UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 Form 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended February 28, 2025

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ______ to ______

 Commission File No. 814-00732

 SARATOGA INVESTMENT CORP.

 (Exact name of registrant as specified in its
charter)

 Maryland

 20-8700615

 (State or other jurisdiction of

incorporation or organization)

 (I.R.S. Employer

Identification Number)

 535 Madison Avenue

 New York, New York 10022

 (Address of principal executive offices)

 (212) 906-7800

 (Registrant's telephone number, including
area code)

 Securities registered pursuant to Section 12(b)
of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 Common Stock, par value $0.001 per share

 SAR

 6.00% Notes due 2027

 SAT

 8.00% Notes due 2027

 SAJ

 8.125% Notes due 2027

 SAY

 8.50% Notes due 2027

 SAZ

 Securities registered pursuant to Section 12(g)
of the Act: None

 Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No

(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days: Yes No

has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
 No

is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.

has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
No

 The aggregate market value of the voting and
non-voting common stock held by non-affiliates of the registrant as of August 31, 2024 was approximately $ 272.7 million based upon a
closing price of $23.57 reported for such date by the New York Stock Exchange.

 The number of outstanding common shares of the
registrant as of May 6, 2025 was 15,364,864.

 NOTE ABOUT REFERENCES

 In this Annual Report on Form 10-K (the "Annual
Report"), the "Company," "we," "us" and "our" refer to Saratoga Investment Corp.
and its wholly owned subsidiaries, Saratoga Investment Funding LLC, Saratoga Investment Funding II LLC, Saratoga Investment Corp. SBIC
LP, Saratoga Investment Corp. SBIC II LP, and Saratoga Investment Corp. SBIC III LP, unless the context otherwise requires. We refer to
Saratoga Investment Advisors, LLC, our investment adviser, as "Saratoga Investment Advisors," the "Investment Adviser"
or the "Manager."

 NOTE ABOUT FORWARD-LOOKING STATEMENTS

 Some of the statements in this Annual Report constitute
forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking
statements by terms such as "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "project," "should," "will"
and "would" or the negative of these terms or other comparable terminology.

 We have based the forward-looking statements included
in this Annual Report information available to us on the date of this Annual Report, and we assume no obligation to update any such forward-looking
statements. Actual results could differ materially from those anticipated in our forward-looking statements, and future results could
differ materially from historical performance. We undertake no obligation to revise or update any forward-looking statements occurring
after the date of this Annual Report, whether as a result of new information, future events or otherwise, unless required by law or SEC
rule or regulation. You are advised to consult any additional disclosures that we may make directly to you or through reports that we
in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form
8-K.

 The forward-looking statements contained in this
Annual Report involve risks and uncertainties, including statements as to:

 our future operating results;

 the introduction, withdrawal, success and timing of business initiatives and strategies;

 changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of our assets;

 the relative and absolute investment performance and operations of our Manager;

 the impact of increased competition;

 our ability to turn potential investment opportunities into transactions and thereafter into completed and successful investments;

 the unfavorable resolution of any future legal proceedings;

 our business prospects and the operational and financial performance of our portfolio companies, including their ability to achieve our respective objectives as a result of the current economic conditions caused by, among other things, elevated levels of inflation, and an elevated interest rate environment, and the effects of the disruptions caused thereby on our ability to continue to effectively manage our business;

 i

 the impact of investments that we expect to make and future acquisitions and divestitures;

 our contractual arrangements and relationships with third parties;

 the dependence of our future success on the general economy and its impact on the industries in which we invest;

 the ability of our portfolio companies to achieve their objectives;

 our expected financings and investments;

 our regulatory structure and tax treatment, including our ability to operate as a business development company ("BDC"), or to operate our small business investment company ("SBIC") subsidiaries, and to continue to qualify to be taxed as a regulated investment company ("RIC");

 the adequacy of our cash resources and working capital;

 the timing of cash flows, if any, from the operations of our portfolio companies;

 the impact of interest rate volatility on our results, particularly because we use leverage as part of our investment strategy;

 the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy;

 the elevated level of inflation, and its impact on our portfolio companies
 and on the industries in which we invest;

 the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy;

 the impact of geopolitical conditions on our portfolio companies and on the industries in which we invest;

 the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to us or our Manager;

 the impact of changes to tax legislation and, generally, our tax position;

 our ability to access capital and any future financings by us;

 the ability of our Manager to attract and retain highly talented professionals; and

 the ability of our Manager to locate suitable investments for us and to monitor and effectively administer our investments.

 Although we believe that the assumptions on which
these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the
forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate
new loans and investments, borrowing costs and levels of profitability and the availability of additional capital. In light of these
and other uncertainties, the inclusion of a projection or forward-looking statement in this Annual Report should not be regarded as a
representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described in "Risk
Factors" in this Annual Report under Item 1A. You should not place undue reliance on these forward-looking statements, which apply
only as of the date of this Annual Report.

 ii

 Item 1. Business

 Item 1A. Risk Factors

 Item 1B. Unresolved Staff Comments

 Item 1C. Cybersecurity

 Item 2. Properties

 Item 3. Legal Proceedings

 Item 4. Mine Safety Disclosures

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A. Quantitative and Qualitative Disclosures About Market Risk

 Item 8. Consolidated Financial Statements and Supplementary Data

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A. Controls and Procedures

 Item 9B. Other Information

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10. Directors, Executive Officers and Corporate Governance

 Item 11. Executive Compensation

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13. Certain Relationships and Related Transactions, and Director Independence

 Item 14. Principal Accounting Fees and Services

 Item 15. Exhibits, Consolidated Financial Statement Schedules

 Item 16. Form 10-K Summary

 Signatures

 iii

 ITEM 1. BUSINESS

 General

 We are a specialty finance company that provides
customized financing solutions to U.S middle-market businesses. Our investment objective is to create attractive risk-adjusted returns
by generating current income and long-term capital appreciation from our investments. We primarily invest in senior and unitranche leveraged
loans and mezzanine debt and, to a lesser extent, equity issued by private U.S. middle-market companies, which we define as companies
having annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of between $2 million and $50 million,
both through direct lending and through participation in loan syndicates. Our investments generally provide financing for change of ownership
transactions, strategic acquisitions, recapitalizations, and growth initiatives in partnership with business owners, management teams
and financial sponsors. Our investment activities are externally managed and advised by Saratoga Investment Advisors, LLC, a New York-based
investment firm affiliated with Saratoga Partners, a middle-market private equity investment firm.

 Our portfolio is comprised primarily of investments
in leveraged loans issued by middle-market companies. Leveraged loans are generally senior debt instruments that rank ahead of subordinated
debt with below investment grade or "junk" ratings or, if not rated, would be rated below investment grade or "junk"
and, as a result, carry a higher risk of default. Leveraged loans also have the benefit of security interests on the assets of the portfolio
company, which may rank ahead of, or be junior to, other security interests. Term loans are loans that do not allow the borrowers to repay
all or a portion of the loans prior to maturity and then re-borrow such repaid amounts under the loan again. We also invest in mezzanine
debt and make equity investments in middle-market companies. Mezzanine debt is typically unsecured and subordinated to senior debt of
the portfolio company.

 While our primary focus is to generate current
income and capital appreciation from our debt and equity investments in middle-market companies, we may invest up to 30.0% of our portfolio
in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed
debt, including securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly
traded, joint ventures and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention
to do so, to the extent we invest in private equity funds, we will limit our investments in entities that are excluded from the definition
of "investment company" under Section 3(c)(1) or Section 3(c)(7) of Investment Company Act of 1940, as amended ("1940
Act"), which includes private equity funds, to no more than 15% of our net assets.

 As of February 28, 2025, we had total assets of
$1,191.5 million and investments in 48 portfolio companies, excluding an investment in the subordinated notes of one collateralized loan
obligation fund, Saratoga Investment Corp. CLO 2013-1, Ltd. ("Saratoga CLO"), which had a fair value of $0.2 million as of
February 28, 2025, investment in the Class F-2-R-3 Note of Saratoga CLO which as of February 28, 2025 had a fair value of $2.3 million,
investment in the Class E Note of Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd which as of February 28, 2025 has affair value
of $12.3 million and investments in the Saratoga Senior Loan Fund I JV LLC ("SLF JV") and its subsidiaries, a joint venture
which as of February 28, 2025 had a fair value of $19.6 million. The overall portfolio composition as of February 28, 2025 consisted
of 88.7% of first lien term loans, 0.7% of second lien term loans, 1.7% of unsecured loans, 1.5% of structured finance securities and
7.4% of equity interests. As of February 28, 2025, the weighted average yield on all of our investments, including our investment in the
subordinated notes of Saratoga CLO and Class F-2-R-3 Note was approximately 10.8%. The weighted average yield of our investments is not
the same as a return on investment for our stockholders and, among other things, is calculated before the payment of our fees and expenses.
As of February 28, 2025, our total return based on market value was 27.17% and our total return based on net asset value ("NAV")
per share was 10.11%. As of February 29, 2024, our total return based on market value was –3.92% and our total return based on net
asset value per share was 4.20%. Total return based on market value is the change in the ending market value of the Company's common
stock plus dividends distributed during the period assuming participation in the Company's dividend reinvestment plan divided by
the beginning market value of the Company's common stock. Total return based on NAV is the change in ending NAV per share plus dividends
distributed per share paid during the period assuming participation in the Company's dividend reinvestment plan divided by the beginning
NAV per share. While total return based on NAV and total return based on market value reflect fund expenses, they do not reflect any sales
load that may be paid by investors. As of February 28, 2025, approximately 100% of our first lien debt investments were fully collateralized
in the sense that the portfolio companies in which we held such investments had an enterprise value or our investment had an asset coverage
equal to or greater than the principal amount of the related debt investment. The Company uses enterprise value to assess the level of
collateralization of its portfolio companies. The enterprise value of a portfolio company is determined by analyzing various factors,
including EBITDA, cash flows from operations less capital expenditures and other pertinent factors, such as recent offers to purchase
a portfolio company's securities or other liquidation events. As a result, while we consider a portfolio company to be collateralized
if its enterprise value exceeds the amount of our loan, we do not hold tangible assets as collateral in our portfolio companies that we
would obtain in the event of a default. Our investment in the subordinated notes of Saratoga CLO represents a first loss position in a
portfolio that, at February 28, 2025, was composed of $527.1 million in aggregate principal amount of predominantly senior secured first
lien term loans. A first loss position means that we will suffer the first economic losses if losses are incurred on loans held by the
Saratoga CLO. As a result, this investment is subject to unique risks. See Part I. Item 1A. "Risk Factors—Our investment in
Saratoga CLO constitutes a leveraged investment in a portfolio of subordinated notes representing the lowest-rated securities issued by
a pool of predominantly senior secured first lien term loans and is subject to additional risks and volatility. All losses in the pool
of loans will be borne by our subordinated notes and only after the value of our subordinated notes is reduced to zero will the higher-rated
notes issued by the pool bear any losses."

 We are an externally managed, closed-end, non-diversified
management investment company that has elected to be regulated as a business development company ("BDC") under the 1940 Act.
As a BDC, we are required to comply with various regulatory requirements, including limitations on our use of debt. We finance our investments
through borrowings. However, as a BDC, we are only generally allowed to borrow amounts such that our asset coverage, as defined in the
1940 Act, equals at least 200% after such borrowing, or 150% if we obtain the required approvals from our directors who are not "interested
persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company ("independent directors") and/or stockholders.
On April 16, 2018, our board of directors, including, a majority of our independent directors, approved of us becoming subject to a minimum
asset coverage ratio of 150% under Sections 18(a)(1) and 18(a)(2) of the 1940 Act. The 150% asset coverage ratio became effective on April
16, 2019.

 We have elected 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"). As a RIC, we generally will not be subject to U.S. federal income tax on any net ordinary income or
capital gains that we timely distribute to our stockholders if we meet certain source-of-income, annual distribution and asset diversification
requirements.

 In addition, we have had three wholly owned subsidiaries
that are each licensed as a small business investment company ("SBIC") and regulated by the Small Business Administration
("SBA"). On March 28, 2012, our wholly owned subsidiary, Saratoga Investment Corp. SBIC LP ("SBIC LP"), received
an SBIC license from the Small Business Administration (the "SBA"). On August 14, 2019, our wholly owned subsidiary, Saratoga
Investment Corp. SBIC II LP ("SBIC II LP"), also received an SBIC license from the SBA. On September 29, 2022, our wholly
owned subsidiary, Saratoga Investment Corp. SBIC III LP ("SBIC III LP" and, together with SBIC LP and SBIC II LP, the "SBIC
Subsidiaries"), also received an SBIC license from the SBA, which provides up to $175.0 million in additional long-term capital
in the form of SBA-guaranteed debentures. As a result, Saratoga's SBA relationship increased from $325.0 million to $350.0 million
of committed capital. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0
million. Our wholly owned SBIC Subsidiaries are able to borrow funds from the SBA against the SBIC's regulatory capital (which
generally approximates equity capital in the respective SBIC) and is subject to customary regulatory requirements, including, but not
limited to, periodic examination by the SBA. Following the debentures being fully repaid to the SBA, SBIC LP surrendered its license 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. See "Item 1. Business—Small Business Investment Company Regulations."

 We received exemptive relief from the U.S. Securities
and Exchange Commission (the "SEC") to permit us to exclude the senior securities issued by the SBIC Subsidiaries from the
definition of senior securities in the asset coverage requirement 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.

 The Company has established wholly owned subsidiaries,
SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP 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. In February 2022, SIA-GH,
Inc., SIA-TT Inc. and SIA-VR, Inc. received an approved plan of liquidation following the sale of equity held by each of the portfolio
companies. In June 2024, SIA-MAC, Inc. and SIA-VR, Inc. were dissolved.

 On October 26, 2021, the Company and TJHA JV I
LLC ("TJHA") entered into a Limited Liability Company Agreement (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. 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. 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 note and equity.
The unsecured note will pay a fixed rate of 10.0% per annum and is due and payable in full on October 20, 2033. As of February 28, 2025,
the Company and TJHA's investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and
membership interest of $17.6 million and $2.5 million, respectively. For the year ended February 28, 2025, the Company earned $1.8 million
of interest income related to SLF JV, which is included in interest income. 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 due and payable in full on June 9,
2023. The unsecured loan was repaid in full on October 28, 2022, as part of the CLO closing. The Company has determined that SLF JV is
an investment company under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC")
Topic 946, Financial Services—Investment Companies; 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 Topic 810, Consolidation, 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.

 Corporate Information

 We commenced operations, at the time known as
GSC Investment Corp., on March 23, 2007 and completed an initial public offering of shares of common stock on March 28, 2007. Prior to
July 30, 2010, we were externally managed and advised by GSCP (NJ), L.P., an entity affiliated with GSC Group, Inc. In connection with
the consummation of a recapitalization transaction on July 30, 2010, we engaged Saratoga Investment Advisors to replace GSCP (NJ), L.P.
as our investment adviser and changed our name to Saratoga Investment Corp.

 Our corporate offices are located at 535 Madison
Avenue, New York, New York 10022. Our telephone number is (212) 906-7800. We maintain a website on the Internet at www.saratogainvestmentcorp.com.
Information contained on our website is not incorporated by reference into this Annual Report, and you should not consider that information
to be part of this Annual Report.

 Saratoga Investment Advisors

 General

 Our Investment Adviser was formed in 2010 as a
Delaware limited liability company and became our investment adviser in July 2010. Our Investment Adviser is led by four principals, Christian
L. Oberbeck, Michael J. Grisius, Thomas V. Inglesby, and Charles G. Phillips, with 37, 35, 38 and 28 years of experience in
leveraged finance, respectively, and the Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary, Henri J. Steenkamp,
who has 26 years of experience in financial services and leveraged finance. Our Investment Adviser is affiliated with Saratoga Partners,
a middle-market private equity investment firm. Saratoga Partners was established in 1984 to be the middle-market private investment arm
of Dillon Read & Co. Inc. and has been independent of Dillon Read & Co. Inc. and its successor entity, SBC Warburg Dillon Read,
since 1998. Saratoga Partners has a 36-year history of private investments in middle-market companies and focuses on public and private
equity, preferred stock, and senior and mezzanine debt investments.

 Our Relationship with Saratoga Investment Advisors

 We utilize the personnel, infrastructure, relationships
and experience of Saratoga Investment Advisors to enhance the growth of our business. We currently have no employees and each of our executive
officers is also an officer of Saratoga Investment Advisors.

 We have entered into an investment advisory and
management agreement (the "Management Agreement") with Saratoga Investment Advisors. Pursuant to the 1940 Act, the initial
term of the Management Agreement was for two years from its effective date of July 30, 2010, and will remain in effect on a year-to-year
basis if approved annually at an in-person meeting of the board of directors, a majority of whom must be independent directors. Most recently,
our board of directors approved the renewal of the Management Agreement for an additional one-year term at an in-person meeting held on
July 8, 2024. Pursuant to the Management Agreement, Saratoga Investment Advisors implements our business strategy on a day-to-day basis
and performs certain services for us under the direction of our board of directors. Saratoga Investment Advisors is responsible for, among
other duties, performing all of our day-to-day functions, determining investment criteria, sourcing, analyzing and executing investment
transactions, asset sales, financings and performing asset management duties.

 Saratoga Investment Advisors has formed an investment
committee to advise and consult with its senior management team with respect to our investment policies, investment portfolio holdings,
financing and leveraging strategies and investment guidelines. We believe that the collective experience of the investment committee members
across a variety of fixed income asset classes will benefit us. The investment committee must unanimously approve all investments in excess
of $1.0 million made by us. In addition, all sales of our investments must be approved by all four of our investment committee members.
The current members of the investment committee are Messrs. Oberbeck, Grisius, Inglesby, and Phillips.

 We have also entered into a separate Administration
Agreement (the "Administration Agreement") with Saratoga Investment Advisors pursuant to which Saratoga Investment Advisors
furnishes us with office facilities, equipment and clerical, bookkeeping and record keeping services. The Administration Agreement has
an initial term of two years from its effective date of July 30, 2010, and will remain in effect on a year-to-year basis, subject to annual
approval by our board of directors, a majority of whom must be our independent directors. Most recently, on July 8, 2024, our board of
directors approved the renewal of the Administration Agreement for an additional one-year term and determined to increase the cap on the
payment or reimbursement of expenses by the Company from $4.3 million to $5.0 million effective August 1, 2024. The Company's board
of directors will continue to assess the cap on payment or reimbursement of expenses on an annual basis. Under the Administration Agreement,
Saratoga Investment Advisors also performs, or oversees the performance of our required administrative services, which include, among
other things, being responsible for the financial records which we are required to maintain, preparing reports for our stockholders and
reports required to be filed with the SEC. Payments under the Administration Agreement will be equal to an amount based upon the allocable
portion of Saratoga Investment Advisors' overhead in performing its obligations under the Administration Agreement, including rent
and the allocable portion of the cost of our officers and their respective staffs relating to the performance of services under the Administration
Agreement.

 Investments

 Our portfolio is comprised primarily of investments
in leveraged loans (both first and second lien term loans) issued by middle-market companies. Investments in middle-market companies are
generally less liquid than equivalent investments in companies with larger capitalizations. These investments are sourced in both the
primary and secondary markets through a network of relationships with commercial and investment banks, commercial finance companies and
financial sponsors. The leveraged loans that we purchase are generally used to finance buyouts, strategic acquisitions, growth initiatives,
recapitalizations and other types of transactions. Leveraged loans are generally senior debt instruments that rank ahead of subordinated
debt which are invested by companies with below investment grade or "junk" ratings or, if not rated, would be rated below
investment grade or "junk" and, as a result, carry a higher risk of default. Leveraged loans also have the benefit of security
interests on the assets of the portfolio company, which may rank ahead of, or be junior to, other security interests. For a discussion
of the risks pertaining to our secured investments, see Part I. Item 1A. "Risk Factors—Our investments may be risky, and you
could lose all or part of your investment."

 As part of our long-term strategy, we also invest
in mezzanine debt and make equity investments in middle-market companies. Mezzanine debt is typically unsecured and subordinated to senior
debt of the portfolio company. See Part I. Item 1A. "Risk Factors—If we make unsecured debt investments, we may lack adequate
protection in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery than more senior
debtholders in the event our portfolio companies default on their indebtedness."

 Sub stantially
all of the debt investments held in our portfolio hold a non-investment grade rating by one or more rating agencies or, if not rated,
would be rated below investment grade if rated, which are often referred to as "junk." As of February 28, 2025, 87.1%
of our debt portfolio at fair value consisted of debt securities for which issuers were not required to make principal payments until
the maturity of such debt securities, which could result in a substantial loss to us if such issuers are unable to refinance or repay
their debt at maturity. Such "interest-only" loans are structured such that the borrower makes only interest payments throughout
the life of the loan and makes a large, "balloon payment" at the end of the loan term. The ability of a borrower to make
or refinance a balloon payment may be affected by a number of factors, including the financial condition of the borrower, prevailing
economic conditions, higher interest rates, and collateral values. If the interest-only loan borrower is unable to make or refinance
a balloon payment, we may experience greater losses than if the loan were structured as amortizing. As of February 28, 2025, 14.0%
of our interest-only loans provided for contractual PIK interest, which represents contractual interest added to a loan balance and due
at the end of such loan's term, and 29.5% of such investments elected to pay a portion of interest
due in PIK. In addition, 97.4% of our debt investments at February 28, 2025, had variable interest
rates that reset periodically based on benchmarks such as BSBY, SOFR and the prime rate. As a result, significant increases in such benchmarks
in the future may make it more difficult for these borrowers to service their obligations under the debt investments that we hold.

 As a BDC, we are required to comply with certain
regulatory requirements. For instance, as a BDC, we may not acquire any assets other than "qualifying assets" as specified
in the 1940 Act unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets.
See "Business—Business Development Company Regulations – Qualifying Assets."

 While our primary focus is to generate current
income and capital appreciation from our debt and equity investments in middle-market companies, we may invest up to 30.0% of the portfolio
in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed
debt, private equity, securities of public companies that are not thinly traded, joint ventures and structured finance vehicles such as
collateralized loan obligation funds. Although we have no current intention to do so, to the extent we invest in private equity funds,
we will limit our investments in entities that are excluded from the definition of "investment company" under Section 3(c)(1)
or Section 3(c)(7) of the 1940 Act, which includes private equity funds, to no more than 15% of its net assets.

 Leveraged loans

 Our leveraged loan portfolio is comprised primarily
of first lien and second lien term loans. First lien term loans are secured by a first priority perfected security interest on all or
substantially all of the assets of the borrower and typically include a first priority pledge of the capital stock of the borrower. First
lien term loans hold a first priority with regard to right of payment. Generally, first lien term loans offer floating rate interest payments,
have a stated maturity of five to seven years, and have a fixed amortization schedule. First lien term loans generally have restrictive
financial and negative covenants. Second lien term loans are secured by a second priority perfected security interest on all or substantially
all of the assets of the borrower and typically include a second priority pledge of the capital stock of the borrower. Second lien term
loans hold a second priority with regard to right of payment. Second lien term loans offer either floating rate or fixed rate interest
payments, generally have a stated maturity of five to eight years and may or may not have a fixed amortization schedule. Second lien term
loans that do not have fixed amortization schedules require payment of the principal amount of the loan upon the maturity date of the
loan. Second lien term loans have less restrictive financial and negative covenants than those that govern first lien term loans.

 Mezzanine debt

 Mezzanine debt usually ranks subordinate in priority
of payment to senior debt and is often unsecured. However, mezzanine debt ranks senior to common and preferred equity in a borrowers'
capital structure. Mezzanine debt typically has fixed rate interest payments and a stated maturity of six to eight years and does not
have fixed amortization schedules.

 In some cases, our debt investments may provide
for a portion of the interest payable to be payment-in-kind interest ("PIK"). To the extent interest is PIK, it will be payable
through the increase of the principal amount of the obligation by the amount of interest due on the then-outstanding aggregate principal
amount of such obligation.

 Equity Investments

 Equity investments may consist of preferred equity
that is expected to pay dividends on a current basis in the form of cash or additional equity or preferred equity that does not pay current
dividends. Preferred equity at times may also have PIK interest payable. Preferred equity generally has a preference over common equity
as to distributions on liquidation and dividends. In some cases, we may acquire common equity. In general, our equity investments are
not control-oriented investments and we expect that in many cases we will acquire equity securities as part of a group of private equity
investors in which we are not the lead investor.

 Opportunistic Investments

 Opportunistic investments may include investments
in distressed debt, which may include securities of companies in bankruptcy, debt and equity securities of public companies that are not
thinly traded, emerging market debt, structured finance vehicles such as collateralized loan obligation funds and debt of middle-market
companies located outside the United States. See Note 4 and Note 5 to the Consolidated Financial Statements contained herein for more
information about Saratoga CLO and SLF JV.

 Prospective portfolio company characteristics

 Our Investment Adviser generally selects portfolio companies
with one or more of the following characteristics:

 a history of generating stable earnings and strong free cash flow;

 well-constructed balance sheets with the ability to withstand industry cycles, supported by sustainable enterprise values;

 reasonable debt-to-cash flow multiples;

 exceptional management with meaningful stake;

 industry leadership with competitive advantages and sustainable market shares and growth prospects in attractive and healthy sectors; and

 capital structures that provide appropriate terms and reasonable covenants.

 Investment selection

 In managing us, Saratoga Investment Advisors employs
the same investment philosophy and portfolio management methodologies used by Saratoga Partners. Through this investment selection process,
based on quantitative and qualitative analysis, Saratoga Investment Advisors seeks to identify portfolio companies with superior fundamental
risk-reward profiles and strong, defensible business franchises with the goal of minimizing principal losses while maximizing risk-adjusted
returns. Saratoga Investment Advisors' investment process emphasizes the following:

 bottom-up, company-specific research and analysis;

 capital preservation, low volatility and minimization of downside risk; and

 investing with experienced management teams that hold meaningful equity ownership in their businesses.

 Our Investment Adviser's investment process
generally includes the following steps:

 Initial screening. A brief analysis identifies the investment opportunity and reviews the merits of the transaction. The initial screening memorandum provides a brief description of the company, its industry, competitive position, capital structure, financials, equity sponsor and deal economics. If the deal is determined to be attractive by the senior members of the deal team, the opportunity is fully analyzed.

 Full analysis. A full analysis includes:

 Business and Industry analysis—a review of the company's business position, competitive dynamics within its industry, cost and growth drivers and technological and geographic factors. Business and industry research often includes meetings with industry experts, consultants, other investors, customers and competitors.

 Company analysis—a review of the company's historical financial performance, future projections, cash flow characteristics, balance sheet strength, liquidation value, legal, financial and accounting risks, contingent liabilities, market share analysis and growth prospects.

 Structural/security analysis—a thorough legal document analysis including but not limited to an assessment of financial and negative covenants, events of default, enforceability of liens and voting rights.

 Approval of the investment committee. The investment is then presented to the investment committee for approval. The investment committee must unanimously approve all investments in excess of $1 million made by us. In addition, all sales of our investments must be approved by all four of our investment committee members. The members of our investment committee are Christian L. Oberbeck, Michael J. Grisius, Thomas V. Inglesby, and Charles G. Phillips.

 Investment structure

 In general, our Investment Adviser intends to
select investments with financial covenants and terms that reduce leverage over time, thereby enhancing credit quality. These methods
include:

 maintenance leverage covenants requiring a decreasing ratio of debt to cash flow;

 maintenance cash flow covenants requiring an increasing ratio of cash flow to the sum of interest expense and capital expenditures; and

 debt incurrence prohibitions, limiting a company's ability to re-lever.

 In addition, limitations on asset sales and capital
expenditures should prevent a company from changing the nature of its business or capitalization without our consent.

 Our Investment Adviser seeks, where appropriate,
to limit the downside potential of our investments by:

 requiring a total return on our investments (including both interest and potential equity appreciation) that compensates us for credit risk;

 requiring companies to use a portion of their excess cash flow to repay debt;

 selecting investments with covenants that incorporate call protection as part of the investment structure; and

 selecting investments with affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights, including either observation or participation rights.

 Valuation process

 We account for our investments at fair value in
accordance with FASB ASC Topic 820, Fair Value Measurement ("ASC 820"), as determined in good faith using written policies
and procedures adopted by our board of directors. Investments for which market quotations are readily available are recorded in our consolidated
financial statements at such market quotations subject to any decision by our board of directors to approve a fair value determination
to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily
available at fair value as determined in good faith by our board of directors based on input from Saratoga Investment Advisors, our audit
committee and an independent valuation firm engaged by our board of directors. 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, 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.

 We undertake 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 Saratoga Investment Advisors and preliminary valuation conclusions are documented and discussed with the senior management; and

 an independent valuation firm engaged by our 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. We use a third-party independent valuation firm to value our investment in the subordinated notes of Saratoga CLO, the Class F-2-R-3 Notes tranche of the Saratoga CLO and the Class E Notes tranche of the SLF 2022 every quarter.

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

 the audit committee of our board of directors reviews and approves each preliminary valuation and our Investment Adviser and independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and

 our board of directors discusses the valuations and approves the fair value of each investment in good faith based on the input of our Investment Adviser, independent valuation firm (to the extent applicable) and the audit committee of our board of directors.

 Our investment in Saratoga CLO is carried at fair
value, which is based on a discounted cash flow model that utilizes prepayment, re-investment and loss assumptions 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, when available, as determined by Saratoga Investment Advisors
and recommended to our board of directors. Specifically, we use Intex cash flow models, or an appropriate substitute, to form the basis
for the valuation of our investment in Saratoga CLO. The models use a set of assumptions including projected default rates, recovery rates,
reinvestment rates and prepayment rates in order to arrive at estimated valuations. The assumptions are based on available market data
and projections provided by third parties as well as management estimates. We use 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 investment in Saratoga
CLO.

 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. Our NAV could be materially affected if the determinations regarding the fair value of our investments were materially
higher or lower than the values that we ultimately realize 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, 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 the recordkeeping
requirements associated with fair value determinations. While our board of directors has not elected to designate Saratoga Investment
Advisors as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply
with the applicable requirements of Rule 2a-5 and Rule 31a-4.

 Ongoing relationships with and monitoring of portfolio
companies

 Saratoga Investment Advisors will closely monitor
each investment we make and, when appropriate, will conduct a regular dialogue with both the management team and other debtholders and
seek specifically tailored financial reporting. In addition, in certain circumstances, senior investment professionals of Saratoga Investment
Advisors may take board seats or board observation seats.

 Distributions

 Our distributions, if any, will be determined
by our board of directors and paid out of assets legally available for distribution. Any such distributions generally will be taxable
to our stockholders, including to those stockholders who receive additional shares of our common stock pursuant to our dividend reinvestment
plan. We pay quarterly dividends to our stockholders. 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.

 In order to maintain our tax treatment as a RIC,
we generally must, among other things, for each fiscal year, timely distribute an amount equal to at least 90% of our ordinary net taxable
income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, reduced by deductible expenses.
In addition, we will be subject to a non-deductible 4% U.S. federal excise tax to the extent we do not distribute during the calendar
year at least (1) 98% of our net ordinary income for the calendar year, (2) 98.2% of our capital gain net income for the one year period
ending on October 31 of the calendar year and (3) any net ordinary income and capital gain net income that we recognized for preceding
years, but were not distributed during such years, and on which we paid no U.S. federal income tax. For the 2024 calendar year, the Company
did not make sufficient distributions such that we did incur the U.S. federal excise tax. We may elect to not distribute a portion of
our ordinary income for the 2025 calendar year and/or portion of the capital gains in excess of capital losses realized during the one-year
period ending October 31, 2025, if any, and, if we do so, we would expect to incur U.S. federal taxes as a result.

 We may distribute taxable dividends that are payable
in cash or shares of our common stock at the election of each stockholder. Under certain applicable provisions of the Code and the Treasury
regulations and a revenue procedure issued by the Internal Revenue Service ("IRS"), a RIC may treat a distribution of its
own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either
cash or stock of the RIC. The IRS has issued a revenue procedure indicating that this rule will apply if the total amount of cash to be
distributed is not less than 20% of the total distribution. Under the revenue procedure, if too many stockholders elect to receive their
distributions in 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 the lesser of (a) the
portion of the distribution such shareholder has elected to receive in cash or (b) an amount equal to his or her entire distribution times
the percentage limitation on cash available for distribution. 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.
Stockholders receiving such distributions will be required to include the full amount of the dividend as ordinary income (or as long-term
capital gain or qualified dividend income to the extent such distribution is properly reported as such) to the extent of our current and
accumulated earnings and profits for U.S. federal income tax purposes. As a result of receiving distributions in the form of our common
stock, a U.S. stockholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. stockholder
sells the stock he or she receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in
income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to
non-U.S. stockholders, we may be required to withhold U.S. federal tax with respect to such dividends, including in respect of all or
a portion of such dividend that is payable in stock. In addition, if a significant number of our stockholders determine to sell shares
of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock.

 Competition

 Our primary competitors in providing financing
to private middle-market companies include public and private investment funds (including private equity funds, mezzanine funds, BDCs
and SBICs), commercial and investment banks and commercial financing companies. Additionally, alternative investment vehicles, such as
hedge funds, frequently invest in middle-market companies. As a result, competition for investment opportunities at middle-market companies
can be intense, and in the past couple of years we believe there has been an increase in the amount of debt capital available on average.
This has resulted in a somewhat more competitive environment for making new investments. Many middle-market companies are still unable
to raise senior debt financing through traditional large financial institutions, and we believe this approach to financing remains difficult
as implementation of U.S. and international financial reforms, such as Basel 3, limits the capacity of large financial institutions to
hold non-investment grade leveraged loans on their balance sheets. We believe that many of these financial institutions have deemphasized
their service and product offerings to middle-market companies in particular.

 Many of our competitors are substantially larger
and have considerably greater financial and marketing resources than us. For example, some competitors may have access to funding sources
that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which
may allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors
are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or that the Code imposes on us as a RIC. We use
the industry information available to the investment professionals of Saratoga Investment Advisors to assess investment risks and determine
appropriate pricing for our investments in portfolio companies. In addition, we believe that the investment professionals of our Investment
Adviser enable us to learn about, and compete effectively for, financing opportunities with attractive leveraged companies in the industries
in which we seek to invest.

 For additional information concerning the competitive
risks we face, please see Part I. Item 1A. "Risk Factors—We operate in a highly competitive market for investment opportunities."

 Staffing

 We do not currently have any employees and do
not expect to have any employees in the future. Services necessary for our business are provided by individuals who are employees of Saratoga
Investment Advisors, pursuant to the terms of the Management Agreement and the Administration Agreement. For a discussion of the Management
Agreement, see "Business—Investment Advisory and Management Agreement" below. We reimburse Saratoga Investment Advisors
for our allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement, including rent
and our allocable portion of the cost of our officers and their respective staffs, subject to certain limitations. For a discussion of
the Administration Agreement, see "Business—Administration Agreement" below.

 Investment Advisory and Management Agreement

 Saratoga Investment Advisors serves as our investment
adviser. Our Investment Adviser was formed in 2010 as a Delaware limited liability company and became our investment advisor in July 2010.
Subject to the overall supervision of our board of directors, Saratoga Investment Advisors manages our day-to-day operations and provides
investment advisory and management services to us. Under the terms of the Management Agreement, Saratoga Investment Advisors:

 determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;

 identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies);

 closes and monitors the investments we make; and

 determines the securities and other assets that we purchase, retain or sell.

 Saratoga Investment Advisors services under the
Management Agreement are not exclusive, and it is free to furnish similar services to other entities.

 Management Fee and Incentive Fee

 Pursuant to the Management Agreement with Saratoga
Investment Advisors, we pay Saratoga Investment Advisors a fee for investment advisory and management services consisting of two components—a
base management fee and an incentive fee.

 The base management fee is paid quarterly in arrears,
and equals 1.75% per annum of our gross assets (other than cash or cash equivalents but including assets purchased with borrowed funds)
and calculated at the end of each fiscal quarter based on the average value of our gross assets (other than cash or cash equivalents but
including assets purchased with borrowed funds) as of the end of such fiscal quarter and the end of the immediate prior fiscal quarter.
As a result, Saratoga Investment Advisors will benefit as we incur debt or use leverage to purchase assets. Our board of directors will
monitor the conflicts presented by this compensation structure by approving the amount of leverage that we may incur. Base management
fees for any partial month or quarter are appropriately pro-rated.

 The incentive fee has the following two parts:

 The first part is calculated and payable quarterly
in arrears based on our pre-incentive fee net investment income for the immediately preceding fiscal quarter. Pre-incentive fee net investment
income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring,
diligence, managerial and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus
our operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement, and any
interest expense and dividends paid on any issued and outstanding preferred stock or debt security, but excluding the incentive fee).
Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount,
debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities), accrued income that we have not yet
received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses, unrealized
capital appreciation or depreciation or realized gains or losses resulting from the extinguishment of our own debt. Pre-incentive fee
net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less liabilities) at the
end of the immediately preceding fiscal quarter, is compared to a "hurdle rate" of 1.875% per quarter, subject to a "catch
up" provision. The base management fee is calculated prior to giving effect to the payment of any incentive fees.

 We pay Saratoga Investment Advisors an incentive
fee with respect to our pre-incentive fee net investment income in each fiscal quarter as follows:

 no incentive fee in any fiscal quarter in which our pre-incentive fee net investment income does not exceed the quarterly hurdle rate of 1.875%;

 100.0% of our pre-incentive fee net investment income with respect to that portion of such 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 is payable to Saratoga Investment Advisors;

 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. We refer to the amount specified in clause (B) as the "catch-up." The "catch-up" provision is intended to provide Saratoga Investment Advisors with an incentive fee of 20.0% on all of our pre-incentive fee net investment income as if a hurdle rate did not apply when our pre-incentive fee net investment income exceeds 2.344% in any fiscal quarter. Notwithstanding the foregoing, with respect to any period ending on or prior to December 31, 2010, Saratoga Investment Advisors was only entitled to 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeded 1.875% in any fiscal quarter without any catch-up provision. These calculations are appropriately pro-rated when such calculations are applicable for any period of less than three months.

 There is no accumulation of amounts from quarter
to quarter on either the hurdle rate or the parameters set by the "catch-up" mechanism or any claw back of amounts previously
paid to Saratoga Investment Advisors if subsequent quarters are below the quarterly hurdle or the "catch-up" parameters. Furthermore,
there is no delay of payment to Saratoga Investment Advisors if prior quarters are below the quarterly hurdle or "catch-up."

 The following is a graphical representation of
the calculation of the income-related portion of the incentive fee subsequent to any period ending after December 31, 2010:

 Quarterly Incentive Fee Based on "Pre-Incentive
Fee Net Investment Income"

 Pre-Incentive Fee Net Investment Income

 (expressed as a percentage of the value of net
assets)

 Percentage of Pre-Incentive Fee Net Investment

 Income allocated to income-related portion of
incentive fee

 The second part of the incentive fee, the capital
gains fee, is determined and payable in arrears as of the end of each fiscal year (or, upon termination of the Management Agreement),
and is calculated at the end of each applicable fiscal year by subtracting (1) the sum of our cumulative aggregate realized capital losses
and aggregate unrealized capital depreciation from (2) our cumulative aggregate realized capital gains, in each case calculated from May
31, 2010 on each investment in the Company's portfolio. If such amount is positive at the end of such year, then the capital gains
fee for such year is equal to 20.0% of such amount, less the cumulative aggregate amount of capital gains fees paid in all prior years.
If such amount is negative, then there is no capital gains fee for such year.

 Under the Management Agreement, 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 Saratoga Investment Advisors will be entitled to 20.0% of net capital gains that arise after May 31, 2010. In addition, the cost
basis for computing our realized gains and losses on investments held by us as of May 31, 2010 equals the fair value of such investments
as of such date.

 Examples of Quarterly Incentive Fee Calculation

 Example 1: Income Related Portion of Incentive Fee(1):

 Assumptions

 Hurdle rate(2) = 1.875%

 Management fee(3) = 0.4375%

 Other expenses (legal, accounting, custodian, transfer agent, etc.)(4) = 0.33%

 Alternative 1

 Additional Assumptions

 Investment income (including interest, dividends, fees, etc.) = 1.25%

 Pre-incentive fee net investment income (investment income–(management fee + other expenses)) = 0.4825% Pre-incentive fee net investment income does not exceed hurdle rate, therefore there is no incentive fee.

 Alternative 2

 Additional Assumptions

 Investment income (including interest, dividends, fees, etc.) = 3.0%

 Pre-incentive fee net investment income (investment income–(management fee + other expenses)) = 2.2325%

 Pre-incentive fee net investment income exceeds
hurdle rate, but does not fully satisfy the "catch-up" provision, therefore the income related portion of the incentive fee
is 0.3575%.

 Incentive Fee

 =

 (100.0% (pre-incentive fee net investment income–1.875%)

 =

 100.0%(2.2325%–1.875%)

 =

 100.0%(0.3575%)

 =

 0.3575%

 (1)

 The hypothetical amount of pre-incentive fee net investment income shown is based on a percentage of total net assets.

 (2)

 Represents 7.5% hurdle rate.

 (3)

 Represents 1.75% annualized management fee. For the purposes of this example, we have assumed that we have not incurred any indebtedness and that we maintain no cash or cash equivalents.

 (4)

 The "catch-up" provision is intended to provide our Investment Adviser with an incentive fee of 20.0% on all pre-incentive fee net investment income as if a hurdle rate did not apply when our net investment income exceeds 2.344% in any fiscal quarter.

 Alternative 3

 Additional Assumptions

 Investment income (including interest, dividends, fees, etc.) = 3.5%

 Pre-Incentive Fee Net Investment Income (investment income–(management fee + other expenses) = 2.7325%

 Pre-incentive fee net investment income exceeds
the hurdle rate, and fully satisfies the "catch-up" provision, therefore the income related portion of the incentive fee is
0.5467%.

 Incentive fee

 =

 100.0% pre-incentive fee net investment income (subject to "catch-up")(4)

 Incentive fee

 =

 100.0% "catch-up" + (20.0% (Pre-incentive fee net investment income–2.344%))

 Catch up

 =

 2.344%–1.875%

 =

 0.469%

 Incentive fee

 =

 (100.0% 0.469%) +(20.0% (2.7325%–2.344%))

 =

 0.469% +(20.0% 0.3885%)

 =

 0.469% + 0.0777%

 =

 0.5467%

 Example 2: Capital Gains Portion of Incentive Fee:

 Alternative 1

 Assumptions(1)

 Year 1: $20.0 million investment made in Company A ("Investment A"), and $30.0 million investment made in Company B ("Investment B")

 Year 2: Investment A is sold for $50.0 million and fair market value ("FMV") of Investment B determined to be $32.0 million

 Year 3: FMV of Investment B determined to be $25.0 million

 Year 4: Investment B sold for $31.0 million

 The capital gains portion of the incentive fee, if any,
calculated under the cumulative method would be:

 Year 1: None

 Year 2: $6 million (20.0% multiplied by $30.0 million realized capital gains on sale of Investment A)

 Year 3: None; $5 million (20.0% multiplied by ($30.0 million realized cumulative capital gains less $5.0 million cumulative capital depreciation)) less $6.0 million (capital gains incentive fee paid in Year 2)

 Year 4: $200,000; $6.2 million (20.0% multiplied by $31.0 million cumulative realized capital gains) less $6.0 million (capital gains incentive fee paid in Year 2)

 Alternative 2

 Assumptions(1)

 Year 1: $20.0 million investment made in Company A ("Investment A"), $30.0 million investment made in Company B ("Investment B") and $25.0 million investment made in Company C ("Investment C")

 Year 2: Investment A sold for $50.0 million, FMV of Investment B determined to be $25.0 million and FMV of Investment C determined to be $25.0 million

 Year 3: FMV of Investment B determined to be $27.0 million and Investment C sold for $30.0 million

 (1)

 The examples assume that Investment A and Investment B were acquired by us subsequent to May 31, 2010. If Investment A and B were acquired by us prior to May 31, 2010, then the cost basis for computing our realized gains and losses on such investments would equal the fair value of such investments as of May 31, 2010.

 Year 4: FMV of Investment B determined to be $35.0 million

 Year 5: Investment B sold for $20.0 million

 The capital gains portion of the incentive fee,
if any, calculated under the cumulative method would be:

 Year 1: None

 Year 2: $5.0 million (20.0% multiplied by $25.0 million ($30.0 million realized capital gains on Investment A less $5.0 million unrealized capital depreciation on Investment B))

 Year 3: $1.4 million ($6.4 million (20.0% multiplied by $32.0 million ($35.0 million cumulative realized capital gains less $3.0 million unrealized capital depreciation)) less $5.0 million (capital gains incentive fee paid in Year 2))

 Year 4: None

 Year 5: None ($5.0 million (20.0% multiplied by $25.0 million (cumulative realized capital gains of $35.0 million less realized capital losses of $10.0 million)) less $6.4 million (cumulative capital gains incentive fee paid in Year 2 and Year 3))

 The Management Agreement with Saratoga Investment
Advisors was initially approved for a two year period by our board of directors at an in-person meeting of the directors, including a
majority of our independent directors, and was approved by our stockholders at the special meeting of stockholders held on July 30, 2010.
Following the initial two year period, our board of directors has approved the renewal of the Management Agreement annually for an additional
one-year term every year, with the most recent renewal approved by the Board at an in-person meeting on July 8, 2024.

 In approving renewal of the Management Agreement
for an additional one-year term, the directors considered, among other things, (i) the nature, extent and quality of the advisory and
other services to be provided to us by Saratoga Investment Advisors; (ii) our investment performance and the investment performance of
Saratoga Investment Advisors; (iii) the expected costs of the services to be provided by Saratoga Investment Advisors (including management
fees, advisory fees and expense ratios) as compared to other companies within the industry, and the profits expected to be realized by
Saratoga Investment Advisors; (iv) the limited potential for economies of scale in investment management associated with managing us;
and (v) Saratoga Investment Advisors estimated pro forma profitability with respect to managing us.

 Payment of our expenses

 The Management Agreement provides that all investment
professionals of Saratoga Investment Advisors and its staff, when and to the extent engaged in providing investment advisory services
required to be provided by Saratoga Investment Advisors, and the compensation and routine overhead expenses of such personnel allocable
to such services, will be provided and paid for by Saratoga Investment Advisors and not by us.

 We bear all costs and expenses of our operations and transactions,
including those relating to:

 organization;

 calculating our NAV (including the cost and expenses of any independent valuation firm);

 expenses incurred by our Investment Adviser payable to third parties, including agents, consultants or other advisers, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies;

 expenses incurred by our Investment Adviser payable for travel and due diligence on our prospective portfolio companies;

 interest payable on debt, if any, incurred to finance our investments;

 offerings of our common stock and other securities;

 investment advisory and management fees;

 fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments;

 transfer agent and custodial fees;

 federal and state registration fees;

 all costs of registration and listing our common stock on any securities exchange;

 U.S. federal, state and local taxes;

 independent directors' fees and expenses;

 costs of preparing and filing reports or other documents required by governmental bodies (including the Securities and Exchange Commission (the "SEC") and the SBA);

 costs of any reports, proxy statements or other notices to common stockholders including printing costs;

 our fidelity bond, directors and officers errors and omissions liability insurance, and any other insurance premiums;

 direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and

 administration fees and all other expenses incurred by us or, if applicable, the administrator in connection with administering our business (including payments under the Administration Agreement based upon our allocable portion of the administrator's overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our officers and their respective staffs (including travel expenses)).

 Duration and Termination

 The Management Agreement will remain in effect
continuously, unless terminated under the termination provisions of the Management Agreement. The Management Agreement provides that it
may be terminated at any time, without the payment of any penalty, upon 60 days written notice, by the vote of stockholders holding a
majority of our outstanding voting securities, or by the vote of our directors or by Saratoga Investment Advisors.

 The Management Agreement will, unless terminated
as described above, continue in effect from year to year so long as it is approved at least annually by (i) the vote of the board of directors,
or by the vote of stockholders holding a majority of our outstanding voting securities, and (ii) the vote of a majority of our directors
who are not parties to the Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the
1940 Act) of any party to such agreement, in accordance with the requirements of the 1940 Act.

 Indemnification

 Under the Management Agreement, Saratoga Investment
Advisors and certain of its affiliates are not liable to us for any action taken or omitted to be taken by Saratoga Investment Advisors
in connection with the performance of any of its duties or obligations under the agreement or otherwise as an investment adviser to us,
except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same
is finally determined by judicial proceedings) with respect to the receipt of compensation for services and except to the extent such
action or omission constitutes gross negligence, willful misfeasance, bad faith or reckless disregard of its duties and obligations under
the agreement.

 We also provide indemnification to Saratoga Investment
Advisors and certain of its affiliates for damages, liabilities, costs and expenses incurred by them in or by reason of any pending, threatened
or completed action, suit, investigation or other proceeding arising out of or otherwise based upon the performance of any of its duties
or obligations under the agreement or otherwise as an investment adviser to us. However, we would not provide indemnification against
any liability to us or our security holders to which Saratoga Investment Advisors or such affiliates would otherwise be subject by reason
of willful misfeasance, bad faith or gross negligence in the performance of any such person's duties or by reason of the reckless
disregard of its duties and obligations under the agreement.

 Organization of the Investment Adviser

 Saratoga Investment Advisors is registered as
an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The principal executive
offices of Saratoga Investment Advisors are located at 535 Madison Avenue, New York, New York 10022.

 Administration Agreement

 Pursuant to a separate Administration Agreement,
Saratoga Investment Advisors, who also serves as our administrator, furnishes us with office facilities, equipment and clerical, book-keeping
and record keeping services. Under the Administration Agreement, our administrator also performs, or oversees the performance of, our
required administrative services, which include, among other things, being responsible for the financial records which we are required
to maintain, preparing reports for our stockholders and reports required to be filed with the SEC. In addition, our administrator assists
us in determining and publishing our NAV, oversees the preparation and filing of our tax returns and the printing and dissemination of
reports to our stockholders, and generally oversees the payment of our expenses and the performance of administrative and professional
services rendered to us by others. Payments under the Administration Agreement equal an amount based upon our allocable portion of our
administrator's overhead in performing its obligations under the Administration Agreement, including rent and our allocable portion
of the cost of our officers and their respective staffs relating to the performance of services under this agreement (including travel
expenses). Our allocable portion is based on the proportion that our total assets bears to the total assets administered or managed by
our administrator. Under the Administration Agreement, our administrator also provides managerial assistance, on our behalf, to those
portfolio companies who accept our offer of assistance. The Administration Agreement may be terminated by either party without penalty
upon 60 days written notice to the other party. Our board of directors, including a majority of independent directors, will annually review
the compensation we pay to the Adviser to determine that the provisions of the Administrative Agreement are carried out satisfactorily
and to determine, among other things, whether the fees payable under such agreement are reasonable in light of the services provided.
Our board of directors reviews the methodology employed in determining how the expenses are allocated to us and any proposed allocation
of administrative expenses among us and any affiliates of the Adviser. Our board of directors then assesses the reasonableness of such
reimbursements for expenses allocated to us based on the breadth, depth and quality of the administrative services as compared to the
estimated cost to us of obtaining similar services from third-party service providers known to be available. In addition, our board of
directors considers whether any single third-party service provider would be capable of providing all such services at comparable cost
and quality. Finally, our board of directors compares the total amount paid to the Adviser for such services as a percentage of our net
assets to the same ratio as reported by other comparable funds. Most recently, on July 8, 2024, our board of directors approved the renewal
of the Administration Agreement for an additional one-year term and determined to increase the cap on the payment or reimbursement of
expenses by the Company from $4.3 million to $5.0 million effective August 1, 2024.

 Indemnification

 Under the Administration Agreement, Saratoga Investment
Advisors and certain of its affiliates are not liable to us for any action taken or omitted to be taken by Saratoga Investment Advisors
in connection with the performance of any of its duties or obligations under the agreement.

 We also provide indemnification to Saratoga Investment
Advisors and certain of its affiliates for damages, liabilities, costs and expenses incurred by them in or by reason of any pending, threatened
or completed action, suit, investigation or other proceeding arising out of or otherwise based upon the performance of any of its duties
or obligations under the agreement or otherwise as an administrator to us. However, we do not provide indemnification against any liability
to us or our security holders to which Saratoga Investment Advisors or such affiliates would otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the performance of any such person's duties or by reason of the reckless disregard
of its duties and obligations under the agreement.

 License Agreement

 We entered into a trademark license agreement
with Saratoga Investment Advisors, pursuant to which Saratoga Investment Advisors grants us a non-exclusive, royalty-free license to use
the name "Saratoga." Under this agreement, we have a right to use the "Saratoga" name, for so long as Saratoga
Investment Advisors or one of its affiliates remains our Investment Adviser. Other than with respect to this limited license, we have
no legal right to the "Saratoga" name. Saratoga Investment Advisors has the right to terminate the license agreement if it
is no longer acting as our investment adviser. In the event the Management Agreement is terminated, we would be required to change our
name to eliminate the use of the name "Saratoga."

 Business Development Company Regulations

 We have elected to be regulated as a BDC under
the 1940 Act. As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. The
1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers
or sub-advisers), principal underwriters and affiliates of those affiliates or underwriters, and requires that a majority of the directors
be independent directors. In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or
to withdraw our election to be regulated as, a BDC, unless approved by "a majority of our outstanding voting securities,"
as defined in the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of:
(i) 67.0% or more of such company's stock present at a meeting if more than 50.0% of the outstanding stock of such company is present
and represented by proxy or (ii) more than 50.0% of the outstanding stock of such company.

 We do not intend to acquire securities issued
by any investment company (including Section 3(c)(1) and Section 3(c)(7) funds for this purpose, and mutual funds, registered closed-end
funds and BDCs) that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, we generally
cannot acquire more than 3% of the voting stock of the investment company's total outstanding voting stock, invest more than 5%
of the value of our total assets in the securities of one investment company or invest more than 10% of the aggregate value of our total
assets in the securities of more than one investment company. With regard to that portion of our portfolio invested in securities issued
by investment companies, it should be noted that such investments might subject our stockholders to additional expenses.

 We are required to provide and maintain a bond
issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited
from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of such person's office.

 We and our investment adviser have adopted and
implemented written policies and procedures reasonably designed to prevent violation of the federal securities laws and review these policies
and procedures annually for their adequacy and the effectiveness of their implementation. We and the Investment Adviser have designated
a chief compliance officer to be responsible for administering these policies and procedures. We expect to be periodically examined by
the SEC for compliance with the federal securities laws, including the 1940 Act.

 Qualifying assets

 A BDC must have been organized and have its principal
place of business in the United States and must be operated for the purpose of making investments in the types of securities described
in (1), (2) or (3) below. Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of
the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at
least 70.0% of the company's total assets. The principal categories of qualifying assets relevant to our business are the following:

 (1)

 Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

 (a)

 is organized under the laws of, and has its principal place of business in, the United States;

 (b)

 is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

 (c)

 satisfies either of the following:

 (i)

 does not have any class of securities listed on a national securities exchange;

 (ii)

 has a class of securities listed on a national securities exchange but has an aggregate market value of outstanding voting and non-voting common equity of less than $250.0 million;

 (iii)

 is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a director of the eligible portfolio company;

 (iv)

 is a small and solvent company having total assets of not more than $4.0 million and capital and surplus of not less than $2.0 million; or

 (v)

 meets such other criteria as may established by the SEC. (2) Securities of any eligible portfolio company which we control.

 (3)

 Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

 (4)

 Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own at least 60.0% of the outstanding equity of the eligible portfolio company.

 (5)

 Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of options, warrants or rights relating to such securities.

 (6)

 Cash, cash equivalents, U.S. Government securities or high-quality debt securities maturing in one year or less from the time of investment.

 The regulations defining qualifying assets may
change over time. We may adjust our investment focus as needed to comply with and/or take advantage of any regulatory, legislative, administrative
or judicial actions in this area.

 Significant managerial assistance to portfolio
companies

 A BDC generally must offer to make available to
the issuer of the securities in which it invests significant managerial assistance, except in circumstances where either (i) the BDC controls
such issuer of securities or (ii) the BDC purchases such securities in conjunction with one or more other persons acting together and
one of the other persons in the group makes available such managerial assistance. As a BDC, we must offer, and must provide upon request,
managerial assistance to our portfolio companies. Making available significant managerial assistance means, among other things, any arrangement
whereby the BDC, through its directors, officers or employees or those of its investment adviser or administrator, offers to provide,
and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies
of a portfolio company. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating
in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and
financial guidance. Pursuant to a separate Administration Agreement, Saratoga Investment Advisors provides such managerial assistance
on our behalf to portfolio companies that request this assistance, recognizing that our involvement with each investment will vary based
on factors including the size of the company, the nature of our investment, the company's overall stage of development and our relative
position in the capital structure. We may receive fees for these services.

 Temporary investments

 As a BDC, pending investment in other types of
"qualifying assets," as described above, our investments may consist of cash, cash equivalents, U.S. Government securities
or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as temporary
investments, so that 70.0% of our assets are qualifying assets. Typically, we will invest in U.S. Treasury bills or in repurchase agreements,
provided that such agreements are fully collateralized by cash or securities issued by the U.S. Government or its agencies. A repurchase
agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase
it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest
rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However,
if more than 25.0% of our total assets constitute repurchase agreements from a single counterparty, we would not meet the asset-diversification
requirements in order to qualify as a RIC for U.S. federal income tax purposes. Thus, we do not intend to enter into repurchase agreements
with a single counterparty in excess of this limit. Our Investment Adviser will monitor the creditworthiness of the counterparties with
which we enter into repurchase agreement transactions.

 Indebtedness and senior securities

 As a BDC, we are permitted, under specified conditions,
to issue multiple classes of indebtedness and one class of shares of stock, senior to our common stock, if our asset coverage, as defined
in the 1940 Act, is at least equal to 200% immediately after each such issuance or 150% if certain requirements are met. On April 16,
2018, our board of directors, including a majority of our independent directors, approved of us becoming subject to a minimum asset coverage
ratio of 150% under Sections 18(a)(1) and 18(a)(2) of the 1940 Act. The 150% asset coverage ratio became effective on April 16, 2019.
See "Risk Factors – Effective April 16, 2019, our asset coverage requirement was reduced from 200% to 150%, which may increase
the risk of investing in the Company." We may also borrow amounts up to 5.0% of the value of our total assets for temporary or emergency
purposes without regard to asset coverage.

 The 1940 Act also limits the amount of warrants,
options and rights to common stock that we may issue and the terms of such securities.

 Common stock

 We generally are not able to issue and sell our
common stock at a price below NAV per share. We may, however, sell our common stock, warrants, options or rights to acquire our common
stock, at a price below the current NAV of the common stock if our board of directors determines that such sale is in our best interests
and that of our stockholders, and our stockholders approve such sale. In any such case, the price at which our securities are to be issued
and sold may not be less than a price which, in the determination of our board of directors, closely approximates the market value of
such securities (less any distributing commission or discount). We may also make rights offerings to our stockholders at prices per share
less than the NAV per share, subject to applicable requirements of the 1940 Act.

 Code of ethics

 As a BDC, we and Saratoga Investment Advisors
have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that
establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each code
may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as
such investments are made in accordance with the code's requirements. In addition, each code of ethics is available on the EDGAR
database on the SEC's website at www.sec.gov. Our code of ethics is also available on our corporate governance webpage at

 Proxy voting policies and procedures

 SEC registered investment advisers that have the
authority to vote (client) proxies (which authority may be implied from a general grant of investment discretion) are required to adopt
policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interests of its clients. Registered
investment advisers also must maintain certain records on proxy voting. In most cases, we will invest in securities that do not generally
entitle us to voting rights in our portfolio companies. When we do have voting rights, we will delegate the exercise of such rights to
our Investment Adviser.

 Saratoga Investment Advisors has particular proxy
voting policies and procedures in place. In determining how to vote, officers of Saratoga Investment Advisors will consult with each other,
taking into account our interests and the interests of our investors, as well as any potential conflicts of interest. Saratoga Investment
Advisors will consult with legal counsel to identify potential conflicts of interest. Where a potential conflict of interest exists, Saratoga
Investment Advisors may, if it so elects, resolve it by following the recommendation of a disinterested third party, by seeking the direction
of our independent directors or, in extreme cases, by abstaining from voting. While Saratoga Investment Advisors may retain an outside
service to provide voting recommendations and to assist in analyzing votes, it will not delegate its voting authority to any third party.

 An officer of Saratoga Investment Advisors will
keep a written record of how all such proxies are voted. It will retain records of (1) proxy voting policies and procedures, (2) all proxy
statements received (or it may rely on proxy statements filed on the SEC's EDGAR system in lieu thereof), (3) all votes cast, (4)
investor requests for voting information, and (5) any specific documents prepared or received in connection with a decision on a proxy
vote. If it uses an outside service, Saratoga Investment Advisors may rely on such service to maintain copies of proxy statements and
records, so long as such service will provide a copy of such documents promptly upon request.

 Saratoga Investment Advisors' proxy voting
policies are not exhaustive and are designed to be responsive to the wide range of issues that may be subject to a proxy vote. In general,
Saratoga Investment Advisors will vote our proxies in accordance with these guidelines unless: (1) it has determined otherwise due to
the specific and unusual facts and circumstances with respect to a particular vote, (2) the subject matter of the vote is not covered
by these guidelines, (3) a material conflict of interest is present, or (4) it finds it necessary to vote contrary to its general guidelines
to maximize stockholder value or our best interests.

 In reviewing proxy issues, Saratoga Investment
Advisors generally will use the following guidelines:

 Elections of Directors: In general, Saratoga
Investment Advisors will vote in favor of the management-proposed slate of directors. If there is a proxy fight for seats on a portfolio
company's board of directors, or Saratoga Investment Advisors determines that there are other compelling reasons for withholding
our vote, it will determine the appropriate vote on the matter. It may withhold votes for directors that fail to act on key issues, such
as failure to: (1) implement proposals to declassify a board, (2) implement a majority vote requirement, (3) submit a rights plan to a
stockholder vote or (4) act on tender offers where a majority of stockholders have tendered their shares. Finally, Saratoga Investment
Advisors may withhold votes for directors of non-U.S. issuers where there is insufficient information about the nominees disclosed in
the proxy statement.

 Appointment of Auditors: We believe that
a portfolio company remains in the best position to choose its independent auditors and Saratoga Investment Advisors will generally support
management's recommendation in this regard.

 Changes in Capital Structure: Changes in
a portfolio company's organizational documents may be required by state or federal regulation. In general, Saratoga Investment Advisors
will cast our votes in accordance with the management on such proposals. However, Saratoga Investment Advisors will consider carefully
any proposal regarding a change in corporate structure that is not required by state or federal regulation.

 Corporate Restructurings, Mergers and Acquisitions:
 We believe proxy votes dealing with corporate reorganizations are an extension of the investment decision. Accordingly, Saratoga Investment
Advisors will analyze such proposals on a case-by-case basis and vote in accordance with its perception of our interests.

 Proposals Affecting Stockholder Rights:
We will generally vote in favor of proposals that give stockholders a greater voice in the affairs of a portfolio company and oppose any
measure that seeks to limit such rights. However, when analyzing such proposals, Saratoga Investment Advisors will balance the financial
impact of the proposal against any impairment of stockholder rights as well as of our investment in the portfolio company.

 Corporate Governance: We recognize the
importance of good corporate governance. Accordingly, Saratoga Investment Advisors will generally favor proposals that promote transparency
and accountability within a portfolio company.

 Anti-Takeover Measures: Saratoga Investment
Advisors will evaluate, on a case-by-case basis, any proposals regarding anti- takeover measures to determine the likely effect on stockholder
value dilution.

 Share Splits: Saratoga Investment Advisors
will generally vote with management on share split matters.

 Limited Liability of Directors: Saratoga
Investment Advisors will generally vote with management on matters that could adversely affect the limited liability of directors.

 Social and Corporate Responsibility: Saratoga
Investment Advisors will review proposals related to social, political and environmental issues to determine whether they may adversely
affect stockholder value. It may abstain from voting on such proposals where they do not have a readily determinable financial impact
on stockholder value.

 Privacy principles

 We are committed to protecting the privacy of
our stockholders. The following explains the privacy policies of Saratoga Investment Corp., Saratoga Investment Advisors and their affiliated
companies.

 We will safeguard, according to strict standards
of security and confidentiality, all information we receive about our stockholders.

 Generally, we do not receive any non-public personal
information relating to our stockholders, although certain non-public personal information of our stockholders may become available to
us. The only information we collect from stockholders is the holder's name, address, number of shares and social security number.
This information is used only so that we can send annual reports and other information about us to the stockholder and send the stockholder
proxy statements or other information required by law. We restrict access to non-public personal information about our stockholders to
our Investment Adviser's and Administrator's employees with a legitimate business need for the information. We maintain physical,
electronic and procedural safeguards designed to protect the non-public personal information of our stockholders.

 We do not share this information with any non-affiliated
third party except as described below:

 Authorized Employees of Saratoga Investment Advisors. It is our policy that only authorized employees of Saratoga Investment Advisors who need to know a stockholder's personal information will have access to it.

 Service Providers. We may disclose your personal information to companies that provide services on our behalf, such as recordkeeping, processing a stockholder's trades, and mailing stockholder information. These companies are required to protect our stockholders' information and use it solely for the purpose for which they received it.

 Courts and Government Officials. If required by law, we may disclose a stockholder's personal information in accordance with a court order or at the request of government regulators. Only that information required by law, subpoena, or court order will be disclosed.

 Compliance with applicable laws

 As a BDC, we are periodically examined by the
SEC for compliance with the federal securities laws, including the 1940 Act.

 We are required to provide and maintain a bond
issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited
from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of such person's office.

 We and Saratoga Investment Advisors are each required
to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws, review
these policies and procedures annually for their adequacy and the effectiveness of their implementation, and designate a chief compliance
officer to be responsible for administering the policies and procedures.

 The New York Stock Exchange ("NYSE")
Corporate Governance Regulations

 The NYSE has adopted corporate governance regulations
that listed companies must comply with. We are in compliance with such corporate governance listing standards applicable to the Company.

 Affiliated Transactions

 The Company may be prohibited under the 1940 Act
from participating in certain transactions with certain of its affiliates without the prior approval of our independent directors and,
in some cases, the prior approval of the SEC. On December 12, 2023, the SEC granted an exemptive order (collectively, the "Order")
that permits the Company to participate in negotiated co-investment transactions with certain other funds and accounts managed and controlled
by Saratoga Investment Advisors or a control affiliate thereof, subject to the satisfaction of certain conditions. Pursuant to the Order,
the Company is permitted to co-invest with such affiliates if a "required majority" (as defined in Section 57(o) of the 1940
Act) of the Board's independent directors make certain conclusions in connection with a co-investment transaction, including, but
not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable
and fair to the Company and its shareholders and do not involve overreaching in respect of the Company or its shareholders on the part
of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's shareholders
and is consistent with its then-current investment objective and strategies. Neither the Company nor its affiliates that are permitted
to rely on the Order are obligated to invest or co-invest when investment opportunities are referred to the Company or them.

 Small Business Investment Company Regulations

 Our wholly owned subsidiaries, SBIC LP, SBIC II
LP, and SBIC III LP, received an SBIC license from the SBA on March 28, 2012, August 14, 2019, and September 29, 2022, respectively. Following
the debentures being fully repaid to the SBA, SBIC LP surrendered its license 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.

 The SBIC licenses allows our SBIC Subsidiaries
to obtain leverage by issuing SBA-guaranteed debentures, subject to the satisfaction of certain customary procedures. SBA-guaranteed debentures
are non-recourse, interest only debentures with interest payable semi-annually and have a ten-year maturity. The principal amount of SBA-guaranteed
debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed
debentures is fixed at the time of issuance at a market-driven spread over U.S. Treasury Notes with 10-year maturities.

 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 tangible net worth not exceeding $6.0 million and has 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.

 The Company's wholly owned 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 subject to SBA approval and continued compliance with
SBA regulations and policies. The SBA, as a creditor, will have a superior claim to each SBIC Subsidiaries' 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 senior securities of the SBIC subsidiaries guaranteed by the SBA from the definition of senior securities
in the asset coverage requirement 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.

 For two or more SBIC's 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.
Our wholly owned SBIC Subsidiaries may borrow funds from the SBA against its respective regulatory capital (which generally approximates
equity capital) that is paid in and is subject to customary regulatory requirements, including, but not limited to, an examination by
the SBA. The SBIC Subsidiaries have $264.4 million of committed capital on an aggregate basis. SBA regulations currently limit
the amount of SBA-guaranteed debentures that an individual SBIC may issue to $175.0 million when it has at least $87.5 million in regulatory
capital.

 As of February 29, 2024, SBIC LP was dissolved.
As of February 28, 2025, we have funded SBIC II LP with an aggregate total of $87.5 million of equity capital and have $131.0 million
of SBA-guaranteed debentures outstanding, and we have funded SBIC III LP with an aggregate total of $87.5 million of equity capital and
have $39.0 million of SBA-guaranteed debentures outstanding.

 Available Information

 We file with or submit to the SEC annual, quarterly
and current periodic reports, proxy statements and other information meeting the informational requirements of the Securities Exchange
of 1934, as amended (the "Exchange Act"). The SEC maintains an Internet website that contains reports, proxy and information
statements and other information filed electronically by us with the SEC at www.sec.gov.

 Our Internet address is www.saratogainvestmentcorp.com.
We make available free of charge on our Internet website our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports
on Form 8-K, and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish
it to, the SEC. Information contained on our website is not incorporated by reference into this Annual Report, and you should not consider
that information to be part of this Annual Report.

 ITEM 1A. RISK FACTORS

 Investing in our securities involves a number of significant risks.
In addition to other information contained in this Annual Report on Form 10-K, you should consider carefully the following information
before making an investment in our securities. The risks set forth below are the principal risks with respect to the Company generally
and with respect to BDCs, they may not be the only risks we face. This section nonetheless describes the principal risk factors associated
with investment in the Company specifically, as well as those factors generally associated with investment in a company with investment
objectives, investment policies, capital structure or trading markets similar to the Company's. If any of the risks occur, our business,
financial condition and results of operations could be materially adversely affected. In such case, our NAV and the trading price of our
securities could decline and you may lose all or part of your investment.

 SUMMARY OF RISK FACTORS

 The following is a summary of the principal risks that you should carefully
consider before investing in our securities. These and other risk factors are described more fully in this "Item 1A. Risk Factors."

 Risks Related to Our Business and Structure

 We employ leverage, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

 We are exposed to risks associated with changes in interest rates including potential effects on our cost of capital and net investment income.

 Risks Related to the Current Environment

 Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

 Inflation may adversely affect the business results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.

 We are currently operating in a period of capital markets disruption and economic uncertainty.

 Economic recessions or downturns could impair the ability of our portfolio companies to repay loans and harm our operating results.

 Risks Related to Our Adviser and Its Affiliates

 We may be obligated to pay Saratoga Investment Advisors incentive fees even if we incur a net loss, or there is a decline in the value of our portfolio.

 The way in which the base management and incentive fees under the Management Agreement is determined may encourage Saratoga Investment Advisors to take actions that may not be in our best interests.

 Saratoga Investment Advisors' liability is limited under the Management Agreement and we will indemnify Saratoga Investment Advisors against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.

 Our ability to enter into transactions with our affiliates is restricted.

 Risks Related to Our Investments

 A majority of our debt investments are not required to make principal payments until the maturity of such debt securities and are generally riskier than other types of loans.

 The lack of liquidity in our investments may adversely affect our business.

 Our investment in Saratoga CLO constitutes a leveraged investment in a portfolio of subordinated notes representing the lowest-rated securities issued by a pool of predominantly senior secured first lien term loans and is subject to additional risks and volatility. All losses in the pool of loans will be borne by our subordinated notes and only after the value of our subordinated notes is reduced to zero will the higher-rated notes issued by the pool bear any losses.

 Investments in equity securities involve a substantial degree of risk.

 Risks Related to Our Common Stock

 We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.

 Due to the current market conditions, we may defer our dividends and choose to incur U.S. federal excise tax in order preserve cash and maintain flexibility.

 The market price of our common stock may fluctuate significantly.

 There is a risk that you may not receive distributions or that our distributions may not grow over time.

 Risks Related to Our Notes

 The Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness, including indebtedness under our Encina Credit Facility and our Live Oak Credit Facility.

 An active trading market for the Public Notes may not develop or be sustained, which could limit the market price of the Public Notes or the ability to sell them.

 RISKS RELATED TO OUR BUSINESS AND STRUCTURE

 We employ leverage, which magnifies the potential for gain or
loss on amounts invested and may increase the risk of investing in us.

 Borrowings, also known as leverage, magnify the potential for gain
or loss on amounts invested and, therefore, increase the risks associated with investing in us. We borrow from and issue senior debt securities
to banks and other lenders that is secured by a lien on our assets. Holders of these senior securities have fixed dollar claims on our
assets that are superior to the claims of the holders of our securities. Leverage is generally considered a speculative investment technique.
Any increase in our income in excess of interest payable on our outstanding indebtedness would cause our net income to increase more than
it would have had we not incurred leverage, while any decrease in our income would cause net income to decline more sharply than it would
have had we not incurred leverage. Such a decline could negatively affect our ability to make common stock distributions or scheduled
debt payments, including with respect to the Notes, as defined below. There can be no assurance that our leveraging strategy will be successful.

 Our outstanding indebtedness imposes, and additional debt we may incur
in the future will likely impose, financial and operating covenants that restrict our business activities, including limitations that
could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a
RIC under Regulation M of the Code. A failure to add new debt facilities or issue additional debt securities or other evidences of indebtedness
in lieu of or in addition to existing indebtedness could have a material adverse effect on our business, financial condition or results
of operations.

 As of February 28, 2025, there were $32.5 million outstanding borrowings
under the Encina Credit Facility. As of February 28, 2025, there were $20.0 million outstanding borrowings under the Live Oak Credit Facility.
As of February 28, 2025, we had issued $170.0 million in SBA-guaranteed debentures and our $20.0 million principal amount of 8.75% fixed-rate
notes due 2025 (the "8.75% 2025 Notes"), $12.0 million principal amount of 7.00% fixed-rate notes due 2025 (the "7.00%
2025 Notes"), our $5.0 million principal amount of 7.75% fixed-rate notes due in 2025 (the "7.75% 2025 Notes"), our
$175.0 million principal amount of 4.375% fixed-rate notes due in 2026 (the "4.375% 2026 Notes"), our $75.0 million principal
amount of 4.35% fixed-rate notes due in 2027 (the "4.35% 2027 Notes"), our $105.5 million principal amount of 6.00% fixed-rate
notes due in 2027 (the "6.00% 2027 Notes"), our $15.0 million principal amount of 6.25% fixed-rate notes due in 2027 (the
"6.25% 2027 Notes") our $46.0 million principal amount of 8.00% fixed-rate notes due 2027 (the "8.00% 2027 Notes"),
our $60.4 million principal amount of 8.125% fixed-rate notes due 2027 (the "8.125% 2027 Notes") and our $57.5 million principal
amount of 8.50% fixed-rate notes due 2028 (the "8.50% 2028 Notes" and together with the 6.00% 2027 Notes, the 8.00% 2027 Notes,
and the 8.125% 2027 Notes, the "Public Notes"). Together, the 8.75% 2025 Notes, 7.00% 2025 Notes, the 7.75% 2025 Notes, the
4.375% 2027 Notes, the 6.00% 2027 Notes, the 6.25% 2027 Notes, the 8.00% 2027 Notes, the 8.125% 2027 Notes, and the 8.50% 2028 Notes are
referred to as the "Notes". We may incur additional indebtedness in the future, including, but not limited to, borrowings
under the Encina Credit Facility, the Live Oak Credit Facility, or the issuance of additional debt securities in one or more public or
private offerings, although there can be no assurance that we will be successful in doing so. Our ability to service our debt depends
largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. The amount of leverage
that we employ at any particular time will depend on our management's and our board of directors' assessment of market and
other factors at the time of any proposed borrowing.

 As a BDC, we are generally permitted to issue senior securities only
in amounts such that our asset coverage ratio equals at least 150% of total assets to total borrowings and other senior securities, which
include all of our borrowings (other than the senior securities of SBIC II LP's and SBIC III LP's under the terms of our SEC
exemptive relief) and any preferred stock we may issue in the future. If this ratio declines below 150%, we may not be able to incur additional
debt and may need to sell a portion of our investments to repay some debt when it is disadvantageous to do so, and we may not be able
to make distributions to our stockholders.

 The following table illustrates the effect of
leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the
table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.

 Assumed Return on Our Portfolio

 (net of expenses)

 Assumed Return on Portfolio (Net of Expenses)

 -10.0%

 -5.0%

 0%

 5%

 10%

 Corresponding Return to Common Stockholder (1)

 -46%

 -30%

 -14%

 2%

 18%

 (1)

 Assumes $1,203.8 million in average total assets, $824.2 million in average debt outstanding, $375.5 million in average net assets and an average interest rate of 6.3%. Actual interest payments may be different. The various return scenarios above exclude borrowing costs, which are then separately deducted from the net return to common stockholders calculated based on average debt outstanding and average interest rate.

 Substantially all of the assets of SIF II and SIF III are subject
to security interests under our Encina Credit Facility and our Live Oak Facility, respectively, and all of each SBIC Subsidiary's
assets are subject to claims of the SBA with respect to SBA-guaranteed debentures we issue and if we default on our obligations thereunder,
we may suffer adverse consequences, including the foreclosure on our assets.

 Substantially all of the assets of SIF II and SIF III are pledged as
collateral under the Encina Credit Facility and the Live Oak Credit Facility, respectively, and all of each SBIC Subsidiary's assets
are subject to a superior claim by the SBA pursuant to the SBA-guaranteed debentures. If we default on our obligations under the Encina
Credit Facility, the Live Oak Credit Facility, or the SBA-guaranteed debentures, Encina Lender Finance, LLC, Live Oak Banking Company,
and/or the SBA may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests
or superior claim. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings in order
to avoid foreclosure and these forced sales may be at times and at prices we would not consider advantageous. Moreover, such deleveraging
of our company could significantly impair our ability to effectively operate our business in the manner in which we have historically
operated.

 In addition, if Encina Lender Finance, LLC, the lender under the Encina
Credit Facility, or the Live Oak Banking Company, the lender under the Live Oak Credit Facility, exercise their right to sell the assets
pledged under the Encina Credit Facility or the Live Oak Credit Facility, respectively, such sales may be completed at distressed sale
prices, thereby diminishing or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding under
the Encina Credit Facility or the Live Oak Credit Facility.

 We are exposed to risks associated with changes in interest rates
including potential effects on our cost of capital and net investment income.

 General interest rate fluctuations and changes in credit spreads on
floating rate loans may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have
a material adverse effect on our rate of return on invested capital. Following a period of elevated interest rates to address inflation
concerns, in the third quarter of 2024, the Federal Reserve cut rates for the first time since March 2020 and, most recently, cut rates
in the fourth quarter of 2024. The Federal Reserve has indicated that there may be additional rate cuts in the future; however, future
reductions to the benchmark rates are not certain. An increase in interest rates would make it more expensive to use debt to finance our
investments. Decreases in credit spreads on debt that pays a floating rate of return would have an impact on the income generation of
our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices
tend to fluctuate more for fixed rate securities that have longer maturities. Although we have no policy governing the maturities of our
investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to
ten years. This means that we will be subject to greater risk (other things being equal) than an entity investing solely in shorter-term
securities.

 Because we may borrow to fund our investments, a portion of our net
investment income may be dependent upon the difference between the interest rate at which we borrow funds and the interest rate at which
we invest these funds. A portion of our investments will have fixed interest rates, while a portion of our borrowings will likely have
floating interest rates. As a result, a significant change in market interest rates could have a material adverse effect on our net investment
income. In periods of rising interest rates, our cost of funds could increase, which would reduce our net investment income if there is
not a corresponding increase in interest income generated by our investment portfolio. Further,
rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified
minimum (or "floor") interest rates, while at the same time engaging in borrowings subject to floating interest rates not
subject to such minimums. In such a scenario, rising interest rates may temporarily increase our interest expense, even though our interest
income from investments is not increasing in a corresponding manner if market rates remain lower than the existing floor rate. If general
interest rates rise, there is also a risk that the portfolio companies in which we hold floating rate securities will be unable to pay
escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause
portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their
business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on
us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our
cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

 We may hedge against such interest rate fluctuations by using standard
hedging instruments such as futures, options and forward contracts, subject to applicable legal requirements, including without limitation,
all necessary registrations (or exemptions from registration) with the Commodity Futures Trading Commission. These activities may limit
our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting
from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results
of operations.

 Uncertainty about U.S. Presidential Administration initiatives
could negatively impact our business, financial condition and results of operations.

 The U.S. government periodically calls for significant changes to U.S.
trade, healthcare, immigration, foreign and government regulatory policy. In this regard, there is significant uncertainty with respect
to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created
a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching
implications. There has been a corresponding meaningful increase in the uncertainty surrounding tariffs, interest rates, inflation, foreign
exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration
implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and
relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although
we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition,
operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and
the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected
by them.

 There are significant potential conflicts of interest which could
adversely impact our investment returns.

 Our executive officers and directors, and the members of our Investment
Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as
we do or of investment funds managed by our affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment
of which might not be in the best interests of us or our stockholders. For example, Christian L. Oberbeck, our chief executive officer
and managing member of our Investment Adviser, is the managing partner of Saratoga Partners, a middle-market private equity investment
firm. In addition, the principals of our Investment Adviser may manage other funds which may from time to time have overlapping investment
objectives with those of us and accordingly invest in, whether principally or secondarily, asset classes similar to those targeted by
us. If this should occur, the principals of our Investment Adviser will face conflicts of interest in the allocation of investment opportunities
to us and such other funds. Although our investment professionals will endeavor to allocate investment opportunities in a fair and equitable
manner, we and our common stockholders could be adversely affected in the event investment opportunities are allocated among us and other
investment vehicles managed or sponsored by, or affiliated with, our executive officers, directors and Investment Adviser, and the members
of our Investment Adviser.

 Changes in laws or regulations governing our operations, or changes
in the interpretation thereof, and any failure by us to comply with laws or regulations governing our operations may adversely affect
our business.

 We are subject to regulation at the local, state and federal level.
New legislation may be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of
investments we are permitted to make, any of which could harm us and our stockholders, potentially with retroactive effect. For example,
the current U.S. presidential administration could support a regulatory agenda, or propose changes to existing regulations, that imposes
greater costs on all sectors and on financial services companies in particular. In addition, any change to the SBA's current debenture
program could have a significant impact on our ability to obtain low-cost leverage and, therefore, our competitive advantage over other
funds.

 Legal, tax and regulatory changes could occur that may adversely affect
us. For example, from time to time the market for private equity transactions has been adversely affected by a decrease in the availability
of senior and subordinated financings for transactions, in part in response to credit market disruptions and/or regulatory pressures on
providers of financing to reduce or eliminate their exposure to the risks involved in such transactions.

 Additionally, any changes to the laws and regulations governing our
operations related to permitted investments may cause us to alter our investment strategy in order to meet our investment objectives.
Such changes could result in material differences to the strategies and plans set forth in this Annual Report and may shift our investment
focus from the areas of expertise of our Investment Adviser to other types of investments in which our Investment Adviser may have little
or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and
the value of your investment.

 Legislative or other actions relating to taxes could have a negative
effect on the Company.

 Legislative or other actions relating to taxes could have a negative
effect on the Company and its investors. Matters pertaining to U.S. federal income tax are constantly under review by persons involved
in the legislative process, the IRS, and the U.S. Treasury Department. We cannot predict with certainty how any changes in the tax laws
might affect the Company, its investments or its investors. New legislation and any U.S. Treasury regulations, administrative interpretations
or court decisions interpreting such legislation could affect the Company's ability to qualify as a RIC or otherwise impact the
U.S. federal income tax consequences to the Company and its investors. You are urged to consult with your tax advisor with respect to
the impact of the status of any legislative, regulatory or administrative developments and proposals and their potential effect on your
investment in our securities.

 There is uncertainty surrounding potential legal, regulatory
and policy changes by the current presidential administration and Congress in the United States that may directly affect financial institutions
and the global economy.

 Following the November 2024 elections in the United States, the Republican
Party controls the Presidency, the Senate and the House of Representatives. Despite political tensions and uncertainty, changes in federal
policy, including tax policies, as well as the positions of regulatory agencies are expected to occur over time through policy and personnel
changes, which may lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid
by corporate entities. The nature, timing and economic and political effects of potential changes to the current legal and regulatory
framework affecting financial institutions remain highly uncertain. Uncertainty surrounding future changes may adversely affect our operating
environment and therefore our business, financial condition, results of operations and growth prospects.

 Changes to United States tariff and import/export regulations
may have a negative effect on the operations of our portfolio companies and, in turn, harm us.

 The U.S. government has recently imposed, and
may in the future increase, tariffs on specific countries and commodities. In response, certain foreign trading partners, and other in
the future may, impose retaliatory tariffs on certain U.S. goods. The foregoing has created significant uncertainty about the future relationship
between the United States and certain other countries with respect to trade policies, treaties and new and increased tariffs. These developments,
or the continued uncertainty relating U.S. trade policies, may have a material adverse effect on global economic conditions and the stability
of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the
United States. The uncertainty relating to U.S. trade policies has increased market volatility. Any of these factors could depress
economic activity and restrict certain of our portfolio companies' access to suppliers or customers, and increase costs, decrease
margins, and reduce the competitiveness of products and services offered by our portfolio companies. The foregoing may adversely affect
the revenues and profitability of such portfolio companies and, in turn, negatively affect our results of operations.

 We are dependent on information systems and systems failures
could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to
pay dividends.

 Our business is dependent on our and third parties' communications
and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any
third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup
or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors
including events that are wholly or partially beyond our control and adversely affect our business. There could be:

 sudden electrical or telecommunications outages;

 natural disasters such as earthquakes, tornadoes and hurricanes;

 disease pandemics or other serious public health events;

 events arising from local or larger scale political or social matters, including terrorist acts;

 acts of war; and

 cyber-attacks.

 These events, in turn, could have a material adverse effect on our
operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders.

 Our ability to enter into transactions involving derivatives
and financial commitment transactions may be limited.

 In 2020, the SEC adopted Rule 18f-4 under the 1940 Act ("Rule
18f-4"), which relates to the use of derivatives and other transactions that create future payment or delivery obligations by BDCs
(and other funds that are registered investment companies). Under Rule 18f-4, BDCs that use
derivatives are subject to a value-at-risk ("VaR") leverage limit, certain derivatives risk management program and testing
requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a "limited derivatives
user," as defined in Rule 18f-4. A BDC that enters into reverse repurchase agreements or similar financing transactions could either
(i) comply with the asset coverage requirements of Section 18, as modified by Section 61 of the 1940 Act when engaging in reverse
repurchase agreements or (ii) choose to treat such agreements as derivatives transactions under Rule 18f-4. In addition, under Rule
18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing
to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient
cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes
due. If the BDC cannot meet this requirement, it is required to treat the unfunded commitment as a derivatives transaction subject to
the aforementioned requirements of Rule 18f-4. Collectively, these requirements may limit our ability to use derivatives and/or enter
into certain other financial contracts. We qualify as a "limited derivatives user," and as a result the requirements applicable
to us under Rule 18f-4 may limit our ability to use derivatives and enter into certain other financial contracts. However, if we fail
to qualify as a limited derivatives user and become subject to the additional requirements under Rule 18f-4, compliance with such requirements
may increase cost of doing business, which could have a material adverse effect on our business, financial condition, results of operations,
and cash flows.

 Internal and external cyber threats, as well as other disasters,
could impair our ability to conduct business effectively.

 We, and others in our industry, are the targets of malicious cyber
activity. A successful cyber-attack, whether perpetrated by criminal or state-sponsored actors, against us or our service providers, or
an accidental disclosure of non-public information, could have an adverse effect on our ability to communicate or conduct business, negatively
impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic
data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data,
especially personal and other confidential information.

 Saratoga Investment Advisors and third-party service providers with
which we do business depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety
of security measures, our computer systems, networks, and data, like those of other companies, could be subject to unauthorized access,
acquisition, use, alteration, or destruction, such as from the insertion of malware (including ransomware) physical and electronic break-ins
or unauthorized tampering, unauthorized access, or system failures and disruptions of our computer systems, networks and date. If one
or more of these events occurs, it could potentially jeopardize the confidential, proprietary, personal and other information processed,
stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our
operations, which could result in financial losses, misappropriation of assets, loss of personal information, litigation, regulatory enforcement
action and penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and
remediation. We may have to make a significant investment to fix or replace any inoperable or compromised systems or to modify or enhance
our cybersecurity controls, procedures and measures. Similarly, the public perception that we or our affiliates may have been the target
of a cybersecurity threat, whether successful or not, also could have a material adverse effect on our reputation and lead to financial
losses from loss of business, depending on the nature and severity of the threat.

 If unauthorized parties gain access to such information and technology
systems, they may be able to steal, publish, delete or modify private and sensitive information, including nonpublic personal information
related to stockholders (and their beneficial owners) and material nonpublic information. The systems we have implemented to manage risks
relating to these types of events could prove to be inadequate and, if compromised, could become inoperable for extended periods of time,
cease to function properly or fail to adequately secure private information. Breaches such as those involving covertly introduced malware,
impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection
systems, potentially resulting in further harm and preventing them from being addressed appropriately. The failure of these systems or
of disaster recovery plans for any reason could cause significant interruptions in our and our investment advisor's operations and
result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to
stockholders, material nonpublic information and other sensitive information in our possession.

 Third parties with which we do business are sources of cybersecurity
or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information,
as well as client, counterparty, employee, and borrower information. Cybersecurity failures or breaches
to Saratoga Investment Advisors and other service providers (including, but not limited to, accountants, custodians, transfer agents and
administrators), and the issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations,
potentially resulting in financial losses, interference with our ability to calculate its NAV, impediments to trading, the inability of
our shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages,
reimbursement of other compensation costs, or additional compliance costs. Our disaster recovery programs may not be sufficient
to mitigate the harm that may result from such a disaster or disruption. In addition, insurance and other safeguards might only partially
reimburse us for our losses, if at all. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats
may result in unauthorized access, acquisitions, use, alteration or destruction of data, or other cybersecurity incidents that affects
our data, resulting in increased costs and other consequences as described above. The Company does not control the cybersecurity measures
put in place by such third parties, and such third parties could have limited indemnification obligations to the Company and its affiliates.
If such a third party fails to adopt or adhere to adequate cybersecurity procedures, or if despite such procedures its networks or systems
are breached, information relating to investor transactions and/or personal information of investors may be lost or improperly accessed,
used or disclosed.

 In addition, cybersecurity has become a top priority for regulators
around the world. Privacy and information security laws and regulation changes, and compliance with
those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we
may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities
or other exposures arising from operational and security risks. We currently maintain insurance coverage relating to cybersecurity risks;
however, we may be required to expend significant additional resources to modify our protective measures or to investigate and remediate
vulnerabilities or other exposures, and we may be subject to litigation and financial losses that are not fully insured.

 Cybersecurity risks and cyber incidents may adversely affect
our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio
companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or
damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the
business, financial condition and operating results of us or our portfolio companies.

 A cybersecurity incident is considered to be an unauthorized
occurrence, or a series of related unauthorized occurrences, on or conducted through a company's information systems that jeopardizes
the confidentiality, integrity, or availability of a company's information systems or any information residing therein. These incidents
may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems or those
of our portfolio companies or third-party vendors for purposes of misappropriating assets, stealing confidential information, corrupting
data or causing operational disruption. Despite careful security and controls design, the information technology system of our portfolio
companies and our third-party vendors, may be subject to security breaches and cyber-attacks the result of which could include disrupted
operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection
and insurance costs, litigation and damage to business relationships. As our portfolio companies' and our third party vendor's
reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by third-party
service providers, and the information systems of our portfolio companies and third-party vendors. We have implemented processes,
procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our
increased awareness of the nature and extent of a risk of a cyber-incident, do not guarantee that a cyber-incident will not occur and/or
that our financial results, operations or confidential information will not be negatively impacted by such an incident.

 Regulations governing our operation as a BDC will affect our
ability to raise additional capital.

 Our business requires a substantial amount of additional capital. We
may acquire additional capital from the issuance of senior securities or other indebtedness or the issuance of additional shares of our
common stock. However, we may not be able to raise additional capital in the future on favorable terms or at all. We may issue debt securities
or preferred securities, which we refer to collectively as "senior securities," and we may borrow money from banks or other
financial institutions, up to the maximum amount permitted by the 1940 Act.

 We are not generally able to issue and sell our common stock at a price
below NAV per share. We may, however, sell our common stock, or issue warrants, options or rights to acquire our common stock, at a price
below the current NAV of the common stock if our board of directors determines that such sale is in our best interests and the best interests
of our stockholders, and the holders of a majority of our outstanding voting securities have approved such issuances within the prior
year. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination
of our board of directors, closely approximates the market value of such securities (less any commission or discount). If our common stock
trades at a discount to NAV, this restriction could adversely affect our ability to raise capital. We do not currently have stockholder
approval of issuances below NAV.

 Effective April 16, 2019, our asset coverage requirement was
reduced from 200% to 150%, which may increase the risk of investing in the Company.

 The 1940 Act generally prohibits BDCs from incurring indebtedness unless
immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed
50% of the value of our assets). However, on March 23, 2018, the Small Business Credit Availability Act modified the 1940 Act by allowing
a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%,
if certain requirements are met. Under the 1940 Act, we were allowed to increase our leverage capacity once the majority of our independent
directors approved an increase in our leverage capacity, with such approval becoming effective after one year. On April 16, 2018, our
board of directors, including a majority of our independent directors, approved of our becoming subject to a minimum asset coverage ratio
of 150% under the 1940 Act, which became effective on April 16, 2019. We are required to make certain disclosures on our website and in
SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks
related to leverage.

 We are generally permitted to incur indebtedness or issue senior securities
in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities. Compliance
with these requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to
profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. As a BDC, therefore, we may
need to issue equity more frequently than our privately-owned competitors, which may lead to greater stockholder dilution. With respect
to stock that is a senior security, we must make provisions to prohibit any dividend distribution to our stockholders or the repurchase
of certain of our securities, unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase.
If the value of our assets decline, we may be unable to satisfy the asset coverage test. If that happens, we may be required to liquidate
a portion of our investments and repay a portion of our indebtedness at a time when such sales may be disadvantageous in order to make
dividend distributions or repurchase certain of our securities.

 Leverage magnifies the potential for loss on investments in our indebtedness
and on invested equity capital. As we use leverage to partially finance our investments, our stockholders will experience increased risks
of investing in our securities. If the value of our assets increases, then leveraging would cause the NAV attributable to our common stock
to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause
NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any increase in our income in excess
of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while
any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline
could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities.
Increased leverage may also cause a downgrade of our credit rating. Leverage is generally considered a speculative investment technique.
See "Risk Factors—Risks Related to Our Business and Structure—We employ leverage, which magnifies the potential for
gain or loss on amounts invested and may increase the risk of investing in us."

 The agreements governing our Encina Credit Facility and our Live
Oak Credit Facility contain various covenants that, among other things, limit our discretion in operating our business and provide for
certain minimum financial covenants.

 The agreements governing the Encina Credit Facility and the Live Oak
Credit Facility contain customary default provisions such as the termination or departure of certain "key persons" of Saratoga
Investment Advisors, a material adverse change in our business and the failure to maintain certain minimum loan quality and performance
standards. An event of default under the Encina Credit Facility or the Live Oak Credit Facility would result, among other things, in termination
of the availability of further funds under the Encina Credit Facility or the Live Oak Credit Facility and an accelerated maturity date
for all amounts outstanding under the Encina Credit Facility or the Live Oak Credit Facility, which would likely disrupt our business
and, potentially, the portfolio companies whose loans we financed through the Encina Credit Facility or the Live Oak Credit Facility.
This could reduce our revenues and, by delaying any cash payment allowed to us under the Encina Credit Facility or the Live Oak Credit
Facility until the lender has been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain
our status as a RIC.

 Each loan origination under the respective facility is subject to the
satisfaction of certain conditions. We cannot assure you that we will be able to borrow funds under the Encina Credit Facility or Live
Oak Credit Facility at any particular time or at all.

 We will be subject to U.S. federal income tax imposed at corporate
rates if we fail to qualify as a RIC.

 We have elected to be treated and intend to maintain our qualification
annually as a RIC under Subchapter M of the Code; however, no assurance can be given that we will be able to maintain our RIC tax treatment.
As a RIC, we are not subject to U.S. federal income tax on our income (including realized gains) that is timely distributed to our stockholders,
provided that we satisfy certain source-of-income, annual distribution and asset–diversification requirements. While we are not
subject to U.S. federal income tax on the income and gains we timely distribute to our stockholders, our stockholders will be required
to include the amounts of such distributions in income and may be subject to U.S. federal income tax on such amounts.

 The source-of-income requirement is satisfied if we derive at least
90% of our annual gross income from interest, dividends, payments with respect to certain securities loans, gains from the sale or other
disposition of securities or options thereon or foreign currencies, or other income derived with respect to our business of investing
in such securities or currencies, and net income from interests in "qualified publicly traded partnerships," as defined in
the Code.

 The annual distribution requirement generally is satisfied if we timely
distribute to our stockholders on an annual basis an amount equal to at least 90% of our ordinary net taxable income and realized net
short-term capital gains in excess of realized net long-term capital losses, if any, reduced by deductible expenses. We are subject to
certain asset coverage ratio requirements under the 1940 Act and covenants under our borrowing agreements that could, under certain circumstances,
restrict us from making the required distributions. In such case, if we are unable to obtain cash from other sources or are prohibited
from making distributions, we may be subject to U.S. federal income tax at corporate rates.

 The asset-diversification requirements will be satisfied if we diversify
our holdings so that at the end of each quarter of the taxable year: (i) at least 50% of the value of our assets consists of cash, cash
equivalents, U.S. government securities, securities of other regulated investment companies, and other securities if such other securities
of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the
issuer; and (ii) no more than 25% of the value of our assets is invested in (a) the securities, other than U.S. government securities
or securities of other regulated investment companies, of one issuer, (b) the securities, other than securities of other RICs, of two
or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related
trades or businesses or (c) the securities of one or more "qualified" publicly traded partnerships.

 Failure to meet these tests may result in our having to (i) dispose
of certain investments or (ii) raise additional capital to prevent the loss of our RIC qualification. Because most of our investments
will be in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we
raise additional capital to satisfy the asset- diversification requirements, it could take us time to invest such capital. During this
period, we will invest the additional capital in temporary investments, such as cash and cash equivalents, which we expect will earn yields
substantially lower than the interest income that we anticipate receiving in respect of investments in leveraged loans and mezzanine debt.

 If we fail to qualify as a RIC for any reason, all of our taxable income
will be subject to U.S. federal income tax at regular corporate rates. The resulting tax liability could substantially reduce our net
assets, the amount of income available for distribution to our common stockholders or payment of our outstanding indebtedness including
the Notes. Such a failure would have a material adverse effect on our results of operations and financial condition.

 Because we intend to distribute between 90% and 100% of our income
to our stockholders in connection with our election to be treated as a RIC, we will continue to need additional capital to finance our
growth. If additional funds are unavailable or not available on favorable terms, our ability to grow will be impaired.

 In order to qualify for the tax benefits available to RICs and to minimize
U.S. federal income taxes at corporate rates, we intend to distribute to our stockholders between 90% and 100% of our annual taxable income
and capital gains, except that we may retain certain net capital gains for investment and treat such amounts as deemed distributions to
our stockholders. If we elect to treat any amounts as deemed distributions, we must pay U.S. federal income taxes at the corporate rate
on such deemed distributions on behalf of our stockholders. As a result of these requirements, we will likely need to raise capital from
other sources to grow our business. As a BDC, we generally are required to meet a coverage ratio of total assets, less liabilities and
indebtedness not represented by senior securities, to total senior securities, which includes all of our borrowings and any outstanding
preferred stock, of at least 150% as of April 16, 2019. These requirements limit the amount that we may borrow. Because we will continue
to need capital to grow our investment portfolio, these limitations may prevent us from incurring debt and require us to raise additional
equity at a time when it may be disadvantageous to do so.

 While we expect to be able to borrow and to issue additional debt and
equity securities, we cannot assure you that debt and equity financing will be available to us on favorable terms, or at all. Also, as
a BDC, we generally are not permitted to issue equity securities priced below NAV without stockholder approval. If additional funds are
not available to us, we could be forced to curtail or cease new investment activities, and our NAV and share price could decline.

 We may have difficulty paying our required distributions if we
recognize income before or without receiving cash in respect of such income.

 For U.S. federal income tax purposes, we may be required to recognize
taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, we may on occasion hold debt
obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK or, in certain
cases, increasing interest rates or issued with warrants) and we must include in income each year a portion of the original issue discount
that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable
year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees
that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. In addition, we may be required
to accrue for U.S. federal income tax purposes amounts attributable to our investment in Saratoga CLO, a collateralized loan obligation
fund, that may differ from the distributions paid in respect of our investment in the subordinated notes of such collateralized loan obligation
fund because of the factors set forth above or because distributions on the subordinated notes are contractually required to be diverted
for reinvestment or to pay down outstanding indebtedness.

 Because original issue discount will be included in the Company's
"investment company taxable income" for the year of the accrual, we may be requested to make distributions to shareholders
to satisfy the annual distribution requirement applicable to RICs, even where we have not received any corresponding cash amount. As a
result, we may have difficulty meeting the annual distribution requirement necessary to maintain favorable tax treatment. If we are not
able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may become subject to U.S federal income
tax at corporate rates. Additionally, because investments with a deferred payment feature may have the effect of deferring a portion of
the borrower's payment obligation until maturity of the debt investment, it may be difficult for us to identify and address developing
problems with borrowers in terms of their ability to repay us.

 We operate in a highly competitive market for investment opportunities.

 A number of entities compete with us to make the types of investments
that we make in private middle-market companies. We compete with other BDCs, public and private funds (including SBICs), commercial and
investment banks, commercial financing companies, insurance companies, high-yield investors, hedge funds, and, to the extent they provide
an alternative form of financing, private equity funds. Many of our competitors are substantially larger and have considerably greater
financial, technical and marketing resources than us. Some competitors may have a lower cost of funds and access to funding sources that
are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments that could
allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are
not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. As a result of this competition, we may not be able
to take advantage of attractive investment opportunities from time to time, and we cannot assure you that we will be able to identify
and make investments that meet our investment objective.

 While we do not seek to compete primarily based on the interest rates
we offer, we believe that some our competitors may make loans with interest rates that are comparable or lower than the rates we offer.

 We may lose investment opportunities if we do not match our competitors'
pricing, terms and structure. If we match our competitors' pricing, terms and structure, we may experience decreased net interest
income and increased risk of credit loss. As a result of operating in such a competitive environment, we may make investments that are
on better terms to our portfolio companies than we originally anticipated, which may impact our return on these investments.

 We are a non-diversified investment company within the meaning
of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a
single issuer.

 We are classified as a non-diversified investment company within the
meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may
invest in securities of a single issuer. Although we seek to maintain a diversified portfolio in accordance with our business strategies,
to the extent that we assume large positions in the securities of a small number of issuers, our NAV may fluctuate to a greater extent
than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the
issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond
our RIC asset-diversification requirements, we do not have fixed guidelines for diversification, and our investments could be concentrated
in relatively few portfolio companies.

 Our financial condition and results of operations depend on our
ability to manage future investments effectively.

 Our ability to achieve our investment objective depends on our ability
to acquire suitable investments and monitor and administer those investments, which depends, in turn, on Saratoga Investment Advisors'
ability to identify, invest in and monitor companies that meet our investment criteria.

 Accomplishing this result on a cost-effective basis is largely a function
of Saratoga Investment Advisors' structuring of the investment process and its ability to provide competent, attentive and efficient
service to us. Our executive officers and the officers and employees of Saratoga Investment Advisors have substantial responsibilities
in connection with their roles at Saratoga Partners as well as responsibilities under the Management Agreement. They may also be called
upon to provide managerial assistance to our portfolio companies. These demands on their time, which will increase as the number of investments
grow, may distract them or slow the rate of investment. In order to grow, Saratoga Investment Advisors may need to hire, train, supervise
and manage new employees. However, we cannot assure you that any such employees will contribute beneficially to the work of Saratoga Investment
Advisors. Any failure to manage our future growth effectively could have a material adverse effect on our business and financial condition.

 We may experience fluctuations in our quarterly and annual results.

 We could experience fluctuations in our quarterly operating results
due to a number of factors, including the interest rate payable on the debt investments we make, the default rate on such investments,
the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, changes in our
portfolio composition, the degree to which we encounter competition in the markets in which we operate and general economic conditions.
As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. In
addition, any of these factors could negatively impact our ability to achieve our investment objectives, which may cause the NAV of our
common stock to decline.

 Terrorist attacks, acts of war, or natural disasters may affect
any market for our common stock, impact the businesses in which we invest and harm our business, operating results and financial condition.

 Portfolio investments may be affected by force majeure events (i.e., events
beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes,
war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including a portfolio company
or a counterparty to us or a portfolio company) to perform its obligations until it is able to remedy the force majeure event. In addition,
the cost to a portfolio company of repairing or replacing damaged assets resulting from such force majeure event could be considerable.
Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control
over one or more companies or its assets, could result in a loss to us, including if its investment in such issuer is cancelled, unwound
or acquired (which could be without what we consider to be adequate compensation). To the extent we are exposed to investments in portfolio
companies that as a group are exposed to such force majeure events, the risks and potential losses to us are enhanced.

 The continued threat of global terrorism and the impact of military
and other action will likely continue to cause volatility in the economies of certain countries, contribute to increased market volatility
and economic uncertainties or deterioration in the United States and worldwide and various aspects thereof, including in prices of commodities.
Our portfolio investments may involve significant strategic assets having a national or regional profile. The nature of these assets could
expose them to a greater risk of being the subject of a terrorist attack than other assets or businesses. Acts of war could similarly
lead to such volatility. For example, in response to the conflict between Russia and Ukraine, the United States and other countries have
imposed sanctions or other restrictive actions against Russia. In addition, the ongoing hostilities in the Middle East and escalating
tensions in the region may create volatility and disruption of global markets. Any of the above factors, including sanctions, export controls,
tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows,
and results of operations, and could cause the market value of our common stock to decline.

 Substantially all of our portfolio investments are recorded at
fair value as determined in good faith by our board of directors; such valuations are inherently uncertain and may be materially higher
or lower than the values that we ultimately realize upon the disposal of such investments.

 Substantially all of our portfolio is, and we expect will continue
to be, comprised of investments that are not publicly traded. The value of investments that are not publicly traded may not be readily
determinable. We value these investments quarterly at fair value as determined in good faith by our board of directors. Saratoga Investment
Advisors may utilize the services of an independent valuation firm to aid it in determining fair value of investments for which market
quotations are not readily available. The types of factors that may be considered in valuing our investments include the nature and realizable
value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company
does business, market yield trend analysis, comparison to publicly traded companies, discounted cash flow and other relevant factors.
Because such valuations, and particularly valuations of private investments and private companies are inherently uncertain, may fluctuate
over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that
would have been used if a ready market for these investments existed. Our NAV could be materially affected if the determinations regarding
the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such
investments.

 Our board of directors may change our investment objective, operating
policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.

 Our board of directors has the authority to modify or waive our current
investment objective, operating policies and strategies without prior notice and without stockholder approval. We cannot predict the effect
any changes to our current operating policies and strategies would have on our business, financial condition, and value of our common
stock. However, the effects might be adverse, which could negatively impact our ability to pay dividends and cause you to lose all or
part of your investment.

 Any failure to comply with SBA regulations could have an adverse
effect on our operations.

 Our wholly owned subsidiaries, SBIC II LP and SBIC III LP, received
an SBIC license from the SBA on August 14, 2019 and September 29, 2022, respectively.

 The SBA places certain limitations on the financing terms of investments
by SBICs in portfolio companies and prohibits SBICs from providing funds for certain purposes or to businesses in a few prohibited industries.
Compliance with SBIC requirements may cause our SBIC subsidiaries to forego attractive investment opportunities that are not permitted
under SBA regulations.

 Further, SBA regulations require that an SBIC be periodically examined
and audited by the SBA to determine its compliance with the relevant SBA regulations. The SBA prohibits, without prior SBA approval, a
"change of control" of an SBIC or transfers that would result in any person (or a group of persons acting in concert) owning
10% or more of a class of capital stock of an SBIC. If our SBIC Subsidiaries fail to comply with applicable SBA regulations, the SBA could,
depending on the severity of the violation, limit or prohibit its use of debentures, declare outstanding debentures immediately due and
payable, and/or limit it from making new investments. In addition, the SBA can revoke or suspend a license for willful or repeated violation
of, or willful or repeated failure to observe, any provision of the Small Business Investment Act of 1958 or any rule or regulation promulgated
thereunder. These actions by the SBA would, in turn, negatively affect us because our SBIC Subsidiaries are our wholly owned subsidiaries.
Any failure to comply with SBA regulations may hinder our ability to take advantage of our SBIC subsidiaries' access to SBA-guaranteed
debentures, which could have an adverse effect on our operations.

 RISKS RELATED TO THE CURRENT ENVIRONMENT

 Global economic, political and market conditions may adversely
affect our business, results of operations and financial condition, including our revenue growth and profitability.

 The current worldwide financial market situation, as well as various
social and political tensions in the United States and around the world (including wars and other forms of conflict, terrorist acts, security
operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may contribute
to increased market volatility, may have long-term effects on the U.S. and worldwide financial markets, and may cause economic uncertainties
or deterioration in the United States and worldwide.

 On January 31, 2020, the United Kingdom ended its membership in the
European Union, referred to as "Brexit." Following the termination of a transition period, the United Kingdom and the European
Union entered into a trade and cooperation agreement to govern the future relationship between the parties, which was entered into force
on May 1, 2021 following ratification by the European Union. In addition, on December 24, 2020, the European Union and United Kingdom
governments signed a trade deal that governs the relationship between the United Kingdom and the European Union (the "Trade Agreement").
The Trade Agreement implements significant regulation around trade, transport of goods and travel restrictions between the United Kingdom
and the European Union.

 Notwithstanding the foregoing, the longer term economic, legal, political
and social implications of Brexit are unclear at this stage and are likely to continue to lead to ongoing political and economic uncertainty
and periods of increased volatility in both the United Kingdom and in wider European markets for some time. In particular, Brexit could
lead to calls for similar referendums in other European Union jurisdictions, which could cause increased economic volatility in the European
and global markets. This mid- to long-term uncertainty could have adverse effects on the economy generally and on our ability to earn
attractive returns. In particular, currency volatility could mean that our returns are adversely affected by market movements and could
make it more difficult, or more expensive, for us to execute prudent currency hedging policies.

 We are currently operating in a period of significant market
disruption and economic uncertainty, which may have a negative impact on our business, financial condition and results of operations.
An extended disruption in the capital markets and the credit markets could negatively affect our business.

 From time to time, capital markets may experience periods of disruption
and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of COVID-19
that began in December 2019, the conflict between Russia and Ukraine that began in late February 2022, and the ongoing war in the Middle
East (see "Risk Factors—Risks Related to Our Business and Structure—Terrorist attacks, acts of war, or natural disasters
may affect any market for our common stock, impact the businesses in which we invest and harm our business, operating results and financial
condition" for more information). Even after the COVID-19 pandemic subsided, the U.S. economy, as well as most other major economies,
have continued to experience unpredictable economic conditions, and we anticipate our businesses would be materially and adversely affected
by any prolonged economic downturn or recession in the United States and other major markets. In addition, disruptions in the capital
markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts
of the capital markets. These types of events have adversely affected and could continue to adversely affect operating results for us
and for our portfolio companies.

 The current economic conditions have resulted in an adverse impact
on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the
volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of
which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among
other things. The U.S. credit markets (in particular for middle-market loans) have experienced the following among other things: (i) increased
draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments
and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining
refinancing at the maturity dates of their loans and increased uses of PIK features; and (iii) greater volatility in pricing and
spreads and difficulty in valuing loans during periods of increased volatility, and liquidity issues.

 With respect to loans to portfolio companies, the Company will be impacted
if, among other things, (i) amendments and waivers are granted (or are required to be granted) to borrowers permitting deferral of loan
payments or allowing for PIK interest payments, (ii) borrowers default on their loans, are unable to refinance their loans at maturity,
or go out of business, or (iii) the value of loans held by the Company decreases as a result of such events and the uncertainty they cause.
Portfolio companies may also be more likely to seek to draw on unfunded commitments we have made, and the risk of being unable to fund
such commitments is heightened during such periods. Depending on the duration and extent of the disruption to the business operations
of our portfolio companies, we expect some portfolio companies, particularly those in vulnerable industries, to experience financial distress
and possibly to default on their financial obligations to us and/or their other capital providers. In addition, if such portfolio companies
are subjected to prolonged and severe financial distress, we expect some of them to substantially curtail their operations, defer capital
expenditures, and lay off workers. These developments would be likely to permanently impair their businesses and result in a reduction
in the value of our investments in them.

 These conditions and future market disruptions and/or illiquidity could
have an adverse effect on our (and our portfolio companies') business, financial condition, results of operations and cash flows.
Ongoing unfavorable economic conditions may increase our funding costs, limit our access to the capital markets or result in a decision
by lenders not to extend credit to our portfolio companies and/or us. These events have limited and could continue to limit our investment
originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and
equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the
global financial markets, deterioration in credit and financing conditions, continued increases in interest rates, or uncertainty regarding
U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business,
financial condition and results of operations.

 While we intend to continue to source and invest in new loan transactions
to U.S. middle-market companies, we cannot be certain that we will be able to do so successfully or consistently. A lack of suitable investment
opportunities may impair our ability to make new investments, and may negatively impact our earnings and result in decreased dividends
to our shareholders.

 If current economic conditions continue for an extended period of time,
loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline
in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their
ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor
net worth could result in increased costs and reduced income which would have a material adverse effect on our business, financial condition
or results of operations. We also continue to observe supply chain interruptions, labor difficulties, commodity inflation and elements
of economic and financial market instability both globally and in the United States, which could adversely impact our results of operations
and financial condition.

 We will need to raise additional capital in the future in order to
continue to make investments in accordance with our business and investing strategy and to pursue new business opportunities. Ongoing
disruptive conditions in the financial industry and the impact of new legislation in response to those conditions could restrict our business
operations and could adversely impact our results of operations and financial condition.

 We cannot be certain as to the duration or magnitude of the ongoing
economic conditions in the markets in which we and our portfolio companies operate and corresponding declines in economic activity that
may negatively impact the U.S. economy and the markets for the various types of goods and services provided by U.S. middle-market companies.
Depending on the duration, magnitude and severity of these conditions and their related economic and market impacts, certain of our portfolio
companies may suffer declines in earnings and could experience financial distress, which could cause them to default on their financial
obligations to us and their other lenders.

 We will also be negatively affected if our operations and effectiveness
or the operations and effectiveness of a portfolio company (or any of the key personnel or service providers of the foregoing) is compromised
or if necessary or beneficial systems and processes are disrupted. In consideration of these and related factors, we may downgrade our
internal ratings with respect to other portfolio companies in the future as conditions warrant and new information becomes available.

 Inflation may adversely affect the business, results of operations
and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.

 Certain of our portfolio companies may be impacted by inflation, which
may, in turn, impact the valuation of such portfolio companies. If such portfolio companies are unable to pass any increases in their
costs along to their customers, it could adversely affect their results and their ability to pay interest and principal on our loans,
particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies'
operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our
investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

 Further downgrades of the U.S. credit rating, automatic spending
cuts, or another government shutdown could negatively impact our liquidity, financial condition and earnings.

 U.S. debt ceiling and budget deficit concerns
have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. U.S.
lawmakers have passed legislation to raise the federal debt ceiling on multiple occasions, including, most recently, in June 2023, which
suspended the debt ceiling through early 2025 unless Congress takes legislative action to further extend or defer it. Despite taking action
to suspend the debt ceiling, ratings agencies have threatened to lower the long-term sovereign credit rating on the United States, including
Fitch downgrading the U.S. government's credit rating from AAA to AA+ in August 2023 and Moody's lowering the U.S. government's
credit rating outlook from "stable" to "negative" in November 2023. There is no guarantee that there will not
be a further downgrade in the future.

 The impact of the increased debt ceiling and/or downgrades to the U.S.
government's sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets
and economic conditions. These developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability
to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government
to shut down for periods of time and may lead to additional shutdowns in the future. Continued adverse political and economic conditions
could have a material adverse effect on our business, financial condition and results of operations.

 Economic recessions or downturns could impair the ability of
our portfolio companies to repay loans and harm our operating results.

 Many of our portfolio companies are susceptible to economic slowdowns
or recessions, and, as a result, may be unable to repay our loans during these periods. Therefore, any non-performing assets are likely
to increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions also may decrease
the value of any collateral securing some of our loans and the value of our equity investments and could lead to financial losses in our
portfolio and a corresponding decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding
costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent
us from increasing our investments and harm our operating results.

 A portfolio company's failure to satisfy financial or operating
covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of its loans and foreclosure on its assets,
which could trigger cross-defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations
under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new
terms with a defaulting portfolio company. It is possible that we could become subject to a lender liability claim, including as a result
of actions taken if we or Saratoga Investment Advisors renders significant managerial assistance to the borrower. Furthermore, if one
of our portfolio companies were to file for bankruptcy protection, even though we may have structured our investment as senior secured
debt, depending on the facts and circumstances, including the extent to which we or Saratoga Investment Advisors provided managerial assistance
to that portfolio company or otherwise exercise control over it, a bankruptcy court might re-characterize our debt as a form of equity
and subordinate all or a portion of our claim to claims of other creditors.

 RISKS RELATED TO OUR ADVISER AND ITS AFFILIATES

 We may be obligated to pay Saratoga Investment Advisors incentive
fees even if we incur a net loss, or there is a decline in the value of our portfolio.

 Saratoga Investment Advisors is entitled to incentive fees for each
fiscal quarter in an amount equal to a percentage of the excess of our investment income for that quarter (before deducting incentive
compensation, but net of operating expenses and certain other items) above a threshold return for that quarter. Our pre-incentive fee
net investment income, for incentive compensation purposes, excludes realized and unrealized capital gains or losses that we may incur
in the fiscal quarter, even if such capital gains or losses result in a net gain or loss on our consolidated statements of operations
for that quarter. Thus, we may be required to pay Saratoga Investment Advisors incentive fees for a fiscal quarter even if there is a
decline in the value of our portfolio or we incur a net loss for that quarter.

 Under the terms of the Management Agreement, we may have to pay
incentive fees to Saratoga Investment Advisors in connection with the sale of an investment that is sold at a price higher than the fair
value of such investment on May 31, 2010, even if we incur a loss on the sale of such investment.

 Incentive fees on capital gains paid to Saratoga Investment Advisors
under the Management Agreement equals 20.0% of our "incentive fee capital gains," which equals our 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. Under the Management Agreement, 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 Saratoga Investment Advisors will be entitled
to 20.0% of the incentive fee capital gains that arise after May 31, 2010. In addition, 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. See our Form 10-Q for
the quarter ended May 31, 2010 that was filed with the SEC on July 15, 2010 for the fair value and other information related to our investments
as of such date. As a result, we may be required to pay incentive fees to Saratoga Investment Advisors on the sale of an investment even
if we incur a realized loss on such investment, so long as the investment is sold for an amount greater than its fair value as of May
31, 2010.

 The way in which the base management and incentive fees under
the Management Agreement is determined may encourage Saratoga Investment Advisors to take actions that may not be in our best interests.

 The incentive fee payable by us to our Investment Adviser may create
an incentive for it to make investments on our behalf that are risky or more speculative than would be the case in the absence of such
compensation arrangement, which could result in higher investment losses, particularly during cyclical economic downturns. The way in
which the incentive fee payable to our Investment Adviser is determined, which is calculated separately in two components as a percentage
of the income (subject to a hurdle rate) and as a percentage of the realized gain on invested capital, may encourage our Investment Adviser
to use leverage to increase the return on our investments or otherwise manipulate our income so as to recognize income in quarters where
the hurdle rate is exceeded.

 Moreover, we pay Saratoga Investment Advisors a base management fee
based on our total assets, including any investments made with borrowings, which may create an incentive for it to cause us to incur more
leverage than is prudent, or not to repay our outstanding indebtedness when it may be advantageous for us to do so, in order to maximize
its compensation. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor the holders
of our securities.

 The incentive fee payable by us to our Investment Adviser also may
create an incentive for our Investment Adviser to invest on our behalf in instruments that have a deferred interest feature. Under these
investments, we would accrue the interest over the life of the investment but would not receive the cash income from the investment until
the end of the investment's term, if at all. Our net investment income used to calculate the income portion of our incentive fee,
however, includes accrued interest. Thus, a portion of the incentive fee would be based on income that we have not yet received in cash
and may never receive in cash if the portfolio company is unable to satisfy such interest payment obligation to us. Consequently, while
we may make incentive fee payments on income accruals that we may not collect in the future and with respect to which we do not have a
"claw back" right against our Investment Adviser per se, the amount of accrued income written off in any period will reduce
the income in the period in which such write-off was taken and may thereby reduce such period's incentive fee payment.

 In addition, Saratoga Investment Advisors receives a quarterly income
incentive fee based, in part, on our pre-incentive fee net investment income, if any, for the immediately preceding calendar quarter.
This income incentive fee is subject to a fixed quarterly hurdle rate before providing an income incentive fee return to Saratoga Investment
Advisors. This fixed hurdle rate was determined when then current interest rates were relatively low on a historical basis. Thus, if interest
rates rise, it would become easier for our investment income to exceed the hurdle rate and, as a result, more likely that Saratoga Investment
Advisors will receive an income incentive fee than if interest rates on our investments remained constant or decreased. However, if we
repurchase our outstanding debt securities, including the Notes, and such repurchase results in our recording a net gain or loss on the
extinguishment of debt for financial reporting and tax purposes, such net gain or loss will not be included in our pre-incentive fee net
investment income for purposes of determining the income incentive fee payable to our Investment Adviser under the Management Agreement.
Moreover, our Investment Adviser receives the incentive fee based, in part, upon net capital gains realized on our investments. Unlike
the portion of the incentive fee based on income, there is no performance threshold applicable to the portion of the incentive fee based
on net capital gains. As a result, our Investment Adviser may have a tendency to invest more in investments that are likely to result
in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities
than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

 Our board of directors will seek to ensure that Saratoga Investment
Advisors is acting in our best interests and that any conflict of interest faced by Saratoga Investment Advisors in its capacity as our
Investment Adviser does not negatively impact us.

 The base management fee we pay to Saratoga Investment Advisors
may induce it to influence our leverage, which may be contrary to our interest.

 We pay Saratoga Investment Advisors a quarterly base management fee
based on the value of our total assets (including any assets acquired with leverage). Accordingly, Saratoga Investment Advisors has an
economic incentive to increase our leverage. Our board of directors monitors the conflicts presented by this compensation structure by
approving the amount of leverage that we incur. If our leverage is increased, we will be exposed to increased risk of loss, bear the increase
cost of issuing and servicing such senior indebtedness, and will be subject to any additional covenant restrictions imposed on us in an
indenture or other instrument or by the applicable lender.

 Saratoga Investment Advisors' liability is limited under
the Management Agreement and we will indemnify Saratoga Investment Advisors against certain liabilities, which may lead it to act in a
riskier manner on our behalf than it would when acting for its own account.

 Saratoga Investment Advisors has not assumed any responsibility to
us other than to render the services described in the Management Agreement. Pursuant to the Management Agreement, Saratoga Investment
Advisors and its officers and employees are not liable to us for their acts under the Management Agreement absent willful misfeasance,
bad faith, gross negligence or reckless disregard in the performance of their duties. We have agreed to indemnify, defend and protect
Saratoga Investment Advisors and its officers and employees with respect to all damages, liabilities, costs and expenses resulting from
acts of Saratoga Investment Advisors not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the
performance of their duties under the Management Agreement. These protections may lead Saratoga Investment Advisors to act in a riskier
manner when acting on our behalf than it would when acting for its own account.

 Our ability to enter into transactions with our affiliates is
restricted.

 Because we have elected to be treated as a BDC, we are prohibited under
the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of our independent directors
and, in some cases, the SEC. Any person that owns, directly or indirectly, 5.0% or more of our outstanding voting securities is our affiliate
for purposes of the 1940 Act and we are generally prohibited from buying or selling any securities (other than any security of which we
are the issuer) from or to such affiliate, absent the prior approval of our independent directors. The 1940 Act also prohibits certain
"joint" transactions with certain of our affiliates, which could include investments in the same portfolio company, without
prior approval of our independent directors and, in some cases, the SEC. If a person acquires more than 25.0% of our voting securities,
we are prohibited from buying or selling any security (other than any security of which we are the issuer) from or to such person or certain
of that person's affiliates, or entering into prohibited joint transactions with such person, absent the prior approval of the SEC.
Similar restrictions limit our ability to transact business with our officers, directors or Investment Adviser or their affiliates. We
rely on the Order granted to us, Saratoga Investment Advisors and certain of its affiliates by the SEC that permits us to participate
in negotiated co-investment transactions with certain other funds and accounts managed and controlled by Saratoga Investment Advisors
or a control affiliate thereof, subject to the satisfaction of certain conditions. These restrictions may limit the scope of investment
opportunities that would otherwise be available to us and there can be no assurance that we will be able to participate in all investment
opportunities that are suitable to us.

 RISKS RELATED TO OUR INVESTMENTS

 If we make unsecured debt investments, we may lack adequate protection
in the event our portfolio companies become distressed or insolvent and will likely experience a lower recovery than more senior debtholders
in the event our portfolio companies default on their indebtedness.

 We make unsecured debt investments in portfolio companies. Unsecured
debt investments are unsecured and junior to other indebtedness of the portfolio company. As a consequence, the holder of an unsecured
debt investment may lack adequate protection in the event the portfolio company becomes distressed or insolvent and will likely experience
a lower recovery than more senior debtholders in the event the portfolio company defaults on its indebtedness. In addition, unsecured
debt investments of middle-market companies are often highly illiquid and in adverse market conditions may experience steep declines in
valuation even if they are fully performing.

 If we invest in the securities and other obligations of distressed
or bankrupt companies, such investments may be subject to significant risks, including lack of income, extraordinary expenses, uncertainty
with respect to satisfaction of debt, lower-than expected investment values or income potentials and resale restrictions.

 We are authorized to invest in the securities and other obligations
of distressed or bankrupt companies. At times, distressed debt obligations may not produce income and may require us to bear certain extraordinary
expenses (including legal, accounting, valuation and transaction expenses) in order to protect and recover our investment. Therefore,
to the extent we invest in distressed debt, our ability to achieve current income may be diminished which may affect our ability to make
distributions on our common stock or make interest and principal payments of the Notes.

 We also will be subject to significant uncertainty as to when and in
what manner and for what value the distressed debt we invest in will eventually be satisfied (e.g., through a liquidation of the obligor's
assets, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction
of the obligation). In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt
held by us, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan
of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made.

 Moreover, any securities received by us upon completion of an exchange
offer or plan of reorganization may be restricted as to resale. As a result of our participation in negotiations with respect to any exchange
offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities if
we are in possession of material non-public information relating to the issuer.

 Second priority liens on collateral securing loans that we make
to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of
the collateral may not be sufficient to repay in full both the first priority creditors and us.

 Certain loans that we make to portfolio companies will be secured on
a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral
will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that
may be permitted to be incurred by the company under the agreements governing the loans. The holders of obligations secured by the first
priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of
the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will
depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if
any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority
liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient
to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the
proceeds of the sale of the collateral, will only have an unsecured claim against the company's remaining assets, if any.

 The rights we may have with respect to the collateral securing the
loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor
agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that
have the benefit of the first priority liens are outstanding, any of the following actions that may be taken with respect to the collateral
will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement
of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments
to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have
the ability to control or direct such actions, even if our rights are adversely affected.

 A majority of our debt investments are not required to make principal
payments until the maturity of such debt securities and are generally riskier than other types of loans.

 As of February 28, 2025, 87.1% of our debt portfolio consisted
of "interest-only" loans, which are structured such that the borrower makes only interest payments throughout the life of
the loan and makes a large, "balloon payment" at the end of the loan term. The ability of a borrower to make or refinance
a balloon payment may be affected by a number of factors, including the financial condition of the borrower, prevailing economic conditions,
interest rates, and collateral values. If the interest-only loan borrower is unable to make or refinance a balloon payment, we may experience
greater losses than if the loan were structured as amortizing.

 We may be exposed to higher risks with respect to our investments
that include PIK interest, particularly our investments in interest-only loans.

 To the extent our portfolio investments permit PIK interest and our
portfolio companies elect to pay PIK interest, we will be exposed to higher risks, including the following:

 because PIK interest results in an increase in the size of the loan balance of the underlying loan, our exposure to potential loss increases when we receive PIK interest;

 PIK instruments may have higher yields, which reflect the payment deferral and credit risk associated with these instruments;

 PIK accruals may create uncertainty about the source of our distributions to stockholders;

 PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of the collateral.

 To the extent our investments are structured as interest-only loans,
PIK interest will increase the size of the balloon payment due at the end of the loan term. PIK interest payments on such loans may increase
the probability and magnitude of a loss on our investment, particularly with respect to our interest-only loans. As of February 28, 2025,
14.0% of our interest-only loans provided for contractual PIK interest, which represents contractual interest added to a loan balance
and due at the end of such loan's term, and 29.5% of such investments elected to pay a portion of interest due in PIK. As
of February 28, 2025, 0.8% of the Company's interest-only loans are loans that pay contractual PIK interest only.

 The lack of liquidity in our investments may adversely affect
our business.

 We primarily make investments in private companies. A portion of these
securities may be subject to legal and other restrictions on resale, transfer, pledge or other disposition or will otherwise be less
liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the
need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less
than the value at which we have previously recorded our investments. In addition, we may face other restrictions on our ability to liquidate
an investment in a business entity to the extent that we or our Investment Adviser has or could be deemed to have material non-public
information regarding such business entity.

 We may not have the funds to make additional investments in our
portfolio companies which could impair the value of our portfolio.

 After our initial investment in a portfolio company, we may be called
upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise
of a warrant to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments.
Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative
impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in
a successful operation or may reduce the expected yield on the investment. Even if we have sufficient capital to make a desired follow-on investment,
we may elect not to make a follow-on investment because we may not want to increase our level of risk, because we prefer other
opportunities or because we are inhibited by compliance with BDC requirements, SBA regulations or the desire to maintain our RIC tax treatment.
Our ability to make follow-on investments may also be limited by our Investment Adviser allocation policy.

 The debt securities in which we invest are subject to credit
risk and prepayment risk.

 An issuer of a debt security may be unable to make interest payments
and repay principal. We could lose money if the issuer of a debt obligation is, or is perceived to be, unable or unwilling to make timely
principal and/or interest payments, or to otherwise honor its obligations. Substantially all of the debt investments held in our portfolio
hold a non-investment grade rating by one or more rating agencies or, if not rated, would be rated below investment grade if they were
rated, which are often referred to as "junk."

 Certain debt instruments may contain call or redemption provisions
which would allow the issuer thereof to prepay principal prior to the debt instrument's stated maturity. This is known as prepayment
risk. Prepayment risk is greater during a falling interest rate environment as issuers can reduce their cost of capital by refinancing
higher interest debt instruments with lower interest debt instruments. An issuer may also elect to refinance their debt instruments with
lower interest debt instruments if the credit standing of the issuer improves. To the extent debt securities in our portfolio are called
or redeemed, we may receive less than we paid for such security and we may be forced to reinvest in lower yielding securities or debt
securities of issuers of lower credit quality.

 Our investment in Saratoga CLO constitutes a leveraged investment
in a portfolio of subordinated notes representing the lowest-rated securities issued by a pool of predominantly senior secured first lien
term loans and is subject to additional risks and volatility. All losses in the pool of loans will be borne by our subordinated notes
and only after the value of our subordinated notes is reduced to zero will the higher-rated notes issued by the pool bear any losses.

 At February 28, 2025, our investment in the subordinated
notes of Saratoga CLO, a collateralized loan obligation fund, had a fair value of $0.2 million and constituted 0.02% of our portfolio.
This investment constitutes a first loss position in a portfolio that, as of February 28, 2025, was composed of $527.1 million in aggregate
principal amount of primarily senior secured first lien term loans and $21.3 million in uninvested cash. In addition, as of February
28, 2025, we also own $9.4 million and $11.4 million in aggregate principal of the F-2-R-3 Notes and Class E Notes with a fair value
of $2.3 million and $12.3 million, respectively, in Saratoga CLO and Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd., that only
rank senior to the subordinated notes of each collateralized loan obligation fund. A first loss position means that we will suffer
the first economic losses if the value of Saratoga CLO decreases. First loss positions typically carry a higher risk and earn a higher
yield. Interest payments generated from this portfolio will be used to pay the administrative expenses of Saratoga CLO and interest on
the debt issued by Saratoga CLO before paying a return on the subordinated notes.

 Principal payments will be similarly applied to pay administrative
expenses of Saratoga CLO and for reinvestment or repayment of Saratoga CLO debt before paying a return on, or repayment of, the subordinated
notes. In addition, 80.0% of our fixed management fee and 100.0% our incentive management fee for acting as the collateral manager of
Saratoga CLO is subordinated to the payment of interest and principal on Saratoga CLO debt. Any losses on the portfolio will accordingly
reduce the cash flow available to pay these management fees and provide a return on, or repayment of, our investment. Depending on the
amount and timing of such losses, we may experience smaller than expected returns and, potentially, the loss of our entire investment.

 As the manager of the portfolio of Saratoga CLO, we will have some
ability to direct the composition of the portfolio, but our discretion is limited by the terms of the debt issued by Saratoga CLO which
may limit our ability to make investments that we feel are in the best interests of the subordinated notes, and the availability of suitable
investments. The performance of Saratoga CLO's portfolio is also subject to many of the same risks sets forth in this Annual Report
with respect to portfolio investments in leveraged loans.

 In the event that a bankruptcy court orders the substantive
consolidation of us with Saratoga CLO, the creditors of Saratoga CLO, including the holders of $527.1 million aggregate principal amount
of debt, as of February 28, 2025 issued by Saratoga CLO, would have claims against the consolidated bankruptcy estate, which would include
our assets.

 We believe that we have observed and will observe certain formalities
and operating procedures that are generally recognized requirements for maintaining our separate existence and that our assets and liabilities
can be readily identified as distinct from those of Saratoga CLO. However, we cannot assure you that a bankruptcy court would agree in
the event that we or Saratoga CLO became a debtor in connection with a bankruptcy proceeding. If a bankruptcy court concludes that substantive
consolidation of us with Saratoga CLO is warranted, the creditors of Saratoga CLO would have claims against the consolidated bankruptcy
estate.

 Substantive consolidation means that our assets are placed in a single
bankruptcy estate with those of Saratoga CLO, rather than kept separate, and that the creditors of Saratoga CLO have a claim against that
single estate (including our assets), as opposed to retaining their claims against only Saratoga CLO.

 Our investments in Saratoga CLO have a different risk profile
than would direct investments made by us, including less information available and fewer rights regarding repayment compared to companies
we invest in directly as well as complicated accounting and tax implications.

 Due to our investments in the Saratoga CLO being primarily broadly
syndicated loans, there may be less information available to us on those companies as compared to most investments that we make directly.
For example, we will typically have fewer rights relating to how such companies manage their cash flow to repay debt, the inclusion of
protective covenants, default penalties, lien protection, change of control provisions and board observation rights in deal terms, and
our general ability to oversee the company's operations. Our investment in Saratoga CLO is also subject to the risk of leverage
associated with the debt issued by Saratoga CLO and the repayment priority of senior debt holders in Saratoga CLO.

 The accounting and tax implications of such investments are complicated.
In particular, reported earnings from the equity tranche investment of Saratoga CLO are recorded according to U.S. GAAP based upon an
effective yield calculation. Current taxable earnings on these investments, however, will generally not be determinable until after the
end of the fiscal year of Saratoga CLO that ends within the Company's fiscal year, even though the investment is generating cash
flow. In general, the U.S. federal income tax treatment of investment in Saratoga CLO may result in higher distributable earnings in the
early years and a capital loss at maturity, while for reporting purposes the totality of cash flows are reflected in a constant yield
to maturity.

 The senior loan portfolio of Saratoga CLO may be concentrated
in a limited number of industries or borrowers, which may subject Saratoga CLO, and in turn us, to a risk of significant loss if there
is a downturn in a particular industry in which Saratoga CLO is concentrated.

 Saratoga CLO has senior loan portfolios that may be concentrated in
a limited number of industries or borrowers. A downturn in any particular industry or borrower in which Saratoga CLO is heavily invested
may subject Saratoga CLO, and in turn us, to a risk of significant loss and could significantly impact the aggregate returns we realize.
If an industry in which Saratoga CLO is heavily invested suffers from adverse business or economic conditions, a material portion of our
investment in Saratoga CLO could be affected adversely, which, in turn, could adversely affect our financial position and results of operations.
For example, as of February 28, 2025, Saratoga CLO's investments in the banking, finance, insurance & real estate industry represented
approximately 20.6% of the fair value of Saratoga CLO's portfolio. Companies in the banking, finance, insurance & real estate
industry are subject to general economic downturns and business cycles and will often suffer reduced revenues and rate pressures during
periods of economic uncertainty. In addition, investments in business service represented approximately 9.5% of the fair value of Saratoga
CLO's portfolio. Changes in healthcare or other laws and regulations applicable to the businesses of some of the companies in which
Saratoga CLO invests may occur that could increase their compliance and other costs of doing business, require significant systems enhancements,
or render their products or services less profitable or obsolete, any of which could have a material adverse effect on their results of
operations. There has also been an increased political and regulatory focus on healthcare laws in recent years, and new legislation could
have a material effect on the business and operations of companies in which Saratoga CLO invests.

 Failure by Saratoga CLO to satisfy certain debt compliance ratios
may entitle senior debtholders to additional payments, which may harm our operating results by reducing payments we would otherwise be
entitled to receive from Saratoga CLO.

 The failure by Saratoga CLO to satisfy certain debt compliance ratios,
specifically those with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments
to us. In the event that Saratoga CLO failed these certain tests, senior debt holders may be entitled to additional payments that would,
in turn, reduce the payments we would otherwise be entitled to receive. Separately, we may incur expenses to the extent necessary to seek
recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with Saratoga CLO or any
other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows.

 Downgrades by rating agencies of broadly syndicated loans could
adversely impact the financial performance of Saratoga CLO and its ability to pay equity distributions in the future.

 Ratings agencies have undergone reviews of CLO tranches and their broadly
syndicated loans in response to the COVID-19 pandemic's adverse impact on the economic market. Such reviews have, in some cases,
resulted in downgrades of broadly syndicated loans. Such downgrades of broadly syndicated loans, as well as downgrades of broadly syndicated
loans in the future, could adversely impact the financial performance of Saratoga CLO, thereby limiting Saratoga CLO's ability to
pay equity distributions and subordinated management fees to the Company in the future. The full extent of downgrades by ratings agencies
of broadly syndicated loans is currently unknown, thereby resulting in a high degree of uncertainty with respect to Saratoga CLO's
financial performance and ability to pay equity distributions and subordinated management fees to the Company in the future.

 We may invest through joint ventures, partnerships or other special
purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we
otherwise made such investments directly.

 We may make indirect investments in portfolio companies through joint
ventures, partnerships or other special purpose vehicles, including SLF JV. In general, the risks associated with indirect investments
in portfolio companies through a joint venture, partnership or other special purpose vehicle are similar to those associated with a direct
investment in a portfolio company. While we intend to analyze the credit and business of a potential portfolio company in determining
whether to make an investment in an investment vehicle, we will nonetheless be exposed to the creditworthiness of the investment vehicle.
In the event of a bankruptcy proceeding against the portfolio company, the assets of the portfolio company may be used to satisfy its
obligations prior to the satisfaction of our investment in the investment vehicle (i.e., our investment in the investment vehicle could
be structurally subordinated to the other obligations of the portfolio company). In addition, if we are to invest in an investment vehicle,
we may be required to rely on our partners in the investment vehicle when making decisions regarding such investment vehicle's investments,
accordingly, the value of the investment could be adversely affected if our interests diverge from those of our partners in the investment
vehicle.

 Available information about privately held companies is limited.

 We invest primarily in privately-held companies. Generally, little
public information exists about these companies, and we are required to rely on the ability of our Investment Adviser's investment
professionals to obtain adequate information to evaluate the potential returns from investing in these companies. These companies and
their financial information are not subject to the Sarbanes-Oxley Act of 2002 and other rules that govern public companies. If we are
unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose
money on our investments.

 When we are a debt or minority equity investor in a portfolio
company, we may not be in a position to control the entity, and its management may make decisions that could decrease the value of our
investment.

 We make both debt and minority equity investments; therefore, we are
subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of
such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions
that could decrease the value of our portfolio holdings.

 Our portfolio companies may incur debt or issue equity securities
that rank equally with, or senior to, our investments in such companies.

 Our portfolio companies usually will have, or may be permitted to incur,
other debt, or issue other equity securities that rank equally with, or senior to, our investments. By their terms, such instruments may
provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled
to receive payments in respect of our investments. These debt instruments will usually prohibit the portfolio companies from paying interest
on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency,
liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment
in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our
investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to
us. In the case of debtor ranking equally with our investments, we would have to share on an equal basis any distributions with other
holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

 There may be circumstances where our debt investments could be
subordinated to claims of other creditors or we could be subject to lender liability claims.

 If one of our portfolio companies were to go bankrupt, even though
we may have structured our interest as senior debt, depending on the facts and circumstances, including the extent to which we actually
provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all
or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken
by them where they become too involved in the borrower's business or exercise control over the borrower. It is possible that we
could become subject to a lender's liability claim, including as a result of actions taken if we actually render significant managerial
assistance.

 Our investments in equity securities involve a substantial degree
of risk.

 We purchase common stock and other equity securities. Although equity
securities have historically generated higher average total returns than fixed-income securities over the long-term, equity securities
also have experienced significantly more volatility in those returns and in recent years have significantly underperformed relative to
fixed-income securities. The equity securities we acquire may fail to appreciate and may decline in value or become worthless and our
ability to recover our investment will depend on our portfolio company's success. Investments in equity securities involve a number
of significant risks, including:

 any equity investment we make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness or senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process;

 to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment in equity securities; and

 in some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of our portfolio companies. Even if the portfolio companies are successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can sell our equity investments. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell.

 There are special risks associated with investing in preferred securities,
including:

 preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for U.S. federal income tax purposes even though we have not received any cash payments in respect of such income;

 preferred securities are subordinated with respect to corporate income and liquidation payments, and are therefore subject to greater risk than debt;

 preferred securities may be substantially less liquid than many other securities, such as common securities or U.S. government securities; and

 preferred security holders generally have no voting rights with respect to the issuing company, subject to limited exceptions.

 Our investments in foreign debt, including that of emerging market
issuers, may involve significant risks in addition to the risks inherent in U.S. investments.

 Although there are limitations on our ability to invest in foreign
debt, we may, from time to time, invest in debt of foreign companies, including the debt of emerging market issuers. Investing in foreign
companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in
exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less
available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges,
brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing
standards and greater price volatility.

 Investments in the debt of emerging market issuers may subject us to
additional risks such as inflation, wage and price controls, and the imposition of trade barriers. Furthermore, economic conditions in
emerging market countries are, to some extent, influenced by economic and securities market conditions in other emerging market countries.
Although economic conditions are different in each country, investors' reaction to developments in one country can have effects
on the debt of issuers in other countries.

 Although most of our investments will be U.S. dollar-denominated, our
investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change
in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term
interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital
appreciation, and political developments.

 We may employ hedging techniques to minimize these risks, but we cannot
assure you that we will fully hedge against these risks or that such strategies will be effective. As a result, a change in currency exchange
rates may adversely affect our profitability.

 We may expose ourselves to risks if we engage in hedging transactions.

 We may utilize instruments such as forward contracts, currency options
and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions
from changes in currency exchange rates and market interest rates. Use of these hedging instruments may expose us to counter-party credit
risk. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values
of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed
to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions
may also limit the opportunity for gain if the values of the portfolio positions should increase. Moreover, it may not be possible to
hedge against an exchange rate or interest rate fluctuation that is generally anticipated at an acceptable price.

 The success of our hedging transactions will depend on our ability
to correctly predict movements in currencies and interest rates.

 Therefore, while we may enter into such transactions to seek to reduce
currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer
overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between
price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover,
for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings
being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition,
it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S.
currencies because the value of those securities is likely to fluctuate as a result of factors not entirely related to currency fluctuations.
To the extent we engage in hedging transactions, we also face the risk that counterparties to the derivative instruments we hold may default,
which may expose us to unexpected losses from positions where we believed that our risk had been appropriately hedged.

 Our investments may be risky, and you could lose all or part
of your investment.

 Substantially all of our debt investments hold a non-investment grade
rating by one or more rating agencies (which non-investment grade debt is commonly referred to as "high yield" and "junk"
debt) or, where not rated by any rating agency, would be below investment grade or "junk", if rated. A below investment grade
or "junk" rating means that, in the rating agency's view, there is an increased risk that the obligor on such debt will
be unable to pay interest and repay principal on its debt in full. We also invest in debt that defers or pays PIK interest. To the extent
interest payments associated with such debt are deferred, such debt will be subject to greater fluctuations in value based on changes
in interest rates, such debt could produce taxable income without a corresponding cash payment to us, and since we generally do not receive
any cash prior to maturity of the debt, the investment will be of greater risk.

 In addition, private middle-market companies in which we invest are
exposed to a number of significant risks, including:

 limited financial resources and an inability to meet their obligations, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

 shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

 dependence on the management talents and efforts of a small group of persons; the death, disability, resignation or termination of one or more of which could have a material adverse impact on the company and, in turn, on us;

 less predictable operating results and, possibly, substantial additional capital requirements to support their operations, finance expansion or maintain their competitive position; and

 difficulty accessing the capital markets to meet future capital needs.

 In addition, our executive officers, directors and our Investment Adviser
may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies.

 Our portfolio may continue to be concentrated in a limited number
of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of
our investments are concentrated.

 Our portfolio may continue to be concentrated in a limited number of
industries. A downturn in any particular industry in which we are invested could significantly impact the aggregate returns we realize.

 As of February 28, 2025, our investments in the Healthcare Software
industry represented approximately 8.7% of the fair value of our portfolio and our investments in the Consumer Services industry represented
approximately 6.1% of the fair value of our portfolio. In addition, we may from time to time invest a relatively significant percentage
of our portfolio in industries we do not necessarily target. If an industry in which we have significant investments suffers from adverse
business or economic conditions, as these industries have to varying degrees, a material portion of our investment portfolio could be
affected adversely, which, in turn, could adversely affect our financial position and results of operations.

 A number of our portfolio companies are in the Software-as-a-Service
industry and such companies are subject to additional risks that are unique to that industry, and the financial results of our portfolio
companies in the Software-as-a-Service industry could materially adversely affect our financial results.

 A number of our portfolio companies are in the Software-as-a-Service
("SAAS") industry and such companies are subject to additional risks that are unique to the SAAS industry. For example, such
portfolio companies may be subject to consumer protection laws that are enforced by regulators such as the Federal Trade Commission ("FTC")
and private parties, and include statutes that regulate the collection and use of information for marketing purposes. Any new legislation
or regulations regarding the Internet, mobile devices, software sales or export and/or the cloud or SAAS industry, and/or the application
of existing laws and regulations to the Internet, mobile devices, software sales or export and/or the cloud or SAAS industry, could create
new legal or regulatory burdens on our portfolio companies that could have a material adverse effect on their respective operations.
In addition, our SAAS portfolio companies may incur significant operating losses and negative cash flows during certain times of their
respective life cycles, resulting in an adverse impact on their operations and on their ability to repay their debt. Because our SAAS
portfolio companies are generally investments that are underwritten and valued on "recurring revenue" rather than EBITDA,
the fair value determinations of such companies are inherently uncertain and may fluctuate over short periods of time. They are also
subject to the risks that their customers have financial difficulties that make them unable or unwilling to pay for the software and
services that drive a portfolio company's recurring revenue projections. There is often less collateral securing our loans to these
companies as compared to our other portfolio companies, which could impair our ability to be repaid if the portfolio companies default
on their obligations or otherwise encounter financial difficulties. For these reasons, our financial results could be materially adversely
affected if our portfolio companies in the SAAS industry encounter financial difficulty and fail to repay their obligations. As of February
28, 2025, our current total investments in SAAS companies were $515.0 million, or 52.7% of total investments.

 If our primary investments are deemed not to be qualifying assets,
we could be precluded from investing in our desired manner or deemed to be in violation of the 1940 Act.

 In order to maintain our status as a BDC, we may not acquire any assets
other than "qualifying assets" unless, at the time of and after giving effect to such acquisition, at least 70.0% of our total
assets are qualifying assets. We believe that most of the investments that we may acquire in the future will constitute qualifying assets.
However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets
for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act
provisions applicable to BDCs and be precluded from making follow-on investments in existing portfolio companies (which could
result in the dilution of our position) or required to dispose of investments at inappropriate times in order to come into compliance
with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable
terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at
a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations
and cash flows. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring
an enforcement action against us and/or expose us to claims of private litigants. If we do not maintain our status as a BDC, we would
be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment
company, we would be subject to substantially more regulatory restrictions under the 1940 Act, which would significantly decrease our
operating flexibility.

 RISKS RELATED TO OUR COMMON STOCK

 Investing in our common stock may involve an above average degree
of risk.

 The investments we make in accordance with our investment objective
may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio
companies may be highly speculative and aggressive, and therefore, an investment in our common stock may not be suitable for someone with
lower risk tolerance.

 We may choose to pay dividends in our own stock, in which case
you may be required to pay tax in excess of the cash you receive.

 We have in the past, and may in the future, distribute taxable dividends
that are payable to our stockholders in part through the issuance of shares of our common stock. For example, on October 30, 2013, our
board of directors declared a dividend of $2.65 per share to shareholders payable in cash or shares of our common stock. Under certain
applicable provisions of the Code and the Treasury regulations and a revenue procedure issued by the IRS, a RIC may treat a distribution
of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her 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 declared distribution. If too many stockholders elect to receive their distributions in cash, we must
allocate the cash available for distribution among the shareholders electing to receive cash (with the balance of the distribution paid
in shares of our common stock). If we qualify as a publicly offered RIC and we decide to make any distributions consistent with this revenue
procedure that are payable in part in our stock, taxable stockholders receiving such dividends will be required to include the full amount
of the dividend (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the
extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits
for U.S. federal income tax purposes. The value of the shares received by a stockholder is treated as income for U.S. federal income tax
purposes. A U.S. stockholder may have income from such a dividend in excess of the amount of cash received, and thus may be required to
obtain cash from other sources to pay any applicable U.S. federal income tax. If a U.S. stockholder sells the stock it receives as a dividend
in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on
the market price of our stock at the time of the sale.

 Furthermore, with respect to non-U.S. stockholders, we may be required
to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock.
If a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put
downward pressure on the trading price of our stock.

 Due to the current market conditions, we may defer our dividends
and choose to incur U.S. federal excise tax in order to preserve cash and maintain flexibility.

 As a BDC, we are not required to make any distributions to shareholders
other than in connection with our election to be treated a RIC for U.S. federal income tax purposes as under Subchapter M of the Code.
In order to maintain our tax treatment as a RIC, we generally must distribute to shareholders for each taxable year at least 90% of our
investment company taxable income (i.e., net ordinary income plus realized net short-term capital gains in excess of realized net long-term
capital losses). If we qualify for taxation as a RIC, we generally will not be subject to U.S. federal income tax on our investment company
taxable income and net capital gains (i.e., realized net long- term capital gains in excess of realized net short-term capital losses)
that we timely distribute to shareholders. We will be subject to U.S. federal income tax on our investment company taxable income and
net capital gains that we do not timely distribute to shareholders. In addition, we will be subject to a nondeductible 4% U.S. federal
excise tax on undistributed earnings of a RIC unless we distribute each calendar year at least the sum of (i) 98% of our net ordinary
income for the calendar year, (ii) 98.2% of our capital gain net income for the one-year period ending on October 31 of the calendar year,
and (iii) any net ordinary income and capital gain net income that we recognized for preceding years, but were not distributed during
such years, and on which we paid no U.S. federal income tax.

 Under the Code, we may satisfy certain of our RIC distributions with
dividends paid after the end of the current calendar year. In particular, if we pay a distribution in January of the following year that
was declared in October, November, or December of the current year and is payable to shareholders of record in the current year, the dividend
will be treated for all U.S. federal tax purposes as if it were paid on December 31 of the current year. In addition, under the Code,
we may pay dividends, referred to as "spillover dividends," that are paid during the following taxable year that will allow
us to maintain our qualification for taxation as a RIC and eliminate our liability for U.S. federal income tax at corporate rates. Under
these spillover dividend procedures, because our taxable year ends on February 28 or 29, we may defer distribution of income earned during
the current taxable year until February of the following taxable year. For example, we may defer distributions of income earned during
the year ended February 28, 2025 until as late as February 28, 2026. If we choose to carry-over this distribution of income in the form
of a spillover dividend, we will incur the 4% U.S. federal excise tax on some or all of the distribution.

 Due to current market conditions (as described herein) it is possible
that we may take certain actions with respect to the timing and amounts of our distributions in order to preserve cash and maintain flexibility.
For example, we may reduce our dividends and/or defer our dividends to the following taxable year. If we defer our dividends, we may choose
to utilize the spillover dividend rules discussed above and incur the 4% U.S. federal excise tax on such amounts. To further preserve
cash, we may combine these reductions or deferrals of dividends with one or more distributions that are payable partially in our stock.
(see "Risk Factors—Risks Related to Our Common Stock—We may choose to pay dividends in our own stock, in which case
you may be required to pay tax in excess of the cash you receive" for more information).

 The market price of our common stock may fluctuate significantly.

 The market price and liquidity of the market for our common stock may
be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance.
These factors include, but are not limited to:

 significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies;

 changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs, BDCs or SBICs;

 failure to qualify for RIC tax treatment;

 changes in the value of our portfolio of investments;

 any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

 departure of any of Saratoga Investment Advisors' key personnel;

 operating performance of companies comparable to us;

 general economic trends and other external factors; or

 loss of a major funding source.

 Our business and operation could be negatively affected if we
become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution
of investment strategy and impact our stock price.

 In the past, following periods of volatility in the market price of
a company's securities, securities class action litigation has often been brought against that company. Shareholder activism, which
could take many forms or arise in a variety of situations, has been increasing in the BDC space recently. While we are currently not subject
to any securities litigation or shareholder activism, due to the potential volatility of our stock price and for a variety of other reasons,
we may in the future become the target of securities litigation or shareholder activism. Securities litigation and shareholder activism,
including potential proxy contests, could result in substantial costs and divert management's and our board of directors' attention
and resources from our business.

 Additionally, such securities litigation and shareholder activism could
give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult
to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any
securities litigation and activist shareholder matters. Further, our stock price could be subject to significant fluctuation or otherwise
be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder activism.

 There is a risk that you may not receive distributions or that
our distributions may not grow over time.

 As a BDC for 1940 Act purposes and a RIC for U.S. federal income tax
purposes, we intend to make distributions out of assets legally available for distribution to our stockholders once such distributions
are authorized by our board of directors and declared by us. We cannot assure you that we will achieve investment results that will allow
us to make a specified level of cash distributions or periodically increase our dividend rate. In addition, due to the asset coverage
test that is applicable to us as a BDC, and provisions contained in the agreements governing our borrowings, we may be limited in our
ability to make distributions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends,
it could reduce the amount available for distribution.

 Provisions of our governing documents and the Maryland General
Corporation Law could deter future takeover attempts and have an adverse impact on the price of our common stock.

 We are governed by our charter and bylaws, which we refer to as our
"governing documents."

 Our governing documents and the Maryland General Corporation Law contain
provisions that may have the effect of delaying, deferring or preventing a future transaction or change in control of us that might involve
a premium price for our stockholders or otherwise be in their best interest.

 Our charter provides for the classification of our board of directors
into three classes of directors, serving staggered three-year terms, which may render a change of control of us or removal of our incumbent
management more difficult. Furthermore, any and all vacancies on our board of directors will be filled generally only by the affirmative
vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director
elected to fill a vacancy will serve for the remainder of the full term until a successor is elected and qualifies.

 Our board of directors is authorized to create and issue new series
of shares, to classify or reclassify any unissued shares of stock into one or more classes or series, including preferred stock and, without
stockholder approval, to amend our charter to increase or decrease the number of shares of stock that we have authority to issue, which
could have the effect of diluting a stockholder's ownership interest. Prior to the issuance of shares of stock of each class or
series, including any reclassified series, our board of directors is required by our governing documents to set the terms, preferences,
conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms
or conditions of redemption for each class or series of shares of stock.

 Our governing documents also provide that our board of directors has
the exclusive power to adopt, alter or repeal any provision of our bylaws, and to make new bylaws. The Maryland General Corporation Law
also contains certain provisions that may limit the ability of a third party to acquire control of us, such as:

 the Maryland Business Combination Act, which, subject to certain limitations, prohibits certain business combinations between us and an "interested stockholder" (defined generally as any person who beneficially owns 10% or more of the voting power of the common stock or an affiliate thereof) for five years after the most recent date on which the stockholder becomes an interested stockholder and, thereafter, imposes special minimum price provisions and special stockholder voting requirements on these combinations; and

 the Maryland Control Share Acquisition Act, which provides that "control shares" of a Maryland corporation (defined as shares of common stock which, when aggregated with other shares of common stock controlled by the stockholder, entitles the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a "control share acquisition" (defined as the direct or indirect acquisition of ownership or control of "control shares") have no voting rights except to the extent approved by stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares of common stock.

 In addition, the provisions of the Maryland Business Combination Act
will not apply, however, if our board of directors adopts a resolution that any business combination between us and any other person will
be exempt from the provisions of the Maryland Business Combination Act, subject to prior approval of such business combination by the
board of directors. Although our board of directors has adopted such a resolution, there can be no assurance that this resolution will
not be altered or repealed in whole or in part at any time. If the resolution is altered or repealed, the provisions of the Maryland Business
Combination Act may discourage others from trying to acquire control of us.

 As permitted by Maryland law, our bylaws contain a provision exempting
from the Maryland Control Share Acquisition Act any and all acquisitions by any person of our common stock. Although our bylaws include
such a provision, such a provision may also be amended or eliminated by our board of directors at any time in the future, subject to obtaining
confirmation from the SEC that it does not object to us being subject to the Maryland Control Share Acquisition Act.

 Our common stock may trade at a discount to our NAV per share.

 Common stock of BDCs, as closed-end investment companies, frequently
trade at a discount to NAV. Our common stock has traded at a discount to our NAV since shortly after our initial public offering. The
risk that our common stock may continue to trade at a discount to our NAV is separate and distinct from the risk that our NAV per share
may decline.

 Stockholders may incur dilution if we sell shares of our common
stock in one or more offerings at prices below the then current NAV per share of our common stock.

 The 1940 Act prohibits us from selling shares of our common stock at
a price below the current NAV per share of such stock, with certain exceptions. One such exception is prior stockholder approval of issuances
below NAV provided that our board of directors makes certain determinations. We do not currently have stockholder approval of issuances
below NAV.

 If we were to sell shares of our common stock below NAV per share,
such sales would result in an immediate dilution to the NAV per share. This dilution would occur as a result of the sale of shares at
a price below the then current NAV per share of our common stock and a proportionately greater decrease in a stockholder's interest
in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance.

 Because the number of shares of common stock that could be so issued
and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted.

 The issuance of subscription rights, warrants or convertible
debt that are exchangeable for our common stock, will cause your economic interest and voting power in us to be diluted as a result of
our offering of any such securities.

 Stockholders who do not fully exercise rights, warrants or convertible
debt issued to them in any offering of subscription rights, warrants or convertible debt to purchase our common stock should expect that
they will, at the completion of the offering, own a smaller proportional economic interest and have diminished voting power in us than
would otherwise be the case if they fully exercised their rights, warrants or convertible debt. We cannot state precisely the amount of
any such dilution in share ownership or voting power because we do not know what proportion of the common stock would be purchased as
a result of any such offering.

 In addition, if the subscription price, warrant price or convertible
debt price is less than our NAV per share of common stock at the time of such offering, then our stockholders would experience an immediate
dilution of the aggregate NAV of their shares as a result of the offering. The amount of any such decrease in NAV is not predictable because
it is not known at this time what the subscription price, warrant price, convertible debt price or NAV per share will be on the expiration
date of such offering or what proportion of our common stock will be purchased as a result of any such offering. The risk of dilution
is greater if there are multiple rights offerings. However, our board of directors will make a good faith determination that any offering
of subscription rights, warrants or convertible debt would result in a net benefit to existing stockholders.

 Finally, our common stockholders will bear all costs and expenses incurred
by us in connection with any proposed offering of subscription rights, warrants or convertible debt that are exchangeable for our common
stock, whether or not such offering is actually completed by us.

 RISKS RELATED TO OUR NOTES

 The Notes are unsecured and therefore are effectively subordinated
to any existing and future secured indebtedness, including indebtedness under our Encina Credit Facility and our Live Oak Credit Facility.

 The Notes are not secured by any of our assets or any of the assets
of any of our subsidiaries, including our wholly owned subsidiaries. As a result, the Notes are effectively subordinated to any existing
and future secured indebtedness we or our subsidiaries have outstanding (including our Encina Credit Facility and our Live Oak Credit
Facility) or that we or our subsidiaries may incur in the future (or any indebtedness that is initially unsecured as to which we have
granted or subsequently grant a security interest) to the extent of the value of the assets securing such indebtedness, including, without
limitation, borrowings under our Encina Credit Facility and our Live Oak Credit Facility. In any liquidation, dissolution, bankruptcy
or other similar proceeding, the holders of any of our secured indebtedness or secured indebtedness of our subsidiaries may assert rights
against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be
used to pay other creditors, including the holders of the Notes. As of February 28, 2025, there was $32.5 million outstanding borrowings
under the Encina Credit Facility and we had the ability to borrow up to $65.0 million under the Encina Credit Facility, subject to certain
conditions. As of February 28, 2025, there was $20.0 million outstanding borrowings under the Live Oak Credit Facility and we had the
ability to borrow up to $75.0 million under the Live Oak Credit Facility, subject to certain conditions. The Encina Credit Facility and
the Live Oak Credit Facility is secured by substantially all of the assets of SIF II and SIF III, respectively, wholly owned subsidiaries.

 The Notes are structurally subordinated to the indebtedness and
other liabilities of our subsidiaries.

 The Notes are obligations exclusively of Saratoga Investment Corp.,
and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed
by any subsidiary we may acquire or create in the future. Any assets of our subsidiaries are not directly available to satisfy the claims
of our creditors, including holders of the Notes. Except to the extent we are a creditor with recognized claims against our subsidiaries,
all claims of creditors of our subsidiaries will have priority over our equity interests in such entities (and therefore the claims of
our creditors, including holders of the Notes) with respect to the assets of such entities. Even if we are recognized as a creditor of
one or more of these entities, our claims would still be effectively subordinated to any security interests in the assets of any such
entity and to any indebtedness or other liabilities of any such entity senior to our claims. Consequently, the Notes are structurally
subordinated to all indebtedness and other liabilities of any of our existing or future indebtedness of our subsidiaries, including the
SBA-guaranteed debentures. These entities may incur substantial indebtedness in the future, all of which would be structurally senior
to the Notes. As of February 28, 2025, we had $170.0 million in SBA-guaranteed debentures outstanding. The indebtedness under the SBA-guaranteed
debentures is structurally senior to the Notes.

 The indenture under which the Notes are issued contains limited
protection for holders of the Notes.

 The indenture under which the Notes are issued offers limited protection
to holders of the Notes.

 The terms of the indenture and the Notes do not restrict our or any
of our subsidiaries' ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events
that could have a material adverse impact on your investment in the Notes. In particular, the terms of the indenture and the Notes do
not place any restrictions on our or our subsidiaries' ability to:

 issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of these entities, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act), but giving effect, in each case, to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings;

 sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

 enter into transactions with affiliates;

 create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

 make investments; or

 create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

 Furthermore, the terms of the indenture and the Notes do not protect
holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results
of operations or credit ratings, if any, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or
specified levels of net worth, revenues, income, cash flow, or liquidity.

 Our ability to recapitalize, incur additional debt (including additional
debt that matures prior to the maturity of the Notes), and take a number of other actions that are not limited by the terms of the Notes
may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations
with respect to the Notes or negatively affecting the market value of the Notes.

 Other debt we issue or incur in the future could contain more protections
for its holders than the indenture and the Notes, including additional covenants and events of default. For example, the indenture under
which the Notes is issued do not contain cross-default provisions that are contained in the agreement relating to the Encina Credit Facility
and the Live Oak Credit Facility. The issuance or incurrence of any such debt with incremental protections could affect the market for,
trading levels and prices of the Notes.

 We may not be able to repurchase the 4.375% 2026 Notes and the
4.35% 2027 Notes upon a Change of Control Repurchase Event.

 Upon a Change of Control Repurchase Event (as defined in the relevant
indenture), holders of the 4.375% 2026 Notes and the 4.35% 2027 Notes may require us to repurchase for cash some or all of the 4.375%
2026 Notes and the 4.35% 2027 Notes, respectively, at a repurchase price equal to 100% of the aggregate principal amount of the 4.375%
2026 Notes and the 4.35% 2027 Notes, respectively, being repurchased, plus their respective accrued and unpaid interest to, but not including,
the repurchase date. We may not be able to repurchase the 4.375% 2026 Notes and the 4.35% 2027 Notes upon a Change of Control Repurchase
Event because we may not have sufficient funds. Our and our subsidiaries' future financing facilities may contain similar restrictions
and provisions. Our failure to purchase such tendered 4.375% 2026 Notes and the 4.35% 2027 Notes upon the occurrence of such Change of
Control Repurchase Event would cause an event of default under the respective indenture governing the 4.375% 2026 Notes and the 4.35%
2027 Notes, respectively, which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately.
If the holders of the 4.375% 2026 Notes and the 4.35% 2027 Notes exercise their respective right to require us to repurchase the 4.375%
2026 Notes and the 4.35% 2027 Notes, respectively, upon a Change of Control Repurchase Event, the financial effect of any such repurchase
could cause a default under our current and future debt instruments, even if the Change of Control Repurchase Event itself would not cause
a default. If a Change of Control Repurchase Event were to occur, we may not have sufficient funds to repay any such accelerated indebtedness.

 An active trading market for the Public Notes may not develop
or be sustained, which could limit the market price of the Public Notes or the ability to sell them.

 Although each of the 6.00% 2027 Notes, 8.00% 2027 Notes, 8.125% 2027
Notes, and 8.50% 2028 Notes are listed on the NYSE under the symbol "SAT", "SAJ", "SAY", and "SAZ",
respectively, we cannot provide any assurances that an active trading market will develop or be maintained for the Public Notes or that
the Public Notes will be able to be sold. At various times, the Public Notes may trade at a discount from their initial offering price
depending on prevailing interest rates, the market for similar securities, our credit ratings, if any, general economic conditions, our
financial condition, performance and prospects and other factors. Accordingly, we cannot provide any assurance that a liquid trading market
will develop for the Public Notes, or that the Public Notes will be able to be sold at a particular time or at a favorable price. To the
extent an active trading market does not develop, the liquidity and trading price for the Public Notes may be harmed. At the same time,
the trading market for the Public Notes may also be very volatile, and many of the risk factors related to our common stock and outlined
above in "Risks Related to Our Common Stock" could also be applicable to the Public Notes.

 Terms relating to redemption may materially adversely affect
the return on our Notes.

 Subject to their terms, we may redeem the Notes from time to time,
especially when prevailing interest rates are lower than the rate borne by the Notes. If prevailing rates are lower at the time of redemption,
you would not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest
rate on the Notes being redeemed. Our redemption right also may adversely impact your ability to sell the Notes as the optional redemption
date or period approaches.

 The 6.00% 2027 Notes mature on April 30, 2027 and, as of April 27,
2024, may be redeemed in whole or in part at any time or from time to time at our option. The 8.00% 2027 Notes mature on October
31, 2027 and, as of October 27, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The 8.125% 2027
Notes mature on December 31, 2027 and, as of December 13, 2024, may be redeemed in whole or in part at any time or from time to time at
our option. The 8.50% 2028 Notes mature on April 15, 2028 and, as of April 14, 2025, may be redeemed in whole or in part at any time or
from time to time at our option.

 The 4.375% 2026 Notes are redeemable, in whole or in part, at any time
at our option prior to November 28. 2025, at par plus a "make-whole" premium, and thereafter at par. The 4.35% 2027 Notes
are redeemable, in whole or in part, at any time at our option prior to November 28, 2026, at par plus a "make-whole" premium,
and thereafter at par.

 The 7.00% 2025 Notes mature on September 8, 2025 and, as of September
8, 2024, may be redeemed in whole or in part at any time or from time to time at our option, at par plus a "make-whole" premium,
and thereafter at par. The 7.75% Notes 2025 mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to
time at our option, subject to a fee depending on the date of repayment, at par plus a "make-whole" premium, and thereafter
at par. 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 our option, on or after December 29, 2024, at par plus a "make-whole" premium, and thereafter at par.

 If we default on our obligations to pay our other indebtedness,
we may not be able to make payments on the Notes.

 Any default under the agreements governing our indebtedness, including
a default under the Encina Credit Facility or the Live Oak Credit Facility, indenture governing each of the Notes or other indebtedness
to which we may be a party that is not waived by the required lenders or the holders, and the remedies sought by the lenders or the holders
of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the
market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet
required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various
covenants, including financial and operating covenants, as applicable, in the instruments governing our indebtedness, we could be in default
under the terms of the agreements governing such indebtedness (including the Encina Credit Facility, the Live Oak Credit Facility and
the Notes). In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to
be due and payable, together with accrued and unpaid interest, the lenders under the Encina Credit Facility, the Live Oak Credit Facility,
or other debt we may incur in the future could elect to terminate their commitment, cease making further loans and institute foreclosure
proceedings against our assets, and we could be forced into bankruptcy or liquidation. In addition, any such default may constitute a
default under the Notes, which could further limit our ability to repay our debt, including the Notes.

 Our ability to generate sufficient cash flow in the future is, to some
extent, subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond
our control. We cannot assure you that our business will generate cash flow from operations, or that future borrowings will be available
to us under the Encina Credit Facility, the Live Oak Credit Facility, or otherwise, in an amount sufficient to enable us to meet our payment
obligations under the Notes, the Encina Credit Facility, and the Live Oak Credit Facility, and to fund other liquidity needs.

 If our operating performance declines and we are not able to generate
sufficient cash flow to service our debt obligations, we may, in the future, need to refinance or restructure our debt, including any
Notes sold, sell assets, reduce or delay capital investments, seek to raise additional capital or seek to obtain waivers from the required
lenders under the Encina Credit Facility or the Live Oak Credit Facility, the holders of the respective Notes, or other debt that we may
incur in the future to avoid being in default. If we are unable to implement one or more of these alternatives, we may not be able to
meet our payment obligations under the Notes and our other debt. If we breach our covenants under the Encina Credit Facility, the Live
Oak Credit Facility, the Notes or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or the
holders thereof. If this occurs, we would be in default under the Encina Credit Facility, the Live Oak Credit Facility, the Notes or other
debt, the lenders or holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If
we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt.

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 None.

 ITEM 1C. CYBERSECURITY

 The Company's cybersecurity program is designed
to identify, assess, and manage material risks from cybersecurity threats. The Company relies on Saratoga Investment Advisors to implement
the cybersecurity program. The cyber risk management program involves risk assessments relating to the information systems of Saratoga
Investment Advisors, incident response training and testing, implementation of security measures, identification of sensitive information
assets ("Critical Information") and ongoing monitoring of systems and networks and assessment of the associated risks on an
annual basis, including networks on which the Company relies on. The Chief Compliance Officer, along with the Company's external
information technology consultant (the "IT Consultant"), actively monitors the current threat landscape in an effort to identify
material risks arising from new and evolving cybersecurity threats. The Company and Saratoga Investment Advisors have engaged external
experts, including consultants, such as the IT Consultant, to evaluate cybersecurity measures and risk management processes, and depends
on and engages various third parties, including suppliers, vendors, and service providers. The compliance team of the Company and Saratoga
Investment Advisors will conduct ongoing due diligence of its significant service providers to determine whether the cybersecurity programs
of service providers include, among other things, procedures and safeguards designed to ensure the protection of Critical Information
and the information of the Company's stockholders and portfolio companies, as well as adequate responses in the case of a cybersecurity
incident.

 Board Oversight
of Cybersecurity Risks

 The Board has the primary responsibility for overseeing
and reviewing the guidelines and policies with respect to the Company's risk management, including risks associated with cybersecurity
threats. The Chief Compliance Officer will periodically report to the Board on cybersecurity matters, such as the overall state of the
Company's cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and material
cybersecurity incidents.

 Management's Role
in Cybersecurity Risk Management

 The Company's management is responsible
for assessing and managing material risks from cybersecurity threats, in consultations with cybersecurity consultants. The compliance
team of the Company will maintain effective disclosure controls and procedures to ensure timely identification, consideration, and disclosure
of material cybersecurity incidents, including through timely reporting to management and the Board. The Chief Compliance Officer, in
consultation with the IT Consultant, will periodically determine whether the Company requires additional information technology or cybersecurity
support.

 Assessment of Cybersecurity
Risk

 The potential impact of risks from cybersecurity
threats are assessed on an ongoing basis, and how such risks could materially affect the Company's business strategy, operational
results, and financial condition are regularly evaluated. During the reporting period, the Company has not identified any risks from cybersecurity
threats, including as a result of previous cybersecurity incidents, that the Company believes has materially affected, or are reasonably
likely to materially affect, the Company, including the Company's business strategy, operational results, and financial condition.

 ITEM 2. PROPERTIES

 We do not own any real estate or other physical
properties important to our operations, however, an affiliate of our Investment Adviser leases office space for our executive offices
at 535 Madison Avenue, New York, New York 10022.

 ITEM 3. LEGAL PROCEEDINGS

 Neither we nor our wholly owned subsidiaries are
currently subject to any material legal proceedings. From time to time, we, our consolidated subsidiaries and/or Saratoga Investment Advisors
may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our
rights under contracts with our portfolio companies. Our business also is subject to extensive regulation, which may result in regulatory
proceedings against us.

 ITEM 4. MINE SAFETY DISCLOSURES

 Not applicable.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 Price range of common stock

 Our common stock is traded on the NYSE under the
symbol "SAR." The following table lists the high and low closing sale price for our
common stock, and the closing sale price as a percentage of NAV for each fiscal quarter during the last two most recently completed fiscal
years and any subsequent interim period.

 Price Range

 Percentage of High Closing Sales

Price as a Premium (Discount)

 Percentage of Low Closing Sales

Price as a Premium (Discount)

 NAV(1)

 High

 Low

 to NAV(2)

 to NAV(2)

 Fiscal Year Ending February 28, 2025

 First Quarter through May 1, 2025

 $

 *

 $

 25.79

 $

 21.46

 *

 *

 Fiscal Year Ended February 28, 2025

 First Quarter

 $
 26.85

 $
 24.09

 $
 22.52

 (10.3
)%

 (16.1
)%

 Second Quarter

 $
 27.07

 $
 24.42

 $
 21.91

 (9.8
)%

 (19.1
)%

 Third Quarter

 $
 26.95

 $
 26.07

 $
 22.95

 (3.3
)%

 (14.8
)%

 Fourth Quarter

 $
 25.86

 $
 26.00

 $
 23.52

 0.5
 %

 (9.1
)%

 Fiscal Year Ended February 29, 2024

 First Quarter

 $
 28.48

 $
 28.10

 $
 22.82

 (1.3
)%

 (19.9
)%

 Second Quarter

 $
 28.44

 $
 28.64

 $
 25.70

 0.7
 %

 (9.6
)%

 Third Quarter

 $
 27.42

 $
 26.60

 $
 23.05

 (3.0
)%

 (15.9
)%

 Fourth Quarter

 $
 27.12

 $
 26.73

 $
 22.77

 (1.4
)%

 (16.0
)%

 *

 Net asset value has not yet been calculated for this period.

 (1)

 Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices.

 (2)

 Calculated as the respective high or low closing sales price divided by the quarter end net asset value and subtracting 1.

 Shares of BDCs may trade at a market price that is less than the NAV
of those shares. The possibilities that our shares of common stock will trade at a discount from NAV or at premiums that are unsustainable
over the long term are separate and distinct from the risk that our NAV will decrease. The last reported closing sale price of our common
stock on May 6, 2025 was $24.86 per share, which represents a discount of approximately 3.9%
to the NAV of $25.86 as of February 28, 2025.

 Summarized Financial Highlights

 The following table summarizes ten years of financial highlights:

 For the year ended

 Per share data

2025

2024

2023

2022

2021

 Net asset value at beginning of period

 $
 27.12

 $
 29.18

 $
 29.33

 $
 27.25

 $
 27.13

 Net investment income(1)

 3.81

 4.49

 2.94

 1.74

 2.07

 Net realized and unrealized gains (losses) on investments(1)

 (1.73
)

 (3.77
)

 (0.75
)

 2.46

 (0.74
)

 (0.06
)

 (0.01
)

 (0.13
)

 (0.21
)

 (0.01
)

 2.02

 0.71

 2.06

 3.99

 1.32

 Distributions declared from net investment income

 (3.30
)

 (2.82
)

 (2.28
)

 (1.93
)

 (1.23
)

 Total distributions to stockholders

 (3.30
)

 (2.82
)

 (2.28
)

 (1.93
)

 (1.23
)

 Issuance of common stock at net asset value (2)

 (0.16
)

 (0.40
)

 -

 -

 -

 Capital contribution from Manager for the issuance of common stock (8)

 0.26

 0.48

 -

 -

 -

 Repurchases of common stock(3)

 -

 0.03

 0.17

 0.01

 0.13

 Dilution(4)

 (0.08
)

 (0.06
)

 (0.10
)

 -

 (0.10
)

 Net asset value at end of period

 $
 25.86

 $
 27.12

 $
 29.18

 $
 29.33

 $
 27.25

 Per share market value at end of period

 $
 26.00

 $
 23.61

 $
 27.55

 $
 27.47

 $
 23.08

 Total return based on market value(5)

 27.17
 %

 -3.92
 %

 10.35
 %

 28.19
 %

 7.63
 %

 Total return based on net asset value(5)(6)

 10.11
 %

 4.20
 %

 9.46
 %

 15.88
 %

 7.31
 %

 Shares outstanding at end of period

 15,183,078

 13,653,476

 11,890,500

 12,131,350

 11,161,416

 Ratio/Supplemental data:

 Net assets at end of period

 355,780,523

 304,185,770

 Ratio of total expenses to average net assets*

 25.81
 %

 24.70
 %

 18.91
 %

 16.09
 %

 13.11
 %

 Ratio of net investment income to average net assets*

 14.11
 %

 16.01
 %

 10.23
 %

 6.05
 %

 7.77
 %

 Portfolio turnover rate(7)

 16.12
 %

 2.80
 %

 24.05
 %

 33.59
 %

 25.26
 %

 For the year ended

 Per share data

 2020

2019

2018

2017

2016

 Net asset value at beginning of period

 $
 23.62

 $
 22.96

 $
 21.97

 $
 22.06

 $
 22.70

 Adoption of ASC 606

 -

 (0.01
)

 -

 -

 -

 Net asset value at beginning of period, as adjusted

 23.62

 22.95

 21.97

 22.06

 22.70

 Net investment income(1)

 1.59

 2.60

 2.11

 1.94

 1.91

 Net realized and unrealized gains (losses) on investments(1)

 4.56

 0.03

 0.82

 0.30

 0.18

 (0.17
)

 -

 -

 (0.26
)

 -

 5.98

 2.63

 2.93

 2.24

 2.09

 Distributions declared from net investment income

 (2.21
)

 (2.06
)

 (1.90
)

 (1.93
)

 (2.36
)

 Total distributions to stockholders

 (2.21
)

 (2.06
)

 (1.90
)

 (1.93
)

 (2.36
)

 Issuance of common stock above net asset value(2)

 -

 0.15

 -

 -

 -

 Repurchases of common stock(3)

 -

 -

 -

 -

 -

 Dilution(4)

 (0.26

)

 (0.05
)

 (0.04
)

 (0.14
)

 (0.37
)

 Net asset value at end of period

 $
 27.13

 $
 23.62

 $
 22.96

 $
 21.97

 $
 22.06

 Per share market value at end of period

 $
 22.91

 $
 23.04

 $
 21.86

 $
 22.74

 $
 14.22

 Total return based on market value(5)

 9.28
 %

 16.11
 %

 5.28
 %

 80.83
 %

 4.27
 %

 Total return based on net asset value(5)(6)

 26.22
 %

 13.33
 %

 14.45
 %

 12.62
 %

 11.10
 %

 Shares outstanding at end of period

 11,217,545

 7,657,156

 6,257,029

 5,794,600

 5,672,227

 Ratio/Supplemental data:

 Net assets at end of period

 304,286,853

 180,875,187

 143,691,367

 127,294,777

 125,149,875

 Ratio of total expenses to average net assets*

 18.34
 %

 19.12
 %

 19.05
 %

 17.27
 %

 15.46
 %

 Ratio of net investment income to average net assets*

 6.31
 %

 11.22
 %

 9.37
 %

 8.71
 %

 8.52
 %

 Portfolio turnover rate(7)

 36.82
 %

 35.26
 %

 19.73
 %

 43.76
 %

 26.22
 %

 *

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

 (1)

 Per share amounts are calculated using the weighted average shares outstanding during the period.

 (2)

 The continuous issuance of common stock may cause an incremental decrease in NAV per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company less than NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period.

 (3)

 Represents the anti-dilutive impact on the NAV per share of the Company due to the repurchase of common shares. See Note 11, Stockholders' Equity.

 (4)

 Represents the dilutive effect of issuing common stock below NAV per share during the period in connection with the satisfaction of the Company's annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common share data calculation and rounding impacts. See Note 13, Dividend.

 (5)

 Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company's DRIP. Total investment return does not reflect brokerage commissions.

 (6)

 Total investment return is calculated assuming a purchase of common shares at the current net asset value on the first day and a sale at the current net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company's DRIP. Total investment return does not reflect brokerage commissions.

 (7)

 Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value.

 (8)

 The Manager agreed to reimburse the Company to the extent the per share price of the shares to the public, less underwriting fees, was less than net asset value per share.

 On September 24, 2014, the Company announced the
approval of an open market share repurchase plan that allowed it to repurchase up to 200,000 shares of its common stock at prices below
its NAV as reported in its then most recently published consolidated financial statements (the "Share Repurchase Plan"). Since
September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount of shares
of common stock that may be purchased under the Share Repurchase Plan, which, most recently, was increased to 1.7 million shares of common
stock. Most recently, on January 7, 2025, the Company's board of directors extended the Share Repurchase Plan for another year to
January 15, 2026. As shown in the table below, as of February 28, 2025, the Company purchased an aggregate of 1,035,203 shares of common
stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the year and quarter
ended February 28, 2025, the Company did not purchase any shares of common stock pursuant to the Share Repurchase Plan.

 Period

 Total Number of Shares

(or Units)

Purchased

 Average Price

(or Unit)

 Total Number of Shares

(or Units)

Purchased as Part of Publicly

Announced Plans or

Programs

 Maximum Number

(or Approximate Dollar Value) of Shares

 (or Units)

that May Yet Be Purchased

Under the Plans or Programs

 March 1, 2015 through November 30, 2015

 2,500

 $
 15.59

 2,500

 397,500

 December 1, 2015 through December 31, 2015

 -

 $
 -

 2,500

 397,500

 January 1, 2016 through January 31, 2016

 4,200

 $
 13.86

 6,700

 393,300

 February 1, 2016 through February 29, 2016

 18,717

 $
 13.86

 25,417

 374,583

 March 1, 2016 through March 31, 2016

 16,282

 $
 14.57

 41,699

 358,301

 April 1, 2016 through April 30, 2016

 7,858

 $
 16.22

 49,557

 350,443

 May 1, 2016 through May 31, 2016

 21,357

 $
 16.29

 70,914

 329,086

 June 1, 2016 through June 30, 2016

 8,310

 $
 16.50

 79,224

 320,776

 July 1, 2016 through July 31, 2016

 19,212

 $
 17.31

 98,436

 301,564

 August 1, 2016 through August 31, 2016

 40,058

 $
 17.44

 138,494

 261,506

 September 1, 2016 through September 30, 2016

 40,221

 $
 18.04

 178,715

 221,285

 October 1, 2016 through October 31, 2016

 27,076

 $
 18.10

 205,791

 394,209

 November 1, 2016 through November 30, 2016

 8,600

 $
 18.24

 214,391

 385,609

 December 1, 2016 through December 31, 2016

 4,100

 $
 18.57

 218,491

 381,509

 January 1, 2017 through February 29, 2020

 -

 -

 218,491

 381,509

 March 1, 2020 through February 28, 2021

 190,321

 $
 18.96

 408,812

 891,188

 March 1, 2021 through February 28, 2022

 99,623

 $
 25.55

 508,435

 791,565

 March 1, 2022 through February 28, 2023

 438,192

 $
 24.70

 946,627

 353,373

 March 1, 2023 through February 29, 2024

 88,576

 $
 24.36

 1,035,203

 664,797

 March 1, 2024 through February 28, 2025

 -

 -

 1,035,203

 664,797

 Total

 1,035,203

 $
 22.05

 Holders

 As of May 6, 2025, there were 11 holders of
record of our common stock.

 Performance Graph

 The following graph compares the return on our
common stock with that of the Standard & Poor's 500 Stock Index, the NASDAQ Financial 100 index and the Standard & Poor's
BDC Index, for the period from March 23, 2007, the date our common stock began trading, through February 28, 2025. The graph assumes that,
on March 23, 2007, a person invested $100 in each of our common stock, the Standard & Poor's 500 Stock Index, the NASDAQ Financial
100 index and the Standard & Poor's BDC Index. The graph measures total shareholder return, which takes into account both changes
in stock price and dividends. It assumes that dividends paid are reinvested in like securities.

 Outstanding Securities and Debt

 The following table shows our outstanding classes
of securities and debt as of February 28, 2025.

 (a)

 (b)

 (c)

Amount Held by us or for
 Our

 (d)

Amount Outstanding Exclusive of
 Amounts Shown

 Title of Class

 Authorized

 Account

 Under (c)

 Securities:

 100,000,000

 11,890,500

 $
 88,109,500

 Debt:

 Encina credit facility

 $

 $
 32,500,000

 $
 32,500,000

 Live Oak credit facility

 $

 $

 $
 55,000,000

 SBA Debentures

 $
 325,000,000

 $
 170,000,000

 $
 91,000,000

 $

 $

 $
 -

 $

 $

 $
 -

 $

 $

 $
 -

 $
 175,000,000

 $
 175,000,000

 $
 -

 $

 $

 $
 -

 $
 105,500,000

 $
 105,500,000

 $
 -

 $

 $

 $
 -

 $
 46,000,000

 $
 46,000,000

 $
 -

 $
 60,375,000

 $
 60,375,000

 $
 -

 $

 $

 $
 -

 FEES AND EXPENSES

 The following table is intended to assist you
in understanding the costs and expenses that an investor will bear directly or indirectly. We caution you that some of the percentages
indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this report contains a
reference to fees or expenses paid by "you," "us" or "Saratoga Investment Corp.," or that "we"
will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in Saratoga Investment Corp.

 Stockholder transaction expenses (as a percentage of offering price):

 Sales load paid

 -

 %(1)

 Offering expenses borne by us

 -

 %(2)

 Dividend reinvestment plan expenses

 None

 (3)

 Total stockholder transaction expenses paid

 -

 %

 Annual estimated expenses (as a percentage of average net assets attributable to common stock):

 Base Management fees

 5.2

 %(4)

 Incentive fees payable under the Management Agreement

 3.5

 %(5)

 Interest payments on borrowed funds

 13.9

 %(6)

 Other expenses

 3.5

 %(7)

 Total annual expenses

 26.1

 %(8)

 (1)
 In the event that the shares of
common stock to which this prospectus relates are sold to or through underwriters, a corresponding prospectus supplement will disclose
the applicable sales load.

 (2)
 The prospectus supplement corresponding
to each offering will disclose the applicable offering expenses and total stockholder transaction expenses.

 (3)
 The expenses associated with the
administration of our dividend reinvestment plan are included in "Other expenses." The participants in the dividend reinvestment
plan will pay a pro rata share of brokerage commissions incurred with respect to open market purchases, if any, made by the administrator
under the plan. For more details about the plan, see "Dividend Reinvestment Plan."

 (4)
 Our base management fee under
the Management Agreement with Saratoga Investment Advisors is based on our gross assets, which is defined as our total assets, including
those acquired using borrowings for investment purposes, but excluding cash and cash equivalents. See "Investment Advisory and
Management Agreement." The fact that our base management fee is payable based upon our gross assets, rather than our net assets
(i.e., total assets after deduction of any liabilities, including borrowings) means that our base management fee as a percentage of net
assets attributable to common stock will increase when we utilize leverage.

 (5)
 The
incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20% of our "pre-incentive fee
net investment income" for the immediately preceding quarter, subject to a preferred return, or "hurdle," and a "catch
up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend
income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting
fees or other fees that we receive from portfolio companies) accrued by us during the fiscal quarter, minus our operating expenses for
the quarter (including the base management fee, expenses payable under the administration agreement described below, and any interest
expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). 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% of our "incentive fee capital gains," which equals our realized capital gains on a cumulative basis from May 31,
2010 through the end of the year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative
basis, less the aggregate amount of any previously paid capital gain incentive fee. Under the Management Agreement, 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 Saratoga Investment Advisors will be entitled to 20% of incentive fee capital gains that arise after May 31, 2010. In addition,
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. We estimate this as zero for purposes of this table as these fees are hard to predict, as they are
based on capital gains and losses. See "Investment Advisory and Management Agreement."

 (6)
 We may borrow funds from time to time to make investments to the extent
we determine that the economic situation is conducive to doing so. The 13.9% figure in the table includes all expected borrowing costs
that we expect to incur over the next twelve months in connection with the secured revolving credit facility we have with Madison Capital
Funding LLC. The costs associated with our outstanding borrowings are indirectly borne by our stockholders. We do not expect to issue
any preferred stock during the next twelve months and, therefore, have not included the cost of issuing and servicing preferred stock
in the table. In addition, all of the commitment fees, interest expense, amortized financing costs of our Credit Facility, SBA debentures,
the 6.25% 2025 Notes, the 6.25% 2027 Notes, the 7.25% 2025 Notes and the 7.75% 2025 Notes, and the fees and expenses of issuing and servicing
any other borrowings or leverage that we expect to incur during the next twelve months are included in the table and expense example presentation
below. On April 16, 2018, as permitted by the Small Business Credit Availability Act, which was signed into law on March 23,
2018, our non-interested board of directors approved of the Company becoming subject to a minimum asset coverage ratio of 150%
under Sections 18(a)(1) and 18(a)(2) of the 1940 Act. The 150% asset coverage ratio became effective on April 16, 2019. See
"Regulation" and "Risk Factors—Risks Related to Our Business and Structure—Recent legislation may allow
us to incur additional leverage."

 (7)
 "Other expenses" are
based on estimated amounts for the current fiscal year and include our overhead expenses, including payments under our administration
agreement based on our allocable portion of overhead and other expenses incurred by Saratoga Investment Advisors in performing its obligations
under the administration agreement. See "Administration Agreement."

 (8)
 This figure includes all of the fees and expenses of our wholly-owned subsidiaries,
Saratoga Investment Corp SBIC II, LP, Saratoga Investment Corp SBIC III, LP, Saratoga Investment Funding II, LLC and Saratoga Investment
Funding III, LLC. Furthermore, this table reflects all of the fees and expenses borne by us with respect to our investment in Saratoga
CLO.

 Example

 The following example demonstrates the projected
dollar amount of total cumulative expenses over various periods with respect to a hypothetical $1,000 investment in our common stock,
assuming an asset coverage ratio of 162.9% (the Company's actual asset coverage as of February 28, 2025) and total annual expenses
of 26.1% of net assets attributable to common stock as set forth in the fees and expenses table above, and (x) a 5.0% annual return
resulting entirely from net realized capital gains (none of which is subject to the incentive fee) and (y) a 5.0% annual return resulting
entirely from net realized capital gains (all of which is subject to the incentive fee based on capital gains). Transaction expenses are
included in the following example. This example and the expenses in the table above should not be considered a representation of our future
expenses, and actual expenses (including cost of debt, if any, and other expenses) may be greater or less than those shown.

 1 Year

 3 Years

 5 years

 10 years

 Assuming a 5% annual return on portfolio resulting entirely from net realized capital gains (none of which is subject to the capital gains incentive fee)(1)

 $

 $

 $
 1,477

 $
 3,361

 Assuming a 5% annual return resulting entirely from net realized capital gains (all of which is subject to incentive fee based on capital gains)(2)

 $

 $

 $
 1,532

 $
 3,487

 (1)

 Assumes that we will not realize any capital gains computed net of all realized capital losses and unrealized capital depreciation.

 (2)

 Assumes no unrealized capital depreciation and a 5% annual return resulting entirely from net realized capital gains and therefore subject to the incentive fee based on capital gains. Because our investment strategy involves investments that generate primarily current income, we believe that a 5% annual return resulting entirely from net realized capital gains is unlikely.

 This example and the expenses in the table
above should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, if any, and other
expenses) may be greater or less than those shown.

 The foregoing table is to assist you in understanding
the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example assumes, as required
by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. Both examples assume that
the 5% annual return will be generated entirely through net realized capital gains and, as a result, will trigger the payment of the capital
gains portion of the incentive fee under the investment advisory agreement. Any potential income portion of the incentive fee under the
investment advisory agreement is not included in the example. If we achieve sufficient returns on our investments, including through net
realized capital gains, to trigger an incentive fee of a material amount, our expenses, and returns to our investors, would be higher.
In addition, while the example assumes reinvestment of all dividends and distributions at NAV, under certain circumstances, reinvestment
of dividends and other distributions under our dividend reinvestment plan may occur at a price per share that differs from NAV.

 Sales of unregistered securities

 We did not
sell any securities during the year ended February 28, 2025 that were not registered under the Securities Act of 1933, as amended.

 Issuer purchases of equity securities

 During the year ended February 28, 2025, February
29, 2024 and February 28, 2023, we purchased 0, 88,576 and 438,192 shares, respectfully of our common stock in the open market.

 The following table summarizes the purchased common
stock on a month to month basis for the year ended February 28, 2025:

 Period

 Quantity

 March 1, 2024 through March 31, 2024

 -

 April 1, 2024 through April 30, 2024

 -

 May 1, 2024 through May 31, 2024

 -

 June 1, 2024 through June 30, 2024

 -

 July 1, 2024 through July 31, 2024

 -

 August 1, 2024 through August 31, 2024

 -

 September 1, 2024 through September 30, 2024

 -

 October 1, 2024 through October 31, 2024

 -

 November 1, 2024 through November 30, 2024

 -

 December 1, 2024 through December 31, 2024

 -

 January 1, 2025 through January 31, 2025

 -

 February 1, 2025 through February 28, 2025

 -

 Total

 -

 ITEM 6. - Reserved

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

 The following discussion should be read in conjunction
with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Annual Report
on Form 10-K. In addition to historical information, the following discussion and other parts of this Annual Report contain forward-looking
information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking
information due to the factors discussed under Part I. Item 1A. "Risk Factors" and "Note about Forward-Looking Statements"
appearing elsewhere herein.

 The forward-looking statements are based on our
beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These
beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are
within our control. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from
those expressed in our forward-looking statements.

 The forward-looking statements contained in this
Annual Report on Form 10-K involve risks and uncertainties, including statements as to:

 our future operating results;

 the introduction, withdrawal, success and timing of business initiatives and strategies;

 changes in political, economic or industry conditions, the elevated interest rate environment or financial and capital markets, which could result in changes in the value of our assets;

 the relative and absolute investment performance and operations of our Manager;

 the impact of increased competition;

 our ability to turn potential investment opportunities into transactions and thereafter into completed and successful investments;

 the unfavorable resolution of any future legal proceedings;

 our business prospects and the operational and financial performance of our portfolio companies, including their ability to achieve our respective objectives as a result of the current economic conditions caused by, among other things, elevated levels of inflation, and an elevated interest rate environment, and the effects of the disruptions caused thereby on our ability to continue to effectively manage our business;

 interest rate volatility, including an elevated interest rate environment, could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

 the impact of investments that we expect to make and future acquisitions and divestitures;

 our contractual arrangements and relationships with third parties;

 the dependence of our future success on the general economy and its impact on the industries in which we invest;

 the ability of our portfolio companies to achieve their objectives;

 our expected financings and investments;

 our regulatory structure and tax treatment, including our ability to operate as a business development company ("BDC"), or to operate our small business investment company ("SBIC") subsidiaries, and to continue to qualify to be taxed as a regulated investment company ("RIC");

 the adequacy of our cash resources and working capital;

 the timing of cash flows, if any, from the operations of our portfolio companies;

 the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy;

 the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest;

 the impact of geopolitical conditions on our portfolio companies and on the industries in which we invest;

 the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to us or our Manager;

 the impact of changes to tax legislation and, generally, our tax position;

 our ability to access capital and any future financings by us;

 the ability of our Manager to attract and retain highly talented professionals; and

 the ability of our Manager to locate suitable investments for us and to monitor and effectively administer our investments.

 Such forward-looking statements may include statements
preceded by, followed by or that otherwise include terms such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "plan," "potential," "project,"
"should," "will" and "would" or the negative of these terms or other comparable terminology.

 We have based the forward-looking statements included
in this Annual Report on Form 10-K on information available to us on the date of this Annual Report on Form 10-K, and we assume no obligation
to update any such forward-looking statements. Actual results could differ materially from those anticipated in our forward-looking statements,
and future results could differ materially from historical performance. We undertake no obligation to revise or update any forward-looking
statements, whether as a result of new information, future events or otherwise, unless required by law or SEC rule or regulation. You
are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with
the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K.

 The following analysis of our financial condition
and results of operations should be read in conjunction with our consolidated financial statements and the related notes thereto contained
elsewhere in this Annual Report on Form 10-K.

 OVERVIEW

 We are a Maryland corporation that has elected
to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"). Our investment objective is
to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from our investments. We invest
primarily in senior and unitranche leveraged loans and mezzanine debt issued by private U.S. middle-market companies, which we define
as companies having earnings before interest, tax, depreciation and amortization ("EBITDA") of between $2 million and $50
million, both through direct lending and through participation in loan syndicates. We may also invest up to 30.0% of the portfolio in
opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed
debt, which may include securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not
thinly traded and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention to do
so, to the extent we invest in private equity funds, we will limit our investments in entities that are excluded from the definition of
"investment company" under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, which includes private equity funds, to no
more than 15.0% of our net assets. We have elected and qualified to be treated as a RIC under Subchapter M of the Internal Revenue Code
of 1986, as amended (the "Code").

 Corporate History

 We commenced operations, at the time known as
GSC Investment Corp., on March 23, 2007 and completed an initial public offering of shares of common stock on March 28, 2007. Prior to
July 30, 2010, we were externally managed and advised by GSCP (NJ), L.P., an entity affiliated with GSC Group, Inc. In connection with
the consummation of a recapitalization transaction on July 30, 2010, as described below we engaged Saratoga Investment Advisors to replace
GSCP (NJ), L.P. as our investment adviser and changed our name to Saratoga Investment Corp.

 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 SBIC licenses 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 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.

 On February 26, 2021, we completed the fourth
refinancing of the Saratoga CLO. This refinancing, among other things, extended the Saratoga CLO reinvestment period to April 2024, and
extended its legal maturity to April 2033, and added a non-call period ending 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, we 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. We 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.

 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 (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.

 We have formed a wholly owned special purpose
entity, Saratoga Investment Funding II LLC, a Delaware limited liability company ("SIF II"), for the purpose of entering into
a $50.0 million senior secured revolving credit facility with Encina Lender Finance, LLC ("Encina"), supported by loans held
by SIF II and pledged to Encina under the credit facility (the "Encina Credit Facility). The Encina Credit Facility closed on October
4, 2021. During the first two years following the closing date, SIF II may request an increase in the commitment amount under the Encina
Credit Facility to up to $75.0 million. The terms of the Encina Credit Facility require a minimum drawn amount of $12.5 million at all
times during the first six months following the closing date, which increases to the greater of $25.0 million or 50% of the commitment
amount in effect at any time thereafter. The term of the Encina Credit Facility is three years. Advances under the Encina Credit Facility
bear interest at a floating rate per annum equal to LIBOR plus 4.0%, with LIBOR having a floor of 0.75%, with customary provisions related
to our and Encina's selection of a replacement benchmark rate. Concurrently with the closing of the Encina Credit Facility, all
remaining amounts outstanding on our existing revolving credit facility with Madison Capital Funding, LLC were repaid and the facility
was terminated. On January 27, 2023, among other things, the borrowings available under the Encina Credit Facility was increased from
up to $50.0 million to up to $65.0 million, the underlying benchmark rate used to compute interest changed from LIBOR to Term SOFR for
one-month tenor plus a 0.10% credit spread adjustment; the applicable effective margin rate on borrowings increased from 4.00% to 4.25%
and the maturity date was extended from October 4, 2024 to January 27, 2026.

 We have formed a wholly owned special purpose
entity, Saratoga Investment Funding III LLC, a Delaware limited liability company ("SIF III"), for the purpose of entering
into a $50.0 million senior secured revolving credit facility with Live Oak Banking Company ("Live Oak"), supported by loans
held by SIF III and pledged to Live Oak under the credit facility (the "Live Oak Credit Facility). The Live Oak Credit Facility
closed on March 27, 2024. During the first two years following the closing date, SIF III may request an increase in the commitment amount
under the Live Oak Credit Facility to up to $150.0 million. The terms of the Live Oak Credit Facility require a minimum drawn amount of
$12.5 million at all times during the period ending March 27, 2025, which increases to the greater of $25.0 million or 50% of the facility
amount in effect at any time thereafter. The term of the Live Oak Credit Facility is three years. 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. On June 14, 2024, the Live Oak Credit Facility was amended to, among other things:
(i) increase 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; (ii) add new lenders to the Live Oak Credit Agreement; (iii) replace administrative agent approval with "Required
Lender" (as defined in the Live Oak Credit Agreement) approval with respect to certain matters; (iv) replace Required Lender approval
with 100% lender approval with respect to certain matters; and (v) change the definition of Required Lender to require the approval of
at least two unaffiliated lenders.

 On October 26, 2021, we entered into a Limited
Liability Company Agreement with TJHA JV I LLC ("TJHA") to co-manage Saratoga Senior Loan Fund I JV LLC ("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").

 We 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.

 We and TJHA have committed to provide up to a
combined $50.0 million of financing to SLF JV through cash contributions, where we provided $43.75 million and TJHA provides $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 note and equity.
The unsecured note will pay a fixed rate of 10.0% per annum and is due and payable in full on October 20, 2033. As of February 28, 2025,
our and TJHA's investment in SLF JV consisted of an unsecured note of $17.6 million and $2.5 million, respectively; and membership
interest of $17.6 million and $2.5 million, respectively. As of February 29, 2024, the Company and TJHA's investment in SLF JV consisted
of an unsecured note 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, 2025, and February 29, 2024, the Company's investment in the unsecured note of SLF JV had a fair value of $16.5
million and $15.8 million, respectively, and the Company's investment in the membership interests of SLF JV had a fair value of
$3.1 million and $9.4 million, respectively.

 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.

 We have determined that SLF JV is an investment
company under ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment
Companies; however, in accordance with such guidance we will generally not consolidate our investment in a company other than a wholly
owned investment company subsidiary. SLF JV is not a wholly owned investment company subsidiary as we 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,
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, we do not consolidate SLF JV.

 On October 28, 2022, SLF 2022 issued $402.1 million
of debt 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,
we purchased 87.50% of the Class E Notes from SLF 2022 with a par value of $12.25 million. As of February 28, 2025 and February 29, 2024,
the fair value of these Class E Notes were $12.3 million and $12.3 million, respectively.

 Critical Accounting Policies and Estimates

 Basis of Presentation

 The preparation of financial statements in accordance
with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make certain estimates and assumptions
affecting amounts reported in our consolidated financial statements. We have identified investment valuation, revenue recognition and
the recognition of capital gains incentive fee expense as our most critical accounting estimates. We continuously evaluate our estimates,
including those related to the matters described below. These estimates are based on the information that is currently available to us
and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from
those estimates under different assumptions or conditions. A discussion of our critical accounting policies and estimates follows.

 Investment Valuation

 We account for 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. Under ASC 820 we are required to assume that its investments are to be sold or its liabilities
are to be transferred at the balance sheet 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 our board of directors to approve a fair value determination to reflect significant events affecting the value of these
investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our
board of directors based on input from Saratoga Investment Advisors, the audit committee of our board of directors and a third party independent
valuation firm. 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, discounted cash
flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which we determine 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.

 We undertake 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 Saratoga Investment Advisors and preliminary valuation conclusions are documented and discussed with our senior management; and

 an independent valuation firm engaged by our 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. We use a third-party independent valuation firm to value our investment in the subordinated notes of Saratoga CLO and the Class F-2-R-3 Notes tranche of the Saratoga CLO every quarter.

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

 the audit committee of our board of directors reviews and approves each preliminary valuation and Saratoga Investment Advisors and an independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and

 our board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of Saratoga Investment Advisors, independent valuation firm (to the extent applicable) and the audit committee of our board of directors.

 Our investment in Saratoga CLO is carried at fair
value, which is based on a discounted cash flows that utilizes prepayment, re-investment and loss assumptions based on historical experience
and projected performance, economic factors, the characteristics of the underlying cash flow, and market comparables for equity interests
in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by Saratoga Investment Advisors and recommended
to our board of directors. Specifically, we use Intex cash flows, or an appropriate substitute, to form the basis for the valuation of
our investment in Saratoga CLO. 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. We use 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 investment in Saratoga CLO.

 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, 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 the recordkeeping
requirements associated with fair value determinations. While our board of directors has not elected to designate Saratoga Investment
Advisors as the valuation designee, we has adopted certain revisions to its valuation policies and procedures in order comply with the
applicable requirements of Rule 2a-5 and Rule 31a-4.

 Revenue Recognition

 Income Recognition

 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 over the life of the respective investment using the effective yield method. The amortized cost of investments
represents the original cost adjusted for the accretion of discounts and amortization of premiums on investments.

 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 we may make exceptions to this general rule if the loan has sufficient
collateral value and is in the process of collection.

 Payment-in-Kind Interest

 We may hold debt and preferred equity investments
in our 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 the accrual basis to the
extent such amounts are expected to be collected. We stop accruing PIK interest if we do not expect the issuer to be able to pay all principal
and interest when due.

 Revenues

 We generate revenue in the form of interest income
and capital gains on the debt investments that we hold and capital gains, if any, on equity interests that we may acquire. We expect our
debt investments, whether in the form of leveraged loans or mezzanine debt, to have terms of up to ten years, and to bear interest at
either a fixed or floating rate. Interest on debt will be payable generally either quarterly or semi-annually. In some cases, our debt
or preferred equity investments may provide for a portion or all of the interest to be PIK. To the extent interest is PIK, it will be
payable through the increase of the principal amount of the obligation by the amount of interest due on the then-outstanding aggregate
principal amount of such obligation. The principal amount of the debt and any accrued but unpaid interest will generally become due at
the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring, amendment, redemption or
diligence fees, fees for providing managerial assistance or investment management services and possibly consulting fees. Any such fees
will be generated in connection with our investments and recognized as earned. We may also invest in preferred equity or common equity
securities that pay dividends on a current basis.

 On January 22, 2008, we entered into a collateral
management agreement with Saratoga CLO, pursuant to which we act as its collateral manager. The Saratoga CLO was initially refinanced
in October 2013 with its reinvestment period extended to October 2016. On November 15, 2016, we completed a second refinancing of the
Saratoga CLO with its reinvestment period extended to October 2018.

 On December 14, 2018, we completed a third refinancing
and upsize of the Saratoga CLO. The third Saratoga CLO refinancing, among other things, extended its reinvestment period to January 2021,
and extended its legal maturity date to January 2030, and added a non-call period of January 2020. Following this refinancing, the Saratoga
CLO portfolio increased from approximately $300.0 million in aggregate principal amount to approximately $500.0 million of predominantly
senior secured first lien term loans. In addition to refinancing its liabilities, we invested an additional $13.8 million in all of the
newly issued subordinated notes of the Saratoga CLO and also purchased $2.5 million in aggregate principal amount of the Class F-R-2 and
$7.5 million aggregate principal amount of the Class G-R-2 notes tranches at par, with a coupon of 3M USD LIBOR plus 8.75% and 3M USD
LIBOR plus 10.00%, respectively. As part of this refinancing, we also redeemed our existing $4.5 million aggregate amount of the Class
F notes tranche at par and the $20.0 million CLO 2013-1 Warehouse Loan was repaid.

 On February 11, 2020, we 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, pursuant to which CLO 2013-1 Warehouse 2 may borrow from time
to time up to $20.0 million from the Company in order to provide capital necessary to support warehouse activities. On October 23,
2020, the availability under the CLO 2013-1 Warehouse 2 Loan was increased to $25.0 million, which was immediately fully drawn and, which
expires on August 20, 2021. The interest rate was also amended to be based on a pricing grid, starting at an annual rate of 3M USD LIBOR
+ 4.46%. During the fourth quarter ended February 28, 2021, the CLO 2013-1 Warehouse 2 Ltd was repaid in full.

 On February 26, 2021, we 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 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, 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.
We 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.

 On August 9, 2021, we exchanged our 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, we sold
our Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.

 The Saratoga CLO remains effectively 100% owned
and managed by Saratoga Investment Corp. We receive 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. Prior
to the second refinancing and the issuance of the 2013-1 Amended CLO Notes, we received a base management fee of 0.25% per annum and a
subordinated management fee of 0.25% 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, we are 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%.

 Interest income on our investment in Saratoga
CLO is recorded using the effective interest method in accordance with the provisions of FASB 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.

 Expenses

 Our primary operating expenses include the payment
of investment advisory and management fees, professional fees, directors and officers insurance, fees paid to directors who are not "interested
persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company ("independent directors") and administrator
expenses, including our allocable portion of our administrator's overhead. Our investment advisory and management fees compensate
our Manager for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other costs and
expenses of our operations and transactions, including those relating to:

 organization;

 calculating our net asset value ("NAV") (including the cost and expenses of any independent valuation firm);

 expenses incurred by our Manager payable to third parties, including agents, consultants or other advisers, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies;

 expenses incurred by our Manager payable for travel and due diligence on our prospective portfolio companies;

 interest payable on debt, if any, incurred to finance our investments;

 offerings of our common stock and other securities;

 investment advisory and management fees;

 fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments;

 transfer agent and custodial fees;

 federal and state registration fees;

 all costs of registration and listing our common stock on any securities exchange;

 U.S. federal, state and local taxes;

 independent directors' fees and expenses;

 costs of preparing and filing reports or other documents required by governmental bodies (including the Securities and Exchange Commission (the "SEC") and the SBA);

 costs of any reports, proxy statements or other notices to common stockholders including printing costs;

 our fidelity bond, directors and officers errors and omissions liability insurance, and any other insurance premiums;

 direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and

 administration fees and all other expenses incurred by us or, if applicable, the administrator in connection with administering our business (including payments under the Administration Agreement based upon our allocable portion of the administrator's overhead in performing its obligations under an Administration Agreement, including rent and the allocable portion of the cost of our officers and their respective staffs (including travel expenses)).

 Pursuant to the investment advisory and management
agreement that we had with GSCP (NJ), L.P., our former investment adviser and administrator, we had agreed to pay GSCP (NJ), L.P. as investment
adviser a quarterly base management fee of 1.75% of the average value of our total 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 and an incentive fee.

 The incentive fee had two parts:

 A fee, payable quarterly in arrears, equal to 20.0% of our pre-incentive fee net investment income, expressed as a rate of return on the value of the net assets at the end of the immediately preceding quarter, that exceeded a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, our investment adviser received no incentive fee unless our pre-incentive fee net investment income exceeded the hurdle rate of 1.875%. Amounts received as a return of capital were not included in calculating this portion of the incentive fee. Since the hurdle rate was based on net assets, a return of less than the hurdle rate on total assets could still have resulted in an incentive fee.

 A fee, payable at the end of each fiscal year, equal to 20.0% of our net realized capital gains, if any, computed net of all realized capital losses and unrealized capital depreciation, in each case on a cumulative basis on each investment in our portfolio, less the aggregate amount of capital gains incentive fees paid to the investment adviser through such date.

 We deferred cash payment of any incentive fee
otherwise earned by our former investment adviser if, during the then most recent four full fiscal quarters ending on or prior to the
date such payment was to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined
as total assets less liabilities) (before taking into account any incentive fees payable during that period) was less than 7.5% of our
net assets at the beginning of such period. These calculations were appropriately pro-rated for the first three fiscal quarters of operation
and adjusted for any share issuances or repurchases during the applicable period. Such incentive fee would become payable on the next
date on which such test had been satisfied for the most recent four full fiscal quarters or upon certain terminations of the investment
advisory and management agreement. We commenced deferring cash payment of incentive fees during the quarterly period ended August 31,
2007 and continued to defer such payments through the quarterly period ended May 31, 2010. As of July 30, 2010, the date on which GSCP
(NJ), L.P. ceased to be our investment adviser and administrator, we owed GSCP (NJ), L.P. $2.9 million in fees for services previously
provided to us; of which $0.3 million has been paid by us. GSCP (NJ), L.P. agreed to waive payment by us of the remaining $2.6 million
in connection with the consummation of the stock purchase transaction with Saratoga Investment Advisors and certain of its affiliates
described elsewhere in this Annual Report.

 The terms of the investment advisory and management
agreement with Saratoga Investment Advisors, our current investment adviser, are substantially similar to the terms of the investment
advisory and management agreement we had entered into with GSCP (NJ), L.P., our former investment adviser, except for the following material
distinctions in the fee terms:

 The capital gains portion of the incentive fee was reset with respect to gains and losses from May 31, 2010, and therefore losses and gains incurred prior to such time will not be taken into account when calculating the capital gains fee payable to Saratoga Investment Advisors and, as a result, Saratoga Investment Advisors will be entitled to 20.0% of net gains that arise after May 31, 2010. In addition, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 equal the fair value of such investment as of such date. Under the investment advisory and management agreement with our former investment adviser, GSCP (NJ), L.P., the capital gains fee was calculated from March 21, 2007, and the gains were substantially outweighed by losses.

 Under the "catch up" provision, 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income that exceeds 1.875% but is less than or equal to 2.344% in any fiscal quarter is payable to Saratoga Investment Advisors. This will enable Saratoga Investment Advisors to receive 20.0% of all net investment income as such amount approaches 2.344% in any quarter, and Saratoga Investment Advisors will receive 20.0% of any additional net investment income. Under the investment advisory and management agreement with our former investment adviser, GSCP (NJ), L.P. only received 20.0% of the excess net investment income over 1.875%.

 We will no longer have deferral rights regarding incentive fees in the event that the distributions to stockholders and change in net assets is less than 7.5% for the preceding four fiscal quarters.

 Capital Gains Incentive Fee

 We record an expense accrual relating to the capital
gains incentive fee payable by us to the Manager when the unrealized gains on its investments exceed all realized capital losses on its
investments given the fact that a capital gains incentive fee would be owed to the Manager if we were to liquidate our investment portfolio
at such time. The actual incentive fee payable to the Company's Manager related to capital gains will be determined and payable
in arrears at the end of each fiscal year and will include only realized capital gains for the period.

 Recent Accounting Pronouncements

 In December 2023, the FASB issued ASU 2023-09, Improvements
to Income Tax Disclosures. The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09
is effective for years beginning after December 15, 2024. Early adoption is permitted, however the Company has not elected to early adopt
this provision as of the date of the financial statements contained in this report. The Company is still assessing the impact of the new
guidance.

 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.

 Portfolio and investment activity

 Investment Portfolio Overview

2025

2024

2023

 ($ in millions)

 Number of investments(1)

 Number of portfolio companies(2)

 Average investment per portfolio company(2)

 $
 20.1

 $
 20.1

 $
 19.0

 Average investment size(1)

 $
 7.2

 $
 8.1

 $
 8.3

 Weighted average maturity(3)

 2.2 yrs

 2.5 yrs

 2.9 yrs

 Number of industries(5)

 Non-performing or delinquent investments (fair value)

 $
 2.6

 $
 18.9

 $
 9.8

 Fixed rate debt (% of interest earning portfolio)(3)

 $
 26.1(3.0
)%

 $
 5.5(0.5
)%

 $
 8.2(1.0
)%

 Fixed rate debt (weighted average current coupon)(3)

 7.4
 %

 15.0
 %

 12.2
 %

 Floating rate debt (% of interest earning portfolio)(3)

 $
 850.5(97.0
)%

 $
 997.9(99.5
)%

 $
 817.1(99.0
)%

 Floating rate debt (weighted average current spread over LIBOR/SOFR)(3)(4)

 7.2
 %

 7.5
 %

 7.0
 %

 (1)

 Excludes our investment in the subordinated notes of Saratoga CLO.

 (2)

 At February 28, 2025, excludes our investment in the subordinated notes of Saratoga CLO and Class F-2-R-3 Notes tranche, as well as the unsecured notes and equity interests in the SLF JV and the Class E Note tranche of the SLF 2022. At February 28, 2023, excludes our investment in the subordinated notes of Saratoga CLO, Class F-2-R-3 Note tranche, as well as the unsecured notes and equity interests in the SLF JV.

 (3)

 Excludes our investment in the subordinated notes of Saratoga CLO and equity interests, as well as the unsecured notes and equity interests in SLF JV and the Class E Note tranche of the SLF 2022.

 (4)

 Calculation uses either 1-month or 3-month LIBOR/SOFR,
 depending on the contractual terms, and after factoring in any existing LIBOR/SOFR floors.

 (5)

 Our investment in the subordinated notes of Saratoga CLO and Class F-R-3 Note tranche, as well as the unsecured notes and equity interests in the SLF JV and the Class E note tranche of the SLF 2022 are included in Structured Finance Securities industry.

 During the fiscal year ended February 28, 2025,
we invested $168.1 million in new and existing portfolio companies and had $312.1 million in aggregate amount of exits and repayments
resulting in net repayments of $144.0 million for the year.

 During the fiscal year ended February 29, 2024,
we invested $246.1 million in new and existing portfolio companies and had $30.3 million in aggregate amount of exits and repayments resulting
in net investments of $215.8 million for the year.

 During the fiscal year ended February 28, 2023,
we invested $385.1 million in new and existing portfolio companies and had $222.2 million in aggregate amount of exits and repayments
resulting in net investments of $162.9 million for the year.

 Portfolio Composition

 Our portfolio composition at February 28, 2025, February
29, 2024 and February 28, 2023 at fair value was as follows:

 February 28, 2023

 Weighted Average Current Yield

 Weighted Average Current Yield

 Weighted Average Current Yield

 88.7
 %

 11.3
 %

 85.7
 %

 12.6
 %

 82.1
 %

 12.3
 %

 0.7

 16.7

 1.6

 5.1

 1.5

 5.3

 1.7

 10.7

 1.4

 11.1

 2.1

 9.8

 1.5

 19.9

 2.7

 10.3

 4.3

 7.4

 7.4

 -

 8.6

 -

 10.0

 -

 Total

 100.0
 %

 10.8
 %

 100.0
 %

 11.4
 %

 100.0
 %

 10.7
 %

 At February 28, 2025, our investment in the
 subordinated notes of Saratoga CLO, a collateralized loan obligation fund, had a fair value of $0.2 million and constituted 0.02% of
 our portfolio. This investment constitutes a first loss position in a portfolio that, as of February 28, 2025 and February 29, 2024,
 was composed of $527.1 million and $640.8 million, respectively, in aggregate principal amount of primarily senior secured first
 lien term loans. In addition, as of February 28, 2025, we also own $9.4 million in aggregate principal of the F-2-R-3 Notes in the
 Saratoga CLO, which only rank senior to the subordinated notes.

 This investment is subject to unique risks. (See
"Part 1. Item 1A. Risk Factors—Our investment in Saratoga CLO constitutes a leveraged investment in a portfolio of subordinated
notes representing the lowest-rated securities issued by a pool of predominantly senior secured first lien term loans and is subject to
additional risks and volatility. All losses in the pool of loans will be borne by our subordinated notes and only after the value of our
subordinated notes is reduced to zero will the higher-rated notes issued by the pool bear any losses"). We do not consolidate the
Saratoga CLO portfolio in our consolidated financial statements. Accordingly, the metrics below do not include the underlying Saratoga
CLO portfolio investments. However, at February 28, 2025, $484.3 million or 98.4% of the Saratoga CLO portfolio investments in terms of
market value had a CMR color rating of green or yellow and eight of the Saratoga CLO portfolio investments were in default with a fair
value of $4.4 million. At February 29, 2024, $603.0 million or 99.2% of the Saratoga CLO portfolio investments in terms of market value
had a CMR color rating of green or yellow and two of the Saratoga CLO portfolio investments were in default with a fair value of $0.3
million. For more information relating to Saratoga CLO, see the audited financial statements for Saratoga CLO included elsewhere herein.

 Saratoga Investment Advisors normally grades all
of our investments using a credit and monitoring rating system ("CMR"). The CMR consists of a single component: a color rating.
The color rating is based on several criteria, including financial and operating strength, probability of default, and restructuring risk.
The color ratings are characterized as follows: (Green)—performing credit; (Yellow)—underperforming credit; (Red)—in
principal payment default and/or expected loss of principal.

 Portfolio CMR distribution

 The CMR distribution of our investments at February 28, 2025
and February 29, 2024 was as follows:

 Color Score

 Investments at Fair Value

 Investments at Fair Value

 Green

 $
 890,437

 91.0
 %

 $
 1,000,298

 87.8
 %

 Yellow

 1,086

 0.1

 12,643

 1.1

 Red

 1,547

 0.2

 6,273.00

 0.6

 N/A(1)

 85,008

 8.7

 119,580

 10.5

 Total

 $

 100.0
 %

 $

 100.0
 %

 (1)
 Comprised of our investment in the subordinated notes of Saratoga
CLO and equity interests.

 The change in reserve from $9.5 million as of
February 29, 2024 to $0.2 million as of February 28, 2025 was primarily related to the reversal and receipt of the non-accrual of interest
income related to our investment in Knowland Group, and the write-down of all reserved interest income related to our investments in Pepper
Palace and Zollege as part of their restructurings this year.

 The CMR distribution of Saratoga CLO investments at February
28, 2025 and February 29, 2024 was as follows:

 Saratoga CLO

 Color Score

 Investments at Fair Value

 Investments at Fair Value

 Green

 $
 446,859

 90.8
 %

 $
 560,384

 92.2
 %

 Yellow

 37,453

 7.6

 42,580

 7.0

 Red

 6,198

 1.3

 3,568

 0.6

 N/A(1)

 1,685

 0.3

 1,020

 0.2

 Total

 $
 492,195

 100.0
 %

 $
 607,552

 100.0
 %

 (1)
 Comprised of Saratoga CLO's equity interests.

 Portfolio composition by industry grouping at fair
value

 The following table shows our portfolio composition by industry
grouping at fair value at February 28, 2025 and February 29, 2024:

 Investments At Fair Value

 Investments At Fair Value

 $
 85,149

 8.5
 %

 $
 51,094

 4.5
 %

 59,439

 6.1

 64,689

 5.7

 57,458

 5.9

 59,208

 5.2

 51,750

 5.3

 52,350

 4.6

 45,986

 4.7

 120,500

 10.8

 41,595

 4.3

 45,579

 4.0

 35,159

 3.6

 40,235

 3.5

 32,405

 3.3

 37,377

 3.3

 Cutsom Millwork Software

 31,722

 3.2

 -

 0.0

 31,600

 3.2

 22,580

 2.0

 Municipal Government Software

 29,720

 3.0

 -

 0.0

 28,453

 2.9

 32,032

 2.8

 27,533

 2.8

 25,819

 2.3

 27,334

 2.8

 26,896

 2.4

 27,179

 2.8

 14,150

 1.2

 26,302

 2.7

 26,276

 2.3

 26,280

 2.7

 26,255

 2.3

 25,293

 2.6

 25,247

 2.2

 24,850

 2.5

 24,089

 2.1

 24,064

 2.5

 24,073

 2.1

 22,027

 2.3

 22,069

 1.9

 20,345

 2.1

 19,821

 1.7

 19,615

 2.0

 25,222

 2.2

 18,810

 1.9

 78,422

 6.9

 Marketing Orchestration Software

 18,444

 1.9

 18,420

 1.6

 17,346

 1.8

 18,026

 1.6

 Non-profit Services

 16,470

 1.7

 16,267

 1.4

 Structured Finance Securities(1)

 1.5

 2.7

 Veterinary Services

 12,667

 1.3

 4,753

 0.4

 11,751

 1.2

 10,708

 0.9

 11,641

 1.2

 12,120

 1.1

 11,576

 1.2

 10,779

 0.9

 10,178

 1.0

 9,916

 0.9

 9,933

 1.0

 9,916

 0.9

 Industrial Products

 9,404

 1.0

 9,095

 0.8

 Office Supplies

 5,339

 0.5

 7,181

 0.6

 Cyber Security

 3,517

 0.4

 2,826

 0.2

 Staffing Services

 3,426

 0.4

 3,288

 0.3

 1,546

 0.2

 2,489

 0.2

 Healthcare Supply

 -

 0.0

 -

 0.0

 Facilities Maintenance

 -

 0.0

 0.0

 -

 0.0

 41,447

 3.6

 Sports Management

 -

 0.0

 27,000

 2.4

 Legal Software

 -

 0.0

 20,709

 1.8

 Roofing Contractor Software

 -

 0.0

 19,014

 1.7

 Total

 $

 100.0
 %

 $

 100.0
 %

 (1)
 As of February 28, 2025, comprised of our investment in the subordinated
notes and F-2-R-3 Notes of Saratoga CLO, as well as the unsecured notes and equity interests in the SLF JV and E-Notes of SLF 2022. As
of February 29, 2024, comprised of our investment in the subordinated notes and Class F-2-R-3 Notes of Saratoga CLO, as well as the unsecured
notes and equity interests in the SLF JV and E-Notes of SLF 2022.

 The following table shows Saratoga CLO's portfolio
composition by industry grouping at fair value at February 28, 2025 and February 29, 2024:

 Saratoga CLO

 Investments
 at

 Investments
 at

 $
 101,194

 20.9
 %

 $
 116,253

 19.0
 %

 46,915

 9.5

 65,524

 10.8

 39,950

 8.1

 50,996

 8.4

 26,923

 5.5

 30,433

 5.0

 26,032

 5.3

 40,453

 6.7

 25,268

 5.1

 30,219

 5.0

 22,306

 4.5

 26,339

 4.3

 19,475

 4.0

 22,718

 3.7

 17,309

 3.4

 20,265

 3.3

 16,900

 3.3

 20,217

 3.3

 16,730

 3.4

 20,007

 3.3

 14,008

 2.8

 17,555

 2.9

 13,522

 2.7

 17,138

 2.8

 13,129

 2.7

 16,663

 2.7

 12,920

 2.6

 13,150

 2.2

 10,571

 2.1

 10,698

 1.8

 8,353

 1.7

 13,068

 2.2

 8,061

 1.6

 7,255

 1.2

 7,153

 1.5

 8,890

 1.5

 7,069

 1.4

 10,778

 1.8

 6,417

 1.3

 8,046

 1.3

 6,286

 1.3

 10,390

 1.7

 4,739

 1.0

 5,694

 0.9

 4,408

 0.9

 3,592

 0.6

 3,727

 0.8

 4,720

 0.8

 3,306

 0.7

 2,855

 0.5

 3,012

 0.6

 4,024

 0.7

 2,588

 0.5

 3,120

 0.5

 Utilities: Electric

 1,988

 0.4

 2,234

 0.4

 1,936

 0.4

 4,256

 0.7

 Total

 $
 492,195

 100.0
 %

 $
 607,550

 100.0
 %

 Portfolio composition by geographic location at fair
value

 The following table shows our portfolio composition by geographic
location at fair value at February 28, 2025 and February 29, 2024. The geographic composition is determined by the location of the corporate
headquarters of the portfolio company.

 Percentage of

 Total

 Percentage of

 Total Portfolio

 Midwest

 $
 364,944

 37.3
 %

 $
 264,966

 23.3
 %

 Southeast

 234,144

 23.9

 308,590

 27.1

 Northeast

 128,787

 13.2

 144,562

 12.7

 West

 120,361

 12.3

 233,791

 20.5

 Southwest

 63,278

 6.5

 111,911

 9.8

 International / Other

 18,810

 1.9

 -

 0.0

 Other(1)

 47,754

 4.9

 74,974

 6.6

 Total

 $

 100.0
 %

 $

 100.0
 %

 (1)
 As of February 28, 2025, comprised of our investments in the
subordinated notes, F-2-R-3 Notes of Saratoga CLO, as well as the unsecured notes and equity interests in the SLF JV and foreign investments.
As of February 29, 2024, comprised of our investments in the subordinated notes, F-2-R-3 Notes of Saratoga CLO, as well as the unsecured
notes and equity interests in the SLF JV and foreign investments.

 Results of operations

 Operating results for the fiscal years ended February 28,
2025, February 29, 2024 and February 28, 2023 were as follows:

 For the Year Ended

2025

2024

2023

 $
 148,855

 $
 143,720

 $
 99,104

 Total operating expenses

 95,852

 86,846

 63,903

 53,003

 56,874

 35,201

 Net realized gains (losses) from investments

 (42,030
)

 7,446

 Income tax (provision) benefit from realized gain on investments

 -

 -

 18,974

 (47,091
)

 (15,218
)

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

 (1,061
)

 (893
)

 (1,715
)

 Loss on extinguishment of debt*

 (800
)

 (110
)

 (1,587
)

 $
 28,086

 $
 8,934

 $
 24,676

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

 Investment income

 The composition of our investment income for the fiscal years
ended February 28, 2025, February 29, 2024 and February 28, 2023 were as follows:

 For the Year Ended

2025

2024

2023

 Interest from investments

 $
 131,022

 $
 127,785

 $
 85,217

 Interest from cash and cash equivalents

 6,530

 2,512

 1,368

 Management fee income

 3,114

 3,270

 3,270

 Incentive fee income

 -

 -

 -

 Dividend Income*

 4,562

 6,533

 2,720

 Structuring and advisory fee income

 1,583

 2,150

 3,585

 Other income*

 2,044

 1,470

 2,944

 $
 148,855

 $
 143,720

 $
 99,104

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

 For the fiscal year ended February 28, 2025, total
investment income increased $5.1 million, or 3.6%, to $148.9 million for the fiscal year ended February 28, 2025 compared to $143.7 million
for the fiscal year ended February 29, 2024. Interest income from investments increased $3.2 million, or 2.5%, to $131.0 million for the
year ended February 28, 2025 from $127.8 million for the fiscal year ended February 29, 2024. The increase in interest income for the
fiscal year ended February 28, 2025 is primarily due to the recognition of $8.2 million interest income related to our Knowland investment
that was previously on non-accrual and was fully repaid this year with all interest, offset by lower interest income on the overall portfolio
as the weighted average interest rate decreased from 11.4% as of February 29, 2024 to 10.8% as of February 28, 2025.

 For the fiscal year ended February 29, 2024, total
investment income increased $44.6 million, or 45.0%, to $143.7 million for the fiscal year ended February 29, 2024 compared to $99.1 million
for the fiscal year ended February 28, 2023. Interest income from investments increased $42.6 million, or 50.0%, to $127.8 million for
the year ended February 29, 2024 from $85.2 million for the fiscal year ended February 28, 2023. The increase in interest income for the
fiscal year ended February 29, 2024 is primarily attributable to an increase of 17.1% in total investments to $1,138.8 million from $972.6
million in the prior period, as well as the increase in the weighted average current yield on investments of 11.4% compared to 10.7% in
the prior period.

 For the fiscal year ended February 28, 2025 and
February 29, 2024, total PIK income was $4.0 million and $2.5 million, respectively. This increase was primarily due to the recognition
of reserved Knowland PIK interest previously on non-accrual and fully repaid during this year.

 For the fiscal year ended February 29, 2024 and
February 28, 2023, total PIK income was $2.5 million and $1.2 million, respectively. This increase was due to investment growth and amended
terms of debt securities that elected to pay a portion of their interest in PIK.

 Management fee income reflects the fee income
received for managing the Saratoga CLO. For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, total management
fee income was $3.1 million, $3.3 million and $3.3 million, respectively.

 For the fiscal year ended February 28, 2025, February
29, 2024 and February 28, 2023, total dividend income was $4.6 million, $6.5 million and $2.7 million, respectively. Dividends received
is recorded in the consolidated statements of operations when earned, and the decrease primarily reflects the reduced $4.0 million of
dividend income received on the SLF JV as of February 28, 2025 compared to $5.9 million as of February 29, 2024.

 For the fiscal year ended February 28, 2025, February
29, 2024 and February 28, 2023, total structuring and advisory fee income was $1.6 million, $2.1 million and $3.6 million, respectively.
Structuring and advisory fee income represents fee income earned and received performing certain investment and advisory activities during
the closing of new investments, with the changes year-over-year primarily reflecting the increased or decreased originations during the
period.

 For the fiscal year ended February 28, 2025, February
29, 2024 and February 28, 2023, other income was $2.0 million, $1.5 million and $2.9 million, respectively. Other income primarily includes
prepayment, amendment and redemption fees and is recorded in the consolidated statements of operations when earned.

 Operating expenses

 The composition of our operating expenses for the years ended
February 28, 2025, February 29, 2024 and February 28, 2023 were as follows:

 For the Year Ended

2025

2024

2023

 Interest and debt financing expenses

 $
 52,059

 $
 49,180

 $
 33,499

 Base management fees

 18,382

 19,212

 16,424

 Incentive management fees

 13,254

 8,025

 5,057

 Professional fees

 2,058

 1,767

 1,812

 Administrator expenses

 4,708

 3,873

 3,160

 Insurance

 Directors fees and expenses

 General and administrative and other expenses

 1,902

 2,243

 2,329

 Income tax expense (benefit)

 (153
)

 Excise tax expense (benefit)

 2,406

 1,830

 1,068

 Total operating expenses

 $
 95,852

 $
 86,846

 $
 63,903

 For the year ended February 28, 2025, total operating
expenses increased $9.0 million, or 10.4%, to $95.9 million compared to $86.8 million for the year ended February 29, 2024. For the year
ended February 29, 2024, total operating expenses increased $22.9 million, or 35.9%, to $86.8 million compared to $63.9 million for the
year ended February 28, 2023.

 For the year ended February 28, 2025, interest
and debt financing expenses increased $2.9 million, or 5.9% compared to the year ended February 29, 2024. The increase is attributable
to both the total average outstanding debt increasing from $798.9 million for the year ended February 29, 2024 to $836.2 million for
the year ended February 28, 2025, as well as the weighted average interest rate on our outstanding indebtedness increasing from 5.46%
to 5.56% for the same periods.

 For the year ended February 29, 2024, interest
and debt financing expenses increased $15.7 million, or 46.8% compared to the year ended February 28, 2023. The increase is attributable
to both the total average outstanding debt increasing from $663.0 million for the year ended February 28, 2023 to $798.9 million for the
year ended February 29, 2024, as well as the weighted average interest rate on our outstanding indebtedness increasing from 4.48% to 5.46%
for the same periods. The increase in total average outstanding debt and the weighted average interest rate was primarily due to the issuance
during the year ended February 29, 2024 of the higher-cost 8.75% 2025 Notes and 8.50% 2028 Notes. At February 29, 2024 and February 28,
2023, the lower-cost SBA debentures represented 26.1% and 27.7% of overall debt, respectively.

 For the year ended February 28, 2025, base management
fees decreased $0.8 million, or 4.3% compared to the fiscal year ended February 29, 2024. The decrease in base management fees is due
to the 4.3% decrease in the average value of our total assets, less cash and cash equivalents, from $1,097.8 million as of February 29,
2024 to $1,050.5 million as of February 28, 2025.

 For the year ended February 29, 2024, base management
fees increased $2.8 million, or 17.0% compared to the fiscal year ended February 28, 2023. The increase in base management fees is due
to the 17.0% increase in the average value of our total assets, less cash and cash equivalents, from $938.5 million as of February 28,
2023 to $1,097.8 million as of February 29, 2024.

 For the year ended February 28, 2025, incentive
fees increased $5.2 million, or 65.1% compared to the fiscal year ended February 29, 2024. The incentive fee on income increased this
year from $13.0 million for the year ended February 29, 2024 to $13.2 million for the year ended February 28, 2025, reflecting the increased
operating performance of our debt investments during this period. The incentive fees on capital gains increased from $(8.3) million benefit
for the fiscal year ended February 29, 2024 to $(5.9) million benefit for the fiscal year ended February 28, 2025, both reflecting the
incentive fee income and expense on net unrealized appreciation and depreciation recognized during both these periods, with the liability
floor capped at zero.

 For the year ended February 29, 2024, incentive
fees increased $3.0 million, or 58.7% compared to the fiscal year ended February 28, 2023. The incentive fee on income increased this
year from $6.8 million for the year ended February 28, 2023 to $13.0 million for the year ended February 29, 2024, reflecting the increased
operating performance of our debt investments during this period. The incentive fees on capital gains decreased from ($1.8) million benefit
for the fiscal year ended February 28, 2023 to ($8.3) million benefit for the fiscal year ended February 29, 2024, both reflecting the
incentive fee income and expense on net unrealized appreciation and depreciation recognized during both these periods.

 For the year ended February 28, 2025, professional
fees increased $0.3 million, or 16.5% compared to the fiscal year ended February 29, 2024. This increase is primarily due to inflationary
increases from vendors across accounting, legal and consulting fees across the Company, as well as the additional cost of performing a
Sarbanes Oxley audit this year with the Company becoming an accelerated filer.

 For the year ended February 29, 2024, professional
fees decreased $0.05 million, or 2.5% compared to the fiscal year ended February 28, 2023. This decrease primarily reflects the benefit
of scale and optimization of costs and vendors across accounting, legal and consulting fees across the Company.

 For the year ended February 28, 2025, administrator
expenses increased $0.8 million, or 21.6% compared to the fiscal year ended February 29, 2024, which reflects an increase to the cap on
the payment or reimbursement of expenses by the Company from $4.3 million last year to $5.0 million, effective August 1, 2024.

 For the year ended February 29, 2024, administrator
expenses increased $0.7 million, or 22.5% compared to the fiscal year ended February 28, 2023, which reflects an increase to the cap on
the payment or reimbursement of expenses by the Company from $3.275 million last year to $ 4.3 million, effective August 1, 2023.

 For the fiscal years ended February 28, 2025,
February 29, 2024 and February 28, 2023, the average borrowings outstanding under the Credit Facilities was approximately $33.1 million,
$37.9 million and $26.3 million, respectively, and the average weighted average interest rate on the outstanding borrowing under the Credit
Facilities was 9.49%, 9.66% and 6.72%, respectively.

 For the fiscal years ended February 28, 2025,
February 29, 2024 and February 28, 2023, the average borrowings outstanding of SBA debentures was $213.8 million, $202.5 million and $230.0
million, respectively. For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, the weighted average interest rate
on the outstanding borrowings of the SBA debentures was 3.32%, 3.08% and 2.78%, respectively.

 The weighted average dollar amount of our unsecured
notes for the fiscal years ended February 28, 2025 and February 29, 2024 were as follows:

 Fiscal Year Ended

 (in millions)

 2025

 2024

 $
 5.0

 $
 5.0

 15.0

 15.0

 175.0

 175.0

 75.0

 75.0

 105.5

 105.5

 12.0

 12.0

 46.0

 46.0

 60.4

 60.4

 20.0

 17.5

 57.5

 50.2

29, 2024 and February 28, 2023, we recognized income tax expense (benefit) of $0.41 million, $0.04 million and ($0.15) million, respectively.
This relates to net deferred federal and state income tax expense (benefit) with respect to operating gains and losses and income derived
from equity investments held in entities that are treated as corporations for U.S. federal income tax purposes, as well as current U.S.
federal and state income taxes on those operating gains and losses when realized.

 For the year ended February 28, 2025, we accrued
excise taxes of $2.4 million on undistributed taxable income as of December 31, 2024. For the year ended February 29, 2024, we accrued
excise taxes of $1.8 million on undistributed taxable income as of December 31, 2023.

 Net realized gains (losses) on sales of investments

 For the fiscal year ended February 28, 2025, we
had $312.1 million of sales, repayments, exits or restructurings resulting in $42.0 million of net realized losses. The most significant
realized gains and losses during the year ended February 28, 2025 were as follows (dollars in thousands):

 Fiscal year ended February 28, 2025

 Gross Proceeds

 Cost

 Net
 Realized
 Gain (Loss)

 $
 3,205

 $
 18,316

 $
 (15,111
)

 2,260

 7,706

 (5,446
)

 Book4Time, Inc.

 First Lien Term Loan, Second Lien Term Loan & Equity Interests

 -

 -

 (34,007
)

 Invita (fka HemaTerra Holding Company, LLC)

 7,577

 2,817

 4,760

 Modern Campus (fka Destiny Solutions
 Inc.)

 9,430

 3,969

 5,461

 Emily Street Enterprises, L.L.C.

 1,670

 1,270

 The $15.1 million of net realized losses was
from the restructuring of our Zollege PBC investment.

 The $5.4 million of net realized losses was from
the sale of the equity interests in our Netreo Holdings, LLC investment.

 The $0.5 million of net realized gains was from
the sale of the equity interests in our Book4Time, Inc. investment.

 The $34.0 million of net realized losses was
from the restructuring of our Pepper Palace, Inc. investment.

 The $4.8 million of net realized gains was from
the sale of the equity interests in our Invita (fka HemaTerra Holding Company, LLC) investment.

 The $5.5 million of net realized gains was from
the sale of the limited partner interests in our Modern Campus (fka Destiny Solutions Inc.) investment.

 The $1.3 million of net realized gains was from the sale of the equity
interests in our Emily Street Enterprises, L.L.C. investment.

 For the fiscal year ended February 29, 2024, we
had $30.3 million of sales, repayments, exits or restructurings resulting in $0.2 million of net realized gains. The most significant
realized gains and losses during the year ended February 29, 2024 were as follows (dollars in thousands):

 Fiscal year ended February 29, 2024

 Gross Proceeds

 Cost

 Net Realized Gain (Loss)

 PDDS Buyer, LLC

 $
 -

 $
 -

 $
 41,350

 Censis Technologies, Inc.

 -

 -

 6,773

 GreyHeller LLC

 -

 -

 42,568

 Ohio Medical, LLC

 -

 -

 60,565

 Targus Holdings, Inc

 -

 -

 2,327

 We received escrow payments from the prior sales
of our investments in PPDS Buyer, LLC, Censis Technologies, Inc., Ohio Medical, LLC, GreyHeller LLC and Targus Holdings, Inc.

 For the fiscal year ended February 28, 2023, we
had $222.2 million of sales, repayments, exits or restructurings resulting in $7.4 million of net realized loss. The most significant
realized gains and losses during the year ended February 28, 2023 were as follows (dollars in thousands):

 Fiscal year ended February 28, 2023

 Gross Proceeds

 Cost

 Net Realized Gain

 PDDS Buyer, LLC

 $
 9,943,838

 $

 $
 7,943,838

 Ohio Medical, LLC

 770,161

 380,353

 389,808

 Targus Holdings, Inc.

 540,075

 1,589,630

 (1,049,555
)

 Censis Technologies, Inc.

 -

 -

 68,731

 Texas Teachers of Tomorrow, LLC

 -

 -

 24,977

 V Rental Holdings LLC

 -

 -

 68,800

 The $7.9 million of net realized gains was from
the sales of the equity position in our investment in PDDS Buyer, LLC.

 The $0.4 million of net realized gains was from
the sales of the equity position in our investment in Ohio Medical, LLC.

 The $1.0 million of net realized loss was from
the sales of the equity position in our investment in Targus Holding, Inc.

 We received escrow payments from the prior sales
of our investments in Censis Technologies, Inc., Texas Teachers of Tomorrow, LLC and V Rental Holdings LLC.

 For the year ended February 28, 2025, our investments
had a net change in unrealized appreciation of $19.0 million compared to a net change in unrealized depreciation of $47.1 million for
the year ended February 29, 2024. The most significant cumulative changes in unrealized appreciation (depreciation) for the year ended
February 28, 2025, were the following (dollars in thousands):

 Fiscal year ended February 28, 2025

 Cost

 Total Unrealized Appreciation (Depreciation)

 YTD Change

 in Unrealized

 Appreciation

(Depreciation)

 $
 2,939

 $
 1,547

 $
 (1,392
)

 $
 31,558

 2,020

 3,937

 1,917

 16,082

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

 9,375

 2,281

 (7,094
)

 (6,594
)

 Destiny Solutions Inc.

 -

 -

 -

 (5,925
)

 35,202

 19,615

 (15,588
)

 (5,608
)

 60,546

 59,439

 (1,107
)

 (5,588
)

 ARC Health OpCo LLC

 37,533

 32,405

 (5,128
)

 (4,993
)

 -

 -

 -

 3,803

 Knowland Group, LLC

 -

 -

 -

 3,236

 HemaTerra Holding Company, LLC

 -

 -

 -

 (3,094
)

 Axero Holdings, LLC

 20,637

 26,665

 6,028

 2,552

 14,889

 (14,648
)

 (2,147
)

 58,943

 57,458

 (1,485
)

 (1,852
)

 28,526

 27,255

 (1,271
)

 (1,500
)

 ETU Holdings, Inc.

 First Lien Term Loan, Second Lien Term Loan & Equity Interests

 17,053

 13,368

 (3,685
)

 (1,250
)

 Vector Controls Holding Co., LLC

 -

 9,404

 9,404

 1,233

 The $31.6 million net change in unrealized appreciation
in our investment in Pepper Palace, Inc. was driven by the restructuring of the investment, resulting in a reversal of previously recognized
unrealized depreciation reclassified to realized loss.

 The $16.1 million net change in unrealized appreciation
in our investment in Zollege PBC was driven by the restructuring of the investment, resulting in a reversal of previously recognized unrealized
depreciation reclassified to realized loss.

 The $6.6 million net change in unrealized depreciation
in our investment Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-2-R-3 Note was driven by the impact of the performance of individual
credits in the CLO portfolio.

 The $5.9 million net change in unrealized depreciation
in our investment Modern Campus (fka Destiny Solutions Inc.) was driven by the sale of the equity position, resulting in a reversal of
previously recognized unrealized appreciation reclassified to realized gain.

 The $5.6 million net change in unrealized depreciation
in our investment Saratoga Senior Loan Fund I, JV, LLC was primarily driven by the impact of the performance of individual credits in
the portfolio.

 The $5.6 million of net change in unrealized depreciation
in our investment Artemis Wax Corp. was driven by a decline in company performance, overall market conditions and capital structure changes.

 The $5.0 million of net change in unrealized depreciation
in our investment ARC Health OpCo LLC was driven by declines in company performance and capital structure changes.

 The $3.8 million net change in unrealized appreciation
in our investment Netreo Holdings, LLC was driven by the sale of the equity position, resulting in a reversal of previously recognized
unrealized depreciation reclassified to realized loss.

 The $3.2 million net change in unrealized appreciation
in our investment in Knowland Group, LLC was driven by the completed sales process and the full recovery of Saratoga's principal.

 The $3.1 million net change in unrealized depreciation
in our investment Invita (fka HemaTerra Holding Company, LLC) was driven by market factors that reduced the eventual proceeds received
from the sale.

 The $2.6 million net change in unrealized appreciation
in our investment Axero Holdings, LLC was driven by strong financial portfolio company performance.

 The $2.4 million net change in unrealized depreciation
in our investment in Stretch Zone Franchising, LLC was driven by a decline in company performance.

 The $2.1 million net change in unrealized depreciation
in our investment Saratoga Investment Corp. CLO 2013-1, Ltd. was primarily driven by the weakened performance of individual credits in
the portfolio.

 The $1.9 million net change in unrealized depreciation
in our investment in Granite Comfort, LP was driven by a decline in company performance.

 The $1.2 million net change in unrealized
depreciation in our investment ETU Holdings, Inc. was driven by a decline in company performance, overall market conditions and capital
structure changes.

 The $1.2 million net change in unrealized appreciation
in our investment in Vector Controls Holding Co., LLC was driven by company performance.

 For the year ended February 29, 2024, our investments
had a net change in unrealized depreciation of $47.1 million compared to a net change in unrealized depreciation of $15.2 million for
the year ended February 28, 2023. The most significant cumulative changes in unrealized appreciation (depreciation) for the year ended
February 29, 2024, were the following (dollars in thousands):

 Fiscal year ended February 29, 2024

 Cost

 Total Unrealized Appreciation (Depreciation)

 YTD Change

 in Unrealized

Appreciation

(Depreciation)

 $
 35,438

 $
 2,489

 $
 (32,949
)

 $
 (23,104
)

 17,949

 3,784

 (14,165
)

 (12,845
)

 39,225

 35,422

 (3,803
)

 (12,083
)

 35,202

 25,222

 (9,980
)

 (5,504
)

 22,002

 9,501

 (12,501
)

 (4,734
)

 Knowland Group, LLC

 15,879

 12,643

 (3,236
)

 2,882

 ETU Holdings, Inc.

 First Lien Term Loan, Second Lien Term Loan & Equity Interests

 16,034

 13,600

 (2,434
)

 (2,518
)

 Vector Controls Holding Co., LLC

 9,095

 8,171

 1,653

 Chronus LLC

 22,875

 22,069

 (806
)

 (1,304
)

 Avionte Holdings, LLC

 3,288

 3,188

 1,209

 Buildout, Inc.

 First Lien Term Loan, Second Lien Term Loan & Equity Interests

 53,666

 52,350

 (1,316
)

 (1,167
)

 The $23.1 million net change in unrealized depreciation
in our investment in Pepper Palace, Inc. was driven by further declines in company performance during the year ended February 29, 2024.

 The $12.8 million net change in unrealized depreciation
in our investment in Zollege PBC was driven by further declines in company performance during the year ended February 29, 2024.

 The $12.1 million net change in unrealized depreciation
in our investment in Netreo Holdings, LLC was driven by increased company leverage and declines in company performance.

 The $5.5 million net change in unrealized depreciation
in our investment in Saratoga Senior Loan Fund I JV, LLC was primarily driven by overall market conditions.

 The $4.7 million net change in unrealized depreciation
in our investment in Saratoga Investment Corp. CLO 2013-1, Ltd. was driven by overall market conditions as well as the mark-down of specific
investments.

 The $2.9 million net change in unrealized appreciation
in our investment in Knowland Group, LLC was driven by overall improved company performance and valuation.

 The $2.5 million net change in unrealized depreciation
in our investment in ETU Holdings, Inc. was driven by declining company performance.

 The $1.7 million net change in unrealized appreciation
in our investment in Vector Controls Holding Co., LLC was driven by overall company performance.

 The $1.3 million net change in unrealized depreciation
in our investment in Chronus LLC was driven by overall company performance.

 The $1.2 million net change in unrealized appreciation
in our investment in Avionte Holdings, Inc. was driven by overall company performance.

 The $1.2 million net change in unrealized depreciation
in our investment in Buildout, Inc. was driven by overall company performance.

 For the year ended February 28, 2023, our investments
had a net change in unrealized depreciation of $15.2 million compared to a net change in unrealized appreciation of $17.0 million for
the year ended February 28, 2022. The most significant cumulative changes in unrealized appreciation (depreciation) for the year ended
February 28, 2023, were the following (dollars in thousands):

 Fiscal year ended February 28, 2023

 Cost

 Total

Unrealized

Appreciation

(Depreciation)

 YTD Change

 in Unrealized

 Appreciation

(Depreciation)

 $
 34,256

 $
 24,411

 $
 (9,845
)

 $
 (9,327
)

 60,059

 63,642

 3,583

 1,460

 Vector Controls Holding Co., LLC

 3,090

 9,608

 6,518

 3,099

 Axero Holdings, LLC

 10,551

 13,052

 2,500

 1,952

 Destiny Solutions Inc.

 3,969

 8,941

 4,972

 1,309

 16,652

 15,333

 (1,319
)

 (1,185
)

 35,887

 44,167

 8,280

 (2,363
)

 PDDS Buyer, LLC

 -

 -

 -

 (5,094
)

 28,944

 21,177

 (7,767
)

 (4,149
)

 35,202

 30,726

 (4,476
)

 (3,368
)

 The $9.3 million net change in unrealized depreciation
in our investment in Pepper Palace, Inc. was driven by overall company performance.

 The $2.1 million net change in unrealized appreciation
in our investment in Artemis Wax Corp. was driven by improved financial performance.

 The $3.1 million net change in unrealized appreciation
in our investment in Vector Controls Holding Co., LLC was driven by improved financial performance.

 The $2.0 million net change in unrealized appreciation
in our investment in Axero Holdings, LLC was driven by growth and overall strong financial performance.

 The $1.3 million net change in unrealized appreciation
in our investment in Destiny Solutions Inc. was driven by growth and overall strong financial performance.

 The $1.2 million net change in unrealized depreciation
in our investment in Zollege PBC was driven by weakened financial performance.

 The $2.4 million net change in unrealized depreciation
in our investment in Netreo Holdings, LLC was driven by increased leverage and slowing top line growth.

 The $5.1 million net change in unrealized depreciation
in our investment in PDDS Buyer, LLC was driven by the sale of that investment, resulting in a reversal of previously recognized unrealized
appreciation reclassified to realized gains.

 The $4.1 million net change in unrealized depreciation
in our investment in Saratoga Investment Corp. CLO 2013-1 Ltd. was driven by the increase in discount rates and overall market conditions.

 The $3.4 million net change in unrealized depreciation
in our investment in Saratoga Senior Loan Fund I JV, LLC was driven by the increase in discount rates and overall market conditions.

 Changes in net assets resulting from operations

 For the fiscal years ended February 28, 2025,
February 29, 2024 and February 28, 2023, we recorded a net increase in net assets resulting from operations of $28.1 million, $8.9 million
and $24.7 million, respectively. Based on 13,912,170 weighted average common shares outstanding as of February 28, 2025, our per share
net increase in net assets resulting from operations was $2.02 for the fiscal year ended February 28, 2025. This compares to a per share
net increase in net assets resulting from operations of $0.71 for the fiscal year ended February 29, 2024 (based on 12,670,939 weighted
average common shares outstanding as of February 29, 2024), and a per share net increase in net assets resulting from operations of $2.06
for the fiscal year ended February 28, 2023 (based on 11,963,533 weighted average common shares outstanding as of February 28, 2023).

 FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

 We intend to continue to generate cash primarily
from cash flows from operations, including interest earned from our investments in debt in middle-market companies, interest earned from
the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less,
draws of the Encina Credit Facility and the Live Oak Credit Facility, our continued access to the SBA debentures future borrowings and
future offerings of both private and public debt and equity securities.

 Although we expect to continue to fund the growth
of our investment portfolio through the net proceeds from future equity offerings, including our dividend reinvestment plan ("DRIP"),
our equity ATM Program (as defined below), and issuances of senior securities or future borrowings, to the extent permitted by the 1940
Act, we cannot assure you that our plans to raise capital will be successful. In this regard, because our common stock has historically
traded at a price below our current NAV per share and we are limited in our ability to sell our common stock at a price below NAV per
share, we have been and may continue to be limited in our ability to raise equity capital.

 In addition, we intend to distribute to our stockholders
substantially all of our operating taxable income in order to satisfy the distribution requirement applicable to RICs under the Code.
In satisfying this distribution requirement, in accordance with certain applicable provisions of the Code and the Treasury regulations
and a revenue procedure issued by the Internal Revenue Service ("IRS"), a RIC may treat a distribution of its own stock as
fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her 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 declared distribution. We may rely on the revenue procedure in future periods to satisfy our RIC distribution requirement.

 Also, as a BDC, we generally are required to meet
a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities,
which include all of our borrowings and any outstanding preferred stock, of at least 200%, reduced to 150% effective April 16, 2019 following
the approval received from our board of directors, including a majority of our independent directors, on April 16, 2018. This requirement
limits the amount that we may borrow. Our asset coverage ratio, as defined in the 1940 Act, was 162.9% as of February 28, 2025 and 161.1%
as of February 29, 2024. To fund growth in our investment portfolio in the future, we anticipate needing to raise additional capital from
various sources, including the equity markets and other public and private debt-related markets, which may or may not be available on
favorable terms, if at all.

 Consequently, we may not have the funds or the
ability to fund new investments, to make additional investments in our portfolio companies, to fund our unfunded commitments to portfolio
companies, to pay dividends or to repay borrowings. Also, the illiquidity of our portfolio investments may make it difficult for us to
sell these investments when desired and, if we are required to sell these investments, we may realize significantly less than their recorded
value.

 Due to the diverse capital sources available to
us at this time, we believe we have adequate liquidity to support our near term capital requirements.

 Encina Credit Facility

 Below is a summary of the terms of the Encina
Credit Facility.

 Commitment. We entered into the Credit
and Security Agreement (the "Encina Credit Agreement") relating to the Encina Credit Facility in the initial facility amount
of $50.0 million (the "Encina Facility Amount").

 Availability. We can draw up to the lesser
of (i) the Encina Facility Amount and (ii) the Borrowing Base. The Borrowing Base is an amount equal to (i) the difference of (A) the
product of the applicable advance rate which varies from 50.0% to 75.0% depending on the type of loan asset (Defaulted Loans being excluded
in that they carry an advance rate of 0%) and the value, determined in accordance with the Encina Credit Facility (the "Adjusted
Borrowing Value"), of certain "eligible" loan assets pledged as security for the loan (the "Borrowing Base Value")
and (B) the Excess Concentration Amount, as calculated in accordance with the Encina Credit Facility, plus (ii) any amounts held in the
Prefunding Account and, without duplication, Excess Cash held in the Collection Account, less (iii) the product of (a) the amount of any
undrawn funding commitments we have under any loan asset and (b) the Unfunded Exposure Haircut Percentage, and less (iv) $100,000. Each
loan asset we held as of the date on which the Encina Credit Facility was closed was valued as of that date and each loan asset that we
acquire after such date will be valued at the lowest of its fair value, its face value (excluding accrued interest) and the purchase price
paid for such loan asset. Adjustments to the value of a loan asset will be made to reflect, among other things and under certain circumstances,
changes in its fair value, a default by the obligor on the loan asset, insolvency of the obligor, acceleration of the loan asset, and
certain modifications to the terms of the loan asset.

 The Encina Credit Facility contains limitations
on the type of loan assets that are "eligible" to be included in the Borrowing Base and as to the concentration level of certain
categories of loan assets in the Borrowing Base such as restrictions on geographic and industry concentrations, asset size and quality,
payment frequency, status and terms, average life, and collateral interests. In addition, if an asset is to remain an "eligible"
loan asset, we may not make changes to the payment, amortization, collateral and certain other terms of the loan assets without the consent
of the administrative agent that will either result in subordination of the loan asset or be materially adverse to the lenders.

 The Encina Credit Facility requires certain minimum
drawn amounts. For the period beginning on the closing date and ended April 4, 2022, the minimum funding amount was $12.5 million. For
the period beginning on April 5, 2022 through maturity, the minimum funding amount is the greater of $25.0 million and 50% of the Encina
Facility Amount in effect from time to time.

 Collateral. The Encina Credit Facility
is secured by assets of SIF II and pledged to Encina under the Encina Credit Facility. SIF II is a wholly owned special purpose entity
formed for the purpose of entering into the Encina Credit Facility.

 Interest Rate and Fees. Under the Encina
Credit Facility, funds were borrowed from or through certain lenders at the greater of the prevailing LIBOR rate and 0.75%, plus an applicable
margin of 4.00%. The Encina Credit Agreement includes benchmark replacement provisions which permit the Administrative Agent and the borrower
to select a replacement rate upon the unavailability of LIBOR. In addition, we pay the lenders a commitment fee of 0.75% per year (or
0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Encina
Credit Facility for the duration of the term of the Encina Credit Facility. Accrued interest and commitment fees are payable monthly in
arrears. We were also obligated to pay certain other fees to the lenders in connection with the closing of the Encina Credit Facility.

 Collateral Tests. It is a condition precedent
to any borrowing under the Encina Credit Facility that the principal amount outstanding under the Encina Credit Facility, after giving
effect to the proposed borrowings, not exceed the Borrowing Base (the "Borrowing Base Test"). In addition to satisfying the
Borrowing Base Test, the following tests must also be satisfied (together with Borrowing Base Test, the "Collateral Tests"):

 o

 Interest Coverage Ratio. The ratio (expressed as a percentage) of interest collections with respect to pledged loan assets, less certain fees and expenses relating to the Encina Credit Facility, to accrued interest and commitment fees payable to the lenders under the Encina Credit Facility for the last 6 payment periods must equal at least 175.0%.

 o

 Overcollateralization Ratio. The ratio (expressed as a percentage) of the aggregate Adjusted Borrowing Value of "eligible" pledged loan assets plus the fair value of certain ineligible pledged loan assets (in each case, subject to certain adjustments) to outstanding borrowings under the Encina Credit Facility plus the Unfunded Exposure Amount must equal at least 200.0%.

 The Encina Credit Facility also may require payment
of outstanding borrowings or replacement of pledged loan assets upon our breach of our representation and warranty that pledged loan assets
included in the Borrowing Base are "eligible" loan assets. Such ineligible collateral loans will be excluded from the calculation
of the Borrowing Base and may lead to a Borrowing Base Deficiency, which may be cured by effecting one or more (or any combination thereof)
of the following actions: (A) deposit into or credit to the collection account cash and eligible investments, (B) repay outstanding borrowings
(together with certain costs and expenses), (C) sell or substitute loan assets in accordance with the Encina Credit Facility, or (D) pledge
additional loan assets as collateral. Compliance with the Collateral Tests is also a condition to the discretionary sale of pledged loan
assets by us.

 Priority of Payments. The priority of payments
provisions of the Encina Credit Facility require, after payment of specified fees and expenses, that collections of interest from the
loan assets and, to the extent that these are insufficient, collections of principal from the loan assets, be applied on each payment
date to payment of outstanding borrowings if the Borrowing Base Test, the Overcollateralization Ratio and the Interest Coverage Ratio
would not otherwise be met.

 Operating Expenses. The priority of payments
provision of the Encina Credit Facility provides for the payment of certain of our operating expenses out of collections on interest and
principal in accordance with the priority established in such provision. The operating expenses payable pursuant to the priority of payment
provisions is limited to $200,000 per annum.

 Covenants; Representations and Warranties;
Events of Default. The Encina Credit Agreement contains customary representations and warranties, affirmative covenants, negative
covenants and events of default. The Encina Credit Agreement does not contain grace periods for breach by us of any negative covenants
or of certain of the affirmative covenants, including, without limitation, those related to preservation of the existence and separateness
of the Company. Other events of default under the Encina Credit Agreement include, among other things, the following:

 o
 our failure to maintain an
Interest Coverage Ratio of less than 175%;

 o

 our failure to maintain an Overcollateralization Ratio of less than 200%;

 o
 the filing of certain ERISA
or tax liens on our assets or the Equity holder;

 o
 failure by Specified Holders
to collectively, directly or indirectly, own and control at least 51% of the outstanding equity interests of Saratoga Investment Advisor,
or (y) possess the right to elect (through contract, ownership of voting securities or otherwise) at all times a majority of the board
of directors (or similar governing body) of Saratoga Investment Advisor and to direct the management policies and decisions of Saratoga
Investment Advisor, or (ii) the dissolution, termination or liquidation in whole or in part, transfer or other disposition, in each case,
of all or substantially all of the assets of, Saratoga Investment Advisor;

 o
 indictment or conviction of
Saratoga Investment Advisors or any "key person" for a felony offense, or any fraud, embezzlement or misappropriation of
funds by Saratoga Investment Advisors or any "key person" and, in the case of "key persons," without a reputable,
experienced individual reasonably satisfactory to Encina Lender Finance appointed to replace such key person within 30 days;

 o
 resignation, termination, disability
or death of a "key person" or failure of any "key person" to provide active participation in Saratoga Investment
Advisors' daily activities, all without a reputable, experienced individual reasonably satisfactory to Encina Lender Finance appointed
within 30 days.

 Fees and Expenses. We paid certain fees
and reimbursed Encina Lender Finance, LLC for the aggregate amount of all documented, out-of-pocket costs and expenses, including the
reasonable fees and expenses of lawyers, incurred by Encina Lender Finance, LLC in connection with the Encina Credit Facility and the
carrying out of any and all acts contemplated thereunder up to and as of the date of closing. These amounts totaled $1.4 million.

 On January 27, 2023, we entered into the first
amendment to the Encina Credit Agreement to, among other things:

 increase the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million;

 change 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;

 increase the applicable effective margin rate on borrowings from 4.00% to 4.25%;

 extend the revolving period from October 4, 2024 to January 27, 2026;

 extend 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;

 revised the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and

 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.

 As of February 28, 2025, we had $32.5 million
outstanding borrowings under the Encina Credit Facility. As of February 29, 2024, we had $35.0 million outstanding borrowings under the
Encina Credit Facility. Our borrowing base under the Encina Credit Facility at February 28, 2025 and February 29, 2024 was $78.6 million
and $65.0 million, respectively.

 Live Oak 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 equityholder, 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.

 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 require a minimum drawn amount
of $12.5 million at all times during the period ending 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;

 added new lenders (as identified in the Amendment) to the Live Oak Credit Agreement;

 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

 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 covenants.

 As of February 28, 2025, we had $20.0 million
outstanding borrowings under the Live Oak Credit Facility. As of February 29, 2024, we had zero outstanding borrowings under the Live
Oak Credit Facility. Our borrowing base under the Live Oak Credit Facility at February 28, 2025 and February 29, 2024 was $86.9 million
and $0.0 million, respectively.

 Our asset coverage ratio, as defined in
the 1940 Act, was 162.9% as of February 28, 2025 and 161.1% as of February 29, 2024.

 SBA-guaranteed debentures

 In addition, we, through two current wholly owned
subsidiaries, sought and obtained licenses from the SBA to operate an SBIC. In this regard, our wholly owned subsidiaries, SBIC II LP
and SBIC III LP, received an SBIC license from the SBA on August 14, 2019 and September 29, 2022, respectively. SBICs are designated 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. Our wholly owned subsidiary SBIC LP fully repaid its outstanding debentures
and subsequently surrendered its license to the SBA on January 3, 2023, and SBIC LP subsequently merged with and into the Company.

 The SBIC license allows our SBIC Subsidiaries
to obtain leverage by issuing SBA-guaranteed debentures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest
payable semi-annually and have a ten-year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior
to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis
at a market-driven spread over U.S. Treasury Notes with 10-year maturities.

 The SBIC Subsidiaries are regulated by the SBA.
SBA regulations currently limit the amount that our SBIC Subsidiaries may individually borrow up to a maximum of $175.0 million of SBA
debentures if the SBIC Subsidiary has at least $87.5 million in regulatory capital, subject to the SBA's approval. Under current
SBIC regulations, for two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million.
The SBIC Subsidiaries are able to borrow funds from the SBA against regulatory capital (which generally approximates equity capital in
the respective SBIC) and are subject to customary regulatory requirements, including, but not limited to, periodic examination by the
SBA.

 We received exemptive relief from the SEC to permit
us to exclude the debt of our SBIC Subsidiaries guaranteed by the SBA from the definition of senior securities in the asset coverage test
under the 1940 Act. This allows us increased flexibility under the asset coverage test by permitting us to borrow up to $350.0 million
more than we would otherwise be able to absent the receipt of this exemptive relief. 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 independent
directors, approved of our becoming subject to a minimum asset coverage ratio of 150% from 200% under Sections 18(a)(1) and 18(a)(2) of
the Investment Company Act, as amended. The 150% asset coverage ratio became effective on April 16, 2019.

 As of February 28, 2025, SBIC LP had $0.0 million
in regulatory capital and $0.0 million SBA-guaranteed debentures outstanding. SBIC II LP had $87.5 million in regulatory capital
and $131.0 million SBA-guaranteed debentures outstanding. SBIC III LP had $87.5 million in regulatory capital and $39.0 million
SBA-guaranteed debentures outstanding.

 Unsecured notes

 7.25% 2025 Notes

 On June 24, 2020, we issued $37.5 million aggregate
principal amount of our 7.25% 2025 Notes for net proceeds of $36.3 million after deducting underwriting commissions of approximately $1.2
million. Offering costs incurred were approximately $0.3 million. On July 6, 2020, the underwriters exercised their option in full to
purchase an additional $5.625 million in aggregate principal amount of its 7.25% 2025 Notes. Net proceeds to the Company were $5.4 million
after deducting underwriting commissions of approximately $0.2 million. The net proceeds from the offering were used for general corporate
purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes have
been capitalized and were amortized over the term of the 7.25% 2025 Notes.

 On July 14, 2022, we redeemed $43.1 million in
aggregate principal amount of the issued and outstanding 7.25% 2025 Notes. The 7.25% 2025 Notes were listed on the NYSE under the trading
symbol of "SAK" and have been delisted following the full redemption on July 14, 2022.

 At February 28, 2025, the total amount of 7.25%
2025 Notes outstanding was $0.0 million.

 On July 9, 2020, we issued $5.0 million aggregate
principal amount of our 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 is 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 mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at our option, subject
to a fee depending on the date of repayment. The net proceeds from the offering were used for general corporate purposes in accordance
with our investment objective and strategies. Financing costs of $0.3 million related to the 7.75% 2025 Notes have been capitalized and
are being amortized over the term of the Notes. The 7.75% 2025 Notes are not listed and have a par value of $25.00 per note.

 At February 28, 2025, the total amount of 7.75%
2025 Notes outstanding was $5.0 million.

 On December 29, 2020, we issued $5.0 million in
aggregate principal amount of our 6.25% fixed-rate notes due in 2027 (the "6.25% 2027 Notes"). Offering costs incurred
were approximately $0.1 million. 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 our option, on or after December 29, 2024. The net proceeds from the offering
were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.1 million
related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.

 On January 28, 2021, we 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 (the "Additional 6.25% 2027 Notes"). 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. Offering costs
incurred were approximately $0.1 million. 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 January 28, 2027 and commencing January 28, 2023, may
be redeemed in whole or in part at any time or from time to time at our option on or after December 29, 2024. The net proceeds from the
offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs of $0.4
million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the 6.25% 2027 Notes. The 6.25%
2027 Notes are not listed and have a par value of $25.00 per note.

 At February 28, 2025, the total amount of 6.25%
2027 Notes outstanding was $15.0 million.

 On March 10, 2021, we issued $50.0 million in
aggregate principal amount of the 4.375% fixed rate notes due 2026 (the "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.
Interest on the 4.375% 2026 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The
4.375% 2026 Notes mature on February 28, 2026 and may be redeemed in whole or in part at any time on or after November 28, 2025 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 our investment objective and strategies. Financing costs of $1.2 million related to the 4.375% 2026 Notes have
been capitalized and are being amortized over the term of the 4.375% 2026 Notes.

 On July 15, 2021, we issued an additional $125.0
million in aggregate principal amount of the 4.375% 2026 Notes (the "Additional 4.375% 2026 Notes") for net proceeds for approximately
$123.5 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 discount of $2.5 million and the offering expenses of approximately $0.2 million payable by the Company. The
net proceeds from the offering were used to redeem all of the outstanding 6.25% 2025 Notes (as described above), and for general corporate
purposes in accordance with our investment objective and strategies. The Additional 4.375% 2026 Notes are treated as a single series with
the existing 4.375% 2026 Notes under the indenture and have the same terms as the existing 4.375% 2026 Notes.

 At February 28, 2025 the total amount of 4.375%
2026 Notes outstanding was $175.0 million.

 On January 19, 2022, we
issued $75.0 million in aggregate principal amount of our 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 our 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
our 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.

 At February 28, 2025 the total amount of 4.35%
2027 Notes outstanding was $75.0 million.

 On April 27, 2022, we issued $87.5 million in
aggregate principal amount of 6.00% fixed-rate notes due 2027 (the "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 6.00%
2027 Notes. Net proceeds were $9.7 million after deducting underwriting commissions of approximately $0.3 million. 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
our option. The net proceeds from the offering were used for general corporate purposes in accordance with our 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.

 On August 15, 2022, we issued an additional $8.0
million in aggregate principal amount of the 6.00% 2027 Notes (the "Additional 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. 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. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective
and strategies. Additional offering costs incurred were approximately $0.03 million. Additional financing costs of $0.03 million related
to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes.

 At February 28, 2025 the total amount of 6.00%
2027 Notes outstanding was $105.5 million.

 On September 8, 2022, we 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 customary fees and offering expenses of approximately $0.4 million. Interest on the 7.00% 2025 Notes is 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 mature on September 8,
2025 and commencing September 8, 2024, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds
from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing costs
of $0.05 million related to the 7.00% 2025 Notes have been capitalized and are being amortized over the term of the 7.00% 2025 Notes.

 At February 28, 2025 the total amount of 7.00%
2025 Notes outstanding was $12.0 million.

 On October 27, 2022, we 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 $0.1 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. Net proceeds were $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 our option. The net proceeds from the offering were used for general corporate purposes in accordance with our investment objective
and strategies. Financing costs of $1.73 million related to the 8.00% 2027 Notes have been capitalized and are being amortized over the
term of the 8.00% 2027 Notes. The 8.00% 2027 Notes are listed on the NYSE under the trading symbol "SAJ" with a par value
of $25.00 per note.

 At February 28, 2025 the total amount of
8.00% 2027 Notes outstanding was $46.0 million.

 On December 13, 2022, we 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. Net proceeds were $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 our 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 our 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. The 8.125% 2027 Notes are listed on the NYSE under the trading symbol "SAY" with a par value of $25.00 per note.

 At February 28, 2025, the total amount of 8.125%
2027 Notes outstanding was $60.4 million.

 On March 31, 2023, we 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, we issued an additional $10.0 million in aggregate principal
amount of the 8.75% 2024 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 is 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, we elected to exercise our option to extend the maturity date of the 8.75% 2025 Notes from March 31, 2024 to March
31, 2025. Net proceeds from this offering were used to make investments in middle-market companies (including investments made through
our SBIC Subsidiaries) in accordance with our investment objective and strategies and general corporate purposes. Financing costs and
discounts of $0.7 million related to the 8.75% 2025 Notes have been capitalized and are being amortized over the term of the 8.75% 2025
Notes.

 At February 28, 2025, the total amount of 8.75%
2025 Notes outstanding was $20.0 million.

 On April 14, 2023, we 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. Net proceeds were $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 our 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 our 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. The 8.50% 2028 Notes are listed on the NYSE under the trading
symbol "SAZ" with a par value of $25.00 per note.

 At February 28, 2025, the total amount of 8.50%
2028 Notes outstanding was $57.5 million.

 At February 28, 2025 and February 29, 2024, the
fair value of total cash and cash equivalents, cash and cash equivalents in reserve accounts and total investments by major category are
as follows:

 $
 148,218

 12.6
 %

 $
 8,693

 0.8
 %

 Cash and cash equivalents, reserve accounts

 56,505

 4.8

 31,814

 2.7

 73.4

 82.8

 6,388

 0.5

 1.5

 1.2

 2.6

 Unsecrued loan

 1.4

 1.3

 72,518

 6.1

 97,830

 8.3

 Total

 $
 1,182,801

 100.0
 %

 $
 1,179,301

 100.0
 %

 Equity Capital Activities

 Share Repurchases

 On September 24, 2014, we announced the approval
of the Share Repurchase Plan. Since September 24, 2014, the Share Repurchase Plan has been extended annually, and we have periodically
increased the amount of shares of common stock that may be purchased under the Share Repurchase Plan. Most recently, on January 7, 2025,
our board of directors extended the Share Repurchase Plan for another year to January 15, 2026, which currently permits up to 1.7 million
shares of common stock to be repurchased under the Share Repurchase Plan. As of February 28, 2025, we purchased 1,035,203 shares of common
stock, at the average price of $22.05 for approximately $22.8 million pursuant to the Share Repurchase Plan. During the three months and
year ended February 28, 2025 we did not purchase any shares of common stock pursuant to the Share Repurchase Plan.

 Public Equity Offering

 On July 13, 2018, we issued 1,150,000 shares of
common stock priced at $25.00 per share (par value $0.001 per share) at an aggregate total of $28.75 million. The net proceeds, after deducting
underwriting commissions of $1.15 million and offering costs of approximately $0.2 million, amounted to approximately $27.4 million. We
also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of common stock, which was not exercised.

 Equity ATM Program

 On March 16, 2017, we entered into an equity distribution
agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $30.0 million of our common
stock through an ATM offering. Subsequent to this, we amended our equity distribution agreement to add BB&T Capital Markets and B.
Riley FBR, Inc. as sales agents in our ATM offering. On July 11, 2019, the amount of the common stock to be offered was increased to $70.0
million, and on October 8, 2019, the amount of the common stock to be offered was increased to $130.0 million. This agreement was terminated
as of July 29, 2021, and as of that date, we had sold 3,922,018 shares for gross proceeds of $97.1 million at an average price of $24.77
for aggregate net proceeds of $95.9 million (net of transaction costs).

 On July 30, 2021, we entered into an equity distribution
agreement (the "Equity Distribution Agreement") with Ladenburg Thalmann & Co. Inc. ("Ladenburg") and Compass
Point Research and Trading, LLC ("Compass Point"), each as distribution agents, through which we may offer for sale, from
time to time, up to $150.0 million of our common stock through the Agents (as defined below), or to them, as principal for their account
(the "ATM Program").

 On July 6, 2023, we amended the Equity Distribution
Agreement to increase the maximum amount of shares of our common stock to be sold through the ATM Program to $300.0 million from $150.0
million. On July 19, 2023, we amended the Equity Distribution Agreement to add an additional distribution agent, Raymond James & Associates,
Inc. ("Raymond James"). On May 15, 2024, we amended the Equity Distribution Agreement to add an additional distribution agent,
Lucid Capital Markets, LLC ("Lucid" and together with Ladenburg, Compass Point, and Raymond James, the "Agents").
The sales price per share of our common stock offered under the ATM Program, less the Agents' commission, will not be less than
the NAV per share of our common stock at the time of such sale. Consistent with the terms of the ATM Program, the Manager may, from time
to time and in its sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV
per share.

 As of February 28, 2025 we sold 7,844,716 shares
for gross proceeds of $207.9 million at an average price of $26.37 for aggregate net proceeds of $206.1 million (net of transaction costs).
During the three months ended February 28, 2025, we sold 1,192,400 shares for gross proceeds of $32.4 million at an average price of $26.99
for aggregate net proceeds of $32.2 million (net of transaction costs). During the year ended February 28, 2025, we sold 1,300,838 shares
for gross proceeds of $35.4 million at an average price of $26.99 for aggregate net proceeds of $35.1 million (net of transaction costs).
The Manager agreed to reimburse the Company to the extent the per share price of the shares to the public, less underwriting fees, was
less than net asset value per share. For the three months ended February 28, 2025, the Manager reimbursed the Company $2.2 million. For
the year ended February 28, 2025, the Manager reimbursed the Company $2.4 million.

 Dividend Distributions

 We have distributed or intend to distribute sufficient
dividends to eliminate taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise
fail to qualify as a RIC in any tax year, we would be subject to U.S. federal income tax in that year on all of our taxable income imposed
at corporate rates, regardless of whether we made any distributions to our shareholders. Shareholders have the option to receive payment
of the dividend in cash, or receive shares of common stock, pursuant to the DRIP. Our distributions for the tax years ended February 28,
2026 to inception were as follows:

 Payment date

 Cash Dividend

 Tax Year Ended February 28, 2026

 June 24, 2025

 $

 0.25
 (51)

 May 22, 2025

 0.25
 (51)

 April 24, 2025

 0.25
 (50)

 March 25, 2025

 0.74
 (49)

 $
 1.49

 Tax Year Ended February 28, 2025

 December 19, 2024

 $
 1.09
 (48)

 September 26, 2024

 0.74
 (47)

 June 27, 2024

 0.74
 (46)

 March 28, 2024

 0.73
 (45)

 $
 3.30

 Tax Year Ended February 29, 2024

 December 28, 2023

 $
 0.72
 (44)

 September 28, 2023

 0.71
 (43)

 June 29, 2023

 0.70
 (42)

 March 30, 2023

 0.69
 (1)

 $
 2.82

 Tax Year Ended February 28, 2023

 January 4, 2023

 $
 0.68
 (2)

 September 29, 2022

 0.54
 (3)

 June 29, 2022

 0.53
 (4)

 March 28, 2022

 0.53
 (5)

 $
 2.28

 Tax Year Ended February 28, 2022

 January 19, 2022

 $
 0.53
 (6)

 September 28, 2021

 0.52
 (7)

 June 29, 2021

 0.44
 (8)

 April 22, 2021

 0.43
 (9)

 $
 1.92

 Tax Year Ended February 28, 2021

 February 10, 2021

 $
 0.42
 (10)

 November 10, 2020

 0.41
 (11)

 August 12, 2020

 0.40
 (12)

 $
 1.23

 Tax Year Ended February 29, 2020

 February 6, 2020

 $
 0.56
 (13)

 September 26, 2019

 0.56
 (14)

 June 27, 2019

 0.55
 (15)

 March 28, 2019

 0.54
 (16)

 $
 2.21

 Tax Year Ended February 28, 2019

 January 2, 2019

 $
 0.53
 (17)

 September 27, 2018

 0.52
 (18)

 June 27, 2018

 0.51
 (19)

 March 26, 2018

 0.50
 (20)

 $
 2.06

 Payment date

 Cash Dividend

 Tax Year Ended February 28, 2018

 December 27, 2017

 $
 0.49
 (21)

 September 26, 2017

 0.48
 (22)

 June 27, 2017

 0.47
 (23)

 March 28, 2017

 0.46
 (24)

 $
 1.90

 Tax Year Ended February 28, 2017

 February 9, 2017

 $
 0.45
 (25)

 November 9, 2016

 0.44
 (26)

 September 5, 2016

 0.20
 (27)

 August 9, 2016

 0.43
 (28)

 April 27, 2016

 0.41
 (29)

 $
 1.93

 Tax Year Ended February 29, 2016

 February 29, 2016

 $
 0.40
 (30)

 November 30, 2015

 0.36
 (31)

 August 31, 2015

 0.33
 (32)

 June 5, 2015

 1.00
 (33)

 May 29. 2015

 0.27
 (34)

 $
 2.36

 Tax Year Ended February 28, 2015

 February 27, 2015

 $
 0.22
 (35)

 November 28, 2014

 0.18
 (36)

 $
 0.40

 Tax Year Ended February 28. 2014

 December 27, 2013

 $
 2.65
 (37)

 $
 2.65

 Tax Year Ended February 28, 2013

 December 31, 2012

 $
 4.25
 (38)

 $
 4.25

 Tax Year Ended February 29, 2012

 December 30, 2011

 $
 3.00
 (39)

 $
 3.00

 Tax Year Ended February 28, 2011

 December 29, 2010

 $
 4.40
 (40)

 $
 4.40

 Tax Year Ended February 28, 2010

 December 31, 2009

 $
 18.25
 (41)

 $
 18.25

 (1)
 Based on shareholder elections,
the dividend consisted of approximately $7.1 million in cash and 45,818 newly issued shares of common stock, or 0.4% of our outstanding
common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on
a price of $23.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 17,
20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023.

 (2)

 Based on shareholder elections, the dividend consisted of approximately $6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.26 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023.

 (3)

 Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 52,312 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.00 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022.

 (4)

 Based on shareholder elections, the dividend consisted of approximately $5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.40 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022.

 (5)

 Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.89 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022.

 (6)

 Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022.

 (7)

 Based on shareholder elections, the dividend consisted of approximately $4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.77 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021.

 (8)

 Based on shareholder elections, the dividend consisted of approximately $4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.03 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021.

 (9)

 Based on shareholder elections, the dividend consisted of approximately $3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.69 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021.

 (10)

 Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.75 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021.

 (11)

 Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.63 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020.

 (12)

 Based on shareholder elections, the dividend consisted of approximately $3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.45 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020.

 (13)

 Based on shareholder elections, the dividend consisted of approximately $5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.44 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020.

 (14)

 Based on shareholder elections, the dividend consisted of approximately $4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.34 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019.

 (15)

 Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.65 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019.

 (16)

 Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.36 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019.

 (17)

 Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $18.88 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019.

 (18)

 Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.35 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018.

 (19)

 Based on shareholder elections, the dividend consisted of approximately $2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.72 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018.

 (20)

 Based on shareholder elections, the dividend consisted of approximately $2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $19.91 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018.

 (21)

 Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017.

 (22)

 Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017.

 (23)

 Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.

 (24)

 Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.

 (25)

 Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017.

 (26)

 Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016.

 (27)

 Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016.

 (28)

 Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016.

 (29)

 Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016.

 (30)

 Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016.

 (31)

 Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015.

 (32)

 Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015.

 (33)

 Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015.

 (34)

 Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015.

 (35)

 Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015.

 (36)

 Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014.

 (37)

 Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013.

 (38)

 Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012.

 (39)

 Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011.

 (40)

 Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010.

 (41)

 Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009.

 (42)

 Based on shareholder elections, the dividend consisted of approximately $7.6 million in cash and 29,627 newly issued shares of common stock, or 0.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.29 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 20, 21, 22, 23, 26, 27, 28, and 29, 2023.

 (43)

 Based on shareholder elections, the dividend consisted of approximately $8.4 million in cash and 35,196 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.41 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2023.

 (44)

 Based on shareholder elections, the dividend consisted of approximately $8.9 million in cash and 37,394 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.47 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 14, 15, 18, 19, 20, 21, 22, 26, 27, and 28, 2023.

 (45)

 $9.0 million in cash and 45,490 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment.
 The number of shares of common stock comprising the stock portion was calculated based on a price of $22.85 per share, which equaled 95%
 of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2024.

 (46)

 $9.1 million in cash and 46,803 newly issued shares of common stock, or 10.0% of our outstanding common stock prior to the dividend payment.
 The number of shares of common stock comprising the stock portion was calculated based on a price of $21.76 per share, which equaled 95%
 of the volume weighted average trading price per share of the common stock on June 13, 14, 17, 18, 20, 21, 24, 25, 26, and 27, 2024.

 (47)

 $9.0 million in cash and 54,999 newly issued shares of common stock, or 10.0% of our outstanding common stock prior to the dividend payment.
 The number of shares of common stock comprising the stock portion was calculated based on a price of $22.08 per share, which equaled 95%
 of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25, and 26, 2024.

 (48)

 $13.7 million in cash and 81,471 newly issued shares of common stock, or 11.9% of our outstanding common stock prior to the dividend payment.
 The number of shares of common stock comprising the stock portion was calculated based on a price of $22.80 per share, which equaled 95%
 of the volume weighted average trading price per share of the common stock on December 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2024.

 (49)

 Based on shareholder elections, the dividend consisted of approximately $9.9 million in cash and 60,611 newly issued shares of common stock, or 12.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.96 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 12, 13, 14, 17, 18, 19, 20, 21, 24, and 25, 2025.

 (50)

 Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 20,086 newly issued shares of common stock, or 11.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.02 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 10, 11, 14, 15, 16, 17, 21, 22, 23, and 24, 2025.

 (51)

 These dividends were declared on February 18, 2025, and the cash and
newly issued shares of the common stock will be determined at a future date.

 We cannot provide any assurance that these measures will
provide sufficient sources of liquidity to support our operations and growth.

 Subsequent Events

 The
Company has evaluated subsequent events through the filing of this Form 10-K and determined that there have been no events that have occurred
that would require adjustments to the Company's consolidated financial statements and disclosures in the consolidated financial
statements as of and for the year ended February 28, 2025.

 Contractual obligations

 The following table shows our payment obligations for repayment
of debt and other contractual obligations at February 28, 2025:

 Payment Due by Period

 Long-Term Debt Obligations

 Total

 Less Than 1 Year

 1 - 3

Years

 3 - 5

 Years

 More Than 5 Years

 Encina credit facility

 $

 $

 $
 -

 $
 -

 $
 -

 Live Oak credit facility

 -

 -

 -

 SBA debentures

 -

 -

 -

 -

 -

 -

 -

 -

 -

 5,000

 5,000

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 Total Long-Term Debt Obligations

 $
 793,875

 $
 244,500

 $
 321,875

 $

 $

 Off-balance sheet arrangements

 At February 28, 2025 and February 29, 2024, our
off-balance sheet arrangements consisted of $126.7 million and $132.4 million, respectively, of unfunded commitments outstanding to provide
debt financing to its portfolio companies or to fund limited partnership interests. Such commitments are generally up to our discretion
to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk
in excess of the amount recognized in our consolidated statements of assets and liabilities.

 A summary of the unfunded commitments outstanding
as of February 28, 2025 and February 29, 2024 is shown in the table below (dollars in thousands):

2025

2024

 At Company's discretion

 ActiveProspect, Inc.

 $

 $

 23,500

 23,500

 Ascend Software, LLC

 5,000

 5,000

 C2 Educational Systems

 2,000

 -

 1,000

 -

 -

 4,500

 5,000

 -

 1,200

 1,898

 -

 4,250

 8,548

 8,548

 Sceptre Hospitality Resources, LLC

 -

 5,000

 -

 3,750

 VetnCare MSO, LLC

 Total

 $
 75,748

 $
 77,696

 At portfolio company's discretion - satisfaction of certain financial and nonfinancial covenants required

 $
 -

 $
 6,500

 ARC Health OpCo LLC

 -

 2,585

 Axero Holdings, LLC - Revolver

 Axiom Medical Consulting, LLC

 1,500

 2,000

 BQE Software, Inc.

 2,250

 3,250

 C2 Educational Systems

 -

 3,000

 Cloudpermit Intermediate Holding Company

 5,000

 -

 1,750

 Exigo, LLC - Revolver

 1,042

 Gen4 Dental Partners Holdings, LLC

 2,857

 -

 GoReact

 -

 2,500

 11,637

 11,637

 Innergy, Inc.

 5,000

 -

 Inspect Point Holding, LLC

 1,500

 1,500

 8,900

 -

 Pepper Palace, Inc. - Revolver

 2,500

 1,500

 1,500

 VetnCare MSO, LLC

 7,319

 15,319

 -

 50,938

 54,733

 Total

 $
 126,686

 $
 132,429

 We believe our assets will provide adequate coverage
to satisfy these unfunded commitments. As of February 28, 2025, we had cash and cash equivalents of $148.2 million, $32.5 million in available
borrowings under the Encina Credit Facility and $55.0 million in available borrowings under the Live Oak Credit Facility.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
SUTHERLAND TO UPDATE

 Our business activities contain elements of market
risk. We consider the fluctuation in interest rates to be our principal market risk. Managing this risk is essential to our business.
Accordingly, we have systems and procedures designed to identify and analyze our risks, to establish appropriate policies and thresholds
and to continually monitor this risk and thresholds by means of administrative and information technology systems and other policies and
processes.

 Interest rate risk is defined as the sensitivity
of our current and future earnings to interest rate volatility, including relative changes in different interest rates, variability of
spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may
have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between
the interest income earned on interest earning assets and our interest expense incurred in connection with our interest-bearing debt and
liabilities. Changes in interest rates can also affect, among other things, our ability to acquire leveraged loans, high yield bonds and
other debt investments and the value of our investment portfolio.

 Our investment income is affected by fluctuations
in various interest rates, including SOFR and the prime rate. Substantially all of our portfolio is, and we expect will continue to be,
comprised of floating rate investments that utilize SOFR or an alternate rate. The Federal Reserve held interest rates steady in the first quarter
of 2025, following three consecutive rate reductions in the third and fourth quarter of 2024. The Federal has indicated that there may be additional rate cuts in the future; however, future
reductions to benchmark rates are not certain. In a rising interest rate environment, our cost of funds would increase, which could reduce
our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. It is possible
that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest
rates. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment
income if such decreases in base rates, such as SOFR, are not offset by corresponding increases in the spread over such base rates that
we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or
a decrease in the interest rate of our floating interest rate liabilities. Our interest expense is affected by fluctuations in SOFR on
our Encina Credit Facility. In addition, all of our assets have been transitioned from LIBOR to an acceptable replacement rate, such as
SOFR.

 At February 28, 2025, we had $741.4 million of
borrowings outstanding. In addition, as of February 28, 2025, there were $32.5 million borrowings outstanding under the Encina Credit
Facility and $20.0 million borrowings outstanding under the Live Oak Credit Facility as of February 28, 2025. As of February 28, 2025,
on a fair value basis, approximately 2.6% of our debt investments bea r interest at a fixed-rate
and approximately 97.4% of our debt investments bear interest at a floating rate. As of February 28, 2025, 100% of our floating rate debt
investments are subject to interest rate floors. Additionally, both the Encina Credit Facility and the Live Oak Credit Facility
are subject to a floating interest rate and is currently paid based on floating Term SOFR rate.

 We have analyzed the potential impact of changes
in interest rates on interest income from investments. Assuming that our investments as of February 28, 2025 were to remain constant for
a full fiscal year and no actions were taken to alter the existing interest rate terms, a hypothetical change of a 1.0% increase in interest
rates would cause a corresponding increase of approximately $8.8 million to our interest income. Conversely, a hypothetical change of
a 1.0% decrease in interest rates would cause a corresponding decrease of approximately $8.7 million to our interest income.

 Changes in interest rates would have no impact
to our current interest and debt financing expense, as all our borrowings except for our credit facility are fixed rate, and our credit
facility is currently undrawn.

 Although management believes that this measure
is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in credit quality, size and composition
of the assets on the statements of assets and liabilities and other business developments that could magnify or diminish our sensitivity
to interest rate changes, nor does it account for divergences in SOFR and the commercial paper rate, which have historically moved in
tandem but, in times of unusual credit dislocations, have experienced periods of divergence. Accordingly, no assurances can be given that
actual results would not materially differ from the potential outcome simulated by this estimate.

 For further information, the following
table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes
in interest rates, assuming no changes in our investments and borrowings as of February 28, 2025.

 (Increase)

 Basis

 (Decrease)

 Decrease

 (Decrease) in Net

 (Decrease) in Net

 (Decrease) in Net

 Point

 in Interest

 in Interest

 Change

 Income

 Expense

 Income

 Income*

 Income per Share

 -100

 $
 (8,731
)

 $

 $
 (8,206
)

 $
 (6,565
)

 $
 (0.43
)

 -50

 (4,367
)

 (4,104
)

 (3,283
)

 (0.22
)

 -25

 (2,185
)

 (2,054
)

 (1,643
)

 (0.11
)

 2,195

 (131
)

 2,064

 1,651

 0.11

 4,390

 (263
)

 4,127

 3,302

 0.22

 8,780

 (525
)

 8,255

 6,604

 0.43

 17,561

 (1,050
)

 16,511

 13,209

 0.87

 26,341

 (1,575
)

 24,766

 19,813

 1.30

 35,121

 (2,100
)

 33,021

 26,417

 1.74

 *
 Adjusts Net Interest Income for the impact of the first incentive
fee on Net Investment Income

 The table above assumes no defaults or prepayments
by portfolio companies over the next twelve months. The hypothetical results would also be impacted by the changes in the amount of debt
outstanding under our Encina Credit Facility, with an increase (decrease) in the debt outstanding under the Encina Credit Facility resulting
in an (increase) decrease in the hypothetical interest expense.

 ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 Our consolidated financial statements are annexed
to this Annual Report beginning on page F-1. In addition, the Financial Statements of Saratoga Investment Corp. CLO 2013-1, Ltd. are annexed
to this Annual Report beginning on page S-1.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE

 None.

 ITEM 9A. CONTROLS AND PROCEDURES

 Evaluation of disclosure controls and procedures

 As of the end of the period covered by this report,
we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer
and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined
in Rule 13a-15(e) and 15d-15(e) of the Exchange Act). Based on that evaluation, our chief executive officer and our chief financial officer
have concluded that our current disclosure controls and procedures are effective in facilitating timely decisions regarding required disclosure
of any material information relating to us that is required to be disclosed by us in the reports we file or submit under the Exchange
Act. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter
how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily
was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

 Management's annual report on internal control over financial
reporting

 The Company's management is responsible
for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the
Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of our financial statements for external reporting purposes in accordance with U.S. GAAP. Internal
control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable
detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance
that the transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that the
receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;
and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with polices
or procedures may deteriorate.

 Under the supervision and with participation of
our Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of internal control
over financial reporting based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO). Based on the Company's evaluation under the framework in Internal
Control—Integrated Framework (2013), management concluded that the Company's internal control over financial reporting was
effective as of February 28, 2025.

 Changes in internal controls over financial reporting

 There have been no changes in the Company's
internal control over financial reporting (as defined in Rule 13a-15(f) of Exchange Act) that occurred during our most recently completed
fiscal year that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial
reporting.

 ITEM 9B. OTHER INFORMATION

 a)
 None.

 b)

 During the fiscal quarter ended February 29, 2025, no director or officer of the Company has entered into (i) any contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

 The Company has adopted insider trading policies and procedures
governing the purchase, sale, and disposition of the Company's securities by officers and directors of the Company that are reasonably
designed to promote compliance with insider trading laws, rules and regulations.

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS

 Not applicable.

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
PLEASE HAVE ROCHELLE REVIEW THIS SECTION

 Director and Executive Officer Information

 Directors and Executive Officers

 The following table sets forth the names, ages
and positions held by each of our directors, followed by a brief biography of each individual, including the business experience of each
individual during the past five years and the specific qualifications that led to the conclusion that each individual should serve as
a director.

 Name

 Age

 Position

 Director

Since

 Term

Expires

 Interested Directors

 Christian L. Oberbeck

 Chairman of the Board, Chief Executive Officer and President

 2010

 2027

 Henri J. Steenkamp

 Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary

 2020

 2026

 Independent Directors

 Steven M. Looney

 Director

 2007

 2025

 Charles S. Whitman III

 Director

 2007

 2025

 G. Cabell Williams

 Director

 2007

 2026

 Christian L. Oberbeck— Mr.
Oberbeck has over 38 years of experience in leveraged finance, including acquisition financing, distressed investing, and private equity,
and has been involved in originating, structuring, negotiating, consummating, managing, operating, and monitoring minority and control
investments in a broad array of businesses. Mr. Oberbeck is the Founder and Managing Member of Saratoga Investment Advisors, LLC, the
Company's investment adviser, and has served as the Chairman of the Board, Chief Executive Officer, and President of the Company
since 2010. Mr. Oberbeck is also the Managing Partner of Saratoga Partners, a middle-market private equity investment firm. Prior to assuming
full management responsibility for Saratoga Partners in 2008, Mr. Oberbeck had co-managed Saratoga Partners since 1995. Mr. Oberbeck joined
Dillon Read and Saratoga Partners from Castle Harlan, Inc., a corporate buyout firm which he had joined at its founding in 1987 and was
a Managing Director, leading successful investments in manufacturing and financial services companies. Prior to that, he worked in the
Corporate Development Group of Arthur Young and in corporate finance at Blyth Eastman Paine Webber. Mr. Oberbeck has been a director of
numerous middle-market companies. Mr. Oberbeck graduated from Brown University in 1982 with a BS in Physics and a BA in Mathematics. In
1985, he earned an MBA from Columbia University. Mr. Oberbeck's qualifications as a director include his extensive experience in
the investment and finance industry, as well as his intimate knowledge of the Company's operations gained through his service as
an executive officer.

 Steven M. Looney — Mr. Looney
has served as member of our Board since 2007. Mr. Looney is a Managing Director of Peale Davies & Co. Inc., a strategic advisory firm
specializing in change management and revenue enhancement for middle-market enterprises, and is a CPA and an attorney. Mr. Looney has
served as a consultant and director to numerous companies in the healthcare, manufacturing and services industries. Between 2000 and 2005,
he served as Senior Vice President and Chief Financial Officer of PCCI, Inc., a private IT staffing and outsourcing firm. Between 1992
and 2000, Mr. Looney worked at WH Industries as Chief Financial and Administrative Officer. Mr. Looney is a trustee of Excellent Education
for Everyone, a nonprofit organization and founder of its affiliate, TradePrep and a director of ICG Loan Funding Ltd., a manager of and
investor in collateralized loan portfolios in Europe and the United States. Mr. Looney graduated summa cum laude from the University of
Washington with a B.A. degree in accounting and received a J.D. from the University of Washington School of Law where he was a member
of the law review. He began his career at the SEC. Mr. Looney's qualifications as director include his experience as a Managing
Director of Peale Davies & Co., as Chief Financial and Administrative Officer of WH Industries and as General Counsel and Chief Compliance
Officer of A.G. Becker-Warburg Paribas Becker, as well as his financial, accounting and legal expertise.

 Charles S. Whitman III— Mr.
Whitman has served as member of our Board since 2007. Mr. Whitman is senior counsel (retired) at Davis Polk & Wardwell LLP. Mr. Whitman
was a partner in Davis Polk's Corporate Department for 28 years, representing clients in a broad range of corporate finance matters,
including shelf registrations, securities compliance for financial institutions, foreign asset privatizations, and mergers and acquisitions.
From 1971 to 1973, Mr. Whitman served as Executive Assistant to three successive Chairmen of the SEC. Mr. Whitman graduated from Harvard
College and graduated magna cum laude from Harvard Law School with a LL.B. Mr. Whitman also received an LL.M. from Cambridge University
in England. Mr. Whitman's qualifications as director include his 28 years of experience representing clients, including AT&T,
Exxon Mobil, General Motors and BP, in securities matters as a partner in Davis Polk's corporate department.

 Henri J. Steenkamp— Mr. Steenkamp
has served as the Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary of the Company, the Company's investment
adviser, Saratoga Investment Advisors, since 2014. Mr. Steenkamp has also served as a director of the Company since 2020. Mr. Steenkamp
has served as the Chief Financial Officer of MF Global Holdings Ltd., a broker in commodities and derivatives, from April 2011. Prior
to that, Mr. Steenkamp held the position of Chief Accounting Officer and Global Controller at MF Global for four years. He joined MF Global,
then Man Financial, in 2006 as Vice President of External Reporting and Accounting Policy. After MF Global filed for bankruptcy protection
in October 2011, he continued to serve as Chief Financial Officer through January 2013. Before joining MF Global, Mr. Steenkamp spent
eight years with PricewaterhouseCoopers ("PwC"), including four years in Transaction Services in its New York office, managing
a variety of capital-raising transactions on a global basis. His focus was also on the SEC registration and public company filing process,
including technical accounting. He spent four years with PwC in South Africa, where he served as an auditor primarily for SEC registrants
and assisted South African companies as they went public in the United States Mr. Steenkamp is a chartered accountant and holds an honors
degree in Finance. Mr. Steenkamp's qualifications as a director include his extensive experience in the investment and finance industry,
as well as his intimate knowledge of the Company's operations gained through his service as an executive officer.

 G. Cabell Williams — Mr. Williams
has served as member of our Board since 2007. Mr. Williams has served as the Managing General Partner of Williams and Gallagher, a private
equity partnership located in Chevy Chase, Maryland since 2004. Mr. Williams is a Partner, Senior Manager and Director of Farragut Capital
Partners, which is a Mezzanine Fund based out of Chevy Chase, Maryland. In 2004, Mr. Williams concluded a 23-year career at Allied Capital
Corporation, a business development company based in Washington, DC, which was acquired by Ares Capital Corporation in 2010. While at
Allied, Mr. Williams held a variety of positions, including President, CIO and finally Managing Director following Allied's merger
with its affiliates in 1998. From 1991 to 2004, Mr. Williams either led or co-managed the firm's Private Equity Group. For the nine
years prior to 1999, Mr. Williams led Allied's Mezzanine investment activities. For 15 years, Mr. Williams served on Allied's
Investment Committee where he was responsible for reviewing and approving all of the firm's investments. Prior to 1991, Mr. Williams
ran Allied's Minority Small Business Investment Company. He also founded Allied Capital Commercial Corporation, a real estate investment
vehicle. Mr. Williams has served on the board of directors of various public and private companies. Mr. Williams attended The Landon School,
and graduated from Mercersburg Academy and Rollins College, receiving a B.S. in Business Administration from the latter. Mr. Williams'
qualifications as director include his 28 years of experience managing investment activities at Allied Capital, where he served in a variety
of positions, including President, CIO and Managing Director.

 Code of Business Conduct and Ethics

 We have adopted a Code of Business Conduct and
Ethics which applies to, among others, our executive officers, including our principal executive officer and principal financial officer,
as well as every officer, director and employee of the Company. Requests for copies should be sent in writing to Saratoga Investment Corp.,
535 Madison Avenue, New York, New York 10022. The Company's Code of Business Conduct and Ethics is also available on our website
at www.saratogainvestmentcorp.com.

 If we make any substantive amendment to, or grant
a waiver from, a provision of our Code of Business Conduct and Ethics, we will promptly disclose the nature of the amendment or waiver
on our website at www.saratogainvestmentcorp.com.

 Delinquent Section 16(a) Reports

 Section 16(a) of the Exchange Act requires the
Company's officers and directors, and persons who own more than 10% of our shares, to file reports of securities ownership and changes
in such ownership with the SEC. Officers, directors, and greater than 10% shareholders also are required by SEC rules to furnish the Company
with copies of all Section 16(a) forms they file.

 Based solely on the Company's review of
Forms 3, 4 and 5 filed by such persons and information provided by the Company's directors and officers, the Company believes that
during the year ended February 28, 2025, all Section 16(a) filing requirements applicable to such persons were met in a timely manner,
with the following inadvertent exceptions: Christian L. Oberbeck filed late a Form 4 with respect to one transaction in our shares during
the reporting period.

 Practices and Policies Regarding Hedging, Speculative Trading and
Pledging of Securities

 Our insider trading policy generally prohibits
the Company's and our Investment Adviser's directors, officers and employees from engaging in any short-term trading, short
sales and other speculative transactions involving our securities, including buying or selling puts or calls or other derivative securities
based on our securities. In addition, such persons are generally prohibited under our insider trading policy from entering into hedging
or monetization transactions or similar arrangements, as well as pledging our securities in a margin account or as collateral for a loan,
except in limited circumstances that are pre-approved by our chief compliance officer.

 Insider Trading Arrangements and Policies

 We have adopted insider trading policies and procedures
governing the purchase, sale, and disposition of our securities by our officers and directors of that are reasonably designed to promote
compliance with insider trading laws, rules and regulations.

 Nomination of Directors

 There have been no material changes to the procedures
by which stockholders may recommend nominees to our board of directors implemented since the filing of our Proxy Statement for our 2018
Annual Meeting of Stockholders.

 Audit Committee

 The current members of the audit committee are
Steven M. Looney (Chairman), Charles S. Whitman III and G. Cabell Williams. The board of directors has determined that Mr. Looney is an
"audit committee financial expert" as defined under Item 407 of Regulation S-K of the Exchange Act and that each of Messrs.
Whitman and Williams are "financially literate" as required by NYSE corporate governance standards. All of these members are
independent directors.

 ITEM 11. EXECUTIVE COMPENSATION

 Executive Compensation

 Currently, none of our executive officers are
compensated by us. We currently have no employees, and each of our executive officers is also an employee of Saratoga Investment Advisors.
Services necessary for our business are provided by individuals who are employees of Saratoga Investment Advisors, pursuant to the terms
of the Management Agreement and the Administration Agreement.

 Director Compensation

 Our independent directors receive an annual fee
of $90,000. They also receive $3,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each
board meeting and receive $2,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee
meeting. In addition, the chairman of the audit committee receives an annual fee of $15,000 and the chairman of each other committee receives
an annual fee of $8,000 for their additional services in these capacities. In addition, we have purchased directors' and officers'
liability insurance on behalf of our directors and officers. Independent directors have the option to receive their directors' fees
in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. No
compensation is paid to directors who are "interested persons."

 The following table sets forth information concerning
total compensation earned by or paid to each of our directors during the fiscal year ended February 28, 2025:

 Fees Earned
 or Paid
 in Cash

 Total

 Interested Directors

 Christian L. Oberbeck(1)

 $

 -

 $

 -

 Henri J. Steenkamp(1)

 -

 -

 Independent Directors

 Steven M. Looney

 $

 126,500

 $

 126,500

 Charles S. Whitman III

 120,000

 120,000

 G. Cabell Williams

 120,000

 120,000

 (1)
 No compensation was paid to directors who are interested persons
of us as defined in the 1940 Act.

 Compensation Committee Interlocks and Insider Participation

 The current members of the compensation committee
are G. Cabell Williams (Chairman), Steven M. Looney and Charles S. Whitman III. All of these members are independent directors. The compensation
committee is responsible for overseeing the Company's compensation policies generally and making recommendations to the board of
directors with respect to incentive compensation and equity-based plans of the Company that are subject to board of directors approval,
evaluating executive officer performance and reviewing the Company's management succession plan, overseeing and setting compensation
for the Company's directors and, as applicable, its executive officers and, as applicable, preparing the report on executive officer
compensation that SEC rules require to be included in our Annual Report on Form 10-K. Currently, none of our executive officers are compensated
by the Company and as such the compensation committee is not required to produce a report on executive officer compensation for inclusion
in our Annual Report on Form 10-K.

 During fiscal year ended February 28, 2025 none
of the Company's executive officers served on the board of directors (or a compensation committee thereof or other board committee
performing equivalent functions) of any entities that had one or more executive officers serve on the compensation committee or on the
board of directors. No current or past executive officers or employees of the Company or its affiliates serve on the compensation committee.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS

 The following table sets forth, as of May 6, 2025,
the beneficial ownership of each current director, the nominees for director, the Company's executive officers, each person known
to us to beneficially own 5.0% or more of the outstanding shares of our common stock, and the executive officers and directors as a group.

 The percentage ownership is based on 15,364,864
shares of common stock outstanding as of May 6, 2025. Shares of common stock that are subject to warrants or other convertible securities
currently exercisable or exercisable within 60 days thereof, are deemed outstanding for the purposes of computing the percentage ownership
of the person holding these options or convertible securities, but are not deemed outstanding for computing the percentage ownership of
any other person. Beneficial ownership is determined under the rules of the SEC and generally includes voting or investment power with
respect to securities. To our knowledge, unless otherwise indicated in the footnotes to this table, the persons and entities named in
the table have sole voting and sole investment power with respect to all shares beneficially owned. Unless otherwise indicated by footnote,
the address for each listed individual is Saratoga Investment Corp., 535 Madison Avenue, New York, New York 10022.

 Name of Beneficial Owners

 Shares of
 Beneficially
 Owned

 Percent of
 Class

 Interested Directors

 Christian L. Oberbeck

 1,527,894
 (1)

 9.9
 %

 Henri J. Steenkamp

 39,154

 *

 Independent Directors

 Steven M. Looney

 4,258

 *

 Charles S. Whitman III

 5,229

 *

 G. Cabell Williams

 104,501

 *

 All Directors as a Group

 1,681,036

 10.9
 %

 Owners of 5% or more of our common stock

 Elizabeth Oberbeck(2)

 549,183

 3.6
 %

 Thomas V. Inglesby

 352,236

 2.3
 %

 Michael J. Grisius

 167,216

 1.1
 %

 *
 Less than 1.0%

 (1)
 Includes 645,697 shares of common stock directly held by Mr. Oberbeck,
117,774 shares of common stock held by CLO Partners LLC, an entity wholly owned by Mr. Oberbeck, 100,000 shares of common stock held by
CLO Partners Holdings LLC, an entity wholly owned by Mr. Oberbeck, 113,506 shares of common stock directly held by Mr. Oberbeck's
children, for which Mr. Oberbeck retains the voting rights, 1,734 shares of common stock directly held by Mr. Oberbeck's wife, for
which Mr. Oberbeck retains the voting rights, and 549,183 shares of common stock directly held by Elizabeth Oberbeck. See footnote 2 below.

 (2)
 Based on information included in Amendment No. 2 to Schedule
13D filed on January 16, 2020, which amends and supplements the statements on Schedule 13D originally filed with the Securities and Exchange
filed jointly by Christian L. Oberbeck, Elizabeth Oberbeck, Saratoga Investment Advisors and CLO Partners LLC on November 4, 2014. Pursuant
to an Agreement Relating to Shares of Common Stock of Saratoga Investment Corp. (the "Transfer Agreement"), Christian L.
Oberbeck transferred 744,183 shares of common stock beneficially owned by him to Elizabeth Oberbeck. Elizabeth Oberbeck has full ownership
rights with respect to the shares, including without limitation, the right to (A) receive any cash and/or stock dividends and distributions
paid on or with respect to the shares and (B) sell the shares in accordance with the provisions of the Transfer Agreement and receive
all proceeds therefrom. However, pursuant to the terms of the Transfer Agreement, Christian L. Oberbeck has retained the right to vote
the shares, except that Elizabeth Oberbeck has retained the right to vote the shares on all matters submitted to shareholders with respect
to any matter that could give rise to dissenters or other rights of an objecting shareholder under Maryland General Corporation Law.
The Transfer Agreement also contains a right of first refusal that requires Elizabeth Oberbeck to offer Christian L. Oberbeck the opportunity
to purchase any shares of Common Stock owned by her prior to her intended sale of the shares. Any such purchases may be made either directly
by Mr. Oberbeck or through entities affiliated with him.

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE

 Transactions with Related Persons

 We have entered into a Management Agreement with
Saratoga Investment Advisors, LLC. We have also entered into a license agreement with Saratoga Investment Advisors, LLC, pursuant to which
Saratoga Investment Advisors has agreed to grant us a non-exclusive, royalty-free license to use the name "Saratoga." In addition,
pursuant to the terms of the Administration Agreement, Saratoga Investment Advisors, LLC provides us with the office facilities and administrative
services necessary to conduct our day-to-day operations. Mr. Oberbeck, our chief executive officer, is the primary investor in and controls
Saratoga Investment Advisors, LLC.

 Review, Approval or Ratification of Transactions with Related Persons

 The Audit Committee of our board is required to
review and approve any transactions with related persons (as such term is defined in Item 404 of Regulation S-K).

 Director Independence

 In accordance with rules of the NYSE, the board
of directors annually determines the independence of each director. No director is considered independent unless the board of directors
has determined that he or she has no material relationship with the Company. The Company monitors the status of its directors and officers
through the activities of the Company's Nominating and Corporate Governance Committee and through a questionnaire to be completed
by each director no less frequently than annually, with updates periodically if information provided in the most recent questionnaire
has changed.

 In order to evaluate the materiality of any such
relationship, the board of directors uses the definition of director independence set forth in the NYSE Listed Company Manual. Section
303A.00 of the NYSE Listed Company Manual provides that business development companies, or BDCs, such as the Company, are required to
comply with all of the provisions of Section 303A applicable to domestic issuers other than Sections 303A.02, the section that defines
director independence.

 Section 303A.00 provides that a director of a
BDC shall be considered to be independent if he or she is not an "interested person" of the Company, as defined in Section
2(a)(19) of the 1940 Act. Section 2(a)(19) of the 1940 Act defines an "interested person" to include, among other things,
any person who has, or within the last two years had, a material business or professional relationship with the Company.

 The board of directors has determined that each
of the directors is independent and has no relationship with the Company, except as a director and stockholder of the Company, with the
exception of Messrs. Oberbeck and Grisius who are interested persons of the Company due to their positions as officers of the Company
and its Investment Adviser.

 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

 Independent Registered Public Accounting Firm

29, 2024, the Company incurred the following fees for services provided by Ernst & Young LLP, including expenses:

 Fiscal Year Ended
 2025

 Fiscal Year Ended
 2024

 Audit Fees

 $
 961,700

 $
 642,300

 Tax Fees

 84,350

 50,350

 Total Fees

 $
 1,046,050

 $
 692,650

 In addition to the services listed above, Ernst
& Young LLP provided audit services to the Company's subsidiaries. The following are the related fees:

 Fiscal Year Ended February 28,

2025

 Fiscal Year Ended

2024

 CLO Audit Fees

 $
 -

 $
 -

 Tax Services for Company's Subsidiaries

 -

 -

 All Other Fees

 65,000

 84,925

 Total Fees

 $
 65,000

 $
 84,925

 Audit Fees. Audit fees include fees for
services that normally would be provided by the accountant in connection with statutory and regulatory filings or engagements and that
generally only the independent accountant can provide. In addition to fees for the audit of our annual consolidated financial statements,
the audit of the effectiveness of our internal control over financial reporting and the review of our quarterly consolidated financial
statements in accordance with generally accepted auditing standards, this category contains fees for comfort letters, statutory audits,
consents, and assistance with and review of documents filed with the SEC.

 Tax Fees. Tax fees include services in
conjunction with preparation of the Company's tax return.

 All Other Fees. Fees for other services
would include fees for products and services other than the services reported above.

 It is the policy of the audit committee to pre-approve
all audit, review or attest engagements and permissible non-audit services to be performed by our independent registered public accounting
firm.

 ITEM 15. EXHIBITS, CONSOLIDATED FINANCIAL STATEMENT SCHEDULES

 The following documents are filed or incorporated
by reference as part of this Annual Report:

 1. Consolidated Financial Statements

 The following consolidated financial statements
of the Company are filed herewith:

 Report of Independent Registered Public Accounting Firm

 Consolidated Statements of Assets and Liabilities as of February 28, 2025 and February 29, 2024

 Consolidated Statements of Operations for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

 Consolidated Statements of Changes in Net Assets for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

 Consolidated Statements of Cash Flows for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

 Consolidated Schedules of Investments for the year ended February 28, 2025 and February 29, 2024

 Notes to Consolidated Financial Statements

 2. Financial Statement Schedules

 Reference is made to the Index to Other Financial
Statements on page S-1.

 3. Exhibits required to be filed by Item 601 of Regulation S-K

 The following exhibits are filed as part of this
report or hereby incorporated by reference to exhibits previously filed with the SEC:

 EXHIBIT INDEX

 Exhibit

Number

 Description

 3.1(a)

 Articles of Incorporation of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.'s Form 10-Q for the quarterly period ended May 31, 2007).

 3.1(b)

 Articles of Amendment of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed August 3, 2010).

 3.1(c)

 Articles of Amendment of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed August 13, 2010).

 3.2

 Third Amended and Restated Bylaws of Saratoga Investment Corp. (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 10-Q filed January 6, 2021)

 4.1

 Specimen certificate of Saratoga Investment Corp.'s common stock, par value $0.001 per share. (incorporated by reference to Saratoga Investment Corp.'s Registration Statement on Form N-2, File No. 333-169135, filed on September 1, 2010).

 4.2

 Registration Rights Agreement dated July 30, 2010 between GSC Investment Corp., GSC CDO III L.L.C., and the investors party thereto (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on August 3, 2010).

 4.3

 Dividend Reinvestment Plan (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on September 24, 2014).

 4.4

 Form of Indenture by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Saratoga Investment Corp.'s Pre-Effective Amendment No. 2 to the Registration Statement on Form N-2, File No. 333-186323 filed April 30, 2013).

 4.5

 Form of Articles Supplementary Establishing and Fixing the Rights and Preferences of Preferred Stock (incorporated by reference to Saratoga Investment Corp.'s registration statement on Form N-2 Pre-Effective Amendment No. 1, File No. 333-196526, filed on December 5, 2014).

 4.6

 Fifth Supplemental Indenture
 between Saratoga Investment Corp. and U.S. Bank National Association, as trustee, relating to 7.75% Notes due 2025 (incorporated
 by reference to Saratoga Investment Corp.'s Quarterly Report
 on Form 10-Q, filed on January 10, 2023).

 4.7

 Seventh Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank National Association, as trustee, relating to 6.25% Notes due 2027 (incorporated by reference to Saratoga Investment Corp.'s Quarterly Report on Form 10-Q, filed on January 10, 2023).

 4.8

 Eighth Supplemental Indenture between the Saratoga Investment Corp. and U.S. Bank National Association, as trustee, relating to the 4.375% Note due 2026 (incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 814-00732) filed on March 10, 2021).

 4.9

 Ninth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank National Association, as trustee, relating to the 4.375% Note due 2027 (incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 814-00732) filed on January 19, 2022).

 4.10

 Tenth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank National Association, as trustee, relating to the 6.00% Note due 2027 (incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 814-00732) filed on April 27, 2022).

 4.11

 Eleventh Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, relating to the 7.00% Notes due 2025 (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q, filed on January 10, 2023).

 4.12

 Twelfth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association, as trustee, relating to the 8.00% Notes due 2027 (incorporated by reference to the Saratoga Investment Corp.'s Current Report on Form 8-K (File No. 813-00732) filed on October 27, 2022).

 4.13

 Thirteenth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, relating to the 8.125% Notes due 2027 (incorporated by reference to the Registrant's Current Report on Form 8-K, filed on December 13, 2022).

 4.14

 Fifteenth Supplemental Indenture between Saratoga Investment Corp. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, relating to the 8.50% Notes due 2028 (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on April 14, 2023).

 4.15

 Form of 7.75% Notes due 2025 (incorporated by reference to Exhibit 4.6 hereto).

 4.16

 Form of 6.25% Notes due 2027 (incorporated by reference to Exhibit 4.7 hereto).

 4.17

 Form of 4.375% Notes due 2026 (incorporated by reference to Exhibit 4.8 hereto).

 4.18

 Form of 4.35% Notes due 2027 (incorporated by reference to Exhibit 4.9 hereto).

 4.19

 Form of 6.00% Notes due 2027 (incorporated by reference to Exhibit 4.10 hereto).

 4.20

 Form of 7.00% Notes due 2027 (incorporated by reference to Exhibit 4.11 hereto).

 4.21

 Form of 8.00% Notes due 2027 (incorporated by reference to Exhibit 4.12 hereto).

 4.22

 Form of 8.125% Notes due 2027 (incorporated by reference to Exhibit 4.13 hereto).

 4.23

 Form of 8.50% Notes due 2028 (incorporated by reference to Exhibit 4.14 hereto).

 4.24

 Description of Securities (incorporated by reference to Saratoga Investment Corp.'s Annual Report on Form 10-K filed on May 2, 2023).

 10.1

 Investment Advisory and Management Agreement dated July 30, 2010 between GSC Investment Corp. and Saratoga Investment Advisors, LLC (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on August 3, 2010).

 10.2

 Custodian Agreement dated March 21, 2007 between GSC Investment LLC and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.'s Form 10-Q for the quarterly period ended May 31, 2007).

 10.3

 Administration Agreement dated July 30, 2010 between GSC Investment Corp. and Saratoga Investment Advisors, LLC (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on August 3, 2010).

 10.4

 Trademark License Agreement dated July 30, 2010 between Saratoga Investment Advisors, LLC and GSC Investment Corp. (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on August 3, 2010).

 10.5

 Form of Indemnification Agreement between Saratoga Investment Corp. and each officer and director of Saratoga Investment Corp. (incorporated by reference to Amendment No. 2 to Saratoga Investment Corp.'s Registration Statement on Form N-2 filed on January 12, 2007).

 10.6

 Amended and Restated Indenture, dated as of November 15, 2016, among Saratoga Investment Corp. CLO 2013-1, Ltd., Saratoga Investment Corp. CLO 2013-1, Inc. and U.S. Bank National Association. (incorporated by reference to Saratoga Investment Corp.'s Registration Statement on Form N-2, File No. 333-216344, filed on February 28, 2017).

 10.7

 Amended and Restated Collateral Management Agreement, dated February 26, 2021, by and between Saratoga Investment Corp. and Saratoga Investment Corp. CLO 2013-1, Ltd. (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 4, 2021).

 10.8

 Amended and Restated Collateral Administration Agreement, dated February 26, 2021, by and between Saratoga Investment Corp., Saratoga Investment Corp. CLO 2013-1, Ltd. and U.S. Bank National Association (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 4, 2021).

 10.9

 Equity Distribution Agreement, dated
 July 30, 2021, by and among Saratoga Investment Corp. and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg Thalmann &
 Co. Inc. and Compass Point Research & Trading, LLC, on the other hand (incorporated by reference to Saratoga Investment Corp.'s
 Current Report on Form 8-K filed on August 2, 2021).

 10.10

 Amendment No. 2 to the Equity Distribution Agreement,
 dated July 30, 2021, by and among Saratoga Investment Corp. and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg
 Thalmann & Co. Inc. and Compass Point Research & Trading, LLC, on the other hand (incorporated by reference to Saratoga Investment
 Corp.'s Current Report on Form 8-K filed on July 10, 2023).

 10.11

 Amendment No. 3 to the Equity Distribution Agreement,
 dated July 30, 2021, by and among Saratoga Investment Corp. and Saratoga Investment Advisors, LLC, on the one hand, and Ladenburg
 Thalmann & Co. Inc., Compass Point Research and Trading, LLC, and Raymond James & Associates, Inc. on the other hand (incorporated
 by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on July 19, 2023).

 10.12

 Amendment No. 4 to the Equity Distribution Agreement by and among Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Ladenburg Thalmann & Co. Inc., Compass Point Research and Trading, LLC, Raymond James & Associates, Inc., and Lucid Capital Markets, LLC (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on May 15, 2024).

 10.13

 Credit and Security Agreement, dated as of October 4, 2021, by and among Saratoga Investment Funding II, LLC, Saratoga Investment Corp., as collateral manager and equityholder, the lenders party thereto, Encina Lender Finance, LLC, as administrative agent for the secured parties and the collateral agent, and U.S. Bank National Association, as collateral custodian for the secured parties thereto and as collateral administrator (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on October 7, 2021).

 10.14

 First Amendment to the Credit and Security Agreement, dated as of January 27, 2023, by and among Saratoga Investment Fund II LLC, as borrower, Saratoga Investment Corp., as equityholder and as collateral manager, the lenders party thereto, Encina Lender Finance, LLC, as administrative agent and as collateral agent, U.S. Bank National Association, as custodian, and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), as collateral administrator (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K, filed on February 2, 2023).

 10.15

 Equity Pledge Agreement, dated as of October 4, 2021, by and between Saratoga Investment Corp. and Encina Lender Finance, LLC, as collateral agent for the secured parties thereto (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on October 7, 2021).

 10.16

 Loan Sale and Contribution Agreement, dated as of October 4, 2021, by and between Saratoga Investment Corp., as seller, and Saratoga Investment Funding II LLC, as purchaser (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on October 7, 2021).

 10.17

 Credit and Security Agreement, dated as of March 27, 2024, by and among Saratoga Investment Funding III, LLC, as borrower, Saratoga Investment Corp., as collateral manager and equityholder, the lenders from time to time party thereto, Live Oak Banking Company, as administrative agent and collateral agent, U.S. Bank National Association, as custodian, and U.S. Bank Trust Company, National Association, as collateral administrator (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 28, 2024).

 10.18

 First Amendment and Lender Joinder to Credit and Security Agreement, dated as of June 14, 2024, by and among Saratoga Investment Funding III, LLC, as borrower, Saratoga Investment Corp., as collateral manager and equityholder, the lenders parties thereto, and Live Oak Banking Company, as administrative agent and collateral agent (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on June 17, 2024).

 10.18

 Equity Pledge Agreement, dated as of March 27, 2024, by and between Saratoga Investment Corp., as pledgor, and Live Oak Banking Company, as collateral agent for the benefit of the secured parties (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 28, 2024).

 10.19

 Loan Sale and Contribution Agreement, dated as of March 27, 2024, by and between Saratoga Investment Corp., as seller, and Saratoga Investment Funding III LLC, as purchaser (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on March 28, 2024).

 10.20

 Saratoga Senior Loan Fund I JV LLC Limited Liability Company Agreement, dated October 26, 2021, by and between Saratoga Investment Corp. and TJHA JV I LLC (incorporated by reference to Saratoga Investment Corp.'s Current Report on Form 8-K filed on October 27, 2021).

 10.21

 Note Purchase Agreement by and between Saratoga Investment Corp. and the purchaser party thereto, dated July 9, 2020 (incorporated by reference to Saratoga Investment Corp.'s Quarterly Report on Form 10-Q filed on October 4, 2022).

 10.22

 First Supplemental Note Purchase Agreement by and between Saratoga Investment Corp. and the purchaser party thereto, dated January 28, 2021 (incorporated by reference to Saratoga Investment Corp.'s Quarterly Report on Form 10-Q filed on October 4, 2022).

 10.23

 Second Supplemental Note Purchase Agreement by and between Saratoga Investment Corp. and the purchaser party thereto, dated September 8, 2022 (incorporated by reference to Saratoga Investment Corp.'s Quarterly Report on Form 10-Q filed on October 4, 2022).

 Code of Ethics of the Company adopted under Rule 17j-1 (incorporated by reference to Amendment No.7 to Saratoga Investment Corp.'s Registration Statement on Form N-2, File No. 333-138051, filed on March 22, 2007).

 Insider Trading Policies and Procedures (incorporated by reference to Saratoga Investment Corp.'s Annual Report on Form 10-K filed on May 6, 2024).

 21*

 List of Subsidiaries.

 23.1*

 Consent of Ernst & Young LLP for Saratoga Investment Corp.

 23.2*

 Consent of CohnReznick LLP for Saratoga Investment Corp. CLO 2013-1, Ltd.

 31.1*

 Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

 31.2*

 Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

 32.1*

 Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.1350)

 32.2*

 Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

 97.1

 Compensation Recoupment Policy (incorporated by reference to Saratoga Investment Corp.'s Annual Report on Form 10-K filed on May 6, 2024).

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 *
 Filed herewith

 ITEM 16. FORM 10-K SUMMARY

 None.

 SIGNATURES

 Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

 SARATOGA INVESTMENT CORP.

 Date: May 7, 2025

 By:

 /s/ CHRISTIAN L. OBERBECK

 Christian L. Oberbeck

 Chief Executive Officer

 By:

 /s/ HENRI J. STEENKAMP

 Henri J. Steenkamp

 Chief Financial Officer and Chief Compliance Officer

 KNOW ALL PERSONS BY THESE PRESENT, that each person
whose signature appears below hereby constitutes and appoints Christian L. Oberbeck and Henri J. Steenkamp, and each of them (with full
power to each of them to act alone), his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him and in his name, place, and stead, in any and all capacities, to sign this report and any and all amendments thereto, and to file
the same, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do
and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.

 Pursuant to the requirements of the Securities
Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and
on the dates indicated.

 Signature

 Title

 Date

 /s/ CHRISTIAN L. OBERBECK

 Chairman of the Board of Directors, Chief Executive Officer

 Christian L. Oberbeck

 (Principal Executive Officer)

 /s/ HENRI J. STEENKAMP

 Chief Financial Officer (Principal Accounting Officer and

 Henri J. Steenkamp

 Principal Financial Officer), Member of the Board of Directors

 /s/ STEVEN M. LOONEY

 Member of the Board of Directors

 Steven M. Looney

 /s/ CHARLES S. WHITMAN III

 Member of the Board of Directors

 Charles S. Whitman III

 /s/ G. CABELL WILLIAMS

 Member of the Board of Directors

 Cabell Williams

 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 PAGE

 Reports of Independent Registered Public Accounting Firm (PCAOB No. 00042)

 Consolidated Statements of Assets and Liabilities as of February 28, 2025 and February 29, 2024

 Consolidated Statements of Operations for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

 Consolidated Statements of Changes in Net Assets for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

 Consolidated Statements of Cash Flows for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

 Consolidated Schedules of Investments for the year ended February 28, 2025 and February 29, 2024

 Notes to Consolidated Financial Statements

 F- 1

 Ernst
& Young LLP
One Manhattan West

 New York, NY 10001-8604
 Tel: +1 212 773 3000

ey.com

 Report of Independent Registered Public Accounting
Firm

 To the Shareholders and the Board of Directors
of Saratoga Investment Corp.

 Opinion on the Financial Statements

 We have audited the accompanying consolidated
statements of assets and liabilities of Saratoga Investment Corp. (the "Company"), including the consolidated schedules of
investments, as of February 28, 2025 and February 29, 2024, the related consolidated statements of operations, changes in net assets,
and cash flows for each of the three years in the period ended February 28, 2025, and the related notes (collectively referred to as the
"consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of the Company at February 28, 2025 and February 29, 2024, and the results of its operations, changes
in its net assets and its cash flows for each of the three years in the period ended February 28, 2025, in conformity with U.S. generally
accepted accounting principles.

 We also have audited, in accordance with the standards
of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of
February 28, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (2013 framework), and our report dated May 7, 2025 expressed an unqualified opinion thereon.

 Basis for Opinion

 These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits.
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures
included confirmation of investments owned as of February 28, 2025 and February 29, 2024, by correspondence with the custodian, debt agents,
and the underlying investees; when replies were not received from the debt agents and the underlying investees, we performed other auditing
procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matter

 The critical audit matter communicated below is a matter arising from
the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:
(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective
or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial
statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical
audit matter or on the accounts or disclosures to which it relates.

 F- 2

 Valuation of investments using significant unobservable inputs

 Description of the Matter

 At February 28, 2025, the fair value of the Company's
 investments categorized in Level 3 of the fair value hierarchy (Level 3 investments) totaled $974,997 (in thousands). Management determines
 the fair value of these investments by applying the valuation techniques described in Notes 2 and 3 to the consolidated financial statements
 and using significant unobservable inputs and assumptions. The selection of the valuation techniques and the significant unobservable
 inputs and assumptions used by management requires subjective judgments and estimates. The valuation techniques used by the Company include
 market comparables, discounted cash flows and enterprise value waterfalls. The significant unobservable inputs used to measure fair value
 include market yields, EBITDA multiples, revenue multiples, discount rates, recovery rates and prepayment rates.

 Auditing the fair value of the Company's Level
 3 investments was complex and involved auditor judgment, as the valuation techniques selected and the significant unobservable inputs
 and assumptions used by the Company are highly judgmental and require estimation, and the selection of such techniques, inputs and assumptions
 has a significant effect on the fair value measurement of such investments.

 How We Addressed the Matter in Our Audit

 To test the valuation of the Company's
Level 3 investments, we gained an understanding of the valuation techniques, significant unobservable inputs and assumptions used by
the Company to value the Level 3 investments and reviewed the information considered by the Board of Directors relating to the fair value
of each investment. For a sample of Level 3 investments, we evaluated the valuation techniques used, tested the significant unobservable
inputs and assumptions, and tested the mathematical accuracy of the related valuation models. For this sample of Level 3 investments,
we agreed the significant inputs and underlying data used in the Company's valuations (for example, deal terms, portfolio company
operating results, market yields, third-party bids) to transaction agreements, most recently available portfolio company financial statements
or other financial information, information available from third-party sources and market data, as applicable. We involved our valuation
specialists to assist in developing independent estimates of fair value for a sample of investments by using portfolio company and market
information, and we compared such estimates to the Company's fair value of these investments. We also searched for and evaluated
information that corroborated or contradicted the Company's valuations of Level 3 investments.

 /s/ Ernst & Young LLP

 We have served as the Company's auditor since 2006.

 New York, New York

 F- 3

 Ernst & Young LLP

 One Manhattan West

 New York, NY 10001-8604

 Tel: +1 212 773 3000

 ey.com

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Shareholders and the Board of Directors
of Saratoga Investment Corp.

 Opinion on Internal Control over Financial
Reporting

 We have audited Saratoga Investment Corp.'s
internal control over financial reporting as of February 28, 2025, based on criteria established in Internal Control— Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our
opinion, Saratoga Investment Corp. (the "Company") maintained, in all material respects, effective internal control over financial
reporting as of February 28, 2025, based on the COSO criteria.

 We also have audited, in accordance with the standards
of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities of the
Company including the consolidated schedules of investments of the Company, as of February 28, 2025 and February 29, 2024, the related
consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended February 28,
2025, and the related notes (collectively referred to as the "financial statements"), and our report dated May 7, 2025 expressed
an unqualified opinion thereon.

 Basis for Opinion

 The Company's management is responsible
for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over
financial reporting included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility
is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting
firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective
internal control over financial reporting was maintained in all material respects.

 Our audit included obtaining an understanding
of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary
in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 Definition and Limitations of Internal Control
Over Financial Reporting

 A company's internal control over financial
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial statements.

 Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

 /s/ Ernst & Young LLP

 New York, New York

 F- 4

 PART I. FINANCIAL INFORMATION

 Item 1. Consolidated Financial Statements

 Consolidated Statements of Assets and Liabilities

 28,

 2025

 29,

 2024

 ASSETS

 Investments at fair value

 Non-control/Non-affiliate investments (amortized cost of $ 886,071,934 and $ 1,035,879,751, respectively)

 $
 897,660,110

 $
 1,019,774,616

 Affiliate investments (amortized cost of $ 38,203,811 and $ 26,707,415, respectively)

 40,547,432

 27,749,137

 Control investments (amortized cost of $ 75,817,587 and $ 117,196,571, respectively)

 39,870,208

 91,270,036

 Total investments at fair value (amortized cost of $ 1,000,093,332 and $ 1,179,783,737, respectively)

 978,077,750

 1,138,793,789

 8,692,846

 Cash and cash equivalents,
 reserve accounts

 56,505,433

 31,814,278

 Interest receivable (net of reserve of $ 210,319 and $ 9,490,340, respectively)

 7,477,468

 10,298,998

 Management fee receivable

 314,193

 343,023

 Other assets

 950,522

 1,163,225

 Current income tax receivable

 -

 99,676

 Total
 assets

 $
 1,191,543,857

 $
 1,191,205,835

 LIABILITIES

 Revolving credit facilities

 $
 52,500,000

 $
 35,000,000

 Deferred debt financing costs,
 revolving credit facilities

 ( 1,254,516
)

 ( 882,122
)

 SBA debentures payable

 170,000,000

 214,000,000

 Deferred debt financing costs,
 SBA debentures payable

 ( 4,041,026
)

 ( 5,779,892
)

 8.75 % Notes Payable 2025

 Discount on 8.75 % notes payable 2025

 ( 9,055
)

 ( 112,894
)

 Deferred debt financing costs, 8.75 % notes payable 2025

 ( 374
)

 ( 4,777
)

 7.00 % Notes Payable 2025

 Discount on 7.00 % notes payable 2025

 ( 68,589
)

 ( 193,175
)

 Deferred debt financing costs, 7.00 % notes payable 2025

 ( 8,345
)

 ( 24,210
)

 7.75 % Notes Payable 2025

 Deferred debt financing costs, 7.75 % notes payable 2025

 ( 19,685
)

 ( 74,531
)

 4.375 % Notes Payable 2026

 175,000,000

 175,000,000

 Premium on 4.375 % notes payable 2026

 287,848

 564,260

 Deferred debt financing costs, 4.375 % notes payable 2026

 ( 865,593
)

 ( 1,708,104
)

 4.35 % Notes Payable 2027

 Discount on 4.35 % notes payable 2027

 ( 213,424
)

 ( 313,010
)

 Deferred debt financing costs, 4.35 % notes payable 2027

 ( 688,786
)

 ( 1,033,178
)

 6.25 % Notes Payable 2027

 Deferred debt financing costs, 6.25 % notes payable 2027

 ( 202,144
)

 ( 273,449
)

 6.00 % Notes Payable 2027

 105,500,000

 105,500,000

 Discount on 6.00 % notes payable 2027

 ( 87,295
)

 ( 123,782
)

 Deferred debt financing costs, 6.00 % notes payable 2027

 ( 1,524,089
)

 ( 2,224,403
)

 8.00 % Notes Payable 2027

 46,000,000

 46,000,000

 Deferred debt financing costs, 8.00 % notes payable 2027

 ( 927,484
)

 ( 1,274,455
)

 8.125 % Notes Payable 2027

 60,375,000

 60,375,000

 Deferred debt financing costs, 8.125 % notes payable 2027

 ( 1,156,234
)

 ( 1,563,594
)

 8.50 % Notes Payable 2028

 Deferred debt financing costs, 8.50 % notes payable 2028

 ( 1,273,134
)

 ( 1,680,039
)

 Base management and incentive
 fees payable

 6,230,944

 8,147,217

 Deferred tax liability

 4,889,329

 3,791,150

 Accounts payable and accrued
 expenses

 1,676,335

 1,337,542

 Interest and debt fees payable

 3,909,517

 3,582,173

 Due
 to Manager

 349,189

 450,000

 Total
 liabilities

 798,878,389

 820,981,727

 Commitments and contingencies
 (See Note 9)

 NET ASSETS

 Common stock, par value $ 0.001, 100,000,000 common shares authorized, 15,183,078 and 13,653,476 common shares issued and outstanding, respectively

 15,183

 13,654

 Capital in excess of par value

 412,913,597

 371,081,199

 Total
 distributable deficit

 ( 20,263,312
)

 ( 870,745
)

 Total
 net assets

 Total
 liabilities and net assets

 $
 1,191,543,857

 $
 1,191,205,835

 NET ASSET VALUE PER SHARE

 $
 25.86

 $
 27.12

 F- 5

 Consolidated Statements of Operations

 For the year ended

 2025

 2024

 2023

 INVESTMENT INCOME

 Interest from investments

 Interest income:

 $
 119,478,418

 $
 113,521,652

 $
 72,677,237

 Affiliate investments

 1,883,615

 3,299,816

 4,773,527

 5,649,993

 8,507,909

 6,602,594

 Payment-in-kind interest income:

 2,245,934

 766,697

 359,910

 Affiliate investments

 1,479,391

 874,226

 416,711

 284,590

 814,925

 386,889

 Total interest from investments

 131,021,941

 127,785,225

 85,216,868

 Interest from cash and cash equivalents

 6,530,315

 2,512,416

 1,368,489

 Management fee income

 3,114,466

 3,270,232

 3,269,820

 Dividend income(*):

 588,247

 621,398

 2,104,355

 Affiliate investments

 -

 -

 615,917

 3,973,584

 5,911,564

 -

 Total dividend from investments

 4,561,831

 6,532,962

 2,720,272

 Structuring and advisory fee income

 1,582,822

 2,149,751

 3,585,061

 Other income

 2,043,863

 1,469,320

 2,943,610

 148,855,238

 143,719,906

 99,104,120

 OPERATING EXPENSES

 Interest and debt financing expenses

 52,059,045

 49,179,899

 33,498,489

 Base management fees

 18,382,404

 19,212,337

 16,423,960

 Incentive management fees expense (benefit)

 13,254,402

 8,025,468

 5,057,117

 Professional fees

 2,058,003

 1,767,015

 1,812,259

 Administrator expenses

 4,708,333

 3,872,917

 3,160,417

 Insurance

 303,859

 322,323

 347,483

 Directors fees and expenses

 366,500

 351,297

 360,000

 General and administrative

 1,901,592

 2,241,579

 2,328,672

 Income tax expense (benefit)

 412,032

 42,926

 ( 152,956
)

 Excise tax expense (benefit)

 2,406,465

 1,829,837

 1,067,532

 Total operating expenses

 95,852,635

 86,845,598

 63,902,973

 NET INVESTMENT INCOME

 53,002,603

 56,874,308

 35,201,147

 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

 Net realized gain (loss) from investments:

 12,534,746

 153,583

 7,446,596

 ( 54,564,070
)

 -

 -

 ( 42,029,324
)

 153,583

 7,446,596

 Income tax (provision) benefit from realized gain on investments

 -

 -

 548,568

 Net change in unrealized appreciation (depreciation) on investments:

 27,693,311

 ( 24,167,727
)

 ( 5,330,880
)

 Affiliate investments

 1,301,899

 ( 1,541,829
)

 574,354

 ( 10,020,844
)

 ( 21,381,288
)

 ( 10,461,606
)

 18,974,366

 ( 47,090,844
)

 ( 15,218,132
)

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

 ( 1,060,936
)

 ( 893,166
)

 ( 1,715,333
)

 Net realized and unrealized gain (loss) on investments

 ( 24,115,894
)

 ( 47,830,427
)

 ( 8,938,301
)

 ( 800,452
)

 ( 110,056
)

 ( 1,587,083
)

 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

 $
 28,086,257

 $
 8,933,825

 $
 24,675,763

 WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE

 $
 2.02

 $
 0.71

 $
 2.06

 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED

 13,912,170

 12,670,939

 11,963,533

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

 F- 6

 Consolidated Statements of Changes in Net Assets

 For the year ended

 2025

 2024

 2023

 INCREASE (DECREASE) FROM OPERATIONS:

 $
 53,002,603

 $
 56,874,308

 $
 35,201,147

 ( 42,029,324
)

 153,583

 7,446,596

 ( 800,452
)

 ( 110,056
)

 ( 1,587,083
)

 Income tax (provision) benefit from realized gain on investments

 -

 -

 548,568

 18,974,366

 ( 47,090,844
)

 ( 15,218,132
)

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

 ( 1,060,936
)

 ( 893,166
)

 ( 1,715,333
)

 28,086,257

 8,933,825

 24,675,763

 DECREASE FROM SHAREHOLDER DISTRIBUTIONS:

 Total distributions to shareholders

 ( 45,824,879
)

 ( 35,635,955
)

 ( 27,313,402
)

 Net decrease in net assets from shareholder distributions

 ( 45,824,879
)

 ( 35,635,955
)

 ( 27,313,402
)

 CAPITAL SHARE TRANSACTIONS:

 Proceeds from issuance of common stock (1)

 33,002,028

 44,539,387

 -

 2,351,767

 4,475,297

 -

 5,077,632

 3,582,345

 4,648,262

 Repurchases of common stock

 -

 ( 2,157,605
)

 ( 10,824,340
)

 Repurchase fees

 -

 ( 1,772
)

 ( 8,764
)

 ( 251,445
)

 ( 469,456
)

 -

 Net increase (decrease) in net assets from capital share transactions

 40,179,982

 49,968,196

 ( 6,184,842
)

 Total increase (decrease) in net assets

 22,441,360

 23,266,066

 ( 8,822,481
)

 Net assets at beginning of year

 355,780,523

 Net assets at end of year

 $

 $

 $

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

 F- 7

 Consolidated Statements of Cash Flows

 For
 the year ended

 28,

 2025

 29,

 2024

 28,

 2023

 Operating activities

 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

 $
 28,086,257

 $
 8,933,825

 $
 24,675,763

 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

 ( 3,566,012
)

 4,910,320

 1,882,734

 ( 2,809,163
)

 ( 2,221,257
)

 ( 1,816,934
)

 Amortization of deferred debt financing costs

 5,025,786

 5,171,249

 3,587,139

 800,452

 110,056

 1,587,083

 Income tax expense (benefit)

 37,243

 42,926

 ( 152,956
)

 Net realized (gain) loss from investments

 42,029,324

 ( 153,583
)

 ( 7,446,596
)

 Net change in unrealized (appreciation) depreciation
 on investments

 ( 18,974,366
)

 47,090,844

 15,218,132

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

 1,060,936

 893,166

 1,715,333

 Proceeds from sales and repayments of investments

 312,113,685

 30,271,047

 222,215,062

 Purchases of investments

 ( 168,077,429
)

 ( 246,100,906
)

 ( 385,075,296
)

 (Increase) decrease in operating assets:

 Interest receivable

 2,821,530

 ( 2,139,047
)

 ( 3,066,390
)

 Due from affiliate

 -

 -

 90,968

 Management fee receivable

 28,830

 20,786

 ( 1,260
)

 Other assets

 212,703

 ( 631,887
)

 ( 276,357
)

 Current income tax receivable

 99,676

 336,875

 ( 436,551
)

 Increase (decrease) in operating liabilities:

 Base management and incentive fees payable

 ( 1,916,273
)

 ( 3,967,661
)

 ( 832,147
)

 Accounts payable and accrued expenses

 338,793

 ( 126,801
)

 665,285

 Current tax payable

 -

 -

 ( 2,820,036
)

 Interest and debt fees payable

 327,344

 ( 70,763
)

 851,315

 Directors fees payable

 -

 ( 14,932
)

 ( 55,068
)

 Excise tax payable

 -

 -

 ( 630,183
)

 Due to Manager

 ( 100,811
)

 439,065

 ( 252,879
)

 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

 197,538,505

 ( 157,206,679
)

 ( 130,373,839
)

 Financing activities

 Borrowings on debt

 30,000,000

 71,500,000

 113,000,000

 Paydowns on debt

 ( 56,500,000
)

 ( 57,000,000
)

 ( 76,000,000
)

 Issuance of notes

 -

 77,500,000

 223,875,000

 Repayments of notes

 -

 -

 ( 43,125,000
)

 Payments of deferred debt financing costs

 ( 1,176,808
)

 ( 4,694,711
)

 ( 10,135,986
)

 Discount on debt issuance, 6.00% notes 2027

 -

 -

 ( 176,000
)

 Discount on debt issuance, 7.00% notes 2025

 -

 -

 ( 360,000
)

 33,002,028

 44,539,387

 -

 2,351,767

 4,475,297

 -

 Payments of cash dividends

 ( 40,747,247
)

 ( 32,053,610
)

 ( 22,665,140
)

 Repurchases of common stock

 -

 ( 2,157,605
)

 ( 10,824,340
)

 Repurchases fees

 -

 ( 1,772
)

 ( 8,764
)

 Payments of offering costs

 ( 251,445
)

 ( 469,456
)

 -

 NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

 ( 33,321,705
)

 101,637,530

 173,579,770

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

 164,216,800

 ( 55,569,149
)

 43,205,931

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

 96,076,273

 52,870,342

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

 $
 204,723,924

 $

 $
 96,076,273

 Supplemental information:

 Interest paid during the year

 $
 46,705,914

 $
 44,079,413

 $
 28,904,198

 Cash paid for taxes

 791,645

 748,721

 2,770,984

 Supplemental non-cash information:

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

 3,407,609

 ( 4,910,319
)

 ( 1,882,737
)

 2,809,163

 2,221,257

 1,816,934

 Amortization of deferred debt financing costs

 5,025,786

 5,171,249

 3,587,139

 5,077,632

 3,582,345

 4,648,262

 F- 8

 Date

 Cost

 Fair

 % of

 Non-control/Non-affiliate investments - 229.3% (b)

 Altvia MidCo, LLC.

 (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)

 Series A-1 Preferred Shares

 7/18/2022

 2,730,236

 0.7
 %

 Total Alternative Investment Management Software

 10,775,378

 11,575,555

 3.0
 %

 BQE Software, Inc. (d)

 (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)

 (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

 (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)

 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)

 Delayed Draw Term Loan (1M USD TERM SOFR+ 7.50 %), 11.82 % Cash, 5/20/2026

 5/20/2021

 $

 57,333,736

 56,953,750

 14.5
 %

 Artemis Wax Corp. (h)

 Series B-1 Preferred Stock

 5/20/2021

 934,463

 338,044

 0.1
 %

 Artemis Wax Corp. (h)

 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)

 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

 (3M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 2/20/2030

 2/20/2025

 $
 32,000,000

 31,721,847

 31,721,600

 8.1
 %

 Innergy, Inc. (j)

 Custom Millwork Software

 (3M USD TERM SOFR+ 5.50 %), 9.82 % Cash, 2/20/2030

 2/20/2025

 $
 -

 -

 -

 0.0
 %

 Total Custom Millwork Software

 31,721,847

 31,721,600

 8.1
 %

 GreyHeller LLC (h)

 Cyber Security

 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

 (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)

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

 5/13/2024

 $
 -

 -

 -

 0.0
 %

 Gen4 Dental Partners Holdings, LLC (j)

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

 5/13/2024

 $
 -

 -

 -

 0.0
 %

 Gen4 Dental Partners Holdings, LLC (h)(i)

 2/8/2023

 493,999

 1,027,519

 972,485

 0.2
 %

 (1M USD TERM SOFR+ 9.41 %), 13.74 % Cash, 4/18/2028

 $
 7,000,000

 6,925,052

 7,079,800

 1.8
 %

 F- 9

 Date

 Cost

 Fair

 % of

 Modis Dental Partners OpCo, LLC (j)

 (1M USD TERM SOFR+ 9.41 %), 13.74 % Cash, 4/18/2028

 $
 8,600,000

 8,498,729

 8,698,040

 2.2
 %

 Modis Dental Partners OpCo, LLC (h)

 2,950,000

 2,950,000

 2,552,488

 0.7
 %

 New England Dental Partners

 (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

 (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)

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

 $
 24,065,038

 23,961,810

 23,352,713

 5.9
 %

 Exigo, LLC (j)

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

 $
 -

 -

 ( 18,500
)

 0.0
 %

 Exigo, LLC (h), (i)

 Common Units

 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)

 (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)

 (3M USD TERM SOFR+ 8.50 %), 12.82 % Cash, 5/31/2025

 4/28/2023

 $
 -

 -

 -

 0.0
 %

 C2 Education Systems, Inc. (h)

 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

 (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)

 (3M USD TERM SOFR+ 7.50 %), 12.02 % Cash/ 1.00 % PIK, 4/17/2025

 1/18/2022

 $
 -

 -

 -

 0.0
 %

 Identity Automation Systems (h)

 Common Stock Class A-2 Units

 8/25/2014

 232,616

 232,616

 1,182,481

 0.3
 %

 Identity Automation Systems (h)

 Common Stock Class A-1 Units

 3/6/2020

 43,715

 171,571

 329,237

 0.1
 %

 Ready Education (d)

 (3M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 8/5/2027

 $
 32,000,000

 31,801,611

 31,913,600

 8.1
 %

 Total Education Software

 40,375,674

 41,595,476

 10.6
 %

 TG Pressure Washing Holdings, LLC (h)

 Facilities Maintenance

 Preferred Equity

 8/12/2019

 -

 0.0
 %

 Total Facilities Maintenance

 -

 0.0
 %

 (3M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 11/30/2025

 9/6/2019

 $

 6,012,000

 1.5
 %

 Davisware, LLC (j)

 (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

 (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)

 (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)

 Common Stock Class A Units

 8/23/2018

 370,057

 0.1
 %

 Total Financial Services

 26,172,715

 26,302,457

 6.7
 %

 F- 10

 Date

 Cost

 Fair

 % of

 Ascend Software, LLC

 (3M USD TERM SOFR+ 7.50 %), 12.08 % Cash, 12/15/2026

 12/15/2021

 $

 5,974,824

 5,930,400

 1.5
 %

 Ascend Software, LLC (j)

 (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

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

 7/19/2023

 $

 9,927,042

 10,178,000

 2.6
 %

 Inspect Point Holdings, LLC (j)

 (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)

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

 $
 28,717,271

 28,525,975

 27,327,355

 7.0
 %

 Stretch Zone Franchising, LLC (j)

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

 $
 -

 -

 ( 72,600
)

 0.0
 %

 Stretch Zone Franchising, LLC (h)

 1,198,117

 0.3
 %

 Total Health/Fitness Franchisor

 30,525,975

 28,452,872

 7.3
 %

 (1M USD TERM SOFR+ 9.92 %), 14.25 % Cash, 3/20/2028

 $
 3,900,000

 3,858,168

 3,952,260

 1.1
 %

 (1M USD TERM SOFR+ 9.92 %), 14.25 % Cash, 3/20/2028

 $
 15,100,000

 14,915,338

 15,302,340

 3.9
 %

 Alpha Aesthetics Partners OpCo, LLC (h)

 3,675,000

 3,675,000

 3,822,369

 1.0
 %

 Axiom Medical Consulting, LLC

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

 9/11/2023

 $

 5,959,513

 1.5
 %

 Axiom Medical Consulting, LLC (j)

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

 9/11/2023

 $
 -

 -

 -

 0.0
 %

 Axiom Parent Holdings, LLC (h)

 6/19/2018

 258,389

 884,831

 0.2
 %

 ComForCare Health Care (d)

 (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
 %

 (3M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 5/12/2026

 $
 35,125,000

 35,033,286

 35,125,000

 8.9
 %

 (3M USD TERM SOFR+ 6.50 %), 10.82 % Cash, 5/12/2026

 $
 10,300,000

 10,287,080

 10,300,000

 2.6
 %

 Procurement Partners Holdings LLC (h)

 571,219

 571,219

 442,532

 0.1
 %

 Procurement Partners Holdings LLC (h)

 Class AA Units

 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

 3/26/2014

 5,081

 508,077

 -

 0.0
 %

 Total Healthcare Supply

 508,077

 -

 0.0
 %

 F- 11

 Date

 Cost

 Fair

 % of

 Granite Comfort, LP (d)

 (3M USD TERM SOFR+ 7.41 %), 11.72 % Cash, 5/16/2027

 11/16/2020

 $

 42,842,108

 41,937,900

 10.7
 %

 Granite Comfort, LP (j)(d)

 (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 11/30/2027

 5/31/2015

 -

 9,404,077

 2.4
 %

 Total Industrial Products

 -

 9,404,077

 2.4
 %

 AgencyBloc, LLC

 (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)

 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

 (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)

 Class A Common Units

 9/19/2024

 0.5
 %

 Total IT Services

 18,823,180

 18,809,600

 4.8
 %

 ActiveProspect, Inc. (d)

 (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)

 (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

 (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)

 (3M USD TERM SOFR+ 8.40 %), 12.72 % Cash, 8/5/2027

 $

 6,455,259

 6,184,750

 1.6
 %

 ARC Health OpCo LLC (d)

 (3M USD TERM SOFR+ 8.40 %), 12.72 % Cash, 8/5/2027

 $
 26,914,577

 26,907,840

 25,609,220

 6.5
 %

 ARC Health OpCo LLC (h)

 3,818,400

 4,169,599

 610,944

 0.2
 %

 Total Mental Healthcare Services

 37,532,698

 32,404,914

 8.3
 %

 Chronus LLC

 (3M USD TERM SOFR+ 5.25 %), 9.72 % Cash, 8/26/2026

 $

 14,943,520

 14,910,000

 3.8
 %

 Chronus LLC (d)

 (3M USD TERM SOFR+ 6.00 %), 10.47 % Cash, 8/26/2026

 $

 4,975,736

 4,970,000

 1.3
 %

 Chronus LLC (h)

 Series A Preferred Stock

 3,000

 2,146,574

 0.5
 %

 Total Mentoring Software

 22,919,256

 22,026,574

 5.6
 %

 Cloudpermit

 Municipal Government Software

 (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

 (3M USD TERM SOFR+ 5.75 %), 10.07 % Cash, 9/5/2029

 9/5/2024

 $
 -

 -

 -

 0.0
 %

 Cloudpermit (h)

 Municipal Government Software

 9/5/2024

 2,000

 0.5
 %

 Total Municipal Government Software

 29,750,119

 29,720,000

 7.6
 %

 F- 12

 Date

 Cost

 Fair

 % of

 Omatic Software, LLC (d)

 Non-profit Services

 (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)

 (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.

 (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)

 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.

 (3M USD TERM SOFR+ 8.42 %), 12.74 % Cash, 12/22/2028

 $
 9,492,000

 9,428,229

 9,492,000

 2.4
 %

 Wellspring Worldwide Inc.

 Delayed DrawTerm Loan
 (3M USD TERM SOFR+ 8.42 %), 12.74 % Cash, 12/22/2028

 $
 14,400,000

 14,259,405

 14,400,000

 3.7
 %

 Archimedes Parent LLC (h)

 Class A Common Units

 2,387,902

 0.6
 %

 Total Research Software

 26,162,794

 26,279,902

 6.7
 %

 (1M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 11/19/2026

 $

 11,952,144

 3.1
 %

 LFR Chicken LLC (j)

 (1M USD TERM SOFR+ 7.00 %), 11.32 % Cash, 11/19/2026

 $
 18,000,000

 17,906,382

 18,000,000

 4.6
 %

 LFR Chicken LLC (h)

 Series B Preferred Units

 497,183

 1,599,989

 0.4
 %

 Total Restaurant

 30,858,526

 31,599,989

 8.1
 %

 Avionte Holdings, LLC (h)

 Staffing Services

 1/8/2014

 3,426,460

 0.9
 %

 Total Staffing Services

 3,426,460

 0.9
 %

 (3M USD TERM SOFR+ 8.50 %), 13.08 % Cash, 5/2/2027

 5/2/2022

 $

 5,969,521

 1.5
 %

 (3M USD TERM SOFR+ 8.50 %), 13.08 % Cash, 5/2/2027

 5/2/2022

 $

 993,974

 0.3
 %

 JDXpert (j)

 (3M USD TERM SOFR+ 8.50 %), 13.08 % Cash, 5/2/2027

 $

 496,237

 0.1
 %

 Jobvite, Inc. (d)

 (3M USD TERM SOFR+ 7.50 %), 11.82 % Cash, 8/5/2028

 $

 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

 (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
 %

 F- 13

 Date

 Cost

 Fair

 % of

 Affiliate investments - 10.3% (b)

 ETU Holdings, Inc. (f)

 (3M USD TERM SOFR+ 9.00 %), 13.47 % Cash, 8/18/2027

 $
 7,000,000

 6,959,248

 6,980,400

 1.8
 %

 ETU Holdings, Inc. (f)

 15.00 % PIK, 2/18/2028

 $
 7,125,931

 7,093,577

 6,387,685

 1.6
 %

 ETU Holdings, Inc. (f)(h)

 -

 0.0
 %

 Total Corporate Education Software

 17,052,825

 13,368,085

 3.4
 %

 Axero Holdings, LLC (f)

 4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027

 $
 15,933,063

 15,913,591

 15,933,063

 4.1
 %

 Axero Holdings, LLC (f)

 4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027

 $
 1,130,734

 1,126,177

 1,130,734

 0.3
 %

 Axero Holdings, LLC (f)(j)

 4.50 % Cash, (3M USD TERM SOFR + 2.50 %) PIK, 12/31/2027

 2/3/2022

 $
 -

 -

 -

 0.0
 %

 Axero Holdings, LLC (f)(h)

 3,529,000

 0.9
 %

 Axero Holdings, LLC (f)(h)

 Series B Preferred Units

 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)

 4.84 % PIK, 8/9/2027

 $
 1,461,250

 1,461,250

 1,085,855

 0.3
 %

 Zollege PBC (h)(g)

 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)

 4.42 % PIK, 12/31/2028

 $
 2,400,000

 2,400,000

 1,326,000

 0.3
 %

 Pepper Palace, Inc. (j)(k)(g)

 4.42 % PIK, 12/31/2028

 $
 -

 -

 -

 0.0
 %

 Pepper Palace, Inc. (j)(k)(g)

 4.42 % PIK, 12/31/2028

 $

 221,000

 0.1
 %

 Pepper Palace, Inc. (h)(g)

 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)

 0.00 %, 4/20/2033

 1/22/2008

 $

 14,889,037

 240,578

 0.1
 %

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

 (3M USD TERM SOFR+ 10.00 %), 14.58 %, 4/20/2033

 8/9/2021

 $

 2,280,938

 0.6
 %

 Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a)(g)

 (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)

 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)

 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- 14

 Cost

 % of

 Cash and cash equivalents and cash and cash equivalents, reserve accounts - 37.7% (b)

 U.S. Bank Money Market (l)

 $

 $

 37.7
 %

 Total cash and cash equivalents and cash and cash equivalents, reserve accounts

 $

 $

 37.7
 %

 (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.

 (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

 Sales

 Total Interest from Investments

 Management Fee Income

 Net Realized
 Gain (Loss) from Investments

 Net Change in Unrealized Appreciation (Depreciation)

 Axero Holdings, LLC

 $

 $
 -

 $
 1,327,375

 $
 -

 $
 -

 $
 2,551,701

 ETU Holdings, Inc.

 -

 -

 2,035,631

 -

 -

 ( 1,249,802
)

 Total

 $

 $
 -

 $
 3,363,006

 $
 -

 $
 -

 $
 1,301,899

 F- 15

 (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

 Sales

 Total Interest from Investments

 Total Dividends from Investments

 Management Fee Income

 Net Realized
 Gain (Loss) from Investments

 Net Change in Unrealized Appreciation (Depreciation)

 $
 -

 $
 2,260,337

 $
 921,530

 $
 -

 $
 -

 $
 ( 5,445,808
)

 $
 3,802,854

 1,450,000

 -

 1,338

 -

 -

 ( 34,007,427
)

 ( 1,391,561
)

 200,707

 209,460

 110,862

 -

 -

 ( 15,110,835
)

 1,917,101

 -

 -

 -

 -

 3,114,466

 -

 ( 2,147,199
)

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

 -

 -

 1,685,977

 -

 -

 -

 -

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

 -

 -

 1,452,981

 -

 -

 -

 ( 6,594,289
)

 -

 -

 1,761,895

 -

 -

 -

 715,329

 -

 -

 -

 3,973,584

 -

 -

 ( 6,323,079
)

 Total

 $
 1,650,707

 $
 2,469,797

 $
 5,934,583

 $
 3,973,584

 $
 3,114,466

 $
 ( 54,564,070
)

 $
 ( 10,020,844
)

 (h)
 Non-income producing at February 28, 2025.

 (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).

 F- 16

 Date

 Cost

 Fair

 % of

 Non-control/Non-affiliate investments - 276.5% (b)

 Altvia MidCo, LLC.

 (3M USD TERM SOFR+ 8.50 %), 13.83 % Cash, 7/18/2027

 7/18/2022

 $
 7,900,000

 $
 7,840,328

 $
 7,884,990

 2.1
 %

 Altvia MidCo, LLC. (h)

 Series A-1 Preferred Shares

 7/18/2022

 2,894,346

 0.8
 %

 Total Alternative Investment Management Software

 9,840,328

 10,779,336

 2.9
 %

 BQE Software, Inc.

 (3M USD TERM SOFR+ 6.75 %), 12.08 % Cash, 4/13/2028

 4/13/2023

 $
 24,500,000

 24,285,669

 24,497,550

 6.6
 %

 BQE Software, Inc. (j)

 (3M USD TERM SOFR+ 6.75 %), 12.08 % Cash, 4/13/2028

 4/13/2023

 $
 750,000

 743,481

 749,925

 0.2
 %

 Total Architecture & Engineering Software

 25,029,150

 25,247,475

 6.8
 %

 GrowthZone, LLC

 (3M USD TERM SOFR+ 8.25 %), 13.58 % Cash, 5/10/2028

 5/10/2023

 $
 22,649,425

 22,292,083

 22,934,808

 6.2
 %

 Golden TopCo LP (h)

 Class A-2 Common Units

 5/10/2023

 1,072,394

 1,072,394

 1,154,132

 0.3
 %

 Total Association Management Software

 23,364,477

 24,088,940

 6.5
 %

 Artemis Wax Corp. (d)(j)

 (1M USD TERM SOFR+ 6.75 %), 12.07 % Cash, 5/20/2026

 5/20/2021

 $

 57,208,255

 58,149,750

 15.7
 %

 Artemis Wax Corp. (h)

 Series B-1 Preferred Stock

 5/20/2021

 934,463

 4,822,941

 1.3
 %

 Artemis Wax Corp. (h)

 Series D Preferred Stock

 12/22/2022

 278,769

 1,716,380

 0.5
 %

 Total Consumer Services

 60,208,255

 64,689,071

 17.5
 %

 Schoox, Inc. (h), (i)

 Series 1 Membership Interest

 12/8/2020

 1,050

 475,698

 4,426,630

 1.2
 %

 Total Corporate Education Software

 475,698

 4,426,630

 1.2
 %

 GreyHeller LLC (h)

 Cyber Security

 11/10/2021

 7,857,689

 1,906,275

 2,826,009

 0.8
 %

 Total Cyber Security

 1,906,275

 2,826,009

 0.8
 %

 Gen4 Dental Partners Holdings, LLC

 (3M USD TERM SOFR+ 10.22 %), 15.55 % Cash, 4/29/2026

 2/8/2023

 $

 10,979,958

 11,110,000

 3.0
 %

 Gen4 Dental Partners Holdings, LLC (h)(i)

 2/8/2023

 493,999

 1,027,519

 1,111,499

 0.3
 %

 (1M USD TERM SOFR+ 9.48 %), 14.80 % Cash, 4/18/2028

 $
 7,000,000

 6,906,453

 7,113,400

 1.9
 %

 (1M USD TERM SOFR+ 9.48 %), 14.80 % Cash, 4/18/2028

 $
 7,500,000

 7,392,367

 7,621,500

 2.1
 %

 F- 17

 Date

 Cost

 Fair

 % of

 Modis Dental Partners OpCo, LLC (h)

 2,950,000

 2,950,000

 2,682,996

 0.7
 %

 New England Dental Partners

 (3M USD TERM SOFR+ 8.00 %), 13.48 % Cash, 11/25/2025

 11/25/2020

 $
 6,555,000

 6,526,643

 6,198,408

 1.7
 %

 New England Dental Partners

 (3M USD TERM SOFR+ 8.00 %), 13.48 % Cash, 11/25/2025

 11/25/2020

 $
 4,650,000

 4,635,903

 4,397,040

 1.2
 %

 Total Dental Practice Management

 40,418,843

 40,234,843

 10.9
 %

 Exigo, LLC (d)

 (1M USD TERM SOFR+ 5.75 %), 11.17 % Cash, 3/16/2027

 $
 24,313,135

 24,167,354

 23,165,555

 6.3
 %

 Exigo, LLC (j)

 (1M USD TERM SOFR+ 5.75 %), 11.17 % Cash, 3/16/2027

 $
 -

 -

 ( 49,167
)

 0.0
 %

 Exigo, LLC (h), (i)

 Common Units

 1,041,667

 1,041,667

 957,067

 0.3
 %

 Total Direct Selling Software

 25,209,021

 24,073,455

 6.6
 %

 C2 Educational Systems, Inc. (d)

 (3M USD TERM SOFR+ 8.50 %), 13.83 % Cash, 5/31/2025

 5/31/2017

 $
 21,500,000

 21,478,821

 21,459,150

 5.8
 %

 C2 Educational Systems, Inc. (j)

 (3M USD TERM SOFR+ 8.50 %), 13.83 % Cash, 5/31/2025

 4/28/2023

 $
 -

 -

 -

 0.0
 %

 C2 Education Systems, Inc. (h)

 Series A-1 Preferred Stock

 5/18/2021

 3,127

 499,904

 576,118

 0.2
 %

 Zollege PBC (k)

 (3M USD TERM SOFR+ 7.00 %), 12.33 % Cash/ 2.00 % PIK, 5/11/2026

 $
 16,409,153

 16,340,466

 3,493,509

 0.9
 %

 Zollege PBC (j)(k)

 (3M USD TERM SOFR+ 7.00 %), 12.33 % Cash/ 2.00 % PIK, 5/11/2026

 $
 1,364,109

 1,358,200

 290,419

 0.1
 %

 Zollege PBC (h)

 -

 0.0
 %

 Total Education Services

 39,927,391

 25,819,196

 7.0
 %

 Destiny Solutions Inc. (h)(i)

 5/16/2018

 3,068

 3,969,291

 9,894,736

 2.7
 %

 GoReact

 (3M USD TERM SOFR+ 7.50 %), 13.03 % Cash/ 1.00 % PIK, 1/17/2025

 1/17/2020

 $
 8,087,775

 8,060,498

 8,087,775

 2.2
 %

 GoReact (j)

 (3M USD TERM SOFR+ 7.50 %), 13.03 % Cash/ 1.00 % PIK, 1/17/2025

 1/18/2022

 $
 -

 -

 -

 0.0
 %

 Identity Automation Systems (h)

 Common Stock Class A-2 Units

 8/25/2014

 232,616

 232,616

 569,355

 0.2
 %

 Identity Automation Systems (h)

 Common Stock Class A-1 Units

 3/6/2020

 43,715

 171,571

 235,296

 0.1
 %

 Ready Education

 (3M USD TERM SOFR+ 7.00 %), 12.33 % Cash, 8/5/2027

 $
 27,000,000

 26,797,063

 26,792,100

 7.2
 %

 Total Education Software

 39,231,039

 45,579,262

 12.4
 %

 F- 18

 Date

 Cost

 Fair

 % of

 TG Pressure Washing Holdings, LLC (h)

 Facilities Maintenance

 Preferred Equity

 8/12/2019

 231,181

 0.1
 %

 Total Facilities Maintenance

 231,181

 0.1
 %

 (3M USD TERM SOFR+ 7.00 %), 12.33 % Cash, 7/31/2024

 9/6/2019

 $

 5,991,382

 5,989,200

 1.6
 %

 Davisware, LLC (j)

 (3M USD TERM SOFR+ 7.00 %), 12.33 % Cash, 7/31/2024

 9/6/2019

 $
 4,727,790

 4,714,256

 4,719,280

 1.3
 %

 Total Field Service Management

 10,705,638

 10,708,480

 2.9
 %

 GDS Software Holdings, LLC

 (3M USD TERM SOFR+ 7.00 %), 12.33 % Cash, 12/30/2026

 12/30/2021

 $
 22,713,926

 22,624,322

 22,545,843

 6.1
 %

 GDS Software Holdings, LLC

 (3M USD TERM SOFR+ 7.00 %), 12.33 % Cash, 12/30/2026

 12/30/2021

 $
 3,286,074

 3,262,111

 3,261,757

 0.9
 %

 GDS Software Holdings, LLC (h)

 Common Stock Class A Units

 8/23/2018

 468,204

 0.1
 %

 Total Financial Services

 26,136,433

 26,275,804

 7.1
 %

 Ascend Software, LLC

 (3M USD TERM SOFR+ 7.50 %), 13.10 % Cash, 12/15/2026

 12/15/2021

 $

 5,961,680

 5,920,200

 1.6
 %

 Ascend Software, LLC (j)

 (3M USD TERM SOFR+ 7.50 %), 13.10 % Cash, 12/15/2026

 12/15/2021

 $
 4,050,000

 4,029,154

 3,996,135

 1.1
 %

 Total Financial Services Software

 9,990,834

 9,916,335

 2.7
 %

 Inspect Point Holdings, LLC

 (1M USD TERM SOFR+ 6.50 %), 11.82 % Cash, 07/19/2028

 7/19/2023

 $

 9,908,861

 9,916,000

 2.7
 %

 Inspect Point Holdings, LLC (j)

 (1M USD TERM SOFR+ 6.50 %), 11.82 % Cash, 07/19/2028

 7/19/2023

 $
 -

 -

 -

 0.0
 %

 Total Fire Inspection Business Software

 9,908,861

 9,916,000

 2.7
 %

 (3M USD TERM SOFR+ 7.00 %), 12.33 % Cash, 3/31/2028

 $
 30,000,000

 29,740,931

 29,970,000

 8.1
 %

 Stretch Zone Franchising, LLC (j)

 (3M USD TERM SOFR+ 7.00 %), 12.33 % Cash, 3/31/2028

 $
 -

 -

 -

 0.0
 %

 Stretch Zone Franchising, LLC (h)

 2,062,331

 0.6
 %

 Total Health/Fitness Franchisor

 31,740,931

 32,032,331

 8.7
 %

 (1M USD TERM SOFR+ 9.98 %), 15.30 % Cash, 3/20/2028

 $
 3,900,000

 3,847,845

 3,959,670

 1.2
 %

 Alpha Aesthetics Partners OpCo, LLC (j)

 (1M USD TERM SOFR+ 9.98 %), 15.30 % Cash, 3/20/2028

 $
 8,600,000

 8,482,841

 8,731,580

 2.4
 %

 Alpha Aesthetics Partners OpCo, LLC (h)

 2,850,000

 2,850,000

 2,859,121

 0.8
 %

 F- 19

 Date

 Cost

 Fair

 % of

 Axiom Medical Consulting, LLC

 (3M USD TERM SOFR+ 6.00 %), 11.33 % Cash, 9/11/2028

 9/11/2023

 $

 9,917,367

 9,913,000

 2.7
 %

 Axiom Medical Consulting, LLC (j)

 (3M USD TERM SOFR+ 6.00 %), 11.33 % Cash, 9/11/2028

 9/11/2023

 $
 -

 -

 -

 0.0
 %

 Axiom Parent Holdings, LLC (h)

 6/19/2018

 258,389

 630,740

 0.2
 %

 ComForCare Health Care (d)

 (3M USD TERM SOFR+ 6.25 %), 11.58 % Cash, 1/31/2025

 1/31/2017

 $
 25,000,000

 24,973,000

 25,000,000

 6.8
 %

 Total Healthcare Services

 50,329,442

 51,094,111

 14.1
 %

 HemaTerra Holding Company, LLC (d)

 (1M USD TERM SOFR+ 8.25 %), 13.57 % Cash, 1/31/2027

 4/15/2019

 $
 54,927,713

 54,624,303

 55,087,003

 14.9
 %

 HemaTerra Holding Company, LLC

 (1M USD TERM SOFR+ 8.25 %), 13.57 % Cash, 1/31/2027

 4/15/2019

 $
 13,755,875

 13,710,513

 13,795,767

 3.7
 %

 TRC HemaTerra, LLC (h)

 Class D Membership Interests

 4/15/2019

 2,487

 2,816,693

 5,362,439

 1.4
 %

 (3M USD TERM SOFR+ 6.50 %), 11.83 % Cash, 5/12/2026

 $
 35,125,000

 34,965,458

 35,125,000

 9.5
 %

 Procurement Partners, LLC (j)

 (3M USD TERM SOFR+ 6.50 %), 11.83 % Cash, 5/12/2026

 $
 10,300,000

 10,230,001

 10,300,000

 2.8
 %

 Procurement Partners Holdings LLC (h)

 571,219

 571,219

 826,280

 0.2
 %

 Total Healthcare Software

 116,918,187

 120,496,489

 32.5
 %

 Roscoe Medical, Inc. (h)

 Healthcare Supply

 3/26/2014

 5,081

 508,077

 -

 0.0
 %

 Total Healthcare Supply

 508,077

 -

 0.0
 %

 Book4Time, Inc. (a)(d)

 (3M USD TERM SOFR+ 7.50 %), 12.83 %, 12/22/2025

 12/22/2020

 $
 3,136,517

 3,122,542

 3,136,517

 0.8
 %

 Book4Time, Inc. (a)

 (3M USD TERM SOFR+ 7.50 %), 12.83 %, 12/22/2025

 12/22/2020

 $

 1,989,839

 0.5
 %

 Book4Time, Inc. (a)(h)(i)

 Class A Preferred Shares

 12/22/2020

 200,000

 156,826

 389,531

 0.1
 %

 Knowland Group, LLC (k)

 (3M USD TERM SOFR+ 8.00 %), 13.48 % Cash/ 3.00 % PIK, 12/31/2024

 11/9/2018

 $
 15,878,989

 15,878,989

 12,642,851

 3.4
 %

 Sceptre Hospitality Resources, LLC

 (3M USD TERM SOFR+ 7.25 %), 12.58 % Cash, 11/15/2027

 4/27/2020

 $
 23,000,000

 22,835,500

 23,278,300

 6.3
 %

 Sceptre Hospitality Resources, LLC (j)

 (3M USD TERM SOFR+ 7.25 %), 12.58 % Cash, 11/15/2027

 9/2/2021

 $
 -

 -

 -

 0.0
 %

 Total Hospitality/Hotel

 43,983,696

 41,447,199

 11.1
 %

 F- 20

 Date

 Cost

 Fair

 % of

 Granite Comfort, LP (d)

 (3M USD TERM SOFR+ 7.46 %), 12.79 % Cash, 5/16/2027

 11/16/2020

 $

 42,781,757

 11.6
 %

 Granite Comfort, LP (j)

 (3M USD TERM SOFR+ 7.46 %), 12.79 % Cash, 5/16/2027

 11/16/2020

 $
 16,207,805

 16,059,588

 16,207,805

 4.4
 %

 Total HVAC Services and Sales

 58,841,345

 59,207,805

 16.0
 %

 Vector Controls Holding Co., LLC (d)

 Industrial Products

(3M USD TERM SOFR+ 6.50 %), 11.75 % Cash, 11/30/2027

 3/6/2013

 $
 923,886

 923,886

 923,886

 0.2
 %

 Vector Controls Holding Co., LLC (h)

 Industrial Products

 Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027

 5/31/2015

 -

 8,171,235

 2.2
 %

 Total Industrial Products

 923,886

 9,095,121

 2.4
 %

 AgencyBloc, LLC

 (1M USD TERM SOFR+ 7.76 %), 13.09 % Cash, 10/1/2026

 10/1/2021

 $
 15,788,864

 15,686,250

 15,806,231

 4.3
 %

 Panther ParentCo LLC (h)

 10/1/2021

 2,500,000

 2,500,000

 4,014,869

 1.1
 %

 Total Insurance Software

 18,186,250

 19,821,100

 5.4
 %

 LogicMonitor, Inc. (d)

 (3M USD TERM SOFR+ 6.50 %), 11.83 % Cash, 5/17/2026

 3/20/2020

 $

 42,967,165

 11.6
 %

 Total IT Services

 42,967,165

 11.6
 %

 ActiveProspect, Inc. (d)

 (3M USD TERM SOFR+ 6.00 %), 11.53 % Cash, 8/8/2027

 8/8/2022

 $

 11,920,834

 12,120,000

 3.3
 %

 ActiveProspect, Inc. (j)

 (3M USD TERM SOFR+ 6.00 %), 11.53 % Cash, 8/8/2027

 8/8/2022

 $
 -

 -

 -

 0.0
 %

 Total Lead Management Software

 11,920,834

 12,120,000

 3.3
 %

 Centerbase, LLC

 Legal Software

 (3M USD TERM SOFR+ 7.75 %), 13.08 % Cash, 1/18/2027

 1/18/2022

 $
 21,033,360

 20,882,496

 20,709,446

 5.6
 %

 Total Legal Software

 20,882,496

 20,709,446

 5.6
 %

 Madison Logic, Inc. (d)

 Marketing Orchestration Software

 (3M USD TERM SOFR+ 7.00 %), 12.33 % Cash, 12/30/2028

 12/30/2022

 $
 18,857,500

 18,544,720

 18,420,006

 5.0
 %

 Total Marketing Orchestration Software

 18,544,720

 18,420,006

 5.0
 %

 ARC Health OpCo LLC (d)

 (3M USD TERM SOFR+ 8.47 %), 13.81 % Cash, 8/5/2027

 $

 6,438,832

 6,490,900

 1.8
 %

 F- 21

 Date

 Cost

 Fair

 % of

 ARC Health OpCo LLC (d)(j)

 (3M USD TERM SOFR+ 8.47 %), 13.81 % Cash, 8/5/2027

 $
 26,914,577

 26,903,916

 26,876,897

 7.3
 %

 ARC Health OpCo LLC (h)

 3,818,400

 4,169,599

 4,009,323

 1.1
 %

 Total Mental Healthcare Services

 37,512,347

 37,377,120

 10.2
 %

 Chronus LLC

 (3M USD TERM SOFR+ 5.25 %), 10.73 % Cash, 8/26/2026

 $

 14,911,921

 14,841,000

 4.0
 %

 Chronus LLC

 (3M USD TERM SOFR+ 6.00 %), 11.48 % Cash, 8/26/2026

 $

 4,962,938

 4,947,000

 1.3
 %

 Chronus LLC (h)

 Series A Preferred Stock

 3,000

 2,280,881

 0.6
 %

 Total Mentoring Software

 22,874,859

 22,068,881

 5.9
 %

 Omatic Software, LLC

 Non-profit Services

 (3M USD TERM SOFR+ 8.00 %), 13.59 % Cash/ 1.00 % PIK, 6/30/2025

 5/29/2018

 $
 16,270,192

 16,239,922

 16,266,938

 4.4
 %

 Total Non-profit Services

 16,239,922

 16,266,938

 4.4
 %

 Emily Street Enterprises, L.L.C.

 Office Supplies

 Senior Secured Note
 (3M USD TERM SOFR+ 7.50 %), 12.83 % Cash, 12/31/2025

 12/28/2012

 $

 5,992,437

 6,027,000

 1.6
 %

 Emily Street Enterprises, L.L.C. (h)

 Office Supplies

 Warrant Membership Interests,
 Expires 12/31/2025

 12/28/2012

 49,318

 1,153,874

 0.3
 %

 Total Office Supplies

 6,392,437

 7,180,874

 1.9
 %

 Buildout, Inc. (d)

 (3M USD TERM SOFR+ 7.00 %), 12.43 % Cash, 7/9/2025

 7/9/2020

 $
 14,000,000

 13,950,236

 13,631,800

 3.7
 %

 Buildout, Inc.

 (3M USD TERM SOFR+ 7.00 %), 12.47 % Cash, 7/9/2025

 2/12/2021

 $
 38,500,000

 38,342,798

 37,487,450

 10.1
 %

 Buildout, Inc. (h)(i)

 7/9/2020

 1,250

 1,372,557

 1,231,195

 0.3
 %

 Total Real Estate Services

 53,665,591

 52,350,445

 14.1
 %

 Wellspring Worldwide Inc.

 (1M USD TERM SOFR+ 6.00 %), 11.32 % Cash, 12/22/2028

 $
 9,552,000

 9,474,084

 9,483,226

 2.6
 %

 Wellspring Worldwide Inc.

 Delayed DrawTerm Loan
 (1M USD TERM SOFR+ 6.00 %), 11.32 % Cash, 12/22/2028

 $
 14,400,000

 14,227,504

 14,296,320

 3.9
 %

 Archimedes Parent LLC (h)

 Class A Common Units

 0.7
 %

 Total Research Software

 26,176,748

 26,254,706

 7.2
 %

 (1M USD TERM SOFR+ 7.00 %), 12.32 % Cash, 11/19/2026

 $

 11,926,272

 12,104,400

 3.3
 %

 (1M USD TERM SOFR+ 7.00 %), 12.32 % Cash, 11/19/2026

 $
 9,000,000

 8,935,545

 9,078,300

 2.5
 %

 F- 22

 Date

 Cost

 Fair

 % of

 LFR Chicken LLC (h)

 Series B Preferred Units

 497,183

 1,397,572

 0.4
 %

 Total Restaurant

 21,861,817

 22,580,272

 6.2
 %

 JobNimbus LLC

 Roofing Contractor Software

 (1M USD TERM SOFR+ 8.75 %), 14.17 % Cash, 9/20/2026

 3/28/2023

 $
 18,777,459

 18,624,294

 19,014,055

 5.1
 %

 Total Roofing Contractor Software

 18,624,294

 19,014,055

 5.1
 %

 Pepper Palace, Inc. (d)(k)

 (3M USD TERM SOFR+ 6.25 %), 11.73 % Cash, 6/30/2026

 $
 33,320,000

 33,148,332

 2,409,036

 0.7
 %

 Pepper Palace, Inc. (j)(k)

 (3M USD TERM SOFR+ 6.25 %), 11.73 % Cash, 6/30/2026

 $
 1,101,600

 1,092,422

 79,646

 0.0
 %

 Pepper Palace, Inc. (j)(k)

 (3M USD TERM SOFR+ 6.25 %), 11.73 % Cash, 6/30/2026

 $
 -

 -

 -

 0.0
 %

 Pepper Palace, Inc. (h)

 Membership Interest (Series A)

 -

 0.0
 %

 Pepper Palace, Inc. (h)

 Membership Interest (Series B)

 197,035

 197,035

 -

 0.0
 %

 Total Specialty Food Retailer

 35,437,789

 2,488,682

 0.7
 %

 ArbiterSports, LLC (d)

 Sports Management

 (3M USD TERM SOFR+ 6.00 %), 11.33 % Cash, 2/21/2025

 2/21/2020

 $

 25,945,071

 7.0
 %

 ArbiterSports, LLC

 Sports Management

 (3M USD TERM SOFR+ 6.00 %), 11.33 % Cash, 2/21/2025

 2/21/2020

 $

 0.3
 %

 Total Sports Management

 26,945,071

 27,000,000

 7.3
 %

 Avionte Holdings, LLC (h)

 Staffing Services

 1/8/2014

 3,287,970

 0.9
 %

 Total Staffing Services

 3,287,970

 0.9
 %

 (3M USD TERM SOFR+ 8.50 %), 14.10 % Cash, 5/2/2027

 5/2/2022

 $

 5,955,935

 6,060,000

 1.6
 %

 JDXpert (j)

 (3M USD TERM SOFR+ 8.50 %), 14.10 % Cash, 5/2/2027

 5/2/2022

 $

 991,649

 1,010,000

 0.3
 %

 Jobvite, Inc. (d)

 (6M USD TERM SOFR+ 8.00 %), 13.27 % Cash, 8/5/2028

 $

 19,875,273

 19,826,000

 5.6
 %

 Total Talent Acquisition Software

 26,822,857

 26,896,000

 7.5
 %

 VetnCare MSO, LLC (j)

 Veterinary Services

 (3M USD TERM SOFR+ 5.75 %), 11.08 % Cash, 5/12/2028

 5/12/2023

 $
 4,680,505

 4,638,599

 4,753,048

 1.3
 %

 Total Veterinary Services

 4,638,599

 4,753,048

 1.3
 %

 Sub Total Non-control/Non-affiliate investments

 1,035,879,751

 1,019,774,616

 276.5
 %

 F- 23

 Date

 Cost

 Fair

 % of

 Affiliate investments - 7.5% (b)

 ETU Holdings, Inc. (f)

 (3M USD TERM SOFR+ 9.00 %), 14.48 % Cash, 8/18/2027

 $
 7,000,000

 6,945,060

 6,983,200

 1.9
 %

 ETU Holdings, Inc. (f)

 15.00 % PIK, 2/18/2028

 $
 6,130,483

 6,089,408

 5,454,290

 1.5
 %

 ETU Holdings, Inc. (f)(h)

 1,162,040

 0.3
 %

 Total Corporate Education Software

 16,034,468

 13,599,530

 3.7
 %

 Axero Holdings, LLC (f)

 (3M USD TERM SOFR+ 8.00 %), 13.48 % Cash, 6/30/2026

 $
 5,500,000

 5,468,859

 5,555,000

 1.5
 %

 Axero Holdings, LLC (f)

 (3M USD TERM SOFR+ 8.00 %), 13.48 % Cash, 6/30/2026

 $
 1,100,000

 1,092,870

 1,111,000

 0.3
 %

 Axero Holdings, LLC (f)(j)

 (3M USD TERM SOFR+ 8.00 %), 13.48 % Cash, 6/30/2026

 2/3/2022

 $
 -

 -

 -

 0.0
 %

 Axero Holdings, LLC (f)(h)

 2,877,000

 0.8
 %

 Axero Holdings, LLC (f)(h)

 Series B Preferred Units

 4,606,607

 1.2
 %

 Total Employee Collaboration Software

 10,672,947

 14,149,607

 3.8
 %

 Sub Total Affiliate investments

 26,707,415

 27,749,137

 7.5
 %

 Control investments - 24.7% (b)

 Netreo Holdings, LLC (g)

 (3M USD TERM SOFR + 6.50 %), 11.98 % Cash/ 3.50 % PIK
 12/31/2025

 7/3/2018

 $
 5,693,748

 5,686,791

 5,582,719

 1.5
 %

 Netreo Holdings, LLC (d)(g)

 (3M USD TERM SOFR + 6.50 %), 11.98 % Cash/ 3.50 % PIK,
 12/31/2025

 5/26/2020

 $
 25,271,214

 25,193,452

 24,778,425

 6.7
 %

 Netreo Holdings, LLC (g)(h)

 Common Stock Class A Units

 7/3/2018

 4,600,677

 8,344,500

 5,060,745

 1.4
 %

 Total IT Services

 39,224,743

 35,421,889

 9.6
 %

 Saratoga Investment Corp. CLO 2013-1, Ltd. (a)(e)(g)

 0.00 %, 4/20/2033

 1/22/2008

 $

 22,001,887

 9,500,627

 2.6
 %

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

 (3M USD TERM SOFR+ 10.00 %), 15.60 %, 4/20/2033

 8/9/2021

 $

 8,875,227

 2.4
 %

 Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note (a)(g)

 (3M USD TERM SOFR+ 8.55 %), 13.88 %, 10/20/2033

 10/28/2022

 $
 12,250,000

 11,392,500

 12,250,000

 3.3
 %

 Total Structured Finance Securities

 42,769,387

 30,625,854

 8.3
 %

 Saratoga Senior Loan Fund I JV, LLC (a)(g)(j)

 Unsecured Loan
 10.00 %, 10/20/2033

 12/17/2021

 $
 17,618,954

 17,618,954

 15,818,297

 4.3
 %

 Saratoga Senior Loan Fund I JV, LLC (a)(g)

 Membership Interest

 12/17/2021

 17,583,486

 17,583,487

 9,403,996

 2.5
 %

 Total Investment Fund

 35,202,441

 25,222,293

 6.8
 %

 Sub Total Control investments

 117,196,571

 91,270,036

 24.7
 %

 TOTAL INVESTMENTS - 308.7% (b)

 $
 1,179,783,737

 $
 1,138,793,789

 308.7
 %

 F- 24

 Cost

 % of

 Cash and cash equivalents and cash and cash equivalents, reserve accounts - 10.9% (b)

 U.S. Bank Money Market (l)

 $

 $

 10.9
 %

 Total cash and cash equivalents and cash and cash equivalents, reserve accounts

 $

 $

 10.9
 %

 (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.

 (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 29, 2024, non-qualifying assets
represent 6.2% 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 $370,224,108 as of
February 29, 2024.

 (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. Modis Dental Partners OpCo, LLC and Alpha
Aesthetics Partners OpCo, LLC are no longer affiliates as of February 29, 2024. Transactions during the year ended February 29, 2024
in which the issuer was an affiliate are as follows:

 Company

 Sales

 Total Interest from Investments

 Management Fee Income

 Net Realized
 Gain (Loss) from Investments

 Net Change in Unrealized Appreciation (Depreciation)

 Axero Holdings, LLC

 $
 -

 $
 -

 $
 931,008

 $
 -

 $
 -

 $
 976,251

 ETU Holdings, Inc.

 -

 -

 1,915,718

 -

 -

 ( 2,518,080
)

 8,845,000

 -

 656,579

 -

 -

 -

 10,498,789

 -

 670,737

 -

 -

 -

 Total

 $
 19,343,789

 $
 -

 $
 4,174,042

 $
 -

 $
 -

 $
 ( 1,541,829
)

 F- 25

 (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
29, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:

 Company

 Sales

 Total Interest from Investments

 Total Dividends from Investments

 Management Fee Income

 Net Realized
 Gain (Loss) from Investments

 Net Change in Unrealized Appreciation (Depreciation)

 $
 2,475,000

 $
 -

 $
 4,374,804

 $
 -

 $
 -

 $
 -

 $
 ( 12,083,067
)

 -

 -

 -

 -

 3,270,232

 -

 ( 4,733,934
)

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

 -

 -

 1,696,890

 -

 -

 -

 895,505

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

 -

 -

 1,469,668

 -

 -

 -

 43,821

 -

 -

 1,781,472

 -

 -

 -

 ( 1,800,657
)

 -

 -

 -

 5,911,564

 -

 -

 ( 3,702,956
)

 Total

 $
 2,475,000

 $
 -

 $
 9,322,834

 $
 5,911,564

 $
 3,270,232

 $
 -

 $
 ( 21,381,288
)

 (h)
 Non-income producing at February 29, 2024.

 (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 29, 2024. (See Note 9 to the consolidated financial statements).

 (k)
 As of February 29, 2024, the investment was on non-accrual
status. The fair value of these investments was approximately $18.9 million, which represented 1.7% 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 29, 2024.

 SOFR - Secured Overnight Financing Rate

 1M USD
TERM SOFR - The 1 month USD TERM SOFR rate as of February 29, 2024 was 5.32%.

 3M USD
TERM SOFR - The 3 month USD TERM SOFR rate as of February 29, 2024 was 5.33%.

 6M USD TERM SOFR - The 6 month USD TERM SOFR rate as of February
29, 2024 was 5.27%.

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

 See accompanying notes to consolidated financial statements.

 F- 26

 SARATOGA INVESTMENT CORP.

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 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-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP 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. In February 2022, SIA-GH, Inc., SIA-TT Inc. and SIA-VR,
Inc. received an approved plan of liquidation following the sale of equity held by each of the portfolio companies. In June 2024,
SIA-MAC, Inc. and SIA-VR, Inc. were dissolved.

 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.

 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 Encina Credit Facility and the Live Oak Credit Facility (each as defined
below), respectively. The senior secured revolving credit facility (the "Encina Credit Facility) with Encina Lender Finance, LLC
("Encina") is supported by loans held by SIF II and pledged to Encina, and the senior secured revolving credit facility (the
"Live Oak Credit Facility") with Live Oak Banking Company ("Live Oak") is supported by loans held by SIF III and
pledged to Live Oak.

 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.

 F- 27

 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-ARC, Inc., SIA-Avionte, Inc., SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP,
Inc., SIA-PP, 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 during the year ended February 28, 2025.

 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, 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.

 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.

 F- 28

 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 2025, 2024 and 2023, operating expenses totaled
 $ 12.2 million, $ 10.4 million and $ 8.9 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, 2025, 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 Encina Credit Facility or the Live Oak Credit Facility 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 Encina Credit Facility and the Live Oak Credit Facility.

 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:

 2025

 2024

 2023

 $

 $
 8,692,846

 $
 65,746,494

 Cash and cash equivalents, reserve accounts

 56,505,433

 31,814,278

 30,329,779

 Total cash and cash equivalents and cash and cash equivalents, reserve accounts

 $
 204,723,924

 $

 $
 96,076,273

 F- 29

 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 Notes of the SLF 2022 every quarter.

 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, 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.

 F- 30

 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 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 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.

 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.

 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, 2025 our investment in two portfolio companies were
on non-accrual status with a fair value of approximately $ 2.6 million, or 0.3 % of the fair value of our portfolio. At February
29, 2024, our investment in one portfolio company was on non-accrual status with a fair value of approximately $ 18.9 million, or 1.7 %
of the fair value of our portfolio.

 F- 31

 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.

 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 facility 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.

 F- 32

 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) any net ordinary
income and capital gain net income that it recognized for preceding years, but were not distributed during such year, and on which the
Company paid no U.S federal income tax.

 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, 2025, February 29, 2024 and February 28, 2023, the excise tax accrual on estimated
excess taxable income was $ 2.4 million, $ 1.8 million and $ 1.1 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. This published guidance indicates that the rule will apply where the aggregate amount of cash to be
distributed to all stockholders is not at least 20 % of the aggregate declared 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
tax-basis net investment income until distributed by the Corporate Blocker, which may result in timing and character differences between
the Company's U.S. GAAP and tax-basis net investment income and realized gains and losses. 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, 2025, February 29, 2024 and February 28, 2023 the Company did not
incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2021, 2022,
2023 and 2024 federal tax years for the Company remain subject to examination by the IRS. At February 28, 2025, and February 29, 2024,
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.

 F- 33

 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.

 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. The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09
is effective for years beginning after December 15, 2024. Early adoption is permitted, however the Company has not elected to early adopt
this provision as of the date of the financial statements contained in this report. The Company is still assessing the impact of the new
guidance.

 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.

 F- 34

 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.

 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, 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.

 F- 35

 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

 $
 -

 $
 -

 $

 $
 -

 $

 -

 -

 6,388

 -

 6,388

 -

 -

 -

 -

 -

 -

 -

 -

 69,437

 3,081

 72,518

 Total

 $
 -

 $
 -

 $
 974,997

 $
 3,081

 $

 *
 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 29, 2024 (dollars in thousands), according to the fair value hierarchy:

 Fair Value Measurements

 Valued Using Net

 Level 1

 Level 2

 Level 3

 Asset Value*

 Total

 $
 -

 $
 -

 $

 $
 -

 $

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 88,426

 9,404

 97,830

 Total

 $
 -

 $
 -

 $
 1,129,390

 $
 9,404

 $

 *
 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 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

 Second lien

 Unsecured

 Structured
 finance
 securities

 interests

 Total

 Balance as of February 29, 2024

 $

 $

 $

 $

 $
 88,426

 $
 1,129,390

 2,409

 8,267

 -

 ( 7,113
)

 3,566

 2,799

 -

 -

 -

 2,808

 37,778

 3,165

 ( 8,741
)

 ( 7,621
)

 25,297

 163,009

 -

 -

 -

 5,069

 168,078

 Sales and repayments

 ( 266,880
)

 ( 23,150
)

 -

 -

 ( 22,083
)

 ( 312,113
)

 ( 47,672
)

 -

 -

 -

 5,643

 ( 42,029
)

 Balance as of February 28, 2025

 $

 $
 6,388

 $

 $

 $
 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
)

 $

 $
 ( 8,741
)

 $
 ( 2,893
)

 $
 ( 17,374
)

 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.

 F- 36

 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 following table provides a reconciliation of the beginning and
ending balances for investments that use Level 3 inputs for the year ended February 29, 2024 (dollars in thousands):

 First lien

 Second lien

 Unsecured

 Structured

 finance

 securities

 interests

 Total

 Balance as of February 28, 2023

 $
 798,534

 $
 14,936

 $
 20,661

 $
 41,362

 $
 83,990

 $
 959,483

 1,479

 -

 ( 6,941
)

 ( 296
)

 ( 4,910
)

 2,215

 -

 -

 -

 2,221

 ( 33,325
)

 2,307

 ( 1,460
)

 ( 3,795
)

 ( 7,115
)

 ( 43,388
)

 234,408

 -

 -

 -

 11,693

 246,101

 Sales and repayments

 ( 26,888
)

 -

 ( 3,383
)

 -

 -

 ( 30,271
)

 -

 -

 -

 -

 Balance as of February 29, 2024

 $

 $

 $

 $

 $
 88,426

 $
 1,129,390

 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

 $
 ( 33,307
)

 $
 2,307

 $
 1,801

 $
 ( 3,795
)

 $
 ( 7,115
)

 $
 ( 40,109
)

 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 29, 2024.

 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):

 Valuation Technique

 Unobservable Input

 Range

 Weighted

Average*

 $

 Market Comparables

 Market Yield (%)

 9.8 % – 22.0 %

 12.4 %

 Revenue Multiples (x)

 2.5 x

 2.5x

 6.8 x

 6.8 x

 6,388

 Market Comparables

 Market Yield (%)

 19.7 %

 19.7 %

 Unsecured term loans

 Discounted Cash Flow

 Discount Rate (%)

 10.0 %

 10.0 %

 Discounted Cash Flow

 Discount Rate (%)

 8.0 % – 70.0 %

 14.1 %

 Recovery Rate (%)

 70.0 %

 70.0 %

 Prepayment Rate (%)

 20.0 %

 20.0 %

 69,437

 Enterprise Value Waterfall

 1.1 x – 13.9 x

 8.2x

 Revenue Multiples (x)

 0.1 x – 9.0 x

 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- 37

 The valuation techniques and significant unobservable inputs used in
recurring Level 3 fair value measurements of assets as of February 29, 2024 were as follows (dollars in thousands):

 Valuation Technique

 Unobservable Input

 Range

 Weighted
 Average*

 $

 Market Comparables

 Market Yield (%)

 10.6 % – 17.2 %

 13.0 %

 Revenue Multiples (x)

 4.6 x – 9.4 x

 6.6x

 5.0 x – 6.0 x

 5.6x

 Third-party bid (x)

 3.9 x – 4.2 x

 4.0x

 Market Comparables

 Market Yield (%)

 19.0 % – 28.3 %

 25.5 %

 7.0 x

 7.0x

 Third-party bid (x)

 29.7 x

 29.7x

 Unsecured term loans

 Discounted Cash Flow

 Discount Rate (%)

 10.5 %

 10.5 %

 Discounted Cash Flow

 Discount Rate (%)

 8.5 % – 22.0 %

 15.1 %

 Recovery Rate (%)

 35.0 % – 70.0 %

 70.0 %

 Prepayment Rate (%)

 20.0 %

 20.0 %

 88,426

 Enterprise Value Waterfall

 4.7 x – 20.4 x

 10.4x

 Revenue Multiples (x)

 1.3 x – 10.4 x

 6.3x

 Third-party bid (x)

 3.9 x

 3.9x

 Total

 $
 1,129,390

 *
 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.

 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, 2025 at amortized
cost and fair value was as follows (dollars in thousands):

 Amortized
 Cost

 Amortized Cost
 Percentage of
 Total Portfolio

 Percentage of
 Total Portfolio

 $
 873,342

 87.3
 %

 $

 88.7
 %

 7,094

 0.7

 6,388

 0.7

 17,619

 1.8

 1.7

 35,657

 3.6

 1.5

 66,381

 6.6

 72,518

 7.4

 Total

 $
 1,000,093

 100.0
 %

 $

 100.0
 %

 F- 38

 The composition of our investments as of February 29, 2024 at amortized
cost and fair value was as follows (dollars in thousands):

 Amortized

 Cost

 Amortized

 Cost

 Investments

at

 $
 1,019,678

 86.4
 %

 $

 85.7
 %

 21,968

 1.9

 1.6

 17,619

 1.5

 1.4

 42,769

 3.6

 2.7

 77,750

 6.6

 97,830

 8.6

 Total

 $
 1,179,784

 100.0
 %

 $

 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.

 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,
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.

 F- 39

 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, 2025. The inputs at February 28, 2025 for the valuation model include:

 Default rate: 2.0%

 Recovery rate: 70%

 Discount rate: 8.0%–40.0%

 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, 2025, 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).

 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.

 Granite Comfort, LP is a U.S. based heating,
ventilation and air conditioning ("HVAC") company. The company provides traditional service and replacement of HVAC / plumbing
systems, as well as a rental model that is in the early stages of implementation.]

 F- 40

 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 with its reinvestment period extended to October 2016. On November 15, 2016, the Company completed
a second refinancing of the Saratoga CLO with its reinvestment period extended to October 2018.

 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, 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. This refinancing, 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, 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.

 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. 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 (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 %.

 F- 41

29, 2024 and February 28, 2023, we accrued management fee income of $ 3.1 million, $ 3.3 million and $ 3.3 million, respectively, and interest
income of $ 0.0 million, $ 0.0 million and $ 1.2 million, respectively, from the Saratoga CLO.

 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 40 % 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 $ 91.7 million, management fees of $ 38.3 million
and incentive fees of $ 1.2 million.

 As of February 29, 2024, the Company determined
that the fair value of its investment in the subordinated notes of Saratoga CLO was $ 9.5 million. As of February 29, 2024, the fair value
of its investment in the Class F-R-3 Notes of Saratoga CLO was $ 8.9 million. As of February 29, 2024, Saratoga CLO had investments with
a principal balance of $ 640.8 million and a weighted average spread over SOFR of 3.8 % and had debt with a principal balance of $ 611.0
million with a weighted average spread over SOFR of 2.2 %. As of February 29, 2024, the present value of the projected future cash flows
of the subordinated notes, was approximately $ 9.5 million, using a 22.0 % 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 $ 84.6 million, management fees of $ 35.1 million
and incentive fees of $ 1.2 million.

 The separate audited financial statements of the
Saratoga CLO as of February 28, 2025 and February 29, 2024, pursuant to Rule 3-09 of SEC rules Regulation S-X, and for the years ended
February 28, 2025, February 29, 2024 and February 28, 2023, are presented on page S-1.

 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 2022-1, 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 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- 42

 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, 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 29, 2024, 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, 2025, and February 29, 2024, the Company's investment in the unsecured note of SLF
JV had a fair value of $ 16.5 million and $ 15.8 million, respectively, and the Company's investment in the membership interests of
SLF JV had a fair value of $ 3.1 million and $ 9.4 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, 2025, the Company
earned approximately $ 1.8 million of interest income related to SLF JV, which is included in interest income on the 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 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 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 Statements
of Assets and Liabilities.

 For the year ended February 28, 2023 the Company
earned approximately $ 1.5 million of interest income related to SLF JV, which is included in interest income on the Statements of
Operations. As of February 28, 2023, approximately $ 0.4 million of interest income related to SLF JV was included in interest receivable
on the Statements of Assets and Liabilities.

 For the years ended February 28, 2025, and February
29, 2024 and 2023, the Company earned approximately $ 4.0 million, $ 5.9 million and $ 0.0 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 87.50 % of the Class E Notes from SLF 2022 with a par value of $ 12.25 million.
As of February 28, 2025 and February 29, 2024, the fair value of these Class E Notes were $ 12.3 million and $ 12.3 million, respectively.

 F- 43

 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, 2025
and February 29, 2024, 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):

 2025

 2024

 Capital in excess of par value

 $
 1,654

 $
 ( 779
)

 Total distributable earnings (loss)

 ( 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, 2025, February 29, 2024 and February 28, 2023 was as follows (dollars in thousands):

 2025

 2024

 2023

 Ordinary income

 $
 45,825

 $
 35,636

 $
 27,313

 Capital gains

 -

 -

 -

 Total

 $
 45,825

 $
 35,636

 $
 27,313

 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.

 For U.S. federal income tax purposes, as of February
29, 2024, the aggregate net unrealized depreciation for all securities was $ 39.7 million. The aggregate cost of securities for U.S. federal
income tax purposes was $ 1.8 billion.

 As of February 28, 2025 and February 29, 2024,
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).

 2025

 2024

 Post October loss deferred

 $
 -

 $
 -

 Accumulated capital losses

 ( 73,441
)

 ( 19,900
)

 Other temporary differences

 6,443

 6,855

 Undistributed Long Term Gain

 -

 -

 Undistributed ordinary income

 49,771

 46,215

 Unrealized appreciation (depreciation)

 ( 4,048
)

 ( 39,685
)

 Total components of accumulated losses

 $
 ( 21,275
)

 $
 ( 6,515
)

 F- 44

 At February 28, 2025, the Company had a short-term
capital loss of $ 0.0 million and a long-term capital loss of $ 73.0 million, available to offset future capital gains. At February 28,
2025 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 29,
2024, the Company had net long-term capital losses of $ 19.9 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,
2024 and December 31, 2023, the Company did not distribute at least 98 % of its ordinary income and 98.2 % of its capital gains and accrued
$ 2.4 million and $ 1.8 million in U.S. federal excise taxes on undistributed taxable income for the years ended February 28, 2025 and February
29, 2024, respectively.

 Management has analyzed the Company's tax
positions taken on U.S. federal income tax returns for all open years (fiscal years 2021- 2024) and has concluded that no provision
for uncertain income tax positions is required in the Company's consolidated financial statements.

 SIA-AAP, Inc., SIA-ARC, Inc., SIA-Avionte, Inc.,
SIA-AX, Inc., SIA-G4, Inc., SIA-GH, Inc., SIA-MDP, Inc., SIA-PP 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. In February 2022, SIA-GH, Inc., SIA-TT Inc. and SIA-VR, Inc. received an approved
plan of liquidation following the sale of equity held by each of the portfolio companies. In June 2024, SIA-MAC, Inc. and SIA-VR, Inc.
were dissolved.

 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.

 F- 45

 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, 2025 and February 29, 2024, were as follows:

 2025

 2024

 Total deferred tax assets

 $
 1,786,943

 $
 2,650,580

 Total deferred tax liabilities

 ( 4,968,693
)

 ( 3,901,995
)

 Valuation allowance on net deferred tax assets

 ( 1,707,579
)

 ( 2,539,735
)

 Net deferred tax liability

 $
 ( 4,889,329
)

 $
 ( 3,791,150
)

 As of February 28, 2025, the valuation allowance
on deferred tax assets was $ 1.7 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, 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.

 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.

 Net deferred tax expense (benefit) for the year
ended February 28, 2023 includes $ 1.7 million net change in unrealized appreciation (depreciation) on investments and $( 0.2) million net
change in total operating expense, 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:

 2025

 2024

 2023

 Federal

 $
 -

 $
 -

 $
 ( 473,475
)

 State

 -

 -

 ( 80,273
)

 Net current expense

 -

 -

 ( 553,748
)

 Deferred

 Federal

 968,246

 990,920

 1,467,975

 State

 129,934

 ( 16,343
)

 99,582

 Net deferred expense

 1,098,180

 974,577

 1,567,557

 Net tax provision

 $
 1,098,180

 $
 974,577

 $
 1,013,809

 The Company has remaining federal net operating loss carryforwards
of $ 1.3 million with an indefinite life. In addition, the Company has state net operating loss carryforwards of $ 0.6 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.

 F- 46

 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 8, 2024, 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.

 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.

29, 2024 and February 28, 2023, the Company incurred $ 18.4 million, $ 19.2 million and $ 16.4 million in base management fees, respectively.
For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, the Company incurred $ 13.2 million, $ 13.0 million and
$ 6.8 million in incentive fees related to pre-incentive fee net investment income. For the years ended February 28, 2025, February 29,
2024 and February 28, 2023, the Company accrued $( 5.9) million, $( 8.3) million and $( 1.8) 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, 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. As of February 29, 2024, the base management fees accrual was $ 5.0
million and the incentive fees accrual was $ 3.2 million and are included in base management and incentive fees payable in the accompanying
consolidated statements of assets and liabilities.

 F- 47

 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, with the most renewal
occurring on July 8, 2024. 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 August 1, 2024, the Company's board of directors approved the renewal of the Administration Agreement for an additional one-year
term and determined to increase the cap on the payment or reimbursement of expenses by the Company from $ 4.3 million to $ 5.0 million,
effective August 1, 2024. The Company's board of directors will continue to assess the cap on payment or reimbursement of expenses
on an annual basis.

29, 2024 and February 28, 2023, we recognized $ 4.7 million, $ 3.9 million and $ 3.2 million in administrator expenses, respectively, pertaining
to bookkeeping, recordkeeping and other administrative services provided to us in addition to our allocable portion of rent and other
overhead related expenses. 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. As of February 29, 2024, $ 0.5 million of administrator expenses
were accrued and included in due to Manager in the accompanying consolidated statements of assets and liabilities.

 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.

 F- 48

 As of February 28, 2025, and February 29, 2024,
the Company's investment in the Class F-2-R-3 Note of the Saratoga CLO had a fair value of $ 2.3 million and $ 8.9 million, respectively.
In addition, the Company has no outstanding receivable balance from the Class F-2-R-3 Note of the Saratoga CLO, as of February 28, 2025.

29, 2024, and February 28, 2023, we recognized $ 1.5 million, $ 1.5 million and $ 1.2 million in interest income, respectively, related to
the Class F-2-R-3 Note of the Saratoga CLO.

 As of February 28, 2025, and February 29, 2024,
the Company's investment in the Subordinated Note of the Saratoga CLO had a fair value of $ 0.2 million and $ 9.5 million, respectively.
In addition, the Company has no outstanding receivable balance from the Subordinated Note of the Saratoga CLO, as of February 28, 2025.

29, 2024, and February 28, 2023, we recognized $ 3.1 million, $ 3.3 million and $ 3.3 million in management fee income, respectively, related
to the Subordinated Note of the Saratoga CLO.

29, 2024, and February 28, 2023, we recognized $ 0.0 million, $ 0.0 million and $ 1.2 million in interest income, respectively, related to
the Subordinated Note of the Saratoga CLO.

29, 2024, and February 28, 2023, the Company neither bought nor sold any investments from the Saratoga CLO.

 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, 2025 and February 29, 2024
respectively, the Company's investment in the SLF JV had a fair value of $ 19.6 million and $ 25.2 million, consisting of an unsecured
loan of $ 16.5 million and $ 15.8 million, and membership interest of $ 3.1 million and $ 9.4 million. In addition, approximately $ 0.2 million
and $ 0.3 million of interest income related to SLF JV was included in interest receivable on the Statement of Assets and Liabilities.

29, 2024, and February 28, 2023, we recognized $ 1.8 million, $ 1.8 million and $ 1.5 million in interest income on the consolidated statement
of operations, respectively, related to the SLF JV.

29, 2024, and February 28, 2023, we recognized $ 4.0 million, $ 5.9 million and $ 0.0 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.

 F- 49

 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 %. The 150 % asset coverage ratio 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 162.9 % as of February 28, 2025 and 161.1 % as of February 29, 2024.

 Revolving Credit Facilities and Term Facility

 On April 11, 2007, we entered into a $ 100.0 million
revolving securitized credit facility (the "Revolving Facility"). On May 1, 2007, we entered into a $ 25.7 million term securitized
credit facility (the "Term Facility" and, together with the Revolving Facility, the "Facilities"), which was fully
drawn at closing. In December 2007, we consolidated the Facilities by using a draw under the Revolving Facility to repay the Term Facility.
In response to the market wide decline in financial asset prices, which negatively affected the value of our portfolio, we terminated
the revolving period of the Revolving Facility effective January 14, 2009 and commenced a two-year amortization period during which all
principal proceeds from the collateral were used to repay outstanding borrowings. A significant percentage of our total assets had been
pledged under the Revolving Facility to secure our obligations thereunder. Under the Revolving Facility, funds were borrowed from or through
certain lenders and interest was payable monthly at the greater of the commercial paper rate and our lender's prime rate plus 4.00%
plus a default rate of 2.00% or, if the commercial paper market was unavailable, the greater of the prevailing LIBOR rates and our lender's
prime rate plus 6.00% plus a default rate of 3.00%.

 Madison Credit Facility

 On July 30, 2010, we used the net proceeds from
(i) the stock purchase transaction and (ii) a portion of the funds available to us under the $ 45.0 million senior secured revolving credit
facility with Madison Capital Funding LLC (the "Madison Credit Facility"), in each case, to pay the full amount of principal
and accrued interest, including default interest, outstanding under the Revolving Facility. As a result, the Revolving Facility was terminated
in connection therewith. Substantially all of our total assets, other than those held by SBIC LP, SBIC II LP and SBIC III LP, were pledged
under the Madison Credit Facility to secure our obligations thereunder.

 On October 4, 2021, all outstanding amounts on
the Madison Credit Facility were repaid and the Madison Credit Facility was terminated. The repayment and termination of the Madison Credit
Facility resulted in a realized loss on the extinguishment of debt of $ 0.8 million.

 Encina Credit Facility

 On October 4, 2021, the Company entered into the
Credit and Security Agreement (the "Encina Credit Agreement") relating to a $ 50.0 million senior secured revolving credit
facility with 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 the first six months following the closing date, which increased
to the greater of $ 25.0 million or 50 % of the commitment amount in effect at any time thereafter. Advances under the Encina Credit Facility
originally bore interest at a floating rate per annum equal to LIBOR plus 4.0 %, with LIBOR having a floor of 0.75 %, with customary provisions
related to the selection by Encina and the Company of a replacement benchmark rate.

 F- 50

 On January 27, 2023,
we entered into the first amendment to the Encina Credit Agreement to, among other things:

 increase the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million;

 change 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;

 increase the applicable effective margin rate on borrowings from 4.00% to 4.25%;

 extend the revolving period from October 4, 2024 to January 27, 2026;

 extend 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;

 revise the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and

 amend 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.

 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 is payable in equal
monthly installments in arrears.

 As of February 28, 2025 and February 29, 2024,
there were $ 32.5 million and $ 35.0 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. Financing costs of $ 2.0 million
related to the Encina Credit Facility have been capitalized and are being amortized over the term of the facility, with all existing financing
costs amortized through January 27, 2026 from the date of the amendment and extension. For
the years ended February 28, 2025, February 29, 2024 and February 28, 2023, we recorded $ 3.4 million, $ 3.9 million and 2.0 million of
interest expense related to the Encina Credit Facility and the Madison Credit Facility, respectively, which includes commitment and administrative
agent fees.

29, 2024 and February 28, 2023, we recorded $ 0.5 million, $ 0.5 million and $ 0.5 million of amortization of deferred financing costs related
to the Encina Credit Facility and Madison Credit Facility, respectively. Interest expense and amortization of deferred financing costs
are reported as interest and debt financing expenses on the consolidated statements of operations. For the fiscal year ended February
28, 2025, the average borrowings outstanding and the weighted average interest rate on outstanding borrowings under the Encina Credit
Facility was approximately $ 33.1 million and 9.49 %, respectively. For the fiscal year ended February 29, 2024, the average borrowings
outstanding and the weighted average interest rate on outstanding borrowings under the Encina Credit Facility was approximately $ 37.9
million and 9.66 %, respectively. For the fiscal year ended February 28, 2023, the average borrowings outstanding and the weighted average
interest rate on outstanding borrowings under the Encina Credit Facility and the Madison Credit Facility were approximately $ 26.3 million
and 6.72 %, respectively.

 The Encina 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 Encina 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, allowing the lenders to accelerate
repayment of amounts owed thereunder. Availability on the Encina Credit Facility will be subject to a borrowing base calculation, based
on, among other things, applicable advance rates (which vary 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 may be borrowed at the greater
of the prevailing one-month SOFR rate, plus an applicable effective margin of 4.25%. In addition, the Company will pay the lender a commitment
fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the
unused amount of the Encina Credit Facility.

 Our borrowing base under the Encina Credit Facility
was $ 78.6 million subject to the Encina Credit Facility cap of $ 65.0 million at February 28, 2025. 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 U.S. Securities and Exchange Commission ("SEC"). Accordingly, the February 28, 2025 borrowing base relies upon the
valuations set forth in the Quarterly Report on Form 10-Q for the period ended November 30, 2024. The valuations presented in this Quarterly
Report on Form 10-Q will not be incorporated into the borrowing base until after this Annual Report on Form 10-K is filed with the SEC.

 F- 51

 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 equityholder, 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.

 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 require a minimum drawn amount
of $ 12.5 million at all times during the period ending 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;

 added new lenders (as identified in the Amendment) to the Live Oak Credit Agreement;

 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

 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 covenants.

 As of February 28, 2025 there was $ 20.0 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.

 Our borrowing base under the Live Oak Credit Facility
was $ 86.9 million subject to the Live Oak Credit Facility cap of $ 75.0 million at February 28, 2025. 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 U.S. Securities and Exchange Commission ("SEC"). Accordingly, the February 28, 2025 borrowing base relies upon the
valuations set forth in the Quarterly Report on Form 10-Q for the period ended November 30, 2024. The valuations presented in this Quarterly
Report on Form 10-Q 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.

 F- 52

 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 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.

 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, 2025, 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 $ 170.0 million
in SBA-guaranteed debentures outstanding, of which $ 131.0 million was held by SBIC II LP and $ 39.0 million held in SBIC III LP.

 At February 28, 2025 and February 29, 2024, there
was $ 170.0 million and $ 214.0 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, and $ 0.4 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, 2025, the Company repaid $ 44.0 million of SBA debentures in SBIC II LP, resulting in
a realized loss on extinguishment of $ 0.8 million related to the acceleration of deferred debt financing costs.

29, 2024 and February 28, 2023, we recorded $ 7.1 million, $ 6.2 million and $ 6.4 million of interest expense related to the SBA debentures,
respectively. For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, we recorded $ 0.9 million, $ 1.0 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, 2025, February 29, 2024 and February 28, 2023 on the outstanding borrowings
of the SBA debentures was 3.32 %, 3.08 % and 2.78 %, respectively. During the years ended February 28, 2025 and February 29, 2024, the average
dollar amount of SBA debentures outstanding was $ 213.8 million and $ 202.5 million, respectively.

 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 is 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 mature on July 9, 2025 and may be redeemed in whole or in part at any time or from time to time at the Company's
option subject to a fee depending on the date of repayment. 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 $ 0.3 million related to the 7.75% 2025
Notes have been capitalized and are being amortized over the term of the 7.75% 2025 Notes.

 F- 53

7.75% 2025 Notes outstanding was $ 5.0 million. The 7.75% 2025 Notes are not listed and have a par value of $ 25.00 per note. The carrying
amount of the outstanding 7.75% 2025 Notes 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. As of February 29, 2024, 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.

29, 2024, we recorded $ 0.4 million and $ 0.4 million, respectively, of interest expense and $ 0.05 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 year ended February 28, 2025
and February 29, 2024, the average dollar amount of 7.75% 2025 Notes outstanding was $ 5.0 million and $ 5.0 million, respectively.

 On December 29, 2020, the Company issued $ 5.0
million in aggregate principal amount of 6.25 % fixed-rate notes due in 2027 (the "6.25% 2027 Notes"). Offering costs
incurred were approximately $ 0.1 million. 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 $ 0.1 million related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the Notes.

 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 (the "Additional 6.25% 2027 Notes"). Offering costs incurred were approximately $ 0.1 million.
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 January 28, 2027 and commencing January 28, 2023, 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 $ 0.4 million
related to the 6.25% 2027 Notes have been capitalized and are being amortized over the term of the 6.25% 2027 Notes. The 6.25% 2027 Notes
are not listed and have a par value of $ 25.00 per note.

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 $ 14.5 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 29, 2024, 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.

29, 2024, 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 year ended February 28, 2025
and February 29, 2024, the average dollar amount of 6.25% 2027 Notes outstanding was $ 15.0 million and $ 15.0 million, respectively.

 F- 54

 On March 10, 2021, the Company issued $ 50.0 million
in aggregate principal amount of 4.375 % fixed-rate notes due in 2026 (the "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.
 Interest on the 4.375% 2026 Notes is paid semi-annually in arrears on February 28 and August 28, at a rate of 4.375% per year. The
4.375% 2026 Notes mature on February 28, 2026 and may be redeemed in whole or in part at any time on or after November 28, 2025 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 $ 1.3 million related to the 4.375%
2026 Notes have been capitalized and are being amortized over the term of the 4.375% 2026 Notes.

 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") 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 are treated as a single series with the existing 4.375% 2026 Notes under the indenture and have the same
terms as the existing 4.375% 2026 Notes. The net proceeds from the offering were used to redeem all of the outstanding 6.25% 2025 Notes
(as described above), and for general corporate purposes in accordance with the Company's investment objective and strategies. Financing
costs of $ 2.7 million have been capitalized and are being amortized over the term of the additional 4.375% 2026 Notes.

4.375% 2026 Notes outstanding was $ 175.0 million. The 4.375% 2026 Notes are not listed and are issued in minimum denominations of $ 2,000
and integral multiples of $ 1,000 in excess thereof. The carrying amount of the outstanding 4.375% 2026 Notes had a fair value of $ 169.4
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 29, 2024, 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. As of February
29, 2024, there was $ 175.0 million outstanding.

29, 2024, we recorded $ 7.7 million and $ 7.7 million, respectively, of interest expense, $ 0.8 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, 2025 and February 29, 2024, the average dollar amount of 4.375% 2026 Notes outstanding
was $ 175.0 million and $ 175.0 million respectively.

 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.

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 $ 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. As of February 29, 2024, the total amount of 4.35% 2027 Notes outstanding was $ 75.0 million, and they had a
fair value of $ 67.8 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 29, 2024, there was $ 75.0 million outstanding.

 F- 55

29, 2024, 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, 2025 and February 29, 2024, the average dollar amount of 4.35% 2027 Notes outstanding
was $ 75.0 million and $ 75.0 million respectively.

 On April 27, 2022, the Company issued $ 87.5 million
in aggregate principal amount of 6.00% fixed-rate notes due 2027 (the "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
6.00% 2027 Notes. Net proceeds to the Company were $ 9.7 million after deducting underwriting commissions of approximately $ 0.3 million.
 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.

 On August 15, 2022, the Company issued an additional
$ 8.0 million in aggregate principal amount of the 6.00% 2027 Notes (the "Additional 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. The net proceeds from the offering were used
for general corporate purposes in accordance with the Company's investment objective and strategies. Additional financing costs
of $ 0.3 million related to the 6.00% 2027 Notes have been capitalized and are being amortized over the term of the 6.00% 2027 Notes.

 As of February 28, 2025, 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, 2025, the carrying amount and fair value of the 6.00% 2027 Notes was $ 105.5 million
and $ 104.1 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 29, 2024, the
carrying amount and fair value of the 6.00% 2027 Notes was $ 105.5 million and $ 100.7 million, respectively.

29, 2024, 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, 2025 and February 29, 2024, the average dollar amount of 6.00% 2027 Notes outstanding was $ 105.5 million and $ 105.5 million respectively.

 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 is 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 mature on September 8, 2025 and commencing September 8, 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 $ 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, 2025, the total amount of 7.00%
2025 Notes outstanding was $12.0 million. The 7.00% 2025 Notes are not listed. The carrying amount of the outstanding 7.00% 2025 Notes
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. As of February 29, 2024, the total amount of 7.00% 2025 Notes outstanding was $ 12.0 million, and they had a fair
value of $ 11.8 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 29, 2024, there was $ 12.0 million outstanding.

 F- 56

29, 2024, we recorded $ 0.8 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, 2025
and February 29, 2024, the average dollar amount of 7.00% 2025 Notes outstanding was $ 12.0 million and $ 12.0 million respectively.

 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. Net proceeds to the Company were $ 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, 2025, 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, 2025, the carrying amount and fair value of the 8.00% 2027 Notes was $ 46.0 million
and $ 46.5 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 29, 2024, the
carrying amount and fair value of the 8.00% 2027 Notes was $ 46.0 million and $ 46.2 million, respectively.

29, 2024, 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,
2025 and February 29, 2024, the average dollar amount of 8.00% 2027 Notes outstanding was $ 46.0 million and $ 46.0 million, respectively.

 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 $7.9 million in aggregate principal amount
of the 8.125% 2027 Notes. Net proceeds to the Company were $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, 2025, 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, 2025, the carrying amount and fair value of the 8.125% 2027 Notes was $ 60.4 million
and $ 61.0 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 29, 2024, the
carrying amount and fair value of the 8.125% 2027 Notes was $ 60.4 million and $ 60.8 million, respectively.

29, 2024, 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, 2025 and February 29, 2024, the average dollar amount of 8.125% 2027 Notes outstanding was $ 60.4 million and $ 60.4 million, respectively.

 F- 57

 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 is 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. Net proceeds from this offering were used to make investments in middle-market companies (including investments
made through the SBIC Subsidiaries) in accordance with the Company's investment objective and strategies and general corporate purposes.
Financing costs and discounts of $0.7 million related to the 8.75% 2025 Notes have been capitalized and are being amortized over the term
of the 8.75% 2025 Notes.

8.75% 2025 Notes outstanding was $ 20.0 million. The 8.75% 2025 Notes are not listed. The carrying amount of the outstanding 8.75% 2025
Notes had a fair value of $ 20.0 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 29, 2024, the total amount of 8.75% 2025 Notes outstanding was $ 20.0 million, and they had a
fair value of $ 20.1 million. As of February 29, 2024, there was $ 20.0 million outstanding.

29, 2024, we recorded $ 1.8 million and $ 1.5 million, respectively, of interest expense, $ 0.04 million and $ 0.02 million, respectively,
of amortization of deferred financing costs and $ 0.1 million and $ 0.6 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, 2025
and February 29, 2024, the average dollar amount of 8.75% 2025 Notes outstanding was $ 20.0 million and $ 17.5 million respectively.

 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. Net proceeds to the Company were $ 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, 2025, 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, 2025, the carrying amount and fair value of the 8.50% 2028 Notes was $ 57.5 million
and $ 58.3 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 29, 2024, the
carrying amount and fair value of the 8.50% 2028 Notes was $ 57.5 million and $ 58.3 million, respectively.

29, 2024, we recorded $4.9 million and $ 4.3 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, 2025 and February
29, 2024, the average dollar amount of 8.50% 2028 Notes outstanding was $ 57.5 million and $ 50.2 million respectively.

 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 "Management's
Discussion and Analysis of Financial Condition and Results of Operations—Financial condition, liquidity and capital resources"
for more detailed information regarding the senior securities.

 F- 58

 SENIOR SECURITIES

 (dollar amounts in thousands, except per share data)

 Class and Year (1)(2)

 Total

 Outstanding

 Exclusive of

 Treasury

 Securities(3)

 Asset

 Coverage

 per Unit(4)

 Involuntary

 Liquidating

 Preference per

Share(5)

 Average Market

 Value per

 Share(6)

 (in thousands)

 Credit Facility with Encina Lender Finance, LLC

 $

 $
 1,629

 -

 N/A

 $
 35,000

 $
 1,610

 -

 N/A

 $

 $
 1,659

 -

 N/A

 $
 12,500

 $
 2,093

 -

 N/A

 Credit Facility with Live Oak Banking Company

 $

 $
 1,629

 -

 N/A

 Credit Facility with Madison Capital Funding(14)

 $
 -

 $
 3,471

 -

 N/A

 Fiscal year 2020 (as of February 29, 2020)

 $
 -

 $
 6,071

 -

 N/A

 Fiscal year 2019 (as of February 28, 2019)

 $
 -

 $
 2,345

 -

 N/A

 Fiscal year 2018 (as of February 28, 2018)

 $
 -

 $
 2,930

 -

 N/A

 Fiscal year 2017 (as of February 28, 2017)

 $
 -

 $
 2,710

 -

 N/A

 Fiscal year 2016 (as of February 29, 2016)

 $
 -

 $
 3,025

 -

 N/A

 Fiscal year 2015 (as of February 28, 2015)

 $
 9,600

 $
 3,117

 -

 N/A

 Fiscal year 2014 (as of February 28, 2014)

 $
 -

 $
 3,348

 -

 N/A

 Fiscal year 2013 (as of February 28, 2013)

 $
 24,300

 $
 5,421

 -

 N/A

 Fiscal year 2012 (as of February 29, 2012)

 $

 $
 5,834

 -

 N/A

 Fiscal year 2011 (as of February 28, 2011)

 $
 4,500

 $
 20,077

 -

 N/A

 7.50% Notes due 2020(7)

 Fiscal year 2017 (as of February 28, 2017)

 $
 -

 $
 -

 -

 N/A

 Fiscal year 2016 (as of February 29, 2016)

 $
 61,793

 $
 3,025

 -

 $
 25.24
 (8)

 Fiscal year 2015 (as of February 28, 2015)

 $
 48,300

 $
 3,117

 -

 $
 25.46
 (8)

 Fiscal year 2014 (as of February 28, 2014)

 $
 48,300

 $
 3,348

 -

 $
 25.18
 (8)

 6.75% Notes due 2023(9)

 Fiscal year 2020 (as of February 29, 2020)

 $
 -

 $
 -

 -

 N/A

 Fiscal year 2019 (as of February 28, 2019)

 $
 74,451

 $
 2,345

 -

 $
 25.74
 (10)

 Fiscal year 2018 (as of February 28, 2018)

 $
 74,451

 $
 2,930

 -

 $
 26.05
 (10)

 Fiscal year 2017 (as of February 28, 2017)

 $
 74,451

 $
 2,710

 $
 25.89
 (10)

 8.75% Notes due 2025

 $

 $
 1,629

 -

 $
 25.00
 (12)

 $

 $
 1,610

 -

 $
 25.00
 (12)

 6.25% Notes due 2025(13)

 -

 -

 -

 N/A

 $
 60,000

 $
 3,471

 -

 $
 24.24
 (11)

 Fiscal year 2020 (as of February 29, 2020)

 $
 60,000

 $
 6,071

 -

 $
 25.75
 (11)

 Fiscal year 2019 (as of February 28, 2019)

 $
 60,000

 $
 2,345

 -

 $
 24.97
 (11)

 F- 59

 SENIOR SECURITIES

 (dollar amounts in thousands, except per share data)

 Class and Year (1)(2)

 Total

 Outstanding

 Exclusive of

 Treasury

 Securities(3)

 Asset

 Coverage

 per Unit(4)

 Involuntary

 Liquidating

 Preference per

 Share(5)

 Average

 Market

 Value per

 Share(6)

 (in thousands)

 7.00% Notes due 2025

 $

 $
 1,629

 -

 $
 25.00
 (12)

 $

 $
 1,610

 -

 $
 25.00
 (12)

 $

 $
 1,659

 -

 $
 25.00
 (12)

 7.25% Notes due 2025(16)

 -

 -

 -

 N/A

 $
 43,125

 $
 2,093

 -

 $
 25.46
 (11)

 $
 43,125

 $
 3,471

 -

 $
 25.77
 (11)

 7.75% Notes due 2025

 $
 5,000

 $
 1,629

 -

 $
 25.00
 (12)

 $
 5,000

 $
 1,610

 -

 $
 25.00
 (12)

 $
 5,000

 $
 1,659

 -

 $
 25.00
 (12)

 $
 5,000

 $
 2,093

 -

 $
 25.00
 (12)

 $
 5,000

 $
 3,471

 -

 $
 25.00
 (12)

 4.375% Notes due 2026

 $

 $
 1,629

 -

 $
 25.00
 (12)

 $

 $
 1,610

 -

 $
 25.00
 (12)

 $

 $
 1,659

 -

 $
 25.00
 (12)

 $

 $
 2,093

 -

 $
 25.00
 (12)

 4.35% Notes due 2027

 $

 $
 1,629

 -

 $
 25.00
 (12)

 $

 $
 1,610

 -

 $
 25.00
 (12)

 $

 $
 1,659

 -

 $
 25.00
 (12)

 $

 $
 2,093

 -

 $
 25.00
 (12)

 6.00% Notes due 2027

 $

 $
 -

 -

 $
 24.36
 (15)

 $

 $
 1,610

 -

 $
 23.51
 (15)

 $

 $
 1,659

 -

 $
 23.97
 (15)

 6.25% Notes due 2027

 $

 $
 1,629

 -

 $
 25.00
 (12)

 $

 $
 1,610

 -

 $
 25.00
 (12)

 $

 $
 1,659

 -

 $
 25.00
 (12)

 $

 $
 2,093

 -

 $
 25.00
 (12)

 $

 $
 3,471

 -

 $
 25.00
 (12)

 8.00% Notes due 2027

 $

 $
 1,629

 -

 $
 25.21
 (15)

 $

 $
 1,610

 -

 $
 25.00
 (15)

 8.125% Notes due 2027

 $

 $
 1,629

 -

 $
 25.27
 (15)

 $

 $
 1,610

 -

 $
 25.05
 (15)

 $

 $
 1,659

 -

 $
 25.10
 (15)

 8.50% Notes due 2028

 $

 $
 1,629

 -

 $
 25.47
 (17)

 $

 $
 1,610

 -

 $
 25.17
 (17)

 (1)
 We have excluded our SBA-guaranteed debentures from
this table because the SEC has granted us exemptive relief that permits us to exclude such debentures from the definition of senior securities
in the 150 % asset coverage ratio we are required to maintain under the 1940 Act.

 (2)
 This table does not include the senior securities of our predecessor
entity, GSC Investment Corp., relating to a revolving securitized credit facility with Deutsche Bank, in light of the fact that the Company
was under different management during the time that such credit facility was outstanding.

 (3)
 Total amount of senior securities outstanding at the end of
the period presented.

 F- 60

 (4)
 Asset coverage per unit is the ratio of our total assets, less
all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.
Asset coverage per unit is expressed in terms of dollar amounts per $ 1,000 of indebtedness, calculated on a total basis.

 (5)
 The amount to which such class of senior security would be entitled
upon the involuntary liquidation of the issuer in preference to any security junior to it. The "—" indicates information
which the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities.

 (6)
 Not applicable for credit facility because not registered for
public trading.

 (7)
 On January 13, 2017, the Company redeemed in full its 2020
Notes. The Company used a portion of the net proceeds from the 2023 Notes offering, which was completed in December 2016, to redeem the
2020 Notes in full.

 (8)
 Based on the average daily trading price of the 2020 Notes on

 (9)
 On December 21, 2019 and February 7, 2020, the Company redeemed
$ 50.0 million and $ 24.45 million, respectively, in aggregate principal amount of the $ 74.45 million in aggregate principal amount of
issued and outstanding 2023 Notes.

 (10)
 Based on the average daily trading price of the 2023 Notes on

 (11)
 Based on the average daily trading price of the 2025 Notes on

 (12)
 The carrying value of this unlisted security approximates its
fair value, based on a waterfall analysis showing adequate collateral coverage.

 (13)
 On August 31, 2021, the Company redeemed $ 60.0 million in aggregate
principal amount of the issued and outstanding 6.25% 2025 Notes. The Company used a portion of the net proceeds from the 4.375% 2026
Notes offering, which was completed in July 2021, to redeem the 6.25% 2025 Notes in full.

 (14)
 On October 4, 2021, the Company repaid all remaining amounts
outstanding under the Madison Credit Facility and the credit agreement relating to the Madison Credit Facility was terminated.

 (15)
 Based on the average daily trading price of the 2027 Notes on

 (16)
 On July 14, 2022, the Company redeemed $ 43.1 million in aggregate
principal amount of the issued and outstanding 7.25% 2025 Notes.

 (17)
 Based on the average daily trading price of the 2028 Notes on

 Note 9. Commitments and Contingencies

 Contractual Obligations

 The following table shows our payment obligations for repayment of
debt and other contractual obligations at February 28, 2025:

 Payment Due by Period

 Long-Term Debt Obligations

 Total

 Less Than

1 Year

 1 - 3

Years

 3 - 5

Years

 More Than

5 Years

 Encina credit facility

 $

 $

 $
 -

 $
 -

 $
 -

 Live Oak credit facility

 -

 -

 -

 SBA debentures

 -

 -

 -

 -

 -

 -

 -

 -

 -

 5,000

 5,000

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 Total Long-Term Debt Obligations

 $
 793,875

 $
 244,500

 $
 321,875

 $

 $

 F- 61

 Off-balance Sheet Arrangements

 At February 28, 2025 and February 29, 2024, the
Company's off-balance sheet arrangements consisted of $ 126.7 million and $ 132.4 million, respectively, of unfunded commitments outstanding
to provide debt financing to its portfolio companies or to fund limited partnership interests. Such commitments are generally up to the
Company's discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees,
elements of credit risk in excess of the amount recognized in the Company's consolidated statements of assets and liabilities and
are not reflected in the Company's consolidated statements of assets and liabilities.

 A summary of the unfunded commitments outstanding as of February
28, 2025 and February 29, 2024 is shown in the table below (dollars in thousands):

2025

2024

 At Company's discretion

 ActiveProspect, Inc.

 $

 $

 23,500

 23,500

 Ascend Software, LLC

 5,000

 5,000

 C2 Educational Systems

 2,000

 -

 1,000

 -

 -

 4,500

 5,000

 -

 1,200

 1,898

 -

 4,250

 8,548

 8,548

 Sceptre Hospitality Resources, LLC

 -

 5,000

 -

 3,750

 VetnCare MSO, LLC

 Total

 $
 75,748

 $
 77,696

 At portfolio company's discretion - satisfaction of certain financial and nonfinancial covenants required

 $
 -

 $
 6,500

 ARC Health OpCo LLC

 -

 2,585

 Axero Holdings, LLC - Revolver

 Axiom Medical Consulting, LLC

 1,500

 2,000

 BQE Software, Inc.

 2,250

 3,250

 C2 Educational Systems

 -

 3,000

 Cloudpermit Intermediate Holding Company

 5,000

 -

 1,750

 Exigo, LLC - Revolver

 1,042

 Gen4 Dental Partners Holdings, LLC

 2,857

 -

 GoReact

 -

 2,500

 11,637

 11,637

 Innergy, Inc.

 5,000

 -

 Inspect Point Holding, LLC

 1,500

 1,500

 8,900

 -

 Pepper Palace, Inc. - Revolver

 2,500

 1,500

 1,500

 VetnCare MSO, LLC

 7,319

 15,319

 -

 50,938

 54,733

 Total

 $
 126,686

 $
 132,429

 The Company believes its assets will provide adequate
coverage to satisfy these unfunded commitments. As of February 28, 2025, the Company had cash and cash equivalents of $ 148.2 million,
$ 32.5 million in available borrowings under the Encina Credit Facility, and $ 55.0 million in available borrowings under the Live Oak Credit
Facility.

 F- 62

 Note 10. Directors Fees

 Our independent directors each receives an annual
fee of $ 90,000. They also receive $ 3,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending
each board meeting and receive $ 2,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each
committee meeting. In addition, the chairman of the audit committee receives an annual fee of $ 15,000 and the chairman of each other committee
receives an annual fee of $ 8,000 for their additional services in these capacities. In addition, we have purchased directors' and
officers' liability insurance on behalf of our directors and officers. Independent directors have the option to receive their directors'
fees in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment.
No compensation is paid to directors who are "interested persons" of the Company (as defined in Section 2(a)(19) of the 1940
Act). For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, we incurred $ 0.4 million, $ 0.4 million and $ 0.4
million for directors' fees and expenses, respectively. As of February 28, 2025 and February 29, 2024, $ 0.0 million and $ 0.0 million
in directors' fees and expenses were accrued and unpaid, respectively. As of February 28, 2025, we had not issued any common stock
to our directors as compensation for their services.

 Note 11. Stockholders' Equity

 Share Repurchases

 On September 24, 2014, the Company announced the
approval of an open market share repurchase plan that originally allowed it to repurchase up to 200,000 shares of its common stock at
prices below its NAV as reported in its then most recently published consolidated financial statements (the "Share Repurchase Plan").
Since September 24, 2014, the Share Repurchase Plan has been extended annually, and the Company has periodically increased the amount
of shares of common stock that may be purchased under the Share Repurchase Plan, most recently to 1.7 million shares of common stock.
On January 7, 2025, the Company's board of directors extended the Share Repurchase Plan for another year to January 15, 2026. As
of February 28, 2025, the Company purchased 1,035,203 shares of common stock, at the average price of $ 22.05 for approximately $ 22.8 million
pursuant to the Share Repurchase Plan. During the three months ended February 28, 2025, the Company did not purchase any shares of common
stock pursuant to the Share Repurchase Plan. During the year ended February 28, 2025, the Company did not purchase any shares of common
stock pursuant to the Share Repurchase Plan.

 Public Equity Offering

 On July 13, 2018, the Company issued 1,150,000
shares of its common stock priced at $ 25.00 per share (par value $ 0.001 per share) at an aggregate total of $ 28.75 million. The net proceeds,
after deducting underwriting commissions of $ 1.15 million and offering costs of approximately $ 0.2 million, amounted to approximately
$ 27.4 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 172,500 shares of its common
stock, which was not exercised.

 Equity ATM Program

 On March 16, 2017, the Company entered into an
equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which the Company offered for sale, from time to time, up
to $ 30.0 million of the Company's common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley
FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of the common stock to be offered was increased to $ 70.0 million,
and on October 8, 2019, the amount of the common stock to be offered was increased to $ 130.0 million. This agreement was terminated as
of July 29, 2021, and as of that date, the Company had sold 3,922,018 shares for gross proceeds of $ 97.1 million at an average price of
$ 24.77 for aggregate net proceeds of $ 95.9 million (net of transaction costs).

 On July 30, 2021, the Company entered into an
equity distribution agreement (the "Equity Distribution Agreement") with Ladenburg Thalmann & Co. Inc. ("Ladenburg")
and Compass Point Research and Trading, LLC ("Compass Point"), through which the Company may offer for sale, from time to
time, up to $ 150.0 million of the Company's common stock through the Agents (as defined below), or to them, as principal for their
account (the "ATM Program").

 On July 6, 2023, the Company amended the Equity
Distribution Agreement to increase the maximum amount of shares of our common stock to be sold through the ATM Program to $ 300.0 million
from $ 150.0 million. On July 19, 2023, the Company amended the Equity Distribution Agreement to add an additional distribution agent,
Raymond James & Associates, Inc. ("Raymond James"). On May 15, 2024, the Company amended the Equity Distribution Agreement
to add an additional distribution agent, Lucid Capital Markets, LLC ("Lucid" and together with Ladenburg, Compass Point, and
Raymond James, the "Agents"). The sales price per share of the Company's common stock offered under the ATM Program,
less the Agents' commission, will not be less than the NAV per share of the Company's common stock at the time of such sale.
Consistent with the terms of the ATM Program, the Manager may, from time to time and in its sole discretion, contribute proceeds necessary
to ensure that no sales are made at a price below the then-current NAV per share.

 F- 63

 As of February 28, 2025 the Company sold 7,844,716
shares for gross proceeds of $ 207.9 million at an average price of $ 26.37 for aggregate net proceeds of $ 206.1 million (net of transaction
costs). During the three months ended February 28, 2025, the Company sold 1,192,400 shares for gross proceeds of $ 32.4 million at an average
price of $ 26.99 for aggregate net proceeds of $ 32.2 million (net of transaction costs). During the year ended February 28, 2025, the Company
sold 1,300,838 shares for gross proceeds of $ 35.4 million at an average price of $ 26.99 for aggregate net proceeds of $ 35.1 million (net
of transaction costs). The Manager agreed to reimburse the Company to the extent the per share price of the shares to the public, less
underwriting fees, was less than net asset value per share. For the three months ended February 28, 2025, the Manager reimbursed the Company
$ 2.2 million. For the year ended February 28, 2025, the Manager reimbursed the Company $ 2.4 million.

 The Company adopted Rule 3-04/Rule 8-03(a)(5) under Regulation
S-X (Note 2). Pursuant to Regulation S-X, the Company has presented a reconciliation of the changes in each significant caption of stockholders'
equity as shown in the tables below:

 Total

 in Excess

 Earnings

 of Par Value

 (Loss)

 Balance at February 28, 2023

 11,890,500

 $
 11,891

 $
 321,893,806

 $
 25,052,345

 $

 -

 -

 -

 15,958,950

 15,958,950

 -

 -

 -

 90,691

 90,691

 -

 -

 -

 ( 16,322,307
)

 ( 16,322,307
)

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

 -

 -

 -

 59,407

 59,407

 -

 -

 -

 ( 8,193,402
)

 ( 8,193,402
)

 45,818

 1,058,797

 -

 1,058,844

 Repurchases of common stock

 ( 88,576
)

 ( 90
)

 ( 2,157,515
)

 -

 ( 2,157,605
)

 Repurchase fees

 -

 -

 ( 1,772
)

 -

 ( 1,772
)

 Balance at May 31, 2023

 11,847,742

 $
 11,848

 $
 320,793,316

 $
 16,645,684

 $
 337,450,848

 -

 -

 -

 13,964,784

 13,964,784

 -

 -

 -

 ( 110,056
)

 ( 110,056
)

 -

 -

 -

 ( 5,737,571
)

 ( 5,737,571
)

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

 -

 -

 -

 ( 221,206
)

 ( 221,206
)

 -

 -

 -

 ( 8,352,335
)

 ( 8,352,335
)

 852,412

 22,497,265

 -

 22,498,117

 -

 -

 2,050,288

 -

 2,050,288

 29,627

 749,283

 -

 749,313

 Offfering costs

 -

 -

 ( 213,427
)

 -

 ( 213,427
)

 Balance at August 31, 2023

 12,729,781

 $
 12,730

 $
 345,876,725

 $
 16,189,300

 $
 362,078,755

 F- 64

 Total

 in Excess

 Earnings

 of Par Value

 (Loss)

 -

 -

 -

 14,166,063

 14,166,063

 -

 -

 -

 60,565

 60,565

 -

 -

 -

 ( 17,866,353
)

 ( 17,866,353
)

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

 -

 -

 -

 ( 415,894
)

 ( 415,894
)

 -

 -

 -

 ( 9,286,642
)

 ( 9,286,642
)

 350,000

 9,012,150

 -

 9,012,500

 -

 -

 1,043,000

 -

 1,043,000

 35,196

 858,960

 -

 858,995

 -

 -

 ( 92,240
)

 -

 ( 92,240
)

 Balance at November 30, 2023

 13,114,977

 $
 13,115

 $
 356,698,595

 $
 2,847,039

 $
 359,558,749

 -

 -

 -

 12,784,511

 12,784,511

 -

 -

 -

 2,327

 2,327

 -

 -

 -

 ( 7,164,613
)

 ( 7,164,613
)

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

 -

 -

 -

 ( 315,473
)

 ( 315,473
)

 -

 -

 -

 ( 9,803,576
)

 ( 9,803,576
)

 501,105

 13,028,269

 -

 13,028,770

 -

 -

 1,382,009

 -

 1,382,009

 37,394

 915,155

 -

 915,193

 -

 -

 ( 163,789
)

 -

 ( 163,789
)

 Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles

 -

 -

 ( 779,040
)

 779,040

 -

 Balance at February 29, 2024

 13,653,476

 $
 13,654

 $
 371,081,199

 $
 ( 870,745
)

 $

 F- 65

 Total

 in Excess

 Earnings

 of Par Value

 (Loss)

 -

 -

 -

 14,335,005

 14,335,005

 -

 -

 -

 ( 21,194,997
)

 ( 21,194,997
)

 -

 -

 -

 13,931,431

 13,931,431

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

 -

 -

 -

 ( 461,001
)

 ( 461,001
)

 -

 -

 -

 ( 9,967,036
)

 ( 9,967,036
)

 45,490

 987,527

 -

 987,572

 Balance at May 31, 2024

 13,698,966

 $
 13,699

 $
 372,068,726

 $
 ( 4,227,343
)

 $
 367,855,082

 -

 -

 -

 18,197,398

 18,197,398

 -

 -

 -

 ( 33,448,727
)

 ( 33,448,727
)

 -

 -

 -

 28,728,155

 28,728,155

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

 -

 -

 -

 ( 159,187
)

 ( 159,187
)

 -

 -

 -

 ( 10,137,233
)

 ( 10,137,233
)

 46,803

 1,018,307

 -

 1,018,354

 Balance at August 31, 2024

 $
 13,745,769

 $
 13,746

 $
 373,087,033

 $
 ( 1,046,937
)

 $
 372,053,842

 -

 -

 -

 12,435,655

 12,435,655

 -

 -

 -

 5,444,745

 5,444,745

 -

 -

 -

 ( 8,918,583
)

 ( 8,918,583
)

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

 -

 -

 -

 ( 126,875
)

 ( 126,875
)

 -

 -

 -

 ( 10,171,868
)

 ( 10,171,868
)

 108,438

 2,777,318

 -

 2,777,426

 -

 -

 199,652

 -

 199,652

 54,999

 1,214,181

 -

 1,214,236

 -

 -

 ( 42,575
)

 -

 ( 42,575
)

 Balance at November 30, 2024

 $
 13,909,206

 $
 13,909

 $
 377,235,609

 $
 ( 2,383,863
)

 $
 374,865,655

 -

 -

 -

 8,034,545

 8,034,545

 -

 -

 -

 7,169,655

 7,169,655

 Income tax (provision) benefit from realized gain on investments

 -

 -

 -

 -

 -

 -

 -

 -

 ( 800,452
)

 ( 800,452
)

 -

 -

 -

 ( 14,766,637
)

 ( 14,766,637
)

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

 -

 -

 -

 ( 313,873
)

 ( 313,873
)

 -

 -

 -

 ( 15,548,742
)

 ( 15,548,742
)

 1,192,400

 1,193

 30,223,409

 -

 30,224,602

 -

 -

 2,152,115

 -

 2,152,115

 81,472

 1,857,389

 -

 1,857,470

 -

 -

 ( 208,870
)

 -

 ( 208,870
)

 Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles

 -

 -

 1,653,945

 ( 1,653,945
)

 -

 Balance at February 28, 2025

 $
 15,183,078

 $
 15,183

 $
 412,913,597

 $
 ( 20,263,312
)

 $

 F- 66

 Note 12. Earnings Per Share

 In accordance with the provisions of FASB ASC
Topic 260, Earnings per Share, basic earnings per share is computed by dividing earnings available to common shareholders by the
weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings,
are considered when calculating earnings per share on a diluted basis.

 The following information sets forth the computation
of the weighted average basic and diluted net increase in net assets resulting from operations per share for the years ended February
28, 2025, February 29, 2024 and February 28, 2023 (dollars in thousands except share and per share amounts):

 Basic and Diluted

2025

2024

2023

 $
 28,086

 $
 8,934

 $
 24,676

 Weighted average common shares outstanding

 13,912,170

 12,670,939

 11,963,533

 Weighted average earnings per common share

 $
 2.02

 $
 0.71

 $
 2.06

 Note 13. Dividend

 We have distributed or intend to distribute sufficient
dividends to eliminate our U.S. federal taxable income for our completed tax years. If we fail to satisfy the 90 % distribution requirement
or otherwise fail to qualify as a RIC in any tax year, we would be subject to U.S. federal income tax in that year on all of our taxable
income, regardless of whether we made any distributions to our shareholders. Shareholders have the option to receive payment of the dividend
in cash, or receive shares of common stock. Our distributions for the tax years ended February 28, 2026 to inception were as follows:

 Payment date

 Cash

Dividend

 Tax Year Ended February 28, 2026

 June 24, 2025

 $
 0.25
 (51)

 May 22, 2025

 0.25
 (51)

 April 24, 2025

 0.25
 (50)

 March 25, 2025

 $
 0.74
 (49)

 $
 1.49

 Tax Year Ended February 28, 2025

 December 19, 2024

 $
 1.09
 (48)

 September 26, 2024

 0.74
 (46)

 June 27, 2024

 0.74
 (46)

 March 28, 2024

 0.73
 (45)

 $
 3.30

 Tax Year Ended February 29, 2024

 December 28, 2023

 $
 0.72
 (44)

 September 28, 2023

 0.71
 (43)

 June 29, 2023

 0.70
 (42)

 March 30, 2023

 0.69
 (1)

 $
 2.82

 Tax Year Ended February 28, 2023

 January 4, 2023

 $
 0.68
 (2)

 September 29, 2022

 0.54
 (3)

 June 29, 2022

 0.53
 (4)

 March 28, 2022

 0.53
 (5)

 $
 2.28

 Tax Year Ended February 28, 2022

 January 19, 2022

 $
 0.53
 (6)

 September 28, 2021

 0.52
 (7)

 June 29, 2021

 0.44
 (8)

 April 22, 2021

 0.43
 (9)

 $
 1.92

 Tax Year Ended February 28, 2021

 February 10, 2021

 $
 0.42
 (10)

 November 10, 2020

 0.41
 (11)

 August 12, 2020

 0.40
 (12)

 $
 1.23

 Tax Year Ended February 29, 2020

 February 6, 2020

 $
 0.56
 (13)

 September 26, 2019

 0.56
 (14)

 June 27, 2019

 0.55
 (15)

 March 28, 2019

 0.54
 (16)

 $
 2.21

 F- 67

 Payment date

 Cash

Dividend

 Tax Year Ended February 28, 2019

 January 2, 2019

 $
 0.53
 (17)

 September 27, 2018

 0.52
 (18)

 June 27, 2018

 0.51
 (19)

 March 26, 2018

 0.50
 (20)

 $
 2.06

 Tax Year Ended February 28, 2018

 December 27, 2017

 $
 0.49
 (21)

 September 26, 2017

 0.48
 (22)

 June 27, 2017

 0.47
 (23)

 March 28, 2017

 0.46
 (24)

 $
 1.90

 Tax Year Ended February 28, 2017

 February 9, 2017

 $
 0.45
 (25)

 November 9, 2016

 0.44
 (26)

 September 5, 2016

 0.20
 (27)

 August 9, 2016

 0.43
 (28)

 April 27, 2016

 0.41
 (29)

 $
 1.93

 Tax Year Ended February 29, 2016

 February 29, 2016

 $
 0.40
 (30)

 November 30, 2015

 0.36
 (31)

 August 31, 2015

 0.33
 (32)

 June 5, 2015

 1.00
 (33)

 May 29. 2015

 0.27
 (34)

 $
 2.36

 Tax Year Ended February 28, 2015

 February 27, 2015

 $
 0.22
 (35)

 November 28, 2014

 0.18
 (36)

 $
 0.40

 Tax Year Ended February 28. 2014

 December 27, 2013

 $
 2.65
 (37)

 $
 2.65

 Tax Year Ended February 28, 2013

 December 31, 2012

 $
 4.25
 (38)

 $
 4.25

 Tax Year Ended February 29, 2012

 December 30, 2011

 $
 3.00
 (39)

 $
 3.00

 Tax Year Ended February 28, 2011

 December 29, 2010

 $
 4.40
 (40)

 $
 4.40

 Tax Year Ended February 28, 2010

 December 31, 2009

 $
 18.25
 (41)

 $
 18.25

 (1)
 Based on shareholder elections, the dividend consisted of approximately $ 7.1 million in cash and 45,818 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 23.11 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on March 17, 20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023.

 (2)
 Based on shareholder elections, the dividend consisted of approximately $ 6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 24.26 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023.

 F- 68

 (3)
 Based on shareholder elections, the dividend consisted of approximately $ 5.3 million in cash and 52,312 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 22.00 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022.

 (4)
 Based on shareholder elections, the dividend consisted of approximately $ 5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 22.40 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022.

 (5)
 Based on shareholder elections, the dividend consisted of approximately $ 5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 25.89 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022.

 (6)
 Based on shareholder elections, the dividend consisted of approximately $ 5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 26.85 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022.

 (7)
 Based on shareholder elections, the dividend consisted of approximately $ 4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 26.77 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021.

 (8)
 Based on shareholder elections, the dividend consisted of approximately $ 4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 25.03 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021.

 (9)
 Based on shareholder elections, the dividend consisted of approximately $ 3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 23.69 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021.

 (10)
 Based on shareholder elections, the dividend consisted of approximately $ 3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 21.75 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021.

 (11)
 Based on shareholder elections, the dividend consisted of approximately $ 3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 17.63 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020.

 (12)
 Based on shareholder elections, the dividend consisted of approximately $ 3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 16.45 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020.

 F- 69

 (13)
 Based on shareholder elections, the dividend consisted of approximately $ 5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 25.44 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020.

 (14)
 Based on shareholder elections, the dividend consisted of approximately $ 4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 23.34 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019.

 (15)
 Based on shareholder elections, the dividend consisted of approximately $ 3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 22.65 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019.

 (16)
 Based on shareholder elections, the dividend consisted of approximately $ 3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 21.36 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019.

 (17)
 Based on shareholder elections, the dividend consisted of approximately $ 3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 18.88 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019.

 (18)
 Based on shareholder elections, the dividend consisted of approximately $ 3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 22.35 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018.

 (19)
 Based on shareholder elections, the dividend consisted of approximately $ 2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 23.72 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018.

 (20)
 Based on shareholder elections, the dividend consisted of approximately $ 2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 19.91 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018.

 (21)
 Based on shareholder elections, the dividend consisted of approximately $ 2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 21.14 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017.

 (22)
 Based on shareholder elections, the dividend consisted of approximately $ 2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 20.19 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017.

 (23)
 Based on shareholder elections, the dividend consisted of approximately $ 2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 20.04 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.

 F- 70

 (24)
 Based on shareholder elections, the dividend consisted of approximately $ 2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 21.38 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.

 (25)
 Based on shareholder elections, the dividend consisted of approximately $ 1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 20.25 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017.

 (26)
 Based on shareholder elections, the dividend consisted of approximately $ 1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 17.12 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016.

 (27)
 Based on shareholder elections, the dividend consisted of approximately $ 0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 17.06 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016.

 (28)
 Based on shareholder elections, the dividend consisted of approximately $ 1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 16.32 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016.

 (29)
 Based on shareholder elections, the dividend consisted of approximately $ 1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 15.43 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016.

 (30)
 Based on shareholder elections, the dividend consisted of approximately $ 1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 13.11 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016.

 (31)
 Based on shareholder elections, the dividend consisted of approximately $ 1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 14.53 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015.

 (32)
 Based on shareholder elections, the dividend consisted of approximately $ 1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 15.28 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015.

 (33)
 Based on shareholder elections, the dividend consisted of approximately $ 3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 16.47 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015.

 (34)
 Based on shareholder elections, the dividend consisted of approximately $ 0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 16.78 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015.

 F- 71

 (35)
 Based on shareholder elections, the dividend consisted of approximately $ 0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 14.97 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015.

 (36)
 Based on shareholder elections, the dividend consisted of approximately $ 0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 14.37 per share, which equaled 95.0 % of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014.

 (37)
 Based on shareholder elections, the dividend consisted of approximately $ 2.5 million in cash and 649,500 shares of common stock, or 13.7 % of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0 % of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013.

 (38)
 Based on shareholder elections, the dividend consisted of $ 3.3 million in cash and 853,455 shares of common stock, or 22.0 % of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0 % of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012.

 (39)
 Based on shareholder elections, the dividend consisted of $ 2.0 million in cash and 599,584 shares of common stock, or 18.0 % of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0 % of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011.

 (40)
 Based on shareholder elections, the dividend consisted of $ 1.2 million in cash and 596,235 shares of common stock, or 22.0 % of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0 % of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010.

 (41)
 Based on shareholder elections, the dividend consisted of $ 2.1 million in cash and 864,872 shares of common stock, or 104.0 % of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7 % of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009.

 (42)
 Based on shareholder elections, the dividend consisted of approximately $ 7.6 million in cash and 29,627 newly issued shares of common stock, or 0.2 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 25.29 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on June 15, 16, 20, 21, 22, 23, 26, 27, 28, and 29, 2023.

 (43)
 Based on shareholder elections, the dividend consisted of approximately $ 8.4 million in cash and 35,196 newly issued shares of common stock, or 0.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 24.41 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on September 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2023.

 (44)
 Based on shareholder elections, the dividend consisted of approximately $ 8.9 million in cash and 37,394 newly issued shares of common stock, or 0.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 24.47 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on December 14, 15, 18, 19, 20, 21, 22, 26, 27, and 28, 2023.

 F- 72

 (45)
 Based on shareholder elections, the dividend consisted of approximately $ 9.0 million in cash and 45,490 newly issued shares of common stock, or 0.3 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 22.85 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2024.

 (46)
 Based on shareholder elections, the dividend consisted of approximately $ 9.1 million in cash and 46,803 newly issued shares of common stock, or 10.0 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 21.76 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on June 13, 14, 17, 18, 20, 21, 24, 25, 26, and 27, 2024.

 (47)
 Based on shareholder elections, the dividend consisted of approximately $ 9.0 million in cash and 54,999 newly issued shares of common stock, or 10.0 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 22.08 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25, and 26, 2024.

 (48)
 Based on shareholder elections, the dividend consisted of approximately $ 13.7 million in cash and 81,471 newly issued shares of common stock, or 11.9 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 22.80 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on December 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2024.

 (49)
$ 9.9 million in cash and 60,611newly issued shares of common stock, or 12.3 % of our outstanding common stock prior to the dividend payment.
The number of shares of common stock comprising the stock portion was calculated based on a price of $ 22.96 per share, which equaled 95 %
of the volume weighted average trading price per share of the common stock on March 12, 13, 14, 17, 18, 19, 20, 21, 24, and 25, 2025.

 (50)
 Based on shareholder elections, the dividend consisted of approximately $ 3.4 million in cash and 20,086 newly issued shares of common stock, or 11.5 % of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $ 22.02 per share, which equaled 95 % of the volume weighted average trading price per share of the common stock on April 10, 11, 14, 15, 16, 17, 21, 22, 23, and 24, 2025.

 (51)

 These dividends were declared on February 18, 2025, and the cash and
newly issued shares of the common stock will be determined at a future date.

 F- 73

 The following tables summarize dividends declared for the years ended
February 28, 2025, February 29, 2024, February 28, 2023, February 28, 2022 and February 28, 2021 (dollars in thousands except for share
amounts):

 Total

 February 18, 2025

 March 6, 2025

 March 25, 2025

 $
 0.74

 $
 11,303

 November 7, 2024

 December 4, 2024

 December 19, 2024

 1.09

 15,549

 August 22, 2024

 September 11, 2024

 September 26, 2024

 0.74

 10,172

 May 23, 2024

 June 13, 2024

 June 27, 2024

 0.74

 10,137

 $
 3.31

 $
 47,161

 Total

 February 15, 2024

 March 13, 2024

 March 28, 2024

 $
 0.73

 $
 9,967

 November 15, 2023

 December 11, 2023

 December 28, 2023

 0.72

 9,803

 August 14, 2023

 September 14, 2023

 September 28, 2023

 0.71

 9,287

 May 22, 2023

 June 13, 2023

 June 29, 2023

 0.70

 8,352

 $
 2.86

 $
 37,409

 Total

 February 28, 2023

 March 14, 2023

 March 28, 2023

 $
 0.69

 $
 8,193

 November 15, 2022

 December 15, 2022

 January 4, 2023

 0.68

 8,081

 August 29, 2022

 September 14, 2022

 September 29, 2022

 0.54

 6,433

 May 26, 2022

 June 14, 2022

 June 29, 2022

 0.53

 6,370

 $
 2.44

 $
 29,077

 Total

 February 24, 2022

 March 14, 2022

 March 28, 2022

 $
 0.53

 $
 6,434

 August 26, 2021

 September 14, 2021

 September 28, 2021

 0.52

 5,889

 May 27, 2021

 June 15, 2021

 June 29, 2021

 0.44

 4,910

 March 22, 2021

 April 8, 2021

 April 22, 2021

 0.43

 4,799

 $
 1.92

 $
 22,032

 Total

 January 5, 2021

 January 26, 2021

 February 10, 2021

 $
 0.42

 $
 4,679

 October 7, 2020

 October 26, 2020

 November 10, 2020

 0.41

 4,581

 July 7, 2020

 July 27, 2020

 August 12, 2020

 0.40

 4,487

 $
 1.23

 $
 13,747

 *
 Total amount is calculated based on the number of shares
outstanding at the date of record.

 F- 74

 Note 14. Financial Highlights

 The following is a schedule of financial highlights as of and for the
years ended February 28, 2025, February 29, 2024, February 28, 2023, February 28, 2022 and February 28, 2021:

 Per share data

 2025

 2024

 2023

 2022

 2021

 Net asset value at beginning of period

 $
 27.12

 $
 29.18

 $
 29.33

 $
 27.25

 $
 27.13

 Net investment income(1)

 3.81

 4.49

 2.94

 1.74

 2.07

 Net realized and unrealized gain and losses on investments(1)

 ( 1.73
)

 ( 3.77
)

 ( 0.75
)

 2.46

 ( 0.74
)

 ( 0.06
)

 ( 0.01
)

 ( 0.13
)

 ( 0.21
)

 ( 0.01
)

 2.02

 0.71

 2.06

 3.99

 1.32

 Distributions declared from net investment income

 ( 3.30
)

 ( 2.82
)

 ( 2.28
)

 ( 1.93
)

 ( 1.23
)

 Total distributions to stockholders

 ( 3.30
)

 ( 2.82
)

 ( 2.28
)

 ( 1.93
)

 ( 1.23
)

 Issuance of common stock above net asset value(2)

 ( 0.16
)

 ( 2.82
)

 ( 2.28
)

 ( 1.93
)

 ( 1.23
)

 Capital contribution from manager for the issuance of common stock (13)

 0.26

 0.48

 -

 -

 -

 Repurchases of common stock(3)

 -

 0.03

 0.17

 0.01

 0.13

 Dilution(4)

 ( 0.08
)

 ( 0.06
)

 ( 0.10
)

 -

 ( 0.10
)

 Net asset value at end of period

 $
 25.86

 $
 27.12

 $
 29.18

 $
 29.33

 $
 27.25

 Net assets at end of period

 $

 $

 $

 $
 355,780,523

 $
 304,185,770

 Shares outstanding at end of period

 15,183,078

 13,653,476

 11,890,500

 12,131,350

 11,161,416

 Per share market value at end of period

 $
 26.00

 $
 23.61

 $
 27.55

 $
 27.47

 $
 23.08

 Total return based on market value(5)

 27.17
 %

 - 3.92
 %

 10.35
 %

 28.19
 %

 7.63
 %

 Total return based on net asset value(6)

 10.11
 %

 4.20
 %

 9.46
 %

 15.88
 %

 7.31
 %

 Ratio/Supplemental data:

 Ratio of net investment income to average net assets

 14.11
 %

 16.01
 %

 10.23
 %

 6.05
 %

 7.77
 %

 Ratio of loss on extinguishment of debt to average net assets

 0.02
 %

 0.03
 %

 0.46
 %

 0.74
 %

 0.04
 %

 Expenses:

 Ratios of operating expenses and income taxes to average net assets*

 8.42
 %

 8.60
 %

 7.71
 %

 6.48
 %

 6.90
 %

 Ratio of incentive management fees to average net assets

 3.53
 %

 2.26
 %

 1.47
 %

 3.58
 %

 1.65
 %

 Ratio of interest and debt financing expenses to average net assets

 13.86
 %

 13.84
 %

 9.73
 %

 6.03
 %

 4.56
 %

 Ratio of total expenses and income taxes to average net assets*

 25.81
 %

 24.70
 %

 18.91
 %

 16.09
 %

 13.11
 %

 Portfolio turnover rate(7)

 16.12
 %

 2.80
 %

 24.05
 %

 33.59
 %

 25.26
 %

 Asset coverage ratio per unit(8)

 1,629

 1,610

 1,659

 2,092

 3,471

 Average market value per unit

 Revolving Credit Facilities(9)

 N/A

 N/A

 N/A

 N/A

 N/A

 SBA Debentures Payable(9)

 N/A

 N/A

 N/A

 N/A

 N/A

 6.75% Notes Payable 2023(10)

 N/A

 N/A

 N/A

 N/A

 N/A

 8.75% Notes Payable 2025(9)

 N/A

 N/A

 N/A

 N/A

 N/A

 6.25% Notes Payable 2025(11)

 N/A

 N/A

 N/A

 N/A

 $
 24.24

 7.00% Notes Payable 2025(9)

 N/A

 N/A

 N/A

 N/A

 N/A

 7.25% Notes Payable 2025(12)

 N/A

 N/A

 N/A

 $
 26.18

 $
 25.77

 7.75% Notes Payable 2025(9)

 N/A

 N/A

 N/A

 N/A

 N/A

 4.375% Notes Payable 2026(9)

 N/A

 N/A

 N/A

 N/A

 N/A

 4.35% Notes Payable 2027(9)

 N/A

 N/A

 N/A

 N/A

 N/A

 6.00% Notes Payable 2027

 $
 24.36

 $
 23.51

 $
 23.97

 N/A

 N/A

 6.25% Notes Payable 2027(9)

 N/A

 N/A

 N/A

 N/A

 N/A

 8.00% Notes Payable 2027

 $
 25.21

 $
 25.00

 $
 25.08

 N/A

 N/A

 8.125% Notes Payable 2027

 $
 25.27

 $
 25.05

 $
 25.10

 N/A

 N/A

 8.50% Notes Payable 2028

 $
 25.47

 $
 25.17

 N/A

 N/A

 N/A

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

 (1)
 Per
share amounts are calculated using the weighted average shares outstanding during the period.

 F- 75

 (2)
 The
continuous issuance of common stock may cause an incremental increase in NAV per share due to the sale of shares at the then prevailing
public offering price and the receipt of net proceeds per share by the Company in excess of NAV per share on each subscription closing
date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or
distribution reinvestment on each share transaction date multiplied by (B) the differences between the net proceeds per share and the
NAV per share on each share transaction date, divided by (ii) the total shares outstanding during the period.

 (3)
 Represents
the anti-dilutive impact on the NAV of the Company due to the repurchase of common shares.

 (4)
 Represents
the dilutive effect of issuing common stock belowNAV per share during the period in connection with the satisfaction of the Company's
annual RIC distribution requirement and may include the impact of the different share amounts used for different items (weighted average
basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the per common
share data calculation and rounding impacts. See Note 13, Dividend.

 (5)
 Total
investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current
market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation
to be reinvested at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.

 (6)
 Total
investment return is calculated assuming a purchase of common shares at the current NAV on the first day and a sale at the current NAV
on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested
at prices obtained under the DRIP. Total investment return does not reflect brokerage commissions.

 (7)
turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets
at fair value.

 (8)
 Asset
coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not
represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit
is expressed in terms of dollar amounts per $ 1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments.
The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required
amount of regulatory coverage.

 (9)
 The
Revolving Credit Facilities, SBA Debentures, 8.75 Notes Payable 2024, 7.75% Notes Payable 2025, 4.375% Notes Payable 2026, 4.35% Notes
Payable 2026, 7.00% Notes Payable 2025 and 6.25% Notes Payable 2027 are not registered for public trading.

 (10)
 On
December 21, 2019 and February 7, 2020, the Company redeemed $50.0 million and $24.5 million, respectively, in aggregate principal amount
of the $74.5 million in aggregate principal amount of issued and outstanding 2023 Notes and are no longer listed on the NYSE.

 (11)
 On
August 31, 2021, the Company redeemed $60.0 million in aggregate principal amount of the issued and outstanding 6.25% 2025 Notes and,
as a result of the full redemption, the 6.25% 2025 Notes are no longer listed on the NYSE.

 (12)
 On
July 14, 2022, the Company redeemed $43.1 million in aggregate principal amount of the $43.1 million in aggregate principal amount of
issued and outstanding 7.25% 2025 Notes and are no longer listed on the NYSE.

 (13)
 The Manager agreed to reimburse the Company to the extent the
per share price of the shares to the public, less underwriting fees, was less than net asset value per share.

 F- 76

 Note 15. Selected Quarterly Data (Unaudited)

 2025

 ($ in thousands, except per share numbers)

 Qtr 4

 Qtr 3

 Qtr 2

 Qtr 1

 $
 31,295

 $
 35,879

 $
 43,003

 $
 38,678

 $
 8,035

 $
 12,436

 $
 18,197

 $
 14,335

 Net realized and unrealized gain (loss)

 $
 ( 7,911
)

 $
 ( 3,601
)

 $
 ( 4,880
)

 $
 ( 7,725
)

 $
 ( 800
)

 $
 -

 $
 -

 $
 -

 $
 ( 676
)

 $
 8,835

 $
 13,317

 $
 6,610

 Net investment income per common share

 $
 0.56

 $
 0.90

 $
 1.33

 $
 1.05

 Net realized and unrealized gain (loss) per common share

 $
 ( 0.55
)

 $
 ( 0.26
)

 $
 ( 0.36
)

 $
 ( 0.56
)

 Dividends declared per common share

 $
 1.09

 $
 0.74

 $
 0.74

 $
 0.73

 Net asset value per common share

 $
 25.86

 $
 26.95

 $
 27.07

 $
 26.85

 2024

 ($ in thousands, except per share numbers)

 Qtr 4

 Qtr 3

 Qtr 2

 Qtr 1

 $
 37,233

 $
 36,340

 $
 35,514

 $
 34,632

 $
 12,785

 $
 14,166

 $
 13,965

 $
 15,959

 Net realized and unrealized gain (loss)

 $
 ( 7,478
)

 $
 ( 18,222
)

 $
 ( 5,959
)

 $
 ( 16,172
)

 $
 -

 $
 -

 $
 ( 110
)

 $
 -

 $
 5,307

 $
 ( 4,056
)

 $
 7,896

 $
 ( 213
)

 Net investment income per common share

 $
 0.94

 $
 1.09

 $
 1.15

 $
 1.35

 Net realized and unrealized gain (loss) per common share

 $
 ( 0.55
)

 $
 ( 1.40
)

 $
 ( 0.49
)

 $
 ( 1.36
)

 Dividends declared per common share

 $
 0.72

 $
 0.71

 $
 0.70

 $
 0.69

 Net asset value per common share

 $
 27.12

 $
 27.42

 $
 28.44

 $
 28.48

 2023

 ($ in thousands, except per share numbers)

 Qtr 4

 Qtr 3

 Qtr 2

 Qtr 1

 $
 32,315

 $
 26,257

 $
 21,853

 $
 18,679

 $
 9,650

 $
 9,877

 $
 7,698

 $
 7,976

 Net realized and unrealized gain (loss)

 $
 9,934

 $
 ( 3,863
)

 $
 ( 5,545
)

 $
 ( 9,464
)

 $
 ( 382
)

 $
 -

 $
 ( 1,205
)

 $
 -

 $
 19,202

 $
 6,014

 $

 $
 ( 1,488
)

 Net investment income per common share

 $
 0.81

 $
 0.83

 $
 0.64

 $
 0.66

 Net realized and unrealized gain (loss) per common share

 $
 0.81

 $
 ( 0.32
)

 $
 ( 0.46
)

 $
 ( 0.78
)

 Dividends declared per common share

 $
 0.68

 $
 0.54

 $
 0.53

 $
 0.53

 Net asset value per common share

 $
 29.18

 $
 28.25

 $
 28.27

 $
 28.69

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

 Note 16. Subsequent Events

 The Company has evaluated subsequent events through
the filing of this Form 10-K and determined that there have been no events that have occurred that would require adjustments to the Company's
consolidated financial statements and disclosures in the consolidated financial statements except for the following:

 F- 77

 INDEX TO OTHER FINANCIAL STATEMENTS

 PAGE

 Independent Auditor's Report

 S-2

 Statements of Assets and Liabilities as of February 28, 2025 and February 29, 2024

 S-4

 Statements of Operations for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

 S-5

 Statements of Changes in Net Assets for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

 S-6

 Statements of Cash Flows for the years ended February 28, 2025, February 29, 2024 and February 28, 2023

 S-7

 Schedules of Investments as of February 28, 2025 and February 29, 2024

 S-8

 Notes to Financial Statements

 S-33

 IMPORTANT NOTE

 In accordance with certain SEC rules, Saratoga
Investment Corp. (the "Company") is providing additional information regarding one of its portfolio companies, Saratoga Investment
Corp. CLO 2013-1, Ltd. ("Saratoga CLO"). The Company owns 100% of the subordinated notes of Saratoga CLO. The additional financial
information regarding Saratoga CLO does not directly impact the Company's financial position, results of operations or cash flows.

 S- 1

 Independent
Auditor's Report

 To the Board of Directors

 Opinion

 We have audited the financial statements of Saratoga
Investment Corp. CLO 2013-1, Ltd. ("Saratoga CLO"), which comprise the statements of assets and liabilities, including the
schedule of investments, as of February 28, 2025 and February 29, 2024, and the related statements of operations, changes in net assets,
and cash flows for the years ended February 28, 2025, February 29, 2024, and February 28, 2023, and the related notes to the financial

 In our opinion, the accompanying financial statements
present fairly, in all material respects, the financial position of Saratoga Investment Corp. CLO 2013-1, Ltd. as of February 28, 2025
and February 29, 2024, and the results of its operations, changes in its net assets, and its cash flows for the years ended February 28,
2025, February 29, 2024, and February 28, 2023, in accordance with accounting principles generally accepted in the United States of America.

 Basis for Opinion

 We conducted our audits in accordance with auditing
standards generally accepted in the United States of America ("GAAS"). Our responsibilities under those standards are further
described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of Saratoga CLO and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 Responsibilities of Management for the Financial Statements

 Management is responsible for the preparation
and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error.

 In preparing the financial statements, management
is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Saratoga
CLO's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

 Auditor's Responsibilities for the Audit of the Financial Statements

 Our objectives are to obtain reasonable
assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and
to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would
influence the judgment made by a reasonable user based on the financial statements.

 S- 2

 In performing an audit in accordance with GAAS,
we:

 Exercise professional judgment and maintain professional skepticism throughout the audit.

 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Saratoga CLO's internal
control. Accordingly, no such opinion is expressed.

 Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.

 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about Saratoga CLO's ability to continue as a going concern for a reasonable period of time.

 We are required to communicate with those charged
with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.

 /s/ CohnReznick LLP

 Parsippany, New Jersey

 S- 3

 Statements of Assets and Liabilities

2025

2024

 ASSETS

 Investments at fair value

 Loans at fair value (amortized cost of $517,757,349 and $629,345,724, respectively)

 $
 490,510,660

 $
 606,531,189

 Equities at fair value (amortized cost of $2,578,454 and $1,649,986, respectively)

 1,684,429

 1,020,585

 Total investments at fair value (amortized cost of $520,335,803 and $630,995,710, respectively)

 492,195,089

 607,551,774

 Receivable from open trades

 1,138,899

 2,865,174

 Interest receivable (net of reserve of $1,121,546 and $615,604, respectively)

 2,380,214

 3,402,471

 Due from affiliate (See Note 7)

 3,953

 Prepaid expenses and other assets

 101,453

 205,400

 Total assets

 $
 517,088,783

 $
 626,133,604

 LIABILITIES

 Interest payable

 $
 3,739,343

 $
 5,043,712

 Payable from open trades

 -

 10,519,573

 Accrued base management fee

 62,839

 68,605

 Accrued subordinated management fee

 251,354

 274,418

 Accounts payable and accrued expenses

 143,135

 84,199

 Class A-1-R-3 Senior Secured Floating Rate Notes

 -

 357,500,000

 Class A-2-R-3 Senior Secured Floating Rate Notes

 -

 Class A-1-R-4 Senior Secured Floating Rate Notes

 270,719,300

 -

 Class A-2-R-4 Senior Secured Floating Rate Notes

 -

 Discount on Class D-R-3 Notes

 (196,033
)

 (220,100
)

 Discount on Class E-R-3 Notes

 (2,036,565
)

 (2,286,598
)

 Deferred debt financing costs

 (1,229,456
)

 (1,707,224
)

 Discount on Subordinated Notes

 (32,210,459
)

 (36,164,988
)

 Total liabilities

 603,743,458

 697,611,597

 NET ASSETS

 Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively

 Total distributable earnings (loss)

 (86,654,925
)

 (71,478,243
)

 Total net deficit

 (86,654,675
)

)

 Total liabilities and net assets

 $
 517,088,783

 $
 626,133,604

 See accompanying notes to
financial statements.

 S- 4

 Statements of Operations

 For the years ended

2025

2024

2023

 INVESTMENT INCOME

 Interest from investments

 $
 55,501,782

 $
 61,667,773

 $
 42,505,427

 Interest from cash and cash equivalents

 1,128,878

 719,268

 39,754

 Other income

 1,278,155

 929,392

 551,174

 57,908,815

 63,316,433

 43,096,355

 EXPENSES

 Interest and debt financing expenses

 54,573,978

 57,706,205

 38,425,261

 Base management fee

 622,893

 654,046

 653,964

 Subordinated management fee

 2,491,573

 2,616,185

 2,615,856

 Professional fees

 282,012

 307,340

 252,196

 Trustee expenses

 240,883

 262,197

 276,689

 Other expense

 334,443

 241,181

 303,371

 Total expenses

 58,545,782

 61,787,154

 42,527,337

 NET INVESTMENT INCOME (LOSS)

 (636,967
)

 1,529,279

 569,018

 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

 Net realized loss from investments

 (9,263,724
)

 (18,580,949
)

 (8,412,837
)

 (4,696,778
)

 16,200,597

 (25,585,618
)

 Net realized and unrealized gain (loss) on investments

 (13,960,502
)

 (2,380,352
)

 (33,998,455
)

 (579,213
)

 -

 -

 NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

 $
 (15,176,682
)

 $
 (851,073
)

 $
 (33,429,437
)

 See accompanying notes to
financial statements.

 S- 5

 Statements of Changes in Net Assets

 For the years ended

2025

2024

2023

 INCREASE (DECREASE) FROM OPERATIONS:

 Net investment income.(loss)

 $
 (636,967
)

 $
 1,529,279

 $
 569,018

 Net realized loss from investments

 (9,263,724
)

 (18,580,949
)

 (8,412,837
)

 (579,213
)

 -

 -

 (4,696,778
)

 16,200,597

 (25,585,618
)

 Net decrease in net assets resulting from operations

 (15,176,682
)

 (851,073
)

 (33,429,437
)

 Total decrease in net assets

 (15,176,682
)

 (851,073
)

 (33,429,437
)

 Net assets at beginning of year

)

 (70,626,920
)

 (37,197,483
)

 Net assets at end of year

 $
 (86,654,675
)

 $
)

 $
 (70,626,920
)

 See accompanying notes to financial statements.

 S- 6

 Statements of Cash Flows

 For the years ended

2025

2024

2023

 Operating activities

 NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

 $
 (15,176,682
)

 $
 (851,073
)

 $
 (33,429,437
)

 ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET
 ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

 (5,719,656
)

 (960,409
)

 (764,255
)

 (3,525,977
)

 (3,123,995
)

 (2,470,677
)

 Amortization of discount and deferred debt financing costs

 4,639,059

 4,430,068

 4,418,481

 Realized loss on extinguishment of debt

 579,213

 -

 -

 Net realized (gain) loss from investments

 9,263,724

 18,580,949

 8,412,837

 Net change in unrealized (appreciation) depreciation on investments

 4,696,778

 (16,200,597
)

 25,585,618

 Proceeds from sales and repayments of investments

 139,635,302

 121,049,971

 124,326,428

 Purchases of investments

 (28,993,486
)

 (120,943,225
)

 (122,081,068
)

 (Increase) decrease in operating assets:

 Interest receivable, net

 1,022,257

 (375,751
)

 (963,864
)

 Receivable from open trades

 1,726,275

 (1,037,714
)

 7,325,200

 Due from affiliate

 3,152

 115,197

 (119,150
)

 Other assets

 103,947

 (52,640
)

 (52,693
)

 Increase (decrease) in operating liabilities:

 Interest and debt fees payable

 (1,304,369
)

 381,017

 3,002,919

 Payable for open trades

 (10,519,573
)

 (12,664,764
)

 4,389,710

 Accrued base management fee

 (5,766
)

 (4,157
)

 Accrued subordinated management fee

 (23,064
)

 (16,629
)

 1,007

 Accounts payable and accrued expenses

 58,936

 1,634

 23,849

 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

 96,460,070

 (11,672,118
)

 17,605,157

 Financing activities

 Borrowings on debt

 422,500,000

 -

 -

 Paydowns on debt

 (509,280,700
)

 -

 -

 Deferred debt financing costs paid

 (511,875
)

 -

 -

 NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

 (87,292,575
)

 -

 -

 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 9,167,495

 (11,672,118
)

 17,605,157

 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 23,776,950

 6,171,793

 CASH AND CASH EQUIVALENTS, END OF PERIOD

 $

 $

 $
 23,776,950

 Supplemental Information:

 Interest paid during the period

 $
 51,239,288

 $
 52,895,120

 $
 31,003,861

 Supplemental non-cash information:

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

 $
 5,719,656

 $
 960,409

 $
 764,255

 3,525,977

 3,123,995

 2,470,677

 Amortization of deferred debt financing costs

 4,639,059

 4,430,068

 4,418,481

 See accompanying notes to financial statements.

 S- 7

 Asset
 Type

 Cost

 ALTISOURCE PORTFOLIO SOL

 296,227

 $
 216,246

 $
 204,397

 Altisource Portfolio Solutions - CS Warrant

 Warrants

 7,917

 3,736

 2,895

 Altisource Portfolio Solutions - NS Warrant

 Warrants

 7,917

 3,129

 2,883

 Endo Finance Holdings, Inc.

 24,148

 670,107

 682,181

 Envision Parent Inc

 4,410

 50,715

 Envision Parent Inc

 Warrants

 92,837

 -

 4,642

 Instant Brands Litigation Trust

 51,095

 35,250

 151,056

 Isagenix International, LLC

 86,398

 -

 -

 Resolute Investment Managers (American Beacon), Inc.

 24,320

 1,034,581

 231,040

 URS TOPCO, LLC

 25,330

 440,405

 354,620

 Wellpath Holdings LLC

 41,758

 -

 -

 1011778 B.C Unltd Liability Co

 Term Loan B6

 Loan

 0.00
 %

 6.07
 %

 9/20/2030

 $
 1,436,662

 1,419,292

 1,429,076

 19TH HOLDINGS GOLF, LLC

 Loan

 0.50
 %

 7.66
 %

 2/7/2029

 2,448,533

 2,374,623

 2,398,044

 888 Acquisitions Limited

 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.

 Term Loan B (08/24)

 Loan

 0.75
 %

 7.07
 %

 8/12/2028

 352,462

 350,628

 352,902

 Aegis Sciences Corporation

 Loan

 1.00
 %

 10.28
 %

 5/9/2025

 2,267,140

 2,265,721

 1,271,865

 Agiliti Health Inc.

 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

 Term Loan B3 (07/24)

 Loan

 0.75
 %

 7.30
 %

 2/1/2031

 2,895,655

 2,838,488

 2,902,228

 Air Canada

 Loan

 0.00
 %

 6.34
 %

 3/21/2031

 992,500

 990,413

 995,607

 AIT Worldwide Logistics Holdings, Inc.

 Loan

 0.75
 %

 8.30
 %

 4/8/2030

 2,455,696

 2,341,381

 2,458,250

 AlixPartners, LLP

 Term Loan B (01/21)

 Loan

 0.50
 %

 6.94
 %

 2/4/2028

 240,624

 240,582

 241,166

 Allen Media, LLC

 Term Loan (7/21)

 Loan

 0.00
 %

 9.98
 %

 2/10/2027

 4,303,877

 4,290,645

 2,571,566

 Alliant Holdings Intermediate, LLC

 Term Loan B6 (09/24)

 Loan

 0.00
 %

 7.07
 %

 9/19/2031

 797,021

 797,021

 795,579

 Allied Universal Holdco LLC

 Term Loan 4/21

 Loan

 0.50
 %

 8.17
 %

 5/12/2028

 1,935,000

 1,930,761

 1,936,529

 Alterra Mountain Company (Intrawest Resort Holdings)

 Loan

 0.00
 %

 7.32
 %

 249,532

 Altisource Solutions S.a r.l.

 Loan

 3M USD SOFR+ 6.50%

 3.50
 %

 10.92
 %

 2/20/2029

 487,543

 Altisource Solutions S.a r.l.

 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

 Loan

 0.00
 %

 6.82
 %

 6/11/2031

 482,575

 481,544

 477,547

 American Axle & Manufacturing Inc.

 Term Loan (12/22)

 Loan

 0.50
 %

 7.32
 %

 12/13/2029

 469,318

 478,200

 American Greetings Corporation

 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

 American Trailer World Corp

 Loan

 0.75
 %

 8.17
 %

 3/3/2028

 1,357,439

 1,356,879

 1,140,588

 Anastasia Parent LLC

 Loan

 0.00
 %

 8.34
 %

 8/11/2025

 937,500

 937,084

 765,084

 Anchor Packaging, LLC

 Term Loan (12/24)

 Loan

 0.00
 %

 7.57
 %

 7/18/2029

 1,944,396

 1,928,125

 1,945,408

 AP Core Holdings II LLC

 Term Loan B1

 Loan

 0.75
 %

 9.94
 %

 1,674,963

 1,662,638

 1,576,559

 S- 8

 Asset
 Type

 Cost

 AP Core Holdings II LLC

 Loan

 0.75
 %

 9.94
 %

 496,326

 467,625

 APEX GROUP TREASURY LLC

 Term Loan (2/25)

 Loan

 0.00
 %

 8.29
 %

 7/27/2028

 490,038

 468,587

 491,875

 Apollo Commercial Real Estate Finance, Inc.

 Loan

 0.00
 %

 7.19
 %

 5/15/2026

 2,878,173

 2,868,237

 2,874,575

 Apollo Commercial Real Estate Finance, Inc.

 Term Loan B1 (2/21)

 Loan

 0.50
 %

 7.94
 %

 962,500

 957,781

 957,688

 Aramark Services, Inc.

 Term Loan B7 (03/24)

 Loan

 0.00
 %

 6.32
 %

 4/6/2028

 1,753,715

 1,750,058

 1,758,538

 Aramark Services, Inc.

 Term Loan B8 (03/24)

 Loan

 0.00
 %

 6.32
 %

 6/22/2030

 2,331,250

 2,305,337

 2,337,078

 ARC FALCON I INC.

 Loan

 0.50
 %

 7.92
 %

 9/23/2028

 971,274

 969,846

 971,711

 ARCIS GOLF LLC

 Loan

 0.50
 %

 7.07
 %

 11/24/2028

 493,000

 489,289

 494,543

 Aretec Group, Inc.

 Loan

 0.00
 %

 7.82
 %

 8/9/2030

 2,622,898

 2,610,006

 2,616,891

 Ascensus Group Holdings, Inc

 Loan

 0.00
 %

 7.32
 %

 494,767

 491,912

 493,035

 Aspire Bakeries Holdings, LLC

 Term loan

 Loan

 0.00
 %

 8.57
 %

 12/23/2030

 893,250

 885,649

 895,483

 Assuredpartners Inc.

 Term Loan B5 (02/24)

 Loan

 0.50
 %

 7.82
 %

 2/14/2031

 1,290,250

 1,289,103

 1,290,082

 Asurion, LLC

 Term Loan B10

 Loan

 0.00
 %

 8.42
 %

 8/19/2028

 1,890,928

 1,949,780

 Asurion, LLC

 Term Loan B12

 Loan

 0.00
 %

 8.56
 %

 9/19/2030

 2,912,179

 2,908,959

 2,898,521

 ATHENAHEALTH GROUP INC.

 Term Loan B (2/22)

 Loan

 0.50
 %

 7.32
 %

 2/15/2029

 1,303,799

 1,300,749

 1,300,070

 Avolon TLB Borrower 1 (US) LLC

 Term Loan B6

 Loan

 0.00
 %

 6.07
 %

 6/22/2030

 1,472,622

 1,429,929

 1,472,136

 Axalta Coating Systems US Holdings

 Loan

 0.50
 %

 6.08
 %

 12/20/2029

 851,048

 844,987

 852,546

 AZURITY PHARMACEUTICALS, INC.

 Loan

 1M USD SOFR+ 6.62%

 0.75
 %

 11.05
 %

 9/20/2027

 425,000

 418,550

 422,344

 B&G Foods, Inc.

 Loan

 0.00
 %

 7.82
 %

 10/10/2029

 532,287

 530,730

 528,849

 Baldwin Insurance Group Holdings, LLC

 Term Loan B-1 (12/24)

 Loan

 0.00
 %

 7.31
 %

 5/27/2031

 1,640,279

 1,630,478

 1,642,329

 Belfor Holdings Inc.

 Term Loan 4/23

 Loan

 0.50
 %

 7.32
 %

 11/1/2030

 1,490,834

 1,478,738

 1,498,288

 Bengal Debt Merger Sub LLC

 Loan

 0.50
 %

 7.43
 %

 1/24/2029

 1,950,000

 1,949,473

 1,175,753

 Blackstone Mortgage Trust, Inc.

 Loan

 0.00
 %

 6.69
 %

 4/23/2026

 342,601

 341,898

 341,317

 Bombardier Recreational Products, Inc.

 Loan

 0.00
 %

 7.07
 %

 1/22/2031

 1,425,751

 1,422,525

 1,423,712

 Bombardier Recreational Products, Inc.

 Loan

 0.50
 %

 7.06
 %

 12/13/2029

 488,806

 479,686

 488,669

 Boost Newco Borrower, LLC (Worldpay)

 Loan

 0.00
 %

 6.29
 %

 1/31/2031

 498,750

 496,603

 498,127

 Boxer Parent Company, Inc.

 Loan

 0.00
 %

 7.29
 %

 7/30/2031

 1,007,194

 1,003,006

 1,004,766

 BroadStreet Partners, Inc.

 Term Loan B-4

 Loan

 0.00
 %

 7.31
 %

 6/16/2031

 2,896,329

 2,894,596

 2,894,794

 Brookfield WEC Holdings Inc.

 Loan

 0.00
 %

 6.56
 %

 1/27/2031

 1,440,450

 1,440,450

 1,437,396

 BROWN GROUP HOLDING, LLC

 Term Loan B-2

 Loan

 0.00
 %

 6.81
 %

 7/1/2031

 491,284

 481,764

 490,464

 Buckeye Partners, L.P.

 Loan

 0.00
 %

 6.07
 %

 11/22/2030

 663,337

 661,343

 663,430

 Buckeye Partners, L.P.

 Term Loan B5 (09/24)

 Loan

 0.00
 %

 6.07
 %

 11/2/2026

 483,028

 482,076

 482,897

 BW Gas & Convenience Holdings LLC

 Loan

 0.50
 %

 7.94
 %

 2,412,500

 2,400,434

 2,418,531

 S- 9

 Asset
 Type

 Cost

 Callaway Golf Company

 Loan

 0.00
 %

 7.32
 %

 3/16/2030

 471,250

 467,499

 465,458

 Calpine Corporation

 Utilities: Electric

 Term Loan B10 (01/24)

 Loan

 0.00
 %

 6.07
 %

 1/31/2031

 1,990,000

 1,981,632

 1,987,513

 Camping World, Inc.

 Term Loan B (5/21)

 Loan

 0.75
 %

 6.94
 %

 6/5/2028

 2,436,709

 2,289,886

 2,386,586

 CAPSTONE BORROWER INC

 Loan

 0.00
 %

 7.58
 %

 6/17/2030

 872,669

 862,196

 874,851

 CareerBuilder, LLC (c)

 Loan

 0.00
 %

 6.94
 %

 7/31/2026

 4,089,659

 4,079,749

 204,483

 Castle US Holding Corporation

 Term Loan B (USD)

 Loan

 0.00
 %

 8.32
 %

 1/27/2027

 1,929,894

 1,925,694

 1,192,520

 CBL & Associates Limited Partnership

 Term Loan 11/21

 Loan

 1.00
 %

 7.17
 %

 11/1/2025

 2,085,112

 1,976,819

 1,978,250

 CCC Intelligent Solutions Inc.

 Term Loan (01/25)

 Loan

 0.50
 %

 6.32
 %

 9/16/2028

 242,500

 242,288

 241,894

 CCI Buyer, Inc

 Loan

 0.75
 %

 8.33
 %

 12/17/2027

 240,625

 239,544

 241,426

 CCRR Parent, Inc.

 Loan

 0.50
 %

 8.66
 %

 948,779

 395,263

 CCRR Parent, Inc.

 Loan

 0.75
 %

 8.82
 %

 962,500

 960,608

 399,438

 CCS-CMGC Holdings, Inc. (b)

 Loan

 0.00
 %

 10.28
 %

 9/25/2025

 1,140,869

 1,139,841

 386,047

 CDK GLOBAL, INC.

 Loan

 0.00
 %

 7.58
 %

 7/6/2029

 990,019

 968,890

 903,640

 CENTURI GROUP, INC.

 Loan

 0.50
 %

 6.94
 %

 8/28/2028

 616,921

 613,611

 617,470

 Charlotte Buyer, Inc.

 Loan

 0.50
 %

 8.57
 %

 2/11/2028

 1,473,806

 1,410,924

 1,469,886

 Chemours Company, (The)

 Term Loan B3 (08/23)

 Loan

 0.50
 %

 7.32
 %

 8/18/2028

 2,369,720

 2,339,142

 2,358,866

 Churchill Downs Incorporated

 Term Loan B1 (3/21)

 Loan

 0.00
 %

 6.07
 %

 481,250

 480,828

 480,047

 CIMPRESS PUBLIC LIMITED COMPANY

 Loan

 0.50
 %

 6.82
 %

 5/17/2028

 1,940,187

 1,883,647

 1,930,486

 CITADEL SECURITIES LP

 Term Loan (10/24)

 Loan

 0.00
 %

 6.33
 %

 10/31/2031

 4,826,890

 4,826,890

 4,832,344

 Citco Funding LLC

 Loan

 6M USD SOFR+ 2.75%

 0.50
 %

 7.31
 %

 4/27/2028

 987,538

 984,246

 994,529

 Clarios Global LP

 Term Loan B (07/24)

 Loan

 0.00
 %

 6.82
 %

 5/6/2030

 1,197,000

 1,192,661

 1,191,015

 Claros Mortgage Trust, Inc

 Term Loan B-1 (11/21)

 Loan

 0.50
 %

 8.92
 %

 8/10/2026

 3,368,637

 3,360,331

 3,099,146

 CLYDESDALE ACQUISITION HOLDINGS, INC.

 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

 Term Loan (03/24)

 Loan

 0.50
 %

 6.83
 %

 5/14/2028

 361,967

 361,543

 361,062

 Connect Finco SARL

 Loan

 0.50
 %

 8.82
 %

 9/27/2029

 2,865,844

 2,801,249

 2,491,679

 Consolidated Communications, Inc.

 Loan

 0.75
 %

 7.94
 %

 10/2/2027

 2,714,005

 2,592,779

 2,700,788

 Corelogic, Inc.

 Term Loan (4/21)

 Loan

 0.50
 %

 7.94
 %

 6/2/2028

 2,418,750

 2,413,203

 2,406,656

 Cortes NP Acquisition Corp (Vertiv)

 Loan

 0.00
 %

 6.06
 %

 3/2/2027

 1,920,785

 1,920,785

 1,918,921

 Creative Artists Agency, LLC

 Loan

 0.00
 %

 7.07
 %

 10/1/2031

 1,576,094

 1,568,099

 1,576,536

 CROCS INC

 Loan

 0.50
 %

 6.58
 %

 2/19/2029

 750,000

 730,356

 752,723

 Cross Financial Corp

 Term Loan B2 (10/24)

 Loan

 0.00
 %

 7.57
 %

 10/24/2031

 485,063

 483,905

 485,974

 Crown Subsea Communications Holding, Inc.

 Loan

 0.75
 %

 8.31
 %

 1/30/2031

 2,388,000

 2,367,977

 2,397,695

 CTS Midco, LLC

 Loan

 3M USD SOFR+ 6.00%

 1.00
 %

 10.55
 %

 11/2/2027

 1,919,403

 1,894,257

 1,919,403

 S- 10

 Asset
 Type

 Cost

 Dave & Buster's Inc.

 Term Loan B (1/24)

 Loan

 0.50
 %

 7.56
 %

 6/29/2029

 762,038

 735,302

 721,079

 DCert Buyer, Inc.

 Loan

 0.00
 %

 8.32
 %

 10/16/2026

 1,439,547

 1,439,547

 1,394,748

 Delek US Holdings, Inc.

 Term Loan B (11/22)

 Loan

 0.50
 %

 7.92
 %

 11/16/2029

 5,292,000

 5,206,553

 5,270,514

 Derby Buyer LLC

 Loan

 0.00
 %

 7.31
 %

 11/1/2030

 620,320

 612,532

 620,475

 DexKo Global, Inc. (Dragon Merger)

 Term Loan (9/21)

 Loan

 0.50
 %

 8.34
 %

 10/4/2028

 970,335

 916,251

 Diamond Sports Group, LLC

 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

 Term Loan (1/24)

 Loan

 0.75
 %

 9.80
 %

 8/2/2029

 2,902,900

 2,887,032

 2,882,115

 DISCOVERY PURCHASER CORPORATION

 Loan

 0.50
 %

 8.29
 %

 10/4/2029

 1,470,233

 1,383,873

 1,465,749

 Dispatch Acquisition Holdings, LLC

 Loan

 0.75
 %

 8.73
 %

 3/25/2028

 482,500

 480,166

 454,496

 DOMTAR CORPORATION

 Term Loan 9/21

 Loan

 0.75
 %

 9.94
 %

 3,071,416

 3,028,380

 2,973,530

 DOTDASH MEREDITH, INC.

 Loan

 0.50
 %

 7.81
 %

 1,911,111

 1,778,613

 1,920,667

 DRI HOLDING INC.

 Term Loan (12/21)

 Loan

 0.50
 %

 9.67
 %

 3,892,437

 3,790,333

 3,773,718

 DRW Holdings, LLC

 Loan

 0.00
 %

 7.79
 %

 6/17/2031

 6,305,000

 6,280,258

 6,283,311

 Term Loan B1 (01/25)

 Loan

 0.50
 %

 7.07
 %

 2,014,107

 2,013,573

 2,009,072

 2024-3 Term Loan (09/24)

 Loan

 0.50
 %

 7.57
 %

 1,097,250

 1,075,232

 1,098,161

 Dye & Durham Corporation

 Term Loan B (04/24)

 Loan

 1.00
 %

 8.68
 %

 4/11/2031

 1,431,964

 1,412,492

 1,443,148

 EAB Global, Inc.

 Term Loan (08/21)

 Loan

 0.50
 %

 7.32
 %

 8/16/2028

 970,169

 967,824

 967,336

 Echo Global Logistics, Inc.

 Loan

 0.50
 %

 8.16
 %

 11/23/2028

 1,945,000

 1,943,317

 1,923,663

 Edelman Financial Group Inc., The

 Term Loan (12/24)

 Loan

 0.00
 %

 7.32
 %

 4/7/2028

 2,155,371

 2,152,592

 2,158,281

 ELECTRON BIDCO INC.

 Loan

 0.50
 %

 7.07
 %

 487,500

 486,541

 486,769

 ELO Touch Solutions, Inc.

 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

 Loan

 0.50
 %

 7.31
 %

 3/30/2029

 2,885,658

 2,843,183

 2,880,262

 Emrld Borrower LP

 Term Loan B (04/23)

 Loan

 6M USD SOFR+ 2.50%

 0.00
 %

 6.93
 %

 990,000

 986,329

 986,594

 Endo Finance Holdings, Inc.

 Loan

 0.50
 %

 8.32
 %

 4/23/2031

 1,995,000

 1,977,056

 1,995,000

 Endure Digital, Inc.

 Loan

 0.75
 %

 7.92
 %

 2/10/2028

 2,412,500

 2,407,887

 1,668,654

 Entain Holdings (Gibraltar) Limited

 Term Loan B3 (5/24)

 Loan

 0.50
 %

 7.08
 %

 10/31/2029

 1,476,325

 1,464,198

 1,477,476

 EOS U.S. FINCO LLC

 Loan

 6M USD SOFR+ 6.00%

 0.50
 %

 10.28
 %

 10/9/2029

 950,000

 893,353

 397,813

 Equiniti Group PLC

 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

 Loan

 0.50
 %

 7.07
 %

 10/30/2030

 1,125,000

 1,110,800

 1,130,625

 S- 11

 Asset
 Type

 Cost

 Fiesta Purchaser, Inc.

 Loan

 0.00
 %

 7.57
 %

 2/12/2031

 497,503

 493,271

 497,011

 Finco I LLC

 Term Loan B (9/24)

 Loan

 0.00
 %

 6.57
 %

 6/27/2029

 2,795,563

 2,793,344

 2,794,389

 First Brands Group, LLC

 1st Lien Term Loan (3/21)

 Loan

 1.00
 %

 9.55
 %

 3/30/2027

 4,812,500

 4,781,859

 4,607,969

 First Eagle Investment Management

 Term Loan B (02/24)

 Loan

 0.00
 %

 7.33
 %

 3/5/2029

 5,053,465

 5,046,585

 5,052,454

 First Student Bidco Inc.

 Loan

 0.50
 %

 6.89
 %

 709,476

 706,708

 707,603

 First Student Bidco Inc.

 Term Loan C

 Loan

 0.50
 %

 6.89
 %

 216,966

 216,137

 216,393

 Fitness International, LLC (LA Fitness)

 Term Loan B (1/24)

 Loan

 1.00
 %

 9.57
 %

 2/5/2029

 1,191,000

 1,161,999

 1,204,030

 Flutter Financing B.V.

 Loan

 0.50
 %

 6.08
 %

 11/29/2030

 3,712,500

 3,704,077

 3,699,729

 Franchise Group, Inc. (b)(d)

 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. (b)(c)

 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. (b)(c)

 Loan

 0.75
 %

 9.30
 %

 3/10/2026

 3,041,686

 2,988,228

 1,517,041

 Franchise Group, Inc. (b)(c)

 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.

 Term Loan B (04/24)

 Loan

 0.00
 %

 6.57
 %

 4/25/2031

 4,231,210

 4,225,781

 4,231,210

 Froneri International (R&R Ice Cream)

 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.

 Term Loan (1/25)

 Loan

 0.50
 %

 6.54
 %

 1/20/2032

 1,451,250

 1,447,746

 1,438,552

 Genesee & Wyoming, Inc.

 Loan

 0.00
 %

 6.08
 %

 4/10/2031

 1,496,250

 1,489,525

 1,489,711

 GGP Inc.

 Loan

 0.00
 %

 2.96
 %

 8/27/2025

 2,323,401

 2,300,582

 2,318,312

 GIP Pilot Acquisition Partners, L.P.

 Loan

 0.00
 %

 6.30
 %

 10/4/2030

 415,684

 414,006

 414,387

 Global Tel*Link Corporation

 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

 Term Loan B7

 Loan

 0.00
 %

 6.07
 %

 5/30/2031

 940,231

 940,231

 938,473

 GOLDEN WEST PACKAGING GROUP LLC

 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.

 Loan

 0.00
 %

 9.19
 %

 1,245,381

 804,484

 1,151,043

 GOTO GROUP, INC.

 Second-Out Term Loan (02/24)

 Loan

 0.00
 %

 9.19
 %

 1,719,812

 1,651,916

 832,389

 Graham Packaging Co Inc

 Term Loan B (07/24)

 Loan

 0.00
 %

 6.82
 %

 8/4/2027

 830,576

 828,359

 830,161

 Great Outdoors Group, LLC

 Term Loan (1/25)

 Loan

 0.75
 %

 7.55
 %

 1/20/2032

 960,244

 958,144

 962,049

 Griffon Corporation

 Loan

 0.00
 %

 6.31
 %

 1/24/2029

 142,188

 142,044

 142,898

 Grosvenor Capital Management Holdings, LLLP

 Term Loan B (5/24)

 Loan

 0.00
 %

 6.57
 %

 2/25/2030

 2,786,709

 2,786,614

 2,791,057

 Groupe Solmax Inc.

 Term Loan (6/21)

 Loan

 0.75
 %

 9.19
 %

 5/27/2028

 2,412,086

 2,134,984

 2,133,827

 GYP HOLDINGS III CORP.

 Term Loan (1/24)

 Loan

 0.00
 %

 6.57
 %

 5/12/2030

 246,881

 245,937

 247,037

 Hertz Corporation (The)

 Loan

 0.00
 %

 8.07
 %

 6/30/2028

 2,082,970

 2,035,333

 1,807,726

 Hillman Group Inc. (The) (New)

 Term Loan B-1 (2/21)

 Loan

 0.50
 %

 6.31
 %

 7/14/2028

 2,714,525

 2,713,474

 2,704,780

 S- 12

 Asset
 Type

 Cost

 Hilton Domestic Operating Company Inc.

 Term Loan B 4

 Loan

 0.00
 %

 6.07
 %

 11/8/2030

 1,497,236

 1,505,160

 HLF Financing SARL (Herbalife)

 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

 Loan

 0.75
 %

 8.19
 %

 11/17/2028

 2,189,325

 2,184,763

 2,130,935

 Hudson River Trading LLC

 Term Loan (10/24)

 Loan

 0.00
 %

 7.31
 %

 3/29/2030

 5,775,525

 5,692,371

 5,770,327

 Hunter Douglas Inc

 Term Loan B (1/25)

 Loan

 0.00
 %

 7.55
 %

 1/19/2032

 2,232,648

 2,038,638

 2,215,904

 Hyperion Refinance S.a.r.l.

 Loan

 0.50
 %

 7.32
 %

 2/18/2031

 2,977,538

 2,966,717

 2,968,992

 Idera, Inc.

 Term Loan (06/24)

 Loan

 0.75
 %

 7.79
 %

 4,726,151

 4,723,056

 4,447,167

 IMA Financial Group, Inc.

 Loan

 0.50
 %

 7.32
 %

 2,440,193

 2,433,243

 2,440,193

 INDY US BIDCO, LLC

 Term Loan (01/25)

 Loan

 0.50
 %

 7.82
 %

 2,170,828

 2,170,359

 2,166,313

 INEOS 226 Ltd.

 Term Loan 3/23

 Loan

 0.00
 %

 8.17
 %

 3/13/2030

 492,500

 488,601

 474,031

 Ineos US Finance LLC

 Term Loan C

 Loan

 0.00
 %

 7.57
 %

 2/18/2030

 990,019

 982,264

 973,931

 INEOS US PETROCHEM LLC

 Loan

 0.00
 %

 8.67
 %

 2,694,512

 2,647,631

 2,627,149

 Informatica Inc.

 Loan

 0.00
 %

 6.57
 %

 10/27/2028

 486,250

 486,237

 485,642

 Ingram Micro Inc.

 Loan

 0.00
 %

 7.08
 %

 9/17/2031

 693,439

 689,636

 697,343

 Inmar, Inc.

 Term Loan (06/23)

 Loan

 1.00
 %

 9.31
 %

 10/30/2031

 3,299,855

 3,234,272

 3,303,980

 Innophos, Inc.

 Loan

 0.00
 %

 8.69
 %

 3/16/2029

 476,250

 472,714

 475,826

 IRB Holding Corporation

 Loan

 0.75
 %

 6.82
 %

 12/15/2027

 492,487

 489,357

 491,935

 Isagenix International, LLC (c)

 Loan

 6M USD SOFR+ 2.50%

 0.00
 %

 2.50
 %

 4/13/2028

 1,378,403

 1,025,602

 186,084

 Isolved Inc.

 Loan

 0.00
 %

 7.57
 %

 10/15/2030

 620,324

 614,960

 624,394

 Jane Street Group

 Loan

 0.00
 %

 6.30
 %

 12/15/2031

 3,840,000

 3,839,989

 3,790,810

 Journey Personal Care Corp.

 Loan

 0.75
 %

 8.07
 %

 3/1/2028

 2,895,000

 2,858,590

 2,872,072

 JP Intermediate B, LLC (b)

 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.

 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

 Loan

 0.50
 %

 6.82
 %

 4/10/2030

 985,081

 961,555

 988,775

 KREF Holdings X LLC

 Loan

 0.50
 %

 8.06
 %

 481,363

 476,486

 481,363

 Lakeland Tours, LLC (c)

 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.

 Term Loan 2/22

 Loan

 0.50
 %

 8.19
 %

 2/23/2029

 991,609

 978,723

 970,954

 Lealand Finance Company B.V. (c)

 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

 Term Loan (02/22)

 Loan

 0.50
 %

 9.17
 %

 2/16/2029

 2,450,166

 2,120,597

 2,266,403

 Lifetime Brands, Inc

 Loan

 1.00
 %

 9.93
 %

 8/26/2027

 1,576,347

 1,572,295

 1,500,163

 Liquid Tech Solutions Holdings, LLC

 Loan

 0.75
 %

 8.18
 %

 967,500

 966,360

 969,919

 LOYALTY VENTURES INC. (b)

 Loyalty Ventures Claims

 Prime 5.50%

 0.50
 %

 14.00
 %

 11/3/2027

 2,913,525

 2,905,305

 211,231

 LSF11 A5 HOLDCO LLC

 Loan

 0.50
 %

 7.93
 %

 10/15/2028

 1,622,206

 1,607,812

 1,621,622

 LSF11 TRINITY BIDCO INC

 Loan

 0.00
 %

 7.32
 %

 6/14/2030

 970,924

 959,085

 970,924

 LSF9 Atlantis Holdings, LLC (A Wireless)

 Term Loan Extended

 Loan

 0.75
 %

 9.57
 %

 3/29/2029

 2,671,805

 2,610,533

 2,680,167

 Lumen Technologies Inc

 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

 S- 13

 Asset
 Type

 Cost

 Lumen Technologies Inc

 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.

 Loan

 0.00
 %

 8.07
 %

 2/6/2031

 3,233,770

 3,205,941

 3,278,235

 Marriott Ownership Resorts, Inc.

 Term Loan B (3/24)

 Loan

 0.00
 %

 6.57
 %

 4/1/2031

 1,310,489

 1,310,489

 1,310,489

 Max US Bidco Inc.

 Loan

 0.50
 %

 9.31
 %

 10/3/2030

 1,985,000

 1,870,513

 1,942,819

 Mayfield Agency Borrower Inc. (FeeCo)

 Loan

 0.00
 %

 7.29
 %

 12/29/2031

 3,415,608

 3,349,332

 3,405,634

 McGraw-Hill Education, Inc.

 Term Loan (1/25)

 Loan

 0.50
 %

 7.55
 %

 8/6/2031

 1,244,525

 1,236,501

 1,251,134

 Michaels Companies Inc

 Term Loan B (Magic Mergeco)

 Loan

 0.75
 %

 8.84
 %

 4/8/2028

 2,417,349

 2,407,248

 1,957,038

 MIWD Holdco II LLC

 Term Loan B2 (03/24)

 Loan

 0.00
 %

 7.32
 %

 3/21/2031

 497,500

 495,226

 498,067

 MKS Instruments, Inc.

 Loan

 0.50
 %

 6.32
 %

 8/17/2029

 1,280,586

 1,278,776

 1,281,227

 Momentive Performance Materials Inc.

 Term Loan (03/23)

 Loan

 0.00
 %

 8.32
 %

 3/28/2028

 477,801

 490,331

 Moneygram International, Inc.

 Loan

 0.50
 %

 9.15
 %

 6/1/2030

 2,963,850

 2,633,472

 2,846,363

 Mosel Bidco SE

 Loan

 3M USD SOFR+ 4.50%

 0.50
 %

 8.83
 %

 9/28/2030

 495,844

 501,250

 MPH Acquisition Holdings LLC (Multiplan)

 First-Out Term Loan (01/25)

 Loan

 0.00
 %

 8.04
 %

 12/31/2030

 315,611

 285,615

 313,638

 MPH Acquisition Holdings LLC (Multiplan)

 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)

 Term Loan B (2/25)

 Loan

 0.50
 %

 6.82
 %

 11/24/2028

 2,910,506

 2,906,771

 2,886,873

 Napa Management Services Corp

 Term Loan B (02/22)

 Loan

 0.75
 %

 9.67
 %

 2/22/2029

 2,939,547

 2,497,131

 2,712,966

 Natgasoline LLC

 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.

 Loan

 0.75
 %

 8.48
 %

 2,680,348

 2,676,078

 2,623,658

 National Mentor Holdings, Inc.

 Term Loan C 2/21

 Loan

 0.75
 %

 8.18
 %

 87,464

 87,262

 85,614

 Nexstar Broadcasting, Inc. (Mission Broadcasting)

 Loan

 0.00
 %

 6.94
 %

 9/18/2026

 571,911

 570,138

 571,356

 Next Level Apparel, Inc.

 Loan

 3M USD SOFR+ 7.50%

 1.00
 %

 11.90
 %

 8/9/2026

 2,382,698

 2,373,272

 1,894,245

 NorthPole Newco S.a.r.l (c)

 Loan

 Prime 7.00%

 0.00
 %

 14.50
 %

 3/3/2025

 -

 -

 -

 NortonLifeLock Inc.

 Loan

 0.50
 %

 6.07
 %

 9/12/2029

 970,000

 967,278

 967,507

 Nouryon Finance B.V.

 Term Loan B (10/24)

 Loan

 0.00
 %

 7.55
 %

 4/3/2028

 483,926

 480,497

 485,591

 Novae LLC

 Loan

 1M USD SOFR+ 5.00%

 0.75
 %

 9.42
 %

 12/22/2028

 1,945,000

 1,935,728

 1,819,800

 Olaplex, Inc.

 Term Loan (2/22)

 Loan

 0.50
 %

 7.92
 %

 2/23/2029

 2,442,273

 2,367,591

 2,262,498

 Open Text Corporation

 Term Loan B (08/23)

 Loan

 0.50
 %

 6.07
 %

 921,883

 900,638

 920,731

 Oxbow Carbon, LLC

 Term Loan B (04/23)

 Loan

 0.50
 %

 7.82
 %

 5/2/2030

 492,500

 484,592

 491,269

 S- 14

 Asset
 Type

 Cost

 PACIFIC DENTAL SERVICES, LLC

 Term Loan B (02//24)

 Loan

 0.00
 %

 7.07
 %

 3/17/2031

 1,191,000

 1,190,157

 1,194,347

 PACTIV EVERGREEN GROUP HOLDINGS INC.

 Term Loan B4 (05/24)

 Loan

 0.00
 %

 6.82
 %

 9/24/2028

 921,247

 919,105

 920,841

 Padagis LLC

 Loan

 0.50
 %

 9.30
 %

 7/6/2028

 941,176

 935,900

 876,866

 PAR PETROLEUM LLC

 Loan

 0.50
 %

 8.04
 %

 2/28/2030

 2,458,727

 2,438,711

 2,448,474

 PATAGONIA HOLDCO LLC

 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

 Loan

 0.00
 %

 8.34
 %

 3/31/2027

 476,580

 472,582

 387,545

 PCI Gaming Authority

 Loan

 0.00
 %

 6.32
 %

 7/18/2031

 790,518

 789,679

 788,834

 PEARLS (Netherlands) Bidco B.V.

 USD Term Loan (02/22)

 Loan

 0.50
 %

 7.57
 %

 2/28/2029

 973,627

 972,968

 969,246

 PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC

 Term Loan (12/22)

 Loan

 0.50
 %

 7.80
 %

 12/29/2028

 1,459,630

 1,456,242

 1,379,350

 Penn National Gaming, Inc

 Loan

 0.50
 %

 6.82
 %

 5/3/2029

 971,989

 976,463

 Peraton Corp.

 Loan

 0.75
 %

 8.17
 %

 2/1/2028

 5,181,328

 5,175,310

 4,677,754

 Phoenix Guarantor Inc.

 Loan

 0.00
 %

 6.82
 %

 2/21/2031

 965,218

 965,218

 961,444

 PHYSICIAN PARTNERS, LLC (b)

 Loan

 0.50
 %

 8.74
 %

 12/22/2028

 2,928,567

 2,881,253

 1,156,784

 Plastipak Holdings Inc.

 Loan

 0.50
 %

 6.57
 %

 1,795,294

 1,791,011

 1,796,892

 Playtika Holding Corp.

 Loan

 0.00
 %

 7.19
 %

 3/13/2028

 4,331,250

 4,327,202

 4,316,351

 PMHC II, INC.

 Term Loan (02/22)

 Loan

 0.50
 %

 8.69
 %

 4/21/2029

 1,949,220

 1,890,368

 PointClickCare Technologies, Inc.

 Term Loan B (10/24)

 Loan

 0.00
 %

 7.58
 %

 11/3/2031

 482,575

 481,443

 483,178

 Polymer Process Holdings, Inc.

 Loan

 0.75
 %

 9.19
 %

 2/12/2028

 4,020,266

 4,001,931

 3,897,648

 Pre-Paid Legal Services, Inc.

 Term Loan (12/21)

 Loan

 0.50
 %

 7.69
 %

 2,917,500

 2,903,248

 2,917,500

 Prime Security Services Borrower, LLC (ADT)

 Loan

 0.00
 %

 6.31
 %

 10/13/2030

 1,990,013

 1,973,564

 1,985,834

 Primo Brands Corporation

 Loan

 0.50
 %

 6.56
 %

 1,447,505

 1,443,799

 1,448,620

 PRIORITY HOLDINGS, LLC

 Term Loan B (5/24)

 Loan

 0.50
 %

 9.07
 %

 5/16/2031

 2,872,211

 2,857,095

 2,875,802

 Pri So Acquisition Corporation

 Term Loan (01/21)

 Loan

 0.75
 %

 7.82
 %

 12/28/2027

 481,239

 480,294

 466,152

 Project Leopard Holdings, Inc. (NEW)

 Term Loan B (06/22)

 Loan

 0.50
 %

 9.64
 %

 7/20/2029

 930,969

 871,387

 Propulsion (BC) Finco

 Term Loan B (10/24)

 Loan

 0.50
 %

 7.58
 %

 9/14/2029

 742,457

 736,171

 745,509

 PUG LLC

 Loan

 0.00
 %

 9.07
 %

 3/15/2030

 465,765

 465,063

 465,570

 Quartz AcquireCo, LLC

 Term Loan (2/25)

 Loan

 0.00
 %

 6.57
 %

 6/28/2030

 1,234,994

 1,226,841

 1,233,450

 Quikrete Holdings, Inc.

 Term Loan (2/25)

 Loan

 0.00
 %

 6.57
 %

 4/14/2031

 992,500

 990,531

 990,981

 S- 15

 Asset
 Type

 Cost

 Rackspace Technology Global, Inc.

 Term Loan (3/24)

 Loan

 0.75
 %

 7.17
 %

 5/15/2028

 2,040,103

 1,143,598

 1,165,409

 Rackspace Technology Global, Inc.

 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

 Loan

 0.00
 %

 7.30
 %

 3/18/2030

 2,456,406

 2,386,949

 2,452,108

 RealPage, Inc.

 Loan

 0.50
 %

 7.59
 %

 4/24/2028

 967,500

 966,881

 960,747

 Rent-A-Center, Inc.

 Term Loan B2 (9/21)

 Loan

 0.50
 %

 7.04
 %

 2/17/2028

 1,840,124

 1,815,493

 1,839,351

 Research Now Group, Inc

 Term Loan (07/24)

 Loan

 1.00
 %

 9.58
 %

 7/15/2028

 338,737

 334,497

 339,018

 Research Now Group, Inc

 Second-Out Term Loan

 Loan

 1.00
 %

 10.08
 %

 7/15/2028

 2,887,427

 2,767,310

 2,721,400

 Resideo Funding Inc.

 Loan

 0.00
 %

 6.06
 %

 2/14/2028

 674,488

 674,302

 675,756

 Resolute Investment Managers (American Beacon), Inc.

 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.

 Term Loan (9/21)

 Loan

 0.50
 %

 6.94
 %

 10/20/2028

 3,392,312

 3,389,647

 3,339,595

 Reynolds Consumer Products LLC

 Loan

 0.00
 %

 6.17
 %

 2/4/2027

 996,705

 996,705

 996,944

 Russell Investments US Inst'l Holdco, Inc. (c)

 Term Loan B PIK (3/24)

 Loan

 1.00
 %

 9.29
 %

 5/30/2027

 5,764,065

 5,754,497

 5,539,266

 RV Retailer LLC

 Loan

 0.75
 %

 8.17
 %

 2/8/2028

 2,897,881

 2,869,896

 2,714,039

 Ryan Specialty Group LLC

 Loan

 0.00
 %

 6.57
 %

 9/15/2031

 1,455,934

 1,448,552

 1,453,750

 S&S HOLDINGS LLC

 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

 Loan

 0.00
 %

 6.07
 %

 2/28/2030

 441,250

 438,790

 440,147

 Schweitzer-Mauduit International, Inc.

 Loan

 0.75
 %

 8.19
 %

 4/20/2028

 939,236

 936,933

 933,365

 Scientific Games Holdings LP

 Loan

 0.50
 %

 7.30
 %

 4/4/2029

 491,269

 490,668

 491,087

 Sedgwick Claims Management Services, Inc.

 Term Loan B 2/23

 Loan

 0.00
 %

 7.31
 %

 7/31/2031

 985,031

 978,594

 985,297

 SETANTA AIRCRAFT LEASING DAC

 Loan

 0.00
 %

 6.08
 %

 11/5/2028

 499,374

 501,500

 Sitel Worldwide Corporation

 USD Term Loan (7/21)

 Loan

 0.50
 %

 8.18
 %

 8/28/2028

 1,935,000

 1,930,481

 1,248,733

 SiteOne Landscape Supply, LLC

 Loan

 0.50
 %

 6.06
 %

 3/23/2030

 1,257,709

 1,253,356

 1,257,709

 Smyrna Ready Mix Concrete, LLC

 Loan

 0.00
 %

 7.32
 %

 509,075

 506,578

 510,984

 Sparta U.S. HoldCo LLC

 Loan

 0.00
 %

 7.31
 %

 8/2/2030

 1,940,000

 1,935,791

 1,945,820

 Specialty Pharma III Inc.

 Loan

 0.75
 %

 8.67
 %

 1,935,000

 1,925,487

 1,847,925

 Spin Holdco, Inc.

 Term Loan 3/21

 Loan

 0.75
 %

 8.71
 %

 3/4/2028

 2,887,500

 2,880,793

 2,496,128

 SRAM, LLC

 Term Loan (02/25)

 Loan

 0.50
 %

 7.94
 %

 5/12/2028

 2,269,091

 2,267,559

 2,274,764

 STANDARD INDUSTRIES INC.

 Loan

 0.50
 %

 6.07
 %

 9/22/2028

 210,250

 209,230

 210,250

 Staples, Inc.

 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.

 Loan

 0.00
 %

 8.33
 %

 9/27/2030

 1,240,625

 1,225,176

 1,214,088

 Storable, Inc

 Loan

 0.50
 %

 7.82
 %

 4/17/2028

 485,000

 484,751

 484,913

 Superannuation & Investments US LLC

 Loan

 0.50
 %

 8.19
 %

 970,000

 964,328

 974,608

 SupplyOne, Inc

 Loan

 0.00
 %

 8.07
 %

 3/27/2031

 491,740

 498,811

 Sweetwater Borrower, LLC

 Term Loan (8/21)

 Loan

 0.75
 %

 8.69
 %

 2,083,452

 2,022,885

 2,083,452

 Syncsort Incorporated

 Term Loan B (10/21)

 Loan

 0.75
 %

 8.55
 %

 4/24/2028

 2,419,962

 2,419,490

 2,377,105

 S- 16

 Asset
 Type

 Cost

 Ta TT Buyer LLC

 Term Loan B (6/24)

 Loan

 0.50
 %

 9.08
 %

 980,032

 973,273

 969,624

 Tenable Holdings, Inc.

 Term Loan B (6/21)

 Loan

 0.50
 %

 7.19
 %

 7/7/2028

 970,000

 969,283

 971,213

 Teneo Holdings LLC

 Loan

 1.00
 %

 9.07
 %

 3/13/2031

 3,473,750

 3,442,264

 3,500,880

 Ten-X, LLC

 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.

 Loan

 0.00
 %

 6.57
 %

 11/15/2030

 291,839

 289,445

 292,569

 TIBCO Software Inc

 Term Loan (Cov-Lite) (10/24)

 Loan

 0.50
 %

 8.08
 %

 3/21/2031

 498,750

 498,297

 500,137

 Torrid LLC

 Term Loan 5/21

 Loan

 0.75
 %

 10.07
 %

 6/14/2028

 3,107,759

 2,794,667

 2,863,582

 TORY BURCH LLC

 Loan

 0.50
 %

 7.69
 %

 4/17/2028

 2,284,411

 2,178,846

 2,279,773

 Tosca Services, LLC (c)

 Term Loan A (08/24)

 Loan

 1.50
 %

 9.82
 %

 80,509

 79,712

 82,925

 Tosca Services, LLC (c)

 Superpriority Second-Out Term Loan B

 Loan

 1M USD SOFR+ 1.50%

 0.00
 %

 5.92
 %

 6,878

 10,704

 5,932

 Trans Union LLC

 Term Loan B9 (11/24)

 Loan

 0.00
 %

 6.07
 %

 6/24/2031

 605,987

 605,382

 604,878

 Tronox Finance LLC

 Term Loan (09/24)

 Loan

 0.00
 %

 6.60
 %

 4/4/2029

 1,995,000

 1,979,840

 1,967,070

 Tronox Finance LLC

 Loan

 0.00
 %

 6.82
 %

 9/30/2031

 346,923

 346,684

 342,458

 TruGreen Limited Partnership

 Loan

 0.75
 %

 8.42
 %

 11/2/2027

 935,021

 932,096

 885,933

 Ultra Clean Holdings, Inc.

 Loan

 0.00
 %

 7.57
 %

 2/25/2028

 1,233,755

 1,230,873

 1,237,358

 Univision Communications Inc.

 Loan

 0.50
 %

 7.94
 %

 1/31/2029

 2,403,522

 2,402,406

 2,379,486

 Univision Communications Inc.

 Term Loan B (6/22)

 Loan

 0.50
 %

 8.58
 %

 6/25/2029

 243,750

 238,712

 240,094

 Vaco Holdings, LLC

 Term Loan (01/22)

 Loan

 0.75
 %

 9.48
 %

 1/19/2029

 2,294,893

 2,247,090

 2,098,680

 Vericast Corp. (c)

 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.

 Term Loan (7/18)

 Loan

 0.00
 %

 8.58
 %

 8/20/2025

 1,339,456

 1,338,547

 1,272,175

 Vertex Aerospace Services Corp

 Loan

 0.75
 %

 6.57
 %

 12/6/2030

 972,724

 970,725

 966,509

 Viasat Inc

 Term Loan (2/22)

 Loan

 0.50
 %

 8.94
 %

 3/5/2029

 2,937,255

 2,888,468

 2,689,057

 Virtus Investment Partners, Inc.

 Term Loan B (9/21)

 Loan

 0.00
 %

 6.69
 %

 9/28/2028

 2,575,227

 2,570,947

 2,575,227

 Vistra Operations Company LLC

 2018 Incremental Term Loan

 Loan

 0.00
 %

 6.07
 %

 12/20/2030

 1,870,499

 1,866,269

 1,868,554

 VM Consolidated, Inc.

 Loan

 0.00
 %

 6.57
 %

 3/24/2028

 1,817,804

 1,817,479

 1,816,895

 Walker & Dunlop, Inc.

 Loan

 0.50
 %

 6.67
 %

 491,202

 484,449

 491,816

 Warner Music Group Corp. (WMG Acquisition Corp.)

 Term Loan J

 Loan

 0.00
 %

 6.04
 %

 1/24/2031

 1,250,000

 1,250,000

 1,248,050

 Watlow Electric Manufacturing Company

 Term Loan B (03/21)

 Loan

 0.50
 %

 7.79
 %

 2,661,649

 2,655,782

 2,671,072

 WeddingWire, Inc.

 Loan

 0.00
 %

 8.07
 %

 1/31/2028

 4,772,917

 4,772,450

 4,784,849

 Wellpath Holdings LLC

 Loan

 3M USD SOFR+ 6.93%

 2.00
 %

 11.23
 %

 1/27/2030

 693,228

 693,228

 693,228

 S- 17

 Asset
 Type

 Date

 Number

 of Shares

 Cost

 WEX Inc.

 Loan

 0.00
 %

 6.07
 %

 2,895,655

 2,891,840

 2,886,621

 Windsor Holdings III, LLC

 Loan

 0.00
 %

 7.82
 %

 8/1/2030

 495,013

 495,013

 493,156

 Wyndham Hotels & Resorts, Inc.

 Term Loan (05/24)

 Loan

 0.00
 %

 6.07
 %

 5/24/2030

 987,538

 983,680

 987,814

 Xperi Corporation

 Term Loan (1/25)

 Loan

 0.00
 %

 6.82
 %

 6/8/2028

 1,690,908

 1,690,037

 1,690,908

 Zayo Group, LLC

 Term Loan 4/22

 Loan

 0.50
 %

 8.57
 %

 3/9/2027

 960,739

 935,185

 ZEBRA BUYER (Allspring) LLC

 Loan

 0.50
 %

 7.38
 %

 11/1/2030

 1,852,261

 1,845,463

 1,852,261

 Zekelman Industries, Inc.

 Loan

 0.00
 %

 6.56
 %

 1/24/2031

 1,443,124

 1,442,200

 1,444,812

 Zest Acquisition Corp.

 Term Loan (1/23)

 Loan

 0.00
 %

 9.54
 %

 2/8/2028

 1,960,000

 1,896,443

 1,979,600

 Zodiac Pool Solutions

 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

 Cost

 U.S. Bank Money Market (a)

 $

 $

 Total cash and cash equivalents

 $

 $

 (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.

 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.

 S- 18

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 Altisource Solutions S.a r.l.

 15,981

 $
 -

 $
 44,587

 Envision Parent Inc

 92,837

 -

 -

 Envision Parent Inc

 Warrants

 4,410

 42,998

 Isagenix International, LLC

 86,398

 -

 -

 Resolute Investment Managers (American Beacon), Inc.

 24,320

 1,034,581

 468,000

 URS TOPCO LLC

 25,330

 440,405

 465,000

 1011778 B.C Unltd Liability Co

 Loan

 0.00
 %

 7.58
 %

 9/12/2030

 $
 1,447,500

 1,427,292

 1,440,002

 19TH HOLDINGS GOLF, LLC

 Loan

 0.50
 %

 8.67
 %

 2/7/2029

 2,473,646

 2,383,742

 2,416,950

 888 Acquisitions Limited

 Loan

 6M USD SOFR+ 5.25%

 0.00
 %

 10.82
 %

 7/8/2028

 2,472,826

 2,173,473

 2,418,745

 Adtalem Global Education Inc.

 Loan

 0.75
 %

 8.83
 %

 8/12/2028

 582,329

 578,482

 583,423

 Aegis Sciences Corporation

 Loan

 1.00
 %

 11.08
 %

 5/9/2025

 2,308,370

 2,303,734

 2,206,410

 Agiliti Health Inc.

 Term Loan B (03/23)

 Loan

 0.00
 %

 8.33
 %

 5/1/2030

 1,674,704

 1,662,945

 1,668,424

 AHEAD DB Holdings, LLC

 Loan

 0.75
 %

 9.20
 %

 10/18/2027

 2,925,000

 2,856,780

 2,914,031

 Air Canada

 Term Loan B (07/21)

 Loan

 0.75
 %

 8.93
 %

 8/11/2028

 1,970,000

 1,853,394

 1,970,276

 AIS HoldCo, LLC

 Loan

 0.00
 %

 10.57
 %

 8/15/2025

 4,551,925

 4,499,117

 4,392,607

 AIT Worldwide Logistics Holdings, Inc.

 Loan

 0.75
 %

 10.17
 %

 4/6/2028

 2,474,684

 2,334,728

 2,471,590

 Alchemy US Holdco 1, LLC

 Loan

 1M USD LIBOR+ 7.32%

 0.00
 %

 7.42
 %

 10/10/2025

 1,654,803

 1,647,646

 1,646,943

 AlixPartners, LLP

 Term Loan B (01/21)

 Loan

 0.50
 %

 7.94
 %

 2/4/2028

 243,125

 242,907

 243,064

 Alkermes, Inc.

 Loan

 0.50
 %

 7.93
 %

 3/12/2026

 2,104,577

 2,095,205

 2,101,947

 Allen Media, LLC

 Term Loan (7/21)

 Loan

 0.00
 %

 11.00
 %

 2/10/2027

 4,349,069

 4,329,175

 3,803,870

 Alliant Holdings Intermediate, LLC

 Loan

 0.50
 %

 8.82
 %

 11/6/2030

 803,044

 802,787

 803,197

 Allied Universal Holdco LLC

 Term Loan 4/21

 Loan

 0.50
 %

 9.18
 %

 5/12/2028

 1,948,856

 1,945,948

 Alterra Mountain Company (Intrawest Resort Holdings)

 Term Loan B Add-on

 Loan

 0.00
 %

 9.07
 %

 Altisource Solutions S.a r.l. (c)

 Term Loan B (03/18)

 Loan

 1.00
 %

 10.45
 %

 4/30/2025

 1,110,821

 1,110,656

 877,549

 Altium Packaging LLC

 Term Loan (01/21)

 Loan

 0.50
 %

 8.19
 %

 1/29/2028

 486,250

 484,910

 483,819

 Amer Sports Oyj (MASCOT BIDCO OY)

 USD Term Loan B (01/24)

 Loan

 0.00
 %

 8.58
 %

 2/7/2031

 497,525

 499,375

 American Axle & Manufacturing Inc.

 Term Loan (12/22)

 Loan

 0.50
 %

 8.92
 %

 12/13/2029

 467,515

 479,798

 American Greetings Corporation

 Term Loan (01/23)

 Loan

 1M USD SOFR+ 6.00%

 1.00
 %

 11.33
 %

 4/5/2028

 2,982,733

 2,981,076

 2,983,478

 American Trailer World Corp

 Loan

 0.75
 %

 9.18
 %

 3/3/2028

 1,357,439

 1,355,695

 1,323,788

 AmWINS Group, LLC

 Loan

 0.75
 %

 7.69
 %

 2/17/2028

 1,940,029

 1,924,089

 1,930,484

 S- 19

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 Anastasia Parent LLC

 Loan

 0.00
 %

 9.36
 %

 8/11/2025

 947,500

 946,257

 681,859

 Anchor Packaging, LLC

 Loan

 0.00
 %

 8.93
 %

 7/18/2026

 1,959,296

 1,939,016

 1,955,632

 ANI Pharmaceuticals, Inc.

 Loan

 1M USD SOFR+ 6.00%

 0.75
 %

 11.44
 %

 11/19/2027

 2,940,000

 2,901,304

 2,940,000

 AP Core Holdings II LLC

 Term Loan B1

 Loan

 0.75
 %

 10.94
 %

 1,775,000

 1,757,513

 1,734,317

 AP Core Holdings II LLC

 Loan

 0.75
 %

 10.94
 %

 495,081

 487,320

 APEX GROUP TREASURY LLC

 Loan

 0.50
 %

 10.32
 %

 7/26/2028

 495,000

 468,246

 494,381

 Apollo Commercial Real Estate Finance, Inc.

 Loan

 0.00
 %

 8.19
 %

 5/15/2026

 2,908,629

 2,890,508

 2,857,728

 Apollo Commercial Real Estate Finance, Inc.

 Term Loan B1 (2/21)

 Loan

 0.50
 %

 8.94
 %

 966,275

 943,325

 AppLovin Corporation

 Loan

 0.50
 %

 8.43
 %

 10/21/2028

 1,473,750

 1,471,272

 1,474,207

 AppLovin Corporation

 Term Loan (08/23)

 Loan

 0.50
 %

 8.43
 %

 8/15/2030

 969,617

 969,617

 970,374

 AqGen Ascensus, Inc.

 Loan

 0.50
 %

 8.94
 %

 496,312

 496,375

 Aramark Services, Inc.

 Term Loan B (4/21)

 Loan

 0.00
 %

 7.94
 %

 4/1/2028

 1,753,715

 1,748,558

 1,750,436

 Aramark Services, Inc.

 Loan

 0.00
 %

 7.19
 %

 1/15/2027

 2,331,250

 2,292,785

 2,324,699

 ARC FALCON I INC.

 Loan

 0.50
 %

 8.93
 %

 9/23/2028

 981,274

 978,810

 972,550

 Arches Buyer Inc.

 Loan

 0.50
 %

 8.68
 %

 12/6/2027

 1,469,697

 1,463,299

 1,405,398

 ARCIS GOLF LLC

 Loan

 0.50
 %

 9.19
 %

 11/24/2028

 497,980

 493,335

 498,602

 Aretec Group, Inc.

 Loan

 0.00
 %

 9.93
 %

 8/9/2030

 2,642,718

 2,627,451

 2,651,650

 Aspire Bakeries Holdings, LLC

 Term loan

 Loan

 0.00
 %

 9.57
 %

 12/13/2030

 900,000

 891,160

 900,000

 Asplundh Tree Expert, LLC

 Loan

 0.00
 %

 7.18
 %

 9/7/2027

 967,500

 965,030

 966,068

 AssuredPartners Capital, Inc.

 Term Loan B (2/20)

 Loan

 0.00
 %

 8.94
 %

 2/12/2027

 979,592

 977,377

 979,866

 Assuredpartners Inc.

 Loan

 0.50
 %

 8.83
 %

 2/12/2027

 490,654

 Assuredpartners Inc.

 Incremental Term Loan (7/21)

 Loan

 0.50
 %

 8.94
 %

 2/12/2027

 Asurion, LLC

 Term Loan B10

 Loan

 0.00
 %

 9.43
 %

 8/19/2028

 1,975,000

 1,895,414

 1,957,719

 Asurion, LLC

 Term Loan B8

 Loan

 0.00
 %

 8.69
 %

 12/18/2026

 2,934,604

 2,928,879

 2,915,442

 ATHENAHEALTH GROUP INC.

 Term Loan B (2/22)

 Loan

 0.50
 %

 8.58
 %

 2/15/2029

 1,317,171

 1,313,077

 1,304,619

 Avolon TLB Borrower 1 (US) LLC

 Term Loan B6

 Loan

 0.00
 %

 7.32
 %

 6/22/2028

 1,483,750

 1,429,872

 1,483,038

 Axalta Coating Systems US Holdings

 Term Loan B (08/23)

 Loan

 0.50
 %

 7.85
 %

 12/20/2029

 867,888

 860,595

 868,183

 AZURITY PHARMACEUTICALS, INC.

 Loan

 1M USD SOFR+ 6.62%

 0.75
 %

 12.06
 %

 9/20/2027

 450,000

 440,909

 445,500

 S- 20

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 B&G Foods, Inc.

 Loan

 0.00
 %

 7.83
 %

 10/10/2026

 556,042

 553,804

 553,540

 BAKELITE UK INTERMEDIATE LTD.

 Loan

 0.50
 %

 9.50
 %

 5/29/2029

 985,000

 981,238

 980,075

 Baldwin Risk Partners, LLC

 Loan

 0.50
 %

 8.94
 %

 10/14/2027

 1,960,048

 1,946,212

 1,946,171

 Barnes Group Inc.

 Loan

 0.00
 %

 8.43
 %

 8/9/2030

 247,649

 249,500

 Bausch Health Companies Inc.

 Term Loan B (1/22)

 Loan

 0.50
 %

 10.67
 %

 2/1/2027

 1,850,000

 1,710,365

 1,465,552

 Belfor Holdings Inc.

 Term Loan B-1 (11/23)

 Loan

 0.50
 %

 9.08
 %

 10/25/2030

 1,600,000

 1,584,928

 1,602,000

 Belron Finance US LLC

 Loan

 0.50
 %

 7.58
 %

 4/13/2028

 1,945,000

 1,945,000

 1,943,172

 Belron Finance US LLC

 Loan

 0.50
 %

 7.66
 %

 4/18/2029

 248,750

 248,750

 248,544

 Bengal Debt Merger Sub LLC

 Loan

 0.50
 %

 8.70
 %

 1/24/2029

 1,970,000

 1,969,251

 1,852,785

 Blackstone Mortgage Trust, Inc.

 Term Loan (6/21)

 Loan

 0.50
 %

 8.19
 %

 4/23/2026

 1,450,228

 1,444,650

 1,439,352

 Blackstone Mortgage Trust, Inc.

 Loan

 0.00
 %

 7.69
 %

 4/23/2026

 969,620

 966,168

 962,348

 Blue Tree Holdings, Inc.

 Term Loan (2/21)

 Loan

 0.00
 %

 8.11
 %

 3/4/2028

 971,083

 967,229

 Bombardier Recreational Products, Inc.

 Loan

 0.00
 %

 8.08
 %

 1/22/2031

 1,440,189

 1,436,033

 1,437,942

 Bombardier Recreational Products, Inc.

 Loan

 0.50
 %

 8.18
 %

 12/13/2029

 493,769

 482,991

 493,833

 Boost Newco Borrower, LLC (Worldpay)

 Loan

 0.50
 %

 8.33
 %

 1/31/2031

 497,629

 501,460

 Boxer Parent Company, Inc.

 Term Loan USD (11/23)

 Loan

 0.00
 %

 9.58
 %

 12/29/2028

 1,012,255

 1,007,334

 1,015,018

 BrightSpring Health Services (Phoenix Guarantor)

 Term Loan (02/24)

 Loan

 0.00
 %

 8.58
 %

 2/21/2031

 961,355

 BroadStreet Partners, Inc.

 Loan

 0.00
 %

 8.44
 %

 1/22/2027

 2,918,464

 2,915,588

 2,913,007

 Brookfield WEC Holdings Inc.

 Loan

 0.00
 %

 8.08
 %

 1/17/2031

 1,447,688

 1,447,688

 1,442,028

 BROWN GROUP HOLDING, LLC

 Term Loan B-2

 Loan

 0.00
 %

 8.33
 %

 7/1/2029

 493,750

 483,706

 492,856

 Buckeye Partners, L.P.

 Loan

 0.00
 %

 7.83
 %

 11/15/2030

 333,333

 332,779

 333,393

 Buckeye Partners, L.P.

 Term Loan B 3

 Loan

 0.00
 %

 7.33
 %

 11/1/2026

 1,595,639

 1,589,524

 1,595,910

 BW Gas & Convenience Holdings LLC

 Loan

 0.50
 %

 8.94
 %

 2,437,500

 2,421,791

 2,400,938

 Callaway Golf Company

 Loan

 0.00
 %

 8.93
 %

 3/16/2030

 491,660

 496,200

 Calpine Corporation

 Utilities: Electric

 Term Loan B-10 (01/20)

 Loan

 3M USD LIBOR+ 2.00%

 0.00
 %

 3.87
 %

 8/12/2026

 1,990,000

 1,983,760

 Camping World, Inc.

 Term Loan B (5/21)

 Loan

 0.75
 %

 7.94
 %

 6/5/2028

 2,462,025

 2,277,630

 2,401,238

 CAPSTONE BORROWER INC

 Term Loan (06/23)

 Loan

 0.00
 %

 9.10
 %

 6/15/2030

 998,077

 984,312

 993,396

 CareerBuilder, LLC

 Loan

 3M USD SOFR+ 6.75%

 0.00
 %

 12.36
 %

 7/31/2026

 3,930,582

 3,912,784

 589,587

 Castle US Holding Corporation

 Term Loan B (USD)

 Loan

 0.00
 %

 9.35
 %

 1/27/2027

 1,946,639

 1,939,553

 1,354,627

 CASTLELAKE AVIATION LLC

 Loan

 0.50
 %

 8.40
 %

 10/21/2027

 990,000

 983,747

 989,228

 Catalent Pharma Solutions, Inc.

 Term Loan B4

 Loan

 0.50
 %

 8.32
 %

 2/22/2028

 600,000

 595,597

 601,500

 Catalent Pharma Solutions, Inc.

 Term Loan B3 (2/21)

 Loan

 0.50
 %

 7.43
 %

 2/22/2028

 598,462

 587,525

 597,588

 S- 21

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 CBL & Associates Limited Partnership

 Term Loan 11/21

 Loan

 1.00
 %

 8.19
 %

 11/1/2025

 2,464,605

 2,167,043

 2,214,029

 CCC Intelligent Solutions Inc.

 Loan

 0.50
 %

 7.69
 %

 9/16/2028

 245,000

 244,633

 244,030

 CCI Buyer, Inc

 Loan

 0.75
 %

 9.35
 %

 12/17/2027

 243,125

 241,678

 241,195

 CCRR Parent, Inc.

 Loan

 0.50
 %

 9.68
 %

 3/5/2028

 990,000

 949,452

 920,700

 CCRR Parent, Inc.

 Loan

 0.75
 %

 9.19
 %

 3/5/2028

 969,580

 866,741

 CCS-CMGC Holdings, Inc.

 Loan

 0.00
 %

 10.83
 %

 9/25/2025

 2,375,000

 2,368,777

 1,863,520

 CDK GLOBAL, INC.

 Term Loan B (10/23)

 Loan

 0.00
 %

 9.35
 %

 7/6/2029

 992,500

 967,482

 994,406

 Cengage Learning, Inc.

 Term Loan B (6/21)

 Loan

 1.00
 %

 10.33
 %

 7/14/2026

 2,932,500

 2,917,832

 2,930,682

 CENTURI GROUP, INC.

 Loan

 0.50
 %

 7.94
 %

 8/27/2028

 868,330

 862,415

 868,191

 CenturyLink, Inc.

 Term Loan B (1/20)

 Loan

 0.00
 %

 7.69
 %

 3/15/2027

 3,838,165

 3,835,627

 2,781,480

 Charlotte Buyer, Inc.

 Loan

 0.50
 %

 10.57
 %

 2/11/2028

 1,485,000

 1,404,122

 1,487,866

 Chemours Company, (The)

 Loan

 0.50
 %

 8.83
 %

 8/10/2028

 2,393,717

 2,355,365

 2,345,842

 Churchill Downs Incorporated

 Term Loan B1 (3/21)

 Loan

 0.00
 %

 7.43
 %

 486,250

 485,591

 485,642

 CIMPRESS PUBLIC LIMITED COMPANY

 USD Term Loan

 Loan

 0.50
 %

 8.94
 %

 5/17/2028

 1,959,849

 1,885,810

 1,951,676

 CITADEL SECURITIES LP

 Loan

 0.00
 %

 7.58
 %

 7/29/2030

 4,863,365

 4,862,868

 4,857,286

 Citco Funding LLC

 Term Loa 1st Lien Incremental

 Loan

 0.50
 %

 8.57
 %

 4/27/2028

 997,500

 992,828

 997,919

 Clarios Global LP

 Loan

 0.00
 %

 8.33
 %

 5/6/2030

 1,197,000

 1,191,616

 1,196,629

 Claros Mortgage Trust, Inc

 Term Loan B-1 (11/21)

 Loan

 0.50
 %

 9.92
 %

 8/9/2026

 3,404,430

 3,390,583

 3,132,076

 CLYDESDALE ACQUISITION HOLDINGS, INC.

 Loan

 1M USD SOFR+ 3.68%

 0.50
 %

 9.10
 %

 4/13/2029

 1,477,500

 1,448,088

 1,475,343

 Columbus McKinnon Corporation

 Term Loan (4/21)

 Loan

 0.50
 %

 8.39
 %

 5/14/2028

 406,951

 406,326

 407,207

 Conduent, Inc.

 Loan

 0.50
 %

 9.69
 %

 10/16/2028

 2,762,330

 2,701,073

 2,702,470

 Connect Finco SARL

 Term Loan (1/21)

 Loan

 1.00
 %

 8.83
 %

 12/11/2026

 2,887,500

 2,809,993

 2,882,678

 Consolidated Communications, Inc.

 Loan

 0.75
 %

 8.94
 %

 10/2/2027

 2,714,005

 2,553,865

 2,544,379

 CORAL-US CO-BORROWER LLC

 Term Loan B-5

 Loan

 0.00
 %

 7.68
 %

 1/31/2028

 4,000,000

 3,990,860

 3,950,000

 Corelogic, Inc.

 Term Loan (4/21)

 Loan

 0.50
 %

 8.94
 %

 6/2/2028

 2,443,750

 2,436,006

 2,372,344

 Cortes NP Acquisition Corp (Vertiv)

 Term Loan B (12/23)

 Loan

 0.00
 %

 7.94
 %

 3/2/2027

 1,940,138

 1,940,138

 1,941,903

 Creative Artists Agency, LLC

 Term Loan B (02/23)

 Loan

 0.00
 %

 8.83
 %

 11/27/2028

 1,588,004

 1,577,748

 1,588,449

 CROCS INC

 Loan

 0.50
 %

 7.58
 %

 2/19/2029

 1,230,000

 1,190,854

 1,230,923

 Cross Financial Corp

 Loan

 0.75
 %

 8.83
 %

 9/15/2027

 487,500

 487,355

 486,891

 Crown Subsea Communications Holding, Inc.

 Loan

 0.75
 %

 10.07
 %

 1/30/2031

 2,400,000

 2,376,371

 2,409,000

 S- 22

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 CSC Holdings LLC (Neptune Finco Corp.)

 Term Loan B-5

 Loan

 1M USD LIBOR+ 2.50%

 0.00
 %

 7.93
 %

 4/15/2027

 448,277

 CSC Holdings LLC (Neptune Finco Corp.)

 Term Loan 12/22

 Loan

 0.00
 %

 9.82
 %

 4/15/2027

 2,376,032

 2,368,120

 2,307,222

 CTC Holdings, LP

 Loan

 0.50
 %

 10.48
 %

 2/15/2029

 2,210,625

 2,165,966

 2,194,045

 CTS Midco, LLC

 Loan

 3M USD SOFR+ 6.00%

 1.00
 %

 11.57
 %

 11/2/2027

 1,937,017

 1,903,074

 1,830,481

 Daseke Inc

 Loan

 0.75
 %

 9.44
 %

 3/5/2028

 1,162,500

 1,159,080

 1,162,860

 Dave & Buster's Inc.

 Term Loan B (1/24)

 Loan

 0.50
 %

 8.63
 %

 6/29/2029

 990,019

 949,041

 990,791

 DCert Buyer, Inc.

 Loan

 0.00
 %

 9.33
 %

 10/16/2026

 1,454,660

 1,454,660

 1,442,426

 Delek US Holdings, Inc.

 Term Loan B (11/22)

 Loan

 0.50
 %

 8.93
 %

 11/16/2029

 5,346,000

 5,244,974

 5,325,952

 Delos Aircraft DAC

 Loan

 0.00
 %

 7.35
 %

 10/31/2027

 250,438

 Delta 2 Lux Sarl

 Loan

 0.50
 %

 7.60
 %

 1/15/2030

 1,991,389

 1,997,000

 Derby Buyer LLC

 Term Loan (09/23)

 Loan

 0.50
 %

 9.58
 %

 11/1/2030

 625,000

 616,061

 625,394

 DexKo Global, Inc. (Dragon Merger)

 Term Loan (9/21)

 Loan

 0.50
 %

 9.36
 %

 10/4/2028

 982,500

 979,722

 978,206

 DG Investment Intermediate Holdings 2, Inc.

 Incremental Term Loan (3/22)

 Loan

 0.75
 %

 10.08
 %

 493,750

 477,680

 492,051

 Diamond Sports Group, LLC

 1st Priority Term Loan

 Loan

 1M USD SOFR+ 10.00%

 1.00
 %

 15.43
 %

 5/25/2026

 152,224

 149,462

 146,896

 DIRECTV FINANCING, LLC

 Loan

 0.75
 %

 10.83
 %

 8/2/2029

 3,190,000

 3,169,423

 3,181,036

 DISCOVERY PURCHASER CORPORATION

 Loan

 3M USD SOFR+ 4.38%

 0.50
 %

 9.71
 %

 10/4/2029

 1,485,028

 1,383,712

 1,476,207

 Dispatch Acquisition Holdings, LLC

 Loan

 0.75
 %

 9.75
 %

 3/25/2028

 487,500

 484,443

 452,463

 DOMTAR CORPORATION

 Term Loan 9/21

 Loan

 0.75
 %

 10.94
 %

 3,243,968

 3,187,785

 3,163,874

 DOTDASH MEREDITH, INC.

 Loan

 0.50
 %

 9.43
 %

 1,974,747

 1,809,468

 DRI HOLDING INC.

 Term Loan (12/21)

 Loan

 0.50
 %

 10.68
 %

 3,932,462

 3,808,999

 3,605,596

 DRW Holdings, LLC

 Term Loan (2/21)

 Loan

 0.00
 %

 9.19
 %

 3/1/2028

 6,370,000

 6,338,820

 6,354,075

 Loan

 0.00
 %

 8.19
 %

 8/21/2025

 198,929

 198,685

 198,432

 Term Loan (01/23)

 Loan

 0.50
 %

 8.68
 %

 2,024,241

 2,022,091

 1,999,788

 Term Loan (08/23)

 Loan

 0.50
 %

 9.33
 %

 1,100,000

 1,074,202

 1,097,250

 EAB Global, Inc.

 Term Loan (08/21)

 Loan

 0.50
 %

 8.94
 %

 8/16/2028

 976,771

 977,344

 Echo Global Logistics, Inc.

 Loan

 0.50
 %

 8.93
 %

 11/23/2028

 1,965,000

 1,962,209

 1,926,761

 S- 23

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 Edelman Financial Group Inc., The

 Loan

 0.75
 %

 8.94
 %

 4/7/2028

 2,166,328

 2,161,731

 2,158,616

 Electrical Components Inter., Inc.

 Term Loan (6/18)

 Loan

 0.00
 %

 9.68
 %

 6/26/2025

 1,868,421

 1,868,421

 1,861,415

 ELECTRON BIDCO INC.

 Loan

 0.50
 %

 8.44
 %

 489,769

 490,253

 ELO Touch Solutions, Inc.

 Term Loan (12/18)

 Loan

 1M USD SOFR+ 6.50%

 0.00
 %

 11.94
 %

 12/14/2025

 2,522,373

 2,488,308

 2,485,798

 Embecta Corp

 Loan

 0.50
 %

 8.33
 %

 3/30/2029

 2,598,596

 2,581,552

 2,366,360

 Emerson Climate Technologies Inc

 Term Loan B (04/23)

 Loan

 0.00
 %

 7.79
 %

 995,376

 997,250

 Endo Luxembourg Finance Company I S.a.r.l.

 Term Loan (3/21)

 Loan

 Prime 6.00%

 0.75
 %

 14.50
 %

 3/27/2028

 2,335,285

 2,330,451

 1,522,606

 Endure Digital, Inc.

 Loan

 6M USD SOFR+ 3.50%

 0.75
 %

 9.42
 %

 2/10/2028

 2,437,500

 2,430,093

 2,380,048

 Entain Holdings (Gibraltar) Limited

 Term Loan B (10/22)

 Loan

 0.50
 %

 8.95
 %

 10/30/2029

 1,487,496

 1,472,128

 1,489,355

 EOS U.S. FINCO LLC

 Loan

 3M USD SOFR+ 5.75%

 0.50
 %

 11.10
 %

 10/6/2029

 908,088

 871,104

 Equiniti Group PLC

 Loan

 6M USD SOFR+ 4.50%

 0.50
 %

 9.93
 %

 12/11/2028

 973,017

 981,470

 Evertec Group LLC

 Loan

 0.50
 %

 8.83
 %

 10/30/2030

 1,125,000

 1,108,675

 1,123,594

 EyeCare Partners, LLC

 Loan

 0.00
 %

 9.39
 %

 2/18/2027

 -

 1,951

 -

 Fiesta Purchaser, Inc.

 First Lien TLB

 Loan

 0.00
 %

 9.32
 %

 2/12/2031

 495,088

 499,315

 Finco I LLC

 Term Loan B (08/23)

 Loan

 0.00
 %

 8.31
 %

 6/27/2029

 2,816,795

 2,813,980

 2,815,386

 First Brands Group, LLC

 1st Lien Term Loan (3/21)

 Loan

 1.00
 %

 10.57
 %

 3/30/2027

 4,862,500

 4,816,997

 4,868,578

 First Eagle Investment Management

 Refinancing Term Loan

 Loan

 0.00
 %

 7.95
 %

 2/1/2027

 5,091,652

 5,082,259

 5,068,332

 First Student Bidco Inc.

 Loan

 0.50
 %

 8.61
 %

 715,360

 711,800

 709,694

 First Student Bidco Inc.

 Term Loan C

 Loan

 0.50
 %

 8.61
 %

 216,966

 215,877

 215,248

 Fitness International, LLC (LA Fitness)

 Term Loan B (1/24)

 Loan

 1.00
 %

 10.58
 %

 2/5/2029

 1,164,361

 1,165,500

 Flutter Financing B.V.

 Third Amendment 2028-B Term Loan

 Loan

 0.50
 %

 8.86
 %

 309,759

 304,101

 310,103

 Flutter Financing B.V.

 Term Loan B3 (11/23)

 Loan

 0.50
 %

 7.70
 %

 11/25/2030

 2,992,850

 2,984,370

 FOCUS FINANCIAL PARTNERS, LLC

 Term Loan B7

 Loan

 0.50
 %

 8.08
 %

 6/30/2028

 1,472,388

 1,458,275

 1,461,345

 Franchise Group, Inc.

 First Out Term Loan

 Loan

 6M USD SOFR+ 4.75%

 0.75
 %

 10.36
 %

 3/10/2026

 799,104

 795,310

 703,211

 Franchise Group, Inc.

 Loan

 0.75
 %

 10.33
 %

 3/10/2026

 2,977,500

 2,874,281

 2,612,756

 Franklin Square Holdings, L.P.

 Loan

 0.00
 %

 7.68
 %

 8/1/2025

 4,263,723

 4,255,884

 4,258,394

 Froneri International (R&R Ice Cream)

 Term Loan B-2

 Loan

 0.00
 %

 7.68
 %

 1/29/2027

 1,930,000

 1,928,989

 1,928,340

 S- 24

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 Garrett LX III S.a r.l.

 Dollar Term Loan

 Loan

 0.50
 %

 8.82
 %

 1,466,250

 1,461,820

 1,465,634

 Gemini HDPE LLC

 Term Loan B (12/20)

 Loan

 0.50
 %

 8.57
 %

 12/31/2027

 2,183,488

 2,172,849

 2,163,466

 Genesee & Wyoming, Inc.

 Term Loan (11/19)

 Loan

 0.00
 %

 7.45
 %

 12/30/2026

 1,443,750

 1,440,683

 1,443,577

 GGP Inc.

 Loan

 1M USD LIBOR+ 2.50%

 0.00
 %

 2.96
 %

 8/27/2025

 2,781,634

 2,604,347

 2,766,864

 GIP Pilot Acquisition Partners, L.P.

 Loan

 0.00
 %

 8.33
 %

 10/4/2030

 497,577

 499,585

 Global Tel*Link Corporation

 Loan

 0.00
 %

 9.68
 %

 11/29/2025

 4,846,612

 4,750,154

 4,708,290

 Go Daddy Operating Company, LLC

 Loan

 0.00
 %

 7.44
 %

 8/10/2027

 947,411

 947,411

 946,984

 GOLDEN WEST PACKAGING GROUP LLC

 Loan

 0.75
 %

 10.69
 %

 12/1/2027

 1,875,000

 1,862,167

 1,556,250

 GOTO GROUP, INC.

 Loan

 0.00
 %

 10.17
 %

 1,254,792

 730,596

 1,198,326

 GOTO GROUP, INC.

 Second-Out Term Loan (02/24)

 Loan

 0.00
 %

 10.17
 %

 1,732,808

 1,646,943

 1,199,970

 Graham Packaging Co Inc

 Term Loan (2/21)

 Loan

 0.75
 %

 8.44
 %

 8/7/2027

 945,831

 942,144

 944,554

 Great Outdoors Group, LLC

 Loan

 0.75
 %

 9.19
 %

 970,169

 967,400

 969,994

 Griffon Corporation

 Loan

 0.50
 %

 7.75
 %

 1/24/2029

 144,063

 143,842

 143,838

 Grosvenor Capital Management Holdings, LLLP

 Amendment 5 Term Loan

 Loan

 0.50
 %

 7.94
 %

 2/24/2028

 2,807,931

 2,806,739

 2,807,061

 Groupe Solmax Inc.

 Term Loan (6/21)

 Loan

 0.75
 %

 10.36
 %

 5/27/2028

 2,473,405

 2,125,105

 2,402,740

 GYP HOLDINGS III CORP.

 Term Loan (1/24)

 Loan

 0.00
 %

 7.58
 %

 5/12/2030

 248,230

 Harbor Freight Tools USA, Inc.

 Term Loan B (06/21)

 Loan

 0.50
 %

 8.19
 %

 10/19/2027

 3,344,665

 3,330,419

 3,319,212

 Helix Gen Funding, LLc

 Loan

 1.00
 %

 10.10
 %

 12/31/2027

 932,597

 915,944

 933,763

 Hertz Corporation (The)

 Loan

 0.00
 %

 9.07
 %

 6/30/2028

 490,436

 481,875

 Hillman Group Inc. (The) (New)

 Term Loan B-1 (2/21)

 Loan

 0.50
 %

 8.19
 %

 7/14/2028

 3,172,373

 3,168,887

 3,167,266

 Hilton Domestic Operating Company Inc.

 Term Loan B 4

 Loan

 0.00
 %

 7.42
 %

 11/8/2030

 1,496,471

 1,501,020

 Hilton Grand Vacations Borrower LLC

 Term Loan (3/21)

 Loan

 0.50
 %

 8.19
 %

 497,455

 497,455

 496,834

 Hilton Grand Vacations Borrower LLC

 Loan

 0.00
 %

 8.18
 %

 499,375

 HLF Financing SARL (Herbalife)

 Term Loan B (08/18)

 Loan

 0.00
 %

 7.94
 %

 8/18/2025

 3,116,400

 3,113,557

 3,044,598

 Holley Purchaser, Inc

 Loan

 0.75
 %

 9.19
 %

 11/17/2028

 2,254,003

 2,247,557

 2,188,795

 Hudson River Trading LLC

 Term Loan (3/21)

 Loan

 0.00
 %

 8.44
 %

 5,835,000

 5,798,864

 5,792,171

 Hunter Douglas Inc

 Term Loan B-1

 Loan

 0.50
 %

 8.82
 %

 2/26/2029

 2,474,937

 2,235,702

 2,442,466

 Hyperion Refinance S.a.r.l.

 Loan

 0.50
 %

 8.81
 %

 2/15/2031

 2,985,024

 2,983,440

 S- 25

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 Idera, Inc.

 Term Loan (02/21)

 Loan

 0.75
 %

 9.21
 %

 4,762,143

 4,756,197

 4,730,379

 IMA Financial Group, Inc.

 Loan

 0.50
 %

 9.19
 %

 2,458,728

 2,449,919

 2,452,581

 INDY US BIDCO, LLC

 Loan

 0.00
 %

 9.08
 %

 2,193,266

 2,192,568

 2,119,243

 INEOS 226 Ltd.

 Term Loan 3/23

 Loan

 0.00
 %

 9.18
 %

 3/13/2030

 497,500

 492,907

 490,450

 Ineos US Finance LLC

 Term Loan C

 Loan

 0.00
 %

 8.93
 %

 2/18/2030

 995,000

 985,838

 985,259

 INEOS US PETROCHEM LLC

 Loan

 0.00
 %

 9.68
 %

 2,714,874

 2,657,733

 2,667,363

 Informatica Inc.

 Term Loan B (10/21)

 Loan

 0.00
 %

 8.19
 %

 10/27/2028

 491,064

 Ingram Micro Inc.

 Term Loan (09/23)

 Loan

 0.50
 %

 8.61
 %

 6/30/2028

 1,095,000

 1,087,525

 1,093,631

 Inmar, Inc.

 Term Loan (06/23)

 Loan

 1.00
 %

 10.83
 %

 5/1/2026

 3,333,250

 3,240,468

 3,305,117

 Innophos, Inc.

 Loan

 0.00
 %

 8.58
 %

 2/4/2027

 481,250

 480,346

 475,475

 INSTANT BRANDS HOLDINGS INC.

 Instant Brands TL

 Loan

 Prime 4.00%

 0.75
 %

 14.50
 %

 4/7/2028

 10,085

 10,085

 10,085

 INSTANT BRANDS HOLDINGS INC. (b)

 Term Loan 4/21

 Loan

 Prime 4.00%

 0.75
 %

 14.50
 %

 4/7/2028

 3,942,576

 3,929,234

 256,267

 INSTANT BRANDS HOLDINGS INC. (c)

 PIK DIP Term Loan

 Loan

 1.00
 %

 15.45
 %

 1/31/2024

 1,523,653

 1,523,115

 1,557,935

 IRB Holding Corporation

 Loan

 0.75
 %

 8.18
 %

 12/15/2027

 494,962

 490,830

 494,101

 Isagenix International, LLC (c)

 Loan

 6M USD SOFR+ 2.50%

 0.00
 %

 2.50
 %

 4/13/2028

 1,258,790

 838,779

 1,082,559

 Isolved Inc.

 Loan

 6M USD SOFR+ 4.00%

 0.50
 %

 9.48
 %

 10/5/2030

 625,000

 618,886

 626,563

 Jane Street Group

 Loan

 0.00
 %

 7.94
 %

 1/26/2028

 3,880,000

 3,878,565

 3,869,602

 Journey Personal Care Corp.

 Loan

 0.75
 %

 9.69
 %

 3/1/2028

 2,925,000

 2,876,836

 2,850,647

 JP Intermediate B, LLC

 Term Loan 7/23

 Loan

 1.00
 %

 11.07
 %

 11/20/2027

 3,456,884

 3,442,560

 276,551

 Kleopatra Finco S.a r.l.

 Term Loan (1/21) (USD)

 Loan

 6M USD SOFR+ 4.73%

 0.50
 %

 10.27
 %

 2/12/2026

 1,458,750

 1,456,824

 1,400,400

 Kodiak BP, LLC

 Loan

 0.75
 %

 8.86
 %

 3/13/2028

 486,159

 485,291

 485,211

 Koppers Inc

 Loan

 0.50
 %

 8.93
 %

 4/10/2030

 995,006

 967,558

 998,121

 KREF Holdings X LLC

 Loan

 0.50
 %

 8.93
 %

 486,325

 479,475

 464,440

 Lakeland Tours, LLC (c)

 Holdco Fixed Term Loan

 Loan

 Fixed 0.00%

 0.00
 %

 8.00
 %

 9/27/2027

 1,127,568

 568,253

 761,108

 Lealand Finance Company B.V. (c)

 Exit Term Loan

 Loan

 1M USD SOFR+ 1.00%

 0.00
 %

 6.44
 %

 6/30/2025

 355,751

 355,751

 138,149

 LHS BORROWER, LLC

 Term Loan (02/22)

 Loan

 0.50
 %

 10.18
 %

 2/16/2029

 2,475,771

 2,084,045

 2,310,216

 Lifetime Brands, Inc

 Loan

 1.00
 %

 10.94
 %

 8/26/2027

 1,659,313

 1,653,207

 1,595,015

 Liquid Tech Solutions Holdings, LLC

 Loan

 0.75
 %

 10.19
 %

 972,922

 957,938

 S- 26

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 LOYALTY VENTURES INC. (b)

 Loan

 Prime 5.50%

 0.50
 %

 14.00
 %

 11/3/2027

 2,913,525

 2,902,171

 25,493

 LPL Holdings, Inc.

 Term Loan B1

 Loan

 0.00
 %

 7.18
 %

 11/11/2026

 1,195,404

 1,194,671

 1,194,125

 LSF11 A5 HOLDCO LLC

 Term Loan (01/23)

 Loan

 0.50
 %

 9.68
 %

 10/14/2028

 1,492,500

 1,473,942

 1,491,754

 LSF11 A5 HOLDCO LLC

 Loan

 0.50
 %

 8.94
 %

 10/16/2028

 245,625

 244,848

 244,473

 LSF11 TRINITY BIDCO INC

 Loan

 0.00
 %

 9.32
 %

 6/14/2030

 980,756

 967,038

 980,756

 LSF9 Atlantis Holdings, LLC (A Wireless)

 Term Loan (2/24)

 Loan

 1M USD SOFR+ 6.50%

 0.75
 %

 11.83
 %

 3/31/2029

 2,775,000

 2,700,276

 2,775,860

 MAGNITE, INC.

 Loan

 0.00
 %

 9.82
 %

 2/6/2031

 3,250,000

 3,218,266

 3,241,875

 Marriott Ownership Resorts, Inc.

 Term Loan (11/19)

 Loan

 0.00
 %

 7.18
 %

 8/29/2025

 1,317,074

 1,317,074

 1,312,543

 Match Group, Inc, The

 Term Loan (1/20)

 Loan

 0.00
 %

 7.27
 %

 2/15/2027

 249,741

 249,063

 Max US Bidco Inc.

 Loan

 0.50
 %

 10.35
 %

 10/3/2030

 1,870,298

 1,832,500

 Mayfield Agency Borrower Inc. (FeeCo)

 First Lien Term Loan B (12/23)

 Loan

 0.00
 %

 9.58
 %

 2/28/2028

 3,432,772

 3,346,276

 3,432,772

 McGraw-Hill Education, Inc.

 Term Loan (07/21)

 Loan

 0.50
 %

 10.19
 %

 7/28/2028

 1,940,387

 1,946,281

 MedAssets Software Inter Hldg, Inc.

 Term Loan (11/21) (USD)

 Loan

 0.50
 %

 9.44
 %

 12/18/2028

 488,835

 409,275

 Mermaid Bidco Inc.

 Loan

 3M USD SOFR+ 4.50%

 0.75
 %

 9.88
 %

 12/22/2027

 1,966,412

 1,947,595

 1,968,870

 Michaels Companies Inc

 Term Loan B (Magic Mergeco)

 Loan

 0.75
 %

 9.86
 %

 4/8/2028

 2,442,400

 2,429,364

 1,996,417

 MKS Instruments, Inc.

 Loan

 0.50
 %

 7.82
 %

 8/17/2029

 1,971,537

 1,967,675

 1,966,253

 Momentive Performance Materials Inc.

 Term Loan (03/23)

 Loan

 0.00
 %

 9.83
 %

 3/28/2028

 479,007

 485,084

 Moneygram International, Inc.

 Loan

 0.50
 %

 10.88
 %

 2,993,750

 2,617,290

 2,936,989

 Mosel Bidco SE

 Loan

 0.50
 %

 10.10
 %

 9/16/2030

 495,262

 500,625

 MPH Acquisition Holdings LLC (Multiplan)

 Term Loan B (08/21)

 Loan

 0.50
 %

 9.85
 %

 9/1/2028

 2,962,121

 2,734,973

 2,861,320

 NAB Holdings, LLC (North American Bancard)

 Loan

 0.50
 %

 8.25
 %

 11/23/2028

 2,940,000

 2,935,048

 2,929,504

 Napa Management Services Corp

 Term Loan B (02/22)

 Loan

 0.75
 %

 10.68
 %

 2/22/2029

 2,969,773

 2,447,043

 2,806,436

 Natgasoline LLC

 Loan

 0.00
 %

 8.94
 %

 11/14/2025

 3,305,649

 3,294,914

 3,289,120

 National Mentor Holdings, Inc.

 Loan

 0.75
 %

 9.18
 %

 2,708,195

 2,701,639

 2,522,007

 National Mentor Holdings, Inc.

 Term Loan C 2/21

 Loan

 0.75
 %

 9.20
 %

 87,464

 87,200

 81,450

 New Trojan Parent, Inc. (c)

 Loan

 0.50
 %

 10.69
 %

 1/6/2028

 -

 40,239

 -

 Nexstar Broadcasting, Inc. (Mission Broadcasting)

 Loan

 0.00
 %

 7.94
 %

 9/18/2026

 657,625

 654,056

 655,705

 Next Level Apparel, Inc.

 Loan

 1M USD SOFR+ 7.50%

 1.00
 %

 12.92
 %

 8/9/2026

 2,605,709

 2,579,219

 2,019,425

 S- 27

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 NortonLifeLock Inc.

 Loan

 0.50
 %

 7.43
 %

 9/12/2029

 997,195

 993,475

 994,014

 Nouryon Finance B.V.

 Loan

 0.00
 %

 9.42
 %

 4/3/2028

 497,500

 492,525

 497,192

 Nouryon Finance B.V.

 Term Loan (05/23)

 Loan

 0.00
 %

 9.42
 %

 4/3/2028

 498,747

 494,084

 498,228

 Novae LLC

 Loan

 0.75
 %

 10.52
 %

 12/22/2028

 1,965,000

 1,954,113

 1,948,632

 Nuvei Technologies Corp.

 Loan

 0.50
 %

 8.43
 %

 12/19/2030

 2,100,000

 2,084,250

 2,100,336

 Olaplex, Inc.

 Term Loan (2/22)

 Loan

 0.50
 %

 8.93
 %

 2/23/2029

 2,467,387

 2,376,707

 2,249,442

 Open Text Corporation

 Term Loan B (08/23)

 Loan

 0.50
 %

 8.18
 %

 1,380,397

 1,343,151

 1,381,267

 Organon & Co.

 Term Loan USD

 Loan

 0.50
 %

 8.43
 %

 6/2/2028

 2,118,750

 2,112,577

 2,120,085

 Oxbow Carbon, LLC

 Term Loan B (04/23)

 Loan

 0.50
 %

 9.43
 %

 5/2/2030

 497,500

 488,294

 496,669

 PACIFIC DENTAL SERVICES, LLC

 Loan

 0.75
 %

 8.94
 %

 4/21/2028

 895,408

 894,474

 893,734

 Pacific Gas & Electric

 Utilities: Electric

 Loan

 0.50
 %

 7.83
 %

 6/23/2027

 248,893

 249,923

 PACTIV EVERGREEN GROUP HOLDINGS INC.

 Loan

 0.50
 %

 8.69
 %

 9/20/2028

 971,827

 975,994

 Padagis LLC

 Loan

 0.50
 %

 10.34
 %

 7/6/2028

 941,176

 934,588

 896,471

 PAR PETROLEUM LLC

 Term Loan 2/23

 Loan

 0.50
 %

 9.69
 %

 2/27/2030

 2,483,737

 2,460,184

 2,482,198

 PATAGONIA HOLDCO LLC

 Loan

 3M USD SOFR+ 5.75%

 0.50
 %

 11.06
 %

 8/1/2029

 1,975,000

 1,671,950

 1,816,013

 Pathway Partners Vet Management Company LLC

 Loan

 0.00
 %

 9.19
 %

 3/30/2027

 481,544

 475,840

 411,321

 PCI Gaming Authority

 Loan

 0.00
 %

 7.94
 %

 5/29/2026

 794,490

 793,022

 794,156

 PEARLS (Netherlands) Bidco B.V.

 USD Term Loan (02/22)

 Loan

 0.50
 %

 9.06
 %

 2/28/2029

 982,500

 981,042

 972,066

 PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC

 Term Loan (12/22)

 Loan

 0.50
 %

 8.69
 %

 12/29/2028

 1,474,639

 1,470,327

 1,325,332

 Penn National Gaming, Inc

 Loan

 0.50
 %

 8.18
 %

 5/3/2029

 985,000

 981,209

 979,720

 Peraton Corp.

 Loan

 0.75
 %

 9.18
 %

 2/1/2028

 5,236,340

 5,225,013

 5,236,340

 PHYSICIAN PARTNERS, LLC

 Loan

 0.50
 %

 9.46
 %

 12/23/2028

 2,958,680

 2,899,926

 2,608,254

 Pitney Bowes Inc

 Loan

 0.00
 %

 9.44
 %

 3,899,823

 3,878,054

 3,880,324

 Plastipak Holdings Inc.

 Term Loan B (11/21)

 Loan

 0.50
 %

 7.93
 %

 1,795,294

 1,789,191

 1,791,309

 Playtika Holding Corp.

 Loan

 0.00
 %

 8.19
 %

 3/13/2028

 4,376,250

 4,370,414

 4,362,377

 PMHC II, INC.

 Term Loan (02/22)

 Loan

 0.50
 %

 9.72
 %

 4/21/2029

 1,975,000

 1,967,432

 1,926,968

 S- 28

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 PointClickCare Technologies, Inc.

 Loan

 0.75
 %

 8.61
 %

 12/29/2027

 486,250

 484,831

 485,642

 Polymer Process Holdings, Inc.

 Loan

 0.75
 %

 10.19
 %

 2/12/2028

 5,348,750

 5,313,507

 5,071,310

 Pre-Paid Legal Services, Inc.

 Term Loan (12/21)

 Loan

 0.50
 %

 9.19
 %

 2,947,500

 2,929,343

 2,939,512

 Presidio, Inc.

 Term Loan B (1/20)

 Loan

 0.00
 %

 8.91
 %

 1/22/2027

 482,500

 482,164

 483,103

 Prime Security Services Borrower, LLC (ADT)

 Term Loan B (10/23)

 Loan

 0.00
 %

 7.83
 %

 10/11/2030

 1,980,728

 1,998,300

 PRIORITY HOLDINGS, LLC

 Loan

 1M USD SOFR+ 5.75%

 1.00
 %

 11.19
 %

 4/27/2027

 2,925,000

 2,906,770

 2,921,344

 Pri So Acquisition Corporation

 Term Loan (01/21)

 Loan

 0.75
 %

 8.84
 %

 12/28/2027

 486,242

 484,862

 472,311

 Project Leopard Holdings, Inc. (NEW)

 Term Loan B (06/22)

 Loan

 0.50
 %

 10.66
 %

 7/20/2029

 990,000

 931,883

 907,711

 Propulsion (BC) Finco

 Loan

 0.50
 %

 9.10
 %

 9/14/2029

 750,000

 742,504

 748,748

 PUG LLC

 Term Loan B (02/20)

 Loan

 0.00
 %

 8.94
 %

 2/12/2027

 475,176

 474,168

 466,010

 Quartz AcquireCo, LLC

 Loan

 0.00
 %

 8.83
 %

 6/28/2030

 997,500

 988,167

 996,253

 QUEST BORROWER LIMITED

 Term Loan (1/22)

 Loan

 0.50
 %

 9.71
 %

 2/1/2029

 1,970,000

 1,954,941

 1,552,734

 R1 RCM INC.

 Loan

 0.00
 %

 8.36
 %

 6/21/2029

 1,185,480

 R1 RCM INC.

 Loan

 0.50
 %

 8.33
 %

 6/21/2029

 1,185,733

 Rackspace Technology Global, Inc.

 Term Loan (1/21)

 Loan

 0.75
 %

 8.19
 %

 2/15/2028

 2,944,353

 2,869,199

 1,278,173

 RAND PARENT LLC

 Loan

 0.00
 %

 9.60
 %

 3/16/2030

 2,481,250

 2,400,653

 2,476,213

 RealPage, Inc.

 Loan

 0.50
 %

 8.44
 %

 4/24/2028

 977,500

 976,326

 950,501

 Rent-A-Center, Inc.

 Term Loan B2 (9/21)

 Loan

 6M USD SOFR+ 3.25%

 0.50
 %

 9.12
 %

 2/17/2028

 1,860,192

 1,827,856

 1,856,323

 Research Now Group, Inc

 Loan

 1.00
 %

 11.07
 %

 12/20/2024

 4,252,891

 4,231,426

 2,426,275

 Resideo Funding Inc.

 Term Loan (1/21)

 Loan

 0.50
 %

 7.69
 %

 2/11/2028

 1,458,750

 1,457,581

 1,454,651

 Resolute Investment Managers (American Beacon), Inc.

 Loan

 3M USD SOFR+ 6.50%

 1.00
 %

 12.11
 %

 4/30/2027

 1,968,154

 1,968,154

 1,936,172

 Restoration Hardware, Inc.

 Term Loan (9/21)

 Loan

 0.50
 %

 7.94
 %

 10/20/2028

 3,427,375

 3,422,882

 3,328,838

 Reynolds Consumer Products LLC

 Loan

 0.00
 %

 7.18
 %

 1/29/2027

 1,117,917

 1,117,917

 1,117,078

 Reynolds Group Holdings Inc.

 Loan

 0.00
 %

 8.69
 %

 2/5/2026

 1,933,578

 1,929,763

 1,936,692

 Russell Investments US Inst'l Holdco, Inc.

 Term Loan (10/20)

 Loan

 1.00
 %

 8.93
 %

 6/2/2025

 5,503,217

 5,487,956

 5,313,356

 RV Retailer LLC

 Loan

 0.75
 %

 9.17
 %

 2/8/2028

 2,927,756

 2,890,768

 2,728,317

 Ryan Specialty Group LLC

 Loan

 0.75
 %

 8.08
 %

 1,463,497

 1,454,416

 1,463,497

 S&S HOLDINGS LLC

 Loan

 0.50
 %

 10.42
 %

 3/10/2028

 2,433,693

 2,393,141

 2,405,560

 S- 29

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 Sally Holdings LLC

 Loan

 0.00
 %

 7.58
 %

 2/28/2030

 492,943

 495,421

 Schweitzer-Mauduit International, Inc.

 Loan

 0.75
 %

 9.19
 %

 4/20/2028

 1,297,546

 1,293,069

 1,294,847

 Scientific Games Holdings LP

 Loan

 0.50
 %

 8.58
 %

 4/4/2029

 493,750

 492,933

 492,516

 Sedgwick Claims Management Services, Inc.

 Term Loan B 2/23

 Loan

 0.00
 %

 9.08
 %

 2/17/2028

 992,500

 984,017

 993,294

 SETANTA AIRCRAFT LEASING DAC

 Loan

 0.00
 %

 7.61
 %

 11/2/2028

 998,338

 1,000,560

 Sitel Worldwide Corporation

 USD Term Loan (7/21)

 Loan

 0.50
 %

 9.19
 %

 8/28/2028

 1,948,734

 1,873,144

 SiteOne Landscape Supply, LLC

 Term Loan (3/21)

 Loan

 0.50
 %

 7.44
 %

 3/18/2028

 1,267,378

 1,261,906

 1,267,378

 SMG US Midco 2, Inc.

 Term Loan (01/20)

 Loan

 0.00
 %

 8.07
 %

 1/23/2025

 479,702

 Smyrna Ready Mix Concrete, LLC

 Loan

 0.00
 %

 8.82
 %

 4/1/2029

 514,217

 510,811

 514,860

 Sotheby's

 Term Loan (7/21)

 Loan

 3M USD SOFR+ 4.50%

 0.50
 %

 10.08
 %

 1/15/2027

 3,191,015

 3,159,783

 3,159,903

 Sparta U.S. HoldCo LLC

 Loan

 0.75
 %

 8.69
 %

 1,960,000

 1,953,602

 1,955,453

 Specialty Pharma III Inc.

 Loan

 0.75
 %

 9.68
 %

 1,942,520

 1,857,250

 Spin Holdco, Inc.

 Term Loan 3/21

 Loan

 0.75
 %

 9.62
 %

 3/4/2028

 2,917,500

 2,907,433

 2,644,510

 SRAM, LLC

 Term Loan (05/21)

 Loan

 0.50
 %

 8.19
 %

 5/12/2028

 2,523,636

 2,521,215

 2,517,327

 STANDARD INDUSTRIES INC.

 Loan

 0.50
 %

 7.68
 %

 9/22/2028

 620,250

 616,132

 619,785

 Staples, Inc.

 Term Loan (03/19)

 Loan

 1M USD SOFR+ 5.00%

 0.00
 %

 10.44
 %

 4/16/2026

 4,296,252

 4,227,884

 4,185,881

 Star Parent, Inc.

 Loan

 0.00
 %

 9.35
 %

 9/19/2030

 1,250,000

 1,232,293

 1,233,600

 Storable, Inc

 Loan

 0.50
 %

 8.83
 %

 4/17/2028

 490,000

 489,451

 489,084

 Superannuation & Investments US LLC

 Loan

 0.50
 %

 9.19
 %

 972,893

 979,510

 Sweetwater Borrower, LLC

 Term Loan (8/21)

 Loan

 0.75
 %

 9.69
 %

 2,197,331

 2,118,286

 2,186,345

 Syncsort Incorporated

 Term Loan B (10/21)

 Loan

 0.75
 %

 9.59
 %

 4/24/2028

 2,444,975

 2,444,257

 2,421,748

 Ta TT Buyer LLC

 Term Loan 3/22

 Loan

 0.50
 %

 10.35
 %

 987,475

 979,563

 987,060

 Tenable Holdings, Inc.

 Term Loan B (6/21)

 Loan

 0.50
 %

 8.19
 %

 7/7/2028

 978,620

 977,962

 Teneo Holdings LLC

 Loan

 1.00
 %

 10.68
 %

 7/15/2025

 4,337,912

 4,305,238

 4,332,490

 Ten-X, LLC

 Term Loan 5/23

 Loan

 1M USD SOFR+ 6.00%

 0.00
 %

 11.33
 %

 5/25/2028

 1,880,000

 1,879,762

 1,809,030

 The Dun & Bradstreet Corporation

 Term Loan (01/24)

 Loan

 0.00
 %

 8.07
 %

 1/18/2029

 1,148,788

 1,146,995

 1,145,629

 S- 30

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 Thor Industries, Inc.

 Loan

 0.00
 %

 8.07
 %

 11/15/2030

 847,276

 839,124

 847,276

 Torrid LLC

 Term Loan 5/21

 Loan

 0.75
 %

 11.11
 %

 6/14/2028

 3,293,297

 2,885,799

 2,766,369

 TORY BURCH LLC

 Loan

 0.50
 %

 8.69
 %

 4/15/2028

 2,308,083

 2,173,521

 2,279,878

 Tosca Services, LLC

 Term Loan (2/21)

 Loan

 0.75
 %

 9.07
 %

 8/18/2027

 485,000

 481,026

 403,360

 Trans Union LLC

 Term Loan B7 (02/24)

 Loan

 0.50
 %

 7.33
 %

 609,032

 608,154

 608,161

 Transdigm, Inc.

 Term Loan H

 Loan

 0.00
 %

 8.60
 %

 2/22/2027

 1,973,436

 1,970,279

 1,977,580

 TRITON WATER HOLDINGS, INC.

 Term Loan (03/21)

 Loan

 0.50
 %

 8.86
 %

 1,462,504

 1,457,793

 1,435,389

 Tronox Finance LLC

 Loan

 0.00
 %

 7.94
 %

 3/10/2028

 346,923

 346,548

 345,584

 Tronox Finance LLC

 Incremental Term Loan

 Loan

 0.50
 %

 8.85
 %

 8/11/2028

 1,981,659

 1,997,500

 TruGreen Limited Partnership

 Loan

 0.75
 %

 9.43
 %

 10/29/2027

 944,761

 940,433

 912,034

 Uber Technologies, Inc.

 Term Loan 2/23

 Loan

 0.00
 %

 8.13
 %

 3/3/2030

 395,438

 394,559

 396,284

 Ultra Clean Holdings, Inc.

 Incremental Term Loan 3/21

 Loan

 0.00
 %

 9.19
 %

 8/27/2025

 763,480

 761,941

 764,755

 Unimin Corporation

 Term Loan (12/20)

 Loan

 1.00
 %

 9.59
 %

 7/31/2026

 496,815

 481,603

 494,207

 United Natural Foods, Inc

 Loan

 0.00
 %

 8.69
 %

 10/22/2025

 1,241,834

 1,218,443

 1,239,922

 Univision Communications Inc.

 Term Loan B (6/21)

 Loan

 0.75
 %

 8.69
 %

 3/15/2026

 2,421,809

 2,418,336

 2,418,031

 Univision Communications Inc.

 Term Loan B (6/22)

 Loan

 0.50
 %

 9.60
 %

 6/25/2029

 246,250

 240,243

 246,250

 Utz Quality Foods, LLC

 Loan

 0.00
 %

 8.44
 %

 1/20/2028

 1,478,977

 1,478,749

 1,478,252

 Vaco Holdings, LLC

 Term Loan (01/22)

 Loan

 6M USD SOFR+ 5.00%

 0.75
 %

 10.43
 %

 1/19/2029

 2,318,552

 2,260,590

 2,287,251

 Vericast Corp. (c)

 Loan

 3M USD SOFR+ 7.75%

 0.00
 %

 13.36
 %

 6/16/2026

 1,208,512

 1,207,739

 1,111,831

 Verifone Systems, Inc.

 Term Loan (7/18)

 Loan

 0.00
 %

 9.59
 %

 8/20/2025

 1,353,744

 1,351,272

 1,170,988

 Vertex Aerospace Services Corp

 Loan

 0.75
 %

 8.68
 %

 12/6/2028

 982,538

 979,566

 982,459

 VFH Parent LLC

 Term Loan (01/22)

 Loan

 0.50
 %

 8.43
 %

 1/12/2029

 2,975,130

 2,970,557

 2,970,667

 Viasat Inc

 Term Loan (2/22)

 Loan

 0.50
 %

 9.83
 %

 3/5/2029

 2,967,381

 2,908,179

 2,909,903

 Virtus Investment Partners, Inc.

 Term Loan B (9/21)

 Loan

 0.00
 %

 7.69
 %

 9/28/2028

 2,823,409

 2,817,201

 2,819,880

 Vistra Operations Company LLC

 2018 Incremental Term Loan

 Loan

 0.00
 %

 7.33
 %

 12/20/2030

 1,889,393

 1,880,083

 1,880,135

 Vizient, Inc

 Term Loan 4/22

 Loan

 0.50
 %

 7.68
 %

 5/16/2029

 492,500

 488,534

 492,731

 S- 31

 Asset

 Name

 Asset
 Type

 Floor

 Rate

 Date

 Cost

 VM Consolidated, Inc.

 Loan

 0.00
 %

 8.08
 %

 3/24/2028

 1,841,374

 1,840,186

 1,843,676

 Vouvray US Finance LLC

 Loan

 1M USD SOFR+ 6.00%

 1.00
 %

 11.33
 %

 9/30/2025

 466,250

 466,250

 472,078

 Walker & Dunlop, Inc.

 Term Loan B (12/22)

 Loan

 0.50
 %

 8.43
 %

 487,839

 495,009

 Warner Music Group Corp. (WMG Acquisition Corp.)

 First Lien TL I (01/24)

 Loan

 0.00
 %

 7.33
 %

 1/24/2031

 1,250,000

 1,249,906

 1,247,463

 Watlow Electric Manufacturing Company

 Loan

 0.50
 %

 9.33
 %

 2,831,632

 2,822,010

 2,826,337

 WeddingWire, Inc.

 Term Loan (09/23)

 Loan

 0.00
 %

 9.82
 %

 1/29/2028

 4,808,923

 4,806,669

 4,784,879

 WEX Inc.

 Loan

 0.00
 %

 7.33
 %

 2,924,849

 2,918,448

 2,919,379

 WildBrain Ltd.

 Loan

 0.75
 %

 9.69
 %

 3/27/2028

 3,005,025

 2,952,048

 2,899,849

 Windsor Holdings III, LLC

 Loan

 0.00
 %

 9.82
 %

 8/1/2030

 500,390

 Wyndham Hotels & Resorts, Inc.

 Term Loan 5/23

 Loan

 0.00
 %

 7.68
 %

 5/24/2030

 995,000

 990,380

 996,124

 Xperi Corporation

 Loan

 0.00
 %

 8.94
 %

 6/8/2028

 1,983,094

 1,979,717

 1,977,303

 Zayo Group, LLC

 Term Loan 4/22

 Loan

 0.50
 %

 9.65
 %

 3/9/2027

 982,500

 965,514

 884,555

 ZEBRA BUYER (Allspring) LLC

 Term Loan 4/21

 Loan

 0.50
 %

 8.89
 %

 1,866,509

 1,857,862

 1,862,142

 Zekelman Industries, Inc.

 Term Loan (01/20)

 Loan

 0.00
 %

 7.44
 %

 1/25/2027

 954,029

 954,029

 953,733

 Zest Acquisition Corp.

 Term Loan (1/23)

 Loan

 0.00
 %

 10.83
 %

 2/8/2028

 1,980,000

 1,897,656

 1,940,400

 Zodiac Pool Solutions

 Term Loan (1/22)

 Loan

 1M USD SOFR+ 1.93%

 0.50
 %

 7.35
 %

 1/29/2029

 490,000

 489,237

 488,772

 TOTAL INVESTMENTS

 $
 630,995,710

 $
 607,551,774

 Cost

 U.S. Bank Money Market (a)

 $

 $

 Total cash and cash equivalents

 $

 $

 (a)
 Included within cash and cash equivalents in Saratoga CLO's
Statements of Assets and Liabilities as of February 29, 2024.

 (b)
 As of February 29, 2024, the investment was in default and
on non-accrual status.

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

 LIBOR - London Interbank Offered Rate

 SOFR - Secured Overnight Financing Rate

 1M USD LIBOR - The 1-month USD LIBOR rate as of February 29, 2024
was 5.44%.

 3M USD LIBOR - The 3-month USD LIBOR rate as of February 29, 2024
was 5.60%.

 1M SOFR - The 1-month SOFR rate as of February 29, 2024 was 5.32%.

 3M SOFR - The 3-month SOFR rate as of February 29, 2024 was 5.33%.

 6M SOFR - The 6-month SOFR rate as of February 29, 2024 was 5.27%.

 Prime - The Prime Rate as of February 29, 2024 was 8.50%.

 See accompanying notes to financial statements.

 S- 32

 SARATOGA INVESTMENT CORP. CLO 2013-1, LTD.

 NOTES TO FINANCIAL STATEMENTS

 1. Organization and Purpose

 Saratoga Investment Corp. CLO 2013-1, Ltd. (the
"Issuer", "we", "our", "us", "CLO" or "Saratoga CLO"), an exempted
company with limited liability incorporated under the laws of the Cayman Islands was formed on November 28, 2007 and commenced operations
on January 22, 2008. The Issuer was established to acquire or participate in U.S. dollar-denominated corporate debt obligations. The "Company"
refers to Saratoga Investment Corp.

 On January 22, 2008, the Issuer issued $400.0
million of notes, consisting of Class A Floating Rate Senior Notes, Class B Floating Rate Senior Notes, Class C Deferrable Floating Rate
Notes, Class D Deferrable Floating Rate Notes, Class E Deferrable Floating Rate Notes (collectively the "Secured Notes"),
and Subordinated Notes. The notes were issued pursuant to an indenture, dated January 22, 2008 (the "Indenture"), with U.S.
Bank National Association (the "Trustee") servicing as the Trustee thereunder.

 On October 17, 2013, in a refinancing transaction,
the Issuer issued $284.9 million of notes (the "2013-1 CLO Notes"), consisting of Class X Floating Rate Senior Notes, Class
A-1 Floating Rate Senior Notes, Class A-2 Floating Rate Senior Notes, Class B Floating Rate Senior Notes, Class C Deferrable Floating
Rate Notes, Class D Deferrable Floating Rate Notes, Class E Deferrable Floating Rate Notes, and Class F Deferrable Floating Rate Notes.
The 2013-1 CLO Notes were issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 CLO Notes were
used, along with existing assets held by the Trustee, to redeem all of the Secured Notes issued in 2008.

 On November 15, 2016, in a refinancing transaction,
the Issuer issued $282.4 million of notes (the "2013-1 Amended CLO Notes"), consisting of Class A-1 Floating Rate Senior Notes,
Class A-2 Floating Rate Senior Notes, Class B Floating Rate Senior Notes, Class C Deferrable Floating Rate Notes, Class D Deferrable Floating
Rate Notes, Class E Deferrable Floating Rate Notes, and Class F Deferrable Floating Rate Notes. The 2013-1 Amended CLO Notes were issued
pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 Amended CLO Notes were used, along with existing
assets held by the Trustee, to redeem all of the 2013-1 CLO Notes issued in 2013.

 On December 14, 2018, in a refinancing transaction,
the Issuer issued $509.5 million of notes (the "2013-1 Reset CLO Notes"), consisting of Class A-1FL-R-2 Floating Rate Senior
Notes, Class A-1FXD-R-2 Fixed Rate Senior Notes, Class A-2-R-2 Floating Rate Senior Notes, Class B-R-2 Floating Rate Senior Notes, Class
C-R-2 Deferrable Mezzanine Floating Rate Notes, Class D-R-2 Deferrable Mezzanine Floating Rate Notes, Class E-1-R-2 Deferrable Mezzanine
Floating Rate Notes, Class F-R-2 Deferrable Junior Floating Rate Notes, Class G-R-2 Deferrable Junior Floating Rate Notes, and Subordinated
Notes. The 2013-1 Reset CLO Notes were issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1
Reset CLO Notes were used along with existing assets held by the Trustee to redeem all of the Secured Notes issued in 2016.

 On February 26, 2021, in a refinancing transaction,
the Issuer issued $722.0 million of notes (the "2013-1 2021 Reset CLO Notes") consisting of Class A-1-R-3 Senior Secured Floating
Rate Notes ("Class A-1-R-3 Notes"), Class A-2-R-3 Senior Secured Floating Rate Notes ("Class A-2-R-3 Notes"),
Class B-FL-R-3 Senior Secured Floating Rate Notes ("Class B-FL-R-3 Notes"), Class B-FXD-R-3 Senior Secured Fixed Rate Notes
("Class B-FXD-R-3 Notes"), Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes ("Class C-FL-R-3 Notes"), Class
C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes ("Class C-FXD-R-3 Notes"), Class D-R-3 Deferrable Mezzanine Floating Rate
Notes ("Class D-R-3 Notes"), Class E-R-3 Deferrable Mezzanine Floating Rate Notes (Class E-R-3 Notes"), Class F-R-3
Deferrable Junior Floating Rate Notes (Class F-R-3 Notes"), and Subordinated Notes. The Class D-R-3 Notes, Class E-R-c Notes and
Subordinated Notes were issued at a discount, which is being amortized over the term of the notes. Proceeds net of issue discounts were
used along with existing trust assets to redeem all of the rated note classes of the 2013-1 Reset CLO Notes. $69.5 million of Subordinated
Notes issued in connection with the 2008 CLO Notes, 2013-1 CLO Notes, 2013-1 Amended CLO Notes and 2013-1 Reset CLO Notes were not redeemed
and remained outstanding.

 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 as a non-cash transaction.
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 (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 Company
paid $0.5 million of transaction costs related to the refinancing. As of February 28, 2025 $86.8 million of the 2013-1 2024 Reset CLO
Notes were repaid. The balance of the 2013-1 2024 Reset CLO Notes as of February 28, 2025 is $270.7 million.

 The relative order of seniority of payment of
each class of securities is as follows: first, Class A-1-R- 4 Notes, second, Class A-2-R-4 Notes, third Class B-FL-R-3 Notes, fourth,
Class B-FXD-R-3 Notes, fifth, Class C-FL-R-3 Notes, sixth, Class C-FXD-R-3 Notes, seventh, Class D-R-3 Notes, eighth, Class E-R-3 Notes,
ninth, Class F-1-R-3 Notes, Class F-2-R-3 Notes, and tenth the Subordinated Notes, with (a) each class of securities (other than the Subordinated
Notes) in such list being senior to each other class of securities that follows such class of securities in such list and (b) each class
of securities in such list being subordinate to each other class of securities that precedes such class of securities in such list. Each
outstanding class of notes issued is entitled to periodic payments from interest proceeds available in accordance with the Priority of
Payments. Each outstanding class of notes other than the Subordinated Notes are limited recourse obligations of the Issuer. The Subordinated
Notes are unsecured limited recourse debt obligations of the Issuer.

 Pursuant to an investment management agreement
(the "Investment Management Agreement"), Saratoga Investment Corp. (the "Investment Manager"), provides investment
management services to the Issuer, and makes day-to-day investment decisions concerning the assets of the Issuer. The Investment Manager
also performs certain administrative services on behalf of the Issuer under the Investment Management Agreement. The CLO is both managed
by and a wholly owned subsidiary of Saratoga Investment Corp.

 S- 33

 2. Significant Accounting Policies

 Basis of Presentation

 The accompanying financial statements have been
prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and are stated in U.S. dollars. The
following is a summary of the significant accounting policies followed by the Issuer in the preparation of its financial statements.

 The Issuer is considered to be an investment company
for financial reporting purposes and has applied the guidance in accordance with the Financial Accounting Standards Board ("FASB")
Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies. There has been
no change to the Issuer's status as an investment company during the year ended February 28, 2025.

 Use of Estimates

 The preparation of the financial statements in
conformity with U.S. GAAP requires the Investment Manager to make estimates and assumptions that affect the amounts of assets and liabilities
reported and disclosed at the date of the financial statements, including the fair value of investments, and the amounts of income and
expenses during the reporting period. Actual results could differ from these estimates and such differences could be material.

 Cash and Cash Equivalents

 The Issuer defines cash and cash equivalents as
highly-liquid financial instruments with original maturities of three months or less. Cash and cash equivalents may include investments
in money market mutual funds, which are carried at fair value. At February 28, 2025 and February 29, 2024, cash and cash equivalents amounted
to $21.3 million and $12.1 million, respectively, and are swept on an overnight basis into a U.S. Bank money market deposit account held
at the Trustee.

 Valuation of Investments

 The Issuer 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 Issuer to assume that its investments are to be sold
at the statement of assets and liabilities 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 Investment Manager to approve a fair value determination to reflect significant events affecting the value of these
investments. The Investment Manager values investments for which market quotations are not readily available at fair value. Determinations
of fair value may involve significant judgments and estimates. The types of factors that may be considered in determining the fair value
of investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments, market
yield trend analysis, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash
flow and other relevant factors.

 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. Our net asset value could be materially affected if the determinations regarding the fair value of our investments
were materially higher or lower than the values that are ultimately realized upon the disposal of such investments.

 S- 34

 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. Discounts and premiums on investments purchased
are accreted/amortized over the life of the respective investment using the effective yield method. The amortized cost of investments
represents the original cost adjusted for the accretion of discounts and amortizations of premium on investments.

 Loans are generally placed on non-accrual status
when there is reasonable doubt that principal or interest will be collected. The Issuer stops accruing interest on its investments when
it is determined that interest is no longer collectible, with all outstanding accrued interest reserved immediately. Interest payments
received on non-accrual loans may be recognized as a reduction in principal depending upon the Investment Manager's judgment regarding
collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management's
judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value
and is in the process of collection. The Issuer elected not to measure an allowance for credit losses for accrued interest receivables.
At February 28, 2025 and February 29, 2024, we had eight and two investments that were on non-accrual status, which we established a reserve
of $1.1 million and $0.6 million, respectively, against interest receivable related to portfolio companies that were on non-accrual status
and will be written off in a timely manner.

 Payment-in-Kind Interest

 The Issuer holds debt 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 the accrual basis to the extent such amounts
are expected to be collected. We stop accruing PIK interest if we do not expect the issuer to be able to pay all principal and interest
when due. For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, we recorded $1.0 million, $0.3 million and $0.2,
respectively, in PIK interest.

 Deferred Debt Financing Costs, net

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

 As of February 29, 2020, included in deferred
debt financing costs of $2.3 million, are structuring fees of the investment bank, rating agency and legal fees, and other various closing
costs associated with the issuance of the 2013-1 Reset CLO Notes on December 14, 2018. Such costs have been capitalized and amortized
using an effective yield method, as appropriate, over the life of the related notes.

 New debt financing costs of $2.3 million were
incurred with the issuance of the 2013-1 2021 Reset CLO Notes on February 26, 2021. These costs consist of structuring fees of the investment
bank, rating agency and legal fees, and other various closing costs. Of that amount, $1.8 million has been capitalized and amortized using
an effective yield method, as appropriate, over the life of the related notes.

 Management Fees

 The Issuer is externally managed by the Investment
Manager pursuant to the Investment Management Agreement. As compensation for the performance of its obligations under the Investment Management
Agreement, the Investment Manager is entitled to receive from the Issuer a base management fee (the "Base Management Fee"),
a subordinated management fee (the "Subordinated Management Fee") and an incentive management fee (the "Incentive Management
Fee"). The Base Management Fee is payable in arrears quarterly (subject to availability of funds and to the satisfaction of payment
obligations on the debt obligations of the Issuer (the "Priority of Payments")) and prior to the second refinancing and the
issuance of the 2013-1 Amended CLO Notes, was payable in an amount equal to 0.25% per annum of the fee basis amount at the beginning of
the Collection Period. The Subordinated Management Fee is payable in arrears quarterly (subject to availability of funds and to the Priority
of Payments) and prior to the second refinancing and the issuance of the 2013-1 Amended CLO Notes, was payable in an amount equal to 0.25%
per annum of the fee basis amount at the beginning of the Collection Period. Subsequent to the second refinancing and the issuance of
the 2013-1 Amended CLO Notes, the Base Management Fee was changed to be payable in an amount equal to 0.10% per annum of the fee basis
amount at the beginning of the Collection Period, and the Subordinated Management Fees was changed to be payable in an amount equal to
0.40% per annum of the fee basis amount at the beginning of the Collection Period. This remained unchanged during the third refinancing
and the issuance of the 2013-1 Reset CLO Notes, the fourth refinancing and issuance of the 2013-1 2021 Reset CLO Notes, and the fifth
refinancing and issuance of the 2013-1 2024 Reset CLO Notes.

 Prior to the third refinancing of the CLO, the
Incentive Management Fee equaled 20.0% of the remaining interest proceeds and principal proceeds, if any, after the Subordinated Notes
have realized the Incentive Management Fee target return of 12.0%, in accordance with the Priority of Payments after making the prior
distributions on the relevant payment date. The Investment Manager is no longer eligible to receive the Incentive Management Fee following
the third refinancing of the CLO on December 14, 2018.

 S- 35

 Expenses

 The Issuer bears its own organizational and offering
expenses, all expenses related to its investment program and expenses incurred in connection with its operations including, but not limited
to, external legal, administrative, trustee, accounting, tax and audit expenses, costs related to trading, acquiring, monitoring or disposing
of investments of the Issuer, and interest and other borrowing expenses, expenses of preparing and distributing reports, financial statements,
and litigation or other extraordinary expenses. The Issuer has retained the Trustee to provide trustee services. Additionally, the Trustee
performs loan administration, debt covenant compliance calculations, and monitoring and reporting services. For the years ended February
28, 2025, February 29, 2024 and February 28, 2023, the Issuer paid $0.2 million, $0.3 million and $0.3 million, respectively, for trustee
services provided and is included on the statements of operations.

 Interest Expense

 The Issuer has issued rated and unrated notes
to finance its operations. Interest on debt is calculated by the Trustee for the Issuer. Interest is accrued and generally paid quarterly.
For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, $7.1 million, $6.9 million and $4.9 million of payments
to the Subordinated Notes were included in interest and debt financing expenses on the statements of operations, respectively. For the
years ended February 28, 2025, February 29, 2024 and February 28, 2023, $4.6 million, $4.4 million and $4.4 million, respectively, in
discount amortization related to the Subordinated Notes is also included in interest and debt financing expenses on the Issuer's
statements of operations and statements of cash flows.

 Risk Management

 In the ordinary course of its business, the Issuer
manages a variety of risks, including market risk 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 Issuer 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.

 The Issuer 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.

 New Accounting Pronouncements

 In December 2023, the FASB issued ASU 2023-09, Improvements
to Income Tax Disclosures. The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09
is effective for years beginning after December 15, 2024. Early adoption is permitted; however, the Company has not elected to early adopt
this provision as of the date of the financial statements contained in this report. The Company is still assessing the impact of the new
guidance; however, the Company does not expect this to have a material impact on the consolidated financial statements and the notes thereto.

 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.

 S- 36

 3. 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, 2025, 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

 -

 737,538

 946,891

 1,684,429

 Total

 $
 -

 $
 452,044,711

 $
 40,150,378

 $
 492,195,089

 The following table presents fair value measurements of investments,
by major class, as of February 29, 2024, according to the fair value hierarchy:

 Fair Value Measurements

 Level 1

 Level 2

 Level 3

 Total

 Term loans

 $
 -

 $
 544,194,304

 $
 62,336,885

 $
 606,531,189

 -

 44,587

 975,998

 1,020,585

 Total

 $
 -

 $
 544,238,891

 $
 63,312,883

 $
 607,551,774

 Transfers into or out of Level 1, 2 or 3 are recognized at the reporting
date.

 S- 37

 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:

 Term
 Loans

 Interests

 Total

 Balance as of February 29, 2024

 $

 62,336,885

 $

 975,998

 $

 63,312,883

 397,312

 -

 397,312

 171,413

 -

 171,413

 Net change in unrealized (depreciation) on investments

 (4,005,521

)

 (112,468

)

 (4,117,989

)

 1,968,010

 258,361

 2,226,371

 Sales and repayments

 (21,318,573

)

 -

 (21,318,573

)

 Net realized gain from investments

 100,607

 -

 100,607

 Transfers in (1)

 16,568,136

 -

 16,568,136

 Transfers out (2)

 (17,014,782

)

 (175,000

)

 (17,189,782

)

 Balance as of February 28, 2025

 $

 39,203,487

 $

 946,891

 $

 40,150,378

 Net change in unrealized depreciation for the year relating to those Level 3 assets that were still held by the Issuer at the end of the year

 $

 (3,716,582

)

 $

 (786,456

)

 $

 (4,503,038

)

 (1)
 The Issuer's investment in Level 3 investments were
classified as such during the year ended February 28, 2025, as market quotes for these investments are only provided by one trading desk.

 (2)
 The Issuer's investment in Level 2 investments were
classified as such during the year ended February 28, 2025, as the number of observable market quotes for these investments increased.

 The following table provides a reconciliation of the beginning
and ending balances for investments that use Level 3 inputs for the year ended February 29, 2024:

 Term

Loans

 Interests

 Total

 Balance as of February 28, 2023

 $
 64,461,958

 $
 -

 $
 64,461,958

 -

 -

 -

 76,065

 -

 76,065

 851,630

 (673,988
)

 177,642

 16,586,078

 1,649,986

 18,236,064

 Sales and repayments

 (8,762,524
)

 -

 (8,762,524
)

 Net realized loss from investments

 (361,041
)

 -

 (361,041
)

 Transfers in (1)

 29,342,250

 -

 29,342,250

 Transfers out (2)

 (39,857,531
)

 -

 (39,857,531
)

 Balance as of February 29, 2024

 $
 62,336,885

 $
 975,998

 $
 63,312,883

 Net change in unrealized depreciation for the year relating to those Level 3 assets that were still held by the Issuer at the end of the year

 $
 (145,844
)

 $
 (673,988
)

 $
 (819,832
)

 (1)
 The Issuer's investment in Level 3 investments were classified
as such during the year ended February 29, 2024, as market quotes for these investments are only provided by one trading desk.

 (2)
 The Issuer's investment in Level 2 investments were classified
as such during the year ended February 29, 2024, as the number of observable market quotes for these investments increased.

 Purchases 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.

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

 S- 38

 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, 2025 were as follows:

 Valuation Technique

 Unobservable

Inputs

 Range (Weighted Average)

 Term loans

 $

 39,203,487

 Market Approach

 Third-Party Bid

 2.5% - 101.4% (97.89%)

 946,891

 Market Approach

 Third-Party Bid

 0.4% - 100.0 % (13.7%)

 Total

 $

 40,150,378

 The valuation techniques and significant unobservable inputs used in
recurring Level 3 fair value measurements of assets as of February 29, 2024 were as follows:

 Valuation Technique

 Unobservable

Inputs

 Range (Weighted Average)

 Term loans

 $

 62,336,885

 Market Approach

 Third-Party Bid

 67.5% - 101.25% (96.49%)

 975,998

 Market Approach

 Third-Party Bid

 9.75% - 19.24% (15.78%)

 Total

 $

 63,312,883

 4. Financing

 On January 22, 2008, the Issuer issued $400.0 million
of notes, consisting of Class A Floating Rate Senior Notes, Class B Floating Rate Senior Notes, Class C Deferrable Floating
Rate Notes, Class D Deferrable Floating Rate Notes, Class E Deferrable Floating Rate Notes (collectively the "Secured
Notes"), and Subordinated Notes. The notes were issued pursuant to the Indenture. Refer to Note 1 which details certain refinancing
transactions which occurred from the January 22, 2008 initial note issuance through the most recent June 10, 2024 refinancing.

 S- 39

 The table below sets forth certain information
for each outstanding class of notes issued, pursuant to the loan agreements and Indenture at February 28, 2025:

 Description

 Interest Rate

 Principal

 Outstanding

 Weighted

 Average
 Interest

 Rate

 Class A-1-R-4 Senior Secured Floating Rate Notes

 3M SOFR + 1.30%

 $
 357,500,000

 $
 270,719,300

 6.82
 %

 Class A-2-R-4 Senior Secured Floating Rate Notes

 3M SOFR + 1.76%

 7.05
 %

 3M SOFR* + 1.80%

 7.19
 %

 2.54%

 2.60
 %

 3M SOFR* + 2.40%

 7.78
 %

 3.31%

 3.39
 %

 3M SOFR* + 4.00%

 9.34
 %

 3M SOFR* + 7.50%

 12.75
 %

 3M SOFR* + 10.00%

 15.19
 %

 3M SOFR* + 10.00%

 15.19
 %

 N/A

 N/A

 $
 722,000,000

 $
 635,219,300

 *
 Includes a credit spread adjustment of 0.26161%.

 The table below sets forth certain information
for each outstanding class of notes issued, pursuant to the loan agreements and Indenture at February 29, 2024:

 Description

 Interest Rate

 Principal

 Outstanding

 Weighted

 Average
 Interest

 Rate

 Class A-1-R-3 Senior Secured Floating Rate Notes

 3M SOFR* + 1.32%

 $
 357,500,000

 $
 357,500,000

 6.82
 %

 Class A-2-R-3 Senior Secured Floating Rate Notes

 3M SOFR* + 1.65%

 7.05
 %

 3M SOFR* + 1.80%

 7.19
 %

 2.54%

 2.60
 %

 3M SOFR* + 2.40%

 7.78
 %

 3.31%

 3.39
 %

 3M SOFR* + 4.00%

 9.34
 %

 3M SOFR* + 7.50%

 12.75
 %

 3M SOFR* + 10.00%

 15.19
 %

 3M SOFR* + 10.00%

 15.19
 %

 N/A

 N/A

 $
 722,000,000

 $
 722,000,000

 *
 Includes a credit spread adjustment of 0.26161%.

 S- 40

 The following table shows the fair value of the Issuer's debt outstanding
as of February 28, 2025(a):

 Debt Security

 2025

 Class A-1-R-4 Senior Secured Floating Rate Notes

 $
 270,661,814

 Class A-2-R-4 Senior Secured Floating Rate Notes

 65,075,827

 60,671,957

 11,002,481

 26,073,286

 6,502,124

 39,107,286

 27,696,227

 5,261,097

 2,280,938

 240,578

 $
 514,573,615

 The following table shows the fair value of the
Issuer's debt outstanding February 29, 2024(a):

 Debt Security

 2024

 Class A-1-R-3 Senior Secured Floating Rate Notes

 $
 359,983,909

 Class A-2-R-3 Senior Secured Floating Rate Notes

 65,676,594

 61,141,020

 11,006,154

 26,295,629

 6,505,936

 39,532,812

 28,169,374

 8,564,667

 8,875,227

 9,500,627

 $
 625,251,949

 (a)
 These notes are fair valued based on a discounted cash flow
model, specifically using Intex cash flow models, to form the basis for the valuation and would be classified as Level 3 liabilities
within the fair value hierarchy.

 The Indenture provides that payments on the Subordinated
Notes shall rank subordinate in priority of payment to payments due on all classes of 2013-1 2021 Reset CLO Notes and subordinate in priority
of payment to the payment of fees and expenses. Distributions on the Subordinated Notes are limited to the assets of the Issuer remaining
after payment of all of the liabilities of the Issuer that rank senior in priority of payment to the Subordinated Notes. To the extent
that the proceeds from the collateral are not sufficient to make distributions on the Subordinated Notes the Issuer will have no further
obligation in respect of the Subordinated Notes.

 Interest proceeds and, after the 2013-1 2021 and
2013-1 2024 Reset CLO Notes have been paid in full, principal proceeds in each case will be distributed to the holders of the Subordinated
Notes in accordance with the Indenture.

 Distributions, if any, on the Subordinated Notes
will be payable quarterly on the 20th day of each January, April, July and October of each calendar year or, if any such day is not a
business day, on the next succeeding business day (each, a "Payment Date"), commencing on the first Payment Date, and on April
20, 2033 (or if any such day is not a business day, the next succeeding business day) (the "Stated Redemption Date") (if not
redeemed prior to such date) sequentially in order of seniority. At the Stated Redemption Date, the Subordinated Notes will be redeemed
after payment in full of all of the 2013-1 2021 Reset CLO Notes and the payment of all administrative and other fees and expenses. The
failure to pay interest proceeds or principal proceeds to the holders of the Subordinated Notes will not be an event of default under
the Indenture.

 As of February 28, 2025, the remaining unamortized discount on Class
A-1-R-4 Notes, Class A-2-R-4 Notes, Class B-FL-R-3 Notes, Class B-FXD-R-3 Notes, Class C-FL-R-3 Notes, Class C-FXD-R-3 Notes, Class D-R-3
Notes, Class E-R-3 Notes, Class F-1-R-3 Notes and F-2-R-3 were $0.0 million, $0.0 million, $0.0 million, $0.0 million, $0.0 million, $0.0
million, $0.2 million, $2.0 million, $0.0 million and $0.0 million, respectively.

 As of February 29, 2024, the remaining unamortized
discount on Class A-1-R-3 Notes, Class A-2-R- 3 Notes, Class B-FL-R-3 Notes, Class B-FXD-R-3 Notes, Class C-FL-R-3 Notes, Class C-FXD-R-3
Notes, Class D-R-3 Notes, Class E-R-3 Notes, Class F-1-R-3 Notes and F-2-R-3 were $0.0 million, $0.0 million, $0.0 million, $0.0 million,
$0.0 million, $0.0 million, $0.2 million, $2.3 million, $0.0 million and $0.0 million, respectively.

 As of February 28, 2025 and February 29, 2024,
remaining capitalized financing costs of $1.2 million and $1.7 million, respectively, related to the 2013-1 2021 and 2013-1 2024 Reset
CLO Notes are being amortized over the term of the 2013-1 2021 and 2013-1 2024 Reset CLO Notes.

 S- 41

 5. Income Tax

 Under the current laws, the Issuer is not subject
to net income taxation in the United States or the Cayman Islands. Accordingly, no provision for income taxes has been made in the accompanying
financial statements.

 Pursuant to ASC Topic 740, Accounting for Uncertainty
in Income Taxes, the Issuer adopted the provisions of the FASB relating to accounting for uncertainty in income taxes which clarifies
the accounting for income taxes by prescribing the minimum recognition threshold a tax position must meet before being recognized in the
financial statements and applies to all open tax years as of the effective date. The Investment Manager has analyzed such tax positions
for uncertain tax positions for tax years that may be open (2021—2024). The Issuer identifies its major tax jurisdictions
as U.S. Federal, state and foreign jurisdictions where the Issuer makes investments. As of February 28, 2025 and February 29, 2024, there
was no impact to the financial statements as a result of the Issuer's accounting for uncertainty in income taxes. The Issuer does
not have any unrecognized tax benefits or liabilities for the years ended February 28, 2025, February 29, 2024 and February 28, 2023.
Also, the Issuer recognizes interest and, if applicable, penalties for any uncertain tax positions, as a component of income tax expense.
No interest or penalty expense was recorded by the Issuer for the years ended February 28, 2025, February 29, 2024 and February 28, 2023.

 6. Commitments and Contingencies

 In the ordinary course of its business, the Issuer
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 Issuer. Based on its history and experience, the Investment Manager feels that the likelihood of such
an event is remote. Therefore, the Issuer has not accrued any liabilities in connection with such indemnifications.

 In the ordinary course of business, the Issuer
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 Issuer. As of February
28, 2025 and February 29, 2024, the Issuer is not subject to any material legal proceedings. Therefore, the Issuer has not accrued any
liabilities in connection with such indemnifications.

 The terms of Collateralized Debt Investments may
require the Issuer to provide funding for any unfunded portion of a Collateralized Debt Investment at the request of the borrower. At
February 28, 2025 and February 29, 2024, the Issuer had $0.3 million and $0.0 million of unfunded commitments outstanding, respectively.

 7. Related Party Transactions

 In the ordinary course of business and as permitted
per the terms of the Indenture, the Issuer may acquire or sell investments to or from related parties at the fair value at such time.
For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, the Issuer neither bought nor sold investments from related
parties.

 The Subordinated Notes are wholly owned by the
Investment Manager. The Subordinated Notes do not have a stated coupon rate but are entitled to residual cash flows from the CLO's
investments after all of the other tranches of debt and certain other fees and expenses are paid. For the years ended February 28, 2025,
February 29, 2024 and February 28, 2023, $7.1 million, $6.9 million and $4.9 million of payments to the Subordinated Notes were included
in interest and debt financing expenses in the statements of operations, respectively. For the years ended February 28, 2025, February
29, 2024 and February 28, 2023, $5.2 million, $4.4 million and $4.4 million, respectively, in discount amortization related to the Subordinated
Notes is also included in interest and debt financing expenses on the Issuer's statements of operations and statements of cash flows.

 The Investment Manager holds aggregate principal
amounts of $9.4 million in Class F-2-R-3 Notes of the CLO tranches with a coupon of SOFR plus 10.00% at February 28, 2025 and February
29, 2024. For the years ended February 28, 2025, February 29, 2024 and February 28, 2023, payments for the Class F-2-R-3 Notes totaling
$1.5 million, $1.5 million and $1.2 million, respectively, are included in interest and debt financing expenses in the Issuer's
statements of operations. Expenses relating to the refinancing were paid for by the Company on behalf of Saratoga CLO and are included
in due to affiliate on the statements of assets and liabilities at February 28, 2021 and were subsequently repaid during fiscal year 2022.

 In addition, as of February 28, 2025 and
February 29, 2024, $0.001 million and $0.01 million, respectively, is included in due from affiliate are amounts reimbursable to
Saratoga CLO for shared operating expenses with a related party.

 8. Shareholders' Capital

 Capital contributions and distributions shall
be made at such time and in such amounts as determined by the Investment Manager and the Indenture.

 The majority holder of the Subordinated Notes
has various control rights over the CLO, including the ability to call the CLO prior to its legal maturity, replace the Investment Manager
under certain circumstances, and refinance any of the outstanding debt tranches. The voting structure of the Subordinated Notes may require
either majority or unanimous approval depending upon the issue.

 The authorized share capital of the Issuer consists
of 50,000 ordinary shares, 250 of which are owned by Maples Finance Limited and are held under the terms of a declaration of trust.

 S- 42

 As of February 28, 2025 and February 29, 2024,
net assets (deficit) were $(86.7) million and $(71.5) million, respectively. These amounts include accumulated losses of $86.7 million
and $71.5 million, respectively, which include cumulative net investment income or loss, cumulative amounts of gains and losses realized
from investment transactions, net unrealized appreciation or depreciation of investments, as well as the cumulative effect of accounting
mismatches between investments accounted for at fair value and amortized cost or accrual-basis assets and liabilities as discussed in
Significant Accounting Policies, above. The Issuer's investments continue to generate sufficient liquidity to satisfy its obligations
on periodic payment dates as well as comply with all performance criteria as of the statements of assets and liabilities date.

 The
Issuer adopted of Rule 3-04/Rule 8-03(a)(5) under Regulation S-X. Pursuant to the regulation, the Issuer has presented a reconciliation
of the changes in each significant caption of stockholders' equity for each of the three fiscal years ended February 28, 2025,
February 29, 2024 and February 28, 2023, as shown in the tables below:

 For
 the Year Ended February 28, 2025

 Total

 in
 Excess

 Net
 Assets

 Common
 Stock

 of
 Par Value

 Earnings (Loss)

 (Deficit)

 at February 29, 2024

 $

 $
 -

 $
 (71,478,243
)

 $
)

 Net

 -

 -

 -

 725,015

 725,015

 Net

 -

 -

 -

 (4,398,529
)

 (4,398,529
)

 Net
change in unrealized appreciation on investments

 -

 -

 -

 2,942,951

 2,942,951

 at May 31, 2024

 -

 (72,208,806
)

 (72,208,556
)

 Net

 -

 -

 -

 355,850

 355,850

 Net

 -

 -

 -

 (2,795,356
)

 (2,795,356
)

 Net

 -

 -

 -

 (3,662,317
)

 (3,662,317
)

 Realized
losses on extinguishment of debt

 -

 -

 -

 (579,213
)

 (579,213
)

 at August 31, 2024

 -

 (78,889,842
)

 (78,889,592
)

 Net
investment loss

 -

 -

 -

 (636,840
)

 (636,840
)

 Net

 -

 -

 -

 (1,278,236
)

 (1,278,236
)

 Net

 -

 -

 -

 (1,626,867
)

 (1,626,867
)

 at November 30, 2024

 -

 (82,431,785
)

 (82,431,535
)

 Net
investment loss

 -

 -

 -

 (1,080,992
)

 (1,080,992
)

 Net

 -

 -

 -

 (791,603
)

 (791,603
)

 Net

 -

 -

 -

 (2,350,545
)

 (2,350,545
)

 at February 28, 2025

 $

 $
 -

 $
 (86,654,925
)

 $
 (86,654,675
)

 S- 43

 For
 the Year Ended February 29, 2024

 Total

 Common
 Stock

 in
 Excess

 Net
 Assets

 of
 Par Value

 Earnings (Loss)

 (Deficit)

 at February 28, 2023

 $

 $
 -

 $
 (70,627,170
)

 $
 (70,626,920
)

 Net

 -

 -

 -

 502,662

 502,662

 Net

 -

 -

 -

 (2,108,567
)

 (2,108,567
)

 Net

 -

 -

 -

 (10,337,238
)

 (10,337,238
)

 at May 31, 2023

 -

 (82,570,313
)

 (82,570,063
)

 Net

 -

 -

 -

 168,515

 168,515

 Net

 -

 -

 -

 (641,267
)

 (641,267
)

 Net
change in unrealized appreciation on investments

 -

 -

 -

 13,352,743

 13,352,743

 at August 31, 2023

 -

 (69,690,322
)

 (69,690,072
)

 Net

 -

 -

 -

 359,637

 359,637

 Net

 -

 -

 -

 (6,298,909
)

 (6,298,909
)

 Net

 -

 -

 -

 (313,230
)

 (313,230
)

 at November 30, 2023

 -

 (75,942,824
)

 (75,942,574
)

 Net

 -

 -

 -

 498,467

 498,467

 Net

 -

 -

 -

 (9,532,208
)

 (9,532,208
)

 Net
change in unrealized appreciation on investments

 -

 -

 -

 13,498,322

 13,498,322

 at February 29, 2024

 $

 $
 -

 $
 (71,478,243
)

 $
)

 For
 the Year Ended February 28, 2023

 Total

 Common
 Stock

 in
 Excess

 Net
 Assets

 of
 Par Value

 Earnings (Loss)

 (Deficit)

 at February 28, 2022

 $

 $
 -

 $
 (37,197,733
)

 $
 (37,197,483
)

 Net
investment loss

 -

 -

 -

 (286,724
)

 (286,724
)

 Net

 -

 -

 -

 77,656

 77,656

 Net

 -

 -

 -

 (24,681,988
)

 (24,681,988
)

 at May 31, 2022

 -

 (62,088,789
)

 (62,088,539
)

 Net
investment loss

 -

 -

 -

 (507,279
)

 (507,279
)

 Net

 -

 -

 -

 (1,144,858
)

 (1,144,858
)

 Net

 -

 -

 -

 (1,544,463
)

 (1,544,463
)

 at August 31, 2022

 -

 (65,285,389
)

 (65,285,139
)

 Net

 -

 -

 -

 586,193

 586,193

 Net

 -

 -

 -

 (532,640
)

 (532,640
)

 Net

 -

 -

 -

 (10,640,311
)

 (10,640,311
)

 at November 30, 2022

 -

 (75,872,147
)

 (75,871,897
)

 Net

 -

 -

 -

 1,031,538

 1,031,538

 Net

 -

 -

 -

 (7,086,473
)

 (7,086,473
)

 Net
change in unrealized appreciation on investments

 -

 -

 -

 11,299,912

 11,299,912

 at February 28, 2023

 $

 $
 -

 $
 (70,627,170
)

 $
 (70,626,920
)

 S- 44

 9. Financial Highlights

 The following is a schedule of financial highlights
for the years ended February 28, 2025, February 29, 2024, February 28, 2023, February 28, 2022 and February 28, 2021:

 2025(4)

 2024(4)

 2023

 2022

 2021

 Year-end subordinated notes' capital balance(1)

 $
 (7,865,384
)

 $
 3,356,769

 $
 242,477

 $
 28,742,295

 $
 34,422,474

 Ratio and supplemental data:

 Total return(2)

 NM

 NM

 (94.53
)%

 (9.75
)%

 150.86
 %

 Net investment income (loss)(3)

 NM

 NM

 8.77
 %

 9.38
 %

 (17.12
)%

 Total expenses(3)

 NM

 NM

 655.20
 %

 81.89
 %

 383.67
 %

 Base management fee(3)

 NM

 NM

 10.08
 %

 1.89
 %

 6.60
 %

 Subordinated management fee(3)

 NM

 NM

 40.30
 %

 7.57
 %

 26.42
 %

 (1)
 Subordinated notes' capital balance is calculated based on
the sum of the subordinated notes outstanding amount and total net assets, net of ordinary equity.

 (2)
 Total return is calculated based on a time-weighted rate
of return methodology. Quarterly rates of return are compounded to derive the total return reflected above. Total return is calculated
for the subordinated notes' capital taken as a whole and assumes the purchase of the subordinated notes' capital on the first day of
the period and the sale of the last day of the period.

 (3)
 Calculated based on the average subordinated notes' capital
balance.

 (4)
 The Investment Manager has deemed
the total return and other ratios to be not meaningful ("NM") for the years ended February 28, 2025 and February 29, 2024.
As the total of the subordinated notes and retained earnings balance was negative at certain times during the year, the time-weighted
rate of return methodology can result in misleading returns. With average capital balances during the year being negative, the other
ratios can be misleading as well and therefore not meaningful.

 10. Subsequent Events

 The Investment Manager has evaluated events or
transactions that have occurred since February 28, 2025 through May 7, 2025, the date the financial statements were available for issuance.
The Investment Manager has determined that there are no material events that would require the disclosure in the financial statements.

 S-45

 42 2025-01-17 2025-01-17 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 29, 2024, non-qualifying assets represent 6.2% 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.
 Percentages are based on net assets of $392,665,623 as of February 28, 2025.
 Percentages are based on net assets of $370,224,108 as of February 29, 2024.
 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. Modis Dental Partners OpCo, LLC and Alpha Aesthetics Partners OpCo, LLC are no longer affiliates as of February 29, 2024. Transactions during the year ended February 29, 2024 in which the issuer was an affiliate are as follows:
 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 29, 2024 in which the issuer was both an affiliate and a portfolio company that we control are as follows:
 Non-income producing at February 29, 2024.
 All or a portion of this investment has an unfunded commitment as of February 29, 2024. (See Note 9 to the consolidated financial statements).
 As of February 29, 2024, the investment was on non-accrual status. The fair value of these investments was approximately $18.9 million, which represented 1.7% of the Company's portfolio (see Note 2 to the consolidated financial statements).
 Based on shareholder elections, the dividend consisted of approximately $7.1 million in cash and 45,818 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.11 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 17, 20, 21, 22, 23, 24, 27, 28, 29, and 30, 2023.
 Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 41,388 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.75 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 28, 29 and February 1, 2, 3, 4, 5, 8, 9 and 10, 2021.
 Based on shareholder elections, the dividend consisted of approximately $3.8 million in cash and 45,706 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.63 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on October 28, 29, 30 and November 2, 3, 4, 5, 6, 9 and 10, 2020.
 Based on shareholder elections, the dividend consisted of approximately $3.7 million in cash and 47,098 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.45 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 30, 31 and August 3, 4, 5, 6, 7, 10, 11 and 12, 2020.
 Based on shareholder elections, the dividend consisted of approximately $5.4 million in cash and 35,682 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.44 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 24, 27, 28, 29, 30, 31 and February 3, 4, 5 and 6, 2020.
 Based on shareholder elections, the dividend consisted of approximately $4.5 million in cash and 34,575 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.34 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 16, 17, 18, 19, 20, 23, 24, 25 and 26, 2019.
 Based on shareholder elections, the dividend consisted of approximately $3.6 million in cash and 31,545 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.65 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2019.
 Based on shareholder elections, the dividend consisted of approximately $3.5 million in cash and 31,240 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.36 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27 and 28, 2019.
 Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 30,796 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $18.88 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 18, 19, 20, 21, 24, 26, 27, 28, 31, 2018 and January 2, 2019.
 Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 25,862 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.35 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 14, 17, 18, 19, 20, 21, 24, 25, 26 and 27, 2018.
 Based on shareholder elections, the dividend consisted of approximately $2.7 million in cash and 21,562 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.72 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2018.
 Based on shareholder elections, the dividend consisted of approximately $6.8 million in cash and 53,615 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.26 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 20, 21, 22, 23, 27, 28, 29 and 30 2022 and January 3 and 4, 2023.
 Based on shareholder elections, the dividend consisted of approximately $2.6 million in cash and 25,354 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $19.91 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 13, 14, 15, 16, 19, 20, 21, 22, 23 and 26, 2018.
 Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017.
 Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017.
 Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.
 Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.
 Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017.
 Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016.
 Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016.
 Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016.
 Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016.
 Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 52,312 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.00 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 16, 19, 20, 21, 22, 23, 26, 27, 28 and 29, 2022.
 Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016.
 Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015.
 Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015.
 Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015.
 Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015.
 Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015.
 Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled 95.0% of the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014.
 Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13 and 16, 2013.
 Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012.
 Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011.
 Based on shareholder elections, the dividend consisted of approximately $5.1 million in cash and 48,590 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.40 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 17, 21, 22, 23, 24, 27, 28 and 29, 2022.
 Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010.
 Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009.
 Based on shareholder elections, the dividend consisted of approximately $7.6 million in cash and 29,627 newly issued shares of common stock, or 0.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.29 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 15, 16, 20, 21, 22, 23, 26, 27, 28, and 29, 2023.
 Based on shareholder elections, the dividend consisted of approximately $8.4 million in cash and 35,196 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.41 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2023.
 Based on shareholder elections, the dividend consisted of approximately $8.9 million in cash and 37,394 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $24.47 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 14, 15, 18, 19, 20, 21, 22, 26, 27, and 28, 2023.
 Based on shareholder elections, the dividend consisted of approximately $9.0 million in cash and 45,490 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 18, 19, 20, 21, 22, 25, 26, 27, and 28, 2024.
 Based on shareholder elections, the dividend consisted of approximately $9.1 million in cash and 46,803 newly issued shares of common stock, or 10.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.76 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 13, 14, 17, 18, 20, 21, 24, 25, 26, and 27, 2024.
 Based on shareholder elections, the dividend consisted of approximately $13.7 million in cash and 81,471 newly issued shares of common stock, or 11.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.80 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on December 6, 9, 10, 11, 12, 13, 16, 17, 18, and 19, 2024.
 Based on shareholder elections, the dividend consisted of approximately $9.9 million in cash and 60,611newly issued shares of common stock, or 12.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $22.96 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 12, 13, 14, 17, 18, 19, 20, 21, 24, and 25, 2025.
 Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 42,825 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.89 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on March 15, 16, 17, 18, 21, 22, 23, 24, 25 and 28, 2022.
 The cash and newly issued shares of the common stock will be determined at a future date.
 Based on shareholder elections, the dividend consisted of approximately $5.3 million in cash and 41,520 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.85 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on January 5, 6, 7, 10, 11, 12, 13, 14, 18 and 19, 2022.
 Based on shareholder elections, the dividend consisted of approximately $4.9 million in cash and 38,016 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $26.77 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on September 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2021.
 Based on shareholder elections, the dividend consisted of approximately $4.1 million in cash and 33,100 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $25.03 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on June 16, 17, 18, 21, 22, 23, 24, 25, 28 and 29, 2021.
 Based on shareholder elections, the dividend consisted of approximately $3.9 million in cash and 38,580 newly issued shares of common stock, or 0.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $23.69 per share, which equaled 95% of the volume weighted average trading price per share of the common stock on April 9,12, 13, 14, 15, 16, 19, 20, 21 and 22, 2021.
 60611 0001377936 false FY

 sar: NotesPayableFourMember

 2025-05-06

 us-gaap: InvestmentAffiliatedIssuerNoncontrolledMember

 us-gaap: InvestmentAffiliatedIssuerNoncontrolledMember

 Non-control/Non-affiliate investments - 229.3% - Alternative Investment Management Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 7/18/2027

 Non-control/Non-affiliate investments - 229.3% - Alternative Investment Management Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 7/18/2027

 Non-control/Non-affiliate investments - 229.3% - Altvia MidCo, LLC. - Alternative Investment Management Software - Series A-1 Preferred Shares

 Non-control/Non-affiliate investments - 229.3% - Altvia MidCo, LLC. - Alternative Investment Management Software - Series A-1 Preferred Shares

 Non-control/Non-affiliate investments - 229.3% - Alternative Investment Management Software

 Non-control/Non-affiliate investments - 229.3% - BQE Software, Inc. - Architecture & Engineering Software - First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028

 Non-control/Non-affiliate investments - 229.3% - BQE Software, Inc. - Architecture & Engineering Software - First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028

 Non-control/Non-affiliate investments - 229.3% - BQE Software, Inc. - Architecture & Engineering Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028

 Non-control/Non-affiliate investments - 229.3% - BQE Software, Inc. - Architecture & Engineering Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 4/13/2028

 Non-control/Non-affiliate investments - 229.3% - Architecture & Engineering Software

 Non-control/Non-affiliate investments - 229.3% - GrowthZone, LLC - Association Management Software- First Lien Term Loan (3M USD TERM SOFR+8.25%), 12.57% Cash, 5/10/2028

 Non-control/Non-affiliate investments - 229.3% - GrowthZone, LLC - Association Management Software- First Lien Term Loan (3M USD TERM SOFR+8.25%), 12.57% Cash, 5/10/2028

 Non-control/Non-affiliate investments - 229.3% - Golden TopCo LP - Association Management Software - Class A-2 Common Units

 Non-control/Non-affiliate investments - 229.3% - Golden TopCo LP - Association Management Software - Class A-2 Common Units

 Non-control/Non-affiliate investments - 229.3% - Association Management Software

 Non-control/Non-affiliate investments - 229.3% - Artemis Wax Corp. - Consumer Services - Delayed Draw Term Loan (1M USD TERM SOFR+7.50%), 11.82% Cash, 5/20/2026

 Non-control/Non-affiliate investments - 229.3% - Artemis Wax Corp. - Consumer Services - Delayed Draw Term Loan (1M USD TERM SOFR+7.50%), 11.82% Cash, 5/20/2026

 Non-control/Non-affiliate investments - 229.3% - Artemis Wax Corp. - Consumer Services - Series B-1 Preferred Stock

 Non-control/Non-affiliate investments - 229.3% - Artemis Wax Corp. - Consumer Services - Series B-1 Preferred Stock

 Non-control/Non-affiliate investments - 229.3% - Artemis Wax Corp. - Consumer Services - Series D Preferred Stock

 Non-control/Non-affiliate investments - 229.3% - Artemis Wax Corp. - Consumer Services - Series D Preferred Stock

 Non-control/Non-affiliate investments - 229.3% - Consumer Services

 Non-control/Non-affiliate investments - 229.3% - Schoox, Inc - Corporate Education Software - Series 1 Membership Interest

 Non-control/Non-affiliate investments - 229.3% - Schoox, Inc - Corporate Education Software - Series 1 Membership Interest

 Non-control/Non-affiliate investments - 229.3% - Corporate Education Software - Corporate Education Software

 Non-control/Non-affiliate investments - 229.3% - Innergy, Inc.- Custom Millwork Software - First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030

 Non-control/Non-affiliate investments - 229.3% - Innergy, Inc.- Custom Millwork Software - First Lien Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030

 Non-control/Non-affiliate investments - 229.3% - Innergy, Inc.- Custom Millwork Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030

 Non-control/Non-affiliate investments - 229.3% - Innergy, Inc.- Custom Millwork Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.50%), 9.82% Cash, 1/31/2030

 Non-control/Non-affiliate investments - 229.3% - Custom Millwork Software

 Non-control/Non-affiliate investments - 229.3% - GreyHeller LLC - Cyber Security - Common Stock

 Non-control/Non-affiliate investments - 229.3% - GreyHeller LLC - Cyber Security - Common Stock

 Non-control/Non-affiliate investments - 229.3% - Cyber Security

 Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - First Lien Term Loan (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030

 Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - First Lien Term Loan (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030

 Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Delayed Draw Term Loan (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030

 Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Delayed Draw Term Loan (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030

 Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Revolving Credit Facility (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030

 Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Revolving Credit Facility (1M USD TERM SOFR+5.75%), 10.07% Cash, 5/13/2030

 Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Series A Preferred Units

 Non-control/Non-affiliate investments - 229.3% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Series A Preferred Units

 Non-control/Non-affiliate investments - 229.3% - Modis Dental Partners OpCo, LLC - Dental Practice Management - First Lien Term Loan (1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028

 Non-control/Non-affiliate investments - 229.3% - Modis Dental Partners OpCo, LLC - Dental Practice Management - First Lien Term Loan (1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028

 Non-control/Non-affiliate investments - 229.3% - Modis Dental Partners OpCo, LLC - Dental Practice Management - Delayed Draw Term Loan (1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028

 Non-control/Non-affiliate investments - 229.3% - Modis Dental Partners OpCo, LLC - Dental Practice Management - Delayed Draw Term Loan (1M USD TERM SOFR+9.41%), 13.74% Cash, 4/18/2028

 Non-control/Non-affiliate investments - 229.3% - Modis Dental Partners OpCo, LLC - Dental Practice Management - Class A Preferred Units

 Non-control/Non-affiliate investments - 229.3% - Modis Dental Partners OpCo, LLC - Dental Practice Management - Class A Preferred Units

 Non-control/Non-affiliate investments - 229.3% - New England Dental Partners - Dental Practice Management - First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025

 Non-control/Non-affiliate investments - 229.3% - New England Dental Partners - Dental Practice Management - First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025

 Non-control/Non-affiliate investments - 229.3% - Dental Practice Management - Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025

 Non-control/Non-affiliate investments - 229.3% - Dental Practice Management - Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 12.47% Cash, 11/25/2025

 Non-control/Non-affiliate investments - 229.3% - Dental Practice Management

 Non-control/Non-affiliate investments - 229.3% - Direct Selling Software - First Lien Term Loan (1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027

 Non-control/Non-affiliate investments - 229.3% - Direct Selling Software - First Lien Term Loan (1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027

 Non-control/Non-affiliate investments - 229.3% - Direct Selling Software - Revolving Credit Facility (1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027

 Non-control/Non-affiliate investments - 229.3% - Direct Selling Software - Revolving Credit Facility (1M USD TERM SOFR+6.25%), 10.67% Cash, 3/16/2027

 Non-control/Non-affiliate investments - 229.3% - Direct Selling Software - Common Units

 Non-control/Non-affiliate investments - 229.3% - Direct Selling Software - Common Units

 Non-control/Non-affiliate investments - 229.3% - Direct Selling Software

 Non-control/Non-affiliate investments - 229.3% - C2 Educational Systems, Inc. - Education Services - First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025

 Non-control/Non-affiliate investments - 229.3% - C2 Educational Systems, Inc. - Education Services - First Lien Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025

 Non-control/Non-affiliate investments - 229.3% - C2 Educational Systems, Inc. - Education Services - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025

 Non-control/Non-affiliate investments - 229.3% - C2 Educational Systems, Inc. - Education Services - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 12.82% Cash, 5/31/2025

 Non-control/Non-affiliate investments - 229.3% - C2 Educational Systems, Inc. - Education Services - Series A-1 Preferred Stock

 Non-control/Non-affiliate investments - 229.3% - C2 Educational Systems, Inc. - Education Services - Series A-1 Preferred Stock

 Non-control/Non-affiliate investments - 229.3% - Education Services

 Non-control/Non-affiliate investments - 229.3% - GoReact - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025

 Non-control/Non-affiliate investments - 229.3% - GoReact - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025

 Non-control/Non-affiliate investments - 229.3% - GoReact - Education Software - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025

 Non-control/Non-affiliate investments - 229.3% - GoReact - Education Software - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.02% Cash/1.00% PIK, 4/17/2025

 Non-control/Non-affiliate investments - 229.3% - Identity Automation Systems - Education Software - Common Stock Class A-2 Units

 Non-control/Non-affiliate investments - 229.3% - Identity Automation Systems - Education Software - Common Stock Class A-2 Units

 Non-control/Non-affiliate investments - 229.3% - Identity Automation Systems - Education Software - Common Stock Class A-1 Units

 Non-control/Non-affiliate investments - 229.3% - Identity Automation Systems - Education Software - Common Stock Class A-1 Units

 Non-control/Non-affiliate investments - 229.3% - Ready Education - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 229.3% - Ready Education - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 229.3% - Education Software

 Non-control/Non-affiliate investments - 229.3% - TG Pressure Washing Holdings, LLC - Facilities Maintenance - Preferred Equity

 Non-control/Non-affiliate investments - 229.3% - TG Pressure Washing Holdings, LLC - Facilities Maintenance - Preferred Equity

 Non-control/Non-affiliate investments - 229.3% Facilities Maintenance

 Non-control/Non-affiliate investments - 229.3% - Davisware, LLC - Field Service Management - First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025

 Non-control/Non-affiliate investments - 229.3% - Davisware, LLC - Field Service Management - First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025

 Non-control/Non-affiliate investments - 229.3% - Davisware, LLC - Field Service Management - Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025

 Non-control/Non-affiliate investments - 229.3% - Davisware, LLC - Field Service Management - Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 11/30/2025

 Non-control/Non-affiliate investments - 229.3% - Field Service Management

 Non-control/Non-affiliate investments - 229.3% - GDS Software Holdings, LLC - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026

 Non-control/Non-affiliate investments - 229.3% - GDS Software Holdings, LLC - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026

 Non-control/Non-affiliate investments - 229.3% - GDS Software Holdings, LLC - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026

 Non-control/Non-affiliate investments - 229.3% - GDS Software Holdings, LLC - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 12/30/2026

 Non-control/Non-affiliate investments - 229.3% - GDS Software Holdings, LLC - Common Stock Class A Units

 Non-control/Non-affiliate investments - 229.3% - GDS Software Holdings, LLC - Common Stock Class A Units

 Non-control/Non-affiliate investments - 229.3% - Financial Services

 Non-control/Non-affiliate investments - 229.3% - Ascend Software, LLC - Financial Services Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026

 Non-control/Non-affiliate investments - 229.3% - Ascend Software, LLC - Financial Services Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026

 Non-control/Non-affiliate investments - 229.3% - Ascend Software, LLC - Financial Services Software - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026

 Non-control/Non-affiliate investments - 229.3% - Ascend Software, LLC - Financial Services Software - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.08% Cash, 12/15/2026

 Non-control/Non-affiliate investments - 229.3% - Financial Services Software

 Non-control/Non-affiliate investments - 229.3% - Inspect Point Holdings, LLC - Fire Inspection Business Software - First Lien Term Loan (1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028

 Non-control/Non-affiliate investments - 229.3% - Inspect Point Holdings, LLC - Fire Inspection Business Software - First Lien Term Loan (1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028

 Non-control/Non-affiliate investments - 229.3% - Inspect Point Holdings, LLC - Fire Inspection Business Software - Delayed Draw Term Loan (1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028

 Non-control/Non-affiliate investments - 229.3% - Inspect Point Holdings, LLC - Fire Inspection Business Software - Delayed Draw Term Loan (1M USD TERM SOFR+6.50%), 10.82% Cash, 07/19/2028

 Non-control/Non-affiliate investments - 229.3% - Fire Inspection Business Software

 Non-control/Non-affiliate investments - 229.3% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028

 Non-control/Non-affiliate investments - 229.3% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028

 Non-control/Non-affiliate investments - 229.3% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028

 Non-control/Non-affiliate investments - 229.3% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.32% Cash, 3/31/2028

 Non-control/Non-affiliate investments - 229.3% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - Class A Units

 Non-control/Non-affiliate investments - 229.3% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - Class A Units

 Non-control/Non-affiliate investments - 229.3% - Health/Fitness Franchisor

 Non-control/Non-affiliate investments - 229.3% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - First Lien Term Loan (1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028

 Non-control/Non-affiliate investments - 229.3% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - First Lien Term Loan (1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028

 Non-control/Non-affiliate investments - 229.3% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - Delayed Draw Term Loan (1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028

 Non-control/Non-affiliate investments - 229.3% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - Delayed Draw Term Loan (1M USD TERM SOFR+9.92%), 14.25% Cash, 3/20/2028

 Non-control/Non-affiliate investments - 229.3% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services -Class A Preferred Units

 Non-control/Non-affiliate investments - 229.3% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services -Class A Preferred Units

 Non-control/Non-affiliate investments - 229.3% - Axiom Medical Consulting, LLC - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028

 Non-control/Non-affiliate investments - 229.3% - Axiom Medical Consulting, LLC - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028

 Non-control/Non-affiliate investments - 229.3% - Axiom Medical Consulting, LLC - Healthcare Services - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028

 Non-control/Non-affiliate investments - 229.3% - Axiom Medical Consulting, LLC - Healthcare Services - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.32% Cash, 9/11/2028

 Non-control/Non-affiliate investments - 229.3% - Axiom Parent Holdings, LLC - Healthcare Services - Class A Preferred Units

 Non-control/Non-affiliate investments - 229.3% - Axiom Parent Holdings, LLC - Healthcare Services - Class A Preferred Units

 Non-control/Non-affiliate investments - 229.3% - ComForCare Health Care - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.25%), 10.57% Cash, 12/31/2027

 Non-control/Non-affiliate investments - 229.3% - ComForCare Health Care - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.25%), 10.57% Cash, 12/31/2027

 Non-control/Non-affiliate investments - 229.3% - ComForCare Health Care - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.25%), 10.57% Cash, 12/31/2027 - Healthcare Services

 Non-control/Non-affiliate investments - 229.3% - Procurement Partners, LLC - Healthcare Software - First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026

 Non-control/Non-affiliate investments - 229.3% - Procurement Partners, LLC - Healthcare Software - First Lien Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026

 Non-control/Non-affiliate investments - 229.3% - Procurement Partners, LLC - Healthcare Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026

 Non-control/Non-affiliate investments - 229.3% - Procurement Partners, LLC - Healthcare Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 10.82% Cash, 5/12/2026

 Non-control/Non-affiliate investments - 229.3% - Procurement Partners Holdings LLC - Healthcare Software - Class A Units

 Non-control/Non-affiliate investments - 229.3% - Procurement Partners Holdings LLC - Healthcare Software - Class A Units

 Non-control/Non-affiliate investments - 229.3% - Procurement Partners Holdings LLC - Healthcare Software - Class AA Units

 Non-control/Non-affiliate investments - 229.3% - Procurement Partners Holdings LLC - Healthcare Software - Class AA Units

 Non-control/Non-affiliate investments - 229.3% - Healthcare Software

 Non-control/Non-affiliate investments - 229.3% - Roscoe Medical, Inc. - Healthcare Supply - Common Stock

 Non-control/Non-affiliate investments - 229.3% - Roscoe Medical, Inc. - Healthcare Supply - Common Stock

 Non-control/Non-affiliate investments - 229.3% - Healthcare Supply

 Non-control/Non-affiliate investments - 229.3% - Granite Comfort, LP - HVAC Services and Sales - First Lien Term Loan (3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027

 Non-control/Non-affiliate investments - 229.3% - Granite Comfort, LP - HVAC Services and Sales - First Lien Term Loan (3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027

 Non-control/Non-affiliate investments - 229.3% - Granite Comfort, LP - HVAC Services and Sales - Delayed Draw Term Loan (3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027

 Non-control/Non-affiliate investments - 229.3% - Granite Comfort, LP - HVAC Services and Sales - Delayed Draw Term Loan (3M USD TERM SOFR+7.41%), 11.72% Cash, 5/16/2027

 Non-control/Non-affiliate investments - 229.3% - HVAC Services and Sales

 Non-control/Non-affiliate investments - 229.3% - Vector Controls Holding Co., LLC - Industrial Products - Warrants to Purchase Limited Liability Company Interests, Expires 3/6/2025

 Non-control/Non-affiliate investments - 229.3% - Vector Controls Holding Co., LLC - Industrial Products - Warrants to Purchase Limited Liability Company Interests, Expires 3/6/2025

 Non-control/Non-affiliate investments - 229.3% - Industrial Products

 Non-control/Non-affiliate investments - 229.3% - AgencyBloc, LLC - Insurance Software - First Lien Term Loan (1M USD TERM SOFR+7.76%), 12.09% Cash, 10/1/2026

 Non-control/Non-affiliate investments - 229.3% - AgencyBloc, LLC - Insurance Software - First Lien Term Loan (1M USD TERM SOFR+7.76%), 12.09% Cash, 10/1/2026

 Non-control/Non-affiliate investments - 229.3% - Panther ParentCo LLC - Insurance Software - Class A Units

 Non-control/Non-affiliate investments - 229.3% - Panther ParentCo LLC - Insurance Software - Class A Units

 Non-control/Non-affiliate investments - 229.3% - Insurance Software

 Non-control/Non-affiliate investments - 229.3% - Avantra - IT Services - First Lien Term Loan (3M USD TERM SOFR+7.97%), 12.29% Cash, 9/20/2029

 Non-control/Non-affiliate investments - 229.3% - Avantra - IT Services - First Lien Term Loan (3M USD TERM SOFR+7.97%), 12.29% Cash, 9/20/2029

 Non-control/Non-affiliate investments - 229.3% - Maple Holdings Midco Limited (h) - IT Services - Class A Common Units

 Non-control/Non-affiliate investments - 229.3% - Maple Holdings Midco Limited (h) - IT Services - Class A Common Units

 Non-control/Non-affiliate investments - 229.3% - IT Services

 Non-control/Non-affiliate investments - 229.3% - ActiveProspect, Inc. - Lead Management Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027

 Non-control/Non-affiliate investments - 229.3% - ActiveProspect, Inc. - Lead Management Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027

 Non-control/Non-affiliate investments - 229.3% - ActiveProspect, Inc. - Lead Management Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027

 Non-control/Non-affiliate investments - 229.3% - ActiveProspect, Inc. - Lead Management Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 10.52% Cash, 8/8/2027

 Non-control/Non-affiliate investments - 229.3% - Lead Management Software

 Non-control/Non-affiliate investments - 229.3% - Madison Logic, Inc. - Marketing Orchestration Software - First Lien Term Loan (1M USD TERM SOFR+7.50%), 11.82% Cash, 12/30/2028

 Non-control/Non-affiliate investments - 229.3% - Madison Logic, Inc. - Marketing Orchestration Software - First Lien Term Loan (1M USD TERM SOFR+7.50%), 11.82% Cash, 12/30/2028

 Non-control/Non-affiliate investments - 229.3% - Marketing Orchestration Software

 Non-control/Non-affiliate investments - 229.3% - ARC Health OpCo LLC -Mental Healthcare Services -First Lien Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 229.3% - ARC Health OpCo LLC -Mental Healthcare Services -First Lien Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 229.3% - ARC Health OpCo LLC -Mental Healthcare Services -Delayed Draw Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 229.3% - ARC Health OpCo LLC -Mental Healthcare Services -Delayed Draw Term Loan (3M USD TERM SOFR+8.40%), 12.72% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 229.3% - ARC Health OpCo LLC -Mental Healthcare Services - Class A Preferred Units

 Non-control/Non-affiliate investments - 229.3% - ARC Health OpCo LLC -Mental Healthcare Services - Class A Preferred Units

 Non-control/Non-affiliate investments - 229.3% - Mental Healthcare Services

 Non-control/Non-affiliate investments - 229.3% - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.72% Cash, 8/26/2026

 Non-control/Non-affiliate investments - 229.3% - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+5.25%), 9.72% Cash, 8/26/2026

 Non-control/Non-affiliate investments - 229.3% - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.47% Cash, 8/26/2026

 Non-control/Non-affiliate investments - 229.3% - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 10.47% Cash, 8/26/2026

 Non-control/Non-affiliate investments - 229.3% - Chronus LLC - Mentoring Software - Series A Preferred Stock

 Non-control/Non-affiliate investments - 229.3% - Chronus LLC - Mentoring Software - Series A Preferred Stock

 Non-control/Non-affiliate investments - 229.3% - Mentoring Software

 Non-control/Non-affiliate investments - 229.3% - Cloudpermit - Municipal Government Software - First Lien Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 9/5/2029

 Non-control/Non-affiliate investments - 229.3% - Cloudpermit - Municipal Government Software - First Lien Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 9/5/2029

 Non-control/Non-affiliate investments - 229.3% - Cloudpermit - Municipal Government Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 9/5/2029

 Non-control/Non-affiliate investments - 229.3% - Cloudpermit - Municipal Government Software - Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 9/5/2029

 Non-control/Non-affiliate investments - 229.3% - Cloudpermit - Municipal Government Software - Limited Partner Interests

 Non-control/Non-affiliate investments - 229.3% - Cloudpermit - Municipal Government Software - Limited Partner Interests

 Non-control/Non-affiliate investments - 229.3% - Municipal Government Software

 Non-control/Non-affiliate investments - 229.3% - Omatic Software, LLC - Non-profit Services - First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.58% Cash/1.00% PIK, 6/30/2025

 Non-control/Non-affiliate investments - 229.3% - Omatic Software, LLC - Non-profit Services - First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.58% Cash/1.00% PIK, 6/30/2025

 Non-control/Non-affiliate investments - 229.3% - Non-profit Services

 Non-control/Non-affiliate investments - 229.3% - Emily Street Enterprises, L.L.C. - Office Supplies - First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.58% Cash/1.00% PIK, 6/30/2025

 Non-control/Non-affiliate investments - 229.3% - Emily Street Enterprises, L.L.C. - Office Supplies - First Lien Term Loan (3M USD TERM SOFR+8.00%), 12.58% Cash/1.00% PIK, 6/30/2025

 Non-control/Non-affiliate investments - 229.3% - Office Supplies

 Non-control/Non-affiliate investments - 229.3% - Buildout, Inc. - Real Estate Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025

 Non-control/Non-affiliate investments - 229.3% - Buildout, Inc. - Real Estate Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025

 Non-control/Non-affiliate investments - 229.3% - Buildout, Inc. - Real Estate Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025

 Non-control/Non-affiliate investments - 229.3% - Buildout, Inc. - Real Estate Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 11.42% Cash, 7/9/2025

 Non-control/Non-affiliate investments - 229.3% - Buildout, Inc. - Real Estate Services - Limited Partner Interests

 Non-control/Non-affiliate investments - 229.3% - Buildout, Inc. - Real Estate Services - Limited Partner Interests

 Non-control/Non-affiliate investments - 229.3% - Real Estate Services

 Non-control/Non-affiliate investments - 229.3% - Wellspring Worldwide Inc. - Research Software - First Lien Term Loan (3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028

 Non-control/Non-affiliate investments - 229.3% - Wellspring Worldwide Inc. - Research Software - First Lien Term Loan (3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028

 Non-control/Non-affiliate investments - 229.3% - Wellspring Worldwide Inc. - Research Software - Delayed DrawTerm Loan (3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028

 Non-control/Non-affiliate investments - 229.3% - Wellspring Worldwide Inc. - Research Software - Delayed DrawTerm Loan (3M USD TERM SOFR+8.42%), 12.74% Cash, 12/22/2028

 Non-control/Non-affiliate investments - 229.3% - Archimedes Parent LLC - Research Software - Class A Common Units

 Non-control/Non-affiliate investments - 229.3% - Archimedes Parent LLC - Research Software - Class A Common Units

 Non-control/Non-affiliate investments - 229.3% - Research Software

 Non-control/Non-affiliate investments - 229.3% - LFR Chicken LLC - Restaurant - First Lien Term Loan (1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026

 Non-control/Non-affiliate investments - 229.3% - LFR Chicken LLC - Restaurant - First Lien Term Loan (1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026

 Non-control/Non-affiliate investments - 229.3% - LFR Chicken LLC - Restaurant - Delayed Draw Term Loan (1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026

 Non-control/Non-affiliate investments - 229.3% - LFR Chicken LLC - Restaurant - Delayed Draw Term Loan (1M USD TERM SOFR+7.00%), 11.32% Cash, 11/19/2026

 Non-control/Non-affiliate investments - 229.3% - LFR Chicken LLC - Restaurant - Series B Preferred Units

 Non-control/Non-affiliate investments - 229.3% - LFR Chicken LLC - Restaurant - Series B Preferred Units

 Non-control/Non-affiliate investments - 229.3% - Restaurant

 Non-control/Non-affiliate investments - 229.3% - Avionte Holdings, LLC - Staffing Services - Class A Units

 Non-control/Non-affiliate investments - 229.3% - Avionte Holdings, LLC - Staffing Services - Class A Units

 Non-control/Non-affiliate investments - 229.3% - Staffing Services

 Non-control/Non-affiliate investments - 229.3% - JDXpert - Talent Acquisition Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027

 Non-control/Non-affiliate investments - 229.3% - JDXpert - Talent Acquisition Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027

 Non-control/Non-affiliate investments - 229.3% - JDXpert - Talent Acquisition Software - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027

 Non-control/Non-affiliate investments - 229.3% - JDXpert - Talent Acquisition Software - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027

 Non-control/Non-affiliate investments - 229.3% - JDXpert - Talent Acquisition Software - Delayed Draw Term Loan 3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027

 Non-control/Non-affiliate investments - 229.3% - JDXpert - Talent Acquisition Software - Delayed Draw Term Loan 3M USD TERM SOFR+8.50%), 13.08% Cash, 5/2/2027

 Non-control/Non-affiliate investments - 229.3% - Jobvite, Inc. - Talent Acquisition Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.82% Cash, 8/5/2028

 Non-control/Non-affiliate investments - 229.3% - Jobvite, Inc. - Talent Acquisition Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 11.82% Cash, 8/5/2028

 Non-control/Non-affiliate investments - 229.3% - Talent Acquisition Software

 Non-control/Non-affiliate investments - 229.3% - VetnCare MSO, LLC - Veterinary Services - Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 5/12/2028

 Non-control/Non-affiliate investments - 229.3% - VetnCare MSO, LLC - Veterinary Services - Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 10.07% Cash, 5/12/2028

 Non-control/Non-affiliate investments - 229.3% - Veterinary Services

 Sub Total Non-control/Non-affiliate investments

 Affiliate investments - 10.3% - ETU Holdings, Inc. - Corporate Education Software - First Lien Term Loan (3M USD TERM SOFR+9.00%), 13.47% Cash, 8/18/2027

 Affiliate investments - 10.3% - ETU Holdings, Inc. - Corporate Education Software - First Lien Term Loan (3M USD TERM SOFR+9.00%), 13.47% Cash, 8/18/2027

 Affiliate investments - ETU Holdings, Inc. - Corporate Education Software - Second Lien Term Loan 15.00% PIK, 2/18/2028

 Affiliate investments - ETU Holdings, Inc. - Corporate Education Software - Second Lien Term Loan 15.00% PIK, 2/18/2028

 Affiliate investments - ETU Holdings, Inc. - Corporate Education Software - Series A Preferred Units

 Affiliate investments - ETU Holdings, Inc. - Corporate Education Software - Series A Preferred Units

 Affiliate investments - Corporate Education Software

 Affiliate investments - Axero Holdings, LLC - Employee Collaboration Software - First Lien Term Loan 4.50% Cash, (3M USD TERM SOFR+ 2.50%) PIK, 12/31/2027

 Affiliate investments - Axero Holdings, LLC - Employee Collaboration Software - First Lien Term Loan 4.50% Cash, (3M USD TERM SOFR+ 2.50%) PIK, 12/31/2027

 Affiliate investments - Axero Holdings, LLC - Employee Collaboration Software - Delayed Draw Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027

 Affiliate investments - Axero Holdings, LLC - Employee Collaboration Software - Delayed Draw Term Loan 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027

 Affiliate investments - Axero Holdings, LLC - Employee Collaboration Software - Revolving Credit Facility 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027

 Affiliate investments - Axero Holdings, LLC - Employee Collaboration Software - Revolving Credit Facility 4.50% Cash, (3M USD TERM SOFR + 2.50%) PIK, 12/31/2027

 Affiliate investments - Axero Holdings, LLC - Employee Collaboration Software - Series A Preferred Units

 Affiliate investments - Axero Holdings, LLC - Employee Collaboration Software - Series A Preferred Units

 Affiliate investments - Axero Holdings, LLC - Employee Collaboration Software - Series B Preferred Units

 Affiliate investments - Axero Holdings, LLC - Employee Collaboration Software - Series B Preferred Units

 Affiliate investments - Employee Collaboration Software

 Sub Total Affiliate investments

 Control investments - 10.2% - Zollege PBC - Education Services - First Lien Term Loan 4.84% PIK, 8/9/2027

 Control investments - 10.2% - Zollege PBC - Education Services - First Lien Term Loan 4.84% PIK, 8/9/2027

 Control investments - 10.2% - Zollege PBC - Education Services - Common Stock

 Control investments - 10.2% - Zollege PBC - Education Services - Common Stock

 Control investments - 10.2% - Education Services

 Control investments - 10.2% - Pepper Palace, Inc. - Specialty Food Retailer - First Lien Term Loan 4.42% PIK, 12/31/2028

 Control investments - 10.2% - Pepper Palace, Inc. - Specialty Food Retailer - First Lien Term Loan 4.42% PIK, 12/31/2028

 Control investments - 10.2% -Pepper Palace, Inc. - Specialty Food Retailer - Delayed Draw Term Loan 4.42% PIK, 12/31/2028

 Control investments - 10.2% -Pepper Palace, Inc. - Specialty Food Retailer - Delayed Draw Term Loan 4.42% PIK, 12/31/2028

 Control investments - 10.2% - Pepper Palace, Inc. - Specialty Food Retailer - Revolving Credit Facility 4.42% PIK, 12/31/2028

 Control investments - 10.2% - Pepper Palace, Inc. - Specialty Food Retailer - Revolving Credit Facility 4.42% PIK, 12/31/2028

 Control investments - 10.2% - Pepper Palace, Inc. - Specialty Food Retailer - Class A Units

 Control investments - 10.2% - Pepper Palace, Inc. - Specialty Food Retailer - Class A Units

 Control investments - 10.2% - Specialty Food Retailer

 Control investments - 10.2% - Saratoga Investment Corp. CLO 2013-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities 0.00%, 4/20/2033

 Control investments - 10.2% - Saratoga Investment Corp. CLO 2013-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities 0.00%, 4/20/2033

 Control investments - 10.2% - Saratoga Investment Corp. CLO 2013-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 14.58%, 4/20/2033

 Control investments - 10.2% - Saratoga Investment Corp. CLO 2013-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 14.58%, 4/20/2033

 Control investments - 10.2% - Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+8.55%), 12.87%, 10/20/2033

 Control investments - 10.2% - Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+8.55%), 12.87%, 10/20/2033

 Control investments - 10.2% - Structured Finance Securities

 Control investments - 10.2% - Saratoga Senior Loan Fund I JV, LLC - Investment Fund - Unsecured Loan 10.00%, 10/20/2033

 Control investments - 10.2% - Saratoga Senior Loan Fund I JV, LLC - Investment Fund - Unsecured Loan 10.00%, 10/20/2033

 Control investments - 10.2% - Saratoga Senior Loan Fund I JV, LLC - Investment Fund - Membership Interest

 Control investments - 10.2% - Saratoga Senior Loan Fund I JV, LLC - Investment Fund - Membership Interest

 Control investments - 10.2% - Investment Fund

 Sub Total Control investments

 TOTAL INVESTMENTS - 249.8%

 Non-control/Non-affiliate investments - 276.5% - Altvia MidCo, LLC. - Alternative Investment Management Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.83% Cash, 7/18/2027

 Non-control/Non-affiliate investments - 276.5% - Altvia MidCo, LLC. - Alternative Investment Management Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.83% Cash, 7/18/2027

 Non-control/Non-affiliate investments - 276.5% - Altvia MidCo, LLC. - Alternative Investment Management Software - Series A-1 Preferred Shares

 Non-control/Non-affiliate investments - 276.5% - Altvia MidCo, LLC. - Alternative Investment Management Software - Series A-1 Preferred Shares

 Non-control/Non-affiliate investments - 276.5% - Alternative Investment Management Software

 Non-control/Non-affiliate investments - 276.5% - BQE Software, Inc. - Architecture & Engineering Software - First Lien Term Loan (3M USD TERM SOFR+6.75%), 12.08% Cash, 4/13/2028

 Non-control/Non-affiliate investments - 276.5% - BQE Software, Inc. - Architecture & Engineering Software - First Lien Term Loan (3M USD TERM SOFR+6.75%), 12.08% Cash, 4/13/2028

 Non-control/Non-affiliate investments - 276.5% - BQE Software, Inc. - Architecture & Engineering Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.75%), 12.08% Cash, 4/13/2028

 Non-control/Non-affiliate investments - 276.5% - BQE Software, Inc. - Architecture & Engineering Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.75%), 12.08% Cash, 4/13/2028

 Non-control/Non-affiliate investments - 276.5% - Architecture & Engineering Software

 Non-control/Non-affiliate investments - 276.5% - GrowthZone, LLC - Association Management Software - First Lien Term Loan (3M USD TERM SOFR+8.25%), 13.58% Cash, 5/10/2028

 Non-control/Non-affiliate investments - 276.5% - GrowthZone, LLC - Association Management Software - First Lien Term Loan (3M USD TERM SOFR+8.25%), 13.58% Cash, 5/10/2028

 Non-control/Non-affiliate investments - 276.5% - Golden TopCo LP - Association Management Software - Class A-2 Common Units

 Non-control/Non-affiliate investments - 276.5% - Golden TopCo LP - Association Management Software - Class A-2 Common Units

 Non-control/Non-affiliate investments - 276.5% - Association Management Software

 Non-control/Non-affiliate investments - 276.5% - Artemis Wax Corp. - Consumer Services - Delayed Draw Term Loan (1M USD TERM SOFR+6.75%), 12.07% Cash, 5/20/2026

 Non-control/Non-affiliate investments - 276.5% - Artemis Wax Corp. - Consumer Services - Delayed Draw Term Loan (1M USD TERM SOFR+6.75%), 12.07% Cash, 5/20/2026

 Non-control/Non-affiliate investments - 276.5% - Artemis Wax Corp. - Consumer Services - Series B-1 Preferred Stock

 Non-control/Non-affiliate investments - 276.5% - Artemis Wax Corp. - Consumer Services - Series B-1 Preferred Stock

 Non-control/Non-affiliate investments - 276.5% - Artemis Wax Corp. - Consumer Services - Series D Preferred Stock

 Non-control/Non-affiliate investments - 276.5% - Artemis Wax Corp. - Consumer Services - Series D Preferred Stock

 Non-control/Non-affiliate investments - 276.5% - Consumer Services

 Non-control/Non-affiliate investments - 276.5% - Schoox, Inc. - Corporate Education Software - Series 1 Membership Interest

 Non-control/Non-affiliate investments - 276.5% - Schoox, Inc. - Corporate Education Software - Series 1 Membership Interest

 Non-control/Non-affiliate investments - 276.5% - Corporate Education Software

 Non-control/Non-affiliate investments - 276.5% - GreyHeller LLC - Cyber Security - Common Stock

 Non-control/Non-affiliate investments - 276.5% - GreyHeller LLC - Cyber Security - Common Stock

 Non-control/Non-affiliate investments - 276.5% - Cyber Security

 Non-control/Non-affiliate investments - 276.5% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Delayed Draw Term Loan (3M USD TERM SOFR+10.22%), 15.55% Cash, 4/29/2026

 Non-control/Non-affiliate investments - 276.5% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Delayed Draw Term Loan (3M USD TERM SOFR+10.22%), 15.55% Cash, 4/29/2026

 Non-control/Non-affiliate investments - 276.5% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Series A Preferred Units

 Non-control/Non-affiliate investments - 276.5% - Gen4 Dental Partners Holdings, LLC - Dental Practice Management - Series A Preferred Units

 Non-control/Non-affiliate investments - 276.5% - Modis Dental Partners OpCo, LLC - Dental Practice Management - First Lien Term Loan (1M USD TERM SOFR+9.48%), 14.80% Cash, 4/18/2028

 Non-control/Non-affiliate investments - 276.5% - Modis Dental Partners OpCo, LLC - Dental Practice Management - First Lien Term Loan (1M USD TERM SOFR+9.48%), 14.80% Cash, 4/18/2028

 Non-control/Non-affiliate investments - 276.5% - Modis Dental Partners OpCo, LLC - Dental Practice Management - Delayed Draw Term Loan (1M USD TERM SOFR+9.48%), 14.80% Cash, 4/18/2028

 Non-control/Non-affiliate investments - 276.5% - Modis Dental Partners OpCo, LLC - Dental Practice Management - Delayed Draw Term Loan (1M USD TERM SOFR+9.48%), 14.80% Cash, 4/18/2028

 Non-control/Non-affiliate investments - 276.5% - Modis Dental Partners OpCo, LLC - Dental Practice Management - Class A Preferred Units

 Non-control/Non-affiliate investments - 276.5% - Modis Dental Partners OpCo, LLC - Dental Practice Management - Class A Preferred Units

 Non-control/Non-affiliate investments - 276.5% - New England Dental Partners - Dental Practice Management - First Lien Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 11/25/2025

 Non-control/Non-affiliate investments - 276.5% - New England Dental Partners - Dental Practice Management - First Lien Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 11/25/2025

 Non-control/Non-affiliate investments - 276.5% - New England Dental Partners - Dental Practice Management - Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 11/25/2025

 Non-control/Non-affiliate investments - 276.5% - New England Dental Partners - Dental Practice Management - Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 11/25/2025

 Non-control/Non-affiliate investments - 276.5% - Dental Practice Management

 Non-control/Non-affiliate investments - 276.5% - Exigo, LLC - Direct Selling Software - First Lien Term Loan (1M USD TERM SOFR+5.75%), 11.17% Cash, 3/16/2027

 Non-control/Non-affiliate investments - 276.5% - Exigo, LLC - Direct Selling Software - First Lien Term Loan (1M USD TERM SOFR+5.75%), 11.17% Cash, 3/16/2027

 Non-control/Non-affiliate investments - 276.5% - Exigo, LLC - Direct Selling Software - Revolving Credit Facility (1M USD TERM SOFR+5.75%), 11.17% Cash, 3/16/2027

 Non-control/Non-affiliate investments - 276.5% - Exigo, LLC - Direct Selling Software - Revolving Credit Facility (1M USD TERM SOFR+5.75%), 11.17% Cash, 3/16/2027

 Non-control/Non-affiliate investments - 276.5% - Exigo, LLC - Direct Selling Software - Common Units

 Non-control/Non-affiliate investments - 276.5% - Exigo, LLC - Direct Selling Software - Common Units

 Non-control/Non-affiliate investments - 276.5% - Direct Selling Software

 Non-control/Non-affiliate investments - 276.5% - C2 Educational Systems, Inc. - Education Services - First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.83% Cash, 5/31/2025

 Non-control/Non-affiliate investments - 276.5% - C2 Educational Systems, Inc. - Education Services - First Lien Term Loan (3M USD TERM SOFR+8.50%), 13.83% Cash, 5/31/2025

 Non-control/Non-affiliate investments - 276.5% - C2 Educational Systems, Inc. - Education Services - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.83% Cash, 5/31/2025

 Non-control/Non-affiliate investments - 276.5% - C2 Educational Systems, Inc. - Education Services - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 13.83% Cash, 5/31/2025

 Non-control/Non-affiliate investments - 276.5% - C2 Education Systems, Inc. - Education Services - Series A-1 Preferred Stock

 Non-control/Non-affiliate investments - 276.5% - C2 Education Systems, Inc. - Education Services - Series A-1 Preferred Stock

 Non-control/Non-affiliate investments - 276.5% - Zollege PBC - Education Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash/2.00% PIK, 5/11/2026

 Non-control/Non-affiliate investments - 276.5% - Zollege PBC - Education Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash/2.00% PIK, 5/11/2026

 Non-control/Non-affiliate investments - 276.5% - Zollege PBC - Education Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash/2.00% PIK, 5/11/2026

 Non-control/Non-affiliate investments - 276.5% - Zollege PBC - Education Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash/2.00% PIK, 5/11/2026

 Non-control/Non-affiliate investments - 276.5% - Zollege PBC - Education Services - Class A Units

 Non-control/Non-affiliate investments - 276.5% - Zollege PBC - Education Services - Class A Units

 Non-control/Non-affiliate investments - 276.5% - Education Services

 Non-control/Non-affiliate investments - 276.5% - Destiny Solutions Inc. - Education Software - Limited Partner Interests

 Non-control/Non-affiliate investments - 276.5% - Destiny Solutions Inc. - Education Software - Limited Partner Interests

 Non-control/Non-affiliate investments - 276.5% - GoReact - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 13.03% Cash/1.00% PIK, 1/17/2025

 Non-control/Non-affiliate investments - 276.5% - GoReact - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 13.03% Cash/1.00% PIK, 1/17/2025

 Non-control/Non-affiliate investments - 276.5% - GoReact - Education Software - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 13.03% Cash/1.00% PIK, 1/17/2025

 Non-control/Non-affiliate investments - 276.5% - GoReact - Education Software - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 13.03% Cash/1.00% PIK, 1/17/2025

 Non-control/Non-affiliate investments - 276.5% - Identity Automation Systems - Education Software - Common Stock Class A-2 Units

 Non-control/Non-affiliate investments - 276.5% - Identity Automation Systems - Education Software - Common Stock Class A-2 Units

 Non-control/Non-affiliate investments - 276.5% - Identity Automation Systems - Education Software - Common Stock Class A-1 Units

 Non-control/Non-affiliate investments - 276.5% - Identity Automation Systems - Education Software - Common Stock Class A-1 Units

 Non-control/Non-affiliate investments - 276.5% - Ready Education - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 276.5% - Ready Education - Education Software - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 276.5% - Education Software

 Non-control/Non-affiliate investments - 276.5% - TG Pressure Washing Holdings, LLC - Facilities Maintenance - Preferred Equity

 Non-control/Non-affiliate investments - 276.5% - TG Pressure Washing Holdings, LLC - Facilities Maintenance - Preferred Equity

 Non-control/Non-affiliate investments - 276.5% - Facilities Maintenance

 Non-control/Non-affiliate investments - 276.5% - Davisware, LLC - Field Service Management - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 7/31/2024

 Non-control/Non-affiliate investments - 276.5% - Davisware, LLC - Field Service Management - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 7/31/2024

 Non-control/Non-affiliate investments - 276.5% - Davisware, LLC - Field Service Management - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 7/31/2024

 Non-control/Non-affiliate investments - 276.5% - Davisware, LLC - Field Service Management - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 7/31/2024

 Non-control/Non-affiliate investments - 276.5% - Field Service Management

 Non-control/Non-affiliate investments - 276.5% - GDS Software Holdings, LLC - Financial Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 12/30/2026

 Non-control/Non-affiliate investments - 276.5% - GDS Software Holdings, LLC - Financial Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 12/30/2026

 Non-control/Non-affiliate investments - 276.5% - GDS Software Holdings, LLC - Financial Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 12/30/2026

 Non-control/Non-affiliate investments - 276.5% - GDS Software Holdings, LLC - Financial Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 12/30/2026

 Non-control/Non-affiliate investments - 276.5% - GDS Software Holdings, LLC - Financial Services - Common Stock Class A Units

 Non-control/Non-affiliate investments - 276.5% - GDS Software Holdings, LLC - Financial Services - Common Stock Class A Units

 Non-control/Non-affiliate investments - 276.5% - Financial Services

 Non-control/Non-affiliate investments - 276.5% - Ascend Software, LLC - Financial Services Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 13.10% Cash, 12/15/2026

 Non-control/Non-affiliate investments - 276.5% - Ascend Software, LLC - Financial Services Software - First Lien Term Loan (3M USD TERM SOFR+7.50%), 13.10% Cash, 12/15/2026

 Non-control/Non-affiliate investments - 276.5% - Ascend Software, LLC - Financial Services Software - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 13.10% Cash, 12/15/2026

 Non-control/Non-affiliate investments - 276.5% - Ascend Software, LLC - Financial Services Software - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 13.10% Cash, 12/15/2026

 Non-control/Non-affiliate investments - 276.5% - Financial Services Software

 Non-control/Non-affiliate investments - 276.5% - Inspect Point Holdings, LLC - Fire Inspection Business Software - First Lien Term Loan (1M USD TERM SOFR+6.50%), 11.82% Cash, 07/19/2028

 Non-control/Non-affiliate investments - 276.5% - Inspect Point Holdings, LLC - Fire Inspection Business Software - First Lien Term Loan (1M USD TERM SOFR+6.50%), 11.82% Cash, 07/19/2028

 Non-control/Non-affiliate investments - 276.5% - Inspect Point Holdings, LLC - Fire Inspection Business Software - First Lien Term Loan (1M USD TERM SOFR+6.50%), 11.82% Cash, 07/19/2028 2

 Non-control/Non-affiliate investments - 276.5% - Inspect Point Holdings, LLC - Fire Inspection Business Software - First Lien Term Loan (1M USD TERM SOFR+6.50%), 11.82% Cash, 07/19/2028 2

 Non-control/Non-affiliate investments - 276.5% - Fire Inspection Business Software

 Non-control/Non-affiliate investments - 276.5% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 3/31/2028

 Non-control/Non-affiliate investments - 276.5% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 3/31/2028

 Non-control/Non-affiliate investments - 276.5% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 3/31/2028

 Non-control/Non-affiliate investments - 276.5% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 3/31/2028

 Non-control/Non-affiliate investments - 276.5% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - Class A Units

 Non-control/Non-affiliate investments - 276.5% - Stretch Zone Franchising, LLC - Health/Fitness Franchisor - Class A Units

 Non-control/Non-affiliate investments - 276.5% - Health/Fitness Franchisor

 Non-control/Non-affiliate investments - 276.5% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - First Lien Term Loan (1M USD TERM SOFR+9.98%), 15.30% Cash, 3/20/2028

 Non-control/Non-affiliate investments - 276.5% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - First Lien Term Loan (1M USD TERM SOFR+9.98%), 15.30% Cash, 3/20/2028

 Non-control/Non-affiliate investments - 276.5% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - Delayed Draw Term Loan (1M USD TERM SOFR+9.98%), 15.30% Cash, 3/20/2028

 Non-control/Non-affiliate investments - 276.5% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - Delayed Draw Term Loan (1M USD TERM SOFR+9.98%), 15.30% Cash, 3/20/2028

 Non-control/Non-affiliate investments - 276.5% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - Class A Preferred Units

 Non-control/Non-affiliate investments - 276.5% - Alpha Aesthetics Partners OpCo, LLC - Healthcare Services - Class A Preferred Units

 Non-control/Non-affiliate investments - 276.5% - Axiom Medical Consulting, LLC - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 9/11/2028

 Non-control/Non-affiliate investments - 276.5% - Axiom Medical Consulting, LLC - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 9/11/2028

 Non-control/Non-affiliate investments - 276.5% - Axiom Medical Consulting, LLC - Healthcare Services - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 9/11/2028

 Non-control/Non-affiliate investments - 276.5% - Axiom Medical Consulting, LLC - Healthcare Services - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 9/11/2028

 Non-control/Non-affiliate investments - 276.5% - Axiom Parent Holdings, LLC - Healthcare Services - Class A Preferred Units

 Non-control/Non-affiliate investments - 276.5% - Axiom Parent Holdings, LLC - Healthcare Services - Class A Preferred Units

 Non-control/Non-affiliate investments - 276.5% - ComForCare Health Care - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.25%), 11.58% Cash, 1/31/2025

 Non-control/Non-affiliate investments - 276.5% - ComForCare Health Care - Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+6.25%), 11.58% Cash, 1/31/2025

 Non-control/Non-affiliate investments - 276.5% - Healthcare Services

 Non-control/Non-affiliate investments - 276.5% - HemaTerra Holding Company, LLC - Healthcare Software - First Lien Term Loan (1M USD TERM SOFR+8.25%), 13.57% Cash, 1/31/2027

 Non-control/Non-affiliate investments - 276.5% - HemaTerra Holding Company, LLC - Healthcare Software - First Lien Term Loan (1M USD TERM SOFR+8.25%), 13.57% Cash, 1/31/2027

 Non-control/Non-affiliate investments - 276.5% - HemaTerra Holding Company, LLC - Healthcare Software - Delayed Draw Term Loan (1M USD TERM SOFR+8.25%), 13.57% Cash, 1/31/2027

 Non-control/Non-affiliate investments - 276.5% - HemaTerra Holding Company, LLC - Healthcare Software - Delayed Draw Term Loan (1M USD TERM SOFR+8.25%), 13.57% Cash, 1/31/2027

 Non-control/Non-affiliate investments - 276.5% - TRC HemaTerra, LLC - Healthcare Software - Class D Membership Interests

 Non-control/Non-affiliate investments - 276.5% - TRC HemaTerra, LLC - Healthcare Software - Class D Membership Interests

 Non-control/Non-affiliate investments - 276.5% - Procurement Partners, LLC - Healthcare Software - First Lien Term Loan (3M USD TERM SOFR+6.50%), 11.83% Cash, 5/12/2026

 Non-control/Non-affiliate investments - 276.5% - Procurement Partners, LLC - Healthcare Software - First Lien Term Loan (3M USD TERM SOFR+6.50%), 11.83% Cash, 5/12/2026

 Non-control/Non-affiliate investments - 276.5% - Procurement Partners, LLC - Healthcare Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 11.83% Cash, 5/12/2026

 Non-control/Non-affiliate investments - 276.5% - Procurement Partners, LLC - Healthcare Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.50%), 11.83% Cash, 5/12/2026

 Non-control/Non-affiliate investments - 276.5% - Procurement Partners Holdings LLC - Healthcare Software - Class A Units

 Non-control/Non-affiliate investments - 276.5% - Procurement Partners Holdings LLC - Healthcare Software - Class A Units

 Non-control/Non-affiliate investments - 276.5% - Healthcare Software

 Non-control/Non-affiliate investments - 276.5% - Roscoe Medical, Inc. - Healthcare Supply - Common Stock

 Non-control/Non-affiliate investments - 276.5% - Roscoe Medical, Inc. - Healthcare Supply - Common Stock

 Non-control/Non-affiliate investments - 276.5% - Healthcare Supply

 Non-control/Non-affiliate investments - 276.5% - Book4Time, Inc. - Hospitality/Hotel - First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.83%, 12/22/2025

 Non-control/Non-affiliate investments - 276.5% - Book4Time, Inc. - Hospitality/Hotel - First Lien Term Loan (3M USD TERM SOFR+7.50%), 12.83%, 12/22/2025

 Non-control/Non-affiliate investments - 276.5% - Book4Time, Inc. - Hospitality/Hotel - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.83%, 12/22/2025

 Non-control/Non-affiliate investments - 276.5% - Book4Time, Inc. - Hospitality/Hotel - Delayed Draw Term Loan (3M USD TERM SOFR+7.50%), 12.83%, 12/22/2025

 Non-control/Non-affiliate investments - 276.5% - Book4Time, Inc. - Hospitality/Hotel - Class A Preferred Shares

 Non-control/Non-affiliate investments - 276.5% - Book4Time, Inc. - Hospitality/Hotel - Class A Preferred Shares

 Non-control/Non-affiliate investments - 276.5% - Knowland Group, LLC - Hospitality/Hotel - Second Lien Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash/3.00% PIK, 12/31/2024

 Non-control/Non-affiliate investments - 276.5% - Knowland Group, LLC - Hospitality/Hotel - Second Lien Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash/3.00% PIK, 12/31/2024

 Non-control/Non-affiliate investments - 276.5% - Sceptre Hospitality Resources, LLC - Hospitality/Hotel - First Lien Term Loan (3M USD TERM SOFR+7.25%), 12.58% Cash, 11/15/2027

 Non-control/Non-affiliate investments - 276.5% - Sceptre Hospitality Resources, LLC - Hospitality/Hotel - First Lien Term Loan (3M USD TERM SOFR+7.25%), 12.58% Cash, 11/15/2027

 Non-control/Non-affiliate investments - 276.5% - Sceptre Hospitality Resources, LLC - Hospitality/Hotel - Delayed Draw Term Loan (3M USD TERM SOFR+7.25%), 12.58% Cash, 11/15/2027

 Non-control/Non-affiliate investments - 276.5% - Sceptre Hospitality Resources, LLC - Hospitality/Hotel - Delayed Draw Term Loan (3M USD TERM SOFR+7.25%), 12.58% Cash, 11/15/2027

 Non-control/Non-affiliate investments - 276.5% - Hospitality/Hotel

 Non-control/Non-affiliate investments - 276.5% - Granite Comfort, LP - HVAC Services and Sales - First Lien Term Loan (3M USD TERM SOFR+7.46%), 12.79% Cash, 5/16/2027

 Non-control/Non-affiliate investments - 276.5% - Granite Comfort, LP - HVAC Services and Sales - First Lien Term Loan (3M USD TERM SOFR+7.46%), 12.79% Cash, 5/16/2027

 Non-control/Non-affiliate investments - 276.5% - Granite Comfort, LP - HVAC Services and Sales - Delayed Draw Term Loan (3M USD TERM SOFR+7.46%), 12.79% Cash, 5/16/2027

 Non-control/Non-affiliate investments - 276.5% - Granite Comfort, LP - HVAC Services and Sales - Delayed Draw Term Loan (3M USD TERM SOFR+7.46%), 12.79% Cash, 5/16/2027

 Non-control/Non-affiliate investments - 276.5% - HVAC Services and Sales

 Non-control/Non-affiliate investments - 276.5% - Vector Controls Holding Co., LLC - Industrial Products - First Lien Term Loan (3M USD TERM SOFR+6.50%), 11.75% Cash, 3/6/2025

 Non-control/Non-affiliate investments - 276.5% - Vector Controls Holding Co., LLC - Industrial Products - First Lien Term Loan (3M USD TERM SOFR+6.50%), 11.75% Cash, 3/6/2025

 Non-control/Non-affiliate investments - 276.5% - Vector Controls Holding Co., LLC - Industrial Products - Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027

 Non-control/Non-affiliate investments - 276.5% - Vector Controls Holding Co., LLC - Industrial Products - Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027

 Non-control/Non-affiliate investments - 276.5% - Industrial Products

 Non-control/Non-affiliate investments - 276.5% - AgencyBloc, LLC - Insurance Software - First Lien Term Loan (1M USD TERM SOFR+7.76%), 13.09% Cash, 10/1/2026

 Non-control/Non-affiliate investments - 276.5% - AgencyBloc, LLC - Insurance Software - First Lien Term Loan (1M USD TERM SOFR+7.76%), 13.09% Cash, 10/1/2026

 Non-control/Non-affiliate investments - 276.5% - Panther ParentCo LLC - Insurance Software - Class A Units

 Non-control/Non-affiliate investments - 276.5% - Panther ParentCo LLC - Insurance Software - Class A Units

 Non-control/Non-affiliate investments - 276.5% - Insurance Software

 Non-control/Non-affiliate investments - 276.5% - LogicMonitor, Inc. - IT Services - First Lien Term Loan (3M USD TERM SOFR+6.50%), 11.83% Cash, 5/17/2026

 Non-control/Non-affiliate investments - 276.5% - LogicMonitor, Inc. - IT Services - First Lien Term Loan (3M USD TERM SOFR+6.50%), 11.83% Cash, 5/17/2026

 Non-control/Non-affiliate investments - 276.5% - IT Services

 Non-control/Non-affiliate investments - 276.5% - ActiveProspect, Inc. - Lead Management Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.53% Cash, 8/8/2027

 Non-control/Non-affiliate investments - 276.5% - ActiveProspect, Inc. - Lead Management Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.53% Cash, 8/8/2027

 Non-control/Non-affiliate investments - 276.5% - ActiveProspect, Inc. - Lead Management Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 11.53% Cash, 8/8/2027

 Non-control/Non-affiliate investments - 276.5% - ActiveProspect, Inc. - Lead Management Software - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 11.53% Cash, 8/8/2027

 Non-control/Non-affiliate investments - 276.5% - Lead Management Software

 Non-control/Non-affiliate investments - 276.5% - Centerbase, LLC - Legal Software - First Lien Term Loan (3M USD TERM SOFR+7.75%), 13.08% Cash, 1/18/2027

 Non-control/Non-affiliate investments - 276.5% - Centerbase, LLC - Legal Software - First Lien Term Loan (3M USD TERM SOFR+7.75%), 13.08% Cash, 1/18/2027

 Non-control/Non-affiliate investments - 276.5% - Legal Software

 Non-control/Non-affiliate investments - 276.5% - Madison Logic, Inc. - Marketing Orchestration Software - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 12/30/2028

 Non-control/Non-affiliate investments - 276.5% - Madison Logic, Inc. - Marketing Orchestration Software - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.33% Cash, 12/30/2028

 Non-control/Non-affiliate investments - 276.5% - Marketing Orchestration Software

 Non-control/Non-affiliate investments - 276.5% - ARC Health OpCo LLC - Mental Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+8.47%), 13.81% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 276.5% - ARC Health OpCo LLC - Mental Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+8.47%), 13.81% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 276.5% - ARC Health OpCo LLC - Mental Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+8.47%), 13.81% Cash, 8/5/2027 - ARC Health OpCo LLC - Mental Healthcare Services - Delayed Draw Term Loan (3M USD TERM SOFR+8.47%), 13.81% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 276.5% - ARC Health OpCo LLC - Mental Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+8.47%), 13.81% Cash, 8/5/2027 - ARC Health OpCo LLC - Mental Healthcare Services - Delayed Draw Term Loan (3M USD TERM SOFR+8.47%), 13.81% Cash, 8/5/2027

 Non-control/Non-affiliate investments - 276.5% - ARC Health OpCo LLC - Mental Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+8.47%), 13.81% Cash, 8/5/2027 - ARC Health OpCo LLC - Mental Healthcare Services - Class A Preferred Units

 Non-control/Non-affiliate investments - 276.5% - ARC Health OpCo LLC - Mental Healthcare Services - First Lien Term Loan (3M USD TERM SOFR+8.47%), 13.81% Cash, 8/5/2027 - ARC Health OpCo LLC - Mental Healthcare Services - Class A Preferred Units

 Non-control/Non-affiliate investments - 276.5% - Mental Healthcare Services

 Non-control/Non-affiliate investments - 276.5% - Mental Healthcare Services - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+5.25%), 10.73% Cash, 8/26/2026

 Non-control/Non-affiliate investments - 276.5% - Mental Healthcare Services - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+5.25%), 10.73% Cash, 8/26/2026

 Non-control/Non-affiliate investments - 276.5% - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.48% Cash, 8/26/2026

 Non-control/Non-affiliate investments - 276.5% - Chronus LLC - Mentoring Software - First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.48% Cash, 8/26/2026

 Non-control/Non-affiliate investments - 276.5% - Chronus LLC - Mentoring Software - Series A Preferred Stock

 Non-control/Non-affiliate investments - 276.5% - Chronus LLC - Mentoring Software - Series A Preferred Stock

 Non-control/Non-affiliate investments - 276.5% - Mentoring Software

 Non-control/Non-affiliate investments - 276.5% - Omatic Software, LLC - Non-profit Services - First Lien Term Loan (3M USD TERM SOFR+8.00%), 13.59% Cash/1.00% PIK, 6/30/2025

 Non-control/Non-affiliate investments - 276.5% - Omatic Software, LLC - Non-profit Services - First Lien Term Loan (3M USD TERM SOFR+8.00%), 13.59% Cash/1.00% PIK, 6/30/2025

 Non-control/Non-affiliate investments - 276.5% - Non-profit Services

 Non-control/Non-affiliate investments - 276.5% - Emily Street Enterprises, L.L.C. - Office Supplies - Senior Secured Note (3M USD TERM SOFR+7.50%), 12.83% Cash, 12/31/2025

 Non-control/Non-affiliate investments - 276.5% - Emily Street Enterprises, L.L.C. - Office Supplies - Senior Secured Note (3M USD TERM SOFR+7.50%), 12.83% Cash, 12/31/2025

 Non-control/Non-affiliate investments - 276.5% - Emily Street Enterprises, L.L.C. - Office Supplies - Warrant Membership Interests, Expires 12/31/2025

 Non-control/Non-affiliate investments - 276.5% - Emily Street Enterprises, L.L.C. - Office Supplies - Warrant Membership Interests, Expires 12/31/2025

 Non-control/Non-affiliate investments - 276.5% - Office Supplies

 Non-control/Non-affiliate investments - 276.5% - Buildout, Inc. - Real Estate Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.43% Cash, 7/9/2025

 Non-control/Non-affiliate investments - 276.5% - Buildout, Inc. - Real Estate Services - First Lien Term Loan (3M USD TERM SOFR+7.00%), 12.43% Cash, 7/9/2025

 Non-control/Non-affiliate investments - 276.5% - Buildout, Inc. - Real Estate Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.47% Cash, 7/9/2025

 Non-control/Non-affiliate investments - 276.5% - Buildout, Inc. - Real Estate Services - Delayed Draw Term Loan (3M USD TERM SOFR+7.00%), 12.47% Cash, 7/9/2025

 Non-control/Non-affiliate investments - 276.5% - Buildout, Inc. - Real Estate Services - Limited Partner Interests

 Non-control/Non-affiliate investments - 276.5% - Buildout, Inc. - Real Estate Services - Limited Partner Interests

 Non-control/Non-affiliate investments - 276.5% - Real Estate Services

 Non-control/Non-affiliate investments - 276.5% - Wellspring Worldwide Inc.- Research Software - First Lien Term Loan (1M USD TERM SOFR+6.00%), 11.32% Cash, 12/22/2028

 Non-control/Non-affiliate investments - 276.5% - Wellspring Worldwide Inc.- Research Software - First Lien Term Loan (1M USD TERM SOFR+6.00%), 11.32% Cash, 12/22/2028

 Non-control/Non-affiliate investments - 276.5% - Wellspring Worldwide Inc. - Research Software - Delayed DrawTerm Loan (1M USD TERM SOFR+6.00%), 11.32% Cash, 12/22/2028

 Non-control/Non-affiliate investments - 276.5% - Wellspring Worldwide Inc. - Research Software - Delayed DrawTerm Loan (1M USD TERM SOFR+6.00%), 11.32% Cash, 12/22/2028

 Non-control/Non-affiliate investments - 276.5% - Archimedes Parent LLC - Research Software - Class A Common Units

 Non-control/Non-affiliate investments - 276.5% - Archimedes Parent LLC - Research Software - Class A Common Units

 Non-control/Non-affiliate investments - 276.5% - Research Software

 Non-control/Non-affiliate investments - 276.5% - LFR Chicken LLC - Restaurant - First Lien Term Loan (1M USD TERM SOFR+7.00%), 12.32% Cash, 11/19/2026

 Non-control/Non-affiliate investments - 276.5% - LFR Chicken LLC - Restaurant - First Lien Term Loan (1M USD TERM SOFR+7.00%), 12.32% Cash, 11/19/2026

 Non-control/Non-affiliate investments - 276.5% - LFR Chicken LLC - Restaurant - Delayed Draw Term Loan (1M USD TERM SOFR+7.00%), 12.32% Cash, 11/19/2026

 Non-control/Non-affiliate investments - 276.5% - LFR Chicken LLC - Restaurant - Delayed Draw Term Loan (1M USD TERM SOFR+7.00%), 12.32% Cash, 11/19/2026

 Non-control/Non-affiliate investments - 276.5% - LFR Chicken LLC - Restaurant - Series B Preferred Units

 Non-control/Non-affiliate investments - 276.5% - LFR Chicken LLC - Restaurant - Series B Preferred Units

 Non-control/Non-affiliate investments - 276.5% - Restaurant

 Non-control/Non-affiliate investments - 276.5% - JobNimbus LLC - Roofing Contractor Software - First Lien Term Loan (1M USD TERM SOFR+8.75%), 14.17% Cash, 9/20/2026

 Non-control/Non-affiliate investments - 276.5% - JobNimbus LLC - Roofing Contractor Software - First Lien Term Loan (1M USD TERM SOFR+8.75%), 14.17% Cash, 9/20/2026

 Non-control/Non-affiliate investments - 276.5% - Roofing Contractor Software

 Non-control/Non-affiliate investments - 276.5% - Pepper Palace, Inc. - Specialty Food Retailer - First Lien Term Loan (3M USD TERM SOFR+6.25%), 11.73% Cash, 6/30/2026

 Non-control/Non-affiliate investments - 276.5% - Pepper Palace, Inc. - Specialty Food Retailer - First Lien Term Loan (3M USD TERM SOFR+6.25%), 11.73% Cash, 6/30/2026

 Non-control/Non-affiliate investments - 276.5% - Pepper Palace, Inc. - Specialty Food Retailer - Delayed Draw Term Loan (3M USD TERM SOFR+6.25%), 11.73% Cash, 6/30/2026

 Non-control/Non-affiliate investments - 276.5% - Pepper Palace, Inc. - Specialty Food Retailer - Delayed Draw Term Loan (3M USD TERM SOFR+6.25%), 11.73% Cash, 6/30/2026

 Non-control/Non-affiliate investments - 276.5% - Pepper Palace, Inc - Specialty Food Retailer - Revolving Credit Facility (3M USD TERM SOFR+6.25%), 11.73% Cash, 6/30/2026

 Non-control/Non-affiliate investments - 276.5% - Pepper Palace, Inc - Specialty Food Retailer - Revolving Credit Facility (3M USD TERM SOFR+6.25%), 11.73% Cash, 6/30/2026

 Non-control/Non-affiliate investments - 276.5% - Pepper Palace, Inc. - Specialty Food Retailer - Membership Interest (Series A)

 Non-control/Non-affiliate investments - 276.5% - Pepper Palace, Inc. - Specialty Food Retailer - Membership Interest (Series A)

 Non-control/Non-affiliate investments - 276.5% - Pepper Palace, Inc. - Specialty Food Retailer -Membership Interest (Series B)

 Non-control/Non-affiliate investments - 276.5% - Pepper Palace, Inc. - Specialty Food Retailer -Membership Interest (Series B)

 Non-control/Non-affiliate investments - 276.5% - Specialty Food Retailer

 Non-control/Non-affiliate investments - 276.5% - ArbiterSports, LLC - Sports Management - First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 2/21/2025

 Non-control/Non-affiliate investments - 276.5% - ArbiterSports, LLC - Sports Management - First Lien Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 2/21/2025

 Non-control/Non-affiliate investments - 276.5% - ArbiterSports, LLC - Sports Management - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 2/21/2025

 Non-control/Non-affiliate investments - 276.5% - ArbiterSports, LLC - Sports Management - Delayed Draw Term Loan (3M USD TERM SOFR+6.00%), 11.33% Cash, 2/21/2025

 Non-control/Non-affiliate investments - 276.5% - Sports Management

 Non-control/Non-affiliate investments - 276.5% - Avionte Holdings, LLC - Staffing Services - Class A Units

 Non-control/Non-affiliate investments - 276.5% - Avionte Holdings, LLC - Staffing Services - Class A Units

 Non-control/Non-affiliate investments - 276.5% - Staffing Services

 Non-control/Non-affiliate investments - 276.5% - JDXpert - Talent Acquisition Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 14.10% Cash, 5/2/2027

 Non-control/Non-affiliate investments - 276.5% - JDXpert - Talent Acquisition Software - First Lien Term Loan (3M USD TERM SOFR+8.50%), 14.10% Cash, 5/2/2027

 Non-control/Non-affiliate investments - 276.5% - JDXpert - Talent Acquisition Software - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 14.10% Cash, 5/2/2027

 Non-control/Non-affiliate investments - 276.5% - JDXpert - Talent Acquisition Software - Delayed Draw Term Loan (3M USD TERM SOFR+8.50%), 14.10% Cash, 5/2/2027

 Non-control/Non-affiliate investments - 276.5% - Jobvite, Inc. - Talent Acquisition Software - First Lien Term Loan (6M USD TERM SOFR+8.00%), 13.27% Cash, 8/5/2028

 Non-control/Non-affiliate investments - 276.5% - Jobvite, Inc. - Talent Acquisition Software - First Lien Term Loan (6M USD TERM SOFR+8.00%), 13.27% Cash, 8/5/2028

 Non-control/Non-affiliate investments - 276.5% - Talent Acquisition Software

 Non-control/Non-affiliate investments - 276.5% - VetnCare MSO, LLC - Veterinary Services - Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 11.08% Cash, 5/12/2028

 Non-control/Non-affiliate investments - 276.5% - VetnCare MSO, LLC - Veterinary Services - Delayed Draw Term Loan (3M USD TERM SOFR+5.75%), 11.08% Cash, 5/12/2028

 Non-control/Non-affiliate investments - 276.5% - Veterinary Services

 Sub Total Non-control/Non-affiliate investments

 Affiliate investments - 7.5% - ETU Holdings, Inc. - Corporate Education Software - First Lien Term Loan (3M USD TERM SOFR+9.00%), 14.48% Cash, 8/18/2027

 Affiliate investments - 7.5% - ETU Holdings, Inc. - Corporate Education Software - First Lien Term Loan (3M USD TERM SOFR+9.00%), 14.48% Cash, 8/18/2027

 Affiliate investments - 7.5% - ETU Holdings, Inc. - Corporate Education Software - Second Lien Term Loan 15.00% PIK, 2/18/2028

 Affiliate investments - 7.5% - ETU Holdings, Inc. - Corporate Education Software - Second Lien Term Loan 15.00% PIK, 2/18/2028

 Affiliate investments - 7.5% - ETU Holdings, Inc. - Corporate Education Software - Series A Preferred Units

 Affiliate investments - 7.5% - ETU Holdings, Inc. - Corporate Education Software - Series A Preferred Units

 Affiliate investments - 7.5% - Corporate Education Software

 Affiliate investments - 7.5% - Axero Holdings, LLC - Employee Collaboration Software - First Lien Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 6/30/2026

 Affiliate investments - 7.5% - Axero Holdings, LLC - Employee Collaboration Software - First Lien Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 6/30/2026

 Affiliate investments - 7.5% - Axero Holdings, LLC - Employee Collaboration Software - Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 6/30/2026

 Affiliate investments - 7.5% - Axero Holdings, LLC - Employee Collaboration Software - Delayed Draw Term Loan (3M USD TERM SOFR+8.00%), 13.48% Cash, 6/30/2026

 Affiliate investments - 7.5% - Axero Holdings, LLC - Employee Collaboration Software - Revolving Credit Facility (3M USD TERM SOFR+8.00%), 13.48% Cash, 6/30/2026

 Affiliate investments - 7.5% - Axero Holdings, LLC - Employee Collaboration Software - Revolving Credit Facility (3M USD TERM SOFR+8.00%), 13.48% Cash, 6/30/2026

 Affiliate investments - 7.5% - Axero Holdings, LLC - Employee Collaboration Software - Series A Preferred Units

 Affiliate investments - 7.5% - Axero Holdings, LLC - Employee Collaboration Software - Series A Preferred Units

 Affiliate investments - 7.5% - Axero Holdings, LLC - Employee Collaboration Software - Series B Preferred Units

 Affiliate investments - 7.5% - Axero Holdings, LLC - Employee Collaboration Software - Series B Preferred Units

 Affiliate investments - 7.5% - Employee Collaboration Software

 Sub Total Affiliate investments

 Control investments - 24.7%- Netreo Holdings, LLC - IT Services - First Lien Term Loan (3M USD TERM SOFR +6.50%), 11.98% Cash/3.50% PIK 12/31/2025

 Control investments - 24.7%- Netreo Holdings, LLC - IT Services - First Lien Term Loan (3M USD TERM SOFR +6.50%), 11.98% Cash/3.50% PIK 12/31/2025

 Control investments - 24.7% - Netreo Holdings, LLC - IT Services - Delayed Draw Term Loan (3M USD TERM SOFR +6.50%), 11.98% Cash/3.50% PIK, 12/31/2025

 Control investments - 24.7% - Netreo Holdings, LLC - IT Services - Delayed Draw Term Loan (3M USD TERM SOFR +6.50%), 11.98% Cash/3.50% PIK, 12/31/2025

 Control investments - 24.7% - Netreo Holdings, LLC - IT Services - Common Stock Class A Units

 Control investments - 24.7% - Netreo Holdings, LLC - IT Services - Common Stock Class A Units

 Control investments - 24.7% - IT Services - Control investments

 Control investments - 24.7% - Saratoga Investment Corp. CLO 2013-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities 0.00%, 4/20/2033

 Control investments - 24.7% - Saratoga Investment Corp. CLO 2013-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities 0.00%, 4/20/2033

 Control investments - 24.7% - Saratoga Investment Corp. CLO 2013-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 15.60%, 4/20/2033

 Control investments - 24.7% - Saratoga Investment Corp. CLO 2013-1, Ltd. - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+10.00%), 15.60%, 4/20/2033

 Control investments - 24.7% - Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+8.55%), 13.88%, 10/20/2033

 Control investments - 24.7% - Saratoga Investment Corp. Senior Loan Fund 2022-1, Ltd. Class E Note - Structured Finance Securities - Other/Structured Finance Securities (3M USD TERM SOFR+8.55%), 13.88%, 10/20/2033

 Control investments - 24.7% - Structured Finance Securities

 Control investments - 24.7% - Saratoga Senior Loan Fund I JV, LLC - Investment Fund - Unsecured Loan 10.00%, 10/20/2033

 Control investments - 24.7% - Saratoga Senior Loan Fund I JV, LLC - Investment Fund - Unsecured Loan 10.00%, 10/20/2033

 Control investments - 24.7% - Saratoga Senior Loan Fund I JV, LLC - Investment Fund - Membership Interest

 Control investments - 24.7% - Saratoga Senior Loan Fund I JV, LLC - Investment Fund - Membership Interest

 Control investments - 24.7% - Investment Fund

 Sub Total Control investments

 TOTAL INVESTMENTS-- 308.7%

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