SAR
Saratoga Investment
Portfolio Fair Value
$911.63M
102 holdings
Avg Spread
—
FV-weighted, debt
Avg Coupon
7.12%
FV-weighted
% First Lien
89.7%
of debt FV
Unrealized P/L
-$22.39M
-2.40% of cost
Non-Accrual
0
text-detected
Balance sheet
Assets$1.19B
Liabilities + Equity$1.19B
First Lien
$877.32M · 73.6%
First Lien
$877.32M · 73.6%
Other Debt
$33.80M · 2.8%
LP Interest
$3.00M · 0.3%
Equity
$32.13M · 2.7%
Other
$31.81M · 2.7%
Cash & Equivalents
$204.72M · 17.2%
Cash & Equivalents
$204.72M · 17.2%
Other Assets
$8.74M · 0.7%
Debt (Borrowings)
$793.88M · 66.6%
Debt (Borrowings)
$793.88M · 66.6%
Other Liabilities
$5.00M · 0.4%
Net Assets (Equity)
$392.67M · 33.0%
Net Assets (Equity)
$392.67M · 33.0%
Industry Composition
Consumer Services
6.5%
HVAC Services and Sales
6.3%
ComForCare Health Care
6.1%
Real Estate Services
5.6%
Healthcare Software
5.0%
Ready Education
3.5%
Innergy, Inc.- Custom Millwork Software
3.5%
Restaurant
3.5%
Dental Practice Management
3.1%
Health/Fitness Franchisor
3.1%
Cloudpermit
3.0%
GDS Software Holdings, LLC
2.9%
Other industries
47.9%
Spread Distribution
No floating-rate debt in this filing.
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
102 of 111
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
Artemis Wax Corp. | Consumer Services | Delayed Draw Term Loan | $56.95M | $57.33M | -$380.0K | 7.50% | — | — |
ComForCare Health Care | ComForCare Health Care | First Lien Term Loan | $55.19M | $54.77M | $420.5K | 6.25% | — | — |
Granite Comfort, LP | HVAC Services and Sales | First Lien Term Loan | $41.94M | $42.84M | -$904.2K | 7.41% | — | — |
Buildout, Inc. | Real Estate Services | Delayed Draw Term Loan | $37.36M | $38.45M | -$1.09M | 7.00% | — | — |
Procurement Partners, LLC | Healthcare Software | First Lien Term Loan | $35.13M | $35.03M | $91.7K | 6.50% | — | — |
Ready Education | Ready Education | First Lien Term Loan | $31.91M | $31.80M | $112.0K | 7.00% | — | — |
Innergy, Inc.- Custom Millwork Software | Innergy, Inc.- Custom Millwork Software | First Lien Term Loan | $31.72M | $31.72M | -$247.00 | 5.50% | — | — |
Cloudpermit | Cloudpermit | First Lien Term Loan | $27.72M | $27.75M | -$30.1K | 5.75% | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | First Lien Term Loan | $27.33M | $28.53M | -$1.20M | 7.00% | — | — |
BQE Software, Inc. | Architecture & Engineering Software | First Lien Term Loan | $24.54M | $24.33M | $213.1K | 5.50% | — | — |
GrowthZone, LLC | GrowthZone, LLC | Association Management Software- First Lien Term Loan | $23.40M | $23.04M | $358.0K | 8.25% | — | — |
Direct Selling Software | Direct Selling Software | First Lien Term Loan | $23.35M | $23.96M | -$609.1K | 6.25% | — | — |
C2 Educational Systems, Inc. | Education Services | First Lien Term Loan | $22.99M | $22.99M | -$3.2K | 8.50% | — | — |
GDS Software Holdings, LLC | GDS Software Holdings, LLC | First Lien Term Loan | $22.65M | $22.66M | -$932.00 | 7.00% | — | — |
Jobvite, Inc. | Talent Acquisition Software | First Lien Term Loan | $19.83M | $19.90M | -$66.2K | 7.50% | — | — |
Madison Logic, Inc. | Marketing Orchestration Software | First Lien Term Loan | $18.44M | $18.65M | -$205.1K | 7.50% | — | — |
LFR Chicken LLC | Restaurant | Delayed Draw Term Loan | $18.00M | $17.91M | $93.6K | 7.00% | — | — |
Avantra | Avantra | First Lien Term Loan | $16.81M | $16.82M | -$13.6K | 7.97% | — | — |
Saratoga Senior Loan Fund I JV, LLC | Investment Fund | Unsecured Loan | $16.53M | $17.62M | -$1.09M | — | — | — |
Omatic Software, LLC | Non-profit Services | First Lien Term Loan | $16.47M | $16.43M | $40.5K | 8.00% | — | — |
AgencyBloc, LLC | Insurance Software | First Lien Term Loan | $15.62M | $15.55M | $62.2K | 7.76% | — | — |
Granite Comfort, LP | HVAC Services and Sales | Delayed Draw Term Loan | $15.52M | $16.10M | -$581.2K | 7.41% | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | Delayed Draw Term Loan | $15.30M | $14.92M | $387.0K | 9.92% | — | — |
Chronus LLC | Mentoring Software | First Lien Term Loan | $14.91M | $14.94M | -$33.5K | 5.25% | — | — |
Wellspring Worldwide Inc. | Research Software | Delayed DrawTerm Loan | $14.40M | $14.26M | $140.6K | 8.42% | — | — |
Buildout, Inc. | Real Estate Services | First Lien Term Loan | $13.59M | $13.99M | -$398.6K | 7.00% | — | — |
VetnCare MSO, LLC | Veterinary Services | Delayed Draw Term Loan | $12.67M | $12.58M | $85.6K | 5.75% | — | — |
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 | $11.95M | $47.9K | 7.00% | — | — |
ActiveProspect, Inc. | Lead Management Software | First Lien Term Loan | $11.64M | $11.47M | $170.4K | 6.00% | — | — |
Procurement Partners, LLC | Healthcare Software | Delayed Draw Term Loan | $10.30M | $10.29M | $12.9K | 6.50% | — | — |
Inspect Point Holdings, LLC | Fire Inspection Business Software | First Lien Term Loan | $10.18M | $9.93M | $251.0K | 6.50% | — | — |
Wellspring Worldwide Inc. | Research Software | First Lien Term Loan | $9.49M | $9.43M | $63.8K | 8.42% | — | — |
Vector Controls Holding Co., LLC | Industrial Products | Warrants to Purchase Limited Liability Company Interests | $9.40M | — | — | — | — | — |
Alternative Investment Management Software | Alternative Investment Management Software | First Lien Term Loan | $8.85M | $8.78M | $69.9K | 8.50% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | Delayed Draw Term Loan | $8.70M | $8.50M | $199.3K | 9.41% | — | — |
GoReact | GoReact | First Lien Term Loan | $8.17M | $8.17M | $282.00 | 7.50% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | First Lien Term Loan | $7.08M | $6.93M | $154.7K | 9.41% | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | First Lien Term Loan | $7.04M | $7.04M | -$611.00 | 5.75% | — | — |
ETU Holdings, Inc. | Corporate Education Software | First Lien Term Loan | $6.98M | $6.96M | $21.2K | 9.00% | — | — |
New England Dental Partners | New England Dental Partners | First Lien Term Loan | $6.64M | $6.54M | $94.4K | 8.00% | — | — |
Davisware, LLC | Field Service Management | First Lien Term Loan | $6.01M | $6.00M | $12.0K | 6.50% | — | — |
Axiom Medical Consulting, LLC | Healthcare Services | First Lien Term Loan | $6.00M | $5.96M | $40.5K | 6.00% | — | — |
JDXpert | JDXpert | First Lien Term Loan | $6.00M | $5.97M | $30.5K | 8.50% | — | — |
Ascend Software, LLC | Financial Services Software | First Lien Term Loan | $5.93M | $5.97M | -$44.4K | 7.50% | — | — |
Davisware, LLC | Field Service Management | Delayed Draw Term Loan | $5.74M | $5.73M | $14.0K | 6.50% | — | — |
Emily Street Enterprises, L.L.C. | Office Supplies | First Lien Term Loan | $5.34M | $5.29M | $54.2K | 6.75% | — | — |
Chronus LLC | Mentoring Software | First Lien Term Loan | $4.97M | $4.98M | -$5.7K | 6.00% | — | — |
Panther ParentCo LLC | Insurance Software | Class A Units | $4.73M | $2.50M | $2.23M | — | — | — |
Ascend Software, LLC | Financial Services Software | Delayed Draw Term Loan | $4.00M | $4.04M | -$35.0K | 7.50% | — | — |
Schoox, Inc | Corporate Education Software | Series 1 Membership Interest | $3.98M | $475.7K | $3.50M | — | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | First Lien Term Loan | $3.95M | $3.86M | $94.1K | 9.92% | — | — |
Alpha Aesthetics Partners OpCo, LLC | Alpha Aesthetics Partners OpCo, LLC | Healthcare Services -Class A Preferred Units | $3.82M | $3.67M | $147.4K | — | — | — |
GreyHeller LLC | Cyber Security | Common Stock | $3.52M | $1.91M | $1.61M | — | — | — |
Avionte Holdings, LLC | Staffing Services | Class A Units | $3.43M | $100.0K | $3.33M | — | — | — |
GDS Software Holdings, LLC | GDS Software Holdings, LLC | Delayed Draw Term Loan | $3.28M | $3.27M | $10.6K | 7.00% | — | — |
Saratoga Senior Loan Fund I JV, LLC | Investment Fund | Membership Interest | $3.08M | $17.58M | -$14.50M | — | — | — |
Zollege PBC | Zollege PBC | Common Stock | $2.85M | $558.8K | $2.29M | — | — | — |
Altvia MidCo, LLC. | Alternative Investment Management Software | Series A-1 Preferred Shares | $2.73M | $2.00M | $730.2K | — | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | Class A Preferred Units | $2.55M | $2.95M | -$397.5K | — | — | — |
Archimedes Parent LLC | Research Software | Class A Common Units | $2.39M | $2.48M | -$87.3K | — | — | — |
Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | Other/Structured Finance Securities | $2.28M | $9.38M | -$7.09M | 10.00% | — | — |
Dental Practice Management | Dental Practice Management | Delayed Draw Term Loan | $2.18M | $2.15M | $28.1K | 8.00% | — | — |
Artemis Wax Corp. | Consumer Services | Series D Preferred Stock | $2.15M | $1.71M | $435.2K | — | — | — |
Chronus LLC | Mentoring Software | Series A Preferred Stock | $2.15M | $3.00M | -$853.4K | — | — | — |
Cloudpermit | Cloudpermit | Limited Partner Interests | $2.00M | $2.00M | $0.00 | — | — | — |
Maple Holdings Midco Limited (h) | Maple Holdings Midco Limited (h) | Class A Common Units | $2.00M | $2.00M | $0.00 | — | — | — |
LFR Chicken LLC | Restaurant | Series B Preferred Units | $1.60M | $1.00M | $600.0K | — | — | — |
Golden TopCo LP | Association Management Software | Class A-2 Common Units | $1.45M | $1.07M | $375.2K | — | — | — |
Pepper Palace, Inc. | Specialty Food Retailer | First Lien Term Loan | $1.33M | $2.40M | -$1.07M | — | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | Class A Units | $1.20M | $2.00M | -$801.9K | — | — | — |
Identity Automation Systems | Identity Automation Systems | Common Stock Class A-2 Units | $1.18M | $232.6K | $949.9K | — | — | — |
JDXpert | JDXpert | Delayed Draw Term Loan | $1.00M | $994.0K | $6.0K | 8.50% | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | Series A Preferred Units | $972.5K | $1.03M | -$55.0K | — | — | — |
Axiom Parent Holdings, LLC | Healthcare Services | Class A Preferred Units | $884.8K | $258.4K | $626.4K | — | — | — |
Buildout, Inc. | Real Estate Services | Limited Partner Interests | $798.9K | $1.37M | -$573.7K | — | — | — |
BQE Software, Inc. | Architecture & Engineering Software | Delayed Draw Term Loan | $751.3K | $746.6K | $4.7K | 5.50% | — | — |
Direct Selling Software | Direct Selling Software | Common Units | $729.5K | $1.04M | -$312.2K | — | — | — |
ARC Health OpCo LLC -Mental Healthcare Services | ARC Health OpCo LLC -Mental Healthcare Services | Class A Preferred Units | $610.9K | $4.17M | -$3.56M | — | — | — |
C2 Educational Systems, Inc. | Education Services | Series A-1 Preferred Stock | $605.4K | $499.9K | $105.5K | — | — | — |
JDXpert | JDXpert | Delayed Draw Term Loan 3M USD TERM | $500.0K | $496.2K | $3.8K | 8.50% | — | — |
Procurement Partners Holdings LLC | Healthcare Software | Class A Units | $442.5K | $571.2K | -$128.7K | — | — | — |
GDS Software Holdings, LLC | GDS Software Holdings, LLC | Common Stock Class A Units | $370.1K | $250.0K | $120.1K | — | — | — |
Artemis Wax Corp. | Consumer Services | Series B-1 Preferred Stock | $338.0K | $1.50M | -$1.16M | — | — | — |
Identity Automation Systems | Identity Automation Systems | Common Stock Class A-1 Units | $329.2K | $171.6K | $157.7K | — | — | — |
Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | Other/Structured Finance Securities | $240.6K | $14.89M | -$14.65M | — | — | — |
Pepper Palace, Inc. | Specialty Food Retailer | Revolving Credit Facility | $221.0K | $400.0K | -$179.0K | — | — | — |
Procurement Partners Holdings LLC | Healthcare Software | Class AA Units | $118.5K | $31.0K | $87.5K | — | — | — |
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 | — | — | — |
Direct Selling Software | Direct Selling Software | Revolving Credit Facility | -$18.5K | — | — | 6.25% | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | Delayed Draw Term Loan | -$72.6K | — | — | 7.00% | — | — |
ActiveProspect, Inc. | Lead Management Software | Delayed Draw Term Loan | — | — | — | 6.00% | — | — |
Axiom Medical Consulting, LLC | Healthcare Services | Delayed Draw Term Loan | — | — | — | 6.00% | — | — |
C2 Educational Systems, Inc. | Education Services | Delayed Draw Term Loan | — | — | — | 8.50% | — | — |
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% | — | — |
GoReact | GoReact | Delayed Draw Term Loan | — | — | — | 7.50% | — | — |
Innergy, Inc.- Custom Millwork Software | Innergy, Inc.- Custom Millwork Software | Delayed Draw Term Loan | — | — | — | 5.50% | — | — |
Inspect Point Holdings, LLC | Fire Inspection Business Software | Delayed Draw Term Loan | — | — | — | 6.50% | — | — |
Disclosed holdings FV
$978.08M
Parsed holdings FV
$911.63M
Residual gap
$66.45M
Balance-sheet cash
$204.72M
CIK
0001377936
Accession
0001213900-25-040617
Form type
10-K
Period
2025-02-28