SAR
Saratoga Investment
Portfolio Fair Value
$997.45M
130 holdings
Avg Spread
—
FV-weighted, debt
Avg Coupon
6.64%
FV-weighted
% First Lien
88.3%
of debt FV
Unrealized P/L
-$17.00M
-1.68% of cost
Non-Accrual
0
text-detected
Balance sheet
Assets$1.20B
Liabilities + Equity$1.20B
First Lien
$897.23M · 75.0%
First Lien
$897.23M · 75.0%
Second Lien
$7.78M · 0.6%
Other Debt
$26.01M · 2.2%
LP Interest
$3.18M · 0.3%
Equity
$37.31M · 3.1%
Other
$44.43M · 3.7%
Cash & Equivalents
$52.30M · 4.4%
Other Assets
$128.71M · 10.8%
Other Assets
$128.71M · 10.8%
Debt (Borrowings)
$774.38M · 64.7%
Debt (Borrowings)
$774.38M · 64.7%
Other Liabilities
$9.38M · 0.8%
Net Assets (Equity)
$413.21M · 34.5%
Net Assets (Equity)
$413.21M · 34.5%
Industry Composition
Healthcare Services
9.3%
Consumer Services
5.9%
HVAC Services and Sales
5.2%
Real Estate Services
5.2%
Restaurant
5.0%
Healthcare Software
4.6%
Research Software
3.7%
Custom Millwork Software
3.4%
Dental Practice Management
3.2%
Ready Education
3.2%
Employee Collaboration Software
2.8%
Healthcare Software and Services
2.8%
Other industries
45.6%
Spread Distribution
No floating-rate debt in this filing.
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
130 of 135
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
Healthcare Services | Healthcare Services | First Lien Term Loan | $70.14M | $69.70M | $441.3K | 6.25% | — | — |
Artemis Wax Corp. | Consumer Services | Delayed Draw Term Loan | $57.01M | $57.44M | -$433.0K | 6.75% | — | — |
Granite Comfort, LP | HVAC Services and Sales | First Lien Term Loan | $42.46M | $42.88M | -$426.0K | 7.40% | — | — |
Buildout, Inc. | Real Estate Services | Delayed Draw Term Loan | $37.69M | $38.50M | -$808.5K | 7.00% | — | — |
Procurement Partners, LLC | Healthcare Software | First Lien Term Loan | $35.13M | $35.08M | $46.6K | 6.50% | — | — |
Innergy, Inc. | Custom Millwork Software | First Lien Term Loan | $32.07M | $31.76M | $317.4K | 5.50% | — | — |
Ready Education | Ready Education | First Lien Term Loan | $31.96M | $31.85M | $103.3K | 7.00% | — | — |
Cloudpermit | Cloudpermit | First Lien Term Loan | $27.99M | $27.78M | $209.4K | 5.75% | — | — |
SAI Systems Health, LLC | Healthcare Software and Services | First Lien Term Loan | $27.82M | $27.82M | $0.00 | 5.00% | — | — |
Wellspring Worldwide Inc. | Research Software | Delayed DrawTerm Loan | $25.31M | $25.08M | $234.4K | 8.42% | — | — |
BQE Software, Inc. | Architecture & Engineering Software | First Lien Term Loan | $24.73M | $24.36M | $369.9K | 5.50% | — | — |
C2 Educational Systems, Inc. | Education Services | First Lien Term Loan | $22.97M | $23.00M | -$32.2K | 8.50% | — | — |
Exigo, LLC | Direct Selling Software | First Lien Term Loan | $22.93M | $23.81M | -$878.3K | 6.25% | — | — |
GDS Software Holdings, LLC | Financial Services | First Lien Term Loan | $22.71M | $22.67M | $39.5K | 7.00% | — | — |
LFR Chicken LLC | Restaurant | First Lien Term Loan | $21.91M | $21.88M | $31.3K | 4.50% | — | — |
Inspect Point Holdings, LLC | Fire Inspection Business Software | First Lien Term Loan | $20.05M | $19.86M | $195.0K | 5.50% | — | — |
Jobvite, Inc. | Talent Acquisition Software | First Lien Term Loan | $19.83M | $19.92M | -$88.4K | 7.50% | — | — |
LFR Chicken LLC | Restaurant | Delayed Draw Term Loan | $17.93M | $17.95M | -$20.9K | 4.50% | — | — |
Madison Logic, Inc. | Marketing Orchestration Software | First Lien Term Loan | $17.87M | $18.86M | -$992.7K | 7.00% | — | — |
Avantra | Avantra | First Lien Term Loan | $16.97M | $16.85M | $124.7K | 7.97% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | First Lien Term Loan | $16.84M | $16.77M | $73.7K | 4.50% | — | — |
Saratoga Senior Loan Fund I JV, LLC | Investment Fund | Unsecured Loan | $16.18M | $17.62M | -$1.44M | 10.00% | — | — |
AgencyBloc, LLC | Insurance Software | First Lien Term Loan | $15.44M | $15.40M | $35.5K | 7.76% | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | Delayed Draw Term Loan | $15.30M | $14.95M | $350.4K | 9.85% | — | — |
Chronus LLC | Mentoring Software | First Lien Term Loan | $14.68M | $14.97M | -$286.4K | 5.25% | — | — |
Buildout, Inc. | Real Estate Services | First Lien Term Loan | $13.71M | $14.00M | -$294.0K | 7.00% | — | — |
VetnCare MSO, LLC | Veterinary Services | Delayed Draw Term Loan | $13.36M | $13.23M | $129.4K | 5.75% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | Delayed Draw Term Loan | $13.17M | $12.86M | $304.0K | 9.37% | — | — |
ActiveProspect, Inc. | Lead Management Software | First Lien Term Loan | $11.53M | $11.48M | $42.1K | 6.00% | — | — |
Altvia MidCo, LLC. | Alternative Investment Management Software | First Lien Term Loan | $11.19M | $11.22M | -$28.6K | 8.08% | — | — |
Procurement Partners, LLC | Healthcare Software | Delayed Draw Term Loan | $10.30M | $10.31M | -$7.6K | 6.50% | — | — |
StockIQ Technologies, LLC | Supply Chain Planning Software | First Lien Term Loan | $9.98M | $9.92M | $57.3K | 5.25% | — | — |
Granite Comfort, LP | HVAC Services and Sales | Delayed Draw Term Loan | $9.87M | $9.95M | -$79.9K | 7.40% | — | — |
Wellspring Worldwide Inc. | Research Software | First Lien Term Loan | $9.37M | $9.32M | $53.2K | 8.42% | — | — |
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note | Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note | Structured Finance Securities - Other/Structured Finance Securities | $8.73M | $8.44M | $285.0K | 7.35% | — | — |
Vector Controls Holding Co., LLC | Industrial Products | Warrants to Purchase Limited Liability Company Interests | $8.54M | — | — | — | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | First Lien Term Loan | $8.38M | $8.69M | -$313.4K | 7.00% | — | — |
Angry Chickz, Inc. | Restaurant | First Lien Term Loan | $7.86M | $7.86M | $0.00 | 4.75% | — | — |
Zollege PBC | Zollege PBC | Common Stock | $7.67M | $558.8K | $7.11M | — | — | — |
ETU Holdings, Inc. | Corporate Education Software | Second Lien Term Loan | $7.64M | $7.94M | -$304.4K | — | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | First Lien Term Loan | $7.12M | $7.00M | $126.6K | 5.75% | — | — |
ETU Holdings, Inc. | Corporate Education Software | First Lien Term Loan | $7.10M | $7.07M | $30.4K | 9.00% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | First Lien Term Loan | $7.09M | $6.94M | $150.6K | 9.37% | — | — |
Saratoga Senior Loan Fund I JV, LLC | Investment Fund | Membership Interest | $6.58M | $19.20M | -$12.62M | — | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Series B Preferred Units | $6.32M | $2.06M | $4.26M | — | — | — |
JDXpert | JDXpert | First Lien Term Loan | $6.00M | $5.98M | $23.6K | 8.50% | — | — |
Panther ParentCo LLC | Insurance Software | Class A Units | $5.75M | $2.50M | $3.25M | — | — | — |
SmartAC.com, LLC | HVAC Monitoring Devices | First Lien Term Loan | $5.38M | $5.36M | $19.8K | 7.50% | — | — |
Emily Street Enterprises, L.L.C. | Office Supplies | Senior Secured Note | $5.34M | $5.29M | $52.4K | 6.75% | — | — |
Chronus LLC | Mentoring Software | First Lien Term Loan | $4.89M | $4.99M | -$90.6K | 6.00% | — | — |
Schoox, Inc. | Corporate Education Software | Series 1 Membership Interest | $4.33M | $548.3K | $3.79M | — | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Series A Preferred Units | $3.99M | $2.06M | $1.93M | — | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | First Lien Term Loan | $3.95M | $3.87M | $86.2K | 9.85% | — | — |
GreyHeller LLC | Cyber Security | Common Stock | $3.92M | $1.91M | $2.02M | — | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | Class A Preferred Units | $3.83M | $3.20M | $629.3K | — | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | Class A Preferred Units | $3.52M | $3.67M | -$154.5K | — | — | — |
GDS Software Holdings, LLC | Financial Services | Delayed Draw Term Loan | $3.29M | $3.27M | $15.5K | 7.00% | — | — |
OAKC 2020-7A D2R2 | OAKC 2020-7A D2R2 | First Lien Term Loan | $3.26M | $3.25M | $14.2K | 4.05% | — | — |
SmartAC.com, LLC | HVAC Monitoring Devices | Series A Preferred Units | $3.11M | $3.00M | $110.0K | — | — | — |
OCP 2023-28A | OCP 2023-28A | First Lien Term Loan | $3.03M | $3.00M | $26.6K | 5.25% | — | — |
BSP 2025-40A E | BSP 2025-40A E | First Lien Term Loan | $3.01M | $3.00M | $12.9K | 5.25% | — | — |
NMC CLO-5A ER | NMC CLO-5A ER | First Lien Term Loan | $3.01M | $3.00M | $9.6K | 5.85% | — | — |
Source 44 LLC | Product Compliance Software | First Lien Term Loan | $2.97M | $2.97M | $0.00 | 5.25% | — | — |
APID 2023-45A ER | APID 2023-45A ER | First Lien Term Loan | $2.83M | $2.80M | $33.6K | 5.15% | — | — |
Altvia MidCo, LLC. | Alternative Investment Management Software | Series A-1 Preferred Shares | $2.77M | $2.08M | $683.1K | — | — | — |
APID 2017-28A DR | APID 2017-28A DR | First Lien Term Loan | $2.52M | $2.50M | $18.0K | 5.00% | — | — |
Avionte Holdings, LLC | Staffing Services | Class A Units | $2.39M | $100.0K | $2.29M | — | — | — |
Cloudpermit | Cloudpermit | Limited Partner Interests | $2.34M | $2.00M | $339.8K | — | — | — |
Maple Holdings Midco Limited | IT Services | Class A Common Units | $2.29M | $2.00M | $294.3K | — | — | — |
NMC CLO-3A D2R | NMC CLO-3A D2R | First Lien Term Loan | $2.27M | $2.25M | $20.0K | 4.10% | — | — |
Archimedes Parent LLC | Research Software | Class A Common Units | $2.11M | $2.48M | -$364.6K | — | — | — |
WBOX 2023-4A ER | WBOX 2023-4A ER | First Lien Term Loan | $2.02M | $1.97M | $52.0K | 6.48% | — | — |
BSP 2016-10A C2R3 | BSP 2016-10A C2R3 | First Lien Term Loan | $2.01M | $2.00M | $12.1K | 4.10% | — | — |
HLM 2025-26A D2 | HLM 2025-26A D2 | First Lien Term Loan | $2.01M | $2.00M | $7.9K | 4.10% | — | — |
BGCLO 2025-13A D2 | BGCLO 2025-13A D2 | First Lien Term Loan | $2.01M | $2.00M | $5.3K | 4.05% | — | — |
Innergy, Inc. | Custom Millwork Software | Delayed Draw Term Loan | $2.00M | $1.98M | $21.8K | 5.50% | — | — |
REGT23 2021-1A D2R | REGT23 2021-1A D2R | First Lien Term Loan | $2.00M | $2.00M | $3.8K | 4.00% | — | — |
WBOX 2025-5A D2 | WBOX 2025-5A D2 | First Lien Term Loan | $2.00M | $2.00M | $3.2K | 4.10% | — | — |
Artemis Wax Corp. | Consumer Services | Series D Preferred Stock | $1.99M | $1.71M | $283.0K | — | — | — |
LFR Chicken LLC | Restaurant | Series B Preferred Units | $1.86M | $1.00M | $857.8K | — | — | — |
Golden TopCo LP | Association Management Software | Class A-2 Common Units | $1.79M | $1.07M | $715.0K | — | — | — |
AIMCO 2025-24A E | AIMCO 2025-24A E | First Lien Term Loan | $1.53M | $1.50M | $33.9K | 6.10% | — | — |
REGT6 2016-1A ER3 | REGT6 2016-1A ER3 | First Lien Term Loan | $1.51M | $1.50M | $9.1K | 5.45% | — | — |
OCP 2016-11A D2R3 | OCP 2016-11A D2R3 | First Lien Term Loan | $1.51M | $1.50M | $8.0K | 4.10% | — | — |
BSP 2020-21A ER2 | BSP 2020-21A ER2 | First Lien Term Loan | $1.51M | $1.50M | $5.3K | 4.95% | — | — |
PG Source Investments, LLC | Product Compliance Software | Series A Preferred Stock | $1.50M | $1.50M | $0.00 | — | — | — |
Pepper Palace, Inc. | Specialty Food Retailer | First Lien Term Loan | $1.28M | $2.40M | -$1.12M | — | — | — |
TREST 2017-1A ERR | TREST 2017-1A ERR | First Lien Term Loan | $1.27M | $1.26M | $10.9K | 5.95% | — | — |
OAKC 2025-22A E | OAKC 2025-22A E | First Lien Term Loan | $1.27M | $1.25M | $15.4K | 5.55% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Delayed Draw Term Loan | $1.20M | $1.19M | $7.7K | 4.50% | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | Series A Preferred Units | $1.17M | $1.03M | $138.3K | — | — | — |
Chronus LLC | Mentoring Software | Series A Preferred Stock | $1.16M | $3.00M | -$1.84M | — | — | — |
OCP 2025-43A E | OCP 2025-43A E | First Lien Term Loan | $1.02M | $1.00M | $22.0K | 6.50% | — | — |
NMC CLO-4A ER | NMC CLO-4A ER | First Lien Term Loan | $1.02M | $980.0K | $41.2K | 6.91% | — | — |
OAKC 2016-13A ER2 | OAKC 2016-13A ER2 | First Lien Term Loan | $1.01M | $976.3K | $31.9K | 5.75% | — | — |
POST 2023-1A D2R | POST 2023-1A D2R | First Lien Term Loan | $1.00M | $1.00M | $1.9K | 3.95% | — | — |
NMC CLO-7A E | NMC CLO-7A E | First Lien Term Loan | $1.00M | $1.00M | $283.00 | 5.00% | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | Class A Units | $877.9K | $2.00M | -$1.12M | — | — | — |
Buildout, Inc. | Real Estate Services | Limited Partner Interests | $781.3K | $1.37M | -$591.3K | — | — | — |
Exigo, LLC | Direct Selling Software | Common Units | $634.2K | $1.04M | -$407.5K | — | — | — |
C2 Education Systems, Inc. | Education Services | Series A-1 Preferred Stock | $628.5K | $499.9K | $128.6K | — | — | — |
Pepper Palace, Inc. | Specialty Food Retailer | Revolving Credit Facility | $532.8K | $1.00M | -$467.2K | — | — | — |
JDXpert | JDXpert | Delayed Draw Term Loan | $500.0K | $497.3K | $2.7K | 8.50% | — | — |
StockIQ Technologies, LLC | Supply Chain Planning Software | Delayed Draw Term Loan | $498.9K | $495.8K | $3.1K | 5.25% | — | — |
SAI Systems Health Topco, LLC | Healthcare Software and Services | Class A Units | $350.0K | $350.0K | $0.00 | — | — | — |
ARC Health OpCo LLC | Mental Healthcare Services | Class A Preferred Units | $296.7K | $4.17M | -$3.87M | — | — | — |
GDS Software Holdings, LLC | Financial Services | Common Stock Class A Units | $291.9K | $250.0K | $41.9K | — | — | — |
Procurement Partners Holdings LLC | Healthcare Software | Class A Units | $284.6K | $571.2K | -$286.7K | — | — | — |
StockIQ Technologies, LLC | Supply Chain Planning Software | Class A Units | $217.8K | $200.0K | $17.8K | — | — | — |
Pepper Palace, Inc. | Specialty Food Retailer | Delayed Draw Term Loan | $213.1K | $400.0K | -$186.9K | — | — | — |
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note | Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note | Structured Finance Securities - Other/Structured Finance Securities | $120.9K | $9.38M | -$9.25M | 10.00% | — | — |
Procurement Partners Holdings LLC | Healthcare Software | Class AA Units | $73.7K | $31.0K | $42.7K | — | — | — |
Artemis Wax Corp. | Consumer Services | Series B-1 Preferred Stock | $0.00 | $1.50M | -$1.50M | — | — | — |
ETU Holdings, Inc. | Corporate Education Software | Series B Preferred Units | $0.00 | $3.00M | -$3.00M | — | — | — |
Pepper Palace, Inc. | Specialty Food Retailer | Class A Units | $0.00 | $138.6K | -$138.6K | — | — | — |
Roscoe Medical, Inc. | Healthcare Supply | Common Stock | $0.00 | $508.1K | -$508.1K | — | — | — |
Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | Other/Structured Finance Securities | $0.00 | $14.41M | -$14.41M | — | — | — |
TG Pressure Washing Holdings, LLC | Facilities Maintenance | Preferred Equity | $0.00 | $488.1K | -$488.1K | — | — | — |
Exigo, LLC | Direct Selling Software | Revolving Credit Facility | -$24.9K | — | — | 6.25% | — | — |
ActiveProspect, Inc. | Lead Management Software | Delayed Draw Term Loan | — | — | — | 6.00% | — | — |
Angry Chickz, Inc. | Restaurant | Delayed Draw Term Loan | — | — | — | 4.75% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Revolving Credit Facility | — | — | — | 4.50% | — | — |
Cloudpermit | Cloudpermit | Delayed Draw Term Loan - | — | — | — | 5.75% | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | Delayed Draw Term Loan | — | — | — | 5.75% | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | Revolving Credit Facility | — | — | — | 5.75% | — | — |
Inspect Point Holdings, LLC | Fire Inspection Business Software | Delayed Draw Term Loan | — | — | — | 5.50% | — | — |
SAI Systems Health, LLC | Healthcare Software and Services | Delayed Draw Term Loan | — | — | — | 5.00% | — | — |
SmartAC.com, LLC | HVAC Monitoring Devices | Delayed Draw Term Loan | — | — | — | 7.50% | — | — |
Source 44 LLC | Product Compliance Software | Delayed Draw Term Loan | — | — | — | 5.25% | — | — |
Source 44 LLC | Product Compliance Software | Revolving Credit Facility | — | -$10.0K | — | 5.25% | — | — |
Disclosed holdings FV
$1.02B
Parsed holdings FV
$997.45M
Residual gap
$18.50M
Balance-sheet cash
$52.30M
CIK
0001377936
Accession
0001213900-26-002153
Form type
10-Q
Period
2025-11-30