[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","ffh3du91yoipqofo1vpnz1rt9","revision",2,"title","Saratoga Investment Corp. 2026年8月净资产下降至3.53亿美元","originalTitle","10-Q - SARATOGA INVESTMENT CORP. (0001377936) (Filer)","summary","Saratoga Investment Corp. (SAR) 截至2026年8月31日净资产为3.53亿美元，较上一季度下降10.8%。投资组合公允价值为11.5亿美元，但部分投资出现未实现亏损，如Madison Logic贷款公允价值低于成本。","reason","Saratoga Investment Corp. 报告了净资产下降、投资组合公允价值波动及部分投资减值风险，同时披露了债务结构和利率变动对财务表现的影响。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_77":91},"publishedAt","2026-10-06T20:01:48.000Z","discoveredAt","2026-10-07T01:08:07.914Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[82],"score",80,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","fgHOLbhA6BiI",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","ad0bc244-d149-4345-bffe-fe4a8d61e2a6","Saratoga Investment Corp. 2026年8月财务表现",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

☒ 根据《1934 年证券交易法》第 13 条或第 15(d) 条的季度报告

截至 2026 年 8 月 31 日的季度

☐ 根据《1934 年证券交易法》第 13 条或第 15(d) 条的过渡报告

委员会文件编号 814-00732

SARATOGA INVESTMENT CORP.

(根据其章程指定的注册人全名)

马里兰州		20-8700615
(注册或组织的州或其他司法管辖区)		(联邦税务局雇主识别号)

535 纳什维尔大道

纽约，纽约 10022

(主要执行办公室地址)

(212) 906-7800

(注册人的电话号码，包括区号)

根据《法案》第 12(b) 条注册的证券：

每类证券的名称	交易符号	每种证券注册的交易所名称
面值为 0.001 美元的普通股	SAR	纽约证券交易所
2027 年到期的 8.00% 债券	SAJ	纽约证券交易所
2027 年到期的 8.125% 债券	SAY	纽约证券交易所
2028 年到期的 8.50% 债券	SAZ	纽约证券交易所
2031 年到期的 7.50% 债券	SAV	纽约证券交易所
2031 年到期的 8.00% 债券	SAX	纽约证券交易所

通过勾选方框表明注册人是否：(1) 已提交根据《1934 年证券交易法》第 13 条或第 15(d) 条在前 12 个月内（或注册人需提交此类报告的较短期间）要求提交的所有报告，以及 (2) 在过去 90 天内已受此类提交要求约束：是 ☒ 否 ☐

通过勾选方框表明注册人是否在前 12 个月内（或注册人需提交此类文件的较短期间）已提交根据第 405 条规章 S-T（§ 232.405 本章）要求提交的每个交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是否为大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2 条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者	☐	加速提交者	☒
非加速提交者	☐	较小报告公司	☐
		新兴成长公司	☐

如果为新兴成长公司，请通过勾选方框表明注册人是否已选择不使用《交易法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司（根据《交易法》第 12b-2 条定义）。是 ☐ 否 ☒

截至 2026 年 10 月 5 日，注册人的流通普通股数量为 15,559,638 股。

		页码
第一部分。	财务信息	1

第 1 项。	合并财务报表	1

	截至2026年8月31日（未经审计）和2026年2月28日的合并资产负债表	1

	截至2026年8月31日（未经审计）和2025年8月31日的合并损益表（未经审计）	2

	截至2026年8月31日的合并净资产变动表（未经审计）和2025年8月31日（未经审计）	3

	截至2026年8月31日的合并现金流量表（未经审计）和2025年8月31日（未经审计）	4

	截至2026年8月31日（未经审计）和2026年2月28日的合并投资表	5

	截至2026年8月31日的合并财务报表附注（未经审计）	34

项目 2。	管理层对财务状况和经营成果的讨论与分析	103

项目 3。	关于市场风险的定量和定性披露	148

项目 4。	控制和程序	149

第二部分。	其他信息	150

项目 1。	法律诉讼	150

项目 1A。	风险因素	150

项目 2。	未注册的股权证券销售和资金使用	150

项目 3。	高级证券违约	150

项目 4。	矿山安全披露	150

项目 5。	其他信息	150

项目 6。	附录	151

签名	154

第一部分。财务信息

项目 1。合并财务报表

萨拉托加投资公司

合并资产负债表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026年8月31日 \n			2026年2月28日 \n
	(未经审计)
资产
按公允价值计算的投资
非控制/非关联方投资（摊销成本分别为1,082,091,998美元和1,011,840,007美元）	$	1,056,184,544			$	1,016,247,566
关联方投资（摊销成本分别为49,910,512美元和49,429,192美元）		49,257,789				52,710,911
控制投资（摊销成本分别为77,083,090美元和75,118,675美元）		44,748,011				40,175,335
按公允价值计算的总投资（摊销成本分别为1,209,085,600美元和1,136,387,874美元）		1,150,190,344				1,109,133,812
现金及现金等价物		80,087,303				1,680,070
现金及现金等价物，储备账户		15,786,427				20,105,683
应收利息（分别扣除1,265,898美元和470,751美元的准备金）		9,122,307				7,314,053
应收管理费		229,150				249,720
其他资产		847,327				781,766
总资产	$	1,256,262,858			$	1,139,265,104

负债
循环信贷额度	$	70,000,000			$	70,000,000
循环信贷额度的递延债务融资费用		(1,236,703	)			(1,670,816	)
SBA债券应付款		213,000,000				160,000,000
SBA债券应付款的递延债务融资费用		(4,792,550	)			(3,888,087	)
4.35% 应付票据 2027		75,000,000				75,000,000
4.35% 应付票据 2027的折扣		(41,071	)			(108,898	)
4.35% 应付票据 2027的递延债务融资费用		(170,781	)			(344,393	)
6.25% 应付票据 2027		15,000,000				15,000,000
6.25% 应付票据 2027的递延债务融资费用		(94,894	)			(130,839	)
6.00% 应付票据 2027		105,500,000				105,500,000
6.00% 应付票据 2027的折扣		(27,924	)			(48,361	)
6.00% 应付票据 2027的递延债务融资费用		(470,739	)			(823,774	)
8.00% 应付票据 2027		46,000,000				46,000,000
8.00% 应付票据 2027的递延债务融资费用		(405,603	)			(580,514	)
8.125% 应付票据 2027		60,375,000				60,375,000
8.125% 应付票据 2027的递延债务融资费用		(543,519	)			(748,873	)
8.50% 应付票据 2028		57,500,000				57,500,000
8.50% 应付票据 2028的递延债务融资费用		(661,105	)			(866,230	)
7.25% 应付票据 2029		25,000,000				-
2029年7.25%应付票据折扣		(442,158	)			-
2029年7.25%应付票据的递延债务融资成本		(115,176	)			-
2030年7.25%应付票据		50,000,000				50,000,000
2030年7.25%应付票据折扣		(394,008	)			(435,318	)
2030年7.25%应付票据的递延债务融资成本		(777,418	)			(775,165	)
2031年7.50%应付票据		100,000,000				100,000,000
2031年7.50%应付票据的递延债务融资成本		(3,171,759	)			(3,298,905	)
2031年8.00%应付票据		85,000,000				-
2031年8.00%应付票据的递延债务融资成本		(2,884,102	)			-
基础管理费和激励费应付		6,893,075				6,602,819
递延税负债		3,600,349				4,579,522
应付账款和应计费用		853,687				1,771,915
应付利息和债务费用		5,537,756				3,904,143
董事费用应付		-				5,500
应付给经理		622,572				590,624
当期所得税应付		33,106				-
总负债		903,686,035				743,109,350
承诺和或有事项（见第9号附注）

净资产
普通股，面值0.001美元，授权100,000,000股普通股，分别发行和流通15,915,928股和16,224,198股		15,916				16,224
超过面值的资本		433,529,752				439,202,477
总可分配赤字		(80,968,845	)			(43,062,947	)
总净资产		352,576,823				396,155,754
总负债和净资产	$	1,256,262,858			$	1,139,265,104
每股净资产	$	22.15			$	24.42

参见合并财务报表的附注。

萨拉托加投资公司

合并损益表

（未经审计）

	截至			截至
	8月31日， \n 2026年			8月31日， \n 2025年			8月31日， \n 2026年		8月31日， \n 2025年
投资收益
来自投资的利息
利息收入：
非控制/非关联方投资	$	26,680,966			$	23,697,449		$	52,686,744		$	49,162,112
关联方投资		710,089				684,587			1,436,183			1,280,211
控制型投资		687,577				1,191,555			1,374,293			2,382,216
按本金支付的利息收入：
非控制/非关联方投资		176,321				121,084			349,612			289,313
关联方投资		524,784				604,880			1,028,394			1,189,629
控制型投资		19,829				77,880			39,415			77,880
来自投资的总利息		28,799,566				26,377,435			56,914,641			54,381,361
来自现金和现金等价物的利息		441,110				2,360,397			995,496			4,387,608
管理费收入		101,090				663,632			646,078			1,368,807
股息收入：
非控制/非关联方投资		369,276				127,689			369,276			689,872
控制型投资		752,370				903,439			1,531,222			1,339,857
来自投资的总股息		1,121,646				1,031,128			1,900,498			2,029,729
结构和咨询费收入		563,616				221,600			1,219,979			485,975
其他收入		142,196				(28,436	)		269,457			290,893
总投资收益		31,169,224				30,625,756			61,946,149			62,944,373

运营费用
利息和债务融资费用		14,061,404				12,372,030			27,711,687			24,823,895
基础管理费		5,065,837				4,374,324			10,035,890			8,707,656
激励管理费费用（收益）		1,827,237				2,271,173			3,719,298			4,807,686
专业费用		626,850				649,899			1,158,086			1,349,099
管理员费用		1,350,000				1,283,333			2,700,000			2,533,333
保险		80,598				74,310			161,196			148,620
董事费用和支出		125,103				118,500			251,103			250,000
一般及行政费用		680,951				412,769			1,281,217			1,058,180
所得税费用（收益）		46,080				(11,315	)		29,521			43,139
总运营费用		23,864,060				21,545,023			47,047,998			43,721,608
净投资收益		7,305,164				9,080,733			14,898,151			19,222,765

投资的已实现和未实现损益
来自投资的已实现损益：
非控制/非关联方投资		2,057,105				52,691			1,568,957			2,315,675
控制型投资		-				-			638,355			638,355
来自投资的已实现损益		2,057,105				52,691			2,207,312			2,954,030
来自投资已实现损益的所得税（拨备）收益		(71,949	)			-			(71,949	)		-
投资的未实现增值（贬值）的净变动：
非控制/非关联方投资		(18,387,829	)			478,796			(30,315,013	)		850,944
关联方投资		(1,515,830	)			139,577			(3,934,442	)		93,633
控制型投资		3,439,596				3,109,340			2,608,261			3,727,113
投资的未实现增值（贬值）的净变动		(16,464,063	)			3,727,713			(31,641,194	)		4,671,690
未实现增值（贬值）投资的递延税拨备的净变动		512,564				423,998			1,043,388			368,913
投资的已实现和未实现损益		(13,966,343	)			4,204,402			(28,462,443	)		7,994,633
运营导致的净资产净增加（减少）	$	(6,661,179	)		$	13,285,135		$	(13,564,292	)	$	27,217,398

基本和稀释每股收益（亏损）	$	(0.41	)		$	0.84		$	(0.84	)	$	1.75
基本和稀释普通股加权平均数		16,155,202				15,775,387			16,203,415			15,560,114

参见合并财务报表的附注。

萨拉托加投资公司

合并净资产变动表

（未经审计）

	截至
	8月31日， \n 2026年			8月31日， \n 2025年
运营产生的增加（减少）：
净投资收益	$	14,898,151			$	19,222,765
来自投资的已实现损益		2,207,312				2,954,030
来自投资已实现损益的所得税（拨备）收益		(71,949	)			-
投资的未实现增值（贬值）的净变动		(31,641,194	)			4,671,690
未实现增值（贬值）投资的递延税拨备的净变动		1,043,388				368,913
运营导致的净资产净增加（减少）		(13,564,292	)			27,217,398

来自股东分红的减少：
向股东分配总额		(24,341,606	)			(30,777,392	)
股东分红导致的净资产净减少		(24,341,606	)			(30,777,392	)

资本份额交易：
普通股发行收益⁽¹⁾		-				17,245,664
经理的资本贡献		-				569,322
股票股利分配		2,735,195				3,601,941
普通股回购		(8,399,346	)			-
回购费用		(8,882	)			-
发行费用		-				(22,833	)
资本份额交易导致的净资产净增加（减少）		(5,673,033	)			21,394,094
净资产总增加（减少）		(43,578,931	)			17,834,100
期初净资产		396,155,754				392,665,468
期末净资产	$	352,576,823			$	410,499,568

\n\n

(1)

关于股票发行，请参阅本合并财务报表附注 11获取更多信息。

请参阅合并财务报表附注。

Saratoga Investment Corp.

合并现金流量表

(未审计)

	截至
	2026年8月31日止六个月 \n 2025年8月31日			经营活动
经营活动导致的净资产净增加（减少）
将经营活动导致的净资产净增加（减少）	$	(13,564,292	)		$	27,217,398
调整为经营活动提供的（使用的）净现金：
CLO 分红、实物支付及其他成本调整
投资折价的净增值		(1,388,957	)			(1,061,847	)
递延债务融资成本的摊销		(1,300,982	)			(1,164,246	)
所得税费用（收益）		2,655,180				2,502,178
投资的已实现（收益）损失		64,214				38,689
投资未实现（增值）折旧的净变动		(2,207,312	)			(2,954,030	)
投资未实现（增值）折旧		31,641,194				(4,671,690	)
递延税款准备净变动 on investments		(1,043,388	)			(368,913	)
投资出售及偿还收益		87,463,404				94,942,515
投资购买额		(155,263,880	)			(102,307,963	)
（增加）减少的营运资产：
应收利息		(1,808,254	)			(1,139,595	)
应收管理费		20,570				35,424
其他资产		(65,561	)			(265,363	)
营运负债增加（减少）：
基础管理费及激励费应付		290,256				414,555
未平仓交易应付		-				2,000,000
应付账款及应计费用		(918,228	)			239,435
应付利息及债务费用		1,633,613				(749,243	)
应付董事费		(5,500	)			-
应付经理款		31,948				281,777
应付当期所得税		33,106				-
经营活动提供的（使用的）净现金		(53,732,869	)			12,989,081

筹资活动
债务借款		53,000,000				17,500,000
票据发行		109,500,000				-
票据偿还		-				(25,000,000	)
递延债务融资成本的支付		(4,664,515	)			(25,000	)
普通股发行所得		-				17,245,664
经理的资本注入		-				569,322
现金股利支付		(21,606,411	)			(27,175,451	)
普通股回购		(8,399,346	)			-
回购费用		(8,882	)			-
发行费用的支付		-				(22,833	)
筹资活动提供的（使用的）净现金		127,820,846				(16,908,298	)
现金及现金等价物及现金及现金等价物、储备账户的净增加（减少）\n 现金及现金等价物及现金及现金等价物、储备账户		74,087,977				(3,919,217	)
现金及现金等价物及现金及现金等价物、储备账户，期初		21,785,753				204,723,924
现金及现金等价物及现金及现金等价物、储备账户，期末（见附注 2）	$	95,873,730			$	200,804,707

补充信息：
本期支付的利息	$	23,428,268			$	23,070,960
支付的税费		19,286				286,573
补充非现金信息：
实物支付利息收入及其他成本调整		1,388,957				1,061,847
投资折价的净增加额		1,300,982				1,164,246
债务发行折价，7.25% 2029 年票据		500,000				-
递延债务融资成本的摊销		2,655,180				2,502,178
股票股利分配		2,735,195				3,601,941

见合并财务\n报表附注。

Saratoga Investment Corp.

投资组合汇总表

2026 年 8 月 31 日

(未审计)

公司(1)	行业	投资利率/ 到期日	原始收购日期	本金/ 股份数量		成本			公允价值 (c)		% 净资产
非控制/非关联投资 - 299.4% (b)
Altvia MidCo, LLC.	另类投资管理软件	第一优先期限贷款 (3M USD TERM SOFR+8.08%)，11.88% 现金，2027年7月18日	7/18/2022	$	11,198,115		$	11,164,070		$	10,798,343	3.1	%
Altvia MidCo，LLC. (h)	另类投资管理软件	系列A-1优先股	7/18/2022	$	2,083,939			2,083,939			1,426,553	0.4	%
		总计另类投资管理软件						13,248,009			12,224,896	3.5	%
BQE Software，Inc. (d)	建筑与工程软件	第一优先期限贷款 (3M USD TERM SOFR+5.50%)，9.30% 现金，2028年4月13日	4/13/2023	$	23,000,000			22,905,761			22,956,300	6.5	%
		总计建筑与工程软件						22,905,761			22,956,300	6.5	%
Golden TopCo LP (h)	协会管理软件	系列A-2普通单位	5/10/2023		1,072,394			1,072,394			1,788,830	0.5	%
		总计协会管理软件						1,072,394			1,788,830	0.5	%
Artemis Wax Corp. (d)	消费者服务	延迟提款期限贷款 (1M USD TERM SOFR+6.75%)，10.46% 现金，2029年5月20日	5/20/2021	$	65,000,000			64,902,821			65,000,000	18.4	%
Artemis Wax Corp. (h)	消费者服务	系列B-1优先股	5/20/2021		934,463			1,500,000			-	0.0	%
Artemis Wax Corp. (h)	消费者服务	系列D优先股	12/22/2022		331,640			1,711,866			1,712,357	0.5	%
		总计消费者服务						68,114,687			66,712,357	18.9	%
Schoox，Inc. (h)(i)	企业教育软件	系列1会员权益	12/8/2020		1,050			560,899			4,213,947	1.2	%
		总计企业教育软件						560,899			4,213,947	1.2	%
Innergy，Inc. (d)	定制木工软件	第一优先期限贷款 (3M USD TERM SOFR+7.29%)，11.09% 现金，2030年2月20日	5/20/2026	$	22,472,000			22,472,000			22,238,291	6.3	%
Innergy，Inc. (j)	定制木工软件	延迟提款期限贷款 (3M USD TERM SOFR+7.29%)，11.09% 现金，2030年2月20日	5/20/2026	$	-			-			-	0.0	%
		总计定制木工软件						22,472,000			22,238,291	6.3	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未经审计)

\n\n

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
GreyHeller LLC (h)	网络安全	普通股	11/10/2021		7,857,689		1,906,275		3,199,141	0.9	%
		总计网络安全					1,906,275		3,199,141	0.9	%
SGA Dental Partners Sub Holdings LLC	牙科诊所管理	第一优先期限贷款 (3M USD TERM SOFR+6.00%)，9.80% 现金，2031年6月15日	6/15/2026	$	35,000,000		34,674,693		34,650,000	9.8	%
SGA Dental Partners TopCo，LLC (h)	牙科诊所管理	系列A单位	6/15/2026		6,262,394		6,262,394		5,227,888	1.5	%
		总计牙科诊所管理					40,937,087		39,877,888	11.3	%
Exigo，LLC (d)	直销软件	第一优先期限贷款 (1M USD TERM SOFR+6.25%)，10.06% 现金，2027年3月16日	3/16/2022	$	23,690,038		23,655,663		8,573,425	2.4	%
Exigo，LLC (j)	直销软件	循环信用额度 (1M USD TERM SOFR+6.25%)，10.06% 现金，2027年3月16日	3/16/2022	$	-		-		-	0.0	%
Exigo，LLC (h)(i)	直销软件	普通单位	3/16/2022		1,041,667		1,041,667		-	0.0	%
		总计直销软件					24,697,330		8,573,425	2.4	%
C2 Educational Systems，Inc. (d)	教育服务	第一优先期限贷款 (3M USD TERM SOFR+8.50%)，12.30% 现金，2026年11月30日	5/31/2017	$	23,000,000		23,000,000		23,000,000	6.5	%
C2 Educational Systems，Inc. (h)	教育服务	系列A-1优先股	5/18/2021		3,127		499,904		308,662	0.1	%
		总计教育服务					23,499,904		23,308,662	6.6	%
Ready Education (d)	教育软件	第一优先期限贷款 (3M USD TERM SOFR+7.00%)，10.80% 现金，2027年8月5日	8/5/2022	$	32,000,000		31,919,636		31,801,600	9.0	%
		总计教育软件					31,919,636		31,801,600	9.0	%
Haystack Team Inc.	员工协作软件	第一优先期限贷款 9.30% PIK，2030年12月31日	12/31/2025	$	5,432,809		5,388,940		5,409,448	1.5	%
Haystack Team Inc. (j)	员工协作软件	延期提款定期贷款 9.30% PIK，2030年12月31日	12/31/2025	$	-		-		-	0.0	%
Haystack Team Inc. (h)	员工协作软件	A轮优先股	12/31/2025		1,250,000		1,421,890		1,298,685	0.4	%
		员工协作软件总额					6,810,830		6,708,133	1.9	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未经审计)

\n\n

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
GDS Software Holdings, LLC (d)	金融服务	优先贷款 (3M USD TERM SOFR+7.00%)，10.80% 现金，2028年12月30日	12/30/2021	$	28,713,926		28,691,898		28,504,314	8.1	%
GDS Software Holdings, LLC (d)	金融服务	延期提款定期贷款 (3M USD TERM SOFR+7.00%)，10.80% 现金，2028年12月30日	12/30/2021	$	3,286,073		3,258,380		3,262,085	0.9	%
GDS Software Holdings, LLC (h)	金融服务	A类普通股单位	8/23/2018		250,000		250,000		250,000	0.1	%
		金融服务总额					32,200,278		32,016,399	9.1	%
Inspect Point Holdings, LLC	消防检查业务软件	优先贷款 (1M USD TERM SOFR+5.50%)，9.21% 现金，2029年7月19日	7/19/2023	$	20,000,000		19,879,899		19,800,000	5.6	%
Inspect Point Holdings, LLC (j)	消防检查业务软件	延期提款定期贷款 (1M USD TERM SOFR+5.50%)，9.21% 现金，2029年7月19日	7/19/2023	$	2,000,000		1,983,799		1,980,000	0.6	%
		消防检查业务软件总额					21,863,698		21,780,000	6.2	%
Stretch Zone Franchising, LLC (d)	健康/健身特许经营商	优先贷款 (3M USD TERM SOFR+7.00%)，10.80% 现金，2028年3月31日	3/31/2023	$	24,967,271		24,869,902		23,678,960	6.7	%
Stretch Zone Franchising, LLC (h)	健康/健身特许经营商	A类单位	3/31/2023		20,000		2,000,000		458,868	0.1	%
		健康/健身特许经营商总额					26,869,902		24,137,828	6.8	%
Alpha Aesthetics Partners OpCo, LLC (h)	医疗服务	A类优先单位	3/20/2023		3,675,000		3,675,000		3,642,897	1.0	%
ComForCare Health Care (d)	医疗服务	优先贷款 (3M USD TERM SOFR+6.25%)，10.05% 现金，2028年12月31日	12/4/2020	$	93,500,000		93,183,909		93,500,000	26.5	%
		医疗服务总额					96,858,909		97,142,897	27.5	%
Procurement Partners, LLC	医疗软件	优先贷款 (3M USD TERM SOFR+5.50%)，9.30% 现金，2028年12月31日	11/12/2020	$	35,125,000		35,125,000		34,555,975	9.8	%
Procurement Partners, LLC	医疗软件	延期提款定期贷款 (3M USD TERM SOFR+5.50%)，9.30% 现金，2028年12月31日	11/12/2020	$	10,300,000		10,309,937		10,133,140	2.9	%
Procurement Partners Holdings LLC (h)	医疗软件	A类单位	11/12/2020		571,219		571,219		231,815	0.1	%
Procurement Partners Holdings LLC (h)	医疗软件	AA类单位	11/12/2020		220,385		30,994		60,054	0.0	%
		医疗软件总额					46,037,150		44,980,984	12.8	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未经审计)

\n\n

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
Granite Comfort, LP (d)	暖通空调服务和销售	优先贷款 (3M USD TERM SOFR+7.38%)，11.18% 现金，2028年5月16日	11/16/2020	$	43,000,000		42,930,021		41,894,900	11.9	%
Granite Comfort, LP (d)	暖通空调服务和销售	延期提款定期贷款 (3M USD TERM SOFR+7.38%)，11.18% 现金，2028年5月16日	11/16/2020	$	7,626,823		7,604,901		7,430,814	2.1	%
		总计暖通空调服务和销售					50,534,922		49,325,714	14.0	%
Vector Controls Holding Co., LLC (h)	工业产品	购买有限责任公司权益的认股权证	5/31/2015	$	329		-		8,865,812	2.5	%
		总计工业产品					-		8,865,812	2.5	%
AgencyBloc, LLC (d)	保险软件	第一优先级定期贷款 (1M USD TERM SOFR+6.31%)，10.02% 现金，2029/10/1	10/1/2021	$	17,346,477		17,315,077		17,346,477	4.9	%
Panther ParentCo LLC (h)	保险软件	A类单位	10/1/2021		2,500,000		2,500,000		3,923,485	1.1	%
		总计保险软件					19,815,077		21,269,962	6.0	%
Avantra (a)	IT服务	第一优先级定期贷款 (3M USD TERM SOFR+7.97%)，11.77% 现金，2029/9/20	9/19/2024	$	17,000,000		16,869,123		17,000,000	4.8	%
Maple Holdings Midco Limited (a)(h)	IT服务	A类普通单位	9/19/2024		2,000,000		2,000,000		1,612,814	0.5	%
		总计IT服务					18,869,123		18,612,814	5.3	%
Madison Logic, Inc. (d)(m)	营销协调软件	第一优先级定期贷款 (1M USD TERM SOFR+7.00%)，10.71% 现金，2028/12/30	12/30/2022	$	19,213,185		19,085,509		14,404,125	4.1	%
		总计营销协调软件					19,085,509		14,404,125	4.1	%
ARC Health OpCo LLC (h)	心理健康服务	A类优先单位	8/5/2022		3,818,403		4,169,599		502,623	0.1	%
		总计心理健康服务					4,169,599		502,623	0.1	%
Chronus LLC	辅导软件	第一优先级定期贷款 (3M USD TERM SOFR+5.25%)，9.20% 现金，2027/12/31	8/26/2021	$	15,000,000		15,000,000		12,456,000	3.5	%
Chronus LLC (d)	辅导软件	第一优先级定期贷款 (3M USD TERM SOFR+6.00%)，9.95% 现金，2027/12/31	8/26/2021	$	5,000,000		5,000,000		4,152,000	1.2	%
Chronus LLC (h)	辅导软件	A系列优先股	8/26/2021		3,000		3,000,000		-	0.0	%
		总计辅导软件					23,000,000		16,608,000	4.7	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未经审计)

\n\n

公司(1)	行业	投资利率/到期	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
Cloudpermit	市政政府软件	第一优先级定期贷款 (3M USD TERM SOFR+5.75%)，9.55% 现金，2029/9/5	9/5/2024	$	31,500,000		31,282,860		31,194,450	8.8	%
Cloudpermit (j)	市政政府软件	延迟提款定期贷款 (3M USD TERM SOFR+5.75%)，9.55% 现金，2029/9/5	9/5/2024	$	500,000		495,306		495,150	0.1	%
Cloudpermit (h)	市政政府软件	普通股	9/5/2024		2,000		2,000,000		1,898,498	0.5	%
		总计市政政府软件					33,778,166		33,588,098	9.4	%
Emily Street Enterprises, L.L.C. (d)	办公用品	高级担保票据 (3M USD TERM SOFR+6.75%)，11.00% 现金，2028/12/31	12/28/2012	$	5,300,000		5,293,036		5,300,000	1.5	%
		总计办公用品					5,293,036		5,300,000	1.5	%
Ludi, Inc. (j)	医生薪酬管理软件	循环信用额度 (3M USD TERM SOFR+5.00%)，8.80% 现金，2030/12/31	2/17/2026	$	3,150,000		3,126,828		3,136,140	0.9	%
		总计医生薪酬管理软件					3,126,828		3,136,140	0.9	%
Vitana DSO, LLC	儿科和正畸牙科平台	第一优先级定期贷款 (3M USD TERM SOFR+7.00%)，10.80% 现金，2031/5/28	5/28/2026	$	25,000,000		24,814,507		24,812,500	7.0	%
Vitana DSO, LLC (j)	儿科和正畸牙科平台	延迟提款定期贷款 (3M USD TERM SOFR+7.00%)，10.80% 现金，2031/5/28	5/28/2026	$	455,000		451,638		451,588	0.1	%
		总计儿科和正畸牙科平台					25,266,145		25,264,088	7.1	%
Breezeway Homes, Inc.	物业运营管理软件	第一优先级定期贷款 (1M USD TERM SOFR+6.63%)，10.34% 现金，2031/2/23	2/23/2026	$	22,000,000		21,797,063		21,969,200	6.2	%
Breezeway Homes, Inc. (j)	物业运营管理软件	延期提款定期贷款 (1M USD TERM SOFR+6.63%)，10.34% 现金，2031/2/23	2/23/2026	$	-		-		-	0.0	%
Breezeway Homes, Inc. (h)	物业运营管理软件	A类普通单位	2/23/2026		1,000,000		1,000,000		1,023,032	0.3	%
		物业运营管理软件总计					22,797,063		22,992,232	6.5	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未审计)

\n\n

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
Source 44 LLC	产品合规软件	延期提款定期贷款 (3M USD TERM SOFR+5.25%)，9.05% 现金，2030/10/17	10/17/2025	$	3,000,000		2,968,872		2,979,600	0.8	%
Source 44 LLC (j)	产品合规软件	延期提款定期贷款 (3M USD TERM SOFR+5.25%)，9.05% 现金，2030/10/17	10/17/2025	$	1,500,000		1,488,549		1,489,800	0.4	%
Source 44 LLC (j)	产品合规软件	循环信用额度 (3M USD TERM SOFR+5.25%)，9.05% 现金，2030/10/17	10/17/2025	$	-		-		-	0.0	%
PG Source Investments, LLC (h)	产品合规软件	A类优先股	10/17/2025		705		1,500,000		1,604,754	0.5	%
		产品合规软件总计					5,957,421		6,074,154	1.7	%
Buildout, Inc.	房地产服务	优先贷款 (3M USD TERM SOFR+7.00%)，10.90% 现金，2028/9/30	7/9/2020	$	14,000,000		14,000,000		13,832,000	3.9	%
Buildout, Inc. (d)	房地产服务	延期提款定期贷款 (3M USD TERM SOFR+7.00%)，10.90% 现金，2028/9/30	2/12/2021	$	38,500,000		38,500,000		38,038,000	10.8	%
Buildout, Inc. (h)(i)	房地产服务	有限合伙人权益	7/9/2020	$	1,250		1,372,557		819,577	0.2	%
		房地产服务总计					53,872,557		52,689,577	14.9	%
Archimedes Parent LLC (h)	研究软件	A类普通单位	6/27/2022		2,475,160		2,475,160		781,972	0.2	%
Wellspring Worldwide Inc. (d)	研究软件	优先贷款 (3M USD TERM SOFR+8.42%)，12.22% 现金，2029/2/28	6/27/2022	$	9,372,000		9,329,053		9,109,584	2.6	%
Wellspring Worldwide Inc.	研究软件	延期提款定期贷款 (3M USD TERM SOFR+8.42%)，12.22% 现金，2029/2/28	6/27/2022	$	25,310,000		25,122,064		24,601,320	7.0	%
		研究软件总计					36,926,277		34,492,876	9.8	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未审计)

\n\n

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
Rewind Intermediate Inc.	住宅修复服务	优先贷款 (3M USD TERM SOFR+4.25%)，8.05% 现金，2031/3/5	3/5/2026	$	8,900,000		8,826,023		8,822,570	2.5	%
Rewind Intermediate Inc. (j)	住宅修复服务	延期提款定期贷款 (3M USD TERM SOFR+4.25%)，8.05% 现金，2031/3/5	3/5/2026	$	-		-		-	0.0	%
Rewind Intermediate Inc. (j)	住宅修复服务	循环信用额度 (3M USD TERM SOFR+4.25%)，8.05% 现金，2031/3/5	3/5/2026	$	-		(23,730	)	-	0.0	%
Rewind Intermediate Inc. (h)	住宅修复服务	A类-1单位	3/5/2026		500,000		500,000		500,000	0.1	%
		住宅修复服务总计					9,302,293		9,322,570	2.6	%
Angry Chickz, Inc.	餐饮	优先贷款 (1M USD TERM SOFR+6.25%)，9.96% 现金，2030/10/9	10/9/2025	$	7,900,000		7,899,999		7,965,570	2.3	%
Angry Chickz, Inc. (j)	餐厅	延期提款定期贷款 (1M USD TERM SOFR+6.25%), 9.96% 现金, 10/9/2030	10/9/2025	$	10,000,000		9,980,187		10,083,000	2.9	%
LFR Chicken LLC (d)	餐厅	第一优先定期贷款 (1M USD TERM SOFR+4.50%), 8.21% 现金, 11/26/2030	11/19/2021	$	22,000,000		21,895,915		21,773,400	6.2	%
LFR Chicken LLC (d)(j)	餐厅	延期提款定期贷款 (1M USD TERM SOFR+4.50%), 8.21% 现金, 11/26/2030	11/19/2021	$	18,000,000		17,955,567		17,814,600	5.1	%
LFR Chicken LLC (h)	餐厅	B系列优先单位	11/19/2021		497,183		1,000,000		2,047,646	0.6	%
		餐厅总计					58,731,668		59,684,216	17.1	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未审计)

\n\n

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
SAI Systems Health, LLC (d)	收入周期管理及相关服务	第一优先定期贷款 (3M USD TERM SOFR+5.00%), 8.80% 现金, 11/24/2030	11/24/2025	$	28,000,000		27,847,087		28,372,400	8.0	%
SAI Systems Health, LLC (j)	收入周期管理及相关服务	延期提款定期贷款 (3M USD TERM SOFR+5.00%), 8.80% 现金, 11/24/2030	11/24/2025	$	-		-		-	0.0	%
SAI Systems Health Topco, LLC (h)	收入周期管理及相关服务	A类单位	11/24/2025		350,000		350,000		425,940	0.1	%
		收入周期管理及相关服务总计					28,197,087		28,798,340	8.1	%
Yumi Ice Cream Company, LLC (d)	专业分销	第一优先定期贷款 (3M USD TERM SOFR+6.50%), 10.30% 现金, 8/25/2031	8/25/2026	$	6,250,000		6,203,247		6,203,125	1.8	%
Yumi Ice Cream Company, LLC (d)	专业分销	第一优先定期贷款 (3M USD TERM SOFR+6.50%), 10.30% 现金, 8/25/2031	8/25/2026	$	6,250,000		6,203,248		6,203,125	1.8	%
Yumi Ice Cream Company, LLC (j)	专业分销	延期提款定期贷款 (3M USD TERM SOFR+6.50%), 10.30% 现金, 8/25/2031	8/25/2026	$	-		-		-	0.0	%
Yumi Ice Cream Company, LLC (j)	专业分销	循环信用额度 (3M USD TERM SOFR+6.50%), 10.30% 现金, 8/25/2031	8/25/2026	$	-		-		-	0.0	%
Yumi Ice Cream Company, LLC (h)	专业分销	普通股	8/25/2026		714,286		714,286		714,286	0.2	%
		专业分销总计					13,120,781		13,120,536	3.8	%
Avionte Holdings, LLC (h)	招聘服务	A类单位	1/8/2014		100,000		100,000		1,504,336	0.4	%
		招聘服务总计					100,000		1,504,336	0.4	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未审计)

\n\n

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
AIMCO 2025-24A E (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+6.10%), 9.90% 现金, 4/19/2038	4/30/2025	$	1,500,000		1,500,000		1,513,479	0.4	%
AIMCO 2024-21A ER (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.40%), 9.20% 现金, 4/18/2039	4/1/2026	$	2,000,000		2,000,000		2,018,258	0.6	%
APID 2023-45A ER (a)(d)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.15%), 8.95% 现金, 7/26/2038	6/5/2025	$	2,800,000		2,800,000		2,803,363	0.8	%
APID 2017-28A DR (a)(d)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.00%), 8.80% 现金, 10/20/2038	7/25/2025	$	2,500,000		2,500,000		2,493,463	0.7	%
BGCLO 2025-13A D2 (a)(d)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.05%), 7.85% 现金, 10/23/2038	8/7/2025	$	2,000,000		2,000,000		2,005,740	0.6	%
BGCLO 2024-9A E (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+6.25%), 10.05% 现金, 10/22/2037	3/31/2026	$	1,000,000		1,000,500		1,004,018	0.3	%
BSP 2016-10A C2R3 (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.10%), 7.90% 现金, 7/20/2038	7/10/2025	$	2,000,000		2,000,000		2,003,988	0.6	%
BSP 2020-21A ER2 (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.95%), 8.75% 现金, 1/15/2039	11/4/2025	$	1,500,000		1,500,000		1,503,498	0.4	%
BSP 2025-40A E (a)(d)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.25%), 9.05% 现金, 7/25/2038	5/22/2025	$	3,000,000		3,000,000		3,010,919	0.9	%
DCLO 2024-7A DR (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.25%), 9.05% 现金, 7/20/2039	6/30/2026	$	2,000,000		2,000,000		2,006,000	0.6	%
ELM27 2024-3A D2R (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.60%), 8.40% 现金, 4/18/2039	4/28/2026	$	2,500,000		2,500,000		2,513,135	0.7	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未经审计)

\n\n

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
HLM 2025-26A D2 (a)(d)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.10%), 7.90% 现金, 7/20/2038	7/18/2025	$	2,000,000		2,000,000		1,987,480	0.5	%
NMC CLO-4A ER (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.00%), 8.80% 现金, 3/31/2038	3/13/2025	$	1,000,000		980,000		1,004,995	0.3	%
NMC CLO-7A E (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+6.91%), 10.71% 现金, 3/20/2038	4/17/2025	$	1,000,000		1,000,000		967,599	0.3	%
NMC CLO-5A ER (a)(d)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.85%), 9.65% 现金, 7/20/2036	6/30/2025	$	3,000,000		3,000,000		2,928,000	0.8	%
NMC CLO-3A D2R (a)(d)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.10%), 7.90% 现金, 10/20/2038	8/4/2025	$	2,250,000		2,250,000		2,226,994	0.6	%
OAKC 2016-13A ER2 (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.75%), 9.55% 现金, 10/21/2037	4/10/2025	$	1,000,000		976,250		995,244	0.3	%
OAKC 2025-22A E (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.55%), 9.35% 现金, 7/20/2038	5/9/2025	$	1,250,000		1,250,000		1,254,639	0.4	%
OAKC 2020-7A D2R2 (a)(d)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.05%), 7.85% 现金, 7/19/2038	6/18/2025	$	3,250,000		3,250,000		3,254,310	0.9	%
OCP 2025-43A E (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+6.50%), 10.30% 现金, 7/20/2038	4/23/2025	$	1,000,000		1,000,000		1,014,240	0.3	%
OCP 2023-28A (a)(d)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.25%), 9.05% 现金, 7/16/2038	6/18/2025	$	3,000,000		3,000,000		3,020,079	0.9	%
OCP 2016-11A D2R3 (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.10%)，7.90% 现金，2038年7月26日	6/26/2025	$	1,500,000		1,500,000		1,502,643	0.4	%

萨拉托加投资公司

投资组合汇总表

2026年8月31日

(未审计)

\n\n

公司(1)	行业	投资利率/到期日	原始取得日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
OCP 2016-12A D2R3 (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.25%)，8.05% 现金，2037年10月18日	5/5/2026	$	1,000,000		998,500		1,000,128	0.3	%
POST 2023-1A D2R (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+3.95%)，7.75% 现金，2038年10月20日	10/17/2025	$	1,000,000		1,000,000		999,321	0.3	%
POST 2024-1A D2R (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.35%)，8.15% 现金，2039年3月30日	5/6/2026	$	2,500,000		2,500,000		2,496,520	0.7	%
REGT6 2016-1A ER3 (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.45%)，9.25% 现金，2038年10月20日	9/12/2025	$	1,500,000		1,500,000		1,438,050	0.4	%
REG23 2021-4A D3R (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.00%)，7.80% 现金，2038年10月15日	10/30/2025	$	2,000,000		2,000,000		1,970,624	0.6	%
TREST 2017-1A ER3 (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.25%)，9.05% 现金，2039年7月25日	7/21/2026	$	1,675,000		1,675,000		1,679,474	0.5	%
TREST 2018-2A D2RR (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.25%)，8.05% 现金，2039年7月15日	5/8/2026	$	2,000,000		2,000,000		2,005,609	0.6	%
VOYA 2024-3A ER (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.50%)，9.30% 现金，2039年7月20日	7/23/2026	$	2,000,000		2,000,000		2,005,142	0.6	%
WBOX 2023-4A ER2 (a)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+5.15%)，8.95% 现金，2039年7月20日	6/18/2026	$	3,500,000		3,500,000		3,517,486	1.0	%
WBOX 2025-5A D2 (a)(d)	结构化金融证券	其他/结构化金融证券 (3M USD TERM SOFR+4.10%)，7.90% 现金，2038年7月20日	6/24/2025	$	2,000,000		2,000,000		2,003,350	0.6	%
		结构化金融证券总额					62,180,250		62,147,788	17.9	%

萨拉托加投资公司

投资组合汇总表

2026年8月31日

(未审计)

\n\n

公司(1)	行业	投资利率/到期日	原始取得日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
StockIQ Technologies, LLC	供应链计划软件	第一优先定期贷款 (3M USD 定期 SOFR+5.50%)，9.30% 现金，2030年3月26日	3/26/2025	$	10,000,000		9,930,912		9,796,000	2.8	%
StockIQ Technologies, LLC (j)	供应链计划软件	延迟提款定期贷款 (3M USD 定期 SOFR+5.50%)，9.30% 现金，2030年3月26日	3/26/2025	$	2,000,000		1,985,218		1,923,500	0.5	%
StockIQ Technologies, LLC (h)	供应链计划软件	A类单位	3/26/2025		200,000		200,000		166,272	0.0	%
		供应链计划软件总额					12,116,130		11,885,772	3.3	%
Employer Direct Healthcare, LLC (Lantern)	外科福利管理	第二优先定期贷款 (3M USD 定期 SOFR+7.25%)，11.05% 现金，2031年1月20日	1/20/2026	$	35,000,000		34,731,190		35,073,500	9.9	%
		外科福利管理总额					34,731,190		35,073,500	9.9	%
JDXpert	人才招聘软件	第一优先期限贷款 (3M USD TERM SOFR+8.50%)，12.56% 现金，2027年5月2日	5/2/2022	$	6,000,000		5,986,799		6,000,000	1.7	%
JDXpert (d)(j)	人才招聘软件	延期拨款期限贷款 (3M USD TERM SOFR+8.50%)，12.30% 现金，2027年5月2日	5/2/2022	$	1,500,000		1,495,986		1,500,000	0.4	%
Jobvite, Inc. (d)	人才招聘软件	第一优先期限贷款 (3M USD TERM SOFR+7.50%)，11.30% 现金，2028年8月5日	8/5/2022	$	20,000,000		19,942,401		18,416,000	5.2	%
		总人才招聘软件					27,425,186		25,916,000	7.3	%
VetnCare MSO, LLC	兽医服务	延期拨款期限贷款 (3M USD TERM SOFR+5.75%)，9.55% 现金，2028年5月12日	5/12/2023	$	18,835,655		18,748,969		19,001,409	5.4	%
		总兽医服务					18,748,969		19,001,409	5.4	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未经审计)

\n\n

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
Better Impact USA Inc.	志愿者项目管理软件	第一优先期限贷款 (3M USD TERM SOFR+4.75%)，8.55% 现金，2031年1月8日	1/8/2026	$	12,000,000		11,921,259		11,839,200	3.4	%
Better Impact USA Inc. (j)	志愿者项目管理软件	延期拨款期限贷款 (3M USD TERM SOFR+4.75%)，8.55% 现金，2031年1月8日	1/8/2026	$	-		-		-	0.0	%
Better Impact USA Inc. (h)	志愿者项目管理软件	优先单位	1/8/2026		708,821		1,050,713		1,103,084	0.3	%
		总志愿者项目管理软件					12,971,972		12,942,284	3.7	%
非控制/非关联投资小计							1,082,091,998		1,056,184,544	299.4	%
关联投资 - 14.0% (b)
ETU Holdings, Inc. (f)	企业教育软件	第一优先期限贷款 (3M USD TERM SOFR+9.00%)，12.95% 现金，2027年8月18日	8/18/2022	$	7,100,000		7,082,347		7,100,000	2.0	%
ETU Holdings, Inc. (f)	企业教育软件	第二优先期限贷款 15.00% PIK，2028年2月18日	8/18/2022	$	8,908,743		8,894,698		8,342,147	2.4	%
ETU Holdings, Inc. (f)(h)	企业教育软件	系列 B 优先单位	11/21/2025		854,300		3,000,000		-	0.0	%
ETU Holdings, Inc. (f)(h)	企业教育软件	系列 C 优先单位	11/21/2025		730,280		730,280		668,028	0.2	%
		总企业教育软件					19,707,325		16,110,175	4.6	%
Axero Holdings, LLC (f)	员工协作软件	第一优先期限贷款 10.95% 现金，(3M USD TERM SOFR+7.00%) PIK，2027年12月31日	6/30/2021	$	17,325,860		17,317,819		17,074,635	4.8	%
Axero Holdings, LLC (f)	员工协作软件	延期拨款期限贷款 10.95% 现金，(3M USD TERM SOFR+7.00%) PIK，2027年12月31日	6/30/2021	$	1,229,577		1,227,460		1,211,748	0.3	%
Axero Holdings, LLC (f)(h)	员工协作软件	系列 A 优先单位	6/30/2021		2,055,609		2,055,609		4,028,994	1.2	%
Axero Holdings, LLC (f)(h)	员工协作软件	系列 B 优先单位	6/30/2021		2,055,609		2,055,609		3,586,333	1.0	%
		总员工协作软件					22,656,497		25,901,710	7.3	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未经审计)

\n\n

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本		公允价值 (c)	% of 净资产
SmartAC.com, LLC (f)	HVAC 监控设备	第一优先期限贷款 (3M USD TERM SOFR+7.50%)，11.30% 现金，2030年4月7日	4/7/2025	$	4,574,116		4,546,691		4,527,460	1.3	%
SmartAC.com, LLC (f)(j)	HVAC 监控设备	延期提款定期贷款 (3M USD 定期SOFR+7.50%)，11.30% 现金，4/7/2030	4/7/2025	$	-		-		-	0.0	%
SmartAC.com, LLC (f)(h)	HVAC监控设备	A系列优先股	4/7/2025		1,262,201		2,999,999		2,718,444	0.8	%
		总计HVAC监控设备					7,546,690		7,245,904	2.1	%
附属公司投资小计							49,910,512		49,257,789	14.0	%
控股投资 - 12.8% (b)
Zollege PBC (g)	教育服务	第一留置权定期贷款 4.84% PIK，8/9/2027	5/11/2021	$	1,616,381		1,616,381		1,472,200	0.4	%
Zollege PBC (g)(j)	教育服务	延期提款定期贷款 10.00% 8/9/2027	5/11/2021	$	-		-		-	0.0	%
Zollege PBC (h)(g)	教育服务	普通股	5/11/2021		7,731,294		558,799		15,389,933	4.4	%
		总计教育服务					2,175,180		16,862,133	4.8	%
Pepper Palace, Inc. (k)(g)	特色食品零售商	第一留置权定期贷款 4.42% PIK，12/31/2028	6/30/2021	$	2,400,000		2,400,000		-	0.0	%
Pepper Palace, Inc. (j)(k)(g)	特色食品零售商	延期提款定期贷款 4.42% PIK，12/31/2028	6/30/2021	$	400,000		400,000		-	0.0	%
Pepper Palace, Inc. (j)(k)(g)	特色食品零售商	延期提款定期贷款 4.42% PIK，12/31/2028	6/30/2021	$	1,900,000		1,900,000		-	0.0	%
Pepper Palace, Inc. (j)(k)(g)	特色食品零售商	循环信用额度 4.42% PIK，12/31/2028	6/30/2021	$	1,000,000		1,000,000		-	0.0	%
Pepper Palace, Inc. (h)(g)	特色食品零售商	A类单位	6/30/2021		100,000		163,561		-	0.0	%
		总计特色食品零售商					5,863,561		-	0.0	%

Saratoga Investment Corp.

投资组合汇总表

2026年8月31日

(未经审计)

公司(1)	行业	投资利率/到期日	原始收购日期	本金/ 股份数量		成本			公允价值 (c)		% of 净资产
Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g)	结构化金融证券	其他/结构化金融证券 0.00% 4/20/2033	1/22/2008	$	111,000,000			14,408,784			-	0.0	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g)(k)	结构化金融证券	其他/结构化金融证券 (3M USD 定期SOFR +10.00%)，14.06% 现金，4/20/2033	8/9/2021	$	9,375,000			9,375,000			-	0.0	%
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E-R Note (a)(g)	结构化金融证券	其他/结构化金融证券 (3M USD 定期SOFR +7.35%)，11.15% 现金，10/20/2037	9/24/2025	$	8,750,000			8,443,750			8,324,492	2.4	%
		总计结构化金融证券						32,227,534			8,324,492	2.4	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)(j)	投资基金	无担保贷款 10.00% 10/20/2033	12/17/2021	$	17,618,954			17,618,954			15,469,441	4.4	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)(n)	投资基金	会员权益	12/17/2021		19,197,861			19,197,861			4,091,945	1.2	%
		总计投资基金						36,816,815			19,561,386	5.6	%
控股投资小计								77,083,090			44,748,011	12.8	%
总投资 - 326.2% (b)							$	1,209,085,600		$	1,150,190,344	326.2	%

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	股份数量		成本			公允价值		% of 净资产
货币市场基金（包括在现金及现金等价物\n 和现金及现金等价物、储备账户中） - 27.2% (b)
Goldman Sachs Financial Square Government Fund (1)(2)		80,087,303		$	80,087,303		$	80,087,303	22.7	%
现金及现金等价物		80,087,303			80,087,303			80,087,303	22.7	%
Goldman Sachs Financial Square Government Fund (1)(2)		13,225,215			13,225,215			13,225,215	3.8	%
Valley National Bank Business Money Market Fund (1)(3)		2,561,212			2,561,212			2,561,212	0.7	%
现金及现金等价物、储备账户		15,786,427			15,786,427			15,786,427	4.5	%
总计货币\n 市场基金（包括在现金及现金等价物和现金及现金等价物、储备账户中）		95,873,730		$	95,873,730		$	95,873,730	27.2	%

\n\n\n

(1)	根据《1933年证券法》第144A条的规定，证券免于注册，且为受限证券。货币市场基金按净资产价值计价，被视为公允价值层级中的第一层级投资。

\n\n

(2)	截至2026年8月31日的当前收益率约为3.57%，针对高盛金融广场政府基金。

萨拉托加投资公司

投资组合汇总表

2026年8月31日

（未经审计）

\n\n\n

(3)	截至2026年8月31日的当前收益率约为3.10%，针对瓦利国家银行商业货币市场基金。

\n\n\n

(a)	根据《1940年投资公司法》第55(a)条的规定，这是一项不是“合格资产”的投资。截至2026年8月31日，非合格资产占公司公允价值组合的8.6%。作为业务发展公司（BDC），公司通常必须将至少70%的总资产投资于合格资产。

\n\n\n

(b)	百分比基于截至2026年8月31日的净资产352,576,823美元。

\n\n\n

(c)	由于这些投资没有“可立即获得的市场报价”（根据《1940年投资公司法》定义），这些投资的公允价值是通过重大不可观察输入值确定的，并经我们董事会善意批准。这些投资在公允价值层级中被列为第三层级（参见合并财务报表的注释3）。

\n\n\n

(d)	这些证券可能全部或部分作为公司高级担保循环信贷额度的担保品（参见合并财务报表的注释8）。

\n\n\n

(e)	这项投资没有约定的应付利息率。因此，表格中0.00%的利率代表目前从投资成本中获得的有效利率，基于投资产生的当前现金利息和其他收入。

\n\n

(f)	根据《1940年投资公司法》的定义，该投资组合公司是“关联方”，因为我们拥有其流通投票证券的5.0%至25.0%。截至2026年8月31日的六个月期间，发行人是关联方的交易如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

公司	年初的公允价值 \n （开始 \n 年）		购买/ 增加（1）			销售/ \n 偿还		投资的总利息		管理费收入		投资的净实现损益			未实现增值（贬值）的 \n 净变化		期末公允价值
Axero Holdings, LLC	$	28,427,238		$	366,814		$	-		$	1,021,285		$	-		$	-	$	(2,892,342	)	$	25,901,710
ETU Holdings, Inc.		16,055,433			652,147			-			1,145,857			-			-		(597,405	)		16,110,175
SmartAC.com, LLC		8,228,240			5,544			(543,183	)		297,436			-			-		(444,697	)		7,245,904
总计	$	52,710,911		$	1,024,505		$	(543,183	)	$	2,464,578		$	-		$	-	$	(3,934,444	)	$	49,257,789

\n\n

(1)

包括以实物支付的利息和投资的折扣净摊销。

萨拉托加投资公司

投资组合汇总表

2026年8月31日

（未经审计）

\n\n

(g)	根据《1940年投资公司法》的定义，我们“控制”这家投资组合公司，因为我们拥有该投资组合公司流通投票证券的25%以上。截至2026年8月31日的六个月期间，发行人既是关联方又是我们控制的投资组合公司的交易如下：

公司	年初的公允价值 \n （开始 \n 年）		购买/ 增加（1）			销售/ \n 偿还		投资的总 \n 利息 \n 从 \n 投资		投资的总 \n 股息 \n 从 \n 投资		管理 \n 费收入			投资的净实现损益		未实现增值（贬值）的 \n 净变化	期末公允价值
Netreo Holdings, LLC	$	-		$	-		$	(638,355	)	$	-		$	-		$	-	$	638,355	$	-		$	-
Pepper Palace, Inc.		2,038,911			1,925,000			-			-			-			-		-		(3,963,911	)		-
Zollege PBC		12,048,652			39,416			-			39,416			-			-		-		4,774,065			16,862,133
Saratoga Investment Corp. CLO 2013-1, Ltd.		-			-			-			-			-			646,078		-		-			-
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3\n Note		-			-			-			-			-			-		-		-			-
Saratoga Senior Loan Fund I JV, LLC		16,130,152			-			-			880,948			-			-		-		(660,711	)		15,469,441
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd.\n Class E-R Note		8,422,177			-			-			493,340			-			-		-		(97,685	)		8,324,492
Saratoga Senior Loan Fund I JV,\n LLC		1,535,443			-			-			-			1,531,222			-		-		2,556,502			4,091,945
Total	$	40,175,335		$	1,964,416		$	(638,355	)	$	1,413,704		$	1,531,222		$	646,078	$	638,355	$	2,608,260		$	44,748,011

\n\n

(1)

Includes payment-in-kind interest.

\n\n

(h)	Non-income producing at August 31, 2026.

Saratoga Investment Corp.

Consolidated Schedule of Investments

August 31, 2026

(unaudited)

\n\n\n

(i)	Includes securities issued by an affiliate of the company.

\n\n\n

(j)	All or a portion of this investment has an unfunded commitment as of August 31, 2026. (See Note 9 to the consolidated financial statements).

\n\n\n

(k)	As of August 31, 2026, the investment was on non-accrual status. The fair value of these investments was approximately $0.0 million, which represented 0.0% of the Company’s portfolio (see Note 2 to the consolidated financial statements).

\n\n\n

(l)	Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of August 31, 2026.

\n\n\n

(m)	This investment elected to PIK 20% of accrued interest, with 80% of accrued interest payable in cash.

\n\n

(n)

On September 24, 2025, the Company completed the first refinancing of SLF 2022. This refinancing, among other things, extended the SLF 2022’s investment period to October 2028. As part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company also paid $1.6 million of additional equity investment related to the refinancing to SLF JV. (See Note 5 to the consolidated financial statements).

SOFR - Secured Overnight Financing Rate

1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of August 31, 2026 was 3.71%.

3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of August 31, 2026 was 3.80%.

PIK - Payment-in-Kind (see Note 2 to the consolidated financial statements).

See accompanying notes to consolidated financial statements.

Saratoga Investment Corp.

Consolidated Schedule\nof Investments

February 28, 2026

\n\n\n

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)	% of Net Assets
Non-control/Non-affiliate investments - 256.5% (b)
Altvia MidCo, LLC.	Alternative Investment Management Software	First Lien Term Loan (6M USD TERM SOFR+8.08%), 12.25% Cash, 7/18/2027	7/18/2022		11,255,757		11,202,536		11,046,400	2.7	%
Altvia MidCo, LLC. (h)	Alternative Investment Management Software	Series A-1 Preferred Shares	7/18/2022		2,083,939		2,083,939		2,042,756	0.5	%
		Total Alternative Investment Management Software					13,286,475		13,089,156	3.2	%
BQE Software, Inc. (d)	Architecture & Engineering Software	First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.67% Cash, 4/13/2028	4/13/2023		23,500,000		23,383,683		23,697,400	6.0	%
BQE Software, Inc.	Architecture & Engineering Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.67% Cash, 4/13/2028	4/13/2023		-		-		-	0.0	%
		Total Architecture & Engineering Software					23,383,683		23,697,400	6.0	%
Golden TopCo LP (h)	Association Management Software	Class A-2 Common Units	5/10/2023		1,072,394		1,072,394		1,860,341	0.5	%
		Total Association Management Software					1,072,394		1,860,341	0.5	%
Artemis Wax Corp. (d)	Consumer Services	Delayed Draw Term Loan (1M USD TERM SOFR+6.75%), 11.02% Cash, 5/20/2029	5/20/2021		65,000,000		64,886,056		64,473,500	16.2	%
Artemis Wax Corp. (h)	Consumer Services	Series B-1 Preferred Stock	5/20/2021		934,463		1,500,000		-	0.0	%
Artemis Wax Corp. (h)	Consumer Services	Series D Preferred Stock	12/22/2022		331,640		1,711,866		1,825,324	0.5	%
		Total Consumer Services					68,097,922		66,298,824	16.7	%
Schoox, Inc. (h)(i)	Corporate Education Software	Series 1 Membership Interest	12/8/2020		1,050		548,298		4,386,183	1.1	%
		Total Corporate Education Software					548,298		4,386,183	1.1	%
Innergy, Inc. (d)	定制木工软件	第一顺位定期贷款 (3M USD TERM SOFR+5.50%), 9.67% 现金, 2/20/2030	2/20/2025		32,000,000		31,778,687		31,884,800	8.0	%
Innergy, Inc. (j)	定制木工软件	延期提款定期贷款 (3M USD TERM SOFR+5.50%), 9.67% 现金, 2/20/2030	2/20/2025		8,500,000		8,432,838		8,469,400	2.1	%
		定制木工软件总计					40,211,525		40,354,200	10.1	%
GreyHeller LLC (h)	网络安全	普通股	11/10/2021		7,857,689		1,906,275		4,233,053	1.1	%
		网络安全总计					1,906,275		4,233,053	1.1	%
Gen4 Dental Partners Holdings, LLC (d)	牙科实践管理	第一顺位定期贷款 (3M USD TERM SOFR+5.75%), 10.02% 现金, 5/13/2030	5/13/2024		7,035,714		6,982,168		7,049,786	1.8	%
Gen4 Dental Partners Holdings, LLC (j)	牙科实践管理	延期提款定期贷款 (3M USD TERM SOFR+5.75%), 10.02% 现金, 5/13/2030	5/13/2024		-		-		-	0.0	%
Gen4 Dental Partners Holdings, LLC (j)	牙科实践管理	循环信贷额度 (3M USD TERM SOFR+5.75%), 10.02% 现金, 5/13/2030	5/13/2024		-		-		-	0.0	%
Gen4 Dental Partners Holdings, LLC (h)(i)	牙科实践管理	A系列优先单位	2/8/2023		493,999		1,027,519		1,279,457	0.3	%
Modis Dental Partners OpCo, LLC	牙科实践管理	第一顺位定期贷款 (1M USD TERM SOFR+9.34%), 13.69% 现金, 4/18/2028	4/18/2023		7,000,000		6,945,319		7,038,500	1.7	%

Saratoga Investment Corp.

投资组合汇总表

2026年2月28日

公司(1)	行业	投资利率/ 到期日	原始购买日期	本金/ 股数		成本		公允价值 (c)	占净资产比例
Modis Dental Partners OpCo, LLC	牙科实践管理	延期提款定期贷款 (1M USD TERM SOFR+9.34%), 13.69% 现金, 4/18/2028	4/18/2023		13,000,000		12,876,266		13,071,500		3.3	%
Modis Dental Partners OpCo, LLC (h)	牙科实践管理	A类优先单位	4/18/2023		3,200,000		3,200,000		3,983,552		1.0	%
		牙科实践管理总计					31,031,272		32,422,795		8.1	%
Exigo, LLC (d)	直销软件	第一顺位定期贷款 (1M USD TERM SOFR+6.25%), 10.62% 现金, 3/16/2027	3/16/2022		23,815,038		23,755,517		20,695,268		5.2	%
Exigo, LLC (j)	直销软件	循环信贷额度 (1M USD TERM SOFR+6.25%), 10.62% 现金, 3/16/2027	3/16/2022		-		-		(81,875	)	0.0	%
Exigo, LLC (h), (i)	直销软件	普通单位	3/16/2022		1,041,667		1,041,667		-		0.0	%
		直销软件总计					24,797,184		20,613,393		5.2	%
C2 Educational Systems, Inc. (d)	教育服务	第一顺位定期贷款 (3M USD TERM SOFR+8.50%), 12.67% 现金, 11/30/2026	5/31/2017		23,000,000		23,000,000		22,839,000		5.8	%
C2 Educational Systems, Inc. (h)	教育服务	A-1系列优先股	5/18/2021		3,127		499,904		636,224		0.2	%
Ready Education (d)	教育软件	第一顺位定期贷款 (3M USD TERM SOFR+7.00%), 11.17% 现金, 8/5/2027	8/5/2022		32,000,000		31,875,991		31,936,000		8.1	%
		教育软件总计					55,375,895		55,411,224		14.1	%
Haystack Team Inc.	员工协作软件	第一顺位定期贷款 (3M USD TERM SOFR+5.50%), 9.17% 现金, 12/31/2030	12/31/2025		5,299,222		5,249,222		5,248,609		1.3	%
Haystack Team Inc. (j)	员工协作软件	延期提款定期贷款 (3M USD TERM SOFR+5.50%), 9.17% 现金, 12/31/2030	12/31/2025		-		-		-		0.0	%
Haystack Team Inc. (h)	员工协作软件	A系列优先股	12/31/2025	$	1,250,000		1,421,890		1,250,000		0.3	%
		员工协作软件总计					6,671,112		6,498,609		1.6	%
TG Pressure Washing Holdings, LLC (h)	设施维护	优先股	8/12/2019		488,148		488,148		-		0.0	%
		设施维护总计					488,148		-		0.0	%
GDS Software Holdings, LLC (d)	金融服务	第一顺位定期贷款 (3M USD TERM SOFR+7.00%), 11.17% 现金, 12/30/2028	12/30/2021		28,713,926		28,655,242		28,713,926		7.2	%
GDS Software Holdings, LLC (d)	金融服务	延期提款定期贷款 (3M USD TERM SOFR+7.00%), 11.17% 现金, 12/30/2028	12/30/2021		3,286,073		3,253,213		3,286,073		0.8	%
GDS Software Holdings, LLC (h)	金融服务	A类普通股单位	8/23/2018		250,000		250,000		251,765		0.1	%
		金融服务总计					32,158,455		32,251,764		8.1	%

Saratoga Investment Corp.

投资组合汇总表

2026年2月28日

\n\n

公司(1)	行业	投资利率/ 到期日	原始购买日期	本金/ 股数		成本		公允价值 (c)	占净资产比例
Inspect Point Holdings, LLC	消防检查业务软件	第一顺位定期贷款 (1M USD TERM SOFR+5.50%), 9.77% 现金, 07/19/2029	7/19/2023		20,000,000		19,869,748		20,046,000	5.1	%
Inspect Point Holdings, LLC (j)	消防检查业务软件	延期提款定期贷款 (1M USD TERM SOFR+5.50%), 9.77% 现金, 07/19/2029	7/19/2023		-		-		-	0.0	%
		总消防检查业务软件					19,869,748		20,046,000	5.1	%
Stretch Zone Franchising, LLC (d)	健康/健身特许经营商	第一顺位定期贷款 (3M USD TERM SOFR+7.00%), 11.17% 现金, 3/31/2028	3/31/2023		16,228,726		16,154,267		15,504,925	3.9	%
Stretch Zone Franchising, LLC	健康/健身特许经营商	第一顺位定期贷款 (3M USD TERM SOFR+7.00%), 11.17% 现金, 3/31/2028	3/31/2023		8,738,545		8,696,307		8,348,806	2.1	%
Stretch Zone Franchising, LLC (h)	健康/健身特许经营商	A类单位	3/31/2023		20,000		2,000,000		754,655	0.2	%
		总健康/健身特许经营商					26,850,574		24,608,386	6.2	%
Alpha Aesthetics Partners OpCo, LLC (h)	医疗保健服务	A类优先股	3/20/2023		3,675,000		3,675,000		3,353,548	0.8	%
ComForCare Health Care (d)	医疗保健服务	第一顺位定期贷款 (3M USD TERM SOFR+6.25%), 10.42% 现金, 12/31/2028	1/31/2017		90,000,000		89,652,007		90,000,000	22.7	%
		总医疗保健服务					93,327,007		93,353,548	23.5	%
Procurement Partners, LLC	医疗保健软件	第一顺位定期贷款 (3M USD TERM SOFR+5.50%), 10.67% 现金, 12/31/2028	11/12/2020		35,125,000		35,098,620		35,125,000	8.9	%
Procurement Partners, LLC	医疗保健软件	延期提款定期贷款 (3M USD TERM SOFR+5.50%), 10.67% 现金, 12/31/2028	11/12/2020		10,300,000		10,309,993		10,300,000	2.6	%
Procurement Partners Holdings LLC (h)	医疗保健软件	A类单位	11/12/2020		571,219		571,219		238,402	0.1	%
Procurement Partners Holdings LLC (h)	医疗保健软件	AA类单位	11/12/2020		220,385		30,994		60,670	0.0	%
		总医疗保健软件					46,010,826		45,724,072	11.6	%
Granite Comfort, LP (d)	暖通空调服务与销售	第一顺位定期贷款 (3M USD TERM SOFR+7.40%), 11.57% 现金, 5/16/2027	11/16/2020	$	43,000,000		42,902,297		42,247,500	10.7	%
Granite Comfort, LP (j)(d)	暖通空调服务与销售	延期提款定期贷款 (3M USD TERM SOFR+7.40%), 11.57% 现金, 5/16/2027	11/16/2020	$	9,992,940		9,955,368		9,818,064	2.5	%
		总暖通空调服务与销售					52,857,665		52,065,564	13.2	%

Saratoga Investment Corp.

投资组合汇总表

2026年2月28日

\n\n

公司(1)	行业	投资利率/到期日	原始购买日期	本金/ 股份数量		成本		公允价值 (c)	占净资产比例
Vector Controls Holding Co., LLC (h)	工业产品	购买有限责任公司权益的认股权证，到期日 11/30/2027	5/31/2015		329		-		8,604,501	2.2	%
		总工业产品					-		8,604,501	2.2	%
AgencyBloc, LLC (d)	保险软件	第一顺位定期贷款 (1M USD TERM SOFR+6.31%), 12.03% 现金, 10/1/2029	10/1/2021	$	17,436,477		17,398,618		17,450,426	4.4	%
Panther ParentCo LLC (h)	保险软件	A类单位	10/1/2021		2,500,000		2,500,000		5,866,373	1.5	%
		总保险软件					19,898,618		23,316,799	5.9	%
Avantra	IT服务	第一顺位定期贷款 (3M USD TERM SOFR+7.97%), 12.14% 现金, 9/20/2029	9/19/2024	$	17,000,000		16,854,905		16,938,800	4.3	%
Maple Holdings Midco Limited (h)	IT服务	A类普通单位	9/19/2024		2,000,000		2,000,000		2,333,016	0.6	%
		总IT服务					18,854,905		19,271,816	4.9	%
Madison Logic, Inc. (d)(m)	营销编排软件	第一顺位定期贷款 (1M USD TERM SOFR+7.00%), 11.37% 现金, 12/30/2028	12/30/2022	$	19,091,720		18,942,898		16,791,168	4.2	%
		总营销编排软件					18,942,898		16,791,168	4.2	%
ARC Health OpCo LLC (h)	心理健康服务	A类优先股	8/5/2022		3,818,400		4,169,599		332,895	0.1	%
		总心理健康服务					4,169,599		332,895	0.1	%
Chronus LLC	辅导软件	第一顺位定期贷款 (3M USD TERM SOFR+5.25%), 9.19% 现金, 8/26/2026	8/26/2021	$	15,000,000		14,979,066		14,596,500	3.7	%
Chronus LLC (d)	辅导软件	First Lien Term Loan (3M USD TERM SOFR+6.00%), 9.94% Cash, 8/26/2026	8/26/2021	$	5,000,000		4,991,064		4,865,500	1.2	%
Chronus LLC (h)	Mentoring Software	Series A Preferred Stock	8/26/2021		3,000		3,000,000		1,087,028	0.3	%
		Total Mentoring Software					22,970,130		20,549,028	5.2	%
Cloudpermit	Municipal Government Software	First Lien Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 9/5/2029	9/5/2024	$	31,500,000		31,262,232		31,424,400	7.9	%
Cloudpermit (j)	Municipal Government Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 9/5/2029	9/5/2024	$	-		-		-	0.0	%
Cloudpermit (h)	Municipal Government Software	Limited Partner Interests	9/5/2024		2,000		2,000,000		2,269,227	0.6	%
		Total Municipal Government Software					33,262,232		33,693,627	8.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

\n\n

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)	% of Net Assets
Emily Street Enterprises, L.L.C. (d)	Office Supplies	Senior Secured Note (3M USD TERM SOFR+6.75%), 11.00% Cash, 12/31/2028	12/28/2012	$	5,300,000		5,288,924		5,313,250	1.3	%
		Total Office Supplies					5,288,924		5,313,250	1.3	%
Ludi, Inc. (j)	Physician Compensation Management Software	Revolving Credit Facility (3M USD TERM SOFR+5.00%), 8.67% Cash, 12/31/2030	2/17/2026	$	1,400,000		1,375,000		1,375,000	0.3	%
		Total Physician Compensation Management Software					1,375,000		1,375,000	0.3	%
Breezeway Homes, Inc	Property Operations Management Software	First Lien Term Loan (3M USD TERM SOFR+6.63%), 10.30% Cash, 2/23/2031	2/23/2026		22,000,000		21,783,721		21,782,500	5.5	%
Breezeway Homes, Inc (j)	Property Operations Management Software	Delayed Draw Term Loan (3M USD TERM SOFR+6.63%), 10.30% Cash, 2/23/2031	2/23/2026		-		-		-	0.0	%
Breezeway Homes, Inc (h)	Property Operations Management Software	Class A Common Units	2/23/2026		1,000,000		1,000,000		1,000,000	0.3	%
		Total Property Operations Management Software					22,783,721		22,782,500	5.8	%
Source 44 LLC	Product Compliance Software	First Lien Term Loan (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030	10/17/2025		3,000,000		2,965,873		2,973,750	0.8	%
Source 44 LLC (j)	Product Compliance Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030	10/17/2025		1,500,000		1,486,911		1,486,875	0.4	%
Source 44 LLC (j)	Product Compliance Software	Revolving Credit Facility (3M USD TERM SOFR+5.25%), 6.75% Cash, 10/17/2030	10/17/2025		-		-		-	0.0	%
PG Source Investments, LLC (h)	Product Compliance Software	Series A Preferred Stock	10/17/2025		705		1,500,000		1,499,999	0.4	%
		Total Product Compliance Software					5,952,784		5,960,624	1.6	%
Buildout, Inc. (d)	Real Estate Services	First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.27% Cash, 9/30/2028	7/9/2020	$	14,000,000		14,000,000		13,720,667	3.5	%
Buildout, Inc.	Real Estate Services	Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.27% Cash, 9/30/2028	2/12/2021	$	38,500,000		38,500,000		37,731,834	9.5	%
Buildout, Inc. (h)(i)	Real Estate Services	Limited Partner Interests	7/9/2020		1,250		1,372,557		872,433	0.2	%
		Total Real Estate Services					53,872,557		52,324,934	13.2	%
Wellspring Worldwide Inc. (d)	Research Software	First Lien Term Loan (3M USD TERM SOFR+8.42%), 12.59% Cash, 2/28/2029	6/27/2022	$	9,372,000		9,323,366		9,372,000	2.4	%
Wellspring Worldwide Inc.	Research Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.42%), 12.59% Cash, 2/28/2029	6/27/2022	$	25,310,000		25,094,468		25,310,000	6.4	%
Archimedes Parent LLC (h)	Research Software	Class A Common Units	6/27/2022		2,475,160		2,475,160		1,871,060	0.5	%
		Total Research Software					36,892,994		36,553,060	9.3	%
Angry Chickz, Inc.	Restaurant	First Lien Term Loan (1M USD TERM SOFR+4.75%), 8.61% Cash, 10/9/2030	10/9/2025	$	7,900,000		7,860,500		7,860,500	2.0	%
Angry Chickz, Inc. (j)	Restaurant	Delayed Draw Term Loan (1M USD TERM SOFR+4.75%), 8.61% Cash, 10/9/2030	10/9/2025	$	6,000,000		5,970,000		5,970,000	1.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

\n\n

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)	% of Net Assets
LFR Chicken LLC (d)	Restaurant	First Lien Term Loan (1M USD TERM SOFR+4.50%), 8.36% Cash, 11/26/2030	11/19/2021	$	22,000,000		21,882,824		21,903,200	5.5	%
LFR Chicken LLC (d)(j)	Restaurant	Delayed Draw Term Loan (1M USD TERM SOFR+4.50%), 8.36% Cash, 11/26/2030	11/19/2021	$	18,000,000		17,948,780		17,920,800	4.5	%
LFR Chicken LLC (h)	Restaurant	Series B Preferred Units	11/19/2021		497,183		1,000,000		1,993,985	0.5	%
		Total Restaurant					54,662,104		55,648,485	14.0	%
SAI Systems Health, LLC	Revenue Cycle Management & Related Services	First Lien Term Loan (3M USD TERM SOFR+5.00%), 11.57% Cash, 11/24/2030	11/24/2025	$	28,000,000		27,825,000		27,825,000	7.0	%
SAI Systems Health, LLC (j)	Revenue Cycle Management & Related Services	Delayed Draw Term Loan (3M USD TERM SOFR+5.00%), 11.57% Cash, 11/24/2030	11/24/2025	$	-		-		-	0.0	%
SAI Systems Health Topco, LLC (h)	Revenue Cycle Management & Related Services	Class A Common Units	11/24/2025		350,000		350,000		350,000	0.1	%
		Total Revenue Cycle Management & Related Services					28,175,000		28,175,000	7.1	%
Avionte Holdings, LLC (h)	Staffing Services	Class A Units	1/8/2014		100,000		100,000		2,362,023	0.6	%
		Total Staffing Services					100,000		2,362,023	0.6	%
AIMCO 2025-24A E (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+6.10%), 10.27% Cash, 4/19/2038	4/30/2025	$	1,500,000		1,500,000		1,530,603	0.4	%
APID 2023-45A ER (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.15%), 9.32% Cash, 7/26/2038	6/5/2025	$	2,800,000		2,800,000		2,735,813	0.7	%
APID 2017-28A DR (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.00%), 9.17% Cash, 10/20/2038	7/25/2025	$	2,500,000		2,500,000		2,470,738	0.6	%
BGCLO 2025-13A D2 (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.05%), 8.22% Cash, 10/23/2038	8/7/2025	$	2,000,000		2,000,000		2,012,484	0.5	%
BSP 2016-10A C2R3 (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038	7/10/2025	$	2,000,000		2,000,000		1,989,962	0.5	%
BSP 2020-21A ER2 (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.95%), 8.74% Cash, 1/15/2039	11/4/2025	$	1,500,000		1,500,000		1,463,577	0.4	%
BSP 2025-40A E (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash, 7/25/2038	5/22/2025	$	3,000,000		3,000,000		3,026,652	0.8	%
HLM 2025-26A D2 (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038	7/18/2025	$	2,000,000		2,000,000		1,949,386	0.5	%
NMC CLO-4A ER (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+6.91%), 11.08% Cash, 3/20/2038	4/17/2025	$	1,000,000		980,000		1,026,088	0.3	%
NMC CLO-7A E (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.00%), 9.17% Cash, 3/31/2038	3/13/2025	$	1,000,000		1,000,000		976,321	0.2	%
NMC CLO-5A ER (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.85%), 10.02% Cash, 7/20/2036	6/30/2025	$	3,000,000		3,000,000		2,973,408	0.8	%
NMC CLO-3A D2R (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 10/20/2038	8/4/2025	$	2,250,000		2,250,000		2,158,945	0.5	%
OAKC 2016-13A ER2 (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 10/21/2037	4/10/2025	$	1,000,000		976,250		989,690	0.2	%
OAKC 2025-22A E (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.55%), 9.72% Cash, 7/20/2038	5/9/2025	$	1,250,000		1,250,000		1,261,281	0.3	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)	% of Net Assets
OAKC 2020-7A D2R2 (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.05%), 8.22% Cash, 7/19/2038	6/18/2025	$	3,250,000		3,250,000		3,251,898	0.8	%
OCP 2025-43A E (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.67% Cash, 7/20/2038	4/23/2025	$	1,000,000		1,000,000		1,025,791	0.3	%
OCP 2023-28A (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash, 7/16/2038	6/18/2025	$	3,000,000		3,000,000		2,915,295	0.7	%
OCP 2016-11A D2R3 (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/26/2038	6/26/2025	$	1,500,000		1,500,000		1,510,355	0.3	%
POST 2023-1A D2R (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+3.95%), 7.74% Cash, 10/20/2038	10/17/2025	$	1,000,000		1,000,000		971,977	0.2	%
REGT6 2016-1A ER3 (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.45%), 9.24% Cash, 10/20/2038	9/12/2025	$	1,500,000		1,500,000		1,421,099	0.4	%
REGT23 2021-1A D2R (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.00%), 7.79% Cash, 10/15/2038	10/30/2025	$	2,000,000		2,000,000		1,978,886	0.5	%
TREST 2017-1A ERR (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+5.95%), 10.12% Cash, 7/25/2037	3/7/2025	$	1,250,000		1,257,125		1,262,855	0.3	%
WBOX 2023-4A ER (a)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+6.48%), 10.65% Cash, 4/20/2036	4/10/2025	$	3,500,000		3,470,645		3,501,505	0.9	%
WBOX 2025-5A D2 (a)(d)	Structured Finance Securities	First Lien Term Loan (3M USD TERM SOFR+4.10%), 8.27% Cash, 7/20/2038	6/24/2025	$	2,000,000		2,000,000		2,006,926	0.5	%
		Total Structured Finance Securities					46,734,020		46,411,535	11.7	%
StockIQ Technologies, LLC	Supply Chain Planning Software	First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash,3/26/2030	3/25/2025	$	10,000,000		9,926,398		9,903,000	2.5	%
StockIQ Technologies, LLC (j)	Supply Chain Planning Software	Delayed Draw Term Loan (3M USD TERM SOFR+5.25%), 9.42% Cash, 3/26/2030	3/25/2025	$	1,600,000		1,587,257		1,584,480	0.4	%
StockIQ Technologies, LLC (h)	Supply Chain Planning Software	Class A Units	3/25/2025		200,000		200,000		202,924	0.1	%
		Total Supply Chain Planning Software					11,713,655		11,690,404	3.0	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

\n\n

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost		Fair Value (c)	% of Net Assets
Employer Direct Healthcare, LLC (Lantern)	Surgical Benefits Management	Second Lien Term Loan (3M USD TERM SOFR+7.25%), 10.92% Cash, 1/20/2031	1/20/2026		35,000,000		34,693,750		34,693,750	8.8	%
		Total Surgical Benefits Management					34,693,750		34,693,750	8.8	%
JDXpert	Talent Acquisition Software	First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027	5/2/2022	$	6,000,000		5,982,179		6,000,000	1.4	%
JDXpert (d)	Talent Acquisition Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027	5/2/2022	$	1,000,000		996,525		1,000,000	0.3	%
JDXpert (j)	Talent Acquisition Software	Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.93% Cash, 5/2/2027	5/2/2022	$	500,000		497,964		500,000	0.1	%
Jobvite, Inc. (d)	Talent Acquisition Software	First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.67% Cash, 8/5/2028	8/5/2022	$	20,000,000		19,924,505		19,782,000	5.0	%
		Total Talent Acquisition Software					27,401,173		27,282,000	6.8	%
VetnCare MSO, LLC	Veterinary Services	Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 9.92% Cash, 5/12/2028	5/12/2023	$	13,290,655		13,241,485		13,290,655	3.4	%
		Total Veterinary Services					13,241,485		13,290,655	3.4	%
Better Impact USA Inc.	Volunteer Program Management Software	First Lien Term Loan (3M USD TERM SOFR+4.75%), 8.42% Cash, 1/8/2031	1/8/2026	$	12,000,000		11,910,000		11,910,000	3.0	%
Better Impact USA Inc. (j)	Volunteer Program Management Software	Delayed Draw Term Loan (3M USD TERM SOFR+4.75%), 8.42% Cash, 1/8/2031	1/8/2026	$	-		-		-	0.0	%
Better Impact USA Inc. (h)	Volunteer Program Management Software	Preferred Units	1/8/2026		683,585		1,000,000		1,000,000	0.3	%
		Total Volunteer Program Management Software					12,910,000		12,910,000	3.3	%
Sub Total Non-control/Non-affiliate investments							1,011,840,007		1,016,247,566	256.5	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

\n\n

Company(1)	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/ Number of Shares		Cost			Fair Value (c)		% of Net Assets
Affiliate investments - 13.4% (b)
ETU Holdings, Inc. (f)	Corporate Education Software	First Lien Term Loan (3M USD TERM SOFR+9.00%), 13.32% Cash, 8/18/2027	8/18/2022	$	7,100,000			7,073,608			7,100,000		1.8	%
ETU Holdings, Inc. (f)	Corporate Education Software	Second Lien Term Loan 15.00% PIK, 2/18/2028	8/18/2022	$	8,273,053			8,251,291			8,013,279		2.0	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software	Series B Preferred Units	11/21/2025		854,300			3,000,000			211,874		0.1	%
ETU Holdings, Inc. (f)(h)	Corporate Education Software	Series C Preferred Units	11/21/2025		730,280			730,280			730,280		0.2	%
		Total Corporate Education Software						19,055,179			16,055,433		4.1	%
Axero Holdings, LLC (f)	Employee Collaboration Software	First Lien Term Loan 7.00% Cash, (3M USD TERM SOFR + 0.00%) PIK, 12/31/2027	6/30/2021	$	16,986,167			16,975,661			17,028,632		4.3	%
Axero Holdings, LLC (f)	Employee Collaboration Software	Delayed Draw Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027	6/30/2021	$	1,205,470			1,202,805			1,208,484		0.3	%
Axero Holdings, LLC (f)(j)	Employee Collaboration Software	Revolving Credit Facility 7.00% Cash, (3M USD TERM SOFR + 0.00%) PIK, 12/31/2027	2/3/2022	$	-			-			-		0.0	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series A Preferred Units	6/30/2021		2,055,609			2,055,609			4,193,442		1.1	%
Axero Holdings, LLC (f)(h)	Employee Collaboration Software	Series B Preferred Units	6/30/2021		2,055,609			2,055,609			5,996,680		1.5	%
		Total Employee Collaboration Software						22,289,684			28,427,238		7.2	%
SmartAC.com, LLC (f)	HVAC Monitoring Devices	First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.67% Cash, 4/7/2030	4/7/2025	$	5,117,298			5,084,330			5,100,700		1.3	%
SmartAC.com, LLC (f)(j)	HVAC Monitoring Devices	Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 11.67% Cash, 4/7/2030	4/7/2025	$	-			-			-		0.0	%
SmartAC.com, LLC (f)(j)	HVAC Monitoring Devices	Series A Preferred Units	4/7/2025		1,262,201			2,999,999			3,127,540		0.8	%
		Total HVAC Monitoring Devices						8,084,329			8,228,240		2.1	%
Sub Total Affiliate investments								49,429,192			52,710,911		13.4	%
Control investments - 10.1% (b)
Zollege PBC (g)	Education Services	First Lien Term Loan 10.00%, 8/9/2027	5/11/2021	$	1,576,966			1,576,966			1,370,304		0.3	%
Zollege PBC (g)	Education Services	Delayed Draw Term Loan 10.00%, 8/9/2027	5/11/2021	$	-			-			(196,575	)	0.0	%
Zollege PBC (h)(g)	Education Services	Common Stock	5/11/2021		7,731,294			558,799			10,874,923		2.7	%
		Total Education Services						2,135,765			12,048,652		3.0	%
Pepper Palace, Inc. (k)(g)	Specialty Food Retailer	First Lien Term Loan 4.42% PIK, 12/31/2028	6/30/2021	$	2,400,000			2,400,000			1,303,994		0.3	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Delayed Draw Term Loan 4.42% PIK, 12/31/2028	6/30/2021	$	400,000			400,000			204,389		0.1	%
Pepper Palace, Inc. (j)(k)(g)	Specialty Food Retailer	Revolving Credit Facility 4.42% PIK, 12/31/2028	6/30/2021	$	1,000,000			1,000,000			530,528		0.1	%
Pepper Palace, Inc. (h)(g)	Specialty Food Retailer	Class A Units	6/30/2021		100,000			138,561			-		0.0	%
		Total Specialty Food Retailer						3,938,561			2,038,911		0.5	%
Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g)	Structured Finance Securities	Other/Structured Finance Securities 0.00%, 4/20/2033	1/22/2008	$	111,000,000			14,408,784			-		0.0	%
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g)(k)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 14.43%, 4/20/2033	8/9/2021	$	9,375,000			9,375,000			-		0.0	%
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a)(g)	Structured Finance Securities	Other/Structured Finance Securities (3M USD TERM SOFR+7.35%), 11.14%, 10/20/2037	9/24/2025	$	8,750,000			8,443,750			8,422,177		2.1	%
		Total Structured Finance Securities						32,227,534			8,422,177		2.1	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)(j)	Investment Fund	Unsecured Loan 10.00%, 10/20/2033	12/17/2021	$	17,618,954			17,618,954			16,130,152		4.1	%
Saratoga Senior Loan Fund I JV, LLC (a)(g)(n)	Investment Fund	Membership Interest	12/17/2021		19,197,861			19,197,861			1,535,443		0.4	%
		Total Investment Fund						36,816,815			17,665,595		4.5	%
Sub Total Control investments								75,118,675			40,175,335		10.1	%
TOTAL INVESTMENTS - 280.0% (b)							$	1,136,387,874		$	1,109,133,812		280.0	%

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Number of \n Shares		Cost			Fair Value		% of Net Assets
Money Market Funds (included in cash and cash equivalents\n and cash and cash equivalents, reserve accounts) - 5.4% (b)
Goldman Sachs Financial Square Government Fund (1)(2)		1,680,070		$	1,680,070		$	1,680,070	0.4	%
Cash and cash equivalents		1,680,070			1,680,070			1,680,070	0.4	%
Goldman Sachs Financial Square Government Fund (1)(2)		17,583,548			17,583,548			17,583,548	4.4	%
Valley National Bank Business Money Market Fund (1)(3)		2,522,135			2,522,135			2,522,135	0.7	%
Cash and cash\n equivalents, reserve accounts		20,105,683			20,105,683			20,105,683	5.1	%
Total Money\n Market Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts)		21,785,753		$	21,785,753		$	21,785,753	5.5	%

\n\n

(1)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.

\n\n

(2)	Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.

\n\n

(3)	Current yield as of February 28, 2026, was approximately 3.19% on the Valley National Bank Business Money Market Fund.

\n\n

(a)

Represents an investment that is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the 1940 Act”). As of February 2026, non-qualifying assets represent 7.0% of the Company’s portfolio at fair value. As a BDC, the Company generally has to invest at least 70% of its total assets in qualifying assets.

\n\n

(b)	Percentages are based on net assets of $396,155,754 as of February 28, 2026.

\n\n

(c)

Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).

\n\n

(d)	These securities are either fully or partially pledged as collateral under the Company’s senior secured revolving credit facility (see Note 8 to the consolidated financial statements).

\n\n

(e)

This investment does not have a stated interest rate that is payable thereon. As a result, the 0.00% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment.

\n\n

(f)	As defined in the 1940 Act, this portfolio company is an “affiliate” as we own between 5.0% and 25.0% of the outstanding voting securities. Transactions during the year ended February 28, 2026 in which the issuer was an affiliate are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Company	Fair \n Value \n at the \n Beginning \n of Year		Purchases/ \n Add-ons			Sales/ \n Paydowns		Total \n Interest from \n Investments		Management \n Fee Income		Net \n Realized Gain (Loss) \n from \n Investments			Net \n Change in \n Unrealized \n Appreciation \n (Depreciation)		Fair \n Value at \n End of \n Period
Axero Holdings, LLC	$	27,179,347		$	-		$	-		$	2,017,402		$	-		$	-	$	131,417	$	28,427,238
ETU Holdings, Inc.		13,368,085			730,280.00			-			2,143,472			-			-		684,994		16,055,433
SmartAC.com, LLC		-			10,939,999			(2,882,702	)		807,160			-			-		139,996		8,228,240
Total	$	40,547,432		$	11,670,279		$	(2,882,702	)	$	4,968,034		$	-		$	-	$	956,407	$	52,710,911

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

\n\n

(g)

As defined in the 1940 Act, we “control”\n this portfolio company because we own more than 25% of the portfolio company’s outstanding\n voting securities. Transactions during the year ended February 28, 2026 in which the issuer\n was both an affiliate and a portfolio company that we control are as follows:

Company	Fair \n Value \n at the Beginning \n of Year		Purchases/ \n Add-Ons			Sales/ \n Paydowns		Total \n Interest from \n Investments		Total \n Dividends from \n Investments		Management \n Fee Income			Net \n Realized \n Gain (Loss) \n from \n Investments		Net \n Change in \n Unrealized \n Appreciation \n (Depreciation)	Fair \n Value at \n End of \n Period
Netreo Holdings, LLC	$	-		$	-		$	(638,355	)	$	-		$	-		$	-	$	638,355	$	-		$	-
Pepper Palace, Inc.		1,547,000			1,000,000			-			-			-			-		-		(508,089	)		2,038,911
Zollege PBC		3,937,150			-			-			115,928			-			-		-		8,192,362			12,048,652
Saratoga Investment Corp. CLO 2013-1, Ltd.		240,578			-			-			-			-			2,586,517		-		239,675			-
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd.\n Class E Note		12,250,000			-			(12,250,000	)		1,762,122			-			-		-		(857,500	)		-
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3\n Note		2,280,938			-			-			1,222,262			-			-		-		(2,280,938	)		-
Saratoga Senior Loan Fund I JV, LLC		16,533,626			-			-			1,765,814			-			-		-		(403,474	)		16,130,152
Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd.\n Class E-R Note		-			8,443,750			-			431,533			-			-		-		(21,573	)		8,422,177
Saratoga Senior Loan Fund I JV,\n LLC		3,080,916			1,614,375			-			-			2,404,864			-		-		(3,159,849	)		1,535,443
Total	$	39,870,208		$	11,058,125		$	(12,888,355	)	$	5,297,659		$	2,404,864		$	2,586,517	$	638,355	$	1,200,614		$	40,175,335

\n\n

(h)	Non-income producing at February 28, 2026

\n\n

(i)	Includes securities issued by an affiliate of the\n company.

\n\n

(j)	All or a portion of this investment has an unfunded\n commitment as of February 28, 2026. (See Note 9 to the consolidated financial statements).

\n\n

(k)	As of February 28, 2026, the investment was on non-accrual\n status. The fair value of these investments was approximately $2.0 million, which represented\n 0.2% of the Company’s portfolio (see Note 2 to the consolidated financial statements).

\n\n

(l)	Included within cash and cash equivalents and cash and\n cash equivalents, reserve accounts in the Company’s consolidated statements of assets\n and liabilities as of February 28, 2026.

\n\n

(m)	This investment elected to PIK 20% of accrued interest,\n with 80% of accrued interest payable in cash.

\n \n \n \n

(n)

On September 24, 2025, the\n Company completed the first refinancing of SLF 2022. This refinancing, among other things, extended the SLF 2022’s investment\n period to October 2028. As part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche\n at par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company also paid $1.6 million\n of additional equity investment related to the refinancing to SLF JV. (See Note 5 to the consolidated financial statements).

SOFR - Secured Overnight Financing Rate

1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of February 28,\n2026 was 3.67%.

3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of February 28,\n2026 was 3.67%.

PIK - Payment-in-Kind (see Note 2 to the consolidated financial statements).

See accompanying notes to consolidated financial\nstatements.

SARATOGA INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2026

(unaudited)

Note 1. Organization

Saratoga Investment Corp. (the “Company”,\n“we”, “our” and “us”) is a non-diversified closed end management investment company incorporated\nin Maryland that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of\n1940, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed\nthe initial public offering (“IPO”) on March 28, 2007. The Company has elected, and intends to qualify annually, to be treated\nfor U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue\nCode of 1986, as amended (the “Code”). The Company’s investment objective is to generate current income and, to a lesser\nextent, capital appreciation from its investments.

GSC Investment, LLC (the “LLC”) was\norganized in May 2006 as a Maryland limited liability company. On March 21, 2007, the Company was incorporated and concurrently therewith\nthe LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger\nin the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability\ncompany interest of the LLC was converted into a share of common stock of the Company.

On July 30, 2010, the Company changed its name\nfrom “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization\ntransaction.

The Company is externally managed and advised\nby the investment adviser, Saratoga Investment Advisors, LLC (the “Manager” or “Saratoga Investment Advisors”),\npursuant to an investment advisory and management agreement (the “Management Agreement”).

The Company has established wholly owned subsidiaries,\nSIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-PP, Inc., SIA-SGA, Inc.,\nSIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-Vector, Inc., and SIA-YUMI, Inc., which are structured as Delaware entities that\nare treated as corporations for U.S. federal income tax purposes and are intended to facilitate its compliance with the requirements\nto be treated as a RIC under the Code by holding equity or equity-like investments in portfolio companies organized as limited liability\ncompanies, or LLCs (or other forms of pass through entities). These entities are consolidated for accounting purposes but are not consolidated\nfor U.S. federal income tax purposes and may incur U.S. federal income tax expenses as a result of their ownership of portfolio companies.

Our wholly owned subsidiaries, Saratoga Investment\nCorp. SBIC II LP (“SBIC II LP”) and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC\nII LP, the “SBIC Subsidiaries”), received licenses to operate as small business investment companies from the SBA on August\n14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to $175.0 million in long-term capital in the\nform of debentures guaranteed by the SBA. Our wholly owned subsidiary Saratoga Investment Corp. SBIC LP (“SBIC LP”) repaid\nits outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all\nundistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. In May 2026, legislation amending the Small\nBusiness Investment Act of 1958 increased (a) the individual leverage limit from $175.0 million to $250.0 million, subject to SBA approvals,\nand (b) the maximum leverage available for two or more SBICs under common control from $350.0 million to $475.0 million.

The Company has formed wholly owned special purpose\nentities organized as Delaware limited liability companies, Saratoga Investment Funding II LLC (“SIF II”) and Saratoga Investment\nFunding III LLC (“SIF III”) for the purpose of the Company’s credit facilities as described in Note 8, Borrowings.

On October 26, 2021, the Company and TJHA JV I\nLLC (“TJHA”) entered into a Limited Liability Company Agreement to co-manage Saratoga Senior Loan Fund I JV, LLC (“SLF\nJV”). SLF JV is under joint control and is not consolidated. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2022-1,\nLtd. (“SLF 2022”), which is a wholly owned subsidiary of SLF JV. SLF 2022 was formed for the purpose of making investments\nin a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.\nOn October 28, 2022, SLF 2022 issued $402.1 million of debt (the “2022 JV CLO Notes”) through a collateralized loan obligation\ntrust (the “JV CLO trust”). The 2022 JV CLO Notes were issued pursuant to an indenture, dated October 28, 2022 (the “JV\nIndenture”), with U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (the\n“Trustee”) serving as the trustee.

On September 24, 2025, the Company completed\nthe first refinancing of SLF 2022. This refinancing, among other things, extended SLF 2022’s investment period to October 2028.\nAs part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing\n$12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company also paid $1.6 million of additional equity investment related\nto the refinancing of SLF JV.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements\nhave been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”),\nare stated in U.S. Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries, SIF II,\nSIF III, SBIC II LP, SBIC III LP, SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH,\nInc., SIA-PP, Inc., SIA-SGA, Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-Vector, Inc. and SIA-YUMI, Inc. All intercompany\naccounts and transactions have been eliminated in consolidation. All references made to the “Company,” “we,”\nand “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise.

The Company, SIF II, SIF III, SBIC II LP, and\nSBIC III LP are all considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial\nAccounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment\nCompanies (“ASC 946”). There have been no changes to the Company, SIF II, SIF III, SBIC II LP, or SBIC III LP’s\nstatus as investment companies in accordance with ASC 946 during the three and six months ended August 31, 2026.

Principles of Consolidation

Under the investment company rules and regulations\npursuant to ASC 946, the Company is precluded from consolidating any entity other than another investment company or controlled operating\ncompany whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company\ninclude only the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated\nin consolidation.

The Company has determined that SLF JV is an\ninvestment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment\nin a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the\nCompany and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore,\nFASB ASC Topic 810, Consolidation (“ASC 810”), concludes that in a joint venture where both members have equal decision-making\nauthority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company\ndoes not consolidate its investment in SLF JV.

Use of Estimates in the Preparation of Financial Statements

The preparation of the accompanying consolidated\nfinancial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts\nof assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains\n(losses) and expenses during the period reported. Actual results could differ materially from those estimates.

Operating Segment

In accordance with ASC Topic 280, Segment\nReporting, the Company operates through two separate operating segments, with one primary core business segment and one non-core\nsegment, assessed as immaterial by management, resulting in only one reportable segment. The Company’s primary core segment invests\nin various industries and separately evaluates the performance of each of its investment relationships. However, because each of these\ninvestment relationships have similar business and economic characteristics, they have been aggregated into a single reportable segment.\nThe Company’s management and independent Board of Directors are the Chief Operating Decision Makers (“CODM”). The Company\nand the CODM evaluate and monitor performance of the business on an aggregated basis. Further, each investment is evaluated and managed\nusing similar processes and shared operations support functions such as deal origination, underwriting, loan and compliance administration\nin addition to administrative functions of human resources, legal, finance and information technology. As the Company’s operations\ncomprise a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of operations.

The CODM uses our consolidated net investment\nincome and net increase (decrease) in net assets resulting from operations as reported in the consolidated statements\nof operations to assess the Company’s performance and when allocating resources. Net investment income is comprised of total investment\nincome (‘segment revenues’), and total expenses (‘total segment expenses’) and operating expenses\n(“segment operating expenses”), which are considered the key segment measures of profit or loss received by the CODM. The\nexpense categories included in the Company’s consolidated statements of operations are fully reflective of the significant expense\ncategories and amounts that are regularly provided to the CODM. For the three months ended August 31, 2026 and August 31, 2025, operating\nexpenses, which exclude interest and debt financing expenses, base management fees and incentive management fees expense (benefit), totaled\n$2.9 million and $2.5 million, respectively, and for the six months ended August 31, 2026 and August 31, 2025, totaled $5.6 million and\n$5.4 million, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include short-term,\nliquid investments in a money market fund. The Company places its cash in financial institutions and, at times, such balances may be\nin excess of the Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are carried at cost which approximates\nfair value. Pursuant to Section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another investment company, such as a money\nmarket fund, if such investment would cause the Company to:

●

own more than 3.0% of the investment company’s total outstanding voting stock;

●

hold securities in the investment company having an aggregate value in excess of 5.0% of the value of the Company’s total assets; or

●

hold securities in investment companies having an aggregate value in excess of 10.0% of the value of the Company’s total assets.

As of August 31, 2026, the Company did not exceed\nany of these limitations.

Cash and Cash Equivalents, Reserve Accounts

Cash and cash equivalents, reserve accounts include\namounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, and, at times,\nsuch balances may be in excess of the Federal Deposit Insurance Corporation insurance limits, representing payments received on secured\ninvestments or other reserved amounts associated with the credit facilities held by the Company’s wholly owned subsidiaries, SIF\nII and SIF III, respectively. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts\nin accordance with the terms of the credit facilities, after which these amounts are available for general corporate purposes.

In addition, cash and cash equivalents, reserve\naccounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market\nfunds, within the Company’s wholly owned subsidiaries, SBIC II LP and SBIC III LP.

The statements of cash flows explain the change\nduring the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents\nwhen reconciling the beginning-of-period and end-of-period total amounts.

The following table provides a reconciliation\nof cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and\nliabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	August 31, \n 2026		February 28, \n 2026
Cash and cash equivalents		80,087,303		$	1,680,070
Cash and cash equivalents, reserve accounts		15,786,427			20,105,683
Total cash and cash equivalents and cash and cash equivalents, reserve accounts	$	95,873,730		$	21,785,753

Investment Classification

The Company classifies its investments in accordance\nwith the requirements of the 1940 Act. Under the 1940 Act, “control investments” are defined as investments in companies\nin which the Company owns more than 25.0% of the voting securities or maintains greater than 50.0% of the board representation. Under\nthe 1940 Act, “affiliated investments” are defined as those non-control investments in companies in which the Company owns\nbetween 5.0% and 25.0% of the voting securities. Under the 1940 Act, “non-affiliated investments” are defined as investments\nthat are neither control investments nor affiliated investments.

Investment Valuation

The Company accounts for its investments at fair\nvalue in accordance with the FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value, establishes\na framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and\nenhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold\nor its liabilities are to be transferred at the measurement date in the principal market to independent market participants, or in the\nabsence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as\nbuyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

Investments for which market quotations are readily\navailable are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject\nto any decision by the Company’s board of directors to approve a fair value determination to reflect significant events affecting\nthe value of these investments. The Company values investments for which market quotations are not readily available at fair value as\napproved, in good faith, by the Company’s board of directors based on input from the Manager, the audit committee of the board\nof directors and a third-party independent valuation firm.

The Company undertakes a multi-step valuation\nprocess each quarter when valuing investments for which market quotations are not readily available, as described below:

\n \n \n \n \n

●

each investment is initially valued by the responsible\n investment professionals of the Manager and preliminary valuation conclusions are documented, reviewed and discussed with our senior\n management; and

\n \n \n \n \n

●

an independent valuation firm engaged by the Company’s\n board of directors independently reviews a selection of these preliminary valuations each quarter so that the valuation of each investment\n for which market quotes are not readily available is reviewed by the independent valuation firm at least once each fiscal year. The\n Company uses a third-party independent valuation firm to value its investment in the subordinated notes of Saratoga Investment Corp.\n CLO 2013-1, Ltd. (“Saratoga CLO”), the Class F-2-R-3 Notes of the Saratoga CLO, and the Class E-R Notes of the SLF 2022\n every quarter.

In addition, all investments are subject to the\nfollowing valuation process:

\n \n \n \n \n

●

the audit committee of the Company’s board of\n directors reviews and approves each preliminary valuation and the Manager and independent valuation firm (if applicable) will supplement\n the preliminary valuation to reflect any comments provided by the audit committee; and

\n \n \n \n \n

●

the Company’s board of directors discusses the\n valuations and approves the fair value of each investment, in good faith, based on the input of the Manager, independent valuation\n firm (to the extent applicable) and the audit committee of the board of directors.

The Company uses multiple techniques for determining\nfair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The\nselections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements\nand estimates. These techniques include market comparables, the Black-Scholes modeling, discounted cash flows and enterprise value waterfalls.\nFair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions\nthat may be considered in determining the range of values of the Company’s investments include the nature and realizable value\nof any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest\nrates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted\ncash flows and other relevant factors.

The Company’s investments in the subordinated\nnotes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E-R Notes of SLF 2022 are carried at fair value, which is\nbased on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience\nand projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests\nin collateralized loan obligation funds, when available, as determined by the Manager and recommended to the Company’s board of\ndirectors. Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of its\ninvestment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Notes of the Saratoga CLO and the Class E-R Notes of SLF 2022. The\ninputs are based on available market data and projections provided by third parties as well as management estimates. The Company uses\nthe output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash\nflows to determine the valuation for our investment in Saratoga CLO.

The Company’s equity investment in SLF\nJV is measured using the proportionate share of the net asset value (“NAV”), or equivalent, of SLF JV as a practical expedient\nfor fair value, provided by ASC 820. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation\ntechnique.

The Company’s investments in CLO BB and\nCLO BBB debt have been valued using recent actual market trades or an independent pricing service. The valuation methodology of the independent\npricing service includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers\nwith two sided markets, as well as transaction activity from comparable securities to those being valued. As the independent pricing\nservice contemplates real-time market data and no unobservable inputs or significant judgment has been used by Saratoga Investment Advisors\nin the valuation of the Company’s investments in CLO BB and CLO BBB debt, such positions are considered level II assets.

Because such valuations, and particularly valuations\nof private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based\non estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these\ninvestments existed. The Company’s NAV could be materially affected if the determinations regarding the fair value of its investments\nwere materially higher or lower than the values that the Company ultimately realizes upon the disposal of such investments.

Rule 2a-5 under the 1940 Act (“Rule 2a-5”)\nestablishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of\ndirectors, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations.\nRule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for\ndetermining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”) provides\nfor certain recordkeeping requirements associated with fair value determinations. While the Company’s board of directors has not\nelected to designate Saratoga Investment Advisors as the valuation designee, the Company has established policies and procedures in compliance\nwith the applicable requirements of Rule 2a-5 and Rule 31a-4.

Derivative Financial Instruments

The Company accounts for derivative financial\ninstruments in accordance with FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires recognizing\nall derivative instruments as either assets or liabilities on the consolidated statements of assets and liabilities at fair value. The\nCompany values derivative contracts at the closing fair value provided by the counterparty. Changes in the values of derivative contracts\nare included in the consolidated statements of operations.

Investment Transactions and Income Recognition

Purchases and sales of investments and the related\nrealized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount,\nis recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on\nits investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized\nusing the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts\nover the life of the investment and amortization of premiums on investments up to the earliest call date.

Loans are generally placed on non-accrual status\nwhen there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed\non non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s\njudgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and,\nin management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan\nhas sufficient collateral value and is in the process of collection. At August 31, 2026 our investment in one portfolio company and the\nClass F-2-R-3 Notes of the Saratoga CLO were on non-accrual status with a fair value of approximately $0.0 million, or\n0.0% of the fair value of our portfolio. At February 28, 2026, our investment in one portfolio company and the Class F-2-R-3 Notes of\nthe Saratoga CLO were on non-accrual status with a fair value of approximately $2.0 million, or 0.2% of the fair value of our portfolio.

Interest income on our investment in the subordinated\nnote of Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325-40, Investments—Other,\nBeneficial Interests in Securitized Financial Assets, based on the anticipated yield and the estimated cash flows over the projected\nlife of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or\nre-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over\nthe remaining life of the investment from the date the estimated yield was changed.

Payment-in-Kind Interest

The Company may hold debt and preferred equity\ninvestments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents\ncontractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on an accrual\nbasis to the extent such amounts are expected to be collected. The Company stops accruing PIK interest if it is expected that the issuer\nwill not be able to pay all principal and interest when due. The Company restores such investments to accrual status when past due principal\nand interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this\ngeneral rule if the loan has sufficient collateral value and is in the process of collection.

Dividend Income

Dividend income is recorded in the consolidated\nstatements of operations when earned.

Structuring and Advisory Fee Income

Structuring and advisory fee income represents\nvarious fee income earned and received for performing certain investment structuring and advisory activities during the closing of new\ninvestments.

Other Income

Other income includes prepayment income fees,\nand monitoring, administration, redemption and amendment fees and is recorded in the consolidated statements of operations when earned.

Deferred Debt Financing Costs

Financing costs incurred in connection with our\ncredit facilities and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt\nsecurities. Financing costs incurred in connection with the SBA debentures of SBIC II LP and SBIC III LP are deferred and amortized using\nthe straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized\nusing the effective interest method over the life of the respective debt security.

The Company presents deferred debt financing\ncosts on the balance sheet as a contra-liability, which is a direct deduction from the carrying amount of that debt liability, consistent\nwith debt discounts.

Realized Loss on Extinguishment of Debt

Upon the repayment of debt obligations that are\ndeemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance\ncosts is recognized as a loss (i.e., the unamortized debt issuance costs are recognized as a loss upon extinguishment of the underlying\ndebt obligation).

Contingencies

In the ordinary course of business, the Company\nmay enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution\nof these provisions against the Company. Based on its history and experience, management reasonably believes that the likelihood of such\nan event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications.

In the ordinary course of business, the Company\nmay directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings.\nSuch lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company.

Income Taxes

The Company has elected, and intends to qualify\nannually, to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code. By meeting these requirements,\nthe Company generally will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders.\nTherefore, no provision has been recorded for federal income taxes, except as related to the Corporate Blockers (as defined below) and\nlong-term capital gains, when applicable.

In order to qualify as a RIC, among other requirements,\nthe Company generally is required to timely distribute to its stockholders at least 90% of its “investment company taxable income”,\nas defined by the Code, for each fiscal tax year. The Company will be subject to U.S. federal income tax imposed at corporate rates on\nits investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject\nto a non-deductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least (1) 98% of its net ordinary\nincome in any calendar year, (2) 98.2% of its capital gain net income for each one-year period ending on October 31 and (3) certain undistributed\namounts from previous years on which we paid no U.S. federal income tax.

Depending on the level of investment company\ntaxable income earned in a tax year and the amount of net capital gains recognized in such tax year, the Company may choose to carry\nforward investment company taxable income and net capital gains in excess of current year dividend distributions into the next tax year\nand pay U.S. federal income tax, and possibly the 4% U.S. federal excise tax on such income, as required. To the extent that the Company\ndetermines that its estimated current year annual investment company taxable income will be in excess of estimated current year dividend\ndistributions for U.S. federal excise tax purposes, the Company accrues the U.S. federal excise tax, if any, on estimated excess taxable\nincome as taxable income is earned. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, the excise tax accrual\non estimated excess taxable income was $1.7 million, $2.4 million and $1.8 million, respectively.

In accordance with U.S. Treasury regulations\nand published guidance issued by the Internal Revenue Service (“IRS”), a publicly offered RIC may treat a distribution of\nits own stock as counting toward its RIC distribution requirements if each stockholder may elect to receive his, her, or its entire distribution\nin either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must\nbe at least 20% of the aggregate distribution. Under the published guidance, if too many stockholders elect to receive cash, the\ncash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution\npaid in stock). In no event will any stockholder, electing to receive cash, receive less than 20% of his or her entire distribution in\ncash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock\nwill be equal to the amount of cash that could have been received instead of stock.

The Company may utilize wholly owned holding\ncompanies that are treated as corporations for U.S. federal income tax purposes when making equity investments in portfolio companies\ntaxed as pass-through entities to meet its source-of-income requirements as a RIC (“Corporate Blockers”). Corporate Blockers\nare consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred U.S. federal and state\nincome tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included\nin the Company’s taxable income until distributed by the Corporate Blocker, which may result in timing and character differences\nbetween the Company’s income for U.S. GAAP purposes and the Company’s income for U.S. federal income tax purposes. Income\ntax expense or benefit from Corporate Blockers related to net investment income are included in total operating expenses, while any expense\nor benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net\nrealized or unrealized gain or loss line item. Deferred tax assets of the Corporate Blockers are reduced by a valuation allowance when,\nin the opinion of management, it is more-likely than-not that some portion or all of the deferred tax assets will not be realized.

FASB ASC Topic 740, Income Taxes (“ASC\n740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial\nstatements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s\ntax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.\nTax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current\nperiod. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated\nstatements of operations. During the fiscal year ended February 28, 2026, February 28, 2025 and February 29, 2024 the Company did not\nincur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2022, 2023,\n2024, 2025 and 2026 federal tax years for the Company remain subject to examination by the IRS. At August 31, 2026, and February 28,\n2026, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the\ntotal amounts of unrecognized tax benefits will change significantly in the next 12 months.

Dividends

Dividends to common stockholders are recorded\non the ex-dividend date. The amount to be paid out as a dividend is determined by the board of directors. Net realized capital gains,\nif any, are generally distributed at least annually, although we may decide to retain some or all of our net capital gains for reinvestment.

We have adopted a dividend reinvestment plan\n(“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder\nelects to receive cash. As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who\nhave not “opted out” of the DRIP by the dividend record date will have their cash dividends automatically reinvested into\nadditional shares of our common stock, rather than receiving the cash dividends. We have the option to satisfy the share requirements\nof the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator.

Capital Gains Incentive Fee

The Company records an expense accrual on the\nconsolidated statements of operations relating to the capital gains incentive fee payable to the Manager, as recorded on the consolidated\nstatements of assets and liabilities when the net realized and unrealized gain on its investments exceed all net realized and unrealized\ncapital losses on its investments, as a capital gains incentive fee would be owed to the Manager if the Company were to liquidate its\ninvestment portfolio at such time.

The actual incentive fee payable to the Manager\nrelated to capital gains will be determined and payable in arrears at the end of each fiscal year and only reflect those realized capital\ngains net of realized and unrealized losses for the period.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03,\nDisaggregation of Income Statement Expenses, which requires additional disclosure of the nature of expenses included in the income\nstatement in response to requests from investors for more information about an entity’s expenses. The new standard requires disaggregation\nof certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance\nis effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after\nDecember 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company’s\nconsolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial\nstatements or its disclosures.

Risk Management

In the ordinary course of its business, the Company\nmanages a variety of risks, including market and credit risk. Market risk is the risk of potential adverse changes to the value of investments\nbecause of changes in market conditions such as interest rate movements and volatility in investment prices.

Credit risk is the risk of default or non-performance\nby portfolio companies, equivalent to the investment’s carrying amount. The Company is also exposed to credit risk related to maintaining\nall of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to\nany of its derivative counterparties.

The Company has investments in lower rated and\ncomparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree\nof credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because\nsuch investments are generally unsecured and are often subordinated to other creditors of the issuer.

Note 3. Investments

As noted above, the Company values all investments\nin accordance with ASC 820. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer\na liability in an orderly transaction between independent market participants at the measurement date.

ASC 820 establishes a hierarchical disclosure\nframework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market\nprice observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment.\nInvestments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally\nwill have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used\nin the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy.\nThe fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified\nand disclosed in one of the following three categories:

\n \n \n \n \n

●

Level 1—Valuations based on quoted prices in\n active markets for identical assets or liabilities that the Company has the ability to access.

\n \n \n \n \n

●

Level 2— Pricing inputs are other than quoted\n prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted\n prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated\n by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally\n from, or corroborated by, observable market information. Investments that are generally included in this category include illiquid\n debt securities and less liquid, privately held or restricted equity securities, for which some level of recent trading activity\n has been observed.

\n \n \n \n \n

●

Level 3—Pricing inputs are unobservable for the\n investment and include situations where there is little, if any, market activity for the investment. The inputs may be based on the\n Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted,\n to reflect specific investment attributes relative to a broader market assumption. Even if observable market data for comparable\n performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such\n investments are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash\n flows, etc.) is used in the valuation technique. The Company uses multiple techniques for determining fair value based on the nature\n of the investment and experience with those types of investments and specific portfolio companies. The selection of the valuation\n techniques and the inputs and assumptions used within those techniques often requires subjective judgments and estimates. These techniques\n include market comparables, the Black-Scholes model, discounted cash flows and enterprise value waterfalls. Fair value is best expressed\n as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered\n in determining the range of values of the Company’s investments include the nature and realizable value of any collateral,\n the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call\n and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash\n flows and other relevant factors.

In addition to using the above inputs in investment\nvaluations, the Company continues to employ the valuation policy approved by the board of directors that is consistent with ASC 820 and\nthe 1940 Act (see Note 2. Summary of Significant Accounting Policies). Consistent with our valuation policy, the Company evaluates\nthe source of inputs, including any markets in which its investments are trading, in determining fair value.

The following table presents\nfair value measurements of investments, by major class, as\nof August 31, 2026 (dollars in thousands), according to the fair value hierarchy:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Fair Value Measurements		Valued\n Using Net Asset
	Level\n 1		Level\n 2			Level\n 3		Value*	Total
First\n lien term loans	$	-		$	-		$	939,036	$	-	$	939,036
Second\n lien term loans		-			-			43,416		-		43,416
Unsecured\n term loans		-			-			15,469		-		15,469
Structured\n finance securities		-			62,147			8,324		-		70,471
Equity\n interests		-			-			77,706		4,092		81,798
Total	$	-		$	62,147		$	1,083,951	$	4,092	$	1,150,190

\n\n

The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique.

The\nfollowing table presents fair value measurements of investments, by major class, as of February 28, 2026 (dollars in thousands), according\nto the fair value hierarchy:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Fair Value Measurements		Valued Using Net Asset
	Level 1		Level 2			Level 3		Value*	Total
First lien term loans	$	-		$	-		$	910,991	$	-	$	910,991
Second lien term loans		-			-			42,707		-		42,707
Unsecured term loans		-			-			16,130		-		16,130
Structured finance securities		-			46,412			8,422		-		54,834
Equity interests		-			-			82,937		1,535		84,472
Total	$	-		$	46,412		$	1,061,187	$	1,535	$	1,109,134

\n\n

The\n Company’s equity investment in SLF JV is measured using the proportionate share of\n the NAV, or equivalent, as a practical expedient and thus has not been classified in the\n fair value hierarchy. The Company’s unsecured loan investment in SLF JV is based on\n a discounted cash flow valuation technique.

The\nfollowing table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months\nended August 31, 2026 (dollars in thousands):

	First lien term loans			Second lien term loans			Unsecured term loans		Structured finance securities		Equity interests			Total
Balance as of February 28, 2026	$	910,991			$	42,707		$	16,130		$	8,422			$	82,937		$	1,061,187
Payment-in-kind and other adjustments to cost		753				636			-			-				-			1,389
Net accretion of discount on investments		1,256				45			-			-				-			1,301
Net change in unrealized appreciation (depreciation) on\n investments		(25,677	)			28			(661	)		(98	)			(8,080	)		(34,488	)
Purchases		127,526				-			-			-				7,565			135,091
Sales and repayments		(75,813	)			-			-			-				(6,829	)		(82,642	)
Net realized gain (loss) from investments		-				-			-			-				2,113			2,113
Balance as of August 31, 2026	$	939,036			$	43,416		$	15,469		$	8,324			$	77,706		$	1,083,951
Net change in unrealized appreciation\n (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period	$	(25,970	)		$	28		$	(661	)	$	138			$	(7,533	)	$	(33,998	)

Purchases,\nPIK and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization\nof income from discount/premium on debt securities, and PIK interests.

Sales and repayments represent net proceeds received\nfrom investments sold and principal paydowns received during the period.

Transfers and restructurings, if any, are recognized\nat the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2, or 3 during the\nsix months ended August 31, 2026.

The following table provides a reconciliation\nof the beginning and ending balances for investments that use Level 3 inputs for the six months ended August 31, 2025 (dollars in thousands):

	First lien term loans			Second lien term loans			Unsecured term loans		Structured finance securities	Equity interests			Total
Balance as of February 28, 2025	$	867,867			$	6,388		$	16,534	$	14,771			$	69,437		$	974,997
Payment-in-kind and other adjustments to cost		974				548			-		(460	)			-			1,062
Net accretion of discount on investments		1,158				6			-		-				-			1,164
Net change in unrealized appreciation (depreciation) on\n investments		1,600				(116	)		256		(627	)			3,322			4,435
Purchases		59,468				-			-		-				3,607			63,075
Sales and repayments		(91,584	)			-			-		-				(3,359	)		(94,943	)
Net realized gain (loss) from investments		-				-			-		-				2,954			2,954
Balance as of August 31, 2025	$	839,483			$	6,826		$	16,790	$	13,684			$	75,961		$	952,744
Net change in unrealized appreciation\n (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period	$	1,821			$	(116	)	$	258	$	(194	)		$	4,429		$	6,198

Purchases, PIK and other adjustments to cost\ninclude purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium\non debt securities, and PIK interests.

Sales and repayments represent net proceeds received\nfrom investments sold and principal paydowns received during the period.

The\nvaluation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of August 31,\n2026 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

939,036

Market Comparables

Market Yield (%)

8.3% - 25.2%

11.2%

Revenue Multiples (x)

0.0x - 1.1x

1.1x

Third-party Bid (x)

3.7x

Second lien term loans

43,416

Market Comparables

Market Yield (%)

11.0% - 20.1%

12.7%

Unsecured term loans

15,469

Discounted Cash Flow

Discount Rate (%)

10.8%

Structured finance securities

8,324

Discounted Cash Flow

Discount Rate (%)

9.0% - 70.0%

11.1%

Recovery Rate (%)

70.0%

Prepayment Rate (%)

20.0%

Equity interests

77,706

Market Comparables

Market Yield (%)

22.8%

0.1%

Enterprise Value Waterfall

Revenue Multiples (x)

0.0x - 7.7x

5.1x

Black-Scholes Modeling

Volatility (%)

40.0%

EBITDA Multiples (x)

4.8x - 29.6x

9.5x

Total

1,083,951

\n\n

The\nweighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable\ninput.

The valuation techniques and\nsignificant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2026 were as follows (dollars\nin thousands):

	Fair Value		Valuation Technique		Unobservable Input		Range		Weighted Average*
First lien term loans	$	910,991		Market Comparables		Market Yield (%)		8.3% - 30.9%		11.1%
						EBITDA Multiples (x)		12.1x		12.1x
Second lien term loans		42,707		Market Comparables		Market Yield (%)		11.1% - 16.9%		12.2%
Unsecured term loans		16,130		Discounted Cash Flow		Discount Rate (%)		10.0%		10.0%
Structured finance securities		8,422		Discounted Cash Flow		Discount Rate (%)		8.50% - 70.0%		10.9%
						Recovery Rate (%)		70%		70.0%
						Prepayment Rate (%)		20.0%		20.0%
Equity interests		82,937		Market Comparables		Market Yield (%)		13.5%		0.1%
				Enterprise Value Waterfall		Revenue Multiples (x)		0.1x - 8.2x		6.0x
				Black-Scholes Modeling		Volatility (%)		38.7%		38.7%
						EBITDA Multiple (x)		0.5x - 20.0x		9.4x
Total	$	1,061,187

\n\n

The weighted average in\n the table above is calculated based on each investment’s fair value weighting, using the\n applicable unobservable input.

For investments utilizing a market comparables\nvaluation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher)\nfair value measurement, and a significant increase (decrease) in any of the earnings before interest, tax, depreciation and amortization\n(“EBITDA”) or revenue valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement.\nFor investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, and prepayment\nrate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in\nrecovery rate, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a market\nquote, third party bid or net asset value in deriving a value, a significant increase (decrease) in the market quote, bid or net asset\nvalue in isolation, would result in a significantly higher (lower) fair value measurement.

The composition of our investments as of August\n31, 2026 at amortized cost and fair value was as follows (dollars in thousands):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Investments at Amortized Cost		Amortized Cost Percentage of Total\n Portfolio		Investments at Fair Value		Fair Value Percentage of Total\n Portfolio
First lien term loans	$	974,151		80.5	%	$	939,035	81.7	%
Second lien term loans		43,626		3.6			43,416	3.8
Unsecured term loans		17,619		1.5			15,469	1.3
Structured finance securities		94,408		7.8			70,472	6.1
Equity interests		79,282		6.6			81,798	7.1
Total	$	1,209,086		100.0	%	$	1,150,190	100.0	%

The composition of our investments as of February\n28, 2026 at amortized cost and fair value was as follows (dollars in thousands):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Investments at Amortized Cost		Amortized Cost Percentage of\n Total Portfolio		Investments at Fair Value		Fair Value Percentage of Total\n Portfolio
First lien term loans	$	920,429		81.0	%	$	910,991	82.1	%
Second lien term loans		42,945		3.8			42,707	3.9
Unsecured term loans		17,619		1.6			16,130	1.5
Structured finance securities		78,962		6.9			54,834	4.9
Equity interests		76,433		6.7			84,472	7.6
Total	$	1,136,388		100.0	%	$	1,109,134	100.0	%

For loans and debt securities for which market\nquotations are not readily available, the Company determines their fair value based on third party indicative broker quotes, where available,\nor the inputs that a hypothetical market participant would use to value the security in a current hypothetical sale using a market comparables\nvaluation technique. In applying the market comparables valuation technique, the Company determines the fair value based on such factors\nas market participant inputs including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads\nof similar securities as of the measurement date. If, in the Company’s judgment, the market comparables technique is not sufficient\nor appropriate, the Company may use additional techniques such as an asset liquidation or expected recovery model.

For equity securities of portfolio companies\nand partnership interests, the Company determines the fair value using an enterprise value waterfall valuation technique. Under the enterprise\nvalue waterfall valuation technique, the Company determines the enterprise fair value of the portfolio company and then waterfalls the\nenterprise value over the portfolio company’s securities in order of their preference relative to one another. To estimate the\nenterprise value of the portfolio company, the Company weighs some or all of the traditional market valuation techniques and factors\nbased on the individual circumstances of the portfolio company in order to estimate the enterprise value. The techniques for performing\ninvestments may be based on, among other things: valuations of comparable public companies, recent sales of private and public comparable\ncompanies, Black-Scholes modeling, discounting the forecasted cash flows of the portfolio company, third party valuations of the portfolio\ncompany, considering offers from third parties to buy the company, estimating the value to potential strategic buyers and considering\nthe value of recent investments in the equity securities of the portfolio company. For non-performing investments, the Company may estimate\nthe liquidation or collateral value of the portfolio company’s assets and liabilities. The Company also takes into account historical\nand anticipated financial results.

For CLO BB and CLO BBB debt, the Company determines\nthe fair value by using recent actual market trades or an independent pricing service. The valuation methodology of the independent pricing\nservice includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two\nsided markets, as well as transaction activity from comparable securities to those being valued.

The Company’s investments in Saratoga CLO\nand SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment\nand loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash\nflow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO and SLF 2022, when available,\nas determined by the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows,\nor an appropriate substitute, to form the basis for the valuation of the investment in Saratoga CLO and SLF 2022. The cash flows use\na set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated\nvaluations. The inputs are based on available market data and projections provided by third parties as well as management estimates.\nThe Company ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 structure, including\ncapital structure, cost of liabilities and reinvestment period. The Company uses the output from the Intex models (i.e., the estimated\ncash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in\nSaratoga CLO and SLF 2022 at August 31, 2026. The inputs at August 31, 2026 for the valuation model include:

●

Default rate: 2.0%

\n \n \n \n \n

●

Recovery rate: 70%

\n \n \n \n \n

●

Discount rate: 9.00%–70.0%

\n \n \n \n \n

●

Prepayment rate: 20.0%

\n \n \n \n \n

●

Reinvestment rate / price:\n S+365bps / $99.00

The Company’s equity investment in SLF\nJV is measured using the proportionate share of the NAV of SLF JV, or equivalent, as a practical expedient.

Investment Concentration

Set forth is a brief description of each portfolio\ncompany in which the fair value of the Company’s investment represents greater than 5% of the Company’s total assets as of\nAugust 31, 2026, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4. Investment in Saratoga CLO and Note 5. Investment\nin SLF JV for more information on Saratoga CLO, SLF JV and SLF 2022, respectively). As of August 31, 2026, our current total investments\nin SAAS companies was $516.2 million, or 44.9% of total investments at fair value.

ComForCare Health Care

ComForCare Health Care is a franchisor that provides\nhome care services allowing elderly, physically handicapped, and injured people to live at home. The Company began franchising the concept\nin 2001, which has grown domestically to include 201 territories in 34 states.

Artemis Wax Corp.

Artemis Wax Corp. is a U.S. based retail\naggregator of European Wax Center (“EWC”) franchise locations with a concentration in the northeast. Founded in 2004,\nEWC is the largest U.S. body waxing national chain with more than 800 locations across the country.

Note 4. Investment in Saratoga CLO

On January 22, 2008, the Company entered into\na collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO was\ninitially refinanced in October 2013 and November 2016 with its reinvestment period extended to October 2016 and October 2018, respectively.

On December 14, 2018, the Company completed a\nthird refinancing and upsize of the Saratoga CLO (the “2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, which,\namong other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030. Following\nthis refinancing, the Saratoga CLO portfolio increased its aggregate principal amount from approximately $300.0 million to approximately\n$500.0 million of predominantly senior secured first lien term loans.

On February 11, 2020, the Company entered into\nan unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (“CLO\n2013-1 Warehouse 2”), a wholly owned subsidiary of Saratoga CLO. During the fourth quarter ended February 28, 2021, the CLO 2013-1\nWarehouse 2 Ltd. was repaid in full.

On February 26, 2021, the Company completed the\nfourth refinancing of the Saratoga CLO, which, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended\nits legal maturity to April 2033, and added a non-call period of February 2022. In addition, and as part of the refinancing, the Saratoga\nCLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested\nan additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate\nprincipal amount of the Class F-R-3 Notes tranche at par. Concurrently with the fourth refinancing of the Saratoga CLO, the existing\n$2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid.\nThe Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be\nreimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full.

On August 9, 2021, the Company exchanged its\nexisting $17.9 million Class F-R-3 Note for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11,\n2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.

On June 10, 2024, the Company completed its fifth\nrefinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes. Saratoga CLO issued $422.5 million of\nnotes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes\nwere issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along\nwith existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced\nas part of this refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing.

The Saratoga CLO remains effectively 100.0% owned\nand managed by the Company. The Company receives a base management fee of 0.10% per annum and a subordinated management fee of 0.40%\nper annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following\nthe third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to an incentive\nmanagement fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return\npaid in cash equal to or greater than 12.0%.

For the three months ended August 31, 2026 and\nAugust 31, 2025, the Company accrued management fee income of $0.1 million and $0.7 million, respectively, and interest income of $0.0\nmillion and $0.0 million, respectively, from the Saratoga CLO.

For the six months ended August 31, 2026 and\nAugust 31, 2025, the Company accrued management fee income of $0.6 million and $1.4 million, respectively, and interest income of $0.0\nmillion and $0.0 million, respectively, from the Saratoga CLO.

As of August 31, 2026, the Company determined\nthat the fair value of its investment in the subordinated notes of Saratoga CLO was $0.0 million. As of August 31, 2026, the fair\nvalue of its investment in the Class F-2-R-3 Notes of Saratoga CLO was $0.0 million. As of August 31, 2026, Saratoga CLO had investments\nwith a principal balance of $337.5 million and a weighted average spread over SOFR of 3.5% and had debt with a principal balance of $347.9\nmillion with a weighted average spread over SOFR of 2.9%. As of August 31, 2026, the present value of the projected future cash flows\nof the subordinated notes was approximately $0.0 million, using a 70.0% discount rate. The Company’s total investment in the subordinated\nnotes of Saratoga CLO is $57.8 million, which consists of additional investments of $30.0 million in January 2008, $13.8 million in December\n2018 and $14.0 million in February 2021; to date, the Company has received distributions of $92.2 million, management fees of $41.5 million\nand incentive fees of $1.2 million.

As of February 28, 2026, the Company determined\nthat the fair value of its investment in the subordinated notes of Saratoga CLO was $0.0 million. As of February 28, 2026, the fair\nvalue of its investment in the Class F-2-R-3 Notes of Saratoga CLO was $0.0 million. As of February 28, 2026, Saratoga CLO had investments\nwith a principal balance of $390.0 million and a weighted average spread over SOFR of 3.4% and had debt with a principal balance\nof $410.3 million with a weighted average spread over SOFR of 2.6%. As of February 28, 2026, the present value of the projected\nfuture cash flows of the subordinated notes was approximately $0.0 million, using a 70% discount rate. The Company’s\ntotal investment in the subordinated notes of Saratoga CLO is $57.8 million, which consists of additional investments of $30.0 million\nin January 2008, $13.8 million in December 2018 and $14.0 million in February 2021. To date, the Company has received distributions\nof $92.2 million, management fees of $41.0 million and incentive fees of $1.2 million.

Below is certain financial information from the\nseparate unaudited financial statements of Saratoga CLO as of August 31, 2026 and February 28, 2026, and for the three and six months\nended August 31, 2026 and August 31, 2025.

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Assets and Liabilities

	August 31, 2026			February 28, 2026
	(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $331,419,496 and $381,488,638, respectively)	$	306,272,584			$	353,285,019
Equities at fair value (amortized cost of $2,023,524 and $1,324,217, respectively)		871,838				831,552
Total investments at fair value (amortized cost of $333,443,020 and $382,812,855, respectively)		307,144,422				354,116,571
Cash and cash equivalents		15,713,681				22,319,387
Receivable from open trades		7,078,372				10,432,424
Interest receivable (net of reserve of $836,267 and $817,651, respectively)		1,771,735				2,115,446
Due from affiliate (See Note 7)		1,591				1,591
Prepaid expenses and other assets		672,419				596,520
Total assets	$	332,382,220			$	389,581,939

LIABILITIES
Interest payable	$	2,417,782			$	2,852,957
Accrued base management fee		42,880				49,944
Accrued subordinated management fee		186,270				199,776
Accounts payable and accrued expenses		836,420				568,796
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-4 Senior Secured Floating Rate Notes		94,384,987				156,828,563
Class A-2-R-4 Senior Secured Floating Rate Notes		65,000,000				65,000,000
Class B-FL-R-3 Senior Secured Floating Rate Notes		60,500,000				60,500,000
Class B-FXD-R-3 Senior Secured Fixed Rate Notes		11,000,000				11,000,000
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes		26,000,000				26,000,000
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes		6,500,000				6,500,000
Class D-R-3 Deferrable Mezzanine Floating Rate Notes		39,000,000				39,000,000
Discount on Class D-R-3 Notes		(159,833	)			(171,966	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes		27,625,000				27,625,000
Discount on Class E-R-3 Notes		(1,660,489	)			(1,786,533	)
Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes		8,500,000				8,500,000
Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes		9,375,000				9,375,000
Deferred debt financing costs		(1,006,945	)			(1,081,116	)
Subordinated Notes		111,000,000				111,000,000
Discount on Subordinated Notes		(26,262,412	)			(28,255,929	)
Total liabilities		433,278,660				493,704,492

Commitments and contingencies

NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively		250				250
Total distributable earnings (loss)		(100,896,690	)			(104,122,803	)
Total net deficit		(100,896,440	)			(104,122,553	)
Total liabilities and net assets	$	332,382,220			$	389,581,939

See accompanying notes to financial statements.

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Operations

(unaudited)

	For the three months ended			For the six months ended
	August 31, 2026			August 31, 2025			August 31, 2026		August 31, 2025
INVESTMENT INCOME
Total interest from investments	$	7,245,137			$	10,546,800		$	15,994,162		$	21,960,657
Interest from cash and cash equivalents		147,372				222,520			345,081			430,629
Other income		1,136,604				104,263			1,179,653			110,122
Total investment income		8,529,113				10,873,583			17,518,896			22,501,408

EXPENSES
Interest and debt financing expenses		6,800,240				9,652,379			14,275,927			19,596,740
Base management fee		101,090				126,689			210,088			273,761
Subordinated management fee		-				536,943			435,991			1,095,046
Professional fees		212,411				(14,059	)		292,795			174,066
Trustee expenses		-				47,403			40,030			96,263
Other expense		126,781				89,347			221,479			225,823
Total expenses		7,240,522				10,438,702			15,476,310			21,461,699
NET INVESTMENT INCOME (LOSS)		1,288,591				434,881			2,042,586			1,039,709

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments		(669,414	)			(6,389,175	)		(1,214,159	)		(8,456,051	)
Net change in unrealized depreciation on investments		1,062,018				6,769,038			2,397,686			1,746,629
Net realized and unrealized gain (loss) on investments		392,604				379,863			1,183,527			(6,709,422	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,681,195			$	814,744		$	3,226,113		$	(5,669,713	)

See\naccompanying notes to financial statements

Saratoga Investment Corp.\nCLO 2013-1, Ltd.

Schedule of Investments

August 31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR Floor	Current Rate (All In)		Maturity Date		Principal/ Number of Shares		Cost			Fair Value
ALTISOURCE PORTFOLIO SOL	Banking, Finance, Insurance & Real Estate	Common Stock	Equity											37,028		$	216,246	$	215,505
ALTISOURCE PORTFOLIO - 29C	Banking, Finance, Insurance & Real Estate	Common Stock	Equity											7,917			-		1,504
ALTISOURCE PORTFOLIO - 30	Banking, Finance, Insurance & Real Estate	Common Stock	Equity											7,917			-		2,138
Altisource Portfolio Solutions - CS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity											990			3,735		188
Altisource Portfolio Solutions - NS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity											990			3,129		267
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Equity Interests	Equity											54,864			54,864		-
Instant Brands Litigation Trust	Consumer Goods: Durable	Equity Interests	Equity											177,877			96,773		530,254
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity											86,398			-		-
JP Intermediate B, LLC	Consumer goods: Non-durable	Common Stock	Equity											9,319			-		-
Lakeland Tours LLC Litigation C/S	Hotel, Gaming & Leisure	Common Stock	Equity											38,169			614,196		382
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity											24,320			1,034,581		121,600
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	9/20/2030		$	1,354,209			1,341,883		1,353,965
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	3.00%	0.50	%		6.75	%	2/7/2029			2,410,863			2,363,838		2,419,157
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+	5.25%	0.00	%		9.02	%	7/8/2028			2,990,096			2,850,177		2,975,146
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	6M USD SOFR+	3.00%	0.00	%		6.75	%	5/1/2030			2,121,425			2,111,625		2,056,891
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	3M USD SOFR+	2.50%	0.75	%		6.23	%	2/1/2031			2,849,260			2,805,059		2,842,137
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	3M USD SOFR+	1.75%	0.00	%		5.57	%	3/21/2031			977,513			975,888		975,314
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan (08/25)	Loan	1M USD SOFR+	2.00%	0.00	%		5.69	%	8/12/2032			238,177			238,177		237,841
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+	5.50%	0.00	%		9.38	%	2/10/2027			4,236,033			4,234,300		3,119,839
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (8/25)	Loan	1M USD SOFR+	2.50%	0.00	%		6.19	%	9/19/2031			785,096			785,096		783,094
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B8 (07/25)	Loan	1M USD SOFR+	2.50%	0.00	%		6.19	%	5/31/2030			246,267			246,267		246,883
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan (Specified) B	Loan	3M USD SOFR+	6.50%	3.50	%		10.33	%	2/20/2029			493,745			485,679		493,745
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	2.50%	0.00	%		6.19	%	6/11/2031			475,300			474,539		461,835
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+	3.00%	0.50	%		6.64	%	12/13/2029			477,500			469,793		478,842
Amynta Agency Borrower Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+	2.50%	0.00	%		6.19	%	12/29/2031			3,381,558			3,329,640		3,384,466
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/25)	Loan	3M USD SOFR+	3.50%	0.00	%		7.26	%	2/27/2032			483,912			466,614		460,254
Aramark Services, Inc.	Services: Consumer	Term Loan B-10 (12/25)	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	6/24/2030			2,178,778			2,160,579		2,182,874
Aramark Services, Inc.	Services: Consumer	Term Loan (08/25)	Loan	1M USD SOFR+	1.75%	0.00	%		5.48	%	4/6/2028			1,513,631			1,511,914		1,514,388

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

August\n31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR Floor	Current Rate (All In)		Maturity Date		Principal/ Number of Shares		Cost		Fair Value
ARCIS GOLF LLC	Services: Consumer	term loan	Loan	3M USD SOFR+	2.50%	0.00	%		6.26	%	8/5/2033		487,240		484,960	487,698
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+	3.00%	0.00	%		6.69	%	8/9/2030		2,590,210		2,580,380	2,592,567
Ascensus Group Holdings, Inc	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	3.00%	0.00	%		6.69	%	11/24/2032		489,615		487,141	482,476
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term Loan (12/25)	Loan	1M USD SOFR+	3.00%	0.00	%		6.69	%	12/23/2030		884,329		877,696	888,016
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	3M USD SOFR+	4.00%	0.00	%		7.92	%	8/19/2028		1,905,933		1,868,241	1,907,363
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B12	Loan	3M USD SOFR+	4.25%	0.00	%		8.07	%	9/19/2030		2,868,387		2,866,037	2,841,510
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Athenahealth 4/26 Term Loan B	Loan	1M USD SOFR+	3.25%	0.50	%		6.94	%	2/16/2032		1,290,761		1,282,605	1,289,380
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+	1.75%	0.00	%		5.40	%	6/22/2030		1,450,533		1,425,358	1,453,463
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (11/24)	Loan	3M USD SOFR+	1.75%	0.50	%		5.48	%	12/20/2029		670,782		667,354	670,903
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50%	0.00	%		7.19	%	10/10/2029		524,283		523,212	515,763
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+	2.50%	0.00	%		6.14	%	5/27/2031		1,615,757		1,608,167	1,595,560
Belfor Holdings Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	2.75%	0.50	%		6.44	%	11/1/2030		1,379,273		1,370,342	1,382,722
Bengal Debt Merger Sub LLC (c)	Beverage, Food & Tobacco	Third Out Term Loan	Loan	3M USD SOFR+	1.00%	0.50	%		4.83	%	1/24/2030		413,076		191,766	155,729
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+	2.25%	0.00	%		5.94	%	1/22/2031		1,404,347		1,402,218	1,407,226
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+	2.25%	0.50	%		5.94	%	12/13/2029		481,462		474,943	482,487
Boxer Parent Company, Inc.	High Tech Industries	Term Loan	Loan	3M USD SOFR+	2.75%	0.00	%		6.51	%	7/30/2031		994,604		991,476	941,243
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+	2.50%	0.00	%		6.19	%	6/13/2031		2,856,004		2,854,803	2,811,736
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+	2.00%	0.00	%		5.71	%	1/27/2031		1,418,735		1,418,735	1,418,508
Brookfield Property REIT Inc.	Banking, Finance, Insurance & Real Estate	GGP/Brookfield Retail 4/26 Term Loan B	Loan	1M USD SOFR+	3.00%	0.00	%		6.69	%	5/28/2030		1,721,912		1,755,487	1,721,379
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	3M USD SOFR+	2.25%	0.00	%		6.01	%	7/1/2031		485,143		477,591	486,880
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B-7 (10/25)	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	11/22/2032		1,130,560		1,128,644	1,132,968
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+	3.50%	0.50	%		7.30	%	3/31/2028		2,375,000		2,368,436	2,380,938
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+	2.50%	0.75	%		6.30	%	6/5/2028		2,337,859		2,257,339	2,255,403
CAPSTONE BORROWER INC	Services: Business	Term Loan B	Loan	3M USD SOFR+	2.75%	0.00	%		6.48	%	6/17/2030		859,579		851,803	846,840

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

August\n31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR Floor	Current Rate (All In)		Maturity Date		Principal/ Number of Shares		Cost		Fair Value
CareerBuilder, LLC (c)	Services: Business	Term Loan B3	Loan	1M USD SOFR+	2.50%	0.00	%		6.58	%	7/31/2026		-		597,917	-
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B1	Loan	3M USD SOFR+	4.25%	0.00	%		8.33	%	5/31/2030		1,730,489		1,263,033	844,911
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	2.00%	0.50	%		5.69	%	1/23/2032		239,003		238,865	238,525
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	5.25%	0.75	%		9.02	%	5/27/2032		650,351		396,270	453,295
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+	3.25%	0.00	%		6.98	%	7/6/2029		975,131		960,745	489,194
Charlotte Buyer, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.50%	0.50	%		8.14	%	6/30/2031		1,455,384		1,406,190	1,458,615
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B4 (10/25)	Loan	1M USD SOFR+	3.50%	0.00	%		7.19	%	10/15/2032		2,339,963		2,316,926	2,345,088
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	3/17/2028		473,750		473,596	472,566
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B (5/26)	Loan	1M USD SOFR+	2.50%	0.00	%		6.19	%	5/19/2033		1,911,084		1,877,557	1,914,677
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+	2.50%	0.00	%		6.19	%	5/6/2030		963,856		961,218	966,506
Cloud Software Group Inc	High Tech Industries	Term Loan B	Loan	3M USD SOFR+	3.25%	0.00	%		6.98	%	3/21/2031		492,525		492,341	469,992
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+	3.18%	0.50	%		6.86	%	4/13/2029		1,220,000		1,206,224	1,217,633
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+	4.50%	0.50	%		8.19	%	9/27/2029		2,822,531		2,777,400	2,837,716
Corelogic, Inc.	Services: Business	Term Loan B (07/26)	Loan	1M USD SOFR+	4.25%	0.00	%		7.94	%	7/25/2031		2,381,250		2,378,595	2,331,387
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (7/25)	Loan	1M USD SOFR+	2.50%	0.00	%		6.19	%	10/1/2031		1,556,452		1,550,009	1,558,787
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	1M USD SOFR+	2.25%	0.50	%		5.94	%	2/19/2029		750,000		737,265	753,345
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B4 (07/25)	Loan	1M USD SOFR+	2.75%	0.00	%		6.44	%	10/31/2031		479,017		478,303	465,844
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B (01/26)	Loan	1M USD SOFR+	3.00%	0.75	%		6.69	%	1/30/2031		2,376,000		2,359,968	2,388,617
Dave & Buster's Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	3M USD SOFR+	3.25%	0.50	%		7.06	%	6/29/2029		762,038		743,396	624,711
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (5/26)	Loan	1M USD SOFR+	3.00%	0.50	%		6.73	%	5/17/2032		4,831,579		4,773,499	4,847,668
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	2.75%	0.50	%		6.39	%	11/1/2030		611,015		605,056	614,071
DexKo Global, Inc. (Dragon Merger) (c)	Automotive	Dexko Global 3/26 (USD) Term Loan B	Loan	3M USD SOFR+	4.50%	0.00	%		8.32	%	10/3/2031		967,200		965,979	932,623
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan B (07/26)	Loan	3M USD SOFR+	4.50%	0.75	%		8.32	%	8/2/2029		2,472,250		2,463,608	2,487,899
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	3.75%	0.50	%		7.48	%	10/4/2029		1,451,947		1,391,117	1,445,239
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+	5.50%	0.75	%		9.35	%	11/30/2028		2,812,589		2,786,990	2,253,587
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	3M USD SOFR+	5.25%	0.50	%		9.22	%	12/15/2028		3,832,400		3,766,484	3,640,780

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

August\n31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR Floor	Current Rate (All In)		Maturity Date		Principal/ Number of Shares		Cost		Fair Value
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	1M USD SOFR+	3.50%	0.00	%		7.19	%	6/26/2031		6,178,900		6,161,542	6,007,065
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.50%	0.50	%		6.19	%	1/31/2030		1,704,673		1,704,673	1,706,275
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	2.25%	0.50	%		5.94	%	6/13/2033		932,250		918,038	932,250
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+	4.25%	1.00	%		8.08	%	4/11/2031		1,299,175		1,285,157	608,442
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+	3.00%	0.50	%		6.69	%	8/16/2030		955,506		954,426	842,938
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+	3.75%	0.50	%		7.58	%	11/23/2028		1,915,000		1,915,000	1,874,306
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+	3.00%	0.50	%		6.73	%	3/30/2029		2,123,456		2,101,999	1,805,999
Emrld Borrower LP	Capital Equipment	Term Loan B (04/23)	Loan	1M USD SOFR+	2.25%	0.00	%		5.94	%	5/31/2030		975,150		972,443	977,461
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	3.75%	0.50	%		7.44	%	4/23/2031		1,965,000		1,950,799	1,969,087
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B6	Loan	3M USD SOFR+	2.25%	0.00	%		5.98	%	10/31/2029		1,457,889		1,449,353	1,457,175
Equiniti Group PLC	Services: Business	Term Loan	Loan	6M USD SOFR+	3.75%	0.50	%		7.60	%	12/10/2031		955,554		951,097	954,656
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+	2.25%	0.50	%		5.94	%	10/30/2030		1,125,000		1,113,898	1,123,594
Examworks Bidco Inc	Healthcare & Pharmaceuticals	ExamWorks/Electron 1/26 TL	Loan	1M USD SOFR+	2.50%	0.50	%		6.19	%	2/6/2033		483,844		483,281	485,576
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	Second Refinancing Term Loan (8/25)	Loan	1M USD SOFR+	2.75%	0.00	%		6.44	%	2/12/2031		490,059		486,739	485,159
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (07/25)	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	6/27/2029		2,760,723		2,760,133	2,759,950
First Brands Group, LLC (b) (c)	Automotive	1st Lien Term Loan (3/21)	Loan	1M USD SOFR+	0.00%	1.00	%		3.71	%	3/30/2027		57,237		57,154	27
First Brands Group, LLC (b) (c)	Automotive	1st Lien Term Loan (3/21)	Loan	1M USD SOFR+	0.00%	1.00	%		0.00	%	3/30/2027		1,346,904		40,386	242
First Brands Group, LLC (b) (c)	Automotive	New Money DIP Term Loan A (10/25)	Loan	1M USD SOFR+	0.00%	1.00	%		0.00	%	7/31/2026		1,581,855		1,581,916	224,101
First Brands Group, LLC (b) (c)	Automotive	Roll-Up DIP Term Loan B (10/25)	Loan	1M USD SOFR+	0.00%	1.00	%		0.00	%	7/31/2026		3,569,559		3,569,559	214
First Student Bidco Inc.	Transportation: Consumer	Term Loan	Loan	3M USD SOFR+	2.25%	0.00	%		5.98	%	8/15/2030		781,647		779,611	781,647
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+	4.50%	1.00	%		8.19	%	2/5/2029		1,173,000		1,154,031	1,175,346
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD SOFR+	1.75%	0.50	%		5.48	%	11/29/2030		3,656,250		3,650,226	3,580,090
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+	2.25%	0.00	%		5.94	%	4/25/2031		4,167,422		4,165,101	3,959,051
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B4 (10/24)	Loan	6M USD SOFR+	2.25%	0.00	%		6.20	%	9/30/2031		1,891,063		1,891,894	1,881,607
Garrett LX III S.a r.l.	Automotive	Term Loan (1/25)	Loan	3M USD SOFR+	1.75%	0.50	%		5.57	%	1/30/2032		1,223,319		1,221,273	1,221,276
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+	1.75%	0.00	%		5.48	%	4/10/2031		1,473,750		1,468,574	1,471,687
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	GIP Pilot 5/26 Cov-Lite	Loan	3M USD SOFR+	2.00%	0.00	%		5.72	%	5/19/2033		301,391		299,770	302,144
Global Tel*Link Corporation	Telecommunications	Term Loan (6/24)	Loan	1M USD SOFR+	7.50%	3.00	%		11.19	%	7/31/2029		4,693,780		4,645,832	4,740,718

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

August\n31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR Floor	Current Rate (All In)		Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	5/30/2031		926,057		926,057	913,129
GOLDEN WEST PACKAGING GROUP LLC (c)	Forest Products & Paper	Term Loan B1 (06/25)	Loan	3M USD SOFR+	5.25%	0.75	%		9.33	%	6/27/2031		1,750,000		1,744,741	1,102,500
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	3M USD SOFR+	4.75%	0.00	%		8.69	%	4/28/2028		1,693,820		1,656,614	441,105
Great Outdoors Group, LLC	Retail	Term Loan (1/25)	Loan	1M USD SOFR+	3.25%	0.75	%		6.94	%	1/20/2032		945,840		944,458	949,557
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Term Loan B (5/24)	Loan	1M USD SOFR+	2.25%	0.00	%		5.94	%	2/25/2030		2,329,068		2,329,068	2,336,498
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	3M USD SOFR+	3.75%	0.00	%		7.57	%	6/30/2028		2,051,410		2,024,252	1,128,275
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan (7/26)	Loan	1M USD SOFR+	2.00%	0.00	%		5.66	%	7/22/2033		2,660,665		2,660,665	2,659,920
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+	1.75%	0.00	%		5.42	%	11/8/2030		1,500,000		1,498,183	1,503,375
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+	3.75%	0.75	%		7.55	%	11/17/2028		2,088,475		2,085,789	2,091,086
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Hudson River 1/26	Loan	1M USD SOFR+	2.50%	0.00	%		6.16	%	3/18/2030		5,689,037		5,628,281	5,678,398
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B (1/25)	Loan	3M USD SOFR+	3.00%	0.00	%		6.73	%	1/19/2032		2,199,159		2,040,495	2,201,446
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+	2.75%	0.50	%		6.44	%	2/15/2031		2,932,986		2,924,617	2,775,338
Idera, Inc.	High Tech Industries	Term Loan (06/24)	Loan	3M USD SOFR+	3.50%	0.75	%		7.31	%	3/2/2028		4,654,531		4,653,244	4,040,413
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+	3.75%	0.00	%		7.54	%	3/14/2030		485,000		482,065	383,354
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+	3.25%	0.00	%		6.94	%	2/19/2030		975,131		969,518	919,549
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.25%	0.00	%		8.04	%	4/2/2029		2,653,789		2,622,489	2,214,799
Ingram Micro Inc.	Wholesale	Term Loan B (6/25)	Loan	3M USD SOFR+	2.25%	0.00	%		5.93	%	9/19/2031		450,298		448,282	451,986
Inmar, Inc.	Services: Business	Term Loan B (06/25)	Loan	3M USD SOFR+	4.50%	0.50	%		8.32	%	10/30/2031		3,250,440		3,209,928	2,906,446
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+	4.25%	0.00	%		8.05	%	3/16/2029		468,750		467,587	465,234
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B (11/25)	Loan	1M USD SOFR+	2.50%	0.50	%		6.19	%	12/16/2030		421,994		420,246	423,268
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	1M USD SOFR+	7.50%	0.00	%		11.24	%	4/13/2028		1,542,521		1,328,496	169,677
Isolved Inc.	Services: Business	Infinisource/iSolved 7/25 Cov-lite TL B	Loan	1M USD SOFR+	2.75%	0.00	%		6.44	%	10/15/2030		611,043		606,925	591,948
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B (11/24)	Loan	3M USD SOFR+	3.75%	0.75	%		7.57	%	3/1/2028		2,851,463		2,831,879	2,837,205
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+	7.00%	1.00	%		10.73	%	9/30/2030		232,011		232,011	185,609
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan (9/25)	Loan	3M USD SOFR+	5.50%	0.00	%		9.23	%	3/30/2031		1,103,261		598,594	551,630
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+	2.50%	0.50	%		6.19	%	4/10/2030		970,268		952,972	971,238

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

August\n31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR Floor	Current Rate (All In)		Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Lakeland Tours, LLC (c)	Hotel, Gaming & Leisure	Term Loan A PIK	Loan	Fixed	0.00%	0.00	%		8.00	%	3/31/2030		529,519		529,519	105,904
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan B (9/25)	Loan	3M USD SOFR+	3.75%	0.75	%		7.48	%	3/29/2029		2,474,759		2,436,306	2,445,879
MAGNITE, INC.	Services: Business	Term Loan B	Loan	1M USD SOFR+	3.00%	0.00	%		6.69	%	2/6/2031		3,193,348		3,171,433	3,192,550
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+	2.25%	0.00	%		5.94	%	4/1/2031		1,290,732		1,290,732	1,294,359
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+	5.00%	0.50	%		8.73	%	10/3/2030		1,955,000		1,866,807	1,840,398
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+	2.50%	0.50	%		6.19	%	8/6/2031		565,552		562,896	567,831
Michaels Companies Inc	Retail	Term Loan B (3/26)	Loan	3M USD SOFR+	5.00%	0.00	%		8.73	%	2/22/2033		2,392,299		2,339,947	2,388,567
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+	2.75%	0.00	%		6.44	%	3/28/2031		485,348		483,734	479,281
Moneygram International, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+	4.75%	0.50	%		8.39	%	6/3/2030		2,919,056		2,666,834	2,097,751
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	First-Out Term Loan (01/25)	Loan	3M USD SOFR+	3.75%	0.50	%		7.57	%	12/31/2030		311,666		288,264	312,641
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan B (2/25)	Loan	3M USD SOFR+	2.50%	0.50	%		6.23	%	11/24/2028		2,866,606		2,865,479	2,641,263
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan (3/25)	Loan	1M USD SOFR+	5.50%	0.00	%		9.19	%	3/25/2030		3,167,669		3,090,953	3,195,386
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+	6.00%	0.00	%		9.69	%	12/12/2030		2,740,058		2,714,728	2,765,513
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD SOFR+	7.50%	1.00	%		11.33	%	11/20/2026		2,317,073		2,317,609	1,621,951
Nielsen Consumer Inc.	Services: Business	Term Loan (08/25)	Loan	1M USD SOFR+	2.25%	0.50	%		5.94	%	10/31/2030		2,143,747		2,143,028	2,133,028
NortonLifeLock Inc.	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+	1.75%	0.50	%		5.44	%	9/12/2029		947,500		945,671	942,762
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	AkzoNobel Specialty Chemicals (Starfruit) 6/26 (USD) Term Loan B	Loan	3M USD SOFR+	3.50%	0.00	%		7.23	%	7/31/2031		417,389		415,855	418,825
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+	5.00%	0.75	%		8.88	%	12/22/2028		1,915,000		1,909,563	1,371,963
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+	1.75%	0.50	%		5.44	%	1/31/2030		642,897		632,032	639,882
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+	3.50%	0.50	%		7.19	%	5/2/2030		458,036		452,381	461,279
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+	2.25%	0.00	%		5.91	%	3/17/2031		1,173,150		1,172,918	1,174,452
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+	4.75%	0.50	%		8.74	%	7/6/2028		920,682		917,767	897,665
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+	5.75%	0.50	%		9.51	%	8/1/2029		2,902,157		2,679,152	2,270,938
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+	2.00%	0.00	%		5.69	%	7/18/2031		778,600		778,570	778,452

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

August\n31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR Floor	Current Rate (All In)		Maturity Date		Principal/ Number of Shares		Cost		Fair Value
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+	3.25%	0.50	%		7.07	%	2/28/2029		958,169		957,875	876,006
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan B (5/26)	Loan	3M USD SOFR+	5.00%	0.00	%		8.76	%	12/29/2031		1,440,869		1,439,109	1,404,400
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+	2.00%	0.50	%		5.69	%	5/28/2033		960,000		958,256	958,637
Phoenix Guarantor Inc.	Healthcare & Pharmaceuticals	Term Loan B-6	Loan	1M USD SOFR+	2.00%	0.00	%		5.69	%	2/21/2031		865,523		865,523	866,414
PHYSICIAN PARTNERS, LLC (c)	Healthcare & Pharmaceuticals	Term Loan B1 (1/25)	Loan	3M USD SOFR+	1.50%	0.00	%		5.32	%	12/31/2029		650,691		645,904	652,968
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+	2.75%	0.00	%		6.55	%	3/13/2028		4,263,750		4,261,786	4,159,842
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan (07/25)	Loan	3M USD SOFR+	2.75%	0.00	%		6.57	%	11/3/2031		476,561		475,724	473,883
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+	4.75%	0.75	%		8.55	%	2/12/2028		3,942,289		3,936,587	2,366,596
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+	3.25%	0.50	%		6.94	%	12/15/2028		2,873,609		2,864,434	2,706,136
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B	Loan	1M USD SOFR+	2.00%	0.00	%		5.66	%	10/13/2030		1,759,565		1,748,304	1,759,020
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (07/25)	Loan	1M USD SOFR+	3.75%	0.50	%		7.44	%	7/30/2032		2,830,585		2,818,043	2,789,910
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+	5.25%	0.50	%		9.17	%	7/20/2029		965,000		931,256	575,787
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+	4.75%	0.00	%		8.44	%	3/15/2030		195,701		195,514	196,108
Quartz AcquireCo, LLC	High Tech Industries	Term Loan (2/25)	Loan	3M USD SOFR+	2.25%	0.00	%		5.98	%	6/28/2030		1,216,234		1,210,341	1,058,731
Quikrete Holdings, Inc.	Construction & Building	Term Loan (2/25)	Loan	1M USD SOFR+	2.25%	0.00	%		5.94	%	4/14/2031		977,613		976,178	978,786
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+	2.75%	0.75	%		6.52	%	5/15/2028		2,008,367		1,445,910	1,748,665
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+	6.25%	0.75	%		10.02	%	5/15/2028		538,644		536,105	544,369
RAND PARENT LLC	Transportation: Cargo	Term Loan B (06/26)	Loan	3M USD SOFR+	3.00%	0.00	%		6.73	%	3/18/2030		2,419,560		2,368,821	2,427,424
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	3M USD SOFR+	3.00%	0.50	%		6.99	%	4/24/2028		952,500		952,500	937,117
Rent-A-Center, Inc.	Retail	Term Loan B (08/25)	Loan	3M USD SOFR+	2.75%	0.50	%		6.48	%	8/13/2032		1,816,365		1,798,535	1,816,365
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan (07/24)	Loan	3M USD SOFR+	5.00%	1.00	%		8.90	%	7/15/2028		333,630		331,291	313,055
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Second-Out Term Loan	Loan	3M USD SOFR+	5.76%	1.00	%		9.48	%	10/15/2028		2,843,898		2,770,933	1,123,340

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

August\n31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR Floor	Current Rate (All In)		Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Resolute Investment Managers (American Beacon), Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+	6.50%	1.00	%		10.49	%	10/30/2028		1,938,143		1,938,143	1,775,823
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+	2.50%	0.50	%		6.30	%	10/20/2028		3,339,718		3,338,278	3,280,505
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan B (2/25)	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	3/4/2032		931,115		931,115	933,610
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/24)	Loan	1M USD SOFR+	2.00%	0.00	%		5.69	%	9/15/2031		1,434,094		1,428,248	1,432,302
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+	5.00%	0.50	%		8.79	%	3/10/2028		2,371,131		2,354,160	2,371,131
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	2/28/2030		268,750		267,589	269,422
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+	3.00%	0.50	%		6.75	%	4/4/2029		483,881		483,595	436,906
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+	2.50%	0.00	%		6.19	%	7/31/2031		970,293		965,571	969,934
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+	1.75%	0.00	%		5.48	%	11/5/2028		350,000		349,786	351,166
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	3M USD SOFR+	3.75%	0.50	%		7.71	%	8/28/2028		-		7,023	-
SiteOne Landscape Supply, LLC	Services: Business	Term Loan B (06/24)	Loan	1M USD SOFR+	1.75%	0.50	%		5.40	%	3/23/2030		1,238,796		1,235,959	1,241,893
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+	3.00%	0.00	%		6.69	%	4/2/2029		502,712		500,999	504,285
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+	3.00%	0.00	%		6.66	%	8/2/2030		1,910,000		1,907,807	1,911,433
SRAM, LLC	Consumer goods: Durable	Term Loan (02/25)	Loan	1M USD SOFR+	2.00%	0.00	%		5.69	%	2/23/2032		2,235,055		2,234,504	2,234,116
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+	1.75%	0.50	%		5.41	%	9/22/2028		195,250		194,861	195,150
Staples, Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+	5.75%	0.50	%		9.56	%	9/4/2029		4,199,276		4,161,999	3,930,019
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+	3.50%	0.00	%		7.23	%	9/27/2030		1,080,534		1,070,006	1,086,801
Storable, Inc	High Tech Industries	Term Loan B (3/25)	Loan	1M USD SOFR+	3.25%	0.00	%		6.94	%	4/16/2031		478,938		478,905	401,412
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Superannuation and Investments/CFS 1/26 TL	Loan	1M USD SOFR+	2.50%	0.50	%		6.19	%	12/1/2028		935,132		931,769	937,863
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+	3.50%	0.00	%		7.19	%	3/27/2031		488,813		485,227	490,313
Sweetwater Borrower, LLC	Retail	Term Loan B (08/26)	Loan	1M USD SOFR+	3.25%	0.00	%		6.94	%	2/17/2033		1,852,074		1,814,081	1,859,019
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+	4.00%	0.75	%		8.08	%	4/24/2028		2,382,444		2,382,402	1,924,681
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan B (6/24)	Loan	3M USD SOFR+	4.75%	0.50	%		8.48	%	4/2/2029		965,258		960,790	884,417
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+	2.75%	0.50	%		6.60	%	7/7/2028		955,000		954,843	952,613
Thor Industries, Inc.	Automotive	Term Loan B (06/24)	Loan	1M USD SOFR+	2.25%	0.00	%		5.94	%	11/15/2030		94,142		93,553	93,906
Torrid LLC	Wholesale	Term Loan 5/21	Loan	6M USD SOFR+	5.50%	0.75	%		9.80	%	6/14/2028		2,829,452		2,658,850	1,194,651

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

August\n31, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR Floor	Current Rate (All In)		Maturity Date		Principal/ Number of Shares		Cost		Fair Value
Tosca Services, LLC (c)	Containers, Packaging & Glass	Term Loan A (08/24)	Loan	3M USD SOFR+	5.50%	1.50	%		9.23	%	11/30/2028		80,509			79,712		80,686
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B9 (11/24)	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	6/24/2031		596,897			596,672		596,014
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+	4.00%	0.75	%		7.79	%	11/2/2027		920,411			919,334		856,903
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (05/24)	Loan	1M USD SOFR+	3.50%	0.50	%		7.30	%	1/31/2029		2,367,288			2,367,288		2,352,491
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+	4.25%	0.50	%		7.98	%	6/25/2029		240,000			236,532		240,199
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+	5.00%	0.75	%		8.88	%	1/22/2029		2,259,320			2,228,853		2,035,806
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Extended Term Loan (07/24)	Loan	3M USD SOFR+	7.75%	1.00	%		11.50	%	6/15/2030		1,239,911			1,239,784		1,228,541
Verifone Systems, Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (03/25)	Loan	3M USD SOFR+	5.50%	0.00	%		9.58	%	8/18/2028		1,182,785			1,182,574		1,133,995
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+	2.00%	0.75	%		5.69	%	12/6/2030		936,596			935,558		937,767
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+	4.50%	0.50	%		8.27	%	3/5/2029		2,892,066			2,859,175		2,912,109
WeddingWire, Inc. (c)	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+	6.25%	0.00	%		9.91	%	7/31/2030		4,772,588			4,772,589		3,372,645
WEX Inc.	Services: Business	Term Loan B (11/24)	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	3/31/2028		2,852,112			2,850,471		2,850,343
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Term Loan B (02/25)	Loan	1M USD SOFR+	2.75%	0.00	%		6.44	%	8/1/2030		487,587			487,587		489,070
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+	1.75%	0.00	%		5.44	%	5/24/2030		972,650			969,908		974,595
Xperi Corporation	High Tech Industries	Term Loan (1/25)	Loan	1M USD SOFR+	2.50%	0.00	%		6.19	%	6/8/2028		1,362,743			1,362,717		1,362,743
Zayo Group, LLC (c)	Telecommunications	Term Loan (09/25)	Loan	1M USD SOFR+	3.00%	0.00	%		6.80	%	3/11/2030		366,098			363,332		366,460
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	3M USD SOFR+	3.00%	0.50	%		6.75	%	11/1/2030		1,829,108			1,824,085		1,836,497
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+	2.25%	0.00	%		5.94	%	1/24/2031		1,421,313			1,420,808		1,419,536
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+	5.25%	0.00	%		9.09	%	2/8/2028		1,930,000			1,898,133		1,903,463
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+	1.93%	0.50	%		5.71	%	1/29/2029		477,500			477,500		477,500
TOTAL INVESTMENTS															$	333,443,020	$	307,144,422

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Number of Shares		Cost			Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)		15,698,797		$	15,698,797		$	15,698,797
Total cash and cash equivalents		15,698,797		$	15,698,797		$	15,698,797

\n\n

(a)

Included within cash and cash equivalents in Saratoga CLO's Statements of Assets and Liabilities as of August 31, 2026.

\n\n

(b)

As of August 31, 2026, the investment was in default and on non-accrual status.

\n\n

(c)

Investments include Payment-in-Kind Interest.

\n\n

(d)

All or a portion of this investment has an unfunded commitment as of August 31, 2026.

SOFR\n- Secured Overnight Financing Rate

1M\nSOFR - The 1-month SOFR rate as of August 31, 2026 was 3.71%.

3M\nSOFR - The 3-month SOFR rate as of August 31, 2026 was 3.80%.

6M\nSOFR - The 6-month SOFR rate as of August 31, 2026 was 3.94%.

Prime\n- The Prime Rate as of August 31, 2026 was 6.75%.

See accompanying notes to financial statements.

Saratoga Investment Corp.\nCLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(unaudited)

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)		Maturity Date	Principal/ Number of Shares		Cost	Fair Value
ALTISOURCE PORTFOLIO SOL	Banking, Finance, Insurance & Real Estate	Common Stock	Equity										37,028	$	216,246	$	282,156
Altisource Portfolio Solutions - CS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										990		3,736		330
Altisource Portfolio Solutions - NS Warrant	Banking, Finance, Insurance & Real Estate	Warrants	Equity										990		3,129		426
Instant Brands Litigation Trust	Consumer Goods: Durable	Equity Interests	Equity										82,384		66,525		500,000
Isagenix International, LLC	Beverage, Food & Tobacco	Common Stock	Equity										86,398		-		-
JP Intermediate B, LLC	Consumer goods: Non-durable	Common Stock	Equity										9,319		-		-
Resolute Investment Managers (American Beacon), Inc.	Banking, Finance, Insurance & Real Estate	Common Stock	Equity										24,320		1,034,581		48,640
1011778 B.C Unltd Liability Co	Beverage, Food & Tobacco	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	9/20/2030	$	1,361,428		1,347,552		1,359,154
19TH HOLDINGS GOLF, LLC	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.02	%	2/7/2029		2,423,420		2,366,682		2,412,830
888 Acquisitions Limited	Hotel, Gaming & Leisure	Term Loan B	Loan	6M USD SOFR+ 5.25%		0.00	%		9.05	%	7/8/2028		3,005,629		2,830,391		2,806,506
Adtalem Global Education Inc.	Services: Business	Term Loan B (08/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		6.42	%	8/12/2028		237,528		236,609		237,331
Agiliti Health Inc.	Healthcare & Pharmaceuticals	Term Loan B (03/23)	Loan	6M USD SOFR+ 3.00%		0.00	%		6.58	%	5/1/2030		2,132,332		2,121,217		2,031,110
AHEAD DB Holdings, LLC	Services: Business	Term Loan B3 (07/24)	Loan	3M USD SOFR+ 2.50%		0.75	%		6.17	%	2/1/2031		2,866,735		2,817,968		2,785,205
Air Canada	Transportation: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.47	%	3/21/2031		982,500		980,765		980,289
AIT Worldwide Logistics Holdings, Inc.	Transportation: Cargo	Term Loan B (01/25)	Loan	1M USD SOFR+ 4.00%		0.75	%		7.67	%	4/8/2030		2,431,139		2,337,505		2,421,634
AlixPartners, LLP	Banking, Finance, Insurance & Real Estate	Term Loan (08/25)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	8/12/2032		239,374		239,374		235,585
Allen Media, LLC	Media: Diversified & Production	Term Loan (7/21)	Loan	3M USD SOFR+ 5.50%		0.00	%		9.32	%	2/10/2027		4,258,657		4,252,679		2,516,866
Alliant Holdings Intermediate, LLC	Banking, Finance, Insurance & Real Estate	Term Loan (8/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	9/19/2031		789,061		789,061		769,879
Alterra Mountain Company (Intrawest Resort Holdings)	Hotel, Gaming & Leisure	Term Loan B8 (07/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	5/31/2030		247,508		247,508		247,508
Altisource Solutions S.a r.l.	Banking, Finance, Insurance & Real Estate	Term Loan (Specified) B	Loan	3M USD SOFR+ 6.50%		3.50	%		10.27	%	2/20/2029		496,248		486,595		496,248
Altium Packaging LLC	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/11/2031		477,725		476,870		460,207
American Axle & Manufacturing Inc.	Automotive	Term Loan (12/22)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.66	%	12/13/2029		480,000		471,250		478,800
American Greetings Corporation	Media: Advertising, Printing & Publishing	Term Loan B (04/24)	Loan	1M USD SOFR+ 5.75%		0.00	%		9.42	%	10/30/2029		2,852,238		2,851,373		2,845,108
Amynta Agency Borrower Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	12/29/2031		3,390,033		3,332,526		3,278,637
APEX GROUP TREASURY LLC	Banking, Finance, Insurance & Real Estate	Term Loan (2/25)	Loan	3M USD SOFR+ 3.50%		0.00	%		7.17	%	2/27/2032		486,362		467,586		430,431
Aramark Services, Inc.	Services: Consumer	Term Loan B-10 (12/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/24/2030		2,230,663		2,209,788		2,232,515
Aramark Services, Inc.	Services: Consumer	Term Loan (08/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	4/6/2028		1,753,715		1,751,257		1,754,820
ARC FALCON I INC.	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.50%		0.50	%		7.27	%	9/23/2028		961,274		960,627		957,938
ARCIS GOLF LLC	Services: Consumer	Term Loan B (01/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	11/24/2028		489,544		486,712		490,919
Aretec Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	8/9/2030		2,603,226		2,592,314		2,509,223
Ascensus Group Holdings, Inc	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	11/24/2032		490,842		488,123		478,978
Aspire Bakeries Holdings, LLC	Beverage, Food & Tobacco	Term Loan (12/25)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	12/23/2030		886,545		880,042		887,653
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B10	Loan	1M USD SOFR+ 4.00%		0.00	%		7.77	%	8/19/2028		1,935,000		1,887,506		1,932,581
Asurion, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B12	Loan	1M USD SOFR+ 4.25%		0.00	%		7.92	%	9/19/2030		2,882,984		2,880,325		2,874,335
ATHENAHEALTH GROUP INC.	Healthcare & Pharmaceuticals	Term Loan B (2/22)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	2/15/2029		1,294,020		1,291,768		1,258,435
Avolon TLB Borrower 1 (US) LLC	Capital Equipment	Term Loan B6	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/22/2030		1,457,896		1,427,348		1,462,196
Axalta Coating Systems US Holdings	Chemicals, Plastics, & Rubber	Term Loan B (11/24)	Loan	3M USD SOFR+ 1.75%		0.50	%		5.42	%	12/20/2029		725,038		720,887		724,675

Saratoga Investment Corp.\nCLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

(unaudited)

\n\n

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)		Maturity Date	Principal/ Number of Shares	Cost	Fair Value
B&G Foods, Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	10/10/2029	526,951		525,719	495,334
Baldwin Insurance Group Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B2	Loan	1M USD SOFR+ 2.50%		0.00	%		6.16	%	5/27/2031	1,623,917		1,615,529	1,590,091
Belfor Holdings Inc.	Services: Consumer	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	11/4/2030	1,386,385		1,376,720	1,388,118
Bengal Debt Merger Sub LLC (c)	Beverage, Food & Tobacco	Third Out Term Loan	Loan	3M USD SOFR+ 1.00%		0.50	%		4.77	%	1/24/2030	402,884		165,333	84,831
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	1/22/2031	1,411,439		1,408,828	1,411,877
Bombardier Recreational Products, Inc.	Consumer goods: Durable	Term Loan B3	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	12/13/2029	483,893		476,456	485,224
Boxer Parent Company, Inc.	High Tech Industries	Term Loan	Loan	3M USD SOFR+ 3.00%		0.00	%		6.82	%	7/30/2031	999,640		996,144	917,849
BroadStreet Partners, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B-4	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/16/2031	2,868,890		2,867,506	2,739,503
Brookfield WEC Holdings Inc.	Energy: Electricity	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	1/27/2031	1,425,973		1,425,973	1,421,267
Brookfield Property REIT Inc.	Banking, Finance, Insurance & Real Estate	Term Loan B (05/25)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	5/16/2030	1,730,609		1,764,353	1,733,084
BROWN GROUP HOLDING, LLC	Aerospace & Defense	Term Loan B-2	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	7/1/2031	486,359		478,134	487,060
Buckeye Partners, L.P.	Utilities: Oil & Gas	Term Loan B-7 (10/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	11/22/2032	1,136,241		1,133,991	1,138,604
BW Gas & Convenience Holdings LLC	Beverage, Food & Tobacco	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	3/31/2028	2,387,500		2,378,891	2,378,547
Callaway Golf Company	Retail	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	3/16/2030	76,620		76,101	76,907
Camping World, Inc.	Retail	Term Loan B (5/21)	Loan	1M USD SOFR+ 2.50%		0.75	%		6.29	%	6/5/2028	2,350,518		2,247,033	2,292,742
CAPSTONE BORROWER INC	Services: Business	Term Loan B	Loan	3M USD SOFR+ 2.75%		0.00	%		6.42	%	6/17/2030	863,942		855,298	765,306
CareerBuilder, LLC (c)	Services: Business	Term Loan B3	Loan	1M USD SOFR+ 2.50%		0.00	%		6.58	%	7/31/2026	-		380,369	-
Castle US Holding Corporation	Media: Advertising, Printing & Publishing	Term Loan B1	Loan	3M USD SOFR+ 4.25%		0.00	%		8.18	%	5/31/2030	1,739,251		1,226,866	832,232
CBL & Associates Limited Partnership	Retail	Term Loan 11/21	Loan	1M USD SOFR+ 2.75%		1.00	%		6.54	%	3/2/2026	1,966,341		1,958,592	1,899,151
CCC Intelligent Solutions Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.50	%		5.67	%	1/23/2032	240,216		240,010	236,538
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.25%		0.50	%		8.17	%	3/6/2028	970,000		948,589	227,950
CCRR Parent, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	3M USD SOFR+ 4.25%		0.75	%		8.33	%	3/6/2028	952,500		951,356	261,147
CDK GLOBAL, INC.	High Tech Industries	Term Loan B (05/24)	Loan	3M USD SOFR+ 3.25%		0.00	%		6.92	%	7/6/2029	980,094		963,358	612,559
Charlotte Buyer, Inc.	Services: Business	Term Loan B (01/25)	Loan	3M USD SOFR+ 4.25%		0.50	%		7.91	%	2/11/2028	1,459,068		1,416,074	1,394,709
Chemours Company, (The)	Chemicals, Plastics, & Rubber	Term Loan B4 (10/25)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	10/15/2032	2,351,722		2,327,364	2,343,491
Churchill Downs Incorporated	Hotel, Gaming & Leisure	Term Loan B1 (3/21)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/17/2028	476,250		475,992	475,955
CIMPRESS PUBLIC LIMITED COMPANY	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	5/17/2028	1,920,736		1,885,068	1,920,736

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

February\n28, 2026

(unaudited)

\n\n

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)		Maturity Date	Principal/ Number of Shares	Cost	Fair Value
CITADEL SECURITIES LP	Banking, Finance, Insurance & Real Estate	Term Loan (10/24)	Loan	3M USD SOFR+ 2.00%		0.00	%		5.67	%	10/31/2031	4,778,621		4,778,621	4,762,708
Clarios Global LP	Automotive	Term Loan B (07/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	5/6/2030	1,185,030		1,181,455	1,180,586
Cloud Software Group Inc	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	3/21/2031	495,013		494,747	458,629
CLYDESDALE ACQUISITION HOLDINGS, INC.	Containers, Packaging & Glass	Term Loan B	Loan	1M USD SOFR+ 3.18%		0.50	%		6.85	%	4/13/2029	1,220,000		1,203,910	1,209,044
Connect Finco SARL	Telecommunications	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.17	%	9/27/2029	2,836,969		2,784,593	2,831,210
Corelogic, Inc.	Services: Business	Term Loan (4/21)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	6/2/2028	2,393,750		2,390,000	2,268,078
Creative Artists Agency, LLC	Media: Diversified & Production	Term Loan B (7/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	10/1/2031	1,564,293		1,557,435	1,558,099
CROCS INC	Consumer goods: Durable	Term Loan B (01/24)	Loan	3M USD SOFR+ 2.25%		0.50	%		5.92	%	2/19/2029	750,000		734,817	752,813
Cross Financial Corp	Banking, Finance, Insurance & Real Estate	Term Loan B4 (07/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	10/31/2031	481,431		480,633	468,793
Crown Subsea Communications Holding, Inc.	Construction & Building	Term Loan B (01/26)	Loan	1M USD SOFR+ 3.00%		0.75	%		6.67	%	1/30/2031	2,376,000		2,358,575	2,377,497
Dave & Buster’s Inc.	Hotel, Gaming & Leisure	Term Loan B (1/24)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.13	%	6/29/2029	762,038		740,571	704,123
Delek US Holdings, Inc.	Utilities: Oil & Gas	Term Loan B (11/22)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.27	%	11/16/2029	5,238,000		5,168,379	5,214,638
Derby Buyer LLC	Chemicals, Plastics, & Rubber	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.66	%	11/1/2030	614,102		607,478	613,844
DexKo Global, Inc. (Dragon Merger)	Automotive	Term Loan (9/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.68	%	10/4/2028	962,500		960,816	957,004
Diamond Sports Group, LLC	Media: Broadcasting & Subscription	1st Priority Term Loan	Loan	1M USD SOFR+ 10.00%		1.00	%		13.77	%	5/25/2026	29,734		29,677	5,947
DIRECTV FINANCING, LLC	Media: Broadcasting & Subscription	Term Loan (1/24)	Loan	3M USD SOFR+ 5.25%		0.75	%		9.18	%	8/2/2029	2,615,800		2,604,745	2,614,989
DISCOVERY PURCHASER CORPORATION	Chemicals, Plastics, & Rubber	Term Loan	Loan	3M USD SOFR+ 3.75%		0.50	%		7.42	%	10/4/2029	1,459,234		1,389,418	1,429,510
DOMTAR CORPORATION	Forest Products & Paper	Term Loan 9/21	Loan	1M USD SOFR+ 5.50%		0.75	%		9.29	%	11/30/2028	2,898,865		2,867,842	2,348,081
DRI HOLDING INC.	Media: Advertising, Printing & Publishing	Term Loan (12/21)	Loan	1M USD SOFR+ 5.25%		0.50	%		9.02	%	12/15/2028	3,852,412		3,773,120	3,772,166
DRW Holdings, LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (06/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	6/17/2031	6,241,950		6,221,653	6,117,111
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	1/31/2030	1,708,945		1,708,945	1,709,663
DTZ U.S. Borrower, LLC	Construction & Building	Term Loan (7/25)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	1/31/2030	932,250		916,770	933,415
Dye & Durham Corporation	Services: Business	Term Loan B (04/24)	Loan	3M USD SOFR+ 4.25%		1.00	%		8.02	%	4/11/2031	1,299,800		1,284,463	1,152,494
EAB Global, Inc.	Services: Business	Term Loan (08/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	8/16/2030	960,394		958,888	861,800
Echo Global Logistics, Inc.	Services: Business	Term Loan	Loan	1M USD SOFR+ 3.75%		0.50	%		7.52	%	11/23/2028	1,925,000		1,924,346	1,896,433
Edelman Financial Group Inc., The	Banking, Finance, Insurance & Real Estate	Term Loan (12/24)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	4/7/2028	2,133,818		2,132,281	2,116,705
Embecta Corp	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	3/30/2029	2,255,886		2,229,506	2,256,112
Emrld Borrower LP	Capital Equipment	Term Loan B (04/23)	Loan	3M USD SOFR+ 2.25%		0.00	%		6.07	%	5/31/2030	980,075		977,113	975,527
Endo Finance Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.50	%		7.42	%	4/23/2031	1,975,000		1,959,230	1,975,494

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

February\n28, 2026

(unaudited)

\n\n

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)		Maturity Date	Principal/ Number of Shares	Cost	Fair Value
Endure Digital, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.50%		0.75	%		7.61	%	2/10/2028	-		9,730	-
Entain Holdings (Gibraltar) Limited	Hotel, Gaming & Leisure	Term Loan B6	Loan	3M USD SOFR+ 2.25%		0.00	%		5.92	%	10/31/2029	1,465,234		1,455,384	1,458,948
Equiniti Group PLC	Services: Business	Term Loan	Loan	6M USD SOFR+ 3.75%		0.50	%		7.55	%	12/10/2031	960,368		955,647	953,367
Evertec Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/23)	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	10/30/2030	1,125,000		1,112,817	1,124,066
Examworks Bidco Inc	Healthcare & Pharmaceuticals	Examworks/Electron 1/26 TL	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	2/6/2033	483,844		483,218	482,837
Fiesta Purchaser, Inc.	Beverage, Food & Tobacco	Second Refinancing Term Loan (8/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	2/12/2031	492,534		488,885	477,143
Finco I LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (07/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/27/2029	2,774,631		2,773,459	2,737,645
First Brands Group, LLC (c)	Automotive	1st Lien Term Loan (3/21)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	3/30/2027	1,404,140		90,412	784
First Brands Group, LLC (c)	Automotive	New Money DIP Term Loan A (10/25)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	6/29/2026	1,597,186		1,459,537	293,483
First Brands Group, LLC (c)	Automotive	Roll-Up DIP Term Loan B (10/25)	Loan	1M USD SOFR+ 0.00%		1.00	%		0.00	%	6/29/2026	3,569,559		2,218,257	7,139
First Student Bidco Inc.	Transportation: Consumer	Term Loan C (01/26)	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	8/15/2030	707,702		705,487	706,379
Fitness International, LLC (LA Fitness)	Services: Consumer	Term Loan B (1/24)	Loan	1M USD SOFR+ 4.50%		1.00	%		8.17	%	2/5/2029	1,179,000		1,156,545	1,181,582
Flutter Financing B.V.	Hotel, Gaming & Leisure	Term Loan	Loan	3M USD SOFR+ 1.75%		0.50	%		5.42	%	11/29/2030	3,675,000		3,668,121	3,610,688
Franklin Square Holdings, L.P.	Banking, Finance, Insurance & Real Estate	Term Loan B (04/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/25/2031	4,188,685		4,184,968	3,790,760
Froneri International (R&R Ice Cream)	Beverage, Food & Tobacco	Term Loan B4 (10/24)	Loan	6M USD SOFR+ 2.25%		0.00	%		5.88	%	9/16/2031	1,900,638		1,901,053	1,853,331
Garrett LX III S.a r.l.	Automotive	Term Loan (1/25)	Loan	3M USD SOFR+ 2.00%		0.50	%		5.67	%	1/20/2032	1,335,471		1,332,852	1,334,910
Genesee & Wyoming, Inc.	Transportation: Cargo	Term Loan B (03/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		5.42	%	4/10/2031	1,481,250		1,475,521	1,478,747
GIP Pilot Acquisition Partners, L.P.	Energy: Oil & Gas	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		5.65	%	10/4/2030	383,422		382,138	383,614
Global Tel*Link Corporation	Telecommunications	Term Loan (6/24)	Loan	1M USD SOFR+ 7.50%		3.00	%		11.17	%	7/31/2029	4,748,790		4,693,939	4,763,654
Go Daddy Operating Company, LLC	High Tech Industries	Term Loan B7	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	5/30/2031	930,782		930,782	896,780
GOLDEN WEST PACKAGING GROUP LLC (c)	Forest Products & Paper	Term Loan B1 (06/25)	Loan	1M USD SOFR+ 5.25%		0.75	%		9.35	%	6/27/2031	1,750,000		1,744,125	1,070,423
GOTO GROUP, INC.	High Tech Industries	Second-Out Term Loan (02/24)	Loan	3M USD SOFR+ 4.75%		0.00	%		8.57	%	4/30/2028	469,651		641,354	143,243
Great Outdoors Group, LLC	Retail	Term Loan (1/25)	Loan	1M USD SOFR+ 3.25%		0.75	%		6.92	%	1/20/2032	950,641		948,924	948,265
Griffon Corporation	Consumer goods: Durable	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	1/24/2029	121,563		121,483	121,866
Grosvenor Capital Management Holdings, LLLP	Banking, Finance, Insurance & Real Estate	Term Loan B (5/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	2/25/2030	2,343,071		2,343,071	2,335,011
Hertz Corporation (The)	Transportation: Consumer	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.00	%		7.42	%	6/30/2028	2,061,930		2,027,902	1,580,820

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

February\n28, 2026

(unaudited)

\n\n

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)		Maturity Date	Principal/ Number of Shares	Cost	Fair Value
Hillman Group Inc. (The) (New)	Consumer goods: Durable	Term Loan B-1 (2/21)	Loan	1M USD SOFR+ 2.00%		0.50	%		5.68	%	7/14/2028	2,678,618		2,678,618	2,674,306
Hilton Domestic Operating Company Inc.	Hotel, Gaming & Leisure	Term Loan B 4	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	11/8/2030	1,500,000		1,497,879	1,504,845
HLF Financing SARL (Herbalife)	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 6.75%		0.50	%		10.42	%	4/12/2029	2,882,670		2,882,597	2,883,708
Holley Purchaser, Inc	Automotive	Term Loan (11/21)	Loan	1M USD SOFR+ 3.75%		0.75	%		7.54	%	11/17/2028	2,163,198		2,159,946	2,149,678
Hudson River Trading LLC	Banking, Finance, Insurance & Real Estate	Hudson River 1/26	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	3/18/2030	5,717,625		5,648,595	5,643,753
Hunter Douglas Inc	Consumer goods: Durable	Term Loan B (1/25)	Loan	3M USD SOFR+ 3.00%		0.00	%		6.67	%	1/19/2032	2,210,322		2,039,275	2,208,023
Hyperion Refinance S.a.r.l.	Banking, Finance, Insurance & Real Estate	Term Loan	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	2/15/2031	2,947,799		2,938,339	2,794,514
Idera, Inc.	High Tech Industries	Term Loan (06/24)	Loan	3M USD SOFR+ 3.50%		0.75	%		7.16	%	3/2/2028	4,678,430		4,676,802	3,719,351
IMA Financial Group, Inc.	Banking, Finance, Insurance & Real Estate	Term Loan (10/21)	Loan	1M USD SOFR+ 3.00%		0.50	%		6.67	%	11/1/2028	2,415,776		2,410,653	2,385,579
INEOS 226 Ltd.	Chemicals, Plastics, & Rubber	Term Loan 3/23	Loan	1M USD SOFR+ 3.75%		0.00	%		7.52	%	3/13/2030	487,500		484,204	379,031
Ineos US Finance LLC	Chemicals, Plastics, & Rubber	Term Loan C	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	2/18/2030	980,094		973,648	820,829
INEOS US PETROCHEM LLC	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.02	%	4/2/2029	2,667,363		2,630,839	2,158,351
Ingram Micro Inc.	Wholesale	Term Loan B (6/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	9/22/2031	450,298		448,093	451,144
Inmar, Inc.	Services: Business	Term Loan B (06/25)	Loan	3M USD SOFR+ 4.50%		0.50	%		8.17	%	10/30/2031	3,266,898		3,222,520	3,177,058
Innophos, Inc.	Chemicals, Plastics, & Rubber	Term Loan B	Loan	1M USD SOFR+ 4.25%		0.00	%		8.04	%	3/16/2029	471,250		469,569	454,521
IRB Holding Corporation	Beverage, Food & Tobacco	Term Loan B (11/25)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	12/16/2030	486,195		483,914	484,119
Isagenix International, LLC (c)	Beverage, Food & Tobacco	Term Loan	Loan	3M USD SOFR+ 2.50%		0.00	%		2.50	%	4/13/2028	1,509,341		1,242,094	75,467
Isolved Inc.	Services: Business	Infinisource/iSolved 7/25 Cov-lite TL B	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	10/15/2030	614,129		609,564	571,527
Jane Street Group	Banking, Finance, Insurance & Real Estate	Term Loan B	Loan	3M USD SOFR+ 2.00%		0.00	%		5.82	%	12/15/2031	3,800,000		3,800,000	3,675,132
Journey Personal Care Corp.	Consumer goods: Non-durable	Term Loan B (11/24)	Loan	1M USD SOFR+ 3.75%		0.75	%		7.42	%	3/1/2028	2,865,975		2,840,446	2,839,694
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan	Loan	3M USD SOFR+ 7.00%		1.00	%		10.67	%	9/30/2030	233,182		233,182	186,546
JP Intermediate B, LLC	Consumer goods: Non-durable	Term Loan (9/25)	Loan	3M USD SOFR+ 5.50%		0.00	%		9.17	%	9/30/2032	1,103,261		571,479	551,630
Koppers Inc	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 2.50%		0.50	%		6.18	%	4/10/2030	975,206		955,785	968,701
Lakeland Tours, LLC (c)	Hotel, Gaming & Leisure	Holdco Fixed Term Loan	Loan	Fixed 0.00%		0.00	%		10.00	%	9/27/2027	1,127,568		818,937	107,119
Latham Pool Products, Inc.	Consumer goods: Durable	Term Loan 2/22	Loan	3M USD SOFR+ 3.75%		0.50	%		7.72	%	2/23/2029	980,422		970,513	974,706
Lifetime Brands, Inc	Consumer goods: Non-durable	Term Loan	Loan	1M USD SOFR+ 5.50%		1.00	%		9.28	%	8/26/2027	1,493,382		1,491,106	1,314,176
LSF11 TRINITY BIDCO INC	Aerospace & Defense	Term Loan (9/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.18	%	6/17/2030	961,092		951,264	960,496
LSF9 Atlantis Holdings, LLC (A Wireless)	Retail	Term Loan B (9/25)	Loan	3M USD SOFR+ 3.75%		0.75	%		7.42	%	3/29/2029	2,539,884		2,494,092	2,528,785
MAGNITE, INC.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	2/6/2031	3,209,517		3,185,690	3,177,422

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

February\n28, 2026

(unaudited)

\n\n

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)		Maturity Date	Principal/ Number of Shares	Cost	Fair Value
Marriott Ownership Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan B (3/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/1/2031	1,297,318		1,297,318	1,294,619
Max US Bidco Inc.	Beverage, Food & Tobacco	Term Loan B	Loan	3M USD SOFR+ 5.00%		0.50	%		8.67	%	10/3/2030	1,965,000		1,867,659	1,611,791
McGraw-Hill Education, Inc.	Media: Advertising, Printing & Publishing	Term Loan B	Loan	1M USD SOFR+ 2.75%		0.50	%		6.42	%	8/6/2031	579,182		576,274	577,282
Michaels Companies Inc	Retail	Term Loan B (Magic Mergeco)	Loan	3M USD SOFR+ 4.25%		0.75	%		8.18	%	4/8/2028	2,392,299		2,385,209	2,387,323
MIWD Holdco II LLC	Construction & Building	Term Loan B2 (03/24)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	3/21/2031	492,525		490,631	488,462
Moneygram International, Inc.	Services: Business	Term Loan B	Loan	1M USD SOFR+ 4.75%		0.50	%		8.41	%	6/1/2030	2,933,988		2,654,564	1,915,483
MPH Acquisition Holdings LLC (Multiplan)	Services: Business	First-Out Term Loan (01/25)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.42	%	12/31/2030	313,244		287,511	308,389
NAB Holdings, LLC (North American Bancard)	Banking, Finance, Insurance & Real Estate	Term Loan B (2/25)	Loan	3M USD SOFR+ 2.50%		0.50	%		6.17	%	11/24/2028	2,881,401		2,879,478	2,661,176
Natgasoline LLC	Chemicals, Plastics, & Rubber	Term Loan (3/25)	Loan	1M USD SOFR+ 5.50%		0.00	%		9.17	%	3/25/2030	3,208,542		3,122,422	3,220,574
National Mentor Holdings, Inc.	Healthcare & Pharmaceuticals	Term Loan B	Loan	1M USD SOFR+ 6.00%		0.00	%		9.67	%	12/5/2030	1,922,848		1,921,097	1,886,198
Next Level Apparel, Inc.	Retail	Term Loan	Loan	3M USD SOFR+ 7.50%		1.00	%		12.89	%	8/9/2026	2,317,073		2,312,037	1,567,894
Nielsen Consumer Inc.	Services: Business	Term Loan (08/25)	Loan	1M USD SOFR+ 2.25%		0.50	%		5.92	%	10/7/2030	2,154,574		2,153,950	2,079,164
NortonLifeLock Inc.	High Tech Industries	Term Loan B (05/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.42	%	9/12/2029	955,000		952,861	928,737
Nouryon Finance B.V.	Chemicals, Plastics, & Rubber	Term Loan B (10/24)	Loan	6M USD SOFR+ 3.25%		0.00	%		7.04	%	4/3/2028	479,041		476,798	478,442
Novae LLC	Automotive	Term Loan B	Loan	3M USD SOFR+ 5.00%		0.75	%		8.82	%	12/22/2028	1,925,000		1,918,692	1,764,590
Olaplex, Inc.	Consumer goods: Non-durable	Term Loan (2/22)	Loan	3M USD SOFR+ 3.50%		0.50	%		7.42	%	2/23/2029	1,319,846		1,288,190	1,290,704
Open Text Corporation	High Tech Industries	Term Loan B (08/23)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.42	%	1/31/2030	838,682		822,775	814,746
Oxbow Carbon, LLC	Metals & Mining	Term Loan B (04/23)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.17	%	5/2/2030	460,397		454,127	459,103
PACIFIC DENTAL SERVICES, LLC	Healthcare & Pharmaceuticals	Term Loan B (02//24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	3/17/2031	1,179,075		1,178,728	1,177,436
Padagis LLC	Healthcare & Pharmaceuticals	Term Loan	Loan	3M USD SOFR+ 4.75%		0.50	%		8.66	%	7/6/2028	930,329		926,455	860,555
PAR PETROLEUM LLC	Energy: Oil & Gas	Term Loan B (12/25)	Loan	3M USD SOFR+ 3.25%		0.50	%		6.95	%	2/28/2030	2,433,760		2,417,597	2,434,272
PATAGONIA HOLDCO LLC	Telecommunications	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		9.41	%	8/1/2029	2,917,234		2,660,957	2,042,063
Pathway Partners Vet Management Company LLC (c)	Consumer goods: Non-durable	Term Loan B (03/25)	Loan	3M USD SOFR+ 5.00%		1.00	%		8.67	%	6/30/2028	-		6,950	-
PCI Gaming Authority	Hotel, Gaming & Leisure	Term Loan	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	7/18/2031	782,573		782,327	780,460
PEARLS (Netherlands) Bidco B.V.	Chemicals, Plastics, & Rubber	USD Term Loan (02/22)	Loan	3M USD SOFR+ 3.25%		0.50	%		6.92	%	2/28/2029	962,978		962,623	798,068
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC	Healthcare & Pharmaceuticals	Term Loan (12/22)	Loan	3M USD SOFR+ 3.25%		0.50	%		7.18	%	12/29/2028	1,444,621		1,442,234	1,391,531

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

February\n28, 2026

(unaudited)

\n\n

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)		Maturity Date	Principal/ Number of Shares	Cost	Fair Value
Penn National Gaming, Inc	Hotel, Gaming & Leisure	Term Loan B	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	5/3/2029	965,000		962,640	966,476
Phoenix Guarantor Inc.	Healthcare & Pharmaceuticals	Term Loan B (12/24)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	2/21/2031	955,542		955,542	953,564
PHYSICIAN PARTNERS, LLC (b) (c)	Healthcare & Pharmaceuticals	Term Loan B1 (1/25)	Loan	3M USD SOFR+ 1.50%		0.00	%		5.32	%	12/31/2029	1,865,532		985,648	895,455
Playtika Holding Corp.	High Tech Industries	Term Loan B (3/21)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.54	%	3/13/2028	4,286,250		4,283,564	3,974,168
PointClickCare Technologies, Inc.	High Tech Industries	Term Loan (07/25)	Loan	3M USD SOFR+ 2.75%		0.00	%		6.42	%	11/3/2031	478,962		478,042	474,474
Polymer Process Holdings, Inc.	Containers, Packaging & Glass	Term Loan	Loan	1M USD SOFR+ 4.75%		0.75	%		8.54	%	2/12/2028	3,942,289		3,932,110	2,534,340
Pre-Paid Legal Services, Inc.	Services: Consumer	Term Loan (12/21)	Loan	1M USD SOFR+ 3.25%		0.50	%		6.92	%	12/15/2028	2,888,325		2,877,497	2,451,466
Prime Security Services Borrower, LLC (ADT)	Services: Consumer	Term Loan B	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	10/13/2030	1,769,515		1,757,142	1,765,286
Primo Brands Corporation	Beverage, Food & Tobacco	Term Loan B (01/25)	Loan	3M USD SOFR+ 2.25%		0.50	%		5.92	%	3/31/2028	1,433,030		1,430,561	1,431,497
PRIORITY HOLDINGS, LLC	Services: Consumer	Term Loan B (07/25)	Loan	1M USD SOFR+ 3.75%		0.50	%		7.42	%	7/30/2032	2,830,585		2,817,297	2,761,009
Project Leopard Holdings, Inc. (NEW)	High Tech Industries	Term Loan B (06/22)	Loan	3M USD SOFR+ 5.25%		0.50	%		9.02	%	7/20/2029	970,000		930,838	603,825
PUG LLC	Services: Consumer	Term Loan B (03/24)	Loan	1M USD SOFR+ 4.75%		0.00	%		8.42	%	3/15/2030	244,372		244,095	236,022
Quartz AcquireCo, LLC	High Tech Industries	Term Loan (2/25)	Loan	3M USD SOFR+ 2.25%		0.00	%		5.92	%	6/28/2030	1,222,487		1,215,995	1,084,958
Quikrete Holdings, Inc.	Construction & Building	Term Loan (2/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	4/14/2031	982,575		980,934	981,475
Rackspace Technology Global, Inc.	High Tech Industries	Term Loan (3/24)	Loan	1M USD SOFR+ 2.75%		0.75	%		6.53	%	5/15/2028	2,018,945		1,329,862	826,092
Rackspace Technology Global, Inc.	High Tech Industries	Super-Priority Term Loan (03/24)	Loan	1M USD SOFR+ 6.25%		0.75	%		10.03	%	5/15/2028	541,399		538,133	537,338
RAND PARENT LLC	Transportation: Cargo	Term Loan B (01/25)	Loan	3M USD SOFR+ 3.00%		0.00	%		6.67	%	3/18/2030	2,431,842		2,374,944	2,430,626
RealPage, Inc.	High Tech Industries	Term Loan (04/21)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.93	%	4/24/2028	957,500		957,300	882,499
Rent-A-Center, Inc.	Retail	Term Loan B (08/25)	Loan	3M USD SOFR+ 2.75%		0.50	%		6.42	%	8/13/2032	1,825,515		1,806,157	1,820,951
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Term Loan (07/24)	Loan	3M USD SOFR+ 5.00%		1.00	%		8.91	%	7/15/2028	335,333		332,328	330,303
Research Now Group, Inc	Media: Advertising, Printing & Publishing	Second-Out Term Loan	Loan	3M USD SOFR+ 5.50%		1.00	%		9.41	%	10/15/2028	2,858,408		2,768,737	1,667,881
Resideo Funding Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.66	%	2/11/2028	674,488		674,488	673,227
Resolute Investment Managers (American Beacon), Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (12/23)	Loan	3M USD SOFR+ 6.50%		1.00	%		10.43	%	10/30/2028	1,948,080		1,948,081	1,504,892
Restoration Hardware, Inc.	Retail	Term Loan (9/21)	Loan	1M USD SOFR+ 2.50%		0.50	%		6.29	%	10/20/2028	3,357,249		3,355,349	3,295,140
Reynolds Consumer Products LLC	Containers, Packaging & Glass	Term Loan B (2/25)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/4/2032	931,115		931,115	935,771
Ryan Specialty Group LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (09/24)	Loan	1M USD SOFR+ 2.00%		0.00	%		5.67	%	9/15/2031	1,441,374		1,434,941	1,437,771
S&S HOLDINGS LLC	Services: Business	Term Loan	Loan	1M USD SOFR+ 5.00%		0.50	%		8.77	%	3/10/2028	2,383,643		2,361,520	2,332,991
Sally Holdings LLC	Retail	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	2/28/2030	318,750		317,260	319,349
Schweitzer-Mauduit International, Inc.	High Tech Industries	Term Loan B	Loan	1M USD SOFR+ 3.75%		0.75	%		7.54	%	4/20/2028	939,236		937,872	931,017

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

February\n28, 2026

(unaudited)

\n\n

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)		Maturity Date	Principal/ Number of Shares	Cost	Fair Value
Scientific Games Holdings LP	Hotel, Gaming & Leisure	Term Loan B	Loan	3M USD SOFR+ 3.00%		0.50	%		6.65	%	4/4/2029	486,344		485,950	476,213
Sedgwick Claims Management Services, Inc.	Services: Business	Term Loan B 2/23	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	7/31/2031	975,193		970,172	942,524
SETANTA AIRCRAFT LEASING DAC	Aerospace & Defense	Term Loan B (05/24)	Loan	3M USD SOFR+ 1.75%		0.00	%		5.42	%	11/5/2028	350,000		349,707	350,875
Sitel Worldwide Corporation	Services: Business	USD Term Loan (7/21)	Loan	3M USD SOFR+ 3.75%		0.50	%		7.68	%	8/28/2028	1,915,000		1,912,199	716,765
SiteOne Landscape Supply, LLC	Services: Business	Term Loan B (06/24)	Loan	1M USD SOFR+ 1.75%		0.50	%		5.41	%	3/23/2030	1,245,101		1,241,692	1,243,544
Smyrna Ready Mix Concrete, LLC	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	4/2/2029	505,257		503,333	505,677
Sparta U.S. HoldCo LLC	Chemicals, Plastics, & Rubber	Term Loan	Loan	1M USD SOFR+ 3.00%		0.00	%		6.67	%	8/2/2030	1,920,000		1,917,584	1,914,163
SRAM, LLC	Consumer goods: Durable	Term Loan (02/25)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	2/23/2032	2,246,400		2,245,458	2,246,400
STANDARD INDUSTRIES INC.	Construction & Building	Term Loan B	Loan	1M USD SOFR+ 1.75%		0.50	%		5.43	%	9/22/2028	200,250		199,674	200,546
Staples, Inc.	Wholesale	Term Loan B	Loan	3M USD SOFR+ 5.75%		0.50	%		9.41	%	9/4/2029	4,220,701		4,178,169	3,766,976
Star Parent, Inc.	Services: Business	Term Loan B (09/23)	Loan	3M USD SOFR+ 4.00%		0.00	%		7.67	%	9/27/2030	1,228,125		1,215,137	1,187,340
Storable, Inc	High Tech Industries	Term Loan B (3/25)	Loan	1M USD SOFR+ 3.25%		0.00	%		6.92	%	4/16/2031	481,363		481,250	459,099
Superannuation & Investments US LLC	Banking, Finance, Insurance & Real Estate	Superannuation and Investments/CFS 1/26 TL	Loan	1M USD SOFR+ 2.50%		0.50	%		6.17	%	12/1/2028	960,175		956,194	953,876
SupplyOne, Inc	Wholesale	Term Loan B (03/24)	Loan	1M USD SOFR+ 3.50%		0.00	%		7.17	%	3/27/2031	491,288		487,342	492,978
Sweetwater Borrower, LLC	Retail	Term Loan B (2/26)	Loan	1M USD SOFR+ 4.00%		0.00	%		7.66	%	2/17/2033	1,895,910		1,854,369	1,898,280
Syncsort Incorporated	High Tech Industries	Term Loan B (10/21)	Loan	3M USD SOFR+ 4.00%		0.75	%		7.93	%	4/24/2028	2,394,950		2,394,735	2,037,216
Ta TT Buyer LLC	Media: Broadcasting & Subscription	Term Loan B (6/24)	Loan	3M USD SOFR+ 4.75%		0.50	%		8.42	%	4/2/2029	970,182		964,903	940,670
Tenable Holdings, Inc.	Services: Business	Term Loan B (6/21)	Loan	1M USD SOFR+ 2.75%		0.50	%		6.54	%	7/7/2028	960,000		959,716	954,605
Thor Industries, Inc.	Automotive	Term Loan B (06/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.92	%	11/15/2030	94,142		93,485	93,906
Torrid LLC	Wholesale	Term Loan 5/21	Loan	1M USD SOFR+ 5.50%		0.75	%		9.29	%	6/14/2028	2,922,221		2,705,250	1,168,888
TORY BURCH LLC	Retail	Term Loan	Loan	1M USD SOFR+ 3.25%		0.50	%		7.04	%	4/17/2028	2,260,738		2,186,326	2,253,956
Tosca Services, LLC (c)	Containers, Packaging & Glass	Term Loan A (08/24)	Loan	1M USD SOFR+ 5.50%		1.50	%		9.17	%	11/30/2028	80,509		79,712	81,224
Trans Union LLC	Banking, Finance, Insurance & Real Estate	Term Loan B9 (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	6/24/2031	599,927		599,530	594,006
Tronox Finance LLC	Chemicals, Plastics, & Rubber	Term Loan B (09/24)	Loan	3M USD SOFR+ 2.50%		0.00	%		6.17	%	9/30/2031	343,454		343,361	267,035
TruGreen Limited Partnership	Services: Consumer	Term Loan	Loan	1M USD SOFR+ 4.00%		0.75	%		7.77	%	11/2/2027	925,281		923,548	908,700
Ultra Clean Holdings, Inc.	High Tech Industries	Term Loan (09/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	2/25/2028	1,203,008		1,201,345	1,205,017
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (05/24)	Loan	1M USD SOFR+ 3.50%		0.50	%		7.29	%	1/31/2029	2,379,366		2,379,365	2,371,442
Univision Communications Inc.	Media: Broadcasting & Subscription	Term Loan B (6/22)	Loan	3M USD SOFR+ 4.25%		0.50	%		7.92	%	6/25/2029	241,250		237,262	238,234
Vaco Holdings, LLC	Services: Business	Term Loan (01/22)	Loan	3M USD SOFR+ 5.00%		0.75	%		8.82	%	1/19/2029	2,271,234		2,234,639	1,704,243
Vericast Corp. (c)	Media: Advertising, Printing & Publishing	Extended Term Loan (07/24)	Loan	3M USD SOFR+ 7.75%		1.00	%		11.42	%	6/16/2026	1,259,184		1,259,163	1,212,758
Verifone Systems, Inc. (c)	Banking, Finance, Insurance & Real Estate	Term Loan (03/25)	Loan	3M USD SOFR+ 5.25%		0.00	%		9.18	%	8/21/2028	1,188,774		1,188,361	1,089,428
Vertex Aerospace Services Corp	Aerospace & Defense	Term Loan (10/21)	Loan	1M USD SOFR+ 2.25%		0.75	%		5.92	%	12/6/2030	962,997		961,733	962,997
Vertiv Group Corporation	Capital Equipment	Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	8/12/2032	1,901,601		1,901,601	1,901,601

Saratoga\nInvestment Corp. CLO 2013-1, Ltd.

Schedule\nof Investments

February\n28, 2026

(unaudited)

\n\n

Issuer Name	Industry	Asset Name	Asset Type	Reference Rate/Spread	SOFR/LIBOR Floor			Current Rate (All In)		Maturity Date	Principal/ Number of Shares	Cost	Fair Value
Viasat Inc	Telecommunications	Term Loan (2/22)	Loan	1M USD SOFR+ 4.50%		0.50	%		8.29	%	3/5/2029	2,907,129		2,869,038		2,906,780
Vistra Operations Company LLC	Energy: Electricity	2018 Incremental Term Loan	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	12/20/2030	1,851,605		1,850,971		1,854,956
Warner Music Group Corp. (WMG Acquisition Corp.)	Hotel, Gaming & Leisure	Term Loan J	Loan	3M USD SOFR+ 1.75%		0.00	%		5.57	%	1/24/2031	1,250,000		1,250,000		1,251,563
Watlow Electric Manufacturing Company	High Tech Industries	Term Loan B (03/21)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.67	%	3/2/2028	2,631,521		2,627,980		2,632,626
WeddingWire, Inc.	Services: Consumer	Term Loan B (12/24)	Loan	1M USD SOFR+ 3.75%		0.00	%		7.42	%	1/31/2028	4,725,068		4,725,067		4,032,042
WEX Inc.	Services: Business	Term Loan B (11/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	3/31/2028	2,866,626		2,864,574		2,849,312
Windsor Holdings III, LLC	Chemicals, Plastics, & Rubber	Term Loan B (02/25)	Loan	1M USD SOFR+ 2.75%		0.00	%		6.42	%	8/1/2030	490,062		490,062		488,989
Wyndham Hotels & Resorts, Inc.	Hotel, Gaming & Leisure	Term Loan (05/24)	Loan	1M USD SOFR+ 1.75%		0.00	%		5.42	%	5/24/2030	977,613		974,397		980,330
Xperi Corporation	High Tech Industries	Term Loan (1/25)	Loan	1M USD SOFR+ 2.50%		0.00	%		6.17	%	6/8/2028	1,481,388		1,481,214		1,473,981
Zayo Group, LLC (c)	Telecommunications	Term Loan (09/25)	Loan	1M USD SOFR+ 3.00%		0.00	%		6.79	%	3/11/2030	620,347		615,143		596,308
ZEBRA BUYER (Allspring) LLC	Banking, Finance, Insurance & Real Estate	Term Loan B (12/24)	Loan	3M USD SOFR+ 3.00%		0.50	%		6.69	%	11/1/2030	1,838,369		1,832,728		1,832,909
Zekelman Industries, Inc.	Metals & Mining	Term Loan B (03/24)	Loan	1M USD SOFR+ 2.25%		0.00	%		5.91	%	1/24/2031	1,428,583		1,427,966		1,430,769
Zest Acquisition Corp.	Healthcare & Pharmaceuticals	Term Loan (1/23)	Loan	3M USD SOFR+ 5.25%		0.00	%		8.92	%	2/8/2028	1,940,000		1,896,965		1,828,450
Zodiac Pool Solutions	Consumer goods: Durable	Term Loan (1/22)	Loan	1M USD SOFR+ 1.93%		0.50	%		5.70	%	1/29/2029	480,000		479,676		479,280
TOTAL INVESTMENTS													$	382,812,855	$	354,116,571

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Number of \n Shares		Cost			Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)		22,319,387		$	22,319,387		$	22,319,387
Total cash and cash equivalents		22,319,387		$	22,319,387		$	22,319,387

\n\n

(a)

Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2026.

\n\n

(b)

As of February 28, 2026, the investment was in default and on non-accrual status.

\n\n

(c)

Investments include Payment-in-Kind\n Interest.

\n\n

(d)

All or a portion of this\n investment has an unfunded commitment as of February 28, 2026.

SOFR - Secured Overnight Financing Rate

1M SOFR - The 1-month SOFR rate as of February 28, 2026 was\n3.86%.

3M SOFR - The 3-month SOFR rate as of February 28, 2026 was\n3.79%.

6M SOFR - The 6-month SOFR rate as of February 28, 2026 was\n3.70%.

Prime - The Prime Rate as of February 28, 2026 was 7.00%.

See accompanying notes to\nfinancial statements.

Note 5. Investment in SLF JV

On October 26, 2021, the Company and TJHA entered\ninto a LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2021-1, Ltd. (“SLF\n2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified\nportfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.

On September 30, 2022, SLF 2021 was renamed to\nSaratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”).

The following table shows the schedule of investments\nfor SLF JV as of August 31, 2026:

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/Number of Shares		Cost			Fair Value		% of Net Assets
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd	Structured Finance Securities	Other/Structured Finance Securities, 12.90% 10/20/2033	10/28/2022		40,100,000		$	26,125,195		$	24,537,548	524.7	%
TOTAL INVESTMENT							$	26,125,195		$	24,537,548	524.7	%

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Number of Shares		Cost			Fair Value		% of Net Assets
Money Market Funds (included in cash\n and cash equivalents) - 1.9% (b)
Goldman Sachs Financial\n Square Government Fund (1)		91,146		$	91,146		$	91,146	1.9	%
Total cash and\n cash equivalents and cash and cash equivalents, reserve accounts		91,146		$	91,146		$	91,146	1.9	%

\n\n

(1)

Current yield as of August 31, 2026, was approximately 3.57% on the Goldman Sachs Financial Square Government Fund.

The following table shows the schedule of investments\nfor SLF JV as of February 28, 2026:

Company	Industry	Investment Interest Rate/ Maturity	Original Acquisition Date	Principal/Number of Shares		Cost			Fair Value		% of Net Assets
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd	Structured Finance Securities	Other/Structured Finance Securities, 3.58% 10/20/2033	10/28/2022		40,100,000		$	27,873,499		$	21,825,598	1243.77	%
TOTAL INVESTMENT							$	27,873,499		$	21,825,598	1243.77	%

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Number of Shares		Cost			Fair Value		% of Net Assets
Money Market\n Funds (included in cash and cash equivalents-4.77% (b)
Goldman Sachs Financial\n Square Government Fund (1)		83,648		$	83,648		$	83,648	4.77	%
Total cash and\n cash equivalents and cash and cash equivalents, reserve accounts		83,648		$	83,648		$	83,648	4.77	%

\n\n

(1)

Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.

The Company and TJHA have equal voting interest\non all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate\ngovernance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally.

The Company and TJHA have committed to provide\nup to a combined $50.0 million of financing to SLF JV through cash contributions, with the Company providing $43.75 million and TJHA\nproviding $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an\nunsecured loan and equity. The unsecured loan pays a fixed rate of 10% per annum and is due and payable in full on October 20, 2033.\nAs of August 31, 2026, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $17.6 million and $2.5 million,\nrespectively; and membership interest of $19.2 million and $2.7 million, respectively. As of February 28, 2026, the Company and TJHA’s\ninvestment in SLF JV consisted of an unsecured loan of $17.6 million and $2.5 million, respectively; and membership interest of $19.2\nmillion and $2.7 million, respectively. As of August 31, 2026 and February 28, 2026, the Company’s investment in the unsecured\nnote of SLF JV had a fair value of $15.5 million and $16.1 million, respectively, and the Company’s investment in the membership\ninterests of SLF JV had a fair value of $4.1 million and $1.5 million, respectively.

The Company has determined that SLF JV is an\ninvestment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment\nin a company other than a wholly owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as the\nCompany and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. Furthermore,\nASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member\nto consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLF JV.

For the three months ended August 31, 2026 and\nAugust 31, 2025, the Company earned $0.4 million and $0.4 million, respectively, of interest income related to SLF JV, which is included\nin interest income on the consolidated statements of operations. For the six months ended August 31, 2026 and August 31, 2025, the Company\nearned $0.9 million and $0.9 million, respectively, of interest income related to SLF JV, which is included in interest income on the\nconsolidated statements of operations. As of August 31, 2026 and February 28, 2026, $0.2 million and $0.2 million, respectively, of interest\nincome related to SLF JV was included in interest receivable on the consolidated statements of assets and liabilities.

For the three months ended August 31, 2026 and\nAugust 31, 2025, the Company earned $0.8 million and $0.9 million, respectively, of dividend income related to SLF JV, which is included\nin dividend income on control investments. For the six months ended August 31, 2026 and August 31, 2025, the Company earned $1.5 million\nand $1.3 million, respectively, of dividend income related to SLF JV, which is included in dividend income on control investments. As\nof August 31, 2026 and February 28, 2026, $0.0 million and $0.0 million, respectively, of dividend income related to SLF JV was included\nin dividend receivable on the consolidated statements of assets and liabilities.

SLF JV’s initial investment in SLF 2022\nwas in the form of an unsecured loan. The unsecured loan paid a floating rate of LIBOR plus 7.00% per annum and was paid in full on June\n9, 2023. The unsecured loan was repaid in full on October 28, 2022, as part of the CLO closing.

On October 28, 2022, SLF 2022 issued $402.1 million\nof the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee.\nAs part of the transaction, the Company purchased 87.5% of the Class E Notes from SLF 2022 with a par value of $12.3 million.

On September 24, 2025, the Company completed\nthe first refinancing of SLF 2022. This refinancing, among other things, extended the SLF 2022’s investment period to October 2028.\nAs part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing\n$12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company also paid $1.6 million of additional equity investment related\nto the refinancing of SLF JV.

As of August 31, 2026 and February 28, 2026,\nthe fair value of the Class E-R Notes was $8.3 million and $8.4 million, respectively.

Note 6. Income Taxes

SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC,\nInc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-PP, Inc., SIA-SGA, Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG,\nInc., SIA-Vector, Inc. and SIA-YUMI, Inc., each of which is 100% owned by the Company, and each files a standalone C corporation tax\nreturn for U.S. federal and state tax purposes. As separately regarded entities for tax purposes, these entities are subject to U.S.\nfederal income tax at corporate rates. For tax purposes, any distributions by the entities to the parent company would generally need\nto be distributed to the Company’s shareholders. Generally, such distributions of the entities’ income to the Company’s\nshareholders will be considered qualified dividends for tax purposes. The entities’ taxable net income will differ from U.S. GAAP\nnet income because of deferred tax temporary differences arising from net operating losses and unrealized appreciation and depreciation\nof securities held. Deferred tax assets and liabilities are measured using enacted corporate federal and state tax rates expected to\napply to taxable income in the years in which those net operating losses are utilized and the unrealized gains and losses are realized.\nDeferred tax assets and deferred tax liabilities are offset by entity, as permitted. The recoverability of deferred tax assets is assessed\nand a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not\nbe realized on the basis of a history of operating losses combined with insufficient projected taxable income or other taxable events\nin the Corporate Blockers.

The Company may distribute a portion of its realized\nnet long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a\nportion, or all, of its net capital gains and elect to pay the 21% U.S. federal tax on the net capital gain, potentially in the form\nof a “deemed distribution” to its stockholders. Income tax (provision) relating to an election to retain its net capital\ngains, including in the form of a deemed distribution, is included as a component of income tax (provision) benefit from realized gains\non investments, depending on the character of the underlying taxable income (ordinary or capital gains), on the consolidated statements\nof operations.

Deferred tax assets and liabilities, and related\nvaluation allowances, as of August 31, 2026 and February 28, 2026, were as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	August 31, \n 2026			February 28, \n 2026
Total deferred tax assets	$	2,407,095			$	2,595,077
Total deferred tax liabilities		(3,806,045	)			(4,849,432	)
Valuation allowance on net deferred tax assets		(2,201,399	)			(2,325,167	)
Net deferred tax liability	$	(3,600,349	)		$	(4,579,522	)

As of August 31, 2026, the valuation allowance\non deferred tax assets was $2.2 million, which represents the federal and state tax effect of net operating losses and unrealized losses\nthat we do not believe we will realize through future taxable income. Any adjustments to the Company’s valuation allowance will\ndepend on estimates of future taxable income and will be made in the period such determination is made.

Net income tax expense for the three months ended\nAugust 31, 2026 includes ($0.5) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments,\n$0.07 million income tax provision/benefit from realized gain/(loss) on investments and $0.05 million net change in total operating expense\nin the consolidated statements of operations, respectively. Net income tax expense for the three months ended August 31, 2025 includes\n($0.4) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and $0.0 million\nincome tax provision/benefit from realized gain/(loss) on investments and $0.0 million net change in total operating expense, in the\nconsolidated statements of operations, respectively.

Net income tax expense for the six months ended\nAugust 31, 2026 includes ($1.0) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments,\nand $0.07 million income tax provision/benefit from realized gain/(loss) on investments and $0.03 million net change in total operating\nexpense in the consolidated statements of operations, respectively. Net income tax expense for the six months ended August 31, 2025 includes\n($0.4) million deferred tax expense (benefit) on net change in unrealized appreciation (depreciation) on investments, and $0.0 million\nincome tax provision/benefit from realized gain/(loss) on investments and $0.04 million net change in total operating expense, in the\nconsolidated statements of operations, respectively.

Deferred tax temporary differences may include\ndifferences for state taxes and joint venture interests.

Federal and state income tax (provisions) benefit\non investments for three and six months ended August 31, 2026 and August 31, 2025:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	For the three months ended			For the six months ended
	August 31, 2026			August 31, 2025			August 31, 2026		August 31, 2025
Current
Federal	$	64,269			$	-		$	64,269		$	-
State		7,680				-			7,680			-
Net current expense		71,949				-			71,949			-
Deferred
Federal		(419,943	)			(338,262	)		(946,532	)		(239,486	)
State		(46,541	)			(97,049	)		(78,333	)		(90,737	)
Net deferred expense		(466,484	)			(435,312	)		(1,024,865	)		(330,224	)
Net tax provision	$	(394,535	)		$	(435,312	)	$	(952,916	)	$	(330,224	)

Note 7. Agreements and Related Party Transactions

Investment Advisory and Management Agreement

On July 30, 2010, the Company entered into the\nManagement Agreement with the Manager. The initial term of the Management Agreement was two years from its effective date, with one-year\nrenewals thereafter subject to certain approvals by the Company’s board of directors and/or the Company’s stockholders. Most\nrecently, on July 6, 2026, the Company’s board of directors approved the renewal of the Management Agreement for an additional\none-year term. Pursuant to the Management Agreement, the Manager implements the Company’s business strategy on a day-to-day basis\nand performs certain services for the Company, subject to oversight by the board of directors. The Manager is responsible for, among\nother duties, determining investment criteria, sourcing, analyzing and executing investments transactions, asset sales, financings and\nperforming asset management duties. Under the Management Agreement, the Company pays the Manager a management fee for investment advisory\nand management services consisting of a base management fee and an incentive management fee.

Base Management Fee and Incentive Management\nFee

The base management fee of 1.75% per year is\ncalculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed\nfunds) at the end of the two most recently completed fiscal quarters. The base management fee is paid quarterly following the filing\nof the most recent quarterly report on Form 10-Q.

The incentive management fee consists of the\nfollowing two parts:

The first, payable quarterly in arrears, equals\n20% of the Company’s pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the\nend of the immediately preceding quarter, that exceeds a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter,\nsubject to a “catch-up” provision. Under this provision, in any fiscal quarter, the Manager receives no incentive fee unless\nour pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. The Manager will receive 100% of pre-incentive fee net\ninvestment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20% of the amount\nof our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. There is no accumulation of amounts\non the hurdle rate from quarter to quarter, and accordingly there is no claw back of amounts previously paid if subsequent quarters are\nbelow the quarterly hurdle rate, and there is no delay of payment if prior quarters are below the quarterly hurdle rate.

The second part of the incentive fee is determined\nand payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals 20.0% of the Company’s\n“incentive fee capital gains,” which equals the Company’s realized capital gains on a cumulative basis from May 31,\n2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a\ncumulative basis on each investment in the Company’s portfolio, less the aggregate amount of any previously paid capital gain incentive\nfee. Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May\n31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital\ngains portion of the incentive fee, and the Manager will be entitled to 20.0% of incentive fee capital gains that arise after May 31,\n2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized\ngains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date.

For the three months ended August 31, 2026 and\nAugust 31, 2025, the Company incurred $5.1 million and $4.4 million in base management fees, respectively. For the three months ended\nAugust 31, 2026 and August 31, 2025, the Company incurred $1.8 million and $2.3 million in incentive fees related to pre-incentive fee\nnet investment income, respectively. For the three months ended August 31, 2026 and August 31, 2025, the Company accrued an expense (benefit)\nof $0.0 million and ($0.8) million in incentive fees related to capital gains.

For the six months ended August 31, 2026 and\nAugust 31, 2025, the Company incurred $10.0 million and $8.7 million in base management fees, respectively. For the six months ended\nAugust 31, 2026 and August 31, 2025, the Company incurred $3.7 million and $4.8 million in incentive fees related to pre-incentive fee\nnet investment income, respectively. For the six months ended August 31, 2026 and August 31, 2025, the Company accrued an expense (benefit)\nof $0.0 million and ($0.3) million in incentive fees related to capital gains.

The accrual is calculated using both realized\nand unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable in arrears\nat the end of the fiscal year and will include only realized capital gains for the period. As of August 31, 2026, the base management\nfees accrual was $5.1 million and the incentive fees accrual was $1.8 million and are included in base management and incentive fees\npayable in the accompanying consolidated statements of assets and liabilities. As of February 28, 2026, the base management fees accrual\nwas $4.6 million and the incentive fees accrual was $2.0 million and are included in base management and incentive fees payable in the\naccompanying consolidated statements of assets and liabilities.

Administration Agreement

On July 30, 2010, the Company entered into a separate\nadministration agreement (the “Administration Agreement”) with the Manager, pursuant to which the Manager, as the Company’s\nadministrator, has agreed to furnish the Company with the facilities and administrative services necessary to conduct day-to-day operations\nand provide managerial assistance on the Company’s behalf to those portfolio companies to which the Company is required to provide\nsuch assistance. The initial term of the Administration Agreement was two years from its effective date, with one-year renewals thereafter\nsubject to certain approvals by the Company’s board of directors and/or the Company’s stockholders. Since its inception the\namount of expenses payable or reimbursable by the Company under the Administration Agreement has been subject to a cap that is reviewed\nannually in connection with the renewal of the Administration Agreement. On July 6, 2026, the Company’s board of directors approved\nthe renewal of the Administration Agreement for an additional one-year term. Most recently, on September 22, 2026, the Company’s\nboard of directors determined to increase the cap on the payment or reimbursement of expenses by the Company from $5.4 million to $5.8\nmillion, effective August 1, 2026.

For the three months ended August 31, 2026 and\nAugust 31, 2025, the Company recognized $1.4 million and $1.3 million in administrator expenses, respectively, pertaining to bookkeeping,\nrecordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion of rent\nand other overhead related expenses.

For the six months ended August 31, 2026 and\nAugust 31, 2025, the Company recognized $2.7 million and $2.5 million in administrator expenses, respectively, pertaining to bookkeeping,\nrecordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion of rent\nand other overhead related expenses.

As of August 31, 2026 and February 28, 2026,\n$0.6 million and $0.6 million, respectively, of administrator expenses were accrued and included in Due to Manager in the accompanying\nconsolidated statements of assets and liabilities.

Saratoga CLO

See Note 4. Investment in Saratoga CLO for\nmore information regarding Saratoga CLO.

For the three months ended August 31, 2026 and\nAugust 31, 2025, the Company recognized management fee income of $0.1 million and $0.7 million, respectively, related to the Saratoga\nCLO.

For the six months ended August 31, 2026 and\nAugust 31, 2025, the Company recognized management fee income of $0.6 million and $1.4 million, respectively, related to the Saratoga\nCLO.

For the six months ended August 31, 2026 and\nAugust 31, 2025, the Company neither bought nor sold any investments from the Saratoga CLO.

SLF JV

See Note 5 for more information about SLF JV.

As of August 31, 2026, the Company’s investment\nin the SLF JV had a fair value of $19.6 million, consisting of an unsecured loan of $15.5 million and membership interest of $4.1 million.\nFor the three months ended August 31, 2026, the Company had $0.4 million of interest income related to SLF JV, of which $0.2 million\nwas included in interest receivable on the consolidated statements of assets and liabilities as of August 31, 2026. For the three months\nended August 31, 2025, the Company had $0.4 million of interest income related to SLF JV, of which $0.2 million was included in interest\nreceivable on the consolidated statements of assets and liabilities as of August 31, 2025.

As part of the JV CLO trust transaction, the\nCompany purchased 87.50% of the Class E Notes from SLF 2022 with a principal value of $12.3 million and fair value of $12.3 million,\nrespectively. This was repaid as part of the refinancing of the SLF 2022 on September 24, 2025, and the Company purchased 87.5% of the\nClass E-R Notes from SLF 2022 with a principal value of $8.8 million and fair value of $8.8 million, respectively.

As of August 31, 2026 and February 28, 2026, the fair value of the\nClass E-R Notes were $8.3 million and $8.4 million, respectively.

Note 8. Borrowings

As a BDC, we are only allowed to employ leverage\nto the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage, or, 150%\nif certain requirements under the 1940 Act are met. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which\nwas signed into law on March 23, 2018, our board of directors, including a majority of our directors who are not “interested persons”\n(as defined in Section 2(a)(19) of the 1940 Act) of the Company (“independent directors”), approved a minimum asset coverage\nratio of 150%, which became effective on April 16, 2019. The amount of leverage that we employ at any time depends on our assessment\nof the market and other factors at the time of any proposed borrowing. Our asset coverage ratio, as defined in the 1940 Act, was 171.9%\nas of August 31, 2026 and 168.4% as of February 28, 2026.

During the three months ended August 31, 2026\nand August 31, 2025, average total borrowings outstanding was $822.9 million and $788.4 million, respectively, and the weighted average\ninterest rate was 6.11% and 5.57%, respectively.

During the six months ended August 31, 2026 and\nAugust 31, 2025, average total borrowings outstanding was $809.8 million and $790.6 million, respectively, and the weighted average interest\nrate was 6.12% and 5.58%, respectively.

Encina Credit Facility

On October 4, 2021, the Company entered into\nthe Credit and Security Agreement (as amended from time to time, the “Encina Credit Agreement”) relating to a senior secured\nrevolving credit facility (the “Encina Credit Facility”) with Encina Lender Finance, LLC (“Encina”), supported\nby loans held by SIF II and pledged to the Encina Credit Facility. The terms of the Encina Credit Facility required a minimum drawn amount\nof $12.5 million at all times during period through April 4, 2022, which increased to the greater of $25.0 million or 50% of the commitment\namount in effect at any time thereafter. On January 27, 2023, we entered into the first amendment to the Encina Credit Agreement\nwhich, among other things: (i) increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to\n$65.0 million; (ii) changed the underlying benchmark used to compute interest under the En