M USD SOFR+ 2.75 % 0.50 % 7.04 % 2/17/2028 1,840,124 1,815,493 1,839,351

Research Now Group, Inc Media:

Advertising, Printing & Publishing Term Loan (07/24) Loan 3M USD SOFR+ 5.00 % 1.00 % 9.58 % 7/15/2028 338,737 334,497 339,018

Research Now Group, Inc Media:

Advertising, Printing & Publishing Second-Out Term Loan Loan 3M USD SOFR+ 5.50 % 1.00 % 10.08 % 7/15/2028 2,887,427 2,767,310 2,721,400

Resideo Funding Inc.

Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.06 % 2/14/2028 674,488 674,302 675,756

Resolute Investment Managers (American Beacon), Inc.

Banking, Finance, Insurance & Real Estate Term Loan (12/23) Loan 3M USD SOFR+ 6.50 % 1.00 % 11.09 % 4/30/2027 1,948,473 1,948,473 1,930,449

Restoration Hardware, Inc.

Retail Term Loan (9/21) Loan 1M USD SOFR+ 2.50 % 0.50 % 6.94 % 10/20/2028 3,392,312 3,389,647 3,339,595

Reynolds Consumer Products LLC Containers, Packaging & Glass Term Loan Loan 1M USD SOFR+ 1.75 % 0.00 % 6.17 % 2/4/2027 996,705 996,705 996,944

Russell Investments US Inst’l Holdco, Inc.

Banking, Finance, Insurance & Real Estate Term Loan B PIK (3/24) Loan 3M USD SOFR+ 5.00 % 1.00 % 9.29 % 5/30/2027 5,764,065 5,754,497 5,539,266

RV Retailer LLC Automotive Term Loan Loan 1M USD SOFR+ 3.75 % 0.75 % 8.17 % 2/8/2028 2,897,881 2,869,896 2,714,039

Ryan Specialty Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.57 % 9/15/2031 1,455,934 1,448,552 1,453,750

S&S HOLDINGS LLC Services:

Business Term Loan Loan 1M USD SOFR+ 5.00 % 0.50 % 9.42 % 3/10/2028 2,408,668 2,376,694 2,403,996

Sally Holdings LLC Retail Term Loan B Loan 1M USD SOFR+ 1.75 % 0.00 % 6.07 % 2/28/2030 441,250 438,790 440,147

Schweitzer-Mauduit International, Inc.

High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.75 % 0.75 % 8.19 % 4/20/2028 939,236 936,933 933,365

Scientific Games Holdings LP Hotel, Gaming & Leisure Term Loan B Loan 3M USD SOFR+ 3.00 % 0.50 % 7.30 % 4/4/2029 491,269 490,668 491,087

Sedgwick Claims Management Services, Inc.

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

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

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

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.

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.

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.

Business Term Loan B (09/23) Loan 3M USD SOFR+ 4.00 % 0.00 % 8.33 % 9/27/2030 1,240,625 1,225,176 1,214,088

Storable, Inc High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.50 % 0.50 % 7.82 % 4/17/2028 485,000 484,751 484,913

Superannuation & Investments US LLC Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.75 % 0.50 % 8.19 % 12/1/2028 970,000 964,328 974,608

SupplyOne, Inc Wholesale Term Loan B (03/24) Loan 1M USD SOFR+ 3.75 % 0.00 % 8.07 % 3/27/2031 496,250 491,740 498,811

Sweetwater Borrower, LLC Retail Term Loan (8/21) Loan 1M USD SOFR+ 4.25 % 0.75 % 8.69 % 8/2/2028 2,083,452 2,022,885 2,083,452

Syncsort Incorporated High Tech Industries Term Loan B (10/21) Loan 3M USD SOFR+ 4.00 % 0.75 % 8.55 % 4/24/2028 2,419,962 2,419,490 2,377,105

Ta TT Buyer LLC Media:

Broadcasting & Subscription Term Loan B (6/24) Loan 3M USD SOFR+ 4.75 % 0.50 % 9.08 % 4/2/2029 980,032 973,273 969,624

Tenable Holdings, Inc.

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

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

Trans Union LLC Banking, Finance, Insurance & Real Estate Term Loan B9 (11/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.07 % 6/24/2031 605,987 605,382 604,878

Tronox Finance LLC Chemicals, Plastics, & Rubber Term Loan (09/24) Loan 3M USD SOFR+ 2.25 % 0.00 % 6.60 % 4/4/2029 1,995,000 1,979,840 1,967,070

Tronox Finance LLC Chemicals, Plastics, & Rubber Term Loan B (09/24) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.82 % 9/30/2031 346,923 346,684 342,458

TruGreen Limited Partnership Services:

Consumer Term Loan Loan 1M USD SOFR+ 4.00 % 0.75 % 8.42 % 11/2/2027 935,021 932,096 885,933

Ultra Clean Holdings, Inc.

High Tech Industries Term Loan B (09/24) Loan 1M USD SOFR+ 3.25 % 0.00 % 7.57 % 2/25/2028 1,233,755 1,230,873 1,237,358

Univision Communications Inc.

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.

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.

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

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.

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

Business Term Loan B (11/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.07 % 3/31/2028 2,895,655 2,891,840 2,886,621

Windsor Holdings III, LLC Chemicals, Plastics, & Rubber Term Loan B (09/24) Loan 1M USD SOFR+ 3.50 % 0.00 % 7.82 % 8/1/2030 495,013 495,013 493,156

Wyndham Hotels & Resorts, Inc.

Hotel, Gaming & Leisure Term Loan (05/24) Loan 1M USD SOFR+ 1.75 % 0.00 % 6.07 % 5/24/2030 987,538 983,680 987,814

Xperi Corporation High Tech Industries Term Loan (1/25) Loan 1M USD SOFR+ 2.50 % 0.00 % 6.82 % 6/8/2028 1,690,908 1,690,037 1,690,908

Zayo Group, LLC Telecommunications Term Loan 4/22 Loan 1M USD SOFR+ 4.25 % 0.50 % 8.57 % 3/9/2027 972,500 960,739 935,185

ZEBRA BUYER (Allspring) LLC Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 3M USD SOFR+ 3.00 % 0.50 % 7.38 % 11/1/2030 1,852,261 1,845,463 1,852,261

Zekelman Industries, Inc.

Metals & Mining Term Loan B (03/24) Loan 1M USD SOFR+ 2.25 % 0.00 % 6.56 % 1/24/2031 1,443,124 1,442,200 1,444,812

Zest Acquisition Corp.

Healthcare & Pharmaceuticals Term Loan (1/23) Loan 3M USD SOFR+ 5.25 % 0.00 % 9.54 % 2/8/2028 1,960,000 1,896,443 1,979,600

Zodiac Pool Solutions Consumer goods:

Durable Term Loan (1/22) Loan 1M USD SOFR+ 1.93 % 0.50 % 6.35 % 1/29/2029 485,000 484,495 484,267

TOTAL INVESTMENTS $ 520,335,803 $ 492,195,089

Number of Shares

Money Market Funds (included in cash and cash equivalents

Goldman Sachs Financial Square Government Fund (a)(e)

Total Money Market Funds (included in cash and cash equivalents)

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

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures