v3.26.3
Investments (Tables)
 6 Months Ended
Aug. 31, 2026
Schedule of Investments [Line Items]  
Schedule of Fair Value Measurements of Investments, by Major Class

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

 

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

 

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

 

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

 

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

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

 

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

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

 

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

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of August 31, 2026 were as follows (dollars in thousands):

 

   Fair Value   Valuation Technique  Unobservable Input  Range  Weighted Average*
First lien term loans  $939,036   Market Comparables  Market Yield (%)  8.3% - 25.2%  11.2%
           Revenue Multiples (x)  0.0x - 1.1x  1.1x
           Third-party Bid (x)  3.7x  3.7x
Second lien term loans   43,416   Market Comparables  Market Yield (%)  11.0% - 20.1%  12.7%
Unsecured term loans   15,469   Discounted Cash Flow  Discount Rate (%)  10.8%  10.8%
Structured finance securities   8,324   Discounted Cash Flow  Discount Rate (%)  9.0% - 70.0%  11.1%
           Recovery Rate (%)  70.0%  70.0%
           Prepayment Rate (%)  20.0%  20.0%
Equity interests   77,706   Market Comparables  Market Yield (%)  22.8%  0.1%
        Enterprise Value Waterfall  Revenue Multiples (x)  0.0x - 7.7x  5.1x
        Black-Scholes Modeling  Volatility (%)  40.0%  40.0%
           EBITDA Multiples (x)  4.8x - 29.6x  9.5x
Total  $1,083,951             

 

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

 

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

 

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

The composition of our investments as of August 31, 2026 at amortized cost and fair value was as follows (dollars in thousands):

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(1)Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.
Saratoga CLO [Member]  
Schedule of Investments [Line Items]  
Schedule of Statements of Assets and Liabilities

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

   August 31, 2026   February 28, 2026 
   (unaudited)     
ASSETS        
Investments at fair value        
Loans at fair value (amortized cost of $331,419,496 and $381,488,638, respectively)  $306,272,584   $353,285,019 
Equities at fair value (amortized cost of $2,023,524 and $1,324,217, respectively)   871,838    831,552 
Total investments at fair value (amortized cost of $333,443,020 and $382,812,855, respectively)   307,144,422    354,116,571 
Cash and cash equivalents   15,713,681    22,319,387 
Receivable from open trades   7,078,372    10,432,424 
Interest receivable (net of reserve of $836,267 and $817,651, respectively)   1,771,735    2,115,446 
Due from affiliate (See Note 7)   1,591    1,591 
Prepaid expenses and other assets   672,419    596,520 
Total assets  $332,382,220   $389,581,939 
           
LIABILITIES          
Interest payable  $2,417,782   $2,852,957 
Accrued base management fee   42,880    49,944 
Accrued subordinated management fee   186,270    199,776 
Accounts payable and accrued expenses   836,420    568,796 
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:          
Class A-1-R-4 Senior Secured Floating Rate Notes   94,384,987    156,828,563 
Class A-2-R-4 Senior Secured Floating Rate Notes   65,000,000    65,000,000 
Class B-FL-R-3 Senior Secured Floating Rate Notes   60,500,000    60,500,000 
Class B-FXD-R-3 Senior Secured Fixed Rate Notes   11,000,000    11,000,000 
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes   26,000,000    26,000,000 
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes   6,500,000    6,500,000 
Class D-R-3 Deferrable Mezzanine Floating Rate Notes   39,000,000    39,000,000 
Discount on Class D-R-3 Notes   (159,833)   (171,966)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes   27,625,000    27,625,000 
Discount on Class E-R-3 Notes   (1,660,489)   (1,786,533)
Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes   8,500,000    8,500,000 
Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes   9,375,000    9,375,000 
Deferred debt financing costs   (1,006,945)   (1,081,116)
Subordinated Notes   111,000,000    111,000,000 
Discount on Subordinated Notes   (26,262,412)   (28,255,929)
Total liabilities   433,278,660    493,704,492 
           
Commitments and contingencies          
           
NET ASSETS          
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively   250    250 
Total distributable earnings (loss)   (100,896,690)   (104,122,803)
Total net deficit   (100,896,440)   (104,122,553)
Total liabilities and net assets  $332,382,220   $389,581,939 
Schedule of Statements of Operations
   For the three months ended   For the six months ended 
   August 31, 2026   August 31, 2025   August 31, 2026   August 31, 2025 
INVESTMENT INCOME                
Total interest from investments  $7,245,137   $10,546,800   $15,994,162   $21,960,657 
Interest from cash and cash equivalents   147,372    222,520    345,081    430,629 
Other income   1,136,604    104,263    1,179,653    110,122 
Total investment income   8,529,113    10,873,583    17,518,896    22,501,408 
                     
EXPENSES                    
Interest and debt financing expenses   6,800,240    9,652,379    14,275,927    19,596,740 
Base management fee   101,090    126,689    210,088    273,761 
Subordinated management fee   
-
    536,943    435,991    1,095,046 
Professional fees   212,411    (14,059)   292,795    174,066 
Trustee expenses   
-
    47,403    40,030    96,263 
Other expense   126,781    89,347    221,479    225,823 
Total expenses   7,240,522    10,438,702    15,476,310    21,461,699 
NET INVESTMENT INCOME (LOSS)   1,288,591    434,881    2,042,586    1,039,709 
                     
REALIZED AND UNREALIZED LOSS ON INVESTMENTS                    
Net realized loss from investments   (669,414)   (6,389,175)   (1,214,159)   (8,456,051)
Net change in unrealized depreciation on investments   1,062,018    6,769,038    2,397,686    1,746,629 
Net realized and unrealized gain (loss) on investments   392,604    379,863    1,183,527    (6,709,422)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $1,681,195   $814,744   $3,226,113   $(5,669,713)
Schedule of Financial Statements of Saratoga CLO
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
ALTISOURCE PORTFOLIO SOL  Banking, Finance, Insurance & Real Estate  Common Stock  Equity                      37,028   $216,246   $215,505 
ALTISOURCE PORTFOLIO - 29C  Banking, Finance, Insurance & Real Estate  Common Stock  Equity                      7,917    -    1,504 
ALTISOURCE PORTFOLIO - 30  Banking, Finance, Insurance & Real Estate  Common Stock  Equity                      7,917    -    2,138 
Altisource Portfolio Solutions - CS Warrant  Banking, Finance, Insurance & Real Estate  Warrants  Equity                      990    3,735    188 
Altisource Portfolio Solutions - NS Warrant  Banking, Finance, Insurance & Real Estate  Warrants  Equity                      990    3,129    267 
CCRR Parent, Inc.  Healthcare & Pharmaceuticals  Equity Interests  Equity                      54,864    54,864    - 
Instant Brands Litigation Trust  Consumer Goods: Durable  Equity Interests  Equity                      177,877    96,773    530,254 
Isagenix International, LLC  Beverage, Food & Tobacco  Common Stock  Equity                      86,398    -    - 
JP Intermediate B, LLC  Consumer goods: Non-durable  Common Stock  Equity                      9,319    -    - 
Lakeland Tours LLC Litigation C/S  Hotel, Gaming & Leisure  Common Stock  Equity                      38,169    614,196    382 
Resolute Investment Managers (American Beacon), Inc.  Banking, Finance, Insurance & Real Estate  Common Stock  Equity                      24,320    1,034,581    121,600 
1011778 B.C Unltd Liability Co  Beverage, Food & Tobacco  Term Loan B6  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  9/20/2030  $1,354,209    1,341,883    1,353,965 
19TH HOLDINGS GOLF, LLC  Consumer goods: Durable  Term Loan  Loan   1M USD SOFR+  3.00%   0.50%   6.75%  2/7/2029   2,410,863    2,363,838    2,419,157 
888 Acquisitions Limited  Hotel, Gaming & Leisure  Term Loan B  Loan   6M USD SOFR+  5.25%   0.00%   9.02%  7/8/2028   2,990,096    2,850,177    2,975,146 
Agiliti Health Inc.  Healthcare & Pharmaceuticals  Term Loan B (03/23)  Loan   6M USD SOFR+  3.00%   0.00%   6.75%  5/1/2030   2,121,425    2,111,625    2,056,891 
AHEAD DB Holdings, LLC  Services: Business  Term Loan B3 (07/24)  Loan   3M USD SOFR+  2.50%   0.75%   6.23%  2/1/2031   2,849,260    2,805,059    2,842,137 
Air Canada  Transportation: Consumer  Term Loan B (03/24)  Loan   3M USD SOFR+  1.75%   0.00%   5.57%  3/21/2031   977,513    975,888    975,314 
AlixPartners, LLP  Banking, Finance, Insurance & Real Estate  Term Loan (08/25)  Loan   1M USD SOFR+  2.00%   0.00%   5.69%  8/12/2032   238,177    238,177    237,841 
Allen Media, LLC  Media: Diversified & Production  Term Loan (7/21)  Loan   3M USD SOFR+  5.50%   0.00%   9.38%  2/10/2027   4,236,033    4,234,300    3,119,839 
Alliant Holdings Intermediate, LLC  Banking, Finance, Insurance & Real Estate  Term Loan (8/25)  Loan   1M USD SOFR+  2.50%   0.00%   6.19%  9/19/2031   785,096    785,096    783,094 
Alterra Mountain Company (Intrawest Resort Holdings)  Hotel, Gaming & Leisure  Term Loan B8 (07/25)  Loan   1M USD SOFR+  2.50%   0.00%   6.19%  5/31/2030   246,267    246,267    246,883 
Altisource Solutions S.a r.l.  Banking, Finance, Insurance & Real Estate  Term Loan (Specified) B  Loan   3M USD SOFR+  6.50%   3.50%   10.33%  2/20/2029   493,745    485,679    493,745 
Altium Packaging LLC  Containers, Packaging & Glass  Term Loan B  Loan   1M USD SOFR+  2.50%   0.00%   6.19%  6/11/2031   475,300    474,539    461,835 
American Axle & Manufacturing Inc.  Automotive  Term Loan (12/22)  Loan   1M USD SOFR+  3.00%   0.50%   6.64%  12/13/2029   477,500    469,793    478,842 
Amynta Agency Borrower Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B  Loan   1M USD SOFR+  2.50%   0.00%   6.19%  12/29/2031   3,381,558    3,329,640    3,384,466 
APEX GROUP TREASURY LLC  Banking, Finance, Insurance & Real Estate  Term Loan (2/25)  Loan   3M USD SOFR+  3.50%   0.00%   7.26%  2/27/2032   483,912    466,614    460,254 
Aramark Services, Inc.  Services: Consumer  Term Loan B-10 (12/25)  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  6/24/2030   2,178,778    2,160,579    2,182,874 
Aramark Services, Inc.  Services: Consumer  Term Loan (08/25)  Loan   1M USD SOFR+  1.75%   0.00%   5.48%  4/6/2028   1,513,631    1,511,914    1,514,388 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
ARCIS GOLF LLC  Services: Consumer  term loan  Loan   3M USD SOFR+  2.50%   0.00%   6.26%  8/5/2033   487,240    484,960    487,698 
Aretec Group, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B-4  Loan   1M USD SOFR+  3.00%   0.00%   6.69%  8/9/2030   2,590,210    2,580,380    2,592,567 
Ascensus Group Holdings, Inc  Banking, Finance, Insurance & Real Estate  Term Loan  Loan   1M USD SOFR+  3.00%   0.00%   6.69%  11/24/2032   489,615    487,141    482,476 
Aspire Bakeries Holdings, LLC  Beverage, Food & Tobacco  Term Loan (12/25)  Loan   1M USD SOFR+  3.00%   0.00%   6.69%  12/23/2030   884,329    877,696    888,016 
Asurion, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B10  Loan   3M USD SOFR+  4.00%   0.00%   7.92%  8/19/2028   1,905,933    1,868,241    1,907,363 
Asurion, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B12  Loan   3M USD SOFR+  4.25%   0.00%   8.07%  9/19/2030   2,868,387    2,866,037    2,841,510 
ATHENAHEALTH GROUP INC.  Healthcare & Pharmaceuticals  Athenahealth 4/26 Term Loan B  Loan   1M USD SOFR+  3.25%   0.50%   6.94%  2/16/2032   1,290,761    1,282,605    1,289,380 
Avolon TLB Borrower 1 (US) LLC  Capital Equipment  Term Loan B6  Loan   1M USD SOFR+  1.75%   0.00%   5.40%  6/22/2030   1,450,533    1,425,358    1,453,463 
Axalta Coating Systems US Holdings  Chemicals, Plastics, & Rubber  Term Loan B (11/24)  Loan   3M USD SOFR+  1.75%   0.50%   5.48%  12/20/2029   670,782    667,354    670,903 
B&G Foods, Inc.  Beverage, Food & Tobacco  Term Loan B  Loan   1M USD SOFR+  3.50%   0.00%   7.19%  10/10/2029   524,283    523,212    515,763 
Baldwin Insurance Group Holdings, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B2  Loan   1M USD SOFR+  2.50%   0.00%   6.14%  5/27/2031   1,615,757    1,608,167    1,595,560 
Belfor Holdings Inc.  Services: Consumer  Term Loan B  Loan   1M USD SOFR+  2.75%   0.50%   6.44%  11/1/2030   1,379,273    1,370,342    1,382,722 
Bengal Debt Merger Sub LLC (c)  Beverage, Food & Tobacco  Third Out Term Loan  Loan   3M USD SOFR+  1.00%   0.50%   4.83%  1/24/2030   413,076    191,766    155,729 
Bombardier Recreational Products, Inc.  Consumer goods: Durable  Term Loan  Loan   1M USD SOFR+  2.25%   0.00%   5.94%  1/22/2031   1,404,347    1,402,218    1,407,226 
Bombardier Recreational Products, Inc.  Consumer goods: Durable  Term Loan B3  Loan   1M USD SOFR+  2.25%   0.50%   5.94%  12/13/2029   481,462    474,943    482,487 
Boxer Parent Company, Inc.  High Tech Industries  Term Loan  Loan   3M USD SOFR+  2.75%   0.00%   6.51%  7/30/2031   994,604    991,476    941,243 
BroadStreet Partners, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B-4  Loan   1M USD SOFR+  2.50%   0.00%   6.19%  6/13/2031   2,856,004    2,854,803    2,811,736 
Brookfield WEC Holdings Inc.  Energy: Electricity  Term Loan B  Loan   1M USD SOFR+  2.00%   0.00%   5.71%  1/27/2031   1,418,735    1,418,735    1,418,508 
Brookfield Property REIT Inc.  Banking, Finance, Insurance & Real Estate  GGP/Brookfield Retail 4/26 Term Loan B  Loan   1M USD SOFR+  3.00%   0.00%   6.69%  5/28/2030   1,721,912    1,755,487    1,721,379 
BROWN GROUP HOLDING, LLC  Aerospace & Defense  Term Loan B-2  Loan   3M USD SOFR+  2.25%   0.00%   6.01%  7/1/2031   485,143    477,591    486,880 
Buckeye Partners, L.P.  Utilities: Oil & Gas  Term Loan B-7 (10/25)  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  11/22/2032   1,130,560    1,128,644    1,132,968 
BW Gas & Convenience Holdings LLC  Beverage, Food & Tobacco  Term Loan B  Loan   1M USD SOFR+  3.50%   0.50%   7.30%  3/31/2028   2,375,000    2,368,436    2,380,938 
Camping World, Inc.  Retail  Term Loan B (5/21)  Loan   1M USD SOFR+  2.50%   0.75%   6.30%  6/5/2028   2,337,859    2,257,339    2,255,403 
CAPSTONE BORROWER INC  Services: Business  Term Loan  B  Loan   3M USD SOFR+  2.75%   0.00%   6.48%  6/17/2030   859,579    851,803    846,840 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
CareerBuilder, LLC (c)  Services: Business  Term Loan B3  Loan   1M USD SOFR+  2.50%   0.00%   6.58%  7/31/2026   -    597,917    - 
Castle US Holding Corporation  Media: Advertising, Printing & Publishing  Term Loan B1  Loan   3M USD SOFR+  4.25%   0.00%   8.33%  5/31/2030   1,730,489    1,263,033    844,911 
CCC Intelligent Solutions Inc.  Services: Business  Term Loan B  Loan   1M USD SOFR+  2.00%   0.50%   5.69%  1/23/2032   239,003    238,865    238,525 
CCRR Parent, Inc.  Healthcare & Pharmaceuticals  Term Loan  Loan   3M USD SOFR+  5.25%   0.75%   9.02%  5/27/2032   650,351    396,270    453,295 
CDK GLOBAL, INC.  High Tech Industries  Term Loan  B (05/24)  Loan   3M USD SOFR+  3.25%   0.00%   6.98%  7/6/2029   975,131    960,745    489,194 
Charlotte Buyer, Inc.  Services: Business  Term Loan B  Loan   1M USD SOFR+  4.50%   0.50%   8.14%  6/30/2031   1,455,384    1,406,190    1,458,615 
Chemours Company, (The)  Chemicals, Plastics, & Rubber  Term Loan B4 (10/25)  Loan   1M USD SOFR+  3.50%   0.00%   7.19%  10/15/2032   2,339,963    2,316,926    2,345,088 
Churchill Downs Incorporated  Hotel, Gaming & Leisure  Term Loan B1 (3/21)  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  3/17/2028   473,750    473,596    472,566 
CIMPRESS PUBLIC LIMITED COMPANY  Media: Advertising, Printing & Publishing  Term Loan B (5/26)  Loan   1M USD SOFR+  2.50%   0.00%   6.19%  5/19/2033   1,911,084    1,877,557    1,914,677 
Clarios Global LP  Automotive  Term Loan B  (07/24)  Loan   1M USD SOFR+  2.50%   0.00%   6.19%  5/6/2030   963,856    961,218    966,506 
Cloud Software Group Inc  High Tech Industries  Term Loan B  Loan   3M USD SOFR+  3.25%   0.00%   6.98%  3/21/2031   492,525    492,341    469,992 
CLYDESDALE ACQUISITION HOLDINGS, INC.  Containers, Packaging & Glass  Term Loan B  Loan   1M USD SOFR+  3.18%   0.50%   6.86%  4/13/2029   1,220,000    1,206,224    1,217,633 
Connect Finco SARL  Telecommunications  Term Loan B (03/24)  Loan   1M USD SOFR+  4.50%   0.50%   8.19%  9/27/2029   2,822,531    2,777,400    2,837,716 
Corelogic, Inc.  Services: Business  Term Loan B (07/26)  Loan   1M USD SOFR+  4.25%   0.00%   7.94%  7/25/2031   2,381,250    2,378,595    2,331,387 
Creative Artists Agency, LLC  Media: Diversified & Production  Term Loan B (7/25)  Loan   1M USD SOFR+  2.50%   0.00%   6.19%  10/1/2031   1,556,452    1,550,009    1,558,787 
CROCS INC  Consumer goods: Durable  Term Loan B (01/24)  Loan   1M USD SOFR+  2.25%   0.50%   5.94%  2/19/2029   750,000    737,265    753,345 
Cross Financial Corp  Banking, Finance, Insurance & Real Estate  Term Loan B4 (07/25)  Loan   1M USD SOFR+  2.75%   0.00%   6.44%  10/31/2031   479,017    478,303    465,844 
Crown Subsea Communications Holding, Inc.  Construction & Building  Term Loan B (01/26)  Loan   1M USD SOFR+  3.00%   0.75%   6.69%  1/30/2031   2,376,000    2,359,968    2,388,617 
Dave & Buster's Inc.  Hotel, Gaming & Leisure  Term Loan B (1/24)  Loan   3M USD SOFR+  3.25%   0.50%   7.06%  6/29/2029   762,038    743,396    624,711 
Delek US Holdings, Inc.  Utilities: Oil & Gas  Term Loan B (5/26)  Loan   1M USD SOFR+  3.00%   0.50%   6.73%  5/17/2032   4,831,579    4,773,499    4,847,668 
Derby Buyer LLC  Chemicals, Plastics, & Rubber  Term Loan  Loan   1M USD SOFR+  2.75%   0.50%   6.39%  11/1/2030   611,015    605,056    614,071 
DexKo Global, Inc. (Dragon Merger) (c)  Automotive  Dexko Global 3/26 (USD) Term Loan B  Loan   3M USD SOFR+  4.50%   0.00%   8.32%  10/3/2031   967,200    965,979    932,623 
DIRECTV FINANCING, LLC  Media: Broadcasting & Subscription  Term Loan B (07/26)  Loan   3M USD SOFR+  4.50%   0.75%   8.32%  8/2/2029   2,472,250    2,463,608    2,487,899 
DISCOVERY PURCHASER CORPORATION  Chemicals, Plastics, & Rubber  Term Loan  Loan   3M USD SOFR+  3.75%   0.50%   7.48%  10/4/2029   1,451,947    1,391,117    1,445,239 
DOMTAR CORPORATION  Forest Products & Paper  Term Loan 9/21  Loan   1M USD SOFR+  5.50%   0.75%   9.35%  11/30/2028   2,812,589    2,786,990    2,253,587 
DRI HOLDING INC.  Media: Advertising, Printing & Publishing  Term Loan (12/21)  Loan   3M USD SOFR+  5.25%   0.50%   9.22%  12/15/2028   3,832,400    3,766,484    3,640,780 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
DRW Holdings, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (06/24)  Loan   1M USD SOFR+  3.50%   0.00%   7.19%  6/26/2031   6,178,900    6,161,542    6,007,065 
DTZ U.S. Borrower, LLC  Construction & Building  Term Loan B  Loan   1M USD SOFR+  2.50%   0.50%   6.19%  1/31/2030   1,704,673    1,704,673    1,706,275 
DTZ U.S. Borrower, LLC  Construction & Building  Term Loan B  Loan   1M USD SOFR+  2.25%   0.50%   5.94%  6/13/2033   932,250    918,038    932,250 
Dye & Durham Corporation  Services: Business  Term Loan B (04/24)  Loan   3M USD SOFR+  4.25%   1.00%   8.08%  4/11/2031   1,299,175    1,285,157    608,442 
EAB Global, Inc.  Services: Business  Term Loan (08/21)  Loan   1M USD SOFR+  3.00%   0.50%   6.69%  8/16/2030   955,506    954,426    842,938 
Echo Global Logistics, Inc.  Services: Business  Term Loan  Loan   1M USD SOFR+  3.75%   0.50%   7.58%  11/23/2028   1,915,000    1,915,000    1,874,306 
Embecta Corp  Healthcare & Pharmaceuticals  Term Loan B  Loan   3M USD SOFR+  3.00%   0.50%   6.73%  3/30/2029   2,123,456    2,101,999    1,805,999 
Emrld Borrower LP  Capital Equipment  Term Loan B (04/23)  Loan   1M USD SOFR+  2.25%   0.00%   5.94%  5/31/2030   975,150    972,443    977,461 
Endo Finance Holdings, Inc.  Healthcare & Pharmaceuticals  Term Loan B  Loan   1M USD SOFR+  3.75%   0.50%   7.44%  4/23/2031   1,965,000    1,950,799    1,969,087 
Entain Holdings (Gibraltar) Limited  Hotel, Gaming & Leisure  Term Loan B6  Loan   3M USD SOFR+  2.25%   0.00%   5.98%  10/31/2029   1,457,889    1,449,353    1,457,175 
Equiniti Group PLC  Services: Business  Term Loan  Loan   6M USD SOFR+  3.75%   0.50%   7.60%  12/10/2031   955,554    951,097    954,656 
Evertec Group LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (09/23)  Loan   1M USD SOFR+  2.25%   0.50%   5.94%  10/30/2030   1,125,000    1,113,898    1,123,594 
Examworks Bidco Inc  Healthcare & Pharmaceuticals  ExamWorks/Electron 1/26 TL  Loan   1M USD SOFR+  2.50%   0.50%   6.19%  2/6/2033   483,844    483,281    485,576 
Fiesta Purchaser, Inc.  Beverage, Food & Tobacco  Second Refinancing Term Loan (8/25)  Loan   1M USD SOFR+  2.75%   0.00%   6.44%  2/12/2031   490,059    486,739    485,159 
Finco I LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (07/25)  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  6/27/2029   2,760,723    2,760,133    2,759,950 
First Brands Group, LLC (b) (c)  Automotive  1st Lien Term Loan (3/21)  Loan   1M USD SOFR+  0.00%   1.00%   3.71%  3/30/2027   57,237    57,154    27 
First Brands Group, LLC (b) (c)  Automotive  1st Lien Term Loan (3/21)  Loan   1M USD SOFR+  0.00%   1.00%   0.00%  3/30/2027   1,346,904    40,386    242 
First Brands Group, LLC (b) (c)  Automotive  New Money DIP Term Loan A (10/25)  Loan   1M USD SOFR+  0.00%   1.00%   0.00%  7/31/2026   1,581,855    1,581,916    224,101 
First Brands Group, LLC (b) (c)  Automotive  Roll-Up DIP Term Loan B (10/25)  Loan   1M USD SOFR+  0.00%   1.00%   0.00%  7/31/2026   3,569,559    3,569,559    214 
First Student Bidco Inc.  Transportation: Consumer  Term Loan  Loan   3M USD SOFR+  2.25%   0.00%   5.98%  8/15/2030   781,647    779,611    781,647 
Fitness International, LLC (LA Fitness)  Services: Consumer  Term Loan  B (1/24)  Loan   1M USD SOFR+  4.50%   1.00%   8.19%  2/5/2029   1,173,000    1,154,031    1,175,346 
Flutter Financing B.V.  Hotel, Gaming & Leisure  Term Loan  Loan   3M USD SOFR+  1.75%   0.50%   5.48%  11/29/2030   3,656,250    3,650,226    3,580,090 
Franklin Square Holdings, L.P.  Banking, Finance, Insurance & Real Estate  Term Loan B (04/24)  Loan   1M USD SOFR+  2.25%   0.00%   5.94%  4/25/2031   4,167,422    4,165,101    3,959,051 
Froneri International (R&R Ice Cream)  Beverage, Food & Tobacco  Term Loan B4 (10/24)  Loan   6M USD SOFR+  2.25%   0.00%   6.20%  9/30/2031   1,891,063    1,891,894    1,881,607 
Garrett LX III S.a r.l.  Automotive  Term Loan (1/25)  Loan   3M USD SOFR+  1.75%   0.50%   5.57%  1/30/2032   1,223,319    1,221,273    1,221,276 
Genesee & Wyoming, Inc.  Transportation: Cargo  Term Loan B (03/24)  Loan   3M USD SOFR+  1.75%   0.00%   5.48%  4/10/2031   1,473,750    1,468,574    1,471,687 
GIP Pilot Acquisition Partners, L.P.  Energy: Oil & Gas  GIP Pilot 5/26 Cov-Lite  Loan   3M USD SOFR+  2.00%   0.00%   5.72%  5/19/2033   301,391    299,770    302,144 
Global Tel*Link Corporation  Telecommunications  Term Loan (6/24)  Loan   1M USD SOFR+  7.50%   3.00%   11.19%  7/31/2029   4,693,780    4,645,832    4,740,718 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Go Daddy Operating Company, LLC  High Tech Industries  Term Loan B7  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  5/30/2031   926,057    926,057    913,129 
GOLDEN WEST PACKAGING GROUP LLC (c)  Forest Products & Paper  Term Loan B1 (06/25)  Loan   3M USD SOFR+  5.25%   0.75%   9.33%  6/27/2031   1,750,000    1,744,741    1,102,500 
GOTO GROUP, INC.  High Tech Industries  Second-Out Term Loan (02/24)  Loan   3M USD SOFR+  4.75%   0.00%   8.69%  4/28/2028   1,693,820    1,656,614    441,105 
Great Outdoors Group, LLC  Retail  Term Loan (1/25)  Loan   1M USD SOFR+  3.25%   0.75%   6.94%  1/20/2032   945,840    944,458    949,557 
Grosvenor Capital Management Holdings, LLLP  Banking, Finance, Insurance & Real Estate  Term Loan B (5/24)  Loan   1M USD SOFR+  2.25%   0.00%   5.94%  2/25/2030   2,329,068    2,329,068    2,336,498 
Hertz Corporation (The)  Transportation: Consumer  Term Loan B  Loan   3M USD SOFR+  3.75%   0.00%   7.57%  6/30/2028   2,051,410    2,024,252    1,128,275 
Hillman Group Inc. (The) (New)  Consumer goods: Durable  Term Loan (7/26)  Loan   1M USD SOFR+  2.00%   0.00%   5.66%  7/22/2033   2,660,665    2,660,665    2,659,920 
Hilton Domestic Operating Company Inc.  Hotel, Gaming & Leisure  Term Loan B 4  Loan   1M USD SOFR+  1.75%   0.00%   5.42%  11/8/2030   1,500,000    1,498,183    1,503,375 
Holley Purchaser, Inc  Automotive  Term Loan (11/21)  Loan   1M USD SOFR+  3.75%   0.75%   7.55%  11/17/2028   2,088,475    2,085,789    2,091,086 
Hudson River Trading LLC  Banking, Finance, Insurance & Real Estate  Hudson River 1/26  Loan   1M USD SOFR+  2.50%   0.00%   6.16%  3/18/2030   5,689,037    5,628,281    5,678,398 
Hunter Douglas Inc  Consumer goods: Durable  Term Loan B (1/25)  Loan   3M USD SOFR+  3.00%   0.00%   6.73%  1/19/2032   2,199,159    2,040,495    2,201,446 
Hyperion Refinance S.a.r.l.  Banking, Finance, Insurance & Real Estate  Term Loan  Loan   1M USD SOFR+  2.75%   0.50%   6.44%  2/15/2031   2,932,986    2,924,617    2,775,338 
Idera, Inc.  High Tech Industries  Term Loan (06/24)  Loan   3M USD SOFR+  3.50%   0.75%   7.31%  3/2/2028   4,654,531    4,653,244    4,040,413 
INEOS 226 Ltd.  Chemicals, Plastics, & Rubber  Term Loan 3/23  Loan   1M USD SOFR+  3.75%   0.00%   7.54%  3/14/2030   485,000    482,065    383,354 
Ineos US Finance LLC  Chemicals, Plastics, & Rubber  Term Loan C  Loan   1M USD SOFR+  3.25%   0.00%   6.94%  2/19/2030   975,131    969,518    919,549 
INEOS US PETROCHEM LLC  Chemicals, Plastics, & Rubber  Term Loan B  Loan   1M USD SOFR+  4.25%   0.00%   8.04%  4/2/2029   2,653,789    2,622,489    2,214,799 
Ingram Micro Inc.  Wholesale  Term Loan B (6/25)  Loan   3M USD SOFR+  2.25%   0.00%   5.93%  9/19/2031   450,298    448,282    451,986 
Inmar, Inc.  Services: Business  Term Loan B (06/25)  Loan   3M USD SOFR+  4.50%   0.50%   8.32%  10/30/2031   3,250,440    3,209,928    2,906,446 
Innophos, Inc.  Chemicals, Plastics, & Rubber  Term Loan B  Loan   1M USD SOFR+  4.25%   0.00%   8.05%  3/16/2029   468,750    467,587    465,234 
IRB Holding Corporation  Beverage, Food & Tobacco  Term Loan B (11/25)  Loan   1M USD SOFR+  2.50%   0.50%   6.19%  12/16/2030   421,994    420,246    423,268 
Isagenix International, LLC (c)  Beverage, Food & Tobacco  Term Loan  Loan   1M USD SOFR+  7.50%   0.00%   11.24%  4/13/2028   1,542,521    1,328,496    169,677 
Isolved Inc.  Services: Business  Infinisource/iSolved 7/25 Cov-lite TL B  Loan   1M USD SOFR+  2.75%   0.00%   6.44%  10/15/2030   611,043    606,925    591,948 
Journey Personal Care Corp.  Consumer goods: Non-durable  Term Loan B (11/24)  Loan   3M USD SOFR+  3.75%   0.75%   7.57%  3/1/2028   2,851,463    2,831,879    2,837,205 
JP Intermediate B, LLC  Consumer goods: Non-durable  Term Loan  Loan   3M USD SOFR+  7.00%   1.00%   10.73%  9/30/2030   232,011    232,011    185,609 
JP Intermediate B, LLC  Consumer goods: Non-durable  Term Loan (9/25)  Loan   3M USD SOFR+  5.50%   0.00%   9.23%  3/30/2031   1,103,261    598,594    551,630 
Koppers Inc  Chemicals, Plastics, & Rubber  Term Loan  Loan   1M USD SOFR+  2.50%   0.50%   6.19%  4/10/2030   970,268    952,972    971,238 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Lakeland Tours, LLC (c)  Hotel, Gaming & Leisure  Term Loan A PIK  Loan   Fixed  0.00%   0.00%   8.00%  3/31/2030   529,519    529,519    105,904 
LSF9 Atlantis Holdings, LLC (A Wireless)  Retail  Term Loan B (9/25)  Loan   3M USD SOFR+  3.75%   0.75%   7.48%  3/29/2029   2,474,759    2,436,306    2,445,879 
MAGNITE, INC.  Services: Business  Term Loan B  Loan   1M USD SOFR+  3.00%   0.00%   6.69%  2/6/2031   3,193,348    3,171,433    3,192,550 
Marriott Ownership Resorts, Inc.  Hotel, Gaming & Leisure  Term Loan  B (3/24)  Loan   1M USD SOFR+  2.25%   0.00%   5.94%  4/1/2031   1,290,732    1,290,732    1,294,359 
Max US Bidco Inc.  Beverage, Food & Tobacco  Term Loan B  Loan   3M USD SOFR+  5.00%   0.50%   8.73%  10/3/2030   1,955,000    1,866,807    1,840,398 
McGraw-Hill Education, Inc.  Media: Advertising, Printing & Publishing  Term Loan  B  Loan   1M USD SOFR+  2.50%   0.50%   6.19%  8/6/2031   565,552    562,896    567,831 
Michaels Companies Inc  Retail  Term Loan B (3/26)  Loan   3M USD SOFR+  5.00%   0.00%   8.73%  2/22/2033   2,392,299    2,339,947    2,388,567 
MIWD Holdco II LLC  Construction & Building  Term Loan B2 (03/24)  Loan   1M USD SOFR+  2.75%   0.00%   6.44%  3/28/2031   485,348    483,734    479,281 
Moneygram International, Inc.  Services: Business  Term Loan B  Loan   1M USD SOFR+  4.75%   0.50%   8.39%  6/3/2030   2,919,056    2,666,834    2,097,751 
MPH Acquisition Holdings LLC (Multiplan)  Services: Business  First-Out Term Loan (01/25)  Loan   3M USD SOFR+  3.75%   0.50%   7.57%  12/31/2030   311,666    288,264    312,641 
NAB Holdings, LLC (North American Bancard)  Banking, Finance, Insurance & Real Estate  Term Loan B (2/25)  Loan   3M USD SOFR+  2.50%   0.50%   6.23%  11/24/2028   2,866,606    2,865,479    2,641,263 
Natgasoline LLC  Chemicals, Plastics, & Rubber  Term Loan (3/25)  Loan   1M USD SOFR+  5.50%   0.00%   9.19%  3/25/2030   3,167,669    3,090,953    3,195,386 
National Mentor Holdings, Inc.  Healthcare & Pharmaceuticals  Term Loan B  Loan   1M USD SOFR+  6.00%   0.00%   9.69%  12/12/2030   2,740,058    2,714,728    2,765,513 
Next Level Apparel, Inc.  Retail  Term Loan  Loan   3M USD SOFR+  7.50%   1.00%   11.33%  11/20/2026   2,317,073    2,317,609    1,621,951 
Nielsen Consumer Inc.  Services: Business  Term Loan (08/25)  Loan   1M USD SOFR+  2.25%   0.50%   5.94%  10/31/2030   2,143,747    2,143,028    2,133,028 
NortonLifeLock Inc.  High Tech Industries  Term Loan B (05/24)  Loan   1M USD SOFR+  1.75%   0.50%   5.44%  9/12/2029   947,500    945,671    942,762 
Nouryon Finance B.V.  Chemicals, Plastics, & Rubber  AkzoNobel Specialty Chemicals (Starfruit) 6/26 (USD) Term Loan B  Loan   3M USD SOFR+  3.50%   0.00%   7.23%  7/31/2031   417,389    415,855    418,825 
Novae LLC  Automotive  Term Loan B  Loan   3M USD SOFR+  5.00%   0.75%   8.88%  12/22/2028   1,915,000    1,909,563    1,371,963 
Open Text Corporation  High Tech Industries  Term Loan B (08/23)  Loan   1M USD SOFR+  1.75%   0.50%   5.44%  1/31/2030   642,897    632,032    639,882 
Oxbow Carbon, LLC  Metals & Mining  Term Loan B (04/23)  Loan   1M USD SOFR+  3.50%   0.50%   7.19%  5/2/2030   458,036    452,381    461,279 
PACIFIC DENTAL SERVICES, LLC  Healthcare & Pharmaceuticals  Term Loan B (02//24)  Loan   1M USD SOFR+  2.25%   0.00%   5.91%  3/17/2031   1,173,150    1,172,918    1,174,452 
Padagis LLC  Healthcare & Pharmaceuticals  Term Loan  Loan   3M USD SOFR+  4.75%   0.50%   8.74%  7/6/2028   920,682    917,767    897,665 
PATAGONIA HOLDCO LLC  Telecommunications  Term Loan B  Loan   3M USD SOFR+  5.75%   0.50%   9.51%  8/1/2029   2,902,157    2,679,152    2,270,938 
PCI Gaming Authority  Hotel, Gaming & Leisure  Term Loan  Loan   1M USD SOFR+  2.00%   0.00%   5.69%  7/18/2031   778,600    778,570    778,452 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
PEARLS (Netherlands) Bidco B.V.  Chemicals, Plastics, & Rubber  USD Term Loan (02/22)  Loan   3M USD SOFR+  3.25%   0.50%   7.07%  2/28/2029   958,169    957,875    876,006 
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC  Healthcare & Pharmaceuticals  Term Loan B (5/26)  Loan   3M USD SOFR+  5.00%   0.00%   8.76%  12/29/2031   1,440,869    1,439,109    1,404,400 
Penn National Gaming, Inc  Hotel, Gaming & Leisure  Term Loan B  Loan   1M USD SOFR+  2.00%   0.50%   5.69%  5/28/2033   960,000    958,256    958,637 
Phoenix Guarantor Inc.  Healthcare & Pharmaceuticals  Term Loan B-6  Loan   1M USD SOFR+  2.00%   0.00%   5.69%  2/21/2031   865,523    865,523    866,414 
PHYSICIAN PARTNERS, LLC (c)  Healthcare & Pharmaceuticals  Term Loan B1 (1/25)  Loan   3M USD SOFR+  1.50%   0.00%   5.32%  12/31/2029   650,691    645,904    652,968 
Playtika Holding Corp.  High Tech Industries  Term Loan B (3/21)  Loan   1M USD SOFR+  2.75%   0.00%   6.55%  3/13/2028   4,263,750    4,261,786    4,159,842 
PointClickCare Technologies, Inc.  High Tech Industries  Term Loan (07/25)  Loan   3M USD SOFR+  2.75%   0.00%   6.57%  11/3/2031   476,561    475,724    473,883 
Polymer Process Holdings, Inc.  Containers, Packaging & Glass  Term Loan  Loan   1M USD SOFR+  4.75%   0.75%   8.55%  2/12/2028   3,942,289    3,936,587    2,366,596 
Pre-Paid Legal Services, Inc.  Services: Consumer  Term Loan (12/21)  Loan   1M USD SOFR+  3.25%   0.50%   6.94%  12/15/2028   2,873,609    2,864,434    2,706,136 
Prime Security Services Borrower, LLC (ADT)  Services: Consumer  Term Loan B  Loan   1M USD SOFR+  2.00%   0.00%   5.66%  10/13/2030   1,759,565    1,748,304    1,759,020 
PRIORITY HOLDINGS, LLC  Services: Consumer  Term Loan B (07/25)  Loan   1M USD SOFR+  3.75%   0.50%   7.44%  7/30/2032   2,830,585    2,818,043    2,789,910 
Project Leopard Holdings, Inc. (NEW)  High Tech Industries  Term Loan B (06/22)  Loan   3M USD SOFR+  5.25%   0.50%   9.17%  7/20/2029   965,000    931,256    575,787 
PUG LLC  Services: Consumer  Term Loan B (03/24)  Loan   1M USD SOFR+  4.75%   0.00%   8.44%  3/15/2030   195,701    195,514    196,108 
Quartz AcquireCo, LLC  High Tech Industries  Term Loan (2/25)  Loan   3M USD SOFR+  2.25%   0.00%   5.98%  6/28/2030   1,216,234    1,210,341    1,058,731 
Quikrete Holdings, Inc.  Construction & Building  Term Loan (2/25)  Loan   1M USD SOFR+  2.25%   0.00%   5.94%  4/14/2031   977,613    976,178    978,786 
Rackspace Technology Global, Inc.  High Tech Industries  Term Loan  (3/24)  Loan   1M USD SOFR+  2.75%   0.75%   6.52%  5/15/2028   2,008,367    1,445,910    1,748,665 
Rackspace Technology Global, Inc.  High Tech Industries  Super-Priority Term Loan (03/24)  Loan   1M USD SOFR+  6.25%   0.75%   10.02%  5/15/2028   538,644    536,105    544,369 
RAND PARENT LLC  Transportation: Cargo  Term Loan B (06/26)  Loan   3M USD SOFR+  3.00%   0.00%   6.73%  3/18/2030   2,419,560    2,368,821    2,427,424 
RealPage, Inc.  High Tech Industries  Term Loan (04/21)  Loan   3M USD SOFR+  3.00%   0.50%   6.99%  4/24/2028   952,500    952,500    937,117 
Rent-A-Center, Inc.  Retail  Term Loan B (08/25)  Loan   3M USD SOFR+  2.75%   0.50%   6.48%  8/13/2032   1,816,365    1,798,535    1,816,365 
Research Now Group, Inc  Media: Advertising, Printing & Publishing  Term Loan (07/24)  Loan   3M USD SOFR+  5.00%   1.00%   8.90%  7/15/2028   333,630    331,291    313,055 
Research Now Group, Inc  Media: Advertising, Printing & Publishing  Second-Out Term Loan  Loan   3M USD SOFR+  5.76%   1.00%   9.48%  10/15/2028   2,843,898    2,770,933    1,123,340 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Resolute Investment Managers (American Beacon), Inc. (c)  Banking, Finance, Insurance & Real Estate  Term Loan (12/23)  Loan   3M USD SOFR+  6.50%   1.00%   10.49%  10/30/2028   1,938,143    1,938,143    1,775,823 
Restoration Hardware, Inc.  Retail  Term Loan (9/21)  Loan   1M USD SOFR+  2.50%   0.50%   6.30%  10/20/2028   3,339,718    3,338,278    3,280,505 
Reynolds Consumer Products LLC  Containers, Packaging & Glass  Term Loan B (2/25)  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  3/4/2032   931,115    931,115    933,610 
Ryan Specialty Group LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (09/24)  Loan   1M USD SOFR+  2.00%   0.00%   5.69%  9/15/2031   1,434,094    1,428,248    1,432,302 
S&S HOLDINGS LLC  Services: Business  Term Loan  Loan   1M USD SOFR+  5.00%   0.50%   8.79%  3/10/2028   2,371,131    2,354,160    2,371,131 
Sally Holdings LLC  Retail  Term Loan  B  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  2/28/2030   268,750    267,589    269,422 
Scientific Games Holdings LP  Hotel, Gaming & Leisure  Term Loan B  Loan   3M USD SOFR+  3.00%   0.50%   6.75%  4/4/2029   483,881    483,595    436,906 
Sedgwick Claims Management Services, Inc.  Services: Business  Term Loan B 2/23  Loan   1M USD SOFR+  2.50%   0.00%   6.19%  7/31/2031   970,293    965,571    969,934 
SETANTA AIRCRAFT LEASING DAC  Aerospace & Defense  Term Loan B (05/24)  Loan   3M USD SOFR+  1.75%   0.00%   5.48%  11/5/2028   350,000    349,786    351,166 
Sitel Worldwide Corporation  Services: Business  USD Term Loan (7/21)  Loan   3M USD SOFR+  3.75%   0.50%   7.71%  8/28/2028   -    7,023    - 
SiteOne Landscape Supply, LLC  Services: Business  Term Loan B (06/24)  Loan   1M USD SOFR+  1.75%   0.50%   5.40%  3/23/2030   1,238,796    1,235,959    1,241,893 
Smyrna Ready Mix Concrete, LLC  Construction & Building  Term Loan B  Loan   1M USD SOFR+  3.00%   0.00%   6.69%  4/2/2029   502,712    500,999    504,285 
Sparta U.S. HoldCo LLC  Chemicals, Plastics, & Rubber  Term Loan  Loan   3M USD SOFR+  3.00%   0.00%   6.66%  8/2/2030   1,910,000    1,907,807    1,911,433 
SRAM, LLC  Consumer goods: Durable  Term Loan  (02/25)  Loan   1M USD SOFR+  2.00%   0.00%   5.69%  2/23/2032   2,235,055    2,234,504    2,234,116 
STANDARD INDUSTRIES INC.  Construction & Building  Term Loan B  Loan   1M USD SOFR+  1.75%   0.50%   5.41%  9/22/2028   195,250    194,861    195,150 
Staples, Inc.  Wholesale  Term Loan B  Loan   3M USD SOFR+  5.75%   0.50%   9.56%  9/4/2029   4,199,276    4,161,999    3,930,019 
Star Parent, Inc.  Services: Business  Term Loan B (09/23)  Loan   3M USD SOFR+  3.50%   0.00%   7.23%  9/27/2030   1,080,534    1,070,006    1,086,801 
Storable, Inc  High Tech Industries  Term Loan B (3/25)  Loan   1M USD SOFR+  3.25%   0.00%   6.94%  4/16/2031   478,938    478,905    401,412 
Superannuation & Investments US LLC  Banking, Finance, Insurance & Real Estate  Superannuation and Investments/CFS 1/26 TL  Loan   1M USD SOFR+  2.50%   0.50%   6.19%  12/1/2028   935,132    931,769    937,863 
SupplyOne, Inc  Wholesale  Term Loan B (03/24)  Loan   1M USD SOFR+  3.50%   0.00%   7.19%  3/27/2031   488,813    485,227    490,313 
Sweetwater Borrower, LLC  Retail  Term Loan B (08/26)  Loan   1M USD SOFR+  3.25%   0.00%   6.94%  2/17/2033   1,852,074    1,814,081    1,859,019 
Syncsort Incorporated  High Tech Industries  Term Loan B (10/21)  Loan   3M USD SOFR+  4.00%   0.75%   8.08%  4/24/2028   2,382,444    2,382,402    1,924,681 
Ta TT Buyer LLC  Media: Broadcasting & Subscription  Term Loan B (6/24)  Loan   3M USD SOFR+  4.75%   0.50%   8.48%  4/2/2029   965,258    960,790    884,417 
Tenable Holdings, Inc.  Services: Business  Term Loan B (6/21)  Loan   1M USD SOFR+  2.75%   0.50%   6.60%  7/7/2028   955,000    954,843    952,613 
Thor Industries, Inc.  Automotive  Term Loan B (06/24)  Loan   1M USD SOFR+  2.25%   0.00%   5.94%  11/15/2030   94,142    93,553    93,906 
Torrid LLC  Wholesale  Term Loan 5/21  Loan   6M USD SOFR+  5.50%   0.75%   9.80%  6/14/2028   2,829,452    2,658,850    1,194,651 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Tosca Services, LLC (c)  Containers, Packaging & Glass  Term Loan A (08/24)  Loan   3M USD SOFR+  5.50%   1.50%   9.23%  11/30/2028   80,509    79,712    80,686 
Trans Union LLC  Banking, Finance, Insurance & Real Estate  Term Loan B9 (11/24)  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  6/24/2031   596,897    596,672    596,014 
TruGreen Limited Partnership  Services: Consumer  Term Loan  Loan   1M USD SOFR+  4.00%   0.75%   7.79%  11/2/2027   920,411    919,334    856,903 
Univision Communications Inc.  Media: Broadcasting & Subscription  Term Loan B (05/24)  Loan   1M USD SOFR+  3.50%   0.50%   7.30%  1/31/2029   2,367,288    2,367,288    2,352,491 
Univision Communications Inc.  Media: Broadcasting & Subscription  Term Loan B (6/22)  Loan   3M USD SOFR+  4.25%   0.50%   7.98%  6/25/2029   240,000    236,532    240,199 
Vaco Holdings, LLC  Services: Business  Term Loan (01/22)  Loan   3M USD SOFR+  5.00%   0.75%   8.88%  1/22/2029   2,259,320    2,228,853    2,035,806 
Vericast Corp. (c)  Media: Advertising, Printing & Publishing  Extended Term Loan (07/24)  Loan   3M USD SOFR+  7.75%   1.00%   11.50%  6/15/2030   1,239,911    1,239,784    1,228,541 
Verifone Systems, Inc. (c)  Banking, Finance, Insurance & Real Estate  Term Loan (03/25)  Loan   3M USD SOFR+  5.50%   0.00%   9.58%  8/18/2028   1,182,785    1,182,574    1,133,995 
Vertex Aerospace Services Corp  Aerospace & Defense  Term Loan (10/21)  Loan   1M USD SOFR+  2.00%   0.75%   5.69%  12/6/2030   936,596    935,558    937,767 
Viasat Inc  Telecommunications  Term Loan (2/22)  Loan   1M USD SOFR+  4.50%   0.50%   8.27%  3/5/2029   2,892,066    2,859,175    2,912,109 
WeddingWire, Inc. (c)  Services: Consumer  Term Loan B (12/24)  Loan   1M USD SOFR+  6.25%   0.00%   9.91%  7/31/2030   4,772,588    4,772,589    3,372,645 
WEX Inc.  Services: Business  Term Loan B (11/24)  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  3/31/2028   2,852,112    2,850,471    2,850,343 
Windsor Holdings III, LLC  Chemicals, Plastics, & Rubber  Term Loan B (02/25)  Loan   1M USD SOFR+  2.75%   0.00%   6.44%  8/1/2030   487,587    487,587    489,070 
Wyndham Hotels & Resorts, Inc.  Hotel, Gaming & Leisure  Term Loan (05/24)  Loan   1M USD SOFR+  1.75%   0.00%   5.44%  5/24/2030   972,650    969,908    974,595 
Xperi Corporation  High Tech Industries  Term Loan (1/25)  Loan   1M USD SOFR+  2.50%   0.00%   6.19%  6/8/2028   1,362,743    1,362,717    1,362,743 
Zayo Group, LLC (c)  Telecommunications  Term Loan (09/25)  Loan   1M USD SOFR+  3.00%   0.00%   6.80%  3/11/2030   366,098    363,332    366,460 
ZEBRA BUYER (Allspring) LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (12/24)  Loan   3M USD SOFR+  3.00%   0.50%   6.75%  11/1/2030   1,829,108    1,824,085    1,836,497 
Zekelman Industries, Inc.  Metals & Mining  Term Loan B (03/24)  Loan   1M USD SOFR+  2.25%   0.00%   5.94%  1/24/2031   1,421,313    1,420,808    1,419,536 
Zest Acquisition Corp.  Healthcare & Pharmaceuticals  Term Loan (1/23)  Loan   3M USD SOFR+  5.25%   0.00%   9.09%  2/8/2028   1,930,000    1,898,133    1,903,463 
Zodiac Pool Solutions  Consumer goods: Durable  Term Loan (1/22)  Loan   1M USD SOFR+  1.93%   0.50%   5.71%  1/29/2029   477,500    477,500    477,500 
TOTAL INVESTMENTS                                   $333,443,020   $307,144,422 

 

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

 

(a)Included within cash and cash equivalents in Saratoga CLO's Statements of Assets and Liabilities as of August 31, 2026.
(b)As of August 31, 2026, the investment was in default and on non-accrual status.
(c)Investments include Payment-in-Kind Interest.
(d)All or a portion of this investment has an unfunded commitment as of August 31, 2026.
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair
Value		 
ALTISOURCE PORTFOLIO SOL  Banking, Finance, Insurance & Real Estate  Common Stock  Equity                   37,028   $216,246   $282,156 
Altisource Portfolio Solutions - CS Warrant  Banking, Finance, Insurance & Real Estate  Warrants  Equity                   990    3,736    330 
Altisource Portfolio Solutions - NS Warrant  Banking, Finance, Insurance & Real Estate  Warrants  Equity                   990    3,129    426 
Instant Brands Litigation Trust  Consumer Goods: Durable  Equity Interests  Equity                   82,384    66,525    500,000 
Isagenix International, LLC  Beverage, Food & Tobacco  Common Stock  Equity                   86,398    
-
    
-
 
JP Intermediate B, LLC  Consumer goods: Non-durable  Common Stock  Equity                   9,319    
-
    
-
 
Resolute Investment Managers (American Beacon), Inc.  Banking, Finance, Insurance & Real Estate  Common Stock  Equity                   24,320    1,034,581    48,640 
1011778 B.C Unltd Liability Co  Beverage, Food & Tobacco  Term Loan B6  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  9/20/2030  $1,361,428    1,347,552    1,359,154 
19TH HOLDINGS GOLF, LLC  Consumer goods: Durable  Term Loan  Loan  1M USD SOFR+  3.25%   0.50%   7.02%  2/7/2029   2,423,420    2,366,682    2,412,830 
888 Acquisitions Limited  Hotel, Gaming & Leisure  Term Loan B  Loan  6M USD SOFR+  5.25%   0.00%   9.05%  7/8/2028   3,005,629    2,830,391    2,806,506 
Adtalem Global Education Inc.  Services: Business  Term Loan B (08/24)  Loan  1M USD SOFR+  2.75%   0.75%   6.42%  8/12/2028   237,528    236,609    237,331 
Agiliti Health Inc.  Healthcare & Pharmaceuticals  Term Loan B (03/23)  Loan  6M USD SOFR+  3.00%   0.00%   6.58%  5/1/2030   2,132,332    2,121,217    2,031,110 
AHEAD DB Holdings, LLC  Services: Business  Term Loan B3 (07/24)  Loan  3M USD SOFR+  2.50%   0.75%   6.17%  2/1/2031   2,866,735    2,817,968    2,785,205 
Air Canada  Transportation: Consumer  Term Loan B (03/24)  Loan  1M USD SOFR+  1.75%   0.00%   5.47%  3/21/2031   982,500    980,765    980,289 
AIT Worldwide Logistics Holdings, Inc.  Transportation: Cargo  Term Loan B (01/25)  Loan  1M USD SOFR+  4.00%   0.75%   7.67%  4/8/2030   2,431,139    2,337,505    2,421,634 
AlixPartners, LLP  Banking, Finance, Insurance & Real Estate  Term Loan (08/25)  Loan  1M USD SOFR+  2.00%   0.00%   5.67%  8/12/2032   239,374    239,374    235,585 
Allen Media, LLC  Media: Diversified & Production  Term Loan (7/21)  Loan  3M USD SOFR+  5.50%   0.00%   9.32%  2/10/2027   4,258,657    4,252,679    2,516,866 
Alliant Holdings Intermediate, LLC  Banking, Finance, Insurance & Real Estate  Term Loan (8/25)  Loan  1M USD SOFR+  2.50%   0.00%   6.17%  9/19/2031   789,061    789,061    769,879 
Alterra Mountain Company (Intrawest Resort Holdings)  Hotel, Gaming & Leisure  Term Loan B8 (07/25)  Loan  1M USD SOFR+  2.50%   0.00%   6.17%  5/31/2030   247,508    247,508    247,508 
Altisource Solutions S.a r.l.  Banking, Finance, Insurance & Real Estate  Term Loan (Specified) B  Loan  3M USD SOFR+  6.50%   3.50%   10.27%  2/20/2029   496,248    486,595    496,248 
Altium Packaging LLC  Containers, Packaging & Glass  Term Loan B  Loan  1M USD SOFR+  2.50%   0.00%   6.17%  6/11/2031   477,725    476,870    460,207 
American Axle & Manufacturing Inc.  Automotive  Term Loan (12/22)  Loan  1M USD SOFR+  3.00%   0.50%   6.66%  12/13/2029   480,000    471,250    478,800 
American Greetings Corporation  Media: Advertising, Printing & Publishing  Term Loan B (04/24)  Loan  1M USD SOFR+  5.75%   0.00%   9.42%  10/30/2029   2,852,238    2,851,373    2,845,108 
Amynta Agency Borrower Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B  Loan  1M USD SOFR+  2.50%   0.00%   6.17%  12/29/2031   3,390,033    3,332,526    3,278,637 
APEX GROUP TREASURY LLC  Banking, Finance, Insurance & Real Estate  Term Loan (2/25)  Loan  3M USD SOFR+  3.50%   0.00%   7.17%  2/27/2032   486,362    467,586    430,431 
Aramark Services, Inc.  Services: Consumer  Term Loan B-10 (12/25)  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  6/24/2030   2,230,663    2,209,788    2,232,515 
Aramark Services, Inc.  Services: Consumer  Term Loan (08/25)  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  4/6/2028   1,753,715    1,751,257    1,754,820 
ARC FALCON I INC.  Chemicals, Plastics, & Rubber  Term Loan  Loan  1M USD SOFR+  3.50%   0.50%   7.27%  9/23/2028   961,274    960,627    957,938 
ARCIS GOLF LLC  Services: Consumer  Term Loan B (01/25)  Loan  1M USD SOFR+  2.75%   0.50%   6.42%  11/24/2028   489,544    486,712    490,919 
Aretec Group, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B-4  Loan  1M USD SOFR+  3.00%   0.00%   6.67%  8/9/2030   2,603,226    2,592,314    2,509,223 
Ascensus Group Holdings, Inc  Banking, Finance, Insurance & Real Estate  Term Loan  Loan  1M USD SOFR+  3.00%   0.00%   6.67%  11/24/2032   490,842    488,123    478,978 
Aspire Bakeries Holdings, LLC  Beverage, Food & Tobacco  Term Loan (12/25)  Loan  1M USD SOFR+  3.00%   0.00%   6.67%  12/23/2030   886,545    880,042    887,653 
Asurion, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B10  Loan  1M USD SOFR+  4.00%   0.00%   7.77%  8/19/2028   1,935,000    1,887,506    1,932,581 
Asurion, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B12  Loan  1M USD SOFR+  4.25%   0.00%   7.92%  9/19/2030   2,882,984    2,880,325    2,874,335 
ATHENAHEALTH GROUP INC.  Healthcare & Pharmaceuticals  Term Loan B (2/22)  Loan  1M USD SOFR+  2.75%   0.50%   6.42%  2/15/2029   1,294,020    1,291,768    1,258,435 
Avolon TLB Borrower 1 (US) LLC  Capital Equipment  Term Loan B6  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  6/22/2030   1,457,896    1,427,348    1,462,196 
Axalta Coating Systems US Holdings  Chemicals, Plastics, & Rubber  Term Loan B (11/24)  Loan  3M USD SOFR+  1.75%   0.50%   5.42%  12/20/2029   725,038    720,887    724,675 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair
Value		 
B&G Foods, Inc.  Beverage, Food & Tobacco  Term Loan B  Loan  1M USD SOFR+  3.50%   0.00%   7.17%  10/10/2029   526,951    525,719    495,334 
Baldwin Insurance Group Holdings, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B2  Loan  1M USD SOFR+  2.50%   0.00%   6.16%  5/27/2031   1,623,917    1,615,529    1,590,091 
Belfor Holdings Inc.  Services: Consumer  Term Loan B  Loan  1M USD SOFR+  2.75%   0.50%   6.42%  11/4/2030   1,386,385    1,376,720    1,388,118 
Bengal Debt Merger Sub LLC (c)  Beverage, Food & Tobacco  Third Out Term Loan  Loan  3M USD SOFR+  1.00%   0.50%   4.77%  1/24/2030   402,884    165,333    84,831 
Bombardier Recreational Products, Inc.  Consumer goods: Durable  Term Loan  Loan  1M USD SOFR+  2.25%   0.00%   5.92%  1/22/2031   1,411,439    1,408,828    1,411,877 
Bombardier Recreational Products, Inc.  Consumer goods: Durable  Term Loan B3  Loan  1M USD SOFR+  2.25%   0.50%   5.92%  12/13/2029   483,893    476,456    485,224 
Boxer Parent Company, Inc.  High Tech Industries  Term Loan  Loan  3M USD SOFR+  3.00%   0.00%   6.82%  7/30/2031   999,640    996,144    917,849 
BroadStreet Partners, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B-4  Loan  1M USD SOFR+  2.50%   0.00%   6.17%  6/16/2031   2,868,890    2,867,506    2,739,503 
Brookfield WEC Holdings Inc.  Energy: Electricity  Term Loan B  Loan  1M USD SOFR+  2.00%   0.00%   5.67%  1/27/2031   1,425,973    1,425,973    1,421,267 
Brookfield Property REIT Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B (05/25)  Loan  1M USD SOFR+  3.50%   0.00%   7.17%  5/16/2030   1,730,609    1,764,353    1,733,084 
BROWN GROUP HOLDING, LLC  Aerospace & Defense  Term Loan B-2  Loan  3M USD SOFR+  2.50%   0.00%   6.17%  7/1/2031   486,359    478,134    487,060 
Buckeye Partners, L.P.  Utilities: Oil & Gas  Term Loan B-7 (10/25)  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  11/22/2032   1,136,241    1,133,991    1,138,604 
BW Gas & Convenience Holdings LLC  Beverage, Food & Tobacco  Term Loan B  Loan  1M USD SOFR+  3.50%   0.50%   7.29%  3/31/2028   2,387,500    2,378,891    2,378,547 
Callaway Golf Company  Retail  Term Loan B  Loan  1M USD SOFR+  2.75%   0.00%   6.42%  3/16/2030   76,620    76,101    76,907 
Camping World, Inc.  Retail  Term Loan B (5/21)  Loan  1M USD SOFR+  2.50%   0.75%   6.29%  6/5/2028   2,350,518    2,247,033    2,292,742 
CAPSTONE BORROWER INC  Services: Business  Term Loan  B  Loan  3M USD SOFR+  2.75%   0.00%   6.42%  6/17/2030   863,942    855,298    765,306 
CareerBuilder, LLC (c)  Services: Business  Term Loan B3  Loan  1M USD SOFR+  2.50%   0.00%   6.58%  7/31/2026   
-
    380,369    
-
 
Castle US Holding Corporation  Media: Advertising, Printing & Publishing  Term Loan B1  Loan  3M USD SOFR+  4.25%   0.00%   8.18%  5/31/2030   1,739,251    1,226,866    832,232 
CBL & Associates Limited Partnership  Retail  Term Loan 11/21  Loan  1M USD SOFR+  2.75%   1.00%   6.54%  3/2/2026   1,966,341    1,958,592    1,899,151 
CCC Intelligent Solutions Inc.  Services: Business  Term Loan B  Loan  1M USD SOFR+  2.00%   0.50%   5.67%  1/23/2032   240,216    240,010    236,538 
CCRR Parent, Inc.  Healthcare & Pharmaceuticals  Term Loan  Loan  3M USD SOFR+  4.25%   0.50%   8.17%  3/6/2028   970,000    948,589    227,950 
CCRR Parent, Inc.  Healthcare & Pharmaceuticals  Term Loan B  Loan  3M USD SOFR+  4.25%   0.75%   8.33%  3/6/2028   952,500    951,356    261,147 
CDK GLOBAL, INC.  High Tech Industries  Term Loan  B (05/24)  Loan  3M USD SOFR+  3.25%   0.00%   6.92%  7/6/2029   980,094    963,358    612,559 
Charlotte Buyer, Inc.  Services: Business  Term Loan B (01/25)  Loan  3M USD SOFR+  4.25%   0.50%   7.91%  2/11/2028   1,459,068    1,416,074    1,394,709 
Chemours Company, (The)  Chemicals, Plastics, & Rubber  Term Loan B4 (10/25)  Loan  1M USD SOFR+  3.50%   0.00%   7.17%  10/15/2032   2,351,722    2,327,364    2,343,491 
Churchill Downs Incorporated  Hotel, Gaming & Leisure  Term Loan B1 (3/21)  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  3/17/2028   476,250    475,992    475,955 
CIMPRESS PUBLIC LIMITED COMPANY  Media: Advertising, Printing & Publishing  Term Loan  B  Loan  1M USD SOFR+  2.50%   0.50%   6.17%  5/17/2028   1,920,736    1,885,068    1,920,736 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair
Value		 
CITADEL SECURITIES LP  Banking, Finance, Insurance & Real Estate  Term Loan (10/24)  Loan  3M USD SOFR+ 2.00%   0.00%   5.67%  10/31/2031   4,778,621    4,778,621    4,762,708 
Clarios Global LP  Automotive  Term Loan B  (07/24)  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  5/6/2030   1,185,030    1,181,455    1,180,586 
Cloud Software Group Inc  High Tech Industries  Term Loan B  Loan  1M USD SOFR+ 3.25%   0.00%   6.92%  3/21/2031   495,013    494,747    458,629 
CLYDESDALE ACQUISITION HOLDINGS, INC.  Containers, Packaging & Glass  Term Loan B  Loan  1M USD SOFR+ 3.18%   0.50%   6.85%  4/13/2029   1,220,000    1,203,910    1,209,044 
Connect Finco SARL  Telecommunications  Term Loan B (03/24)  Loan  1M USD SOFR+ 4.50%   0.50%   8.17%  9/27/2029   2,836,969    2,784,593    2,831,210 
Corelogic, Inc.  Services: Business  Term Loan (4/21)  Loan  1M USD SOFR+ 3.50%   0.50%   7.29%  6/2/2028   2,393,750    2,390,000    2,268,078 
Creative Artists Agency, LLC  Media: Diversified & Production  Term Loan B (7/25)  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  10/1/2031   1,564,293    1,557,435    1,558,099 
CROCS INC  Consumer goods: Durable  Term Loan B (01/24)  Loan  3M USD SOFR+ 2.25%   0.50%   5.92%  2/19/2029   750,000    734,817    752,813 
Cross Financial Corp  Banking, Finance, Insurance & Real Estate  Term Loan B4 (07/25)  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  10/31/2031   481,431    480,633    468,793 
Crown Subsea Communications Holding, Inc.  Construction & Building  Term Loan B (01/26)  Loan  1M USD SOFR+ 3.00%   0.75%   6.67%  1/30/2031   2,376,000    2,358,575    2,377,497 
Dave & Buster’s Inc.  Hotel, Gaming & Leisure  Term Loan B (1/24)  Loan  3M USD SOFR+ 3.25%   0.50%   7.13%  6/29/2029   762,038    740,571    704,123 
Delek US Holdings, Inc.  Utilities: Oil & Gas  Term Loan B (11/22)  Loan  1M USD SOFR+ 3.50%   0.50%   7.27%  11/16/2029   5,238,000    5,168,379    5,214,638 
Derby Buyer LLC  Chemicals, Plastics, & Rubber  Term Loan B (12/24)  Loan  1M USD SOFR+ 3.00%   0.00%   6.66%  11/1/2030   614,102    607,478    613,844 
DexKo Global, Inc. (Dragon Merger)  Automotive  Term Loan (9/21)  Loan  3M USD SOFR+ 3.75%   0.50%   7.68%  10/4/2028   962,500    960,816    957,004 
Diamond Sports Group, LLC  Media: Broadcasting & Subscription  1st Priority Term Loan  Loan  1M USD SOFR+ 10.00%   1.00%   13.77%  5/25/2026   29,734    29,677    5,947 
DIRECTV FINANCING, LLC  Media: Broadcasting & Subscription  Term Loan (1/24)  Loan  3M USD SOFR+ 5.25%   0.75%   9.18%  8/2/2029   2,615,800    2,604,745    2,614,989 
DISCOVERY PURCHASER CORPORATION  Chemicals, Plastics, & Rubber  Term Loan  Loan  3M USD SOFR+ 3.75%   0.50%   7.42%  10/4/2029   1,459,234    1,389,418    1,429,510 
DOMTAR CORPORATION  Forest Products & Paper  Term Loan 9/21  Loan  1M USD SOFR+ 5.50%   0.75%   9.29%  11/30/2028   2,898,865    2,867,842    2,348,081 
DRI HOLDING INC.  Media: Advertising, Printing & Publishing  Term Loan (12/21)  Loan  1M USD SOFR+ 5.25%   0.50%   9.02%  12/15/2028   3,852,412    3,773,120    3,772,166 
DRW Holdings, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (06/24)  Loan  1M USD SOFR+ 3.50%   0.00%   7.17%  6/17/2031   6,241,950    6,221,653    6,117,111 
DTZ U.S. Borrower, LLC  Construction & Building  Term Loan B  Loan  1M USD SOFR+ 2.50%   0.50%   6.17%  1/31/2030   1,708,945    1,708,945    1,709,663 
DTZ U.S. Borrower, LLC  Construction & Building  Term Loan (7/25)  Loan  1M USD SOFR+ 2.75%   0.50%   6.42%  1/31/2030   932,250    916,770    933,415 
Dye & Durham Corporation  Services: Business  Term Loan B (04/24)  Loan  3M USD SOFR+ 4.25%   1.00%   8.02%  4/11/2031   1,299,800    1,284,463    1,152,494 
EAB Global, Inc.  Services: Business  Term Loan (08/21)  Loan  1M USD SOFR+ 3.00%   0.50%   6.67%  8/16/2030   960,394    958,888    861,800 
Echo Global Logistics, Inc.  Services: Business  Term Loan  Loan  1M USD SOFR+ 3.75%   0.50%   7.52%  11/23/2028   1,925,000    1,924,346    1,896,433 
Edelman Financial Group Inc., The  Banking, Finance, Insurance & Real Estate  Term Loan (12/24)  Loan  1M USD SOFR+ 3.00%   0.00%   6.67%  4/7/2028   2,133,818    2,132,281    2,116,705 
Embecta Corp  Healthcare & Pharmaceuticals  Term Loan B  Loan  1M USD SOFR+ 3.00%   0.50%   6.67%  3/30/2029   2,255,886    2,229,506    2,256,112 
Emrld Borrower LP  Capital Equipment  Term Loan B (04/23)  Loan  3M USD SOFR+ 2.25%   0.00%   6.07%  5/31/2030   980,075    977,113    975,527 
Endo Finance Holdings, Inc.  Healthcare & Pharmaceuticals  Term Loan B  Loan  1M USD SOFR+ 3.75%   0.50%   7.42%  4/23/2031   1,975,000    1,959,230    1,975,494 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair
Value		 
Endure Digital, Inc.  High Tech Industries  Term Loan B  Loan  1M USD SOFR+ 3.50%   0.75%   7.61%  2/10/2028   
-
    9,730    
-
 
Entain Holdings (Gibraltar) Limited  Hotel, Gaming & Leisure  Term Loan B6  Loan  3M USD SOFR+ 2.25%   0.00%   5.92%  10/31/2029   1,465,234    1,455,384    1,458,948 
Equiniti Group PLC  Services: Business  Term Loan  Loan  6M USD SOFR+ 3.75%   0.50%   7.55%  12/10/2031   960,368    955,647    953,367 
Evertec Group LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (09/23)  Loan  1M USD SOFR+ 2.25%   0.50%   5.92%  10/30/2030   1,125,000    1,112,817    1,124,066 
Examworks Bidco Inc  Healthcare & Pharmaceuticals  Examworks/Electron 1/26 TL  Loan  1M USD SOFR+ 2.50%   0.50%   6.17%  2/6/2033   483,844    483,218    482,837 
Fiesta Purchaser, Inc.  Beverage, Food & Tobacco  Second Refinancing Term Loan (8/25)  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  2/12/2031   492,534    488,885    477,143 
Finco I LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (07/25)  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  6/27/2029   2,774,631    2,773,459    2,737,645 
First Brands Group, LLC (c)  Automotive  1st Lien Term Loan (3/21)  Loan  1M USD SOFR+ 0.00%   1.00%   0.00%  3/30/2027   1,404,140    90,412    784 
First Brands Group, LLC (c)  Automotive  New Money DIP Term Loan A (10/25)  Loan  1M USD SOFR+ 0.00%   1.00%   0.00%  6/29/2026   1,597,186    1,459,537    293,483 
First Brands Group, LLC (c)  Automotive  Roll-Up DIP Term Loan B (10/25)  Loan  1M USD SOFR+ 0.00%   1.00%   0.00%  6/29/2026   3,569,559    2,218,257    7,139 
First Student Bidco Inc.  Transportation: Consumer  Term Loan C (01/26)  Loan  3M USD SOFR+ 2.50%   0.00%   6.17%  8/15/2030   707,702    705,487    706,379 
Fitness International, LLC (LA Fitness)  Services: Consumer  Term Loan  B (1/24)  Loan  1M USD SOFR+ 4.50%   1.00%   8.17%  2/5/2029   1,179,000    1,156,545    1,181,582 
Flutter Financing B.V.  Hotel, Gaming & Leisure  Term Loan  Loan  3M USD SOFR+ 1.75%   0.50%   5.42%  11/29/2030   3,675,000    3,668,121    3,610,688 
Franklin Square Holdings, L.P.  Banking, Finance, Insurance & Real Estate  Term Loan B (04/24)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  4/25/2031   4,188,685    4,184,968    3,790,760 
Froneri International (R&R Ice Cream)  Beverage, Food & Tobacco  Term Loan B4 (10/24)  Loan  6M USD SOFR+ 2.25%   0.00%   5.88%  9/16/2031   1,900,638    1,901,053    1,853,331 
Garrett LX III S.a r.l.  Automotive  Term Loan (1/25)  Loan  3M USD SOFR+ 2.00%   0.50%   5.67%  1/20/2032   1,335,471    1,332,852    1,334,910 
Genesee & Wyoming, Inc.  Transportation: Cargo  Term Loan B (03/24)  Loan  3M USD SOFR+ 1.75%   0.00%   5.42%  4/10/2031   1,481,250    1,475,521    1,478,747 
GIP Pilot Acquisition Partners, L.P.  Energy: Oil & Gas  Term Loan B  Loan  3M USD SOFR+ 2.00%   0.00%   5.65%  10/4/2030   383,422    382,138    383,614 
Global Tel*Link Corporation  Telecommunications  Term Loan (6/24)  Loan  1M USD SOFR+ 7.50%   3.00%   11.17%  7/31/2029   4,748,790    4,693,939    4,763,654 
Go Daddy Operating Company, LLC  High Tech Industries  Term Loan B7  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  5/30/2031   930,782    930,782    896,780 
GOLDEN WEST PACKAGING GROUP LLC (c)  Forest Products & Paper  Term Loan B1 (06/25)  Loan  1M USD SOFR+ 5.25%   0.75%   9.35%  6/27/2031   1,750,000    1,744,125    1,070,423 
GOTO GROUP, INC.  High Tech Industries  Second-Out Term Loan (02/24)  Loan  3M USD SOFR+ 4.75%   0.00%   8.57%  4/30/2028   469,651    641,354    143,243 
Great Outdoors Group, LLC  Retail  Term Loan (1/25)  Loan  1M USD SOFR+ 3.25%   0.75%   6.92%  1/20/2032   950,641    948,924    948,265 
Griffon Corporation  Consumer goods: Durable  Term Loan B  Loan  1M USD SOFR+ 2.00%   0.00%   5.67%  1/24/2029   121,563    121,483    121,866 
Grosvenor Capital Management Holdings, LLLP  Banking, Finance, Insurance & Real Estate  Term Loan B (5/24)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  2/25/2030   2,343,071    2,343,071    2,335,011 
Hertz Corporation (The)  Transportation: Consumer  Term Loan B  Loan  1M USD SOFR+ 3.75%   0.00%   7.42%  6/30/2028   2,061,930    2,027,902    1,580,820 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair
Value		 
Hillman Group Inc. (The) (New)  Consumer goods: Durable  Term Loan B-1 (2/21)  Loan  1M USD SOFR+ 2.00%   0.50%   5.68%  7/14/2028   2,678,618    2,678,618    2,674,306 
Hilton Domestic Operating Company Inc.  Hotel, Gaming & Leisure  Term Loan B 4  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  11/8/2030   1,500,000    1,497,879    1,504,845 
HLF Financing SARL (Herbalife)  Consumer goods: Non-durable  Term Loan  Loan  1M USD SOFR+ 6.75%   0.50%   10.42%  4/12/2029   2,882,670    2,882,597    2,883,708 
Holley Purchaser, Inc  Automotive  Term Loan (11/21)  Loan  1M USD SOFR+ 3.75%   0.75%   7.54%  11/17/2028   2,163,198    2,159,946    2,149,678 
Hudson River Trading LLC  Banking, Finance, Insurance & Real Estate  Hudson River 1/26  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  3/18/2030   5,717,625    5,648,595    5,643,753 
Hunter Douglas Inc  Consumer goods: Durable  Term Loan B (1/25)  Loan  3M USD SOFR+ 3.00%   0.00%   6.67%  1/19/2032   2,210,322    2,039,275    2,208,023 
Hyperion Refinance S.a.r.l.  Banking, Finance, Insurance & Real Estate  Term Loan  Loan  1M USD SOFR+ 2.75%   0.50%   6.42%  2/15/2031   2,947,799    2,938,339    2,794,514 
Idera, Inc.  High Tech Industries  Term Loan (06/24)  Loan  3M USD SOFR+ 3.50%   0.75%   7.16%  3/2/2028   4,678,430    4,676,802    3,719,351 
IMA Financial Group, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan (10/21)  Loan  1M USD SOFR+ 3.00%   0.50%   6.67%  11/1/2028   2,415,776    2,410,653    2,385,579 
INEOS 226 Ltd.  Chemicals, Plastics, & Rubber  Term Loan 3/23  Loan  1M USD SOFR+ 3.75%   0.00%   7.52%  3/13/2030   487,500    484,204    379,031 
Ineos US Finance LLC  Chemicals, Plastics, & Rubber  Term Loan C  Loan  1M USD SOFR+ 3.25%   0.00%   6.92%  2/18/2030   980,094    973,648    820,829 
INEOS US PETROCHEM LLC  Chemicals, Plastics, & Rubber  Term Loan B  Loan  1M USD SOFR+ 4.25%   0.00%   8.02%  4/2/2029   2,667,363    2,630,839    2,158,351 
Ingram Micro Inc.  Wholesale  Term Loan B (6/25)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  9/22/2031   450,298    448,093    451,144 
Inmar, Inc.  Services: Business  Term Loan B (06/25)  Loan  3M USD SOFR+ 4.50%   0.50%   8.17%  10/30/2031   3,266,898    3,222,520    3,177,058 
Innophos, Inc.  Chemicals, Plastics, & Rubber  Term Loan B  Loan  1M USD SOFR+ 4.25%   0.00%   8.04%  3/16/2029   471,250    469,569    454,521 
IRB Holding Corporation  Beverage, Food & Tobacco  Term Loan B (11/25)  Loan  1M USD SOFR+ 2.50%   0.50%   6.17%  12/16/2030   486,195    483,914    484,119 
Isagenix International, LLC (c)  Beverage, Food & Tobacco  Term Loan  Loan  3M USD SOFR+ 2.50%   0.00%   2.50%  4/13/2028   1,509,341    1,242,094    75,467 
Isolved Inc.  Services: Business  Infinisource/iSolved 7/25 Cov-lite TL B  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  10/15/2030   614,129    609,564    571,527 
Jane Street Group  Banking, Finance, Insurance & Real Estate  Term Loan B  Loan  3M USD SOFR+ 2.00%   0.00%   5.82%  12/15/2031   3,800,000    3,800,000    3,675,132 
Journey Personal Care Corp.  Consumer goods: Non-durable  Term Loan B (11/24)  Loan  1M USD SOFR+ 3.75%   0.75%   7.42%  3/1/2028   2,865,975    2,840,446    2,839,694 
JP Intermediate B, LLC  Consumer goods: Non-durable  Term Loan  Loan  3M USD SOFR+ 7.00%   1.00%   10.67%  9/30/2030   233,182    233,182    186,546 
JP Intermediate B, LLC  Consumer goods: Non-durable  Term Loan (9/25)  Loan  3M USD SOFR+ 5.50%   0.00%   9.17%  9/30/2032   1,103,261    571,479    551,630 
Koppers Inc  Chemicals, Plastics, & Rubber  Term Loan  Loan  1M USD SOFR+ 2.50%   0.50%   6.18%  4/10/2030   975,206    955,785    968,701 
Lakeland Tours, LLC (c)  Hotel, Gaming & Leisure  Holdco Fixed Term Loan  Loan  Fixed 0.00%   0.00%   10.00%  9/27/2027   1,127,568    818,937    107,119 
Latham Pool Products, Inc.  Consumer goods: Durable  Term Loan 2/22  Loan  3M USD SOFR+ 3.75%   0.50%   7.72%  2/23/2029   980,422    970,513    974,706 
Lifetime Brands, Inc  Consumer goods: Non-durable  Term Loan  Loan  1M USD SOFR+ 5.50%   1.00%   9.28%  8/26/2027   1,493,382    1,491,106    1,314,176 
LSF11 TRINITY BIDCO INC  Aerospace & Defense  Term Loan (9/25)  Loan  1M USD SOFR+ 2.50%   0.00%   6.18%  6/17/2030   961,092    951,264    960,496 
LSF9 Atlantis Holdings, LLC (A Wireless)  Retail  Term Loan B (9/25)  Loan  3M USD SOFR+ 3.75%   0.75%   7.42%  3/29/2029   2,539,884    2,494,092    2,528,785 
MAGNITE, INC.  Services: Business  Term Loan B  Loan  1M USD SOFR+ 3.00%   0.00%   6.67%  2/6/2031   3,209,517    3,185,690    3,177,422 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair
Value		 
Marriott Ownership Resorts, Inc.  Hotel, Gaming & Leisure  Term Loan  B (3/24)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  4/1/2031   1,297,318    1,297,318    1,294,619 
Max US Bidco Inc.  Beverage, Food & Tobacco  Term Loan B  Loan  3M USD SOFR+ 5.00%   0.50%   8.67%  10/3/2030   1,965,000    1,867,659    1,611,791 
McGraw-Hill Education, Inc.  Media: Advertising, Printing & Publishing  Term Loan  B  Loan  1M USD SOFR+ 2.75%   0.50%   6.42%  8/6/2031   579,182    576,274    577,282 
Michaels Companies Inc  Retail  Term Loan B (Magic Mergeco)  Loan  3M USD SOFR+ 4.25%   0.75%   8.18%  4/8/2028   2,392,299    2,385,209    2,387,323 
MIWD Holdco II LLC  Construction & Building  Term Loan B2 (03/24)  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  3/21/2031   492,525    490,631    488,462 
Moneygram International, Inc.  Services: Business  Term Loan B  Loan  1M USD SOFR+ 4.75%   0.50%   8.41%  6/1/2030   2,933,988    2,654,564    1,915,483 
MPH Acquisition Holdings LLC (Multiplan)  Services: Business  First-Out Term Loan (01/25)  Loan  3M USD SOFR+ 3.75%   0.50%   7.42%  12/31/2030   313,244    287,511    308,389 
NAB Holdings, LLC (North American Bancard)  Banking, Finance, Insurance & Real Estate  Term Loan B (2/25)  Loan  3M USD SOFR+ 2.50%   0.50%   6.17%  11/24/2028   2,881,401    2,879,478    2,661,176 
Natgasoline LLC  Chemicals, Plastics, & Rubber  Term Loan (3/25)  Loan  1M USD SOFR+ 5.50%   0.00%   9.17%  3/25/2030   3,208,542    3,122,422    3,220,574 
National Mentor Holdings, Inc.  Healthcare & Pharmaceuticals  Term Loan B  Loan  1M USD SOFR+ 6.00%   0.00%   9.67%  12/5/2030   1,922,848    1,921,097    1,886,198 
Next Level Apparel, Inc.  Retail  Term Loan  Loan  3M USD SOFR+ 7.50%   1.00%   12.89%  8/9/2026   2,317,073    2,312,037    1,567,894 
Nielsen Consumer Inc.  Services: Business  Term Loan (08/25)  Loan  1M USD SOFR+ 2.25%   0.50%   5.92%  10/7/2030   2,154,574    2,153,950    2,079,164 
NortonLifeLock Inc.  High Tech Industries  Term Loan B (05/24)  Loan  1M USD SOFR+ 1.75%   0.50%   5.42%  9/12/2029   955,000    952,861    928,737 
Nouryon Finance B.V.  Chemicals, Plastics, & Rubber  Term Loan B (10/24)  Loan  6M USD SOFR+ 3.25%   0.00%   7.04%  4/3/2028   479,041    476,798    478,442 
Novae LLC  Automotive  Term Loan B  Loan  3M USD SOFR+ 5.00%   0.75%   8.82%  12/22/2028   1,925,000    1,918,692    1,764,590 
Olaplex, Inc.  Consumer goods: Non-durable  Term Loan (2/22)  Loan  3M USD SOFR+ 3.50%   0.50%   7.42%  2/23/2029   1,319,846    1,288,190    1,290,704 
Open Text Corporation  High Tech Industries  Term Loan B (08/23)  Loan  1M USD SOFR+ 1.75%   0.50%   5.42%  1/31/2030   838,682    822,775    814,746 
Oxbow Carbon, LLC  Metals & Mining  Term Loan B (04/23)  Loan  1M USD SOFR+ 3.50%   0.50%   7.17%  5/2/2030   460,397    454,127    459,103 
PACIFIC DENTAL SERVICES, LLC  Healthcare & Pharmaceuticals  Term Loan B (02//24)  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  3/17/2031   1,179,075    1,178,728    1,177,436 
Padagis LLC  Healthcare & Pharmaceuticals  Term Loan  Loan  3M USD SOFR+ 4.75%   0.50%   8.66%  7/6/2028   930,329    926,455    860,555 
PAR PETROLEUM LLC  Energy: Oil & Gas  Term Loan B (12/25)  Loan  3M USD SOFR+ 3.25%   0.50%   6.95%  2/28/2030   2,433,760    2,417,597    2,434,272 
PATAGONIA HOLDCO LLC  Telecommunications  Term Loan B  Loan  3M USD SOFR+ 5.75%   0.50%   9.41%  8/1/2029   2,917,234    2,660,957    2,042,063 
Pathway Partners Vet Management Company LLC (c)  Consumer goods: Non-durable  Term Loan B (03/25)  Loan  3M USD SOFR+ 5.00%   1.00%   8.67%  6/30/2028   -    6,950    - 
PCI Gaming Authority  Hotel, Gaming & Leisure  Term Loan  Loan  1M USD SOFR+ 2.00%   0.00%   5.67%  7/18/2031   782,573    782,327    780,460 
PEARLS (Netherlands) Bidco B.V.  Chemicals, Plastics, & Rubber  USD Term Loan (02/22)  Loan  3M USD SOFR+ 3.25%   0.50%   6.92%  2/28/2029   962,978    962,623    798,068 
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC  Healthcare & Pharmaceuticals  Term Loan (12/22)  Loan  3M USD SOFR+ 3.25%   0.50%   7.18%  12/29/2028   1,444,621    1,442,234    1,391,531 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair
Value		 
Penn National Gaming, Inc  Hotel, Gaming & Leisure  Term Loan B  Loan  1M USD SOFR+ 2.50%   0.50%   6.17%  5/3/2029   965,000    962,640    966,476 
Phoenix Guarantor Inc.  Healthcare & Pharmaceuticals  Term Loan B (12/24)  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  2/21/2031   955,542    955,542    953,564 
PHYSICIAN PARTNERS, LLC (b) (c)  Healthcare & Pharmaceuticals  Term Loan B1 (1/25)  Loan  3M USD SOFR+ 1.50%   0.00%   5.32%  12/31/2029   1,865,532    985,648    895,455 
Playtika Holding Corp.  High Tech Industries  Term Loan B (3/21)  Loan  1M USD SOFR+ 2.75%   0.00%   6.54%  3/13/2028   4,286,250    4,283,564    3,974,168 
PointClickCare Technologies, Inc.  High Tech Industries  Term Loan (07/25)  Loan  3M USD SOFR+ 2.75%   0.00%   6.42%  11/3/2031   478,962    478,042    474,474 
Polymer Process Holdings, Inc.  Containers, Packaging & Glass  Term Loan  Loan  1M USD SOFR+ 4.75%   0.75%   8.54%  2/12/2028   3,942,289    3,932,110    2,534,340 
Pre-Paid Legal Services, Inc.  Services: Consumer  Term Loan (12/21)  Loan  1M USD SOFR+ 3.25%   0.50%   6.92%  12/15/2028   2,888,325    2,877,497    2,451,466 
Prime Security Services Borrower, LLC (ADT)  Services: Consumer  Term Loan B  Loan  1M USD SOFR+ 2.00%   0.00%   5.67%  10/13/2030   1,769,515    1,757,142    1,765,286 
Primo Brands Corporation  Beverage, Food & Tobacco  Term Loan B (01/25)  Loan  3M USD SOFR+ 2.25%   0.50%   5.92%  3/31/2028   1,433,030    1,430,561    1,431,497 
PRIORITY HOLDINGS, LLC  Services: Consumer  Term Loan B (07/25)  Loan  1M USD SOFR+ 3.75%   0.50%   7.42%  7/30/2032   2,830,585    2,817,297    2,761,009 
Project Leopard Holdings, Inc. (NEW)  High Tech Industries  Term Loan B (06/22)  Loan  3M USD SOFR+ 5.25%   0.50%   9.02%  7/20/2029   970,000    930,838    603,825 
PUG LLC  Services: Consumer  Term Loan B (03/24)  Loan  1M USD SOFR+ 4.75%   0.00%   8.42%  3/15/2030   244,372    244,095    236,022 
Quartz AcquireCo, LLC  High Tech Industries  Term Loan (2/25)  Loan  3M USD SOFR+ 2.25%   0.00%   5.92%  6/28/2030   1,222,487    1,215,995    1,084,958 
Quikrete Holdings, Inc.  Construction & Building  Term Loan (2/25)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  4/14/2031   982,575    980,934    981,475 
Rackspace Technology Global, Inc.  High Tech Industries  Term Loan  (3/24)  Loan  1M USD SOFR+ 2.75%   0.75%   6.53%  5/15/2028   2,018,945    1,329,862    826,092 
Rackspace Technology Global, Inc.  High Tech Industries  Super-Priority Term Loan (03/24)  Loan  1M USD SOFR+ 6.25%   0.75%   10.03%  5/15/2028   541,399    538,133    537,338 
RAND PARENT LLC  Transportation: Cargo  Term Loan B (01/25)  Loan  3M USD SOFR+ 3.00%   0.00%   6.67%  3/18/2030   2,431,842    2,374,944    2,430,626 
RealPage, Inc.  High Tech Industries  Term Loan (04/21)  Loan  3M USD SOFR+ 3.00%   0.50%   6.93%  4/24/2028   957,500    957,300    882,499 
Rent-A-Center, Inc.  Retail  Term Loan B (08/25)  Loan  3M USD SOFR+ 2.75%   0.50%   6.42%  8/13/2032   1,825,515    1,806,157    1,820,951 
Research Now Group, Inc  Media: Advertising, Printing & Publishing  Term Loan (07/24)  Loan  3M USD SOFR+ 5.00%   1.00%   8.91%  7/15/2028   335,333    332,328    330,303 
Research Now Group, Inc  Media: Advertising, Printing & Publishing  Second-Out Term Loan  Loan  3M USD SOFR+ 5.50%   1.00%   9.41%  10/15/2028   2,858,408    2,768,737    1,667,881 
Resideo Funding Inc.  Services: Consumer  Term Loan B (12/24)  Loan  1M USD SOFR+ 2.00%   0.00%   5.66%  2/11/2028   674,488    674,488    673,227 
Resolute Investment Managers (American Beacon), Inc. (c)  Banking, Finance, Insurance & Real Estate  Term Loan (12/23)  Loan  3M USD SOFR+ 6.50%   1.00%   10.43%  10/30/2028   1,948,080    1,948,081    1,504,892 
Restoration Hardware, Inc.  Retail  Term Loan (9/21)  Loan  1M USD SOFR+ 2.50%   0.50%   6.29%  10/20/2028   3,357,249    3,355,349    3,295,140 
Reynolds Consumer Products LLC  Containers, Packaging & Glass  Term Loan B (2/25)  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  3/4/2032   931,115    931,115    935,771 
Ryan Specialty Group LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (09/24)  Loan  1M USD SOFR+ 2.00%   0.00%   5.67%  9/15/2031   1,441,374    1,434,941    1,437,771 
S&S HOLDINGS LLC  Services: Business  Term Loan  Loan  1M USD SOFR+ 5.00%   0.50%   8.77%  3/10/2028   2,383,643    2,361,520    2,332,991 
Sally Holdings LLC  Retail  Term Loan  B  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  2/28/2030   318,750    317,260    319,349 
Schweitzer-Mauduit International, Inc.  High Tech Industries  Term Loan B  Loan  1M USD SOFR+ 3.75%   0.75%   7.54%  4/20/2028   939,236    937,872    931,017 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair
Value		 
Scientific Games Holdings LP  Hotel, Gaming & Leisure  Term Loan B  Loan  3M USD SOFR+ 3.00%   0.50%   6.65%  4/4/2029   486,344    485,950    476,213 
Sedgwick Claims Management Services, Inc.  Services: Business  Term Loan B 2/23  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  7/31/2031   975,193    970,172    942,524 
SETANTA AIRCRAFT LEASING DAC  Aerospace & Defense  Term Loan B (05/24)  Loan  3M USD SOFR+ 1.75%   0.00%   5.42%  11/5/2028   350,000    349,707    350,875 
Sitel Worldwide Corporation  Services: Business  USD Term Loan (7/21)  Loan  3M USD SOFR+ 3.75%   0.50%   7.68%  8/28/2028   1,915,000    1,912,199    716,765 
SiteOne Landscape Supply, LLC  Services: Business  Term Loan B (06/24)  Loan  1M USD SOFR+ 1.75%   0.50%   5.41%  3/23/2030   1,245,101    1,241,692    1,243,544 
Smyrna Ready Mix Concrete, LLC  Construction & Building  Term Loan B  Loan  1M USD SOFR+ 3.00%   0.00%   6.67%  4/2/2029   505,257    503,333    505,677 
Sparta U.S. HoldCo LLC  Chemicals, Plastics, & Rubber  Term Loan  Loan  1M USD SOFR+ 3.00%   0.00%   6.67%  8/2/2030   1,920,000    1,917,584    1,914,163 
SRAM, LLC  Consumer goods: Durable  Term Loan  (02/25)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  2/23/2032   2,246,400    2,245,458    2,246,400 
STANDARD INDUSTRIES INC.  Construction & Building  Term Loan B  Loan  1M USD SOFR+ 1.75%   0.50%   5.43%  9/22/2028   200,250    199,674    200,546 
Staples, Inc.  Wholesale  Term Loan B  Loan  3M USD SOFR+ 5.75%   0.50%   9.41%  9/4/2029   4,220,701    4,178,169    3,766,976 
Star Parent, Inc.  Services: Business  Term Loan B (09/23)  Loan  3M USD SOFR+ 4.00%   0.00%   7.67%  9/27/2030   1,228,125    1,215,137    1,187,340 
Storable, Inc  High Tech Industries  Term Loan B (3/25)  Loan  1M USD SOFR+ 3.25%   0.00%   6.92%  4/16/2031   481,363    481,250    459,099 
Superannuation & Investments US LLC  Banking, Finance, Insurance & Real Estate  Superannuation and Investments/CFS 1/26 TL  Loan  1M USD SOFR+ 2.50%   0.50%   6.17%  12/1/2028   960,175    956,194    953,876 
SupplyOne, Inc  Wholesale  Term Loan B (03/24)  Loan  1M USD SOFR+ 3.50%   0.00%   7.17%  3/27/2031   491,288    487,342    492,978 
Sweetwater Borrower, LLC  Retail  Term Loan B (2/26)  Loan  1M USD SOFR+ 4.00%   0.00%   7.66%  2/17/2033   1,895,910    1,854,369    1,898,280 
Syncsort Incorporated  High Tech Industries  Term Loan B (10/21)  Loan  3M USD SOFR+ 4.00%   0.75%   7.93%  4/24/2028   2,394,950    2,394,735    2,037,216 
Ta TT Buyer LLC  Media: Broadcasting & Subscription  Term Loan B (6/24)  Loan  3M USD SOFR+ 4.75%   0.50%   8.42%  4/2/2029   970,182    964,903    940,670 
Tenable Holdings, Inc.  Services: Business  Term Loan B (6/21)  Loan  1M USD SOFR+ 2.75%   0.50%   6.54%  7/7/2028   960,000    959,716    954,605 
Thor Industries, Inc.  Automotive  Term Loan B (06/24)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  11/15/2030   94,142    93,485    93,906 
Torrid LLC  Wholesale  Term Loan 5/21  Loan  1M USD SOFR+ 5.50%   0.75%   9.29%  6/14/2028   2,922,221    2,705,250    1,168,888 
TORY BURCH LLC  Retail  Term Loan  Loan  1M USD SOFR+ 3.25%   0.50%   7.04%  4/17/2028   2,260,738    2,186,326    2,253,956 
Tosca Services, LLC (c)  Containers, Packaging & Glass  Term Loan A (08/24)  Loan  1M USD SOFR+ 5.50%   1.50%   9.17%  11/30/2028   80,509    79,712    81,224 
Trans Union LLC  Banking, Finance, Insurance & Real Estate  Term Loan B9 (11/24)  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  6/24/2031   599,927    599,530    594,006 
Tronox Finance LLC  Chemicals, Plastics, & Rubber  Term Loan B (09/24)  Loan  3M USD SOFR+ 2.50%   0.00%   6.17%  9/30/2031   343,454    343,361    267,035 
TruGreen Limited Partnership  Services: Consumer  Term Loan  Loan  1M USD SOFR+ 4.00%   0.75%   7.77%  11/2/2027   925,281    923,548    908,700 
Ultra Clean Holdings, Inc.  High Tech Industries  Term Loan (09/25)  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  2/25/2028   1,203,008    1,201,345    1,205,017 
Univision Communications Inc.  Media: Broadcasting & Subscription  Term Loan B (05/24)  Loan  1M USD SOFR+ 3.50%   0.50%   7.29%  1/31/2029   2,379,366    2,379,365    2,371,442 
Univision Communications Inc.  Media: Broadcasting & Subscription  Term Loan B (6/22)  Loan  3M USD SOFR+ 4.25%   0.50%   7.92%  6/25/2029   241,250    237,262    238,234 
Vaco Holdings, LLC  Services: Business  Term Loan (01/22)  Loan  3M USD SOFR+ 5.00%   0.75%   8.82%  1/19/2029   2,271,234    2,234,639    1,704,243 
Vericast Corp. (c)  Media: Advertising, Printing & Publishing  Extended Term Loan (07/24)  Loan  3M USD SOFR+ 7.75%   1.00%   11.42%  6/16/2026   1,259,184    1,259,163    1,212,758 
Verifone Systems, Inc. (c)  Banking, Finance, Insurance & Real Estate  Term Loan (03/25)  Loan  3M USD SOFR+ 5.25%   0.00%   9.18%  8/21/2028   1,188,774    1,188,361    1,089,428 
Vertex Aerospace Services Corp  Aerospace & Defense  Term Loan (10/21)  Loan  1M USD SOFR+ 2.25%   0.75%   5.92%  12/6/2030   962,997    961,733    962,997 
Vertiv Group Corporation  Capital Equipment  Term Loan  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  8/12/2032   1,901,601    1,901,601    1,901,601 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair
Value		 
Viasat Inc  Telecommunications  Term Loan (2/22)  Loan  1M USD SOFR+ 4.50%   0.50%   8.29%  3/5/2029   2,907,129    2,869,038    2,906,780 
Vistra Operations Company LLC  Energy: Electricity  2018 Incremental Term Loan  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  12/20/2030   1,851,605    1,850,971    1,854,956 
Warner Music Group Corp. (WMG Acquisition Corp.)  Hotel, Gaming & Leisure  Term Loan J  Loan  3M USD SOFR+ 1.75%   0.00%   5.57%  1/24/2031   1,250,000    1,250,000    1,251,563 
Watlow Electric Manufacturing Company  High Tech Industries  Term Loan B (03/21)  Loan  3M USD SOFR+ 3.00%   0.50%   6.67%  3/2/2028   2,631,521    2,627,980    2,632,626 
WeddingWire, Inc.  Services: Consumer  Term Loan B (12/24)  Loan  1M USD SOFR+ 3.75%   0.00%   7.42%  1/31/2028   4,725,068    4,725,067    4,032,042 
WEX Inc.  Services: Business  Term Loan B (11/24)  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  3/31/2028   2,866,626    2,864,574    2,849,312 
Windsor Holdings III, LLC  Chemicals, Plastics, & Rubber  Term Loan B (02/25)  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  8/1/2030   490,062    490,062    488,989 
Wyndham Hotels & Resorts, Inc.  Hotel, Gaming & Leisure  Term Loan (05/24)  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  5/24/2030   977,613    974,397    980,330 
Xperi Corporation  High Tech Industries  Term Loan (1/25)  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  6/8/2028   1,481,388    1,481,214    1,473,981 
Zayo Group, LLC (c)  Telecommunications  Term Loan (09/25)  Loan  1M USD SOFR+ 3.00%   0.00%   6.79%  3/11/2030   620,347    615,143    596,308 
ZEBRA BUYER (Allspring) LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (12/24)  Loan  3M USD SOFR+ 3.00%   0.50%   6.69%  11/1/2030   1,838,369    1,832,728    1,832,909 
Zekelman Industries, Inc.  Metals & Mining  Term Loan B (03/24)  Loan  1M USD SOFR+ 2.25%   0.00%   5.91%  1/24/2031   1,428,583    1,427,966    1,430,769 
Zest Acquisition Corp.  Healthcare & Pharmaceuticals  Term Loan (1/23)  Loan  3M USD SOFR+ 5.25%   0.00%   8.92%  2/8/2028   1,940,000    1,896,965    1,828,450 
Zodiac Pool Solutions  Consumer goods: Durable  Term Loan (1/22)  Loan  1M USD SOFR+ 1.93%   0.50%   5.70%  1/29/2029   480,000    479,676    479,280 
TOTAL INVESTMENTS                                $382,812,855   $354,116,571 

 

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

 

(a)Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2026.
(b)As of February 28, 2026, the investment was in default and on non-accrual status.
(c)Investments include Payment-in-Kind Interest.
(d)All or a portion of this investment has an unfunded commitment as of February 28, 2026.