SAR
Saratoga Investment
Portfolio Fair Value
$925.50M
120 holdings
Avg Spread
—
FV-weighted, debt
Avg Coupon
6.98%
FV-weighted
% First Lien
83.9%
of debt FV
Unrealized P/L
-$16.20M
-1.72% of cost
Non-Accrual
0
text-detected
Balance sheet
Assets$1.21B
Liabilities + Equity$1.21B
First Lien
$835.53M · 69.3%
First Lien
$835.53M · 69.3%
Second Lien
$7.34M · 0.6%
Other Debt
$67.64M · 5.6%
LP Interest
$3.28M · 0.3%
Equity
$34.55M · 2.9%
Other
$46.96M · 3.9%
Cash & Equivalents
$105.66M · 8.8%
Other Assets
$105.26M · 8.7%
Debt (Borrowings)
$786.38M · 65.2%
Debt (Borrowings)
$786.38M · 65.2%
Other Liabilities
$9.34M · 0.8%
Net Assets (Equity)
$410.50M · 34.0%
Net Assets (Equity)
$410.50M · 34.0%
Industry Composition
ComForCare Health Care
7.6%
Consumer Services
6.4%
HVAC Services and Sales
5.8%
Real Estate Services
5.5%
Research Software
4.0%
Mental Healthcare Services
3.5%
Ready Education
3.5%
First Lien Term Loan
3.4%
Restaurant
3.4%
Dental Practice Management
3.4%
Education Services
3.4%
Employee Collaboration Software
3.0%
Other industries
47.1%
Spread Distribution
No floating-rate debt in this filing.
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
120 of 126
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
ComForCare Health Care | ComForCare Health Care | First Lien Term Loan | $70.14M | $69.69M | $454.7K | 6.25% | — | — |
Artemis Wax Corp. | Consumer Services | Delayed Draw Term Loan | $57.26M | $57.41M | -$147.3K | 6.75% | — | — |
Granite Comfort, LP | HVAC Services and Sales | First Lien Term Loan | $42.36M | $42.87M | -$513.3K | 7.40% | — | — |
Buildout, Inc. | Real Estate Services | Delayed Draw Term Loan | $37.48M | $38.50M | -$1.02M | 7.00% | — | — |
Ready Education | Ready Education | First Lien Term Loan | $32.00M | $31.84M | $158.7K | 7.00% | — | — |
Innergy, Inc. | First Lien Term Loan | (3M USD TERM | $31.90M | $31.74M | $153.4K | 5.50% | — | — |
Cloudpermit | Cloudpermit | First Lien Term Loan | $28.06M | $27.77M | $290.6K | 5.75% | — | — |
ARC Health OpCo LLC | Mental Healthcare Services | Delayed Draw Term Loan | $25.95M | $26.91M | -$958.2K | 8.33% | — | — |
Wellspring Worldwide Inc. | Research Software | Delayed DrawTerm Loan | $25.31M | $25.06M | $252.3K | 8.42% | — | — |
Architecture & Engineering Software | Architecture & Engineering Software | First Lien Term Loan | $24.75M | $24.34M | $403.2K | 5.50% | — | — |
Exigo, LLC | Direct Selling Software | First Lien Term Loan - | $23.15M | $23.86M | -$711.3K | 6.25% | — | — |
C2 Educational Systems, Inc. | Education Services | First Lien Term Loan | $22.96M | $23.00M | -$41.4K | 8.50% | — | — |
Ascend Software, LLC | Financial Services Software | First Lien Term Loan | $22.71M | $22.67M | $46.7K | — | — | — |
Jobvite, Inc. | Talent Acquisition Software | First Lien Term Loan | $19.89M | $19.92M | -$24.7K | 7.50% | — | — |
Madison Logic, Inc. | Marketing Orchestration Software | First Lien Term Loan | $18.31M | $18.80M | -$484.3K | 7.00% | — | — |
Inspect Point Holdings, LLC | Fire Inspection Business Software | First Lien Term Loan | $18.05M | $17.86M | $182.7K | 5.50% | — | — |
LFR Chicken LLC | Restaurant | Delayed Draw Term Loan | $18.00M | $17.94M | $58.2K | 7.00% | — | — |
Avantra | Avantra | First Lien Term Loan | $17.01M | $16.84M | $174.4K | 7.97% | — | — |
Saratoga Senior Loan Fund I JV, LLC | Investment Fund | Unsecured Loan | $16.79M | $17.62M | -$828.1K | 10.00% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | First Lien Term Loan | $16.58M | $16.48M | $92.9K | 4.50% | — | — |
AgencyBloc, LLC | Insurance Software | First Lien Term Loan | $15.50M | $15.45M | $46.4K | 7.76% | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | Delayed Draw Term Loan | $15.30M | $14.94M | $362.2K | 9.88% | — | — |
Buildout, Inc. | Real Estate Services | First Lien Term Loan | $13.63M | $14.00M | -$368.3K | 7.00% | — | — |
VetnCare MSO, LLC | Veterinary Services | Delayed Draw Term Loan | $13.36M | $13.20M | $162.9K | 5.75% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | Delayed Draw Term Loan | $13.17M | $12.85M | $315.1K | 9.42% | — | — |
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. | Structured Finance Securities | Other/Structured Finance Securities | $12.25M | $11.39M | $857.5K | 8.55% | — | — |
LFR Chicken LLC | Restaurant | First Lien Term Loan | $12.00M | $11.97M | $33.5K | 7.00% | — | — |
ActiveProspect, Inc. | Lead Management Software | First Lien Term Loan | $11.53M | $11.48M | $47.5K | 6.00% | — | — |
Altvia MidCo, LLC. | Alternative Investment Management Software | First Lien Term Loan | $11.34M | $11.24M | $93.9K | 8.08% | — | — |
Granite Comfort, LP | HVAC Services and Sales | Delayed Draw Term Loan | $10.97M | $11.07M | -$106.9K | 7.40% | — | — |
Procurement Partners, LLC | Healthcare Software | First Lien Term Loan | $10.30M | $10.30M | -$566.00 | 6.50% | — | — |
StockIQ Technologies, LLC | Supply Chain Planning Software | First Lien Term Loan | $9.91M | $9.92M | -$3.1K | 5.25% | — | — |
Vector Controls Holding Co., LLC | Industrial Products | Warrants to Purchase Limited Liability Company Interests | $9.56M | — | — | — | — | — |
Wellspring Worldwide Inc. | Research Software | First Lien Term Loan | $9.37M | $9.32M | $56.4K | 8.42% | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | First Lien Term Loan - | $8.37M | $8.69M | -$318.8K | 7.00% | — | — |
SmartAC.com, LLC | HVAC Monitoring Devices | First Lien Term Loan | $7.94M | $7.94M | -$1.4K | 7.50% | — | — |
Education Services | Education Services | Common Stock | $7.45M | $558.8K | $6.89M | — | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | First Lien Term Loan - | $7.14M | $7.01M | $128.5K | 5.75% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | First Lien Term Loan | $7.09M | $6.93M | $155.4K | 9.42% | — | — |
ETU Holdings, Inc. | Corporate Education Software | First Lien Term Loan | $6.91M | $6.97M | -$58.9K | 9.00% | — | — |
ETU Holdings, Inc. | Corporate Education Software | Second Lien Term Loan | $6.83M | $7.65M | -$822.2K | — | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Series B Preferred Units | $6.48M | $2.06M | $4.43M | — | — | — |
ARC Health OpCo LLC | Mental Healthcare Services | First Lien Term Loan | $6.27M | $6.48M | -$211.4K | 8.33% | — | — |
JDXpert | JDXpert | First Lien Term Loan | $6.00M | $5.97M | $26.8K | 8.50% | — | — |
Panther ParentCo LLC | Insurance Software | Class A Units | $5.49M | $2.50M | $2.99M | — | — | — |
Emily Street Enterprises, L.L.C. | Office Supplies | Senior Secured Note | $5.34M | $5.29M | $53.5K | 6.75% | — | — |
Chronus LLC | Mentoring Software | First Lien Term Loan | $4.91M | $4.98M | -$76.0K | 6.00% | — | — |
Schoox, Inc. | Corporate Education Software | Series 1 Membership Interest | $4.03M | $548.3K | $3.48M | — | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | First Lien Term Loan | $3.95M | $3.86M | $88.8K | 9.88% | — | — |
GreyHeller LLC | Cyber Security | Common Stock | $3.86M | $1.91M | $1.95M | — | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Series A Preferred Units | $3.84M | $2.06M | $1.79M | — | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | Class A Preferred Units | $3.40M | $3.67M | -$280.0K | — | — | — |
Omatic Software, LLC | Non-profit Services | First Lien Term Loan | $3.29M | $3.27M | $16.7K | 7.00% | — | — |
OAKC 2020-7A D2R2 | OAKC 2020-7A D2R2 | First Lien Term Loan | $3.27M | $3.25M | $23.7K | 4.05% | — | — |
BSP 2025-40A E | BSP 2025-40A E | First Lien Term Loan | $3.05M | $3.00M | $47.5K | 5.25% | — | — |
OCP 2023-28A | OCP 2023-28A | First Lien Term Loan | $3.02M | $3.00M | $24.7K | 5.25% | — | — |
NMC CLO-5A ER | NMC CLO-5A ER | First Lien Term Loan - | $3.01M | $3.00M | $10.9K | 5.85% | — | — |
SmartAC.com, LLC | HVAC Monitoring Devices | Series A Preferred Units | $3.00M | $3.00M | $0.00 | — | — | — |
Altvia MidCo, LLC. | Alternative Investment Management Software | Series A-1 Preferred Shares | $2.98M | $2.08M | $900.8K | — | — | — |
Saratoga Senior Loan Fund I JV, LLC | Investment Fund | Membership Interest | $2.88M | $17.58M | -$14.70M | — | — | — |
APID 2023-45A ER | APID 2023-45A ER | First Lien Term Loan | $2.82M | $2.80M | $23.0K | 5.15% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | Class A Preferred Units | $2.66M | $3.20M | -$543.2K | — | — | — |
APID 2023-45A ER | APID 2023-45A ER | First Lien Term Loan | $2.51M | $2.50M | $9.4K | 5.00% | — | — |
Axiom Medical Consulting, LLC | Healthcare Services | First Lien Term Loan | $2.50M | $2.48M | $16.3K | 6.00% | — | — |
Avionte Holdings, LLC | Staffing Services | Class A Units | $2.40M | $100.0K | $2.30M | — | — | — |
Maple Holdings Midco Limited | IT Services | Class A Common Units | $2.35M | $2.00M | $354.6K | — | — | — |
Cloudpermit | Cloudpermit | Limited Partner Interests | $2.28M | $2.00M | $284.3K | — | — | — |
Archimedes Parent LLC | Research Software | Class A Common Units | $2.26M | $2.48M | -$216.7K | — | — | — |
WBOX 2023-4A ER | WBOX 2023-4A ER | First Lien Term Loan | $2.03M | $1.97M | $56.3K | 6.48% | — | — |
BSP 2016-10A C2R3 | BSP 2016-10A C2R3 | First Lien Term Loan | $2.02M | $2.00M | $18.5K | 4.10% | — | — |
BGCLO 2025-13A D2 | BGCLO 2025-13A D2 | First Lien Term Loan | $2.01M | $2.00M | $7.5K | 4.05% | — | — |
WBOX 2025-5A D2 | WBOX 2025-5A D2 | First Lien Term Loan | $2.01M | $2.00M | $5.7K | 4.10% | — | — |
HLM 2025-26A D2 | HLM 2025-26A D2 | First Lien Term Loan | $2.00M | $2.00M | $3.1K | 4.10% | — | — |
Artemis Wax Corp. | Consumer Services | Series D Preferred Stock | $1.99M | $1.71M | $280.4K | — | — | — |
Golden TopCo LP | Association Management Software | Class A-2 Common Units | $1.76M | $1.07M | $689.9K | — | — | — |
LFR Chicken LLC | Restaurant | Series B Preferred Units | $1.74M | $1.00M | $739.9K | — | — | — |
AIMCO 2025-24A E | AIMCO 2025-24A E | First Lien Term Loan | $1.54M | $1.50M | $37.0K | 6.10% | — | — |
OCP 2016-11A D2R3 | OCP 2016-11A D2R3 | First Lien Term Loan | $1.51M | $1.50M | $12.8K | 4.10% | — | — |
Chronus LLC | Mentoring Software | Series A Preferred Stock | $1.43M | $3.00M | -$1.57M | — | — | — |
Axiom Parent Holdings, LLC | Healthcare Services | Class A Preferred Units | $1.38M | $258.4K | $1.12M | — | — | — |
Pepper Palace, Inc | Specialty Food Retailer | First Lien Term Loan | $1.30M | $2.40M | -$1.10M | — | — | — |
Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | Other/Structured Finance Securities | $1.30M | $9.38M | -$8.07M | 10.00% | — | — |
OAKC 2025-22A E | OAKC 2025-22A E | First Lien Term Loan | $1.27M | $1.25M | $22.2K | 5.55% | — | — |
TREST 2017-1A ERR | TREST 2017-1A ERR | First Lien Term Loan | $1.26M | $1.26M | $6.6K | 5.95% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Delayed Draw Term Loan | $1.18M | $1.17M | $9.4K | 4.50% | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | Series A Preferred Units | $1.14M | $1.03M | $113.6K | — | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | Class A Units | $1.05M | $2.00M | -$949.4K | — | — | — |
NMC CLO-4A ER | NMC CLO-4A ER | First Lien Term Loan | $1.03M | $980.0K | $50.7K | 6.91% | — | — |
OCP 2025-43A E | OCP 2025-43A E | First Lien Term Loan | $1.03M | $1.00M | $29.6K | 6.50% | — | — |
OAKC 2016-13A ER2 | OAKC 2016-13A ER2 | First Lien Term Loan | $1.01M | $976.3K | $32.4K | 5.75% | — | — |
NMC CLO-7A E | NMC CLO-7A E | First Lien Term Loan | $1.01M | $1.00M | $7.3K | 5.00% | — | — |
Buildout, Inc. | Real Estate Services | Limited Partner Interests | $761.3K | $1.37M | -$611.3K | — | — | — |
Exigo, LLC | Direct Selling Software | Common Units | $725.4K | $1.04M | -$316.3K | — | — | — |
C2 Education Systems, Inc. | Education Services | Series A-1 Preferred Stock | $620.9K | $499.9K | $121.0K | — | — | — |
Pepper Palace, Inc | Specialty Food Retailer | Revolving Credit Facility | $543.1K | $1.00M | -$456.9K | — | — | — |
BQE Software, Inc. | Architecture & Engineering Software | Delayed Draw Term Loan | $505.1K | $499.3K | $5.7K | 5.50% | — | — |
JDXpert | JDXpert | Delayed Draw Term Loan | $500.0K | $496.8K | $3.2K | 8.50% | — | — |
Procurement Partners Holdings LLC | Healthcare Software | Class A Units | $362.6K | $571.2K | -$208.7K | — | — | — |
ARC Health OpCo LLC | Mental Healthcare Services | Class A Preferred Units | $343.8K | $4.17M | -$3.83M | — | — | — |
GDS Software Holdings, LLC | Financial Services | Common Stock Class A Units | $294.5K | $250.0K | $44.5K | — | — | — |
StockIQ Technologies, LLC | Supply Chain Planning Software | Class A Units | $200.0K | $200.0K | $0.00 | — | — | — |
Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | Other/Structured Finance Securities | $131.1K | $14.43M | -$14.30M | — | — | — |
Procurement Partners Holdings LLC | Healthcare Software | Class AA Units | $96.1K | $31.0K | $65.1K | — | — | — |
Artemis Wax Corp. | Consumer Services | Series B-1 Preferred Stock | $0.00 | $1.50M | -$1.50M | — | — | — |
ETU Holdings, Inc. | Corporate Education Software | Series A Preferred Units | $0.00 | $3.00M | -$3.00M | — | — | — |
Pepper Palace, Inc. | 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 | — | — | — |
TG Pressure Washing Holdings, LLC | Facilities Maintenance | Preferred Equity | $0.00 | $488.1K | -$488.1K | — | — | — |
Exigo, LLC | Direct Selling Software | Revolving Credit Facility | -$20.7K | — | — | 6.25% | — | — |
ActiveProspect, Inc. | Lead Management Software | Delayed Draw Term Loan | — | — | — | 6.00% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Revolving Credit Facility | — | — | — | 4.50% | — | — |
Axiom Medical Consulting, LLC | Healthcare Services | Delayed Draw Term Loan - | — | — | — | 6.00% | — | — |
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% | — | — |
Innergy, Inc. | Custom Millwork Software | Delayed Draw Term Loan - | — | — | — | 5.50% | — | — |
Inspect Point Holdings, LLC | Fire Inspection Business Software | Delayed Draw Term Loan | — | — | — | 5.50% | — | — |
Pepper Palace, Inc | Specialty Food Retailer | Delayed Draw Term Loan | — | — | — | — | — | — |
SmartAC.com, LLC | HVAC Monitoring Devices | Delayed Draw Term Loan | — | — | — | 7.50% | — | — |
StockIQ Technologies, LLC | Supply Chain Planning Software | Delayed Draw Term Loan | — | — | — | 5.25% | — | — |
Disclosed holdings FV
$995.30M
Parsed holdings FV
$925.50M
Residual gap
$69.80M
Balance-sheet cash
$105.66M
CIK
0001377936
Accession
0001213900-25-097022
Form type
10-Q
Period
2025-08-31