NYSE: SAR

-

(9,055
)

Deferred debt financing costs, 8.75% notes payable 2025

-

(374
)

7.00% Notes Payable 2025

-

12,000,000

Discount on 7.00% notes payable 2025

-

(68,589
)

Deferred debt financing costs, 7.00% notes payable 2025

-

(8,345
)

7.75% Notes Payable 2025

-

5,000,000

Deferred debt financing costs, 7.75% notes payable 2025

-

(19,685
)

4.375% Notes Payable 2026

-

175,000,000

Premium on 4.375% notes payable 2026

-

287,848

Deferred debt financing costs, 4.375% notes payable 2026

-

(865,593
)

4.35% Notes Payable 2027

75,000,000

75,000,000

Discount on 4.35% notes payable 2027

(108,898
)

(213,424
)

Deferred debt financing costs, 4.35% notes payable 2027

(344,393
)

(688,786
)

6.25% Notes Payable 2027

15,000,000

15,000,000

Deferred debt financing costs, 6.25% notes payable 2027

(130,839
)

(202,144
)

6.00% Notes Payable 2027

105,500,000

105,500,000

Discount on 6.00% notes payable 2027

(48,361
)

(87,295
)

Deferred debt financing costs, 6.00% notes payable 2027

(823,774
)

(1,524,089
)

8.00% Notes Payable 2027

46,000,000

46,000,000

Deferred debt financing costs, 8.00% notes payable 2027

(580,514
)

(927,484
)

8.125% Notes Payable 2027

60,375,000

60,375,000

Deferred debt financing costs, 8.125% notes payable 2027

(748,873
)

(1,156,234
)

8.50% Notes Payable 2028

57,500,000

57,500,000

Deferred debt financing costs, 8.50% notes payable 2028

(866,230
)

(1,273,134
)

7.25% Notes Payable 2030

50,000,000

-

Discount on 7.25% notes payable 2030

(435,318
)

-

Deferred debt financing costs, 7.25% notes payable 2030

(775,165
)

-

7.50% Notes Payable 2031

100,000,000

-

Deferred debt financing costs, 7.50% notes payable 2031

(3,298,905
)

-

Base management and incentive fees payable

6,602,819

6,230,944

Deferred tax liability

4,579,522

4,889,329

Accounts payable and accrued expenses

1,771,915

1,676,335

Interest and debt fees payable

3,904,143

3,909,517

Directors fees payable

5,500

-

Due to Manager

590,624

349,189

Total liabilities

743,109,350

798,878,389

Commitments and contingencies (See Note 9)

NET ASSETS

Common stock, par value $0.001, 100,000,000 common shares

authorized, 16,224,198 and 15,183,078 common shares issued and outstanding, respectively

16,224

15,183

Capital in excess of par value

439,202,477

412,913,597

Total distributable deficit

(43,062,947
)

(20,263,312
)

Total net assets

396,155,754

392,665,468

Total liabilities and net assets

$
1,139,265,104

$
1,191,543,857

NET ASSET VALUE PER SHARE

$
24.42

$
25.86

See accompanying notes to consolidated financial
statements.

F-5

Saratoga Investment Corp.

Consolidated Statements of Operations

For the year ended

February 28,

2026
February 28,

2025
February 29,

2024

INVESTMENT INCOME

Interest from investments

Interest income:

Non-control/Non-affiliate investments
$ 96,061,236
$ 119,478,418
$ 113,521,652

Affiliate investments
2,654,020
1,883,615
3,299,816

Control investments
5,176,943
5,649,993
8,507,909

Payment in kind interest income:

Non-control/Non-affiliate investments
571,084
2,245,934
766,697

Affiliate investments
2,314,014
1,479,391
874,226

Control investments
120,715
284,590
814,925

Total interest from investments
106,898,012
131,021,941
127,785,225

Interest from cash and cash equivalents
7,882,863
6,530,315
2,512,416

Management fee income
2,586,517
3,114,466
3,270,232

Dividend income:

Non-control/Non-affiliate investments
1,243,291
588,247
621,398

Control investments
3,304,708
3,973,584
5,911,564

Total dividend from investments
4,547,999
4,561,831
6,532,962

Structuring and advisory fee income
2,248,663
1,582,822
2,149,751

Other income
1,548,860
2,043,863
1,469,320

Total investment income
125,712,914
148,855,238
143,719,906

OPERATING EXPENSES

Interest and debt financing expenses
49,302,541
52,059,045
49,179,899

Base management fees
17,769,904
18,382,404
19,212,337

Incentive management fees expense (benefit)
9,230,457
13,254,402
8,025,468

Professional fees
2,817,292
2,058,003
1,767,015

Administrator expenses
5,233,333
4,708,333
3,872,917

Insurance
300,480
303,859
322,323

Directors fees and expenses
430,000
366,500
351,297

General and administrative
2,226,257
1,901,592
2,241,579

Income tax expense (benefit)
(138,168 )
412,032
42,926

Excise tax expense (benefit)
1,734,018
2,406,465
1,829,837

Total operating expenses
88,906,114
95,852,635
86,845,598

NET INVESTMENT INCOME
36,806,800
53,002,603
56,874,308

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net realized gain (loss) from investments:

Non-control/Non-affiliate investments
5,108,135
12,534,746
153,583

Control investments
638,355
(54,564,070 )

-

Net realized gain (loss) from investments
5,746,490
(42,029,324 )
153,583

Net change in unrealized appreciation (depreciation) on investments:

Non-control/Non-affiliate investments
(7,180,617 )
27,693,311
(24,167,727 )

Affiliate investments
938,098
1,301,899
(1,541,829 )

Control investments
1,004,039
(10,020,844 )
(21,381,288 )

Net change in unrealized appreciation (depreciation) on investments
(5,238,480 )
18,974,366
(47,090,844 )

Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments
113,498
(1,060,936 )
(893,166 )

Net realized and unrealized gain (loss) on investments
621,508
(24,115,894 )
(47,830,427 )

Realized losses on extinguishment of debt
(824,010 )
(800,452 )
(110,056 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$ 36,604,298
$ 28,086,257
$ 8,933,825

WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE
$ 2.31
$ 2.02
$ 0.71

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED
15,850,270
13,912,170
12,670,939

See accompanying notes to consolidated financial
statements.

F-6

Saratoga Investment Corp.

Consolidated Statements of Changes in Net Assets

For the year ended

February 28,

2026
February 28,

2025
February 29,

2024

INCREASE FROM OPERATIONS:

Net investment income
$ 36,806,800
$ 53,002,603
$ 56,874,308

Net realized gain (loss) from investments
5,746,490
(42,029,324 )
153,583

Realized losses on extinguishment of debt
(824,010 )
(800,452 )
(110,056 )

Net change in unrealized appreciation (depreciation) on investments
(5,238,480 )
18,974,366
(47,090,844 )

Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments
113,498
(1,060,936 )
(893,166 )

Net increase in net assets resulting from operations
36,604,298
28,086,257
8,933,825

DECREASE FROM SHAREHOLDER DISTRIBUTIONS:

Total distributions to shareholders
(59,025,909 )
(45,824,879 )
(35,635,955 )

Net decrease in net assets from shareholder distributions
(59,025,909 )
(45,824,879 )
(35,635,955 )

CAPITAL SHARE TRANSACTIONS:

Proceeds from issuance of common stock(1)
18,752,929
33,002,028
44,539,387

Capital contribution from Manager
569,322
2,351,767
4,475,297

Stock dividend distribution
6,669,817
5,077,632
3,582,345

Repurchases of common stock
(54,314 )

-

(2,157,605 )

Repurchase fees

-

-

(1,772 )

Offering costs
(25,857 )
(251,445 )
(469,456 )

Net increase (decrease) in net assets from capital share transactions
25,911,897
40,179,982
49,968,196

Total increase in net assets
3,490,286
22,441,360
23,266,066

Net assets at beginning of year
392,665,468
370,224,108
346,958,042

Net assets at end of year
$ 396,155,754
$ 392,665,468
$ 370,224,108

(1) See Note 11 to the Consolidated Financial Statements contained herein for more information on share issuance.

See accompanying notes to consolidated financial
statements.

F-7

Saratoga Investment Corp.

Consolidated Statements of Cash Flows

For the year ended

February 28,

2026

February 28,

2025

February 29,

2024

Operating activities

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$
36,604,298

$
28,086,257

$
8,933,825

ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING

FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Distributions from CLO, payment-in-kind and other adjustments to cost

(2,584,775
)

(3,566,012
)

4,910,320

Net accretion of discount on investments

(3,097,921
)

(2,809,163
)

(2,221,257
)

Amortization of deferred debt financing costs

4,802,167

5,025,786

5,171,249

Realized losses on extinguishment of debt

824,010

800,452

110,056

Income tax expense (benefit)

(196,309
)

37,243

42,926

Net realized (gain) loss from investments

(5,746,490
)

42,029,324

(153,583
)

Net change in unrealized (appreciation) depreciation on investments

5,238,480

(18,974,366
)

47,090,844

Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments

(113,498
)

1,060,936

893,166

Proceeds from sales and repayments of investments

184,636,335

312,113,685

30,271,047

Purchases of investments

(309,501,690
)

(168,077,429
)

(246,100,906
)

(Increase) decrease in operating assets:

Interest receivable

163,415

2,821,530

(2,139,047
)

Management fee receivable

64,473

28,830

20,786

Other assets

168,756

212,703

(631,887
)

Current income tax receivable

-

99,676

336,875

Increase (decrease) in operating liabilities:

Base management and incentive fees payable

371,875

(1,916,273
)

(3,967,661
)

Accounts payable and accrued expenses

95,580

338,793

(126,801
)

Interest and debt fees payable

(5,374
)

327,344

(70,763
)

Directors fees payable

5,500

-

(14,932
)

Due to Manager

241,435

(100,811
)

439,065

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

(88,029,733
)

197,538,505

(157,206,679
)

Financing activities

Borrowings on debt

87,000,000

30,000,000

71,500,000

Paydowns on debt

(79,500,000
)

(56,500,000
)

(57,000,000
)

Issuance of notes

149,558,500

-

77,500,000

Repayments of notes

(212,000,000
)

-

-

Payments of deferred debt financing costs

(6,852,926
)

(1,176,808
)

(4,694,711
)

Proceeds from issuance of common stock

18,752,929

33,002,028

44,539,387

Capital contribution from Manager

569,322

2,351,767

4,475,297

Payments of cash dividends

(52,356,092
)

(40,747,247
)

(32,053,610
)

Repurchases of common stock

(54,314
)

-

(2,157,605
)

Repurchases fees

-

-

(1,772
)

Payments of offering costs

(25,857
)

(251,445
)

(469,456
)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

(94,908,438
)

(33,321,705
)

101,637,530

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS

(182,938,171
)

164,216,800

(55,569,149
)

CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF YEAR

204,723,924

40,507,124

96,076,273

CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF YEAR (See note 2)

$
21,785,753

$
204,723,924

$
40,507,124

Supplemental information:

Interest paid during the year

$
44,505,747

$
46,705,914

$
44,079,413

Cash paid for taxes *

2,225,842

3,198,110

2,578,558

Supplemental non-cash information:

Payment-in-kind interest income and other adjustments to cost

2,584,775

3,407,609

(4,910,319
)

Net accretion of discount on investments

3,097,921

2,809,163

2,221,257

Discount on debt issuance, 7.25% notes 2030

441,500

-

-

Amortization of deferred debt financing costs

4,802,167

5,025,786

5,171,249

Stock dividend distribution

6,669,817

5,077,632

3,582,345

* Certain prior period amounts have been reclassified to conform
to current period presentation.

See accompanying notes to consolidated financial
statements.

F-8

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

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) Custom Millwork Software First Lien Term Loan

(3M USD TERM SOFR+5.50%), 9.67% Cash, 2/20/2030 2/20/2025 $ 32,000,000 31,778,687 31,884,800 8.0 %

Innergy, Inc. (j) Custom Millwork Software Delayed Draw Term Loan

(3M USD TERM SOFR+5.50%), 9.67% Cash, 2/20/2030 2/20/2025 $ 8,500,000 8,432,838 8,469,400 2.1 %

Total Custom Millwork Software 40,211,525 40,354,200 10.1 %

GreyHeller LLC (h) Cyber Security Common Stock 11/10/2021 7,857,689 1,906,275 4,233,053 1.1 %

Total Cyber Security 1,906,275 4,233,053 1.1 %

Gen4 Dental Partners Holdings, LLC (d) Dental Practice Management First Lien Term Loan

(3M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030 5/13/2024 $ 7,035,714 6,982,168 7,049,786 1.8 %

Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Delayed Draw Term Loan

(3M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030 5/13/2024 $
-

-

-
0.0 %

Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Revolving Credit Facility

(3M USD TERM SOFR+5.75%), 10.02% Cash, 5/13/2030 5/13/2024 $
-

-

-
0.0 %

Gen4 Dental Partners Holdings, LLC (h)(i) Dental Practice Management Series A Preferred Units 2/8/2023 493,999 1,027,519 1,279,457 0.3 %

Modis Dental Partners OpCo, LLC Dental Practice Management First Lien Term Loan

(1M USD TERM SOFR+9.34%), 13.69% Cash, 4/18/2028 4/18/2023 $ 7,000,000 6,945,319 7,038,500 1.7 %

F-9

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

Modis Dental Partners OpCo, LLC Dental Practice Management Delayed Draw Term Loan

(1M USD TERM SOFR+9.34%), 13.69% Cash, 4/18/2028 4/18/2023 $ 13,000,000 12,876,266 13,071,500 3.3 %

Modis Dental Partners OpCo, LLC (h) Dental Practice Management Class A Preferred Units 4/18/2023 3,200,000 3,200,000 3,983,552 1.0 %

Total Dental Practice Management 31,031,272 32,422,795 8.1 %

Exigo, LLC (d) Direct Selling Software First Lien Term Loan

(1M USD TERM SOFR+6.25%), 10.62% Cash, 3/16/2027 3/16/2022 $ 23,815,038 23,755,517 20,695,268 5.2 %

Exigo, LLC (j) Direct Selling Software Revolving Credit Facility

(1M USD TERM SOFR+6.25%), 10.62% Cash, 3/16/2027 3/16/2022 $
-

-
(81,875 ) 0.0 %

Exigo, LLC (h), (i) Direct Selling Software Common Units 3/16/2022 1,041,667 1,041,667
-
0.0 %

Total Direct Selling Software 24,797,184 20,613,393 5.2 %

C2 Educational Systems, Inc. (d) Education Services First Lien Term Loan

(3M USD TERM SOFR+8.50%), 12.67% Cash, 11/30/2026 5/31/2017 $ 23,000,000 23,000,000 22,839,000 5.8 %

C2 Educational Systems, Inc. (h) Education Services Series A-1 Preferred Stock 5/18/2021 3,127 499,904 636,224 0.2 %

Ready Education (d) Education Software First Lien Term Loan

(3M USD TERM SOFR+7.00%), 11.17% Cash, 8/5/2027 8/5/2022 $ 32,000,000 31,875,991 31,936,000 8.1 %

Total Education Software 55,375,895 55,411,224 14.1 %

Haystack Team Inc. Employee Collaboration Software First Lien Term Loan

(3M USD TERM SOFR+5.50%), 9.17% Cash, 12/31/2030 12/31/2025 $ 5,299,222 5,249,222 5,248,609 1.3 %

Haystack Team Inc. (j) Employee Collaboration Software Delayed Draw Term Loan

(3M USD TERM SOFR+5.50%), 9.17% Cash, 12/31/2030 12/31/2025
-

-

-
0.0 %

Haystack Team Inc. (h) Employee Collaboration Software Series A Preferred Stock 12/31/2025 $ 1,250,000 1,421,890 1,250,000 0.3 %

Total Employee Collaboration Software 6,671,112 6,498,609 1.6 %

TG Pressure Washing Holdings, LLC (h) Facilities Maintenance Preferred Equity 8/12/2019 488,148 488,148
-
0.0 %

Total Facilities Maintenance 488,148
-
0.0 %

GDS Software Holdings, LLC (d) Financial Services First Lien Term Loan

(3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2028 12/30/2021 $ 28,713,926 28,655,242 28,713,926 7.2 %

GDS Software Holdings, LLC (d) Financial Services Delayed Draw Term Loan

(3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2028 12/30/2021 $ 3,286,073 3,253,213 3,286,073 0.8 %

GDS Software Holdings, LLC (h) Financial Services Common Stock Class A Units 8/23/2018 250,000 250,000 251,765 0.1 %

Total Financial Services 32,158,455 32,251,764 8.1 %

F-10

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

Inspect Point Holdings, LLC Fire Inspection Business Software First Lien Term Loan

(1M USD TERM SOFR+5.50%), 9.77% Cash, 07/19/2029 7/19/2023 $ 20,000,000 19,869,748 20,046,000 5.1 %

Inspect Point Holdings, LLC (j) Fire Inspection Business Software Delayed Draw Term Loan

(1M USD TERM SOFR+5.50%), 9.77% Cash, 07/19/2029 7/19/2023 $
-

-

-
0.0 %

Total Fire Inspection Business Software 19,869,748 20,046,000 5.1 %

Stretch Zone Franchising, LLC (d) Health/Fitness Franchisor First Lien Term Loan

(3M USD TERM SOFR+7.00%), 11.17% Cash, 3/31/2028 3/31/2023 $ 16,228,726 16,154,267 15,504,925 3.9 %

Stretch Zone Franchising, LLC Health/Fitness Franchisor First Lien Term Loan

(3M USD TERM SOFR+7.00%), 11.17% Cash, 3/31/2028 3/31/2023 $ 8,738,545 8,696,307 8,348,806 2.1 %

Stretch Zone Franchising, LLC (h) Health/Fitness Franchisor Class A Units 3/31/2023 20,000 2,000,000 754,655 0.2 %

Total Health/Fitness Franchisor 26,850,574 24,608,386 6.2 %

Alpha Aesthetics Partners OpCo, LLC (h) Healthcare Services Class A Preferred Units 3/20/2023 3,675,000 3,675,000 3,353,548 0.8 %

ComForCare Health Care (d) Healthcare Services First Lien Term Loan

(3M USD TERM SOFR+6.25%), 10.42% Cash, 12/31/2028 1/31/2017 $ 90,000,000 89,652,007 90,000,000 22.7 %

Total Healthcare Services 93,327,007 93,353,548 23.5 %

Procurement Partners, LLC Healthcare Software First Lien Term Loan

(3M USD TERM SOFR+5.50%), 10.67% Cash, 12/31/2028 11/12/2020 $ 35,125,000 35,098,620 35,125,000 8.9 %

Procurement Partners, LLC Healthcare Software Delayed Draw Term Loan

(3M USD TERM SOFR+5.50%), 10.67% Cash, 12/31/2028 11/12/2020 $ 10,300,000 10,309,993 10,300,000 2.6 %

Procurement Partners Holdings LLC (h) Healthcare Software Class A Units 11/12/2020 571,219 571,219 238,402 0.1 %

Procurement Partners Holdings LLC (h) Healthcare Software Class AA Units 11/12/2020 220,385 30,994 60,670 0.0 %

Total Healthcare Software 46,010,826 45,724,072 11.6 %

Granite Comfort, LP (d) HVAC Services and Sales First Lien Term Loan

(3M USD TERM SOFR+7.40%), 11.57% Cash, 5/16/2027 11/16/2020 $ 43,000,000 42,902,297 42,247,500 10.7 %

Granite Comfort, LP (j)(d) HVAC Services and Sales Delayed Draw Term Loan

(3M USD TERM SOFR+7.40%), 11.57% Cash, 5/16/2027 11/16/2020 $ 9,992,940 9,955,368 9,818,064 2.5 %

Total HVAC Services and Sales 52,857,665 52,065,564 13.2 %

F-11

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

Vector Controls Holding Co., LLC (h) Industrial Products Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027 5/31/2015 329
-
8,604,501 2.2 %

Total Industrial Products
-
8,604,501 2.2 %

AgencyBloc, LLC (d) Insurance Software First Lien Term Loan

(1M USD TERM SOFR+6.31%), 12.03% Cash, 10/1/2029 10/1/2021 $ 17,436,477 17,398,618 17,450,426 4.4 %

Panther ParentCo LLC (h) Insurance Software Class A Units 10/1/2021 2,500,000 2,500,000 5,866,373 1.5 %

Total Insurance Software 19,898,618 23,316,799 5.9 %

Avantra IT Services First Lien Term Loan

(3M USD TERM SOFR+7.97%), 12.14% Cash, 9/20/2029 9/19/2024 $ 17,000,000 16,854,905 16,938,800 4.3 %

Maple Holdings Midco Limited (h) IT Services Class A Common Units 9/19/2024 2,000,000 2,000,000 2,333,016 0.6 %

Total IT Services 18,854,905 19,271,816 4.9 %

Madison Logic, Inc. (d)(m) Marketing Orchestration Software First Lien Term Loan

(1M USD TERM SOFR+7.00%), 11.37% Cash, 12/30/2028 12/30/2022 $ 19,091,720 18,942,898 16,791,168 4.2 %

Total Marketing Orchestration Software 18,942,898 16,791,168 4.2 %

ARC Health OpCo LLC (h) Mental Healthcare Services Class A Preferred Units 8/5/2022 3,818,400 4,169,599 332,895 0.1 %

Total Mental Healthcare Services 4,169,599 332,895 0.1 %

Chronus LLC Mentoring Software First Lien Term Loan

(3M USD TERM SOFR+5.25%), 9.19% Cash, 8/26/2026 8/26/2021 $ 15,000,000 14,979,066 14,596,500 3.7 %

Chronus LLC (d) Mentoring Software 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 %

F-12

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

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 %

F-13

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

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 %

F-14

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 %

F-15

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

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 %

F-16

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

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-R 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 %

F-17

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

Number of

Shares
Cost
Fair Value
% of

Net Assets

Money Market Funds (included in cash and cash equivalents
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
equivalents, reserve accounts
20,105,683
20,105,683
20,105,683
5.1 %

Total Money 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 %

(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.

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

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

(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.

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

(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).

(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).

(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.

(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:

Company
Fair

Value at

the Beginning

of Year
Purchases/

Add-ons
Sales/

Paydowns
Total

Interest from

Investments
Management

Fee Income
Net Realized

Gain (Loss)

from

Investments
Net

Change in

Unrealized

Appreciation

(Depreciation)
Fair

Value at

End of

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

F-18

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2026

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

Company
Fair

Value at

the Beginning

of Year
Purchases/

Add-Ons
Sales/

Paydowns
Total

Interest from

Investments
Total

Dividends from

Investments
Management

Fee Income
Net Realized

Gain (Loss)

from

Investments
Net

Change in

Unrealized

Appreciation

(Depreciation)
Fair

Value at

End of

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.
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
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.
Class E-R Note

-

8,443,750

-

431,533

-

-

-

(21,573 )
8,422,177

Saratoga Senior Loan Fund I JV,
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

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

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

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

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

(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 February 28, 2026.

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

(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
February 28, 2026 was 3.67%.

3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of
February 28, 2026 was 3.67%.

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

See accompanying notes to consolidated financial
statements.

F-19

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

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 - 229.3% (b)

Altvia MidCo, LLC. Alternative Investment Management Software First Lien Term Loan

(3M USD TERM SOFR+8.50%), 12.82% Cash, 7/18/2027 7/18/2022 $ 8,835,600 $ 8,775,378 $ 8,845,319 2.3 %

Altvia MidCo, LLC. (h) Alternative Investment Management Software Series A-1 Preferred Shares 7/18/2022 2,000,000 2,000,000 2,730,236 0.7 %

Total Alternative Investment Management Software 10,775,378 11,575,555 3.0 %

BQE Software, Inc. (d) Architecture & Engineering Software First Lien Term Loan

(3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028 4/13/2023 $ 24,500,000 24,328,507 24,541,650 6.3 %

BQE Software, Inc. (j) Architecture & Engineering Software Delayed Draw Term Loan

(3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028 4/13/2023 $ 750,000 746,569 751,275 0.2 %

Total Architecture & Engineering Software 25,075,076 25,292,925 6.5 %

GrowthZone, LLC Association Management Software First Lien Term Loan

(3M USD TERM SOFR+8.25%), 12.57% Cash, 5/10/2028 5/10/2023 $ 23,336,753 23,044,093 23,402,096 6.0 %

Golden TopCo LP (h) Association Management Software Class A-2 Common Units 5/10/2023 1,072,394 1,072,394 1,447,602 0.4 %

Total Association Management Software 24,116,487 24,849,698 6.4 %

Artemis Wax Corp. (d)(j) Consumer Services Delayed Draw Term Loan

(1M USD TERM SOFR+7.50%), 11.82% Cash, 5/20/2026 5/20/2021 $ 57,500,000 57,333,736 56,953,750 14.5 %

Artemis Wax Corp. (h) Consumer Services Series B-1 Preferred Stock 5/20/2021 934,463 1,500,000 338,044 0.1 %

Artemis Wax Corp. (h) Consumer Services Series D Preferred Stock 12/22/2022 331,640 1,711,866 2,147,020 0.5 %

Total Consumer Services 60,545,602 59,438,814 15.1 %

Schoox, Inc. (h), (i) Corporate Education Software Series 1 Membership Interest 12/8/2020 1,050 475,698 3,978,192 1.0 %

Total Corporate Education Software 475,698 3,978,192 1.0 %

Innergy, Inc. Custom Millwork Software First Lien Term Loan

(3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030 2/20/2025 $ 32,000,000 31,721,847 31,721,600 8.1 %

Innergy, Inc. (j) Custom Millwork Software Delayed Draw Term Loan

(3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030 2/20/2025 $
-

-

-
0.0 %

Total Custom Millwork Software 31,721,847 31,721,600 8.1 %

GreyHeller LLC (h) Cyber Security Common Stock 11/10/2021 7,857,689 1,906,275 3,516,571 0.9 %

Total Cyber Security 1,906,275 3,516,571 0.9 %

Gen4 Dental Partners Holdings, LLC Dental Practice Management First Lien Term Loan

(1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030 5/13/2024 $ 7,107,143 7,043,790 7,043,179 1.8 %

Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Delayed Draw Term Loan

(1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030 5/13/2024 $
-

-

-
0.0 %

Gen4 Dental Partners Holdings, LLC (j) Dental Practice Management Revolving Credit Facility

(1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030 5/13/2024 $
-

-

-
0.0 %

Gen4 Dental Partners Holdings, LLC (h)(i) Dental Practice Management Series A Preferred Units 2/8/2023 493,999 1,027,519 972,485 0.2 %

Modis Dental Partners OpCo, LLC Dental Practice Management First Lien Term Loan

(1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028 4/18/2023 $ 7,000,000 6,925,052 7,079,800 1.8 %

F-20

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

Company(1) Industry Investment Interest Rate/

Maturity Original

Acquisition Date Principal/

Number of Shares Cost Fair

Value (c) % of

Net Assets

Modis Dental Partners OpCo, LLC (j) Dental Practice Management Delayed Draw Term Loan

(1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028 4/18/2023 $ 8,600,000 8,498,729 8,698,040 2.2 %

Modis Dental Partners OpCo, LLC (h) Dental Practice Management Class A Preferred Units 4/18/2023 2,950,000 2,950,000 2,552,488 0.7 %

New England Dental Partners Dental Practice Management First Lien Term Loan

(3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025 11/25/2020 $ 6,555,000 6,541,869 6,636,282 1.7 %

New England Dental Partners Dental Practice Management Delayed Draw Term Loan

(3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025 11/25/2020 $ 2,150,000 2,148,547 2,176,660 0.6 %

Total Dental Practice Management 35,135,506 35,158,934 9.0 %

Exigo, LLC (d) Direct Selling Software First Lien Term Loan

(1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027 3/16/2022 $ 24,065,038 23,961,810 23,352,713 5.9 %

Exigo, LLC (j) Direct Selling Software Revolving Credit Facility

(1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027 3/16/2022 $
-

-
(18,500 ) 0.0 %

Exigo, LLC (h), (i) Direct Selling Software Common Units 3/16/2022 1,041,667 1,041,667 729,464 0.2 %

Total Direct Selling Software 25,003,477 24,063,677 6.1 %

C2 Educational Systems, Inc. (d) Education Services First Lien Term Loan

(3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025 5/31/2017 $ 23,000,000 22,993,974 22,990,800 5.9 %

C2 Educational Systems, Inc. (j) Education Services Delayed Draw Term Loan

(3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025 4/28/2023 $
-

-

-
0.0 %

C2 Education Systems, Inc. (h) Education Services Series A-1 Preferred Stock 5/18/2021 3,127 499,904 605,383 0.2 %

Total Education Services 23,493,878 23,596,183 6.1 %

GoReact Education Software First Lien Term Loan

(3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025 1/17/2020 $ 8,170,158 8,169,876 8,170,158 2.1 %

GoReact (j) Education Software Delayed Draw Term Loan

(3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025 1/18/2022 $
-

-

-
0.0 %

Identity Automation Systems (h) Education Software Common Stock Class A-2 Units 8/25/2014 232,616 232,616 1,182,481 0.3 %

Identity Automation Systems (h) Education Software Common Stock Class A-1 Units 3/6/2020 43,715 171,571 329,237 0.1 %

Ready Education (d) Education Software First Lien Term Loan

(3M USD TERM SOFR+7.00%), 11.32% Cash, 8/5/2027 8/5/2022 $ 32,000,000 31,801,611 31,913,600 8.1 %

Total Education Software 40,375,674 41,595,476 10.6 %

F-21

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

Company(1) Industry Investment Interest Rate/

Maturity Original

Acquisition Date Principal/

Number of Shares Cost Fair

Value (c) % of

Net Assets

TG Pressure Washing Holdings, LLC (h) Facilities Maintenance Preferred Equity 8/12/2019 488,148 488,148
-
0.0 %

Total Facilities Maintenance 488,148
-
0.0 %

Davisware, LLC Field Service Management First Lien Term Loan

(3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025 9/6/2019 $ 6,000,000 6,000,000 6,012,000 1.5 %

Davisware, LLC (j) Field Service Management Delayed Draw Term Loan

(3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025 9/6/2019 $ 5,727,790 5,725,290 5,739,246 1.5 %

Total Field Service Management 11,725,290 11,751,246 3.0 %

GDS Software Holdings, LLC Financial Services First Lien Term Loan

(3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026 12/30/2021 $ 22,713,926 22,655,802 22,654,870 5.8 %

GDS Software Holdings, LLC (d) Financial Services Delayed Draw Term Loan

(3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026 12/30/2021 $ 3,286,074 3,266,913 3,277,530 0.8 %

GDS Software Holdings, LLC (h) Financial Services Common Stock Class A Units 8/23/2018 250,000 250,000 370,057 0.1 %

Total Financial Services 26,172,715 26,302,457 6.7 %

Ascend Software, LLC Financial Services Software First Lien Term Loan

(3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026 12/15/2021 $ 6,000,000 5,974,824 5,930,400 1.5 %

Ascend Software, LLC (j) Financial Services Software Delayed Draw Term Loan

(3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026 12/15/2021 $ 4,050,000 4,037,989 4,003,020 1.0 %

Total Financial Services Software 10,012,813 9,933,420 2.5 %

Inspect Point Holdings, LLC Fire Inspection Business Software First Lien Term Loan

(1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028 7/19/2023 $ 10,000,000 9,927,042 10,178,000 2.6 %

Inspect Point Holdings, LLC (j) Fire Inspection Business Software Delayed Draw Term Loan

(1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028 7/19/2023 $
-

-

-
0.0 %

Total Fire Inspection Business Software 9,927,042 10,178,000 2.6 %

Stretch Zone Franchising, LLC (d) Health/Fitness Franchisor First Lien Term Loan

(3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028 3/31/2023 $ 28,717,271 28,525,975 27,327,355 7.0 %

Stretch Zone Franchising, LLC (j) Health/Fitness Franchisor Delayed Draw Term Loan

(3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028 3/31/2023 $
-

-
(72,600 ) 0.0 %

Stretch Zone Franchising, LLC (h) Health/Fitness Franchisor Class A Units 3/31/2023 20,000 2,000,000 1,198,117 0.3 %

Total Health/Fitness Franchisor 30,525,975 28,452,872 7.3 %

Alpha Aesthetics Partners OpCo, LLC Healthcare Services First Lien Term Loan

(1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028 3/20/2023 $ 3,900,000 3,858,168 3,952,260 1.1 %

Alpha Aesthetics Partners OpCo, LLC Healthcare Services Delayed Draw Term Loan

(1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028 3/20/2023 $ 15,100,000 14,915,338 15,302,340 3.9 %

Alpha Aesthetics Partners OpCo, LLC (h) Healthcare Services Class A Preferred Units 3/20/2023 3,675,000 3,675,000 3,822,369 1.0 %

F-22

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

Company(1) Industry Investment Interest Rate/

Maturity Original

Acquisition Date Principal/

Number of Shares Cost Fair

Value (c) % of

Net Assets

Axiom Medical Consulting, LLC Healthcare Services First Lien Term Loan

(3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028 9/11/2023 $ 6,000,000 5,959,513 6,000,000 1.5 %

Axiom Medical Consulting, LLC (j) Healthcare Services Delayed Draw Term Loan

(3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028 9/11/2023 $
-

-

-
0.0 %

Axiom Parent Holdings, LLC (h) Healthcare Services Class A Preferred Units 6/19/2018 400,000 258,389 884,831 0.2 %

ComForCare Health Care (d) Healthcare Services First Lien Term Loan

(3M USD TERM SOFR+6.25%), 10.57% Cash, 12/31/2027 1/31/2017 $ 55,000,000 54,766,528 55,187,000 14.1 %

Total Healthcare Services 83,432,936 85,148,800 21.8 %

Procurement Partners, LLC Healthcare Software First Lien Term Loan

(3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026 11/12/2020 $ 35,125,000 35,033,286 35,125,000 8.9 %

Procurement Partners, LLC Healthcare Software Delayed Draw Term Loan

(3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026 11/12/2020 $ 10,300,000 10,287,080 10,300,000 2.6 %

Procurement Partners Holdings LLC (h) Healthcare Software Class A Units 11/12/2020 571,219 571,219 442,532 0.1 %

Procurement Partners Holdings LLC (h) Healthcare Software Class AA Units 11/12/2020 220,385 30,994 118,529 0.0 %

Total Healthcare Software 45,922,579 45,986,061 11.6 %

Roscoe Medical, Inc. (h) Healthcare Supply Common Stock 3/26/2014 5,081 508,077
-
0.0 %

Total Healthcare Supply 508,077
-
0.0 %

Granite Comfort, LP (d) HVAC Services and Sales First Lien Term Loan

(3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027 11/16/2020 $ 43,000,000 42,842,108 41,937,900 10.7 %

Granite Comfort, LP (j)(d) HVAC Services and Sales Delayed Draw Term Loan

(3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027 11/16/2020 $ 16,207,805 16,101,236 15,520,041 4.0 %

Total HVAC Services and Sales 58,943,344 57,457,941 14.7 %

Vector Controls Holding Co., LLC (h) Industrial Products Warrants to Purchase Limited Liability Company Interests, Expires 3/6/2025 5/31/2015 329
-
9,404,077 2.4 %

Total Industrial Products
-
9,404,077 2.4 %

F-23

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

Company(1) Industry Investment Interest Rate/

Maturity Original

Acquisition Date Principal/

Number of Shares Cost Fair

Value (c) % of

Net Assets

AgencyBloc, LLC Insurance Software First Lien Term Loan

(1M USD TERM SOFR+7.76%), 12.09% Cash, 10/1/2026 10/1/2021 $ 15,615,511 15,553,310 15,615,511 4.0 %

Panther ParentCo LLC (h) Insurance Software Class A Units 10/1/2021 2,500,000 2,500,000 4,729,353 1.2 %

Total Insurance Software 18,053,310 20,344,864 5.2 %

Avantra IT Services First Lien Term Loan

(3M USD TERM SOFR+7.97%), 12.29% Cash, 9/20/2029 9/19/2024 $ 17,000,000 16,823,180 16,809,600 4.3 %

Maple Holdings Midco Limited (h) IT Services Class A Common Units 9/19/2024 2,000,000 2,000,000 2,000,000 0.5 %

Total IT Services 18,823,180 18,809,600 4.8 %

ActiveProspect, Inc. (d) Lead Management Software First Lien Term Loan

(3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027 8/8/2022 $ 11,525,624 11,470,461 11,640,880 3.0 %

ActiveProspect, Inc. (j) Lead Management Software Delayed Draw Term Loan

(3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027 8/8/2022 $
-

-

-
0.0 %

Total Lead Management Software 11,470,461 11,640,880 3.0 %

Madison Logic, Inc. (d)(m) Marketing Orchestration Software First Lien Term Loan

(1M USD TERM SOFR+7.50%), 11.82% Cash, 12/30/2028 12/30/2022 $ 18,841,634 18,649,126 18,444,075 4.7 %

Total Marketing Orchestration Software 18,649,126 18,444,075 4.7 %

ARC Health OpCo LLC (d) Mental Healthcare Services First Lien Term Loan

(3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027 8/5/2022 $ 6,500,000 6,455,259 6,184,750 1.6 %

ARC Health OpCo LLC (d) Mental Healthcare Services Delayed Draw Term Loan

(3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027 8/5/2022 $ 26,914,577 26,907,840 25,609,220 6.5 %

ARC Health OpCo LLC (h) Mental Healthcare Services Class A Preferred Units 8/5/2022 3,818,400 4,169,599 610,944 0.2 %

Total Mental Healthcare Services 37,532,698 32,404,914 8.3 %

F-24

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

Company(1) Industry Investment Interest Rate/

Maturity Original

Acquisition Date Principal/

Number of Shares Cost Fair

Value (c) % of

Net Assets

Chronus LLC Mentoring Software First Lien Term Loan

(3M USD TERM SOFR+5.25%), 9.72% Cash, 8/26/2026 8/26/2021 $ 15,000,000 14,943,520 14,910,000 3.8 %

Chronus LLC (d) Mentoring Software First Lien Term Loan

(3M USD TERM SOFR+6.00%), 10.47% Cash, 8/26/2026 8/26/2021 $ 5,000,000 4,975,736 4,970,000 1.3 %

Chronus LLC (h) Mentoring Software Series A Preferred Stock 8/26/2021 3,000 3,000,000 2,146,574 0.5 %

Total Mentoring Software 22,919,256 22,026,574 5.6 %

Cloudpermit Municipal Government Software First Lien Term Loan

(3M USD TERM SOFR+5.75%), 10.07% Cash, 9/5/2029 9/5/2024 $ 28,000,000 27,750,119 27,720,000 7.1 %

Cloudpermit (j) Municipal Government Software Delayed Draw Term Loan

(3M USD TERM SOFR+5.75%), 10.07% 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 2,000,000 0.5 %

Total Municipal Government Software 29,750,119 29,720,000 7.6 %

Omatic Software, LLC (d) Non-profit Services First Lien Term Loan

(3M USD TERM SOFR+8.00%), 12.58% Cash/1.00% PIK, 6/30/2025 5/29/2018 $ 16,435,922 16,429,958 16,470,437 4.2 %

Total Non-profit Services 16,429,958 16,470,437 4.2 %

Emily Street Enterprises, L.L.C. (d) Office Supplies Senior Secured Note

(3M USD TERM SOFR+6.75%), 11.07% Cash, 12/31/2028 12/28/2012 $ 5,300,000 5,285,054 5,339,220 1.4 %

Total Office Supplies 5,285,054 5,339,220 1.4 %

Buildout, Inc. (d) Real Estate Services First Lien Term Loan

(3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025 7/9/2020 $ 14,000,000 13,985,556 13,587,000 3.5 %

Buildout, Inc. Real Estate Services Delayed Draw Term Loan

(3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025 2/12/2021 $ 38,500,000 38,454,669 37,364,250 9.5 %

Buildout, Inc. (h)(i) Real Estate Services Limited Partner Interests 7/9/2020 1,250 1,372,557 798,892 0.2 %

Total Real Estate Services 53,812,782 51,750,142 13.2 %

Wellspring Worldwide Inc. Research Software First Lien Term Loan

(3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028 6/27/2022 $ 9,492,000 9,428,229 9,492,000 2.4 %

Wellspring Worldwide Inc. Research Software Delayed DrawTerm Loan

(3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028 6/27/2022 $ 14,400,000 14,259,405 14,400,000 3.7 %

Archimedes Parent LLC (h) Research Software Class A Common Units 6/27/2022 2,475,160 2,475,160 2,387,902 0.6 %

Total Research Software 26,162,794 26,279,902 6.7 %

LFR Chicken LLC Restaurant First Lien Term Loan

(1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026 11/19/2021 $ 12,000,000 11,952,144 12,000,000 3.1 %

LFR Chicken LLC (j) Restaurant Delayed Draw Term Loan

(1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026 11/19/2021 $ 18,000,000 17,906,382 18,000,000 4.6 %

F-25

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

Company(1) Industry Investment Interest Rate/

Maturity Original

Acquisition Date Principal/

Number of Shares Cost Fair

Value (c) % of

Net Assets

LFR Chicken LLC (h) Restaurant Series B Preferred Units 11/19/2021 497,183 1,000,000 1,599,989 0.4 %

Total Restaurant 30,858,526 31,599,989 8.1 %

Avionte Holdings, LLC (h) Staffing Services Class A Units 1/8/2014 100,000 100,000 3,426,460 0.9 %

Total Staffing Services 100,000 3,426,460 0.9 %

JDXpert Talent Acquisition Software First Lien Term Loan

(3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027 5/2/2022 $ 6,000,000 5,969,521 6,000,000 1.5 %

JDXpert Talent Acquisition Software Delayed Draw Term Loan

(3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027 5/2/2022 $ 1,000,000 993,974 1,000,000 0.3 %

JDXpert (j) Talent Acquisition Software Delayed Draw Term Loan

(3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027 3/31/2023 $ 500,000 496,237 500,000 0.1 %

Jobvite, Inc. (d) Talent Acquisition Software First Lien Term Loan

(3M USD TERM SOFR+7.50%), 11.82% Cash, 8/5/2028 8/5/2022 $ 20,000,000 19,900,196 19,834,000 5.1 %

Total Talent Acquisition Software 27,359,928 27,334,000 7.0 %

VetnCare MSO, LLC (j) Veterinary Services Delayed Draw Term Loan

(3M USD TERM SOFR+5.75%), 10.07% Cash, 5/12/2028 5/12/2023 $ 12,680,505 12,580,925 12,666,554 3.2 %

Total Veterinary Services 12,580,925 12,666,554 3.2 %

Sub Total Non-control/Non-affiliate investments 886,071,934 897,660,110 229.3 %

Affiliate investments - 10.3% (b)

ETU Holdings, Inc. (f) Corporate Education Software First Lien Term Loan

(3M USD TERM SOFR+9.00%), 13.47% Cash, 8/18/2027 8/18/2022 $ 7,000,000 6,959,248 6,980,400 1.8 %

ETU Holdings, Inc. (f) Corporate Education Software Second Lien Term Loan

15.00% PIK, 2/18/2028 8/18/2022 $ 7,125,931 7,093,577 6,387,685 1.6 %

ETU Holdings, Inc. (f)(h) Corporate Education Software Series A Preferred Units 8/18/2022 3,000,000 3,000,000
-
0.0 %

Total Corporate Education Software 17,052,825 13,368,085 3.4 %

F-26

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

Company(1) Industry Investment Interest Rate/

Maturity Original

Acquisition Date Principal/

Number of Shares Cost Fair

Value (c) % of

Net Assets

Axero Holdings, LLC (f) Employee Collaboration Software First Lien Term Loan

4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027 6/30/2021 $ 15,933,063 15,913,591 15,933,063 4.1 %

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 $ 1,130,734 1,126,177 1,130,734 0.3 %

Axero Holdings, LLC (f)(j) Employee Collaboration Software Revolving Credit Facility

4.50% Cash, (3M USD TERM SOFR + 2.50%) 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 3,529,000 0.9 %

Axero Holdings, LLC (f)(h) Employee Collaboration Software Series B Preferred Units 6/30/2021 2,055,609 2,055,609 6,586,550 1.6 %

Total Employee Collaboration Software 21,150,986 27,179,347 6.9 %

Sub Total Affiliate investments 38,203,811 40,547,432 10.3 %

Control investments - 10.2% (b)

Zollege PBC (k)(g) Education Services First Lien Term Loan

4.84% PIK, 8/9/2027 5/11/2021 $ 1,461,250 1,461,250 1,085,855 0.3 %

Zollege PBC (h)(g) Education Services Common Stock 5/11/2021 7,731,294 558,799 2,851,295 0.7 %

Total Education Services 2,020,049 3,937,150 1.0 %

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 1,326,000 0.3 %

Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Delayed Draw Term Loan

4.42% PIK, 12/31/2028 6/30/2021 $
-

-

-
0.0 %

Pepper Palace, Inc. (j)(k)(g) Specialty Food Retailer Revolving Credit Facility

4.42% PIK, 12/31/2028 6/30/2021 $ 400,000 400,000 221,000 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 2,938,561 1,547,000 0.4 %

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 14,889,037 240,578 0.1 %

Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note (a)(g) Structured Finance Securities Other/Structured Finance Securities

(3M USD TERM SOFR+10.00%), 14.58%, 4/20/2033 8/9/2021 $ 9,375,000 9,375,000 2,280,938 0.6 %

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+8.55%), 12.87%, 10/20/2033 10/28/2022 $ 12,250,000 11,392,500 12,250,000 3.1 %

Total Structured Finance Securities 35,656,537 14,771,516 3.8 %

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 16,533,626 4.2 %

Saratoga Senior Loan Fund I JV, LLC (a)(g) Investment Fund Membership Interest 12/17/2021 17,583,486 17,583,486 3,080,916 0.8 %

Total Investment Fund 35,202,440 19,614,542 5.0 %

Sub Total Control investments 75,817,587 39,870,208 10.2 %

TOTAL INVESTMENTS - 249.8% (b) $ 1,000,093,332 $ 978,077,750 249.8 %

F-27

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

Number of Shares
Cost
Fair Value
% of Net Assets

Money Market Funds (included in cash and cash equivalents
and cash and cash equivalents, reserve accounts) – 52.1% (b)

Goldman Sachs Financial
Square Government Fund (1)(2)
148,218,492
$ 148,218,492
$ 148,218,492
37.7 %

Cash and cash equivalents
148,218,492
148,218,492
148,218,492
37.7 %

Goldman Sachs Financial Square Government Fund (1)(2)
56,505,433
56,505,433
56,505,433
14.4 %

Cash and cash
equivalents, reserve accounts
56,505,433
56,505,433
56,505,433
14.4 %

Total Money Market
Funds (included in cash and cash equivalents and cash and cash equivalents, reserve accounts)
204,723,925
$ 204,723,925
$ 204,723,925
52.1

%

(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.

(2) Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.

(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 28, 2025, non-qualifying assets represent 4.0% 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.

(b) Percentages are based on net assets of $392,665,468 as of February 28, 2025.

(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).

(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).

(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.

(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, 2025 in which the issuer was an affiliate are as follows:

Company
Fair

Value at

the Beginning

of Year
Purchases
Sales
Total

Interest from

Investments
Management

Fee Income
Net Realized

Gain (Loss)

from

Investments
Net

Change in

Unrealized

Appreciation

(Depreciation)
Fair

Value at

End of

Period

Axero Holdings, LLC
$ 14,149,607
$ 10,000,000
$
-

$ 1,327,375
$
-

$
-

$ 2,551,701
$ 27,179,347

ETU Holdings, Inc.
13,599,530.00

-

-

2,035,631

-

-

(1,249,802 )
13,368,085

Total
$ 27,749,137
$ 10,000,000
$
-

$ 3,363,006
$
-

$
-

$ 1,301,899
$ 40,547,432

F-28

Saratoga Investment Corp.

Consolidated Schedule of Investments

February 28, 2025

(g) As defined in the 1940 Act, we “control”
this portfolio company because we own more than 25% of the portfolio company’s outstanding
voting securities. Transactions during the year ended February 28, 2025 in which the issuer
was both an affiliate and a portfolio company that we control are as follows:

Company
Fair

Value at

the Beginning

of Year
Purchases
Sales
Total

Interest from

Investments
Total

Dividends from

Investments
Management

Fee Income
Net Realized

Gain (Loss)

from

Investments
Net

Change in

Unrealized

Appreciation

(Depreciation)
Fair

Value at

End of

Period

Netreo Holdings, LLC
$ 35,421,889
$
-

$ 2,260,337
$ 921,530
$
-

$
-

$ (5,445,808 )
$ 3,802,854
$
-

Pepper Palace, Inc.
2,488,682
1,450,000

-

1,338

-

-

(34,007,427 )
(1,391,561 )
1,547,000

Zollege PBC
3,783,928
200,707
209,460
110,862

-

-

(15,110,835 )
1,917,101
3,937,150

Saratoga Investment Corp. CLO 2013-1, Ltd.
9,500,627

-

-

-

-

3,114,466

-

(2,147,199 )
240,578

Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd.
Class E Note
12,250,000

-

-

1,685,977

-

-

-

-

12,250,000

Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3
Note
8,875,227

-

-

1,452,981

-

-

-

(6,594,289 )
2,280,938

Saratoga Senior Loan Fund I JV, LLC
15,818,297

-

-

1,761,895

-

-

-

715,329
16,533,626

Saratoga Senior Loan Fund I JV,
LLC
9,403,996

-

-

-

3,973,584

-

-

(6,323,079 )
3,080,916

Total
$ 97,542,646
$ 1,650,707
$ 2,469,797
$ 5,934,583
$ 3,973,584
$ 3,114,466
$ (54,564,070 )
$ (10,020,844 )
$ 39,870,208

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

(j) All or a portion of this investment has an unfunded
commitment as of February 28, 2025. (See Note 9 to the consolidated financial statements).

(k) As of February 28, 2025, the investment was on non-accrual
status. The fair value of these investments was approximately $2.6 million, which represented
0.3% of the Company’s portfolio (see Note 2 to the consolidated financial statements).

(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 February 28, 2025.

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

SOFR - Secured Overnight Financing Rate

1M USD TERM SOFR - The 1 month USD TERM SOFR rate as of
February 28, 2025 was 4.32%.

3M USD TERM SOFR - The 3 month USD TERM SOFR rate as of
February 28, 2025 was 4.32%.

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

See accompanying notes to
consolidated financial statements.

F-29

SARATOGA INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

February 28, 2026

Note 1. Organization

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

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

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

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

The Company has established wholly owned subsidiaries,
SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP Inc.,
SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT, Inc. and SIA-Vector, Inc., which are structured as Delaware entities that are
treated as corporations for U.S. federal income tax purposes and are intended to facilitate its compliance with the requirements to be
treated as a RIC under the Code by holding equity or equity-like investments in portfolio companies organized as limited liability companies,
or LLCs (or other forms of pass through entities). These entities are consolidated for accounting purposes, but are not consolidated
for 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
Corp. SBIC II LP (“SBIC II LP”) and Saratoga Investment Corp. SBIC III LP (“SBIC III LP”, and together with SBIC
II LP, the “SBIC Subsidiaries”), received licenses to operate as small business investment companies from the SBA on August
14, 2019 and September 29, 2022, respectively. Each of the SBIC Subsidiaries provides up to $175.0 million in long-term capital in the
form of debentures guaranteed by the SBA. Our wholly owned subsidiary Saratoga Investment Corp. SBIC LP (“SBIC LP”) repaid
its outstanding debentures and subsequently surrendered its license to the SBA on January 3, 2024, providing the Company access to all
undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company. Under current SBIC regulations, for two
or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million with at least $175.0
million in combined regulatory capital.

F-30

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

On September 24, 2025, the Company completed
the first refinancing of SLF 2022. This refinancing, among other things, extended 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 of SLF JV.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements
have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”),
are stated in U.S. Dollars and include the accounts of the Company and its wholly owned special purpose financing subsidiaries, SIF II,
SIF 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,
Inc., SIA-MDP, Inc., SIA-PP, Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG, Inc., SIA-TT Inc., and SIA-Vector, Inc. All intercompany
accounts and transactions have been eliminated in consolidation. All references made to the “Company,” “we,”
and “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise.

The Company, SIF II, SIF III, SBIC II LP, and
SBIC III LP are all considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment
Companies (“ASC 946”). There have been no changes to the Company, SIF II, SIF III, SBIC II LP, or SBIC III LP’s
status as investment companies in accordance with ASC 946 during the year ended February 28, 2026.

Principles of Consolidation

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

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

F-31

Use of Estimates in the Preparation of Financial Statements

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

Operating Segment

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

The CODM uses our consolidated net investment
income and net increase (decrease) in net assets resulting from operations as reported in the Consolidated Statements
of Operations to assess the Company’s performance and when allocating resources. Net investment income is comprised of total investment
income (’segment revenues’), and total expenses (‘total segment expenses’) and operating expenses
(“segment operating expenses”), which are considered the key segment measures of profit or loss received by the CODM. The
expense categories included in the Company’s consolidated statement of operations are fully reflective of the significant expense
categories and amounts that are regularly provided to the CODM. For the years ended 2026, 2025 and 2024, operating expenses totaled $12.6
million, $12.2 million and $10.4 million, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include short-term,
liquid investments in a money market fund. The Company places its cash in financial institutions and, at times, such balances may be
in excess of the Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are carried at cost which approximates
fair 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
market 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 February 28, 2026, the Company did not
exceed any of these limitations.

Cash and Cash Equivalents, Reserve Accounts

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

F-32

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

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

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

February 28,

2026
February 28,

2025
February 29,

2024

Cash and cash equivalents
$ 1,680,070
$ 148,218,491
$ 8,692,846

Cash and cash equivalents, reserve accounts
20,105,683
56,505,433
31,814,278

Total cash and cash equivalents and
cash and cash equivalents, reserve accounts
$ 21,785,753
$ 204,723,924
$ 40,507,124

Investment Classification

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

Investment Valuation

The Company accounts for its investments at fair
value in accordance with the FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value, establishes
a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and
enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold
or its liabilities are to be transferred at the measurement date in the principal market to independent market participants, or in the
absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as
buyers 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
available are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject
to any decision by the Company’s board of directors to approve a fair value determination to reflect significant events affecting
the value of these investments. The Company values investments for which market quotations are not readily available at fair value as
approved, in good faith, by the Company’s board of directors based on input from the Manager, the audit committee of the board
of directors and a third-party independent valuation firm.

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

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

●
an independent valuation firm engaged by the Company’s
board of directors independently reviews a selection of these preliminary valuations each quarter so that the valuation of each investment
for which market quotes are not readily available is reviewed by the independent valuation firm at least once each fiscal year. The
Company uses a third-party independent valuation firm to value its investment in the subordinated notes of Saratoga Investment Corp.
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
every quarter.

F-33

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

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

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

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

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

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

The Company’s investments in CLO BB
and CLO BBB debt have been valued using recent actual market trades or an independent pricing service. The valuation methodology of
the independent pricing service includes incorporating data comprised of observable market transactions, executable bids, broker
quotes from dealers with two sided markets, as well as transaction activity from comparable securities to those being valued. As the
independent pricing service contemplates real-time market data and no unobservable inputs or significant judgment has been used by
Saratoga Investment Advisors in 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
of private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based
on estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these
investments existed. The Company’s NAV could be materially affected if the determinations regarding the fair value of its investments
were 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”)
establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of
directors, subject to board oversight and certain other conditions, to designate the investment adviser to perform fair value determinations.
Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for
determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”) provides
for certain recordkeeping requirements associated with fair value determinations. While the Company’s board of directors has not
elected to designate Saratoga Investment Advisors as the valuation designee, the Company has established policies and procedures in compliance
with the applicable requirements of Rule 2a-5 and Rule 31a-4.

F-34

Derivative Financial Instruments

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

Investment Transactions and Income Recognition

Purchases and sales of investments and the related
realized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount,
is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on
its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized
using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts
over 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
when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed
on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s
judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and,
in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan
has sufficient collateral value and is in the process of collection. At February 28, 2026 our investment in one portfolio company and
the Class F-2-R-3 Notes of the 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. At February 28, 2025, our investment in one portfolio company was on non-accrual status with
a fair value of approximately $2.6 million, or 0.3% of the fair value of our portfolio.

Interest income on our investment in the subordinated
note of Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325-40, Investments—Other,
Beneficial Interests in Securitized Financial Assets, based on the anticipated yield and the estimated cash flows over the projected
life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or
re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over
the 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
investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents
contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on an accrual
basis to the extent such amounts are expected to be collected. The Company stops accruing PIK interest if it is expected that the issuer
will not be able to pay all principal and interest when due. The Company restores to accrual status when past due principal and interest
is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule
if the loan has sufficient collateral value and is in the process of collection.

Dividend Income

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

F-35

Structuring and Advisory Fee Income

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

Other Income

Other income includes prepayment income fees,
and 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
credit facilities and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt
securities. Financing costs incurred in connection with the SBA debentures of SBIC II LP and SBIC III LP are deferred and amortized using
the straight-line method over the life of the debentures. Any discount or premium on the issuance of any debt is accreted and amortized
using the effective interest method over the life of the respective debt security.

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

Realized Loss on Extinguishment of Debt

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

Contingencies

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

In the ordinary course of business, the Company
may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings.
Such 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
annually, to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code. By meeting these requirements,
the Company generally will not be subject to U.S. federal income tax on ordinary income or capital gains timely distributed to stockholders.
Therefore, no provision has been recorded for federal income taxes, except as related to the Corporate Blockers (as defined below) and
long-term capital gains, when applicable.

In order to qualify as a RIC, among other requirements,
the Company generally is required to timely distribute to its stockholders at least 90% of its “investment company taxable income”,
as 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
its investment company taxable income and net capital gains that it does not timely distribute to shareholders. The Company will be subject
to 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
income in any calendar year, (2) 98.2% of its capital gain net income for each one-year period ending on October 31and (3) certain undistributed
amounts from previous years on which we paid no U.S. federal income tax.

F-36

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

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

The Company may utilize wholly owned holding
companies that are treated as corporations for U.S. federal income tax purposes when making equity investments in portfolio companies
taxed as pass-through entities to meet its source-of-income requirements as a RIC (“Corporate Blockers”). Corporate Blockers
are consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred U.S. federal and state
income tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included
in the Company’s taxable income until distributed by the Corporate Blocker, which may result in timing and character differences
between the Company’s income for U.S. GAAP purposes and the Company’s income for U.S. federal income tax purposes. Income
tax expense or benefit from Corporate Blockers related to net investment income are included in total operating expenses, while any expense
or benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net
realized or unrealized gain or loss line item. Deferred tax assets of the Corporate Blockers are reduced by a valuation allowance when,
in 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
740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial
statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s
tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.
Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current
period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated
statements of operations. During the fiscal year ended February 28, 2026, February 28, 2025 and February 29, 2024 the Company did not
incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2022, 2023,
2024 and 2025 federal tax years for the Company remain subject to examination by the IRS. At February 28, 2026, and February 28, 2025,
there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total
amounts of unrecognized tax benefits will change significantly in the next 12 months.

Dividends

Dividends to common stockholders are recorded
on the ex-dividend date. The amount to be paid out as a dividend is determined by the board of directors. Net realized capital gains,
if 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
(“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder
elects to receive cash. As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who
have not “opted out” of the DRIP by the dividend record date will have their cash dividends automatically reinvested into
additional shares of our common stock, rather than receiving the cash dividends. We have the option to satisfy the share requirements
of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator.

F-37

Capital Gains Incentive Fee

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

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

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09,
Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires additional disaggregated information on income
taxes paid. This amended guidance is effective for annual reporting periods beginning after December 15, 2024. We have adopted ASU 2023-09
effective as of February 28, 2026, and concluded that the application of this guidance did not have a material impact on our consolidated
financial statements. See Note 6 in Item 8, Financial Statements and Supplementary Data, for further information.

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

Risk Management

In the ordinary course of its business, the Company
manages a variety of risks, including market and credit risk. Market risk is the risk of potential adverse changes to the value of investments
because 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
by portfolio companies, equivalent to the investment’s carrying amount. The Company is also exposed to credit risk related to maintaining
all of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to
any of its derivative counterparties.

The Company has investments in lower rated and
comparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree
of credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because
such 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
in 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
a liability in an orderly transaction between independent market participants at the measurement date.

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

F-38

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

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

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

●

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

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

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

Fair Value Measurements
Valued Using Net

Level 1
Level 2
Level 3
Asset 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

* 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 following table presents fair value measurements
of investments, by major class, as of February 28, 2025 (dollars in thousands), according to the fair value hierarchy:

Fair Value Measurements
Valued Using Net

Level 1
Level 2
Level 3
Asset Value*
Total

First lien term loans
$
-

$
-

$ 867,866
$
-

$ 867,866

Second lien term loans

-

-

6,388

-

6,388

Unsecured term loans

-

-

16,534

-

16,534

Structured finance securities

-

-

14,772

-

14,772

Equity interests

-

-

69,437
3,081
72,518

Total
$
-

$
-

$ 974,997
$ 3,081
$ 978,078

* 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.

F-39

The following table provides a reconciliation of
the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 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, 2025
$ 867,866
$ 6,388
$ 16,534
$ 14,772
$ 69,437
$ 974,997

Payment-in-kind and other adjustments to cost
1,918
1,147

-

(480 )

-

2,585

Net accretion of discount on investments
2,230
10

-

858

-

3,098

Net change in unrealized appreciation (depreciation) on
investments
(3,962 )
468
(404 )
(2,920 )
5,061
(1,757 )

Purchases
208,408
34,694

-

8,443
9,610
261,155

Sales and repayments
(165,469 )

-

-

(12,251 )
(6,917 )
(184,637 )

Net realized gain (loss) from investments

-

-

-

-

5,746
5,746

Balance as of February 28, 2026
$ 910,991
$ 42,707
$ 16,130
$ 8,422
$ 82,937
$ 1,061,187

Net change in unrealized appreciation
(depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year
$ (5,388 )
$ 468
$ (404 )
$ (2,385 )
$ 6,955
$ (754 )

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

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

Transfers and restructurings, if any, are recognized
at 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
year ended February 28, 2026.

The following table provides a reconciliation
of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 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 29, 2024
$ 976,423
$ 18,097
$ 15,818
$ 30,626
$ 88,426
$ 1,129,390

Payment-in-kind and other adjustments to cost
2,409
8,267

-

(7,113 )
3
3,566

Net accretion of discount on investments
2,799
9

-

-

-

2,808

Net change in unrealized appreciation (depreciation) on
investments
37,778
3,165
716
(8,741 )
(7,621 )
25,297

Purchases
163,009

-

-

-

5,069
168,078

Sales and repayments
(266,880 )
(23,150 )

-

-

(22,083 )
(312,113 )

Net realized gain (loss) from investments
(47,672 )

-

-

-

5,643
(42,029 )

Balance as of February 28, 2025
$ 867,866
$ 6,388
$ 16,534
$ 14,772
$ 69,437
$ 974,997

Net change in unrealized appreciation
(depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year
$ (6,384 )
$ (71 )
$ 716
$ (8,741 )
$ (2,893 )
$ (17,373 )

F-40

Purchases, PIK and other adjustments to cost include
purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on
debt securities, and PIK interests. For the year ended February 28, 2025, non-cash restructurings related to two controlled investments
resulting in realized losses of $49.1 million were included in net realized (gain) loss from investments on the consolidated statements
of cash flows.

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

Transfers and restructurings, if any, are recognized
at 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
year ended February 28, 2025.

The valuation techniques and significant unobservable
inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2026 were as follows (dollars in 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 (%) 70.0% 70.0%

Prepayment Rate (%) 20.0% 20.0%

Equity interests 82,937 Market Comparables Market Yield (%) 13.5% 0.1%

Enterprise Value Waterfall (x) Revenue Multiples 0.1x - 8.2x 6.0x

Black-Scholes Modeling Volatility (%) 38.7% 38.7%

EBITDA Multiples (x) 0.5x - 20.0x 9.4x

Total $ 1,061,187

* The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input, excluding the recovery rate for Structured finance securities.

The valuation techniques and significant unobservable inputs used
in recurring Level 3 fair value measurements of assets as of February 28, 2025 were as follows (dollars in thousands):

Fair Value Valuation Technique Unobservable Input Range Weighted Average*

First lien term loans $ 867,866 Market Comparables Market Yield (%) 9.8% - 22.0% 12.4%

Revenue Multiples (x) 2.5x 2.5x

EBITDA Multiples (x) 6.8x 6.8x

Second lien term loans 6,388 Market Comparables Market Yield (%) 19.7% 19.7%

Unsecured term loans 16,534 Discounted Cash Flow Discount Rate (%) 10.0% 10.0%

Structured finance securities 14,772 Discounted Cash Flow Discount Rate (%) 8.0% - 70.0% 14.1%

Recovery Rate (%) 70.0% 70.0%

Prepayment Rate (%) 20.0% 20.0%

Equity interests 69,437 Enterprise Value Waterfall EBITDA Multiples (x) 1.1x - 13.9x 8.2x

Revenue Multiples (x) 0.1x - 9.0x 6.3x

Total $ 974,997

* The weighted average in the table above is calculated
based on each investment’s fair value weighting, using the applicable unobservable
input, excluding the recovery rate for Structured finance securities.

F-41

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

The composition of our investments as of February
28, 2026 at amortized cost and fair value was as follows (dollars in thousands):

Investments at

Amortized Cost
Amortized Cost

Percentage of

Total Portfolio
Investments at

Fair Value

Fair Value

Percentage of

Total

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 %

The composition of our investments as of February
28, 2025 at amortized cost and fair value was as follows (dollars in thousands):

Investments at

Amortized

Cost
Amortized Cost

Percentage of

Total

Portfolio
Investments at

Fair Value
Fair Value

Percentage of

Total

Portfolio

First lien term loans
$ 873,342
87.3 %
$ 867,866
88.7 %

Second lien term loans
7,094
0.7
6,388
0.7

Unsecured term loans
17,619
1.8
16,534
1.7

Structured finance securities
35,657
3.6
14,772
1.5

Equity interests
66,381
6.6
72,518
7.4

Total
$ 1,000,093
100.0 %
$ 978,078
100.0 %

For loans and debt securities for which market
quotations are not readily available, the Company determines their fair value based on third party indicative broker quotes, where available,
or the inputs that a hypothetical market participant would use to value the security in a current hypothetical sale using a market comparables
valuation technique. In applying the market comparables valuation technique, the Company determines the fair value based on such factors
as market participant inputs including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads
of similar securities as of the measurement date. If, in the Company’s judgment, the market comparables technique is not sufficient
or appropriate, the Company may use additional techniques such as an asset liquidation or expected recovery model.

F-42

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

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

The Company’s investments in Saratoga CLO
and SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment
and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash
flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO and SLF 2022, when available,
as determined by the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows,
or an appropriate substitute, to form the basis for the valuation of the investment in Saratoga CLO and SLF 2022. The cash flows use
a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated
valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates.
The Company ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 structure, including
capital structure, cost of liabilities and reinvestment period. The Company uses the output from the Intex models (i.e., the estimated
cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in
Saratoga CLO and SLF 2022 at February 28, 2026. The inputs at February 28, 2026 for the valuation model include:

● Default rate: 2.0%

●
Recovery rate: 70%

●
Discount rate: 8.50%–70.0%

●
Prepayment rate: 20.0%

●
Reinvestment rate / price:
S+365bps / $99.00

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

Investment Concentration

Set forth is a brief description of each portfolio
company in which the fair value of the Company’s investment represents greater than 5% of the Company’s total assets as of
February 28, 2026, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4. Investment in Saratoga CLO and Note 5. Investment
in SLF JV for more information on Saratoga CLO, SLF JV and SLF 2022, respectively). As of February 28, 2026, our current total investments
in SAAS companies were $559.2 million, or 50.4% of total investments.

F-43

ComForCare Health Care

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

Artemis Wax Corp.

Artemis Wax Corporation is a U.S. based retail
aggregator of European Wax Center (“EWC”) franchise locations with a concentration in the northeast. Founded in 2004, EWC
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
a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO was
initially 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
third refinancing and upsize of the Saratoga CLO (the “2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, which,
among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030. Following
this refinancing, the Saratoga CLO portfolio increased its aggregate principal amount from approximately $300.0 million to approximately
$500.0 million of predominantly senior secured first lien term loans.

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

On February 26, 2021, the Company completed the
fourth refinancing of the Saratoga CLO, which, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended
its legal maturity to April 2033, and added a non-call period of February 2022. In addition, and as part of the refinancing, the Saratoga
CLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested
an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate
principal amount of the Class F-R-3 Notes tranche at par. Concurrently with the fourth refinancing of the Saratoga CLO, the existing
$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.
The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be
reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full.

F-44

On August 9, 2021, the Company exchanged its
existing $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,
2021, 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
refinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes. Saratoga CLO issued $422.5 million of
notes (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
were issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along
with 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
as 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
and managed by the Company. The Company receives a base management fee of 0.10% per annum and a subordinated management fee of 0.40%
per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following
the 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
management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return
paid in cash equal to or greater than 12.0%.

For the years ended February 28, 2026, February
28, 2025 and February 29, 2024, we accrued management fee income of $2.6 million, $3.1 million and $3.3 million, respectively, and interest
income of $0.0 million, $0.0 million and $0.0 million, respectively, from the Saratoga CLO.

As of February 28, 2026, the Company determined
that the fair value of its investment in the subordinated notes of Saratoga CLO was $0.0 million. As of February 28, 2026, the fair value
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 with
a principal balance of $390.0 million and a weighted average spread over SOFR of 3.4% and had debt with a principal balance of $410.3
million with a weighted average spread over SOFR of 2.6%. As of February 28, 2026, the present value of the projected future cash flows
of the subordinated notes, was $0.0 million, using a 70% discount rate. The Company’s total investment in the subordinate notes
of Saratoga CLO is $57.8 million which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018
and $14.0 million in February 2021. To date the Company has since received distributions of $92.2 million, management fees of $41.0 million
and incentive fees of $1.2 million.

As of February 28, 2025, the Company determined
that the fair value of its investment in the subordinated notes of Saratoga CLO was $0.2 million. As of February 28, 2025, the fair value
of its investment in the Class F-R-3 Notes of Saratoga CLO was $2.3 million. As of February 28, 2025, Saratoga CLO had investments with
a principal balance of $527.1 million and a weighted average spread over SOFR of 3.7% and had debt with a principal balance of $524.2
million with a weighted average spread over SOFR of 2.3%. As of February 28, 2025, the present value of the projected future cash flows
of the subordinated notes, was approximately $0.2 million, using a 70% discount rate. The Company’s total investment in the subordinate
notes of Saratoga CLO is $57.8 which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018
and $14.0 million in February 2021. To date the Company has since received distributions of $92.2 million, management fees of $38.3 million
and incentive fees of $1.2 million.

Below is certain financial information from the
separate financial statements of Saratoga CLO as of February 28, 2026 and February 28, 2025.

F-45

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Assets and Liabilities

February 28,

2026
February 28,

2025

ASSETS

Investments at fair value

Loans at fair value (amortized cost of $381,488,638 and $517,757,349, respectively)
$ 353,285,019
$ 490,510,660

Equities at fair value (amortized cost of $1,324,217 and $2,578,454, respectively)
831,552
1,684,429

Total investments at fair value (amortized cost of $382,812,855 and $520,335,803, respectively)
354,116,571
492,195,089

Cash and cash equivalents
22,319,387
21,272,327

Receivable from open trades
10,432,424
1,138,899

Interest receivable (net of reserve of $817,651 and $1,121,546, respectively)
2,115,446
2,380,214

Due from affiliate (See Note 7)
1,591
801

Prepaid expenses and other assets
596,520
101,453

Total assets
$ 389,581,939
$ 517,088,783

LIABILITIES

Interest payable
$ 2,852,957
$ 3,739,343

Accrued base management fee
49,944
62,839

Accrued subordinated management fee
199,776
251,354

Accounts payable and accrued expenses
568,796
143,135

Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:

Class A-1-R-4 Senior Secured Floating Rate Notes
156,828,563
270,719,300

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
(171,966 )
(196,033 )

Class E-R-3 Deferrable Mezzanine Floating Rate Notes
27,625,000
27,625,000

Discount on Class E-R-3 Notes
(1,786,533 )
(2,036,565 )

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
(1,081,116 )
(1,229,456 )

Subordinated Notes
111,000,000
111,000,000

Discount on Subordinated Notes
(28,255,929 )
(32,210,459 )

Total liabilities
493,704,492
603,743,458

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)
(104,122,803 )
(86,654,925 )

Total net deficit
(104,122,553 )
(86,654,675 )

Total liabilities and net assets
$ 389,581,939
$ 517,088,783

See accompanying notes to financial statements.

F-46

Saratoga Investment Corp. CLO 2013-1, Ltd.

Statements of Operations

For the years ended

February 28,

2026
February 28,

2025
February 29,

2024

INVESTMENT INCOME

Total interest from investments
$ 40,796,860
$ 55,501,782
$ 61,667,773

Interest from cash and cash equivalents
905,534
1,128,878
719,268

Other income
294,406
1,278,155
929,392

Total investment income
41,996,800
57,908,815
63,316,433

EXPENSES

Interest and debt financing expenses
36,146,891
54,573,978
57,706,205

Base management fee
517,303
622,893
654,046

Subordinated management fee
2,069,213
2,491,573
2,616,185

Professional fees
310,893
282,012
307,340

Trustee expenses
184,047
240,883
262,197

Other expense
369,937
334,443
241,181

Total expenses
39,598,284
58,545,782
61,787,154

NET INVESTMENT INCOME (LOSS)
2,398,516
(636,967 )
1,529,279

REALIZED AND UNREALIZED LOSS ON INVESTMENTS

Net realized loss from investments
(19,310,824 )
(9,263,724 )
(18,580,949 )

Net change in unrealized depreciation on investments
(555,570 )
(4,696,778 )
16,200,597

Net realized and unrealized gain (loss) on investments
(19,866,394 )
(13,960,502 )
(2,380,352 )

Realized losses on extinguishment of debt

-

(579,213 )

-

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$ (17,467,878 )
$ (15,176,682 )
$ (851,073 )

See accompanying notes to financial statements

F-47

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

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

F-48

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

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

F-49

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

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

F-50

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

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

F-51

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

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

F-52

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

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

F-53

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

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

F-54

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

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

F-55

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2026

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

Number of

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

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

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

(c) Investments include Payment-in-Kind Interest.

(d) All or a portion of this 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 3.86%.

3M SOFR - The 3-month SOFR rate as of February 28, 2026 was 3.79%.

6M SOFR - The 6-month SOFR rate as of February 28, 2026 was 3.70%.

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

See accompanying notes to
financial statements.

F-56

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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 296,227 $ 216,246 $ 204,397

Altisource Portfolio Solutions - CS Warrant Banking, Finance, Insurance & Real Estate Warrants Equity 7,917 3,736 2,895

Altisource Portfolio Solutions - NS Warrant Banking, Finance, Insurance & Real Estate Warrants Equity 7,917 3,129 2,883

Endo Finance Holdings, Inc. Healthcare & Pharmaceuticals Common Stock Equity 24,148 670,107 682,181

Envision Parent Inc Healthcare & Pharmaceuticals Common Stock Equity 4,410 175,000 50,715

Envision Parent Inc Healthcare & Pharmaceuticals Warrants Equity 92,837
-
4,642

Instant Brands Litigation Trust Consumer goods: Durable Equity Interests Equity 51,095 35,250 151,056

Isagenix International, LLC Beverage, Food & Tobacco Common Stock Equity 86,398
-

-

Resolute Investment Managers (American Beacon), Inc. Banking, Finance, Insurance & Real Estate Common Stock Equity 24,320 1,034,581 231,040

URS TOPCO, LLC Transportation: Cargo Common Stock Equity 25,330 440,405 354,620

Wellpath Holdings LLC Healthcare & Pharmaceuticals Common Stock Equity 41,758
-

-

1011778 B.C Unltd Liability Co Beverage, Food & Tobacco Term Loan B6 Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 9/20/2030 $ 1,436,662 1,419,292 1,429,076

19TH HOLDINGS GOLF, LLC Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 3.25% 0.50 % 7.66 % 2/7/2029 2,448,533 2,374,623 2,398,044

888 Acquisitions Limited Hotel, Gaming & Leisure Term Loan B Loan 6M USD SOFR+ 5.25% 0.00 % 9.50 % 7/8/2028 3,036,695 2,797,339 2,936,484

Adtalem Global Education Inc. Services: Business Term Loan B (08/24) Loan 1M USD SOFR+ 2.75% 0.75 % 7.07 % 8/12/2028 352,462 350,628 352,902

Aegis Sciences Corporation Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 5.50% 1.00 % 10.28 % 5/9/2025 2,267,140 2,265,721 1,271,865

Agiliti Health Inc. Healthcare & Pharmaceuticals Term Loan B (03/23) Loan 6M USD SOFR+ 3.00% 0.00 % 7.26 % 5/1/2030 2,154,146 2,140,760 2,093,119

AHEAD DB Holdings, LLC Services: Business Term Loan B3 (07/24) Loan 1M USD SOFR+ 3.00% 0.75 % 7.30 % 2/1/2031 2,895,655 2,838,488 2,902,228

Air Canada Transportation: Consumer Term Loan B (03/24) Loan 3M USD SOFR+ 2.00% 0.00 % 6.34 % 3/21/2031 992,500 990,413 995,607

AIT Worldwide Logistics Holdings, Inc. Transportation: Cargo Term Loan B (01/25) Loan 3M USD SOFR+ 4.00% 0.75 % 8.30 % 4/8/2030 2,455,696 2,341,381 2,458,250

AlixPartners, LLP Banking, Finance, Insurance & Real Estate Term Loan B (01/21) Loan 1M USD SOFR+ 2.50% 0.50 % 6.94 % 2/4/2028 240,624 240,582 241,166

Allen Media, LLC Media: Diversified & Production Term Loan (7/21) Loan 3M USD SOFR+ 5.50% 0.00 % 9.98 % 2/10/2027 4,303,877 4,290,645 2,571,566

Alliant Holdings Intermediate, LLC Banking, Finance, Insurance & Real Estate Term Loan B6 (09/24) Loan 1M USD SOFR+ 2.75% 0.00 % 7.07 % 9/19/2031 797,021 797,021 795,579

Allied Universal Holdco LLC Services: Business Term Loan 4/21 Loan 1M USD SOFR+ 3.75% 0.50 % 8.17 % 5/12/2028 1,935,000 1,930,761 1,936,529

Alterra Mountain Company (Intrawest Resort Holdings) Hotel, Gaming & Leisure First Lien Term Loan Loan 1M USD SOFR+ 3.00% 0.00 % 7.32 % 5/31/2030 249,375 249,375 249,532

Altisource Solutions S.a r.l. Banking, Finance, Insurance & Real Estate Term Loan B Loan 3M USD SOFR+ 6.50% 3.50 % 10.92 % 2/20/2029 500,000 487,543 500,000

Altisource Solutions S.a r.l. Banking, Finance, Insurance & Real Estate Term Loan B (02/25) Loan 3M USD SOFR+ 6.50% 3.50 % 10.92 % 4/30/2030 545,284 545,284 539,831

Altium Packaging LLC Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 2.50% 0.00 % 6.82 % 6/11/2031 482,575 481,544 477,547

American Axle & Manufacturing Inc. Automotive Term Loan (12/22) Loan 1M USD SOFR+ 3.00% 0.50 % 7.32 % 12/13/2029 480,000 469,318 478,200

American Greetings Corporation Media: Advertising, Printing & Publishing Term Loan B (04/24) Loan 1M USD SOFR+ 5.75% 0.00 % 10.07 % 10/30/2029 2,926,807 2,925,603 2,945,099

F-57

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

American Trailer World Corp Automotive Term Loan Loan 1M USD SOFR+ 3.75% 0.75 % 8.17 % 3/3/2028 1,357,439 1,356,879 1,140,588

Anastasia Parent LLC Consumer goods: Non-durable Term Loan Loan 3M USD SOFR+ 3.75% 0.00 % 8.34 % 8/11/2025 937,500 937,084 765,084

Anchor Packaging, LLC Containers, Packaging & Glass Term Loan (12/24) Loan 1M USD SOFR+ 3.25% 0.00 % 7.57 % 7/18/2029 1,944,396 1,928,125 1,945,408

AP Core Holdings II LLC High Tech Industries Term Loan B1 Loan 1M USD SOFR+ 5.50% 0.75 % 9.94 % 9/1/2027 1,674,963 1,662,638 1,576,559

AP Core Holdings II LLC High Tech Industries Term Loan B2 Loan 1M USD SOFR+ 5.50% 0.75 % 9.94 % 9/1/2027 500,000 496,326 467,625

APEX GROUP TREASURY LLC Banking, Finance, Insurance & Real Estate Term Loan (2/25) Loan 3M USD SOFR+ 4.00% 0.00 % 8.29 % 7/27/2028 490,038 468,587 491,875

Apollo Commercial Real Estate Finance, Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.75% 0.00 % 7.19 % 5/15/2026 2,878,173 2,868,237 2,874,575

Apollo Commercial Real Estate Finance, Inc. Banking, Finance, Insurance & Real Estate Term Loan B1 (2/21) Loan 1M USD SOFR+ 3.50% 0.50 % 7.94 % 3/6/2028 962,500 957,781 957,688

Aramark Services, Inc. Services: Consumer Term Loan B7 (03/24) Loan 1M USD SOFR+ 2.00% 0.00 % 6.32 % 4/6/2028 1,753,715 1,750,058 1,758,538

Aramark Services, Inc. Services: Consumer Term Loan B8 (03/24) Loan 1M USD SOFR+ 2.00% 0.00 % 6.32 % 6/22/2030 2,331,250 2,305,337 2,337,078

ARC FALCON I INC. Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.50% 0.50 % 7.92 % 9/23/2028 971,274 969,846 971,711

ARCIS GOLF LLC Services: Consumer Term Loan B (01/25) Loan 1M USD SOFR+ 2.75% 0.50 % 7.07 % 11/24/2028 493,000 489,289 494,543

Aretec Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 1M USD SOFR+ 3.50% 0.00 % 7.82 % 8/9/2030 2,622,898 2,610,006 2,616,891

Ascensus Group Holdings, Inc Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.00% 0.00 % 7.32 % 8/2/2028 494,767 491,912 493,035

Aspire Bakeries Holdings, LLC Beverage, Food & Tobacco Term loan Loan 1M USD SOFR+ 4.25% 0.00 % 8.57 % 12/23/2030 893,250 885,649 895,483

Assuredpartners Inc. Banking, Finance, Insurance & Real Estate Term Loan B5 (02/24) Loan 1M USD SOFR+ 3.50% 0.50 % 7.82 % 2/14/2031 1,290,250 1,289,103 1,290,082

Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B10 Loan 1M USD SOFR+ 4.00% 0.00 % 8.42 % 8/19/2028 1,955,000 1,890,928 1,949,780

Asurion, LLC Banking, Finance, Insurance & Real Estate Term Loan B12 Loan 1M USD SOFR+ 4.25% 0.00 % 8.56 % 9/19/2030 2,912,179 2,908,959 2,898,521

ATHENAHEALTH GROUP INC. Healthcare & Pharmaceuticals Term Loan B (2/22) Loan 1M USD SOFR+ 3.00% 0.50 % 7.32 % 2/15/2029 1,303,799 1,300,749 1,300,070

Avolon TLB Borrower 1 (US) LLC Capital Equipment Term Loan B6 Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 6/22/2030 1,472,622 1,429,929 1,472,136

Axalta Coating Systems US Holdings Chemicals, Plastics, & Rubber Term Loan B (11/24) Loan 3M USD SOFR+ 1.75% 0.50 % 6.08 % 12/20/2029 851,048 844,987 852,546

AZURITY PHARMACEUTICALS, INC. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 6.62% 0.75 % 11.05 % 9/20/2027 425,000 418,550 422,344

B&G Foods, Inc. Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50% 0.00 % 7.82 % 10/10/2029 532,287 530,730 528,849

F-58

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

Baldwin Insurance Group Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan B-1 (12/24) Loan 1M USD SOFR+ 3.00% 0.00 % 7.31 % 5/27/2031 1,640,279 1,630,478 1,642,329

Belfor Holdings Inc. Services: Consumer Term Loan 4/23 Loan 1M USD SOFR+ 3.00% 0.50 % 7.32 % 11/1/2030 1,490,834 1,478,738 1,498,288

Bengal Debt Merger Sub LLC Beverage, Food & Tobacco Term Loan Loan 3M USD SOFR+ 3.00% 0.50 % 7.43 % 1/24/2029 1,950,000 1,949,473 1,175,753

Blackstone Mortgage Trust, Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.25% 0.00 % 6.69 % 4/23/2026 342,601 341,898 341,317

Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan Loan 1M USD SOFR+ 2.75% 0.00 % 7.07 % 1/22/2031 1,425,751 1,422,525 1,423,712

Bombardier Recreational Products, Inc. Consumer goods: Durable Term Loan B3 Loan 1M USD SOFR+ 2.75% 0.50 % 7.06 % 12/13/2029 488,806 479,686 488,669

Boost Newco Borrower, LLC (Worldpay) Banking, Finance, Insurance & Real Estate Term Loan B (01/25) Loan 3M USD SOFR+ 2.00% 0.00 % 6.29 % 1/31/2031 498,750 496,603 498,127

Boxer Parent Company, Inc. High Tech Industries Term Loan Loan 3M USD SOFR+ 3.00% 0.00 % 7.29 % 7/30/2031 1,007,194 1,003,006 1,004,766

BroadStreet Partners, Inc. Banking, Finance, Insurance & Real Estate Term Loan B-4 Loan 1M USD SOFR+ 3.00% 0.00 % 7.31 % 6/16/2031 2,896,329 2,894,596 2,894,794

Brookfield WEC Holdings Inc. Energy: Electricity Term Loan B Loan 1M USD SOFR+ 2.25% 0.00 % 6.56 % 1/27/2031 1,440,450 1,440,450 1,437,396

BROWN GROUP HOLDING, LLC Aerospace & Defense Term Loan B-2 Loan 3M USD SOFR+ 2.50% 0.00 % 6.81 % 7/1/2031 491,284 481,764 490,464

Buckeye Partners, L.P. Utilities: Oil & Gas Term Loan B (01/25) Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 11/22/2030 663,337 661,343 663,430

Buckeye Partners, L.P. Utilities: Oil & Gas Term Loan B5 (09/24) Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 11/2/2026 483,028 482,076 482,897

BW Gas & Convenience Holdings LLC Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 3.50% 0.50 % 7.94 % 3/31/2028 2,412,500 2,400,434 2,418,531

Callaway Golf Company Retail Term Loan B Loan 1M USD SOFR+ 3.00% 0.00 % 7.32 % 3/16/2030 471,250 467,499 465,458

Calpine Corporation Utilities: Electric Term Loan B10 (01/24) Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 1/31/2031 1,990,000 1,981,632 1,987,513

Camping World, Inc. Retail Term Loan B (5/21) Loan 1M USD SOFR+ 2.50% 0.75 % 6.94 % 6/5/2028 2,436,709 2,289,886 2,386,586

CAPSTONE BORROWER INC Services: Business Term Loan B (05/24) Loan 3M USD SOFR+ 3.25% 0.00 % 7.58 % 6/17/2030 872,669 862,196 874,851

CareerBuilder, LLC Services: Business Term Loan B3 Loan 1M USD SOFR+ 2.50% 0.00 % 6.94 % 7/31/2026 4,089,659 4,079,749 204,483

Castle US Holding Corporation Media: Advertising, Printing & Publishing Term Loan B (USD) Loan 3M USD SOFR+ 3.75% 0.00 % 8.32 % 1/27/2027 1,929,894 1,925,694 1,192,520

CBL & Associates Limited Partnership Retail Term Loan 11/21 Loan 1M USD SOFR+ 2.75% 1.00 % 7.17 % 11/1/2025 2,085,112 1,976,819 1,978,250

CCC Intelligent Solutions Inc. Services: Business Term Loan (01/25) Loan 1M USD SOFR+ 2.00% 0.50 % 6.32 % 9/16/2028 242,500 242,288 241,894

CCI Buyer, Inc Telecommunications Term Loan Loan 3M USD SOFR+ 4.00% 0.75 % 8.33 % 12/17/2027 240,625 239,544 241,426

CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.25% 0.50 % 8.66 % 3/6/2028 980,000 948,779 395,263

CCRR Parent, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 3M USD SOFR+ 4.25% 0.75 % 8.82 % 3/6/2028 962,500 960,608 399,438

CCS-CMGC Holdings, Inc. Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 5.50% 0.00 % 10.28 % 9/25/2025 1,140,869 1,139,841 386,047

F-59

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

CDK GLOBAL, INC. High Tech Industries Term Loan B (05/24) Loan 3M USD SOFR+ 3.25% 0.00 % 7.58 % 7/6/2029 990,019 968,890 903,640

CENTURI GROUP, INC. Construction & Building Term Loan B Loan 1M USD SOFR+ 2.50% 0.50 % 6.94 % 8/28/2028 616,921 613,611 617,470

Charlotte Buyer, Inc. Services: Business Term Loan B (01/25) Loan 1M USD SOFR+ 4.25% 0.50 % 8.57 % 2/11/2028 1,473,806 1,410,924 1,469,886

Chemours Company, (The) Chemicals, Plastics, & Rubber Term Loan B3 (08/23) Loan 1M USD SOFR+ 3.00% 0.50 % 7.32 % 8/18/2028 2,369,720 2,339,142 2,358,866

Churchill Downs Incorporated Hotel, Gaming & Leisure Term Loan B1 (3/21) Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 3/17/2028 481,250 480,828 480,047

CIMPRESS PUBLIC LIMITED COMPANY Media: Advertising, Printing & Publishing Term Loan B Loan 1M USD SOFR+ 2.50% 0.50 % 6.82 % 5/17/2028 1,940,187 1,883,647 1,930,486

CITADEL SECURITIES LP Banking, Finance, Insurance & Real Estate Term Loan (10/24) Loan 3M USD SOFR+ 2.00% 0.00 % 6.33 % 10/31/2031 4,826,890 4,826,890 4,832,344

Citco Funding LLC Banking, Finance, Insurance & Real Estate Term Loan B (06/24) Loan 6M USD SOFR+ 2.75% 0.50 % 7.31 % 4/27/2028 987,538 984,246 994,529

Clarios Global LP Automotive Term Loan B (07/24) Loan 1M USD SOFR+ 2.50% 0.00 % 6.82 % 5/6/2030 1,197,000 1,192,661 1,191,015

Claros Mortgage Trust, Inc Banking, Finance, Insurance & Real Estate Term Loan B-1 (11/21) Loan 1M USD SOFR+ 4.50% 0.50 % 8.92 % 8/10/2026 3,368,637 3,360,331 3,099,146

CLYDESDALE ACQUISITION HOLDINGS, INC. Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 3.18% 0.50 % 7.50 % 4/13/2029 1,220,000 1,199,733 1,219,244

Columbus McKinnon Corporation Capital Equipment Term Loan (03/24) Loan 3M USD SOFR+ 2.50% 0.50 % 6.83 % 5/14/2028 361,967 361,543 361,062

Connect Finco SARL Telecommunications Term Loan B (03/24) Loan 1M USD SOFR+ 4.50% 0.50 % 8.82 % 9/27/2029 2,865,844 2,801,249 2,491,679

Consolidated Communications, Inc. Telecommunications Term Loan B Loan 1M USD SOFR+ 3.50% 0.75 % 7.94 % 10/2/2027 2,714,005 2,592,779 2,700,788

Corelogic, Inc. Services: Business Term Loan (4/21) Loan 1M USD SOFR+ 3.50% 0.50 % 7.94 % 6/2/2028 2,418,750 2,413,203 2,406,656

Cortes NP Acquisition Corp (Vertiv) Capital Equipment Term Loan B (12/24) Loan 1M USD SOFR+ 1.75% 0.00 % 6.06 % 3/2/2027 1,920,785 1,920,785 1,918,921

Creative Artists Agency, LLC Media: Diversified & Production Term Loan B (09/24) Loan 1M USD SOFR+ 2.75% 0.00 % 7.07 % 10/1/2031 1,576,094 1,568,099 1,576,536

CROCS INC Consumer goods: Durable Term Loan B (01/24) Loan 3M USD SOFR+ 2.25% 0.50 % 6.58 % 2/19/2029 750,000 730,356 752,723

Cross Financial Corp Banking, Finance, Insurance & Real Estate Term Loan B2 (10/24) Loan 1M USD SOFR+ 3.25% 0.00 % 7.57 % 10/24/2031 485,063 483,905 485,974

Crown Subsea Communications Holding, Inc. Construction & Building Term Loan B Loan 1M USD SOFR+ 4.00% 0.75 % 8.31 % 1/30/2031 2,388,000 2,367,977 2,397,695

CTS Midco, LLC High Tech Industries Term Loan B Loan 3M USD SOFR+ 6.00% 1.00 % 10.55 % 11/2/2027 1,919,403 1,894,257 1,919,403

Dave & Buster’s Inc. Hotel, Gaming & Leisure Term Loan B (1/24) Loan 3M USD SOFR+ 3.25% 0.50 % 7.56 % 6/29/2029 762,038 735,302 721,079

DCert Buyer, Inc. High Tech Industries Term Loan Loan 1M USD SOFR+ 4.00% 0.00 % 8.32 % 10/16/2026 1,439,547 1,439,547 1,394,748

Delek US Holdings, Inc. Utilities: Oil & Gas Term Loan B (11/22) Loan 1M USD SOFR+ 3.50% 0.50 % 7.92 % 11/16/2029 5,292,000 5,206,553 5,270,514

Derby Buyer LLC Chemicals, Plastics, & Rubber Term Loan B (12/24) Loan 1M USD SOFR+ 3.00% 0.00 % 7.31 % 11/1/2030 620,320 612,532 620,475

DexKo Global, Inc. (Dragon Merger) Automotive Term Loan (9/21) Loan 3M USD SOFR+ 3.75% 0.50 % 8.34 % 10/4/2028 972,500 970,335 916,251

Diamond Sports Group, LLC Media: Broadcasting & Subscription 1st Priority Term Loan Loan 1M USD SOFR+ 10.00% 1.00 % 14.41 % 5/25/2026 29,734 29,407 26,463

DIRECTV FINANCING, LLC Media: Broadcasting & Subscription Term Loan (1/24) Loan 3M USD SOFR+ 5.25% 0.75 % 9.80 % 8/2/2029 2,902,900 2,887,032 2,882,115

F-60

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

DISCOVERY PURCHASER CORPORATION Chemicals, Plastics, & Rubber Term Loan Loan 3M USD SOFR+ 4.00% 0.50 % 8.29 % 10/4/2029 1,470,233 1,383,873 1,465,749

Dispatch Acquisition Holdings, LLC Environmental Industries Term Loan B (3/21) Loan 3M USD SOFR+ 4.25% 0.75 % 8.73 % 3/25/2028 482,500 480,166 454,496

DOMTAR CORPORATION Forest Products & Paper Term Loan 9/21 Loan 1M USD SOFR+ 5.50% 0.75 % 9.94 % 11/30/2028 3,071,416 3,028,380 2,973,530

DOTDASH MEREDITH, INC. Media: Advertising, Printing & Publishing Term Loan B (11/24) Loan 1M USD SOFR+ 3.50% 0.50 % 7.81 % 12/1/2028 1,911,111 1,778,613 1,920,667

DRI HOLDING INC. Media: Advertising, Printing & Publishing Term Loan (12/21) Loan 1M USD SOFR+ 5.25% 0.50 % 9.67 % 12/15/2028 3,892,437 3,790,333 3,773,718

DRW Holdings, LLC Banking, Finance, Insurance & Real Estate Term Loan B (06/24) Loan 3M USD SOFR+ 3.50% 0.00 % 7.79 % 6/17/2031 6,305,000 6,280,258 6,283,311

DTZ U.S. Borrower, LLC Construction & Building Term Loan B1 (01/25) Loan 1M USD SOFR+ 2.75% 0.50 % 7.07 % 1/31/2030 2,014,107 2,013,573 2,009,072

DTZ U.S. Borrower, LLC Construction & Building 2024-3 Term Loan (09/24) Loan 1M USD SOFR+ 3.25% 0.50 % 7.57 % 1/31/2030 1,097,250 1,075,232 1,098,161

Dye & Durham Corporation Services: Business Term Loan B (04/24) Loan 3M USD SOFR+ 4.25% 1.00 % 8.68 % 4/11/2031 1,431,964 1,412,492 1,443,148

EAB Global, Inc. Services: Business Term Loan (08/21) Loan 1M USD SOFR+ 3.00% 0.50 % 7.32 % 8/16/2028 970,169 967,824 967,336

Echo Global Logistics, Inc. Services: Business Term Loan Loan 1M USD SOFR+ 3.75% 0.50 % 8.16 % 11/23/2028 1,945,000 1,943,317 1,923,663

Edelman Financial Group Inc., The Banking, Finance, Insurance & Real Estate Term Loan (12/24) Loan 1M USD SOFR+ 3.00% 0.00 % 7.32 % 4/7/2028 2,155,371 2,152,592 2,158,281

ELECTRON BIDCO INC. Healthcare & Pharmaceuticals Term Loan Loan 1M USD SOFR+ 2.75% 0.50 % 7.07 % 11/1/2028 487,500 486,541 486,769

ELO Touch Solutions, Inc. Media: Diversified & Production Term Loan (12/18) Loan 1M USD SOFR+ 6.50% 0.00 % 10.94 % 12/15/2025 2,137,656 2,124,478 2,137,656

Embecta Corp Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 3.00% 0.50 % 7.31 % 3/30/2029 2,885,658 2,843,183 2,880,262

Emrld Borrower LP Capital Equipment Term Loan B (04/23) Loan 6M USD SOFR+ 2.50% 0.00 % 6.93 % 5/31/2030 990,000 986,329 986,594

Endo Finance Holdings, Inc. Healthcare & Pharmaceuticals Term Loan B Loan 1M USD SOFR+ 4.00% 0.50 % 8.32 % 4/23/2031 1,995,000 1,977,056 1,995,000

Endure Digital, Inc. High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.50% 0.75 % 7.92 % 2/10/2028 2,412,500 2,407,887 1,668,654

Entain Holdings (Gibraltar) Limited Hotel, Gaming & Leisure Term Loan B3 (5/24) Loan 3M USD SOFR+ 2.75% 0.50 % 7.08 % 10/31/2029 1,476,325 1,464,198 1,477,476

EOS U.S. FINCO LLC Transportation: Cargo Term Loan Loan 6M USD SOFR+ 6.00% 0.50 % 10.28 % 10/9/2029 950,000 893,353 397,813

Equiniti Group PLC Services: Business Term Loan (12/24) Loan 6M USD SOFR+ 3.75% 0.50 % 8.03 % 12/11/2028 970,069 964,262 976,937

Evertec Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/23) Loan 1M USD SOFR+ 2.75% 0.50 % 7.07 % 10/30/2030 1,125,000 1,110,800 1,130,625

Fiesta Purchaser, Inc. Beverage, Food & Tobacco Term Loan B (12/24) Loan 1M USD SOFR+ 3.25% 0.00 % 7.57 % 2/12/2031 497,503 493,271 497,011

Finco I LLC Banking, Finance, Insurance & Real Estate Term Loan B (9/24) Loan 1M USD SOFR+ 2.25% 0.00 % 6.57 % 6/27/2029 2,795,563 2,793,344 2,794,389

First Brands Group, LLC Automotive 1st Lien Term Loan (3/21) Loan 3M USD SOFR+ 5.00% 1.00 % 9.55 % 3/30/2027 4,812,500 4,781,859 4,607,969

First Eagle Investment Management Banking, Finance, Insurance & Real Estate Term Loan B (02/24) Loan 3M USD SOFR+ 3.00% 0.00 % 7.33 % 3/5/2029 5,053,465 5,046,585 5,052,454

First Student Bidco Inc. Transportation: Consumer Term Loan B (12/24) Loan 3M USD SOFR+ 2.50% 0.50 % 6.89 % 7/21/2028 709,476 706,708 707,603

First Student Bidco Inc. Transportation: Consumer Term Loan C Loan 3M USD SOFR+ 2.50% 0.50 % 6.89 % 7/21/2028 216,966 216,137 216,393

Fitness International, LLC (LA Fitness) Services: Consumer Term Loan B (1/24) Loan 1M USD SOFR+ 5.25% 1.00 % 9.57 % 2/5/2029 1,191,000 1,161,999 1,204,030

Flutter Financing B.V. Hotel, Gaming & Leisure Term Loan Loan 3M USD SOFR+ 1.75% 0.50 % 6.08 % 11/29/2030 3,712,500 3,704,077 3,699,729

F-61

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

Franchise Group, Inc. Services: Consumer New Money Term Commitments Loan 1M USD SOFR+ 9.00% 1.00 % 13.43 % 5/6/2025 257,225 254,175 257,225

Franchise Group, Inc. Services: Consumer First Out Term Loan Loan 6M USD SOFR+ 4.75% 0.75 % 9.30 % 3/10/2026 827,674 825,735 412,802

Franchise Group, Inc. Services: Consumer Term Loan B Loan 3M USD SOFR+ 4.75% 0.75 % 9.30 % 3/10/2026 3,041,686 2,988,228 1,517,041

Franchise Group, Inc. Services: Consumer Term Loan DIP New Money Loan 1M USD SOFR+ 9.00% 1.00 % 13.43 % 5/6/2025 355,828 353,546 355,828

Franklin Square Holdings, L.P. Banking, Finance, Insurance & Real Estate Term Loan B (04/24) Loan 1M USD SOFR+ 2.25% 0.00 % 6.57 % 4/25/2031 4,231,210 4,225,781 4,231,210

Froneri International (R&R Ice Cream) Beverage, Food & Tobacco Term Loan B4 (10/24) Loan 6M USD SOFR+ 2.00% 0.00 % 6.24 % 9/16/2031 1,915,000 1,914,701 1,905,751

Garrett LX III S.a r.l. Automotive Term Loan (1/25) Loan 3M USD SOFR+ 2.25% 0.50 % 6.54 % 1/20/2032 1,451,250 1,447,746 1,438,552

Genesee & Wyoming, Inc. Transportation: Cargo Term Loan B (03/24) Loan 3M USD SOFR+ 1.75% 0.00 % 6.08 % 4/10/2031 1,496,250 1,489,525 1,489,711

GGP Inc. Banking, Finance, Insurance & Real Estate Term Loan B Loan 1M USD SOFR+ 2.50% 0.00 % 2.96 % 8/27/2025 2,323,401 2,300,582 2,318,312

GIP Pilot Acquisition Partners, L.P. Energy: Oil & Gas Term Loan B Loan 3M USD SOFR+ 2.00% 0.00 % 6.30 % 10/4/2030 415,684 414,006 414,387

Global Tel*Link Corporation Telecommunications Term Loan (6/24) Loan 1M USD SOFR+ 7.50% 3.00 % 11.82 % 7/31/2029 4,809,048 4,741,980 4,798,757

Go Daddy Operating Company, LLC High Tech Industries Term Loan B7 Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 5/30/2031 940,231 940,231 938,473

GOLDEN WEST PACKAGING GROUP LLC Forest Products & Paper Term Loan (11/21) Loan 6M USD SOFR+ 5.25% 0.75 % 9.92 % 12/1/2027 1,775,000 1,767,298 1,434,786

GOTO GROUP, INC. High Tech Industries First Lien Term Loan Loan 3M USD SOFR+ 4.75% 0.00 % 9.19 % 4/30/2028 1,245,381 804,484 1,151,043

GOTO GROUP, INC. High Tech Industries Second-Out Term Loan (02/24) Loan 3M USD SOFR+ 4.75% 0.00 % 9.19 % 4/30/2028 1,719,812 1,651,916 832,389

Graham Packaging Co Inc Containers, Packaging & Glass Term Loan B (07/24) Loan 1M USD SOFR+ 2.50% 0.00 % 6.82 % 8/4/2027 830,576 828,359 830,161

Great Outdoors Group, LLC Retail Term Loan (1/25) Loan 1M USD SOFR+ 3.25% 0.75 % 7.55 % 1/20/2032 960,244 958,144 962,049

Griffon Corporation Consumer goods: Durable Term Loan B Loan 1M USD SOFR+ 2.00% 0.00 % 6.31 % 1/24/2029 142,188 142,044 142,898

Grosvenor Capital Management Holdings, LLLP Banking, Finance, Insurance & Real Estate Term Loan B (5/24) Loan 1M USD SOFR+ 2.25% 0.00 % 6.57 % 2/25/2030 2,786,709 2,786,614 2,791,057

Groupe Solmax Inc. Environmental Industries Term Loan (6/21) Loan 1M USD SOFR+ 4.75% 0.75 % 9.19 % 5/27/2028 2,412,086 2,134,984 2,133,827

GYP HOLDINGS III CORP. Construction & Building Term Loan (1/24) Loan 1M USD SOFR+ 2.25% 0.00 % 6.57 % 5/12/2030 246,881 245,937 247,037

Hertz Corporation (The) Transportation: Consumer Term Loan B Loan 1M USD SOFR+ 3.75% 0.00 % 8.07 % 6/30/2028 2,082,970 2,035,333 1,807,726

Hillman Group Inc. (The) (New) Consumer goods: Durable Term Loan B-1 (2/21) Loan 1M USD SOFR+ 2.00% 0.50 % 6.31 % 7/14/2028 2,714,525 2,713,474 2,704,780

Hilton Domestic Operating Company Inc. Hotel, Gaming & Leisure Term Loan B 4 Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 11/8/2030 1,500,000 1,497,236 1,505,160

HLF Financing SARL (Herbalife) Consumer goods: Non-durable Term Loan Loan 1M USD SOFR+ 6.75% 0.50 % 11.07 % 4/12/2029 3,038,490 3,037,561 3,036,606

Holley Purchaser, Inc Automotive Term Loan (11/21) Loan 1M USD SOFR+ 3.75% 0.75 % 8.19 % 11/17/2028 2,189,325 2,184,763 2,130,935

F-62

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

Hudson River Trading LLC Banking, Finance, Insurance & Real Estate Term Loan (10/24) Loan 1M USD SOFR+ 3.00% 0.00 % 7.31 % 3/29/2030 5,775,525 5,692,371 5,770,327

Hunter Douglas Inc Consumer goods: Durable Term Loan B (1/25) Loan 3M USD SOFR+ 3.25% 0.00 % 7.55 % 1/19/2032 2,232,648 2,038,638 2,215,904

Hyperion Refinance S.a.r.l. Banking, Finance, Insurance & Real Estate Term Loan B (11/24) Loan 1M USD SOFR+ 3.00% 0.50 % 7.32 % 2/18/2031 2,977,538 2,966,717 2,968,992

Idera, Inc. High Tech Industries Term Loan (06/24) Loan 3M USD SOFR+ 3.50% 0.75 % 7.79 % 3/2/2028 4,726,151 4,723,056 4,447,167

IMA Financial Group, Inc. Banking, Finance, Insurance & Real Estate Term Loan (10/21) Loan 1M USD SOFR+ 3.00% 0.50 % 7.32 % 11/1/2028 2,440,193 2,433,243 2,440,193

INDY US BIDCO, LLC Services: Business Term Loan (01/25) Loan 1M USD SOFR+ 3.50% 0.50 % 7.82 % 3/6/2028 2,170,828 2,170,359 2,166,313

INEOS 226 Ltd. Chemicals, Plastics, & Rubber Term Loan 3/23 Loan 1M USD SOFR+ 3.75% 0.00 % 8.17 % 3/13/2030 492,500 488,601 474,031

Ineos US Finance LLC Chemicals, Plastics, & Rubber Term Loan C Loan 1M USD SOFR+ 3.25% 0.00 % 7.57 % 2/18/2030 990,019 982,264 973,931

INEOS US PETROCHEM LLC Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 4.25% 0.00 % 8.67 % 4/2/2029 2,694,512 2,647,631 2,627,149

Informatica Inc. High Tech Industries Term Loan B (06/24) Loan 1M USD SOFR+ 2.25% 0.00 % 6.57 % 10/27/2028 486,250 486,237 485,642

Ingram Micro Inc. Wholesale Term Loan B Loan 3M USD SOFR+ 2.75% 0.00 % 7.08 % 9/17/2031 693,439 689,636 697,343

Inmar, Inc. Services: Business Term Loan (06/23) Loan 3M USD SOFR+ 5.00% 1.00 % 9.31 % 10/30/2031 3,299,855 3,234,272 3,303,980

Innophos, Inc. Chemicals, Plastics, & Rubber Term Loan B Loan 1M USD SOFR+ 4.25% 0.00 % 8.69 % 3/16/2029 476,250 472,714 475,826

IRB Holding Corporation Beverage, Food & Tobacco Term Loan B Loan 1M USD SOFR+ 2.50% 0.75 % 6.82 % 12/15/2027 492,487 489,357 491,935

Isagenix International, LLC Beverage, Food & Tobacco Term Loan Loan 6M USD SOFR+ 2.50% 0.00 % 2.50 % 4/13/2028 1,378,403 1,025,602 186,084

Isolved Inc. Services: Business Term Loan B (11/24) Loan 1M USD SOFR+ 3.25% 0.00 % 7.57 % 10/15/2030 620,324 614,960 624,394

Jane Street Group Banking, Finance, Insurance & Real Estate Term Loan B Loan 3M USD SOFR+ 2.00% 0.00 % 6.30 % 12/15/2031 3,840,000 3,839,989 3,790,810

Journey Personal Care Corp. Consumer goods: Non-durable Term Loan B (11/24) Loan 1M USD SOFR+ 3.75% 0.75 % 8.07 % 3/1/2028 2,895,000 2,858,590 2,872,072

JP Intermediate B, LLC Consumer goods: Non-durable Term Loan 7/23 Loan Prime 6.50% 1.00 % 14.00 % 11/20/2027 3,370,462 3,360,549 134,818

Kleopatra Finco S.a r.l. Containers, Packaging & Glass Term Loan (1/21) (USD) Loan 6M USD SOFR+ 4.73% 0.50 % 9.23 % 2/12/2026 1,443,750 1,443,745 1,348,304

Koppers Inc Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 2.50% 0.50 % 6.82 % 4/10/2030 985,081 961,555 988,775

KREF Holdings X LLC Banking, Finance, Insurance & Real Estate Term Loan (11/21) Loan 3M USD SOFR+ 3.50% 0.50 % 8.06 % 9/1/2027 481,363 476,486 481,363

Lakeland Tours, LLC Hotel, Gaming & Leisure Holdco Fixed Term Loan Loan Fixed 0.00% 0.00 % 8.00 % 9/27/2027 1,127,568 680,756 28,189

Latham Pool Products, Inc. Consumer goods: Durable Term Loan 2/22 Loan 3M USD SOFR+ 3.75% 0.50 % 8.19 % 2/23/2029 991,609 978,723 970,954

Lealand Finance Company B.V. Energy: Oil & Gas Exit Term Loan Loan 1M USD SOFR+ 1.00% 0.00 % 5.43 % 12/31/2027 366,724 366,724 149,257

LHS BORROWER, LLC Construction & Building Term Loan (02/22) Loan 1M USD SOFR+ 4.75% 0.50 % 9.17 % 2/16/2029 2,450,166 2,120,597 2,266,403

Lifetime Brands, Inc Consumer goods: Non-durable Term Loan Loan 1M USD SOFR+ 5.50% 1.00 % 9.93 % 8/26/2027 1,576,347 1,572,295 1,500,163

Liquid Tech Solutions Holdings, LLC Services: Business Term Loan Loan 1M USD SOFR+ 3.75% 0.75 % 8.18 % 3/17/2028 967,500 966,360 969,919

F-63

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

LOYALTY VENTURES INC. Services: Business Loyalty Ventures Claims Term Loan B Prime 5.50% 0.50 % 14.00 % 11/3/2027 2,913,525 2,905,305 211,231

LSF11 A5 HOLDCO LLC Chemicals, Plastics, & Rubber Term Loan B (06/24) Loan 1M USD SOFR+ 3.50% 0.50 % 7.93 % 10/15/2028 1,622,206 1,607,812 1,621,622

LSF11 TRINITY BIDCO INC Aerospace & Defense Term Loan B (12/24) Loan 1M USD SOFR+ 3.00% 0.00 % 7.32 % 6/14/2030 970,924 959,085 970,924

LSF9 Atlantis Holdings, LLC (A Wireless) Retail Term Loan Extended Loan 1M USD SOFR+ 5.25% 0.75 % 9.57 % 3/29/2029 2,671,805 2,610,533 2,680,167

Lumen Technologies Inc Telecommunications Term Loan B1 (3/24) Loan 1M USD SOFR+ 2.35% 2.00 % 6.79 % 4/16/2029 1,608,268 1,607,707 1,512,785

Lumen Technologies Inc Telecommunications Term Loan B2 (3/24) Loan 1M USD SOFR+ 2.35% 2.00 % 6.79 % 4/15/2030 1,608,268 1,607,702 1,507,767

MAGNITE, INC. Services: Business Term Loan B (09/24) Loan 1M USD SOFR+ 3.75% 0.00 % 8.07 % 2/6/2031 3,233,770 3,205,941 3,278,235

Marriott Ownership Resorts, Inc. Hotel, Gaming & Leisure Term Loan B (3/24) Loan 1M USD SOFR+ 2.25% 0.00 % 6.57 % 4/1/2031 1,310,489 1,310,489 1,310,489

Max US Bidco Inc. Beverage, Food & Tobacco Term Loan B Loan 3M USD SOFR+ 5.00% 0.50 % 9.31 % 10/3/2030 1,985,000 1,870,513 1,942,819

Mayfield Agency Borrower Inc. (FeeCo) Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 3M USD SOFR+ 3.00% 0.00 % 7.29 % 12/29/2031 3,415,608 3,349,332 3,405,634

McGraw-Hill Education, Inc. Media: Advertising, Printing & Publishing Term Loan (1/25) Loan 3M USD SOFR+ 3.25% 0.50 % 7.55 % 8/6/2031 1,244,525 1,236,501 1,251,134

Michaels Companies Inc Retail Term Loan B (Magic Mergeco) Loan 3M USD SOFR+ 4.25% 0.75 % 8.84 % 4/8/2028 2,417,349 2,407,248 1,957,038

MIWD Holdco II LLC Construction & Building Term Loan B2 (03/24) Loan 1M USD SOFR+ 3.00% 0.00 % 7.32 % 3/21/2031 497,500 495,226 498,067

MKS Instruments, Inc. High Tech Industries Term Loan B (01/25) Loan 1M USD SOFR+ 2.00% 0.50 % 6.32 % 8/17/2029 1,280,586 1,278,776 1,281,227

Momentive Performance Materials Inc. Chemicals, Plastics, & Rubber Term Loan (03/23) Loan 1M USD SOFR+ 4.00% 0.00 % 8.32 % 3/28/2028 491,250 477,801 490,331

Moneygram International, Inc. Services: Business Term Loan B Loan 3M USD SOFR+ 4.75% 0.50 % 9.15 % 6/1/2030 2,963,850 2,633,472 2,846,363

Mosel Bidco SE High Tech Industries Term Loan B Loan 3M USD SOFR+ 4.50% 0.50 % 8.83 % 9/28/2030 500,000 495,844 501,250

MPH Acquisition Holdings LLC (Multiplan) Services: Business First-Out Term Loan (01/25) Loan 3M USD SOFR+ 3.75% 0.00 % 8.04 % 12/31/2030 315,611 285,615 313,638

MPH Acquisition Holdings LLC (Multiplan) Services: Business Second-Out Term Loan (01/25) Loan 3M USD SOFR+ 4.60% 0.00 % 9.15 % 12/31/2030 2,616,207 2,460,718 2,198,556

NAB Holdings, LLC (North American Bancard) Banking, Finance, Insurance & Real Estate Term Loan B (2/25) Loan 3M USD SOFR+ 2.50% 0.50 % 6.82 % 11/24/2028 2,910,506 2,906,771 2,886,873

Napa Management Services Corp Healthcare & Pharmaceuticals Term Loan B (02/22) Loan 1M USD SOFR+ 5.25% 0.75 % 9.67 % 2/22/2029 2,939,547 2,497,131 2,712,966

Natgasoline LLC Chemicals, Plastics, & Rubber Term Loan Loan 6M USD SOFR+ 3.50% 0.00 % 8.17 % 11/14/2025 3,269,852 3,265,583 3,253,503

National Mentor Holdings, Inc. Healthcare & Pharmaceuticals Term Loan 2/21 Loan 3M USD SOFR+ 3.75% 0.75 % 8.48 % 3/2/2028 2,680,348 2,676,078 2,623,658

National Mentor Holdings, Inc. Healthcare & Pharmaceuticals Term Loan C 2/21 Loan 3M USD SOFR+ 3.75% 0.75 % 8.18 % 3/2/2028 87,464 87,262 85,614

Nexstar Broadcasting, Inc. (Mission Broadcasting) Media: Broadcasting & Subscription Term Loan Loan 1M USD SOFR+ 2.50% 0.00 % 6.94 % 9/18/2026 571,911 570,138 571,356

Next Level Apparel, Inc. Retail Term Loan Loan 3M USD SOFR+ 7.50% 1.00 % 11.90 % 8/9/2026 2,382,698 2,373,272 1,894,245

F-64

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

NorthPole Newco S.a.r.l Aerospace & Defense Term Loan Loan Prime 7.00% 0.00 % 14.50 % 3/3/2025
-

-

-

NortonLifeLock Inc. High Tech Industries Term Loan B (05/24) Loan 1M USD SOFR+ 1.75% 0.50 % 6.07 % 9/12/2029 970,000 967,278 967,507

Nouryon Finance B.V. Chemicals, Plastics, & Rubber Term Loan B (10/24) Loan 3M USD SOFR+ 3.25% 0.00 % 7.55 % 4/3/2028 483,926 480,497 485,591

Novae LLC Automotive Term Loan B Loan 1M USD SOFR+ 5.00% 0.75 % 9.42 % 12/22/2028 1,945,000 1,935,728 1,819,800

Olaplex, Inc. Consumer goods: Non-durable Term Loan (2/22) Loan 1M USD SOFR+ 3.50% 0.50 % 7.92 % 2/23/2029 2,442,273 2,367,591 2,262,498

Open Text Corporation High Tech Industries Term Loan B (08/23) Loan 1M USD SOFR+ 1.75% 0.50 % 6.07 % 1/31/2030 921,883 900,638 920,731

Oxbow Carbon, LLC Metals & Mining Term Loan B (04/23) Loan 1M USD SOFR+ 3.50% 0.50 % 7.82 % 5/2/2030 492,500 484,592 491,269

PACIFIC DENTAL SERVICES, LLC Healthcare & Pharmaceuticals Term Loan B (02//24) Loan 1M USD SOFR+ 2.75% 0.00 % 7.07 % 3/17/2031 1,191,000 1,190,157 1,194,347

PACTIV EVERGREEN GROUP HOLDINGS INC. Containers, Packaging & Glass Term Loan B4 (05/24) Loan 1M USD SOFR+ 2.50% 0.00 % 6.82 % 9/24/2028 921,247 919,105 920,841

Padagis LLC Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.75% 0.50 % 9.30 % 7/6/2028 941,176 935,900 876,866

PAR PETROLEUM LLC Energy: Oil & Gas Term Loan B Loan 3M USD SOFR+ 3.75% 0.50 % 8.04 % 2/28/2030 2,458,727 2,438,711 2,448,474

PATAGONIA HOLDCO LLC Telecommunications Term Loan B Loan 3M USD SOFR+ 5.75% 0.50 % 10.05 % 8/1/2029 2,947,386 2,631,038 2,597,384

Pathway Partners Vet Management Company LLC Services: Business Term Loan Loan 3M USD SOFR+ 3.75% 0.00 % 8.34 % 3/31/2027 476,580 472,582 387,545

PCI Gaming Authority Hotel, Gaming & Leisure Term Loan Loan 1M USD SOFR+ 2.00% 0.00 % 6.32 % 7/18/2031 790,518 789,679 788,834

PEARLS (Netherlands) Bidco B.V. Chemicals, Plastics, & Rubber USD Term Loan (02/22) Loan 1M USD SOFR+ 3.25% 0.50 % 7.57 % 2/28/2029 973,627 972,968 969,246

PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC Healthcare & Pharmaceuticals Term Loan (12/22) Loan 3M USD SOFR+ 3.25% 0.50 % 7.80 % 12/29/2028 1,459,630 1,456,242 1,379,350

Penn National Gaming, Inc Hotel, Gaming & Leisure Term Loan B Loan 1M USD SOFR+ 2.50% 0.50 % 6.82 % 5/3/2029 975,000 971,989 976,463

Peraton Corp. Aerospace & Defense Term Loan B Loan 1M USD SOFR+ 3.75% 0.75 % 8.17 % 2/1/2028 5,181,328 5,175,310 4,677,754

Phoenix Guarantor Inc. Healthcare & Pharmaceuticals Term Loan B (12/24) Loan 1M USD SOFR+ 2.50% 0.00 % 6.82 % 2/21/2031 965,218 965,218 961,444

PHYSICIAN PARTNERS, LLC Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 4.00% 0.50 % 8.74 % 12/22/2028 2,928,567 2,881,253 1,156,784

Plastipak Holdings Inc. Containers, Packaging & Glass Term Loan B Loan 1M USD SOFR+ 2.25% 0.50 % 6.57 % 12/1/2028 1,795,294 1,791,011 1,796,892

Playtika Holding Corp. High Tech Industries Term Loan B (3/21) Loan 1M USD SOFR+ 2.75% 0.00 % 7.19 % 3/13/2028 4,331,250 4,327,202 4,316,351

PMHC II, INC. Chemicals, Plastics, & Rubber Term Loan (02/22) Loan 3M USD SOFR+ 4.25% 0.50 % 8.69 % 4/21/2029 1,955,000 1,949,220 1,890,368

PointClickCare Technologies, Inc. High Tech Industries Term Loan B (10/24) Loan 3M USD SOFR+ 3.25% 0.00 % 7.58 % 11/3/2031 482,575 481,443 483,178

Polymer Process Holdings, Inc. Containers, Packaging & Glass Term Loan Loan 1M USD SOFR+ 4.75% 0.75 % 9.19 % 2/12/2028 4,020,266 4,001,931 3,897,648

Pre-Paid Legal Services, Inc. Services: Consumer Term Loan (12/21) Loan 1M USD SOFR+ 3.25% 0.50 % 7.69 % 12/15/2028 2,917,500 2,903,248 2,917,500

Prime Security Services Borrower, LLC (ADT) Services: Consumer Term Loan B Loan 1M USD SOFR+ 2.00% 0.00 % 6.31 % 10/13/2030 1,990,013 1,973,564 1,985,834

Primo Brands Corporation Beverage, Food & Tobacco Term Loan B (01/25) Loan 3M USD SOFR+ 2.25% 0.50 % 6.56 % 3/31/2028 1,447,505 1,443,799 1,448,620

F-65

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

PRIORITY HOLDINGS, LLC Services: Consumer Term Loan B (5/24) Loan 1M USD SOFR+ 4.75% 0.50 % 9.07 % 5/16/2031 2,872,211 2,857,095 2,875,802

PriSo Acquisition Corporation Construction & Building Term Loan (01/21) Loan 3M USD SOFR+ 3.25% 0.75 % 7.82 % 12/28/2027 481,239 480,294 466,152

Project Leopard Holdings, Inc. (NEW) High Tech Industries Term Loan B (06/22) Loan 3M USD SOFR+ 5.25% 0.50 % 9.64 % 7/20/2029 980,000 930,969 871,387

Propulsion (BC) Finco Aerospace & Defense Term Loan B (10/24) Loan 3M USD SOFR+ 3.25% 0.50 % 7.58 % 9/14/2029 742,457 736,171 745,509

PUG LLC Services: Consumer Term Loan B (03/24) Loan 1M USD SOFR+ 4.75% 0.00 % 9.07 % 3/15/2030 465,765 465,063 465,570

Quartz AcquireCo, LLC High Tech Industries Term Loan (2/25) Loan 3M USD SOFR+ 2.25% 0.00 % 6.57 % 6/28/2030 1,234,994 1,226,841 1,233,450

Quikrete Holdings, Inc. Construction & Building Term Loan (2/25) Loan 1M USD SOFR+ 2.25% 0.00 % 6.57 % 4/14/2031 992,500 990,531 990,981

Rackspace Technology Global, Inc. High Tech Industries Term Loan (3/24) Loan 1M USD SOFR+ 2.75% 0.75 % 7.17 % 5/15/2028 2,040,103 1,143,598 1,165,409

Rackspace Technology Global, Inc. High Tech Industries Super-Priority Term Loan (03/24) Loan 1M USD SOFR+ 6.25% 0.75 % 10.67 % 5/15/2028 546,909 542,424 563,705

RAND PARENT LLC Transportation: Cargo Term Loan B (01/25) Loan 3M USD SOFR+ 3.00% 0.00 % 7.30 % 3/18/2030 2,456,406 2,386,949 2,452,108

RealPage, Inc. High Tech Industries Term Loan (04/21) Loan 3M USD SOFR+ 3.00% 0.50 % 7.59 % 4/24/2028 967,500 966,881 960,747

Rent-A-Center, Inc. Retail Term Loan B2 (9/21) Loan 3M USD SOFR+ 2.75% 0.50 % 7.04 % 2/17/2028 1,840,124 1,815,493 1,839,351

Research Now Group, Inc Media: Advertising, Printing & Publishing Term Loan (07/24) Loan 3M USD SOFR+ 5.00% 1.00 % 9.58 % 7/15/2028 338,737 334,497 339,018

Research Now Group, Inc Media: Advertising, Printing & Publishing Second-Out Term Loan Loan 3M USD SOFR+ 5.50% 1.00 % 10.08 % 7/15/2028 2,887,427 2,767,310 2,721,400

Resideo Funding Inc. Services: Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 1.75% 0.00 % 6.06 % 2/14/2028 674,488 674,302 675,756

Resolute Investment Managers (American Beacon), Inc. Banking, Finance, Insurance & Real Estate Term Loan (12/23) Loan 3M USD SOFR+ 6.50% 1.00 % 11.09 % 4/30/2027 1,948,473 1,948,473 1,930,449

Restoration Hardware, Inc. Retail Term Loan (9/21) Loan 1M USD SOFR+ 2.50% 0.50 % 6.94 % 10/20/2028 3,392,312 3,389,647 3,339,595

Reynolds Consumer Products LLC Containers, Packaging & Glass Term Loan Loan 1M USD SOFR+ 1.75% 0.00 % 6.17 % 2/4/2027 996,705 996,705 996,944

Russell Investments US Inst’l Holdco, Inc. Banking, Finance, Insurance & Real Estate Term Loan B PIK (3/24) Loan 3M USD SOFR+ 5.00% 1.00 % 9.29 % 5/30/2027 5,764,065 5,754,497 5,539,266

RV Retailer LLC Automotive Term Loan Loan 1M USD SOFR+ 3.75% 0.75 % 8.17 % 2/8/2028 2,897,881 2,869,896 2,714,039

Ryan Specialty Group LLC Banking, Finance, Insurance & Real Estate Term Loan B (09/24) Loan 1M USD SOFR+ 2.25% 0.00 % 6.57 % 9/15/2031 1,455,934 1,448,552 1,453,750

S&S HOLDINGS LLC Services: Business Term Loan Loan 1M USD SOFR+ 5.00% 0.50 % 9.42 % 3/10/2028 2,408,668 2,376,694 2,403,996

Sally Holdings LLC Retail Term Loan B Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 2/28/2030 441,250 438,790 440,147

Schweitzer-Mauduit International, Inc. High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.75% 0.75 % 8.19 % 4/20/2028 939,236 936,933 933,365

Scientific Games Holdings LP Hotel, Gaming & Leisure Term Loan B Loan 3M USD SOFR+ 3.00% 0.50 % 7.30 % 4/4/2029 491,269 490,668 491,087

Sedgwick Claims Management Services, Inc. Services: Business Term Loan B 2/23 Loan 3M USD SOFR+ 3.00% 0.00 % 7.31 % 7/31/2031 985,031 978,594 985,297

F-66

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

SETANTA AIRCRAFT LEASING DAC Aerospace & Defense Term Loan B (05/24) Loan 3M USD SOFR+ 1.75% 0.00 % 6.08 % 11/5/2028 500,000 499,374 501,500

Sitel Worldwide Corporation Services: Business USD Term Loan (7/21) Loan 3M USD SOFR+ 3.75% 0.50 % 8.18 % 8/28/2028 1,935,000 1,930,481 1,248,733

SiteOne Landscape Supply, LLC Services: Business Term Loan B (06/24) Loan 1M USD SOFR+ 1.75% 0.50 % 6.06 % 3/23/2030 1,257,709 1,253,356 1,257,709

Smyrna Ready Mix Concrete, LLC Construction & Building Term Loan B Loan 1M USD SOFR+ 3.00% 0.00 % 7.32 % 4/2/2029 509,075 506,578 510,984

Sparta U.S. HoldCo LLC Chemicals, Plastics, & Rubber Term Loan Loan 1M USD SOFR+ 3.00% 0.00 % 7.31 % 8/2/2030 1,940,000 1,935,791 1,945,820

Specialty Pharma III Inc. Services: Business Term Loan Loan 1M USD SOFR+ 4.25% 0.75 % 8.67 % 3/31/2028 1,935,000 1,925,487 1,847,925

Spin Holdco, Inc. Services: Consumer Term Loan 3/21 Loan 3M USD SOFR+ 4.00% 0.75 % 8.71 % 3/4/2028 2,887,500 2,880,793 2,496,128

SRAM, LLC Consumer goods: Durable Term Loan (02/25) Loan 1M USD SOFR+ 2.75% 0.50 % 7.94 % 5/12/2028 2,269,091 2,267,559 2,274,764

STANDARD INDUSTRIES INC. Construction & Building Term Loan B Loan 1M USD SOFR+ 1.75% 0.50 % 6.07 % 9/22/2028 210,250 209,230 210,250

Staples, Inc. Wholesale Term Loan B Loan 3M USD SOFR+ 5.75% 0.50 % 10.04 % 9/4/2029 4,263,551 4,210,817 4,001,726

Star Parent, Inc. Services: Business Term Loan B (09/23) Loan 3M USD SOFR+ 4.00% 0.00 % 8.33 % 9/27/2030 1,240,625 1,225,176 1,214,088

Storable, Inc High Tech Industries Term Loan B Loan 1M USD SOFR+ 3.50% 0.50 % 7.82 % 4/17/2028 485,000 484,751 484,913

Superannuation & Investments US LLC Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 3.75% 0.50 % 8.19 % 12/1/2028 970,000 964,328 974,608

SupplyOne, Inc Wholesale Term Loan B (03/24) Loan 1M USD SOFR+ 3.75% 0.00 % 8.07 % 3/27/2031 496,250 491,740 498,811

Sweetwater Borrower, LLC Retail Term Loan (8/21) Loan 1M USD SOFR+ 4.25% 0.75 % 8.69 % 8/2/2028 2,083,452 2,022,885 2,083,452

Syncsort Incorporated High Tech Industries Term Loan B (10/21) Loan 3M USD SOFR+ 4.00% 0.75 % 8.55 % 4/24/2028 2,419,962 2,419,490 2,377,105

Ta TT Buyer LLC Media: Broadcasting & Subscription Term Loan B (6/24) Loan 3M USD SOFR+ 4.75% 0.50 % 9.08 % 4/2/2029 980,032 973,273 969,624

Tenable Holdings, Inc. Services: Business Term Loan B (6/21) Loan 1M USD SOFR+ 2.75% 0.50 % 7.19 % 7/7/2028 970,000 969,283 971,213

Teneo Holdings LLC Banking, Finance, Insurance & Real Estate Term Loan B (03/24) Loan 1M USD SOFR+ 4.75% 1.00 % 9.07 % 3/13/2031 3,473,750 3,442,264 3,500,880

Ten-X, LLC Banking, Finance, Insurance & Real Estate Term Loan 5/23 Loan 6M USD SOFR+ 6.00% 0.00 % 10.25 % 5/25/2028 1,860,000 1,860,000 1,616,340

Thor Industries, Inc. Automotive Term Loan B (06/24) Loan 1M USD SOFR+ 2.25% 0.00 % 6.57 % 11/15/2030 291,839 289,445 292,569

TIBCO Software Inc High Tech Industries Term Loan (Cov-Lite) (10/24) Loan 3M USD SOFR+ 3.75% 0.50 % 8.08 % 3/21/2031 498,750 498,297 500,137

Torrid LLC Wholesale Term Loan 5/21 Loan 3M USD SOFR+ 5.50% 0.75 % 10.07 % 6/14/2028 3,107,759 2,794,667 2,863,582

TORY BURCH LLC Retail Term Loan Loan 1M USD SOFR+ 3.25% 0.50 % 7.69 % 4/17/2028 2,284,411 2,178,846 2,279,773

Tosca Services, LLC Containers, Packaging & Glass Term Loan A (08/24) Loan 1M USD SOFR+ 5.50% 1.50 % 9.82 % 11/30/2028 80,509 79,712 82,925

Tosca Services, LLC Containers, Packaging & Glass Superpriority Second-Out Term Loan B Loan 1M USD SOFR+ 1.50% 0.00 % 5.92 % 11/30/2028 6,878 10,704 5,932

F-67

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

Trans Union LLC Banking, Finance, Insurance & Real Estate Term Loan B9 (11/24) Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 6/24/2031 605,987 605,382 604,878

Tronox Finance LLC Chemicals, Plastics, & Rubber Term Loan (09/24) Loan 3M USD SOFR+ 2.25% 0.00 % 6.60 % 4/4/2029 1,995,000 1,979,840 1,967,070

Tronox Finance LLC Chemicals, Plastics, & Rubber Term Loan B (09/24) Loan 1M USD SOFR+ 2.50% 0.00 % 6.82 % 9/30/2031 346,923 346,684 342,458

TruGreen Limited Partnership Services: Consumer Term Loan Loan 1M USD SOFR+ 4.00% 0.75 % 8.42 % 11/2/2027 935,021 932,096 885,933

Ultra Clean Holdings, Inc. High Tech Industries Term Loan B (09/24) Loan 1M USD SOFR+ 3.25% 0.00 % 7.57 % 2/25/2028 1,233,755 1,230,873 1,237,358

Univision Communications Inc. Media: Broadcasting & Subscription Term Loan B (05/24) Loan 1M USD SOFR+ 3.50% 0.50 % 7.94 % 1/31/2029 2,403,522 2,402,406 2,379,486

Univision Communications Inc. Media: Broadcasting & Subscription Term Loan B (6/22) Loan 3M USD SOFR+ 4.25% 0.50 % 8.58 % 6/25/2029 243,750 238,712 240,094

Vaco Holdings, LLC Services: Business Term Loan (01/22) Loan 3M USD SOFR+ 5.00% 0.75 % 9.48 % 1/19/2029 2,294,893 2,247,090 2,098,680

Vericast Corp. Media: Advertising, Printing & Publishing Extended Term Loan (07/24) Loan 6M USD SOFR+ 7.75% 1.00 % 12.03 % 6/16/2026 1,297,729 1,297,560 1,235,438

Verifone Systems, Inc. Banking, Finance, Insurance & Real Estate Term Loan (7/18) Loan 3M USD SOFR+ 4.00% 0.00 % 8.58 % 8/20/2025 1,339,456 1,338,547 1,272,175

Vertex Aerospace Services Corp Aerospace & Defense Term Loan (10/21) Loan 1M USD SOFR+ 2.25% 0.75 % 6.57 % 12/6/2030 972,724 970,725 966,509

Viasat Inc Telecommunications Term Loan (2/22) Loan 1M USD SOFR+ 4.50% 0.50 % 8.94 % 3/5/2029 2,937,255 2,888,468 2,689,057

Virtus Investment Partners, Inc. Banking, Finance, Insurance & Real Estate Term Loan B (9/21) Loan 1M USD SOFR+ 2.25% 0.00 % 6.69 % 9/28/2028 2,575,227 2,570,947 2,575,227

Vistra Operations Company LLC Energy: Electricity 2018 Incremental Term Loan Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 12/20/2030 1,870,499 1,866,269 1,868,554

VM Consolidated, Inc. Construction & Building Term Loan B Loan 1M USD SOFR+ 2.25% 0.00 % 6.57 % 3/24/2028 1,817,804 1,817,479 1,816,895

Walker & Dunlop, Inc. Banking, Finance, Insurance & Real Estate Term Loan Loan 1M USD SOFR+ 2.25% 0.50 % 6.67 % 12/15/2028 491,202 484,449 491,816

Warner Music Group Corp. (WMG Acquisition Corp.) Hotel, Gaming & Leisure Term Loan J Loan 3M USD SOFR+ 1.75% 0.00 % 6.04 % 1/24/2031 1,250,000 1,250,000 1,248,050

F-68

Saratoga Investment Corp. CLO 2013-1, Ltd.

Schedule of Investments

February 28, 2025

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

Watlow Electric Manufacturing Company High Tech Industries Term Loan B (03/21) Loan 3M USD SOFR+ 3.50% 0.50 % 7.79 % 3/2/2028 2,661,649 2,655,782 2,671,072

WeddingWire, Inc. Services: Consumer Term Loan B (12/24) Loan 1M USD SOFR+ 3.75% 0.00 % 8.07 % 1/31/2028 4,772,917 4,772,450 4,784,849

Wellpath Holdings LLC Healthcare & Pharmaceuticals Term Loan Loan 3M USD SOFR+ 6.93% 2.00 % 11.23 % 1/27/2030 693,228 693,228 693,228

WEX Inc. Services: Business Term Loan B (11/24) Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 3/31/2028 2,895,655 2,891,840 2,886,621

Windsor Holdings III, LLC Chemicals, Plastics, & Rubber Term Loan B (09/24) Loan 1M USD SOFR+ 3.50% 0.00 % 7.82 % 8/1/2030 495,013 495,013 493,156

Wyndham Hotels & Resorts, Inc. Hotel, Gaming & Leisure Term Loan (05/24) Loan 1M USD SOFR+ 1.75% 0.00 % 6.07 % 5/24/2030 987,538 983,680 987,814

Xperi Corporation High Tech Industries Term Loan (1/25) Loan 1M USD SOFR+ 2.50% 0.00 % 6.82 % 6/8/2028 1,690,908 1,690,037 1,690,908

Zayo Group, LLC Telecommunications Term Loan 4/22 Loan 1M USD SOFR+ 4.25% 0.50 % 8.57 % 3/9/2027 972,500 960,739 935,185

ZEBRA BUYER (Allspring) LLC Banking, Finance, Insurance & Real Estate Term Loan B (12/24) Loan 3M USD SOFR+ 3.00% 0.50 % 7.38 % 11/1/2030 1,852,261 1,845,463 1,852,261

Zekelman Industries, Inc. Metals & Mining Term Loan B (03/24) Loan 1M USD SOFR+ 2.25% 0.00 % 6.56 % 1/24/2031 1,443,124 1,442,200 1,444,812

Zest Acquisition Corp. Healthcare & Pharmaceuticals Term Loan (1/23) Loan 3M USD SOFR+ 5.25% 0.00 % 9.54 % 2/8/2028 1,960,000 1,896,443 1,979,600

Zodiac Pool Solutions Consumer goods: Durable Term Loan (1/22) Loan 1M USD SOFR+ 1.93% 0.50 % 6.35 % 1/29/2029 485,000 484,495 484,267

TOTAL INVESTMENTS $ 520,335,803 $ 492,195,089

Number of Shares
Cost
Fair Value

Money Market Funds (included in cash and cash equivalents

Goldman Sachs Financial Square Government Fund (a)(e)
21,272,327
$ 21,272,327
$ 21,272,327

Total Money Market Funds (included in cash and cash equivalents)
21,272,327
$ 21,272,327
$ 21,272,327

(a) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2025.

(b) As of February 28, 2025, the investment was in default and on non-accrual status.

(c) Investments include Payment-in-Kind Interest.

(d)
All or a portion of this investment has an unfunded commitment as of February 28, 2025.

(e) Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.

SOFR - Secured Overnight Financing Rate

1M SOFR - The 1-month SOFR rate as of February 28,
2025 was 4.32%.

3M SOFR - The 3-month SOFR rate as of February 28,
2025 was 4.32%.

6M SOFR - The 6-month SOFR rate as of February 28,
2025 was 4.26%.

Prime - The Prime Rate as of February 28, 2025 was
7.50%.

See accompanying notes to financial statements

F-69

Fair Value Measurements

As noted above, the Issuer values all investments
in accordance with ASC 820. ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair
value. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.

ASC 820 establishes a hierarchal disclosure framework
which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price
observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment.
Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally
will 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
in the valuation techniques, the Issuer is required to provide disclosures on fair value measurements according to the fair value hierarchy.
The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified
and disclosed in one of the following three categories:

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

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

●
Level 3— Pricing inputs are unobservable for
the investment and include situations where there is little, if any, market activity for the investment. The inputs may be based
on the Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs,
as adjusted, to reflect specific investment attributes relative to a broader market assumption. These inputs into the determination
of fair value may require significant management judgment or estimation. Even if observable market data for comparable performance
or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments
are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows, etc.)
is used in the valuation methodology.

In addition to using the above inputs in investment
valuations, the Issuer continues to employ the valuation policy that is consistent with ASC 820 and the Investment Company Act of 1940,
as amended (“1940 Act”).

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

Fair Value Measurements

Level 1
Level 2
Level 3
Total

Term loans
$
-

$ 327,449,767
$ 25,835,252
$ 353,285,019

Equity interests

-

-

831,552
831,552

Total
$
-

$ 327,449,767
$ 26,666,804
$ 354,116,571

F-70

The following table presents fair value measurements
of investments, by major class, as of February 28, 2025 (dollars in thousands), according to the fair value hierarchy:

Fair Value Measurements

Level 1
Level 2
Level 3
Total

Term loans
$
-

$ 451,307,173
$ 39,203,487
$ 490,510,660

Equity interests

-

737,538
946,891
1,684,429

Total
$
-

$ 452,044,711
$ 40,150,378
$ 492,195,089

Transfers into or out of Level 1, 2 or 3 are recognized at the reporting
date.

Significant unobservable inputs used in the fair
value measurement of the Level 3 term loans and equity interests include market quotations available from multiple dealers. A significant
increase (decrease) in the market quote, in isolation, would result in a significantly higher (lower) fair value measurement.

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

Fair
Value
Valuation Technique Unobservable Inputs Range (Weighted Average)*

Term loans $ 25,835,252 Market Approach Third-Party Bid 9.50% - 100.13% (93.60%)

Equity interests 831,552 Market Approach Third-Party Bid 0.3% - 100% (62.83%)

Total $ 26,666,804

The valuation techniques and significant unobservable
inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2025 were as follows (dollars in thousands):

Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average)*

Term loans $ 39,203,487 Market Approach Third-Party Bid 2.5% - 101.4% (97.89%)

Equity interests 946,891 Market Approach Third-Party Bid 0.4% - 100.0 % (13.7%)

Total $ 40,150,378

* Weighted average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount.

F-71

Note 5. Investment in SLF JV

On October 26, 2021, the Company and TJHA entered
into the LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2021-1, Ltd (“SLF 2021”),
which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio 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
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”).

The following table shows the schedule of investment
for 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 1,243.77 %

TOTAL INVESTMENT $ 27,873,499 $ 21,825,598 1,243.77 %

Number of

Shares
Cost
Fair Value
% of

Net Assets

Money Market Funds (included in cash and cash equivalents)
- 1.1% (b)

Goldman Sachs Financial
Square Government Fund (1)
83,648
$ 83,648
$ 83,648
4.77 %

Total cash and cash equivalents
83,648
$ 83,648
$ 83,648
4.77 %

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

The following table shows the schedule of investment
for SLF JV as of February 28, 2025:

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, 3.00% 10/20/2033 10/28/2022 40,100,000 $ 30,410,415 $ 23,676,606 672.4 %

TOTAL INVESTMENT $ 30,410,415 $ 23,676,606 672.4 %

Number of

Shares
Cost
Fair Value
% of

Net Assets

Money Market Funds (included in cash
and cash equivalents) - 2.0% (b)

Goldman Sachs Financial
Square Government Fund (1)
71,444
$ 71,444
$ 71,444
2.0 %

Total cash and
cash equivalents and cash and cash equivalents, reserve accounts
71,444
$ 71,444
$ 71,444
2.0 %

(1) Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.

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

F-72

The Company and TJHA have committed to provide
up to a combined $50.0 million of financing to SLF JV through cash contributions, with the Company providing $43.75 million and TJHA providing
$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 unsecured
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. As of February
28, 2026, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $17.6 million and $2.5 million, respectively;
and membership interest of $19.2 million and $2.7 million, respectively. As of February 28, 2025, the Company and TJHA’s investment
in SLF JV consisted of an unsecured loan of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and
$2.5 million, respectively. As of February 28, 2026, and February 28, 2025, the Company’s investment in the unsecured note of SLF
JV had a fair value of $16.1 million and $16.5 million, respectively, and the Company’s investment in the membership interests of
SLF JV had a fair value of $1.5 million and $3.1 million, respectively.

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

For the year ended February 28, 2026, the Company
earned approximately $1.8 million of interest income related to SLF JV, which is included in interest income on the consolidated statement
of operations. As of February 28, 2026, approximately $0.2 million of interest income related to SLF JV was included in interest receivable
on the consolidated statements of assets and liabilities.

For the year ended February 28, 2025, the Company
earned approximately $1.8 million of interest income related to SLF JV, which is included in interest income on the consolidated statement
of operations. As of February 28, 2025, approximately $0.2 million of interest income related to SLF JV was included in interest receivable
on the consolidated statements of assets and liabilities.

For the year ended February 29, 2024, the Company
earned approximately $1.8 million of interest income related to SLF JV, which is included in interest income on the consolidated statement
of operations. As of February 29, 2024, approximately $0.2 million of interest income related to SLF JV was included in interest receivable
on the consolidated statements of assets and liabilities.

For the years ended February 28, 2026, and February
28, 2025 and 2024, the Company earned approximately $3.3 million, $4.0 million and $5.9 million of dividend related to SLF JV, which
is included in dividend income on control investments.

SLF JV’s initial investment in SLF 2022
was 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
9, 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
of 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.
As 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
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.

As of February 28, 2026 and February 28, 2025,
the fair value of the Class E-R Notes were $8.4 million and $0.0 million, respectively. As of February 28, 2026 and February 28, 2025,
the fair value of the Class E Notes were $0.0 million and $12.3 million, respectively.

F-73

Note 6. Income Taxes

The Company has elected and intends to operate
so as to qualify annually to be taxed as a RIC under subchapter M of the Code and, as such, will not be subject to U.S. federal income
tax on the portion of taxable income and gains timely distributed to stockholders.

The Company owns 100% of Saratoga CLO, an exempted
company incorporated in the Cayman Islands. For financial reporting purposes, the Saratoga CLO is not included as part of the consolidated
financial statements. For U.S. federal income tax purposes, the Company has requested and received approval from the IRS to treat the
Saratoga CLO as a disregarded entity. As such, for U.S. federal income tax purposes and for purposes of meeting the RIC qualification
and diversification tests, the results of operations of the Saratoga CLO are included with those of the Company to qualify as a RIC.
Generally, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least
90% of its investment company taxable income, as defined by the Code. Because U.S. federal income tax regulations differ from U.S. GAAP,
distributions as required in accordance with tax regulations may differ from net investment income and realized gains recognized for
financial reporting purposes. Differences between these distributions and U.S. GAAP financial results may be permanent or temporary in
nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their tax character.
Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.
As of February 28, 2026 and February 28, 2025, the Company reclassified for book purposes amounts arising from permanent book/tax differences
primarily related to nondeductible U.S. federal excise and capital gains tax and income from wholly owned investments (dollars in thousands):

February 28,

2026
February 28,

2025

Capital in excess of par value
$ 378
$ 1,654

Total distributable earnings (loss)
(378 )
(1,654 )

For U.S federal income tax purposes, distributions
paid to shareholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character
of distributions paid for the years ended February 28, 2026, February 28, 2025 and February 29, 2024 was as follows (dollars in thousands):

February 28,

2026
February 28,

2025
February 29,

2024

Ordinary income
$
59,026

$ 45,825
$ 35,636

Capital gains

-

-

-

Total
$
59,026

$ 45,825
$ 35,636

For U.S. federal income tax purposes, as of February
28, 2026, the aggregate net unrealized depreciation for all securities was $0.4 million. The aggregate cost of securities
for U.S. federal income tax purposes was $1.5 billion.

For U.S. federal income tax purposes, as of February
28, 2025, the aggregate net unrealized depreciation for all securities was $4.0 million. The aggregate cost of securities for U.S. federal
income tax purposes was $1.5 billion.

As of February 28, 2026 and February 28, 2025,
the components of accumulated losses on a tax basis as detailed below differ from the amounts reflected per the Company’s consolidated
statements of assets and liabilities by temporary book/tax differences primarily arising from the consolidation of the Saratoga CLO for
U.S federal tax purposes, market discount and original issue discount income, interest income accrual on defaulted bonds, write-off of
investments, and amortization of organizational expenditures and partnership interests (dollars in thousands).

February 28,

2026
February 28,

2025

Post October loss deferred
$
-

$
-

Accumulated capital losses
(85,734 )
(73,441 )

Other temporary differences
6,581
6,443

Undistributed Long Term Gain

-

-

Undistributed ordinary income
24,570
49,771

Unrealized appreciation (depreciation)
(483 )
(4,048 )

Total components of accumulated losses
$ (55,066 )
$ (21,275 )

F-74

At February 28, 2026, the Company had a short-term capital loss of $0.8 million and a long-term capital loss
of $83.5 million, available to offset future capital gains. At February 28, 2026, the company did not utilize any short-term
capital losses or long-term capital losses. Post RIC-modernization act losses are deemed to arise on the first day of the Company’s
following fiscal year and there is no expiration for these losses. As of February 28, 2025, the Company had net long-term capital losses
of $73.4 million.

Depending on the level of taxable income earned
in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions into the next
tax year and pay a 4.0% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated
current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company
accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the calendar years ended December 31,
2025 and December 31, 2024, the Company did not distribute at least 98% of its ordinary income and 98.2% of its capital gains and accrued
$1.7 million and $2.4 million in U.S. federal excise taxes on undistributed taxable income for the years ended February 28, 2026 and
February 28, 2025, respectively.

Management has analyzed the Company’s tax positions taken on U.S. federal income tax returns for all open
years (fiscal years 2022- 2025) and has concluded that no provision for uncertain income tax positions is required in the Company’s
consolidated financial statements.

SIA-AAP, Inc., SIA-SAIS, Inc., SIA-ARC,
Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP Inc., SIA-SIQ, Inc., SIA-SZ, Inc., SIA-TG,
Inc., SIA-TT Inc., and SIA-Vector, Inc. each 100% owned by the Company, are each filing standalone C Corporation tax returns for U.S.
federal and state tax purposes. As separately regarded entities for tax purposes, these entities are subject to U.S. federal income tax
at corporate rates. For tax purposes, any distributions by the entities to the parent company would generally need to be distributed
to the Company’s shareholders. Generally, such distributions of the entities’ income to the Company’s shareholders
will be considered as qualified dividends for tax purposes. The entities’ taxable net income will differ from U.S. GAAP net income
because of deferred tax temporary differences arising from net operating losses and unrealized appreciation and deprecation of securities
held. Deferred tax assets and liabilities are measured using enacted corporate federal and state tax rates expected to apply to taxable
income in the years in which those net operating losses are utilized and the unrealized gains and losses are realized. Deferred tax assets
and deferred tax liabilities are netted off by entity, as allowed. The recoverability of deferred tax assets is assessed and 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 be realized on
the basis of a history of operating losses combined with insufficient projected taxable income or other taxable events in the Corporate
Blockers.

The Company’s V Rental Holdings LLC Class
A-1 membership units were sold during the year ended February 28, 2022. The entity which held this investment, SIA-VR, Inc. will remain
in existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

The Company’s Texas Teachers of Tomorrow,
LLC common stock was sold during the year ended February 28, 2022. The entity which held this investment, SIA-TT, Inc. will remain in
existence for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

The Company’s GreyHeller LLC Series A preferred
units was sold during the year ended February 28, 2022. The entity which held this investment, SIA-TT, Inc. will remain in existence
for a period of time until all ongoing indemnification obligations are settled, after which it will be dissolved.

The Company may distribute a portion of its realized
net long term capital gains in excess of realized net short term capital losses to its stockholders, but may also decide to retain a
portion, 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
of a “deemed distribution” to its stockholders. Income tax (provision) relating to an election to retain its net capital
gains, including in the form of a deemed distribution, is included as a component of income tax (provision) benefit from realized gains
on investments, depending on the character of the underlying taxable income (ordinary or capital gains), on the consolidated statements
of operations.

Deferred tax assets and liabilities, and related
valuation allowances, as of February 28, 2026 and February 28, 2025, were as follows:

February 28,

2026
February 28,

2025

Total deferred tax assets
$ 2,595,077
$ 1,786,943

Total deferred tax liabilities
(4,849,432 )
(4,968,693 )

Valuation allowance on net deferred tax assets
(2,325,167 )
(1,707,579 )

Net deferred tax liability
$ (4,579,522 )
$ (4,889,329 )

As of February 28, 2026, the valuation allowance
on deferred tax assets was $2.3 million, which represents the federal and state tax effect of net operating losses and unrealized losses
that we do not believe we will realize through future taxable income. Any adjustments to the Company’s valuation allowance will
depend on estimates of future taxable income and will be made in the period such determination is made.

Net deferred tax expense (benefit) for the year
ended February 28, 2026 includes $(0.1) million net change in unrealized appreciation (depreciation) on investments and $(0.08) million
net change in total operating expense (benefit), in the consolidated statement of operations, respectively.

Net deferred tax expense (benefit) for the year
ended February 28, 2025 includes $1.1 million net change in unrealized appreciation (depreciation) on investments and $0.4 million net
change in total operating expense (benefit), in the consolidated statement of operations, respectively.

F-75

Net deferred tax expense (benefit) for the year
ended February 29, 2024 includes $0.9 million net change in unrealized appreciation (depreciation) on investments and $0.04 million net
change in total operating expense (benefit), in the consolidated statement of operations, respectively.

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

Federal and state income tax provisions (benefits) on
investments are as follows:

February 28,

2026
February 28,

2025
February 29,

2024

Current

Federal
$
-

$
-

$
-

State

-

-

-

Net current expense

-

-

-

Deferred

Federal
(215,033 )
968,246
990,920

State
(95,481 )
129,934
(16,343 )

Net deferred expense
(310,514 )
1,098,180
974,577

Net tax provision
$ (310,514 )
$ 1,098,180
$ 974,577

The Company has remaining federal net operating loss carryforwards
of $2.4 million with an indefinite life. In addition, the Company has state net operating loss carryforwards of $2.2
million, which begin to expire in fiscal year 2029.

Income tax expense was computed by applying the
U.S. federal statutory rate of 21% combined with the weighted average state tax rate applicable to each Corporate Blocker based on the
states they operate in.

The Company has elected to be treated for U.S. federal income tax purposes as a RIC and intends to qualify annually
to eliminate corporate-level U.S. federal income tax, other than the 4% excise tax, by distributing at least 90% of its investment company
taxable income. As a result, the Company maintains an effective tax rate of 0% before the impact of excise taxes and income taxes incurred
by its Corporate Blockers, which are subject to U.S. federal and state corporate-level income taxes. As such, a reconciliation of the
differences between the Company’s reported income tax expense and the federal statutory rate of 21% is not meaningful.

The following table is a reconciliation of the
federal and state income taxes paid, net of refunds received, for the years ended February 28, 2026, 2025, and 2024.

February 28,

2026

February 28,

2025

February 29,

2024

Federal and excise (1)

$
2,179,264

3,163,190

2,567,093

State

46,578

34,920

11,465

Total taxes paid

$
2,225,842

3,198,110

2,578,558

(1) As of February 28, 2026, February 28, 2025 and February 2024, includes the U.S. federal excise tax payment of $1.7 million, $2.4 million and $1.8 million, respectively.

No individual jurisdiction accounted for a significant
amount of our state income taxes paid for the years ended February 28, 2026, 2025 and 2024.

The following table is a reconciliation of the federal and state income
taxes expense (benefit), for the years ended February 28, 2026, 2025, and 2024.

February 28,

2026
February 28,

2025
February 29,

2024

Federal
$ (149,069 )
356,482
52,680

State
10,901
55,550
(9,754 )

Total tax expense (benefit)
$ (138,168 )
412,032
42,926

Note 7. Agreements and Related Party Transactions

Investment Advisory and Management Agreement

On July 30, 2010, the Company entered into the
Management Agreement with the Manager. The initial term of the Management Agreement was two years from its effective date, with one-year
renewals thereafter subject to certain approvals by the Company’s board of directors and/or the Company’s stockholders. Most
recently, on July 7, 2025, the Company’s board of directors approved the renewal of the Management Agreement for an additional
one-year term. Pursuant to the Management Agreement, the Manager implements the Company’s business strategy on a day-to-day basis
and performs certain services for the Company, subject to oversight by the board of directors. The Manager is responsible for, among
other duties, determining investment criteria, sourcing, analyzing and executing investments transactions, asset sales, financings and
performing asset management duties. Under the Management Agreement, the Company pays the Manager a management fee for investment advisory
and management services consisting of a base management fee and an incentive management fee.

F-76

Base Management Fee and Incentive Management
Fee

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

The incentive management fee consists of the
following two parts:

The first, payable quarterly in arrears, equals
20% 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
end of the immediately preceding quarter, that exceeds a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter,
subject to a “catch-up” provision. Under this provision, in any fiscal quarter, the Manager receives no incentive fee unless
our pre-incentive fee net investment income exceeds the hurdle rate of 1.875%. The Manager will receive 100% of pre-incentive fee net
investment 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
of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. There is no accumulation of amounts
on the hurdle rate from quarter to quarter, and accordingly there is no claw back of amounts previously paid if subsequent quarters are
below 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
and 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
“incentive fee capital gains,” which equals the Company’s realized capital gains on a cumulative basis from May 31,
2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a
cumulative basis on each investment in the Company’s portfolio, less the aggregate amount of any previously paid capital gain incentive
fee. Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May
31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital
gains portion of the incentive fee, and the Manager will be entitled to 20.0% of incentive fee capital gains that arise after May 31,
2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized
gains 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 years ended February 28, 2026, February 28, 2025 and February 29, 2024, the Company incurred $17.8 million,
$18.4 million and $19.2 million in base management fees, respectively. For the years ended February 28, 2026, February 28, 2025 and February
29, 2024, the Company incurred $9.2 million, $13.2 million and $8.0
million in incentive fees related to pre-incentive fee net investment income. For the years ended February 28, 2026, February 28, 2025
and February 29, 2024, the Company accrued $(1.0) million, $(5.9) million and $(8.3) million, respectively, in incentive fees related
to capital gains.

The accrual is calculated using both realized
and unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable in arrears
at the end of the fiscal year and will include only realized capital gains for the period. As of February 28, 2026, the base management
fees accrual was $4.6 million and the incentive fees accrual was $2.0 million and are included in base management and incentive fees
payable in the accompanying consolidated statements of assets and liabilities. As of February 28, 2025, the base management fees accrual
was $4.2 million and the incentive fees accrual was $2.0 million and are included in base management and incentive fees payable in the
accompanying consolidated statements of assets and liabilities.

Administration Agreement

On July 30, 2010, the Company entered into a
separate administration agreement (the “Administration Agreement”) with the Manager, pursuant to which the Manager, as the
Company’s administrator, has agreed to furnish the Company with the facilities and administrative services necessary to conduct
day-to-day operations and provide managerial assistance on the Company’s behalf to those portfolio companies to which the Company
is required to provide such assistance. The initial term of the Administration Agreement was two years from its effective date, with
one-year renewals thereafter subject to certain approvals by the Company’s board of directors and/or the Company’s stockholders.
Since its inception the amount of expenses payable or reimbursable by the Company under the Administration Agreement has been subject
to a cap that is reviewed annually in connection with the renewal of the Administration Agreement. Most recently, on July 7, 2025, the
Company’s board of directors approved the renewal of the Administration Agreement for an additional one-year term, and subsequently
also determined to increase the cap on the payment or reimbursement of expenses by the Company from $5.0 million to $5.4 million, effective
August 1, 2025. The Company’s board of directors will continue to assess the cap on payment or reimbursement of expenses on an
annual basis.

For the years ended February 28, 2026, February
28, 2025 and February 29, 2024, we recognized $5.2 million, $4.7 million and $3.9 million in administrator expenses, respectively, pertaining
to bookkeeping, recordkeeping and other administrative services provided to the Company in addition to the Company’s allocable portion
of rent and other overhead related expenses. As of February 28, 2026, $0.6 million of administrator expenses were accrued and included
in due to Manager in the accompanying consolidated statements of assets and liabilities. As of February 28, 2025, $0.3 million of administrator
expenses were accrued and included in due to Manager in the accompanying consolidated statements of assets and liabilities.

F-77

Saratoga CLO

On December 14, 2018, the Company completed the
third refinancing and issuance of the 2013-1 Reset CLO Notes. This refinancing, among other things, extended the Saratoga CLO reinvestment
period to January 2021, and extended its legal maturity to January 2030. In addition, and as part of the refinancing, the Saratoga CLO
has also been upsized from $300 million in assets to approximately $500 million.

In conjunction with the third refinancing and
issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to receive an incentive management fee
from Saratoga CLO. See Note 4. Investment in Saratoga CLO for additional information.

On February 26, 2021, the Company completed the
fourth refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April
2024, extended its legal maturity to April 2033, and extended the non-call period to February 2022. In addition, and as part of the refinancing,
the Saratoga CLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the
Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million
in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently, the existing $2.5 million of Class F-R-2 Notes,
$7.5 million of Class G-R-2 Notes and $25.0 million CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction
costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At November
30, 2021, the outstanding receivable of 2.6 million was repaid in full.

On August 9, 2021, the Company exchanged its
existing $17.9 million Class F-R-3 Notes 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, 2021, 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
refinancing of the Saratoga CLO. This refinancing, among other things, did not extend the Saratoga CLO reinvestment period nor extend
its legal maturity, while adjusting the interest rate of two of the existing Notes. The Issuer issued $422.5 million of notes, consisting
of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued pursuant to the Indenture with the same Trustee. Proceeds
of the issuance of the 2013-1 2024 Reset CLO Notes were used along with 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 as part of this refinancing. The Saratoga CLO paid $0.5 million of transaction
costs related to the refinancing.

As of February 28, 2026, and February 28, 2025, the Company’s
investment in the Class F-2-R-3 Note of the Saratoga CLO had a fair value of $0.0 million and $2.3 million, respectively. As of February
28, 2026, the Class F-2-R-3 Note of the Saratoga CLO was placed on non-accrual status, the Company has reserved all related outstanding
interest receivables.

For the years ended February 28, 2026, February 28, 2025, and February
29, 2024, we recognized $1.2 million, $1.5 million and $1.5 million in interest income, respectively, related to the Class F-2-R-3 Note
of the Saratoga CLO.

As of February 28, 2026, and February 28, 2025,
the Company’s investment in the Subordinated Note of the Saratoga CLO had a fair value of $0.0 million and $0.2 million, respectively.
In addition, the Company has no outstanding receivable balance from the Subordinated Note of the Saratoga CLO, as of February 28, 2026.

For the years ended February 28, 2026, February
28, 2025, and February 29, 2024, we recognized $2.6 million, $3.1 million and $3.3 million in management fee income, respectively, related
to the Subordinated Note of the Saratoga CLO.

For the years ended February 28, 2026, February
28, 2025, and February 29, 2024, we recognized $0.0 million, $0.0 million and $0.0 million in interest income, respectively, related
to the Subordinated Note of the Saratoga CLO.

For the years ended February 28, 2026, February
28, 2025, and February 29, 2024, the Company neither bought nor sold any investments from the Saratoga CLO.

F-78

SLF JV

On October 26, 2021, the Company and TJHA entered
into an LLC Agreement to co-manage the SLF JV. SLF JV is a joint venture that invests in the debt or equity interests of collateralized
loan obligations, loan, notes and other debt instruments. The Company records interest income from its investment in an unsecured loan
with SLF JV on an accrual basis and records dividend income from its membership interest when earned. All operating decisions are shared
with a 50% voting interest in SLF JV.

On October 28, 2022, SLF 2022 issued $402.1 million
of 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.

As of February 28, 2026 and February 28, 2025
respectively, the Company’s investment in the SLF JV had a fair value of $17.7 million and $19.6 million, consisting of an unsecured
loan of $16.1 million and $16.5 million, and membership interest of $1.5 million and $3.1 million. In addition, approximately $0.2 million
and $0.2 million of interest income related to SLF JV was included in interest receivable on the Statement of Assets and Liabilities.

For the years ended February 28, 2026, February
28, 2025, and February 29, 2024, we recognized $1.8 million, $1.8 million and $1.8 million in interest income on the consolidated statement
of operations, respectively, related to the SLF JV.

For the years ended February 28, 2026, February
28, 2025, and February 29, 2024, we recognized $3.3 million, $4.0 million and $5.9 million of dividend income on the consolidated statement
of operations, respectively, related to the SLF JV.

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

As of February 28, 2026 and February 28, 2025,
the fair value of the Class E-R Notes were $8.4 million and $0.0 million, respectively. As of February 28, 2026 and February 28, 2025,
the fair value of the Class E Notes were $0.0 million and $12.3 million, respectively.

Note 8. Borrowings

As a BDC, we are only allowed to employ leverage
to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage, or, 150%
if certain requirements under the 1940 Act are met. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which
was signed into law on March 23, 2018, our board of directors, including a majority of our directors who are not “interested persons”
(as defined in Section 2(a)(19) of the 1940 Act”) of the Company (“independent directors”), approved a minimum asset
coverage ratio of 150%, which became effective on April 16, 2019. The amount of leverage that we employ at any time depends on our assessment
of the market and other factors at the time of any proposed borrowing. Our asset coverage ratio, as defined in the 1940 Act, was 168.4%
as of February 28, 2026 and 162.9% as of February 28, 2025.

Encina Credit Facility

On October 4, 2021, the Company entered into
the Credit and Security Agreement (as amended from time to time, the “Encina Credit Agreement”) relating to a senior secured
revolving credit facility (the “Encina Credit Facility”) with Encina Lender Finance, LLC (“Encina”), supported
by loans held by SIF II and pledged to the Encina Credit Facility. The terms of the Encina Credit Facility required a minimum drawn amount
of $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
amount in effect at any time thereafter. On January 27, 2023, we entered into the first amendment to the Encina Credit Agreement
which, among other things: (i) increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to
$65.0 million; (ii) changed the underlying benchmark used to compute interest under the Encina Credit Agreement from LIBOR to Term SOFR
for a one-month tenor plus a 0.10% credit spread adjustment; (iii) increased the applicable effective margin rate on borrowings from
4.00% to 4.25%; (iv) extended the revolving period from October 4, 2024 to January 27, 2026; (v) extended the period during which the
borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase,
a “Facility Increase”) from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant
to the Encina Facility Increase from $75.0 million to $150.0 million; (vi) revised the eligibility criteria for eligible collateral loans
to exclude certain industries in which an obligor or related guarantor may be involved; and (vii) amended the provisions permitting the
borrower to request an extension in the Commitment Termination Date (as defined in the Encina Credit Agreement) to allow requests to
extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date,
subject to a notice requirement.

F-79

In addition to any fees or other amounts payable
under the terms of the Encina Credit Facility, an administrative agent fee per annum equal to $0.1 million was payable in equal
monthly installments in arrears. The Company paid the lender a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding
to aggregate commitments was greater than or equal to 50%) on the unused amount of the Encina Credit Facility. Availability on the Encina
Credit Facility was subject to a borrowing base calculation, based on, among other things, applicable advance rates (which varied from
50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets
included as part of the borrowing base. Funds could be borrowed at the greater of the prevailing one-month SOFR rate, plus an applicable
effective margin of 4.25%.

On November 6, 2025, the Company terminated in
full (i) the Encina Credit Agreement, and (ii) the Equity Pledge Agreement, dated as of October 4, 2021 (the “Encina Equity Pledge
Agreement”), by and between the Company and Encina, as collateral agent, and repaid all outstanding amounts. The Encina Credit
Agreement and the Encina Equity Pledge Agreement terminated upon the satisfaction of all obligations and liabilities of SIF II and the
Company to secured parties thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs
and other amounts owing to the secured parties.

As of February 28, 2026 and February 28, 2025,
there were $0.0 million and $32.5 million outstanding borrowings under the Encina Credit Facility. During the applicable periods, the
Company was in compliance with all of the limitations and requirements under the Encina Credit Agreement. The repayment and termination
of the Encina Credit Facility resulted in a realized loss on the extinguishment of debt of $0.1 million.

For the year ended February 28, 2026, February
28, 2025, and February 29, 2024, we recorded $2.2 million, $3.4 million and $3.9 million of interest expense related to the Encina Credit
Facility, respectively, which includes commitment and administrative agent fees. For the year ended February 28, 2026, February 28, 2025,
and February 29, 2024, we recorded $0.4 million, $0.5 million and $0.5 million of deferred financing costs related to the Encina Credit
Facility, respectively. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense
on the consolidated statements of operations. For the year ended February 28, 2026, February 28, 2025, and February 29, 2024, the weighted
average interest rate on the outstanding borrowings under the Encina Credit Facility was 8.8%, 9.5%, and 9.7% respectively, and the average
dollar amount of outstanding borrowings under the Encina Credit Facility was $22.3 million, $33.1 million and $37.9 million, respectively.

Live Oak Credit Facility

On March 27, 2024, the Company and its wholly
owned special purpose subsidiary, SIF III, entered into a credit and security agreement (the “Live Oak Credit Agreement”),
by and among SIF III, as borrower, the Company, as collateral manager and equity holder, the lenders from time to time parties thereto,
Live Oak, as administrative agent and collateral agent, U.S. Bank National Association, as custodian, and U.S. Bank Trust Company, National
Association, as collateral administrator, relating to Live Oak Credit Facility.

F-80

The Live Oak Credit Facility originally provided
for borrowings in U.S. dollars in an aggregate amount of up to $50.0 million. During the first two years following the closing date,
SIF III may request one or more increases in the commitment amount from $50.0 million to an amount not to exceed $150.0 million,
subject to certain terms and conditions and a customary fee. The terms of the Live Oak Credit Agreement required a minimum drawn amount
of $12.5 million at all times during the period ended March 27, 2025 and, thereafter, the greater of: (i) $25.0 million and
(ii) 50% of the facility amount in effect at such time. The Live Oak Credit Facility matures on March 27, 2027. Advances are available
during the term of the Live Oak Credit Facility and must be repaid in full at maturity. SIF III may request an extension of the maturity
date by an additional one year, subject to the agreement of the lenders and an extension fee.

On June 14, 2024, the Company entered into the
first amendment to the Live Oak Credit Agreement (the “Amendment”). The Amendment, among other things:

● increased the borrowings available under the Live Oak Credit Facility from up to $50.0 million to up to $75.0 million, subject to a borrowing base requirement;

●
replaced administrative agent approval with “Required
Lender” (as defined in the Live Oak Credit Agreement) approval with respect to certain matters;

● replaced Required Lender approval with 100% lender approval with respect to certain matters; and

●
added new lenders (as identified
in the Amendment) to the Live Oak Credit Agreement;

●
changed the definition
of Required Lender to require the approval of at least two unaffiliated lenders.

Advances under the Live Oak Credit Facility are
subject to a borrowing base calculation, and the Live Oak Credit Facility has various eligibility criteria for loans to be included in
the borrowing base. Advances under the Live Oak Credit Facility bear interest at a floating rate per annum equal to Adjusted Term SOFR
plus an applicable margin between 3.50% and 4.25% based on the Live Oak Credit Facility’s utilization. The Live Oak Credit
Agreement also provides for an unused fee of 0.50% on the unused commitments. SIF III’s obligations to the lenders under the
Live Oak Credit Facility are secured by a first priority security interest in substantially all of SIF III’s assets. In addition,
SIF III’s obligations to the lenders under the Live Oak Credit Facility are secured by a pledge by the Company of its equity interests
in SIF III, which is evidenced by the equity pledge agreement, dated as of March 27, 2024, by and between the Company, as pledgor, and
Live Oak, as collateral agent for the benefit of the secured parties.

In connection with the Live Oak Credit Agreement,
the Company entered into a loan sale and contribution agreement with SIF III, dated as of March 27, 2024, by and between the Company,
as seller, and SIF III, as purchaser, pursuant to which the Company will sell or contribute certain loans held by the Company to SIF
III to be used to support the borrowing base under the Live Oak Credit Facility. The Live Oak Credit Facility permits loan proceeds and
excess cash in SIF III’s collection accounts to be distributed to us at any time based on three business days advance notice, subject
to compliance with various conditions, including the absence of a default or event of default, the absence of an over-advance against
the borrowing base and the absence of a violation of the financial covenant.

As of February 28, 2026 there was $37.5 million
in outstanding borrowings under the Live Oak Credit Facility. During the applicable period, the Company was in compliance with all of
the limitations and requirements under the Live Oak Credit Agreement.

For the year ended February 28, 2026 and February
28, 2025, we recorded $3.3 million and $1.9 million of interest expense related to the Live Oak Credit Facility, respectively, which
includes commitment and administrative agent fees. For the year ended February 28, 2026 and February 28, 2025, we recorded $0.4 million
and $0.3 million of deferred financing costs related to the Live Oak Credit Facility, respectively. Interest expense and amortization
of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. For the
year ended February 28, 2026 and February 28, 2025, the weighted average interest rate on the outstanding borrowings under the Live Oak
Credit Facility was 8.2% and 9.1%, respectively, and the average dollar amount of outstanding borrowings under the Live Oak Credit Facility
was $36.2 million and $18.0 million, respectively.

Our borrowing base under the Live Oak Credit
Facility was $99.2 million subject to the Live Oak Credit Facility cap of $75.0 million at February 28, 2026. For purposes of determining
the borrowing base, most assets are assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on
Form 10-Q filed with the SEC. Accordingly, the February 28, 2026 borrowing base relies upon the valuations set forth in the Quarterly
Report on Form 10-Q for the period ended November 30, 2025. The valuations presented in this Annual Report on Form 10-K will not be incorporated
into the borrowing base until after this Annual Report on Form 10-K is filed with the SEC.

F-81

Valley Credit Facility

On November 6, 2025, the Company entered into
a Credit and Security Agreement (the “Valley Credit Agreement”) establishing an $85.0 million senior secured revolving credit
facility with Valley, as administrative agent and as a lender, and certain other lenders, supported by loans held by SIF II and pledged
as collateral to secure the obligations under the Valley Credit Facility. The terms of the Valley Credit Facility require a minimum drawn
amount at all times equal to the greater of $25.0 million or 38% of the facility amount in effect at such time. The Valley Credit Facility
matures on November 6, 2028. The Valley Credit Facility has numerous eligibility criteria for loans to be included in the borrowing base.
The Valley Credit Agreement also requires SIF II to pay an unused fee on the amount by which the commitment amount exceeds outstanding
principal amounts on each day at a rate per annum equal to 0.75% if the unused amount is greater than 62% of the commitment amount, or
otherwise 0.50%.

In addition to any fees or other amounts payable
under the terms of the Valley Credit Facility, an administrative agent fee per annum equal to $35,000 is payable annually in advance.

As of February 28, 2026, there were $32.5 million
outstanding borrowings under the Valley Credit Facility. During the applicable periods, the Company was in compliance with all of the
limitations and requirements under the Valley Credit Agreement. Financing costs of $1.4 million related to the Valley Credit Facility
have been capitalized and are being amortized over the term of the facility, with all existing financing costs amortized through November
6, 2028.

For the period from November 6, 2025 through February
28, 2026, we recorded $0.8 million of interest expense related to the Valley Credit Facility, which includes commitment and administrative
agent fees. For the period from November 6, 2025 through February 28, 2026, we recorded $0.03 million of deferred financing costs related
to the Valley Credit Facility, including arranger fees. Interest expense and amortization of deferred financing costs are reported as
interest and debt financing expense on the consolidated statements of operations. For the period from November 6, 2025 through February
28, 2026, the weighted average interest rate on the outstanding borrowings under the Valley Credit Facility was 6.8%, and the average
dollar amount of outstanding borrowings under the Valley Credit Facility was $10.2 million.

The Valley Credit Facility contains limitations
as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination
and collateral interests. The Valley Credit Facility also includes certain requirements relating to portfolio performance, the violation
of which could result in the limit of further advances and, in some cases, result in an event of default if not cured in the prescribed
period, allowing the lenders to accelerate repayment of amounts owed thereunder. Availability on the Valley Credit Facility is subject
to a borrowing base calculation, with advance rates on eligible loans ranging from 25% to 75%. Advances under the Valley Credit Facility
bear interest at a floating rate per annum equal to Term SOFR plus an applicable margin of 2.85%, with a SOFR Floor of 1.00%.

Our borrowing base under the Valley Credit Facility
was $77.1 million subject to the Valley Credit Facility cap of $85.0 million at February 28, 2026. For purposes of determining the borrowing
base, most assets will be assigned the values set forth in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q
filed with the SEC. Accordingly, the February 28, 2026 borrowing base relies upon the valuations set forth in the Quarterly Report on
Form 10-Q for the period ended November 30, 2025. The valuations presented in this Annual Report on Form 10-K will not be incorporated
into the borrowing base until after this Annual Report on Form 10-K is filed with the SEC.

SBA Debentures

The Company’s wholly owned subsidiaries,
SBIC II LP and SBIC III LP, received SBIC licenses from the SBA on August 14, 2019 and September 29, 2022, respectively. Each of the
SBIC Subsidiaries provide up to $175.0 million in long-term capital in the form of debentures guaranteed by the SBA. The Company’s
wholly owned subsidiary, SBIC LP, repaid its outstanding debentures and subsequently surrendered its license to the SBA on January 3,
2024, providing the Company access to all undistributed capital of SBIC LP, and SBIC LP subsequently merged with and into the Company.
Under current SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed
$350.0 million.

SBICs are designed to stimulate the flow of private
equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the
equity securities of small businesses. Under present SBA regulations, eligible small businesses include businesses that have a tangible
net worth not exceeding $24.0 million and have average annual fully taxed net income not exceeding $8.0 million for the two most recent
fiscal years. In addition, an SBIC must devote 25.0% of its investment activity to “smaller enterprises” as defined by the
SBA. A smaller enterprise is one that has a net worth not exceeding $6.0 million and has an average annual fully taxed net income not
exceeding $2.0 million for the two most recent fiscal years. SBA regulations also provide alternative size standard criteria to determine
eligibility, which depend on the industry in which the business is engaged and are based on such factors as the number of employees and
gross sales. According to SBA regulations, SBICs may make long-term loans to small businesses, invest in the equity securities of such
businesses and provide them with consulting and advisory services.

F-82

The SBIC Subsidiaries are able to borrow funds
from the SBA against each SBIC’s regulatory capital (which generally approximates equity capital in the respective SBIC). The SBIC
Subsidiaries are subject to customary regulatory requirements including but not limited to, a periodic examination by the SBA and requirements
to maintain certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that the SBIC Subsidiaries
will receive SBA-guaranteed debenture funding, which is dependent upon the SBIC Subsidiaries complying with SBA regulations and policies.
The SBA, as a creditor, will have a superior claim to each SBIC Subsidiary’s assets over the Company’s stockholders and debtholders
in the event that the Company liquidates such SBIC Subsidiary or the SBA exercises its remedies under the SBA-guaranteed debentures issued
by the SBIC Subsidiary upon an event of default.

The Company received exemptive relief from the
SEC to permit it to exclude the debentures guaranteed by the SBA of the SBIC Subsidiaries from the definition of senior securities in
the asset coverage test under the 1940 Act. This allows the Company increased flexibility under the asset coverage requirement by permitting
it to borrow up to $350.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

As of February 28, 2026, we have funded SBIC II
LP and SBIC III LP with an aggregate total of equity capital of $87.5 million and $87.5 million, respectively, and have $160.0 million
in SBA-guaranteed debentures outstanding, of which $84.0 million was held by SBIC II LP and $76.0 million held in SBIC III LP.

At February 28, 2026 and February 28, 2025,
there was $160.0 million and $170.0 million outstanding of SBA debentures, respectively. The carrying amount of the amount
outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral
coverage and would be classified as a Level 3 liability within the fair value hierarchy. Financing costs of $5.0 million, $6.0
million, and $1.2 million related to the SBA debentures issued by SBIC LP, SBIC II LP and SBIC III LP, respectively, have been
capitalized and are being amortized over the term of the commitment and drawdown. During the year ended February 28, 2026, the
Company repaid $10.0 million of SBA debentures in SBIC II LP, resulting in a realized loss on extinguishment of $0.7 million related
to the acceleration of deferred debt financing costs.

For the years ended February 28, 2026, February
28, 2025 and February 29, 2024, we recorded $5.1 million, $7.1 million and $6.2 million of interest expense related to the SBA debentures,
respectively. For the years ended February 28, 2026, February 28, 2025 and February 29, 2024, we recorded $0.7 million, $0.9 million
and $1.0 million of amortization of deferred financing costs related to the SBA debentures, respectively. Interest expense and amortization
of deferred financing costs are reported as interest and debt financing expense on the consolidated statements of operations. The weighted
average interest rate during the years ended February 28, 2026, February 28, 2025 and February 29, 2024 on the outstanding borrowings
of the SBA debentures was 3.06%, 3.32% and 3.08%, respectively. During the years ended February 28, 2026 and February 28, 2025, the average
dollar amount of SBA debentures outstanding was $167.5 million and $213.8 million, respectively.

Unsecured Notes

7.75% 2025 Notes

On July 9, 2020, the Company issued $5.0 million
in aggregate principal amount of 7.75% fixed-rate notes due in 2025 (the “7.75% 2025 Notes”) for net proceeds of $4.8 million
after deducting underwriting commissions of approximately $0.2 million. Offering costs incurred were approximately $0.1 million. Interest
on the 7.75% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 7.75% per year.
The 7.75% 2025 Notes matured and were paid off on July 9, 2025.

As of February 28, 2026, the total amount of
7.75% 2025 Notes outstanding was $0.0 million. The carrying amount of the outstanding 7.75% 2025 Notes had a fair value of $0.0 million,
which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February
28, 2025, the total amount of 7.75% 2025 Notes outstanding was $5.0 million, and they had a fair value of $5.0 million, which is based
on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

F-83

For the years ended February 28, 2026 and February
28, 2025, we recorded $0.1 million and $0.4 million, respectively, of interest expense and $0.02 million and $0.05 million, respectively,
of amortization of deferred financing costs related to the 7.75% 2025 Notes. Interest expense and amortization of deferred financing
costs are reported as interest and debt financing expense on the consolidated statements of operations. For the years ended February 28,
2026 and February 28, 2025, the average dollar amount of 7.75% 2025 Notes outstanding was $1.8 million and $5.0 million, respectively.

6.25% 2027 Notes

On December 29, 2020, the Company issued $5.0
million in aggregate principal amount of 6.25% fixed-rate notes due in 2027 (the “Existing 6.25% 2027 Notes”). Offering
costs incurred were approximately $0.1 million. On January 28, 2021, the Company issued an additional $10.0 million in aggregate
principal amount of the 6.25% 2027 Notes for net proceeds of $9.7 million after deducting underwriting commissions of approximately $0.3
million. Offering costs incurred were approximately $0.1 million on the additional $10.0 million aggregate principal amount, (the
“Additional 6.25% 2027 Notes” and together with the Existing 6.25% 2027 Notes, the “6.25% 2027Notes”). The Additional
6.25% 2027 Notes are treated as a single series with the existing 6.25% 2027 Notes under the indenture and have the same terms as the
existing 6.25% 2027 Notes. Interest on the 6.25% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and
November 30, at a rate of 6.25% per year. The 6.25% 2027 Notes mature on December 29, 2027 and may be redeemed in whole or in part
at any time or from time to time at the Company’s option, on or after December 29, 2024. The net proceeds from the offering were
used for general corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $0.5 million
related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.

As of February 28, 2026, the total amount of
6.25% 2027 Notes outstanding was $15.0 million. The 6.25% 2027 Notes are not listed and have a par value of $25.00 per note. The carrying
amount of the outstanding 6.25% 2027 Notes had a fair value of $14.8 million, which is based on a market yield analysis and would be
classified as a Level 3 liability within the fair value hierarchy. As of February 28, 2025, the total amount of 6.25% 2027 Notes outstanding
was $15.0 million, and they had a fair value of $14.2 million, which is based on a market yield analysis and would be classified as a
Level 3 liability within the fair value hierarchy.

For the years ended February 28, 2026 and February
28, 2025, we recorded $0.9 million and $0.9 million, respectively, of interest expense and $0.07 million and $0.07 million, respectively,
of amortization of deferred financing costs related to the 6.25% 2027 Notes. Interest expense and amortization of deferred financing
cost are reported as interest and debt financing expense on the consolidated statements of operations. For the years ended February 28,
2026 and February 28, 2025, the average dollar amount of 6.25% 2027 Notes outstanding was $15.0 million and $15.0 million, respectively.

4.375% 2026 Notes

On March 10, 2021, the Company issued $50.0 million
in aggregate principal amount of the 4.375% fixed-rate notes due 2026 (the “Existing 4.375% 2026 Notes”) for net proceeds
of $49.0 million after deducting underwriting commissions of approximately $1.0 million. Offering costs incurred were approximately $0.3 million.
On July 15, 2021, the Company issued an additional $125.0 million in aggregate principal amount of the 4.375% 2026 Notes (the “Additional
4.375% 2026 Notes” and together with the Existing 4.375% 2026 Notes, the “4.375% 2026 Notes”) for net proceeds for approximately
$123.8 million, based on the public offering price of 101.00% of the aggregate principal amount of the Additional 4.375% 2026 Notes, after
deducting the underwriting commissions of $2.5 million. Offering costs incurred were approximately $0.2 million. The Additional 4.375%
2026 Notes were treated as a single series with the existing 4.375% 2026 Notes under the indenture and had the same terms as the existing
4.375% 2026 Notes. Interest on the 4.375% 2026 Notes was paid semi-annually in arrears on February 28 and August 28, at a rate of
4.375% per year. The 4.375% 2026 Notes matured and were paid off on February 28, 2026.

As of February 28, 2026, the total amount of
4.375% 2026 Notes outstanding was $0.0 million. The carrying amount of the outstanding 4.375% 2026 Notes had a fair value of $0.0 million,
which was based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy. As of February
28, 2025, the total amount of 4.375% 2026 Notes outstanding was $175.0 million, and they had a fair value of $163.4 million, which is
based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

For the years ended February 28, 2026 and
February 28, 2025, we recorded $7.6 million and $7.7 million, respectively, of interest expense, $0.6 million and $0.8 million,
respectively, of amortization of deferred financing costs and $0.3 million and $0.3 million, respectively, of amortization of
premium on issuance of 4.375% Notes due 2026 (inclusive of the issuance of the Additional 4.375% 2026 Notes). Interest expense,
amortization of deferred financing costs and amortization of premium on issuance of notes are reported as interest and debt
financing expense on the consolidated statements of operations. During the years ended February 28, 2026 and February 28, 2025, the
average dollar amount of 4.375% 2026 Notes outstanding was $174.5 million and $175.0 million respectively.

4.35% 2027 Notes

On January 19, 2022, the Company issued $75.0
million in aggregate principal amount of 4.35% fixed-rate notes due in 2027 (the “4.35% 2027 Notes”) for net proceeds of
$73.0 million, based on the public offering price of 99.317% of the aggregate principal amount of the 4.35% 2027 Notes, after deducting
the underwriting commissions of approximately $1.5 million. Offering costs incurred were approximately $0.3 million. Interest
on the 4.35% 2027 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.35% per year. The 4.35% 2027
Notes mature on February 28, 2027 and may be redeemed in whole or in part at the Company’s option at any time prior to November
28, 2026, at par plus a “make-whole” premium, and thereafter at par. The net proceeds from the offering were used for general
corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $1.8 million related
to the 4.35% 2027 Notes have been capitalized and are being amortized over the term of the 4.35% 2027 Notes.

F-84

As of February 28, 2026, the total amount of
4.35% 2027 Notes outstanding was $75.0 million. The 4.35% 2027 Notes are not listed. The carrying amount of the outstanding 4.35% 2027
Notes had a fair value of $72.7 million, which is based on a market yield analysis and would be classified as a Level 3 liability within
the fair value hierarchy. As of February 28, 2025, the total amount of 4.35% 2027 Notes outstanding was $75.0 million, and they had a
fair value of $70.3 million, which is based on a market yield analysis and would be classified as a Level 3 liability within the fair
value hierarchy.

For the years ended February 28, 2026 and February
28, 2025, we recorded $3.3 million and $3.3 million, respectively, of interest expense, $0.3 million and $0.3 million, respectively,
of amortization of deferred financing costs and $0.1 million and $0.1 million, respectively, of amortization of discount on issuance
of 4.35% Notes due 2027 (inclusive of the issuance of the Additional 4.35% 2027 Notes). Interest expense, amortization of deferred financing
costs and amortization of discount on issuance of notes are reported as interest and debt financing expense on the consolidated statements
of operations. During the years ended February 28, 2026 and February 28, 2025, the average dollar amount of 4.35% 2027 Notes outstanding
was $75.0 million and $75.0 million respectively.

6.00% 2027 Notes

On April 27, 2022, the Company issued $87.5 million
in aggregate principal amount of 6.00% fixed-rate notes due 2027 (the “Existing 6.00% 2027 Notes”) for net proceeds of $84.8
million after deducting underwriting commissions of approximately $2.7 million. Offering costs incurred were approximately $0.1 million.
On May 10, 2022, the underwriters partially exercised their option to purchase an additional $10.0 million in aggregate principal amount
of the Existing 6.00% 2027 Notes for net proceeds to the Company were $9.7 million after deducting underwriting commissions of approximately
$0.3 million. On August 15, 2022, the Company issued an additional $8.0 million in aggregate principal amount of the Existing 6.00% 2027
Notes (the “Additional 6.00% 2027 Notes” and together with the Existing 6.00% 2027 Notes, the “6.00% 2027 Notes”)
for net proceeds of $7.8 million, based on the public offering price of 97.80% of the aggregate principal amount of the 6.00% 2027 Notes.
Additional offering costs incurred were approximately $0.2 million. The Additional 6.00% 2027 Notes are treated as a single series with
the Existing 6.00% 2027 Notes under the indenture and have the same terms as the Existing 6.00% 2027 Notes. Interest on the 6.00% 2027
Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 6.00% per year. The 6.00% 2027 Notes
mature on April 30, 2027 and commencing April 27, 2024, may be redeemed in whole or in part at any time or from time to time at the Company’s
option. The net proceeds from the offering were used for general corporate purposes in accordance with the Company’s investment
objective and strategies. Financing costs of $3.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized
over the term of the 6.00% 2027 Notes. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT” with a
par value of $25.00 per note.

As of February 28, 2026, the total amount of
6.00% 2027 Notes outstanding was $105.5 million. The 6.00% 2027 Notes are listed on the NYSE under the trading symbol “SAT”
with a par value of $25.00 per note. As of February 28, 2026, the carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million
and $104.4 million, respectively. The fair value of the 6.00% 2027 Notes, which are publicly traded, is based upon closing market quotes
as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2025, the
carrying amount and fair value of the 6.00% 2027 Notes was $105.5 million and $104.1 million, respectively.

For the years ended February 28, 2026 and February
28, 2025, we recorded $6.3 million and $6.3 million, respectively, of interest expense, $0.7 million and $0.7 million, respectively,
of amortization of deferred financing costs related to the 6.00% Notes due 2027. Interest expense and amortization of deferred financing
costs are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February
28, 2026 and February 28, 2025, the average dollar amount of 6.00% 2027 Notes outstanding was $105.5 million and $105.5 million respectively.

7.00% 2025 Notes

On September 8, 2022, the Company issued $12.0
million in aggregate principal amount of 7.00% fixed-rate notes due 2025 (the “7.00% 2025 Notes”) for net proceeds of $11.6
million after deducting underwriting discounts of approximately $0.4 million. Additional offering costs incurred were approximately $0.05
million. Interest on the 7.00% 2025 Notes was paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate
of 7.00% per year. The 7.00% 2025 Notes matured and were paid off on September 8, 2025. Financing costs of $0.04 million related to the
7.00% 2025 Notes have been capitalized and are being amortized over the term of the 7.00% 2025 Notes.

As of February 28, 2026, the total amount of
7.00% 2025 Notes outstanding was $0.0 million. As of February 28, 2025, the total amount of 7.00% 2025 Notes outstanding was $12.0 million,
and they had a fair value of $11.9 million, which is based on a market yield analysis and would be classified as a Level 3 liability
within the fair value hierarchy.

F-85

For the years ended February 28, 2026 and February
28, 2025, we recorded $0.4 million and $0.8 million, respectively, of interest expense, $0.01 million and $0.01 million, respectively,
of amortization of deferred financing costs and $0.1 million and $0.1 million, respectively, of amortization of discount on issuance
of 7.00% Notes due 2025. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes
are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February 28,
2026 and February 28, 2025, the average dollar amount of 7.00% 2025 Notes outstanding was $6.3 million and $12.0 million respectively.

8.00% 2027 Notes

On October 27, 2022, the Company issued $40.0
million in aggregate principal amount of our 8.00% fixed-rate notes due 2027 (the “8.00% 2027 Notes”) for net proceeds of
$38.7 million after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.2
million. On November 10, 2022, the underwriters partially exercised their option to purchase an additional $6.0 million in aggregate
principal amount of the 8.00% 2027 Notes for net proceeds to the Company of $5.8 million after deducting underwriting commissions of
approximately $0.2 million. Interest on the 8.00% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November
30, at a rate of 8.00% per year. The 8.00% 2027 Notes mature on October 31, 2027 and commencing October 27, 2024, may be redeemed in
whole or in part at any time or from time to time at the Company’s option. The net proceeds from the offering were used for general
corporate purposes in accordance with the Company’s investment objective and strategies. Financing costs of $1.7 million related
to the 8.00% 2027 Notes have been capitalized and are being amortized over the term of the 8.00% 2027 Notes.

As of February 28, 2026, the total amount of
8.00% 2027 Notes outstanding was $46.0 million. The 8.00% 2027 Notes are listed on the NYSE under the trading symbol “SAJ”
with a par value of $25.00 per note. As of February 28, 2026, the carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million
and $46.4 million, respectively. The fair value of the 8.00% 2027 Notes, which are publicly traded, is based upon closing market quotes
as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2025, the
carrying amount and fair value of the 8.00% 2027 Notes was $46.0 million and $46.5 million, respectively.

For the years ended February 28, 2026 and February
28, 2025, the Company recorded $3.7 million and $3.7 million, respectively, of interest expense and $0.3 million and $0.3 million, respectively,
of amortization of deferred financing costs related to the 8.00% 2027 Notes. Interest expense and amortization of deferred financing
costs are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February
28, 2026 and February 28, 2025, the average dollar amount of 8.00% 2027 Notes outstanding was $46.0 million and $46.0 million, respectively.

8.125% 2027 Notes

On December 13, 2022, the Company issued $52.5
million in aggregate principal amount of 8.125% fixed-rate notes due 2027 (the “8.125% 2027 Notes”) for net proceeds of $50.8
million after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.1 million.
On December 21, 2022, the underwriters fully exercised their option to purchase an additional $7.875 million in aggregate principal amount
of the 8.125% 2027 Notes for net proceeds to the Company of $7.6 million after deducting underwriting commissions of approximately $0.2
million. Interest on the 8.125% 2027 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate
of 8.125% per year. The 8.125% 2027 Notes mature on December 31, 2027 and commencing December 13, 2024, may be redeemed in whole or in
part at any time or from time to time at the Company’s option. The net proceeds from this offering were used to make investments
in middle-market companies (including investments made through our SBIC Subsidiaries) in accordance with the Company’s investment
objective and strategies and for general corporate purposes. Financing costs of $2.0 million related to the 8.125% 2027 Notes have been
capitalized and are being amortized over the term of the 8.125% 2027 Notes.

As of February 28, 2026, the total amount of
8.125% 2027 Notes outstanding was $60.4 million. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol “SAY”
with a par value of $25.00 per note. As of February 28, 2026, the carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million
and $60.7 million, respectively. The fair value of the 8.125% 2027 Notes, which are publicly traded, is based upon closing market quotes
as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2025, the
carrying amount and fair value of the 8.125% 2027 Notes was $60.4 million and $61.0 million, respectively.

For the years ended February 28, 2026 and February
28, 2025, the Company recorded $4.9 million and $4.9 million, respectively, of interest expense and $0.4 million and $0.4 million, respectively,
of amortization of deferred financing costs related to the 8.125% 2027 Notes. Interest expense and amortization of deferred financing
costs are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February
28, 2026 and February 28, 2025, the average dollar amount of 8.125% 2027 Notes outstanding was $60.4 million and $60.4 million, respectively.

F-86

8.75% 2025 Notes

On March 31, 2023, the Company issued $10.0 million
in aggregate principal amount of 8.75% fixed-rate notes due 2024 (the “8.75% 2025 Notes”) for net proceeds of $9.7 million
after deducting underwriting discounts of approximately $0.4 million. On May 1, 2023, the Company issued an additional $10.0 million in
aggregate principal amount of the 8.75% 2025 Notes for net proceeds of $9.7 million after deducting underwriting discounts of approximately
$0.4 million. Offering costs incurred were approximately $0.03 million. Interest on the 8.75% 2025 Notes was paid quarterly in arrears
on February 28, May 31, August 31 and November 30, at a rate of 8.75% per year. On February 2, 2024, pursuant to the terms of the indenture
governing the 8.75% 2025 Notes, the Company elected to exercise its option to extend the maturity date of the 8.75% 2025 Notes from March
31, 2024 to March 31, 2025. The 8.75% 2025 Notes were paid off in full at maturity on March 31, 2025.

As of February 28, 2026, the total amount of
8.75% 2025 Notes outstanding was $0.0 million. As of February 28, 2025, the total amount of 8.75% 2025 Notes outstanding was $20.0 million,
and they had a fair value of $20.1 million.

For the years ended February 28, 2026 and February
28, 2025, we recorded $0.1 million and $1.5 million, respectively, of interest expense, $0.01 million and $0.04 million, respectively,
of amortization of deferred financing costs and $0.01 million and $0.1 million, respectively, of amortization of discount on issuance
of 8.75% Notes due 2025. Interest expense, amortization of deferred financing costs and amortization of discount on issuance of notes
are reported as interest and debt financing expense on the consolidated statements of operations. During the years ended February 28,
2026 and February 28, 2025, the average dollar amount of 8.75% 2025 Notes outstanding was $1.6 million and $20.0 million respectively.

8.50% 2028 Notes

On April 14, 2023, the Company issued $50.0 million
in aggregate principal amount of 8.50% fixed-rate notes due 2028 (the “8.50% 2028 Notes”) for net proceeds of $48.4 million
after deducting underwriting commissions of approximately $1.6 million. Offering costs incurred were approximately $0.03 million. On
April 26, 2023, the underwriters fully exercised their option to purchase an additional $7.5 million in aggregate principal amount of
the 8.50% 2028 Notes for net proceeds to the Company of $7.3 million after deducting underwriting commissions of approximately $0.2 million.
Interest on the 8.50% 2028 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate of 8.50% per
year. The 8.50% 2028 Notes mature on April 15, 2028, and commencing April 14, 2025, may be redeemed in whole or in part at any
time or from time to time at the Company’s option. Net proceeds from this offering were used to repay a portion of the outstanding
indebtedness under the Encina Credit Facility, make investments in middle-market companies (including investments made through our SBIC
Subsidiaries) in accordance with the Company’s investment objective and strategies and for general corporate purposes. Financing
costs of $2.0 million related to the 8.50% 2028 Notes have been capitalized and are being amortized over the term of the 8.50% 2028 Notes.

As of February 28, 2026, the total amount of
8.50% 2028 Notes outstanding was $57.5 million. The 8.50% 2028 Notes are listed on the NYSE under the trading symbol “SAZ”
with a par value of $25.00 per note. As of February 28, 2026, the carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million
and $58.1 million, respectively. The fair value of the 8.50% 2028 Notes, which are publicly traded, is based upon closing market quotes
as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. As of February 28, 2025, the
carrying amount and fair value of the 8.50% 2028 Notes was $57.5 million and $58.3 million, respectively.

For the years ended February 28, 2026 and February
28, 2025, we recorded $4.9 million and $4.9 million, respectively, of interest expense and $0.4 million and $0.4 million, respectively,
of amortization of deferred financing costs of 8.50% 2028 Notes. Interest expense and amortization of deferred financing costs are reported
as interest and debt financing expense on the consolidated statements of operations. During the years ended February 28, 2026 and February
28, 2025, the average dollar amount of 8.50% 2028 Notes outstanding was $57.5 million and $57.5 million respectively.

F-87

7.25% 2030 Notes

On January 23, 2026, the Company issued $50.0
million in aggregate principal amount of 7.25% fixed-rate notes due 2030 (the “7.25% 2030 Notes”) for net proceeds of approximately
$48.8 million, based on an offering price of 99.117% per Note, after deducting the placement agent fee and estimated offering expenses
of approximately $1.2 million. Interest on the 7.25% 2030 Notes is paid semi-annually in arrears on May 1 and November 1, at a rate of
7.25% per year, commencing on May 1, 2026. The 7.25% 2030 Notes will mature on May 1, 2030 and may be redeemed in whole or in part
at the Company’s option at any time prior to January 23, 2028 at par plus a “make-whole” premium, and thereafter at
par. Net proceeds from this offering were used to pay off the Company’s outstanding 4.375% 2026 Notes and for general corporate
purposes. Financing costs of $0.8 million related to the 7.25% 2030 Notes have been capitalized and are being amortized over the term
of the 7.25% 2030 Notes.

As of February 28, 2026, the total amount of
7.25% 2030 Notes outstanding was $50.0 million. The 7.25% 2030 Notes are not listed and have a par value of $1,000 per note.
As of February 28, 2026, the carrying amount and fair value of the 7.25% 2030 Notes was $50.0 million and $49.6 million, respectively,
which is based on a market yield analysis and would be classified as a Level 3 liability within the fair value hierarchy.

For the year ended February 28, 2026, the Company
recorded $0.4 million of interest expense and $0.03 million of amortization of deferred financing costs related to the 7.25% 2030
Notes. Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated
statements of operations. During the year ended the average dollar amount of 7.25% 2030 Notes outstanding was $5.1 million.

7.50% 2031 Notes

On February 6, 2026, the Company issued $100.0
million in aggregate principal amount of 7.50% fixed-rate notes due 2031 (the “7.50% 2031 Notes”) for net proceeds were approximately
$96.4 million, after deducting the underwriting discount of approximately $3.1 million and estimated offering costs of approximately
$0.5 million. Interest on the 7.50% 2031 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate
of 7.50% per year, commencing May 31, 2026. The 7.50% 2031 Notes mature on February 6, 2031 and, commencing February 6, 2028, may be
redeemed in whole or in part at any time or from time to time at the Company’s option. Net proceeds from this offering, together
with available cash, were used to pay off the outstanding 4.375% 2026 Notes at maturity on February 28, 2026. Financing costs of $3.3
million related to the 7.50% 2031 Notes have been capitalized and are being amortized over the term of the 7.50% 2031 Notes. The 7.50%
2031 Notes are listed on the NYSE under the trading symbol “SAV” with a par value of $25.00 per note.

As of February 28, 2026, the total amount of
7.50% 2031 Notes outstanding was $100.0 million. The 7.50% 2031 Notes are listed on the NYSE with a par value of $25.00 per note. As
of February 28, 2026, the carrying amount and fair value of the 7.50% 2031 Notes was $100.0 million and $101.7 million, respectively.
The fair value of the 7.50% 2031 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and
would be classified as a Level 1 liability within the fair value hierarchy.

For the year ended February 28, 2026, the Company
recorded $0.5 million of interest expense and $0.04 million of amortization of deferred financing costs related to the 7.50% 2031 Notes.
Interest expense and amortization of deferred financing costs are reported as interest and debt financing expense on the consolidated
statements of operations. During the year ended February 28, 2026, the average dollar amount of 7.50% 2031 Notes outstanding was $6.3
million.

Senior Securities

Information about our senior securities is shown
in the following table as of February 28/29 for the fiscal years indicated in the table, unless otherwise noted. See Part II.