BDCinfo / SAR /10-K · 2025-02-28

SAR · 10-K

2025-02-28 View source on SEC.gov →
Saratoga Investment · filed 2025-05-07
Total Fair Value
$3.89B
159 holdings
Unrealized P/L
-$87.12M
-2.19% vs cost
W. Avg Spread
debt, FV-weighted
W. Avg Coupon
7.12%
debt, FV-weighted
% First Lien
18.3%
by fair value
Non-Accrual
0
text-detected
Investment Type Allocation
Fair value by type
Industry Concentration
Top 10 industries by fair value
$3.89B
Total Fair Value
  • Unclassified51.4%
  • ComForCare Health Care3.6%
  • Consumer Services3.1%
  • HVAC Services and Sales3.0%
  • Real Estate Services2.7%
  • Healthcare Software2.4%
  • Dental Practice Management1.6%
  • Restaurant1.6%
  • Health/Fitness Franchisor1.5%
  • Research Software1.4%
  • Other industries27.9%
Spread Distribution
Floating-rate debt holdings by 50bp spread bucket
No floating-rate debt in this filing.
All holdings
Sortable, click headers to re-sort
159 of 160
IssuerIndustryType
Fair Value
Cost
Unrealized
Coupon
Spread
Maturity
TOTAL INVESTMENTS - 249.8%
Owners of 5% or more of our common stock
$978.08M
$1.00B
-$22.02M
Sub Total Non-control/Non-affiliate investments
Owners of 5% or more of our common stock
$897.66M
$886.07M
$11.59M
ComForCare Health Care
ComForCare Health Care
First Lien Term Loan
$85.15M
$83.43M
$1.72M
Consumer Services
Consumer Services
Owners of 5% or more of our common stock
$59.44M
$60.55M
-$1.11M
HVAC Services and Sales
HVAC Services and Sales
Owners of 5% or more of our common stock
$57.46M
$58.94M
-$1.49M
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%
Real Estate Services
Real Estate Services
Owners of 5% or more of our common stock
$51.75M
$53.81M
-$2.06M
Healthcare Software
Healthcare Software
Owners of 5% or more of our common stock
$45.99M
$45.92M
$63.5K
Granite Comfort, LP
HVAC Services and Sales
First Lien Term Loan
$41.94M
$42.84M
-$904.2K
7.41%
Education Software
Education Software
Owners of 5% or more of our common stock
$41.60M
$40.38M
$1.22M
Sub Total Affiliate investments
Owners of 5% or more of our common stock
$40.55M
$38.20M
$2.34M
Sub Total Control investments
Owners of 5% or more of our common stock
$39.87M
$75.82M
-$35.95M
Buildout, Inc.
Real Estate Services
Delayed Draw Term Loan
$37.36M
$38.45M
-$1.09M
7.00%
Dental Practice Management
Dental Practice Management
Owners of 5% or more of our common stock
$35.16M
$35.14M
$23.4K
Procurement Partners, LLC
Healthcare Software
First Lien Term Loan
$35.13M
$35.03M
$91.7K
6.50%
Mental Healthcare Services
Mental Healthcare Services
Owners of 5% or more of our common stock
$32.40M
$37.53M
-$5.13M
Ready Education
Ready Education
First Lien Term Loan
$31.91M
$31.80M
$112.0K
7.00%
Custom Millwork Software
Custom Millwork Software
Owners of 5% or more of our common stock
$31.72M
$31.72M
-$247.00
Innergy, Inc.- Custom Millwork Software
Innergy, Inc.- Custom Millwork Software
First Lien Term Loan
$31.72M
$31.72M
-$247.00
5.50%
Restaurant
Restaurant
Owners of 5% or more of our common stock
$31.60M
$30.86M
$741.5K
Municipal Government Software
Municipal Government Software
Owners of 5% or more of our common stock
$29.72M
$29.75M
-$30.1K
Health/Fitness Franchisor
Health/Fitness Franchisor
Owners of 5% or more of our common stock
$28.45M
$30.53M
-$2.07M
Cloudpermit
Cloudpermit
First Lien Term Loan
$27.72M
$27.75M
-$30.1K
5.75%
Talent Acquisition Software
Talent Acquisition Software
Owners of 5% or more of our common stock
$27.33M
$27.36M
-$25.9K
Stretch Zone Franchising, LLC
Health/Fitness Franchisor
First Lien Term Loan
$27.33M
$28.53M
-$1.20M
7.00%
Affiliate investments - Employee Collaboration Software
Owners of 5% or more of our common stock
$27.18M
$21.15M
$6.03M
Financial Services
Financial Services
Owners of 5% or more of our common stock
$26.30M
$26.17M
$129.7K
Research Software
Research Software
Owners of 5% or more of our common stock
$26.28M
$26.16M
$117.1K
ARC Health OpCo LLC -Mental Healthcare Services -Delayed Draw Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027
ARC Health OpCo LLC -Mental Healthcare Services -Delayed Draw Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027
Owners of 5% or more of our common stock
$25.61M
$26.91M
-$1.30M
8.40%
Architecture & Engineering Software
Architecture & Engineering Software
Owners of 5% or more of our common stock
$25.29M
$25.08M
$217.8K
Association Management Software
Association Management Software
Owners of 5% or more of our common stock
$24.85M
$24.12M
$733.2K
BQE Software, Inc.
Architecture & Engineering Software
First Lien Term Loan
$24.54M
$24.33M
$213.1K
5.50%
Education Services
Education Services
Owners of 5% or more of our common stock
$23.60M
$23.49M
$102.3K
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%
Mentoring Software
Mentoring Software
Owners of 5% or more of our common stock
$22.03M
$22.92M
-$892.7K
Insurance Software
Insurance Software
Owners of 5% or more of our common stock
$20.34M
$18.05M
$2.29M
Jobvite, Inc.
Talent Acquisition Software
First Lien Term Loan
$19.83M
$19.90M
-$66.2K
7.50%
Investment Fund
Investment Fund
Owners of 5% or more of our common stock
$19.61M
$35.20M
-$15.59M
IT Services
IT Services
Owners of 5% or more of our common stock
$18.81M
$18.82M
-$13.6K
Madison Logic, Inc.
Marketing Orchestration Software
First Lien Term Loan
$18.44M
$18.65M
-$205.1K
7.50%
Marketing Orchestration Software
Marketing Orchestration Software
Owners of 5% or more of our common stock
$18.44M
$18.65M
-$205.1K
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
Non-profit Services
Non-profit Services
Owners of 5% or more of our common stock
$16.47M
$16.43M
$40.5K
Omatic Software, LLC
Non-profit Services
First Lien Term Loan
$16.47M
$16.43M
$40.5K
8.00%
Axero Holdings, LLC - Employee Collaboration Software
Affiliate investments
First Lien Term Loan 4.50% Cash, (3M USD TERM SOFR+ 2.50%) PIK, 12/31/2027
$15.93M
$15.91M
$19.5K
4.50%
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%
Structured Finance Securities
Structured Finance Securities
Owners of 5% or more of our common stock
$14.77M
$35.66M
-$20.89M
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%
Affiliate investments - Corporate Education Software
Owners of 5% or more of our common stock
$13.37M
$17.05M
-$3.68M
Veterinary Services
Veterinary Services
Owners of 5% or more of our common stock
$12.67M
$12.58M
$85.6K
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%
Field Service Management
Field Service Management
Owners of 5% or more of our common stock
$11.75M
$11.73M
$26.0K
ActiveProspect, Inc.
Lead Management Software
First Lien Term Loan
$11.64M
$11.47M
$170.4K
6.00%
Lead Management Software
Lead Management Software
Owners of 5% or more of our common stock
$11.64M
$11.47M
$170.4K
Alternative Investment Management Software
Alternative Investment Management Software
Owners of 5% or more of our common stock
$11.58M
$10.78M
$800.2K
Procurement Partners, LLC
Healthcare Software
Delayed Draw Term Loan
$10.30M
$10.29M
$12.9K
6.50%
Fire Inspection Business Software
Fire Inspection Business Software
Owners of 5% or more of our common stock
$10.18M
$9.93M
$251.0K
Inspect Point Holdings, LLC
Fire Inspection Business Software
First Lien Term Loan
$10.18M
$9.93M
$251.0K
6.50%
Financial Services Software
Financial Services Software
Owners of 5% or more of our common stock
$9.93M
$10.01M
-$79.4K
Wellspring Worldwide Inc.
Research Software
First Lien Term Loan
$9.49M
$9.43M
$63.8K
8.42%
Industrial Products
Industrial Products
Owners of 5% or more of our common stock
$9.40M
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%
Axero Holdings, LLC - Employee Collaboration Software
Affiliate investments
Series B Preferred Units
$6.59M
$2.06M
$4.53M
ETU Holdings, Inc. - Corporate Education Software
Affiliate investments
Second Lien Term Loan 15.00% PIK, 2/18/2028
$6.39M
$7.09M
-$705.9K
ARC Health OpCo LLC -Mental Healthcare Services -First Lien Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027
ARC Health OpCo LLC -Mental Healthcare Services -First Lien Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027
Owners of 5% or more of our common stock
$6.18M
$6.46M
-$270.5K
8.40%
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%
Office Supplies
Office Supplies
Owners of 5% or more of our common stock
$5.34M
$5.29M
$54.2K
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%
Corporate Education Software
Corporate Education Software
Corporate Education Software
$3.98M
$475.7K
$3.50M
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%
Education Services
Education Services
Owners of 5% or more of our common stock
$3.94M
$2.02M
$1.92M
Alpha Aesthetics Partners OpCo, LLC
Alpha Aesthetics Partners OpCo, LLC
Healthcare Services -Class A Preferred Units
$3.82M
$3.67M
$147.4K
Axero Holdings, LLC - Employee Collaboration Software
Affiliate investments
Series A Preferred Units
$3.53M
$2.06M
$1.47M
Cyber Security
Cyber Security
Owners of 5% or more of our common stock
$3.52M
$1.91M
$1.61M
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
Staffing Services
Staffing Services
Owners of 5% or more of our common stock
$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
Specialty Food Retailer
Specialty Food Retailer
Owners of 5% or more of our common stock
$1.55M
$2.94M
-$1.39M
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
Axero Holdings, LLC - Employee Collaboration Software
Affiliate investments
Delayed Draw Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027
$1.13M
$1.13M
$4.6K
4.50%
Zollege PBC
Zollege PBC
First Lien Term Loan
$1.09M
$1.46M
-$375.4K
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
ETU Holdings, Inc. - Corporate Education Software
Affiliate investments
Series A Preferred Units
$0.00
$3.00M
-$3.00M
Healthcare Supply
Healthcare Supply
Owners of 5% or more of our common stock
$0.00
$508.1K
-$508.1K
Non-control/Non-affiliate investments - 229.3% Facilities Maintenance
Owners of 5% or more of our common stock
$0.00
$488.1K
-$488.1K
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%
Axero Holdings, LLC - Employee Collaboration Software
Affiliate investments
Revolving Credit Facility 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027
4.50%
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%
Specialty Food Retailer
Specialty Food Retailer
Delayed Draw Term Loan