SAR
Saratoga Investment
Portfolio Fair Value
$1.06B
130 holdings
Avg Spread
—
FV-weighted, debt
Avg Coupon
6.56%
FV-weighted
% First Lien
86.5%
of debt FV
Unrealized P/L
-$26.98M
-2.49% of cost
Non-Accrual
0
text-detected
Balance sheet
Assets$1.14B
Liabilities + Equity$1.14B
First Lien
$959.33M · 84.2%
First Lien
$959.33M · 84.2%
Second Lien
$44.87M · 3.9%
Other Debt
$18.86M · 1.7%
LP Interest
$3.30M · 0.3%
Equity
$38.02M · 3.3%
Other
$44.74M · 3.9%
Cash & Equivalents
$1.68M · 0.1%
Other Assets
$28.45M · 2.5%
Debt (Borrowings)
$739.38M · 64.9%
Debt (Borrowings)
$739.38M · 64.9%
Other Liabilities
$3.73M · 0.3%
Net Assets (Equity)
$396.16M · 34.8%
Net Assets (Equity)
$396.16M · 34.8%
Industry Composition
ComForCare Health Care
8.5%
Consumer Services
6.3%
HVAC Services and Sales
4.9%
Real Estate Services
4.9%
Healthcare Software
4.3%
Custom Millwork Software
3.8%
Research Software
3.5%
Employee Collaboration Software
3.3%
Surgical Benefits Management
3.3%
Restaurant
3.2%
Dental Practice Management
3.1%
Financial Services
3.1%
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
130 of 142
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
ComForCare Health Care | ComForCare Health Care | First Lien Term Loan | $90.00M | $89.65M | $348.0K | 6.25% | — | — |
Artemis Wax Corp. | Consumer Services | Delayed Draw Term Loan | $64.47M | $64.89M | -$412.6K | 6.75% | — | — |
Granite Comfort, LP | HVAC Services and Sales | First Lien Term Loan | $42.25M | $42.90M | -$654.8K | 7.40% | — | — |
Buildout, Inc. | Real Estate Services | Delayed Draw Term Loan | $37.73M | $38.50M | -$768.2K | 7.00% | — | — |
Procurement Partners, LLC | Healthcare Software | First Lien Term Loan | $35.13M | $35.10M | $26.4K | 5.50% | — | — |
Employer Direct Healthcare, LLC | Surgical Benefits Management | Second Lien Term Loan | $34.69M | $34.69M | $0.00 | 7.25% | — | — |
Ready Education | Ready Education | First Lien Term Loan | $31.94M | $31.88M | $60.0K | 7.00% | — | — |
Innergy, Inc. | Custom Millwork Software | First Lien Term Loan | $31.88M | $31.78M | $106.1K | 5.50% | — | — |
Cloudpermit | Cloudpermit | First Lien Term Loan | $31.42M | $31.26M | $162.2K | 5.75% | — | — |
GDS Software Holdings, LLC | Financial Services | First Lien Term Loan | $28.71M | $28.66M | $58.7K | 7.00% | — | — |
SAI Systems Health, LLC | SAI Systems Health, LLC | Revenue Cycle Management & Related Services- First Lien Term Loan | $27.82M | $27.82M | $0.00 | 5.00% | — | — |
Wellspring Worldwide Inc. | Research Software | Delayed DrawTerm Loan | $25.31M | $25.09M | $215.5K | 8.42% | — | — |
BQE Software, Inc. | Architecture & Engineering Software | First Lien Term Loan | $23.70M | $23.38M | $313.7K | 5.50% | — | — |
C2 Educational Systems, Inc. | Education Services | First Lien Term Loan | $22.84M | $23.00M | -$161.0K | 8.50% | — | — |
Breezeway Homes, Inc | Property Operations Management Software | First Lien Term Loan | $21.78M | $21.78M | -$1.2K | 6.63% | — | — |
Exigo, LLC | Direct Selling Software | First Lien Term Loan | $20.70M | $23.76M | -$3.06M | 6.25% | — | — |
Inspect Point Holdings, LLC | Fire Inspection Business Software | First Lien Term Loan | $20.05M | $19.87M | $176.3K | 5.50% | — | — |
Jobvite, Inc. | Talent Acquisition Software | First Lien Term Loan | $19.78M | $19.92M | -$142.5K | 7.50% | — | — |
LFR Chicken LLC | Restaurant | Delayed Draw Term Loan | $17.92M | $17.95M | -$28.0K | 4.50% | — | — |
AgencyBloc, LLC | Insurance Software | First Lien Term Loan | $17.45M | $17.40M | $51.8K | 6.31% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | First Lien Term Loan | $17.03M | $16.98M | $53.0K | 7.00% | — | — |
Avantra | Avantra | First Lien Term Loan | $16.94M | $16.85M | $83.9K | 7.97% | — | — |
Madison Logic, Inc. | Marketing Orchestration Software | First Lien Term Loan | $16.79M | $18.94M | -$2.15M | 7.00% | — | — |
Saratoga Senior Loan Fund I JV, LLC | Investment Fund | Unsecured Loan | $16.13M | $17.62M | -$1.49M | 10.00% | — | — |
Chronus LLC | Mentoring Software | First Lien Term Loan | $14.60M | $14.98M | -$382.6K | 5.25% | — | — |
Buildout, Inc. | Real Estate Services | First Lien Term Loan | $13.72M | $14.00M | -$279.3K | 7.00% | — | — |
VetnCare MSO, LLC | Veterinary Services | Delayed Draw Term Loan | $13.29M | $13.24M | $49.2K | 5.75% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | Delayed Draw Term Loan | $13.07M | $12.88M | $195.2K | 9.34% | — | — |
Better Impact USA Inc. | Volunteer Program Management Software | First Lien Term Loan | $11.91M | $11.91M | $0.00 | 4.75% | — | — |
Altvia MidCo, LLC. | Alternative Investment Management Software | First Lien Term Loan | $11.05M | $11.20M | -$156.1K | 8.08% | — | — |
Zollege PBC | Zollege PBC | Common Stock | $10.87M | $558.8K | $10.32M | — | — | — |
Procurement Partners, LLC | Healthcare Software | Delayed Draw Term Loan | $10.30M | $10.31M | -$10.0K | 5.50% | — | — |
StockIQ Technologies, LLC | Supply Chain Planning Software | First Lien Term Loan | $9.90M | $9.93M | -$23.4K | 5.25% | — | — |
Granite Comfort, LP | HVAC Services and Sales | Delayed Draw Term Loan | $9.82M | $9.96M | -$137.3K | 7.40% | — | — |
Wellspring Worldwide Inc. | Research Software | First Lien Term Loan | $9.37M | $9.32M | $48.6K | 8.42% | — | — |
Vector Controls Holding Co., LLC | Industrial Products | Warrants to Purchase Limited Liability Company Interests | $8.60M | — | — | — | — | — |
Innergy, Inc. | Custom Millwork Software | Delayed Draw Term Loan | $8.47M | $8.43M | $36.6K | 5.50% | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | First Lien Term Loan | $8.35M | $8.70M | -$347.5K | 7.00% | — | — |
ETU Holdings, Inc. | Corporate Education Software | Second Lien Term Loan | $8.01M | $8.25M | -$238.0K | — | — | — |
Angry Chickz, Inc. | Restaurant | First Lien Term Loan | $7.86M | $7.86M | $0.00 | 4.75% | — | — |
ETU Holdings, Inc. | Corporate Education Software | First Lien Term Loan | $7.10M | $7.07M | $26.4K | 9.00% | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | First Lien Term Loan | $7.05M | $6.98M | $67.6K | 5.75% | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | First Lien Term Loan | $7.04M | $6.95M | $93.2K | 9.34% | — | — |
JDXpert | JDXpert | First Lien Term Loan | $6.00M | $5.98M | $17.8K | 8.50% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Series B Preferred Units | $6.00M | $2.06M | $3.94M | — | — | — |
Angry Chickz, Inc. | Restaurant | Delayed Draw Term Loan | $5.97M | $5.97M | $0.00 | 4.75% | — | — |
Panther ParentCo LLC | Insurance Software | Class A Units | $5.87M | $2.50M | $3.37M | — | — | — |
Emily Street Enterprises, L.L.C. | Office Supplies | Senior Secured Note | $5.31M | $5.29M | $24.3K | 6.75% | — | — |
Haystack Team Inc. | Employee Collaboration Software | First Lien Term Loan | $5.25M | $5.25M | -$613.00 | 5.50% | — | — |
SmartAC.com, LLC | HVAC Monitoring Devices | First Lien Term Loan | $5.10M | $5.08M | $16.4K | 7.50% | — | — |
Chronus LLC | Mentoring Software | First Lien Term Loan | $4.87M | $4.99M | -$125.6K | 6.00% | — | — |
Schoox, Inc. | Corporate Education Software | Series 1 Membership Interest | $4.39M | $548.3K | $3.84M | — | — | — |
GreyHeller LLC | Cyber Security | Common Stock | $4.23M | $1.91M | $2.33M | — | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Series A Preferred Units | $4.19M | $2.06M | $2.14M | — | — | — |
Modis Dental Partners OpCo, LLC | Dental Practice Management | Class A Preferred Units | $3.98M | $3.20M | $783.6K | — | — | — |
WBOX 2023-4A ER | WBOX 2023-4A ER | First Lien Term Loan | $3.50M | $3.47M | $30.9K | 6.48% | — | — |
Alpha Aesthetics Partners OpCo, LLC | Healthcare Services | Class A Preferred Units | $3.35M | $3.67M | -$321.5K | — | — | — |
GDS Software Holdings, LLC | Financial Services | Delayed Draw Term Loan | $3.29M | $3.25M | $32.9K | 7.00% | — | — |
OAKC 2020-7A D2R2 | OAKC 2020-7A D2R2 | First Lien Term Loan | $3.25M | $3.25M | $1.9K | 4.05% | — | — |
SmartAC.com, LLC | HVAC Monitoring Devices | Series A Preferred Units | $3.13M | $3.00M | $127.5K | — | — | — |
BSP 2025-40A E | BSP 2025-40A E | First Lien Term Loan | $3.03M | $3.00M | $26.7K | 5.25% | — | — |
NMC CLO-5A ER | NMC CLO-5A ER | First Lien Term Loan | $2.97M | $3.00M | -$26.6K | 5.85% | — | — |
OCP 2023-28A | OCP 2023-28A | First Lien Term Loan | $2.92M | $3.00M | -$84.7K | 5.25% | — | — |
APID 2023-45A ER | APID 2023-45A ER | First Lien Term Loan | $2.74M | $2.80M | -$64.2K | 5.15% | — | — |
APID 2017-28A DR | APID 2017-28A DR | First Lien Term Loan | $2.47M | $2.50M | -$29.3K | 5.00% | — | — |
Maple Holdings Midco Limited | IT Services | Class A Common Units | $2.33M | $2.00M | $333.0K | — | — | — |
Cloudpermit | Cloudpermit | Limited Partner Interests | $2.27M | $2.00M | $269.2K | — | — | — |
NMC CLO-3A D2R | NMC CLO-3A D2R | First Lien Term Loan | $2.16M | $2.25M | -$91.1K | 4.10% | — | — |
Altvia MidCo, LLC. | Alternative Investment Management Software | Series A-1 Preferred Shares | $2.04M | $2.08M | -$41.2K | — | — | — |
BGCLO 2025-13A D2 | BGCLO 2025-13A D2 | First Lien Term Loan | $2.01M | $2.00M | $12.5K | 4.05% | — | — |
WBOX 2025-5A D2 | WBOX 2025-5A D2 | First Lien Term Loan | $2.01M | $2.00M | $6.9K | 4.10% | — | — |
LFR Chicken LLC | Restaurant | Series B Preferred Units | $1.99M | $1.00M | $994.0K | — | — | — |
BSP 2016-10A C2R3 | BSP 2016-10A C2R3 | First Lien Term Loan | $1.99M | $2.00M | -$10.0K | 4.10% | — | — |
REGT23 2021-1A D2R | REGT23 2021-1A D2R | First Lien Term Loan | $1.98M | $2.00M | -$21.1K | 4.00% | — | — |
HLM 2025-26A D2 | HLM 2025-26A D2 | First Lien Term Loan | $1.95M | $2.00M | -$50.6K | 4.10% | — | — |
Archimedes Parent LLC | Research Software | Class A Common Units | $1.87M | $2.48M | -$604.1K | — | — | — |
Golden TopCo LP | Association Management Software | Class A-2 Common Units | $1.86M | $1.07M | $787.9K | — | — | — |
Artemis Wax Corp. | Consumer Services | Series D Preferred Stock | $1.83M | $1.71M | $113.5K | — | — | — |
StockIQ Technologies, LLC | Supply Chain Planning Software | Delayed Draw Term Loan | $1.58M | $1.59M | -$2.8K | 5.25% | — | — |
Saratoga Senior Loan Fund I JV, LLC | Investment Fund | Membership Interest | $1.54M | $19.20M | -$17.66M | — | — | — |
AIMCO 2025-24A E | AIMCO 2025-24A E | First Lien Term Loan | $1.53M | $1.50M | $30.6K | 6.10% | — | — |
OCP 2016-11A D2R3 | OCP 2016-11A D2R3 | First Lien Term Loan | $1.51M | $1.50M | $10.4K | 4.10% | — | — |
PG Source Investments, LLC | Product Compliance Software | Series A Preferred Stock | $1.50M | $1.50M | -$1.00 | — | — | — |
Source 44 LLC | Product Compliance Software | Delayed Draw Term Loan | $1.49M | $1.49M | -$36.00 | 5.25% | — | — |
BSP 2020-21A ER2 | BSP 2020-21A ER2 | First Lien Term Loan | $1.46M | $1.50M | -$36.4K | 4.95% | — | — |
REGT6 2016-1A ER3 | REGT6 2016-1A ER3 | First Lien Term Loan | $1.42M | $1.50M | -$78.9K | 5.45% | — | — |
Ludi, Inc. | Physician Compensation Management Software | Revolving Credit Facility | $1.38M | $1.38M | $0.00 | 5.00% | — | — |
Pepper Palace, Inc. | Specialty Food Retailer | First Lien Term Loan | $1.30M | $2.40M | -$1.10M | — | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | Series A Preferred Units | $1.28M | $1.03M | $251.9K | — | — | — |
TREST 2017-1A ERR | TREST 2017-1A ERR | First Lien Term Loan | $1.26M | $1.26M | $5.7K | 5.95% | — | — |
OAKC 2025-22A E | OAKC 2025-22A E | First Lien Term Loan | $1.26M | $1.25M | $11.3K | 5.55% | — | — |
Haystack Team Inc. | Employee Collaboration Software | Series A Preferred Stock | $1.25M | $1.42M | -$171.9K | — | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Delayed Draw Term Loan | $1.21M | $1.20M | $5.7K | 4.50% | — | — |
Chronus LLC | Mentoring Software | Series A Preferred Stock | $1.09M | $3.00M | -$1.91M | — | — | — |
NMC CLO-4A ER | NMC CLO-4A ER | First Lien Term Loan | $1.03M | $980.0K | $46.1K | 6.91% | — | — |
OCP 2025-43A E | OCP 2025-43A E | First Lien Term Loan | $1.03M | $1.00M | $25.8K | 6.50% | — | — |
Better Impact USA Inc. | Volunteer Program Management Software | Preferred Units | $1.00M | $1.00M | $0.00 | — | — | — |
Breezeway Homes, Inc | Property Operations Management Software | Class A Common Units | $1.00M | $1.00M | $0.00 | — | — | — |
OAKC 2016-13A ER2 | OAKC 2016-13A ER2 | First Lien Term Loan | $989.7K | $976.3K | $13.4K | 5.75% | — | — |
NMC CLO-7A E | NMC CLO-7A E | First Lien Term Loan | $976.3K | $1.00M | -$23.7K | 5.00% | — | — |
POST 2023-1A D2R | POST 2023-1A D2R | First Lien Term Loan | $972.0K | $1.00M | -$28.0K | 3.95% | — | — |
Buildout, Inc. | Real Estate Services | Limited Partner Interests | $872.4K | $1.37M | -$500.1K | — | — | — |
Stretch Zone Franchising, LLC | Health/Fitness Franchisor | Class A Units | $754.7K | $2.00M | -$1.25M | — | — | — |
ETU Holdings, Inc. | Corporate Education Software | Series C Preferred Units | $730.3K | $730.3K | $0.00 | — | — | — |
C2 Education Systems, Inc. | Education Services | Series A-1 Preferred Stock | $636.2K | $499.9K | $136.3K | — | — | — |
Pepper Palace, Inc. | Specialty Food Retailer | Revolving Credit Facility | $530.5K | $1.00M | -$469.5K | — | — | — |
JDXpert | JDXpert | Delayed Draw Term Loan | $500.0K | $498.0K | $2.0K | 8.50% | — | — |
SAI Systems Health Topco, LLC | Revenue Cycle Management & Related Services | Class A Common Units | $350.0K | $350.0K | $0.00 | — | — | — |
ARC Health OpCo LLC | Mental Healthcare Services | Class A Preferred Units | $332.9K | $4.17M | -$3.84M | — | — | — |
GDS Software Holdings, LLC | Financial Services | Common Stock Class A Units | $251.8K | $250.0K | $1.8K | — | — | — |
Procurement Partners Holdings LLC | Healthcare Software | Class A Units | $238.4K | $571.2K | -$332.8K | — | — | — |
ETU Holdings, Inc. | Corporate Education Software | Series B Preferred Units | $211.9K | $3.00M | -$2.79M | — | — | — |
Pepper Palace, Inc. | Specialty Food Retailer | Delayed Draw Term Loan | $204.4K | $400.0K | -$195.6K | — | — | — |
Procurement Partners Holdings LLC | Healthcare Software | Class AA Units | $60.7K | $31.0K | $29.7K | — | — | — |
Exigo, LLC | Direct Selling Software | Common Units | $0.00 | $1.04M | -$1.04M | — | — | — |
Pepper Palace, Inc. | Specialty Food Retailer | Class A Units | $0.00 | $138.6K | -$138.6K | — | — | — |
Saratoga Investment Corp. CLO 2013-1, Ltd. | Structured Finance Securities | Other/Structured Finance Securities | $0.00 | $14.41M | -$14.41M | — | — | — |
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 | $0.00 | $9.38M | -$9.38M | 10.00% | — | — |
TG Pressure Washing Holdings, LLC | Facilities Maintenance | Preferred Equity | $0.00 | $488.1K | -$488.1K | — | — | — |
Exigo, LLC | Direct Selling Software | Revolving Credit Facility | -$81.9K | — | — | 6.25% | — | — |
Axero Holdings, LLC | Employee Collaboration Software | Revolving Credit Facility | — | — | — | 7.00% | — | — |
Better Impact USA Inc. | Volunteer Program Management Software | Delayed Draw Term Loan | — | — | — | 4.75% | — | — |
Breezeway Homes, Inc | Property Operations Management Software | Delayed Draw Term Loan | — | — | — | 6.63% | — | — |
Cloudpermit | Cloudpermit | Delayed Draw Term Loan - | — | — | — | 5.75% | — | — |
Dental Practice Management | Dental Practice Management | Revolving Credit Facility | — | — | — | 5.75% | — | — |
Gen4 Dental Partners Holdings, LLC | Dental Practice Management | Delayed Draw Term Loan | — | — | — | 5.75% | — | — |
Haystack Team Inc. | Employee Collaboration Software | Delayed Draw Term Loan | — | — | — | 5.50% | — | — |
Inspect Point Holdings, LLC | Fire Inspection Business Software | Delayed Draw Term Loan | — | — | — | 5.50% | — | — |
SmartAC.com, LLC | HVAC Monitoring Devices | Delayed Draw Term Loan | — | — | — | 7.50% | — | — |
Source 44 LLC | Product Compliance Software | Revolving Credit Facility | — | — | — | 5.25% | — | — |
Disclosed holdings FV
$1.11B
Parsed holdings FV
$1.06B
Residual gap
$53.54M
Balance-sheet cash
$1.68M
CIK
0001377936
Accession
0001213900-26-052176
Form type
10-K
Period
2026-02-28