SAR
Saratoga Investment
Portfolio Fair Value
$964.24M
115 holdings
Avg Spread
—
FV-weighted, debt
Avg Coupon
7.01%
FV-weighted
% First Lien
85.2%
of debt FV
Unrealized P/L
-$20.69M
-2.10% of cost
Non-Accrual
0
text-detected
Balance sheet
Assets$1.20B
Liabilities + Equity$1.20B
First Lien
$824.85M · 68.6%
First Lien
$824.85M · 68.6%
Second Lien
$6.63M · 0.6%
Other Debt
$63.42M · 5.3%
LP Interest
$2.89M · 0.2%
Equity
$29.42M · 2.4%
Other
$41.12M · 3.4%
Cash & Equivalents
$131.56M · 10.9%
Cash & Equivalents
$131.56M · 10.9%
Other Assets
$102.39M · 8.5%
Debt (Borrowings)
$791.38M · 65.8%
Debt (Borrowings)
$791.38M · 65.8%
Other Liabilities
$14.53M · 1.2%
Net Assets (Equity)
$396.37M · 33.0%
Net Assets (Equity)
$396.37M · 33.0%
Industry Composition
Consumer Services
6.1%
ComForCare Health Care
5.7%
HVAC Services and Sales
5.6%
Real Estate Services
5.3%
Non-control/Non-affiliate investment
4.6%
Mental Healthcare Services
3.3%
Ready Education
3.3%
First Lien Term Loan
3.3%
Restaurant
3.3%
Dental Practice Management
3.3%
Healthcare Services
3.0%
Cloudpermit
2.9%
Other industries
50.4%
Spread Distribution
No floating-rate debt in this filing.
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
115 of 118
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
Artemis Wax Corp. | Consumer Services | Delayed Draw Term Loan | $57.06M | $57.39M | -$333.1K | 6.75% | — | — |
ComForCare Health Care | ComForCare Health Care | First Lien Term Loan | $55.14M | $54.79M | $348.7K | 6.25% | — | — |
Granite Comfort, LP | HVAC Services and Sales | First Lien Term Loan | $42.02M | $42.87M | -$842.6K | 7.40% | — | — |
Buildout, Inc. | Real Estate Services | Delayed Draw Term Loan | $37.37M | $38.49M | -$1.11M | 7.00% | — | — |
220.9% - Procurement Partners, LLC - Healthcare Software | Non-control/Non-affiliate investment | First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026 | $35.13M | $35.06M | $70.0K | — | — | — |
Ready Education | Ready Education | First Lien Term Loan | $31.91M | $31.83M | $83.3K | 7.00% | — | — |
Innergy, Inc. | First Lien Term Loan | (3M USD TERM | $31.72M | $31.74M | -$17.2K | 5.50% | — | — |
Cloudpermit | Cloudpermit | First Lien Term Loan | $27.83M | $27.76M | $69.8K | 5.75% | — | — |
ARC Health OpCo LLC | Mental Healthcare Services | Delayed Draw Term Loan | $25.61M | $26.91M | -$1.30M | 8.35% | — | — |
BQE Software, Inc. | Architecture & Engineering Software | First Lien Term Loan | $24.62M | $24.34M | $278.5K | 5.50% | — | — |
Exigo, LLC | Direct Selling Software | First Lien Term Loan - | $23.37M | $23.92M | -$541.8K | 6.25% | — | — |
C2 Educational Systems, Inc. | Education Services | First Lien Term Loan | $22.95M | $23.00M | -$44.5K | 8.50% | — | — |
GDS Software Holdings, LLC | Financial Services | First Lien Term Loan | $22.66M | $22.66M | -$5.0K | 7.00% | — | — |
Jobvite, Inc. | Talent Acquisition Software | First Lien Term Loan | $19.84M | $19.92M | -$77.5K | 7.50% | — | — |
Madison Logic, Inc. | Marketing Orchestration Software | First Lien Term Loan | $18.53M | $18.72M | -$199.1K | 7.00% | — | — |
Inspect Point Holdings, LLC | Fire Inspection Business Software | First Lien Term Loan | $18.05M | $17.86M | $189.6K | 5.50% | — | — |
LFR Chicken LLC | Restaurant | Delayed Draw Term Loan | $18.00M | $17.93M | $70.8K | 7.00% | — | — |
Avantra | Avantra | First Lien Term Loan | $16.88M | $16.83M | $46.9K | 7.97% | — | — |
Saratoga Senior Loan Fund I JV, LLC | Investment Fund | Unsecured Loan | $16.63M | $17.62M | -$984.0K | 10.00% | — | — |
Omatic Software, LLC | Non-profit Services | First Lien Term Loan | $16.56M | $16.46M | $94.5K | 8.00% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | First Lien Term Loan | $16.25M | $16.20M | $52.3K | 2.50% | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | First Lien Term Loan | $15.72M | $16.13M | -$404.2K | 7.00% | — | — |
AgencyBloc, LLC | Insurance Software | First Lien Term Loan | $15.56M | $15.50M | $53.2K | 7.76% | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | Delayed Draw Term Loan | $15.30M | $14.93M | $370.6K | 9.90% | — | — |
Chronus LLC | Mentoring Software | First Lien Term Loan | $14.92M | $14.96M | -$34.3K | 5.25% | — | — |
Wellspring Worldwide Inc. | Research Software | Delayed DrawTerm Loan | $14.40M | $14.27M | $132.5K | 8.42% | — | — |
Buildout, Inc. | Real Estate Services | First Lien Term Loan | $13.59M | $14.00M | -$405.5K | 7.00% | — | — |
VetnCare MSO, LLC | Veterinary Services | Delayed Draw Term Loan | $13.27M | $13.19M | $83.0K | 5.75% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | Delayed Draw Term Loan | $13.20M | $12.84M | $358.3K | 9.42% | — | — |
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 | $12.25M | $11.39M | $857.5K | 8.55% | — | — |
LFR Chicken LLC | Restaurant | First Lien Term Loan | $12.00M | $11.96M | $37.3K | 7.00% | — | — |
Granite Comfort, LP | HVAC Services and Sales | Delayed Draw Term Loan | $11.73M | $12.20M | -$471.5K | 7.40% | — | — |
ActiveProspect, Inc. | Lead Management Software | First Lien Term Loan | $11.53M | $11.48M | $50.1K | 6.00% | — | — |
Altvia MidCo, LLC. | Alternative Investment Management Software | First Lien Term Loan | $11.34M | $11.24M | $101.4K | 8.50% | — | — |
Procurement Partners, LLC | Healthcare Software | First Lien Term Loan | $10.30M | $10.30M | $4.5K | 6.50% | — | — |
StockIQ Technologies, LLC | Supply Chain Planning Software | First Lien Term Loan | $9.91M | $9.91M | -$1.6K | 5.25% | — | — |
Vector Controls Holding Co., LLC | Industrial Products | Warrants to Purchase Limited Liability Company Interests | $9.50M | — | — | — | — | — |
Wellspring Worldwide Inc.- Research Software | Wellspring Worldwide Inc.- Research Software | First Lien Term Loan | $9.43M | $9.37M | $59.2K | 8.42% | — | — |
220.9% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor | Non-control/Non-affiliate investment | First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028 | $8.47M | $8.68M | -$217.7K | — | — | — |
SmartAC.com, LLC | HVAC Monitoring Devices | First Lien Term Loan | $7.94M | $7.94M | -$1.3K | 7.50% | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | First Lien Term Loan | $7.16M | $7.03M | $130.2K | 5.75% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | First Lien Term Loan | $7.11M | $6.93M | $177.4K | 9.42% | — | — |
ETU Holdings, Inc. | Corporate Education Software | First Lien Term Loan | $6.98M | $6.96M | $15.5K | 9.00% | — | — |
ETU Holdings, Inc. | Corporate Education Software | Second Lien Term Loan | $6.60M | $7.37M | -$765.9K | — | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Series B Preferred Units | $6.36M | $2.06M | $4.30M | — | — | — |
ARC Health OpCo LLC | Mental Healthcare Services | First Lien Term Loan | $6.19M | $6.46M | -$273.2K | 8.35% | — | — |
JDXpert -Talent Acquisition Software | JDXpert -Talent Acquisition Software | First Lien Term Loan | $6.00M | $5.97M | $28.3K | 8.50% | — | — |
Ascend Software, LLC | Financial Services Software | First Lien Term Loan | $5.99M | $5.98M | $5.6K | 7.50% | — | — |
Emily Street Enterprises, L.L.C. | Office Supplies | Senior Secured Note | $5.34M | $5.29M | $53.8K | 6.75% | — | — |
Panther ParentCo LLC | Insurance Software | Class A Units | $4.98M | $2.50M | $2.48M | — | — | — |
Chronus LLC | Mentoring Software | First Lien Term Loan | $4.97M | $4.98M | -$5.9K | 6.00% | — | — |
Axiom Medical Consulting, LLC | Healthcare Services | First Lien Term Loan | $4.40M | $4.37M | $29.6K | 6.00% | — | — |
Ascend Software, LLC | Financial Services Software | Delayed Draw Term Loan | $4.04M | $4.04M | -$1.2K | 7.50% | — | — |
Zollege PBC | Zollege PBC | Common Stock | $3.96M | $558.8K | $3.40M | — | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | First Lien Term Loan | $3.95M | $3.86M | $90.5K | 9.90% | — | — |
Schoox, Inc. | Corporate Education Software | Series 1 Membership Interest | $3.92M | $548.3K | $3.38M | — | — | — |
GreyHeller LLC | Cyber Security | Common Stock | $3.75M | $1.91M | $1.84M | — | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Series A Preferred Units | $3.74M | $2.06M | $1.69M | — | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | Class A Preferred Units | $3.66M | $3.67M | -$19.1K | — | — | — |
Avionte Holdings, LLC | Staffing Services | Class A Units | $3.54M | $100.0K | $3.44M | — | — | — |
GDS Software Holdings, LLC | Financial Services | Delayed Draw Term Loan | $3.28M | $3.27M | $10.1K | 7.00% | — | — |
Saratoga Senior Loan Fund I JV, LLC | Investment Fund | Membership Interest | $3.08M | $17.58M | -$14.50M | — | — | — |
BSP 2025-40A E | BSP 2025-40A E | First Lien Term Loan | $3.02M | $3.00M | $19.2K | 5.25% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | Class A Preferred Units | $2.98M | $2.95M | $29.9K | — | — | — |
Altvia MidCo, LLC. | Alternative Investment Management Software | Series A-1 Preferred Shares | $2.81M | $2.08M | $722.4K | — | — | — |
Archimedes Parent LLC | Research Software | Class A Common Units | $2.35M | $2.48M | -$120.9K | — | — | — |
Maple Holdings Midco Limited | IT Services | Class A Common Units | $2.18M | $2.00M | $182.2K | — | — | — |
Cloudpermit | Cloudpermit | Limited Partner Interests | $2.18M | $2.00M | $176.8K | — | — | — |
WBOX 2023-4A ER | WBOX 2023-4A ER | First Lien Term Loan | $2.03M | $1.97M | $62.0K | 6.48% | — | — |
Chronus LLC | Mentoring Software | Series A Preferred Stock | $1.94M | $3.00M | -$1.06M | — | — | — |
Artemis Wax Corp. | Consumer Services | Series D Preferred Stock | $1.93M | $1.71M | $217.2K | — | — | — |
Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | Other/Structured Finance Securities | $1.86M | $9.38M | -$7.52M | 10.00% | — | — |
LFR Chicken LLC | Restaurant | Series B Preferred Units | $1.66M | $1.00M | $656.2K | — | — | — |
Golden TopCo LP | Association Management Software | Class A-2 Common Units | $1.59M | $1.07M | $516.1K | — | — | — |
AIMCO 2025-24A E | AIMCO 2025-24A E | First Lien Term Loan | $1.51M | $1.50M | $9.6K | 6.10% | — | — |
Pepper Palace, Inc | Specialty Food Retailer | First Lien Term Loan | $1.31M | $2.40M | -$1.09M | — | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | Class A Units | $1.30M | $2.00M | -$703.7K | — | — | — |
TREST 2017-1A ERR | TREST 2017-1A ERR | First Lien Term Loan | $1.26M | $1.26M | $5.3K | 5.95% | — | — |
OAKC 2025-22A E | OAKC 2025-22A E | First Lien Term Loan | $1.26M | $1.25M | $8.0K | 5.55% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Delayed Draw Term Loan | $1.15M | $1.15M | $6.7K | 2.50% | — | — |
Axiom Parent Holdings, LLC | Healthcare Services | Class A Preferred Units | $1.15M | $258.4K | $888.4K | — | — | — |
NMC CLO-7A E | NMC CLO-7A E | First Lien Term Loan | $1.03M | $1.00M | $25.7K | 5.00% | — | — |
OAKC 2016-13A ER2 | OAKC 2016-13A ER2 | First Lien Term Loan | $1.01M | $976.2K | $33.0K | 5.75% | — | — |
OCP 2025-43A E | OCP 2025-43A E | First Lien Term Loan | $1.01M | $1.00M | $6.4K | 6.50% | — | — |
NMC CLO-4A ER | NMC CLO-4A ER | First Lien Term Loan | $1.00M | $980.0K | $23.7K | 6.91% | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | Series A Preferred Units | $1.00M | $1.03M | -$24.7K | — | — | — |
JDXpert | JDXpert | Delayed Draw Term Loan | $1.00M | $994.3K | $5.7K | 8.50% | — | — |
Exigo, LLC | Direct Selling Software | Common Units | $808.4K | $1.04M | -$233.3K | — | — | — |
Buildout, Inc. | Real Estate Services | Limited Partner Interests | $697.2K | $1.37M | -$675.3K | — | — | — |
C2 Education Systems, Inc. | Education Services | Series A-1 Preferred Stock | $613.2K | $499.9K | $113.3K | — | — | — |
Pepper Palace, Inc | Specialty Food Retailer | Revolving Credit Facility | $547.4K | $1.00M | -$452.6K | — | — | — |
BQE Software, Inc. | Architecture & Engineering Software | Delayed Draw Term Loan | $502.4K | $499.3K | $3.0K | 5.50% | — | — |
220.9% - JDXpert - Talent Acquisition Software | Non-control/Non-affiliate investment | Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.09% Cash, 5/2/2027 | $500.0K | $496.5K | $3.5K | 8.50% | — | — |
Procurement Partners Holdings LLC | Healthcare Software | Class A Units | $409.5K | $571.2K | -$161.8K | — | — | — |
GDS Software Holdings, LLC | Financial Services | Common Stock Class A Units | $370.1K | $250.0K | $120.1K | — | — | — |
Artemis Wax Corp. | Consumer Services | Series B-1 Preferred Stock | $227.9K | $1.50M | -$1.27M | — | — | — |
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 | $156.8K | $14.68M | -$14.53M | — | — | — |
ARC Health OpCo LLC | Mental Healthcare Services | Class A Preferred Units | $127.7K | $4.17M | -$4.04M | — | — | — |
Procurement Partners Holdings LLC | Healthcare Software | Class AA Units | $109.4K | $31.0K | $78.4K | — | — | — |
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 | -$16.4K | — | — | 6.25% | — | — |
ActiveProspect, Inc. | Lead Management Software | Delayed Draw Term Loan | — | — | — | 6.00% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Revolving Credit Facility | — | — | — | 2.50% | — | — |
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% | — | — |
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
$968.32M
Parsed holdings FV
$964.24M
Residual gap
$4.08M
Balance-sheet cash
$131.56M
CIK
0001377936
Accession
0001213900-25-062051
Form type
10-Q
Period
2025-05-31