Saratoga Investment Corp
Inside Saratoga Investment Corp’s $1.2B private-credit portfolio — 315 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| (3M USD TERM SOFR+6.25%), 10.42% Cash, 12/31/2028 | First Lien Term Loan Senior Secured | 2028-12-31 | $89,652,007 | $90,000,000 | ||
| (3M USD TERM SOFR+7.40%), 11.57% Cash, 5/16/2027 | First Lien Term Loan Senior Secured | 2027-05-16 | $42,902,297 | $42,247,500 | ||
| (3M USD TERM SOFR+5.50%), 10.67% Cash, 12/31/2028 | First Lien Term Loan Senior Secured | 2028-12-31 | $35,098,620 | $35,125,000 | ||
| (3M USD TERM SOFR+7.25%), 10.92% Cash, 1/20/2031 | Second Lien Term Loan Subordinated | 2031-01-20 | $34,693,750 | $34,693,750 | ||
| (3M USD TERM SOFR+7.00%), 11.17% Cash, 8/5/2027 | First Lien Term Loan Senior Secured | 2027-08-05 | $31,875,991 | $31,936,000 | ||
| (3M USD TERM SOFR+5.50%), 9.67% Cash, 2/20/2030 | First Lien Term Loan Senior Secured | 2030-02-20 | $31,778,687 | $31,884,800 | ||
| (3M USD TERM SOFR+5.75%), 9.92% Cash, 9/5/2029 | First Lien Term Loan Senior Secured | 2029-09-05 | $31,262,232 | $31,424,400 | ||
| (3M USD TERM SOFR+7.00%), 11.17% Cash, 12/30/2028 | First Lien Term Loan Senior Secured | 2028-12-30 | $28,655,242 | $28,713,926 | ||
| (3M USD TERM SOFR+5.00%), 11.57% Cash, 11/24/2030 | First Lien Term Loan Senior Secured | 2030-11-24 | $27,825,000 | $27,825,000 | ||
| (3M USD TERM SOFR+5.50%), 9.67% Cash, 4/13/2028 - One | First Lien Term Loan Senior Secured | 2028-04-13 | $23,383,683 | $23,697,400 | ||
| (3M USD TERM SOFR+8.50%), 12.67% Cash, 11/30/2026 | First Lien Term Loan Senior Secured | 2026-11-30 | $23,000,000 | $22,839,000 | ||
| Total cash and cash equivalents | $22,319,387 | $22,319,387 | ||||
| U.S. Bank Money Market | $22,319,387 | $22,319,387 | ||||
| (1M USD TERM SOFR+4.50%), 8.36% Cash, 11/26/2030 | First Lien Term Loan Senior Secured | 2030-11-26 | $21,882,824 | $21,903,200 | ||
| (3M USD TERM SOFR+6.63%), 10.30% Cash, 2/23/2031 | First Lien Term Loan Senior Secured | 2031-02-23 | $21,783,721 | $21,782,500 | ||
| (1M USD TERM SOFR+6.25%), 10.62% Cash, 3/16/2027 | First Lien Term Loan Senior Secured | 2027-03-16 | $23,755,517 | $20,695,268 | ||
| (1M USD TERM SOFR+5.50%), 9.77% Cash, 07/19/2029 | First Lien Term Loan Senior Secured | 2029-07-19 | $19,869,748 | $20,046,000 | ||
| (3M USD TERM SOFR+7.50%), 11.67% Cash, 8/5/2028 | First Lien Term Loan Senior Secured | 2028-08-05 | $19,924,505 | $19,782,000 | ||
| (1M USD TERM SOFR+7.76%), 12.09% Cash, 10/1/2026 | First Lien Term Loan Senior Secured | 2029-10-01 | $17,398,618 | $17,450,426 | ||
| Cash, (3M USD TERM SOFR + 0.00%) PIK, 12/31/2027 | First Lien Term Loan Senior Secured | 2027-12-31 | $16,975,661 | $17,028,632 | ||
| (3M USD TERM SOFR+7.97%), 12.14% Cash, 9/20/2029 | First Lien Term Loan Senior Secured | 2029-09-20 | $16,854,905 | $16,938,800 | ||
| (1M USD TERM SOFR+7.00%), 11.37% Cash, 12/30/2028 | First Lien Term Loan Senior Secured | 2028-12-30 | $18,942,898 | $16,791,168 | ||
| (3M USD TERM SOFR+7.00%), 11.17% Cash, 3/31/2028 | First Lien Term Loan Senior Secured | 2028-03-31 | $16,154,267 | $15,504,925 | ||
| (3M USD TERM SOFR+5.25%), 9.19% Cash, 8/26/2026 | First Lien Term Loan Senior Secured | 2026-08-26 | $14,979,066 | $14,596,500 | ||
| (3M USD TERM SOFR+7.00%), 11.27% Cash, 9/30/2028 | First Lien Term Loan Senior Secured | 2028-09-30 | $14,000,000 | $13,720,667 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2023-08-31 | 6 | 7.10 | — | $70K |
| 2024-11-30 | 388 | 5.83 | 96.0 | $2.4B |
| 2025-02-28 | 0 | — | 97.9 | $969M |
| 2025-05-31 | 302 | 3.59 | 99.0 | $1.4B |
| 2025-08-31 | 285 | 3.53 | 98.5 | $1.4B |
| 2025-11-30 | 267 | 3.49 | 98.8 | $1.4B |
| 2026-02-28 | 240 | 3.40 | 97.4 | $1.2B |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About Saratoga Investment Corp
Saratoga Investment Corp (SAR) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. Saratoga Investment Corp discloses its full loan portfolio through SEC filings.
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